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financial
r- The
Jiro-niftyVOL. 128.
SATURDAY,JUNE 1 1929.
NO. 3336
little, if any, reduction from that of March or April,
completing the third month of virtually capacity
PUBLISHED WEEKLY
operations."
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Most notable and significant of all is the refer12 Mos. 6 Mos
including Postago--$6.00 ence to the marvelous record of the United States
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week, at nearly five hundred thousand tons, set a
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excess of theoretical capacity." Think of a single
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producing steel at the rate of
Transient display
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year! What could be more pleasCnrosoo Orrwm—In charge of Fred. H. Gray. Western Representative. 25,000,000 tons a
208 South La Salle Street. Telephone State 0613.
LONDON Orrics—Rdwards & Smith. 1 Drapers' Gardens. London. It. 0. ing or more sanguine?
Concurrently returns of railroad earnings which
WILLIAM I. DANA COMPANY, Publishers,
Front, Plne and Depeyster Streets, New York
have been coming to hand for the "month of April,
WILLIAM B. DANA COMPAN
in large numbers during the last ten days, show
Published every Saturday morning by
President and Editor, Jacob Seibert; Business Manager, William D. Riggs:
net, as
Treas.. William Dana Seibert;Sec.. Herbert D.rleiben. Addresses of all. Office of Co. very notable improvement in both gross and
compared with the corresponding figures of the
The Financial Situation.
previous year, thereby reflecting the great indushave been curiously trial activity of the present year.
The developments of the week
mixed, and strangely conflicting in their character
Curiously enough, call loan rates on the Stock
only sure deduction in the cir- Exchange have ruled unchanged throughout the
and influence. The
cumstances is that it is a time for prudence and whole week at 6%, though it was confidently precaution, with more than the ordinary need for pro- dicted earlier in the week that in view of the prepaceeding with the utmost deliberation and with eyes rations that would have to be made for the heavy
wide open in order to determine whither the course 1st of June interest and dividend disbursements and
of trade and business may be leading. On the one other accounts, a spurt in the rate to 15% or even
hand, we find the May option for wheat in Chicago 20% was not out of the range of probabilities. That
selling below $1 a bushel for the first time in nearly such comparative ease in the call loan branch of the
14 years (the price yesterday actually getting down market should prevail was all the more strange,
4c.,
to 93y about 50c. a bushel less than a year ago), since the break in the stock market was predicated
clearly portraying the unfortunate situation in on the idea that the Federal Reserve Board would
which the Western farming community finds itself authorize an increase in the Federal Reserve redis—and this, too, at a time when Congress is engaged count rate from 5% to 6% at both New York and
in considering measures of farm relief. As if this Chicago, a fear that was not realized inasmuch as
were not enough, the stock market has once more the Federal Beserve Board announced no change in
been on the verge of collapse, with a widespread and the rate. No doubt, however, the most general view
general break in prices on Monday, as a result of is that a surer indication of the real condition of the
which about 250 separate stock issues estab- money market is to be found in the rates charged for
lished new low levels of prices for the year.
time loans, and these have shown little modification
nction, no abatement is dis- for the better, 30 and 60 day loans on security colIn sharp contradisti
cernible of the great activity in the industrial and lateral having continued to rule at 8@9% during
business activity of the country which has been in the week.
evidence so long. On the contrary, accounts regardThen as to the industrial activity, it is of course
ing the steel trade continue in the highest degree obvious that this cannot be maintained if the agrisatisfactory and are .couched in the same enthusi- cultural situation continues in the present unforastic terms as for so many weeks and months past— tunate state, since the renewed depression in the
production at the limit of capacity, with little indi- grain market necessarily means decreased consumcation of any change in that respect in the imme- ing capacity of an important portion of the populadiate future. The "Iron Age" in its market review tion. The decline in the stock market, if it should
the present week tells us that notwithstanding that be prolonged, likewise could not fail to be ultisteel requirements of the automotive industry con- mately reflected in the business and industrial
tinue to taper, there are no evidences of a general world. Quite possibly, indeed, the renewed decline
decline in demand, large new demands having risen in the stock market may be discounting and forin other quarters. "Shipments of steel continue at shadowing just such a reaction in trade. Altoa high rate, and ingot production for May will show gether, the outlook must be regarded more or less
financial Chronicle
3568
FINANCIAL CHRONICLE
[VoL. 128.
unsettled, with the indications for the future not both the proposed Treasury bills and all future
so certain as has been the case for some time past.
issues of certificates of indebtedness. The matter is
not one to be passed over lightly. It involves a comIn the meantime, considerable comfort is to be plete change in the country's tax policy. We repeat
derived from the favorable statement of earnings what we previously said that such a change should
that are coming to hand for current periods, though not be made without considering what it involves
of course should trade meet with a setback, the ton- and not until the proposition has been studied from
nage and revenue of the roads would necessarily every angle. The step should not be taken except
also suffer a decrease. However, it will be time with the utmost deliberation and with full knowlenough to face that situation when it arrives, and edge on the part of every member of the two houses
at present certainly the improved returns constitute of Congress of what it is contemplated to do.
a very encouraging feature in the situation. The
The merit of the proposal to authorize Treasury
April returns are so uniformly of a favorable bills, which can be sold on a discount basis rather
nature that it will suffice to give only a few illus- than on an interest basis, is one thing. The merit
trations in the different sections of the country. of a proposal for granting full tax exemption (even
In trunk line territory, the Pennsylvania Railroad from the surtaxes) is a wholly different thing.
shows for the month $4,802,762 increase in gross, Congress should not unwittingly approve the latter
and $3,936,648 increase in net; the New York Cen- when it is merely in favor of the former. The two
tral $2,625,113 increase in gross and $849,012 in- propositions should not be confused. They should
crease in net; the Baltimore & Ohio $1,192,065 in- not be linked together except after each has had
crease in gross and $577,726 increase in net; and the separate and full consideration and the conclusion
Erie $577,055 in gross and $241,769 increase in net. has been reached that each separately and both conIn the Western half of the country the Burling- jointly are meritorious.
ton & Quincy reports $671,696 improvement in gross
It is well to recall Treasury policy and Treasury
and $1,090,869 in net; the Union Pacific $146,895 experience in the past with reference to granting
increase in gross, though $103,300 decrease in net; full tax exemption. When the country entered upon
the Great Northern $1,691,010 increase in gross and the task of financing its huge needs as a participant
$823,734 in net; the Northern Pacific $360,060 in in the World War, the 1st Liberty Loan Bonds were
gross and $1,873 in net; and the Milwaukee & St. put out with a coupon rate of 3 %. These bonds
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Paul $890,406 in gross and $314,068 in net. In the were fully tax exempt—exempt from the high and
Southwest, the Atchison has enlarged its gross by graded surtaxes as well as the much more moderate
$1,720,011 and its net .by $1,749,453; the Southern normal taxes. It was almost immediately recogPacific its gross by $1,756,472 and its net by $1,- nized that this was a mistake. None of thesubsequent
036,269; the Missouri Pacific its gross by $822,860 Liberty Loan issues, nor any certificates of indebtedand its net by $316,053; ang the St. Louis-San Fran- ness, were made exempt from any but the normal
cisco its gross by $484,336 and its net by $152,640. taxes due. It is true that the Victory Loan Act gave
Even Southern roads are now giving a better account subscribers the choice of taking either 3%% notes
of themselves, the Southern Ry. system having added fully tax exempt or 43
4% notes partially exempt, but
$1,140,178 to its gross and $850,430 to its net during every effort was made to discourage the taking of
April; the Atlantic Coast Line $1,485,998 to gross the 3 s, and only $672,585,100 were issued out of a
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and $1,488,411 to net; the Florida East Coast $18,397 grand total of $3,822,787,900, and they were all reto gross and $119,135 to net; and the Seaboard Air tired at the first opportunity—in less than two
Line $502,474 to gross and $191,176 to net. In view years. The reason was that public sentiment had
of these very encouraging returns of earnings and become pronounced against letting anyone enjoy
last week's decision of the U. S. Supreme Court in exemption from the surtaxes—so much so that atthe O'Fallon case regarding railroad valuations by tempts to evade such taxes are now looked upon as
the Inter-State Commerce Commission, it is not sur- little short of criminal. Does the country now want
prising that in this break in the stock market the to take a backward,step and revert to the original
railroad list should have stood up better than any mistaken policy? Do we now want to depart from
other class of shares, several of the railroad stocks, what is generally regarded as a sound principle of
indeed, and notably the Atchison, having established taxation, namely that no one within the class which
new high records for the year.
it is intended to reach should be rendered legally
exempt?
The bill authorizing the U. S. Treasury to issue
We wish again to direct attention to the fact that
short term Treasury bills to be sold on a discount Secretary Mellon has latterly been openly advocatbasis passed the House of Representatives at Wash- ing the step backward, and has lost no opportunity
ington on Wednesday in the precise form in which to secure full exemption where Congress could be
it was introduced at the request of the Treasury De- beguiled into taking the step. In his report to Conpartment. Such Treasury bills are an innovation gress last December Mr. Mellon on page eight of the
in this country, but no one is inclined to oppose them report said:
on that ground, and it is well to give the experiment
"I recommend that the Congress consider an
a trial. The measure, however, in its present form amendment of the Second Liberty loan act, as
contains one very objectionable feature which it is amended, authorizing the Secretary of the Treasury
to be hoped will be eliminated in the Senate. It is to exempt further issues of securities from the surfor that reason that we take the matter up again, tax as well as the normal tax.
"The enactment of such an amendment would not
though having dealt with it at length in our issue of
interfere with the subsequent adoption of a constituMay. 4
tional amendment permitting the Federal and the
We refer to the provision in the bills by which it is State Governments
to tax so-called tax-exempt
proposed to exempt completely from taxation—from securities, should the Congress and the States deem
the surtaxes as well gs the normal income tax— such an amendment desirable. But pending the
JUNE 1 1929.1
FINANCIAL CHRONICLE
3569
adoption of such an amendment, there is no reason Mr. Mellon's persuasion, we will soon have the entire
why the Treasury Department in marketing securi- body of United States obligations to the aggregate
ties should be at a disadvantage as compared with of $15,000,000,000 to $20,000,000,000 fully tax
States and their subdivisions, or why there should exempt, as obviously the different issues of U. S.
be discrimination against individual investors who bonds and certificates of indebtedness as they madesire to acquire United States Government securiture will have to be taken up with the proceeds of
ties.
their political subdivisions continue new issues and Mr. Mellon is arguing for tax exemp"If States and
to issue securities which are wholly tax-exempt at tions for all "further issues of securities." Let Conthe rate of a billion dollars a year, the Federal Gov- gress mark well the fact that granting tax exempernment should not be limited to the issuance of tion in the case of Treasury bills is meant to be
securities exempt only from the normal income tax." merely the first step, to be followed later by general
As we pointed out in our previous comments the exemption.
foregoing constitutes the entire argument in favor
The lesson which the mistake made in granting
of full tax exemption, namely that municipal obliga- tax exemption to bankers' acceptances, with the
tions now enjoy such a privilege. But if one series effect of displacing U. S. certificates of indebtedness,
of obligations are favored in that way, is that any teaches is that such a mistake should not have been
reason why we should create other obligations en- made in the first instance and that when a blunder of
dowed with the same unhappy privilege? Should that kind is committed it is certain to have serious
we not rigidly limit the privileged class rather than and far reaching consequences. It is to be hoped
to extend its number? We financed the needs of a that some day the country will again reach the stage
gigantic war during which there were put out some where we can do without any Federal Income Tax,
$25,000,000,000 of U. S. obligations of one kind or but so long as the need for such a tax exists, why
another without adventitious aid of this kind, except, should the U. S. Treasury throw away the revenue
as already stated, in the case of the 1st Liberty Loan which the tax on the income of U. S. Bonds yields?
3Y for $2,000,000,000, and having done so, why
2s
should we, now that we are once more conducting
Brokers' loans this week at length reflect the conthe Government in normal peace time conditions, tinued decline in prices and the extensive liquidawant to revert back to the objectionable practice tion that has been taking place on the Stock
which we deliberately rejected during the war?
Exchange and record a sharp reduction for the
One wrong step has already been taken in the week. The figures are brought down to the close
matter of such tax exemption, though not in the case of business on Wednesday and show a decrease as
of U. S. obligations, and Congress should not allow compared with the previous Wednesday of no less
that blunder (for "blunder" it was) to be repeated— than $232,000,000. This, too, comes after $45,000,000
at least not except with its eyes open. In an obscure decrease last week, making the contraction for the
place in the Revenue act of 1928 a few words were two weeks combined $277,000,000, but following
inserted by which tax exemption was granted to $140,000,000 increase in the four weeks preceding.
bankers' acceptances when held by foreign central As compared with the high record total of $5,793,banks. Secretary Mellon argued in favor of such 000,000 reached on March 20 1929, this week's total
exemption on the theory that acceptances command at $5,288,000,000 indicates a shrinkage in excess of
very low rates of interest and that therefore special half a billion dollars, it will be seen.
inducements should be offered foreign central instiUnfortunately in this week's decrease of $232,tutions to buy such acceptances by granting full tax 000,000 the loans "for account of others"—the indiexemption. But to-day these bankers' acceptances vidual lenders in the form of corporations and large
4% and higher capitalists—have not shared in due proportion with
are selling on a discount basis of 53
and the argument, if it ever had any validity, loses the rest, thereby making their preponderance all the
all its force. We wish again to direct attention to greater. The loans made by the reporting member
what has happened as a result of the wrong step banks in New York City for their own account have
referred to. In the Monthly Review for May 1 of fallen during the week from $827,000,000 to $773,the Federal Reserve Bank of New York a discussion 000,000, and the loans for account of out-of-town
of foreign balances in the United States appears banks from $1,651,000,000 to $1,540,000,000, but the
and in it we find the following statement: "There loans "for account of others" have dropped only
was also a tendency for foreign funds to be trans- from $3,042,000,000 to $2,975,000,000.
ferred from employment in Treasury certificates to
While the grand total of the loans in all the
employment in bankers' acceptances because of the different categories is, as already indicated, $505,higher relative yield from acceptances and the 000,000 less than it was when it was at its highest
change in the tax provision by which foreign Central on March 20 last, it is still $819,000,000 higher than
Banks no longer were required to pay taxes on on May 29 a year ago, when the grand total stood
income received from investments in Bankers' Ac- at $4,469,000,000. In- the same period of twelve
ceptances."
months, however, the loans for the individual lenders
In other words, Treasury certificates of indebted- have risen no less than $1,333,000,000.
ness have become less desirable because they are not
As it happens, too, the decrease in brokers' loans
endowed with the special privilege of full tax exemp- during the week in amount of $232,000,000 has not
tion that has been conferred upon bankers' accept- been attended by any diminution in member bank
ances. No doubt this very fact will be urged as a borrowing at the Reserve institutions. On the conreason why the proposed Treasury bills to be sold trary, member bank borrowing has increased during
at a discount and why future issues of certificates the week in the large sum of $83,768,000. One reason
should be granted a similar special tax favor. The for this is found no doubt in the circumstance that
argument will not hold water. We have simply the Reserve Banks in order to reduce the amount
embarked upon a wrong course and should now of Reserve credit in use have further diminished
retrace our steps. If we do not, but instead yield to their holdings of acceptances purchased in the open
3570
FINANCIAL CHRONICLE
market, the amount of these acceptances having
fallen from $137,986,000 May 22 to $117,919,000
May 29, and have also further reduced their holdings
of U. S. Government securities, these latter having
decreased during the week from $153,287,000 to
$144,572,000. No doubt, as the Federal Reserve
Banks have virtually stopped buying acceptances,
some of the acceptances have been used for obtaining rediscount at the Reserve in the ordinary way.
Still another reacon for the increase during the
week in member bank borrowing follows from the
fact that though brokers' loans made by the New
York City reporting member banks for their own
account fell off $54,000,000 during the week, their
loans on other securities increased $15,000,000, while
their loans of other descriptions ran up during the
week $44,000,000. Notwithstanding the reduction
in the holdings of acceptances and of U. S. Government..securities, total bill and security holdings of the twelve Reserve Banks by reason of
the larger borrowing of the member banks (as represented by the discount holdings of the Reserve
Banks) increased $54,986,000 during the week.
This brought the total of these bill and security
holdings up to $1,258,502,000 on May 29 1929, at
which figure, however, comparison is with $1,468,295,000 on May 29 1928. Member bank borrowing
on May 29 1929, at $988,194,000, is again, it will be
observed, close to an even billion dollars; on May 29
last year member bank borrowing aggregated
$943,791,000.
As already indicated, the stock market the present
week suffered a new sinking spell of great severity,
during which the market at limes appeared on the
verge of absolute collapse, though partial recovery
was subsequently experienced. The break occurred
on Monday and there appeared to be no other basis
for it than a fear, or an alleged fear, that Federal
Reserve rediscount rates would, after many weeks
of resistance on the part of the Federal Reserve
Board, at length be permitted to move up from 5%
to 6%. No one undertook to show how the credit
situation would be changed in the slightest degree
even if the rise in the Federal Reserve rediscount
rates should take place, but, in the hands of an
aggressive bear faction the possibility of a rise
proved effective ammunition. At the same time
many tired holders of stock concluded it best to dispose of their holdings, lest. they be confronted with
still further declines and in addition some weakly
margined accounts were shaken out through stop
loss orders. Altogether, liquidation was on an extensive scale at times, and as has happened on many
recent previous occasions, it looked as if the bottom
might completely drop out of the market.
The railroad shares resisted better than other
groups of stocks and yet in the end had to yield
ground also, though not to the extent of the rest of
the list. The losses for the day ran all the way from
2 to 17 points, and the concurrent drop in the grain
markets served to accentuate the weakness. Using
the combined averages of the New York "Times" as
a yardstick, the break was only slightly less than
that of Wednesday of last week, which was the
widest on record. The industrial averages, based on
25 stocks, actually showed, the "Times" states, the
sharpest decline on record, the fall reaching $12.79
as compared with $12.60 the previous Wednesday.
The rail averages, also covering 25 stocks,'declined
[voL. 128.
$2.60 against $3.63 the previous Wednesday. The
combined averages, based on fifty stocks, showed a
net locs of $7.70 comparing with the record of $8.12
the previous Wednesday. Since Monday of last
week, these averages dropped $17.59. The high
priced stocks suffered the biggest declines, Case
Threshing Machine showing a net decline of 25
points, General Electric of 1314 points, Baldwin
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Locomotive of 10 points, United Aircraft of 15%
points, Johns-Manville of 13 points, Otis Elevator
of 17 points, and so on through the list, even the
railroads stocks forming no exception to the rule,
Atchison dropping 478 points.
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On Tuesday, the market recovered tone, under the
leadership of the railroad list, Atchison showing a
rise for the day of no less than 13% points. The
combined averages of the New York "Times," based
on 50 representative issues, made a net gain of $2.38
against the previous decline of $7.70. The industrial
averages, covering 25, were up $2.30 as compared
with a decline of $12.79 on Monday. The railroad
stocks, also embracing 25 issues, made a net gain
of $2.45, whereas on Monday they had declined $2.60.
In the morning of Tuesday, great weakness was still
in evidence and many new low records for the year
were established, but in the afternoon the market
rallied all around, bringing the reaction already
noted. On Wednesday there was further and quite
general recovery, with the railroad list again taking
the lead, the "Times" average for industrial stocks
declining $2.52, while the railroad averages rose
$1.80 and the two together falling $0.36. Thursday
was Decoration Day, and a holiday. On Friday the
market took another tumble, during which prices
were carried still lower—mainly because of a further decline in the grain markets—but a tardy recovery occurred later in the day under the leadership of the railroad stocks. On account of the Thursday holiday, the Federal Reserve weekly statements
chowing a further decrease in brokers' loans of
$232,000,000, did not appear until after the close
of the market and therefore could exercise no influence on the course of values.
Trading fell off after the break on Monday, but
increased again when renewed liquidation occurred
on Friday. At the half day session on Saturday the
sales on the New York Stock Exchange reached
1,210,430 shares; on Monday the transactions aggregated 4,353,670; but on Tuesday they fell to 3,936,580
shares, and on Wednesday to 2,977,150; Thursday
was Memorial Day and a holiday; on Friday the
dealings reached 3,296,490 shares. On the New York
Curb Market the sales were 617,300 shares on Saturday; on Monday they were 1,339,200; on Tuesday
1,171,700 shares; on Wednesday 1,208,500 shares,
and on Friday 1,214,400 shares.
With the further decline on Friday, nearly the
whole line of share properties shows larger or
smaller losses for the week, with the mail order concerns and agricultural implement stocks especially
weak. International Harvester closed yesterday at
94% against 1085/ on Friday of last week; Sears
4
Roebuck & Co. closed at 144 against 153; Montgomery Ward & Co. at 10218 against 11418; Woolworth
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at 214 against 219%; Safeway Stores at 15814
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against 160; Western Union Tel. at 185% against
1873 American Tel. & Tel. at 206% against 210%;
%;
Int. Tel. & Tel. new at 8118 against 81%; Westing/
house Elee. & Mfg. at 150% against 152%; United
Aireraft & Transport at 113% against 123; Amer-
Jumo 1 1929].
FINANCIAL CHRONICLE
3571
jean Can at 13414 against 131%; United States In- 'As was the case last week, the railroad stocks con/
dustrial Alcohol at 1573 against.15614; Commercial stitu.te the one group where numerous gains for the
%
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Solvents at 328 against 346; Corn Products at 88 week appear. Pennsylvania RR. closed yesterday
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against 89%; Shattuck Co. at 149 against 149787 at 77 against 76 on Friday of last week; New York
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and Columbia Graphophone at 70% against 71 .
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Central closed at 195% against 186%; Del. & HudAllied Chemical & Dye closed yesterday at 27514 son at 194 against 190; Baltimore & Ohio at 12178
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against 281 on Friday of last week; Davison Chem- against 117; New Haven at 106% ex divd. 1%
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ical at 4314 against 54%; Union Carbide & Carbon against 97%;Un.Pac. at 22314 ex 2 % against220;
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at 811 8 against 79%; E. I. du Pont de Nemours at Canadian Pacific at 223 ex divd. of 2 % against
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158 against 168%; Radio Corporation at 87 against 224; Atchison at 224 against 207 ; Southern Pa/
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92; General Electric at 266 against 273½; National cific at 130 against 128½; Missouri Pacific at
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Cash Register at 107% against 111; Wright Aero- 90
/ against 86%; Kansas City Southern at 84 •
1
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nautical at 1123 against 125; International Nickel against 81; St. Louis Southwestern at 89% against
%
at 451 8 against 47%; A. M. Byers at 1302 against 90½; St. Louis-San Fran. at 115 ex 2% against 113;
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13778; American & Foreign Power at 103% against Missouri-Kansas-Texas at 49% against 47 ; Rock
/
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1001 8; Brooklyn Union Gas at 172 against 173 ; Island at 1212 against 120; Great Northern at
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Consol. Gas of N. Y. at 110 against 109½; Co- 1083 against 103 ; Chic., Mil., St. Paul & Pae.
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%
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%
lumbia Gas & Elec. at 753 against 76%; Public pref. at 4978 against 4914 and Northern Pacific at
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Service Corp. of N. J. at 89 against 84; Timken 103 against 101.
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Roller Bearing at 85% against 86; Warner Bros.
Pictures at 110 against 118%; Mack Trucks at
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Securities markets in the important European cen92 against 96; Yellow Truck & coach at 36
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/ ters were affected this week by a series of unusually
1
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against 41; National Dairy Products at 63% against significant developments of both national and in65½; Johns-Manville at 162 against 168 ; National ternational scope. The slowly maturing agreement
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Bellas Hess at 51% against 55 ; Associated Dry on reparations by the experts in Paris caused great
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Goods at 43 against 4558; Commonwealth Power at confidence on the Continental exchanges and prices
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18178 against 160; Lambert Co. at 132 against moved forward steadily under a substantial
/
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volume
135; Texas Gulf Sulphur at 71% ex divd.1% against of trading. The British exchange, however,
was
74; Kolster Radio at 25 against 34 . Only a few more subdued owing to the uncertainties connected
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stocks have this week established new high records with the general election which took place on Thursfor the year, many of these being railroad shares.
day. A strong trend toward the Labor Party was
The copper stocks have responded less readily to discerned as the week advanced and caused depresthe selling pressure than most others. Anaconda sion on the Stock Exchange. With the swing toward
Copper closed yesterday at 122 with rights against Labor substantiated yesterday, a further drop in
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121% on Friday of last week; Kennecott Copper at prices occurred. In addition to these influences, all
%
818 ex divd. 1 % against 8218; Greene Cananea at the European exchanges were affected very mate/
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139 against 14378; Calumet & Hecla at 40 ex divd. rially by the drastic decline in New York early in
/
1% against 4018; Andes Copper at 47 against the week, and by the continued uncertainty regard=
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18½; Inspiration Copper at 41 against 4118; Calu- ing the rediscount rates of the Federal Reserve
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met & Arizona at 126% ex divd.2 % against 129%; Banks.
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Granby Consol. Copper at 68 against 70; Amer/
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The London Stock Exchange opened the week in
ican Smelting & Ref. at 97 against 97 , and U. S. an extremely quiet fashion with Anglo-Ameri
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2
can
Smelting & Ref. at 52% against 54 .
/
1
2
issues dropping rapidly as a result of the decline at
In the oil group Simms Petroleum closed yester- New York. Oil issues were
somewhat in demand
day at 29% ex div. of 40c. against 29 last Friday; and the Rhodesian Mines group
/
1
2
also improved, but
Skelly Oil at 39 against 41%; Atlantic Refining othewise
/
1
2
the list was dull with the tendency down/
at 6378 against 66; Pan American B at 58 against ward. The severe break in Wall
/
1
2
Street Monday
61%; Phillips Petroleum at 38% against 4018; was reflected
/
to the full in Tuesday's market at
Texas Corp. at 62 against 63; Richfield Oil at 4178 London with virtually all industrial shares showing
/
against 44%; Marland Oil at 33% against 36½; the effects. The possibility of improvemen
t in the
Standard Oil of N. J. at 57 against 5778; Standard international money situation as
/
a result of the
Oil of N. Y. at 39% against 40%, and Pure Oil at severe drop in New York caused buying
of gilt-edged
27% against2818
/
.
securities in London and these shares showed genThe steel group has not escaped declines, U. S. eral improvement. Home
rails were steady. AcSteel closed yesterday at 166 ex divd.. of 1%% tivity was
greatly restricted at London Wednesday,
against172% on Friday oflast week ;Bethlehem Steel owing
to the imminence of the general election. G11tat 96 ex 1% against 99%; Republic Iron & Steel edged securities
/
1
4
were again firm, but the list other/
1
;
at 88% against 902 Ludlum Steel at 84% against wise was irregular
with only minor movements
84 ,and Youngstown Steel & Tube at 126 against noted. While
/
1
2
/
1
4
the election was in progress Thurs127. The motor group has been decidedly weak at day, trading was
slower than ever, but the tone was
times. General Motors closed yesterday at 70 fairly firm.
Decision of the New York Reserve Bank
against 73% on Friday of last week; Nash Motors not to raise
the rediscount rate, gave impetus to gilt/
at 8318 against 881 8; Chrysler at 6834 against 74%; edged securities. With
/
/
returns from the election
Packard Motors at 135% against 14114; Hudson showing
/
pronounced gains by the Labor Party yesMotor Car at 77% against 84, and Hupp Motor at terday, the London Stock
market moved downward
40% against 46. Among the rubber stocks Good- as a whole. Heavy declines
occurred in gilt-edged
year Tire & Rubber closed yesterday at 115 against stocks with
a weak tone evident throughout the list.
119 on Friday of last week; B. F. Goodrich at 73%
The Paris Bourse began the week with marked unagainst 79%, and U. S. Rubber at 47% against settlement owing to the apparently
slow progress of
52 , and the pref. at 78 against 78%.
/
1
2
/
1
2
the experts on German reparations. Transactions
3572
FINANCIAL CHRONICLE
were influenced also by the perListent rumors of
higher Federal Reserve discount rates in the United
States and by the weak tone in all other markets.
Little public interest was reported in the trading,
while professionals were all on the bear side. With
reports from the reparations meeting more hopeful,
Tuesday, stocks recovered to some extent at Paris.
The decline at New York on the previous day, however, acted to prevent any great upward bidding of
prices. The volume of business remained very
small throughout the session. Trading was exceptionally dull Wednesday on the Bourse with price
changes almost negligible. Traders apparently preferred to wait until the results of the British election were known making commitments. When it
developed overnight that the Experts on reparations
had reached an accord on the amount and number
of German annuities, the Paris market responded
readily Thursday with a sharp upward movement of
values. The upward movement was not fully maintained in yesterday's market, prices moving irregularly.
Trading on the Berlin Boerse followed the trend
of all other markets at the opening Monday, with
prices declining throughout the session. The turnover was light, but selling was persistent in all sections of the market. After an irregular opening
Tuesday, the general trend grew firm, largely because of the improvement in the reports from the
reparations negotiators in Paris. The better tone
was also aided by fusion of the Ford interests in Germany with the I. G. Farbenindustrie. More confident reports from Paris, coupled with more extensive foreign buying orders, gave the Berlin market a further fillip Wednesday and prices advanced
all along the line. Electrical issues and potash
shares were especially in demand, with industrials
as a whole moving upward in more orderly fashion.
When the accord on reparations annuities was announced Thursday morning, prices improved sharply. Leading issues recorded gains of 4 to 10 points,
with the general list showing more moderate but pronounced improvement. I. G. Farbenindustrie was
in particularly urgent demand, with much of the
buying attributed to American interests. The upward trend became more pronounced yesterday with
orders pouring into Berlin from all centers. Buying
was exceptionally heavy in A. E. (1, with orders
from America prominent.
General elections in Great Britain, Thursday, confirmed expectations of a very strong trend toward
the Labor Party, without, however, giving the Laborites the necessary majority in the House of Commons to insure governmental stability for the next
five years. It is apparent that J. Ramsay MacDonald, the leader of the Labor Party, will be Prime
Minister of Great Britain for the second time, unless
he refuses to form a government because of the lack
of a working majority. This contingency was considered unlikely late yesterday, although Mr. MacDonald made no statement on the subject pending
receipt of complete returns. The balance of power
in the next Parliament will be held by the Liberal
Party under David Lloyd George, who will be able
to unite with the Conservatives and upset the government on any important issue. The returns available up to a late hour last night indicated that it
was impossible for the Conservatives to attain the
:representation assured to the Laborites in the corn-
[Vol.. 128.
ing Parliament, making it certain that the present
Conservative Government of Prime Minister Stanley
Baldwin will be superseded.
The total representation in the Commons consists
of 615 members. With returns from only 15 districts missing last evening, it appeared that the
Labor Party had elected 288 members to the next
House. The missing districts were chiefly in the
outlying sections where the Conservatives and Liberals are stronger than the Laborites. The Labor
Party had no candidates in some of these districts,
making it certain they will not have a majority.
The Conservatives had definitely elected 252 members, the Liberals 55, and other parties 5 members,
on the basis of the available returns. When Parliament was dissolved recently, the standing of the
parties in the House of Commons was: Conservatives, 400; Labor, 162; Liberals, 46, and Indepen,
dents, 7. The overturn of the Conservative Government is, therefore, rather a decisive one, although
the tabulations of the popular voting indicated a
more even division between the Labor and the Conservative Parties.
Chief among the issues of the election campaign
was that of unemployment, which for almost a
decade has been the most serious of the domestic
problems of Great Britain. All of the parties promised relief by means of government aid, with the
Liberals making •the largest claims. The relief
promised took the form in all cases of extensive
undertakings of public works. Rating relief had
already been effected by the Conservatives and therefore played only a minor part in the campaign. The
election gains world-wide significance because of
the program of the Labor Party in regard to foreign
affairs. Mr. MacDonald has long called for greater
efforts on the part of the British Government to
meet the United States on the question of naval
curtailment and reduction. He has also let it be
understood that his party, if successful at the polls,
would take steps to recognize the Russian Soviet
Government.
Agreement was announced by the Experts' Committee on German reparations in Paris, Wednesday,
on the amount and the number of annuities Germany will undertake to pay to the Allied and other
governments, this step constituting the most important that has yet been taken by the committee
toward the expected final settlement of the problem.
The accord was reached after further intensive efforts, throughout the past week, to smooth out the
differences between the Allied and the German negotiators on the sums to be paid, with the discussion
based entirely on the compromise plan suggested in
April by the American Chairman, Owen D. Young.
Several important points still remain to be adjusted,
Among them the several- conditions attached by the
German experts to their provisional acceptance of
Mr. Young's compromise figures. The whole agreement, moreover, is subject to final ratification by
the governments concerned. Most observers now
consider, however, that a new agreement will very
probably be reached by the present committee and
accepted by the governments. This in turn will open
the way for a whole series of immensely important
developments, such as the evacuation of the Rhineland, ratification by the French Parliament of the
Mellon-Berenger agreement, and establishment of
the proposed new International Settlement Bank
JUNE 1 1929.3
FINANCIAL CHRONICLE
3573
through which payments under the new scheme are ment of this most difficult of all post-war financial
issues cannot be credited other than to the infinite
to be made.
The complete accord achieved on the amounts and patience, persuasiveness and persistence of Mr.
number of annuities is the more noteworthy since it Young. It has only to be recalled that two months
required the surmounting of further great difficul- ago Dr. Schacht made his fin3t, and what he declared
ties which appeared over the last week-end. Al- would be his only, offer of an annuity of 1,650,000,though the experts were declared by last Saturday 000 marks for thirty-seven years, and even that anto have been in substantial agreement on the figures, nuity he hedged about with an abundance of condiit was admitted that they differed seriously on the tions many of which were of a semi-political chardate of application of the proposed new scheme of acter. Mr. Young has now secured an average anpayments. It was indicated in Paris dispatches that nuity of 2,050,000,000 marks which will take care
the Allied experts, in order to increase the total of the reparations payments, the service of the
amount of reparations and satisfy the claims of all Dawes loan, the costs of the armies of occupation
the creditor nations, had suggested early applica- and the payment of the Allied debts to the United
tions of the new scheme of payments while delaying States during a period of fifty-nine years."
the termination of the Dawes Plan payments, which
Of the important questions still outstanding after
agreement on annuities, only four may prove obthey are designed to succeed. This would have meant
that both plans would run concurrently for a few stacles to complete settlement, according to a dismonths. This ingenious scheme aroused severe op- patch to the New York Herald Tribune. These are:
position among the German delegates, who wanted 1, Belgium's insistence that her claim for reimbursethe Dawes payments ended as of April 1, last, and ment for worthless German marks left in Belgium
the new and lower payments brought into effect as after the invasion be funded before the present conof the same date. Under the compromise project ference adjourns, and that the accord on this quesnow approved the heavy Dawes Plan payments of tion be included as a component part or as an annex
2,500,000,000 marks annually will end Sept. 1, next, of the experts' report. 2, Germany's request for an
and the new annuities promptly applied on the same actual internal moratorium on a certain part of the
day.
annuity payments. Under such a plan actual payAlthough agreement has been reached in substance ments by Germany into the proposed international
between the creditor and the German experts, some bank of settlements might be postponed. 3, Gerof the details are still apparently to be adjusted. many's proposal that payments which under the
Reports differ on the initial payment to be made Versailles Treaty were to be made by Poland and
by Germany under the new scheme, ome dispatches certain of the States which were formerly part of the
stating that the first payment will be 777,000,000 Austro-Hungarian Empire be credited against the
marks, to be applied to the period from Sept. 1, next last twenty-one annuities. 4, Germany's request
to April 1, 1930, while others indicate that this pay- that the Dawes Plan lien on the German railways
ment will be 742,000,000 marks. Payments for The be wiped out. Negotiations are to be continued
next nine years will range upward from 1,685,000,- with the German experts on these questions by three
000 marks to 2,040,000,000 marks, while from the sub-committees representative of the creditor deleeleventh to the thirty-sixth year these payments are gations, which were appointed for this purpose yesto remain fixed at 2,200,000,000 markr. The an- terday.
At a late hour yesterday, dispatches from Paris
nuities thus provided for the fitv3t thirty-seven years
are based on Mr. Young's average annuity figure of reported that agreement had been reached on two of
2,050,000,000 marks presented by the Chairman these issues, leaving only the question of the last
more than a month ago. For the final twenty-one twenty-one annuities and of the German marks left
years of the plan the annuities are to correspond to in Belgium to be settled. The former question was
the amount of the Allied debts to the United States, understood to have been whittled down to the probplus the residue of the American claims. The actual lem whether the profits of the proposed internapayments by Germany under this plan during the tional settlement bank are to be applied against the
next fifty-eight years are placed at 112,506,000,060 final period of payments. It was definitely decided,
marks in a Paris dispatch to the New York Times. moreover, to eliminate the question of reimburseThe present capital value, however, is computed at ment of Belgium for German marks from the delibclose to 37,000,000,000 marks, with interest figured erations of the experts,leaving the two Governments
2
1
/
at 5 %.
to adjust the matter between themselves.
Announcement of the agreement was made late
Wednesday by Thomas W. Lamont, alternate for
A clear and unmistakable call for general adherJ. P. Morgan, in the following terms: "Both the ence by all nations to the terms of the Kelloggcreditor and the German experts have heretofore de- Briand Treaty renouncing war as an instrument
clared themselves willing to accept the annuity of national policy was issued by President Hoover
figure of 2,050,000,000 marks, as suggested by the in the coun-e of the traditional address of the Presichairman, although a difference existed on the qua-- dent at Arlington Cemetery on Memorial Day. It
Hon of interpretation. This difference has now been was remarked by Mr. Hoover that the nations are
removed and a common basis of interpretation, ac- now, as never before in peace time, developing new
ceptable both to the creditors and to Germany, has life-destroying instrumentalities and new systems of
been found, subject, however, to agreement on the warfare. The serious qua tion thus arises, he deoutstanding conditions which will remain for dis- 'dared, of whether we are developing equally potent
cussion and settlement." One important feature of ways and means of avoiding recoun e in the future
the agreement was said to be the accord among the to the frightful wars of the past. A great hope was
creditor powers regarding the re-partition of the given birth by the solemn declaration of the nations
German payment' among themselves. In a Paris that gathered at Paris on August 27, last, to sign
report to the Times it is remarked that "the settle- the Kellogg-Briand pact, he said. "But if this agree-
3074
FINANCIAL CHRONICLE
,[Vor... 128.
ment is to fulfill its high purpose," he continued, fective, ratification is required both by the French
"we and other nations must accept its consequences; Parliament and the Congress in Washington. Difwe must clothe faith and idealism with action. That ficulties are anticipated in securing this dual ratiaction must march with the inexorable tread of com- fication before Aug. 1, owing to the termination of
mon sense and realism to accomplishment.
the present French Parliament on July 14, and the
"‘If this declaration really represents the aspira- forthcoming recess of Congress. American officials,
tions of peoples; if this covenant be genuine proof accordingly, requested definite assurances from the
that the world has renounced war as an instrument French Government last week that the Mellon-Berof national policy, it means at once an abandonment enger agreement would be ratified by the present
of the aggressive use of arms by every signatory na- French Parliament. In case such assurances were
tion and becomes a sincere declaration that all arma- forthcoming, it was said, the U. S. Treasury would
ment hereafter shall be used only for defense. Con- probably request Congress to permit postponement
sequently, if we are honest we must reconsider our of the payment so as to allow time for ratification
own naval armament, and the armaments of the by Congress. After communicating with his Govworld in the light of their defensive and not their ernment, M. Claudel informed Secretary Stimson
aggressive use. Our navy is the first, and in the late last week that the Poincare Government hoped
world sense the only important factor in our na- to obtain the necessary ratification by the French
tional preparedness. It is a powerful part of the Parliament at its present session. The Ambassador
arms of the world. To make ready for defense is a also indicated, a Washington dispatch to the New
primary obligation upon every statesman and ade- York "Times" said, that his Government would have
quate preparedness is an assurance against aggres- no objection to the adoption by the American Consion. But,if we are to earnestly predicate our views gress of a resolution permitting postponement of
upon renunciation of war as an instrument of na- the payment of $400,000,000 in the event that extional policy, if we are to set standards that naval change of ratifications of the Mellon-Berenger agreestrength is purely for defense and not for aggression, ment was not completed by August 1. Accordingly,
then the strength in fighting ships required by na- resolutions deferring the date of payment from Aug.
tions is but relative to that of other powers. All 1 to May 1 1930 were introduced last Saturday in
nations assent to this—that defensive needs of navies the Senate and the House of Representatives. Under
are relative. Moreover, other nations concede our the resolution the interest that has been paid semicontention for parity in naval strength with the annually on the $400,000,000 would fall due on Aug.
strength of the powers. With these principles be- 1 and on Feb. 1 on the same basis as in the past.
fore us our problem is to secure agreement among
wimp—
nations that we shall march together toward reducGrowing concern at the persistent upward trend
tions in naval equipment."
of the American tariff has recently been reported in
Again pointing out the necessity of naval reduc- almost all nations of the world, with not a few
tion, Mr. Hoover remarked that a "rational yard- foreign governments making official representations
stick" must be found with which to make reason- in Washington against increases contemplated in
able comparisons of the naval units of other coun- the Hawley bill. Countries which have taken steps
tries with our own.
in this matter through their accredited representa"So far the world has failed to find such a yard- tives in Washington include Canada, affected by the
stick," he added. "To say that such a measure can- new duties on fish and agricultural products;
not be found is the cousel of despair, it is a chal- France, by the proposed method of evaluation and
lenge to the naval authorities of the world, it is the the rates on luxuries; Argentina, by duties on beef,
condemnation of the world to the Sisyphean toil of corn and flaxseed; Great Britain, by woolen textile
competitive armaments. The present administration rates; Australia, by those on raw wool; Persia and
of the United States has undertaken to approach this Turkey, by those on rugs; Spain, by the duties on
vital problem with a new program. . . .
peppers, tomatoes, onions, almonds and other prod"Such a program,if it be achieved,is fraught with ucts, and Cuba, by those on sugar, vegetables and
endless blessings. The smaller the armed force of citrus fruits. Only Guatemala, Honduras and Costa
the world, the less will armed force be left in the Rica were completely successful in their representaminds of men as an instrument of national policy. tions, according to a Washington report of Wednes.
The smaller the armed forces of the world, the less day to the New York "Times," bananas being left
will be the number of men withdrawn from the cre- on the free list. It appears, this report says, that
ative and productive labors."
Japan also may range herself on the side of the
countries which have already raised their voices
Conversations were again held in Washington late against the new rates, Tokio feeling great concern
last week between Paul Claudel, the French Am- over the increased duties in the Hawley bill on silks
bassador, and Secretary of State Stimson, regard- and porcelains. The representations have consisted
ing the $400,000,000 payment for war stocks due largely of communications from producers abroad,
from France August 1. The Mellon-Berenger agree- which were transmitted to the State Department by
ment provides for funding this payment with the the embassies and legations in Washington with
war-time debt owed by France to the United States, brief covering letters. In several instances, howand in expectation of eventual ratification of the ever, Ambassadors and Ministers have formally reinagreement, France has been making the payments forced these pleas through conversations with Sectherein provided for several years. If the agree- retary Stimson.
ment is not ratified before August 1, or other arAmong European nations, the growing height of
rangements made,France would be required to make the American tariff has stimulated efforts to obtain
the $400,000,000 payment as originally provided for co-operation in opposing the demands of the United
when the war stocks were sold to the French Govern- States for most favored nation treatment under
ment. To make the Mellon-Berenger agreement ef- European tariffs. Europeans are more and more
JUNE 1 1929.]
FINANCIAL CHRONICLE
3575
coming to the conclusion, according to a London to help the move toward a common European front
report to the "Times," that the system under which on the American demands to benefit by all the conthe United States maintains its customs wall against cessions European nations may give to one another
European goods, while demanding all the benefits in tariff arrangements.
European countries may give one another in mutual
Parliamentary elections were held in Belgium last
concessions and tariff arrangements, has been too
easy for America. Half-hearted resistance has been Sunday, with final returns showing little change
made by some of the countries, notably France and in party representation in the Chamber and the SenSpain, it is pointed out, but the financial power of ate. An entirely new Chamber was elected, and the
America, coupled with European needs for capital, terms of nearly half the members of the Senate also
are said to have left those efforts without substan- expired, giving the election a wide scope. Interest
tial results. A number of European economists, in the results was general throughout Europe, as
however, are reported to have enlisted the interest two important issues were involved. The first of
of their Governments, especially in France, in a these was the wet platform of the Liberal Party,
plan to effect a certain amount of co-operation or which is seeking to modify the present laws of the
economic unity among the continental nations by country making the drinking of cocktails and other
which they would give each other tariff concessions aperitifs in public an offense. The second issue conwhich they would refuse to the United States except cerned the working of the compulsory voting law
in return for concessions on the part of this country. which requires all able-bodied voters not possessed
It is argued, the report continues, that if every of doctor's certificates to register at the polling
nation had the kind of tariffs that America has, places. Failure to comply with this law leaves the
there would be a paralysis of world trade. That citizen liable to a fine. The country's electorate
America gets all the benefits but gives no conces- comprises about 2,500,000 men and about 9,000
sions is regarded as a system that is eminently bene- women, all of the latter either war widows or women
ficial to American exporters, but is eminently non- who served in some capacity during the war. Ofbeneficial to European exporters seeking American ficial results of the elections were issued in Brussels
trade. The European nations are pretty firmly com- Wednesday, and showed the following line-up of
mitted to a system of mutual concessions on tariff parties in the new Chamber of Deputies: Catholics,
treaties, it is declared, such arrangements being 76 as against 78 in the former Chamber; Socialists,
often bound up in political considerations. In many 70 as against 78; Liberals, 28 as against 23; Frontcases trade concessions are given in return for ists, 11 as against 6; Communists, 1 as against 2,
political as well as commercial considerations. and Independents, 1. In the Senate, as a result of
"There seems little chance of the Old World meeting the election, the Catholics have now 41 seats, the
the situation by shifting to the American system of Liberals 13, the Socialists 36 and the Separatists, 3.
one tariff for everybody and that a high one," the Although women generally do not have the franchise
dispatch states. "But it is possible that before the in.Belgian, one woman deputy was elected by the
end of the year there will be called a European eco- workers of Liege.
nomic conference at which this situation will be
Finances of the Polish Government for the fiscal
discussed."
In reviewing the position of leading countries on year ended March 31, last, were entirely satisfacthis matter, it is remarked that Great Britain main- tory, says Charles S. Dewey, American financial
tains the principle of a free-trade country. Certain adviser to the Warsaw Government, in his sixth
of the British Dominions, however, notably Canada quarterly report, published May 24. Revenue for
and Australia, are affected by the new American the year amounted to 3,008,000,000 zlotys (about
tariffs, which tends to arouse British interest. 337,497,600), and the expenditures to 2,808,000,000
Moreover, the dispatch remarks, "Great Britain has zlotys (about P15,057,600),leaving a budgetary surlooked favorably on proposals to create some eco- plus of 200,000,000 zlotys (about $22,440,000),
nomic unity in Europe against the United States, a although the budget estimates forecast a surplus of
unity of • a defensive rather than an offensive only 126,000,000 zlotys. Nearly all the revenue
nature." It is recalled that Germany and France sources yielded more than had been expected, accordmade a mutual tariff concession a year and a half ing to a synopsis of the report contained in a disago, by which Germany lowered the tariff on certain patch to the New York "Times." The result was
French exports, including wines, and France low- that the revenue receipts were 13% higher than the
ered the rates on certain German exports, including budget estimates. Expenditures also were higher
machinery. "The United States at once demanded than the estimates, amounting to 280,000,000 zlotys
that France give it all the benefits of the conces- more than had been contemplated in the budget besions made to Germany," the "Times" dispatch con- cause of the large number of supplementary credits
tinues. "The French, on the condition that America opened during the year. Service on the public debt
would investigate what advantages might be given was 228,000,000 zlotys, while the amount expended
to French products under the elastic provisions of for investment ,was considerably more than the
the United States tariff law, agreed on most favored 442,000,000 zlotys originally authorized. The new
nation treatment as a temporary scheme. The budget for 1929-1930 voted by.the Sejm provides for
United States have continued to enjoy the rates revenue of 2,954,000,000 zlotys and expenditures of
given the Germans, but have allowed the French no 2,787,000,000 zlotys, leaving a surplus of 167,000,000
benefits in return. The French think this is unfair zlotys.
and naturally would be glad to get help in any
The problem of public investment and private
future opposition to American claims." It is re- reserves is again taken up by Mr. Dewey in the
marked that the new reparations arrangements will report. He emphasizes the necessity of a reduction
create a common European front against American of government expenditure and revenue requiredebt-collecting, and that this development may serve ments to bring about a reduction of taxes. This, he
3576
FINANCIAL CHRONICLE
argues, would encourage private initiative and increase earnings, which in turn would augment working capital and reserves. Economic conditions, on
the whole, the report states, were less favorable in
the first quarter of 1929, which witnessed a decline
in business and industrial activity from the levels
attained at the end of last year. The decline was
partly seasonal and was greatly emphasized by the
protracted cold and the heavy snow falls, which
exceeded anything the country had experienced in
the last 100 years. The sudden interruption of business revealed a shortage in the country's working
capital reserves and the ratio of protested bills
rose 50%. The country's industries up to the present time have had no time to amass working capital
owing to reconstruction necessities, Mr. Dewey says,
so that the interruption of transportation and the
stoppage of normal purchases resulting from the
hard Winter immediately caused higher interest
rates and an increase in protested bills. This situation can be corrected only through the building up
of working capital and reserves, and for this the
prime necessity is a reduction in government expenditures, the report concludes.
[VoL. 128.
counts remain at 3M%, but in Switzerland have
to
been reduced from 3 5-16%
334%.
This week's Bank of England statement discloses a
further gain in bullion of £522,643 which, together
with a drop of £2,257,000 in circulation brought about
an increase of £2,780,000 in reserves. Gold holdings
now aggregate £163,269,940 as against £162,747,297
a week ago and £162,902,473 last year. Loans on
government securities and on other securities both
rose, the former £1,545,000 and the latter £3,539,000.
Other securities is subdivided into "discounts and
advances" which showed a rise of £1,236,000 and
"securities" which increased £2,303,000. The proportion of reserves to liabilities is now 54.46% compared with 55.84% last week and 41.73% the corresponding week last year. Public deposits increased
£9,941,000 while other deposits decreased £1,204,000.
The sub-sections of the latter, "bankers' accounts"
and "other accounts" dropped £1,158,000 and
£46,000 respectively. The Bank rate remains at
Below we show a comparative statement of
the various items in the Bank's return for the past
five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Civil war in China again threatens to grow to
1925.
1926.
1929.
1927.
1928.
June 2.
May 29.
June 3.
June 1.
May 30.
huge proportions as a result of the differences beCirculation
tween the two most powerful political and military Public deposits a360,106.000 137,984,000 136,346,070 140,982,000 148,831.010
25,240.000 22,285,000 14,723.673 11,457,750 11,603,827
leaders in the country, President Chiang Kai-shek, Other deposits
91,617,000 89.567.000 111,402,096 118,764,201 114,110,480
who heads the Nanking Nationalist regime, and Bankers'accounts... 56,349,000
Other accounts
35,268,000
Marshal Feng Yu-hsiang, war lord of a number of Governm't securities 40,031,855 28,967,000 50,605.975 51,570.328 42,996,733
Other securities- - - 30,573,000 53,984,000 57,320,124 68,895.771 73.110,130
the provinces of Central China. Only a short time Db3ct. de advances__ 8,151,000
22,422,000
after China was finally unified by the Nationalists Securities & win 63,163,000 46,668,000 35.979,613 •
Reserve notes
27,539,191 27,391,593
with the aid of Feng Yu-hsiang, the latter began to Coin and bullion_ _163,269,940 162.902,473 152,575,683 148,771,191 156,472,603
withdraw from the coalition and lately he has re- Proportion of reserve 54.46% 41.73% 28.53% 21.14%
to liabilities
21f4%
434%
5%
5%
434%
%
tired to his own provinces, ostensibly to prepare for Bank rate
Bank of England
a
currency was amalgamated
warfare against Nanking. Numerous telegrams noteOn Nov.29 1928 the fiduciary£234.199,000 to the amountwithBank of England
of
issues, adding at that time
have been exchanged between the two opponents, notes outstanding.
each charging the other with beginning military
The Bank of France in its statement for the week
preparations, and demanding explanations. In the
meantime, minor fighting has developed around ending May 25, reports another gain in gold and
Canton in the south, which is attributed to the bullion amounting this week to 55,865,059 francs,
machinations of the two leaders. Marshal Feng Yu- raising the total of that item to 36,590,276,561
hsiang finally sent a formal announcement to all francs as compared with 36,534,411,502 francs last
foreign envoys in Peking, May 24, that he was be- week and 36,525,431,314 francs the week before.
ginning a new war for the avowed purpose of over- Notes in circulation dropped 210,000,000 francs,
throwing what he called the "illegal and unrepre- decreasing the total to 62,653,739,910 francs as
sentative government at Nanking." The announce- against 62,863,739,910 francs last week and 63,419,ment declared that "punitive measures" against 739,910 francs two weeks ago. A decline of 48,938,Chiang Kai-shek are already under way and that 370 francs was shown in credit balances abroad, in
Chiang "will be defeated and become extinct at any advances against securities of 46,000,000 francs. A
moment." Whether this document is really to be gain appears in French commercial bills discounted
taken at its face value, or is merely another move in of 988,000,000 francs, in bills bought abroad of
the protracted negotiations between the two leaders 18,000,000 francs and in credit or current accounts of
has not yet appeared, but observers in China regard 878,000,000 francs. Below we furnish a comparison
of the various items of the Bank's return for the past
the developments with increasing concern.
three weeks:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
There have been no changes this week in the redisStatus as of
Chances
May 25 1929. May 18 1929. May 11 1929,
for Week.
count rates of any of the central banks of Europe.
Francs.
Francs.
Francs.
Francs.
It appears that on May 13 the Ecuador Central Bank Gold holdings_ _ _
55,865,059 36,590,276,561 36,534,411,502 36,525,431,314
Credit
raised its discount rate from 10% to 11%. Rates French halo. abr'd _Dec. 48,938,370 7,893,029.776 7,941,968,146 7,987,715,407
commercial
7,102,635,646 6,114,635,648 5,838,635,646
continue at 73/2% in Germany; at 7% in Italy; at bills dIscounted_Inc. 988,000,000 18,361,852,994 18.343,852,994 18,330,852,994
Bills bought abed.Inc. 18,000,000
53/2% in Great Britain, Holland, Norway and Adv. agt. secure_ _Dec. 46,000,000 2,321,419,213 2,367,419.213 2,415,419,213
62,863.739.910
210,000.000
Note
Spain; 5% in Denmark; 432% in Sweden; 4% in Cred.cireulation. _Dec.878,000,000 62,653,739.910 18,629,436,630 63.419,739,910
19,507,436,630
18,343,436,630
curr. aacta__Ina.
Belgium, and 332% in. France and Switzerland.
London open market discounts for short bills are
The German Bank statement for the third week of
now 53(@5 5-16% against 531 @5/% on Friday May 22 shows a decline of 189,000 marks in gold and
,
of last week and 5/i% for long bills against 5 7-16% bullion. This decreases the total of that item to
the previous Friday. Monday on call 41 London 1,764,596,000 marks, as against 2,040,707,000 marks
yesterday was 534%. At Paris open market dis- last year and 1,816,469,000 marks two years ago.
JUNE 1 1929.]
Due to a decrease in note circulation of 161,123,000
marks the item now aggregates 4,006,198,000 marks
as compared with 3,821,567,000 marks last year and
3,191,854,000 marks the year before. Reserve in
foreign currency rose 90,370,000 marks, silver and
other coin gained 12,222,000 marks, while deposits
abroad remained unchanged. A decline was shown
in bills of exchange and checks of 150,709,000 marks
in advances against securities of 119,344,000 marks
and in other daily maturing obligations of 6,158,000
marks.. A gain appears in notes on other German
Banks of 8,445,000 marks, in other assets of 716,000
marks, and in other liabilities of 2,792,000 marks
while investments remain unchanged. Below we
furnish a comparison of the various items of the
Bank's return for three years past:
REICHSBANKS COMPARATIVE STATEMENT.
Change*for
May 22 1929. May 23 1928, May 23 1922.
Week,
Reichsmarks. Reithsmarks. Reichsmahts.
Relelirmarks.
Assets—
189,000 1,764.596,000 2,040,707.000 1.816.469,000
Dec.
Gold and bullion
85.626,000
69.126.000
163,008,000
Of which depos. abr'd_ Unchanged
92,261,000
Reeve in for'n surey_Inc. 90,370.000 147,455,000 229,466,000
2,521,679,000 2,035,312,000 1,873,606,000
Bills ofexch.& checks.Dee. 150,709,000
91,158,000 110,789,000
Sliver and other ooln Ino. 12,222,000 164,164,000
19,168,000
24.704,000
30,956,000
Notes on oth.Ger.bka_Ino. 8,445,000
27,405,000
97,179,000
20,076,000
Dec. 119,344,900
Advances
92,889,000
94,004,000
92,899,000
Unchanged
Investment
e
716,000 539,214,000 553,730,000 485,707,000
Inc.
Other assets
Liabilities—
Notes in drculation Dee. 161,123,000 4,006,198,000 3,821,567,000 3.191.854,000
Oth.dally matur.obitg.Doe. 6,168,000 642,199,000 675,111,000 728,633,000
Inc. 2,792,000 300,448,000 195,707,000 229,873,000
Other liabilities
Money rates in the New York market attracted
less attention this week than for some time past, although the movement of rates was quite as unusual
as that registered in many previous weeks. Owing to
the Memorial Day holiday Thursday, the week was
a short one. It was important, however, from the
money market point of view as the closing week of
the month. For the past six months, the month-end
has been featured by a strain in money conditions
which always carried rates to an unusually high
level. In the past week this feature was entirely
absent, rates showing an easier tendency rather than
an upward trend. Call loans continued all week at
the undeviating figure of 6% on the Stock Exchange,
while in the unofficial "outside" trading, 56% was
quoted every day. Time loans began the week with
an easier tendency which was accentuated in the
later trading. Supply of money was plentiful at all
times, probably as a result of heavy repayment of
loans by stock exchange houses after the drastic decline in securities early in the week. Brokers' loans
against stock and bond collateral, as reported yesterday by the Federal Reserve Bank for the week ended
Wednesday night, registered the heaviest decline of
any similar period ever recorded. The drop amounted
to $232,000,000. Gold movements for the same
period consisted of imports of $135,000, with no exports noted.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, it is only necessary
to repeat what has been said above, namely that the
only rate on each and every day of the week has been
6%, including the charge for renewals. In the time
loan branch of the collateral loan market, rates the
latter part of the week tended sharply downward.
On Monday quotations were 9% for thirty, sixty and
4
ninety days, and 83 % for four,five and six months.
Tuesday the quotations were 8%@9% for 30
On
days, 9@934% for 60 days, and 8%@9% for 90
days to six months. On Wednesday rates were
lowered to 83'@8%% for 30 days, 8%@9% for
/
60 days, and 81i@8%% for 90 days to six months.
3577
FINANCIAL CHRONICLE
On Friday rates dropped to 831% for 30 days,8%
.
for 60 and 90 days, and 83'4 % for four, five and six
months. There was a slight improvement in the
business in commercial paper on Monday, and Tuesday, but not enough to lift it out of its state of extreme dullness. Nominally rates for names of choice
character maturing in four to six months are 6%,
1%, with New
while names less well known are 63'
England mill paper quoted at 6%.
The market for prime bank acceptances was fairly
active in the forepart of the week, but slowed down
almost to a standstill on Wednesday and Friday.
The posted rates of the American Acceptance Council
continued all through the week at 5%% bid and 532%
asked for bills running 30 days, and also for 60 and
90 days, and at 5%% bid and 532% asked for 120,
150 and 180 days. The Acceptance Council no
longer gives the rate for call loans secured by acceptances, the rates varying widely. Open market
rates for acceptances have also continued unchanged
as below.
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Daps— —120 Days—
Bid Asked.
Bid. Asked.
Bid. Asked.
5Si
534
514
534
534
534
Preime eligible bilis
—90Days— —60 Days— —30 Days—
Bid Asked.
Bid. Asked.
Bid. Asked.
534
544
554
554
534
554
FOR DELIVERY WITHIN THIRTY DAYS
Eligible members banks
Eligible non-member banks
5% bid
531 bid
There have been no other changes this week in
Federal Reserve Bank rates. The following is the
schedule of rates now in effect for the various classes
of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
M y31
Dale
Established.
Previous
Rate.
July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
May 14 1929
May 6 1929
Mar. 2 1929
May 20 1929
454
434
434
454
4%
431
434
434
434
434
434
434
Sterling exchange this week has again ruled within
a narrow range with the fluctuations variable.
Owing to the Memorial Day holiday there was no
market in New York on Thrusday. The range
this week has been from 4.84 13-32 to 4.8411-16
for bankers' sight, compared with 4.84 13-32 to
4.84 11-16 last week. The range for calale transfers
has been from 4.84 27-32 to 4.85 1-16, compared
with 4.84 27-32 to 4.85 1-16 the previous week.
The comparative firmness early in the week was
attributed to the fractionally lower money rates in
New York on the one hand, and on the other to
transfers to London in preparation for month-end
settlements. The fact that the New York Federal
Reserve Bank did not mark up its rediscount rate
and that the Bank of England is again in control
of the money market in London also contributed
to the same end. The further large accessions of
gold to the Bank of England, together with seasonal
factors favoring sterling at this time, must also be
credited as an element in the improved outlook.
London dispatches on Saturday last stated that the
high rate for the allotment of Treasury bills reflected the changed tone of the discount market
and proved that the Bank of England rate was once
3578
FINANCIAL CHRONICLE
[Vox,. 128.
more effective. Increasing tourist demand fox purchases. There will beV850,000 of bar gold
British money and the lower prices for wheat it is available in the London open market next week
thought in London should lead to a recovery in and 500,000 sovereigns. The following week there
sterling. However the sharp recession in sterling will be approximately £900,000 bar gold available.
yesterday, as a result of the outcome of the British It is the general expectation that the Bank of Engelections, would indicate that bankers both here and land will secure the greater part of these new availin London are more aprehensive for the future. The able supplies. The weekly statement of the Bank
success of the Labor Party is regarded unfavorably of England shows an increase of £522,643 in gold.
Total gold holdings stand at £163,269,940, comby the money market.
There is a more general feeling both in London pared with £162,902,473 a year ago. The ratio of
and in New York that the Bank of England will reserve is now 54.46%, compared with 41.73% a
be able to avoid an increase in its rediscount rate. year ago and with 28.53% on June 1 1927.
On Saturday last the Bank of England bought
On Wednesday of this week the New York Federal
Reserve Bank had no announcement to make as to £4,802 in gold bars and exported £5,000 in sovereigns.
a change in its rate of rediscount and it now seems On Monday the Bank sold £1,707 in gold bars.
probable that there will be no further marking On Tuesday the Bank bought £489,211 in gold bars
up of the official rate here for the time being at and received £8,000 in sovereigns from abroad. On
least. However, the future may alter the pros- Wednesday the Bank sold £6,841 in gold bars. On
pects of change in central bank rediscount rates, Thursday it sold £13,671 in gold bars, and on
it seems evident that foreign exchange traders, Friday bought £4,337 and sold £13,739 in gold bars.
At the Port of New York the gold movement for
both in New York and London, are revising their
supposition that officia the week May 23-29 inclusive, as reported by the
technical position upon the
rediscount rates will continue unchanged. While Federal Reserve Bank of New York, consisted of
month-end requirements and the lightened pressure imports of $133,000, chiefly from Latin America.
of the quieter New York stock market and the There were no gold exports reported and there was
lower rates for call money have been such important no change in gold earmarked for foreign account.
factors in firming exchange this week, nevertheless Montreal funds continue at a discount, ranging
it is not to be expected that the monetary situation generally this week from 11-16 to % of 1%. Alhere can give any real relief to the foreign exchanges though Canada is now enjoying the most prosperous
while time money stays at present high levels, era it has ever known, exchange continues at a
ranging from 83/2% to 9%. Despite the better discount, owing to the large demands for credit in
strength reflected in the undertone of exchange Canada at a time when New York money and
in the earlier part of the week, sterling is perilously security markets are so strongly competitive for
close to the gold point. Most transactions this week surplus Canadian funds. Of course, the continued
were around 4.85 for cable transfers, compared with large unfavorable trade balance of Canada with
4.85 5-16 a month ago and with 4.85 13-16 just after respect to the United States is not a help to the rate
the Bank of England raised its rediscount rate to at any time, while at present the sharp drop in
53/2% on Feb. 7. The full extent to which credit con- wheat prices is an unfavorable factor.
ditions here have weakened sterling is revealed by a
Referring to day-to-day rates sterling on Saturcomparison with the rate a year ago, when cable day last gave indications of firmness. Bankers'
transfers were quoted 4.87%. From this comparison sight was 4.843/2@.4.84
/; cable transfers 4.84 15-16
it is obvious that the customary seasonal strength @4.85. On Monday the market was irregular.
is greatly overshadowed by other aspects. The The range was 4.84 17-32@4.84 11-16 for bankers'
Bank of England is making every effort to put sight and 4.84 15-16@4.85 1-32 for cable transfers.
itself in a strong position to meet the autumn and On Tuesday the market was steady. Bankers sight
winter requirements, when exchange is seasonally was 4.843/i @4.84 11-16; cable transfers, 4.84 1-32
adverse to sterling. This is the secret of the building @4.85 1-32. On Wednesday sterling was slightly
up of its gold stock which it is accomplishing by firmer.
The range was 4.843/@4.84 11-16 for
2
increasing its buying rate for gold in the London bankers' sight; and 4.85@4.85 1-16 for cable transopen market. On Tuesday the Bank obtained fers. On Thursday, May 30, Memorial Day, there
approximately £489,000 of the £565,000 open market was no market in New York. On Friday the market
gold, for which it paid at the rate of 84s. 11d. The was weak owing to the outcome of the British elecbalance went to the trade and India. This act tions. The range was 4.84 13-32@4.84% for bankers'
of the Bank of England offectually blocked any sight and 4.85 27-32@4.84 15-16 for cable transfers.
American attempts to obtain the metal for ship- Closing quotations on Friday were 4.843/ for dement to New York. Foreign exchange traders say mand and 4.84% for cable transfers. Commercial
-day bills at 4.79%;
%
that it is possible, however, to move gold to Berlin sight bills finished at 4.843 ;60
-day bills at 4.77 8; documents for payment
at the current levels of sterling-mark exchange, but 90
3
competition from this source was eliminated by the (60 days) at'4.79%;7
-day grain bills at 4.83 17-32.
%
fact that the Reichsbank looks with disfavor on the Cotton and grain for payment closed at 4.843 .
importation of gold at this time as tending to counteract its present policy of credit restriction.
The Continental exchanges have been ruling
A London dispatch state'd that the £150,000 of slightly firmer, improved demand resulting generally
gold which was bought in London last week by at all centers from transfers to meet month-end
Germany wasrresold to the Bank of England. This requirements. The improvement is due in part, of
explains a fact which puzzled money circles that course, to the lower money rates at New York.
the Bank of England reported purchases last week German marks have been noticeably firm and in
of £663,000 of gold instead of £513,000, which was somewhat greater demand than for several weeks.
apparently all that was available in the market The firmness in the mark, aside from causes arising
afteadeductingIthe German,tIndian, and trade from month-end requirements, is due to higher money
.1uNs 1 1929.]
FINANCIAL CHRONICLE
3579
rates in Berlin and to the Reichsbank's policy of against 2.96; on Bucharest at 0.503/, against 0.5034;
2
credit restriction which has been operative for three on Poland at 11.23, against 11.23, and on Finland
weeks or more. As noted above, the mark is at a at 2.513 , against 2.513 . Greek exchange closed
%
%
rate with respect to sterling at which gold could be at 1.293 and at 1.293/ for cable transfers, against
readily taken in London by Berlin, but the Reichs- 1.293 and 1.293/2.
bank is evidently averse to gold importations and
even sold to the Bank England the £150,000 which
The exchanges on the countries neutral during the
it took in the open market last week. The supply of war except exchange on Spain were generally firmer
marks on offer in the New York market is reported most of the week for much the same reasons
as
as decidedly restricted. The apparently improved applied to sterling and the Continental currencies,
but
outlook for the settlement of the reparations prob- suffered some reaction on Friday when sterling
lems is also a factor in the current exchange quota- weakened. Swedish exchange has been in demand
tions. Cable advices from Berlin during the week and in Tuesday's trading Stockholm cable transfers
stated that private banks were planning to increase sold as high as 26.743/ The improved tone of
2
.
interest charges 1% on all maturities beginning June Swedish exchange is attributed to rumors in the
1: This change would make money rates at Berlin market that the Bank of Sweden rate of rediscount
average about 113/%. With money at this level and will be increased in the near future. The present rate
2
bank credit strictly limited, there should be a return is 4% and is somewhat out of line with the higher
flow of funds to Berlin which were transferred to trend of European rates since the first of the year The
other currencies after the break in April. From this present rate has been in effect since last August.
angle alone firmer mark quotations would be justified. Holland guilders fail to reflect the generally firmer
The Reichsbank statement as of May 23 shows tone of exchanges owing largely to the fact that other
practically no change in gold reserves, which now currencies are in demand at Amsterdam and Holland
stand at 1,764,596,000 marks, against 1,764,785,000 funds are being transferred to Berlin, London, and
on May 15. Holdings of foreign exchange, however, other centers offering opportunities for profit.
ncreased during the period by more than 91,000,000 Spanish pesetas continue to display the weakness
marks, and now stand at 147,000,000 marks. This which has been evident for many weeks and were sold
gives the German note circulation a gold and ex- generally at all centers, especially at Amsterdam and
change cover of 47.7%. Reports from Berlin in- Zurich. There was no appearance of Government
dicate that the finance ministry may expand the support of the unit. Commercial nervousness in
note circulation approximately 750,000,000 marks Spain continues to be a factor of weakness and fluctuaimmediately.
tion in the peseta. Bankers' sight on Amsterdam
French francs have been ruling slightly firmer on finished on Friday at 40.16, against 40.17IA on Friday
average, due especially to manipulation on the part of last week; cable transfers at 40.18, against
40.104;
of the Bank of France designed to maintain the and commercial sight bills at 40.123/ against 40.14.
franc on a parity with respect to the mark so that Swiss francs closed at 19.24 for bankers' sight bills
Berlin shall be unable to withdraw gold from Paris, and at 19.25 for cable transfers, in comparison with
a policy, which has been followed for many months. 19.243/ and 19.253/2 a week earlier. Copenhagen
Money conditions continue easy in France and the checks finished at 26.623/ and cable transfers at
2
.
higher rates prevailing in Germany exercise some 26.64, against 26.63 and 26.64
Checks on
pull on Paris, without, however, in any way affecting Sweden closed at 26.723' and cable transfers at
the franc rate. The Bank of France shows a gain 26.74, against 26.713/ and 26.73, while checks on
2
of 56,000,00q francs in gold this week. Its present Norway finished at
26.633/ and cable transfers at
gold reserve, 36,590,000,000 francs, are the largest 26.65, against 26.64 and 26.65. Spanish pesetas
in the history of the Bank.
closed at 14.09 for checks and 14.10 for cable transItalian lire have been rather less active than most fers, which compares with 14.19 and 14.20 a week
of the European exchanges, but on average ruled earlier.
fractionally higher in sympathy with the general
trend of the major Europeans. It was reported
The South American, exchanges have been dull.
early in the week that the central bank of Czecho- Argentine pesos have shown a tendency to decline
slovakia would increase its official rediscount rate, as a result of the weakness of exchange on Buenos
but a dispatch by way of Paris later denied that Aires. Announcement of further shipment of gold
any such action was contemplated at Prague.
to New York was made on Wednesday. - Strupp
The London check rate on Paris closed at 124.04 on & Co. are receiving from Ernesto Tornquist & Cie.
Friday of this week, against 124.10 on Friday of an additional $3,000,000 gold on the SS. Vauban,
last week. In New York sight bills on the French sailing from Buenos Aires on June 3. Inclusive
centre finished at 3.90%, against 3.9032 on Friday of this shipment, $6,000,000 is now known to be
a week ago; cable transfers at 3.91, against 3.903 , on the water en route to New York, of which
4
$5,and commercial sight bills at 3.903., against 3.903. 000,000 is being shipped to Strupp & Co. and the
Antwerp beiges finished at 13.89 for checks and remainder to the Central Hanover Bank & Trust Co.
13.89% for cable transfers, against 13.88 and 13.88% Argentine paper pesos closed on Friday at 41.95
on Friday of last week. Final quotations for Berlin for checks as compared with 41.97 on Friday of last
marks were 23.83 for checks and 23.84 for cable week; and at 42.00 for cable transfers, against 42.02.
transfers, in comparison with 23.823 and 23.833 Brazilian milreis finished at 11.87 for checks and
a week earlier. Italian lire closed at 5.233.i for 11.90 for cable transfers, against 11.86 and 11.89.
bankers' sight bills and at 5.233 for cable transfers, Chilean exchange closed at 12.10 for checks and
A
%
as against 5.233/i and 5.233 on Friday of last 12.15 for cable transfers, against 12.10 and 12.15
week. Austrian schillings closed at 14.10 on Friday and Peru at 3.99 for checks and at 4.00 for cable
of this week, against 14.10 on Friday of last week. transfers, against 3.99 and 4.00.
Exchange on Czechoslovakia finished at 2.963/,
8
3580
FINANCIAL CHRONICLE
[VoL. 128.
credit balances,
the Federal Reserve System's par collection scheme. These large
with the Clearing
The Far Eastern exchanges have been. dull and however, reflect only a part of the Reserve Bank's operations are represented Ia
House Institution.s, as only the Items payable In New York City
of
The large volume of checks on institutions located
depressed owing largely to the fact that conditions the daily balances. accounted for in arriving at these balances, as such outside do
checks
New York are not
with
but are
not pass
in China have turned less promising, but the lower Bank for through the Clearing Housethe local depositedHouse the Federal Reserve
banks.
Clearing
collection for the account of
silver quotations are more important a factor in
the softening of Far Eastern rates. In addition to
The following table indicates the amount of bulthese factors, Japanese yen continue to be adversely lion in the' principal European banks:
affected owing to the unsatisfactory business conMay 31 1928.
May 30 1929.
ditions in Japan and to the constant export of Banks of
Mat.
Silver. I
Gold.
Gold.
Silver. I Total. 1
Japanese funds to sterling and dollar securities.
£
I
£
£
I
2
I
2
Closing quotations for yen checks . Friday were England - _ 163,269,940
1182,902,473
163,269,940162,902,473
160,855,528
(d)
44 5-16@44M, against 44 7-16@44% on Friday of France a.... 292,721,812 c994,600292,721,812 147,137,702 13,717,826 98,748,850
994,600,
81,074,000 97,754,050
Germany , 80,079,4
::
Spain ____ 10 , 08,128,616,000131,024,000104,317,000 28,043,000132,360,000
81
51,203.000
55,434,000 51,203,000
last week. Hong Kong closed at 48 3-16@4 /, Italy
55,434,000
Netheri'd. 36,420,000 1,696.000 38,116,000 36,262,000 2,085.000 38,347,000
1,248.000
against 48%1;4).49 9-16; Shanghai at 58%, against Nat.Belg 27,491,101 1,270,000 28,761,000 22,053,000 2,395,000 23,301,000
19,995,000
SwItaeri'd_ 19,844,000 1.644,000 21,488,000', 17,600,000
875,000
13.031,000, 12,875,000
.
Sweden___ 13,031,000
593; Manila at 50, against 50; Singapore at 56
623,000, 10,728,000
443,000 10,037.000, 10,105,000
Denmark _ 9,595.000
8,171.000
8,156.000, 8.171,000
®56%, against 56%@56 5-16; Bombay at 36%, Norway __ 8,156,
Total week 808,449,152 34,633,600,843,082.752670,380,225 49,106,426719,486,851
against 36%, and Calcutta at 363., against 36%.
34.578,600543,146.039689.581.665 49,054,426 718,816,091
III
Prey. week 808,587,439
a These are the gold holdings of the Bank of Prance 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 .C8,150,400. c As of Oct. 7 1924.
d Sliver Is now reported at only a trifling sum.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
The General Election in Great Britian.
buying rate for cable transfers in the different counThe outcome of the general election in Great
tries of the world. We give below a record for the
Britain on Thrsday, as far as can be gathered from
week just past:
available last night, conforms in part to
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE the returns
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
the forecasts that were made as the campaign drew
MAY 25 1929 TO MAY 31 1929, INCLUSIVE.
to its close. It was the general expectation, apparTransfers to
I Noon Buying Rate for CableSlates Money.New York. ently, that the Conservatives would suffer substanValue in United
Country and Monetary
Unit.
tial losses, that the Labor Party and probably the
May 25. May 27. May 28. May 29. May 30. May 31.
$
Liberals would make considerable gains, and that
$
I
EUROPE.140494
1 140470 .140487 .140471 .140464
Austria.schilling
.138882
.138826 .138843 .138847 .138865
neither party would win a working majority of the
Belgium. belga
.007220
.007220 .007211 .007206 .007217
Bulgaria, lev
.029608
Czechoslovakia, krone .029602 .029606 .029607 .029609
615 seats in the House of Commons. As far as the
.206381
266371 .266375 .266407 .266397
Denmark, krone
England, pound sterConservatives and Labor are concerned the predic4.848883
4.849221 4.849661 4.849709 4.849850
ling
.025143
025154 .085153 .025155 .025152
Finland, markka
tion hae been verified. The Conservatves have suf.039092
I .039070 .039083 .039099 .039092
France. franc
.238356
Germany, reichsmark) .238201 .238270 .238331 .238472
fered serious reverses all along- the line, a number
.012927
I 012924 .012923 .012928 .012925
Greece. drachma
1 .401917 .401942 4401982 .402001
.401887
Holland. guilder
of the members of the Ministry even having been
.174280
I .174258 .174300 .174317 .174308
Hungary, pengo
052324 .042328 .052340 .052343
.052332
Italy, lira
defeated, and only the large party majority which
.266446
.266434 .266420 .266432 .266438
krone
Norway,
1 .111750 .111670 .111863 .111753
.111830
Poland, zloty
the party enjoyed in the last House kept it from be.044830
I 044720 .044720 .044830 .044835
Portugal, escudo
005935 .005947 .005950 .005931
.005941
Rumania,leu
coming a minority party in the new one. The Liberal
141657 .141612 .141197 .141150 HOLI- .141004
Spain, peseta
DAY
267261 .267325 .267361 .267365
.267353
Sweden,krona
.192497
revival that was predicted, on the other hand, failed
Switzerland, franc__ .192527 .192521 .192515 .152512
.017574
Yugoslavia, dinar____ .017574 .017577 .017517 .017570
ASIAto materialize, and the Liberal Party, while still the
China
613541 .613333 .610000 .608958
Chefoo tadl
.608333
third in size in the House, remains far behind either
607031 .607187 .603437 .602812
Hankow tact
.604166
591250 .590535 .586875 .586964
.585357
Shanghai tael
the Conservatives or Labor. The Labor gains ap625208 .625000 .621041 .619583
.618750
Tient4in tael
.482714 .482500 .481428 .481339
Hong Kong dollar
.480732
pear to have passed all expectation-, and in many
.430625 .430000 .430000 .429166
Mexican dollar_
.425312
Tientsin or Pelyang
constituencies in which Labor was unsuccessful its
427916 .427916 .425208 .423958
dollar
.422916
.424583 .424583 .431875 .420625
Yuan dollar
.419583
condidates made drastic cuts in the votes of their
361517 .361365 .361328 .361164
.381142
India, rupee
444236 .444336 .444788 .444661
yen
.442888
opponents. When Parliament was dissolved, on
.559750 .559750
.560833
.
Singapore(S.S.)dollar_ .559716 .559750
NORTH AMER May 10, the Conservatives in the House numbered
.991741 .991558 .991764 .992693
.992144
dollar
Canada,
1.000162 1.000060 1.000122 .999812
.999937
Cuba. peso
400, Labor 162, the Liberals 46, and independent
477925 .477425 .478333 .478400
.478000
Mexico, peso
.989502
Newfoundland, dollar. .988862 .988953 .989275 .990062
groups 7. The election on Thursday, according to
SOUTH AMER..953527
Argentina. peso (gold) .954366 .954225 .954197 .953254
118540 .118540 .118518 .118500
.118522
incomplete returns late Friday night, gave Labor
Brazil, mitre's
120345 .120357 .120250 .120251
.120243
Chile. peso
982090 .982090 .980609 .980609
.9810,5
288, the Conservatives 252, the Liberals 55, and other
Uruguay. Peso
963900 .963900 .963900 .963900
.963900
Colombia. m.0
parties 5. With the returns from only 15 conholds a
Owing to a marked disinclination on the part o stituencies lacking, it is clear that Labor
obtain an absolute majority.
two or three leading institutions among the New plurality, but can not
Observers have agreed that the campaign,taken as
York Clearing House banks to keep up compiling
A whole, was unusually apathetic, (if we except certhe figures for us, we find ourselves obliged to disLady Astor's) and
continue the publication of the table we have been tain constituencies like that of
showing the shipments ant that neither party leaders nor party candidates were
giving for so many years
able to stir the mass of voters to enthusiasm. Mr.
receipts of currency to and from the interior.
taken over by the Fed- Lloyd George, the Liberal leader, displayed some
As the Sub-Treasury was
eral Reserve Bank on Dec. 6 1920, it is also no longer of his old-time energy as a campaigner, but Premier
possible to show the effect of Government operations Baldwin, the leader of the Conservatives, never a
in the Clearing House institutions. The Federal magnetic
personality, was in addition handicapped
Reserve Bank of New York was creditor at the Clearby the practical certainty of large Conservative
ing House each day as follows:
, losses, and J. Rami ay MacDonald, although virtually
DAILY CREDIT BALANCES OF NEW %Anti( FEDERAL RESERVE RANI
AT CI.E4 RINI( HOUSE
assured of increased Labor support, did not succeed
in breaking the general lethargy. Even the start4 gor.yal•
,
PI'laa
Monday
Theaday d'adrseaday os•stafra
Saturday
for Week.
May 25. May 27. Slay 28. May 29. May 30. May 31.
ling announcement of Winston Churchill, Chancel------ ---•
$
$
$
$
$
8
possible
9'
,
134.00e,e111 101 00n.00 133.000Am 147:01.110 Holiday. 144 5 'yr "r 654-dm 00 lor of the Exchequer, on May 25, that "it is
-The foregoing heavy credits reflect the huge mass of cheeks which come
Note.
that.in another month from now we shall find ourparts of the country In the operation of
to the New York Reserve Bank from all
•
JUNE 1 1929.]
FINANCIAL CHRONICLE
selves in one of the gravest constitutional, Parliamentary and imperial crices that has ever come
about in times of peace," attracted only passing attention. The lack of interest seems the more remarkable when it is remembered that the candidates
in the field exceeded by more than 300 the number
who offered themselves in 1924, and that in a great
majority of the constituencies each of the three
leading parties was represented by a candidate.
Almost the only evidence of general interest was
to be found in speculation regarding the party attitude of some 7,000,000 new voters, most of them
women to whom the suffrage has recently been extended. Each party made a strong bid for the socalled "flapper" vote, but until the complete returns of the election are known, which will not be
for several days yet (the vote of the Scottish universities will not be "returned until June 10), it
will be impossible to estimate with any degree of
accuracy the distribution of the women's vote.
The reason for the general indifference of the
voters is not far to seek. The record of the Baldwin
' Government has not been marked by novelty, nor by
any conspicuous successes or failures in domestic
affairs. Neither industrially nor commercially is
Great Britain today strikingly different from what
it was in 1924. The figure of unemployment remains
at about 1,000,000, and effort'. to encourage overseas migration and improve conditions in the coalmining and textile industries have not materially reduced the number of persons out of work to whom
the Government must continue to pay doles. Reductions of taxes in some directions have been offset
by increased levies in others, and the safeguarding
policy, virtually a cheme of tariff protection in disguise, if it has had any effect at all, appears only
to have raised somewhat the prices of manufactured
articles to which the benefit of tariff protection has
been extended. In so far as questions of foreign
policy have affected the election—and foreign policy
figured more prominently than usual in the campaign just closed—they have tended to discredit the
Conservatives. The secret naval and military agreement or understanding with France which' was exposed last summer was a heavy load for the Government to carry, and the attitude of the Government
toward armament limitation has been such as to
raise doubts whether limitation was really desired.
With the possible exception of foreign policy, and
the natural preferences of voters for one personality
rather than another among the party candidates, it
was not easy to convince the British public that
there was much fundamental difference between the
parties. Labor has adopted so many Liberal planks
in recent years, and the Liberal program approaches
so closely that of the Labor Party at a number of
points, as to make it rather a matter of indifference
to many independent voters which of the two parties came out bed. There has been no "Red scare"
such as broke upon the election of 1924, and only
the most rock-ribbed Conservatives any longer affect
to believe that the accession of a Labor Government
would be a step toward revolution. Lloyd George's
program for dealing with unemployment, comprising in substance a huge national loan to be expended
upon public works, attracted some attention in the
campaign, but no one, except perhaps Mr. Lloyd
George, appeared to be very certain that that plan,
or any similarone, would really meet the unemployment situation.
3581
A "Peace Manifesto" issued by the Liberals on
May 23 called for naval parity with the United
States "in spirit and letter," consideration of "what
changes should be made in international law relating to neutral belligerent rights (?) at sea," a general reduction of armaments, the re-establishment of
political and economic relations with Russia "on the
basis of non-interference of each country in the
domestic affairs of the other," the reduction of the
tariff to "the absolute minimum" ih the interect of
"the freest possible trade," and authority in the
League of Nations "to consider revision of unsatisfactory peace and other treaties without imputation of unfriendliness." Mr. MacDonald, in turn,
declared on Tuesday that, in case his party were
returned to power, he would take the first opportunity to appeal for naval reduction, and would see
that Great Britain supported at Geneva "any such
proposal as that made" recently by Mr. Gibson in
behalf of the United States. Foreign policy, however, is by tradition a matter which the British like
to keep out of a Parliamentary election, and the
demand of the Liberals for tariff reduction is, of
course, only a reassertion of the historical policy of
the party.
The result of the election, it has been reported, was
awaited with some eagernei s on the Continent, particularly in France, Belgium and Germany, because
of its possible bearing upon the reparations settlement and the war debts. It has been openly intimated
that Dr. Schacht, head of the German delegation at
the Paris conference of experts, was seeking to postpone a reparations agreement until after the election in the hope that the outcome might in some way
enable Germany to make better terms. If such was
Dr. Schacht's idea, it appears to have been doomed
to disappointment. There is nothing in the party
situation in Great Britain, as a consequence of the
election, to indicate any important change of opinion
in that country regarding the matters with which
the experts have been dealing, and the attempt of
Mr. Snowden, Chancellor of the Exchequer in the
former MacDonald Government, to commit the
Labor Party to a repudiation of the Balfour agreement regarding war debts awakened no favorable
response. As a matter of fact, with the delegates
from the former Allied countries already committed
to large concessions in the claims upon Germany,
not only in the total amount to be paid but in the
modalities of payment, it was unlikely that any
change of Government in England or elsewhere
would materially affect a final settlement one way
or another.
With no party possessing a working majority in
the new Rouse of Commons, the only outlook, apparently, is for a temporary coalition and, in the
near future, another election. Lord Rothermere,
the well-known London newspaper proprietor, writing a few days before the election, expressed some
satisfaction at the prospect of a coalition, and went
so far as to suggest that, since BO party seemed
likely to be able to carry through any very positive
program, the new Government might be expected to
give more attention to administration. The experience of Great Britain with coalition Governments
has been, in general, unsatisfactory, and the situation has been rather worse where a party, controlling an absolute majority of votes but not enough
to give it always a working majority, has been compelled to rely upon support from other parties.
'3582
FINANCIAL CHRONICLE
Party government,in other words, if it is to be effective, requires a party majority sufficient to withstand attack, and with such a Majority lacking in
the new House of Commons, the new Government
is likely to be short-lived. The difficulty of a coalition is the greater in the present instance because
the Labor Party is, in general, quite as distrustful
of the Liberals as it is of the Conservatives, while
the Liberals, in spite of their agreement with Labor
at a number of points, are historically rather more
sympathetic with the Conservatives than with the
Labor following. On the face of the preliminary
returns, the Liberals would appear to hold the balance of power, but the effectiveness of that balance,
if it really exists, cannot be determined until we
know the party distribution of the 15 votes not yet
reported.
Government and Education.
Secretary of the Interior Wilbur, late of Leland
Stanford University, in a recent address, supposedly
speaking in accord with the views of the Administration, does. not deem it advisable to have a Secretary. of Education in the Cabinet. There are, he
thinks, sources of information already in the Departments that may be made available to the education
of the people and to the schools at large that will in
no way commit the Federal Government to any
policy or practice in our public instruction. We
hope this ghost is laid, for a while at least. There
is no theory of education upon which our leading
educators can agree, and if there were the Federal
Government would prove powerless to enforce it.
In fact, despite all our efforts to elevate the citizenship by means of public schools, we have yet to
develop a system or even a purpose that is satisfactory to educators or people. What is education,
and where is the truly educated man? Our estimates of life and learning are in constant flux in
response to our ideas of progress. The advance is
wavering and in doubt. No one can claim that more
than impulse toward effective living can be given
by our public schools, and unless we know how to
live we cannot direct our educational efforts toward
a definite goal. The social reaction upon the work
of the schools is not likely to furnish us with an
aim which may even be supervised by a Government
agency.
As in many other of our efforts at unification,
political, economic, and social, we forget our territorial extent as a nation- and the influence of our
varied environment on the tastes, ideas and ideals,
hopes and purposes of the people. We have but to
look upon the diverse civilizations of European
states and peoples to sense the enormous task that
confronts us in the systematization of our schools
and their energies. True we have a common language, and to a large extent a common civic history.
But the thought of our great cities is not that of our
interior valleys, with their towns and villages; and
the life ideals of our agriculturists are not those of
our manufacturers. Our two great political parties
do not have the same views of Federal rule. Our
coastal States develop commercial interests at variance to those of our interior States, and our very
changes in configuration set us apart—into communities holding to traditional views inbred by local
conditions, industries, occupations, and ambitions.
So that education, which in a broad sense is preparation for life, cannot be woven into a single pattern
[VoL.-128:.
by any force or persuasion; and must develop, as
we have come to believe biological species' develop,
by natural selection and environmental influence,
in the higher phases of belief, experience, and industrial action.
It follows that if we cannot present a united ideal
and purpose to the (schools, for the reason that we
have varying ideas as to what life is and should be,
we cannot stabilize and standardize our educational
problems and processes over so vast a territory and
no Federal aid can harmonize our efforts to elevate
the masses through popular education. Confusion
and conflict would ensue. Better to leave any such
attempt to the harmonizing powers of the States in
their separate and individual capacities, and even
here the true educational ideal must always remain
independent of the civic rule. While the skeleton
of support must remain with the State and local
governments, these can never give life and learning
to education proper. That is a growth apart. The
essence of education must develop from the school
rather than the state. For no two States can agree;
nor, for that matter, will any two dominating
schools. It may seem that we are attempting a
gigantic task without any guide, and that is just
about what we are doing. But despite our differing
views we are putting the mind of child and youth in
touch with our developing and changing life. We
are arousing an impulse to learn; we are awakening
an ambition to know; we are creating a mental
energy that will seek in life to understand being and
its relation to liberty and love. Not only is the
public school, the "bulwark of the republic," making
possible a more intelligent system of rule in civic
affairs, but it is ever awakening man to a sense of
fellowship and a feeling of devotion to the spiritual.
This tendency must be worth all it costs, but it cannot be circumscribed by rigid confines or unified
programs and prescriptions.
What we need is more humility on the part of educators who fashion systems and create ideals. The
dissemination of information, knowledge and learning or wisdom—in a word, the spread of human
thought=is now so wide and complete that the
school, high or low, is but a single factor in our
social advance. It can work with these popular
agencies, but attempts to lead them at its peril. To
put the Government into this work through the
presumable effort of a Cabinet officer would be to
undertake the superfluous and impossible. As long
as free thought exists in a free people, free in its
open expression, neither education nor the school
can be distinctly defined. Nor State, nor school, nor
Society, can yet define Life, in its meaning and
mode. A stereotyped education would prove a dud.
If we say a course of study prescribed by the Board
of a country school district is ineffective because
ignorant of established educational methods, it is
training the mind to think and giving to the pupils
the primitive tools which will put them in contact
with the independent agencies outside, with which
to approach life itself.
What though methods of pedagogy differ, what
though the best system is not yet developed, books,
journals, lectures, are made available, and so are
all the contacts of material life opening ways to
the spiritual; and these do not cease their influence
while life lasts. Every new invention and scientific
discovery is a daily object lesson. Every associated
endeavor of the single community is a co-operative
Jura! 1 1929.]
FINANCIAL CHRONICLE
effort to unfold the purpose of life and living.
Preparation in the school is not practice in society.
The war of methods inside the profession is the
firing of blank shells compared to the experiences
and practices in the realities of living that come
afterward. Education once begun is never ended.
The university is but a beginning. The primary
school, trying to mould the raw material of mind,
may do harm, may do good, according to its fitness
to the natural development as influenced continually
by the outside of the school. There is now an effort
called the "progressive" to make the primary school
a replica of this life, but it is by no means certain
the school .knowis the fulness of this life.
How far and away then must be a Director of
Public Education in the person of a Secretary of
Education in the Cabinet! And what has Government to do with this lifework called education? It
has no patent on either matter or method. It cannot
even unify the physical facilities of public education
unless it takes over the taxing power in support
thereof. Is it an idle happening that permanent
improvement in the facilities of education is reserved
to the people? Or that the studies are prescribed
by local boards? Not if public education is to remain free from the rule of dictatorial rulers and
fanciful if not fanatical ideals! Education that
springs from the grass roots of local interest will
flourish when remote control will only cause it to
wither and die. So eager is the collective mind for
education in the United States that to leave it free
from control by Government is to insure its constant
progress and liberal advance. At least, the National
Government can keep its hands off free thought!
"Light's Golden Jubilee."
A world-wide celebration of the fiftieth anniversary of the invention of the incandescent electric
light, to last from May 31st to October 21st, is
planned and under preparation, with President Hoover accepting the honorary chairmanship of the
"Sponsorship Committee of the Edison Pioneers,"
originators of the celebration. The opening series of
festivities began at Atlantic City, May 31st, and will
end with a grand illumination in practically every
city in the United States and in many foreign cities on
October 21st, at which date a dinner given by Henry
Ford to the inventor will take place in Dearborn,
Michigan, to be "attended by 800 leaders of American industry;" and on the same day the completely
restored Menlo Park laboratories, "where Edison
perfected the electric light," will be dedicated at
Dearborn. Such is the brief announcement of the
press of what will prove to be one of the most magnificent spectacles ever seen in the world. If on
some dark night a new planet were to suddenly swim
into space there would be unparalleled astonishment; but on the occasion of this festival, in an
indtant, and at the pressing of a single button cities,
towns, buildings and 'highways will suddenly reveal
themselves in the darkness, by means of a light
brought into being by Oman himself out of the deep
mystery of nature.
Marvellous inventions now so hasten upon one
another that we are no longer amazed at our scientific progress. Yet, in our opinion, there is none
that equals the electric light in benefit to the people
at large. Light is comfort and joy and love. Light
is the revealer and the restorer, adding years to the
active life, increasing knowledge, and bringing forth
3583
beauty out of the unknown—that man may the more
follow truth and give the good unto his fellows.
The sun that marks out the day when man shall
work, the moon that silvers the earth with its pale
beams at night, and the stars that pierce through the
darkened vault above us, are gifts of the Infinite—
artificial light is The creation of man, himself a
wonder-worker beyond even his own conception. In
the presence of this magic incandescent lamp we
pause, and while we give involuntary thanks, we are
reminded that this man-made light shines for all,
irradiates an environment that would otherwise bind
mankind in gloom, and brings with it no harm to
anyone, and pleasure to the most thoughtless.
Great scientists and inventors in the past have
worked out the laws of nature and given to mankind theories that explain and satisfy the eternal
quest for truth. This light is truth itself, a mysterious force, generated by friction, for the most
part, passes along a wire into a vacuum bulb, where
it is interrupted by a filament, and to there glows
a light that is the common servant of all men, rich
and poor, wise and ignorant, industrious and pleasure-loving. The inventor spent years in its perfection. Even he could not have predicted its universal
use, and yet he gave to the common man a power to
summon from the unknown an agent more powerful
than the riches of kings or the wisdom of sages.
One touch sets a room aglow; a single pressure on a
button and long streets are lighted; by a mere wish,
huge projectors bathe with floodlight the facades
and domes of splendid architecture or the grace and
harmony of immortal statuary. And always this
light chastens and makes pure.
While it honors Mr. Edison by this widespread
celebration, if the world does this great man justice
it will consider the beneficence of light. That he
made his invention practical is earnest of his immortality as a helper of his kind, but that even
beyond his own concept he gave this artificial light
to the uses and blessings of human endeavor is a
greater praise. Artificial electric light is perhaps
the greatest boon ever given to man. It cannot be
turned to evil. It is in its very nature a blessing
that cannot be made to harm. Light may be frittered away to nights of revelry, but in itself it continues to be a glory and a good. Whether it be on
sea or land, there can never be too much light. It
does not lend itself to excess or ill use. It cannot be
turned into an agency of destruction. It is a power
benign. And as it spreads, from its small center,
on every side at once and the same it cannot harm.
It gives life and does not take it away. Man himself
cannot turn it to evil use.
It has been argued that the perplexity of our
civilization depends upon the way we use the forces
we have developed from the natural laws that environ us. There is great truth in the argument.
We 'have machine power equal to the possession of
many slaves—yet men are free. We have instrumentalities of uplift—though they may be turned against
life itself. We have knowledge that can be transformed into comfort and contemplative leisure—not
always do we use this to bring these things to our
fellows. Sometimes, it appears, our most helpful
machines are used to shatter time and prevent safety.
But the invention of artificial light is wholly apart
in its utility. There is little danger therein of overproduction. Carrying a lighted lantern along dark
streets to avoid pitfalls has given way to security,
3584
FINANCIAL CHRONICLE
and even the highways are no longer dangerous at
night. Nor should the aestheticism of light be forgotten—the white radiance of the dome of the Capitol at Washington is a "thing of beauty and a joy
forever," and physical light, if we may term it so, is
the progenitor of spiritual light that unfolds to us
the might and majesty of the Creator we worship and
revere.
It follows that if we view this celebration aright
we will do no less honor where honor is due if we
make a comparative study of the usefulness and uses
of our many masterful inventions. We are charged
with trying to eliminate time and space, with trying to make supermen out of ourselves. Progress,
some say, is tainted with acquisitiveness and egotism. We are ravishing our resources to "get rich
quick" that we may "eat, drink and be merry." But
what a boon is a single incandescent in a hovel!
The flickering flame of a sickly tallow dip gives
place to the clear glow that flows out night after
night practically undiminished. "Imperial Caesar
dead and turned to clay might stop a hole to keep
the wind away"—but the inventors and makers
of artificial light write their immortality in the
hearts and minds of men. Mysterious light! Artificer of intelligence and autocrat of unselfishness!
There is no other work of man as beneficent and as
holy. It fills the world with peace, and once touched
into existence by the magic hand of man it shines for
all. Sunlight is the heritage of all life; artificial
light the gift of genius to a world.
No one can conceive of an age so remote as to forget the name of Edison. He has invented many
things—most of them useful—some of them sus.
ceptible of much disuse. But light and darkness
stand to us as emblems of good and evil. If we use
this great gift of light as we should we shall behold
the Giver of all Good enthroned behind the discoveries and adaptations of all that man may do that
is of helpfulness. Fifty years has made an incandescent lamp a commonplace. Rumor points to still
more wonder workings with light. But capturing
the principle and fastening it into a mechanism will
remain the master discovery of all the ages. All
honor then to the patience and industry of one who
has been termed "The Wizard of Menlo Park!" And
as there flashes over the world on a single night the
innumerable incandescents of his creation, let us
mingle our tribute, with reverence to a higher
Power that dwells remote in the absolute where Law
is supreme, teaching men that use in the right way
is worship.
Evolution and the New Economics.
The larger lines of business are thoroughly awake
to modern conditions. Economics, the science that
embraces them all, is not less so. It is not concerned
with theories but it has underlying principles and
approved procedure. It accepts the test of results,
and is ready for desirable change, as there are
always possibilities of advance. But it rests on certain fundamental truths which it is never safe to
disregard, and which have new importancq as circumstances change.
Among these fundamentals there is one scientific
doctrine which has wide application and a long history, but now has a new significance. It is the doctrine of evolution, still hotly antagonized in some
quarters, but now so generally accepted and with
such extended relations that it is desirable to be
[VOL. 128.
understood. Recognizing this, Prof. Henry Fairfield Osborn has felt it necessary to bring out a
revised edition of his earlier account of the vital
process, for such it is, and state anew its history
and its confirmation.*
As our scholars are doing, whether economists,
scientists, or philosophers, he seeks his starting
point among the Greeks. They recognized the productiveness of nature both as to metamorphosis and
origin, and had anticipations of the true idea of
evolution. He traces their influence among the
early theologians of the Christian era, and comes
quickly to the philosophers who gave the 18th century its distinction. Pointing out that Bacon in
England and Descartes in France had thrown off
the yoke of scholasticism he shows the development
of the evolution conception in the great natural
philosophers, Leibnitz, Leasing, Kant, and Herder,
and also the evolutionists,like Maupertius and Diderot, till he reaches Linnaeus, who said "Nature never
jumps," and Buffon, who showed that species change
with environment; and after them, Erasmus Darwin
giving with Lamarck the first comprehensive view
of evolution applied to the entire living world, including man; and Goethe, who said "Coincident
with discovery in the realm of science much comes
forth that hinders and even prevents advance."
Francis Bacon, noticing the change of species produced by the accumulation of variations, suggested
in 1620 that it might be possible for man to produce
such changes, and even greater ones. Descartes
called attention to the contrast between "the natural
law of development" and "the unnatural doctrine
of sudden creation." Buffon said that in this Descartes had taken "the boldest step possible to take
in philosophy." Kant gave the full exposition of the
doctrine between 1757 and 1771. Be termed it a
"daring flight of reason," because of our lack of
knowledge. But in view of the survival of the fittest
in groups of organisms and the gradual approximation of one class of animals to another, "from man
back to polyps, and then down to lichens and raw
matter," he found it possible to believe that the great
family of creatures sprang from the immediate results of nature's earliest revolutions."
So the doctrine with its long list of both naturalists and philosophers reached the 19th century. The
modification of structure with limitation of permanence of type and class, and the survival of the fittest, all effected by difference of environment and
the struggle for existence, were widely recognized.
Leibnitz's doctrine of continuity had served for a
time as a compromise. In addition to the other
sources of change, Erasmus Darwin at the close of
the century had suggested that modification might
come from within, even plants creating this sensibility and change. The original filament or cell, he
held, is endowed with a certain kind of sensibility
and reaction to outside stimulus. This is the first
step in potential change. So acquired characters
may be transmitted. All forms of life might thus
evolve from a single filament or protoplasmic germ.
The derivative power might be in an animal's own
efforts, and also from natural causes. He felt his
theory to be only limited in finding a punpose or
initial cause.
The full conception of the idea of evolution as
opposed to special creation in the divine order of
•"From the Greeks to Darwin," Henry Fairfield Osborn; Chas. Scribner's Sons.
JUNE 1 1929.]
FINANCIAL CHRONICLE
3585
the universe k, thus to be attributed, with the influ- and all, are a challenge
to intelligence. We are
ence of Hume, to Erasmus Darwin, the grandfather backed up by terms and phrases
, overprodt ction,
of Charles Darwin. The world, he said, might have machine prevalence, labor
unions, the chap ge of
been generated from small beginnings by the activity fashion, the high cost of living,
foreign compe ition,
•of certain inherent principles, rather than by a and the like. "The needs
of agriculture" be' wilder
sudden evolving act of the Almighty. It is thus a the public and bedevil
Congress. And man is in
theistic view of creation.
every one of these an important factor; his views,
It was swept aside, practically, on the Continent his condition, his habits, his
mental and moral state,
in the first half of the 19th century by Cuvier's refu- his hopes and fears. Who,
thinking of these, considtation; though Professor Osborn says Cuvier was ers him an importa
nt, still less possibly the most
-right in his facts, though wrong in his principles," important, element
in every one of the problems?
while St. Hilaire, who opposed Cuvier, was "wrong
If the vital force existing in every living thing,
in his facts, but right in his principles." In England every germ,
and plant, and animal, is made to-day
the doctrine was given wide recognition by the un- the basis
for a new interpretation of the world about
-qualified acceptance of it in "The Vestiges of Crea- us, may
it not be that further effort will show that
tion," the work of an able author. He held that corresponding
potency will be discovered in men
the original impulse of life may have come from to-day
to enable them as by their own energy and
God; but then, with or without renewed impulse, intellig
ence, or, as the saying is, "off their own bat,"
the entire series followed.
to produce the effective solving of these and other
So much for the long history when Charles Dar- proble
ms of their business or their daily life?
win took it up and the new era came with his workSuppose eyes are opened, feelings stirred, hearts
ing out of the theory of natural selection, as
he touched, unused ability called into action; what may
gradually learned the limitations of his
predeces- not be accomplished? The love of beauty, of art,
sors. He won the battle by his patient study of the of
literature, the joy of living, the delight of achievefacts, and his great gift for generalization.
This ment, the pleasure of helpfulness, of united action
had been the chief lack in earlier theories. Darwin for
the common good, the vision of young people
thus solved the problem. Only when he abandoned
entering upon worthy lives, and being properly
the doctrine of special creation did he reach that of
equipped for it, who will contend that in these there
the origin of species as the result of natural forces is
not adequate offset against the problems of a
of various kinds, including what is called natural
worn or weary daily life? And, above all, who can
selection.
doubt the immediate response if recognition were
His views have been confirmed in ever increasing
had of the readiness for adventure in every man's
degree and with extended application. Professor
heart and direct appeal made to it?
Osborn has thought it worth while to give intelliWhen we turn from the economics that press upon
gently and in attractive form the history of the docus, there is certainly much to be learned from evolutrine as it has been traced in the minds and thoughts
tion as the history of a method of development that
of men for over 2,000 years. It is no erratic, caphas real and enduring relation in its essential teachtious and upheaving doctrine. From the beginning ing
to a worthy success in all human relations? In
it has sprung from strong minds and has been always
a word, the moral of evolution is an enlarging emstimulating and promotive of increasing knowledge.
phasis of the old adage that God helps the man who
Not less than 125 authors are enumerated in difwisely and unselfishly helps hinwelf!
ferent countries and succeeding centuries who took
part in its unfolding and defining, until to-day,
when its influence may be seen in every branch of Is Not Group Speculating a Conspiracy Making
for Sham Prosperity?
natural science, in living organisms from the cell
CONCLUDING ARTICLE—(Cionnnunicated).•
to man, and less' directly but none the less really
A STRANGE SITUATION, STRANGELY PERPETUATED.
in the study of the inorganic, whence in every departThe joy ride of the favored industries, accompanied spasment from chemistry to astronomy a new zest is modically by their shares, has quickene
d its pace; the autogiven to more thorough and more comprehensive mobile and associated lines are pushing far
ahead, breaking
study of fact, or to untiring effort wherever adequat all records for business volume and in many cases profits.
e
equipment is available for plunging into the vast
The President's Committee on Recent Economic Changes,
depths of the unknown.
as expected, applauds the astonishing record we are makWhen we turn to economics and th sphere of ing, discerns little or no sign of industrial inflation and
man's daily activities we find on all sid, s a certain Inclines to the belief that "we can go on with increasing
restlessness and a spirit of inquiry. Doubt
is activity" provided nothing is allowed to disturb the "equithrown, for instance, on old views and an -dent prac- librium" of "our complex and intricate economic machine."
tices; no longer is it sufficient to "wait and see." But if all be safe and sane, why mention equilibrium?
Revolutionary views concerning opim ms long
However, our nation's pace in luxury and "optional"
thought fundamental now prevail in ot.ter direc- spending is such as to cause misgivings, however great
tions. Actual facts, not such as lie on the surface, our optimism. Just as on our State highways a speed of
are known of all, but the little known, tht unused, 40 or 50 miles an hour is no longer thought excessive, so it
• the possibly altogether unsuspected, ar. to be Is connnonly considered of slight consequence that as indistudied both in their form and in their mAhod of viduals and as a nation we are increasing our non-essential
use. The open mind is to be ensured, and, a,%ove all, outlays at an unprecedented rate.
Only passing interest is aroused by the report from the
inventiveness, insight, and power of "geL eralization" or quick recognition of new possibilit es, are Federal Reserve Board, that the production of automobiles,
"one of the chief factors in the rise of industrial production
to be encouraged.
Obstacles everywhere exist; difficulties ar t to be to its present high level," reached in March a rate of more
overcome; new complications arise with every effort than "24,000 cars a day, the largest output ever recorded
at advance. We overlook the fact that thet e, .41:1ae •For this series, see "Chronicle," Vol. 127, p. 3303, 3461; VoL 128,
p. 161, 1455, 1624, 2714.
3586
FINANCIAL CHRONICLE
in the industry," the foreign demand absorbing somewhat
more than 11%; while in the first three months of the year
"the output was more than 50% larger than in the first
quarter of 1928 and more than 25% larger than in the first
quarter of any earlier year."
The Hoover Committee finds our wants "Insatiable" and
the saturation point remote-7,500,000 radio sets in use in
January 1928, but only about 30% of American homes so
equipped—and not unnaturally, it is "struck" with the
economic activity of these seven years (1922-29) which has:
Piled up skyscrapers in scores of cities, knit the 48 States together with
20,000 miles of airways, thronged the highways with 25,000,000 motor
cars, carried electricity to 17,000,000 homes, sent each year 3,750,000
children to high schools, and more than a million young men and women
to college, and fed, clothed, housed and amused" our 120.000,000 inhabitants.
PRESENCE OF REDUNDANT PURCHASING POWER.
Nevertheless, proof that a growing and highly redundant
purchasing power is in the saddle daily becomes more convincing, strengthened, not lessened, by the high rates for
money.
Surely nothing else than excessive purchasing power
under strong inflationary pressure could be thus leading our
so-called "prosperity" at a more and more rapid pace into
luxuries, improvement schemes, speculation and doubtful
investments. To it are manifestly due the mounting prices
for the 25 favored industrial stocks of the "Times" list,
whose average price reached a new record of 378.53 on
May 3rd, contrasting with a maximum of 332.58 on Dec. 31
1928, and a low of 233.42 in the preceding February, hardly
more than fifteen months ago.
Also by it comes the speculative bull interest on the Stock
Exchange to which we chiefly owe the huge total of New
York brokers' loans still aggregating $6,774,930,000 on
2
1
/
April 30, an increase of close to 2 billion ($2,452,000,000)
over the amount of Feb. 29 1928 ("Chronicle," May 4 1929,
p. 2922).
With these stock dealings there prevails this remarkably
persistent money stringency, more severe, the record shows,
than at any time since the bursting of the credit bubble of
1920-21, eight years and more ago, time money since Jan. 1
2
1
/
1929 ranging from 71,4 to 9 %, and call money from 6 to
20%, and not infrequently from 8 to 14%.
Such inflationary redundancy would also explain, would
it not, as nothing else can, th4 record operations of great
corporations and the continued successful maneuvers of
the labor unions exemplified in the building trades of New
-day week with its ten
York City in May 1929, by the new 5
per cent, advance in daily remuneration, applying to some
150,000 workmen already receiving princely wages—the
structural iron workers, for instance, getting an advance
from $14 to $15.40 a day?
This redundancy also shows itself, does it not, in the
constantly expanding offerings of stock issues—including
real estate issues designed to absorb the discredited second
mortgages—and in the continuing land slide of new dividend
payments and dividend increases as well as the passion for
new appliances and labor saving devices regardless of cost?
Moreover, gratifying as our motor vehicle development is
from many points of view, does it not involve a highly
questionable sinking of capital on the part of the public as
well as the individual, even though every allowance be made
for the use, or part-time use, of many of these passenger
ears for business purposes; and is not this condition the
logical outcome of an inflationary flight of income, credit,
optimism?
Does not every million, or half million, of additional
vehicles thus put in use on our streets and highways in the
course of a single year—the average annual increase in
the number of passenger motor cars in use being 1,300,000
4
during the 131 years 1916 to April 1 1919—place on the
country a further annual burden of serious magnitude whatever the purpose or use for which these cars are purchased?
It would seem so, if we consider all the enormous out-
[VOL. 128.
lays which the operation of these cars (largely in the hands
of those who pay little or no taxes) demands from municipalities, States and corporations, together with the interest
charge and carrying cost of these facilities, as well as the
charges and other expenses accruing on the investment to
the owners themselves.
MUCH THE SAME FINANCIAL PHENOMENA UNDER A REDUNDANT
CURRENCY.
Just so in October 1869 the money market was "worse
than for eight years . . . stock speculation was active,
and it was remarked that it was continually absorbing more
and more currency."
"The high rates of 1869 drew funds to New York for
loan on stock security." In the Fall of 1871 and 1872
money was quoted stringent, and excessive rates continued
throughout the Winter of 1872-73.
Matters culminated in September 1873, but "as the Stock
Exchange was the place at which the redundant currency
was employed, the crisis first developed there," being precipitated by the troubles of several large banking houses
engaged in the sale of bond issues on new railroad mileage.
("History of American Currency," by the late Professor
William G. Sumner.)
Another authority adds that from 1869 to 1872 railroad
construction had averaged 6,000 miles per annum, involving
"a sinking of capital far above what was immediately productive." "There appeared to be no end to possible apportunities and profits to the Industrial world, and new securities were created on a large scale, while prices of all commodities were unduly inflated." For a time the adverse
balance of international payments was settled by the United
States through transfer of Government bonds, but finally
It "became necessary to draw (ship) specie; this disturbed
the domestic money market," and financial, and presently
industrial, troubles followed. ("Financial History of the
United States," by Dewey.)
HOW THE PRESENT INFLATION DIFFERS FROM A NORMAL (GOVERNMENT) INFLATION.
Thus ran a typical Government inflation in which the
fictitious (unearned) purchasing power was supplied by a
Government through the use of a redundant paper ("fiat")
money, in that instance a relic of the Civil War and at the
time in question fixed in amount, though greatly excessive.
With flat money so redundant, price schedules naturally
soar, in time enabling foreign merchants to flood the
affected markets with less expensive goods and thus in
effect to bring matters to an issue by drawing off the specie
which supports bank or currency systems, or both. Or else
through loss of confidence at home, business declines and
gold disappears locally into the hands of cautious and self
seeking interests.
The present American inflation, on the other hand, is, as
the writer sees it, not primarily a municipal or corporate
expansion, but an inflation "of and by the people," and It
Is progressing exactly according to inflationary form with
the rising extravagance, luxury spending, improvement programs, and especially the enormous waves of stock speculation with their grossly inflated prices for favorite stocks,
their growing absorption of credit and purchasing power
by brokers' loans, etc.
But since the public is supplying the fictitious purchasing
power (through wage increases, credit devices, speculation
and otherwise) and is doing this, for reasons stated in
previous articles of tills series, without causing a general
and progressive rise in prices, there result (1) only a moderate increase of (redeemable) paper money afloat—the
Increasing use of checks economizing cash transfers, and
(2) as yet only a very limited opportunity for foreign
merchants to compete in American markets; and hence, on
that score, slight chance to draw away our monetary gold.
The high and advancing tariff also stands in the way of
heavy importations of foreign products.
FOREIGN CONDITIONS AND FOREIGN DEBTS TEND TO PERPETUATE
SFIAM PROSPERITY.
There are also other obvious reasons why in the present
Instance of inflation,foreign nations have difficulty in invading our domestic markets and hence are likely to be slow
in checking this inflationary tendency in the customary
fashion, namely:
JUNE
1 1929.]
FINANCIAL CHRONICLE
(1) As competitors with American merchants they not only lack such
aids to low cost of production as ow great domestic markets contribute and
also our ample means for capital improvements, but they are dependent
on the United States for an important quota of their supplies of raw material, so that higher commodity prices, when and if they Come here, would
probably mean also higher prices and higher cost of living to the more
important European nations; moreover,
(2) The United States, if we may judge by the course of events in recent
months, has the power to levy upon foreign monetary gold reserves more
or less freely whenever money stringency here has a tendency to slow down
our "prosperity" and to hinder speculation.
Our withdrawals of foreign gold tend to put up foreign interest rates
and thus to increase the handicap of the European industrialist, already
loaded down with excessive taxes on account of national war debts.
Every civilized nation is feeling keenly the pressure of our high rates
for money. Since Jan. 1 the Central Bank statements of eleven principal
countries, it is stated, show losses of reported gold and foreign exchange
amounting to approximately 8400.000,000.
(3) Foreign nations have come under obligations to us for approximately
26 billions-15.6 billions on national, commercial, industrial and municipal loans, the remainder inter-Ally war debts. Offsetting this vast indebtedness there is only a relatively small amount of foreign investment
in American securities and, we are told, some $3,000,000,000 of floating
foreign balances in American banking institutions; and those voluntary
and more or less uncertain contributions on our part—the American purchases of foreign securities and the expenditures of American travelers
abroad.
IMPROVEMENT IMPULSE AGAIN ON THE RAMPAGE.
The output capacity of American industries has for many
generations kept so far ahead of the ordinary requirements
of the increasing population that to give the nation free
scope for its activities,—in other words, to produce prosperity—there has been required an outpouring of new capital and credit on a large scale in connection with some
special line of development, such as the railroad and territorial development of 1849-60, and 1896-1906. In the former
period the construction of railroads (first track) averaged
about a thousand miles yearly, then thought to be considerable; in the latter period from 3,000 miles to 6,000
miles yearly.
The flush of prosperity, so diffused on these and other
similar occasions, led our municipalities and States into
extravagance on improvement account which in following
years they greatly regretted.
In this "new era of prosperity," 1921-1929, there has been
no railroad building worth mentioning and only an insignificant opening up of lands for settlement. On the other
hand, when examined critically, what else than a gradually
expanding improvement boom is this business development
of ours, prosecuted so zealously since the Armistice with
such an extension of fixed and floating credits and BO great
an expansion of wages and other inflated buying power—
far beyond anything of the kind American for which the
World War was responsible?
Did not the movement begin at the close of the war with
the rug') for silk shirts and other luxuries by the principal
gainers from the exceptional wages and profits occasioned
by that prolonged struggle and the restocking orders at its
close; and when this phase passed, was it not followed by
the determined effort to better their living conditions and
generally to enjoy the good things then placed within their
reach by abnormal savings, abnormal income and such
abnormal borrowing as wits taught during Liberty Loan
campaigns?
Was not the demand so engendered, coming from some
millions of union workers whose averaged annual full time
wage increased from $1,084 in 1913 to $2,288 in 1921 and
$2,608 in 1928 (while the cost of living fell from 2104 in
June 1920 to 171.3 in December 1928-1913 being 100)
enormous in extent and amount,including not only expensive
articles of food, raiment, household furnishings and fittings,
amusements and toys, but also housing, higher education,
insurance, and in many cases the double standard as to
homes and means for private transportation—just what
every one would wish them to enjoy were the bus:ness and
credit basis secure beyond peradventure?
Was it not this special demand that brought employment
and advanced wages when the exceptional foreign orders
subsided to some millions of returning soldiers and sent
other millions also from the farms to the cities and the suburbs for jobs and led them to add their enthusiastic buying
to the already large volume of the improvement wave.
This invasion of city districts by improvement workers,
sharing in the abnormally advancing wages and therefore
glad participants in the rush to enjoy "the flesh pots," the
highways and the new amusements—is it not this invasion
and the demands so stimulated for housing, educational and
public utility services, the elimination of traffic congestion,
and all the products and advantages appealing, so strongly
to the present-day public that account for this tremendous
improvement and expansion program, into which the cities,
3587
the States, the Federal Government and the favored corporations have been plunged, following the lead of the favored classes.
Whether we consider the progress of new building construction and the electric appliances for domestic use,Tor
automobile manufacture and buying, or the latter's new
rival, the air plane (on which, the National City BanKtells
us, the nation is spending "perhaps $2,000,000 a day"),.
ilbillions.
or the motion and talking picture investment of 1Y
(William Fox, May 2), or the radio development, orlthe
civic and Federal improvements, or the building of boulevards and motor highways, they are, one and all, in large
measure, are they not, being carried on and finaneedjin
the same broadhanded manner with little thought:as to
whether in ordinary times, such as must come again, these
developments would severally pay their way?
A FABULOUS DEVELOPMENT.
In Article V of this series a resume was made of the high
lights in the nation's luxury buying and spending, on automobile and other counts. But, looking at the matter more
broadly and not at its luxury side alone, consider just one
of the many improvement programs—that involving the
automobile.
Who would believe that in the last fifteen years the
United States, independent of Canada and independent also
of its own foreign exports of automobiles (the latter aggregating three million odd units), has devoted anything like
the sum of 100 billion of dollars on account of automobiles
and the various expenditures rendered necessary and desirable by reason of the changes and demands which these
vehicles have introduced, and that at the present time we
are applying in this manner between 10 and 20 billions
annually? Yet the facts are indisputable.
There is no mechanical development in which as a nation
we may more justly take pride than the motor vehicle and
its refinements, and none in the use of which we take greater
satisfaction and delight—except when afoot on city streets.
Almost without exception we sympathize with the average
motorist in his confession: "I cannot afford it, but it will be
the last thing I give up, and if the poor house awaits me,
my car will take me there."
"Facts and Figures of the Automobile Industry," the
official annual publication of the automobile trade and other
trustworthy data, show conclusively that we have spent
since Jan. 1 1914 more than $30,000,000,000 for the purchase at retail of 304 million motor vehicles (nearly 33
million of these passenger cars); that in the same interval we
scrapped 104 million units which at retail cost us some 13
billions, and at a low estimate have expended between 30
and 40 billions of dollars in the purchase of motor supplies
and accessories (see a subsequent table) and in the meeting
of motor upkeep. The present expenditures estimated on
these counts and also for chauffeurs' pay can hardly be less
than ten billions per annum.
The development of roads and highways has led the
nation and its municipalities to appropriate in the last ten
years "10 billion dollars to the construction and maintenance
of roads," or enough to defray our cost of the world War,
excluding foreign loans." So states the Chairman of the
National 'Automobile Chamber of Commerce. At the
present time our road and highway expenditures, we are
told, approximate $1,300,000,000 annually.
PROPERTIES FOR AUTOMOBILE MANUFACTURE, REPAIR. SERVICE,
TRANSPORTATION,Ice.
Somewhere between 5 billions and 10 billions have been
expended during these 15 years in providing buildings and
equipment for the various departments of motor mannacture, housing, service and repair.
Otherwise the nation as of Jan. 1 1929 would not be
reported as having anything like—
Ninety manufacturers of passenger automobiles and trucks with net
tangible assets of 82,000,000,000 and reporting in 1928 an output of 4,600.
000 cars and trucks, wholesale value $3,162,000,000.
Numberless manufacturers of automobile parts, accessories and tires
doing a gross annual business of $2.000,000.000.
Also 53,091 dealers in cars and trucks, 50,114 public garages, 95,334
service stations and repair shops, 77,343 retail supply stores, (111.329
retail trade concerns, duplications eliminated), all as reported by Chilton
Class Journal Co.
Likewise several million private garages and 171.000 railroad cars
especially built at a cost of about 8400.000,000 for transportation of automobiles, not including furniture cars and plain box cars with large doorways suitable for loading automobiles.
Bare construction data (without equipment) during the eight years
ending Dec. 31 1928 that building permits have been collated by the
United States Labor Board, show that in cities embracing some 35 or 40%
of the nation's population permits were granted from 1921 to 1928 for some
34;000 public garages, estimated to cost $494.000,000: 1,464.000 Private
3588
FINANCIAL CHRONICLE
garages to cost $628.000,000. and 28,500 service stations to cost $89.000,000,
or a total of, say, 21.211,000,000.
[
2ti.
INCREASE IN NUMBER OF PASSENGER AND OTHER AUTOMOBILES.
The Cleveland Trust Co. in its "Business Bulletin" of
For the building and equipment of plants for.the manu- March 15 presents a table showing the number of new
facture of automobiles and their appurtenances the outlays passenger cars added each year from 1916 to 1928, the numhave run well into the billions.
ber scrapped during the years 1916 to 1927 and the gain
in number of ears in use at the end of each year. It also
COST OF OIL AND GASOLINE, WELLS, PLANTS, dm.
Further capital outlays, aggregating certainly between explains (see foot-note below) why the net gain in cars in
10 and 20 billions, tiltire been necessary in the United States use cannot be accurately stated until the close of the year.
The trust company says: "More than 21,000,000 passensince 1913 to provide the automobile with its necessary fuel
and lubricants. This is evident from the following authori- ger automobiles were registered in this country in 1928; the
tative summary as of May 1929, understandable only as we 10,000,000-mark was passed only six years ago, in 1922, so
recall that the number,of automobiles in use has increased the increase during these recent years has been truly phefrom less than 1,600,000 in 1914 to approximately 22% nomenal."
If the whole truth be laid bare,tentatively to April 15 1929,
millions in May 1929.
In the last fifteen years (from 1914 to 1928 both inclusive) the petroleum we shall discover that no less than 31,320,000 new passenger
industry of the United States completed in the neighborhood of 370,000 motor cars of American manufacture have made their debut
wells. At an estimated average cost of $20,000 each, these wells would
seem to have cost 87.400.000,000. Since 1858 about 760 000 wells have on the country's streets and highways since Jan. 1 1916.
been completed, but only about 315.000 are now producing.
Furthermore, there have been scrapped of these (and the
There are now (a) over 317,000 retail outlets (125.000 are drive-in
2,103,000 still in use in 1915 from an earlier period) the
and these contain over 601,000 pumps;(b) over 150,000 rallwaY
stations)
tank cars used in the transportation of petroleum and its products (140,000 astonishing number of approximately 14 millions (13,990,being Privately owned cars); (c) about 100,1)00 miles of pipe lines in the 000), leaving in use in April 1929 about 19% million (19,United States, equally divided roughly between main trunk pipe lines and
433,000)-a fairly impressive total, yet considerably below
gathering lines.
the sum total of all such registrations (21,379,125) during
HOUSING AND 01•11ER GENERAL BUILDING CONSTRUCTION.
"Since the war the American people have invested in new the last calendar year.
The estimate is neither difficult nor fraught with much
buildings more than $52,000,000,000," so wrote in February
last the Thompson-Starrett Co., Inc.,construction engineers. uncertainty, for we know the number of ears manufactured
thereof both
It is evident thUt no insignificant part of this outlay was right up to March 31 1929, also the number
exported and registered in the United States (from Jan. 1
occasioned directly or indirectly by the motor mania, quite
we need only to reckon
aside from the cost of garages and other distinctively auto- 1929, the new car registrations), and
of the number scrapped since Jan. 1 1928 at the heavy-possimobile structures. In addition to houses for hundreds
-equal to 13%% of the total
thousands of families seeking city or suburban homes ad- bly too heavy-rate of 1927
economical houses and oars in use at the end of the previous year.
jacent to factory plants and new
If we wish to include also motor trucks in our reckoning,
apartments for those who would economize for the sake
1 1914
of a motor, there must be included in this category a great we shall find that during the 153's years from Jan.
to April 1 1929 the total number of new motor vehicles of
number of hotels and road houses, places of amusement,
exceeded 36,shops,&c.,required by the crowding and touring population. American manufacture placed on our roads
During 1921-28 the statistics of the Labor Bureau covering, as we have 600,000, about 3,900,000 being motor trucks, that we
sAld, Only some 36 or 40% of the nation's population (gathered from 258 scrapped in all close to 153' million (including old units still
to 302 cities), and not embracing the country and suburban communities running in 1914), and in 'April 1929 had available for use
where considerable of the building has been done,show for these eight years
were trucks.
building permits for (a) 1.880,000 residential buildings estimated to cost about 22,380,000, of which some 2,950,000
over 15)4 billion dollars:(b) 7,291 places of amusement, to cost $702,000,Was it not a strange lapse of the President's Economic
1,972 public
000; (c) 12,202 office buildings, to cost $1,654,100,000: (d)
Committee to speak of our highways being "thronged" by
buildings, to cost $219.100,000; (e) 4,207 public work and utilities, to cost
which
8302,300,000: (0 7.317 schools and libraries, to cost $1,163.200,000; 25,000,000 (1) motor vehicles as if of the 24,493,000
(g) 113.100 stores and warehouses, to cost $1.533,100,000.
were registered during the year 1928 some 2,629,000 (2,411,that this building
The engineers just mentioned take note of the fact
cars and 218,000 trucks) were not scrapped
construction has been accompanied by an Increase from 1918 to 1928 in 000 passenger
the nation's annual output of cement from 74 to 171 million barrels and of during the year and hence should not have been deducted?
common brick from 1919 to 1927 from some 4% billions to approximately
7 billions.
EFFECT ON EMPLOYMENT OF AUTOMOTIVE BUSINESS.
Leaving aside building construction, it has been questioned whether it is possible that the motor vehicle development could have absorbed to date the services of anything like
4,000,000 workers in motor vehicle manufacture and allied
lines. The data furnished below from "Facts and Figures,"
while of course largely estimates, have been in the making
for several years and give apparent credibility to the statement. They also show an increase of about 1,250,000 such
workers since the year 1924, and this, too, without including
many minor auxiliary and side lines. For ihstance, the
American Automobile Association estimates that 59,000
roadside stands (aggregating presumably 90,000 employees)
did a business of a quarter billion dollars last year in catering
to tourists.
The number of persons eniployed in our motor vehicle
factories alone is stated to have increased from 210,000 in
1919 to 402,000 in 1928, and their wages to have risen from
$312,000,000 to $712,567,000 in 1928.
Such diversion of labor, even though we allow for a wide
margin of error in the estimate, could not do otherwise than
add materially to the inflationary trend of the times.
ESTIMATE OF WORKERS EMPLOYED IN AUTOMORILE INDUSTRY
IN UNITED STATES, 1928.
Employed Indirectly
Employed Directly.
65,000
Motor vehicle factory workers_ 402,138 Iron and steel workers
Copper, lead, tin, nickel and
Parts and accessory factory
aluminum worsen
200,000
workers
96,000
Railroad workers
The factory workers-dealers
15,000
96,000 Plate glass workers
and salesmen of
9.000
Tanne and leather
365,000 Tannery
Motor vehicle workers
17.000
160,000 Lumber and wood workers
Supplies, accessories and tires
128,000 Upholstering cloth, top and side
Garage employees
curtain material workers.--- 18.000
300,000
Repair shop employees
2.500
635.000 Asbestos brake lining workers
Professional chauffeurs
4.500
Lacquer and enamel workers.-1 500,000
Professional truck drivers
4,000
Gaaoline, refinery and oilCoal miners
4,000
150,000 Electric power workers
workers
officials, contractors.
Highway
Automobile financing and In100.000
81,1111110020,000 engineers, Ac
12
:m
Road material factory workers. 22 000
Machine tool workers
Total Indirectly employed-. 385.000
3.956.138
Total directly employed4 341,138
Grand total for year 1028
Amn 1924 3,119,663
llgelast 4.110.000In 9221,4,003.665 In 1028,3,743,781 011925
"
INCREASE IN NUMBER OF PASSENGER AUTOMOBILES IN
UNITED STATES.
Gain in
In (lee
Scrapped
Cars
New
Cars in
at End
During
RegisCars
Um,
of Period.
Year.
tered.
Added.
Year2,103.000 (net. I. e., lees cars scrapped)
1900-15
1,198,000
175,000 3,301,000
1,373,000 3.476,000
19161,421,000
170,000 4,722,000
1,591,000 4,892,000
1917
595,000
220.000 5.317,000
815.000 6,537,000
1918
1,266,000
254,000 6,583,000
1,520,000 6,837,000
1919
1,243,000
7,826,000
410.000
1,653.000 8,236,000
1920
837,000
609,000 8,663,000
1,446.000 9,272,000
1921
1,399,000
831,000 10.0(12.000
2.230,000 10,893,000
1922
1.138,000 12,370,000 2,308.000
13,508.000
3,446.000
1923
1,674,000
1,320,000 14,014,000
2,994,000 15.364,000
1924
1,653,000
1,782,000 15,697,000
3.435,000 17,479.000
1925
1.865,000
.
3,526,000 19,223,000 • 1.661,00017,162 000
1926
297,000
2,668,000 20.230,000 2,371,000 17,859,000
1927
3.458,000 21,317,000 a2,411,000 alft,906,000 a1,047,000
1928
0527,000
a638,000 a19.433,000
01,165,000 n20.071,000
1929(3 months)
Total
033,423,000 020.071,000 013,990,000 a19.433,000 a17,330,000
a Inserted tentatively by present writer, partly estimated.
For the quarter ended March 31 1929. the item "new ears added, 1,165,000" is
the total output for the quarter 1,275,053 (contrasting with 868,618 in 1928), less
exports of 109,355. The actual registrations of new cars for the quarter ,It Is
understood, aggregated about 828,100, increase 49% over 1928. Presumably by
April 15 the entire 1,165,000 were In use.
Note.
-The trust company says: "The figures of registrations are commonly
cited as representing the number of automobiles in use, but of course that is not so,
for each car that drops out of use during the year Is also Included In the registration
of that year, and must be deducted in estimating the number of ears actually In use.
That is the reason why no numbers appear In the lowest line of the last three columns
of the table (as published in the "Business Bulletin").
bow
"Unfortunately, there is no reliable statistical method by which to estimate
many cars actually were scrapped in 1928 until we have the production figures, the
For this reason, it is not possible
export figures and the registration data for 1929.
to give trustworthy figures for the number of cars scrapped last year, or for the num
her in use at the end of the year, or the net gains.
The virtual closing of the Ford plant for seven months
from July 1927 to January 1928, both inclusive, in preparation for the building of the new car not only greatly reduced
the total output of cars for 1927 and also early in 1928, but
contributed greatly to, if indeed it did not cause, the temporary recession in general business activity throughout the
United States during that period. In April 1929 the Ford
(domestic) plant was reported as making for the home market a new monthly record of 161,796 cars and trucks.
GREAT INCREASE IN USE OF RAW MATERIAL BY AUTOMOBILE
INDUSTRY.
Further disclosing what this inflationary growth has meant
to the general business of the nation, we note that each year
"Facts and Figures" contains an estimate by the Automobile
Chamber of Commerce of the amount of raw materials used
JUNE 1 1929.]
FINANCIAL CHRONICLE
In manufacturing motor cars and motor trucks in the United
States and the percentage which this consumption bears to
the nation's entire output (or consumption) of the material
in question. The growth in these figures becomes most
impressive when comparison is made, as in the following
table, of the 1928 consumption with that for 1927 and 1924
shown in previous issues of the publication mentioned.
RAW MATERIALS USED IN MANUFACTURING MOTOR VEHICLES.
(Also in 1928 Per Cent of Nation's Total Output or Consumption.)
1924.
1928.
1927.
Steel, finished, rolled (tons)
(18%)6,700,000
4,484,000
3,052,818
Rubber, crude (long tons)
(85%)378.056
305,472
279,620
Plate glass (sq. ft.)
(74%)97,422,801
70,470,000 48,000,000
Leather. upholstery (sq. ft.)
(60%)31,500,000
37,785,000 47,525,000
Lumber, hard wood (1,000 bd. ft.) (18.8%)1,020,000
825,156
1,089,498
Aluminum (pounds)
(27.7%)50,000,000 42,000,000 *80,000,000
Copper(pounds)
(14.6%)302,400,000 220.000,000 •107,741,000
Tins (tons)
*6,500
(24.1%)19,000
16,000
Lead (long tons)
*59,500
(25.6%)160,000
135,000
Zinc (tone)
20,000
*19,000
(4.5%)27.000
Nickel (pounds)
9,880,000
4.800,000
(28%)14,000,000
Lumber, soft wood (board feet)
349,000,000 270,000,000 323,734,000
Cloth, upholstery (yards)
47,000,000 33,400,000 21,108,000
Top and side curtain material (yards)
18,600,000
16,000,000
17,541,000
Paint and lacquer (gallons)
15,270,000
12,880,000 12,700,000
Hair and padding (pounds)
45.000,000 33,950,000
36,170,000
Gasoline (1,000 gallons)
(80%)11,048,755
12,512,976
7,780,625
Lubricating oils (gallons)
415,000,000 405,000.000 245,000.000
* Includes materials for replacement.
The automobile industry is credited with taking at present
between 20 and 25% of the nation's output of rolled steel.
Does it occur to any one that this percentage would quite
likely approach, if not exceed, 30% were we to take into the
account the large consumption involved in the sinking of
oil wells, the building of pipe lines, oil storage tanks, gasoline
filling stations, tank cars, tank wagons, tank ships, bridges
and viaducts on the new motor highways, the great garagebuildings now under construction in many Cities to hold
from 200 up to 1,000 or more cars?
It is noteworthy that since January 1929 the railroads
have placed orders for some 12,800 automobile freight cars
-in part all steel-and the pipe line companies have contracted to purchase pipe for some hundreds of miles of oil
pipe lines. These 12,800 freight cars (including 2,000 for
Canadian National Rys.) would form a continuous train
10 miles long and call for some 250 locomotives.
EXPENDITURES FOR AUTOMOBILE UPKEEP AND OPERATION.
, 3589
are in the public eye-also in its heart and purse--are only
one manifestation of a great wave of specialised inflation,"
for which the people have to thank themselves and their
blind leaders.
ARNOLD G. DANA.
New Haven, Conn.
The Credit Situation and the Federal Reserve.
[From an address delivered by II. Parker Willis before the Pennsylvania
Bankers' Association.]
The plain inference to be drawn from these figures [We
-Ed.] is simply that the present impasse
omit these figures.
in credit has been brought about as the result of an unsuitable or, if you will, careless management of the Federal
Reserve System exhibiting a singnlar lack of leadership and
an apparent absence of recognition of the fanctions of cen-
tral banking. First speculation was encouraged, then
frowned upon with capricious changes of rate. If there is
one duty which is enjoined upon central banking systems it
is that of moderating the financial climate-of seeing to it
that there are no extremes of heat or cold, or changing the
metaphor, of insuring that there shall be neither a feast
nor a famine. Instead of this we have had a Federal Reserve policy which has first given us fabulously low rates
for a long time both for *acceptances and for rediscounts,
and now we have followed that by a Reserve policy which
gives us high rates and suggests the periods of stringency
In the '90's. For neither condition of affairs is there good
warrant. Both are the result of improvidence, of refusal to
look far ahead and of absolute declination to be guided by
the teachings of economics and statistics. Indeed, a few
years ago it was quite the practice of the spokesman of
one of our Federal Reserve banks to assert that we had
entered upon a period of permanently low money and to
assure the community that it could confidently rely upon the
action of the Reserve Bank to supply any amount of money
that was needed, to take the place of gold exports. Indeed,
there is a book extant published by an officer of a Reserve
Bank in which this promise to supply a "cusilion of credit"
to take the place of gold lost through exportation, and
thereby to prevent the business man from feeling any evil
results of gold, is definitely made. Dither ignorance or
irreverence must underlie such a statement Since the author
of it, if he knew what he was saying, was claiming the power
to create something out of nothing ordinarily 'ascribed solely
to providence. His assertion that be could supply the place
of gold that had been lost to the country and establish
conditions that would absolutely ignore this movement of
coin was a bald claim to smnipotence in the financial field
and entitled to receive only the recognition that such clahns
In conclusion, to visualize the growing expenditures for
maintenance and operation of passenger cars and trucks
and thus to demonstrate the progress of boom-causing outlays in this branch of the automobile business (having its
counterpart in the purchase and operation of radios, the
"movies," air planes, electric appliances, 8r.c.), we reproduce
the figures of total sales by automobile service and repair
shops for seven of the years 1919 to 1928 (1920, 1922 and
1924 omitted) compiled by the Chilton Class Journal Co.,
modifying the same only as stated in foot note.
It may be observed, however (foot-note), that, including
all necessary charges, the total operating costs would be substantially higher than here shown. However, with any such
increase as the $4,800,000,000 here disclosed for upkeep
and operation in this one form of activity for the year 1928 usually are granted,
as compared with 1919, it becomes quite plain why with
A RECKLESS IMPROVIDENCE.
numerous other more or less optional activities also rapidly
The truth of the matter is that through reckless tmp,oviexpanding, there rises a business wave of boom proportions,
responsibilities and bursteadily growing, although not clearly apparent when merely deuce, the taking on of enormous
dens in all directions in the full confidence that there was
staple lines are considered.
the
nothing that we could not do, our central banking system
has reduced itself to a situation in which there is a scarcity
value of credit and money due to the fact that there is not
enough to go around on the present scale of demand. Somewhere a curtailment will have to be made; somehow the
community will have to be partially rationed to make sute
that it does not exhaust the residual supply of credit with
Total (excl. accessories, 1919-27)-2,410 2,712 3,912 4,947 5,518 6.045 7,230
all of the embarrassments that must ensue upon such action.
(2) Average cost of operation and service (as above)
318 260 253 247 251 260 .93 The present efforts of our banks in the endeavor to hold up
Per unit registered Dec. 31
Note -This calculation excludes depreciation and garaging, also interest, insurance, taxes and license fees. Including these items, the average cost per mile is the hands of the Reserve authorities are equivalent to such
figured at Iowa State College, with gasoline at 20 cents per gallon and annual mileage,
11,000, as 8.4 cents for a medium weight six-cylinder car and 6.42 cents for a medium a rationing, and in so far as they are wisely carried on are
weight four-cylinder car (against 10 cents in 1924).
entitled to approval. But in such a process of rationing as
•"Service labor" is shown for 1928 in the official statement as $2,040,000,090
and for the first time is "estimated on basis that service expense is 60% labor and
in all processes of the kind, it is necessary to decide, upon
40% parts." The writer has accordingly subdivided the item on that basis and has
taken the further liberty of inserting an additional "40% parts" Item in each of
the earlier years, though manifestly the proportion could hardly be constant from some principles of equity and justice, exactly where a cut is
year to year. The Chilton Class Journal Co. itself does not draw a comparison
with the previous years because of the difference In method of compilation but there to be made, exactly who is to feel the pinch of reduced allowappears little doubt that the comparison here presented is as good as is practicable
ances. After all, this is the place where the shoe pinches
under the circumstances.
Striking as these several tables are, and showing clearly at the present moment.
as they do, how vastly the automobile industry and its prodIt is not of very much use in discussions of this kind to
ucts are contributing to the nation's boom conditions, it
should never be forgotten that the "motors," much as they try to assign praise or blame. When a situation has been
(1) TOTAL SALES BY SERVICE STATIONS AND REPAIR SHOPS.
(All in Millions, t. e., 000,000 Omitted.)
1919. 1921. 1923. 1925. 1926. 1927. 1928.
$
$
3
S
340 415 601 655 775 950 1.360
Parts and service supplies
-Not shown In these years- 507
Accessories
620 510 593 675 810 925 839
Tires and replacements
738 769 1,326 2,100 2,175 2,350 2,484
Fuel and lubricants
427 611 835 910 1,055 1,092 1,224
Service labor
285 407 557 607 703 728 816
do do *parts
[Void. 128.
FINANCIAL CHRONICLE
3590
brought about it is a good plan to do the best we can to
rectify the evils of it without stopping to question very
much whether A or B was at fault. But in adopting this
sportsmanlike attitude we ought not to allow ourselves to
forget the teachings of the situation in order that we may
guard against ttrepetition of like conditions and may thus
avoid the unfairness of visiting the faults of one group in
the community upon another.
WHERE RESPONSIBILITY LIES.
In apportioning the responsibility for the present State of
things, therefore, we cannot fairly say first of all that the
blame is to be laid upon the country banker or the out-oftown banker. He has been far away from the scene of
action, and in criticism of him it may merely be said that he
has not given the attention he ought to have paid to the
larger problems of his profession. Confronted by very low
rates of money, he has felt it necessary to do the best he
could for his depositors and stockholders, and he has tended
to allow his portfolio to become too largely frozen, through
the purchase of bonds and long-period obligations. Later
tempted by high rates In the stock market, he has been disposed to send rather too much of his funds for application
as.
call loans. But in all of this, his responsibility has been
a decidedly secondary one. The primary responsibility must
rest upon those who have been tinkering with rates, cutting
them back unduly in order to make the business good
abroad or somewhere else, and definitely announcing, as
the Governor of the Reserve Board has done in public addresses, that speculative loans are not too high and that
everything is going quite as it should go under well protected
and satisfactory conditions. This matter of responsibility is
Important because of the constant preachments and homilies
which have lately been issued in increasing numbers by our
banking leaders, and which seemed to be based upon the
theory that everyone is wrong except themselves.
The question how all this affects the country banker, or
indeed any banker outside of the larger cities, is a subject of
major importance. The country canker Is closer to the rank
and file of the public, knows more about their problems and
conditions, and is better able to relieve them than anyone
else. He is on the whole more sympathetic with the rank
and file of the community than is any other financial figure
likely to be, and he is far more nearly in position to know
what remedies can be appiled to given ills. He has not,
on the whole, been inclined to draw very heavily on Reserve
Banks thus far, as is shown by the figures I have already
submitted. He now finds himself face to face with a
troublesome financial situation of first importance, and the
question is how he can meet it.
WHERE COUNTRY BANKER ERRED.
First of all, the country banker, as already frankly said,
has done wrong in allowing himself to become as closely
tied up with security loans and advances to Stock Exchange
borrowers placed through banks and other agencies in New
York than he ought to. However, this is not a post mortem
but a clinic, and the question is not that of awarding blame
for the current situation, or of finding how to get out of it
and what remedy to apply. I do not hesitate to say that
the country or out-of-town banker has and should have the
first claim upon the assistance of the Federal Reserve Bank.
This he has not always had in the past, as is attested by
the immense number of bank failures, numbering not less
than 4,500, which has of recent years so greatly embarrassed and crippled the business community. He ought
sow to be assured of ability to apply to his Federal Reserve
Bank for such rediscounts as he may need upon eligible
paper with the full assurance that such applications will
be dealt with at reasonable rates. Reserve Banks simply
have not the means with which to honor the multitudinous
demands that may easily be brought to bear on them in the
event of a market reaction of major proportions, coupled
with heavy withdrawals of foreign funds in this country.
Should such unfortunate situation occur the general rank
and file of the banks of the country should be preferred in
their applications to those who have been large and habitual
borrowers, and who might in such circumstances be disposed to take it for granted that they would have a first
lien upon Reserve Bank resources. Unquestionably, the
market situation is approaching a point at which it may be
necessary to ration credit, and the question then who ought
to be entitled to the first draft on an inadequate supply will
be a very important one. My own answer to this question
is that those who have thus far had their heads and shoulders in the credit trough lapping up the available nourishment without regard to others, should by no means have
the preference, but that quite the contrary, an equal share
should be given to those who have not thus far been heavy
drafts upon Reserve Bank means.
It is well also to note carefully the relationship between
Reserve Banks and what is called the open market. The
latter term has come to be used in a very special sense in
this country not known to the outside world. By open
market our Reserve bankers have come to mean the market
for Treasury Certificates and bankers' acceptances. In
time past they have bought hugely of both of these kinds
of paper, with a view to pleasing the makers and owners of
them. Of lath months there has been some effort to unload
both and this attempt has been partly successful, particularly with respect to acceptances. The effort should be
continued and carried to much greater length, and under
no circumstances should the general body of bankers of the
country submit to a situation in which they might be forced
to pay very high rates of discount, while accepting banksmight get extraordinarily low ones as they usually have
In the past. The high rates which have been charged for
acceptances at the New York Reserve Bank within recent
weeks are entitled to praise, but of late there has been some
indication of a tendency to weaken and to allow this rate to
sink back again. This should be resisted. Acceptance
financing has not been employed primarily, as is generally
supposed, for the purpose of facilitating the movement of
goods to market, but has been largely devoted, to speculative
exploitation, to the carrying of goods,in warehouses, or to
the furnishing of funds to banks which did not connect the
acceptances in any except a very remote way with commercial transactions, using the proceeds of the paper for
the purpose of providing their customers with funds for
use in the market. Need I repeat again that the country
banker or the general rank and file of bankers the country
over should in no circumstances submit to a situation in
which the slender stock of available Reserve credit is further dissipated in any such way at a time when it is needed
for direct advances to member banks.
PUBLIC SERVICE.
And finally, our banking community is entitled to know a
good deal more about the foreign commitments of our Reserve System than it knows now or has ever known. Chairman McFadden, a banker of your own State and the head
of the House Banking and Currency Committee, did a good
piece of public service when he developed during the hearings before his committee some time ago the fact that there
was no adequate supervision at Washington over the foreign
negotiations and commitments which were being made by
some of the Reserve Banks. Secretary Mellon has fully
conceded in his last annual report the fact that this policy
of concession pursued during 1928 and the latter part of 1927
has proven a failure. Confession is good for the soul, but
it does not put back bullion or specie into the vaults from
which it came. The aid we have extended to foreign countries has not been according to knowledge, but has been
of a kind which tends to assist the inflationary elements
in those countries rather than the conservative business
community in each of them. Our bankers at the present
time may very properly demand that there should be no
repetition of the policy of adjusting our rates in such a way
as to facilitate the flow of gold out of the United States.
We have a large part of the world's gold, and we have a
duty to the world in connection with it. Eventually we
must and should part with enough of It to place foreign
countries upon a firm gold basis, but we should do that
knowingly and with full intention when the time comes for
it and not as the result of an indirect policy of inflation,
designed to drive the gold away while at the seine time
doing harm at home. The idea that we could withhold
rediscounts or advances here in the event of stringency in
order to keep up or continue such a policy with respect to
foreign countries ought to be almost unthinkable. We shall
serve these countries best by maintaining a sound banking
position here at home, an uninflated price level, a moderate
speculative situation and a substantial market for sound
commercial bills, no matter where they originate. There is
no reason why these conditions should not prevail and be
continued, if we can have moderately wise banking leadership. It is, I believe, the duty of the great community of
bankers in the United States to take a more direct and
Jura' 1 1929.]
3591
FINANCIAL CHRONICLE
insistent interest in our credit situation from this angle,
and to demand that they be constantly advised of the direction that is being taken by Reserve Bank policy. This is in
the interest not only of the general welfare, but a the
preservation of the efficiency and in some cases probably,
the solvency, of the individual banks.
Corporation Balance Sheets, End of 1928, Show
Improvement.
That corporations generally were in better financial position at the close of 1928 than a year previous is shown in a
study by Ernst & Ernst of the balance sheets of 914 companies representing twenty-five or more different lines of
Industry. The study shows in the aggregate current assets
of $12,576,925,177, net working capital of $9,894,145,203,
and cash and marketable securities of $3,853,292,456 at the
close of 1928, representing increases of 9.18%, 8.86% and
19.09 respectively over the close of 1927. Cash and marketable securities at the close of 1928, according to the bulletin,
constituted 38.95% of the total net working capital for the
914 companies, as against 35.60% the year previous. "The
fact that current assets increased 9.18%, while cash and
securities increased 19.09%, gives further evidence that such
accounts as inventories and accounts receivable, which constitute other important items in working capital, have been
watched during the year and are apparently under control."
A previous study made by Ernst & Ernst indicated that in
relation to sales, which showed an upward trend for the year,
inventories were conservative at the close of 1928, compared
with 1927. The bulletin adds:
"The present analysis of working capital indicates that corporation
finances were more liquid in 1928 than in 1927. a greater proportion being
represented by cash or readily convertible assets and a relatively smaller
proportion by receivables and inventories. The extent to which additional
capital contributions through sales of securities are involved can not be
determined, but the fact that over the year the net working capital increased
more than 31 billion dollars. Indicates that profits and capital receipts were
sufficient to meet requirements for dividends, debt retirement, plant expansion or other fixed investment, and still leave a surplus.
"The analysis summarized in Table A below, discloses that 14 of the 25
groups had lower ratios of current assets to current liabilities at the close
of 1928 than at the close of 1927. For all of the 914 companies together
the ratio declined from 4.74:1 to 4.69.1.
"In this connection, it is noted that total current assets increased 9.18%
and current assets exclusive of cash and marketable securities, increased
5.31% whereas current liabilities increased 10.40% •
"The generally higher business volume for the year. with a pronounced
upward trend in the last quarter. may explain some of the increase in current liabilities and the consequent effect on the relative current ratios.
On the other hand, the increase of 19.09% in cash and securities suggests
the question as to whether these cash funds have been purposely reserved
Instead of applying them in the reduction of current obligations.
"It might be assumed, but not definitely shown, that corporations at
present have less need of extensive credit facilities than formerly, but on
the other hand, they are in position to use surplus cash funds in operations
outside of their own requirements. This would seem to support the
general assumptioa that considerable corporate capital is represented in
the securities and call money markets."
TABLE A-BALANGE SHEETS OF 914 CORPORATIONS.
GROUPED BY BUSINESSES.
[Excluding Railroads, Public Utilities and Financial Institutions.]
Cash and Securitiint.
No. of
1927.
Business.
1928.
Co.'s
$417,283,000 $348,3813,000
34 Iron and steel
521/.321,000
refiners
360,370000
Oil producers and
68
432,119,000
377.423,000
Automobile manufacturers
21
125.290.000
134,973.000
Machinery and tools
62
163,338.000
152.316.000
Department stores
57
294%059.000
355,121,000
Food products
70
78.022.000
91,092,000
Tobacco products
18
224.434.000
289.276.000
Electrical equipment
21
71,979,000
102,008,000
Rubber products
20
183,193,000
204,845.000
Chemicals
20
154.441.000
203,490,000
Mining and smelting
51
43,146,000
38,432,000
Meat packing
11
79,000,000
67,441,000
Metal products (sundry)
39
58,879,000
67.694,000
Textiles
56
67.615,000
76.869.000
50 Building supplies
72,240,000
90.760,000
Auto parts and accessories
43
99,013,000
99.622,000
Railroad equipment
16
19.509.000
18.861.000
15 Shoes
29,688.000
36,787.000
Business equipment
8
27.954,000
29,242.000
Paper products
21
14,017,000
19,539,000
Clothing manufacturers
26
35.437.000
48.446,000
Beverages and confections
17
23.468.000
26.207,000
Amusements
11
20,559.000
21,968.000
Coal mining
14
273,653.000
297.021.000
Unclassified
145
$3,853,292,000 $3.235,556,000
Total
TABLE B-CASH AND MARKETABLE SECURITIES OF 20
LEADING CORPORATIONS.
Increase,
1927.
1928.
Standard Oil Co. of New Jersey- -$263,847,000 $169,763,000 $94.083.000
219,646,000 180,934,000 38.712.000
United States Steel Corp
7.729.000
215,905,000 208,176,000
General Motors Corp
24.949.000
178,713,000 153.764.000
General Electric Co
27,998,000
86,869.000
114,867,000
Standard 011 Co. of Indiana
*4.262,000
97,807,000 102.070.000
Allied Chemical & Dye Corp
10,808.000 47,141,000
Sinclair Consolidated Oil Corp__ _ 57.950,000
9,902.000
57.698.000 47,796,000
Bethlehem Steel Corp
53.269.000 32.642,000 20.627.000
Chrysler Corp
6,625,000
42.542,000
49,167,000
American Sugar Refining Co
15,905,000
48.738,000 32,832,000
Westinghouse Elec.& Mf.Co
12.771.000
I.) dc Co. 45,367,000 32,596.000
Du Pont de Nemours(E.
18,291.000 24.729,000
43.020,000
Kennecott Copper Corp
*1.029.000
41,244,000 42,274.000
Nash Motors Co
6.133,000
33,578,000
39,711,000
Jones & Laughlin Steel Corp
39,337,000 42,152,000 *2,815,000
International Harvester Co
7,535,000 30,162,000
37,697.000
U. S. Rubber Co
17.279,000
18.277,000
35.556.000
Radio Corp. of America
3.438.000
34.507.000 31,069.000
United Fruit Co
3.657.000
24.009,000
27.667.000
Goodyear Tire & Rubber Co
* Decrease.
Ratio of Current As- Ratio of Cash and
Securities to Net
sets to Current
Net Working Capital
Working Capital.
Liabilities.
1927.
1928.
1927.
1928.
1927.
1928.
33.02%
36.74%
5.68:1
5.57:1
$1,135,864.000 $1,055,055,000
34.80
42.97
4.22
4.77
1.210,830,000 1,035,683.000
61.18
62.72
3.41
3.27
616,956,000
689.020,000
20.55
20.69
6.32
5.60
609.645.000
652,453,000
29.53
25.00
4.34
4.20
559.846.000
609,272.000
5445
61.71
3.70
3.67
539,023.000
575.471,000
14.85
16.90
7.48
8.78
525,410,000
539,117.000
56.93
64.04
6.29
5.99
394,255,000
451,746.000
18.07
4.93
25.68
4.74
. .
56.43
55.90
7.73
6.55
324,638,000
366,473.000
56.84
52.18
4.08
4.54
295,889,000
358.030,000
13.97
12.05
4.54
4.02
308,927.000
319.012.000
22.97
25.55
6.84
5.64
293.652,000
309,150.000
21.44
22.83
5.24
6.01
274,620,000
296,545,000
31.29
31.43
4.62
4.57
216,065.000
237.003,000
50.04
52.95
4.75
3.73
144,371,000
171.426,000
52.08
55.99
7.62
7.37
190.135.000
177,928,000
12.68
14.00
5.01
5.76
139,353.000
148.779.000
33.39
39.83
5.62
6.53
88.922.000
92,350,000
22.76
25.23
2.46
2.46
122.835,000
115,922,000
13.98
17.97
5.12
5.68
100.237,000
108,740,000
53.48
5.45
63.05
5.80
66.258.000
76,837.000
34.87
36.34
2.70
2.88
67,328,000
72,124,000
43.59
51.00
2.81
2.61
47,162,000
43,077,000
40.56
40.19
4.21
4.56
674,692.000
739.749.000
914
$9.894,145,000 39.089,205,000
4.69:1
4.74:1
38.95%
35.60%
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, May 31 1929.
At last summerlike conditions have prevailed, over large
tracts of the country and the effect has been distinctly
beneficial to trade in Summer clothing and vacation goods
of various sorts. It is noticeable, too, that trade in general
still exceeds that under way at this time last year. In fact,
industry is distinctly more active than at that time. Yet
collections are not altogether satisfactory. That could
hardly be expected after the prolonged period of quietness
in trade. The turnover was slow and therefore the collections In some sections are slow. In others they are fairly
prompt. Wholesale and jobbing trade has become somewhat less active. Carloadings have decreased. But the total
for May still shows a noticeable gain over previous years
aside from grain shipments. To all appearance the reduction in railroad rates has not increased the grain movement.
One noticeable factor is that you no longer see soaring rates
for call money. Latterly there has been practically a uniform rate of 6%, with more conservative fluctuations in
stocks. Prices for railroad shares and utilities have been
the hest maintained. The weather has been better for the
grain crops and all cereals have dropped materially In
price. Unfortunately the weather has not been altogether
favorable for the cotton crop; far from it. It has been too
cold and wet. Great rains and now reports of floods have
•
been features of the news from the belt.
Coarse yarn cotton cloths have been quiet, with some
tendency toward lower prices. Sheetings have been quiet,
but on the whole steady or even rather firmer. Trade in
fine and fancy cotton cloths has been dull and prices are
somewhat laver. Finished cotton goods have been shipped
quite freely on old orders, but new business has been on
only a moderate scale. Manchester trade has latterly been
slow. Woolens and worsteds have remained quiet. Broad
silks have not as a rule sold well, though printed silks for
summer trade have met with quite a good demand, coincident with the arrival of hot weather in various parts of the
country. Raw silk has been in -better demand and firm.
The residential building industry is only fairly active, owing
to the influence of recent advances in money rates. Last
year this division of the building trade amounted to about
62% of the whole. Steel has been in fair demand and
generally steady, while pig iron has been quiet. The output
is on a large scale. There has been less business in furniture and jewelry manufacturing lines. In some other directions there has been a falling off in trade. The salient feature of the week has been a better Summer business in
seasonal goods.
Wheat has declined 6 to 7c. and in Minneapolis on the
/
80th at one time 5 to 81 2c. Better crop prospects at home
and abroad have caused big selling, partly on stop orders.
At times export sales at the declines have been reported of
2,000,000 to 3,000.000 bushels in a single day, largely Mani-
3592
FINANCIAL CHRONICLE
[Vor.,. 128.
toba, but including domestic hard Winter. Canada has had morning.
The company's terms otherwise were much more
rains of the greatest value to its crop. European crop news conciliatory
has been more cheerful. Corn declined 434 to 51 c. with be a brief than any heretofore offered. There seemed to
1
hitch later. Still later it was reported that 1,500.
better weather and also because corn is always affected strikers had signed
for work at the Elizabethton Mills.
nowadays by a decline or rise in wheat. The cash demand Charlotte, N. C., wired
that there were indications that the
has been fair or actually good. Oats dropped 23 to 7c., strike at Anderson
Cotton Mills will be settled soon. At the
and rye 9 to 11c, in sympathy with the downward movement Loray Mill, at
Gastonia, where the labor trouble started,
of prices for other grain. Provisions have also declined, operations, it is said,
are now back to normal.
though to only a moderate extent, and hogs have advanced.
Chicago wired that Montgomery Ward & Co.'s May sales •
Cotton declined about a cent on spot cotton after May are expected to show a substantial
increase over May 1928
went out and half a cent on July, which went to a discount sales of $15,871,390 which
sot a new high record for that
of 20 points under October. May had been 80 points over month and were 15.4% ahead
of May 1927.
July. There was liquidation by Wall Street and the West
On the 27th the temperatures here were 58 to 77 degrees.
coincident with lower stocks and grain. The other months It was still raining over much of the
South and in parts of
made only slight net declines, for the weather was bad, the West. In Boston it was 59 to
84, Chicago
especially in the Southwest. Cotton might not have declined Cincinnati 64 to 82, Cleveland 68 to 84, Denver 70 to 80,
44 to 66,
at all but for the effect of sharp declines at times in stocks Detroit 58 to 86, Kansas City 66 to 78, Los
Angeles
and grain. Cloudbursts and floods in the Southwest espe- 68, Milwaukee 50 to 68, St. Paul 64 to 74; Montreal 54 to
58 to
cially in Texas and Oklahoma have hampered field work 78, Omaha 66 to 78, Philadelphia 60 to 80, Portland,
Me.
and replanting made for grassy fields and increased the 50 to 74, San Francisco 56 to 68, Seattle 44 to 60, St. Louis
infestation of the weevil. May was a wet month. Theo- 70 to 80 and Winnipeg 64 to 80. On the 28th it was 64 toretically at least a wet May is bad. The whole belt now 83 degrees with humidity in the morning also up to 83. It
wants dry warm weather, and wants it badly. Spinners' was an oppressive day. In Boston it was 98 degrees, the
takings increased and world's visible supplies fell off rather hottest in 56 years. In Chicago, Milwaukee and Philadelsharply compared with last week and last year. Coffee phia it was 86, in Cincinnati 78 arid in St. Paul 90. On the
advanced a trifle with offerings smaller as bears learned 29th the thermometer again reached 83 with much humidity.
caution, seeing Europe and Brazil buying more or less. Here on May 30 it was a torrid City. Transportation was
Raw sugar declinod, but not so sharply as last week. severely taxed in taking people out of town. The maximum
Liquidation was very apparent at times, however, as the temperature was 83 and the highest humidity 92. Boston's •
patience gave way of those who had bought in the expecta- heat was up to 96 degrees, Chicago down to 74, Cincinnati
tion of a speedy announcement of the exact increase in the 90, Kansas City 80, Minneapolis 78, Montreal 92 and Cleveduty. Action on it may perhaps be indefinitely deferred. land 86. Here to-day the temperature capped the climax
Rubber declined only slightly as operations on the short with 90 degrees at 3 p. m. with many prostrations. But.
side are more cautious. A rumor that the Goodyear Co. by 2 p. m. the humidity was down to 52 degrees. Boston
had cut the price of tires was officially denied. At the same had 96 yesterday, Cincinnati and St. Louis 90, Kansas City
time there is no aggressive speculative buying. London 80, Seattle 64, St. Paul 78 and Philadelphia 84.
ends a little lower to-day and a moderate increase in the
stock there is expected next week.
The stock market on the 27th suddenly broke 2 to 17 Federal Reserve Board's Summary of Business Con-ditions in the United States—Industrial Activity
points. Industrials suffered most. Railroad shares stood
at High Level—Further Increase in Employment.
up the best. About 250 shares in various groups touched
"Industrial activity continued at a high level in April and
new low levels. The total transactions were about 4,300,000
shares. The break in the wheat market to the lowest level the volume of factory employment and payrolls increased
in about 15 years told on stocks. Money on call was 6%. further," says the Federal Reserve Board in its monthly
There was a fear of a higher rate later in the week with the summary of business conditions in the United States, issued
New York Federal Reserve Bank supposedly resentful of under date of May 26. Continuing the Board states:
Loans and investments of member banks in leading cities continued
the action of the Washington bank authorities last week
to decline between the middle of April and the
in halting the plan to raise the rediscount rate here to 6%with that time at approximately the same level as a middle of May. and were at
year ago.
the Chicago Federal Reserve Bank apparently eager to raise
Production.
the rate to the same level. To-day stocks declined in the
Industrial activity
April to
morning with grain off sharply but they rallied later with The iron and steel and increased inindustries the highest level on record.
automobile
continued exceptionally active
money abundant at 6%. Railroad stocks and the utilities during April. Activity in copper refining, lumber, cement, silk, and wool
textiles, and the meat
-packing industry increased, and production of cotton
led the afternoon rally. London was inclined to be a bit
depressed owing to the large gains in the Labor vote. The textiles showed a less than seasonal reduction.
Factory employment and payrolls increased, contrary to the seasonal
effect, however, was not marked as under the Ramsey trend. Output of mines was also larger in April. Copper and anthracite
coal production increased and the seasonal decline in output of bituminous
MacDonald Premiership it was noticed that the labor procoal was smaller than usual. Petroleum production declined slightly.
gram was nothing like as radical as had been feared. It is
Preliminary reports for the first half of May indicate a continued high
well enough to talk loudly on the stump, but actual possession rate of operation in the iron and steel industry. Output of lumber and
bituminous
of power if it comes to the Labor Party again will probably the end of coal was somewhat larger during the first part of May than at
April. Building contracts awarded
be accompanied by a salutary sense of responsibility to the increased sharply and for the first time in five during the month of April
months approximated the
total for the corresponding month in the preceding year. The increase was
people at large.
not continued, however, in the first part of May when awards averaged
New Bedford, Mass., wired rumors that the cotton mills 20% below the same period in May, 1928.
During April most classes of •
there may soon adopt a 3
-day week schedule in order to keep building showed seasonal increases over March, the largest being in condown an accumulation of stooks. At Manchester, N. H., tracts for residential building and public works and utilities.
the Amoskeag Manufacturing Co. will close down from AugDistribution.
ust 16th to September 3rd to permit the operatives to enjoy
Shipments of commodities by rail increased during April and were the•
largest for this month in any recent year. The increase from March rea two weeks' vacation. In past years the mills have been
closed for the last two weeks in August with the exception flected larger loadings of miscellaneous freight, lumber, livestock, and ore.
During the first half of May shipments of freight continued to increase.
of two summers when the plant shut down in July. Spartan- Sales at wholesale declined seasonally in April, except in the case of grocery
burg, S. C., wired May 27th that the Woodruff Mills unit of and hardware firms. In comparison with April 1928, all lines of trade
reporting
the Brandon Corporation after being idle for eight weeks, due store salesto the Federal Reserve System showed increases. Department
were also smaller in April than in March, but continued above •
to the operatives strike, resumed full activities with 1,000 the level of a year ago.
employees returned to work, At Spartanburg, on May 29,
Prices.
threatened labor trouble at the Euoree Mills was averted,
Wholesale commodity prices averaged slightly lower in April than in
March. according to the index of the United States Bureau of Labor Staalthough a small number of weavers walked out on a strike
at noon. They notified officials later that they would be t.,: tics, reflecting primarily declines in prices of farm products and their'
manufactures. Prices of mineral and forest products and their manufacback at work on the 30th. The mill officials did not know tures. on the average, showed little change. There were increases in the
p-ices ofiron and steel, and sharp declines in copper,lead, and tin. Seasonal
the exact number of employees leaving the mill nor why
its lines occurred in prices of coal and coke, while gasoline prices advanced.
they struck. No demands were made by the workers. At
Prices of farm products and their manufactures averaged lower in April
Elizabethton, Tenn., on May 25, the striking employees of than in March. Prices of grain, especially wheat, moved downward more
the American Bemberg and Glanzstoff rayon corporations sharply, and wool and cotton continued to decline. Livestock and meat
prices continued
the previous month, but at a
voted at a largely attended meeting to go back to work on slower rate; hidesthe upward movement ofin price, and leather somewhat
averaged slightly higher
the company's terms and the strike was officially declared lower. Among imported raw materials, rubber, sugar, and coffee showed
marked
Early
cattle, hides, and wheat prices
off. Workers returned to their posts beginning Monday 'declined price recessions. price ofin May increased.
sharply and the
rubber
Jprna 1 1929.]
3593
FINANCIAL CHRONICLE
. Bank Credit.
During the four weeks ending May 15 loans and investments of member
• banks in leading cities showed a decrease of nearly 3200,000,000 largely in
floans on securities, together with some further decline in investments. All
other •loans, chiefly for commercial and agricultural purposes, remained
• unehanged at a relatively high level.
There was a further reduction in the average volume of Reserve Bank
credit outstanding between the Weeks endingApril 24 and May 22. owing
'largely to additions to the country's monetary stock of gold. The decline
was in discounts for member banks; holdings of acceptances and of United
States securities showed practically no change.
Open market rates for commercial paper remained unchanged as did rates
on prime bankers' acceptances, except for a temporary decline at the end of
April and the first week in May. In the first three weeks in May rates on
• collateral loans averaged considerably higher than in April.
Wholesale Trade in New York Federal Reserve District
Continued in Substantial Volume-Some Seasonal
Declines in April as Compared with March.
Surveying wholesale trade in the District the Federal
Reserve Bank of New York in its June 1 "Monthly Review"
states that "although there were seasonal declines in several
lines from March to April, wholesale trade in this District
in general continued in substantial volume and was considerably larger than in April 1928. One more selling day
in April this year than last was a factor in the increase,"
says the bank, "but after adjustment to a comparable basis
there were substantial increases over a year ago in sales of
Guaranty Trust Co. of New York Sees Occasion for men's clothing, cotton goods, shoes, hardware, paper and
general stationery, and diamonds. Mill sales of silk goods
Caution But No Major Depression in Sight.
A very high level of activity continues in most branches showed an unusually large increase, and sales of machine
of business, particularly in the chief manufacturing indus- tool manufacturers continued much larger than a year ago."
The Bank, in reporting further says:
tries, states the current issue of the "Guaranty Survey,"
Stocks of merchandise held by dealers at the end of April showed no
published on Monday by the Guaranty Trust Co. of New consistent change compared with a year ago; considerable decreases were
York. "There have been few, if any, indications of the reported in stocks of groceries, shoes, hardware, and jewelry and diamonds,
anticipated seasonal recession," the "Survey" continues. and increases of varying amount in stocks of cotton goods, silk goods, and
"Although it is difficult to find any signs of inventory drugs.
accumulation, price inflation, transportation difficulties, or
• P C.of Accounts
Outstanding
Percentage Change Percentage Change
other conditions that usually precede a sharp curtailment of
March 31
April 1929
April 1929
activity, the exceptional duration of such extreme levels of
Colleded
Compared with
Compared with
in April.
March 1929.
April 1928.
Commodity.
industrial -operation is not entirely reassuring. In some of
Stock
Stock
the leading industries, observers definitely predict a recesNet
End of
Net
End of
-sion of more than seasonal magnitude within the next few
Sales. Month. Sales. Month. 1928.
1929.
months. It appears to be a matter of general agreement Groceries
73.9
+3.9 -10.7
+5.8
+4.5
77.2
38.7
33.8
__
____ +14.8
-36.9
that commodity markets in general are in a fairly strong Men's clothing
+1.0
_+0.1 +10.4
-3.8
Cotton goods
46.3
45:1
4, 16.0 *-3.2 '+31.2 '+6.7
position, providing little basis for the fear of a genuine busi- Silk goods*
45.2
44.7
+3.5 +11.3 -14.1
-29.1
ness depression. Nevertheless, any adverse developments in Shoes
49.3
53.4
-1.8 +28.9
+3.3
+0.8
Drug*
47.6
45.4
-9.2
+7.2
+1.0
+17.3
the commercial situation, even of a superficial sort, would Hardware
____ +44.0
-4.4
Machine tools"
74
.1
67:0
____
+9.0
_-_-5.3
be unfortunate at a time when the financial markets appear Stationery
68.4
65.4
____ +12.6___
+0.2
Paper
to be unusually susceptible to any influence that might tend Diamonds
+9.8 1 +9.6 +28.9 1-10.6 { 26.9 { 27.3
-4.2 1
-11.8 1
Jewelry
to impair confidence." The "Survey" goes on to say:
No Major Depression in Prospect.
'There is, however, no adequate ground for the view that a severe or
prolonged contraction is about to set in. Fundamentally, the situation is
not radically different from what it has been for some years. There is
still no sign that the higher level of money rates has caused, or will cause,
any serious embarrassment to business at large. As long as commercial
transactions are undertaken with the prospect of a reasonable margin of
profit, only the most exorbitant scale of short-term interest rates should
exert any appreciable adverse influence. The chief significance of the rate
level is found in the basic credit situation which it reflects. In the present
instance, it indicates no real shortage of funds. There are ample credit
reserves that can be drawn upon if they are needed for sound business
expansion.
Demand Continues Active.
"The purely commercial situation also warrants the belief that no serious
difficulty is to be expected. Except for the inventory accumulation that
has probably occurred in some lines as a result of the great productive
activity of the last few months, there is little reason to suppose that stocks
of goods are excessive. On the contrary, it appears that active operations
In most industries are being maintained in response to a persistent demand.
which is ultimately traceable to the high level of purchasing power at the
disposal of consumers. No general change, either in employment or in
wage levels, has taken place; and it seems likely, therefore, that this widely
diffused prosperity will continue to make its effects felt throughout the
business structure.
"The high level of manufacturing operations reported during the first
quarter has been maintained almost without exception in recent weeks.
In the iron and steel industry, trade leaders have frankly expressed surprise at the absence of the moderate curtailment that usually follows the
wave of activity in the early months of the year. The slight decrease in
the rate of ingot production last month, combined with the very small
'increase in unfilled orders, appeared to forecast a slackening of operations
But week after week has passed without any substantial decline in the
rate of output, and it is believed that orders already on hand will keep the
industry well employed for some weeks longer.
The Farm Problem.
"Any permanent attempt at farm relief through Government action
cannot be successful if it violates time-tested economic laws. True, arti• tidal methods of distribution can greatly relieve the pressure brought to
bear on farmers during this period of readjustment of farming to machinery
and large-scale production; but there it must stop. The farmers' interests
can best be served by Governmental agencies established to perform car,tai definite functions. The credit needs of the farmer are adequately
taken care of through the operation of the Federal Reserve banks, the
Federal Land banks, and the Intermediate Credit system. An advisory
board, by whatever name it might be called, can go far in developing cooperative associations among the farmers, in making available scientific
information, and in creating instrumentalities through which legitimate
foreign markets for agricultural products may be developed. It is inconceivable that agriculture can enjoy the same degree of prosperity that is
manifested in other American industries, until its surplus can be exported
at a profit; for domestic consumption can be increased but little, if at all.
If ethical considerations and international relations could be ignored,
dumping surplus production on foreign markets might be an advisable
measure as a temporary expedient; but the evils of long-term dumping
have been too deeply impressed on some branches of American industry
to be considered seriously.
"That agriculture is suffering from the aftermath of the war and the
• difficulties that always accompany readjustments of an industry to radical
changes brought about by the demands of modern economic improvements
• is no reflection on the initiative and acumen of the farmer. There is a
general confidence that whatever relief is afforded agriculture by the
Government will find the ready response of independent initiative and cooperation from toe farmer, so that eventually the agricultural and the
industrial worker will more equally enjoy the fruits of prosperity."
Wetchted average
-9.4
____
+12.4
____
51.8
53.8
*Quantity not value. Reported by Silk Association of America.
"Reported by the National Machine Tool Builders' Association.
Chain Store Trade in New York Federal Reserve District
Shows Falling Off in Shoe and Candy Lines in
April as Compared with Same Month Year Ago.
Regarding the chain store trade in this district, the Federal Reserve Bank of New York in its June 1 "Monthly Review of Credit and Business Conditions" says:
Leading chain store systems reported a 6% increase over a year ago,
one of the smallest increases in a number of months, probably due chiefly
to the early Easter this year. The largest decrease in sales was reported
by candy chains, due to the fact that the heavy sales of candy for Easter
occurred in March this year. Shoe chains, which had shown an increase in
total sales in each month since April 1928, also reported a decrease in April
this year. Increases continued to be reported, however, by grocery, tencent, drug, tobacco and variety chains.
A substantial increase was reported in sales per store by the chain grocery
organizations, but there were large decreases in candy and shoe chains and
smaller decreases in all other lines.
Percentage Change April 1929 Compared with
April 1928.
Type of Store.
Grocery
Ten-cent
Drug
Tobacco
Shoe
Variety
Candy
Total
Number of
Stores.
Total
Sales.
Sales per
Store.
+L2
+9.9
+15.0
+5.8
+6.6
+18.8
+11.7
+12.7
+2.7
+14.2
+2.7
-6.9
+12.8
-21.7
+11.4
-6.6
-0.7
-3.0
-12.6
-5.0
-30.0
+6.2
+6.4
.
+0.3
April Sales of Department Stores in New York Federal
Reserve District Below March, But Above Those of
April Last Year.
The New York Federal Reserire Bank, in indicating the
course of department store trade states that "following the
substantial increase reported in March, the average daily
sales of leading department stores in this District in April
showed practically no change from a year ago, although,
due to one more selling day than in April 1928, total sales
for the month were about 4% larger. "The decline from
the March volume apparently was due partly to the fact
that Easter business was done in March this year, and
partly to unfavorable weather conditions in April," it is
noted by the Bank, which continues:
The New York City and Newark stores reported moderately large increases in their total sales, but the majority of the remaining localities
showed decrease. Following increases from a year ago in each month since
August, the sales of the apparel stores showed a slight decline in April.
The percentage of outstanding charge accounts collected during the
month was slightly lower than a year previous for the first time since August.
3594
FINANCIAL CHRONICLE
Locality.
Percentage Change
April 1929
Compared with
April 1928.
Net
Sales.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
+5.8
-1.5
+1.1
+0.1
+5.6
-1.3
-5.3
-14.1
-11.7
-3.7
+3.9
-4.6
-13.5
Stock on
Hand End
of Month.
+1.1
-2.2
+3.6
+7.5
+6.1
+5.0
-5.6
Per Cent of Accounts
Outstanding
March 31
Collected in April.
1928.
1929.
52.8
51.3
41.8
34.2
45.7
50.7
52.1
43.1
37.3
46.2
32.2
-3577
-____---__
_
All department stores
+4.3
+1.4
48.8
4.81
Apparel stores
-0.9
-5.4
48.3
55.2
Musical instruments, furniture and home furnish ngs were prominent
among the departments which showed the principal increases in April
Comparisons of sales and stocks in major departments with those of a
Year ago are given in the following table.
Net Sales
Percentage Change
April 1929
Compared with
April 1928.
Musical instruments and radio
Furniture
Cotton goods
Home furnishings
Linens and handkerchiefs
Tollet articles and drugs
Women's and misses' ready-to-wear
Silverware and Jewelry
Toys and sporting goods
Books and stationery
Women's ready-to-wear accessories
Shoes
Hosiery
Men's furnishings
Silks and velvets
Luggage and other leather goods
Men's and Boys' wear
Woolen goods
Miscellaneous
Stock on Hand
Percentage Change
April 30 1929
Compared with
April 30 1928.
+319.4
+23.1
+16.9
+14.9
+11.4
+8.2
+4.1
+3.8
+1.9
+1.8
+1.2
+0.3
-2.1
-5.0
-5.2
-5.5
-18.0
-18.2
-2.5
+8.3
+2.0
3.8
+5.9
+8.2
-4.4
+5.5
-8.6
+8.9
+4.4
-1.6
+8.3
-7.0
-1.9
-8.8
+3.6
+1.7
-14.3
-4.4
British Commodity Prices-The "Statist's" Index
Numbers.
A fall of 3.3% in the general level of sterling wholesale
prices (as measured by index number of the London"Statist")
took place last month. This reduction brings the index
number 7.2% below what it was a year ago and narrows
to 43.5% the increase in wholesale prices that has taken
place since the outbreak of the war. The "Statist" goes
on to say:
[Von. 128.
sundry materials group the fall in the sectional Index number is in the
main due to lower prices for hides, olive oil and timber.
Monthly Index of Real Estate Activity-April Figure
at 85.7 Compares with 82.3 for March.
April real estate activity is indicated by the figure 85.7,
according to the statistics compiled by the National Association of Real Estate Boards from the number of deeds recorded
in 64 cities from which the association draws its data, using
1926 as a base year upon which to compare activity from
month to month. The figure for March was 82.3. In
making public the April figure, the association says:
This is the eighth index figure to be computed by the association in the
new series. Formerly the association compiled index figures based not
on deeds alone,but on all transfers and conveyances in the cities reporting.
For that reason the former series is not comparable with the present one.
The revised monthly index from January,1924 to date is as follows.
1924.
1925.
1926.•
1927.
1928.
1929.
January
97.9
97.7
100.0
91.3
89.6
87.2
February
94.6
95.7
100.0
90.5
92.7
86.8
March
88.6
98.0
100.0
91.7
85.2
85.7
April
99.8
102.4
100.0
90.6
82.6
-_
May
100.9
107.9
100.0
91.2
90.2
--June
88.2
97.4
84.2
100.0
87.8
July
94.4
94.1
106.8
84.3
100.0
August
91.3
100.0
96.3
98.1
107.0
September
109.0
83.8
100.0
96.0
91.2
October
100.0
103.0
94.7
112.8
95.0
--November
89.9
100.0
92.5
96.9
105.7
December
85.6
100.0
99.9
95.7
109.6
•
(Activity for each month of 1926 is taken as the normal of activity for tha month.
"Annalist's" Weekly
Index
of Wholesale Commodity
Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices is 142.7, a drop of 0.6 points from last week (143.3)
and a drop of 7.3 from last year at this time (150.0). In
reporting this the "Annalist" says:
With the exception of fuels, all groups shared In the declines, farm
products leading with a decline of 2.2 pointe from (137.9 to 135.7), thus
reaching the lowest point since July 5 1927. Since May 26.1925, four years
ago, wholesale commodity prices have persistently declined, the total droll)
as shown by the "Annalist" Index being from 155.7 to 142.7, or 13 points.
With the exception of metals and chemicals, all of the groups have shared
in the decline. At least in the farm products groups and possibly In the
fuel and other groups, overproduction was in the main the factor responsible
for the deline. In face of these figures it is not wholly easy to reconcile
with the facts the statement of the Committee on Recent Economic Changes
that "in the marked balance of consumption and production-the control
of the economic mechanism is increasingly evident."
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.)
May 28 1929 May 21 1929 May 29 1998
135.7
137.9
154.1
144.4
153.0
144.6
The fall in prices that took place last month was well distributed over
148.5
154.2
148.9
all groups of sterling prices with the single exception of the animal foods
161.1
163.4
159.0
group. This fact is indicative of a definite trend in prices which has its
128.3
128.2
121.1
explanation in more general factors than those appertaining to the statistical
153.1
154.5
153.6
135.2
135.2
135.2
position of each commodity concerned. This explanation is probably to
130.5
131.5
116.1
be found in the rising level of money rates that has been particularly in
140 7
142 2
1 tn n
evidence since the beginning of the year. This movement is one which has
ANNALIST MONTHLY OF WHOLESALE PRICES AVERAGED
Involved most gold standard countries in its scope, and it should be noted
that, as far as European countries are concerned, it has been called into
May 1929.
April 1929.
May 1928.
being purely as a defensive measure. Higher money rates have been imposed not to check an incipient inflation of credit and prices, but to defend Farm products
137.7
142.7
144.3
141.1
gold reserves against the attraction of high rates in the United States. Food products
149.4
151.9
Given these conditions, there can be little wonder that the imposition of Textile products
Fuels
161.8
161.9
these higher rates should be exerting a definitely deflationary effect which Metals
128.3
130.3
153.6
is finding expression in a downward level of commodity prices. The work- Building materials
154.3
135.2
135.2
ing of the monetary factor can on occasions be traced directly, i.e., as Chemicals
128.8
Miscellaneous
121.4
affecting the market supply of commodities rather than in its more usual All rommixlItIps
143.1
145 3
Indirect effect of curtailing the volume of available purchasing power.
For example, in the case of the substantial falls in the price of wheat and
maize that took place last month, there is reason to believe that the high Loading of Railroad Revenue Freight Still Running in
cost of financing the large unconsumed stocks available after last season's
Excess of 1,000,000 Cars a Week.
-1n that the high cost
exceptionally abundant harvests, played some part
Loading of revenue freight for the week ended May 18
of credit has led the big pools to throw stocks on the market (to the sacrifice
of price) in preference to carrying them in the hope of obtaining better prices totaled 1,046,179 cars, the Car Service Division of the
later in the year. In addition to these monetary influences, the normal
American Railwsay Association announced on May 28.
seasonal factor played its part last month In exerting a downward pressure
on prices. The fairly substantial fall in the price of potatoes is a good Compared with the corresponding week last year, this was
example of this type of influence. The end-of
-April index number is 116.5 an increase of 42,891 cars and it was an increase of 18,681
(average prices in 1867-77=100). and is lower than any monthly figure
cars above the corresponding week in 1927. The details are
recorded since November 1915.
Further details regarding changes in various groups of sterling wholesale as subjoined:
prices over the past month, the past year, and since the outbreak of the war
Miscellaneous freight loading for the week totaled 407,081 cars, an
are given in the following table:
increase of 12,602 cars above the corresponding week last year and 14,184
cars over the same week in 1927.
(+) or(-)%
Coal loading totaled 159.072 cars, an increase of 5,766 cars over the
Aril 1929 on
Mar.
Apr.
Apr.
June
30
Apr.
Mar.
31
June same week in 1928 but 2,237 cars under the same period two years ago.
30
30
1929.
1929.
1914.
1929.
1928. 1914.
1928.
Live stock loading amounted to 25.853 cars, an increase of 622 cars
Vegetable food__ 97.2
101.8
+46.2
118.5
-18.0
86.5
-4.5
149.2
Animal food
+53.0 above the same week in 1928 but 2,532 cars below the same week in 1927.
-1.3
144.6
151.2
97.5
+3.2
Sugar, coffee dr tea 74.5
75.2
+43.8 In the western districts alone, live stock loading totaled 20,581 cars, an
-7.7
51.8
-0.9
80.7
- - - - increase of 1,038 cars above the same week in 1928.
Foodstuffs-_ _111.6
112.0
+49.2
122.6
-8.9
--0.4
74.8
Grain and grain products loading amounted to 37.525 cars, a decrease
- Minerals
125.7
133.9
+0.9
-6.1
124.5
98.7
+30.0 of 839 cars under the same week in 1928 and 883 cars below the same week
Textiles
130.9
123.8
+53.6 in 1927. In the western districts alone, grain and grain products loading
-11.3
-5.4
139.6
80.6
113.7
Sundries
118.9
121.2
-6.2
-4.4
+37.8 totaled 23,323 cars, a decrease of 1,256 cars below the same week in 1928.
82.5
_
Loading of merchandise less than carload lot freight totaled 262,178
120.0
Materials
126.6
127.8
-5.2
+40.0
-6.1
85.7
cars, an increase of 729 cars above the same week in 1928 and 492 cars
116.5
120.5
125.6
Total
-7.2
81.2
-3.3
+43.5 over the same week in 1927.
Forest products loading amounted to 69,837 cars, 1,522 cars above the
It will be seen that the downward movement over the month has affected
exception of animal foods, in which high prices for beef, same week in 1928 but 2,522 cars under the same week in 1927. •
all groups with the
bacon and pork dominate the change in the sectional index number. The
Ore loading amounted to 72,213 cars, 20,209 cars above the same week
substantial fall in minerals is due principally to lower prices for copper in 1928 and 10,303 cars over the same week two years ago.
Coke loading totaled 12.420 cars. 2,280 cars above the same week last
and tin. In the textile group all commodities are lower on the month, the
most important falls being registered by cotton, flax and jute. In the year and 1.876 cars over the corresponding week two years ago.
o...wowaac”c.
.-0'0'.t.00'A.,4s0'
6aoiabob2Waob;o.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
'
Miscellaneous
3595
FINANCIAL CHRONICLE
JUNE 1 1929.]
All districts except the Southern reported increases in the total loading
of all commodities compared with the same week in 1928, while all, except
the Pocahontas and Southern districts, reported increases compared with
the same week in 1927.
Loading of revenue freight in 1929 compared with the two previous years
follows:
1929.
1927.
1928.
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
Week ended May 4
1,050.192
978,053 1,024,761
Week ended May 11
1,047,922 1.002,411 1,029,424
Week ended May 18
1,046,179 1,003,288 1,027.498
Total
19,274,951 18,516,255 19,498,397
Business Conditions in Philadelphia Federal Reserve
District-Activity at Fairly High Level
-Seasonal
Recessions Less Pronounced than Usual.
With reference to conditions in its District, the Federal
Reserve Bank of Philadelphia in its June 1 "Business Review'
,
says:
. Accounts Outstanding
at End of Month.
Collections
During Month.
Compared Compared Ratio to Compared Compared
with
Net Sales
with
with
with
Same
Previous
Same
During Previous
Month
Month
Month
Month
Month
Last Year
Last Year
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
-3.7% -8.3%
-11.8
-4.8
-6.8
-3.3
+2.5
+2.5
-0.9
---1.7
+5.1
-1.4
-0.9
+9.0
+1.1
+0.9
427.3% +10.3% -7.8%
132.3% +2.5
+7.0
314.0
+5.9
+3.9
201.5
126.9
-3.3
+6.9
+15.2
185.7
+1.8
484.9
+18.0
131.1
+13.8
+14.7
•Revised.
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF APRIL 1924.
Net Sales.
Index Numbers
Stocks at
of Sates
Jan. 1 to
End of Month
(% of 1923-25
Compared with
Apr. 1929 Apr. 30
Monthly
Compared Compared
Average).
with
with
Same
April
Year
Mar. April
Period a Month
1928.
Ago.
Year Ago. Ago.
1929. 1929.
Business activity in the Philadelphia Federal Reserve District is being Main92.9
-1.7
+0.4
+0.3
+9.5
102.6
All reporting stores
tained at a fairly high level and seasonal recessions appear to be somewhat Department stores
+0.4
-10.7
93.3
86.3
-0.9
-0.1
less pronounced than was the case in other recent years. Industrial
-0.8
-13.6
-0.6
-0.7
In Philadelphia
____
-1.7
+1.2
+2.8
-4.6
Outside Philadelphia_ ____
output as well as the distribution of goods compares more than favorably
*160.2 129.5
-3.8
Apparel stores
with a year ago.
-0.0
+1.9
87.8 -14.8
+6.7
apparel stores *121.5
Men's
Productive activity is well sustained and in April reached a somewhat
+11.5
+7.2
+10.5
-3.4
---In Philadelphia_ --- _--4.4
-0.0
+3.9
OutsidePhiladelplata ---------24.1
higher level than is usual for that month. The demand for workers by
-0.3
+0.7
+9.8
+7.5
Women'sanPare'stores *176.8 147.4
employers during April increased considerably and was almost 21% larger
+2.2
+10.9
---+ 1.7
+8.9
---In Philadelphia_
than in April 1928. Contrary to the usual seasonal tendency, factory
+4.7
-2.9
-6.5
OutaidePhiladelphia ---------14.7
employment and payrolls in this section showed gains during the month Shoe storm
---0.1
--11.3
*156.8 117.4 --12.5
+0.8
-4.9
-17.2
85.2
-6.1
-5.7
90.7
and were substantially larger than was the case at the same time last Credit stores
Stores in:
year, indicating expansion in plant activity.
-11.7
94.5
-0.9
+0.3
-0.4
106.3
Philadelphia
The output of hosiery, iron and steel castings, cement, and anthracite
Allentown, Bethlehem
coal increased in April while production of shoes, pig iron, bituminous coal,
--8.0
115.1
105.1 --2.2
--0.4
--1.8
and Easton
+7.3
+2.9
-3.3
125.8
86.2
+0.6
and electric power decreased. Consumption of textile fibres showed
Altoona
+6.2
76.9
-5.6
+3.5
+3.0
100.9
Harrisburg
appreciable gains during the month.
-5.2
-2.4 . +1.2
-9.3
68.4
72.6
Johnstown
The demand for manufactured goods in the main is fairly active and
-1.2
'-1.8
+1.3
+0.2
134.0 105.2
Lancaster
compares rather favorably with that of a year ago. Orders on the books
-1.4
-0.2
-0.9
-11.0
98.6
92.7
Reading
-6.2
82.9 -12.0
-1.9
+7.5
100.6
Scranton
of reporting firms, however, declined somewhat in the month but were
+7.0
-10.1
-8.8 . +0.4
94.1
85.2
Trenton
slightly larger than those at the same time last year. Inventories carried
-3.4
-1.0
+0.5
94.1
86.6
-1.4
Wilkes-Barre
by manufacturers are moderately light, although some reports show slight
Include d in 'a 11 others"
Williamsport-6.9
+1.8
-0.4
-5.5
aceumulation. In comparison with a month and a year ago, stocks
128.8 100.2
Wilmington
Include d in'a 11 others"
York
generally are smaller.
+5.1
-6.0
____
+2.2
+4.7
____
All other Mica
The market for building materials shows some strength, but sales in
general are somewhat smaller than they were a year ago. The value of
Accounts Colleeitasts
buildings contracts awarded in April was larger than in the same month
Receivable During
Stocks Turnover
last year; it also rose very sharply in contrast with March, owing prinMonth
Feb. 1 to Feb. 28. at End of
Mo.Com- Compared
cipally to a few large projects. Building permits declined from the volume
with
pared with
in the previous month and year. Contract awards in the first three weeks
1928,
Year Ago. Year Age.
1929.
of May averaged less than a month or a year ago.
The coal situation continues mixed. The demand for both anthracite All reporting stores
1.05
1.19
1.01
1.15
and bituminous coal has slackened considerably since the middle of last Department stores
1.08
1.29
In Philadelphia
month. Nevertheless, production in the latest four weeks has increased
14.0
0.89
0.94
+7670
Outside Philadelphia
noticeably. Compared with a year ago, the output of bituminous coal Apparel store
0.92
0.93
also was larger, while that of anthracite was much smaller.
Men's apparel stores
-1.11
1.10
In Philadelphia
Distribution of commodities continues fairly active. Railroad shipments
0.80
0.80
Outside Philadelphia
In this section in the latest four weeks increased materially, and the volume
1.99
2.04
Women's apparel stores
also was greater in April than in March. In contrast with a year ago,
2.12
2.19
In Philadelphia
1.39
1.31
freight car loadings have continued larger.
Outside Philadelphia
+5.2
0.81
+8.0
0.87
Wholesale and jobbing trade is fair. Sales in April showed gains over Shoe storm
+13.1
0.89
+8.0
0.96
March and were considerably larger than in April 1928. Wholesale prices Credit stores
Stores in:
generally have declined somewhat since the middle of last mdnth. Business
1.16
1.37
Philadelphia
0.80
at retail is fairly active for this time, although reports showing gains are
0.86
Allentown, Bethlehem and Easton
+16.0
+6.9
0.82
0.93
Altoona
outnumbered by those showing losses. Sales in April declined noticeably
+13.1
0.82
+5.4
0.80
Harrisburg
and were smaller than a year ago. The total for March and April, however,
+11.1
+4.4
Johnstown
was larger than in the corresponding period last year; such comparison
0.95
0.94
Lancaster
0.89
0.99
Is desirable because of variation in the date of Easter.
Reading
+11.9
+9.5
0.97
1.01
Scranton
Automobile sales in this section showed large gains from March to April
+5.6
+12.5
0.93
1.07
Trenton
and exceeded substantially those of a year ago. Sales of ordinary life
+6.7
-0.6
0.83
0.80
Wilkee-Barre
insurance, on the other hand, declined, as is usual for that month, but
Included In "all ot
Williamsport _
+20.3
0.87
+11.7
0.91
were larger than in April 1928.
Wilmington
Included in "all ot hers"
York
Check payments in this district in the latest three weeks were slightly
+14.6
+21.1
0.81
0.91
All other cities
smaller than in the preceding three weeks but were nearly 4% larger than
a year ago. Check payments in April, however, increased instead of
•Revised.
declining as usual, and were almost 15% larger than in the same month
last year.
In the past month the total loans and investments of reporting member Union Trust Co. of Cleveland Finds Business Free
banks in this district have declined materially, despite an increase in comfrom Unhealthy Symptoms.
mercial loans. The decrease was particularly marked in loans on securities,
Business is free from many of the unhealthy symptoms
although there also was a reduction in investment holdings. Gains in the
settlements were large and the borrowings of member banks were sub- usually rising from highly prosperous conditions, says The
stantially reduced. The reserve position of the Federal Reserve Bank
apprehension
was much improved by the incoming flow of funds which added to reserve Union Trust Co., Cleveland. The bank has no
cash.
of a period of inflation. "Mounting production totals, the
Advance Report on Wholesale and Retail Trade in
Philadelphia Federal Reserve District During April.
The following report on wholesale and retail trade during
April in the Philadelphia Federal Reserve District is made
available by the Federal Reserve Bank of Philadelphia.
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF
APRIL 1929.
Net Sates During Month.
Stocks at End of Mo.
Index Numbers
Compared Compared Compared Compared
with
with
(P. Ct. of 1923-1925
wtth
with
Monthly decrepit
Previous
Same
Previous
lame
Month
Month
Month.
Month
Mar.1929 Ayr. 1929
Last Year.
Last Year.
Boots and shoes-- *109.3
*110 9
Dregs
*56.1
Dry goods
67.0
Electrical supplies- _
*91.7
Groceries
*87.9
Hard ware
83.2
Jewelry
*95.9
Paper
78.8
111.8
51.5
72.5
92.4
97.6
71.8
99.9
-28.1% -13.6%
+4.7
+0.8
-8.2
+4.6
+8.2
+17.0
+0.8
+7.5
+11.0
+8.8
+32.5
-13.9
+4.2
+8.7
-1.4% -27.0%
+0.8
+1.8
-3.2
-1.7
+4.4
-7.0
+17.7
-5.7
persistent high tide of stock market speculation, the failure
of brokers' loans to make a substantial decline, and the current course of interest rates, has given rise to expression of
the opinion that we may be entering upon a period of general business inflation such as that which terminated in
1921," says the bank in its business magazine, "Trade
Winds." It adds:
"If a parallel is drawn, however, between 1920 and the present, we find
actually very few similarities. There is, it is true, some resemblance as
far as money rates and credit are concerned, and there is some resemblance
also with regard to rising production schedules. But in other respects we
see fundamental differences.
"Instead of swollen inventories, which existed in 1920, we have to-day
low inventories and the well established practice of hand.to-mouth buying;
instead of freight traffic congestion and confusion, we have efficiency io
the handling of freight and speed in the distribution of goods such as we
have never had before. Instead of advancing prices of basic commoditieS,
we have, on the whole, declining prices.
"Generally, business continues to enjoy steady prosperity. While production is extremely large and the credit situation still presents complex
problems for solution, we need have little apprehension of a period of
business inflation. Business is fundamentally operating upon a sound
3596
[VOL. 128.
FINANCIAL CHRONICLE
basis, and although some recession may be expected during the Summer,
bids fair to be a year of generally good business and substantial
profits."
1029
Merchandising Conditions in Chicago Federal Reserve
District-Galsin Wholesale Trade by Half Reporting Line.
-Department Store Trade in April Below
March.
The Chicago Federal Reserve Bank states that half the
reporting lines of wholesale trade in its district showed
sales increases in Azall aver March, and all six groups had
larger sales than for last April, the gains being greatest in
the hardware, dry goods, and electrical supply lines. As
to wholesale trade the bank adds:
Every hardware atid dry goods firm reported increases over a year ago,
as did tire majority 0 firms in The other lines. Sales for the first four
f
months of this year likewise have been larger than for the same period of
in all reporting groups, totaling more by 0.1% in groceries,
in
hardware, 10.80 In dry goods,
in shoes, and
in drugs,
in electrical supplieg.
Collections have improved and show increases over a year ago in all
lines except groceries. Price levels in general are than.
1928
7.9%
18.1%
1.9%
3.8%
WHOLESALE TRADE DURING THE MONTH OF A FHIL1929.
Net Sales During Month
Per Cent Change from
Stocks as End of Month
Per Cent Change from
Preceding
Month.
Groceries..
Hardware
Dry goods
Drugs
Shoes
Electrical sePPlies
Same Month
Last Year.
821+ 3.3
(15)4 9.9
0)- 8.6
?)- 4.7
8) MI.
D+ 2.4
321+ 3.9
(.15)424.1
0)+24.5
31+ 5.6
(8)-1- 8.4
(38)+29.2
(I
Preceding . Same Month
Month.
Last Year.
(22)- 6.4
(10)+ 1.4
(8)- 0.2
(11)+ 0.2
(6)+ 6.6
(31)+ 0.9
Aerostats Chastanding End of Month.
Per Gent Changefrom
?meant?
Month.
Collections During Month.
Per Cent Changefrom
Ratio to
Net Sates
Haring
Month.
Same Month
Last Year.
(21)- 1.4
(10)- 1.4
(8)- 4.7
(11)+ 2.3
(6)+ 2.0
(32)+13.9
Preceding
Month.
tr- /8
29) 103.0 (24)+ 0.4
r21.8.
.1
15) 184.8 (12)+25.8
+ .1
(9)-I- 4.4
10) 302.4
ii(10)-i- 4.8
Z
1101
8
12) 141.3
0))I
(12)4 2.
(8)+ 7.8
(7 298.6
(1)+38.0
)+ 5.8
Elec. au PP1+32.i. (36) 123.6 (26)+ 2.7
i- .5
assures in parentheses Indicate number of firms Included.
Same Month
Lass Year.
(24)- 7.4
(12)+14.7
(9)+10.4
(8)+ 7.2
(6)+ 8.4
(24)+27.2
In its MonthlyRusiness Conditions Report, issued June 1,
the Chicago Reserve Bank has the following to say regarding retail trade fa ft district:
s
Oepartment Store Trade.
Total April sales by 108 department stores reporting to this Bank,
though falling 03,6 below the March volume, showed a gain of
over
April last year, while sales for the first four months of
have totaled
4.3% In excess of the corresponding period of
In the comparison
with March, Storrs in Milwaukee and Detroit had larger sales, and those
In Chicago., Indianapolis, and smaller cities recorded a decline; only
Chicago of the larger cities showed a decrease in aggregate sales from last
April. Stooks Continue to gain slightly, increasing
over March
and
ever April 80
Turnover for April averaged
and for the
four months of this year 1.23.
Collections dirriag April totaled 1.0% heavier than a month previous and
15.5% more than in April a year ago. Accounts receivable the end of the
month gained 1.8 and 10.4% in the respective monthly and year-to-year
comparisons. April collections totaled
of accounts receivable the
end of March, which Compares with
for the same period of
(Main Store Trade.
The number of stores operated by 22 chains gained
in April over
to
the preceding month, increasing from
but total sales fell off
6.6% and average sales per store declined
As compared with April
total sales
the number of stores gained
while average
sales were less by 8.1%. The cigar, musical instrument, and furniture
groups showed fitoreases in the month-to-month comparison, with groceries,
five-and-ten cent attires, drugs, shoes, and men's and womeu's clothing
recording declineet an compared with a year ago, aggregate sales of all
but musical instrument and men's clothing chains were larger.
Other Iteta4 Trade.
dealers and
Aggregate sale* of shoos during April by
department
under the
stores fen 10.1% below the preceding month and were
volume of last April, the majority of firms in both comparisons showing
sales have been
declines. Par t.W first four months of
larger
Stocks on hand April 30 were
than for the corresponding period of
heavier by
and 2.0%, respectively, than a month or a year previous.
over March and
Collections by dealers during April increased
over a year ago; accounts receivable the end of the month gained
over March 80 and were
last year. The ratio of
above April
for April
accounts receivable to sales during the month averaged
this year, 53.1% in March, and
for April a year ago.
Gains of
and 12.0% over March and last April, respectively, were
shown in total April sales of furniture and house furnishings by
dealers
and
department stores of the district. Installment sales of seventeen
dealers totaled 54.0% more in April than a month previous and
above a year ago. Collections on this type of sales gained
and declined
in the respective monthly and year-to-year comparisons, while total
collections increased 12.8 and 5.1%. Accounts receivable on April
were
0.1% larger than at the e'nd of March, and
under a year ago. Stocks
of both dealers and department stores were
less than on March
but
heavier than on the corresponding date of
April Fziles by 00 retail hardware dealers in the five States including
the Seventh Distript were 21.4% heavier than in the preceding month and
above a year ago. All of the States-Illinois, Indiana, Iowa,
Michigan, and Wisconsin-registered gains in both the monthly and yearly
comparisons. Michigan showed the heaviest increase over March, 61.1%,
while Iowa had the largest gain over last April,
Less than onefourth of the reporting firms showed declines either from March or a
year age. For the (trot four months of this year, Illinois, Michigan, and
1928.
1929
0.7%
1928.
1.7%
30,
.31
39.8%
39.9%
1928.
0.7%
2,569 2,586,
7.2%.
12.2%,
15.8%,
1928,
25
4.2%
4.5%
24
1929
1928.
4.3
16.7%
30
7.9%
29.2
7.6%
5.3%
63.3%
57.9%
25
30
0.6
3.4%
0.8%
4.6%
2.7%
3.9%
30
1928.
20.0%
Industrial Employment Conditions in Chicago Federal
Reserve District-Slight Increase Reported in the
Number of Workers.
According to the Federal Reserve Bank of Chicago the
volume of employment at factories of the District was
slightly higher April 15 than a month earlier, the increase
in the number of workers amounting to 0.5%, while there
was a somewhat larger gain-2.3%-in payrolls. In its
June 1 Monthly Business Conditions Report the Bank goes
on to say:
Most of the reporting industries followed the trend of the preceding
month, metals, vehicles, stone, clay, and glass products, and chemicals
showing further advances, while textiles, foods, and paper continued to
decline. A reversal of trend took place in the lumber products group
which showed a loss in both men and payrolls during April; also in
leather products where a gain was recorded in contrast to the Earth
decline. Outside the manufacturing plants, there were also indications
of an increasing demand for labor. Trade and public utilities have added
to their volume of employment and building and road construction work
are steadily expanding. A curtailment of activity at the coal mines has
been an adverse factor in the situation.
At the free employment offices of the various States a noticeable reduction has taken place in the ratio of applicants to available positions. For
Illinois there was a drop from
in April ; Indiana
in March to
showed an average of
as compared with 101; and Iowa's ratio declined
from
for March to
for April.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
325
134
156%
93%
241
Number of Wage Earners
Week Ended.
Industrial Groups.
To-al Earnings.
Weak Ended.
Per
Per
15 Mar.15 Cent
1929 1929. Change. April 15 March 15 Mango.
1929. 1929. Cent
All groups (10)
343.301 341,459 +0.5 810038958 59,810,254 +2.3
Metals & metal prods
(other than vehicles).- 136,558 135.083 +1.1 4.347,159 4.245,815 +2.4
Vehicles
42.487 41,391 +2.8 1.295.499 1,2.55,118 +3.2
Textiles & textile products 25.014
25.164-0.6 540.128 627,381-13.9
Food & related products_.. 42.633 43,748 -2.5 1,276.297 1.132,226 +12.7
Stone,clay..4 glass products 13.477 12,624 +6.8
394.426 362,028 +8.9
Lumber .fc .ts products
27.788 28,415 -2.2 663,386 674,595 -1.7
Chemical products
10,595 13,925 +2.4 288.588 278,242 +3.7
10,344
Leather products
14.111 4,301 +1.3 288,412 285,653 +1.0
Rubber products
4,268
Paper and printing
26.392 28.484 -0.8 840.027 839,547 -4.4
--0.3 105.036 109,849 +0.1
Apr.
0roeories_.
Hardware ..
Dry gootle_
1.3%
Wisconsin have recorded expansion over the same period of 1928 of 7.4,
13.1, and 4.3%, respectively, and Iowa and Indiana show losses of 1.9 and
0.9%; the aggregate for the five States increased 5.5% in the comparison,
with 50 of 84 firms reporting gains.
33.0%.
30
Trade Industry in Kansas City Federal Reserve District
More Active in April This Year Than in Same
Period in Previous Years.
Conditions in the Kansas City Federal Reserve District
are summarized as follows in the June 1 "Monthly Review"
of the Federal Reserve Bank of Kansas City.
Trade and industry in the Tenth (Kansas City) Federal Reserve District
was more active in April than at the same season in any previous year.
Banks debits in
cities reflected larger payments by check than in
April of former years. The value of chocks drawn and cashed by banks
between Jan. 1 and May 1 increased
over the corresponding period
in the preceding year.
Movements of commodities during the month was in larger volume than
a year ago, as evidenced by carloadings of revenue freight in shippers
advisory board areas serving this District.
Wholesale distribution showed a small decline from March, but was
substantially larger than a year ago. Department store sales were smaller
than in March, due to the early Easter, although April sales were larger
than last year.
Trade in livestock was the heaviest for April in several years. Market
receipts of all classes of meat animals were larger than in March and larger
for all classes than a year ago save for a small decrease In cattle. Market
supplies of grain declined seasonally and were smaller for most classes than
a year ago.
Industrial establishments, with but few exceptions, functioned during
April at high percentages of full time capacity. The slaughter of meat
animals at parking plants was In larger numbers than In either the Preceding
month or the corresponding month last year. With the wheat year nearing
a close, the flour output declined slightly but was larger than a Year ago
Production of cement increased, while the lumber cut decreased as compared with a year ago.
April brought a seasonal slowing down in soft coal production and the
demand for zinc ore slackened in the last half of April with a resultant decline
in production and shipments. The output of crude petroleum declined in
the daily av rage, although refinery operations on May 1 were larger than a
month earlier and a year earlier.
There was a notable revival in building activity throughout this District.
Contracts awarded called for a larger Investment than In April of last year.
The value of permits issued in leading cities was the largest monthly total
since September
Department of Agriculture reports placed the condition of crops in this
region at a higher percent of normal on May 1 than on the corresponding
date last year. A winter wheat condition of
forecast a yield of
bushels in the seven states whose areas or parts form the Tenth
District, compared to
bushels harvested in
Spring
plantings of crops were late. A large part of the corn area was unplanted
at the middle of May.
30
10.6%
1925.
299.941.000
82.2%
336,139,000
1928.
Wholesale and retail trade conditions are reviewed as
follows:
Trade.
Wholesale.-DistributIon of merchandise by wholesales during April,
taking the combined sales figures in dollars reported by firms in five leading
lines. was smaller than in March by 1.1%, but larger than In April of last
year by 8%. Sales of drygoods and groceries were in smaller volume in
April than in March, while sales of hardware, furniture and drugs during
the month were larger than in the preceding month. In comparison with
JUNE) 1 1929.]
FINANCIAL CHRONICLE
3597
the corresponding month last year, this year's April sales of drygoods,
hardware, furniture and drugs showed increases, with sales of groceries
showing a decrease. Although conditions were not as favorable for distribution as wholesalers desired, this situation has been greatly relieved
by more seasonable weather and improvement of roads.
Stocks in the hands of wholesalers of drygoods and groceries at the end
of April were smaller than either a month earlier or a year ago. Stocks
of furniture and drugs were larger at the en i of April than a month earlier
or one year ago.
-Sales of department stores in cities of the Tenth District which
Retail.
report their current trade statistics to the Monthly Review, were 5.8%
smaller in April than in March, but 4.9% larger than in April a year ago.
Of 35 stores reporting, 25 showed increases and ten decreases in April sales
as compared with April last year. The volume of sales of the department
stores during the month carried the accumulated total for the four months
of 1929, now passed, to a figure which was 3.8% highdr than that for the four
month period in 1928.
Sales of shoes at reporting retail stores were larger than in March by
30%, and larger than in April a year ago by 11%. Sales of furniture at
retail were reported as showing an increase of 28% over March, but a
decrease of 2.3% as compared with a year ago.
Inventories of the reporting department stores at the end of April were
2.6% above those at the end of March, but 0.2% below April 30, last year.
Stocks of retail shoe stores were larger at the end of April than at the end of
March but smaller than a year ago. Retail furniture stocks were reduced
during the month,but were larger than a year ago.
largely In loans for commercial purposes, although loam on securities
advanced to near the peak levels of last March. The District's supply of
funds increased substantially during the weeks preceding May 16, however,
and despite the growth of member bank loans demand for credit at the
Reserve Bank was reduced to the lowest levels of the current year.
Industry, In the aggregate, continued the rapid growth which has characterised the productive activities of the District since the middle of 1928.
The present high level of activity chiefly reflects heavy production schedules
in the lumber, paper and pulp, iron and steel, copper, and petroleum
industries. Output of cement and of food products was smaller last
month than a year ago.
Trade expanded by less than the usual seasonal amount during April 1929
(partly as a result of the early date of Easter Sunday this year) but was
more active than in April 1928. The increare, as compared with a year
ago, reflected heavier shipments of commodities both by rail and by water,
increased automobile sales, and more active trade at wholesale. Sales at
retail approximated those of last year,
The District's agricultural outlook, rendered uncertain py unfavorable
weather during the Winter and Spring months, was further stissured during
April and early May by adverse price developments.
'The production and sale of leather, by District tanners reporting direct
to this Bank, aggregated slightly less than in March and were under a year
ago; half of the individual firms reported gains in the first comparison.
Quotations held barely steady.
A slightly smaller number of packer green hides and a greater quantity
of calf and kip skins were sold in the Chicago market than in March;
shipments from the city increased, while purchases of district tanners
decreased. Prices firmed.
Furniture.
April shipments and production of furniture manufacturers in the Seventh
[Chicago] Federal Reserve District were less than in March. Shipments
of 24 firms declined 5.7%, and the operating rate averaged 75.6% for
seventeen companies in April against 77.6% a month previous. In the
comparison with a year ago, shipments showed an increase of 11.4%.
Orders booked during April were larger than in the preceding month and
also heavier than a year ago, the gains recorded being 8.1 and 81.5%,
respectively; in the monthly comparison however, the majority of firms
registered declines. New orders booked during the month were larger than
shipments, effecting an increase of 5.5% in unfilled orders on hand April 80;
the item showed a gain of 60.3% over the corresponding date of last year.
The Sacramento Valley appears to have been most seriourfly affected by
the low temperatures, and its farm outlook from a financial paint of view
is not satisfactory. On the other hand, the Santa Clara and Say regions
were not severely hit by the frost and most of the cropd in these sections
will bring high prices on a fairly large yield.
For other regional areas the Silberling Service gives the following prospective conditions of farm income: Stockton. fair3 San Joaquin Valley,
fair; Southern California, good; Seattle region, good; Spokane region, fair;
and Portland region, fair.
Attention is called to the probability of a further softening of wheat
prices this year owing to heavy supplies and an abundant world crop in.
sight.
Silberling Business Service Finds Situation Uneven
But Believes Agricultural Incomes Win Be Well
Sustained.
In spite of unusually adverse weather conditions this
Manufacturing Activities and Output in Chicago Fed- Spring, the Silberling Business eerVice of Berkeley, Cal.,
eral Reserve District-Increase in Midwest Distri- finds that most of the farming areas of the "plienne Coast
bution of Automobiles.
will obtain at least fairly good financial returns this year.
,
Shoe manufacturing in the Chicago Federal Reserve Dia It says:
trict remained approximately the same in April as in the
The reduction in the volume of certain crept, .partioalarly in the
preceding month, according to preliminary estimates of the northern part of California, will of room lessen the traffic carried by rail
United States Department of Commerce. The Federal Re- and reduce the business of Some lines handling containers. The growers,
will in many eases obtain the advantage of Meier prices on
serve Bank of Chicago, in its Monthly Business Conditions however, which are mainly grown in this territospkr,
products
Report, June 1, from which we quote, further states:
From a regional point of view the prospective slitertion is very uneven.
Surveying automobile production and distribution, the
Bank says:
April output of automobiles exceeded the previous record volume of
March, production of 537,225 passenger cars in the United States gaining
4.7% in the comparison and totaling 47.2% above April 1928. Truck
production of 81,977 compared with 69,733 a month previous and 45,227
a year ago.
Distribution of automobiles in the Middle West, according to the April
reports of representative dealers and distributors, was heavier in general
than for March or for April last year. The number of cars sold at retail
declined very slightly in the aggregate from the preceding month, but half
the firms showed gains in the comparison and the total value of sales
increased. New and used care on hand at the end of the month, though
declining somewhat from a month previous, remain at a higher level
than a year ago. Oars sold on the deferred payment plan averaged 52.2%
of the total retail sales during April of 88 dealers, which compares with
54.6% in March and 82.7% for 21 dealers last April.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
[Changes In April 1929, from Previous Months.]
-Accessory Industry Has Record
Automotive Parts
Spring Business.
Manufacturers of automobile parts, accessories and repair equipment closed April and the four months period at
the highest level on record. There has been practically no
evidence of any slowing up in May, and though some seasonal recession will undoubtedly make its appearance in
June, the decline will start from such a high level that the
first half period will be well in excess of previous years,
according to the Motor and Equipment Association, composed of several hundred automobile manufacturers and
wholesalers which proceeds as follows:
In line with the tremendous increase in automobile production, manufacturers making units and parts for original equipment have had their
greatest spring season as have manufacturers Belling parts and garage
equipment to the wholesale trade. The accessary business, which has
for the past few years been adversely affected by additional equipment
at the car plants, and also by the policy of accessory distribution by
some of the car manufacturers, has improved consistently each month
this year, enjoyed a healthy gain over March, and cause close to reaching the figue for April last year.
Wholesale members reporting to the Aseoeietian also enjoyed good
business in April, their volume of sales being 19% ahead of March.
Wholesale members reporting to the AmeociatIon also enjoyed good
Per Cent Change From Companies Included
business in April, their volume of sales being 19% ahead of March.
Mar. 1929. Apr. 1928. Mar. 1929. Apr. 1928.
For original equipment and garage repair equipment makers a record
year is virtually assured, while replaeement parts sake to the trade for
New Cars
1929 may also be ahead of preceding 3438131.
Wholesale:
+10.8
Number Bold
+47.1
as
25
Aggregate shipments la April el parts, eaososou and garage equipment
+14.2
Value
+41.4
as
25
manufacturers in the Asaordatioa Co both vehicle makers and the wholeRetell:
sale trade reached an index figure of 264% of the January 1925 base index
Number sold
+62.8
62
38
-0 6
.
+4.1
Value
+30.0
of 100 as compared with 141 is Marsh, 214 in Mu-two and 196 in April
62
38
On hand AprU 30:
last year.
-10.4
Number
+22.6
63
39
Manufacturers selling parts and necessaries to the ear and truck man+14.9
Value
63
39
Used Cars
ufaeturers had shipments aggregating 287% of the January 1925 figure,
Number sold
+2.3
+35.7
61
38
a record which compares with 275 in March, 243 In February, and 218
Salable on hand:
in April a year ago.
-1.8
+26.5
Number
61
37
-2.6
Service parts equipment to the wholesale trade were 174% of January,
+9.7
61
Value
37
1925 as compared with 148 ia March, 186 in Pebruacy, and 151 in April
last year.
Accessory shipments to the trade were 01% of January 1925 as compared
Business Conditions in San Francisco Federal Reserve
District-Expansion of Industry and Moderate With 85 in March, 69 in February, and 107 in April a year ago.
Shipments of service equipment, that is, repairshop machinery and Mobs
Activity of Trade in April.
to the wholesale trade were 227% of January 1025, a new high record
Isaac B. Newton, Chairman of the Board and Federal figure as compared with 224 in March, 199 in February, and 164 in
April last year.
Federal
Reserve Bank of San FranReserve Agent, of the
cisco, reports that continued aggressive expansion of indusWest Coast Lumbermen's Association Weekly Report.
try and moderate activity in trade marked the month of
According to the West Coast Lumbermen's Association
and the early weeks of May in the Twelfth [San FranApril
cisco] Federal Reserve District. Under date of May 20 Mr. reports from 207 mills show that for the week ended May 18
production was exceeded by orders and shipments to the
Newton also says:
for credit increased and, by mid-May, member bank loans were extent of 4.77% and 7.47% respectively. The Association's
Demand
higher than ever before. The expansion in volume of credit in use was statement follows:
1
3598
FINANCIAL CHRONICLE
[Vor.. 128.
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS. and the enormous growth of cities with resultant congestion of market
207 Mills Report for Week Ended May 18 1929.
(All mills reporting production, orders and shipments.)
When the market news service was established by the Department of
194,227,475 feet (100%)
Production
Agriculture nearly 15 years ago, the major portion of commercial farm
203,501,675 feet (4.77% over production) products moved to consuming markets by rail, and it was a relatively
Orders
208,740,814 feet (7.47% over production)
Shipments
easy task to keep tab on the volume of shipments and their disposal in
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY market centers. A nation wide system was established whereby division
OPERATING CAPACITY (270 IDENTICAL MILLS).
superintendents of railroads report to the Bureau of Agricultural Economics
(MI mills reporting production for 1928 and 1929 to date.)
the daily loadings and movements. Nowadays a large proportion of the
Fed.
221,786,245 farm supplies is moved by motor truck, and the volume of rail receipts
Actual production week ended May 18 1929
195,017,602 alone is no longer representative of the entire market situation. The
Average weekly production 20 weeks ended May 18 1929
200,062,895 Federal marketing experts are now at work on the problem of developing an
Average weekly production during 1928
202,111,205 adequate system of reporting truck as well as rail shipments and receipts.
Average weekly production last three years
274,098,393
x Weekly operating capacity
Formerly, practically all market milk was transported by rail, but now a
x Weekly operating capacity is based on average hourly production for the twelve large volume is moved in glass-lined motor truck tanks. Important shifts
last months preceding mill check and the normal number of operating hours per week.
have occurred in production areas, especially in the dairy Industry; the
-1929.
WEEKLY COMPARISON FOR 203 IDENTICAL MILLS
character of production in the livestock Industries has changed to meet
(AU mills whose reports of production, orders and shipments are complete for the modern consumer requirements for lighter 'weight cuts of meats; large
last 4 weeks.)
commercial fruits and vegetables producing areas have been expanded.
April 27.
May 4.
May 11.
May18.
Week Ended—
191,780,752 195,080,269 191,951,927 192,368,459 and new ones established. All these, together with the growth of the chain
Production (feet)
193,156,484 180,164,771 store system, the buyers for which make purchases direct at the farms and
197,458,103 191,185,344
Orders (feet)
81.913,332 73,742.201 82,617,880 76,956,075 in some cases contract huge crops for shipment direct by motor truck and by
Rail
66,853,646 63,592,834 69,013,196 66,056,818 rail, have made it necessary to develop new methods of markets reporting
Domestic cargo
37.021,740 33.776,932 24,615,948 25,678,250
Export
11.667,385 20,073,377 16,909,482 11,473,628 if farmers are to be kept informed accurately regarding the marketing
Local
207,183,499 198,363,230 209,756,824 199,679,963 situation in their own and competing areas.
Shipments (feet)
82,367,278 86,130.971 87,843,112
84,211,618
Rail
Completion of the market news extension plans will place in daily opera75,496,562 65,065,397 73,774,889 64,216,282 tion more than 10.000 miles of leased telegraph wires from Coast to Coast,
Domestic cargo
35,787,934 30,857,178 32,941,502 36,146,961
Export
11,667,385 20,073.377 16,909,462 11,473,62a into the Northwest, the Southwest, and Southeast and South. HeadLocal
780,409,300 793,745,358 803,052,046 823,129,332 quarters of the system are at Washington, D.C. where a battery of operators
Unfilled orders (feet)
235,959,037 239.277,022 248,899,989 253,206.187 are in constant communication with the 40 branch offices which have drops
Rail
309,270,582 318,881,341 320,768,199 326,533.967
Domestic cargo
Wash235,179,681 235,586,995 233,383.858 243,389,178 from the leased wire. At any time of day each branch office and
Export
ington headquarters have a complete report on prices. shipments, and the
112 IDENTICAL MILLS.
consuming markets of the
market situation in practically all the leading
(All mills whose reports of production, orders and shipments are complete for 1928 country. Each office during the day secures wide dissemination of the
and 1929 to date.)
Average 20 local market conditions and conditions in competing markets by means of
Average 20
Week Ended Weeks Ended Weeks Ended radio, the press, telephone, and mail. This system in conjunction with
May 18'29. May 18 '29. May 19'28, the Bureau's foreign crop and market news service makes it possible for
120,099,476 109,041,488 115,041,081 farmers to obtain practically instantaneous reports on the markets for all
Production (feet)
124.435,420
118,992,812 115,743,886
Orders (feet)
132,649,206 113,524,066 115,194,886 the principal agricultural commodities.
Shipments (feet)
Agreement With Steamship Companies for Direct
France and Italy Increase Wheat Import Duty.
Shipment of Cotton from United States to
Washington bureau, May 27, the New York
From its
Poland.
"Journal of Commerce" reported the following:
Cable dispatches were received by the American Polish
Increased import duties on wheat have been ordered by the French and
Italian Governments, the Department of Commerce was advised to-day by Chamber of Commerce on April 18 from Warsaw anits representatives at Paris and Rome. Rates on imports into France have nouncing the conclusion of an agreement with steamship
been increased from 35 to 55 francs per metric quintal, while those entering
from
Italy will be subject to a duty of 14 gold lire per 100 gross kilos instead of companies for the direct transportation of cotton
11 gold lire as formerly, according to the reports. Both rates are already United States to Danzig and Gdynia at the same rates which
In effect.
formerly have covered similar shipments from the United
The Italian Government, it was said, has also adjusted tho duties on
imports of flour products to coincide with the increased rate on wheat. States only to Bremen. In its advices the Chamber says:
Shipments of wheat on route to France when the new rate was announced
will be permitted to enter at the former rate.
Extension of Agricultural Market News Service in
Pacific Northwest and South.
Expansion of the agricultural market news services of
the Bureau of Agricultural Economics through the establishment of additional field offices in the Pacific Northwest
and South, extension of the leased telegraph wire system,
and increased activities at existing field offices engaged in
the collection and dissemination of farm market news by
radio, telegraph, the press, and by mail, was announced by
the United States Department of Agriculture, on April 2.
This extension of the service was provided for by Congress
ih the appropriation act for the year beginning July 1 1929.
The Department's announcement says:
Expansion of the Bureau's market news service includes extension of the
leased wire system to Detroit; Cleveland; Nashville, Tenn.; Jackson, Miss;
New Orleans; Portland, Ore.; Seattle; Spokane; and Boise, Idaho. New
offices will be opened in Detroit, Cleveland, and New Orleans, for the
purpose of collecting and diseminating market reports on fruits and vegetables. longed wire connections at Nashville, Tenn., Jackson, Miss.;
and Boise, Idaho, will be for the purpose of distributing market reports
on fruits and vegetables, dairy and poultry products, grain, hay and feed,
and livestock. Through co-operative arrangements with the State Department of Agriculture in these States, the material available on the leased
wire system will be disseminated from those points by State agencies by
the use of the press, mail radio, and other feasible means.
Extension of the leased wire service to the Pacific Northwest will make
available to that important producing section comprehensive market reports on fruits and vegetables, dairy and poultry products, grain and hay,
and livestock. A new office for reporting fruits and vegetables and dairy and
poultry products will be opened at Seattle. The fruit and vegetable news
service will be expanded at Spokane. The present Bureau offices at Portland will be enlarged in order to expand materially the fruit and vegetable
market news service and the livestock service, and to develop a comprehensive market reporting service on dairy and poultry products and on
grain and hay.
The Bureau contemplates also that the grain and hay market news
service will be expanded by opening an office at San Antonio in order to
this service
serve the Southwest, and expects to station a representative of
at San Francisco. It is also planned to begin the reporting of locally dressed
at these points
meats in New York and San Francisco, the present service
being limited to reporting shipped-in meats. Some additional clerical
help will be furnished to certain of the middle western livestock reporting
offices. Reports on eggs and poultry will also be inaugurated in New
York and Chicago.
Expansion of the Bureau's market news service has been made necessary
production,
by the revolutionizing changes which have occurred in the
marketing, and consumption of farm products in recent years. The period
has been marked by a rapid commercial expansion in the fruits and vegeconsumption of
tables industries in response to the large increase in the
in all lines of
these products; the development of co-operative marketing
aviculturel products with a consequent modernizing of marketing methods,
This agreement is expected to have an unusually favorable effect on the
Polish textile industry as it will eliminate the long railroad haul from
Bremen to the textile mills in Poland.
Cotton for the textile industry around Lodz, often called the "Manchester
of the East," accounted for about $40,000,000 of the Polish purchases from
the United States last year.
American exports to Poland in 1928 were 24% greater in value than
In 1927, according to statistics compiled by the Department of Commerce.
Export shipments in 1928 were valued at $52,358,000 as compared with
$42,100,000 in 1927.
While exports were increasing, direct imports from Poland decreased
slightly from $2,158,000 to $2,132,000. These figures, however, are
somewhat misleading because Polish products Imported into the United
States via Germany and other countries are not credited to Poland in
American statistics. Total purchases of Polish products by the United
States in 1927 amounted to about $4,500,000, and it is believed that complete statistics for 1928 will indicate a total in the neighborhood of
$5,000,000.
Progress of Cotton Co-operatives in 10 Years.
The cotton co-operative marketing organizations now are
on a better operating basis than at any time in the last 10
years, declared James S. Hathcook, United States Department of Agriculture economist, addressing the co-operative
marketing school at Raleigh, N. C., March 20. "The severe
economic depression of 1920-21," Mr. Hathoock said,
"forced the South to give attention to the economic problems
of cotton marketing. During the next two years, 15 Statewide or regional co-operative cotton marketing associations
were formed, and organization campaigns were conducted
under high pressure to get the largest possible membership.
Extravagant promises were made, but those in charge of the
organization work believed that drastic methods were
required."
During the period of advancing cotton prices, the speaker
declared, the early co-operatives were fairly successful,
but when prices declined the organizations discovered basic
faults in organization, operating and sales methods. The
transition period was one of experimentation in now methods
until the present type of organization is vastly different from
that of the original organizations. He went on to say:
The changes made In co-operative marketing of cotton have effected a
closer understanding and working relationship between the associations and
their members. Under present contractual arrangements, responsibility
Is shared with the individual members, particularly with respect to the
choice of time when sales are to be made. The members are studying the
problems of marketing more carefully than ever before, and the result Is
certain to be a more sympathetic and better informed membership.
In the beginning, one of the principal purposes of co-operative cotton
marketing was to avoid 'dumping in the Fall by distributing sales in an
JUNE 1 1929.]
FINANCIAL CHRONICLE
orderly manner throughout the year. It was expected that this program
would result in the highest possible average prices. Since then the ideas of
co-operative cotton marketing officials with respect to orderly marketing
have undergone a complete change. Under the operation of the daily pricefixation pools,for example,the association sells spot Cotton whenever there is
sufficient mill demand, but leaves the time of price-fixation entirely in the
hands of the individual members. The early belief that 'dumping' caused
an autumnal price dip has been discarded as the behavior of prices has come
to be better understood.
A very important change has been made in co-operative marketing with
respect to pooling practices. During the first few years it was the practice
of cotton co-operatives to distribute the exact distributable proceeds of
each grade and staple pool to the members participating in it without regard
to prices being returned to members from other pools. Each pool was
treated separately as if there were only one pool. Before very long it was
discovered that in some instances higher prices per pound were being paid
for the lower grades and shorter staples than for higher grades and longer
staples.
This situation has been corrected by carrying the sales of all pools in
one sales account and distributing the total non-distributable amount to the
various pools in proportion to the quantity in each pool and in accordance
with proper commercial grade and staple differences. In this manner the
• member recieves full value for his cotton on a quality basis and is given the
production incentives necessary to an improvement of his quality.
A gradual increase in direct-to-mill sales has been in evidence during
recent years, and some of the associations are now selling 100% of their
cotton in this way. Classing and grading services have been improved, and
the cotton being offered by cotton co-operatives to-day probably comes
nearer to being uniformly classed and stapled than at any previous time in
the history of the movement.
India Ranks Next to United States as Producer of Raw
Cotton.
India ranks second only to the United States as a world
producer of raw cotton, but the quality of the Indian crop
is so inferior that great improvement in its cultivation will
be necessary before it can be completely competitive with
American cotton, according to the Association of Cotton
Textile Merchants of New York. "India is handicaped by
the fact that cotton production in that country averages
about eighty-five pounds per acre," states a report completed for the Association "The average yield per acre
In the United States runs about one hundred and fifty-eight
pounds." The report further says:
A further and more serious handicap is that the length or staple of
Indian cotton ranges from three-eights of an inch to five-eights of an inch.
In comparison with American cotton, this makes it so inferior that it
can be used for making only the coarsest yarns and cloth that can be
woven from such coarse yarns.
It has been stated that if the proposed duties on jute and jute burlap
are included in the tariff re-adjustment about to be presented to Congress,
the Indian jute industry which is the largest in the world will be reduced
to such an extent that India will turn to the production of cotton on a
scale as great as that of the United States and immediately bring about In
English mills the substitution of Indian cotton for American cotton. Such
an overwhelming change does not appear to be in prospect.
India formerly took from America and from England quantities of coarse
cotton cloths. These are now being made of Indian cotton in native mills
so that under the existing condition of no tariff on jute and only nominal
rates on burlap, the growth of the native cotton industry has taken all
but a remnant of this large market.
This, however, is not true with regard to cloths made of finer yarns.
England still supplies these to India in a large way. They are made of
American cotton and cannot be made of the short staple Indian cotton.
Were it possible to construct such cloths of Indian cotton, it would long
since have been done, for the Indian cotton undersells American some four
cents per pound.
India has not challenged American supremacy on high grade cotton.
She has invaded and taken large sections of the world market for low
grades. This in itself furnishes a further sound reason why our domestic
market for such cotton and the Coarse cloths made from it should be
protected from jute and its products and preserved to the American cotton
farmer and textile manufacturer.
3599
Meanwhile the tense situation growing out of strikes at the American
Bemberg and American Glanztoff plants on April 15 still was unabated.
Rumors of dynamitings,riots and minor pillage continued to fly through the
town, but all were found to be groundless.
Extra troops were placed near the Bamberg filtering plant and a truck
load of soldiers was sent to guard Watauga River Dam, 18 miles above
the city. Damage to the filtering plant would stop operations at the mill,
and to the dam would affect Elizabethton's water supply and indirectly
stop the Bemberg Plant.
A group of guards early to-day fired on a few prowlers near the Demberg
filtering plant. None was hurt.
Approximately 25 persons, most of them men, were still in jail here
to-day on various charges placed against them after strike disorders.
The charges ranged from carrying concealed weapons to intimating workmen.
Regarding the settlement of the strike on May 25, the
"World" had the following to say in a dispatch from Elizabethton:
Miss Anna Weinstock, twenty-eight, a representative of the Federal
Department of Labor, to-day succeeded in bringing to an end the strike
of 5,500 persons against the Bemberg & Glanzstoff rayon mills which has
been in progress several weeks.
Announcement of the settlement was made by W. S. Kelly, President of
the United Textile Workers of America, late to-day. The workmen and
women will go back to their benches Monday morning.
The final settlement was reached upon five points formulated by Miss
Weinstock. They are:
1. All former employees will register for employment immediately.
2. If any of former employees are not reinstated, the company shall
furnish reasons for not re-employing the workers.
3. Should the reasons not be satisfactory, the employee has the right to
take the case up with E.T. Wilson, personnel director of the mills, who will
make an impartial judgment of the case. He will be the sole judge of the
merits of the case.
4. The company agrees not to discriminate against any employee engaged in the strike, provided that his or her activities were legitimate and
were not carried on at the mills.
5. The management agrees to meet a committee of the strikers to adjust
any grievances.
Mothwurf's Altitude.
Dr. Arthur Mothwurf,President of the Bamberg Plant and the Glanzstoff
Mill,said:
"I will deal only with former employees as such, and not with the union
as a union. Former employees, considered undesirable, will not be given
their positions."
Both sides give credit to Miss Weinstock, who,single handed, worked for
conciliation and won. She convinced the heads of the mills to negotiate for
settlement on the basis of the five points which she drew up and put through
the conference with successful result. This she did after Charles G. Wood,
also from the Labor Department had failed.
She arrived in the town two weeks ago and registered under an assumed
name and went to work. She first convinced Dr. A. Mothwurf, President of
the company, at his home and drew from him a promise tore-open negotiations. This was when a deadlock existed and the town was full of National
Guardsmen armed for trouble.
Wins Kelly Over.
Miss Weinstock then approached Mr. Kelley and talked him over, and
this afternoon she made her plea to 2,000 of the strikers in mass meeting
assembled. She carried her point. The subsequent negotiations by the
committees took only a short time and the strike was settled.
ki Mr. Wilson, who was appointed only to-day as personnel director of the
mills following the settlement, gained some fame in 1927 when he was instrumental in adjusting the textile strike in Passaic. N. J.
On May 26 some dissatisfaction was reported among a
certain group of the strikers who are said to have resented
a statement by Dr. Arthur Mothwurf,President of the mills,
that he was not willing to deal with the union, but it is said
that upon the advice of W.F. Kelly, Vice-President of the
United Testile Workers the striking employees decided to
return to work immediately. Further reports (Associated
Press)from Elizabethton on May 27 said:
A conference of union leaders, mill officials, business men and strikers
late to-day brought peace again, and workers began filing applications
for re-employment in the American Glanzstoff and American Bemberg
textile plants after a strike of six weeks. Alleged Communists and a misunderstanding for a time had threatened to nullify the settlement of
Settlement of Strike at Tennessee Textile Mills.
yesterday.
Workers appearing to apply for employment in the mills early to-day
Following the reaching of an agreement on May 25 for the
saw T. Perry, alleged abductor of two union leaders in the office at a
settlement of the strike at the textile plants at Elizabethton, hotel where they were to apply, and this coupled with what W. F. Kelly.
Tenn. of the American Bemberg and American Glanzstoff Vice-President of the United Textile Workers of America, termed "Comcorporations it was announced in Associated Press dispatches munist" agitation, served to create excitement and strikers refused to
work.
from Elizabethton on Monday, May 27 that "alleged com- apply for however, the conference was arranged and strikers placated and
Later,
munists" and a misunderstanding for a time threatened to registering of applications was moving forward rapidly late to-day.
Strikers in the plant, who walked out April 15. yesterday voted to
nullify the agreement. An adjustment of these latest
work, but protested the employment of Perry, whom they alleged
interferences appears to have been effected. While it was return toof the men who abducted Edward F. McGrady. personal reprewas one
announced in Associated Press accounts from Elizabethton sentative of William F. Green, President of the American Federation of
on May 6 (referred to in our issue of May 11, page 3106) Labor. McGrady and another labor leader were forced to leave here,
but later returned.
that the plants of both corporations had been reopened,
McGrady charged "Communists are responsible for the outbreak to-day."
renewed disorders had since been reported advices from but added he had volunteered his services to a citizens' committee to aid
in quieting the strikers.
Elizabethton, May 14 (Associated Press) stating:
Dr. Arthur Mothwurf, President of the mills, was called from his home
Disorders in connection with the strike of several thousand textile workers
and went to the mass meeting to help avert renewal of the strike. McGrady
here reached a climax to-day with the arrest of more than 300 strikers on
declared that four Communists arrived here last night and "have been
charges of intimidating employes returning to work in the two affected exciting" the strikers.
plants. nd to-night talk of martial law was heard.
Further Associated Press accounts from Elizabethton
Textile Mill Strike in Tennessee Cost Put at $500,000
(May 19) Said:
Martial law in Carter County, the scene of five weeks of textile labor
disturbance, "will not be ordered unless the courts fall to function." adjutant General Boyd said late to-day, following a conference attended by
representatives of the Governor, the State Attorney General and military
and civil officers.
Gen.Boyd, who is in command of eight companies of National Guardsmen
who were ordered here to act as special officers, repeated his previously
expressed determination not to proclaim martial law at this time.
—President of Rayon Companies Says Strikers
Lost $210,000 in Wages.
The following Elizabethton (Tenn.) advices May 26 are
from the New York "Times":
Mill workers and officials settled down to-day to counting the cost of
the fifty-day strike at the rayon plants here and to making Igaric for the
resumption of work beginning to-morrow.
3600
FINANCIAL CHRONICLE
President Mothwurf of the American Bemberg and Glanzstoff corporations estimated the cost of the struggle at about $500,000, or $10,000 a day
in direct losses to the mills and strikers.
"Our losses at the Bemberg plant," he said in part, "came under several
headings. The largest item was in wages and salaries of the force retained
to maintain the plants during the strike. This ran to about $12,000 a week.
"At the Glanzstoff plant conditions were virtually the same, except that
the strike lasted about five weeks. The cost to us there amounted to 860.000 to $70,000, not including loss of materials that would not keep. The
loss of materials in solution, of chemicals, and such, probably amounted
to $30.000 or $35,000.
"The direct cost to the mills will not exceed $150.000. We did not lose
any orders."
Strikers Lost $210,000 in Wages.
"The loss to the strikers since April 15 will run to about $210,000 in
wages alone.
"Thus the direct cost to the mills and strikers probably will run to
$360,000.
"Unfortunately, the losses were not confined to the mills and the strikers.
The State of Tennessee has been maintaining troops here since April 15.
Under an arrangement with the State, the Bemberg and Glanzstoff companies have been paying the troops direct and will be reimbursed out of the
State Treasury.
"We have been paying, under that arrangement, about $1,000 a day.
We have also advanced money to Carter County to maintain its extra
force of deputy sheriffs. Thirty thousand dollars probably will cover the
county's cost and probably $50,000 to $60,000 will represent the cost to
the State of keeping its troops here."
Cost to City Was $25,000.
The little city of Elizabethton is a heavy sufferer from the strike. For
seven weeks it has been maintaining a force offrom 50 to 150 special police,
each paid from $4 to $8 a day. This item is estimated at $25,000.
To-day's activities were confined to the calling of a meeting of former
strikers,-which was addressed by Miss Anna Weinstock. the Federal Labor
Department's representative, and by union officials. Somewhat of a flurry
was caused in union ranks this morning by a statement to Dr. Mothwurf
in which the mill President expressed satisfaction that the strike had ended
and added that no undesirables would be re-employed. This was smoothed
over at the afternoon meeting.
Relief over the settlement is tempered by a feeling of uncertainty and
few persons would be surprised at sporadic violence during the next fortyeight hours. Mutual suspicion still runs high. The feeling prevails that
the test will come to-morrow morning, when the former strikers begin to
register for re-employment.
As a precaution against possible violence, Dr. Mothwurf probably will
ask, he said to-day, that the State troops remain on duty at the plants until
the latter part of the week. The Sheriff, too, is taking no chances and Is
keeping his special deputies on duty.
fVoL. 12A.
will be headed by E. B. Reeser, President of the Barnsdaln
Corporation, and will include members of the Institute's
committee on world production and consumption of petroleum.
and its products.
Much talk is being heard in financial circles of proposed
mergers of oil companies, with the rumors linking numerous.
of the leading producing units. It is generally understood
in the industry, however, that any such action which may
be contemplated will be postponed until the Colorado Springs
session is completed, as there is no wish to divert attention
from the subject of necessary conservation to the union of
leading factors in the industry. The production for last
week, ending May 25, showed a daily increase of 46,8001
barrels.
May 29.
-Standard Oil Co. of Louisiana announces advance of 10c. a
barrel to $1.30 for Bellevue crude oil.
Prices of Typical Crudes per Barrel at Wells.
(All gravities, where A. P. I. degrees are not shown.)
Bradford, Pa
$44.10 Smackover, Ark.. 24 and ovec
Corning, Ohio
1.75 Smackover, Ark., below 24
Cabell, W. Va
1.35 El Dorado. Ark., 34
Illinois
1 45 Urania, La
Western Kentucky
1.53 Salt Creek, Wyo., 37
Midcontinent, Oklahoma, 37
1.23 Sunburst. Mont
Corsicana, Tex., heavy
.80 Artesia. N. Mex
Hutchinson, Tex., 35
.87 Santa Fe Springs, Calif., 33
Luling, Tex
1.00 Midway-Sunset, Calif., 22
Spindletop, Tex., grade A
1.20 Huntington, Calif., 26
Spindletop, Tex.. below 25
1.05 Ventura, Calif.. 30
Winkler, Tex
.65 Petrolla. Canada
5.90.76
1.14
.90
1.23.
1.65
1.08
1.35
se.
1.09
1.18
1.90.
REFINED PRODUCTS
-U. S. MOTOR GASOLINE STRONG IN
CHICAGO MARKET
-HOLDS FIRM THROUGHOUT EAST
No further advances in the price of U. S. Motor gasoline
were announced this week, the increase in the cost of crude
oil made last week apparently having been previously
discounted. However, reports of much firmer markets
throughout the Chicago territory have been received.
Prices in that section are firm at 94c. a gallon, which, while
not representing an increase over previous quotations, indicates that refiners are holding more firmly to their quoted
prices.
There is no change in the local situation. Consumption
The settlement of the strike is referred to in another item
in this issue of our paper.
continues at the high levels prevailing during the past few
weeks, and prices continue to run from 9 to 10c. a gallon,
depending upon the conditions at the different refineries.
Brandon Mill Strike at Greenville, S. C. Ends as 1,250 Those who
were well sold up are holding for the higher price,
Return.
while those who have large stocks on hand are reported to
Under date of May 20 the New York "Journal of Com- be willing to shade off from a fraction to a full cent.
merce" reported the following from Spartanburg, S. C.:
Kerosene remains unchanged, with most of the larger
The strike of the 1,250 operatives of the Brandon Mill,largest unit of the
Brandon Corp.. Greenville, S. C., which was initiated with a walkout on refiners asking 8c. a gallon for water white, in tank car at
March 27 in protest against the stretch-out system, ended this afternoon refinery, and a cent more for tank cars delivered nearby.
when all operatives returned to work at the hour scheduled in conformity to These prices, however, were open to slight variation, with
an agreement recently reached between mill officials and operatives.
There was no demonstration of any kind, although the workers gathered concessions granted on important business. Pennsylvania
at the mill building some time before the hour set for resuming operations. lubricating oils continue firm and unchanged. A surprising
The strike leaders assert that they won 80% of their demands. The adjustcondition is that heating oils continue to move with hardly
ment and agreement is credited in Greenville to the efforts of H.E. Thompson, Secretary of the State Board of Conciliation, and Greenville business any change, despite the sudden spell of hot weather. The
men associated with him.
weather changes usually bring about an immediate drop
C.E. Hatch, General Manager of the Brandon chain of mills, announced
to-day that terms, virtually the same as those offered and accepted by in consumption. In fact, there has been a noticeable amount
striking employes of Brandon Mill and Poinsett Mill, will be offered the of new business placed this week.
striking operatives of the Woodruff Mill, another unit of the chain located
In Spartanburg County. Operations are scheduled to be resumed at Pohl
sett Mills Thursday.
-Crude Prices Firm-Oil
Petroleum and Its Products
Men Plan to Attend Governor's Parley.
Crude oil prices held firm throughout this week, the higher
levels established last week not affecting sales in any noticeable manner. One new advance was announced when
Standard Oil of Louisiana raised Bellevue crude oil 10c. a
barrel to $1.30. This became effective Wednesday, May 29.
Conservation agreements within the industry continue with
the latest being the cessation of drilling operations in- the
middle dome of the Kettleraan Hills, to be suspended until
Jan. 1 1931.
The chief item of interest among petroleum leaders now,
of course, is the Governors' parley to be held in Colorado
Springs June 10 at the instance of President Herbert Hoover.
This session is to consider the practicability of preparing an
inter-State agreement relative to the conservation of drilling
and production in the interest of conservation. Mark L.
Requa of California, a retired oil operator, is to preside as
Chairman at this meeting and will serve as the Federal
Government's representative. Mr. Requa served as Director-General of the Oil Division of the United States Fuel
Administration during the war. He has been an active
worker in behalf of conservation of crude oil resources, and
his selection and acceptance is highly pleasing to the industry.
The American Petroleum Institute this week selected a
committr to represent this organization at the parley. It
Gasoline. U. S. Motor, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne) .10 Arkansas
.0614 North Louisiana__ -- .07%
West Texas
0814 North Texas
.06%
.0634 California
Chicago
07
.0914 Los Angeles, export- .0734 Oklahoma
New Orleans
.09%
07% Gulf Coast, export- .0834 Pennsylvania
Gasoline, Service Station, Tax Included.
New York
.182
19 Cincinnati
18 MInneapolki
Atlanta
195
.21 Denver
16 New Orleans
21
Baltimore
188 'Philadelphia
.22 Detroit
.215
Boston
.20 Houston
.18 Ban Francisco
.205
Buffalo
15 lasksonvlile
24 Spokane
.169
Chicago
179 St. Louis
15 Kansas City
Kerosene, 41-43 Water White, Tankcar Lots. F.O.B. Refinery.
New York (Bayonne) .0834!Chicago
.07%
.0531 New Orleans
North Texas
.0634
.0634 Los Angeles. export .0516 Tulsa
Refinery or Terminal.
Fuel Oil, 18-22 Degree, F.O.B.
New York (Bayonne) 1.051 Los Angeles
851 Gulf Coast
.75
951 Chloago
.55
Diesel
2.001 New Orleans
Gas oil, 32-36 Degree, F.O.B. RelinerY or Terminal.
New York (Bayonne) .05341 Chicago
Tulsa
.031
03
Crude Oil Output in United States Maintained at
High Rate.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended May 25 1929, was 2,690,350 barrels, as
compared with 2,643,550 barrels for the preceding week, an
increase of 46,800 barrels. Compared with the output for
the week ended May 26 1928 of 2,350,750 barrels per day,
the current figure shows an increase of 339,600 barrels daily.
The daily average production east of California for the
week ended May 25 1929 was 1,921,350 barrels, as compared
with 1,888,350 barrels for the preceding week, an increase
of 33,000 barrels. The following estimates of daily average
gross production, by districts, are for the weeks shown below:
J 11 N II 1 1929.]
FINANCIAL CHRONICLE
3601
DAILY AVERAGE PRODUCTION (Figures in barrels.)
There are four States. Arkansas. Itah, Montana, and Louisiana, from
Weeks EndedMad 25'29. May 1829. May 11 '20. May 26'28. which definite word as to attending the conference has
not yet been reOklahoma
691,150
672,150
671,800
609,450 ceived. The American Petroleum Institute,
along with other repreKansas
116,850
115,150
114,050
108,450
Panhandle Texas
63,800
62,300
59,450
65,350 sentatives of the oil industry, was invited to attend and has accepted.
North Texas
83,900
84,300
83,500
75,100 The Independent Oil Producers Association, the Rocky Mountain 011 &
West Central Texas
52,800
51,30050,450
54.200 Gas Association, the California 011 & Gas Association, and the OklahomaWest Texas
370,200
383,900
350,950
291,350 Kansas Division of the
Mid-Continent Royalty Owners Association, were
19,800
East Central Texas
19,400
18,050
22,500
Southwest Texas
79,900
78,800
73,900
22,850 similarly invited, and have also signified their intention to send repreNorth Louisiana
35,400
35,350
35,350
43,550 sentatives.
Arkansas
71,550
71,200
71,250
94,950
The Oil Conservation Board will be represented at the conference by
Coastal Texas
127,800
130.150
135,350
114,750 Secretary
Wilbur, its Chairman, Dr. George Otis Smith, Director of the
Coastal Louisiana
19,700
18,750
19,350
17,950
Eastern
115,000
114,250
113,000
113,500 Geological Survey and Chairman of the Board of Technical Advisors
52.000
Wyoming
49,900
50,500
60,350 of the Federal Oil Conservation Board and Edward S. Rochester. Secretary
Montana
11.450
11,050
10,950
10.700 to the Board. Edward C. Finney, Solicitor of the Department
of the
Colorado
7,600
7,450
0,550
6,400
New Mexico
2,450
2,450
1,700
2,550 Interior, and Northcutt Ely and William Atherton Du Puy. Executive
California
769,000
755,200
758,800
636,800 Assistants to the Secretary, will also attend.
Total
2,690,350 2,643,550 2,624,750 2,350,750
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle. North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ending May 25 was 1,585,350 barrels, as compared with
1.554.350 barrels for the preceding week, an increase of 31,000 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,536,550 barrels, as compared with 1,505,750 barrels, an increase
of 30.800 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follows:
-1Veat Ended-Week Ended
Oklahoma-May25. May18. North LouisianaMay 25. May 18.
Allen Dome
23,800 24.800 Haynerrille
5,300 5.300
Bowlegs
37,000 35,650 Urania
5,850 5,950
Bristow-Slick
19,450 19,350
ArkanaasBurbank
20,450 20,550 Cham pagnolle
8.350 8,200
Cromwell
8,200
Smackover (light)
6,100 6,150
Earlsooro
61,650 60,100 Smackover (heavy)
48,800 48.600
Little River
77,900 74,650
Coastal Texas
Logan County
13,000 12,000 Hull
8,700 8,750
Maud
29,750 26,600 Pierce Junction
19,300 19,700
Mission
45,150 38,350 Spindletop
27,500 27,750
St. Louis
91,800 91,800 West Columbia
6,600 6,400
Seartght
12,600 12,350
Seminole
36,650 34,300 Coastal Louisiana
Tonkawa
10,100 10,250 East Hackberry
2,100 2,500
KansasOld Hackberry
3,300 2,900
Sedirwlek County
30,650 30,250 Sulphur Dome
3,000 2,400
Panhandle Tease
Sweet Lake
500
500
Carson County
6,600 6,8.50 Vinton
3,900 4.050
Gray County
29,450 27,900
Hutchinson County.- 25,100 24,800 Wyoming
North Texas
Salt Creek
32,100 30,000
Archer County
18,950 18,500
Wilbarger County
26,350 27,300
Montana
West Central Texas
Sunburst
6,850 6,500
Brown County
7.950 7,900
Shackelford County 13,250 13,050
California
West Mat
Dominguez
9,500 10,000
Crane & Upton Counties 47,500 47,550 Elwood-Goleta
28,400 29,000
Howard County
42,400 43.600 Huntington Beach
42,300 42,000
Pecos County
106,550 97.400 Inglewood
23,500 23,500
Reagan County
18,400 18,400 Kettleman Hills
3,50(1 3,500
Winkler County
144,300 145,600 Long Beach
178,000 177,000
East Central Texas
Midway-Sunset
64,000 64,000
Corsicana-Powell
8,300
8,150 Rosecrane
5,800 6,200
Southwest Texas
Santa Fe Springs
180,000 167,000
Laredo District
11,600 11,750 Seal Beach
41,000 41,000
Luling
12,000 11,950 Torrance
13,000 13,000
Salt Flat_
48,900 47,550 Ventura Avenue
57,000 56,000
Governors of Oil-Producing States To Confer on Oil
Conservation at Colorado Springs at Invitation
of President Hoover-American Petroleum Institute to Participate.
It was made known at the White House on May 22 that
President Hoover had extended an invitation to the Governors of the oil producing states in the West and Southwest
to
participate in a preliminary conference at Colorado Springs,
Colo. on June 10 to consider the possibility of framing an
Inter-state compact to co-operate with the Federal
Government in furtherance of its aim to affect the conservation
of
petroleum.
Indicating that oil interests had likewise been asked
to
send representatives to the conference, an announcement
issued May 23 by the Department of the Interior said:
The Federal Oil Conservation Board announces that in connection
with
the scheduled meeting at Colorado Springs of representatives of the Governors of a number of oil producing States, a cordial invitation was sent
out
to-day to representatives of the independent producers of oil, as
well as
to major companies, to attend and offer any suggestions which
they may
have concerning the elimination of waste and other conservation measures.
The plan of the meeting is to discuss general principles rather than a specific
nter-State compact. The Federal 011 Conservation Board has no specific
form of compact in mind. It hopes that out of the conference some
satisfactory plan may arise. The general principles are to promote uniformity
of the conservation laws of the various oil producing States, provide against
Inequitable distribution of the burden of conservation among the States,
and to provide stability of uniform provisions over a period of years. It is
thought that flexibility to meet changing conditions could best be secured
by some method which would entrust to an inter-State conservation body
certain regulatory functions. If there should be common agreement
among certain of the States, then the plan would be to have further action
depend upon the legislatures of the States and Congress.
A further announcement was given out as follows May
27 by the Department of the Interior.
The Federal 011 Conservation Board has received acceptances to attend
the conference called by the President and to be held under its auspices
at Colorado Springs, Colo., on June 10, from seven Governors, those of
New Mexico, Kansas. Wyoming, California, Colorado, Oklahoma, and
Texas. Most of these Governors will attend in person and bring expert
delegations with them. Those who are unable to attend will send representatives. Some of them have stated their desire to bring delegations
containing as many as 20 members. To such suggestions Secretary Wilbur,
Chairman of the Oil Conservation Board, has replied by asking that three
of these representatives, in the interest of convenience, be designated as
official.
Secretary Wilbur on May 28 sent a telegram to Mark L.
Requa, in California, asking him to be present at and to
preside as Chairman of the oil conferences called by the
President. He asked Mr. Requa immediately to take the
Government oath and to act,on that occasion as the representative of the Government. Mr. Requa accepted and was
sworn in. Secretary Wilbur will be present at the conference when it is opened, will aid in its organization and then
will turn it over to those who constitute it. Mr. Requa is
a mining engineer, a retired oil operator, and was Director
General of the 011 Division of the United States Fuel Administration during the War. He has been working recently
as a free lance in the interest of oil conservation.
Secretary Wilbur explained that while this conference
is called by the President, is to be attended by officials of
the Federal Oil Conservation Board, of the Department of
the Interior, of the various oil producing States, and rdpresentatives of the petroleum industry, it is in fact preliminary and has no final authority.
It is added any action it might take would be in the nature of a recommendation it would have no authority to write a binding compact. If
specific results should grow out of it they would have to develop step by
step. As a result of its deliberations State Legislatures might take action
leading to uniform legislation and the acceptance of an oil conservation
compact subject to the final approval of Congress.
The American Petroleum Institute, at a meeting of its
directors in New York on May 28, formally accepted the
Invitation of President Hoover to be represented at the
conference, and named a committee to attend. The Institutes acceptance was indicated in the following resolution
adopted May 28.
Whereas, the President of the United States has invited the Governors
of certain oil producing States to attend a conference in Colorado Springs
on June 10 to consider the subject of censervation of our oil and gas resources, and
Whereas, the Federal Oil Conservation Board has invited the American
Petroleum Institute to send representatives to that conference, therefore,
be it Resolved:
1. That the invitation be accepted and that the President of the Institute
be authorized to appoint a committee to attend that conference.
2. That the Institute recognizes the desirability
(a) of uniform conservation laws in the major oil and gas producing
States:
(b) such safeguards for the enforcement of these enactments as it may
be found possible;
(c) flexibility In enforcement by entrusting the formulation of regulatory
provisions to a commission;
(d) authority in the commission to approve agreements affecting conservation;
(e) establishment of a few major principles to guide the commission in
ita action. and
3. That the committee should report back to the board of directors
before undertaking to commit the Institute to any definite program.
The committee which will represent the American Petroleum Institute at the conference will be headed by the
President of the Institute, E. B. Reeser, and will include also
W. R. Boyd Jr., Executive Vice-President, and the following who are members of the General Committee of the
Institute's Committee on World Production and Consumption of Petroleum and its Products:
R. C. Holmes, President, Texas Co., New York.
K. R. Kingsbury. President. Standard 011 Co. of Calif., San Francisco
G. Legh-Jones, President, Shell Co. of California, San Francisco,
L. P. St. Clair, Vice-Pros., Union 011 Co. of California, Los Angelo.
W. C. Franklin, Vice-President, Tidal Oil Co., Tulsa.
B. H. Stephens, Vice-President, Magnolia Petroleum Co., Dallas.
W. N. Davis, Vice-President, Phillips Petroleum Co., Bartlesville.
W. S. Fitzpatrick, Chairman of Board, Prairie Oil & Gas Co:, Independence.
Roy B.Jones, President,Panhandle Producing & Ref. Co., Wichita Falls.
W. M.Irish. President, Atlantic Refining Co., Philadelphia.
F R. Coates, Vice-President, Henry L. Doherty & Co., New York.
Henry M Dawes, President, Pure Oil Co.. Chicago.
W. C. Teagle, President, Standard Oil Co. of New Jersey, New York.
Axtell J. Byles, President. Tide Water Associated Oil Co., New York.
E. J. Sadler, President, Creole Petroleum Co., New York.
R. G. Stewart, President, Pan-American Petroleum & Transport Co..
New York.
Richard Airey, President..Asiatic Petroleum Co., New York.
C. F. Meyer. President. Standard Oil Co. of New York, New York.
A. E. Watts, Vice-President, Sinclair Consolid. Oil Corp., New York.
W.8. Parish, President. Humble Oil & Refining Co., Houston.
J. Edgar Pew, Vice-President, Sun 011 Co., Dallas.
An item regarding the co-operation of the Institute with
the Federal Oil Conservation Board in the working out of
3602
FINANCIAL CHRONICLE
[VOL. 128.
oil Conservation measures appeared in our issue of April into this country have risen approximately 19 times since
1915, the survey discloses, although the total amount from
27, page 2728.
foreign countries in 1928 was only 2,283,351 barrels, slightly
than 1% of total production. Due to the cheapness;
-Umpire Celts for more
California Oil Curtailment Order
of foreign production, however, Crehore & Co. suggest that
Reduction in Output of 199,394 Barrels.
the present Administration realize "this unfair condition
From Los Angeles the "Wall Street Journal" of May 28 and remedy it by removing cement from the Free List
reports the following:
and granting our manufacturers a suitable protective tariff.
Umpire F. C. Van Deinse has issued a general order, effective June 1,involving curtailment of 199,394 barrels daily crude oil production in While earnings of cement companies have reflected the conCalifornia.
dition arising form these influence of foreign cement," conThe curtailment is based on average daily potential production in period
is now promise of improvement
from June 1 to June 15. Order embraces all wells in the State exclusive tinues this house, "there
of new wells brought in since May 21. Previous order, made effective through the stabilization of their marketing conditions.
May 16. called for curtailment in output of 190,264 barrels.
During this present period of adjustment, cement securities
Latest order is based upon a new plan of arriving at potential production
by the general engineering committee, and contemplates that are available at unusual investment values."
developed
Potential production shall be taken to be average estimated unrestrained
Production of wells, and allowable production shall be based on wells according to volume of potential production, regardless of location.
Steel Output Continues at Virtually Capacity Op-Shipments at High Rate-Prices Unerations
changed.
The steel requirements of the automotive industry conYates Oil Pool (Texas) May Ease Curb-Meeting of
Operators Called for June 10 to Consider Question tinue to taper, but there are no evidences of a general decline
in demand, reports the "Iron Age" in its current issue.
of Increasing Output.
From the "Wall Street News" we take the following ad- Deliveries of forms of steel largely used in motor oar manufacture have shown improvement, but on other finished
vices from Houston Tex. May 16.
A meeting of the operators in the Yates pool, Pecos County, West Texas, products mill backlogs are undiminished, adds the "Age,"
has been called for June 10 to consider the advisability ofincreasing the out- which further states:
Recently the allowable
put of the Yates pool from 100,000 bbls. daily.
Shipments continue at a high rate and ingot production for May will
output of the pool was increased from 87,500 bbls. to 100,000 bbls. daily. show little, if any, reduction from that of March or April, completing the
this increase and are now
Some of the operators were disappointed with
third month of virtually capacity operations.
contending that the allowable outlet of the pool be further increased to
The ingot output of Steel Corp. subsidiaries last week, at nearly 500,000
bbls. or more a day.
200,000
tons, set a new six-day record. This production was at the unprecedented
At a recent meeting of these operators at Fort Worth the principal topic rate of 25,000,000 tons a year, or 800,000 tons in excess of theoretical
discussed was a further increase in the output of the pool. At this meeting capacity.
It was impossible to compose the differences between the two extremes
With open-hearth furnaces heavily taxed, some producers have asked
represented, those that wanted the output to stand as at present and those customers who had specified the Siemens-Martin product to accept Bessein favor of increasing it to 200,000 bbls. daily or more.
mer steel instead. Certain it is that all available equipment is being used
to turn out steel, and undoubtedly the wear and tear on open-hearth plants
Price Raise Chances Dim.
has caused available converters to be rushed into service.
The discussion of the meetng is believed by many to have considerably
The recession in specifications from the automobile industry is not yet
chances of an advance in the price of West Texas crude oil. sharp. The leading makers of low-priced cars evidently plan no curtailchilled the
Many believe that the least improvement in thageneral condition will bring ment in their output, and, while some other companies which are bringing
out more oil, which would have a cooling effect on the oil buyers. Best out new models are making drastic cuts in their production schedules, they
chances for the advance in prices was believed to have resided in the tight are expected to resume operations on a broad scale in August.
crude condition which was just beginning to be in evidence.
Meanwhile mill backlogs are surprisingly well maintained, despite the
As for the Yates pool, Pecos County, there are those who believe that high rate of shipments during the past month. At Pittsburgh, mill comit could produce 300,000 bbls. per day without danger of appreciable mitments on bars, plates, shapes and sheets will show very little contraction
damage. In fact, seepage oil in upper stratas is being cited as indicative as compared with the end of April and will sustain a high rate of operations
that the back pressure on the pool is too heavy now.
until July 1. Further releases against contracts, which will be accepted
by most mills until June 15, will undoubtedly carry over considerable
Pipe Line Capacity Extended.
second quarter tonnage into July and August. A large sheet consumer in
available, as it the East has specified its requirements as far ahead as September.
At any rate it is declared by some that with the outlet
soon will be, the pool could make more oil than Winkler County ever did
Construction work shows no decline and may take more,rather than less,
without underground damage. For this reason it is held that chances for steel in the immediate future. Nearly 71,000 tons of fabricated structural
an adjustment of West Texas crude in advance of a general price advance steel has been added to the pending list in the past week. Large projects
are now remote.
are numerous, new ones including a dam near Pasadena, Cal., calling for
10,000 tons, and a New York subway section, requiring 9,500 tons. Plate
and shape bookings on the Pacific Coast thus far this year exceed the total
Metals Fairly Steady Despite Quiet Trade ,for the entire first half of 1928.
Non-Ferrous
A branch of construction activity that is steadily gaining in importance
-Copper Holds at 18c. Delivered in East-Zinc
Is highway building. Road machinery manufacturers are consuming steel
Sales Few.
at the limit of their plant capacities.
Shipbuilding programs continue to mature,and two vessels for the Matson
The ninth week of inactivity in metals closes with prices
Navigation Co., placed with the Fore River Shipbuilding Co.,require 20,000
they were a month ago. The metal pro- tons of plates and shapes.
no lower than
Railroads, despite delayed deliveries on their winter purchases of rails,
ducers as a group feel that the lack of demand that has
Southern
are taking
existed recently merely marks a change in buying practice Pacific has more interest in their supplementary needs. The Central
entered the market for 40,000 tons. The Mexican
from far-forward commitments to buying for prompt ship- has ordered 240 box cars from an American equipment builder and Is exment, "Engineering and Mining Journal" reports. Evi- pected to buy 800 more. A Western road may soon inquire for 5,000 cars.
Present prices on hot and cold-rolled strip, wire products and bolts and
dence accumulates that June will witness a relatively active nuts will be continued into the third quarter, according to announcements
demand for all of the major metals, though principally for by various manufacturers. Prices on bars, plates and shapes for that period
have not been formally named, but some mill representatives have been
early delivery. It is added:
Cold-finished steel bar
Business in copper was slow, but somewhat better than in the preceding authorized to take contracts at current quotations.,
makers will soon open their books and propose to extend the time limit for
week. Three sellers continue to monopolize the business for electrolytic,
third quarter specifications until Sept. 30, thereby abandoning the plan,
all of their business being booked on the basis of 18c., delivered Connecticut.
adopted last year, of requiring all releases to be made 15 days before the
June requirements of consumers are not entirely provided for. Domestic
end of a quarter.
manufacturers report that their orders from ultimate consumers are disPig iron buyers continue to delay contracting for the third quarter. Autoappointing.
motive foundries have curtailed operations to some extent and other miters,
Sales of zinc have been few and far between. Many of the producers
notably in New England and in the Pittsburgh district, will carry second
continue to quote 6.80c., East St. Louis. but one seller sold a quantity
quarter iron into the third quarter, but pig iron consumption, as a whole,
as low as 6.55c.
Is well sustained except in the South. Southern furnaces are exerting inLead appears quite steady, and, barring any further substantial decline
creased pressure for sales in the North. Silicon differentials have been
in London quotations, the present price level seems likely to be maintained.
is taken waived on southern Ohio business, and shading of the base price of $15.
There was a fair call for carload lots for prompt delivery, which
frequent. Plans of Alabama producers
to indicate that consumers are postponing large-scale buying as long as Birmingham, is reported more
to reach the Philadelphia district under a new rail and barge rate, effective
possible.
June 15, are causing some concern among eastern Pennsylvania furnaces.
Scrap prices at Pittsburgh, although substantially unchanged, have a
with
United States Cement Output Rising, Survey of Frank stronger undertone. Other markets remain weak, at lit.declines of 50c.
Louis.
a ton on heavy melting steel at Philadelphia and 25c.
H. Crehore Shows.
unchanged, pig iron at
Both of the "Iron Age" composite prices are
2.412c. a lb., as the following table shows:
Capacity and production of American Portland cement $18.71 a ton and finished steel at
Pig Iron.
Finished Steel.
companies have risen steadily since 1921, according to a
May 28 1929. $18.71 a Gross Ton.
May 28 1929, 2.412c. a Lb:
$18.71
2.4120. One week ago
One week ago
survey published by Frank H. Crehore & Co. in their 1929 One month ago
2.4I20. One month ago
18.58
2.3480. One year ago
17.39
edition of "Cement." In 1928, capacity was 237,794,000 One year ago
15.72
1.689c. 10-y&Ir pre-war average
10-year il'e-war average
Based on average of basic iron at valley
barrels and production was 175,968,000, compared with
Based on steel bars, beams,tank plates.
furnace and foundry irons at Chicago,
wire,
and black
144,354,000 and 98,842,000 in 1921. From 1914 to 1921, Theserails, black pipe87% of the sheets. Philadelphia. Buffalo. Valley and BirUnited
products make
mingham.
States output of finished steel.
capacity and production showed a smaller increase, capacity
Low.
Low.
Iltoh.
May 14
Mar. 19
Apr, 2
In 1914 being 115,000,000 barrels and production 88,230,000. 1929_2.412c. Dec. 11 2.3910. Jan. 8 1929_318.71 Nov. 27 $18.29 July 24
17.01
2.3140. Jan. 3 l028_ _ 18.59
1928_2.391c.
19.71
4
Over the fifteen-year period, it is seen that both capacity 1927_2.453c. Jan, 4 2.2930, Oct. 25 1927___ 21.54 Jan. 5 17.54 Nov. 1
Jan.
19.46 July 13
1926__2.453c, Jan. 5 2.403e. May 18 1926___
and production have practically doubled. Imports of cement 1925-2.560c. Jan, 8 2.396e. Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7
JUNE 1
1929.]
FINANCIAL CHRONICLE
Current prices are being extended into the third quarter
on some steel products, while on others producers are reaffirming their official second quarter levels, from which
there have been occasional deviations, states the "Iron
Trade Review"in its issue this week. The "Review" adds:
Third quarter books were opened by some makers in the past week on
wire products, strip, cold finished bars, wire rods, bars, plates and shapes.
Within a few days the movement is expected to become general. Last
week prices were extended on tin plate and sheets.
Spiegeleisen is announced as unchanged for the last half, whNe users of
ferromanganese who did not buy through the entire year are now covering
at unchanged prices. For several weeks pig iron sales have been made for
third quarter delivery at prevailing prices.
This strong situation in prices has the backing of sustained demand which
has carried finished steel through its fifth successive record month. Few
products have escaped,in the past week,the tendency toward a slight easing
In specifications, but considering the season, consumptive requirements
continue extraordinary.
With deliveries on the more important steellines still 4 to 6 weeks deferred
on the average, it is generally accepted that a record first half production
is assured. Especially is this true in pig iron. Unless the situation changes
rapidly, the summer lull this year promises to be unusually gentle.
Warm weather comes as a factor to retard production, and repairs are
imperative, but in most districts steelmaking operations are little changed.
Chicago mills hold to 98% and Pittsburgh to 95. All but two out of 51
Independent open hearths at Youngstown, 0., are on. Steel corporation
subsidiaries are operating at capacity, and with independent producers
at 93% the entire industry is averaging 95%.
Railroad equipment buying resumed its market leadership the past week
when nearly 2,600 freight, passenger and miscellaneous cars and 16 locomotives were purchased. Thus far in May 6,590 freight cars have been
ordered, compared with 8,205 in April and 6,043 last April. Impetus
to the week's business was given by the Baltimore & Ohio's 1,000 box car
bodies and 750 cars by the Nickel Plate. Secondary buying of track
material at Chicago is expanding.
Structural steel requirements continue heavy. At New York 30.000 tons
of material for subway and elevated roadway construction will shortly be
placed. Between 25.000 and 30,000 tons of structural work is pending at
Chicago, and mills there are unable to promise plain material short of ten
weeks.
Demand for plates, chiefly for car, pipeline and tank work, is sufficently
extensive at Chicago to enable Eastern mills still to take business there.
Nearly 20,000 tons of plates is involved in oil country needs. Bar requirements at both Pittsburgh and Chicago are steady. and May specifications,
while slightly under those of April, have been surprisingly broad.
With the lifting of the ban on drilling in some southwestern fields, line
pipe mills look for increased business. Farm areas continue good buyers
of wire products, with May shipments of most makers measurably above
those of April. Deliveries of strip are gradually becoming more prompt.
As automotive production grows snore spotty, requirements for sheets
vary. Specifications for the higher finishes are reported curtailed by most
makers, but increased needs of other users neutralize this loss, and for the
industry as a whole new business about equals shipments.
Excepting wire rods, on which the price has been extended, third quarter
announcement has not been made on semi-finished steel. Pressure from
semi-finished consumers has subsided inappreciably. Reflecting increased
production at furnace ovens, beehive coke output is now the highest in
nearly two years. Though iron and steel scrap consumption is seasonally
large, prices generally feel the weight of exccess supplies.
Consumers of pig iron are ordering out iron at a rate indicating little
tonnage will be carried over into the third quarter. Selling for that delivery
continues mild in most districts except in Chicago. Moderate savings are
accruing to melters in the Pittsburgh district as the new blast furnace in
that district sells against expected production. Rail and water rates from
Birmingham to North Atlantic ports are to be reduced to move the surplus
merchant iron in the Birmingham district.
AdjusSments in pig iron prices at Pittsburgh, resulting from the entry of
a new producer there, lower the "Iron Trade Review" composite of fourteen
leading iron and steel products 3 cents, to $37.10. This is the first decline
in this index since early January.
3603
Estimated Production of Coal by States In April(Net Toni).a
StateApr. '29. Mar.'29. Apr. '28. Apr. '27. Apr. '23
Alabama
1,430,000 b1,385,000 1,407,000 1,555.000 1,676,000
Arkansas
63,000
86,000
96,000
53,000
86,000
Colorado
611,000
693,000
708,000
618,000
750,000
Illinois
3,650,090 4,400,000 1,309,000
227,000 5,983,000
Indiana
1,084,000 1,480,000.
196,000 2,089,000
Iowa
243,000
309,000
229,000
62,000
404,000
Kansas
120,000
196,000
105,000
60,000
819,000
Kentucky-Eastern
3,300.000 b3,225,000 3,337,000 4.040,000 2,518,000
850,000 1,020,000 1,340,000 1,74E3,000
Western
766.000
190,000 b234,000
Maryland
186,000
201,000
211,000
Michigan
46,000
55,000
50,000
49,000
91.000
Missouri
220,000
270.000
210,000
60,000
240,000
185,000
240,000
Montana
192,000
230,000
172,000
New Mexico
210,000
205,000
235,000
210,000
241,000
90,000
115,000
North Dakota
75,000
69,000
63.000
1,646,000 1,600,000
Ohio
815,000
570,000 3,113,000
135,000
142,000
200,000
Oklahoma
239,000
200,000
10,570,000 611078,000 9,337,000 9,847,090 14,356,000
Pennsylvania
400,000
435,000
446,000
Tennessee
499,000
491,000
70,000
Texas
75.000
56,000
96,000
80,000
Utah
330,000
295,000
380,000
337,000
282,000
980,000 b1,040.000
Virginia
870,000 1,137,000 1,012,000
185,000
190,000
Washington
158.000
145,000
195,000
9,840,000 69,940,000 9,335,000 11,832,000 8,272,000
West Virginia
435,000 b490,000
Wyoming
425,000
345,000
472,000
6,000
6,000
14,000
Other States_c
24,000
25,000
Total bituminous coal--36,888,000 39,347,000 32,188,000 34,538,000 44,057,000
6,441,000 5,044,000 6,909,000 7,078,000 7,885,000
Pennsylvania anthracite
Total all coal
43,329,000 44,391,000 37,097,000 41,616,000 51.942.000
a Figures for 1927 and 1923 are final. b Revised. c This group is not strictly
comparable in the several years.
Above are given the first estimates of production of bituminous coal, by
States, for the month of April. The distribution of the tonnage is based
in part (except for certain States which themselves furnish authentic data)
on figures for loadings by railroad divisions, courteously furnished to the
U. S. Bureau of Mines by the American Railway Association and by officials of certain rdads, and in part on reports made by the U.S.Engineers
office.
The total production of by-product coke in April amounted
to 4,456,944 net tons, and of beehive coke, 467,700 tons.
The consumption of coking coal in April is estimated at
7,156,000 net tons, of which 6,429,000 tons was charged in
by-product ovens and 727,000 tons in beehive ovens.
Bituminous Coal Production Higher Than Last Year
Anthracite and Beehive Coke Output Lower Than
in 1928.
According to the U. S. Bureau of Mines, Department of
Commerce, the output of bituminous coal for the week ended
May 18 1929, totaled 8,932,000 net tons, as compared with
9,142,000 tons in the preceding week and 8,182,000 tons in
the week ended May 19 1928. Production of Pennsylvania
anthracite in the week ended May 18 last amounted to
1,442,000 net tons, as against 1,695,000 tons in the same
week in 1928 and 1,253,000 tons in the week ended May 11
1929. Output of beehive coke in the week ended May 18
1929, totaled 135,200 net tons, compared with 80,900 tons
in the corresponding week last year and 124,800 tons in the
week ended May 11 1929. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal durins the week ended May 18 1929.
including lignite and coal coked at the mines, is estimated at 8.932.000
net tons. Compared with the revised estimate for the preceding week, this
shows a decrease of 210,000 tons, or 2.3%. Production during the week
in 1928 corresponding with that of May 18 amounted to 8,182,000 net tons.
Estimated Weekly Production of Coat by Stales (Net Tons).
Week Ended
May 4
May 11
May 12
May 14
May 1923
1929.
1929.
1929.
1927.
StateArerage.a
335.000
327,000
328,000
Alabama
329,000
398,000
11,000
14,000
27,000
Arkansas
16,000
20,000
144,000
13'9,000
123,000
168,000
124,000
Colorado
910,000
599,000
892,000
Illinois
62.000 1,292,000
291,000
269,000
Indiana
129,000
184.000
394,000
Iowa
59,000
21,000
64,000
56,000
89,000
27,000
29,000
18,000
28,000
Kansas
75,000
908,000
931,000
679,000
844,000
Kentucky-Eastern
984,000
The U. S. Steel Corp. is still reported as operating at "practically capac214,000
183,000
202,000
385,000
Western
210,000
actual percentage is down a point or more from a week ago, Maryland
ity" but the
47,000
42,000
42,000
45,000
44,000
13,000
12,000
12,000
13,000
10,000
when the mills were at 101%% of rated capacity. Two weeks ago the plants Michigan
Missouri
56,000
21,000
48,000
43,000
58,000
were at 103%.
41,000
40,000
42,000
46,000
Montana
54,000
Independent steel companies are down only fractionally at 9255 %. New Mexico
57,000
47,000
55,000
38,000
54,000
North Dakota
14,000
22,000
12,000
18,000
12.000
contrasted with 93% in the previous week and 91% two weeks ago
Ohio
132,000
226,000
860,000
360,000
396,000
At this time last year the Steel Corp. was running at 813%, with the Oklahoma
46,000
46,000
38,000
56,000
33,000
independents around 76% and the average was about 7835%.
Pennsylvania (bitum.)___ 2,515,000 2.465,000 2,299,000 2,329,000 3,578,000
121,000
105,000
106,000
90,000
97.000
Tennessee
Specifications from steel consumers still continue large and this has Texas
26,000
14,000
22,000
17,000
17,000
necessitated active operations at the mills. It is probable that a compara- Utah
63,000
52,000
64,000
56,000
74,000
250,000
271.000
236,000
223,000
232,000
tively good rate will exist throughout June, unless extremely hot weather Virginia
38,000
44.000
36,000
49,000
42,000
sh'
Wa ngton
interferes With activities.
W.Virginia-Southern b.. 1,895,000 1,735,000 1,917,000 2,172.000 1,419,000
demand is again reported somewhat lessened by the leading steel
New '
823,000
825.000
696,000
632,000
Northern c
656,000
74,000
78,000
110,0E10
companies. This Is logical for this season of the year. Thus far the let-up Wyoming
107,000
97,000
Other States
5,000
1,000
5,000
1,000
3.000
has been much below what was considered normal in
Steel ingot production has been reduced about 1% during
the past week and is now at 95% of rated capacity, compared
with 96% in the preceding week,and 973.% two weeks ago,
says the "Wall Street Journal" of May 28, which we further
quote:
previous years. Automobile companies are not as active as buyers, and in some instances cancellations have been reported by motor Car makers.
Total bituminous coal__ 9,142,000 8,781,000 8,392,000 8,309,000 10.878,000
Pennsylvania anthracite__ 1,253,000 1,633.000 1.890,000 1.975.000 1.932,000
Total all coal
10,395,000 10.414,000 10,282,000 10.344,000 12,810,000
a Average weekly rate for entire month. b Includes operations on the N. & W.,
C. d, 0., Virginian, K. & M., and Charleston division of the B. & 0. c Rest of
Monthly Production of Coal by States in April.
The total production of bituminous coal for the country as
a whole in April is estimated at 36,888,000 net tons, in comparison with 39,347,000 tons in March, and 32,188,000
tons in April last year, according to the U. S. Bureau of
Mines. The average daily rate of output decreased 72,000
tons, or 4.8% in April.
The production of Pennsylvania anthracite increased from
5,044,000 net tons in March to 6,441,000 tons in April.
The average daily rate increased 64,000 tons, or 33%.
State, including Panhandle.
Estimated United States Production of Bituminous Coal (Net Tons).
1920--1928-Cal. Year
Cal. Year
Week.
to Date.
Week.
to Dates
May 4
8,781,000 180,511.000
8,174,000 166,570,000
Daily average
1,464,000
1,703,000
1,362,000
1.573.0(10
May 11_6
9,142,000 189,653,000
8,392,000 174,962,000
Daily average
1,524,000
1,693,000
1,399,000
1,563,000
May 18_c
8 932,000 198,585,000
8,182,000 183,144,000
1 489,000
Daily average
1,683,000
1,364.000
1,553,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
May 18 (approximately 118 working days) amounts to 198.585,000 net
tons. Figures for corresponding periods in other recent years are given
below:
3604
[vol.. 128.
FINANCIAL CHRONICLE
1928
183,144,000 net tons11926
207,010.000 net tons
1927
224,101,000 net tons11925
184,357,000 net tons
As shown by the revised figures above, the total production of soft
coal for the country as a whole during the week ended May 11 1929, amounted to 9,142,000 net tons. This is an increase of 361,000 tons, or 4.1%.
over the output in the preceding week. The following table apportions
the tonnage by States and gives comparable figures for other recent years:
PENNSYLVANIA ANTHRACITE.
The total production of Penniylvania anthracite during the week ended
May 18 is estimated at 1,442,000 net tons. Compared with the output
in the preceding week, this shows an increase of 189,000 tons, or 15.1%.
Production during the week in 1928 corresponding with that of May 18
amounted to 1,695,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1928
1929Cal. Year
Cal. Year
Week Endedto Date.a
Week.
to Date.
Week.
May 4
1,633,000 26,464,000
1,826,000 24,931,000
May 11_b
1,253,000 27,717,000
1.890.000 26,821,000
May 18.e
1,442,000 29,159,000
1,695,000 28,516,000
a Minus one day's production first week in January to equalize number of days
In the two years. b Revised. c Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended May 18 is
estimated at 135,000 net tons, as against 124,800 tons in the preceding
week. The following table apportions the tonnage, by States:
Estimated Production of Beehive Coke (Net Tons).
Week Ended
May 18 May 11
1929
1928
May 19
to Date.a
1929.b
1928. to Date.
1929.
Pennsylvania & Ohio
113,500 101,000
59,100 1,820,000 1,312,000
West Virginia
242,900
9,600
198,100
9,900
10,500
Georgia, Ky.& Tenn
1,200
32,400
88,000
3,200
3,400
Virginia
5,000
99,500
93,400
5,400
5,400
Colo., Utah & Wash
5,000
4,700
3,800
110.500
87,800
United States total
135,000 124,800
80,900 2,260,500 1,824,100
Daily average
22,500
18,996
20,800
13.483
15,323
a Minus one day's production first week in January to equalize number of days
the two years. b Subject to revision.
Increased Income Tax Exemptions in New York State
Removes 150,000 Persons from State Tax List.
The 570,000 people in this State whose incomes fall within
the range mentioned in the personal income tax law of New
York State save amounts ranging from $5 to $30 by virtue
of the amendments to the law. Of this number, 150,000
persons' names will disappear from the State's rolls, as they
fall within the class whose incomes range from $2,500 to
$4,000 yearly. According to officials of the Tax Department
of which Thomas M.Lynch is Commissioner of Taxation and
Finance, another change noted in the law this year is that
relating to gross incomes. The former requirement for the
filing of returns in the event that this gross income exceeded
$5,000, regardless of the amount of net income, was modified
by placing the limitation at $6,500. In all cases where the
net income was less than $2,500 or $4,000, as the case may
be under the new exemptions, no return is to be filed unless
the gross income exceeds the new limitation of $6,500.
Amendments to the income tax law were advocated by Governor Franklin D. Roosevelt, who wanted a flat 20% reduction, but the Republican Legislature adopted the present
law which increases the personal exemptions for single persons
to $2,500 and for married persons and heads of families to
$4,000. The dependency credit of $400 for each dependent
under 18 years of age or others physically or mentally defective remains the same as heretofore.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on May 29 made public by till) Federal
Reserve Board and which deals with the results for the
12 Reserve banks combined, shows an increase for the week
of $83,800,000 in holdings of discounted bills and decreases
of $20,100,000 in bills bought in open market and $8,700,000
in Government securities. Member banks reserve deposits
increased $10,100,000 and Federal Reserve note circulations
$14,100,000, while Government deposits declined $3,900,000
and cash reserves $38,200,000. Total bills and securities
were $55,000,000 above the amount held on May 22. After
noting these facts, the Federal Reserve Board proceeds as
follows:
Holdings of discounted bills increased $50,500,000 at the Federal Reserve
Bank of Chicago, 819,900,000 at Philadelphia, $7,300,000 at Boston,
$6.600,000 at Kansas City, $5,400,000 at Cleveland and 84,990,000 at
San Francisco. The System's holdings of bills bought in open market decreased 820,100,000 of Treasury notes 86,900,000 and of Treasury certificates $1,890,000, while holdings of United States bonds were practically
unchanged.
Federal Reserve note circulation increased 85,900,000 at Philadelphia,
84,600,000 each at Boston and Cleveland and $14,100,000 at all Federal
Reserve Banks.
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 3643 and 3644. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended May 29, is as follows:
Total reserves
Gold reserves
Increase (+) or Decrease (-)
During
Year.
Week.
May 29 1929.
$
$
2 969,958,000 -38,173,000 +212,465,000
2,823,724,000 -18,178,000 +216,857.000
ing 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 decreased $232,000,000.
This follows a decrease of $45,000,000 last week and an
Increase of $140,000,000 in the four previous weeks. The
total of these loans on May 29 at $5,288,000,000 compares
with the high record of $5,793,000,000 made on March 20
1929 and with $4,469,000,000 on May 29 1928.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 29 1929. May 22 1929. May 29 1928'
3
Loans and investments-total
7,100,000,000 7,120,000.000 7,265,000,000
Loans
-total
Net demand deposits
Time deposits
Government deposits
701.000,000
55,000,000
743,000,000
54,000,000
5,124,000,000 5,070,000,000 5,495,000,000
1,154,000,000 1,169,000,000 1,210,000,000
10,000,000
42,000,000
42,000,000
92,000,000
92,000,000
769.000,000 *772,000,000
111,000,000
081,000,000
Borrowings from Federal Reserve Bank_
103.000,000
111,000,000
237,000,000
Loans on securities to brokers and dealers
For own account
773,000,000 827,000,000 1,219,000,000
For account of out-of-town banks_ _ _1,540,000,000 1.651,000,000 1,608,000,000
For account of others
2,975,000,000 3,042,000,000 1,642,000,000
Federal Reserve notes in circulation_ _1,653,685,000 -14,131,000
+6,683,000
2,331,194,000
Total deposits
2,285,870,000 +10,118,000
Members' reserve deposits
15,366,000 . -3,925,000
Government deposits
+60,366,000
Loans and investments-total
-76,413,000
-71,453,000
-7,481,000
Loans-total
673,000,000
62,000,000
Due from banks
Due to banks
74,854,000
10,078,000
+19,595,000
-84,371,000
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 cover-
1 018,000,000 1,038,000,000 1,075,000,000
783,000,000 788,000,000 811.000,000
Reserve with Federal Reserve Bank
Cash in vault
8,715,000
-2,000
•-6,874,000
1,839,000
-
U. S. Government securities, total 144,572,000
50,384,000
Bonds
84,965,000
Treasury notes
9,223,000
Certificates of indebtedness
-186,069,000
1 801,000,000 1,825,000,000 1,885,000,000
U. S. Government securities
Other securities
-209,793,000
+44,403,000
98,305,000
+142,708,000
2,575,000,000 2,614,000,000 2,763,000,000
2,724,000,000 2,680,000,000 2,617,000,000
Investments-total
1 258,502,000 +54,986,000
988,194,000 +83,768,000
Bills discounted. total
Secured by U. S. Govt. obliga'ns 536,177,000 +33,619,000
452,017,000 +50,149,000
discounted
Other bills
117,979,000 -20,067,000
Bills bought In open market
Total bills and securities
5 299,000,000 5,294,000,000 5,380,000,000
On securities
All other
Total
On demand
On time
•Revised.
5 288,000,000 5,520,000,000 4,469,000,000
4,946,000,000 5,187,000,000 3,397,000,000
342,000,000 333,000,000 1,073,000,000
Chicago.
May 29 1929. May 22 1929. May 29 1928.
$
2,107,000,000 2,009,000,000 2,082,000,000
1,602,000,000 1,593,000,000 1,575,000,000
On securities
All other
878,000,000
697,000,000
905,000,000
697,000,000
896.000,000
697,000,000
415,000,000
416,000,000
507,000,000
172,000,000
243.000,000
172,000,000
244,000,000
218,000,000
289,000,000
Reserve with Federal Reserve Bank.... 164,000,000
Cash In vault
15,000,000
166,000,000
15,000.000
180,000,000
18.000,000
Investments-total
U.S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
1,150,000,000 1,184,000,000 1,278,000,000
638,000,000 642,000,000 726,000,000
4,000,000
11,000,000
11,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank.
134,000,000
285,000,000
134,000,000
295,000,000
79,000.000
33,000,000
172,000,000
346,000,000
48,000,00
JUNE
1 1929.1
FINANCIAL CHRONICLE
3605
buildings andlhospitals]willbrobably total 12.000,000 paper pesos. The
press reports that other British-owned railways will soon follow the example
of the Buenos Aires Pacific Railway in precluding foreigners other thans
Britishers from gaining its control. The municipality of La Plata I
establishing industrial zones in which manufacturers will be exempted from
taxation for a period. American automobiles and trucks have slightly declined in April. The Buenos Aires Exposition of radios, photographic
and motion picture apparatus is stimulating American sales of these products.
BOLIVIA.
Business conditions during May failed to improve and the unsettled
situation was distinctly unsatisfactory to local merchants. Trade in foodstuffs was generally poor as the Indians are harvesting their crops and remaining away from the cities. Importers of automotive vehicles and tires
are still experiencing an excellent business although trade in all other lines
continues slow. Heavy purchases of flour and sugar have occurred in
anticipation of the possibility of an increased duty on these products in
the near future. Leading importers of textiles report sales at a standstill
ofsuch classes of goods as were affected by the recent increase in duties and
the local mill has raised its prices for "tocuyes" and is now selling to the
retail trade only. The further decline in tin prices during the month
from a high of £201, 12s. 6d. on May 10 to a low point of £196 25. 6d. per
ton on May 23 has resulted in a further restriction in purchases by the mining
companies which have been obliged to reduce their overhead. No hope
ofany immediateimprovement in tin prices is held here and in some quarters
it is believed that the price will drop even further,
BRITISH EAST AFRICA.
Business in Kenya is reasonably good,the building and automotive trades
being particularly active; in Uganda trade conditions have improved considerably with the marketing of a good cotton crop estimated locally at
from 200,000 to 210,000 bales as against 137.000 bales marketed last season
Overtrading has been discouraged by the banks with the result thatstocks on
hand in the Bazaar in Uganda are reported as still rather low in spite of the
general optimism as to trade conditions. Indian merchants in Kenya are
not holding large stocks. Large orders for cotton cloth have been placed
and the financial tone of the bazaar is regarded as satisfactory; compara
Lively heavy stocks are being imported by the European wholesale houses
In Kenya. In view of theserious and continued locust depredations in Kenya
and Tanganyika,trade is expected to be cautious at least during the season
The Federal Reserve Board's condition statement of weekly reporting of the long rains occurring from March to June as agricultural prospects
member banks in 101 leading cities on May 22 shows decreases for the depend to a large extent on whether the rains are adequate. Restriction
week of $151,000,000 in loans and investments, of $329,000,000 in net of credit facilities and reduction of stocks, which in general have characdemand deposits, and of $12,000,000 in borrowings from Federal Reserve terized the greater part of the past year. have on the whole had a salutary
banks.
effect on trade conditions. As the result of improvement in foodstuffs
Loans on securities declined $77,000,000 at all reporting banks. $50.- supplies in the native reserves affected by the locust pest, the export Prohi
000,000 in the New York district, $10.000,000 in the Chicago district, and bitions on native foodstuffs in Kenya have now been removed in the case
$6,000,000 in the Philadelphia district. "All other" loans declined $15,- of all foodstuffs except corn and corn meal. Business conditions in Tangan000.000 in the New York district, $11,000.000 in the Chicago district and yika Territory are said to be improving, with good prospects for the elseand coffee crops. The general condition of the bazaar is reported satisfac$36,000,000 at all reporting banks.
Holdings of U. S. Government securities increased 817,000,000 in the tory and stocks on hand are said to be not excessive. In Zanzibar a shortage
St. Louis district, and declined $24,000,000 in the New York district, ofready money is reported in the bazaar and some of the smaller merchants
$6.000,000 in the Boston district, $5,000,000 in the Chicago district and are said to be having difficulty in meeting their commitments. The clove
$21,000,000 at all reporting banks. Holdings of other securities declined market is very quiet. Except for the tobacco crop which is expected to
$10.000,000 in the New York district and 816.000.000 at all reporting yield somewhat less than in the previous year, crop prospects in Eyasaland
banks.
are good and the labor supply is satisfactory. Money is rather more plentiNet demand deposits, which at all reporting banks were 8329,000,000
ul and a record tea crop appears to be assured,
below the May 15 total, show substantial declines in all districts except
BRITISH MALAYA.
Cleveland and Minneapolis, the reductions being: New York, $151,Recent fluctuations in rubber prices have caused increased speculation in
000,000; Chicago, $48,000,000; San Francisco, $34,000,000; Boston, the
share market. General trade conditions are quiet, awaiting a definite
$23,000.000; St. Louis, $15,009,000; Kansas City. $13,000.000; Philatrend in the rubber market.
delphia. Atlanta, and Dallas. $12.000.000 each, and Richmond. $10,CANADA.
000.000. Time deposits declined 86,000,000.
Eastern Canada wholesalers report a satisfactory business turnover
The principal changes in borrowings from Federal Reserve banks for the with
an increasing movement in sporting goods, summer wearing appare
week were a reduction of $57,000,000 at the Federal Reserve Bank of and
other seasonal lines. In Western Canada wearing apparel sales are backNew York and increases of $14,000,000 at St. Louis, $9,000.000 at Chicago,
ward owing to cold weather but grocery business is excellent. Grain seeding
and 87,000,000 each at Boston and San Francisco.
in the Prairie Province has been much in advance of last year's schedule.
A summary of the principal assets and liabilities of weekly reporting
but some sections need rain and cold weather throughout the Prairies
member banks, together with changes during the week and the year ended
is also having a retarding influence. Wheat acreage is expected to be about
May 22 1929, follows
Increase 1+) or Decrease (—) the same as last year, but an increase in coarse acreage is estimated. The
Since
Ontario fruit outlook is satisfactory.
May 22 1929. May 15 1929. May 23 1928.
CHILE.
Loans and investments—total_
22,005.000,000 —151,000,000 —119,000,000
The commercial and industrial situation showed little change from the
satisfactory position of April, the merchandise turnover in the Santiago
Loans—total
16,187,000,000 —114,000,000 +276,000,000
region maintaining the same high levels as in previous months. Some
7,144,000,000 *-77.000,000 +109,000,000 commercial houses complain of more difficult collections, which coupled
On securities
0,043,000,000 •-36,000,000 +166,000,000 with the high discount rate may lead to a slow up. Bank loans showed a
All other
rediscounting with the Central Bank were less
—37,000,000 —395,000.000 further increase. Banks of
5,818,000,000
Investments—total
than at the same time last month. Increased loans from commercia
—21.000,000
—78,000,000 banks were believed to have been partially met from heavy balances carried
U.S. Government securities.... 2.951,000,000
—16,000,000 —317,000,000 abroad. The circulation of Central Bank notes as of May 17 totaled 369.2,867,000,000
Other securities
pesos. The
—35,000,000 —105,000,000 807,625 and Government monetary issues were 5,674,943
Reserve with Federal Res've banks 1,647,000,000
+8,000,000
235,000,000
—10,000,000 movement of bonds and shares during the first 20 days of May were much
Cash in vault
the preceding two months. Bond prices
less than in the same period of
12,810,000,000 —329,000,000 —834.000,000
Net demand deposits
Average prices of shares was
6,789.000,000
--6,000.000 --122,000,000 remained at about the same levels as in April.
Time deposits
—6,000,000
99,000.000
+61,000,000 slightly higher. Agriculture is being delayed because of the lateness of
Government deposits
rains. Prices of most agricultural products continue high with the exception
1,013,000.000
—86,000,000
—85,000,000 of wheat. The mining industries continue active. Copper production to
Due from banks
2,443,000,000 —151,000.000 —496,000,000
Due to banks
date is being maintained at about the same levels as in April. Construction
—12,000,000. —45.000,000 continues active although work already begun has slowed down during the
Borrowings from Fed. Res. banks. 614,000,000
Past two months owing to the approach of the winter season. Dealers in
•May 15 figures revised.
automobiles report sales of all types of passenger cars as satsifactory. Sale
of trucks continue very good, as well as the demand for tires and accessories.
the deplows is very
Summary of Conditions in World Markets, According The turnover in agricultural machinery and only moderate.active, of conSales
mand for seeders being fair and for tractors
Other Reports to the Depart- struction machinery continues active. Office appliances are selling well.
to Cablegrams and
Large orders have been placed for textiles such as prints and yarns and the
ment of Commerce.
demand for ducks, shootings and crepes is normal.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of•being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
1929, 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 May 22:
The Department of Commerce at Washington releases for
publication June 1 the following summary of market conditions abroad, based on advices by cable and radio:
CHINA.
Although the Peking-Tientsin area is quiet, b siness conditions in North
China are clouded. Movements of staple; inward from Tientsin to areas
ARGENTINA.
where military activities appear imminent have virtually ceased. Tientsin
Business in general continues to be seasonally depressed and the economic business is particularly quiet and cautious as to forward commitments,
outlook is somewhat disturbed by the reduced corn production and low Importers fearing that threatened disturbances may be extended both as to
wheat prices. The large consignments of grain shipments and the continued time and area. A number of sales of motor trucks from Tientsin and Peking
heavy imports of foreign merchandise have caused an abnormal shortage stocks have been made to military contingents. Through traffic on the
of foreign bills with the result that the Argentine peso has depreciated and Peking-Hankow railway is still suspended, and rail approaches from the
exports of gold have increased, but the latter is also due to the higher foreign, South and East are reported cut off by the destruction of bridges on the
The
especially New York, money rates. The Salta Provincial Legislature has Peking-Hankow line and of some trackage on the Lunghai line.
for passenger
submitted a bill to the Governor, providing for the issue of 2.700.000 gold Peking-Pukow route via Tientsin is operating, but only
pesos bonds, to be sold at not less than 90, the proceeds of which are to be traffic, as this line also is congested by military movements. Declared
used for irrigation, paving, and other public works. The funds to be au- exports of merchandise from Shanghai to the United States during the
thorized by the National Government for the construction of public schools. first four months of the year are reported by the American Consulate
.3606
FINANCIAL CHRONICLE
General of Shanghai to aggregate 118.453,000, compared with 11 .
.7 457,000
in the similar period of last year.
COSTA RICA.
Business in Costa Rica is reported generally dull. Rail communication
between San Jose and Port Limon was again interrupted on May 11,
but it is expected to be resumed shortly. If the bad weather continues, more
interruptions on this line may be expected. The congestion at Puntarenas
is slowly being ameliorated. The 1928-29 coffee season has terminated.
total shipments for the period amounting to 295,000 sacks of 150 pounds.
A total of 1,615 metric tons of cacao was exported during the period from
Jan.1 to May 15 1929,of which 776 metric tons went to the United States.
DOMINICAN REPUBLIC.
Business conditions In the Dominican Republic during May continued at
approximately the same levels as in April, when an upward trend was noted.
Imports continue to be from normal to heavy in volume,customs returns for
April indicating an improvement over March and receipts up to the present
time are approximately equivalent to the returns received in the same
period of 1928. However, a decline in revenues is anticipated in certain
quarters when the outstanding orders have been filled. The supply of
staple crops continue normal in volume and tobacco shipments are expected
to start about June 1. The credit situation in the North is serious but
should be relieved when the tobacco shipments begin to move. Collections
in Santo Domingo continued about the same as in April. Employment in
the North Coast areas has been reduced, but has increased slightly in the
Southern Provinces. Sugar production up to May totaled 288.870 short
tons, stocks on hand were 131.105 tons, and local sales totaled 16,908 tons.
ECUADOR.
Business and economic conditions in Ecuador during May continued
very unsatisfactory, the depression being even more marked than in previous months. In Quito where Government disbursements through salaries
to employees and the active operation of the textile mills create a more
even circulation of wages, the situation is somewhat better there than
elsewhere in the country. On May 13, the Central Bank raised the discount rates from 10 to 11% and dollar exchange from 5.02 to 5.06 in an
attempt to check imports and the sale of drafts, which are exceeding
offerings. The higher rates have reduced the demand for exchange, and
the Central Bank is endeavoring to curtail non-commercial operations and
to slow the importation of luxury items. The cacao situation is reported
to be very bad owing to the prevalence of monllia.
GUATEMALA.
There is at the present time a pessimistic tone in business circles, and
the present volume of business is below that of a year ago, although the
coffee situation both as regards price and demand is normal. The uncertainty which exists has brought about a certain amount of dealer and
purchaser conservatism, resulting in a more careful purchasing policy.
Decreasing customs collections at Guatemala City clearly indicate lowered
importations, especially since March 1. The lines hardest hit by the
decreased purchasing are textiles and dry goods in general, which account
for 25% of the total Guatemalan imports. On May 19, 16 dry goods
stores were destroyed by fire, with an estimated loss of $750,000. Generally speaking, the automobile, hardware, machinery and good-stuffs
trades have been satisfactory. Imports of flour have decreased but this
is attributable not only to a larger domestic wheat crop, but also to overbuying during the fall months of 1928. Imports of corn during April
amounted to 1,879 short tons, and it is estimated that 1,940 tons will be
imported in May and 1,788 tons in June. The generally accepted theory
Is that Guatemalan business conditions depend strictly on the state of the
coffee market and the coffee crop, but as a matter of fact the economic
structure of the country depends on both coffee and corn. While coffee
is, without doubt, the greatest factor, corn should also be considered.
Since the first of January 1928, almost $1,900,000 has been sent out of
Guatemala to pay for corn. Guatemala is not ordinarily a corn importing
country, nor is it rich enough to stand an outflow of approximately two
million dollars without noticeable affect. Undoubtedly, a very large percentage of this money has been withdrawn from usual trade channels
and as the actual outlay for corn has been taken from the proceeds of the
1928-29 coffee crop, the effect is only now beginning to be appreciated.
an effect which will become increasingly evident during the dull summer
months. Exports of coffee during the present season are expected to equal
those of last season.
INDIA.
Indian customs revenue for April registered a considerable increase over
the preceding month and for the corresponding month of 1928, indicating
a healthy condition in import trade. According to revenue collections,
imports cf sugar, piecegoods, silks, automobiles and cycles increased while
receipts of Iron, steel, railway plant, mineral oils and tobacco declined.
Exports of jute and rice were larger during April.
JAPAN.
General business in Japan is featureless. The stock market is weak,
due to repeated rumors of the early removal of the gold embargo. Sixty
per cent. of Japan's cotton spindles are operating in accordance with the
new factory laws. Some labor difficulties are reported, due to the change
of hours and wages, and a few mills report a considerable increase in production costs. Japan's foreign trade in the period May 10 to 20 totaled
51,000,000 yen in imports and 66,000.000 yen in exports, a decrease in both
Imports and exports from the previous ten-day period. (Yen averaged
10.4477.)
NETHERLAND EAST INDIES.
A severe windstorm is reported to have caused considerable damage in the
Deli tobacco district of northern Sumatra. Present estimates place the
damage at several million florins. (One florin equal $0.40.)
NICARAGUA.
Business in Nicaragua is experiencing the usual seasonal depression,
which has been accentuated by the sharp reaction from the favorable
conditions earlier in the year and by the smaller coffee and sugar production. Circulation of the Cordoba has decreased to 4,080,000 as compared with 4,270,000 during April. Imports through Corinto during the
period from April 25 to May 23 1929 amounted to 3,300 tons. Exports
during the same period amounted to 2,900 tons, of which 2,200 tons were
coffee.
PANAMA.
Local sugar producers have been given 30 days in which to reach an
agreement for curtailing sugar production. A foreign fruit company has
been given the right to erect radio stations wherever needed. The republic
has proposed stations for public and private use at Panama City and
Colon. On May 24 air mail service to Buenaventura and Turnaco,Colombin , was added to foreign mail route No. 9.
PERU.
The general outlook in Peru has been favorably fnfluenced by the pending
Peruvian-Chilean treaty which Is reported to have produced general
[VOL. 12S.
satisfaction. Merchants confidently look forward to a prosperous business
expansion and report the volume of merchandise turnover in May as
above that of last year. Bank estimates furnish an unusally favorable
report for the month. Labor is normally employed in all lines and reports
from the agricultural sections indicate that agriculturists are encouraged
by the condition of the cotton crop and the price outlook for this commodity. The sugar industry is depressed and is the only distressing
feature in the economic outlook. As sugar production ranks second in
importance among the agricultural products of the country, which has
only partially developed mineral resources, the existing situation is of
grave concern locally. Tonnage figures are not available but the stocks
of ores available for export indicate an increase over the production of
the same period of 1928 and an extensive production program being planned.
Oil exports are restricted in accordance with the agreement controlling
output.
SALVADOR.
The coffee market has grown weaker with lower prices and the demand for
Salvadoran coffee is falling off. There is some demand for unwashed superiod grade at prices ranging from $22.25 to $22.50 f.o.b. There is no
demand for current grade, which can be bought at $21.00 f.o.b. Weather
conditions.are favorable and as a result prospects for the 1929-30 coffee
crop are good.
.
URUGUAY.
General business conditions are easier owing to increased exports at fairly
good prices. April bank clearings amounted to 79,000.000 pesos, as against
71,000,000 pesos in March; currency circulation to 71,000,000 Pesos, as
against 72,000,000 pesos; March bank deposits to 161.000,000 Pesos, as
against 159,000,000 in February; April imports to 8.700,000 pesos and exports to 6,500,000 pesos. Due to heavier exports, customs revenues during the first three weeks of May increased 600,000 pesos over the corresponding period of the previous month. Cattle killings from Oct. 1 1928 to
May 24 1929 declined about 60,000 as compared with the corresponding
period of the previous year. A large number of American automobiles are
passing the gasoline consumption tests. Owing to the arrival of winter,
the retail trade is becoming brisker.
VENEZUELA.
Business continues dull on account of the unsettled political situation.
but there are prospects for a revival of trade when the new President of the
Republic is elected early in June. It had been expected that when President
Gomez was re-elected on May 3 business would immediately become improved. but with his refusal to accept another term the commercial situation has remained in a state of quiescence. Towns in the interior have
been especially affected, sales and collections having both fallen off, a
situation which is beginning to be reflected in the Caracas and other commercial centers. Movement of coffee and cacao to ports of shipment is
slow and prices are poor. Business in the Maracaibo Lake region is comparatively good as prosperity in that section is dependent primarily on
the intensive petroleum developments. The rise in exchange rates has
clintirgied- to the slowness in making collections. Most of the public
works projects are held in abeyance pending tho new Presidential election
UNITED KINGDOM.
Contrary to expectations, the coal trading returns now available for
March are less favorable than those for February. The latest returns show
trading losses for North Wales and Durham and lower profits for most
other districts. The possibility of increased employment of larger railway
coal cars is suggested by present political agitation for railway reorganization. Registered unemployment on May 13'aggregated 1,105,000 persons in Great Britain and 33,600 in Northern Ireland, as compared with
1,154.000 and 35,300, respectively, month previous.
The Board of Trade announces the appointment of an economic mission
to visit Argentina and Brazil to consider industrial, commercial and financial relations and to survey trading questions. The mission is to be headed
by Lord d'Abernon and will be accompanied by representatives of the textile, engineering and steel industries
The Department's summary also includes the following
with regard to the Island possessions of the United States:
PHILIPPINE ISLANDS.
Retail trade is generally slow and no improvement has occurred in the
textile market. Prices of leading export commodities remain unsatisfactory. The local abaca market is very firm at prices above buyers' offers
on all grades and transactions are limited. Quotations are nominal at 29
pesos per picul of 139 pounds for grade E: F. 25.50: G, 24.50: JUS, 20.50:
JUK. 17.50. and L, 15. Receipts of abaca during the week ended May 20
totaled 30,782 bales and shipments amounted to 24.196, of which American
importers took 10,757 bales. Stocks at Philippine ports on May 20
amounted to 208,000 bales, compared with 150.030 St the corresponding
date last year. Production during April totaled 163.557 bales. The
copra market is quiet but steady; pricesvontinue low as a result of the weak
oil market in the United States. 'Po-day's f.o.n. quotations are 10.875
pesos per picul. Manila and Cebu: 10.25 Legaspi and Hondagua. Local
oil mills are operating part time only.
PORTO RICO.
Business conditions in Porto Rico during May improved slightly as
compared with the immediately preceding months, and it is believed that
the total trade will exceed that of April. Some wholesalers believe that
collections show some improvement, but banks report them as more difficult than at any time since the storm with no immediate prospect of betterment.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that, beginning with the statement of Dec. 311927, several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks
is now included_ (3) minor coin (nickels and cents) has
been added. On this basis the figures this time, which are
for April 30 1929, show that the money in circulation at
that date (including, of course, what is held in bank vaults
FINANCIAL CHRONICLE
JUNE 1 1929.]
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201.371,691 6,372,813,901!1,625.130,779 4,747,683.122 39.751119,432,000
210,636,174 6,329,824,0801,581,366,023 4,748,458,057 40.20 118,127.000
352,850,336:6,761,430.672,1,063,216,060 5,698,214,612 53.01 107,491,000
117.350,216;5,126.267.436i 953,321,522 4,172,945,914 40.231 103,716,000
3.458,059,7551 34.921 99,027.000
188,397,009 3.458,059,755
1116.92, 48,231,000
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L 30 1929.
CIRCULATION STATEMENT OF UNITED STATES MONEY—APRI
MONEY OUTSIDE OF THE TREASURY.
MONEY HELD IN THE TREASURY.
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a
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•
8,333,935,461
8,251,925,759 53,721,774,1481 1,842,662,290
8,225,271,179 53,921,440,443 2,025.993,344
8,479, 20,824 52,436,864,530 718,674.378
5,396,596,677 52,952,020,313 2,681,691,072
41,845.575,8881,507.178,879
3,796,456,764:
1.007.084.4831 5212.420.402i 21.602.640
of members banks of the Federal Reserve System), was
$4,675,646,777, as against $4,747,683,122 March 31 1929 and
$4,748,458,057 April 30 1928, and comparing with 85,698,214,612 on Oct. 311920. Just before the outbreak of
the World War, that is, on June 30 1914, the total was only
33,458,059,755. The following is the statement:
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Representative McFadden Opposes United States
Entry to International Bank—Linking of Federal
Reserve to Old World Finance Would Be Disastrous, He Declares.
Emphatic opposition to participation of the United States,
in any way, in the international bank proposed by the Committee of Experts meeting at Paris, was expressed recently
by Representative McFadden, of Pennsylvania, Chairman of
the House Committee on Banking and Currency, says the
"Wall Street News" of May 28, which also reports him as
follows:
Mr. McFadden is particularly opposed to entanglement of the Federal
Reserve System with European finances, and said, "To permit the Federal
Reserve System to become involved in any way with such a glaring scheme
as the proposed International Bank would not only prove disastrous but
the
would lead us into a far worse tangle than that created recently by
Board's blundering attempt to deal with our market situation."
From the reparations muddle, Mr. McFadden pointed out, there has
emerged a proposal for an international bank which has only served to
add to the general confusion.
It is not surprising, Mr. McFadden believes, that the New York Federal
Reserve Bank was mentioned as the representative of the United States on
D.
the directorate of the International Bank, due to the presence of Owen
Young, Director of the New York Federal Reserve Bank, as chairman of
the Committee of Experts.
the
In spite of the announcement from Secretary of State Stirnson that
Government will not countenance participation of the Federal Reserve
System in the International Bank in any way, it has been given out that
members of the Committee of Experts say it makes no difference whether
American members of the directorate of the proposed International Bank are
from the Federal Reserve Board or not, Mr. McFadden declared.
Explains Reserve Functions.
It is held, in certain quarters, Mr. McFadden continued, that the American Government lacks authority to say whether Federal Reserve directors
may or may not accept membership on the directorate of the proposed
International Bank.
"We are apparently to be dragged into this wonderful financial scheme
whether' we wish it or not, and by a combination of international banking
interests and European politicians," he declared.
The main function of the Federal Reserve System is the maintenance of
a proper gold reserve and control of the total volume of credit, and in
the exercise of these prerogatives it must necessarily keep in touch with
world gold and crdit movements, but only for the purpose of wise and
Competent management in the preservation of the gold reserve and total
volume of credit, the Congressman continued.
It has been the fixed policy of the Harding, Coolidge and Hoover Administrations, Mr. McFadden said, to unalterably oppose allowing reparations
settlements being a vehicle for liquidation of the indebtedness of certain
European nations to us in such a way as to permanently entangle their
ability to pay us with Germany's ability to pay them.
It is naturally puzzling, therefore, to read a statement by Randolph
Burgess, who represented the Federal Reserve Bank of New York at the
Paris conference, saying that the project, namely, th Bank of International
Regulations, was almost completed.
The Federal Reserve Bank will act as correspondent to the new establishment, as it does for other central banks, which will avoid the necessity
of special American legislation," Mr. Burgess is quoted as saying. "The
Federal Reserve Bank will make important deposits of gold in the International Bank abroad and will reserve in New York deposits of gold
from it."
The Administration has upset, partly at least, this scheme to involve the
Federal Reserve System, Mr. McFadden pointed out. However, he said,
we would like to be more fully informed by Mr. Young and Mr. Morgan as
to just how far they have agreed to involve us in the proposed International
Bank.
5054b;-.
"-rm.
,
.5
.
7.p . .%
gza-tEAF4- 8, i
C.p
a Includes United States paper currency in circulation In foreign countries and
the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
b 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 for
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 silver dollars, respectively.
d 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 810.445,106 of notes In process of redemption, 8155,357,163
of gold deposited for redemption of Federal Reserve notes. $20,121,770 deposited
for redemption of National bank notes, $1,950 deposited for retirement of additional
circulation (Act of May 30, 1908). and $7,302,410 deposited as a reserve agalnst
Postal savings deposits.
.1 Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Note.—Gold certificates are secured dollar for dollar by gold held in the Treasury
are secured dollar for dollar by standard
for their redemption; sliver certificates
silver dollars held In the Treasury for their redemption; United States notes are
secured by a gold reserve of $150,039,088 held in the Treasury. This reserve fund
may 11190 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
Reserve notes are obligations of the United States and a first lien on all the assets
of the Issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as Is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including
the United States Treasurer,
the gold redemption fund which must be deposited with Lawful
money has been deagainst Federal Reserve notes In actual circulation.
Treasurer of the United States for retirement of all outstanding
posited with the
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
also maintained in lawful money
United States for their retirement. A 5% fund is
of national bank notes
with the Treasurer of the United States for the redemption
bonds.
secured by Government
3607
President Hoover in Memorial Day Address Sees Competitive Naval Construction Despite Kellogg Pact
for Limitation—Abandonment of Aggressive Use of
Arms by Signatory Nations Necessary to Prove
World has Renounced War.
In a Memorial Day address at Arlington Cemetery, Washington, on May 30, President Hoover made the statement
that "despite the declarations of the Kellogg pact, every
important country has since the signing of that agreement
been engaged in strengthening its naval arm." "If," he
said, "this declaration really represents the aspirations of
peoples; if this covenant be genuine proof that the world has
renounced war as an instrument of national policy, it means
at once an abandonment of the aggressive use of arms by
every signatory nation and becomes a sincere declaration
that all armament hereafter shall be used only for defense."
"The present administration of the United States," said
President Hoover, "has undertaken to approach this vtial
problem with a new program. . . . Limitation upward is
not now our goal, but actual reduction of existing commitments to lowered levels." The following is the President's
speech:
Fellow Countrymen:
Over the years since the Civil War the Grand Army of the Republic
have conducted this sacred ceremony in memoriam of those who died in
service of their country. The ranks of their living comrades have been
steadily thinned with time. But other wars have reaped their harvest
of sacrifice and these dead too lie buried here. Their living comrades now
join in conduct of this memorial, that it may be carried forward when the
noble men who to-day represent the last of the Grand Army shall have
IM4 4
joined those already in the Great Beyond.
This sacred occasion has impelled our Presidents to express theiraspirations in furtherance of peace. No more appropriate tribute can be paid
3608
FINANCIAL CHRONICLE
,
[Vol,. 128.
to our heroic dead than to stand in the presence of their resting places and
Nothing less than our resolve to give ourselves with equal courage to
pledge renewed effort that these sacrifices shall not be claimed again.
the ideal of our day will serve to manifest our gratitude for their
sacrifices,
To-day, as never before in peace, new life-destroying instrumentalities
our undying memory of their deeds,our emulation of their glorious
and new systems of warfare are being added to those that even so recently
example.
spread death and desolation over the whole Continent of Europe. Despite
those lessons every government continues to increase and perfect its armament. And while this progress is being made in the development of the Credit Position of Colombia—Study by Institute of
science of warfare, the serious question arises—are we making equal progress
Finance Conducted by Investment Bankers Assoin devising ways and means to avoid those frightful fruits of men's failures
ciation of America.
that have blotted with blood so many chapters of the world's history?
There is a•great hope, for since this day a year ago a solemn declaration
A new study of the credit position of Colombia has just
has been proposed by America to the world and has been signed by forty
been issued by the Institute of International Finance at
nations. It states that they
"Solemnly declare in the names of their respective peoples that they New York University. There is considerable new material
condemn recourse to war for the solution of international controversies.
and renounce it as an instrument of national policy in their relations with in this fact-finding study, especially the information reone another."
lating to Colombia's effort to develop its oil industry and
They
"Agree that the settlement or solution of all disputes or conflicts of the four different commissions of oil experts from the United
whatever nature or of whatever origin they may be, which may arise among States, from Great Britain,
from Mexico and from Rumania
them, shall never be sought except by pacific means."
That is a declaration that springs from the aspirations and hearts of that the Colombian Government has retained to make
men and women throughout the world. It is a solemn covenant to which separate reports on oil development. The
Government
the great nations of the world have bound themselves.
has also appointed a technical commission on railways and
But notwithstanding this noble assurance, preparedness for war still
advaces steadily in every land. As a result the pessimist calls this covenant roads to plan a national system of communications. On
a pious expression of foreign offices, a trick of statesmen on the hopes of this commission one expert is from the United
States, one
humanity, for which we and other nations will be held responsible without from France,
onefrom Great Britain,and two from Colombia.
reserve. With this view I cannot agree.
Although this study is packed closely with facts, it is
But, if this agreement is to fulfill its high purpose, we and other nations
must accept its consequences; we must clotpe faith and idealism with action. well subdivided and the sub-heads, such as
"Railroads,"
That action must march with the inexorable tread of common sense and
"Loan Control," "Summary of Salient Factors," &c.,
realism to accomplishment.
make it easy to read, especially for those who are interested
Renouncement of War and Abandonment of Aggressive Use of Arms.
If this declaration really represents the aspirations of peoples, if this only in certain subjects treated in the report.
The present
covenant be genuine proof that the world has renounced war as an instrument of national policy, it means at once an abandonment of the aggressive bulletin is a part of the first official release of the study.
use of arms by every signatory nation and becomes a sincere declaration The Institute of International Finance is conducted by
that all armament hereafter shall be used only for defense.
New York University in co-operation with the Investment
Consequently, if we are honest we must reconsider our own naval armament and the armaments of the world in the light of their defensive and not Bankers Association of America.
their aggressive use. Our navy is the first, and in the world sense the only
important factor in our national preparedness. It is a powerful part of the
arms of the world.
Rumania Seeks Foreign Capital for Development of
To make ready for defense is a primary obligation upon every statesman
National Resource According to A. Corteanti,
and adequate preparedness is an assurance against aggression. But, if we
Editor of Bucharest "Argus."
are to earnestly predicate our views upon renunciation of war as an instrument of national policy, if we are to set standards that naval strength is
Rumania has thrown open her doors to exploitation of
purely for defense and not for aggression, then the strength in fighting
natural resources by foreign capital, completely reversing
ships required by nations is but relative to that of other power'.
All nations assent to this—that defensive needs of navies are relative. the policy of the Bratiano regime, according
to Andrei
:Moreover, other nations concede our contention for parity in naval s:rength
Corteanu, Editor of the Bucharest "Argus," who recently
with the strength of the powers. With these principles before us our problem is to secure agreement among nations that we shall march together arrived on the steamship Caronia as one of the European
toward reductions in naval equipment.
newspaper men visiting this country as guests of the Car:Strengthening of Naval Arm Since Signing of Kellogg Part.
negie Endowment for International Peace. State-owned
Despite the declarations of the Kellogg pact, every important country has properties such as mines,
forests, fisheries and railroads
since the signing of that agreement been engaged in strengthening its naval
were for a long time exploited by capital raised only within
arm. We are still borne on the tide of competitive building.
Fear and suspicion disappear but slowly from the world. Democracies Rumania, and this policy resulted in economic stagnation.
can only be led to undertake the burdens of increasing naval construction
Under the Maniu Government concessions without restricby continued appeal to fear, by constant envisaging of possible conflict;
by stimulated imaginfrtgs of national dangers, by glorification of war. tions of foreign capital were legalized. The Government
Fear and suspicion will never slacken unless we can halt competitive con- lifted all embargoes on outside capital, especially in the oil
struction of arms. They will never disappear unless we can turn this tide
fields, which, Mr. Corteanu pointed out, are rated as the
toward actual reduction.
But to arrive at any agreement through which we can, marching in corn richest in the Old World. Aside from the balancing of the
pany with our brother nations, secure a reduction of armament; but
at the budget, which is regarded as the most notable accomplishsame time maintain a just preparedness for the protection of our peoples,
ment of the Maniu Government to date, the most important
we must find a rational yardstick with which to make reasonable
comparisons of their naval units and ours and thus maintain an agreed relativity. measures adopted as means to revive trade in Rumania
So far the world has failed to find such a yardstick. To say
that such a were the lifting of restrictions on the withdrawal of foreign
measure cannot be found is the counsel of despair, it is a challenge
to the deposits
in the local banks and the abolition of all export
naval authorities of the world, it is the condemnation of the world
to the
Sisyphean toil of competitive armaments.
taxes and prohibitive measures, and the preparation of a
Limitation Goal of U. S.
The present administration of the 'United States has undertaken
to approach this vital problem with a new program. We feel that is is useless
for us to talk of the limitation of arms if such limitations are to be
set so
high as virtually to he an incitement to increase armament. The idea of
limitation of arms has served a useful purpose. It made possible conferences in which the facts about national aspirations could be discussed
frankly in an atmosphere of friendliness and conciliation. Likewise the
facts of the technical problems involved and the relative values of varying
national needs, have been clarified by patient comparison of expert
opinions.
But still the net result has been the building of more fighting ships.
Therefore we believe the time has come when we must know whether the
pact we have signed is real, whether we are condemned to further and more
extensive programs of naval construction. Limitation upward is not now
our goal, but actual reduction of existing commitments to lowered levels.
Such a program, if it be achieved, is fraught with endless blessings.
The smaller the armed force of the world, the less will armed force be left
in the minds of men as an Instrument of national policy. The smaller
the armed forces of the world, the less will be the number of men withdrawn from the creative and productive labors. Thus we shall relieve the
toilers of the nations of the deadening burden of unproductive expenditures and, above all, we shall deliver them from the greatest of human
calamities—fear. We shall breathe an air cleared of poison, of destructive
thought and of potential war.
But the pact that we have signed by which we renounce war as an instrument of national policy, by which we agree to settle all conflicts, of
whatever nature, by pacific means, implies more than the reduction of
arms to a basis of simple defense. It implies that nations will conduct
their daily intercourse in keeping with the spirit of that agreement. It
implies that we shall endeavor to develop those instrumentalities of peaceful
adjustment that will enable us to remove disputes from the field of emotion
to the field of calm and judicial consideration.
It is fitting that we should give our minds to these subjects on this
occasion; that we should give voice to these deepest aspirations of the
American people, in this place. That aspiration is that the world should
have peace. These dead whom we have gathered here to-day to honor,
these vallent and unselfish souls who gave life Itself in service of their
ideals, evoke from us the most solemn mood of consecration. They died
that peace should be established.
Our obligation is to see it maintained.
tariff protecting industries using raw products of the country. Mr. Corteanu said:
A recent measure taken by the National Bank of Rumania was to raise
the rediscount rate from 6 to 9%%. It is very likely that it will be raised
further. The measure tends to force Rumanian commerce and industry
to look earnestly for connections and credit abroad. Modification of the
economic policies already has shown good results. Bids for contracts and
offers of capital for investment have been made to the State and to private
firms in increasing number. Many bids have been made for the building
of dams in the regions threatened by floods, for the reconstruction of highways and other large enterprises.
The guiding principle of the present regime is to make room primarily
for large foreign investments.
Questioned about the much discussed question of the
possibility that former Prince Carol might return and about
any possible changes in the present regency, Mr. Corteanu
said: "There is no dynastic problem in* Rumania to-day.
All news published with regard to alleged negotiations with
Price Carol, Mr. Manoliescu's mission to him, as-well as the
rumor that Queen Marie was to become a member of the
regency, are untrue. These are mere "inventions" spread
with the purpose of portraying Rumania's situation as
unsafe. "It is true that Queen Marie visited former Prince
Carol on her recent trip to Paris, but she did so solely as a
mother and with no political purpose. In this respect the
Maniu Government's attitude is perfectly clear."
Economic Progress of Free City of Danzig (Poland)
in 1928—Bank of Danzig's Currency Reserve.
Further stabilization and industrial consolidation marked
the economic progress of the Free City of Danzig during
1928, according to an announcement made May 24 by the
JUNIII 1 1929.]
FINANCIAL CHRONICLE
3609
American Polish Chamber of Commerce and Industry.
Bonds of Republic of Finland Drawn for'Redemption.
The Chamber states:
The National City Bank of New York, as fiscal agent,
Trade through the Danzig harbor showed a decided increase in both
quantity and value, while credit conditions were easily better than in announces to holders of Republic of Finland 53/% external
any previous year.
loan sinking fund gold bonds, dated Feb. 1 1928 and due
Despite its separate currency, administration and taxation. Danzig can
scarcely be regarded as an economic unit separate from Poland, and this Feb. 1 1958, that $106,000 aggregate principal amount of
dependency was emphasized during the past twelve months. About a these bonds will be redeemed on Aug.1 next at par. Drawn
third of Poland's foreign trade now passes through this port, compared with
bonds, together with all interest coupons maturing subsebut 8% in 1922. This increase, all the more significant in view of the rapid
development of the neighboring port of Gdynia, is ample proof of the in- quent to the redemption date, should be surrendered at the
creasing co-operation between these two harbors.
principal office of the National City Bank, 55 Wall St.,
At the beginning of 1924 the discount rate in Danzig was 12%, and inbe paid through operation of the sinking
terest on loans against securities 14%. In 1928 the rates maintained the where they will
favorable level of 6 and 7%, respectively. Currency fluctuated little in fund. Bonds drawn for redemption will cease to bear further
value last year, while note circulation increased over 8% to a total of interest after Aug. 1.
39,415,575, owing largely to the inflow of foreign exchange. Of the latter,
Polish credit and investments amounted to 43% of the total.
Workmen's wages remained stable and unemployment was reduced to
the lowest figure on record. The Bank of Danzig built up a currency
reserve totaling over 24,414,400 gulden by December,although its advancement of credit declined in favor of increased activity on the part of the private banks. Port traffic, the principal business of the city, showed an
advance in net registered tonnage from 3,899,900 in 1927 to 4,073,150 in
1928: while total amount of goods handled Jumped from 7,827,600 tons to
8.485,000, in spite of the fact that grain and timber exports showed a slight
decline.
Portion of Danish Consolidated Municipal Loan Called
for Redemption.
The National City Bank of New York as fiscal agent is
notifying holders of Danish consolidated municipal loan
-year 8% sinking fund external loan gold bonds, series
25
A and B,due Feb. 1 1946, that $324,000 aggregate principal
amount of these bonds will be redeemed at 107 and interPanama Announces $14,750,000 Budget—Estimate for est on Aug. 1 1929 upon presentation and surrender at the
head office of the bank, 55 Wall St. After the redemption
Next Two Years an Increase of $500,000.
The following Panama City advices May 26 appeared date the called bonds will cease to bear interest.
in the New York "Times":
President P. H. Arosemena has announced Panama's biennial budget
Bonds of Hungarian Consolidated Municipal Loan
for the ensuing period starting July 1, set at $14,750.000, an increase of
Drawn for Redemption.
more than $500,000 over the last budget voted.
The budget, decided upon by the Cdbinet at a meeting this week, inSpeyer & Co. announce that the eighth sinking fund
cluded an item of $1,500,000 to be devoted to paying off the internal debt
of $2,375,939 and an item for the purchase of supplies which had previously drawing, amounting to $144,500 of bonds of the Hungarian
been purchased by separate departments.
loan and the fifth sinking fund
consolidated municipal 7
The Cabinet also decided to appoint an Auditor to watch over budget
drawing, amounting to $81,500 of bonds of the 7% loan,
expenditures in addition to F. H. Baldwin, an American, now fiscal agent.
Dave Westman, former President of the Panama Cocolala Co., also an have taken place and that drawn bonds of both loans will be
American, is being considered for the position.
payable at par on and after July 1 1929 at their office, 24
The budget followed the report of the Commission to study the country's
and 26 Pine St., New York.
finances sent here by the National
City Bank of New York. Before leaving
George Roberts, Vice-President of the National City Bank and head of
the Commission, asserted that Panama's finances were in an unfavorable
condition due to overestimating revenues and lack of central control over
expenditures. He pointed out that Panama has a floating debt of
$1,500,000.
Portion of 6
Issue of Municipality of Medellin
(Republic of Colombia) Retired.
Hallgarten & Co. announce that they have retired for the
sinking fund $36,000 principal amount of Municipality of
Medellin 25-year external 7% secured gold bonds of 1926,
due 1951,leaving outstanding $2,832,000 par value of bonds.
Bonds of State of Sao Paulo Drawn for Redemption.
Speyer & Co. and J. Henry Schroder Banking Corp.
announce that the second drawing for the sinking fund of
the State of Sao Paulo 40-year6% sinking fund gold bonds
of 1928 has taken place and that $48,000 bonds or interim
receipts bearing the identical serial numbers so drawn will
be payable on and after July 1 1929 at par at either of their
offices in New York.
Drawing of Bonds of Republic of Chile Ry. Refunding
6% Issue.
Holders of Republic of Chile Ry. refunding sinking fund
6% gold external bonds, due Jan. 1 1961, are being notified
by the National City Bank of New York, as fiscal agent,
that $243,000 aggregate principal amount of these bonds will
be redeemed on July 1 1929 at par at the principal office
of the fiscal agent, 55 Wall St., New York. Drawn bonds,
which will cease to bear further interest from the redemption
date, should be presented with all interest coupons maturing
on and subsequently to July 1 1929.
Liqusor Revenues of Department of Tolima Gain
Despite Colombia's Restrictive Liquor Laws—Part
of Revenues of Department Pledged as Security
for Bonds Marketed in United States.
It is announced that despite the operation of the restrictive
liquor laws in Colombia, liquor revenues of the Department
of Tolima, in that Republic, for the eight months ended
Dec.31 1928 amounted to $692,336,compared with $508,730
for the entire fiscal year ended April 30 1928. The proportion of Tolima's total revenues pledged for the security of
the Department's 7% bonds, due Nov. 11947,for the eight
months' period is reported as $1,100,551, or 6.9 times the
service charges on the bends for the eight months, compared
with $1,055,953 for the previous fiscal year. The Department's official report for the eight months' period shows total
revenues of $1,339,056, compared with $1,502,410 for the
entire fiscal year ended April 30 1928.
Export Petroleum Association Files Incorporation
Papers Under Webb-Pomerene Act.
The Export Petroleum Association, Inc., has filed
papers under the Export Trade Act (Webb-Pcrmerene law)
with the Federal Trade Commission, for exporting petroleum and petroleum products. The company will maintain
offices at 67 Wall Street, New York City. Officers of the
corporation are: Gilbert H. Montague, Vice-President, and
John Knight Holbrook, Jr., Secretary. Members are: Atlantic Refining Company, Philadelphia; Gulf Refining Company, Pittsburgh; Cities Service Company, New York City;
Shell-Union 011 Company, New York City; Sinclair Consolidated 011 Company, New York City; Standard Oil Export Corporation, New York City; Standard Oil Company
of New York, New York City; Tidewater-Associated Oil
Company, New York City; The Texas Corporation, New
York City; Vacuum Oil Company, New York City; Richfield Oil Company of California, Los Angeles; Union Oil
Company of California, Los Angeles; Standard 011 Company of California, San Francisco; Marland 011. Company,
Ponca City, Okla., and Standard Oil Company (Indiana),
Chicago. The Federal Trade Commission in making the
about announcement May 23 said:
The Export Trade Act grants exemption from the anti-trust laws to an
association entered into and solely engaged in export trade, with the provision that there be no restraint of trade within the United States, or
restraint of the export trade of any domestic competitor, and with the
further prohibition of any agreement, understanding, conspiracy or act
which shall enhance or depress prices or substantially lessen competition
within the United States or otherwise restrain trade therein.
Indefinite Continuation of Export Trade Act (WebbPomerene Law) Urged by J. G. Geddes of Union
Trust Co., Cleveland.
Indefinite continuation of the utility of the Webb-Pamerene Act exempting American export business from the provisions of anti-trust legislation is recommended by J. G.
Geddes, Vice-President of The Union Trust Co. of Cleveland. Mr. Geddes, who is in charge of the bank's foreign
trade department, reviewed the completion of the first decade of the operation of the act in the current issue of "Trade
Winds," the bank's magazine. "On the whole," he concludes, "the operation of the Webb-Pomerene Act in the past
decade has been such that the prevailing feeling in American industry seems to be that its utility should be continued
1ndifinitely. The business trend at home is increasingly
toward consolidation, and the development of larger units
is even more justified economically by the keener competition in foreign markets."
3610
FINANCIAL CHRONICLE
According to Mr. Geddes, 56 export associations, with a
total membership of approximately 800 companies, on April
8 of this year were on file with the Federal Trade Commission as operating under the act. The last annual report
of the Commission, for the fiscal year ending June 30 1928
shows that the exports of these associations totalled
$371,500,000. This figure, he says, undoubtedly will be
greatly increased in the next report by the exports of
Copper Products, Inc., and the Steel Export Assocation of
America. "Because of the enormous growth of the productive capacity of American industry, the export market
has become of prime importance and promises to grow in
Importance with years," he said.
President Simmons of New York Stock Exchange
Defends "Speculation in Securities"—Term Settlement System Undesirable — Would Stimulate
Speculation. "Speculation in Securities" was the subject of an address
delivered on May 24 by E. H. H. Shumons, President of
the New York Stock Exchange before the New Hampshire
Bankers Association at Manchester, N. H. President Simmons remarked that "too often the words 'speculation' or
'speculator' are used as merely abusive epithets, only one
jump more complimentary than 'stock market gambler.'
'Many people seem to have the illusion that they are engaging
in genuine processes of thought when they condemn some
situation or operation merely because it is `speculative'."
"Speculation," he said, "has often been made the scapegoat
of our national business situation. It is frankly to be admitted that speculation, like every other good and necessary
thing in the world, can be overdone. On the other hand,
it is also necessary to recognize that speculation has on the
whole played a consistently important and constructive part
in the unparalleled economic development of the United
States."
"Speculation in securities is not at all a bad thing in
itself," said Mr. Simmons. "It is, however, necessary to
recognize," he added, "that we may have too much or too
little security speculation." "The question remains, however," Mr. Simmons argued, "whether we have really had
excessive stock speculation." In part he went on to say:
This is a difficult question to answer, because there are so few reliable
or adequate standards by which to measure and judge recent conditions.
Undoubtedly during 1928 and the early months of 1929 the volume of shares
dealt in upon the New York Stock Exchange was not only actually very
great, but was also unusually large in relation to the shares currently listed.
So active was security trading that at times it strained the facilities of the
Stock Exchange, and for my part I would prefer to see share dealings on
our floor proceed at a somewhat less rapid gait. Nevertheless, I do not
know of any definite standards on the basis of which to conclude that even
recently share dealings on our Exchange were excessive. It must be remembered that a stock exchange is a very highly organized market where
contracts to buy and sell securities can be freely and readily made. As a
result, shares may change hands at a high rate of velocity there, irerspective
of whether such active trading is accompanied by rising or falling security
prices, or by expanding or contracting brokers' loans.
The New York Stock Exchange in a continuous experience of more than
a century has never attempted to set any standards for the proper volume
of security dealings on its floor, and as far as I know neither has any other
stock exchange in the world. I do not believe that even the Federal Reserve authorities who have recently taken occasion to characterize stock
speculation as excessive could or would attempt to establish any definite
standards in this regard. Certainly it is a novel experience, that the volume of turnover in a market for long-term capital should be considered a
proper subject for responsibility or intervention by our central banking
system. .. .
So much has been said concerning the checking or control of speculation
in securities to-day that I propose to discuss a few of the remedies advocated for this purpose.
There are still a certain number of people in this country who think
that security speculation should either be completely abolished by legialation, or completely controlled in some way by governmental authorities.
In fact, ever since the Middle Ages there have been intermittent attempts
to enact legislation for governmental regulation or abolition of financial
speculation. Such attempts have always ended in futility, although in the
meanwhile they have often seriously perverted the normal economic development of business and finance. The latest important effort of this sort, at
least in peace times, was made by Germany in 1896. I will not bore you
with the details of this experiment, although they are available and extremely illuminating. It is enough to say that the German anti-speculation
laws of 1896,despite the typically German willingness to obey rigid laws and
despite all the enforcing bayonets of the Prussian army, caused endless
economic harm and ultimately had to be abolished.
Often in the past, excessive speculation has been checked by the extensive amount of financial credit required to carry it on. Under such
circumstances, there have developed genuine shortages of credit which have
compelled a decrease in speculation and the credits extended to maintain it.
Such a situation developed in this country as recently as 1920. But when
there is no actual shortage of credit, this restraining force Is naturally
absent, nor can it be easily brought to bear in an artificial way. As I recently stated in Chicago, brokers' loans to-day contain fully as much
capital and savings as they do credit manufactured by banking institutions.
This point is fundamental in the present situation, and since my Chicago
address I have been happy to observe that some of our leading banking
authorities were in complete agreement with me in regard to it. In their
recent survey upon "Money and Credit and Their Effect on Business,"
prepared by Dr. W. Randolph Burgess of the Federal Reserve Bank of
[vol.. 128.
New York, and Progressor 0. M. W. Sprague of Harvard University,
there occurred the following succinct and accurate analysis of this matter:
"In the past the bulk of brokers' loans has been furnished by banks and
bankers. Under the influence of rates for call loans ruling generally above
rates on all other classes of loans, the funds of investors and surplus funds
of business enterprises have been attracted into the market in such volume
that they now provide very nearly one-half of the total supply. The
outcome of this practice remains for the future to disclose."
In my own view of this matter, this vast amount of capital at present
invested in stock market loans can only be induced to flow therefrom into
security investment by easing credit and refraining from official threats
and alarming statements concerning security price levels. This seems to
me a logical conclusion to a situation upon whose character I heartily
agree with Dr. Burgess and Dr. Sprague. It is enough in this place to
point out that as long as we have more capital than we know what to do
with in this country, and as long as our potential supplies of credit remain
as great as they are to-day, there seems little reason for trying to interfere
artificially with the course of speculative dealings in securities by attempting to produce an artificial and unreal appearance of credit shortage.
It has also been argued that,in order to diminish speculation in securities,
the New York Stock Exchange should abandon its present practice of
settling its floor contracts the next day and establish a term settlement
system under which such contracts would be settled only once or twice a
month. For many years the term settlement has been urged upon the
New York Stock Exchange as a panacea. Its advocates have pointed out
that such term settlements were in vogue upon the stock exchanges of
London, Paris and Berlin, and that if such a system were likewise introduced upon the New York Stock Exchange our difficulties and problems
with demand stock market loans would disappear. This whole question of
Stock Exchange settlement systems is an extremely complicated and technical one. Indeed, I venture to assert that scarcely one out of a hundred
people who have advocated term settlements on the New York Stock Exchange really knows just what a term settlement is and what it involves.
The New York Stock Exchange is not simply obstinate and unproggressive
in its preference for its present cash settlement system. The Exchange has,
as a matter of fact, painstakingly investigated the whole subject of term
settlements in the main European markets—such as London. Paris and
Berlin—where such systems exist, as well as in Amsterdam, which is a cash
market like New York, and which ims refused after careful consideration
to inaugurate term settlements there. The New York Stock Exchange today probably possesses the greatest amount of information upon this whole
subject to be found anywhere in the world. Even at the risk of boring
you with technicalities, I would like to state a few of the reasons which make
the foreign term settlement system undesirable and impossible in New York.
The present cash settlement system of the New York Stock Exchange
grew up on the Exchange some 75 years ago, due primarily to the desire of
American bankers to make stock market loans on demand rather than on
time, with maximum safety and liquidity. This in turn compelled the
stock broker to settle his bargains each day. These conditions remain
to-day,and the borrowing stock brokers must recognize them. If all American banks should suddenly decide that they preferred to lend funds on securities for a two weeks' period rather than on demand,almost automatically
the New York Stock Exchange would have to adapt its settlement system
in accordance with this situation. Basically, therefore, a term settlement
is not something which the New York Stock Exchange can arbitrarily
initiate. For many years the New York Stock Exchange has under its rules
freely permitted anyone to buy or sell securities for delivery 15 days, or 30
days or even 60 days after the date of contract, as well as for delivery the
next day. Nevertheless, security buyers and sellers as well as money lenders have for generations clearly preferred the present cash settlement system. If there were any basic need for a term settlement system on the
New York Stock Exchange,surely it would have exhibited itself in the course
of the last 75 years.
The second difficulty with term settlements lies in their undoubted
tendency to stimulate speculation. Some stock exchanges abroad have in
fact wished to introduce and maintain term settlements in order to provide
sufficient business for their unlimited memberships, which in some cases
are three or four times as numerous as ours. The New York Stock Exchange, on the other hand, because of the steady growth in its business
and because of its limited membership, has never been influenced by any
such wish artificially to stimulate the dealings upon it.
Nor is there any sound reason today why such stimulation to speculation need be especially provided. Our century of experience has led us to
believe that the cash settlement system is in practice a valuable brake
against undue and excessive speculative dealings on the Exchange. For
this reason it has somewhat astonished the New York Stock Exchange to
find even officials of the Federal Reserve system, who recently have had
much to say about the dangers of security speculation, advocate the inauguration on the New York Stock Exchange of a settlement system which
would inevitably expand speculative dealings. This paradox only shows
the dangers of advocating artificial changes in our security marketing
system without thorough knowledge of what such changes would actually
imply.
Another difficulty with term settlements lies in the fact that they would
in all probability facilitate the iniquitous practice of bucket-shopping.
Without getting off into technicalities, I would point out that the system
of continuing term settlement contracts from one settlement to another
always involves abroad a mutually connected sale and purchase. At the
end of a settlement long stock is sold for cash and bought for the next
settlement, while short stock is bought for cash and sold for the next
settlempnt. I am not a lawyer, and am not therefore prepared to say
whether such a practice introduced on the New York Stock Exchange
would be forbidden by the courts. I do remember, however, that the
stock exchange which claimed the honor of introducing term settlements
in the United States was the late Consolidated Stock Exchange of New
York, which some years ago was practically closed by the restricting orders
of the Attorney-General of New York State after a series of bucket-shop
-shops for
scandals. The New York Stock Exchange has fought bucket
about fifty years, and it has a particular hesitancy to advocate or indorse
any settlement system which could be so easily perverted by non-Exchange
member bucket-shop operators. None of us, I am sure, has any desire to
see another recurrence of the bucket-shop scandals of 1921-1922.
A final difficulty with term settlement systems consists in the Piling up
of contracts in securities for two weeks or a month, instead of settling
these contracts each day. When the War broke out in Europe, the dangers
of this inevitable tendency in term settlement systems were considered so
great that the national governments of England, France and Germany at
once prohibited such settlement methods on the stock exchanges of London.
Paris and Berlin, and required these exchanges to operate on the more
conservative cash settlement basis. In London the end of July 1914,
settlement was frozen by the outbreak of the War, and the contracts involved in it were not wholly liquidated until September 1 1922—over eight
years afterward. Today many of the best London Stock Exchange firms
refuse to carry over term settlement contracts, and some of them were
distinctly opposed to the resumption of the term settlements in London
after the War.
JUNE 1 1929.]
FINANCIAL CHRONICLE
In respect to term settlements and other such foreign security market
practices, it is essential to remember that the United States is not a European country, and that New York Is not a European financial center. In
many cases, conditions here are utterly different than those abroad, and
our financial machinery and methods must suit themselves to these often
unique American conditions. Nothing is more dangerous than to attempt
to force upon American finance some foreign financial pracitce without
the most careful consideration and investigation of actual conditions in
this country.
The New York Stock Exchange has for many years done a great deal
of serious and thorough research work into the practices on European
stock exchanges. Where these practices are superior to our own and can
be adapted for use in our markets, the New York Stock Exchange has
always been not only willing but eager to benefit by European experience.
Only a month ago, the New York Stock Exchange inaugurated a new
centralized method for delivering securities patterned after the systems
employed by the stock exchanges of Paris and Berlin. The New York
Stock Exchange Is also desirous of seeing introduced into our market, the
admirable German methods for.handling securities by check and deposit.
which have been so successfully carried on for ears by the Bank des
Berliner Kassen-Vereins and other such German security handling organizations. But the term settlement is not an innovation capable of improving conditions in either the stock market or the money market of New
York. When I say that we have in New York a better stock exchange
settlement system than those which prevail in most if not any European
financial center. I am only reinterating the opinion which many eminent
European financiers have frequently expressed themselves.
Security speculation is not a moral but an economic phenomenon. In
practice, its conduct on the New York Stock Exchange is already carefully
supervised by the Exchange, and from economic reasons such speculation
always capable of curing its own excesses. However much one may decry
speculative enthusiasm, there is no doubt that it is intimately related to
the steady and constructive building up of American business, and the
maintenance of high American standards of living. There is no justification whatever for attempting to make security speculation or security
speculators a scapegoat for peculiarities in our Present situation with
s
«
regard to eredit and capital.
Before I conclude I would like to restate as clearly as I can the position
and the policy of the New York Stock Exchange in regard to this question
of security speculation and its related subjects.
The New York Stock Exchange holds no brief for the inflation of securities
or any other form of property. Since the stock market is essentially a
market for surplus capital, the evil effects of inflation are always first
visited upon it. In November 1919, for example, security prices began to
fall and stock market loans to diminish, months before the inevitable commercial deflation occurred. Stock market-loans during 1919-1921 were
deflated 66% without one lender losing a penny, but with most disastrous
results to the stock broker and his customers.
The Now York Stock Exchange has always been willing to sacrifice mere
quantity of operations in the interest of improving their quality. The
Exchange's rigorous listing policy has, in the interest of more intelligent
security dealings, checked what would otherwise have been vast additions
to the securities which can be bought and sold on the Exchange. Many
times in the past in other respects, too, the Stock Exchange's efforts to
improve the character of its market have been exerted regardless of the
prospective profits to its members as stock brokers or dealers in securities.
The New York Stock Exchange is not itself concerned with the course
of security prices, so long as these prices result from a fair, free and open
market. The Exchange must always maintain impartiality as between
those who wish to see prices rise and those who wish to see them fall. Recently I have been rather embarrassed in being considered a sort of "bull
leader," because I have ventured to suggest that the rising values of American security prices during recent years could scarcely be attributed entirely
to a public mania. It is not the function of the New York Stock Exchange
itself to comment on prices, except to explain how they are actually arrived
at. and to point out artificial hindrances to their being established in accordance with unbiassed public opinion. It is not for the Stock Exchange
itself to attempt to assist the "bulls" against the "bears," or the "bears"
against the "bulls," and no such attitude has ever actually been taken by
its officers.
The actual interest of the New York Stock Exchange in the recent controversy concerning stock market loans and security speculation is threefold. In the first place, the Exchange is sot only willing but anxious to
make entirely public a knowledge and understanding of its regulatory
principles, its policies and methods, and its economic functions. At the
same time, it is unwilling to sit passively by and allow inaccurate and prejudiced statements concerning these things to pass unchallenged, regardless
of from what source such statements may proceed. In a country where
free speech is assured, the Exchange feels entirely at liberty to make constructive suggestions concerning its own and related financial operations.
Secondly, the New York Stock Exchange is unwilling to have foisted
upon it responsibility for economic conditions arising elsewhere, or to be
impelled to adopt methods of operation which its long experience has
persuaded it to be unsound and fallacious. In this respect the attitude of
the New York Stock Exchange is in complete harmony with the best interests of security investors all over this country. The New York Stock
Exchange is perfectly aware that changes in Stock Exchange methods are
sometimes urged with great persistence for perfectly selfish reasons by
interested parties.
Finally, the New York Stock Exchange is willing at all times to cooperate with any one who, motivated by a desire to promote the public
interest, is attempting to improve the mechanism of American finance in
any of its parts, so that it may increase its ability to subserve the greatest
good of the greatest number.
3611
•
During the closing of the Stock Exchange at the outbreak of
the World War, Mr. Petry was Secretary of the Special
Committee of Five which had charge of the operations of
the Exchange. He was appointed Assistant Secretary of
the Exchange on April 13, 1921.
Governing Committee of New York Stock Exchange
Adopts Resolution Expressing Appreciation of
President Simmons' Administration of Affairs of
Exchange.
On May 22, the following resolution was adopted at a
meeting of the Governing Committee of the New York Stock
Exchange:
"In closing his fifth year in office as President of the New York Stock
Exchange, Mr. E. H. H. Simmons enjoys a good will and an esteem among
his fellow members which has grown with each succeeding year and is
now unsurpassed. In every one of his terms in office he has been confronted by new and difficult problems, which have multiplied along with
the unprecedented growth and prosperity of the Exchange, and he has
met them all with a resourceful wisdom that has been of inestimable value
to the great institution of which he is the honored head.
"In gratitude and appreciation,
"Be it Resolved, That the Governing Committee admire and approve the
fine constructive work that President E. H. H. Simmons has so consistently carried out in the past, and look with confidence to a happy continuance of his administration in the year to come."
The election of President Simmons for the sixth successive term was noted in our issue of May 18, page 3282.
Market Value of Listed Shares on New York Stock
Exchange May 1,$73,718,875,840-1ncrease of Nearly
Four Million Since April 1.
On May 1st, 1929 there were listed 1,220 different stock
issues aggregatng 897,482,085 shares, as compared with
1,205 stock issues aggregating 862,725,570 shares on April
1st preceding according to the announcement made by the
Stock Exchange May 20. The announcement added:
Also, on May 1st, 1929 the total market value of all listed shares was
$73,718,875,840—an increase of $3,948,753,651 over the figure of $69,770,122,189 on April 1st.
Over the same period, borrowing in New York on security collateral
decreased $29,527,013 from $6,804,457,408 on April 1st to $6,774,930,395
on May 1st.
The ratio of Exchange member borrowings to listed share values thus
decreased 0.56%—from 9.75% on April 1 to 9.19% on May 1.
The average market price of all listed shares increased $1.26 per
share, from $80.87 per share on April 1st to $82.13 per share on May 1st.
Association of Stock Exchange Firms Opposes Proposal
of New York Clearing House Association to Charge
1% on Over-Certifications.
On May 20 the Association of Stock Exchange Firms sent
to members the following notices:
To the Members of the
Association of Stock Exchange Firms
Important—Over Certification4
A month ago the question of making a 1% charge on over certifications
was taken up by the Clearing House Committee of the New York Banks.
We understand the Committee acting for the Clearing House agreeed to
withhold final decision until a later date in the near future.
In the belief that this question is of the very greatest importance, your
Board of Governors suggests that member firms immediately approach their
individual banks and urge them in no uncertain terms to vigorously oppose
this contemplated action on the part of the Clearing House Committee
of the New York Banks.
Very respectfully,
FREDERICK F. LYDEN, Secretary.
Regarding the above the "Times" of May 22 stated:
The Association of Stock Exchange Firms yesterday announced a fight
to the finish with the Clearing House committee of New York banks on
the latter's plan announced a month ago to make a charge of 1% on
overcertifications. In a letter sent to its members the association urges
that "member firms immediately approach their individual banks and
urge them in no uncertain terms to vigorously oppose" the contemplated
action of the Clearing House committee.
In the matter of overcertifications it has been the practice for years
for stock brokers to arrange day loans with their bankers before the opening of the market and to back these loans shortly after the close of
the stock market in the afternoon. No charge has been made by the
hanks for this service, and it has come to be regarded as an accommodation
to customers. The usual procedure is for the broker to give his note
to the bank for the sum required, which in the case of large firms amounts
to several millions of dollars, and later to give the bank Stock Exchange
collateral when the money is actually paid over. In view of the huge •
day-to-day loans thus arranged a charge of 1% would add tremendously to
the cost of doing business by the broker, it is said.
The members of one large Stock Exchange house said yesterday that by
far the greater part of overcertfication is caused by the switching of
loans. So that if it were not for the turnover caused by the custom of
the banks to call loans in the morning and relend in the afternoon certification requirements of stock brokers would be negligible, according
to the broker.
H. H. Petry Resigns as Assistant Secretary of New
York Stock Exchange.
Herman H. Petry, Assistant Secretary of the New York
Stock Exchange, has resigned from his position and will
retire within a month. His resignation which was presented to the Governing Committee of the Exchange on
May 23 was accepted with regrets. Mr. Petry was employed by the Stock Exchange in April, 1903, at the age
of twenty, and has served as Secretary of some of its most
important committees, including the Clearing House ComIn further referring to the matter May 23 the "Times"
mittee, the Committee on Business Conduct and the special
Committee on Clearances. At the present time he is serv- stated:
Bankers yesterday, in replying to the call issued by the Association of
ing as Secretary of the Committee on Securities, the ArStock Exchange Firms to resist the plan proposed by the Clearing House
bitration Committee and the Committee on Constitution. to impose a fee at the annual rate of 1% for day loans by banks to
3612
FINANCIAL CHRONICLE
customers, pointed out they were not insisting on the stipulated fee so
much as they were on a change from the present practice of free day
loans. Under existing conditions the broker is enabled to go to his
bank in the morning and arrange a loan, obtain funds gratis when the
required collateral is put up and, if unable to pay it all back that afternoon, pays the final call-loan rate until the next day.
Thus, it is said, the bank is deprived of the privilege of putting this
money out on call at rates which of late have become lucrative, provided
that the bank is working close on its reserves. From the brokers' point
of view the establishment of a 1% fee would greatly increase the cost
of lending money to their customers doing business on a margin.
Seller Pays Exchange—Cotton Exchanges and Associations Make Rule Regarding Drafts.
The following is from the "Wall Street Journal" of May
27.
Oklahoma State Cotton Exchange has made the rule unanimous in the
Mississippi Valley and west thereof that the seller pays the exchange.
Their rule, which becomes effective August 1, is in Its entire phrasing
exactly that adopted by the Texas Association in its recent annual meeting, and reads as follows.
"On purchases made subject to these rules, the seller shall be required
to pay Bank Exchange, except in cases where drafts are drawn on banks
located outside of Oklahoma, in which event the seller shall pay no
exchange in excess of the amount that would have been required had
reimbursement been obtained through a bank located within the state of
Oklahoma."
The Southern Cotton Shippers Association in its recent annual meeting changed Clause 5 of Rule 1 to read:
"When cotton is bought F. 0. B. a port or an interior point, and there
is nothing else in the contract to the contrary, it shall be understood that
the seller shall pay the exchange on all drafts drawn on the buyer in reimbursement for such purchases."
Arkansas Cotton Trade Association reaffirmed its rule without seasoning:
"It Is understodd the seller pays the exchange."
[VOL. 128.
Direct Investment of Capital.
"And arriving at this conclusion, I believe that we will be remedying
a situation to which I have been repeatedly calling attention, namely, the
weakest point in our whole financial structure, the improper management
and investment of the savings deposits in the 30,000 odd banks of the
country. These banks are assuming risks and are paying rates of interest
that they should not. It would be much better if the owners of the deposits
would invest their capital direct. The great development of the New York
and other Stock Exchange business is presenting the opportunity for such a
development. These exchanges are serving a very useful purpose and are
linked up with our industry and prosperity as an integral part thereof.
Forty million people in the United States are now buyers o'f securities.
The old style investment banker is sensing the changed conditions, and is
seeking new methods of distribution. Many are buying seats on the Stock
Exchanges. This is one reason why the exchange seats are selling at such
high figures. It is seen that the listings both as to volume and value have
more than doubled quite recently as it is realized that the future distribution
of securities will be through these exchange houses and the banks."
Senator Glass Reported as Planning Amendment to
Tariff Bill to Impose Tax on Speculative Transactions.
According to the "Herald-Tribune," Senator Carter Glass,
of Virginia, who has long been giving thought to the magnitude of speculative operations on the New York Stock
Exchange and elsewhere, is expected soon to introduce, as
a proposed amendment to the tariff bill, an amendment for
the taxing of speculative transactions. The paper referred
to, in Washington advices May 30, added:
Senator Glass's plan, as he has communicated it to Senators, is for
what would amount to a 5% tax on dealings in stocks and securities in
cases where the person selling them had been their owner for less than
sixty days
Call Money Bill Passed in Illinois—Measure Ending 7%
Limit on Brokers' Loans Goes to Governor—ChiBig Break in Stocks on Toronto Exchange— Twentycago Exchange on Equal Footing with New York.
One Issues Reach Lowest Levels of Year—No Sign
In advices from Chicago, May 29, the New York "Times"
of End of Decline.
said:
From the New York "Times" orMay 28, we take the folOne of the greatest handicaps to the Chicago securities market was a
lowing Toronto advices May 27.
further step nearer removal to-day when the Illinois Legislature passed the
Approximately $300.000.000 was slashed off the market valuation of
stocks appearing on the board of the Toronto Stock Exchange to-day in
the most serious break since March 26. Practically all the market leaders
suffered losses. Of the 136 issues traded in eighteen closed higher, while
seventy-seven were lower and forty-one unchanged.
Of the declining issues, twenty-one sank to new lows for the year. In
this list were Brazilian Traction, Light and Power; Massey Harris, Canadian Pacific Railroad, Power Corporation of Canada, Ford of Canada,
British Columbia Packers, Abitibo and Walkers.
The most depressing feature of the day's trading was the fact that the
decline showed no signs of abating. The credit situation in Wall Street is
blamed for the movement.
From the standpoint of point losses, Royalite and Goodyear Tire, with
13 and 10 respectively,suffered the most. Twenty selected stocks showed
total depreciation of 76% points, while the eighteen issues to record advances were not up to any marked extent. International Nickel, which
some months ago touched 725i,was down about 28 points from its high.
It has now depreciated about $300,000,000 in the last few weeks.
"call money bill." The measure is an amendment to the usuary act and
exempts demand loans on securities from the limitation of 7% interest.
The amendment was passed by the House to-day by a vote of 99 to 12.
It previously had passed the Senate, and now goes to Governor Emmerson
for final disposal. If approved, the Chicago Stock Exchange, the Curb
Exchange and the Board of Trade will be placed on even terms with New
York in maintaining a call money market and bidding for loans on securities.
The Chicago Stock Exchange plans to establish an open call money market
similar to that operated by the New York Stock Exchange.
Heretofore the Chicago Exchange has maintained a call money desk, but
its operations were handicapped by the legal interest limit, particularly
at times when the New York call money rate ran far above 7%.
be able
"The Chicago Exchange and our banks and brokers now will
and their
to bid for funds on even terms with the New York exchanges
Exchange.
members," R. Arthur Wood President of the Chicago Stock
dollars to
said to-night. "We expect to attract several hundred million
the Chicago call money market.
will not
"The new system will not impose any hardship on any one and
banks to their
raise interest rates on small loans on securities made by
only to sizable demand
customers. The exemption on interest pertains
loans on securities such as are usually carried by brokers.
"The new plan will be of great benefit to the whole Middle West and
our securities markets. Heretofore muck of the surplus money of this
territory has gone to New York to be loaned on securities whenever the
New York rate has gone above the maximum of 7% permitted in Illinois.
"The result has been that money has been hardest to borrow in this
territory when it was most needed. Funds have been withdrawn from
Chicago and the Middle West and serious credit stringencies created, with
the result that our bankers, brokers and dealers in securities, and also
our manufacturing and business enterprises, have been penalized."
Brokers' Loans as Investment—Representative McFadden Urges More Completely Organized Market
to Aid Development—Capital vs. Bank Credit.
Suggestion of more complete organization of a market for
brokers' loans, since these loans are among the most liquid
security investments of the country, Was suggested by Louis
H. McFadden, Chairman of the House Banking and Currency Committee, in an interview with ""The Wall Street
Journal." We quote the foregoing from the May 28 issue President Miller of New York Cotton Exchange Expects
of that paper, its further account being as follows:
Investments on Broad Scale in Textile Securities
"The thing we are in the midst of deciding is whether business and
When Exchange Inaugurates New Trading.
credit,
industry in this country are to be financed by capital or by bank
Public investment on a broad scale in textile securities
decide what is capital
sad in making this decision, we should definitely
and what is credit. The change that is being wrought in the market in will develop with the establishment of a trading centre for
the last few weeks indicates that an increasing amount of capital is being such securities on the New York Cotton Exchange, said
Invested in brokers' loans and a decreasing amount of bank credit is
President of the Exchange, in an
being used in brokers' loans. This is as it should be, and if this change Gardiner H. Miller,
is the result of Federal Reserve policy, credit should be given them for address before the joint convention of the American Cotton
this accomplishment," Mr. McFadden said.
Manufacturers' Association and the National Cotton ManuBrokers' Loans Finomee Industry.
facturers' Association at Atlantic City on May 24. AnVontinuing, the Committee Chairman said:
nouncing changes in the Exchange's charter which make
"If this same policy should continue, it might mean eventually that
the Cotton Exchange to extend to the textile
those who control capital would be absorbing the entire amount of brokers' it possible for
loans. Such a situation would then only affect the banking situation to industry a service similar to that which the New York Stock
the extent of requiring the big member banks, located in the money Exchange gives corporations whose shares it lists, Mr. Miller
centers, to carry and keep available reserves to meet any sudden withdrawal
of capital invested in brokers' loans for investment in other channels. It said:
should be fairly clear, I think, that if brokers obtain their borrowings from
owners of idle capital it is none of the business of Federal Reserve management so long as that capital is not obtained through access to Federal
Reserve credit. Are we not arriving, then, at the point where this is being
done?
"I feel quite sure that the greater portion of the money derived from
the proceeds of brokers' loans is being used to promote and finance business
and industry and represents the new development that has come about
In the country in financing industry and business.
"The public are becoming educated to the opportunity thus afforded to
invest in American industry, and I believe that those people who heretofore
have been investing their idle capital in bonds or fixed investments and
who do not wish to invest directly in listed stocks will probably put the
money into brokers' loans or some similar obligation.
In its infancy, and to a large extent since, the textile industry has drawn
its capital from individuals or small groups of individuals associated in
close corporations, but the industry has now reached a magnitude which
renders such sources of capital no longer adequate.
Indicative of the future trend of ownership of textile securities is the
tremendous broadening of distribution of securities which has occurred In
public utilities, railways and great industrial corporations, which are
deliberately seeking the greatest possible number of shareholders as assurance of continued prosperity.
The first essential to a wide distribution of corporate ownership is a broad
central market in which shares may be promptly purchased or sold at fair
prices which are determined by the free operation of supply and demand,
lacking which there is no inducement for the public to invest, nor the proper
facilities therefor. The need for such a market In the textile industry
JUNE 1 1929.]
FINANCIAL CHRONICLE
seems clear when consideration is given to the huge volume to which the
capital investment in the industry has grown, estimated at more than two
billion dollars, also to the increased consumption by domestic spinners,
resulting in the largest consumption of cotton this country has ever known,
to say nothing of the remarkable expansion in the use of silk and rayon
during the past few years with a consequent rapid increase in capital requirements in these branches of the textile industry.
The shares of several hundred textile corporations have been traded in
almost exclusively through local brokers, affording a practical demonstration of the fact that where no organized market exists an unorganized
market will spring up of its own accord.
The purpose of the securities market which the New York Cotton Exchange will establish is therefore to provide a centre for this trading, where
buying and selling can be accomplished easily and promptly and where
the response of prices to conditions within the industry will be more immediate and accurate. We believe that the industry needs this broader
market now, and we are even more confident that it will need it increasingly
in the future as the growth of the industry carries it further away from the
original unit of the small close corporation to larger units and broader
ownership.
Illinois Senate Passes Bill Permitting Chicago Board
of Trade to Deal in Stocks Without Qualifying
Then Under "Blue Sky" Law.
The Illinois Senate on May 28, according to the Chicago
"Journal of Commerce," passed the Board of Trade bill
providing that securities listed by.the Board will not have
to be approved by the Securities Department of the Secretary of State's office. The vote was 42 to 0. In its advices
from Springifeld the paper quoted also said:
Under the present arrangement of the Board of Trade would be required
to have its stocks aproved under the "blue sky law" before they could be
offered to the public.
The New York, Boston and Chicago exchanges at the present time are
the only ones to enjoy the immunity sought. It was extended to the Chicago Curb Association in a bill passed by both houses last week.
With the passage of the Board of Trade bill to-night, all three of the
Chicago exch nges will have the same privileges.
There was no discussion on the bill to-night. Senator James J. Barbour
started to speak for it, but Senators demanded an immediate roll call.
Having been passed by the House already, the bill which was sponsored
by Representative T. J. Sullivan, of Springfield, now goes to Governor
Etnmerson.
The passage of the bill by the House was noted in our
issue of May 25, page 3436.
3613
the bill is along the same lines recommended last year by the legislative
committee of the American Cotton Shippers' Association.
-Advised.
Holds Shippers' View Ill
Senator Ransdell said that the argument made some of the cotton
shippers against Federal legislation because one out of three cotton exchanges had amended its by-laws was ill-advised. He declared that if that
view was adhered to it would result in more drastic legislation later on,
should the producers again become convinced that prices were being
manipulated by speculative interests.
"Even before the present crop is fully planted," he said, "estimates are
now being issued predicting more than a 16,000.000-bale crop.
"These figures come from sources supposed to represent the producers.
That prediction is only one of the many unusual factors in the present
situation and no reflecting person can fail to see that this is no time to
temporize. The abuses uncovered by the hearings held at the last session
of Congress are crying for correction. To procrastinate in putting through
the legislative program demanded by the cotton trade in general and the
American cotton shippers in particular, as a result of these disclosures,
would be suicidal."
New York Hide Exchange to Begin Trading June 4.
The Board of Governors of the New York Hide Exchange
has fixed June 4 as the opening date for the Exchange.
The first trading months for future contracts will be August,
and trading will be conducted in contracts for future delivery
for the month of August and nine subsequent calendar
months. The unit of trading will be 40,000 pounds of wet
salted hides, which at current values will amount to approximately $6,000.
Specifications for frigorifico and packer hides, tendable
on future contracts on the New York Hide Exchange, were
announced on May 22. The announcement says:
Frigorifico hides shall be those hides produced at the plants named Upon
the official list of approved plants on file with the Secretary of the Ex-change, and such hides shall conform in all respects to the standard takeoff, cure and grade as produced at those plants.
Packer hides shall be those hides taken off in establishments in the'
U. S. A., from cattle slaughtered under Federal inspection within districts'
designated by the U. S. Government as "free from ticks," and including
those produced in Canada of the same character and description. Packer'
hides must be equal to and in conformity with quality and standardS 01
hides produced by the "Big Four" Chicago packers in their main plants,
particularly in respect to flaying, trim, pattern, selections, classes, grading.
curing and delivery.
The Hide Exchange Building is at 7 Cedar St.
Members of New York Cotton Exchange Adopt Amendments to By-Laws to Provide for Trading in Cotton
Mill Securities.
Further impetus was given to the plan to trade in securities
on the New York Cotton Exchange on May 28, when the
members by a unanimous vote adopted amendments to the
by-laws providing for the listing of and trading in shares of
cotton mills and kindred corporations. In anticipation of
the action of the membership, the Committee on Securities,
of which John H. McFadden Jr. is Chairman, has been
working out the details of listings. The number of corporations which have signified their intention of having their
securities listed on the New York Cotton Exchange is said
to be growing. Cotton mill companies in the South and
New England particularly are reported as showing a keen
interest in the organization of securities trading on the
Exchange, which will give them for the first time a central
market where their securities may be bought and sold.
Items regarding the plans appeared in our issues of Jan. 26,
page 501, and April 27, page 2726.
Bill to Regulate Cotton Exchanges Introduced By
Senator Ransdell—Aimed at Manipulation in Future Trading.
A bill to give a Federal commission power to regulate the
activities of Cotton Exchanges in New York, New Orleans
and other cities, even to the extent if necessary of revoking
their licenses, was introduced in the Senate on May 15 by
Senator Ransdell of Louisiana. A disptach from Washington
May 15 to the New York "Times" from which we quote,
adlled:
Bankrupt Firm of Chandler Bros. 8c Co., Philadelphia,
to Pay Final Dividend.
According to the Philadelphia "Financial Journal" of
May 23, creditors of the defunct New York Stock Exchange
firm of Chandler Bros. & Co. of Philadelphia at a meeting
held in the office of John M. Hill, referee, confirmed the
accounts of the Trustee, Harry Nathans, showing balance
of $20,272 and voted for payment of a final dividend. This
2
dividend will amount to a little over Y of 1% a creditors'
claims and will be paid some time after July 1.
Chandler Bros.' customer creditors to date, it is said, have
received payments totaling approximately 46% of their
claims, of which 33 1/3% represented adjustment made by
interests associated with the firm and the balance from
liquidation of the firm's assets and settlement made by a
firm member. Commercial creditors have received a total
of slightly more than 13% of their claims. Both classes of
creditors will participate in the final dividend, it is said.
The failure of the brokerage house occurred in July 1921,
as noted in the "Chronicle" of July 30 of that year, page 474.
The G. L. Miller Bond & Mortgage Guarantee Corp.,
New York, to Pay 100% on the Dollar to Creditors
and Policyholders and 62% to Stockholders.
Albert Conway, State Superintendent of Insurance, in a
report filed with the Clerk of the New York Supreme Court
on Saturday, May 25, announces a 100% dividend in favor
of creditors and policyholders and a 62% dividend in favor
of stockholders of the G. L. Miller Bond & Mortgage GuarThe bill is an amendment to the Smith-Lever Act, but it preserves as antee Corporation, formerly with home offices at 30 West
far as possible the text of that Act. It repeals outright Section 3 of the
42nd Street, New York, which company was placed in the
old law, imposing an excise tax of 2 cents a pound on cotton futures contracts and also the provisions interspersed throughout the text which pro- hands of the State Superintendent of Insurance for liquidavide for the administration and enforcement of that taxing feature, all of tion on November 22 1926 following the failure in the previwhich have long been regarded as a dead letter.
ous September of G. L. Miller & Co., Inc., its parent organizaProvides for Three Members.
tion. The following In the matter appeared in the "Wall
"In lieu of the taring provisions thus eliminated," the Ransdell amendment states, "it is the policy of Congress to treat transactions on Cotton Street News" of May 28:
Exchanges as affected with a public interest and to provide for their superThe Miller Corporation was organized in December 1925 by G. L. Miller &
vision by a commission composed of the Secretary of Agriculture, the Secre- Co., Inc., a widely advertised real estate bond house for the purpose of
tary of Commerce and the Attorney General of the United States,
guaranteeing bonds on real property issued by G. L. Miller & Co., Inc.,
"This commission would have broad powers in dealing with all cotton
transactions carried on in inter-State commerce, including the power
to revoke the licenses of exchanges or the right of traders to operate on
them under certain conditions.
Southern warehouse deliveries at deep-water ports and the prevention
of manipulation in future trading, which were dealt with in the amended
by-laws of the New York Cotton Exchange, are treated in the Ransdell bill.
Prison sentences are added' to the fines at present provided. Otherwise,
which was the sole stockholder of the mortgage guarantee corporation.
In September 1926 G. L. Miller & Co., Inc., became bankrupt, and in
November 1926 the insurance department took possession of the affairs of
the guarantee corporation in order to conserve the assets and minimize the
expenses of liquidation.
Through Clarence A. Fowler, deputy superintendent of insurance in
charge of liquidations, who compiled the report, the cost of liquidation Is
shown to be small and the complicated affairs of the company involving
3614
FINANCIAL CHRONICLE
bonds and mortgages and titles to real property located in several States
have been closed.
The report shows that among the real estate bonds guaranteed by the
G. L. Miller Bond & Mortgage Guarantee Corp. were such properties as the
Carnegie Hill Apartments, the Millburn, 100 West 58th Street, the 41st
Street & 7th Avenue Corp. and the Terminal Building, Coney Island.
Also many properties in Florida, such as the Sebring, the Florida, the
Everglade Inn, and the San Jacinto Hotel, of Houston, Tex.
According to the statistics the income of the estate was $50,431 and the
expenses of liquidation only $24,750, which thus increased the excess of
income over the liquidation costs. The ratio of expenses of liquidation to
assets was 3.895% of the assets.
it was pointed out by Mr. Conway that the regularity with which the
department has recently turned out 100% payments to creditors and policyholders, shows the wisdom of the legislation extending regulations to
include the management and operation of the business and affairs of the
delinquent insurance companies by the department.
[VOL. 128.
rents, interest, and other economic business factors, which readjustments
occasion social and political bad feeling.
"On the other hand, a condition of falling price levels, which is the
development now anticipated by most students of the subject, means
decreased sales of factory output, and hence, decrased employment and
lowered wages, an increasing burden of mortgage indebtedness, and consequent bank and corporation failures.
"The remedy lies in so adjusting the monetary circulation to the
needs of business that there will be neither inflation nor deflation.
"ihe problem being an international one, in the last analysis, it is
encouraging to note that the League of Nations has appointed a committee to consider the problem and to recommend ways and means for
stabilizing the purchasing power of gold."
Mr. Lombard also announced that Mr. A. F. Whitney,
President of the Brotherhood of Railroad Trainmen, of
Cleveland, Ohio, had been elected an Honorary Vice-PresiG. L. Miller & Co. passed into the hands of a receiver in dent, Ex-Officio, of The Stable Money Association. In acSeptember 1926. Our last reference to the affairs of the cepting his election, Mr. Whitney said:
company appeared in the "Chronicle" of August 25 1928,
"While prior to receipt of your letter I had not given much, if any,
thought to the question of 'stable money,' the information presented to
page 1043.
me has made it apparent that The Stable Money Association has a field
Annual Report of Northern New Jersey Clearing before it in which it can be of inestimable value not only to the working classes but to the United States and the world as a whole."
House Association.
It was also announced that B. W. Kilgore, Chairman
The annual report of the Northern New Jersey Clearing of the American Cotton Growers Exchange,' of Raleigh, N.
House Association shows total transactions for the year C., had been elected an Honorary Vice-President, Ex-officio.
1928-29 of $4,107,366,252, comparing with $3,809,388,982 In accepting his election, Mr. Kilgore said:
I
for 1927-28. The report, which covers the period from
"I have been following the activities of The Stable Money Association
May 18 1928 to May 18 1929, is made public as follows by through its publication, and I feel that great good will come from the
efforts of the Association and others working for a stable price level."
J. Heemsath, Manager:
NORTHERN NEW JERSEY CLEARING HOUSE ASSOCIATION.
Among the other Honorary Vice-Presidents, Ex-officio, of
Ninth Annual Report—May 19 1928 to May 18 1929.
the Association, are included the presidents of over twenty
1927-1928.
1928-1929.
$2,313,720,757.41 $2,174,892,367.28 of the State Bankers Associations of the United States and
Exchanges
1,793,645.494.89 1,634,496,614.33
Balances
of numerous labor, agricultural, business, and social better$4,107,366,252.30 83,809.388,981.61 ment organizations.
Total transactions
Average Daily Transactions.
$7,686,779.93
5,958,955.14
$7,201,630.36
5,413,564.95
813.645,735.07
Total average daily transactions
Largest exchanges on any one day during the
17,769,770.45
year—Jan. 2 1929
Dec. 15 1927
Largest balance on any one day during the year:
15,552,614.95
Jan. 2 1929
Jan. 3 1928
Largest transaction on any one day during the
33,322,385.50
year—Jan. 2 1929
Jan. 3 1928
Smallest exchange On any one day during the
4,512,818.29
year—May 6 1929
Aug. 29 1927
Smallest balance on any one day during the year
3,251,988.14
May 6 1929
Aug. 29 1827
Smallest transactions on any one day during the
7,764,806.43
year—May 6 1929
Aug. 29 1927
19
Average time for making exchanges(minutes).301
Total number of days exchanges made
Exchanges.
1928—
262,959,612.53
May
204,617,488.91
June
178,501,989.77
July
161,844,730.08
August
163.958,262.53
September_
205,412,712.41
October
179,027,568.74
November
233,921,906.03
December
1929—
220,710,149.36
January
176,889,285.06
February
206,141,105.15
March
195,077,467.82
April
124,658,479.02
May
$12,615,195.31
Exchanges
Balances
$2,313,720,757.41
19,190.933.51
15,200,381.78
32.848,658.70
3,887.409.72
2,756,184.98
6,643,594.70
21
302
Balances.
846,647,660.15
157,064,390.55
131,674,545.29
123,596,124.76
126,526,631.99
161,377,692.10
138,684,558.31
179,262,594.44
172,845,702.29
140,067,161.27
166,771,810.39
151,856,795.76
97,269,837.59
51,793,645.494.89
New York Clearing House to Impose Charge of 1% for
Day Loans to Brokers.
Members of the New York Clearing House Association,
at a meeting yesterday, May 31, approved an amendment to
the Constitution of the Association whereby a charge "at
the rate of not less than 1% per annum" will be imposed on
day loans to brokers. The amendment goes into effect on
June 3. Announcement in behalf of the Association, made
on May 29, by A. W.Loasby, Acting Chairman of the Clearing House Committee, regarding the proposal, said:
"A meeting of the Clearing House Association has been called for Friday
to consider a proposed amendment to the Clearing House constitution
which will impose a charge for day loans to brokers. This question has no
bearing on loans made for the account of others."
The amendment adapted was announced as follows
yesterday (Ma y 31).
Amendment to Proposed Amendment to Article el (new Section 6).
Amend Article XI by adding thereto a new section to be designated
"Section 6" and to read as follows:
"Every member of this Association (and every non-member clearing
through a member) shall charge and collect a full day's interest at the rate
of not less than 1% per annum upon the amount of each loan made or credit
extended for one clay, or any part thereof, to enable the borrower or beneficiary of the credit to accept and make payment for securities, and-or any
Interest therein, deliverable on the date of the loan or extension of credit.
The term 'securities' as used in this Section shall not include Bankers'
Acceptances or Commercial Paper."
The Section of said Article XI heretofore designated "Section 6" shall
hereafter be designated "Section 7."
Last night's "Sun"(May 31) referring to the action of the
The Stable Money Association Elects Elihu Root
Honorary Vice-President.
Clearing House said:
The action voted to-day carries into effect the demand on the part of
Elihu Root has been elected an Honorary Vice-President banks for compensation for a service which hitherto has been free. These
Money Association, according to an announce- day loans, for which there will now be a charge, are credits granted to
of The Stable
ment made on May 28 by Norman Lombard, Executive Vice- brokers in the course of a day for odd amounts in order to allow the brokers
to take up securities commitments even though their bank balances are not
President, which added:
large enough to cover such commitments. Advances so made aro usually
Mr. Charles Evans Hughes, who has recently taken his seat as a member
of the Permanent Court of International Justice, is also an Honorary VicePresident of The Stable Money Association.
Other Honorary Vice-Presidents include, Nicholas Murray Butler, William
John
H. Crocker, John W. Davis, Robert W. De Forest, George Eastman,
V. Farwell, Arthur T. Hadley, John Hays Hammond, David Starr Jordan,
Otto H. Kahn, William G. Lee, Frank 0. Lowden, Henry M. Robinson,
and James Speyer.
"Leaders in all fields are coming to realize the importance, from
social and business points of view, of the problem of stabilizing the
purchasing power of the world's monetary units.
"This Association advocates no specific plan or legislation to this end.
We feel that wide-spread education, based upon sound and thorough research, will result in the formation of a public opinion which will see to it
that the desired end is attained.
"Economists look with concern upon the present tendency of the price
level to fall and fear that unsound methods of treatment may be proposed,
unless the public comes to understand this great problem more fully.
"The O'Fallon case, recently decided by the Supreme Court, is an
instance of the economic maladjustment which follows a change in the
purchasing or value of the monetary unit.
"It is almost a truism that, it business and social conditions are to be
...able, the unit of measure of value should be stable, just as it is true
that if the drygoods business, for example, is to be stable, the yard must
be a true measure of length. Obviously, a stable monetary unit means
stable level of the average of prices of things for which money Is exended.
"It is coming to be recognized that both rising and falling price levels
bring serious consequences. Rising price levels mean an increased cost
a living, requiring readjustments of wages, utility rates, freight rates,
put into formal loans at the close of each business day.
So far as could be learned the question of increasing the fee on loans for
account of others on call did not come up at the special meeting, which was
an outgrowth of the regular meeting of the Clearing House committee, held
Monday afternoon.
The action of the association banks is in the face of a letter circulated
among its membership by the Association of Stock Exchange Firms urging
opposition by its members to such a proposed charge, which, it is believed,
will add moderately to the annual interest account of brokers, and hence
will increase moderately the charges passed on to their customers.
It had been reported earlier in the week in some of the
daily papers that the members of the Clearing House Association, would at yesterday's meeting also act on the proposal to increase fees charged by banks on call loans for
account of others, and to raise the maximum interest rates
on savings deposits paid by banks subject to Clearing House
rules. The New York "Journal of Commerce" of May 29,
in stating that these proposals were to be considered, said
in part:
While the proposals to increase the commission rates for handling the
offerings of corporations to the call loan market stimulated little interest
yesterday in financial circles, previous rules of the same nature having
had little effect, the plan to charge a fee for accomodation loans was
strongly protested in brokerage circles. . ..
Accomodation loans at present are made by banks to brokers, without
fee or interest charge, before noon, upon the understanding that the credit
•
Jurna 1 1929.]
FINANCIAL CHRONICLE
be returned before the closing of the market. The brokers in return hold
deposits at the banks upon which no interest is paid.
Although there are no statistics upon the volume of such loans, the daily
turnover is understood to be a large one. Brokers state that the greater
portion of these loans are arranged in order to carry stocks when usual demand loans are called. It is the practice for the banks to call their loans
in the morning, the brokers in the meantime seeking accomodation
credit until new demand loans have been arranged.
The second proposal, to advance the commission rates for the placing of
call loans for the account of corporations and others, follows two previous
changes in Clearing House rules of the same nature. Last August the New
York Clearing House changed the commission rate from 5% of the principal
to one-half of I% of the net return on the loan for credit offered by "others,"
.
April 10 applied the same ruling to loans by out-of-town banks. . .
Bankers declared yesterday that the proposed rate of 1% could be
effective only when the rates for demand loans were low, in which case,
it was pointed out,there would in any case be a large decrease in such loans.
With high rates a difference of one-half of 1% upon the interest charge
would be unimportant, it was delcared.
The plan to advance the interest rate paid on deposits not subject to
check was proposed at former meetings of the association, and on each
occasion voted down. Last summer it was voted to raise the interest rate
on demand deposits from 2% to 23. % and on savings deposits to 33 %
from 2%%. It is understood that the present proposal is to advance the
interest rate 1%. The effort to lift the rates is due to the steady falling
off in deposits this year, which was believed in part to have been caused
by the flow of funds into the securities market, either through the purchasing of shares or through offering of loans.
U. S. Supreme Court Upholds Secretary of Agriculture
in So-Called Oklahoma Boycott Case Against
Dealers Operating as Oklahoma National Stockyards.
The Supreme Court of the United States handed down its
decision in the case of United States vs. American Livestock
Commission Co. et al., on May 20 according to a statement
issued by the Department of Agriculture May 25, which
says:
The Court sustained the order of the Secretary of Agriculture in the socalled Oklahoma boycott case against certain market agencies and livestock
dealers operating at the Oklahoma National Stockyards. The case, which
dates back more than three years, has attracted wide public interest by
reason of the boycott, by various market agencies, of a co-operative livestock marketing association.
Banks and trust companies," he noted, "are taking place in
which the National charters are being given up." "Within
the past six months," he went on to say, "79 National Banks
with aggregate resources of two and three-quarter billions
have passed over under State jurisdictions." The Comptroller said that "it is no criticism of the State banks and
trust companies to say that the National Government cannot
rely upon them to serve its instrumentalities in the enforcement of a Federal fiscal policy." "As between the two
systems of banks," he said, "capital will flow more freely
into one which yields the largest returns in dividends. If
the advantage in this respect be fundamental and permanent, the system of banks thus favored will be the one which
will survive. If Congress therefore," he continued, "would
protect itself from the loss of its present banking instrumentality, it must make it to the advantage of capital to
seek the National rather than a trust company charter.
Banking capital is without prejudice or sentiment It will
flow back into the National banks normally and easily with
the turn of the tide of advantage. The alternative would
seem to be elimination of the National banks in favor of 48
distinct systems of banks under the supervision of 48 separate banking departments." The Comptroller declared that
"it is within the power of Congress to turn the advantage
in favor of the National banks and thereby make it to the
interest of all banks to operate under the National charter."
In "the present critical state of the National Banking System," the Comptroller considers it his duty to recommend
to Congress legislation whereby the National Banking System may be improved, but, he announced, before he proceeds "to lay before Congress a definite formulation of proposed amendments to the banking laws, I shall at an early
date call into consultation a group of outstanding bankers
and students of finance and shall ask their assistance in
the formulation or recommendations to Congress which will
offer to State banks and trust companies an opportunity to
gain a wider field of banking operations under the National
charter." Comptroller Pole's address in full follows:
Boycott Ordered Stopped in 1926.
In an order of March 31 1926, the Secretary directed the market agencies
and dealers operating at the Oklahoma National Stockyards to cease from
engaging in and using any unfair or discriminatory practices in connection
with the purchase and sale of livestock by failing or refusing to buy livestock
from or sell to the Producers' Commission Association, while at the same
time carrying on business among themselves. The order also prohibited
the respondents from agreeing among themselves to refrain from dealing
with the Producers' Commission Association.
A District Court of three judges granted an injunction against the enforcement of this order, whereupon the Government appealed the case to the
Supreme Court of the United States. The market agencies and dealers
urged that there was nothing to prevent their dealing and refusing to deal
with whom they chose. With respect to this claim the Supreme Court said,
"But we think it does not need argument to show that a boycott of a dealer
in a stock ard may be an unfair practice under the Act as it is found to have
been in this case."
The Producers' Commission Association was a co-operative organization
formed under an Oklahoma statute which forbade the handling by such
associations of the agricultural and horticultural products of non-members,
except for storage. The market agencies and dealers contended that it did
not appear at the hearing before the Secretary of Agriculture that the Commission Association confined its handling of livestock to the products of its
members, and that, for this reason, the enforcement of the Secretary's
order should be enjoined. The District Court agreed with this view and
held that it was incumbent upon the Government to show that the livestock
handled by the Producers' Commission Association belonged to members
only.
Boycott Was General.
The Government claimed that it would be absurd to suppose that a cooperative association organized for the special purpose of aiding its members
should confine its business to the illegal sale of the products of non-members.
With this contention of the Government the Supreme Court agreed. That
Court said:
If not all, we must assume that some at least of its business was legitimate and that to some extent it might sell livestock that its members
produced. But the boycott was general, intended it would seem to drive
the Producers' Commission Association out of business. The association
was a competitor of the appellees and the suggestion that it was acting
ultra vireo (beyond its power) sounds like an after-thought and can not be
supposed to have been the motive for the act. ..But whatever the
motive, nothing is shown or suggested by the evidence to justify the general
boycott that the Secretary's order forbade.
The order of the Secretary was issued under the packers and stockyards
Act and the favorable decision of the Supreme Court is considered by officials
of the Bureau of Animal Industry, which administers the Act,to have an important bearing on the future marketing of livestock at public stockyards.
The policy of the Bureau is to test in the highest tribunal all cases in which
the orders of the department are questioned, thereby clarifying the various
provisions of the Act and defining the scope of Federal authority.
Comptroller of Currency Pole Views Trend of National
Banks to State System as Alarming—Proposes to
Seek from Bankers Assistance in Drafting Measures
To Permit Wider Field of Banking Under National
Charters—Weakness in Group Banking.
Discussing "the plight of the National Banking System,"
Comptroller of the Currency John W. Pole, before the Maryland Bankers' Association, in Atlantic City on May 23, declared that "within recent months the trend toward trust
company charters by National Banks has been alarmingly
accentuated." "Great bank consolidations of National
3615
BANKING AND THE NEW FINANCIAL ERA.
I—The Need for a National Banking System.
There are two fundamental reasons why a system of National banks is
essential to the public welfare. First, commerce between the States is
vested with a national interest and in order that it may be financed in an
orderly manner it is necessary that there be a uniform system of commercial banking with a common standard under the direction and supervision of the Federal Government. Second, and more important than the
first, it is necessary for the Government of the United States to possess a
Governmental instrumentality of finance in the form of a system of
National banks in order that it may through them in times of stress be
able to enforce a national financial policy. Our own financial history has
conclusively demonstrated that the Federal Government cannot rely upon
the voluntary co-operation of the State banks and trust companies for the
execution of a national policy. It may be instructive to pass some of this
history briefly in review.
At the very beginning of our national life the woeful failure of the
Continental Congress to finance the War of the Revolution was due in no
small part to the lack of an instrumentality in the form of a National bank.
The First Bank of the United States was an outgrowth of this experience.
The First Bank of the United States was opened at Philadelphia, December 12 1791, and its charter limited to twenty years. It later established branches at Boston, New York, Baltimore, Washington, Norfolk,
Charleston, Savannah and New Orleans and served as an instrumentality
of the Federal Government. Through it, loans were made to the Government in anticipation of taxes; it acted as custodian of Government funds;
in the collection of the revenues; in the transmission of public moneys
and otherwise strengthened and improved the public credit.
As early as 1808 it was recommended to Congress that the charter be
renewed. Later, as it became increasingly evident that war was imminent
with Great Britain, Gallatin, then Secretary of the Treasury, urged upon
Congress the necessity of the renewal of the charter in order to safeguard
the interests of the Government. Strong opposition developed to the
renewal of the charter and in 1811 the bill for renewal was finally loot.
The Government thus entered the war the following year without any
banking instrumentality under its control.
There were, in 1811, 88 local State chartered banks with a combined
capital of nearly $43,000,000. The failure to charter the Bank of the
United States, or set up some similar Federal instrumentality in its place,
caused enormous losses to the Government during the war period of 1812
to 1816 in flotation of its loans. The Government was not able to secure
the co-operation of any of the State banks. The Treasury received only
$34,000,000 in specie for $80,000,000 of Government obligations put out.
In other words, they paid about 135% for the money to finance the war,
and the State banks profited at the expense of the public.
In 1816, as a result of this bitter lesson. Congress chartered the Second
Bank of the United States. With the veto of the recharter bill for the
Second Bank of the United States on July 10 1832, by President Jackson,
the Government was again deprived of a fiscal instrumentality. In 1841
a bill passed both liouses of Congress for the incorporation of a new Bank
of the United States, but was vetoed by President Tyler. During the
thirty-year period preceding the Civil War, the Federal Government operated without any fiscal instrumentality other than the independent
Treasury system.
At the outbreak of the Civil War in 1861 Secretary Chase foresaw the
need for a National banking system to support the public credit. At this
time there were more than 1,600 State banks in the country. No action
was had in that year by Congress, and in 1862 Chase again presented his
plan in detail for a system of National bank/ and urged its adoption.
After the outbreak of the war the circulating currency of the State banks
3616
FINANCIAL CHRONICLE
[VOL. 128.
rapidly increased, with the result of great depreciation in value and loss National banks in operation on March 27 1929, 7,193, or 95%, bad an
of public confidence. In the following year (1863) the National Bank Act average capital of $107,000, which includes all banks outside of Central
was passed, but only a handful of new banks were incorporated.
Reserve and Reserve cities; while the remaining 5%, or 382 banks, in the
In 1864 the National Bank Act was re-enacted Whereby many of its Central Reserve and Reserve cities had about 57%
of the total resources.
provisions were improved and the State banks were by a special amendment
The business of a unit bank is derived from the community in which the
invited to become National banks.
bank is situated. This includes such business as may be afforded by the
The act still remained ineffective. Secretary Fessenden thereupon made commercial activities of the city, town or village and
by the outlying
a recommendation to Congress that the opposition of the State banks to farming communities. The President of the unit bank is ordinarily
a
the new National system be removed by the enactment of discriminatory prominent local citizen, and under the old
economic regime he had an
legislation and Congress, by the act of March 3 1865, used the taxing opportunity to become interested in local industrial enterprises
and local
power to compel the State banks to nationalize. The Civil War was over public utilities.
before the National banking system got under way.
Under the system of horse transportation for the rural communities—a
Under the Federal Reserve Act of 1913, as originally enacted, National system which ended with the close of the pioneer
life of America—the unit
banks were forced to become members of the Federal Reserve System, and bank was in a much strongest position than it is
to-day. Apart from the
State banks were permitted to become members if they so desired. From question of their great contribution to the upbuilding
of local communities,
the period of 1914 to June 21 1917 only 53 State banks and trust companies they were profitable as operating corporate
units for the reason that they
joined the Federal Reserve System. We had entered the World War in were normally integrated with the local economic situation.
The President
April of that year and it was considered absolutely necessary that the of such a bank was a personage in the community
and the bank fostered
Federal Reserve System have the support of all of the banks, State and and financed local business enterprises. The banker
was a factor in the
National. In order to induce the State banks and trust companies to come local street car company, the local telephone company,
the local gas plant,
In, special amendments were made to the Federal Reserve Act and approved the local power plant, and the like. If I were
asked to pick out a single
by the President, June 21 1917.* These amendments offered to the State type of institution which has contributed the most
to local community
banks more favorable conditions of membership than that held by the independence and thereby to the foundation of our national
development,
National banks. An extensive campaign was inaugurated for State bank I should choose the unit bank. It is the most representative of the genius
membership. Under the stress of war, with its Liberty Loan drives and the of the American people.
great fervor of patriotism, State and Federal officials as well as comLooking, however, at the unit bank from the viewpoint of present day
mittees of the American Bankers' Association, publicly and repeatedly economic and social conditions, the question is being raised whether the
urged State banks and trust companies to enter the Federal Reserve System unit bank can survive. The unit bank, like many other types of local
as a patriotic duty. On October 13 1917, the President of the United States enterprise, was made possible by the great distance between the local
issued a proclamation calling upon all eligible State banks to join the settled communities. Distance has now been abolished and as a conseFederal Reserve System as a "solemn obligation." Notwithstanding these quence of this one factor the unit bank finds itself face to face with
circumstances, out of 8,500 State banks and trust companies eligible for difficulties that seem to be almost insuperable. The old opportunities for
membership, only 212 joined the system in 1917 after the amendments were the local banker to have a hand in local enterprises has passed away
adopted, and only 686 in 1918. The total membership of State banks because the local enterprises have become to a large extent merged into
and trust companies at the close of the war was only 936.
larger national operations. Every phase of the public utility business has
The Federal Reserve System could not have been created by Congress passed from local control into the hands of great centralized corporations
out of the State banks and trust companies. Had the Natioaal banking which are able to give better and more efficient service. The financing
is
system not been in existence the year before the outbreak of the World not done in the rural communities but in the large cities by
the metroWar, we would in all probability have witnessed another disastrous politan banks.
attempt in war finance.
The unit bank being therefore thrown back upon its own resources has
to face the rising cost of management with a relative decrease in income.
II—The Plight of the National Banking System.
Many of them are now unable to offer to young men entering the banking
It is no criticism of the State banks and trust oompanies to say that the
National Government cannot rely upon them to serve as its instrumentalities business either salaries, or the prospects of a career of sufficient attractiveness to obtain the highest type of management personnel.
in the enforcement of a Federal fiscal policy. Banking, like other business
We cannot escape being moved with great concern to observe that at a
enterprises, is entered into by stockholders for the purpose of realizing a
return upon the investment. It is futile to attempt to impute to such time of the most unparalleled strengthening of our financial position in
domestic affairs and in foreign commerce and in investments, namely, during
stockholders altruistic or patriotic motives. As between two systems of
banks, capital will flow more freely into the one which yields the largest the last eight years there have been more than 5,000 failures of unit banks
In the United States, with an aggregate total of deposits of $1,500,000,000.
returns in dividends. If the advantage in this respect be fundamental and
permanent, the system of banks thus favored will be the one which will These banks were scattered in various sections of the country districts of
the United States, in the South, the Mid-West, the Northwest, and the
survive.
If Congress therefore would protect itself from the logs of its present Southwest, with a scattering few on the Pacific Coast and the Northeastern
States. It is impossible for me to describe the acute local suffering occabanking instrumentality, it must make it to the advantage of capital to
seek the National rather than a trust company charter. Banking capital sioned by the losses of hard-earned savings and by the disruption of local
is without prejudice or sentiment It will flow back into the National business enterprises. In many of these communities public confidence in
banks normally and easily with the turn of the tide of advantage. The the unit banks have been so severely shaken that funds which should find
alternative would seem to be the elimination of the National banks in favor their way into banking channels are being withheld. During this eight-year
of 48 distinct systems of banks under the supervision of 48 separate period there was not a single failure of a large metropolitan bank.
The unit State banks in rural districts as a rule have not found It
banking departments.
Within recent months the trend toward trust company charters by profitable to become members of the Federal Reserve System. Out of about
National banks has been alarmingly accentuated. Great bank consolidations 15,000 State banks and trust 'companies in the United States only 1,208
of National banks and trust companies are taking place in which the have become members. If it were not compulsory for National banks to
National charters are being given up. Within the past six months, 79 become members of the Federal Reserve System considerably more than
National banks, with aggregate resources of two and three-quarter billions, one-half of them would probably never have become members. The State
have passed over under State jurisdictions. I shall not attempt here to unit banks outside of the large cities seem to find no place in the Federal
analyze the cause of these defections, but it is quite evident that it is being Reserve System.
found more advantageous to carry on the business of banking under trust
V—The Growth of Group Banking.
company charters.
We have witnessed within the last two years an amazing development in
However, it is within the power of Congress to turn the advantage in the concentration
of control over groups of unit banks. This has come
favor of the National banks and thereby make it to the interest of all to be called group banking. It is not confined to any one section
of the
banks to operate under the National charter. What form this action country, but seemed to
be springing up everywhere. There are literally
should take requires the most careful consideration. I shall in the course hundreds of these groups
of banks varying in size from half a dozen banks
of my remarks suggest a method of approach to an adequate remedy.
to a hundred or more. The usual form of the group system is for a
holding company to acquire the majority of the stock of a number of unit
III—Banking Faces New Economic Conditions.
banks and then set up a central management personnel for tthe purpose of
The inauguration of the Federal Reserve System in 1914 and the out- operating the
group as nearly as possible as a single system. Organizers
break of the World War in that same year definitely marked the close of a of these
groups maintain that a combination of unit banks under a single
financial era in the United States. The line of cleavage between the ownership
affords greater safety to the public and an improvement in the
pre-war and the post-war periods is so clear that the student of finance quality of the
banking services.
has no difficulty in setting off the one against the other. Our economic
There appear to be, however, certain inherent weaknesses in a system of
development within the past fifteen years has been so rapid and so varied group
banking. From an operating standpoint it is necessarily unwieldy.
that it seems as though we had lived in that short period through several Each member of
the group is a separate and distinct corporation respongenerations. The mere mention of some of the outstanding factors in this sible to its own
.
Board of Directors. It must operate as a distinct and sepadevelopment will be sufficient to bring to your minds the new conditions rate corporation
under its own capital and resources and under the distinct
under which we now live. Not the least of these is the modern automobile limitations
placed upon its activities by law. The central management
upon the automobile road. These have abolished distances between local can enforce its
policies
communities and have revolutionized the social life of the country dis- local boards to accept only by indirection, that is to say, by inducing the
voluntarily its policies and in case of refusal, to set
tricts. Transportation by air is now a practical fact and it would tax the up at the next
annual election a new Board through its control over a
imagination to conceive how it will accelerate the ease of transportation majority of the
stock. It is necessary to carry a distinct overhead of
begun by the automobile. The extension of communication by telephone personnel for each bank.
and now by radio to every rural community has brought into a common
In other words, as compared with branch banking, group banking from
knowledge and contact every phase of our national life. The need for mass an operating
standpoint seems to lack the flexibility and the economy and
production of goods and commodities has caused greater centralization of efficiency which
carries the services of the central bank directly to the'
corporate management in industrial enterprises with the result of greater public served by
each branch. Morally and psychologically the central
efficiency and economy in operation and with cheaper and better output management of the
group system may go to each member of the group with
for the consumer. We have achieved an outstanding position in world its support
but the funds of the various members of the group cannot be
finance and are rapidly developing the instrumentalities to discharge that shifted about from
one bank to another. The corporate set-up, therefore,
serious responsibility. We are now in a period of great national pros- of a group system
is necessarily complicated, whereas under a system of
perity and growth in which the public at large is participating to a branches, each
branch is the bank itself and the full power and resources
degree hitherto unknown.
of the bank is in each place where it does business whether at the head
office or at the branches. Disregarding for the moment the question of
IV—The Unit System of Banking.
The system of banking which developed in the United States under the public policy, the branch system is, in operation, incomparably simpler
State banking laws and later under the National Bank Act of 1863 has than the group system.
come to be known as unit banking. The term unit banking is of recent
VI—Re-examination of Branch Banking Necessary.
origin and is used in contrast to the development of branch banking and
Contrary to the opinion of many, the McFadden Act of February 26 1927
group banking within the last few years.
was not intended to be a permanent settlement of the branch banking
A unit bank may be defined 38 a banking corporation having its origin question. It was a compromise
measure.
In a definite local community and confining its banking activities priPrior to the passage of this legislation, branch banking had made conmarily to that community. Its original organization was a local enterprise siderable headway in many sections
of the United States. In certain large
of considerable significance and local public interest. Its board of metrolopitan centers like New York
city, Detroit, Cleveland, Los Angeles,
directors, officers and employees are residents of the local city, town or Boston and others, branch banking as an extension
of services by downtown
village. On the average the capital stock is relatively small. Of the 7,575 banks to other parts of the city had
demonstrated that the movement was
JUNE 1 1929.]
FINANCIAL CHRONICLE
sound and piacticable. This latter situation was recognized by Congress
in the McFadden Act when National banks were permitted to establish
city branches. In some sections of the United States branch banking had
been extended by State banks beyond the city limits to the surrounding
suburban communities; to the boundary limits of the county or adjoining
county; and in several instances to the boundary lines of the State itself.
Regarding these outside branches as being in the nature of an experimental
operation, Congress desired to create a situation under which this movement
could be studied for a few years without permitting it to expand. AS a
consequence the McFadden Act held all of these branches in statu quo as to
number and location but permitted them to be nationalized. After the
approval of the Act practically every large branch banking system, with
branches on the outside of the city in which the bank was situated, took
advantage of this opportunity and became National banks and are now
operating under the National banking laws.
In view of the existing situation with reference to unit banking, the
growth of group banking, the curtailment of branch banking by Federal
Statute and the increasing number of bank mergers under trust company
charters, the time appears opportune to re-examine the basic structure
of our entire banking system and to formulate a new banking policy to
meet present day conditions.
The National Bank Act specifically makes it the duty of the Comptroller
of the Currency to recommend to Congress "any amendment to the laws
relative to banking by which the system may be improved and the security
of creditors may be increased." In the present critical state of the
National banking system I feel it to be a serious undertaking to discharge
that responsibility. Before proceeding, therefore, to lay before Congress
a definite formulation of proposed amendments to the banking laws, I Mall
arcs early date salt into consultation a group of outstanding bankers and
students of finance and shall ask their assistance in the formulation of
reoommemiationa to Congress which will offer to State banks and trust
companies an opportunity to gain a wider field of banking operations under
the national charter.
Act many old-established National banks in the larger cities are consolidating with and converting into State banks.
"Apparently this is due to three reasons: First, National banks are not
permitted to invest their funds in stocks—owing to a change in the trend
of the times, State banks are finding it profitable to invest in common
stocks; and, second, under the recent decision of the Supreme Court ren
dared in the Worcester County National Bank case, National banks consolidating with State banks are not now permitted to take over from the
trust companies and State banks trusts without the consent of the local
State courts—a very serious impediment to National and Federal Reserve
banks which already had been given the right to act in a fuduciary and
trust capacity; and, third, the further provision that apparently State
institutions prefer their own State supervision to that of National supervision, particularly of the trust business.
"Principally, because of these three things, 231 National banks with
the
$2,083,634.231 assets have left the National system entirely since
enactment of the McFadden National Bank Act, Feb. 25 1927, to May 15
system.
1929. Of the total of 341 National banks reported to have left the
the difference in number, 110, have consolidated with other National
system.
bank, so are considered to be still in the
Defects in Banking System Discussed by Representative McFadden—Cites Advantage Enjoyed by State
Over National Banks—Revision of Federal
Act Favored—Discusses Decision Affecting
Reserve
Worces-
ter County (Mass.) National Bank.
Unless State courts acquiesce in the transfer of State
business to National banks, the National banks cannot hereafter take over trust business by consolidation or conversion
with State banks, Representative McFadden (Rep.) of
Canton, Pa., told the Ohio Bankers Association, at Columbus, Ohio, May 24. In thus quoting Representative McFadden the "United States Daily" of May 25 reported his
further comments as follows:
Mr. McFadden is Chairman of the House Committee on Banking and
Currency. In expressing his view on the subject, he said the inhibition is a
serious impediment to future consolidations and conversions of State bank
and trust companies with National banks.
National Bank Investments.
Mr. MrFadden also discussed the country's credit situation and what he
called the debatable question whether National banks should have the right
to invest depositors funds in stocks as well as bonds. He explained that
present-day methods of financing industry and commerce must be taken
Into account in any consideration of the subject.
The speaker declared that Congress, in the McFadden Act, went as far
as it was possible to go in granting the right to National banks to take over
recent decision of the
this trust business. He said, however, that, under the
Supreme Court of the United States in the Worcester County National
banks could not take over the
Bank case, he was of the opinion the National
trust business by consolidation with State institutions unless the State
courts acquiesce in such transference of trusts. (This decision was referred
o in the "Chronicle" May 25, page 3437.—Ed.1.
Sustained Tendency Would End System.
at the
If this same banking tendency continues for the next few years
the besame pace that it has for the past two years, it would seem to indicate
ginning of the end of our National banking system unless the law be further
classes of business that State
amended to permit National banks to do the
banks and trust companies are now permitted to do.
banks
"This brings us squarely to the proposition as to whether National
in stocks as well
should be given the right to invest their depositors' funds
as bonds. This is a debatable question.
subject,
"We must recognize, however, that in any consideration of this
industry
due thought must be given to present day methods of financing
are to
and commerce in this country, whether the banks of this country
and, next,
continue to serve the modern needs of industry and commerce;
privileges of the
as to whether, under the consolidation and conversion
business of
present National banking and Federal Reserve laws, the trust
National banks
State banks can be legally transferred and administered by
as members of the Federal Reserve system.
with the
In considering this subject, we are immediately confronted
the Worcester
recent decision of the United States Supreme Court in
of the
County National Bank case. During the consideration and passage
feature
McFadden Act, very careful thought was given to this particular
to go in granting
of the law, and the Congress went as far as it was possible
consolidathe right to National banks to take over trust business through
State banks.
tion or conversion with
that
I am of the opinion, in view of the decision of the Supreme Court,
these trusts to
unless the State Courts acquiesce in the transference of
the trust
National banks, National banks cannot in the future take over
State banks. And because of
business by consolidation or conversion with
this is a serious impediment
this fact it will be readily acknowledged that
banks and trust comto future consolidations and conversions of State
panies with National banks.
National Supervision is Adequate System.
be no differences of opinion.
"On the question of supervision there should
a trust business, for some
The fact that certain large institutions, doing
should not be a
reason or other prefer State supervision of their affairs
of a State bank or
determining factor in bringing about a consolidation
system of supervision
trust company with a National bank. The splendid
over the National banks
which has been developed and is now in operation
rather than discourage consolidations of
of the country should encourage
this character.
operation of the Federal
"This then brings us to next consider the present
This system
Reserve System—our present National system of finance.
time of its creation it was
is a decentralized banking system, and at the
remain independent so as to
carefully planned that the 12 Banks should
serve their respective districts in a satisfactory manner.
very complete"The Federal Reserve Board, whose functions were set out
and its contact was to
ly in the law, was to be largely a supervisory board,
the Chairman of the
be constantly maintained through its nation officer,
Agent.
Beard of each of the Banks, who also acts as Federal Reserve
have been made to the
"Since the original enactment,many amendments
the Board have already
Federal Reserve Act and the powers of the Bank and
prerogatives have been
been greatly enlarged thereby, and many additional
Board, and interpretations of the difassumed by both the Banks and the
wasintended
ferent sections of the law have been made other than that which
Federal Reserve
by the grant of authority by the sponsors of the original
Act.
of operation were
"Many of the amendments and changed methods
War, such as the change of
brought about by the exigencies of the World
the classification of eligible
legal reserve requirements, enlargement of
bonds as security for the
paper, the permission to use Government
purchase agreements, open
release of Federal Reserve credit, bond
central banks of issue of
market operations, authority to co-operate with
to central banks, the interother countries of the world, granting of credits
other functions too numerous to
national movements of gold, and many
mention at this time.
Theory of Banking Embodied in Reserve Act.
Adjustment of System Favored.
Mr. McFadden added that it was his opinion there was no need of concern
about the stability of banking in the Unitdd States, but that there was need
of immediate adjustment of the country's financial machinery.
The full text of the section of the address dealing with State and national
banks and the credit situation follows:
"The establishment of the Federal Reserve System and the fact that the
more important State banks were joining the Federal Reserve System
aroused the various State Banking departments and the Legislatures to
the extent that many amendments to the State banking laws, broadening
the powers of State banks, were enacted, and resulted in bringing about a
keener competition than had theretofore existed between national and
State banks and trust companies.
State Banks Strengthened.
"The fact that State banks and trust companies were permitted volunFederal Reserve System has tended to strengthen
tary membership in the
the position of State banking, because it gave these banks the direct added
protection of the Federal Reserve System. The growth of this competition
and the need for modernization of the National Bank Act was brought to
the attention of Congress, and after some five years of serious consideration,
hearings and legislative action, on Feb. 25 1927 the McFadden Act became
a law.
"It is quite an interesting coincidence that the Banking Act making Possible the organization of the First Bank of the United States was signed by
George Washington on Feb. 25 1791; the National Bank Act was signed by
Abraham Lincoln Feb. 25 1863; and the McFadden National Bank Act
was signed by Calvin Coolidge Feb. 25 1927.
Act the National Bank Law was so
"As a result of the passage of this
amended that national banks were supposed to be enabled to meet the
industry and commerce, and that competitive equality
needs of modern
all member banks of the Federal Reserve
would be established among
because National banks felt
system. This action seemed very necessary
to exist in competition with State banks
that they could not continue
at greater advantage under the broadened State
which were operating
believed that the Federal Reserve system withbanking laws, and it was
of National banks would be only a theory.
out the compulsory support
been a great boon to National banks;
"The enactment of this law has
liberality granted by this Act, the National
but, notwithstanding the
made sufficiently attractive to hold within
system even now has not been
National banks, as is demonstrated by the
its system all of the important
and conversion features of the McFadden
fact that under the consolidation
3617
was the theory that inAt the inception of the Federal Reserve Act, it
best served through this form
dustry and commerce in this country could be
the rediscount of short
of a commercial banking system by making possibile
transaction, or paper
time paper,representing a settlement of a commercial
in transit
commodities
originating as a result of a sale, or based upon
business increased or
It being the belief of the framers of this law that, as
and credit would correspondingly
decreased, the requirements for money
eligible for discount
increase or decrease; and if this class of paper were made
the demands of comin the credit reservoir so created that it would satisfy
that the access to the
merce and trade in the country because of the fact
and surplus of
credit reservoir within the system was limited to the capital
upon member
the bank plus the arbitrary legal reserve requirements placed
banks.
under the
"While the immediate operations of each of the 12 Banks were
was
supervision of the directorate of each Bank, a general supervision
fact
necessary on the part of the Federal Reserve Board, because of the
throughthat the Board was charged with the responsibility of maintianing
carry
out the country the total volume of credit that was required to
on the business of the country.
gold reserve
"They were further charged with the maintenance of the
notes.
and the general supervision over the Issuance of Federal Reserve
ion of the System Into the
The law further provided for the decentralizat
credit and cir12 Federal Reserve Banks as a basis for the issuance of
far.
culating medium and certain specified reserves were provided
3618
FINANCIAL CHWINTTCLE
Expansion of Industry. Trade and Commerce.
"Since the establishment of the Federal Reserve System, industry,
trade and commerce, as well as financial operations, have expanded at a
very rapid pace. This movement was greatly accelerated during the war,
and because of the fact that this country has changed from a debtor to
a creditor nation, we have continued to progress to such an extent as
would have been unbelievable in 1913 when the Act became a law.
"Domestic and world economic conditions have so changed that the
general equilibrium of economics and finance has been greatly disturbed,
if not entirely upset. Influences beyond this country's control are at
work, and the proper handling of these changed conditions are taxing the
minds and energies to an extent that can hardly be appreciated.
"I have referred to the early history of banking in this country and the
changes that were wrought from time to time during the different periods of
our progress. We are now in the midst of a discussion of economics and
finance, and modern systems of production and distribution which indicates
to my mind that we are in another period of transition. General discussion
of the management of our financial system is prevalent.
Fol.. 128.
the advantages of the new currency cited by the Comptroller,
His remarks follow:
New Currency.
The recommendation for reduction in size of paper currency was
approved by Secretary Mellon in May 1927—the new size to be approximately the size of the Philippine currency. Since the paper currency has
been issued in its present form for about 68 years, the decision to reduce
the size was a very important step. The program of reduction did not
at first include National Bank notes, for at that time, it was contemplated
that they might be retired. In January of this year, however, it was;
decided to continue National Bank currency and while you have undoubt:
edly read in the press that the Government will issue the reduced size
currency in July of this year, National Bank notes in the small size will
not be ready for issue until shortly thereafter.
With the present outstanding paper circulation of about five billion
dollars for which there must eventually be substituted a like amount of
new currency in the no:hied size, it will be realized that the Treasury
has a gigantic task to perform and since it is physically impossible to
Legal Powers Exceeded by Federal Reserve Board.
make a complete turn-over in a brief space of time, there will necessarily
'Last February, when the Federal Reserve Board issued their admonition be
a period in which there will be in circulation currency in both the
as to speculation and brokers' loans, and gave notice to the banks to curtail
present and the new size. Moreover, it will not be possible for a short
credits, I called the attention of the country to the fact that, in my opinion,
time to issue new currency of the reduced size in the larger denominations
it was not the business of the Federal Reserve Board to attempt to define
above $20.00. Consequently, it will be necessary for the public to be
whether prices were too high or too low; and that, unless they had ascerpatient and to co-operate with the Government by not making undue
tained the use to which the proceeds of brokers' loans were eventually put,
demands in order that the program may be carried out with the least
they had no way of judging that Federal Reserve credit was being used for
possible interruption.
gambling or speculative purposes.
There are five kinds of paper currency now being issued; United States
"I also pointed out that it was the main responsibility of the management
of the Federal Reserve System to maintain the gold reserve and manage notes, silver certificates, gold certificates, Federal Reserve notes and
the total volume of credit; and attempted to point out that it was the func- National Bank notes.
There will be other changes in the new currency in addition to the
tion of banking in this country to serve the business needs by furnishing
a method of settlement of transactions of purchase and sale; and suggested reduced size. For instance, the face designs which will be printed In
the great danger to our future business prosperity if a mistaken policy black will have features characteristic of each denomination, while the
carried to an extreme resulted in depressing business, which would bring back designs will be printed green and will be uniform for each denomination, irrespective of kind. Treasury seals and serial number will be in a
about great unemployment and want in this country.
"The reason that business has not been particularly interrupted has been different color distinctive of each of the different types.
Each denomination, whether United States notes, silver certificates,
due to the independent position in which big business in this country happened to find themselves when this change of policy was announced. Busi- gold certificates, Federal Reserve notes or National Bank notes, will have
ness had supplied itself with cheap available.credit when the extra amount on the face the same portrait distinctive to that denomination. Thus all
currency in the denomination of:
of credit was released by the Federal Reserve system previously.
"The discussion taking place throughout this country is not only confined
$1 will bear the portrait of Washington
2100 Franklin
to the credit system and the management of the Fedeeal Reserve System, $2 note that of Jefferson
2500 McKinley
$5 Lincoln
but enters also into the new methods of financing which have grown up and
$1,000 Cleveland
$10 Hamilton
$5,000 Madison
are sometimes referred to as 'bootlegging' financial operations. I refer to $20 Jackson
$10,000 Chase
the development of chain banking and investment trust banking—the bank- 250 Grant
ing that has come about through the changed method of financing industry
To protect yourself against raised notes or mistakes in denominations,
through the sale of common stocks, resulting in a great increase in brokers'
you should bear in mind these portraits. For the portrait of Washington
loans and partial payment financing.
will always mean a one dollar denomination, portrait of Lincoln a five
A careful analysis of this composite discussion leads one to believe that
dollar denomination, etc.
out of it all must come a modern system of banking. It, therefore, seems
In addition to these changes, a new kind of paper has been developed,
to me that it is imminent that we must take stock of the present day situation and carefully consider whether our present banking system is adequate which it is believed will be far snore durable than that formerly in use.
It may be interesting to know something of the great printing plant
to meet present day requirements.
"In making such an inventory the best brains of our industrial leaders, in which the work of producing the new currency is done and something
our financial experts, economists, &c., should co-operate with those who of its growth. Originally and at the time the first issue of "green backs"
are charged with legislating the laws of the land so that a proper solution was authorized, private bank note companies were equipped to engrave
and print such securities and the work was done by them. In 1862
of this problem may be had.
Congress authorized the Secretary of the Treasury, in his discretion, to
provide for any part of the printing and engraving of notes at the Treas.
Evidences of Stability of American Banking.
"I do not think that we need to be concerned about the stability of bank- ury Department in Washington, which brought about the establishment
ing in the United States to-day. The reserves in the Federal Reserve of the Bureau of Engraving and Printing, and on August 29, 1862, it
system are nearly double the legal requirements, and member bank borrovrt consisted of one male and four female assistants, occupying one room in
Inge in the Federal Reserve system, particularly in the larger cities, are not the attic of the west wing of the Treasury Building. This Bureau has
grown into a plant occuping 442,000 square feet, or about ten acres of
exorbitant, and recently have been declining.
"But the present call-loan market in New York, the financial centre of floor space and accommodates about 4,800 employees of which about 55%
this country and the whole world, is an indicator of temperature; and it is are women and 45% men.
The average number of currency notes delivered yearly from this Bureau
evident to any one at all familiar with financial ethics and the ethics of business that a more stable money market should be maintained. Such a mar- is approximately 991,000,000, of a value of close to four billion dollars.
ket cannot continue with such wide fluctuations without eventually affect- The notes delivered daily placed end to end would make a strip 895 miles
ing business and bringing about a decline in our prosperity.
long and a year's printing would make four belts around the earth at the
"There is every need for an adjustment without delay in our financial Equator. Laid flat, a year's printing would make a sheet large enough
machinery. We must take into consideration the responsibility of world to cover 37 farms of 100 acres each. Laid on top of each other, the notes
financial leadership that has beep placed upon us and recognize the fact printed in a year would snake 555 stacks, each as high as the Washington
that our future prosperity, to a great extent, depends upon how wisely we Monument. The weight of papee used in printing currency amounts yearly
discharge this responsibility.
to about 1,550 tons or a daily average of 5% tons.
"Our exports are larger than our imports. We have loaned the world in
It is estimated that by the reduced currency program, there will be
excess of $25,000,000,000 for which they must pay us in excess of 81,000. saved enough paper which if expressed in area would cover 10-100
acre
000.000 interest on these obligations.
farms or 440 tons of paper, 459 tons of ink or the capacity of about 15 box
"And when we consider the advancement industrially, financially and cars, in addition to other savings which will naturally
follow.
economically in this country for the past 15 years, taking into consideration
These high lights give some idea of the enormous work involved in
this nation's wealth and the possible continuance of this development of carrying out the Government's program for a reduced size currency, which
our natural and trade resources, both domestically and internationally with will result in:
our present refinements in industry which cannot help but accelerate proA currency of greatly improved appearance from an
artistic point of view.
duction beyond our ability to consume, we must realize that it will be
A vastly greater convenience In handling.
but a short time before we must either expand our operations to all part; •A currency which will be infinitely more difficult to counterfeit and a
very considerable saving in cost of manufacture to the American public.
of the world or be content with our present smug position."
Paper Currency in Reduced Size to Be Issued July 1—
Small Sized Bank Notes Later—New Currency to
Result in Considerable Saving, Says Comptroller
of Currency Pole.
The new smaller size paper currency which is to be issued
by the Treasury Department July 1, was the subject of a
radio talk by Comptroller of the Currency J. W. Pole, broadcast over station WRC, Washington, April 14. National bank
notes in reduced size are also to be put in circulation but
Comptroller Pole stated that these will not be ready until
some time after July 1. The plans with respect to the
smaller sized paper currency were referred in these columns
earlier this year—Jan. 26, page 502 and February 2, page
669. At the start, said Comptroller Pole, it will not be
possible to issue new currency of the reduced size in denominations above $20. A greater convenience in handling and a
considerable saving in the cost of manufacture are among
Internal Revenue Receipts in First Nine Months of
Fiscal Year 1929 Exceed Corresponding Period of •
1928 by $60,310,689—Federal Income Tax Receipts
Increase $73,799,937.
Total internal revenue collections of $2,137,178,647 during
the first nine months of the fiscal year 1929 are reported
by the Internal Revenue Bureau at Washington, in a
statement issued April 30. The forergoing figures compare
with a total of $2,076,867,958 in the first nine months of
the fiscal year 1928—the 1929 total exceeding that of the
corresponding period last year by $60,310,689. Of the
1929 total income taxes aggregated $1,689,165,158 and
miscellaneous taxes $448,013,488. The income collections
were $73,799,937 higher than the yield in the same period
the previous year, while the miscellaneous taxes decreased
$13,489,248. The income tax tollections of $1,689,165,158
in the first nine months of the 1929 fiscal year represented
individual taxes of $763,304,115 and corporation taxes of
JUNE 1 19291
3619
FINANCIAL CHRONICLE
The prosperity of individuals through the nation was indicated by only
$925,861,043. The corporation tax receipts fell off in this
smaller totals of individual income taxes in the first
compared with the amount of the five States returning year than they did a year before. North Dakota
period $45,299,987 as
nine months of the
Oklahoma
yield in the same period in 1928—viz., $971,161,030; in returned $186,176, or about $3,700 less than a year before. decrease of
Oregon a
a decrease of
the case of the individual income tax yield, however, the returned $5,948,842, orRhode Island a$1,500.000; $140,000,000 to $5,
decrease of
$1,798,000;
$56,000 to
1929 figures (for the nine months) at $763,304,115 are 225,349,000. The West Virginia individual income tax aggregated 82,209,$119,099,924 greater than those for the nine months of 356, a decrease of $257,000.
1928, the yield for which was $644,204,191. Of the inThe New York "Journal of Commerce," in a Washington
crease in individual income taxes, New York State accounted dispatch, said:
for $62,224,272, returning a total income tax of $271,720,349.
The considerable reduction in the corporation tax for the three quarters
Its corporation tax dropped $10,540,395, however, as com- was explained by the fact that the payments in the first two quarters
represented the tax
pared with the same period of the previous fiscal year, of the year, ended with September and December, materially. The
when corporate business slumped
8252,277,366. The State paid taxes from all on income of 1927
totaling
March quarterly payment represented the first on the business of the
sources amounting to $595,130,433. The Associated Press prosperous year of 1928. The June payment, to complete the fiscal
corporation).
accounts from Washington, commenting on the figures, said: year, will bring about an additional gain in both individual and
North Carolina was second in the list with total tax payments of $184,- taxes.
Estate taxes collected during the fiscal year up to March 31 amounted
976.543, an increase of $18,426,439 over the same period of the previous
Year. Of the total $14,935,680 was income tax and $170,010,862 miscellaneous taxes.
Illinois increased its income taxes for the first nine months by approximately $8,000,000 to $155,341,505, and its miscellaneous tax by about
$600.000 to $15,705,517. Its total tax increased approximately $8,500,000
to $171,017,023.
Pennsylvania's tax dropped in each division, making a decrease in
collections from all sources of approximately $8,000,000 with a total of
$177,937,063.
The California corporation income tax increased by approximately
$800,000 to $45,662,680 and the individual income tax increased by apThe California miscellaneous
proximately $7,000,000 to $48,153,589.
tax increased by about $2,000,000 to $19,241,741, making the total from
all sources $113,058,011, an increase of $10,000,000 over the same period
of the previous year.
to $44,664,000, a loss of $1,414,000. Officials said that estate tax pay—
ments are variable, owing to the possible settlements of largo estates ali•
Irregular intervals. Since the States are enacting inheritance tax laws
the income to the Government is gradually declining from this source.
Where taxes are paid to a State on an estate settlement they may bededucted from the Federal tax. Under the law the State and Federal'
estate tax rate cannot exceed the maximum Federal rate.
Tobacco taxes for the nine months yielded the Government $315,934,00%
a gain of $21,202,000. Cigarette taxes made up $247,096,000 of the
total and gained $23,628,000. The tax on manufactured tobacco was
$45.324,000, a drop of $1,679,000, and that on cigars $16,892,600, a drop
of $484,000.
The following are the statistics supplied by the Internal
11 Revenue Bureau:
COMPARATIVE STATEMENT OF INTERNAL REVENUE RECEIPTS FOR THE FIRST NINE MONTHS OF THE FISCAL YEARS 1928 AND 1929, BY
COLLECTION DISTRICTS AND STATES.
1928.
Alabama
Arizona
Arkansas
1st California
6th California
(Total State of California)
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
1st Illinois
8th Illinois
(Total State of Illinois)
Indiana
Iowa
Kansas
Kentucky
Louisiana
•
Maine
Mayrland, including District of Columbia
Massachusetts
Michigan
Minnesota
Mississippi
1st Missouri
6th Missouri
(Total State of Missouri)
Montana
Nebraska
Nevada
New Hampshire
r
1st New Jersey
5th New Jersey
(Total State of New Jersey)
New Mexico
1st New York
2d New York
3d New York
14th New York
21st New York
28th New York
(Total State of New York)
North Carolina
North Dakota
1st Ohio
10th Ohio
11th Ohio
18th Ohio
(Total State of Ohio)
Oklahoma
Oregon
1st Pennsylvania
12th Pennsylvania
23d Pennsylvania
(Total State of Pennsylvania)
Rhode Island
South Carolina
South Dakota
TonnesSee
1st Texas
2d Texas
(Total State Of Texas)
Utah
Vermont
Virginia
Washington, Including Alaska
West Virginia
Wisconsin
Wyoming
Philippine Islands
Sales of internal rev, stamps by Postmasters—
Internal rev, receipts through customs offices._
Total (9 months)
Total (AU Sources).
Miscellaneous Tares.
Income Tax.
Districts and States.
1929.
86,306,253.61
1,315,780.06
3,228,186.67
43,219,935.53
42,605,684.10
85.855,619.63
8,982,085.65
24,445,633.32
14,115,840.32
13.881,432.31
10.085,732.91
4,706,092.77
816,714.25
141,932,800.79
3,620,025.64
147,552,826.43
20,717.742.53
8,342,540.70
14,636,216.65
11,244,259.25
9,159,293.18
6,005,270.53
32,898,122.08
73,312.832.45
94,768,665.23
20,008,708.38
2,001,101.87
29,740,678.60
9,473,967.75
39,214,646.35
2,119,365.32
4,018,026.57
505,995.53
2,388,379.09
12,516,513.94
47,994,229.16
60,510,743.10
587,041.86
32,089,310.81
254,915.345.61
120,464,548.47
28,492.308.74
10,641.263.27
25,711,031.67
472,313,838.60
14,824,700.11
602.760.94
23.045,234.83
11,465,326.98
6,917,483.10
43,902,778.15
85,360,823.06
15,170,962.56
4,359,504.10
93,115,466.58
13,118,310.83
66,449,197.83
162,732,975.24
10,186,390.17
2,754,686.58
526,164.66
9,927,701.47
17.485,654.17
18,832,363.79
36.318,017.96
2,716,192.84
1,733,647.43
16,446,022.21
9,281,760.47
10,274,625.49
34,172,077.01
1,834,321.45
$5,705,630.52
1,671,497.15
2,902,309.53
48,954,006.84
44,862.263.57
93,816,270.41
7,939,744.68
29,314,385.70
19,932,408.85
8,951,213.05
10,415,371.87
3,996,453.02
831,016.73
149,852,089.71
5,489,415.59
155,311,505.30
10,407,709.89
9,367,591.99
13,033,907.06
11.195,875.54
9,743,738.39
6,359,941.53
33,476,877.86
81,915,291.78
104,560,414.49
19,894,877.26
1,869,815.59
28,079,584.06
10,060,327.47
38,139,911.53
2,294,865.78
4,436,245.32
744,183.83
2,504,740.54
15,301,073.20
51,534.536.88
69,835,610.08
678,295.01
34,667,173.35
282,640,452.36
136,929,876.07
30,408,677.72
10,398,891.87
28,952,644.48
523,997,715.85
14,935,680.96
534,136.48
25,287,214.59
10,369,191.70
6,765,337.27
44,696.000.12
87,117,746.68
13,063,194.95
4,219,912.91
90,797,799.59
12,605,895.77
52.453,977.60
155,857,672.96
9,931,322.39
2,740,844.71
608,037.87
10.194,585.83
15,723,037.29
12,844,321.92
28,567,359.21
2,615,867.88
1,769,540.68
15,415.483.73
10,062,524.34
8,324,292.46
28,183,040.51
848,467.86
8416,127.58
160,054.15
72,905.10
12,785,663.45
4,361,185.66
17,146,819.11
336,164.12
1,340,380.02
819,173.67
5.094,231.68
516,067.97
104,805.44
61,684.78
13,501,895.26
1,608,730.44
15,111,625.70
5,818.024.99
504,838.23
448,014.31
6,917,231.98
1,544,757.15
328,931.1/
3,087,131.68
5,369,276.41
35,619,799.84
1,415,648.50
60,804.91
9,259,004.15
555,923.11
9,814,927.26
109,182.12
312,001.38
100,302.97
520,772.86
2.237,592.57
13,689,937.08
15,927,529.65
11,472.69
18,504,298.48
30,458,001.03
23,999,861.19
2,313,955.75
903,228.28
1,424.093.57
77,603,441.30
151,725,403.72
30,116.36
10,807,070.89
5,218,314.57
459,760.71
3,794.624.32
20,279,770.49
249,693.76
223,340.21
17,401,994.48
1,539.078.86
4,316,603.58
23,257,676.90
1,063,715.49
114,060.25
45,059.53
3,469,544.23
792,014.07
503,208.78
1,295,252.85
85,451.03
56,172.15
46,311,061.06
465,986.57
1,879,541.53
3,807,814.75
103,783.27
297,651.86
1,200.00
16,159.76
81,615,365.220.98
91.689.165,158.54
5
461,502,737.49
1929.
1928.
1929.
1928.
8384,093.85
56,682.52
61,678.50
13,570,945.49
5,670,795.87
19,211,741.36
352,194.65
1,468,000.42
1,906,608.62
7,090,531.61
344,053.85
106,116.81
30,464.01
14,258,479.76
1,447,038.16
15,705,517.92
1,955,806.25
425,899.61
522,760.34
7,528,841.68
1,288,226.08
254,275.99
3.909,761.17
4,115.711.73
9,207,081.07
1,048,201.08
174,004.05
10,717,813.25
469,056.98
11,186.870.23
1,361,045.77
252,709.61
46,449.75
500,135.46
1,727.651.77
18,412,681.42
20,140,333.19
26,280.53
18,521,596.20
36,752,562.39
11,548,913.18
2,383,876.62
539,607.50'
1,386,161.32
71,132,717.21
170,040,862.32
28,458.69
9,937,920.69
3,392,566.23
382,914.85
2,102,428.68
15,815,830.45
294,477.79
215,438.62
16.897,892.63
1,487,988.81
3,693,508.63
22,079,390.07
422,368.16
101,012.66
27,609.78
3,266,432.65
801,528.66
684,948.54
1,486,477.29
68,389.03
39,141.73
47,924,480.43
441,699.77
2,126,885.64
1,322,006.83
50,176.02
297,094.74
133,625.17
3.822.22
8148,013,488.61
$6.722,381.19
1,475,834.21
3,361,091.77
56,035,598.98
46,966,869.78
103,002,468.74
9,318,249.77
25,786,013.34
14,935,013.99
18,978,663.99
10,601,820.88
4,810,898.21
878,399.03
155,437,636.05
7,226,756.08
162,664,452.13
26,533,767.52
8,817,378.93
15,084,230.96
18,191,491.23
10.704,050.33
6,334.204.70
35,985,253.76
78,682,108.86
130,388,465.07
21,424,356.88
2,064,906.78
38,999,682.75
10,029,890.86
49,029,573.61
2,228,547.44
4,330,027.95
606,298.50
2,909,151.95
14,754,106.51
61,684,166.24
76,438,272.75
598,514.55
50,593,639.32
285.373,346.64
144,464,412.60
30,806,264.49
11,544.491.55
27,135,125.24
549,917,279.90
166,550,103.83
632,877.30
33,852,305.72
16,683.641.55
7,407,243.81
47,697,402.47
105.610,593.55
15,420,656.32
4,582,844.31
110,517,461.
06
14,657,389.69
60,815,801.39
185,990,652.14
11,250,105.66
2,868,746.83
571,224.19
13,397,245.70
18,277,698.24
19,335,572.57
37.613,270.81
2,831,643.87
1,789,819.58
62,757,983.27
9,747,747.04
12,154,167.02
37,979,891.79
1,938,104.72
297,751.86
1,200.00
16,159.76
16,089,724.37
1,728,179.67
2,963,988.03
62,524,952.33
50,533,059.44
113,058,011.77
8,291,939.33
30,682,386.12
21,839,017.47
16,011,744 66
10,759.425.72
4,102,569.83
861,480.74
164,110,569.47
6,936,453.75
171,047,023.22
21,363,516.14
9,793,491.60
13,556,667.40
18,724,717.22'
11,031,964.4T
6.614,217.52:
37,386,642.02
86,031,003.51
113,767,495.56
20,943,079.06
2,043,849.64
38,797,397.31
10,529,384.45
49.326,781.76
3,655,911.55
4,668,954.93
790,633.58
3.004,876.00
17,028,724.97
72,947,218.39'
89,975,943.27
704,575.54
53,188.769.55
319,393,014.73.'
148,478,789.25
32,792,554.34
10,938,499.37
30.338,805.89'
595,130,433.06
184,976,543.28
562,595.17
35,225,135.28
13,761,760.93.
7.148,242.12
48,798,428.80
1
102,933,577.12.
13.357.672.74
4,435,351.53
107,695,692.21
14,093.884.58
58,147,486.25
177,937,063.03
10,353,690.55
2,844,887.37
635,647.65
13,461,018.48
16,524.565.95
13,529,270.46
30,053,836.41
2,684,256.91
1,808,682.41,
63.339,944.16.
10,504,224.11
10,451,178.10
29,505,047.34
898,643.88
297,094.74
133,625.17
3,822.22
32,076 867,958 47
$2.137.178,647.15
SUMMARY OF INTERNAL REVENUE RECEIPTS.
Fiscal Year 1928 (12 Months).
Quarter Ended.
September 30
December 31
March 31
June 30
Total
Fiscal Year 1929 (9 Months).
Income Tax.
Miscellaneous Tares.
Total.
Income Tax.
Miscellaneous Taxes.
$517,717,329.53
500,510,139.28
597,137,752.17
559,207,881.91
8162,875,618.66
148,342,257.07
150,284,861.76
154,459,679.30
$680,592,948.19
648,852.398.35
747,422,613.93
713,667,579.21
8511,007.072.84
502,061,524.72
676,093,560.98
$151,579,200.18
149,535,965.35
146,898,323.08
$662,586,273.02
651,600.490.07
822,991.884.06
$2,174,573,102.89
8615.962.434.79
82
.790,535,537.68
$1.689,165.1.58.54
$448,013,488.61
$2.137.178647.16
Total.
3620
FINANCIAL CHRONICLE
1.28.
COMPARATIVE STATEMENT OF INCOME TAX COLLECTIONS (SEPARATED AS TO CORPORATION AND INDIVIDUAL) FOR THE
NINE MONTHS OF THE FISCAL YEARS 1928 AND 1929, BY COLLECTIONS DISTRICTS AND STATES.
Corporation.
Total Income Tax.
Individual.
Districts and States.
1928.
Alabama
Arizona
Arkansas
Ist California
6th California
(Total State of California)
Colorado
Connecticut
Delaware
Florida
Georgia_
Hawaii
Idaho
let Illinois
6th Illinois
(Total State of Illinois)
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Mayrland, including District of Columbia
Massachusetts
Michigan
Minnesota
Mississippi
1st Missouri
6th Missouri
(Total State of Missouri)
Montana
Nebraska
Nevada
New Hampshire
1st New Jersey
5th New Jersey
(Total State at New Jersey)
New Mexico
1st New York
.28 New York
2c1 New York
14th New York
21st New York
28th New York
(Total State of New York)
North Carolina
North Dakota
let Ohlo
10th Ohio
11th Ohio
18th Ohio
(Total State of Ohio)
'Oklahoma
Oregon
lst Pennsylvania
12th Pennsylvania
.23d Pennsylvania
(Total State of Pennsylvania)
.Rhode Island
South Carolina
South Dakota
'
Tennessee
.1st Texas
.2c1 Texas
(Total State of Texas)
'Utah
Vermont
,Virginia
,Washington, including Alaska
West Virginia
Wisconsin
Wyoming
11. Total (9 months)
1929.
1928.
1929.
1928.
83.980,637.97
776,352.48
1,925,007.15
25.343,589.32
19,517,147.64
44,860,736.96
6,342,974.44
12,772,586.29
9,051,410.57
5,499,420.64
6,934.469.20
3,688.190.07
615,089.87
86,098,848.39
3,750,368.42
89,849.216.81
12.726,994.31
5,410.276.59
12,124,501.79
7,874.866.55
6,363,216.10
3,346,022.48
17.766.404.26
40,519.979.49
67,944.771.44
14,189,189.81
1,197,894.65
20,563,929.33
6.081.102.90
28,645,032.23
1,407,488.83
2,644.687.35
233,719.97
1,146,817.63
5,861,252.89
21,697,005.38
27.558.258.27
334,183.29
12,563,450.07
150,107,168.86
64.049,752.57
15,044,905.26
5,722,929.58
15.329,555.10
262,817.761.42
11,511,936.08
412,801.17
14,413,982.89
8,148,285.97
4,810,365.48
30,026,887.64
57,339,501.98
7,685,415.22
2,504.640.43
52,870.170.38
8,588,656.26
34,117,793.34
95,576,619.98
4.819,718.90
2,197,795.73
323,274.54
6,535,787.48
11,792,541.00
13,213,769.33
25,006,310.33
2,142,243.45
1,037,146.62
13,374,709.87
6,675,136.51
7.805,724.77
25.978,761.50
1.547,407.44
13,152,466.00
748,368.65
1,635,004.56
25,837,814.52
19,824,865.97
45,662,680.49
4,916,174.09
14,348.192.25
12,891,186.94
2,923,516.06
6.999.748.51
2,939,800.06
572.565.41
85,646,680.23
3,329,176.50
88,975,856.73
11,403,888.18
5.550,567.71
10,289,330.66
7,122.575.19
6,476,721.29
3,383,352.34
16,229,211.29
42,800,599.98
69,843,489.89
12,188,994.23
1,057.013.83
18,291,599.31
6,342,928.37
24,634,525.68
1,281,587.22
2,731,494.96
487,160.94
984,303.19
7,252,789.81
27,884,243.40
35,137,033.21
367.415.30
12,517.268.23
138,785,186.79
65,974.936.48
13,818,657.09
5.523,391.43
15,657,926.39
252,277,368.41
10,760.894.50
317,959.72
14,880,467.27
6,715,758.96
4,556,289.43
27,354,444.83
53,506,940.49
7,114,352.25
2.421,441.97
49,288,800.34
7.333.715.45
29,410,898.83
86,032,814.62
4,705,973.20
2,174,675.77
370,054.53
6.181,700.86
8,987,028.95
6,509,346.00
15,496,374.95
1,822,887.65
894.151.11
12,110.962.22
6,871.708.14
6,114,935.75
18,455,999.76
465,226.93
$2,325,815.64
539,427.58
1,363,179.52
17,906,346.21
23,088,536.46
40,994,882.67
2.639.113.21
11,673,047.03
5,064,429.75
8,385,011.67
3,151,263.71
1,019,902.70
201,644.38
55,833,952.40
1,869.657.22
57,703,609.62
7,990,748.22
2,932,264.11
2,511,714.86
3,369,392.70
2,796,077.08
2,859,248.05
15,131,717.82
32,792,852.96
26,823,893.79
5,839,538.57
806,207.22
9,176,749.27
3,392.864.85
12,569.614.12
711.876.49
1,373,339.22
172,275.56
1,241,561.46
6,655,261.05
26.297,223.78
32.952,484.83
252,858.57
19.525,890.77
104,808,176.75
58,414,795.90
13,447,403.48
4.918,333.71
10,381,476.57
209,496.077.18
3,312,763.13
189,959.77
8,631,251.94
3,317,061.01
2,137,117.62
13.875,890.51
27,961,321.08
7,485,547.34
1,854.863.87
40,245,296.20
4,529,654.57
22,381,404.49
67,156,355.26
5,366,671.27
556,890.85
202,890.12
3,391,933.99
5,693,113.17
5,618,594.46
11,311.707.63
603,949.39
696,500.81
3,072,212.34
2,808,823.96
2,468,900.72
8,193,315.54
288,914.01
$2,553,164.52
923,130.50
1,267.304.97
23.116,192.32
25,037.397.60
48,153,589.92
3,023,570.59
14,866,193.45
7,041,221.91
6,027,696.99
3,415,623.36
1,056,652.96
258,451.32
64.205,409.48
2,160,239.09
66,365,648.57
8,003,821.71
3,817.024.28
2,744.576.40
4,073,300.35
3,267.017.10
2,978,589.19
17,247.686.57
39,114,691.80
34,716,924.60
7,705,883.03
812.831.76
9,787,984.75
3,717.401.10
13,505.385.85
1,013,278.56
1,704.750.36
257,022.89
1,520,437.35
8.048,283.39
26.650,293.48
34,698,576.87
310,879.71
22,149,905.12
143,855,265.57
70,954,939.59
16,590,020.63
4,875,500.44
13,294,718.09
271,720,349.44
4,174,786.46
186,176.79
10,406,747.32
3,653,435.74
2,209.067.84
17,341,555.29
33,610.806.19
5,948,842.70
1,798.470.94
41,509,799.25
5,272,180.32
23,043,078.77
69,825,058.34
5,225,349.19
568,168.94
237,983.34
4,012,884.97
9,736,008.34
8,334,975.92
13,070,984.26
792,980.23
875,389.57
3,304,521.51
3,190,816.20
2,209,356.71
9,727,040.75
383,240.93
36.306.253.61
1,315,780.06
3,288,186.67
43,249,935.53
42,605.684.10
85,855,619.63
8,982.085.65
24.445,633.32
14,115,840.32
13,884,432.31
10,085.732.91
4,706,092.77
816,714.25
141,932,800,79
5.620,025.64
147.552,826.43
20,717,742.53
8.342.540.70
14,636,216.65
11,244.259.25
9,159,293.18
6,005.270.53
32,898,122.08
73,312,832.45
94.768,665.23
20,008,708.38
2,004,101.87
29,740,678.60
9,473,967.75
39,315,646.35
2,119,365.32
4,018,026.57
505,995.53
2,338,379.09
12.516,513.94
47,994,229.16
60.510,743.10
587,011.86
32,089,340.84
254,915,345.61
120,464,548.47
28.492,308.74
10,641.263.27
25,711,031.67
472,313,838.60
14,821,700.11
602,760.94
23,045,234.83
11,465,326.98
6,947,483.10
43,902,788.15
85,360,823.06
15,170,962.56
4,359,504.10
03,115,466.58
13,118,310.83
56,499,197.83
162,732,975.24
10,186,390.17
2,754,686.58
526,164.68
9.927,701.47
17,485,654.17
18,832,363.79
36,318,017.00
2,746,192.84
1.733,647.43
16,446,922.21
9,281,760.47
10,274,625.49
34,172,077.04
1.834.321.45
3971,161,029.81
3925,861,042.67
8763,304,114.87
3864,204,191.17
81.615,365,220.98
1929.
$5,705,630.52
1,671.497.15
2,902,309.53
48,954,006.84
44,862.263.57
93,816,270.41
7,939,744.68
29,214,385.70
19,932,408.85
8,951,213.05
10,415,371.87
3,996,453.02
831,016.73
149,852,089.71
5,489,415.59
155,341,505.30
19,407,709.89
9,367,591.99
13,033,907.06
11,915.875.54
9,743,738.39
6,359.941.53
33,476,877.P6
81,915,291.78
104,580,414.49
19,894,877.28
1,869,845.59
28,079,584.06
10,060,327.47
38,139,911.53
2,294,865.78
4,436,245.32
744,183.83
2,504,740.54
15,301,073.20
54,534,536.88
69.835,610.08
678,295.01
34,667,173.35
282,640,452.36
136,929,876.07
30,408,577.72
10,398,891.87
28,952,644.48
523,997,715.85
14,935,680.96
534,136.48
25,287,214.59
10,369,194.70
6.765,337.27
44.696.000.12
87,117.746.68
13,063,194.95
4.219,912.91
90,797,799.59
12,605,895.77
52.453.977.60
155.857.872.98
9,931,322.39
2,740.844.71
608,037.87
10.194,585.83
15,723,037.29
12,844,221.92
28.567,359.21
2,615,867.88
1,789,540.68
15.415.483.73
10,062,524.34
8,324,292.46
28,183,040.51
848,467.86
81,689,165,158.54
SUMMARY OF INCOME TAX COLLECTIONS.
Quarter.
Fiscal Year 1928 (12 Months).
Fiscal Year 1929 al Months).
Corporation,
July
Oct.
Jan.
Apr.
1 to Sept. 30
1 to Dec. 31
1 to Mar. 31
1 to June 30
Total
Individual.
Total.
Corporation.
Individual.
$328,887,964.99
324,714,793.85
317,558.270.97
320,684,959.44
2188,829,364.54
175,795,345.43
279,579,481.20
238,522,922.47
$517,717,329.53
500.510,139.28
597,137,752.17
559.207,881.91
$297,010,455.50
299.113,180.07
329.737,408.10
$213,996,617.34
202,951,344.65
348,356,152.88
$511,007,072.84
502,064,524.72
676,093,580.98
81,291,845.989.25
2882,727,113.64
$2,174,573,102.89
8925.861,043.67
$763,304,114.87
$1,689,165,158.54
House Passes Bill to Provide for Issuance of Short Term
Non-Interest Bearing Tax Exempt Treasury Bills.
The House of Representatives passed on May 29 the bill
carrying out the Treasury Department's plans for the issuance of short term Treasury bills, on a discount basis, the
bills to be offered on a competitive basis, and to be payable
at maturity without interest. At the time the bill was introduced we gave its text in our issue of April 27 (page 2739),
and it was passed by the House without change. The Senate
has not yet acted on the measure. During the brief discussion of the bill in the House on May 29, Representative
Hawley, who introduced the bill in the House, in referring
to its provisions noted that the bill "makes the tax exemptions now applicable to certificates of indebtedness, applicable to Treasury bills, and in addition extends to both an
exemption from surtaxes and also provides that gain from
the sale of either shall be tax exempt, with the necessary
supplementary proVision that any loss shall not be recognized."The New York "Journal of Commerce" in its reference to the action of the House on May 29 had the following to say in Washington advices:
The bill was passed in the House without opposition, although Chairman
McFadden of the Banking and Currency Committee expressed doubt as
to the wisdom of the innovation. He pointed out that there might be some
danger to the credit situation If Federal Reserve funds were to be diverted
for Investment in the new securities, which would be sold on a competitive
basis.
When Chairman Hawley of the Ways and Means Committee called up
the measure. Representative Reedy of Maine. a Republican member of the
Banking and Currency Committee, inquired whether It was the purpose et
Total,
the bill to.permit the investment of Federal Reserve funds in the new
securities. "In view of the credit stringency, why is the Treasury going
Into the short-term money market?" he asked. "What is the necessity for
it?"
Hawley replied that the flotation of short-term securities, as proposed,
would not create any more disturbance in the money market than the sale
of Treasury certificates, authorized by existing law.
Undersecretary of the Treasury Mills, who appeared before the Way
and Means Committee this morning to urge favorable action on the legislation, explained that the proposed Treasury bills would be issued at intervals
as the Government needed the money and that their maturity would coincide with periods at which tax collections wore made. The new sustem,
he said, would be put into effect gradually, and ultimately it might permit
the Secretary of the Treasury to do away with the present depository system
and its interest burdens on the Government. He added, however, that
the depository system should not be abandoned until the Treasury bill plan
of financing had been given a thorough trial.
Replying to a question, Mr. Mills said that he did not think it would be
possible for bankers to enter into collusion o force the Government to pay
high rates of interest owing to the fact that sales would be made in competition and the interest rates subject to the Treasury's approval.
The new scheme for Government financing, known as the Mellon-Mills
plan, was devised with a view to decreasing the cost of financing and to
adjust financing more closely to tho needs of the Government.
Under the bill authorizing the new financing plan, clarifying amendments
to the Federal Reserve Act are enacted so as to make provisions now applicable to bonds, notes and certificates of indebtedness, also applicable to
Treasury bills.
National Shawmut Bank of Boston Issues Booklet on
Federal Reserve Credit Practice.
Workings of the Federal Reserve Board are described in
a booklet prepared by the National Shawmut Bank of
Boston,entitled "Federal Reserve Credit Practice." Factors
controlling Federal Reserve policies, tho importance of the
JUNE 1 1929.]
FINANCIAL CHRONICLE
Board in control of credit, and the effects of its operations
on national industry and finance, are discussed in terms
designed to be easily understood by the layman. The
pamphlet goes into details of the operations of the Federal
Reserve Board and of the regional Banks, answering questions
of interest to the general public. The significance to manufacturers of the operations of the Reserve Board is outlined
in the booklet, together with a discussion of the effects
of credit influence on the economic situation. A limited
printing of the booklet is available.
Report of President Hoover's Committee on Recent
Economic Changes—Chapter by or. Burgess and
0. M. W.Sprague Attributes Bank Failures in Part
to Excessive Number of Small Banks.
Reviewing the bank failures during the period from 19211927, the statement is made in the discussion of "Money and
Credit and Their Effect on Business," by W. Randolph
Burgess and 0. M. W. Sprague, that "It is evident that this
epidemic of failures has been confined almost entirely to
small banks with resources of less than $500,000." The
number of banks which suspended during the period indicated is 4,513, of which 559 subsequently reopened. It is
stated in the report from which we quote that "while there
is no exact relationship between the number and size of the
entire group of banks in a locality and the strength of its
banking position, it is certain that no community can hope
to enjoy the benefits of safety in banking if the business is
organized in units so numerous as to exceed the available
supply of officers and responsible directors, and with insufficient earning power to be able to absorb inevitable losses."
It is further stated that "safety in banking will never be
secured if reliance continues to be placed primarily and
almost exclusively upon legislative restrictions covering the
details of banking operations. A more immediate enforcement of existing legislation would do much, but remedies
for bank failures, to be effective, must be designed to reduce
the number of financially weak banks, secure more competent officers and directors, and above all to insure that
unsound policies will be checked long before solvency is
threatened." An extract from the survey on "Money and
Credit and Their Effect on Business," by Mr. Burgess, who
is Assistant Federal Reserve Agent of the Federal Reserve
Bank of New York, and Prof. Sprague, of Harvard University, was given in these columns May 18, page 3283.
That portion of the survey dealing with bank failures follows:
Bank Pailurea.—During the seven years, 1921-1927, according to information gathered by the Federal Reserve Board, 4,513 banks suspended payment, of which 559 were subsequently reopened. The total deposits of
these failed banks were $1,151,000,000, an average of but $291,000 for
each bank. Even if large allowance is made for heavy withdrawals of
deposits shortly before failure, it is evident that this epidemic of failures
has been confined almost entirely to small banks with resources of less than
$500,000. Since the business of such banks is ordinarily circumscribed
within narrow local areas, these numerous failures, however grievous to the
communities in which the banks were established, have not Been a large
factor in the general financial situation of the country.
These failures do not imply a weak condition and poor management of
the banks generally, but they indicate, as does experience in earlier
periods, that large numbers of banks, which seem to be in a flourishing
condition during years of business activity, are unable to withstand the
stress and strain incident to depression and a downward adjustment of
values in the communities in which they are established. In the territory
served by the Federal Reserve Banks of Boston, New York, and Philadelphia, a section which speedily recovered from the industrial reverses
of 1920, bank failures were relatively few—only 43 during the seven years,
1921.1927. The Cleveland district, with 61 failures, and the San Francisco
district, with 187, also show a comparatively low casualty rate. In the
four Southern districts of Richmond, Atlanta, St. Louis, and Dallas, on
the other hand, there were 1,321 failures during this seven-year period.
The three remaining districts present a still less favorable record; the
Chicago district shows 550 failures, Kansas City shows 685, and finally
there is the astounding number of 1,097 failures in the Minneapolis district.
Dishonesty and gross mismanagement account for a small number of
these failures. The suspension of a larger number was precipitated by
adverse conditions of a purely local character, such as a succession of crop
failures or the sudden collapse of real estate booms in particular towns and
cities. But the great majority of banks failed because they were unable to
withstand the stress exerted by the persistence of unprofitable prices for
the products of agriculture and animal husbandry—stress that WRS particularly severe because it was experienced after years of abounding
prosperity and extreme appreciation in the value of farm property, sad a
large increase in the number of farms mortgaged and the amount of
mortgage indebtedness.
These adverse conditions alone, it can hardly be too strongly emphasized,
do not furnish a complete explanation of the numerous bank failures of the
last seven years. By no means all, or even a majority, of the banks in the
localities most seriously affected have been obliged to suspend operations.
Financially weak and unskillfully managed banks have been weeded out;
strong, well-managed banks have no doubt experienced heavy losses, but
they survive. Great significance in this connection attaches to the findings
of a special committee on the banking situation, appointed in 1927 by the
Legislature of Minnesota, a State in which adverse conditions have been
particularly severe and the number of bank failures numerous. Analyzing
the causes of bank failures, the committee says:
3621
A survey of the closed bank situation in Minnesota presents an interesting
picture. Certain communities of the State seem to have escaped entirely,
or almost entirely, this epidemic of closed banks, while in other parts of
the State the proportion of closed banks to the number of banks chartered
in the community is very great, nor is this unequal distribution of closed
banks due in large measure to different conditions of soil or condition of the
farmers, for in parts of the State where the farming conditions are almost
identical one part shows a large percentage of failed banks and another
part almost none. The cause lies deeper than that.
Unqualified agreement with this view of the matter, as seen by the
Minnesota committee, is not inconsistent with recognition that externs/
conditions during the last ten years, in certain parts of the country, have
been most unfavorable to the conduct of banking along safe lines. In the
agricultural development of the country, however, the stage is apparently
being more generally reached in which farm values will be more closely
major
related to current net income. Except in the event of a war ofexhibit
magnitude, it is not probable that commodity prices will again
the extreme fluctuations of the last decade, or that we shall again witness
the number of bank failures that has marked the last seven years. If
this anticipation is realized, the bank failure problem assumes more
manageable proportions, but, in the absence of improvements in organization and practice, it is not to be doubted that a discreditable number of
failures will continue to occur, mainly concentrated in periods of trade
reaction.
There are hundreds of small banks throughout the country which are
ably managed and abundantly strong, and which overcome the handicap
of an absence of industrial diversity in the communities which they serve
by the exercise of exceptional judgment and caution. On the other band,
while there is no exact relationship between the number and size of the
entire group of banks in a locality and the strength of its banking position,
it is certain that no community can hope to enjoy the benefits of
:I
in banking If the business is organized in units so numerous as to
the available supply of competent officers and responsible directors, and
with insufficient earning power to be able to absorb inevitable losses.
Ample evidence of the unhappy consequences of excessive numbers and
inadequate size in banking is clearly to be found in the geographical
distribution of the failures of the last seven years.
In the Federal Reserve district of Boston, New York, and Philadelphia,
there were only 43 failures during these years. These districts have anarea of 150,000 square miles with a population of 88,000,000, and weresened in 1927 by less than 3,300 banks (3,287). The Chicago district,.
with a somewhat larger area, 190,000 square miles, but with a population.
of only 17,000,000, was still provided with a number of banks larger by
nearly 2,000 (5,175) and had a record of 550 failures between 1921 and
1928. Again, the Minneapolis district, it is true with a much greater
area, 414,000 square miles, but with a population of only 3,500,000,'still
had 2,633 banks in operation after 1,087 failures in the same period.
Comparison by States tells the same story only the more forcibly. The
11,000,000 people of the State of New York, with an area of 47,000 square.
miles, appear to have been adequately supplied with banking facilities in
1920 by 1,056 banks, and there were only 10 failures in the seven subsequent years, while the 2,500,000 people occupying an area of 55,000 square
miles in Iowa were served by 1,763 banks, of which 329 failed. North
Dakota supplies an even more extreme instance of the overdevelopment of
-349 failures among 898 banks that had
banks and its inevitable sequel
been established to meet the need of a population of 650,000 on an area
of 70,000 square miles.
No community can possibly provide adequate resources, competent
officers, and experienced directors for one bank to every 750 of its inhabitants as in North Dakota, or to 1,400 as in Iowa. And the situation in
these States was. not exceptional; on the contrary, an excessive number of
banks have been established throughout those sections of the country that
are mainly devoted to agriculture. Banking troubles were inevitable with
the advent of adverse conditions, and for the severity of these conditions
the unwise use of credit administered by an inordinate multiplicity of
banks was in no small degree responsible.
As in earlier periods marked by numerous bank failures, an insistent
demand for greater safety in banking is to he anticipated, and this demand
is not rendered less reasonable by the presence of strong and well-managed
banks in every locality. The public must make use of banks, but few are
in position to distinguish between the strong and the weak. Bank statements and other external information relating to banks do not furnish an
adequate basis for intelligent discrimination. Unless failures become
infrequent, it may be expected that all banks will be subjected to an
increasing range of restrictions, restrictions which are quite superfluous
for well-managed banks, but which are adopted to curb the weak and
incompetent minority.
be
But safety in banking will never be secured if reliance continues to
upon legislative restrictions coverplaced primarily and almost exclusively A more immediate enforcement of
ing the details of banking operations.
to be
existing legislation would do much, but remedies for bank failures,
effective, must be designed to reduce the number of financially weak banks,
insure that
secure more competent officers and directors, and above all to
unsound policies will be checked long before solvency is threatened.
President Hoover, Addressing Initial Meeting of
National Law Enforcement Commission, Says
Problem Is Not Confined to Any One Law—
Commission Divides into Groups.
The newly appointed National Law Enforcement Commission named by President Hoover, held its first meeting
on May 28, when the members came together in Washington
and were formally commissioned by the President to undertake the duties for which the Commission was created. In
addressing the new body, President Hoover said:
I propose no extensive address in inducting this Commission formal-IT
into its duties. Its members have large understanding and long service
in the field whose problems it is assembled to study and consider. I have
already expressed my views publicly upon its purpose and its necessity.
The American people are deeply concerned over the alarming disobedience
of law, the abuses In law enforcement and the growth of organized crime.
which has spread in every field of evildoing and in every part of our country.
A nation does not fall from its growth of wealth or power. But no nation
can for long survive the failure of its citizens to respect and obey the laws
which they themselves make. Nor can it survive a decadence of the moral
and spiritual concepts that are the basis of respect for law, nor from neglect
to organize itself to defeat crime and the corruption that flows from it.
Nor is this a problem confined to the enforcement and obedience of one law.
or the laws of the Federal or State Governments separately. The problens
is partly the attitude toward all law.
3622
FINANCIAL CHRONICLE
[VOL. 128.
It is my hope that the Commission shall secure an accurate determination of fact and cause, following them with constructive, courageous conclusions which will bring public understanding and command public support
of its solutions. The general public approval of the necessity for the creation of this Commission and the extraordinary universality of approval of
its membership are in themselves evidences of the responsibility that lies
upon you and of the great public concern in your task and of the hopes that
you may succeed.
I do pray for the success of your endeavors, for by such success you will
have performed one of the greatest services to our generation.
of conferences with various officers of the Government for the purpose o
securing the views of representatives of various branches of the Governmen
respecting different aspects of the problem before them. They hope b
that time also to have offices in which they can be established, with th
necessary accessories for the conduct of their work."
The Commission elected Mr. Max Lowenthal of New York as Secretary
formed as the result of such experience will constitute our initial contribution to the solution of the problem submitted to us.
But, outside of the limits of our own experience—wholly or in part—
we understand there is a vast accumulation of records, including statistics, reports and other material bearing upon the administration of justice,
assembled in departments of the national and State Governments, which
should be examined, analyzed, classified and studied as bearing upon the
matters before us.
There are also many public and private organizations which have been
studying questions bearing upon matters involved in our inquiry, and
we expect material assistance from them as well as from other students
of our social conditions.
We approach our task with a profound realization of its importance
and with minds open to consider on their merits all intelligent suggestions
from unprejudiced sources.
We are under no illusions as to the difficulty of our task. We know
there is no short cut to the millennium. But we have confidence in the
fundamental honesty and right
-mindedness of the American people and
their readiness to support sound methods of reform when the existende of
evils is exposed and practical methods for their eradication submitted to
popular judgment.
To the discharge of the undertaking you have devolved upon us, wo
pledge our best endeavors, invoking divine guidance in the performance
of our task.
Passage of the bill followed defeat, 254 to 157, of a motion to recommit
offered by Representative Garner of Texas, minority floor leader, who
sought to have the Ways and Means Committee instructed to delete the
part of the bill giving the President broad powers in tariff rate-making.
To-day's roll-call brought out the largest voting strength the House
has witnessed in a long time. 412 members being present to register their
views on the question of the bill's recommitment or passage. Never
during the past two sessions, and only rarely in previous years, have more
than 400 of the 435 members of the House been recorded as voting at the
same time.
The tariff measure, now known as the IIawley bill, goes at once to the
Senate for consideration by that body. There it will be referred to the
Finance Committee, of which Senator Smoot of Utah is Chairman, and
indications are that it will not reach the upper chamber for debate until
the latter part of June. With talk in the air of a three months' recess
by
Congress it seemed unlikely to-night that the bill passed by the House
can be made law before the latter part of September at the earliest.
Republican Leaders Elated.
Republican leaders made no attempt to conceal their satisfaction over
the success of their endeavors to prevent a party revolt on this particular
bill.
Only nine Republicans identified with the so-called Corn Belt group
deserted the fold, but this loss was more than offset by the 20 Democrats
who lent their support to the Republican measure. Representative Beck
of Pennsylvania, former Solicitor General, and Representative LaGuardia
of New York were among the Republicans who refused to go along with
the party organization in this instance. The other 10 were:
Representatives Andresen, Christgau, Clague, Goodwin and Selvig of
Minnesota, Christopherson of South Dakota, Campbell of Iowa, Hulsey
of Missouri, Su11 of Wisconsin and Lambertson of Kansas.
They bolted because of dissatisfaction with the farm schedule: Mr.
Beck opposed the bill because, he contended, it delegated powers of taxation that. the Constitution vested in Congress. Mr. LaGuardia fought
the bill on the ground that it unnecessarily raised the rates on foodstuffs
and other necessities.
Ruth Bryan Owen, Democrat, who represents the Fourth Florida D19trist in the House, a daughter of the late William Jennings Bryan, voted
for the Republican revision bill.
The other women members of the House
stood with their respective parties on the roll-call.
Representative Mary Norton of New Jersey and Pearl Oldfield of Arkansas. Democrats, voted in the negative and Represenatatives Ruth Pratt
of New York, Ruth McCormick of Illinois, Florence Kahn of California,
Katherine Langley of Kentucky and Edith Rogers of Massachusetts, all
Republicans, voted "aye.". Representative Newton of Minnesota, Re;
Publican, who will retire from the House on June 30 to become a Secretary
to President Hoover, stood by the House organization.
Tariff Bill Passes United States House of Representa
tives and Goes to Senate.
The appointment of the Commission was noted in our
Carrying increased duties on nearly every article of food
issue of May 25, 3446. The Chairman of the Commission,
George W. Wickersham, made the following remarks in on such personal necessities as clothing, boots and shoes, an
on a number of important items that enter into buildin
response to the President's address at this week's meeting:
Mr. Pre.sident:—I am confident I express the feeling of all members of construction, the Republican tariff revision bill was pass
this Commission when I say we are deeply sensible of the high compliment by the House of'Representatives at Washington
on May 2
you have paid us in your invitation to serve as members of a body called at 3:52
in the afternoon by a vote of 264 to 147. The Ne
to consider a problem the solution of which you regard as more vital to
the preservation of our institutions than any other question before the York "Times" in its Washington dispatch points out tha
American people.
party lines were held pretty tightly intact. On the show
Every one of UB has had occasion, either from the standpoint of the down
only 12 Republicans jumped the party reservation b
bench. the bar,.the office of public prosecutor, the teacher or the student
of public justice, to consider the fundamental questions of human conduct voting in the negative on the bill. On the other hand, •d I
in its relation to law, the character of our laws and the machinery for law Democrats deserted their brethren
and rallied to the suppor
enforcement.
of the Republican tariff revision program. The "Times'
In the light of that experience, we realize the gravity of the situation
we are called upon to consider. The opinions or conclusions we have account goes on to say:
Attorney-General Mitchell, who was present at the meeting, had the following to say in addressing the Commission:
"The work of this Commission will touch very closely the Department
of Justice and naturally we have a very earnest desire that the
Commission's efforts will result in giving to the Department of Justice a
basis for
distinct improvement and accomplishment in the task of law
enforcement.
"With that interest in the Commission's work the Department of
Justice
can be counted on to co-operate with you to the fullest extent, and I
desire
to place at the disposal of the Commission every facility of every
agency
of the Department. No doubt we have in the department much
information relating to the operations of our Federal courts and of
the Federal
agencies for the detection of crime and the enforcement of criminal
laws,
which may be of use to the Commission in the course of its work.
"I hope the Commission will feel free to call upon us for
any service
it requires."
A dispatch from Washington, May 31, to the "Evening
Post" states that announcement is made by Chairman
Wickersham that the Commission will confer with heads o!
labor and capital organizations, law enforcement bodies and
other organizations and later hold public hearings here and
in other cities throughout the country, chiefly New York,
Chicago, New Orleans and San Francisco. The account in
the "Post" also says:
The Commission has invited all organized bodies interested in
various
problems of law enforcement to send printed reports, statistics and
all
other information they have in hand.
To Outline Procedure.
Mr. Wickersham said that the Commission had organized by dividing
Itself into groups. One will deal with the causes of crime. This is com
posed of Newton D. Baker. Henry W. Anderson, Monte Lehmann and
Miss Ada Comstock. The other will deal with remedies and is composed
of Paul J. McCormick, Kenneth R. MacKintosh, William S. Kenyon,
Roscoe Pound and William I. Grubb.
Each of these groups is charged with the duty of preparing a suggested
outline of the subjects to be dealt with, the procedure to be followed
and
to report the same to the Commission by June 6.
In his statement Mr. Wickersham said:
"The Commission has been in session all of Wednesday and Thursday.
Its sessions have been devoted to a general consideration of the nature of
the problem before it and the basic questions which they will be called upon
to deal with in carrying out the mandate laid upon them by the President.
Statistician Employed.
"At the request of the Commission the Bureau of Social Hygiene
has released for employment by it Mr. Leonard V. Harrison, an eminent statistician, who has made a thorough study of police administration and has
made
crime surveys in Cleveland, New York, Indianapolis and Rochester,
and
more recently has been directing the police survey in Boston. He was
the
head of the Institute of Public Administration and has been engaged
in the
preparation for the Bureau of Social Hygiene of a uniform system
of crime
accounting applicable to every State in the Union. Mr. Harrison
will come
to Washington at once to enter upon his duties in making statistical examinations and reports for the Commission.
"The members of the Commission were summoned on short notice to
Washington to join in its organization. Many of them have engagements
that it is necessary for them to fill, and the Commission, therefore, will
adjourn to-morrow until June 6. at which time it expects to have a series
Senate Revisions Predicted.
Predictions were made to-night that the Hawley bill will undergo an
extensive overhauling in the Senate. The administration is reported to be
fearful that the House rates on foodstuffs, clothing, boots and shoes and
a
oter n
other necessaries are
high, and that the reaction to them in the country
large
At the same time it is known that the Senate Farm bloc, which was
instrumental in passing the McMasters resolution in the last Congress declaring that agriculture should be placed on a parity with industry by a
revision of the duties on agricultural products upward and a revision of the
rates on manufactured commodities downward, will attempt to amend the
bill in that manner when it comes up for consideration. Just what success the Administration will meet in its endeavors to check that movement
is a matter of lively speculation.
The bill as passed by the House increases the world rate on sugar from
2.20 to 3c. a pound, and fixes the duty on Cuban sugar at 2.40c. a pound.
No opportunity was given the House to vote separately on that item, as
the "gag" rule devised by the Republican leaders practically forbade it.
It was said to-night that Senators from Eastern States, regardless of
Party affiliation, will make every endeavor to beat down the sugar rates.
Boots and shoes, which have been carried on the free list since 1913,
would be dutiable at 20% ad valorem under the Hawley bill. Hides,
now admitted free, carry a 10% ad valorem duty by the bill passed to-day.
Advances on the Necessaries.
The rates ascend upward on woolen clothing, and clothing and articles
of wearing apparel, of every description, wholly or in chief value of cotton,
not especially provided for, carry a rate of 373 % ad valorem, as compared with 35% in the bill as originally reported.
The rates on meats and live cattle, and on such articles as potatoes,
butter, and onions are advanced. Butter, now taxable at 12c. a pound.
is jumped to 14c. a pound, and potatoes carry a duty of 75c. per 100
Pounds as compared with the rate of 50c. originally reported.
Many articles that are used for building purposes are taxed, among
them shingles, now on the free list, which are put in the bill at 25% ad
valorem.
According to Tariff Commission figures, submitted to the House. the
average equivalent ad valorem rates on manufactured products as provided
by the bill passed to-day are 38.62%, as against 34.78% in the Act of
JUNE 1 1929.]
FINANCIAL CRRONICLE
3623
Bridge Corporation have been
1922 now in force. The Commission estimated the average ad valorem bonds of the Alabama State
equivalents on agricultural products in the measure at 54.17%, as against engaged in a controversy with the Treasury Department
40.31% in the existing law. It also was brought out in the House debate
over the right of the United States to tax these bonds, or the
the the bill increased the duties on manufactured products about 10%
income derived therefrom. As a result of the decision, which
and the duties on agricultural products at about 35%.
House experts estimated that 20% of the 10.000 items covered by the vindicates the judgment of the purchasing syndicate, it is
tariff law are changed by the Hawley bill. The administrative provisions
a public offering of the bonds will be made
were rewritten largely for purposes of clarity. The most important change expected that
in this connection was the one that permits appraisers to resort to American within the next few days as securities exempt from Federal
systems of valuation in levying duties where foreign cbsts of production income taxes. Regarding the ruling and the issues incannot be obtained to the satisfaction of these officials.
volved, a statement in the matter says:
Wheat Preferential Stopped.
The Alabama State Bridge Corporation was brought into existence by the
A number of changes, all proposed by the Ways and Means Committee, State of Alabama for the purpose of constructing bridges on a system
were made in the bill to-day before it was placed on its final passage by of State highways which the State proposed to construct at an expense of
the House. One of outstanding importance is intended to deprive American $25,000,000. The additional cost of constructing the bridges was to be
millers who grind Canadian wheat, which is now admitted free when the
financed by the Bridge Corporation out of the tolls to be derived from
flout' is destined for export, from sharing in the preferential rate of 20%
their operation, without incurring debt of the State, which would be
granted by Cuba to United States products. The amendment provides
certain constitutional limitations. Although the bridges were
shall subject to
that flour, made of Canadian wheat, and withdrawn for export,
to be financed and constructed by the Bridge Corporation, they were to
a duty of 20% on the amount of the wheat used in the finished
pay
conbe an integral part of the State Highway System and were to be
commodity.
under the supervision of the State Highway Department. With
As the bill was reported it provided that the Federal Customs Court structed
of Alabama enacted Act No. 292 of
this purpose in view, the Legislature
at New York should hereafter be known as the Board of General Apthe Laws of 1927, which provided that the Alabama Highway Director,
praisers. A committee amendment approved to-day retains the former
of
the President of the State Board of Administration, and the Chairman
name in the statutes.
the State Tax Commission might become incorporated as the Alabama State
Efforts made to modify Section 402, under which decisions of appraisers
construct certain
Bridge Corporation. This corporation was authorized to
in assessing duties in accordance with American methods of valuation,
bridges and to provide funds for the purpose by issuing bonds of the corpoare final, subject to appeal only to the Secretary of the Treasury instead
ration, secured by a mortgage on the bridges and the tolls or income to be
of to the courts as at present, proved futile. Representative Cella of
derived from their operation. The plan contemplated that the bonds would
New York, Democrat, attacked this section on constitutional grounds.
be paid out of the revenues derived from the tolls for the use of the
He declared that the denial of judicial review in such cases would be knocked
bridges, although the interest on the bonds might be paid out of general
out as invalid by the Supreme Court.
of
funds of the State with the approval of the Governor of the State
Licensing of Customs Brokers.
Alabama.
After the corporation was duly organized, a test suit was instituted,
An important change was made in Section 641 relating to the licensing
of custom house brokers. As reported the section provided that such which was carried to the Supreme Court of Alabama, for the purpose of
testing the constitutionality of this legislation. The Court sustained the
licenses should be issued only to individuals. The amendment reads.
"No such license shall be granted to any corporation, association or validity of the legislation and declared that the corporation was not a
Partnerships unless licenses as custom house brokers have been issued to private agency, but on the contrary, was "an arm of the State." Having
at least two of the officers of such corporation or association, or two of disposed of all question of the constitutionality of the legislation under
the members of such partnership, and such licenses are in force."
which the corporation was brought into existence and as to the power of
Licenses to custom house brokers may be revoked "for good and suf- the corporation to issue the bonds, the attorneys for the Bridge Corporation
the Treasury.
ficient reasons" by the Secretary of
requested a ruling of the Bureau of Internal Revenue, whether income
derived from the bonds was subject to Federal income taxes. On July 16
Sharp Exchanges in Debate.
1928 the Treasury Department ruled that such income was subject to
The final hours of debate on the bill were marked by sharp exchanges
Federal taxation. The firm of Thomson, Wood & Hoffman, Bond Attorneys
between Republicans and Democrats. Representative Rainey of Illinois,
the
of New York City, having rendered an opinion that the ruling of
a minority member of the Ways and Means Committee, reproved the Rewas erroneous and that the bonds were in fact exempt
of it, he insisted, Treasury Department
publicans for "hasty" action on the bill. Many sections
issue
from Federal taxation, a syndicate was formed which purchased the
had not even been read.
at public sale. This opinion was later concurred in by Messrs. Storey,
Representative Treadway, Republican, replying, declared that the bill
Palmer & Dodge, Bond Attorneys of Boston, Mass., special
embodied the "unanimous sentiment" of the Republican majority, which Thorndike,
counsel for the Corporation, and subsequently, an opinion was obtained
he said would take full responsibility for it before the country.
E. Hughes to the same effect.
A parting shot at the valuation section of the measure was fired by from Hon. Charles
The purchasing syndicate, under the circumstances, determined to withCrisp of Georgia. a Democratic member of the Ways and
Representative
the market until this question had been definitely
Means Committee. He insisted that the law should adhere to foreign val- hold the bonds from
retained Thomson, Wood & Hoffman to bring suit
ues, declaring the partial abandonment of this system might tend to in- settled, and accordingly
against the United States for the purpose of obtaining an authoritative
crease the general level of tariff duties.
question. The suit was instituted in the Court of Claims
The motion of Mr. Garner, the Democratic leader, to recommit the decision of the
filing of the brief in support of the contention
bill proposed that the Ways and Means Committee should report a pro- in Washington. Upon the
from Federal taxation, the Department of
vision abolishing the Tariff Commission and creating a fact-finding body that the bonds were exempt
Justice decided that the Government should not contest the suit, and advised
that would act as an agent of Congress.
prior rulings, in its opinion, were
The Garner proposal also provided for the repeal of the flexible tariff the Treasury Department that its
part of the Attorney General resulted in
provision and directed the committee to "adjust rates in all schedules erroneous. This attitude on the
Revenue issuing the ruling of May 20 1929,
so that the duties shall not exceed the actual difference between the cost the Commissioner of Internal
of production in the United States and Canada." These production costs expressly revoking all prior rulings of the Treasury Department, and
would be ascertained by the proposed fact-finding body. The motion also declaring that the bonds of the Alabama State Bridge Corporation and
provided that the committee should strike from the bill Section 402-A, the income derived therefrom are not subject to taxation by the United
which removes from the jurisdiction of the Customs Court cases wherein States,
appraisers use American methods of value in assessing duties on foreign
goods. Under the proposed law such cases are appealable only to the Secretary of the Treasury instead of the courts as at present.
U. S. Supreme Court Upholds "Pocket Veto" of PresiIt was learned to-night that Senate Democrats will oppose the flexible
dent—Muscle Shoals Legislation Affected by
provision of the tariff law and seek the abolition of the Tariff Commission:
That body is reorganized by the Hawley bill. Its membership is increased
Decision Given in Okanogan Indian Case.
from six to seven and the salaries of the commissioners advanced from $7,500
An unanimous decision of the United States Supreme
to $12.000 a year. The terms of the commissioners would run for seven
Court on May 27 upholding the right of the President
years instead of twelve, as provided by the Act of 1922.
In making inquiries with a view to submitting recommendations to the to defeat legislation through the "pocket veto" was handed
President for changes in rates the commission is empowered to eliminate
May 27. The decision was given in what is known
the factor of production cost abroad if it so elects and substitutes some other down on
the
method or methods based upon American values. By this feature of the as the Okanogan Indian case and was brought before
law the tariff may be changed by the President upward or downward within Supreme Court on writ of certiorari to the Court of Claims.
a limit of 50%•
upheld the judgment below. In Nits
Representative Crowther of New York, Republican. spent five minutes This week's decision
teasing the Democrats. He admitted the Republicans had adopted a account of the Supreme Court's conclusions the New York
"gag" rule for consideration of the bill.
"Times" said:
"You Democrats who signed the Raskob resolution sure are in a terrible
Wide Effect of Decision.
fix now," he shouted.
The Indian case, of no particular moment itself, assumed importance
Mr. Rainey charged that the House was being operated "like the Fascist
of its bearing
Grand Council" in Italy. "If the Senate rewrites this bill, God help the because it involved the "pocket veto" proposition,and because
for
country," exclaimed Mr. Rainey, "and if it doesn't, God help the Repub- on the resolution offered by Senator Norris of Nebraska providing
resolution
Government operation of the Muscle Shoals plant. The Norris
lican party."
The bill as reported contained 85.000 words, and about 10,000 additional failed under precisely the same circumstances that marked the Okanogan
required
words were added by amendments to the measure accepted by the House Indian case. A reversal to-day of the Court of Claims would have
on the recommendation of the Ways and Means Committee. Work on the Government to operate the Muscle Shoals power plant as prescribed by
the bill was begun in January, when the House committee began hearinzs the Norris resolution.
that ran until nearly the end of February. More than 11.000 pages of
The Washington dispatch to the "Times" May 27 also
testimony were taken. About 1,100 witnesses were heard.
Bonds of Alabama State Bridge Corporation Exempt
from Federal Taxation Under Ruling of Internal
Revenue Commissioner.
It was made known on May 27 that under a ruling of the
Commissioner of Internal Revenue dated May 20 1929, the
bonds of the Alabama State Bridge Corporation are exempt
from Federal taxation, the ruling marking the conclusion
of a contest between the purchasers of these bonds and the
Treasury Department of the United States. Since the Summer of 1928 the State of Alabama and the purchasers of the
had the following to say regarding the Supreme Court's
conclusions:
The question presented was whether a bill authorizing Indian tribes of
Washington State to present claims to the Court of Claims had become
operative as a law. The measure passed the two houses of Congress in the
first session of the 69th Congress and was transmitted to the President
shortly before the session came to an end. The President did not sign the
bill, nor did he return it to the Senate, and accordingly the measure was
not proclaimed as a law.
In deciding the ease the Supreme Court interpreted for the first time
the second clause in Section 7 of Article 1 of the Constitution reading as
follows:
"If any bill shall not be returned by the President within 10 days, Sundays excepted, after it shall have been presented to him, the same shall be a
law in like manner as if he had signed it, unless the Congress by their adjournment prevent its return,in which case it shall not boa law.'?
3624
FINANCIAL CHRONICLE
The Court overruled the conclusion of counsel for the petitioners that
the 10 days referred to in the Constitution meant legislative days instead
of calendar days. It held that the word "adjournment" as used in the
Constitution did not refer merely to the final adjournment of the Congress
and that the word "adjournment" is not qualified by the word "final."
The contest does not warrant such a limitation, the Court said.
As a result of the decision upholding "pocket vetoes" the National
League of Women Voters announced its purpose to renew activities in
support of legislation providing for Government operation of the Muscle
Shoals plant.
It was contended in behalf of Okanogan and other Indian tribes that the
bill passed for their benefit, and blocked by a "pocket veto" by President
Coolldge, had in fact become a law, and they filed a petition in the Court
of Claims making claims in accordnace with the provisions of the measure..
The Government demurred and the Indians' petition was dismissed.
Both branches of Congress took an interest in the case, and the House
Judiciary Committee, which had held "pocket vetoes" invalid, detailed
Representative Hatton W. Summers of Texas, one of its members, to appear as amicus curiae in opposition to the conclusions of the Court of
Claims.
Associate Justice Sanford read the opinion of the court. After quoting
the language of the Constitution on the point, and the contentions of the
opposing sides in the case, he pointed out that the Constitution requires
a certain time, 10 days, in which the President may carefully examine
a bill and determine whether he shall approve or disapprove it. He then
continued:
It is just as essential a part of the constitutional provisions guarding
against ill-considered and unwise legislation that the President on his part
should have the full time allowed him for determining whether he should
approve or disapprove a bill, and if disapproved, for adequately formulating the objections that should be considered by Congress as it is that
Congress, on its part, should have an opportunity to repass the bill over his
objections.
No Delivery to House Officer.
"We find no substantial basis," the opinion said, "for.the suggestion that
although the House, in which the bill originated, is not in session the bill
may nevertheless be returned, consistently with the constitutional mandate,
by delivering it, with the President's objections, to an officer or agent of
the House,for subsequent delivery to the House when it resumes its sittings
at the next session, with the same force and effect as if the bill had been
returned to the House on the day when it was delivered to such officer or
agent.
"Aside from the fact that Congress has never enacted any statute authorizing any officer or agent of either house to receive for it bills returned by the
President during its adjournment, and that there is no rule to that effect
in either house, the delivery of the bill to such officer or agent, even if
authorized by Congress itself, would not comply with the constitutional
mandate."
The court added:
The views which we have expressed as to the construction and effect of
the constitutional provision here in question are confirmed by the practical
construction that has been given to it by the Presidents through a long
course of years in which Congress has acquiesced. Long settled and well
established practice is a consideration of great weight in a proper interpretation or constitutional provisions of this character.
Report on Farm Relief Expected to go
Before Congress Next Week.
The conferees on the farm relief bill are expected to bring
before both branches of Congress by next week their report
on the farm relief bill. The bill has been in the hands of the
conferees since the passage of the measure by the Senate on
May 14. As it passed that body it contained the export
debenture plan, not carried in the bill which passed the House
on April 25, and the failure of the conferees to yield in the
matter of their differences as to this provision served to
bring about a deadlock between them. In indicating the
stand of the conferees, Associated Press accounts from
Washington, May 21, said:
Conference
[VOL. 1'28.
Senator McNary(Rep.),of Oregon.Chairman of the conference,announcing what had taken place, declared that "there was no bad feeling" and
that the conferees "have not given up hope of an agreement."
•
Because of the parliamentary situation, Senator McNary explained,
it is impossible for the Senate conferees to go back to the Senate at the
present time with a recommendation that the Senate recede from its
approval of the debenture procedure.
"The Senate asked for the conference," he said, "and the House has the
papers. They mpst act first. We can do nothing."
According to the rules governing conferences the house which has the
papers must act first.
The position of the House conferees was stated as follows:
They feel that they have been instructed by the House not to consider
the export debenture provision at all, on the ground that its insertion
by
the Senate was a violation of the constitutional prerogative of the House
to initiate revenue legislation. Consequently, the House conferees will
not, under any circumstances, go back to the House with any proposition
that involves a direct vote of that body of the debenture amendment.
They also construe their instructions from the House as precluding them
from considering any of the other Senate amendments to the farm bill until
the Senate conferees have agreed to the elimination of the export debenture
amendment.
Senator McNary was authorized to call another meeting of the conferees
In his discretion.
The resumption of consideration of the bill by the conferees
yesterday, May 31, was announced in Associated Press
accounts which stated that the conferees were hopeful of an
early agreement on the export debenture plan and all other
differences in the two farm bills passed separately by the
Senate and House. These advices of yesterday, May 31,
went on to say:
Senator McNary of Oregon, chairman of the conference, said he expected
the committee to conclude its work not later than to-morrow, while Representative Haugen of Iowa, ranking House member of the committee, declared he saw no reason to prolong discussions.
The resumption of discussions was taken to mean that the Senate COMfere% would recede from the debenture section and take the controversy to
the Senate for decision. None of the conference members, however, would
comment on this.
After the meeting conferees declined to discuss the debenture proposition,
but Senator McNary did say the committee "will get to that all right."
The conference group arranged to meet to-morrow and this was taken at
the capital to indicate the committee was proceeding under an understanding
Implied but not expressed, that the debenture section would be eliminated
from the bill as recommended by the conference committee.
At to-day's session McNary Said the committee had agreed on what
would be contained In the declaration of policy set forth in the farm bill.
He added there also had been a general discussion over how many members
there should be on the proposed farm board and whether the salary of the
chairman should be fixed by the President or by Congress.
One proposal offered as a compromise of the controversy
over the export debenture provision called for a vote by the
House on the question of tacking on to the tariff bill the
debenture plan. As to this suggestion the "United States
Daily" of May 23 stated:
The plan, as outlined by Senator McNary (Rep.), of Oregon, Chairman
of the Senate Committee on Agriculture and Forestry and of the Conference
Committee, contemplates that the minority leader in the House shall offer
the debenture plan as an amendment to the tariff bill, and that the farm
relief conferees shall defer action on this feature of the farm bill until the
the House has voted on the debenture amendment to the tariff bill.
If this plan is carried out, Senator McNary said, it is his understanding
that the House conferees will recede from their present stand of refusing
to consider any other Senate amendments to the farm bill until the debenture provision has been acted upon. This would permit the farm bill
conferees to go ahead with the other Senate amendments to the farm bill,
leaving their action upon the debenture provision to be taken after the
House has acted upon that plan as an amendment to the tariff bill.
House members of the farm relief conference committee stood firm to-day
In their stand that the export debenture plan must be eliminated from
consideration before an agreement could be apProached on differences beRepresentative Garner of Texas, the Democratic leader,
tween the House and Senate farm bills.
announced on May 23 that he had decided against moving
Senate members of the committee, on the other hand, insisted that the
House ought to be permitted to have a roll-call vote on the debenture sec- to recommit the tariff bill to the Ways and Means Comtion, but House conferees declared they could not ask this because the mittee with instructions to include the debenture plan.
House considered the provision an invasion by the Senate of the right
Associated Press advices of May 23, in reporting this added:
of the House to initiate revenue legislation.
The Democratic House leader said he would have no objections to
Although the meeting for the second time broke up in total disagreement, the conferees were not pessimistic about the ultimate outcome offering the debenture section to the tariff bill as an amendment, but since
the Republican majority was expected to limit amendments, one proposing
of their negotiations.
debentures was considered unlikely to be authorized.
In its issue of May 25 the "United States Daily" reported
as follows the situation:
The passage of the farm relief bill by the House was re-
Senate and House conferees on the Farm Relief Bill (H.12. 1) again ported in our issue of April 27, page 2746 and the action of
failed to reach agreement on the controversial export debenture feature of the Senate was noted May 18, page 3286.
the bill at a meeting, May 24,and adjourned to meet again, May 25.
Senator McNary (Rep.) of Oregon, Chairman of the Conference and of
the Senate Committee on Agriculture and Forestry, announced that the New York Emergency Rent Laws in New York Expire
Senate conferees are endeavoring to bring about an agreement, by which
June 1—Few Increases in Rentals Expected—Vast
Senate amendments, other than the export debenture amendment, will be
Amount of Housing Erected in Five Boroughs Since
considered first by the conferees, leaving solution of that problem until
later in the course of the conference. So far the House conferees have
1920 Overcomes Necessity for Drastic Court Action.
refused to accept this procedure.
In its issue of May 19 the New York "Times" had the
It was announced that the House conferees have stated that, under no
circumstances, will they go back to the House and ask for a vote on the following to say under the above head:
export debenture provision. This position is based on the contention that
Real estate men and tenants alike are finding food for considerable
the insertion of this amendment by the Senate was a violation of the constitutional provision by which it is required that all revenue bills must speculation, not unmixed with trepidation in some cases, in the approaching expiration of the emergency rent laws, which cease to be operative
originate in the House.
Senator McNary expressed himself as hopeful that some solution may be June 1 after having been in effect for nine years.
Those familiar with the present rental situation in various parts of the
found at the meeting scheduled for May 25.
city expressed the conviction last week that while theoretically, barring
After a 30
-minute meeting on May 25 the House conferees consideration of cases which may come under the six months' stay act,
on the bill walked out of a meeting with the Senate conferees, landlords will be left free to charge whatever rent they see fit to fix,
and announced that they saw no reason for further confer- actually the "ample supply" of apartments in New York to-day will tend
to remove all likelihood of a general advance in rentals
ences until the Senate is ready to recede from its position in average owner entertained any idea of increasing his prices. even if the
As a matter of fact, members of the Real Estate Board of New York
support of the export debenture feature of the bill inserted
declared, the emergency and shortage in housing facilities following the
by the Senate. The "United States Daily" of May 27,from World War has become a spectre of the past;
the intolerable conditions and
which the foregoing is taken, added:
prices of that time, which forced drastic legislative action allowing tenants
JUNE 1 1929.] '
FINANCIAL CHRONICLE
price
recourse to the courts to retain possession of premises or to keep the
down, have been overcome through the tremendous amount of residential
construction which has taken place since 1920.
Many expressed the belief that there undoubtedly will be some advances
in rentals where owners have felt that the operation of the laws have
allowed tenants to continue in possession of their apartments at figures
well below the present levels for similar quarters in other sections of the
city, and in some instances where courts have forced landlords to endure
tenants they considered objectionable and wished to oust. The return to
legal conditions existing prior to the 1920 rent laws will offer owners of
property an opportunity to increase rentals and thus to evict tenants where
long-delayed improvements are contemplated.
No General Increase Coming.
Yet no wholesale increase in the prices charged for apartments is in
prospect, nor is such a change possible, it was asserted, and apartment
house owners who adopt such tactics will find their properties deserted
for equally desirable suites now available in many parts of New York.
The general opinion is in disagreement with that of Assemblyman Frank
Carlin, whose district is on the lower West Side of Manhattan, and who
made a fight before the Legislature in March for extension of the rent laws.
Mr. Carlin believes there is grave danger of a considerable number of increased rentals, especially in the district from the Battery to Fifty-ninth
Street, on Ninth, Tenth and Eleventh Avenues, on the lower East Side,
and in the tenement house sections of Brooklyn and the Bronx.
"Any apartment owners who contemplate such action, however, probably
will wait until October 1 or thereabout," Mr. Carlin declared. "They
realize that any notice given during the vacation period might leave them
with their premises on their hands all Summer. For psychological reasons,
too, they would not jump in and ask higher prices the moment the law
died."
"There is no likelihood of any boost of rentals on the lower East Side,"
said Joseph Platzker, Secretary of the East Side Chamber of Commerce.
"Thai is not merely my own opinion, but the conviction of numerous real
estate men and property owners with whom I have talked. We have in
our Glee notices from several score property owners who are willing to
lease their apartments for a year or more at the same prices now being
realized. Especially in the lower-priced places is there an ample supply
to care for those who would move should any attempt be made to raise
prices."
Describing conditions in that part of Manhattan north of 125th Street
and in the West Bronx, John P. Leo declared there should not be any
noticeable change in the rental situation with the rest laws removed.
Vacancies in Old Houses.
"There are many vacancies in the old houses renting for less than $19 a
room, therefore the landlords will be loath to drive out any of the old
tenants who have remained on the premises," he declared. "The tenants
who have availed themselves of the protection of the laws are in apartments that are run down and in great need of being modernized. In a few
instances the owners will endeavor to get these tenants out in order to
Install electric lights and modern plumbing. It will be no hardship for
• these tenants to vacate, as they can obtain other quarters without any
trouble at rents that will compare favorably with the amount they are
paying at present. The greatest benefit that will come to the owners will
be their ability to discipline their tenants and make them live up to the
rules and regulations of the property."
George S. Horton, of Bulkley & Horton, Brooklyn, thinks the death of
the laws will work to the benefit both of landlords and tenants. He
pointed out that at the beginning of the year the Tenement House Department reported some 100,000 apartments vacant, fully 20% of these in the
very low price range where the chief effect of any effort to raise rentals
would be felt if the supply of these apartments was not ample.
Herman A. .Acker, of the Bronx, believes there will be comparatively few
cases where rent increase will amount to a sum large enough to work a
hardship of the tenants.
"I do not anticipate," he said, "any volume of evictions due to tenants
not paying increase in rentals, except in a small number of cases. The
adjustment in the rental situation has been brought about by the tremendous number of new apartment houses which have been erected, thus
furnishing a supply in excess of the demand."
The board stood ready yesterday to adopt an ordinance sponsored by
Alderman Charles J. McGilllick of Harlem, which had been approved by the
Aldermanic Committee on State Legislation, but Mr. Dotzler objected on
the ground that the Republican member of the committee had not been
notified of the committee meeting at which the ordinance was approved.
At that meeting the committee agreed that the housing emergency still
existed in this city, despite the decision made by the State Legislature to
the contrary when it permitted the emergency rent laws to lapse by arpiralion next Saturday.
Mayor Walker, Joseph V. McKee, President of the Board of Aldermen,
and other members of the Board of Estimate will confer, it was said, on
the possibility that the passage of a local law through the Municipal Assembly would better serve the purpose of continuing protection for tenants
than would the passage of an ordinance by the Board of Aldermen.
Test Suit is Filed on New York Dwellings Law—Realty
Owner Acts to Enjoin Enforcement of New Measure.
The first suit attacking the constitutionality of the multiple dwellings law in behalf of real estate interests of New
York was brought in the New York Supreme Court on
May 18 by Ernest N. Adler, as owner of the property at
400 and 402 East Ninety-third Street, New York City.
Through his attorney, Jacob Broches Aronoff, Mr. Adler got
an order directing Tenement House Commissioner Deegan
to show cause on May 21 why he should not be restrained
from enforcing the measure signed by Governor Roosevelt
over the protest of the city administration. The foregoing
is from the "Times," which added:
Effect on Existing Tenancies.
Property owners by the hundreds have been making inquiries at the
offices of the Real Estate Board of New York regarding the effect of the
expiration of the law on existing tenancies. Harold J. Treanor, Counsel for
the Board, explained that the six months' stay act will remain in force
until July 31, and any stay which by its terms extends beyond that date
continues in effect up to its own limit despite the. demise of the law.
The act provides that where a final order has been granted in a pro.seeding to recover possession of occupied living quarters, upon the ground
that the occupant is holding over after expiration of his lease without
permission of the landlord, the occupant may stay the execution of the
'warrant for a period not in excess of six months if it appears the applica.
lion for such a stay was made in good faith and Ile apparently could not,
after reasonable effort, find suitable premises in the neighborhood similar
to those he is occupying. The law does not apply where the owner has
filed plans for constructing a new building on the site.
Mr. Treanor stated that court decisions since the enactment of the
emergency rent laws lead to the conclusion that tenants remaining after
June 1 who heretofore have been occupying their presimes under protection
of the rent laws he became neither a trespasser nor a hold-over, but was
on a raonth-M-month basis. Before the rent laws, he pointed out, a tenant
who remained in possession of the premises after expiration of his lease
became a hold-over who could be treated by the landlord as a trespasser
and ejected, or held for another year on the same terms. After enactment
of the rent laws he became neither a trespasser nor a hold-over, but was
deemed to be occupying his quarters on a month-to-month basis, and such
a situation will hold after June 1, where an owner accepts rent for June
and the tenant continues to pay rent monthly, with a thirty-day nate.
necessary for eviction or removal, Mr. Treanor declared.
Board of Aldermen Defers Action on New York
Ordinance for Extension of State Emergency
Laws.
City
Rent
The following-is from the New York "Times" of May 29:
The Board of Aldermen postponed yesterday for two weeks action on an
ordinance intended to extend in New York City the provisions of the State
emergency rent laws. A technical objection was raised by the minority
leader, Alderman Frank J. Dotzler. It was learned later that relief may
be sought by the City Administration in the Municipal Assembly, under
the city's home rule powers.
3625
Commissioner Deegan, who turned the papers over to Corporation Counsel
Hilly, said he had been expecting them ever since Stewart Browne, head of
the United Real Estate Owners' Association, notified him a week ago that a
test case would be brought. The complaint asserts that the new statute
violates the home rule section of the State Constitution in that it applies
only to New York City as the only municipality in the State having a
population of more than 800,000.
The suit is based on an order of the Tenement House Commissioner directing Mr. Adler to maintain a light in the hallways of the apartment house
at 400-402 East Ninety-third Street between sunset and sunrise, as provided in the multiple dwellings act. Adler says he will be prosecuted
criminally if he does not obey the order and that he is testing the law in
behalf of other property owners similarly situated.
The complaint asserts that the "pretended law" in question attempts
to repeal the code of ordinances enacted by the New York City Aldermen
and, in so doing, violates the spirit of the home rule act.
"If the multiple dwellings law is declared constitutional," Mr. Adler's
attorney said, "the home rule section of the Constitution has been an
absolute waste of printer's ink and white paper. There is nothing in the
law which could not have been provided for in better fashion by the
Municipal Assembly."
Corporation Counsel Hilly was one of the city officials who appeared
at Albany in opposition to the multiple dwellings bill. If the Corporation
Counsel, as counsel to the Tenement House Department, defends the law
in the present suit, he will be compelled to reverse his position, Commissioner Deegan said last night [May 18].
Gasoline Taxes Collected by States in 1928 Totaled
$305,233,842.
Gasoline taxes amounting to $305,233,842 were collected
on the sale of 10,178,344,771 gallons of motor fuel in 1928
in the District of Columbia and the 46 States in which the
tax was effective during the whole or a part of the year,
according to figures compiled by the Bureau of Public
Roads, United States Department of Agriculture. The
Department, under date of May 3, says:
The figures include the tax collected and the gasoline consumed in Illinois
during the month of January only, owing to the fact that the law providing
-cent tax was held invalid on Feb. 24 1928.
for the State's 2
Massachusetts and New York were the only States without a gasoline
tax in 1928. These two have since passed laws providing,in Massachusetts,
-cent tax.
for a 2
-cent tax. effective Jan. 11929, and, in New York, for a 2
effective May 1. As the Illinois Legislature has passed a new law which
-cent tax, effective Aug. 1, that date wit
a3
provides for the collection of
mark the final adoption of the tax by all States, ten years after its adoption
by Oregon and Colorado, the pioneer States.
Changes in the rate of taxation were effected in four States during the
year. The New Hampshire tax was increased from 3 cents to 4 cents a
March 19
gallon on the first day of the year. Virginia added a half cent on
1928, making the new rate 5 cents a gallon. The Texas rate was reduced
on Sept. 1 from 3 to 2 cents a gallon, and Mississippi raised its rate from
4 to 5 cents a gallon on Dec. 1 last.
The average rate per gallon in 1928 was 3 cents; the highest was 5 and the
lowest was 2 cents. At the close of the year the rate in effect was 5 cents
In seven States, 4 cents in eleven States. 3Yi cents in one State, 3 cents in
14 States and 2 cents in 12 States and the District of Columbia.
Comparison of the total number of vehicles registered with the total tax
collected in the States in which the tax was effective throughout the year
shows an average revenue of $15.09 per vehicle.
After deduction of the costs of collection the entire net revenue was used
for rural road purposes in 35 States. In the remaining 13 States and the
District of Columbia a total of $18,491,754 was devoted to other purposes.
In three States a portion of the collections was used for public school purposes. The January collections in Illinois were held at the disposal of the
court. In five States a portion of the revenue went to cities for the construction and repair of streets, as did the entire collection in the District of
Columbia. In two States small sums were deposited in the general funds
of the State; in Mississippi special taxes in addition to those collected at
the regular rate were used for the construction of a road-protecting sea
wall; in New Hampshire a fourth of the net collection was used for the
repair of flood damage; and in one State—New Jersey—a small portion of
the receipts was turned over to the State Department of Commerce and
Navigation.
Of the portion of the total revenue devoted to rural road purposes, the
amount used for construction and maintenance of State highways was
$211,046,591; for construction and maintenance of local roads the amount
3626
FINANCIAL CHRONICLE
[Vox. 128.
was $57.380,901, and the balance of $17,619.995 was used for payments
on State and county road bonds.
The following table shows the total tax earnings and the total number
of gallons taxed In the various States:
Total Tax Earning on Fuel,Net Gallons of Gasoline
and
Taxed, and Used by
StateMiscellaneous Receipts.
Motor Vehicles.
Alabama
$162,438,774
$6,614,297
Arizona
2,018,238
50,455,046
Arkansas
106,147,481
5.382,782
California
29,566,769
985.558,973
Colorado
3,921,224
130,707,467
Connecticut
173,437,589
3,511,675
Delaware
26,678,310
800,349
Florida
11,257.617
224,704,496
Georgia
206,137,161
8,245,486
Idaho
1,884,023
47,096,637
Illinois*
M1,841,273
*836,826
Indiana
11,177,549
3;2,584,968
Iowa
284,520,934
8,535.628
Kansas
5,394,841
269,742,067
Kentucky
314,835,629
6,743,224
Louisiana
3,380.931
169,046,556
Maine
3,192,384
79,011,319
Maryland
135,646.826
5,425,873
Massachusetts
Michigan
18,334,840
611,161,335
Minnesota
5,768,100
288,404,998
Mississippi
136,334,223
5,696,553
Missouri
347,411,433
6,948,229
Montana
56,113.461
1,683,404
Nebraska
3,941,164
197,058.187
Nevada
13,279,660
531,186
New Hampshire
1,884,175
47,079,932
New Jersey
8,470,336
422,348,478
New Mexieo
1,852,037
36,738,005
New York
North Carolina
9,787,011
244,675,269
North Dakota
1,479,469
73.973,434
Ohio
24,885,699
829,523,293
Oklahoma
8,147,901
279,996,597
Oregon
144,284,704
4,008,259
Pennsylvania
21,998,064
733,268,795
Rhode Island
1,182,328
59,116,396
South Carolina
5,518,240
110,364,802
South Dakota
3,158,873
78,965,809
Tennessee
5,134,600
171,153,333
Texas
17,945,037
681.135.373
Utah
1,664.652
47,577,166
Vermont
1,118,882
37,311,088
Virginia
174,800,793
8,616,239
Washington
4,206,515
210,325,734
West Virginia
4,308,109
107,547,068
Wisconsin
6,856,759
342,837,969
Wyoming
954,317
31,810,563
District of Columbia
1,263,148
63,157,367
Total
$305,233,842
10,178,344.771
The returns show that the value of the products made in the five boroughs
of Greater New York in 1927 was $5,722,071,259, as against $5,324.413.612
In 1925, an increase of $397,657.647 in two years. Wages paid in the
city
Increased from 3814.648,136 in 1925 to $901.646,427 in 1927.
In 1927 the value of the products manufactured in the whole United
States amounted to 362,721,375,881, an increase of $53,116.290 over the
value of the national manufactures in 1925.
It will be observed that the increase for the city was almost eight time,
as large as the increase for the entire country.
New York City had 73% of the manufacturing establishments of New
York State and 14% of the manufacturing establishments of the nation.
Almost one-flfth of the manufacturing establishments of the nation are in
New York State.
Manhattan is still the leader of the other boroughs of the city by a wide
margin in the number of its wage earners in manufacturing plants and in
the value of the manufactured products that it produces.
In the two years from 1925 to 1927 the Bronx showed the highest percentage of increase of any of the boroughs In value of products manufactured.
The value of the products manufactured in the State of New York
in
1927 was $9,400.061,376. an increase of $431.798,897 over the value
of the
products In 1925.
Between 1925 and 1927 the number of manufacturing plants In the
State
Increased from 33,392 to 36,650. while the average number of
wage earner.
Increased from 1,066,198 to 1,072,284, a net increase
of 6,086.
Wages paid in the State in the same period increased from
$1,533,888,975
to $1,605,378,086, an increase of $71,489,111.
In the City of New York the wages paid in manufacturing plants were
increased from $844,648,136 to $904,646,427, an Increase of $59,998,291.
Meanwhile the average number of wage earners employed in the City's
manufacturing plants increased from 538,845 to 552,507, an increase of
13,662. The number of manufacturing establishments in the City increased
from 23,714 to 27.062, an increase of 3,348. The fact that the increase in
number of wage earners in the State was not as large as in New York City
is undoubtedly explained by the fact that there were decreases in some
other cities.
Though other Boroughs outranked Manhattan in the percentage increase
of the value of their products, Manhattan's increase was more than double
that of any other borough when expressed in dollars and cents. The value
of the products made in Manhattan rose from $3,592,098,351 in 1925 to
33.813,495,044 in 1927, an increase of $221.396,693. Meanwhile the
number of manufacturing plants in the Borough of Manhattan rose from
17,138 to 19,107, a net increase of 1,969. Despite these figures there was
a small falling off in the number of employees in Manhattan plants, the
decrease in employees amounting to 1,563 or 4-10ths of
1%.
Brooklyn was the closest rival to Manhattan. The value of Brooklyn's
products rose from $1,081,081,923 to $1,185,458,351, a net increase of
$104,376,428.
In Brooklyn the number of manufacturing establishments increased from
*Only January tax receipts reported, as law was found Invalid by Supreme Court
4,293 to 5,315, a net increase of 1,022, while the average number of Brooklyn
Feb. 24 1928.
wage earners in manufacturing plants rose from 137,062 to 147,427, an
Increase of 9,465.
Reports That Interests Representing Samuel Insull
The Bronx showed the highest ratio of increase of any Borough in the
of Chicago Utilities Had Sought to Buy Boston value of its manufactured products. The value of Bronx products in 1925
was $131.389,271. This figure rose to $155,245,385 in 1927, an increase
Post Denied-Testimony Before Federal Trade of
$23,856,114 or 18.1%.
Commission.
The number of establishments in the Bronx increased from 839 to 1.118,
an increase of 33.2%.
It was stated in Associated Press accounts from WashingThe average number of wage earners grew from 18,713 to 21,520, an
ton, May 16 that Richard Grozier, editor and publisher of Increase of 15%.
The value of the manufactured products in Queens rose from $440,623,
the Boston "Post," testified on that day before the Federal
Trade Commission that a Boston advertising man who 710 to $479,945,459, an increase of $39,321,749. Meanwhile manufacturing Plants in
claimed to represent the power interests of Samuel Insull, wage earners Queens were increased by 82 and the average number of her
by 3,045.
Richmond shows a loss both In the number of establishments and the
the Chicago power magnate, last February made an offer
of $20,000,000 in cash for the "Post." Later Associated number of wage earners but a marked increase in the value of her manufactured products. The value of these products rose from $79,220,357 in
Press advices from Washington (May 17) state:
1925 to $87,927,020 in 1927, an increase of $8,706,663 or 10.9%.
However, Richmond had 141 manufacturing plants in 1925. The
Charles J. O'Malley, a Boston advertising man, denied to-day before the
Federal Trade Commission that he had mentioned the name of Samuel Government found but 137 manufacturing plants in 1927.
In 1925, Richmond averaged 7,778 wage earners In plants; in 1927 this
Insull, Illinois utilities magnate, or had been authorized to represent
the
Insull power interest in a purported $20,000.000 cash offer for the purchase number had been decreased to 7,686, a decrease of 1.1%.
The figures of the Census Bureau cover only plants with an annual
of the Boston "Post."
He added, however, that he had proposed the buying of the "Post" and output worth $5,000 or more.
The following table shows a comparison of the value of the products
also the Boston "Globe" to officials of those newspapers on behalf of a New
York stock broker and a New York bond salesman, whose full names and manufactured, the average number of wage earners, wages, and number of
plants agireported to The Merchants' Association by the Census Bureau:
addresses he said he was unable to give.
At yesterday's hearing of the commission, Richard Grozier, editor and
Per CCU
New York City1925.
Increase. Incess
1927.
publisher of the Boston "Post" said O'Malley had made a $20,000,000 offer No.of establishments
23,714
3,348 14.1
27,062
for his newspaper on behalf of the Insull interests, to C. D.Carberry, manag- No.of wage earners
538,845
13,662 2.6
552,507
Wages
ing editor of the "Post."
$844,648,136
7.1
$904,646,427 $59,998,291
Cost materials, fuel. power_ $2,718,792,438 $2,853,834,232 $135,041,794 4.9
O'Malley said that, in his conversations with Carberry, the latter had Value of
products
$5,324,413,612 $5,722,071,259 $397,657,647 7.4
suggested the name of Insult.
Manhattan
O'Malley said two men on "Feb. 11 or 12 1929," whom he named as No.of establishments
11.4
17,138
19,107
Campion, a bond salesman, and Colloran, a stock broker, both of New No.of wage earners
321,880
$531,235,.
Wages
$549,185,751 $17,050,119 3.3
632
York, came to him and said they would be interested in buying the "Post" Cost materials, fuel.
power_ $1,790,767,042 $1,860,978,816 $70,211,774 3.3
or the "Globe" for two banks in New York and Chicago respectively, Value of products
$3,592,098,351 $3,813,495,044 $221,396,693 6.1
Bronx
which they claimed to represent.
No.of establishments
1,118
839
279 33.2
"The name of Insull," he said,"was not mentioned by them."
No.of wage earners
21,520
18,713
2,807 15.0
Campion and Calloran did not disclose the names of the two banks, he Wages
$33,507,396
$28,205,721
$5,301,675 18.7
declared, but they said the banks were interested in purchasing "50 or 60 Cost materials, Mel, power$70,637,035 $11,691,196 19.8
358,945.839
$155,245,385 $23,856,114 18.1
$131,389,271
newspapers from Maine to California, including probably five in New Value of products
Brooklyn
England."
No.of establishments.--5,315
4.293
1.022 23.8
O'Malley said he, with the two men,then went to see William 0. Taylor No.of wage earners
137,962
9,465 6.8
147,427
of the Boston "Globe", but the latter informed him the "Globe" was not Wages
$222,323,169 $24,019,103 12.1
$198,304,066
Cost materials, fuel, power_ $564,688,316
$595,585,836 $30,897,520 5.4
for sale and would not be sold "as long as any member of the Taylor family
Value of products
$1,081,081,923 81,185,458,351 $104,376.428 9.0
is alive." He said he himself later was told by Louis Marchand, business
Queens
No,of establishments
manager, that the "Post" was not for sale.
1,385
1,303
82 6.2
No. of wage earners
53,994
3,045 5.9
50,949
Wages
$75,014,900
385,963,177 $10,948,277 14.5
Cost
$270,422,271 $18,943,970 7.6
Value of Products of New York City Factories Nearly Valuematerials, fuel, Power. $251,478,301
of products
$479,945,459 $39,321,749 8.9
$440,623,710
Richmond
One-Tenth of That of Entire Country-Wages in No.of establishments
*4 *2.8
137
141
No.of wage earners
Manufacturing Plants in New York State.
*92 •1.1
7.778
7,686
Wages
$1,779,117 14.9
$13,666,934
$11,887,817
Cost
The value of the products of New York City's factories is Valuematerials, fuel, power_ $52,912,910
$3,297,334 6.0
$56,210,274
of products
$8,706,663 10.9
$87,927,020
$79,220,357
equal to nearly one-tenth of the value of the products of
Nem York State
No.of establishments
33,392
3,258 9.7
36,650
the entire country, according to Frank L. Hopkins, Manager No.of wage earners
1,072.284
1,060.1'N
6,086 0.6
Wages
81,533.888,975 81,605,378,086 $71,489,111 4.6
of the Publicity Bureau, the Merchants' Association of Cost materials,
fuel, power_ $4,704.750,680 $4,804,172,874 $99,422,194 2.1
Value of products
New York. A statement issued by Mr. Hopkins says:
88,968.262.479 $9,400,061,376 $431,798,897 4.8
United Slates
The value of the products of New York State factories Is over one-seventh No.of
establishments
4,476 2.8
191,866
187,390
.
the value of those of the nation.
No.of wage earners
8,381,511,
r'
•
•0.8
These facts are shown in the 1927 Census of Manufactures taken by the Wages
$10,727,337,625 $10,848,802,532 $121,464,907 1.1
United States Government, advance summaries of which have just been Cost materials, fuel. pox er_335.896,886,428 $35,136,181,129 *8760,702.299 02.1
Value of products
862,668,259,591 $62,721,_73.881 353, 116,290 .08
received by the Merchants' Association of New York.
*Decrease.
4:28
FINANCIAL CHRONICLE
JUNE 11929.]
Output of Printing and Publishing Establishments in
1927 Valued at $2,507,425,913, According to Biennial Census of Department of Commerce,
Increase of Over 10% as Compared with 1925.
The Department of Commerce announces that, according
to data collected at the biennial census taken in 1928, the
establishments engaged primarily in printing and publishing
or in publishing alone in 1927 reported a total output valued
at $2,507,425,913. This amount represents an increase of
10.5% as compared with $2,269,638,230 reported for 1925,
the last preceding Census year. The Department's advices
in the matter made available April 13 state:
1927
3627
TABLE 3 BOOKS AND PAMPHLETSPUBLISHED,1927.
CharacterNo. of Copies.
470,374,947
Aggregate
BooksTotal
Textbooks (for school use)
Juvenile
Agriculture
Biography
Fiction
Fine arts
History
Law
Medicine
Poetry and drama
Religion and philosophy
Science and technology
Sociology and economics
Travel
Miscellaneous and not specified
Pamphlets
Total
48I
227,495.544
83,849,664
31,047,094
282,861
3,075,121
36,553,507
943,952
1,462,193
2,493,510
1,168,755
6,281.185
22.220.536
2,392,044
875.191
1,190,589
33,659,382
is made up as follows: Newspapers and periodicals
The total for
printed and published or published onlysubscriptions and sales.
'242,879,403
Books and pamphlets printed and
advertising,
22,824.821
published or published only,
- Texts (for school use)
Commercial printing
2,739,188
general job printing,
newspapers and periodicals printed Juvenile
217,315,816
General literature
for publication by others,
books and pamphlets printed for
publication by others,
composition (machine and hand) sold
to trade,
Sheet music ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
ready prints for others,
and books of music,
Miscellaneous products,
At Its regular weekly meeting this week the goard of
In
the industry as a whole was repsented by
establishments,
of which number
were reported for the newspaper and periodical Directors of The National City Bank of New York elected
branch,
for the book and job branch, and
for the music branch. Charles A. Wight a Vice-President. Mr. Wight was forThe first and second branches were represented in each of the
States and
merly a Vice-President in the Farmers' Loan & Trust Comthe District of Columbia, and the music branch in
States.
The statistics for
and
are presented in the following tables. pany. The Executive Committee of the bank appointed
The figures for
are preliminary and subject to correction.
2429,21,030,221,019.
$178,162,753.
$706,852,432;
$54,974,959;
254,754,895;
$26,336,249;
$3,743,496.
$17,148,529.
$5,764.437.
1927
22,542
10,973
11,450
119
48
15
1927
1925
1927
467,144;
TABLE 1-SUMMARY FOR THE INDUSTRY AND ITS BRANCHES,
1925 AND 1927.
Per Cent of
The Industry as a Whole
Inc. or Dec.
1925.
1927.
Number of establishments
21,056
+7.1
22,542
Wage earners (average for the year)a
+4.1
251,272
261,671
Wages_b
$473,221,233 8438,832.974
+7.8
Paid for contract work_b
138,872.030 +24.7
173,237,581
Cost of materials, shop supplies, fuel and
purchased power-total_b
610,058,696
+8.5
661,959,396
Materials and supplies
Fuel and power
$642,505,009
19,454,387
(c)
(0)
Value of products_b
52,507.425,913 $2,269,638.230 +10.5
Value added by manufactured
1,845,468,517 1,659,579,534 +11.2
Horsepower
481,194
408,308 +17.9
The Newspaper and Periodical Branch
Number of establishments
10,625
+3.3
10,973
Wage earners (average for the year)a
117,001
119,399
+2.0
Wages-b
$231,150,683 $217,540,967
+6.3
Paid for contract work_b
107,721,901
85,577.570 +25.9
Cost of materials, shop supplies, fuel and
Purchased power-total_b
409,813,880
379,540.602
+8.0
Materials and supplies
Fuel and power
5398,544,120
11,269.760
(c)
(c)
Value of products_b
+9.5
51,585,075,512 $1,447,661,177
Value added by manufacture_d
1,175,261,632 1,068,120.575 +10.0
237,662 +20.4
286,234
Horsepower
Book and Job Printing Branch
10,322 +10.9
Number of establishments
11,450
133,316
+6.0
141,278
Wage earners (average for the year)a
+9.4
5240,392,870 2219,830,346
Wages-0
50,531,031 +24.1
Paid for contract work_b
62,696,328
Cost of materials, shop supplies, fuel and
228,689,864
+9.5
250,487,149
purchased power-total_ b
Materials and supplies
Fuel and power
$242,343,505
8.143,644
Value of producta_b
2906,468,767
Value added by manufactured
655.981,618
Horsepower
193,617
The Music Printing and Publishing Branch
Number of establishments
119
994
Wage earners (average for the year)a
Wages_ b
21.677,680
2,819,352
Paid for contract work_b
Cost of materials, shop supplies, fuel and
1.658,367
purchased power-total_b
Materials and supplies
Fuel and power
Value of products_b
Value added by manufactured
Horsepower
$1,617,384
40,983
$15,881,634
14,223,267
1,343
(c)
(c)
$806,887,417 +12.3
578,197,553 +13.5
169,283 +14.4
109
+9.2
955
+4.1
$1,461,661 +14.8
2,763,429
+2.0
1,828,230
-9.3
(e)
(e)
515,089.636
13,261,406
1,363
+5.2
+7.3
-1.5
a Not Including salaried employees. b The amount of printers' and publishers.
profits cannot be calculated from the Census figures, for the reason that no data are
collected In regard to a number of Items of expense, such as Interest on investment.
rent, depreciation, taxes, insurance and advertising. c Not reported separately.
4 Value of products less cost of materials,shop supplies,fuel and purchased power.
TABLE 2-PRODUCTS, BY CLASS AND VALUE, FOR THE INDUSTRY
AS A WHOLE, 1927 AND 1925,
Per Cent of
1927.
1925.
Inc. or Dec.
22,542
21,,„:8
+7,1
Number of establishments
10,973
Newspapers and periodical branch
10.05
+3.3
11,450
10,322 +10.9
Book and Job branch
119
109
Music
'
52,507,425,913 52,269,638,230 +10.5
Products, total value
Newspapers and periodicals, printed and
$1,459,688,163 51.321,810,733 +10.4
and published, or published only
429,467,144
398,338,060
Subscriptions and sales
+7.8
1,030 221 019
: :
923:272:673 +11.6
Advertising
977,648,187
892,094,122
Newspapers
+9.6
252,811,104
Subscriptions and sales
230,580,880
+9.6
724,837,083
661,513,242
Advertising
+9.6
482,039,976
429,514,611 +12.2
Periodicals, other than newspapers
176,656,040
167,757,180
and sales
Subscriptions
+5.3
305,383,936
261.759,431 +16.7
Advertising
Books and pamphlets printed and pub178,162,753
154.991,493 +15.0
lished or published only
846,662,031
773,141,943
Commercial printing, total
+9.5
706,852,432
646,589,090
General job printing
+9.3
Newspapers and periodicals printed for
54,974,959
56,488,175 -2.7
publication by others
Books and pamphlets printed for pub54,754,895
46.716,345 +17.2
lication by others
Composition (machine and hand) sold
26.336,249
19,072,482 +38.1
to trade
3,743,496
4,275,851 -12.5
Ready prints for others
17,148,529
14,133,306 +21.3
Sheet mush)and books of music
5,764,437
5,760,755
Other products
+0.1
Walter Brown and Rowland R. Hughes Assistant Comptrollers. Thomas R. Geoghegan resigned as Assistant Comptroller of The National City Bank of New York to become
a Vice-President of the Farmers' Loan & Trust Company.
Mr. Wight, who is the youngest banker ever to be elected
a Vice-President of the City Bank, was born in Platteville,
Wisconsin, March 8 1899. He graduated from Yale University in 1022, and after serving in several business lines
for a time entered the banking business in April 1927,
when he was elected President of the Central Farmers'
Trust Company, West Palm Beach, Fla., of which institution he is now Chairman of the Board. During his stay
in Florida Mr. Wight organized and became Chairman of
the Board of The First National Bank in Palm Beach. In
January 1929 he returned to New York and was elected a
Vice-President of The Farmers' Loan & Trust Company,
from which company he resigns to assume his new duties
as a Vice-President of The National City Bank of New York.
Mr. Brown graduated from Wesleyan University in 1910
and engaged in sales and magazine circulation work for
various companies, becoming associated with the Curtis
Publishing Company in 1915 and two years later going to
the Crowell Publishing Company. From 1923 to 1925 he
was business manager of the Chicago Herald Examiner,
leaving to go with the G. W. Dulany Trust, Chicago, as
Assistant to the Chairman. In 1926 he entered the employ
of The National City Bank of New York, where he has been
active in industrial investigations and sugar matters, and
since November 1928 with the Comptroller's Department
Mr. Hughes joined the International Banking Corporation upon graduation from Brown University in 1916, having been connected with the offices of that corporation in
London, Shainghai, Bombay and Osaka, and has been with
the bank since 1927, when the corporation was consolidated
with the bank. With the bank he has served as head of
domestic inspection and more recently as inspector of
foreign branches, resident in Europe.
The Hibernia Trust Company, organized by men prominent in downtown New York banking, Stock Exchange and
industrial institutions, opened its doors for business on
May 28, at 57 William Street The new bank starts with
a'paid-in capital of $3,000,000 and a surplus of $2,000,000.
Affiliated with it from the start will be the Hibernia Investigating Company, which will engage in a general underwriting and security business. Philip De Ronde, director
of the Empire Trust Company and the United States Fidelity
& Guaranty Company, Chairman of the Oriental Navigation
Company and of the American Merchant Marine Insurance
Company, is President of the Hibernia Trust Company.
Eugene Kinkead, of Kinkead, Fiorentino & Co., is Chairman
of the Executive Committee. The other officers are: Herman E. Willer, Thomas F. Bennett and Joseph P. Barry,
Vice-Presidents; Robert I. Curran, Vice-President and Secretary; Leo Burnes, Assistant Vice-President; Samuel I.
Bateman, Assistant Treasurer; James F. Gill, Auditor, and
Russell G. Sharpe, Trust Officer and Assistant Secretary.
The institution will do a general commercial banking business, will act as trustee, registrar, and depositary, and will
conduct a personal trust service. The Directors are: John
F: Barry, Richard Campbell, Patrick F. Cusick, Abram De
3628
FINANCIAL CHRONICLE
[VoL. 128.
Ronde, Philip De Ronde, Frank C. Ferguson, Eugene L.
Garey, Frank H. Hall, Minor C. Keith, Eugene Kinkead,
Frank E. Lee, Frederic J. Lisinan, Eugene F. Moran, Peter
P. McDermott, Russell T. Mount, T. 0. Muller, Martin A.
O'Mara, John F. O'Ryan, George Rogers, Cecil P. Stewart,
C. A. Whelan, H. E. Willer and S. P. Woodard. An item
regarding the institution appeared in our issue of April 27,
page 2749.
present intention of the directors to call a stockholders'
meeting during August to take action on the foregoing
recommendations, in which case subscription warrants for
the new stock probably will be issued to stockholders early
in September. After giving effect to the foregoing increase
the capital of the bank will be $16,200,000, its surplus and
undivided profits over $18,500,000, and the capital and surplus of Chatham Phenix Corporation will be over $8,500,000.
The plan for changes in the capital of The National Park
Bank of New York and for the organization of a securities
company called the Parkbanc Corporation set forth in the
agreement dated April 2 1929, has been consummated by the
appropriate action of the stockholders and directors of the
bank and of the Parkbanc Corporation, and the Shareholders' Committee pursuant to said agreement has fixed May 31
1929 as the date for the redemption of outstanding Committee Receipts. After May 31 each registered holder of a
Committee Receipt, upon surrender thereof, duly endorsed
to the depositary, The National Park Bank of New York,
No. 214 Broadway, New York City, will be entitled to receive
certificates for a number of shares of stock of the Bank of
the par value of $20 per share equal to six times the
number of deposited shares on $100 par value represented
by each Committee Reeeipt. The certificates for the new
shares will have endorsed thereon Deposit Receipts for an
equal number of shares of Parkbanc Corporation, as provided in the agreement. The transfer books for Committee
Receipts were closed on May 29. The National Park Bank
of New York announces that the Parkbanc Corporation will
begin business to-day (June 1), with offices at 214 Broadway, which is the main office of the bank. The new corporation will conduct the investment banking business heretofore carried on by the bank's bond department. The anmouncement made by the bank on May 31 said:
On May 28 the stockholders of the Fulton Trust Company
of New York ratified the plans, referred to in these columns
May 18 (page 3292) to increase the capital from $1,000,000
to $2,000,000. The new stock was offered to shareholders
of record May 31 at $250 per share.
It has been initially financed by the transfer to it of approximately
43,000,000 from the bank. The capital stock of the Parkbanc Corporation
is owned by the shareholders of the bank share for share. Under the new
.capitalization plan, which includes an offering of 150,000 additional shares
of the bank stock and an equal number of shares of Parkbanc Corporation
stock, the total capitalization of the latter will be increased to $7,500,000.
The Parkbanc Corporation will transact a general security business and
Act as underwriter and distributor of Government, State, municipal, railroad, public utility and industrial issues. Its services will be avaialble not
only at the main office of the National Park Bank, but also at the four
branch offices located at Seventh Avenue and 32nd Street, Park Avenue
and 46th Street, Broadway and 74th Street, and Madison Avenue and
26th Street.
Charles S. McCain will be President of the Parkbanc Corporation. The
Vice-Presidents will be M. H. Ewer, James Bruce, and R. J. Whitfield.
ft. L. Cerero will be Secretary and Treasurer.
The Directors are: Charles Scribner, Richard Delafield, Cornelius Vanderbilt, Gilbert G. Thorne, Thomas F. Vietor, John G. Milburn, William
Vincent Astor, Joseph D. Oliver, Lewis Case Ledyard, Jr., David M. Goodrich, Engenius H. Outerbridge, Kenneth P. Budd, Frank L. Polk, George
M. Moffett, James Forrestal, Charles S. McCain, Thomas I. Parkinson,
Harvey O. Couch and Joseph D. Oliver, Jr.
Alfred E. Smith, who was formerly a director of the
National Surety Company of New York, but resigned when
he became Governor of New York State, was again elected
a member of the Board of Directors of that company this
week. Following the meeting the declaration of the regular
quarterly dividend of $1.25 a share on the $50 par value
capital stock of the company, payable July 1 1929 to stockholders of record June 18 was announced.
Stock of the Chase National Bank and Chase Securities
of
Corporation of New York on May 24 sold ex the rights to
subscribe to 762,500 shares of new stock to be issued in connection with the plan for affiliation with the American
Express Company. Chase stockholders of record May 24
4
'will receive warrants entitling them to purchase 11 new
shares at $110 a share for each share of old stock held.
The small remaining number of shares of the American
Express Company still outstanding were required to be
deposited by May 31 under the plan of affiliation. The
affiliation of the three institutions will create an international banking organization with capital, surplus and
reserves of $283,000,000. Chase Bank stock opened May 24
at 975 bid, 985 asked, with the rights quoted at 106-109.
New shares were quoted on a "when issued" basis at 199-202.
The plans of affiliation were referred to in our issue of
May 18, page 3291.
Application has been made to the Comptroller of the Currency for a charter for the Ninth Avenue National Bank &
Trust Company of New York, to be located at Ninth Avenue
and 36th Street. Maurice M. Wyckoff, attorney and engineer, is correspondent for the organizers. Directors and
organizers, in addition to Mr. Wyckoff, are Christian A.
Siebold, President, Jones & Whitlock; Attilio Verna, industrial banker; George K. Shuler, former Treasurer of the
State of New York, and W. J. Soloman, publisher and
printer. Mr. Wyckoff stated that the capital funds would
Reference to the increase in capital and the organization
be $1,200,000, of which $500,000 would be capital. Stock
of the new corporation was made in these columns March 30,
of $25 par would be sold at $60 a share,$25 a share going to
page 2028; May 11, page 3131, and May 18, page 3291.
capital and $25 surplus, leaving $10 a share for organization
expenses.
John C. Martin has been appointed representative in
Announcement was made on May 28 of the formation in
charge'of the'office:of the Guaranty Co. of New York which
was'recently opened in thelMurray Hill office of the Guaranty Brooklyn of the National Exchange Bank and Trust Company of New York by a group of the National Title GuarTrust Co., Madison Avenue at 39th Street.
anty Company's officers and directors. With a mutual
Isaac Alpern, Executive Vice-President of the Interstate executive control, it is sated that relations between the
Trust Co. of New York, issued a denial this week of the two institutions are expected to be very close. The new
rumor circulated in the financial district that a merger is bank, which will be Opened within the near future, will
beineeonsidered between the Public National Bank & Trudt have a capital of $1,000,000 and a surplus of $1,000,000.
The National Title Guaranty Company was formed five
Co. and the Interstate Trust.
years ago with a capital of $150,000. This figure has been
Increased at intervals until the capital and surplus are
'The Directors of Chatham Phenix National Bank and
now more than $6,000,000. Recently the Title Company
'Trust Company of New York, at their meeting on May 28,
purchased all the stock of the Guaranteed Mortgage ComApproved, subject to authorization by stockholders, the
pany of New York, maintaining the latter's office at 345
ehange of the par value of the shares of the bank from $100
Madison Avenue as a branch. The company has completed
each to $20 each, thus giving shareholders five new shares
a ten-story building in Jamaica and is erecting a twelvefor each share of the present stock. The directors likewise
story building in Brooklyn, to be opened in September.
approved an offer to stockholders of 135,000 additional
Included on the Board of Directors of the new bank are the
shares of $20 par stock at $90 a share (including a profollowing:
portionate beneficial Interest in the stock of Chatham PheManasseh Miller President of the Prudential Savings Bank, President and
nix Corporation), being on the basis of one new share of Director of the National Title Guaranty Company, Director of the Brooklyn
$20 z)ar value for each share of the present $100 par value Fire Insurance Company, Director of the Franklin Surety Company, Direcstock. This increase of stock at the above price will pro- tor of the Brooklyn National Life Insurance Company.
James J. Brooke, First Vice-President, Director of the National Title
ide $12,150,000, of which $2,700,000 will be used to increase Guaranty Company and Chairman of Finance Committee, First Vice-President and Director of the Bedford National Bank; also a Director of the
the capital of the bank (now $13,500,000); $2,700,000 to
increase its surplus, and $6,750,000 to increase the capital Franklin Surety Company.
Charles 0. Lockwood, Director of the National Title Guaranty Company
and surplus of Chatham Phenix Corporation. It is the and member of the !few York Transit Oommission.
JUNE 1 1929.]
FINANCIAL CHRONICLE
Meier Steinbrink, Director and Vice-President of the Brooklyn National
Life Insurance Company, Director of the Hamilton Trust Company, which
was later absorbed by the Chase National Bank, of which he is now a
member of the Advisory Board, and Director of the National Title Guaranty
Company.
Daniel Nicoll, Vice-President and manager of the Brooklyn Standard
Union.
Irwin S. Chanin, President Chanin Construction Company, Director of
the National Title Guaranty Company, Director of Bank of United States.
Milton Dammann, President of the American Safety Razor Corporation.
Alexander Block, President of the Block Drug Company, formerly member of the Advisory Board of the Mechanics' Bank of Brooklyn.
William Kennedy, Jr., Secretary and Treasurer of the Kennedy Construction Company, and Chairman of the Board of Directors of the Master
Builders' Association.
Henry It. Lathrop, President of II. R. Lathrop & Co., manufacturers and
distributors of proprietary medicines.
August Klipstein, President of August Klipstein & Co., manufacturers,
Importers and exporters of dyes and chemicals.
Benjamin B. Englander, President and Director of the Englander Spring
Bed Company.
Andrew T. Nelson, Jr., President of T. Hogan & Sons, Inc., stevedor
contractors, New York.
Jack Gumpert, Vice-President of S. Gumpert & Co., manufacturers of
bakers' supplies.
Hermann Neaderland, formerly Vice-President of The Namm Store, now
Vice-President of Sarnoff-Neaderland, Inc.
Nathaniel H. Lyons, owner and operator of a chain hotel system in New
York, Director of the Brooklyn National Life Insurance Company.
Hyman Zeitz, President of Martin's Department Store.
Travis H. Whitney, Vice-President of Brooklyn Rapid Transit Company.
Dr. Edward E. Hicks, physician and alienist
According to the Brooklyn "Daily Eagle" the stockholders
of the Lafayette National Bank of Brooklyn, after ratifying
a four-for-one splitup of capital stock at a special meeting
on May 28 voted to offer new $25 par stock to holders of
record June 1 at $50 a share in the ratio of two additional
shares for each five $25 par share hold. The "Eagle" says:
That there would be a capital increase from $500,000 to $700,000 was
announced some weeks ago when the directors approved the splitup, but
the price of the new stock was not determined until the stockholders meeting.
The rights will expire June 22. On the basis of the present bid for the old
stock, around 340, the rights will be worth slightly more than $37 a share.
The capital increase is the third since the bank opened in March 1926,
with initial capital of $200,000. In December 1926, it was doubled to
$400.000. and last year:it_was increased to $500,000.
From the Boston "Herald" of May 25 it is learned that the
Federal National Bank of Boston has acquired a controlling
Interest in the Middlesex National Bank of Lowell, Mass.
The institution will continue under local management, it is
said. It is capitalized at $200,000, with surplus and undivided profits of $127,000, and has deposits of $4,500,000.
This makes the fifth bank under control of the Federal
National Bank of Boston, it is said, the other institutions
being the State National Bank of Lynn, the Brockton Trust
Co. of Brockton, the Gloucester National Bank of Gloucester
and Salem Trust Co. of Salem.
3629
script" of May 28. Of the new stock, 63,500 shares will
be offered to shareholders at the price of $62.50 a share in
the ratio of one share for each four shares held. The
remaining 2,500 shares are to be disposed of by the Board
of Directors. The directors (as also indicated in our previous item) declared a quarterly dividend of $9 a share, as
recommended by the Executive Committee, thereby placing
the stock on a regular $12 annual basis. It is payable, it is
said, to stockholders of record May 28. Heretofore quarterly dividends of $2.50 a share were paid. The Boston
paper furthermore stated that a special meeting of the
stockholders has been called for June 28 to vote on the
proposals.
In its issue of May 30 the Boston "Herald" stated that
in a letter to the stockholders with reference to the above:
matters, President George S. (Mumford says in part:
"This change in par value of shares if acted favorably upon, will be
effective as of July 2, at which time the holder of one old share will
become automatically the owners of four new shares of a par value of $25
each. Holders of four shares of the new $25 par value stock will be entitled
to subscribe for one share of the increased capitalization of 66,000 shares
at $62.50 a share, the balance that will then remain not subscribed for
amounting to 2,600 shares to be, with the assent of the stockholders, sold
to the junior officers and employees upon such terms and provisions ns
directors may prescribe. All subscriptions of stockholders to additional
shares will be payable in full not later than Friday, Aug. 2, at $62.50 per
share, and the new shares so subscribed for will beeome entitled to all
dividends declared after July 1 1929."
According to the Boston "Transcript" of May 28, Directors
of the Harvard Trust Co. of Cambridge, Mass., have recommended a reduction in the par value of the bank's stook
from $100 a share to $20 a share and the issuance of five
new shares for each existing share. The "Transcript"
continuing said:
The Harvard Trust Company was originally founded in 1880 as the
Harvard Bank, was converted into a National bank in 1864 as the First
National Bank of Cambridge, and then back to a State institution in 1904
when it was incorporated under Massachusetts laws.
Its original capital was $200,000. This was increased to $400,000 in
June 1921 through the offering of 2,000 shares of stock at $210 a share.
In December 1925 it was raised to $500,000 through the offering of 1,005
shares at $200 each, and in November 1927 was increased to its present
amount, $750,000, by a 50% stock dividend. In 1928 regular dividends
of $12 and $2 extra were paid.
In an item appearing in the "Chronicle" of May 4 (page
2935), concerning the purchase of control of the Engineers
National Bank of Boston, Mass., by the National Bancorporation of America, Inc. of New York, the percentage
of interest the National Bancorporation of America, Inc.
would acquire in the Boston bank was erroneously stated as
53 %,whereas it should have read 52%.
Charles F. Hunt, Assistant Treasurer of the Worcester
Bank & Trust Co. of Worcester, Mass., died suddenly of
IIIf Boston's newest trust company—the Harris Forbes Trust heart disease in Boston on May 24. The deceased banker,
Co.—will be formally opened to-day (June 1), according who was 55 years of age, was prominent in Masonic circles.
to the Boston "Herald" of May 30. The new bank, which
At a meeting held this week, James P. Hale, of Hale,
is located in the Harris Forbes Building at 24 Federal St.,
Boston, will conduct a trust, safe deposit and banking Waters & Co., investment bankers, was elected to the Board
business. Its officers comprise the following: John R. Ma- of Directors of the Webster & Atlas National Bank of
comber, Chairman of the Board and President; Max 0. Boston.
Whiting, Vice-President; Sheridan J. Thorup, Vice-President
The Bank of North America & Trust Co. of Philadelphia
and Trust Officer; Jonathan Chacem, Treasurer, and Henry
B.Rising, Secretary. With the exception of Mr. Thorp, who on May 29 announced the resignation of J. Watts Mercur,
was for twelve years connected with the Boston Safe Deposit Jr., as Secretary of the institution. The announcement,
& Trust Co., the officers are all connected with Harris Forbes signed by John H. Mason, President of the institution, read
as follows:
& Co. The following is taken from the Boston paper:
The now trust company will have at its command the entire personnel of
Harris Forbes & Co.,including their statistical and analytical departments.
The officers and directors have been identified with investment and banking
for periods ranging from 12 to 40 years. In addition, it will provide clients
of Harris Forbes & Co.—within one organization—not only full investment
service but full trust company service, including the handling of trust
and agency accounts, as executor and trustee under wills, as administrator
and guardian for estates, as trustee or co-trustee of living and insurance
trusts, as custodian of securities and as agent in the collection of income
and preparation of tax returns. Mr. Thorup, who serves as Vice-President
and trust officer of the new trust company, is a member of the Massachusetts bar.
Reference was made to the now company in our issue of
April 6, page 2216.
Directors of tile Atlantic National Bank of Boston on
May 28 adopted the recommendation of the bank's Executive
Committee (Indicated in our issue of May 25, page 3456)
that the par value of the stock be reduced from $100 to $25
a share, and four shares of new stock issued for each share
now outstanding, and that the authorized capital of the
institution be increased from $6,350,000 shares to $8,000,000
by the issuance of 66,000 shares of new stock of the par
value of $25 a share,'according to the Boston "Tran-
We wish to record our personal and official testimony to his ability and
loyalty during the past twelve years. We regret sincerely the termination
of this long and intimate association.
At a special meeting on July 2 stockholders of the Central
National Bank of Philadelphia will vote on a proposed
reduction of the par value of the stock from $100 a share
to $10 a share, recently recommended by the Directors,
according to the Philadelphia "Ledger" of May 24.
Directors of the Eighth National Bank of Philadelphia
have called a special meeting of the stockholders for July 2
to take action on a recommendation to change the par value
of the institution's stock from $100 a share to $10 a share,
as reported in the Philadelphia "Ledger" of May 24.
That the respective directors of the Manayunk-Quaker
City National Bank of Philadelphia and the Southwark
National Bank of that city have agreed upon a plan of
consolidation, subject to the approval of the shareholders
of the institutions at special meetings to be held June 26,
was reported in the Philadelphia "Ledger" of May 27. The
3630
FINANCIAL CHRONICLE
new organization, which will be known as the Commercial
National Bank & Trust Co. of Philadelphia, will have total
resources in excess of $30,000,000. The Manayunk-Quaker
City National Bank has offices at Main and Levering
Sts., Manayunk; 721 Chestnut St., 20th and Chestnut
Sts., and Ridge and Midvale Ayes., while the Southwark
National Bank maintains offices at 610 South Second St.
and 1515 Chestnut St. Clarence F. Hand, Chairman of the
Board of Directors of the Manayunk-Quaker City National
Bank, will be Chairman of the Board of the new institution;
W. W. FouIkrod, Jr., President of the Southwark National
Bank, will become Chairman of the executive committee
and William A. Dyer, President of the Manayunk-Quaker
City National Bank, will be Chief Executive. The "Ledger"
adds:
Mr. Dyer, who was formerly cashier of the Federal Reserve Bank of
Philadelphia. stated last night that the terms of the merger will be sent to
stockholders of the two banks within a few days. Pending the forwarding
of the letter to shareholders the terms will not be announced.
At special meetings held May 27 stockholders of the Fox
Chase Bank & Trust Co., the Holmesburg Trust Co. and the
Tacony Trust Co., all of Philadelphia, approved the pro_
posed merger of the institutions under the title of the County
Trust Co., according to the Philadelphia" Ledger"of May 28.
The plan provides for the exchange of one share of Fox Chase
Bank & Trust Co.stock, par value $50 a share,for five shares
of the County Trust Co.stock of the par value of $10 a share;
one share of Holmesburg Trust Co., par value $50 a share,
fer five shares of the new organization, and one share of Tocony Trust Co., par value $100 a share, for 9 1-10th shares
of County Trust Co. The consolidation, it is said, will go
into effect July 1 1929. Jacob S. Disston, President of the
Tacony Trust Co., will be Chairman of the board of directors of the new institution, while Charles H. Heyer, President of the Fox Chase Bank & Trust Co., will be President.
Reference to the approaching consolidation of these banks
appeared in our issue of May 11, page 3132.
The new North Broad National Bank of Philadelphia—
the organization of which by a group of Philadelphia business
men was noted in our issue of March 23, page 1846—was
formally opened on May 25 at 5900 North Broad St. The
new bank starts with a capital of $250,000 and surplus of
$225,000. The stock (25,000 shares of the par value of $10
s share), according to the Philadelphia "Ledger" of May 25,
was almost wholly subscribed for by persons residing in or
who have their business establishments in the neighborhood
of Broad Street and Nedro Avenue. The stock sold at
$20 a share. The personnel of the new institution is as follows: Herbert Hope, President; Gerald Ronon and John E.
Fritz, Vice-Presidents, and Robert M. Flood, Cashier.
[VOL. 128.
securities, according to the Columbus "Ohio State Journal,"
which, furthermore, said in part:
All of the stock of the new Ohio National Corp. is to be owned by stockholders of the Ohio National Bank and stock of the new corporation will be
indorsed on the back of the stock of the Ohio National Bank. Thus each
holder of a share of Ohio National Bank stock at the same time will hold a
share of the new corporation stock, and if a share of one stock is sold it
will carry with it a share of the other stock.
The Title Guarantee & Trust Co. of Cincinnati, Ohio,
announce the death on May 21 of W. A. Bryson, a VicePresident and Manager of the municipal bond department
of the institution.
Two Akron, Ohio, banking institutions are to be united,
namely, the First Trust & Savings Bank and the National
City Bank, with combined total resources, it is stated, of
more than $50,000,000. The new organization will be known
as the First-City Trust & Savings Bank. Consolidation of
the institutions, according to the Akron "Beacon Journal"
of May 28, was agreed upon by the directors of both banks
at a special meeting on May 27 and the respective stockholders of the institutions will be asked to ratify the proposed
merger in the near future. This, it is expected, will be a
mere formality. The enlarged bank, which will operate
under a State charter, will be capitalized at $3,500,000, while
its combined capital, surplus and undivided profits will approximate $8,000,000. The existing $100 par value shares of
both banks, it is said, will be surrendered and $50 par shares
-for-1 ratio by the new institution. The
will be issued in a 2
stockholders of the First Trust & Savings bank will receive,
according to the proposed plan, a stock dividend of approximately 20% of their present holdings, and additional shares
are to be offered to the stockholders of both banks at the
price of $100 a share. For the present, at least, it is said,
banking operations will be carried on at both the First Trust
& Savings and the National City Bank buildings, as well as
at the four branch offices of the institutions in various parts
of the city. George D. Bates, now President of the First
Trust & Savings Bank, will be Chairman of the board of
directors of the consolidated bank, with executive authority,
while Harry Williams, the present head of the National City
Bank, will be President. The paper mentioned furthermore said in part:
C. I. Bruner now is Chairman of the board of the First Trust & Savings
Bank
No announcement was made Tuesday of his status after the consolfdation had been effected. The National City Bank has no Chairman of
the board.
When asked if any plans had been made for the erection of a new bank
home for the consolidated institution. D. L. Edwards, Assistant Cashier
of the National City Bank, said that the bank was not ready to make any
announcement at this time of any building plans.
Formation of the new bank, which will operate under a State charter.
will mean that Akron will be without a national bank, the National City
Bank being the only national bank in Akron now.
Both of the banks in the reported contemplated merger control important
South Main Street frontage. The First Trust & Savings Bank has its main
office at 157 South Main Street. as well as the important northeast corner
of South Main and Exchange streets, where the Peoples office is located.
The National City Bank owns the site on which its office is located as
well as the old Central Office building site at the northeast corner of South
Main and Mill streets.
According to the Philadelphia "Ledger" of May 25, stockholders of the Ninth Bank & Trust Co.and the Fairhill Trust
Co., both of Philadelphia, will hold special meetings on June
11 to vote on the proposed union of the institutions. We
referred to the approaching merger of these banks under the
The closing on May 17 of the Farmers' State Bank at
title of the Ninth Bank & Trust Co., in our issue of May 18,
Matthews, Ind.—a small bank with deposits of $88,000—
page 3294.
was reported in a dispatch from Marion, Ind., on that day
to the Indianapolis "News," which stated that injudicious
Stockholders of the Tenth National Bank of Philadelphia rumors on the streets were responsible for a "run" on the
will take action on the proposed consolidation of the institu- institution, resulting in the closing of the bank at the request
tion with the Integrity Trust Co. of that city at a special of its directors by Thomas Barr, Indianapolis, Deputy State
meeting on June 25, according to the Philadelphia "Ledger" Bank Commissioner. Later the directors authorized a
of May 28. An item with reference to the proposed merger statement saying depositors would be paid in full in the
appeared in the "Chronicle" of May 18, page 3293.
liquidation of the institution. William K. Frazier, Van
Buren, Ind., representing the State, has taken charge of
The appointment of Winfield S. Caldwell as Title and the institution, the dispatch said.
Trust Officer of the newly organized Adelphia Bank & Trust
The Fidelity Trust Co. of Detroit, Mich., recently reCo. of Philadelphia was reported in the Philadelphia
"Record" of May 28, which furthermore stated that H. H. ceived a charter from the State Banking department authorKynett of the Aitkin-Kynett Co. has been elected a direc- izing the company to conduct a general banking business.
This is said to be the first charter of its kind ever issued to a
tor of the institution.
trust company by the State of Michigan. The following
Pursuant to a recommendation of tile directors, stock- interesting news item regarding the matter appeared in the
holders of the Ohio National Bank of Columbus, 0., at a Detroit "Free Press" of May 26:
The first Michigan charter, granting authority to a trust company to
special meeting May 20 approved a reduction in the par
general banking business was received recently by the Fidelity
value of the bank's shares from $100 to $20, together with the conduct a from the State Banking department.
Trust Co.
issuance of five shares of new stock for each share now outMichigan, operating under an act dating back some forty years, has
which forbade
standing, and the declaration of a dividend of $5 a share been one of the very few states of the union Also, under thetrust comold law in
panics to conduct a general banking business.
on the 15,000 shares of old stock to be used for the purchase turn, banks were denied the privileges extendirg to trust departments.
Although the trust idea or the first trust company of the United States
of stock in the new Ohio National Corp., which was incorfirst Institution of this kind to be established
pOrated On the same day (May 20) to deal in investment Is not of recent origin, the
JUNE 1 1929.]
FINANCIAL CHRONICLE
in Michigan was opened in Grand Rapids 38 years ago. Other Michigan
trust companies came into being as time went on.
Some 15 years ago agitation was started by a group of bankers to secure
the enactment of legislation enablidg them to set up and operate trust
departments. Some of the trust companies at that time were opposed
to the proposed change and it was the legislature amended the banking
laws granting banks the authority to establish and operate trust departments. At the time, there was introduced a companion bill which would
have authorized trust companies to do a general business. This companion
bill, however, was defeated and again in 1927 failed of enactment.
In the 1929 legislature the banking laws were amended. The new law
became effective upon being signed by Governor Green on May 18.
The Fidelity Trust Co., which has recently moved into the new quarters
In the Fidelity Trust building, plans to equip its offices so that its banking department may be opened early this summer.
Macy E. Watkins has been appointed Executive VicePresident and Trust Officer of the newly organized Macomb
County Trust Co. of Mount Clemens, Mich., according to
an announcement by Charles Niemetta, President. Mr.
Watkins was formerly affiliated with the Union Trust Co. of
Detroit, in the business extension department. He went to
Detroit in 1927 from Indianapolis, where he was Estate
Tax Officer and Trust Officer of the City Trust Co. The
Macomb County Trust Co. was organized by bankers from
the entire county, to centralize and thus strengthen trust
business. The company has a capital stock of $150,000 and a
surplus of $50,000, making a total capitalization of $200,000.
It will open for business June 15 in Mount Clemens, Mich.,
with Charles Niemetta as President, Mr. Watkins as
Executive Vice-President and Trust Officer, and H. E.
Beecher, of the Citizens State Savings Bank of New Baltimore, Mich. as Vice-President.
The First National Bank of Chicago has increased its
surplus from $20,000,000 to $25,000,000 by the transfer of
$5,000,000 from undivided profits. The capital of the bank
is also $25,000,000, having recently been increased $1,000,000. The new stock was sold at $600, the premium being
used to increase the capital and surplus af the First-Chicago
Corp., which now has $5,000,000 capital and a considerable surplus. The capital and surplus of the First Union
Trust & Savings Bank are each $7,500,000, with undivided
profits in excess of $5,000,000. The combined invested
capital is thus well in excess of $75,000,000.
The Continental State Bank of Lincoln, Neb., said to be
the second largest State bank in Nebraska, has received a
National charter, according to advices from Lincoln on
May 24 to the Wall Street "Journal." The institution has
combined capital and surplus of $400,000 and deposits of
more than $5,000,000. Unsatisfactory conditions attaching
to the bank deposit guaranty law, and heavy assessments
thereunder, impelled the bank, which was recently merged
with the Nebraska State Bank, to nationalize, it was said.,
The dispatch furthermore stated that the institution is the
third Lincoln'State Bank in recent years to take this step.
Supplementing our item of May 25 (page 3459) with reference to the opening on May 20 of the new Mercantile-Commerce Bank & Trust Co. of St. Louis—formed by the union
of the Mercantile Trust Co. and the National Bank of
Commerce—resources at the end of the first day's business,
we are advised, stood at $144,690,251 and deposits at
$124,671,008. Combined capital, surplus and undivided
profits of the consolidated bank are $17,500,000. In addition to George W. Wilson, former President of the Mercantile Trust Co., Chairman of the Board of Directors, and
John G. Lonsdale, former head of the National Bank of
Commerce, President, other officers of the consolidated
bank are as follows:
Vice-Presidents, W. L. Hemingway, Arthur F. Barnes,
Davis Biggs, W. M. Chandler, W. B. Cowen, F. E. Eaton,
Thomas C. Hennings, G. N. Hitchcock, L. D. Kelly,
William Maffitt, C. H. McMillan, E. J. Mudd, F. J. Pare,
J. H. Powers, H. H. Reinhard, Oliver F. Richards, A.W.
Thias, J. C. Walker and A. L. Weissenborn; Secretary, J. J.
Farrell; Assistant Secretaries, C. R. Jolley, 0. E. Kaiser,
and J. A. Noonan, and A. A. Van Nest; Treasurer, Guy R.
Alexander; Assistant Treasurers, E. L. Black, F. W. Heuermann, I. L. Jones, E. F. Kallemeier, G. H. Kleinschmidt,
J. H. J. Kruse, R. J. Kunz, J. M. Murphy, W. L. Rehfeld,
W.H. H. Schaeffer, Arthur B. Sullivan and R. T. Williams
Trust Officer, Joseph W.White; Assistants, W.H.Lawrence,
J. A. McCarthy, J. P. Newell, D. C. Sachse and G. F.
Torrey.
Department Managers have been announced as follows:
3631
Arthur Stith and Clarence Schaeffer: Philip H. Zepp, Real Estate. Oscar
G. Schalk has been named Comptroller and E. G. Kehde, Assistant comptroller. Samuel A. Mitchell has been appointed Counsel with Edgar H.
McCulloch as Assistant.
Officers of the Mercantile-Commerce Co. (the bank's
investment unit) which opened the same day are:
John G. Lonsdale, Chairman of the Board
George W. Wilson, Chairman of the Executive Committee; Sidney
Maestro, President.
Walter W. Ainsworth and Thomas Ridley, Vice-Presidents.
Festus J. Krebs. Treasurer.
Thomas I. Glannon, Secretary.
Alphonse Schneiderhahn, Assistant Secretary.
W. A. Bell and F. Roessler, Assistant Treasurer.
R. C. Obermann, Sales Manager.
A. W. Snyder, Resident Vice-President, Houston. Texas.
The National Bank of Commerce had its beginning in 1857
under the name of the St. Louis Building and Savings
Association at Second and Pine Streets. It had moved three
times previous to its merger with the Mercantile Trust Co.
Mercantile had its beginning in 1899 in a store building across
the street from its later location at Eighth and Locust Sts.,
which is now the home of the consolidated bank.
It is learned from the St. Louis "Globe-Democrat" of
May 25 that a proposed consolidation of the Boatmen's
National Bank of St. Louis and the investment banking
house of Kauffman, Smith & Co. of that city was announced
on May 24 by Julius W. Reinholdt, President of the Boatmen's National Bank. It is planned to create a new investment company as a subsidiary of the enlarged institution,
which will retain the name of Boatmen's National Bank and
operate in its present quarters at Broadway and Olive St.
There will be no change, it is said, in the capital structure
of the Boatmen's National Bank until the new investment
unit is organized, as the merger "will be effected by that
institution purchasing outright the assets of Kauffman,
Smith & Co." According to its latest published statement,
it is said, the Boatmen's National Bank has $2,000,000
capital, $750,000 surplus and $383,000 of undivided profits,
while its deposits aggregate $24,500,000. Kauffman, Smith
& Co., which was established in 1915, has a capital of $500,000. Officers declined, it is said, to divulge the probable
capitalization of the proposed investment unit. Following
the merger, Mr. Reinholdt will be Chairman of the board of
directors of the enlarged bank, and Tom K. Smith, now
Vice-President of Kauffman, Smith & Co., will be President.
Harold M. Kauffman, the present head of the investment
banking firm, will be President of the new subsidiary company when organized, it is said. Continuing, the paper
mentioned says in part:
This bank is the oldest in Missouri, having been organized in 1847 as
the Boatmen's Savings Institution, without capital. Its present capital,
surplus and undivided profits are the result of earnings, with the exception
of $400.000 paid in by stockholders in 1856. During its 82 years of existence its officers and directors have included a number of leading St.
Louisans.
Reinholdt succeeded to the Presidency several years ago, following the
death of Edwards Whitaker. Other officers are Aaron Waldheim, Ali•ert
Wagenfuehr and F. Lee Major, Vice-Presidents: Leroy C. Bryan, VicePresident and Cashier; Edgar L. Taylor. Vice-President and Trust Officer,
and J. Hugo Grimm, Vice-President and Counsel.
Officers of Kauffman, Smith & Co.. besides Kauffman and Smith, are:
Royal D. Kercheval, Vice-President: Charles Claflin Allen Jr., Vice-President and Counsel; R. W. Stumpe, Treasurer, and W.G. Rule, Secretary.
It is expected the business of the investment house will be removed to
the bank in two or three weeks, or as soon as suitable quarters are provided
in Boatmen's National Bank. The entire official and clerical organization of both institutions will be retained.
With reference to the proposed amalgamation of 10 banks
in lower South Carolina with the People's State Bank of
Columbia as the parent or base bank, indicated in the
"Chronicle" of April 6, last, page 2218, a dispatch from
Columbia on May 21 to the Wall Street "News" stated that
the merger of the group has been effected. The new organization, under the name of the People's State Bank of
South Carolina, is capitalized at $500,000 and has total
resources of $5,000,000. R. Goodwin Rhett is Chairman of
the Board of Directors of the new bank and R. Goodwin
Rhett, Jr. is President, with Kenneth E. Bristol and E. B.
Wulburn, Vice-Presidents and F. W.Scheper, Jr., Cashier.
The Houston (Tex.) "Post" of May 22 stated that Raymond Pearson, automobile dealer, and W. L."Bert" Childs,
Vice-President and General Manager of the Reed Roller
Bit Co., were added to the directorate of the Second National
Bank of Houston at a meeting of the directors May 21,
according to an announcement by J. W. Neal, Chairman
of the Board. Mr. Neal was quoted as saying in part:
The election of Mr. Childs and Mr. Pearson to our board is In keeping
Mrs. L. D. Sultzer, Savings Department: Assistants. E. G. cox, P. J.
Dooley. and L. R. Donahue; Joseph J. Reynolds. Safe DePosit; Assistants' with the plan of the Second National Bank to have men on its directorate
3632
FINANCIAL CHRONICLE
who have working knowledge of the industries and businesses we are called
111/on to serve. These men can lead in their respective lines in the formulating of bank policies that will meet the requirements of the customers within
the limits of sound banking practice.
Supplementing our item of May 11 (page 3134) with reference to the proposed consolidation of the Pacific National
Bank of Los Angeles and the National Bank of Commerce
of that city, advices from Los Angeles on May 28 to the
"Wall Street Journal" stated that the enlarged bank will
be capitalized at $3,000,000, consisting of 120,000 shares of
the par value of $25 a share and that holders of stock in
both institutions will receive new stock share for share,
involving an issue of 80,000 shares of Pacific National stock
and 20,000 shares of National Bank of Commerce stock.
It was furthermore stated that rights to 20,000 of new stock
will be offered to shareholders of record June 12 at $40 a
share in the ratio of one share of new for each five shares
held. In our previous item it was stated that special meetings of the stockholders of the institutions will be held
June 7. Also that the name of the new bank will be the
Pacific Bank of Commerce National Association.
A press dispatch front San Francisco on May 28 to the
"Wall Street News" reports that the First National Bank of
Portland, Portland, Ore., has purchased the commercial and
savings deposits departments of the Security Savings &
Trust Co. (affiliated institution of the First National Bank)
of that city. The dispatch reads as follows:
As a step in the program of expansion inaugurated with the organization
of the First National Corp. of Portland, the First National Bank of Portland
has purchased the commercial and savings deposits departments of the
Security Savings k Trust Co. of that city. Deposits total more than
$4,700,000 and are held by approximately 8,000 depositors.
The Security Savings & Trust Co. has been owned by stockholders of
the First National Bank since 1914, but the actual consolidation of banking
activities is a direct result of the organization of the First National Corp. of
Portland last February.
Under the new management the Security Savings & Trust Co. will be
the largest trust company in the Pacific Northwest, confining its activities
exclusively to the operation of a general trust and estate management
business, mortgage loans and the sale of securities.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for the moderate upward reaction toward the
latter part of the week, during which the railroad shares
were fairly buoyant, the stock market has shown a decided
downward trend, and many of the more active speculative
stocks have touched the lowest levels of the year. The
weekly report of the Federal Reserve Bank made public
after the close of business on Friday showed a further decrease of $232,000,000 in brokers' loans in this district.
Call money renewed at 6% on Monday and continued at
that rate during the rest of the week. Conflicting views of
the credit situation and the general uncertainty concerning
future developments served to keep the trading down to a
very moderate pace on Saturday last, with the trend downward most of the time. Motor stocks were generally under
pressure and some of the more prominent issues dropped to
new low levels. Hupp, for instance, dipped to a new low
for 1929 and General Motors slipped below 73 but recovered
to 74. Auburn was down six points and both Willys-Overland and Hudson yielded a point or more. Railroad stocks
were the firmest on the list, though there was nothing
especially noteworthy in the movements of the group as a
whole. General Electric remained fairly firm and sold up
to 274 with the gain of a point. Consolidated Gas moved
down to 109 and most of the utilities were lower by a point
or more, though in the last half hour Commonwealth Power
ran up to a record top at 1693- though closing at 167%
with a net gain of 73 points.
4
The stock market registered another severe decline on
Monday, heavy liquidation, short selling and a considerable
number of stop orders forcing prices to lower levels. The
higher priced stocks suffered the sharpest declines, though
the recessions extended to all parts of the list and ranged
from 2 to 13 points at the close. Among the copper stocks,
Anaconda broke below 100, with a loss of 4 points, and
Kennecott dipped below 78 with a similar loss. The railroad list shared in the general break. New York Central
for instance was off about 6 points and closed at 180k.
Rock Island slipped back 5 points and New Haven was
down 3 points to 96. In the so called specialties group such
high class stocks as General Electric, Johns-Manville, Warner
Bros., National Cash Register, Woolworth, Montgomery
Ward and Westinghouse Electric were off from 5 to 14
points. United States Steel was under last weeks lowest
level as it dropped 2% points to 1643j. Goodyear Tire &
[Vol,. 128.
Rubber lost 4 points on top of the 14 points lost last week
and General Motors on a sale of a block of about 9,000
shares broke to a new low around 72.
The market continued under pressure during the early
trading on Tuesday, but improved somewhat toward the
close. Railroad shares assumed the leadership in the
afternoon, Atchison moving briskly ahead and crossing
217, with a gain of 13 points, followed by New York Central
which moved ahead six points to 1853 and Union Pacific
4
which gained four points and closed at 221. Erie also was
in active demand and moved up to 70% and Now Haven
sold above 100 with a gain of• over five points. Public
utilities attracted considerable attention, the buying in
Commonwealth Power carrying the price forward to a new
top for the present stock. American & Foreign Power &
American Water Works were also noteworthy for their
strength. United States Steel continued to slide downward
and reached a new low under 164. General Motors fluctuated just above the preceding close and most of the independent issues dipped to new minimum prices for the year.
Irregularity characterized the early trading on Wednesday,
some stocks showing decided strength while others continued to sag. On the down side Montgomery Ward and
Sears Roebuck yielded from 2 to 3 points. Advance Rumley
both common and preferred broke violently to new low
levels for the year, each issue slipping down about 10 points,
and several active issues of the motor group sold down to
their lowest prices in 1929. On the other hand, railroad
issues were in sharp demand, Atchison selling above 200,
Missouri Pacific moved ahead with a gain of over 5 points
and New York Central did equally well. Copper stocks
made a strong showing and in the utilities Commonwealth
Power and American Water Works both broke into new
igh ground. The Stock Exchange was closed on Thursday,
it being Memorial Day.
On Friday speculative interest centered around the railroad issues and public utilities and advances ranging from
two to eight or more points were recorded by numerous
stocks in these groups. One of the outstanding features of
the railroad shares was the strength of Atchison which shot
ahead nearly nine points to 224. New York Central followed with 798 points to 195%, New Haven advanced 4%
points and Missouri Pacific moved forward 33/i points to
903. American Power & Light improved over six points,
to 112, and American Water Works bounded forward 14
points to 115. Motor shares broke sharply all along the
line and airplane stocks followed suit. Recent popular
specialties receded from one to seven points, though some
of these declines were recovered before the end of the day.
A typical example of this recovery was American Can which
dipped from 1353 to 129 and recovered to 1343 with a
net gain of 3Yi points.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Saturday__
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad,
&c.,
Bonds.
1,210,430
4,353,670
3,936,580
2,977,150
Week Ended May 31.
32,978,000
31,226,000
6,374,000
2,263,000
7,942,000
2,340,700
6,942,500
1,861,800
HOLI DAY
1,704,000
6,413,000
8106,000
434,000
It 497,000
622,000
$9,395,500
$2,045,000
3,296,490
Total
115.774.320
Sales as
New York Stock
!Mohan's.
Stale,
Municipal &
ForeIon Bonds
330.649.500
1928.
1929.
1928.
Stocks
-No,of shares.
Bonds.
15,774,320
14,210,536
468,320,240
Government bonds- -State and foreign bonds
$2,045,000
$2,168,500
13,194,000
33,671.000
$53,930,050
259.149,650
753,515,000
Raliraod & misc.bonds
Total bonds
9,395,500
80,649,500
386,000
Jan. 1 to May 31.
Week Ended May 31.
1929.
United
Males
Bonds.
345,420,408
ay
$77,691.750
375,983,265
1,233,796,325
342.090,000 349,033,500 $1,066,594,700 $1,687,471,340
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
May 31 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Bales. Shares. Bond Salm. Share,. Bond Salm.
.24,325
340,000
47,000
*61,673
59,000
*61,701
31,000
.43,604
HOLI DAY
69,000
*41,375
232,678
3246,000
a49,582
$3,000
a72,485
10,400
a64,750
56,500
a55,192
12,000
HOLI DAY
a34,925
52,118
$8,800
53,908
18,900
53,665
12,000
52,352
19,000
HOLI DAY
51,742
18,000
276,934
13,785
881,900
$76,700
Prey, week revisedi 305,014 $177,000 422,336 3111,700
23,412 $145,700
* In addition, ea es of rights were: Saturday, 10 097; Monday, 30,658; Tuesday,
29.547; Wednesday, 21,027.
a In addition, ea es of rights were: Saturday, 16,500; Monday, 45,000 Tuesday,
60,035: Wednesday, 55,500; Friday, 14,600.
S In addition, sales of rights were: Saturday, 66; Monday, 30; Tuesday, 90:
Wednesday, 14; Friday. 62.
J UNE
1 1929.]
FINANCIAL CHRONICLV
THE CURB MARKET.
Prices in Curb securities broke badly on Monday of this
week in a fairly active market. Thereafter a better trend
to prices prevailed, although there was considerable irregularity. Utility issues came in for more than ordinary
interest. Allied Power & Light, corn. from 533/2 moved up
to 693/2, the close to-day being at 67. Amer. Superpower
com. A after early loss from 162 to 159 ran up to 1943/2, while
the corn. B sold off from 1623/2 to 158 then up to 1943/2, the
close to-day being at 194 for both issues. Electric Investors
declined from 1503/2 to 139, recovered to 1593 and sold
%
finally at 169. Among miscellaneous issues Bendix Aviation
corn. broke from 883 to 769/2, recovered to 823/s and sold
,
finally at 81. Checker Cab Mfg. corn. fell from 643 to
7
57% and ends the week at 58. Club Aluminum Utensil
slumped from 243/2 to 73/2, the close to-day being at 7/s.
7
Suspension of dividends was likely it was announced. Deere
& Co. corn. declined from 5693/2 to 511 with a final recovery
to 539. Fokker Aircraft receded from M% to 45% and
finished to-day at 473/2. Gt. Atlantic & Pacific Tea nonvot. com, weakened from 430 to 401, with final transaction
to-day at 410. Grigsby-Gunow corn. was off from 144 to
131%, the closing transaction to-day being at 137%. Oils
were irregular.
A complete record of Curb Market transactions for the
week will be found on page 3664.
OA IL Y TR* NSACTIONS AT THE NEW YORK CURB MARKET,
Bonds (Par
Wee4
Ended
May 31
Mocks
(No. Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
615,300
1,339,200
1,171,619
1,208,500
1,214,400
Total
5,549,019
Rights
Domestic
00017710,10111
13,390
5541.000
63,460
926,000
76.300
1,143,000
71,425
1.268,000
HOLI DAY
35,640
1,240,000
260,215
$5,118,000
$176,000
291,000
268,00
241,000
167.000
51.143.000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 15 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £160,213,172
on the 8th inst. (as compared with £158,216,669 on the previous Wednesday), and represents an increase of £6,306,857 since April 20 1925
-when
an effective gold standard was resumed.
About /289,000 bar gold was available in the open market this week.
The Bank of England secured £164,900. as shown in the figures below,
the Home and Continental Trade /72.000, India £25,000 and Egypt
/25,000.
The following movements of gold to and from the Bank of England
have been announced, showing a net influx of /923.715 during the
week
under review:
May 9. May 10. May 11. May 13. May 14. May
15.
Received
/4 £4,447
/775,000 /164,900
Withdrawn-- -.. 113,636 /2,000 /3,000
/2,000
The receipts on the 13th and 14th inst. were in sovereigns and
bar gold
respectively from South Africa. The withdrawals consisted
of /13.636 in
bar gold and /7.000 in sovereigns.
The following were the United Kingdom imports and
registered from mid-day on the 6th inst. to mid-day on the exports of gold
13th inst.:
Imports-
British South Africa
Australia
Irish Free State
Other countries
/808,179
1,000.000
25,000
11,531
Exports
-
Germany
France
Switzerland
Egypt
British India
Other countries
/1,844,710
United Kingdom imports and exports of gold for the month
Germany
Netherlands
France
Switzerland
Austria
Egypt
West Africa
Argentina, Uruguay & Paraguay
Union of South Africa
Rhodesia
British India
Other countries
£195,803
of April last:
E4,000
20,666
67,731
200.000
2,933.743
70,251
Exports.
n'26,356
19,996
63,373
148,527
56,040
12,000
/123,574
17,008
15,000
10,148
Exports
-
Egypt
Persia
British India_
Other countries
£15.913
30,489
69,898
9,898
/165,730
/126.198
INDIAN CURRENCY RETURNS.
(In Ides of rupees.)
May 7. Apr. 36. Apr. 22.
Notes in circulation
18293
18366
18472
Silver coin and bullion in India
9851
9939
9944
Silver coin and bullion out ofIndia
Gold coin and bullion in India
3222
3221
3222
Gold coin and bullion out of India
Securities (Indian Government)
4323
4323
4323
Securities (British Government)
897
883
883
Bills of Exchange
100
The stock in Shanghai on the 11th inst. consisted of about 78.900,000
ounces in sycee, 127,000,000 dollars and 8,200 silver bars, as compared
with about 78,500,000 ounces in sycee, 126,000,000 dollars and 10.400
silver bars on the 4th inst.
Quotations during the week:
-Bar Silver Per Or. Std.
- Bar Gold Per
Cash.
2 Mos.
Oz. Pine.
May 9
25 5-168.
25 5-16d.
84s. 113Id.
25 d.
10
25qd.
84s. 11hd.
11
2534d.
26d.
845. 11d.
25 -16d.
13
25 -16d.
84s. 1154d.
253-168.
14
253-168.
84s. 10d.
255-16d.
15
2534d.
84s. lid.
Average
25271d.
25.260d.
848. 11.31d
The silver quotations to-day for cash and two months' delivery are
respectively the same as and 1-16d. below those fixed a week age.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
May 25.
p. oa_d. 25
Gold, p.fine oz. 84.113.4
Consols, 234s._ _ -British, 5a-------British, 4 yie__ ___ French Rentes
(In Paris)Jr.
-French War L'n
(in Paris)Jr. ----
May 27. May 28. May 29. May 30. May 31.
Mon.,
Tues..
Wed.,
Thurs.,
24%
24%
24%
Holiday 24 9-16
84.113-4
84.11
84.11%
Holiday 84.11%
5444
MM
5444
Holiday 5434
100%
100%
100%
Holiday 100%
os
98
Holiday 96
9
0
73.95
74.30
74.38
74.35
100.95
101.85
100.85
100.85
The price of silver in New York on the same days has been
Silver in N. Y., per os. (cis.):
Foreign
5334
6334
5334
5344
Holiday
5234
COURSE OF BANK CLEARINGS.
Bank clearings will again show a decrease the present
.
week. Preliminary figures compiled by us, based upon tele-*
graphic adviees from the chief cities of the country, indicate
that for the week ended to-day (Saturday, June 1) bank
exchanges for all the cities of the United States from which
it is possible to obtain weekly returns will be 9.6 smaller
than for the corresponding week last year. The total stands
at $10,564,778,087, against $11,688,772,030 for the same
week in 1928. At this centre there is a loss for the five
days ended Friday of 5.7%. Our comparative summary for
the week follows:
Clearings-Returns by Telegraph.
Week Ended June 1.
New York
Chicago
1929.
1928.
85.363,000,000
15,687.000,000
412,625.666
375,000,000
322,000,000
88,385.967
109,700,000
130,096,000
132,056,000
132.763,245
156.781.408
*88,000.000
57,581.617
39.330,435
Detroit
Cleveland
Baltimore
New Orleans
Thirteen cities, 5 days
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
$7,407,320,338
979,994.735
58,387,315.073
2,177,463,014
eln
KRA
"ygo no,
•
610,861,127
283,000.000
339,000,000
88,248,347
115,800.000
161,276.000
135,233.000
127.498.320
129.000,000
85,000,000
69,677,523
52.630,564
Per
Cent,
-5.7
-32.5
-2.1
-5.0
+0.2
-5.3
-19.4
-2.3
+4.1
+12.8
+3.5
-17.4
-25.3
87494.224,881
915,691,670
-7.3
+7.0
88.909,916,551
2.778,855,479
-5.9
-21.6
RI, C.0 .1.0n.n
.
_n o
•
•Estimated.
196,391
40,401
/3,317,412
£763,084
On the 9th inst. the Imperial Bank of India reduced its rate of
discount
from 7 to 6%.
The Transvaal gold output for the month of
April last amounted to
872,123 fine ounces, as compared with 866,529 fine ounces for March
1929
and 825.907 fine ounces for April 1928.
SILVER.
Following the rather fluctuating prices of last week the market has
since
ruled comparatively steady. Nevertheless buyers at first proved reluctant
and quotations drooped to 25 3-16d., the rate fixed for both cash and two
months' delivery on the 13th inst. During the earlier part of the week
there
was some re-selling on the part of China, but the same quarter subsequently
made fresh purchases of silver for forward delivery. The buying, however,
was offset by freer offerings from America, whilst supplies have also been
forthcoming from Continental sources.
Cash sliver was to-day quoted at a premium of 1-16d. over two month's
delivery, prices being fixed at 25 5-16d. and 25
respectively. This lathe
first time since Feb. 1 last that silver for cash delivery has commanded a
premiumt
Imports-
Mexico
Canada
New Zealand
Other countries
f.39,340 Philadelphia
25,386 Boston
29,000 Kansas City
56,238 at. Louis
34,221 San Francisco
Los Angeles
11,618 Pittsburgh
Imports.
21.021
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 6th inst. to mid-day on the 13th inst.:
V02114).
Foreign
3633
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available •
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended May 27. For
that week there is an increase of 3.7%, the 1929 aggregate
of clearings for the whole country being $12,246,221,177,
against $11,808,544,120 in the same week of 1928. Outside
of this city, however, there is a decrease of 5.4%, the bank
exchanges at.this centre having recorded a gain of 6.3%.
We group the cities now according to the Federal Reserve
districts in which they are located, and from this it appears
3634
that in the New York Reserve district (including this city)
clearings show a gain of 6.4%, but in the Boston Reserve
District they record a loss of 3.3% and in the Philadelphia
Reserve District of 3.0%. In the Cleveland Reserve District
the amounts are 2.1% larger and in the Atlanta Reserve
District 2.2% larger, but in the Richmond Reserve District
the totals have decreased 6.1%. The Chicago Reserve
District shows a decline of 1.8%, while the St. Louis Reserve
District has an increase of 4.0% to its credit, and the Minneapolis Reserve District of 3.3%. The Kansas City,
Reserve District has bettered its last year's record by 6.9%
and the Dallas Reserve District by 4.1%. The San Francisco
Reserve District suffers a loss of 6.0%.
In the following we furnish a summary by Federal Reserve
districts:
ittIMMARY 06' BANK CLEARINGS.
Week End. May 23 1929.
1929.
Inc.or
Dec.
1928.
Federal Reserve Discs.
$
496,875,697
let Boston.___12 cities
8,211,177,043
2nd New York_11 "
557,663,095
800 Phlladel'Ia_10 "
451,415,569
dth Cleveland-- 8 "
161,375,444
5511 Richmond - 6 "
168,937,147
Ilth Atlanta.__.13 ••
987,652,397
7th Chicago ___20 "
209,449,799
5th St. Louis_ - _ 8 "
116.491,925
5th Minneapolis 7 "
225,501,272
10th KanaasCity 12 "
74,603,998
5 "
11th Dallas
585,077,791
12th Ban Fran._17 •
1926.
$
548,290,599
5,359,547,906
689,811,080
390,842,881
205,352,073
197,430,568
947,727,084
220,793,656
113.616,538
207,341,950
66,241,510
506,505,646
129 citlee 12,246,221,177 11,808,544,120 +3.7 9,926,159,725
Total
4,177,917,697 4,414,919,193 -5.4 4,030,287,708
Outside N. Y. City
9,353,501,491
4,106,719,718
31 cities
490 155 980
$
513,620,148
7,720,496,686
575,122,633
442,192,014
171,781,147
165,331,677
1,005,533,173
201,421,702
112,716,004
210,880,038
67,157,892
622,291,006
413.495217 +18.5
296.014.547
275.381.810
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended May 25.
Clearings at
1929.
First Federal
Me.
-Bangor____
la Portland
-Boston- _
Mass.
Fall River__
Lowell
New Bedford
Springfield._._
Worcester
-Hartford
Conn.
New Haven_
-Providence
06.1.
N.38.-Manche'r
1928,
Inc. or
Dec.
$
$
%
Reserve Dist rict-Boston562,808
599,390 -6.1
3,705,959
3,947,937 -6.2
439,063,718 451,000,000 -2.6
1,197.753
2,153,987 -44.4
985,007 +15.1
1,133.577
1,203,053
939,356 +28.1
6,021,098 -5.6
5.683,181
3,513,360
+13.1
3,312,301
19,256,458 -12.1
16,934.184
8.538,758
9,296,708 -8.2
14,662,200
15,358,400 -4.5
677.146
749,508 -9.7
Week Ended May 25.
Clearings at
-
1927.
$
1926.
$
693,346
3,869,223
495,000,000
2,173,327
1,097,058
1,275,209
5,992,095
2,682,151
14,616,848
7,594,598
11,855,600
701,463
749,157
4.505,659
495,000,000
1,854,931
948,266
1,209,392
5,545,602
3,135,786
15,751,360
7,033,813
11,793,000
783,633
496,875,697
513,620,148
-3.3
1928.
548,550,918
548,290,599
1927.
1926.
$
$
$
%
Seventh Feder al Reserve D istrict-Chi cago224,195
277,642
Mich.
-Adrian _ 230.581 +20.4
888,477
Ann Arbor_ _ _ _
1,257,912
775.407 +62.2
Detroit
271,443,329 202,388.399 +34.1 175,662,966
7.628.684
Grand Rapids _
6,159.217
8,279,566 -25.6
2,382.799
4,395,000
Lansing
2,716,968 +60-0
2,793,651
Ind.
-Ft. Wayne
3.629,740
3,278,0011 +10.7
20,622.000
Indianapolis_ _ _
23,076,000
21,878,000 +5.5
2,626,307
South Bend..._
3,008,078
2,990,700 +0.6
4,921,492
Terre Haute _
4.335.920 +i5.6
5,014,068
38.898.748
Wis.-Milwauk e
30,985,190
38,747.573 -20.0
2,724,626
2,854,888
Iowa-Ced. Rap _
2,873,465 -0.7
9,340,723
Des Moines _
9,444.459
9,472,516 -0.3
Sioux City..._
5,292,750
6,251.012
6.330,676 -1.3
1,415,554
1,004,807
Waterloo _ _ _ _ _
1,275,840 +11.0
1.834.714
I11.-Bloomingto a
1,676,534
+9.4
1.371.664
604,406,863 685,355.744 -11.8 674,710,379
Chicago
Decatur
1,108,418
1,318,053 -15.9
1.267,100
Peoria
5.096.049
6,211,093 -18.0
3.886,675
3.660,899
3,125,876 +17.1
3,152,903
Rockford_
_.
2.333,365
2,242,462
+4.1
2,344,281
Springfield_ .
229,540
1.191,300
184.627,123
8.766,063
2,653,004
2,690,308
22,786.000
2,463.600
5,352,271
39,026.275
2,368,061
9,113,381
6.437,510
1,167,072
13 .
12 361
645.520.050
1,514,752
4.653,477
3,066,611
2.688,325
-1.8
961,775.317
947,727,084
Eighth Feder i !Reserve Dis trict-St.Lo uis5,859,587
5,001,765 +17.2
Ind.
-Evansville.
Mo.-St. Louis_ . 137.000,000 130,100,000 +5.3
35,935,762 -7.7
33,173,041
Ky.-Louisville_.
292,726
308,785 -5.2
Owensboro _ _ _
18,612,199
16,613,797 +12.0
Tenn.-Mempla
12,715,285
11,749,685 +8.2
Ark.
-Little Roc
284,769 +32.0
III.-Jacksonville
.
375,956
•
1,421,011
1,427,139 -0.5
Quincy
5,830,066
133,900,000
33,834.140
293,862
18,644,414
11,116,601
374,984
1,346,857
5,481,466
150.900,000
32,490,493
292,336
17,592,170
12,273,058
364,541
1,399,592
+4.0
205,340,924
220.793,656
Ninth Federa I Reserve Dia tact-Minn eapolis6,544,961
8,004,778 -7.7
Minn.
7,391,646
-Duluth_
66.285,734
77.577,804
72,016,005 +7.7
Minneapolis__
25.217.406
26.000,629 --6.2
St. Paul
24,395.305
1,649,593
N. Dak.-Fargo
1,956,857
1,720,696 +13.7
985,727
S. D.--Aberdee
1,186,841
1,269,538 -6.5
487,884
Mont.
603,472
559,358 +7.9
-Billings
2,464,000
Helena
3,380,000
3,145,000 +7.5
7,428,143
71,742.803
28,488,550
1.831,487
1,321,389
438,106
2,366,060
Total (8 cities 1
209.449,799
201.421.702
103,635,305
113,616,538
Tenth Federal Reserve Ins trict Kane as City399.019
385,436 -28.1
277,278
Neb.-Fremont_
386,865
508,962
426,093 +19.4
Hastings
4,405,153
Lincoln
3,429,864
3.812.365 -10.0
39,234,005
+5.2
Omaha
42,929,298
40,789.444
2,532,386
Kan.
2,915,073
2,745,373 +6.2
-Topeka
7,252,044
Wichita
7,263.209
8,332,021 -12.8
+9.6 127,867,203
Mo.-Kan. City- 131,025,579 119,515,941
6,076,818
St. Joseph_ _ _ _
*6,500,000
6.370,000 +2.0
25,046,229
Okla.
27,792,070
26,131,632 +3.7
-Okla.City
1,002,992
Colo.
1,320,584
1,086,660 +21.6
-Col. Spgs.
1,154,131
Pueblo
1,539,355
1.285,073 +12.0
309,582
434,335
4,298,619
36,894.953
2,251,513
7,294,015
121,407,721
6,782,161
25,574,554
1.018,438
1,076,058
Total (7 cities
116.491,925
112,716,004
+3.3
+6.9
216,356,848
207,341,950
-Da Bas
Eleventh Fed cal Reserve District
1.411.282 -4.7
Texas-Austin._
1,345,174
45,472,074 +11.2
50,583.487
Dallas
12.412.926 +11.9
13,886,395
Fort Worth_
3,463,000 +20.1
4,158,000
Galveston
La.
4,630,942
4,398.610 +5.3
-Shreveport-
1,372,072
42,297,906
10,715,094
6,545,000
4.384,672
1,139,686
39,860,154
11,198.669
9,758,000
4,285,001
67,157,892 +11.1
65,314,744
66,241,510
Total(12 cities)
Total(5 cities) _
Total(12 cities)
inc. or
Dec.
$
1929.
) 987,652,397 1.005,533,173
Total(20 cities
1927.
$
%
548,550,918
-3.3
+6.4 6.017,946,630
556,404,914
-3.0
401,150,022
+2.1
185,661,702
-6.1
+2.2
184,915,154
-1.8
961,775,317
+4.0
205,340,924
+3.3
103,635,305
215,356,848
+6.9
65,314,744
+4.1
500,107,247
-6.0
rianada
[N'ol.. ]2S.
FINANCIAL CHRONICLE
225,501,272
74,603,998
210,880.038
Twelfth Feder al Reserve D strict-San Franci sco33,919,190
44,362,666
46,928,487
48.736.505
Second Feder al Reserve D istrict-New York.
+3.9
Wash.
-Seattle.11,233,000
11,140,000
12,033.000 -0.8
7,721,804
11,938,000
Spokane
-Albany
5,828,556
5.152,338 +13.1
5,839,406
N. Y.
1,183,979
1,108,053
1,279,644
1,176.979 +8.7
1,361,185 -11.1
1,014,700
1,042,500
Binghamton_ _ _
1,210,082
Yakima
39,387,941
43.181,413
44,770,292 -7.2
41,551,426
Buffalo
59.089,255
54,268,580 +8.9
50,772,643
49.080,565 Ore -Portland.
16,316,169
+4.8
15,653,873
17.469,298
18,304,682
Elmira
1,176,083
1.132,943 +3.8
1,011,526
-S.L. City
949,435 Utah.
2,771.140
2,759,492
3.888.550 -15.8
1,315,483
1,328,436 -1.0
3,273,964
Jamestown_ __
.
1,193,381
1.309,145 Calif.-Fresno_ _ _
6,514,645
+7.8
6.911,896
8,282,921
8,931,869
Long Beach- - New York__ _ _ 8,068.303,4807.693,624.927 +6.3 5,895,872,017 5.246.781,773
Los Angeles..- 204,292,000 205,529,000 -0.6 168,449,000 155,494,000
13,792,248
13,130,342
Rochester
13,455,203 +2.5
11,500,821
20,036,575
16,057,032
20,371,287
20.184.487 +0.9
7,883,728
6,929,072 +13.8
6,364,921
Oakland
Syracuse
5.468,359
5,719,796
5,777.704
v8,600,000
8,506,585 + 1.4
Conn.-Starnford
4,749,511
3,949,067 +20.1
3,842,070
Pasadena
3,547,854
5,922,157
7,546,092
+3.1
952,124
6,253,326
6,062,306
771,167 +23.5
878,426
-Montclair
*900,000
Sacramento _ _ _
N. 1.
5,641.484
4,258,571
4,930,569
46.876,493
36,123,226
4,760,646 +17.7
San Diego_
Northern N..J_
38,523,768 +21.7
33,149,622
San Francisco
197,185,160 235,753,000 -16.4 172,433,000 179,094,000
2,323,170
3,063,215
1,912,711
San Jose
2.491,538 +22.9
Total(11 cities) 8,211,177,043 7,720,496,686 +6.4 6,017,946,630 5,359,547,906
1,186,882
1,474,182 +36.4
2,011,177
1,025,389
Santa Barbara_
2,140,042
2,902,252
2,023,275
Santa Monica.
Third Federal Reserve Dist rict-Milled elphia2,198.537 +32.0
2,506,600
1,591,477
2,741,800
1,599,270
1,785,511 -10.4
2,781,200 -1.4
2,105.400
Stockton
1,633,186
-Altoona
Pa.
5,176,622
5,505,647 -6.0
4,901,810
5.075.651
Bethlehem_ _
Total(17 cities) 585,077,791 622.291.006 -6.0 500,107,247 508,505,646
1,316.533
1,279,285 +2.9
1,283,951
1,171,186
Chester
1,751,042
1.972,578
2,128,801 Grand total (128
1,873,470 -6.6
Lancaster
12246,221,177 11808,544,120 +3.7 9.928.159.7259,353,501.491
538.000.000 543,000,000 -0.9 525,000,000 559,000,000
cities)
Philadelphia
3,773,246
4,630.358
3,999,191
4,011,784 -0.3
Reading
6,162,029
6,182,261 -0.3
5,598,832
5,777,109 Outside NewYork 4,177.917,697 4,414,919,193 -5.414,030,287,708 4,108,719,718
Scranton
4,797,349
3,703,114
3.513,436
4,357,384 -19.4
Wilkes-Barre. _
1,508,198
1,716,314
1,963,461
1,619,843 +21.2
York
5.977.473
4,975,081
4,171.511
5,507,448 -24.3
F. 3.
-Trenton
Week Ended May 23.
Clearings at
Total(10 cities) 557.663,095 575,122,633 -3.0 556,404,914 589,811,080
Inc. or
1916.
1929.
1927.
Dec.
1928.
Fourth Feder al Reserve D istrict-Clev eland.
6,815,000
5,715,000
7.242.000
6.356.000 + 13.9
Thio-Akron
Canadai
$
8
3,804,673
3,655,801
3,575,030 +34.7
$
4.818,730
%
Canton
93.933,741
91,079,603
144.669,314 133,651,632 +8.2
72,920,000 Montreal
69,386,014
72,717,400
23,313,667 -0.8
Cincinnati _ _ _ _
75,442,931
94,045.114
177,800.725 127,554,161 +39A
148,597,995 129.603,301 +14.6 119,131,243 111,329,907 Toronto
Cleveland
42,348,688
42,456,522
15,156,500
57,612,624
15,647.000 Winnipeg
66,370.683 -13.2
14,798,100
14,446,500 +2.4
Columbus
15,334,173
15.891,359
25,322.539
1,815,887
1.850,392 Vancouver
17.625.618 +43.7
1,914,906
1,703,135 +12.4
Mansfield
4,693.560
5,190,856
5.094,743
8,018,801
6,826,351 +17.5
5,379,580 Ottawa
4,097,279
4,996,874 -18.0
Youngstown__ _
4,956.027
3,327,002
7,712,407
6,615,000 +16.6
-Pittsburgh _ 197,231,159 208,197.507 -5.3 179,945.962 174,345,201 Quebec
Pa.
2,348,231
Halifax
2,901,872
+42.2
2,712,616
3,858,336
4,099,551
4,500,000
5,179,242 +36.5
+2.1 401.150,022 390,842,881 Hamilton
7.068,115
Total(8 cities) _ 451,415,569 442.192,014
Calgary
5,398,797
5.662.188
11,747,384
10,598,877 +10.8
2,255,566
St. John
2,348.252
2,495.462 +38.3
3,450,867
Fifth Federal Reserve Dist rict-Richm ond1,689,017
1.722,393
1,320,104 Victoria
1,057,839
3,062,868
2,055,719 +49.0
1,238,663 -8.1
1.138,509
W.Va.-11unt'g'n
2,149,573
2,649,327
5,300,574
8,306,518 London
3,368,859 +7.1
5,091,400 -19.6
3,929,641
4,091,997
Ja.-Norfolk
3,797,522
4.698,623
42,775,000
6,774,331
5,877,862 +15.3
40,165,000 -2.8
52,429,000 Edmonton
Richmond _ _ _
39,034,000
3,514,606
3,209,332
3,005.869
4,326,494 +38.7
2,035,696 Regina
5,999.755
*2,200,000
2,161,333 +1.8
1.C.
-Charleston
452,572
462,461
669,290
559.023 +19.7
88,991,325
97,885,625 -9.1 107.205,978 112,983,683 Brandon
6d.
-Baltimore.
398,511
363.193
26,316,442
581,084
632,127 -8.1
28,277,072 Lethbridge
3.C.-WashIng'n
25,919,613
25,239,126
+2.7
1,459,438
Saskatoon
1,540,959
2.584,705
2,011.609 +28.5
858.886
942,042
1,403,534
996,050 +41.4
Total(8 cities) _ 161,375,444 171,781,147 -6.1 185,661.702 205,352,073 Moose Jaw
860,085
Brantford
1,107,344
1,087,497 +45.3
1,580,180
851,452
Fort William
794,545
Sixth Federal Reserve Dist rict-Atlant a
1,128,636
1,032.867 +9.3
782.269
748.513
3,000,000
Penn.
930,084
737,160 +26.2
-Knoxville
2,816,979 New Westminster
2.746.745 +9.2
v3.000.000
251,086
194,199
.
21,671,84"
+11.2
* Nashville
20,365,281 Medicine Hat
409,248
20,914,622
21,520,228 -2.8
455.080
714,160
780,003
.
42,746,426
-Atlanta
860,626 +15.3
U.
992,376
43.506,922 +22.1
52,518,085 Peterborough_ _ _
53.136.502
786,340
600,196
Augusta
1,864,500
1,189.687
1,741.846
1,490,191 +16.9
1,442.123 Sherbrooke
1,026,399 +15.9
929,832
903.265
Macon
1,741,994
1,419,116
1.107,110 +28.2
1,621,647
1,814,525 -10.6
1,598,023 Kitchener
3,529,583
Windsor
4,728,558
?la.-Jacieiwille.
19,226,693
6,33.5,234
4,649,810 +30.2
30,304,671
15.757,551
15,964,945 -1.3
320,938
Prince Albert_ _ _ _
320,294
Miami
4,328.576
489,821
2,427,000
11.213,282
393,993 +2
3,731.000 -3.5
4.5
733,410
779,882
L1a.-Birminirm.
22,659.264
22,269,328
766.501 +43.0
22,546,212 -1.3
1,096,197
23,320,610 Moncton
491,265
710,999
1,839,621
736,172
705.793 +4.3
i; Mobile
1.605.369
1,671,451 Kingston
1,483,072 +8.3
734.599
diss.-Jackson_
1,330,013
769,290
670.988 +14.7
1,524,000
1,157,948 Chatham
2,128.000 -28.4
589.118
Vicksburg
762,807
690,840 +29.1
252,398
345,561
249,900 +1.0
264,335 Sarnia
..a.-NewOrleans
44,160,681
50 757,800
44.688,884
48,149.937 -7.2
Tntstl (21 sNIII....\ don In nt2n All COSI ,17 -I- 112 IS 20A nis 647 275.381.810
II
;trots'(12 claw) 168,937,147 165,331,877 +2.2 164,915,154 197,430,568
v No longer report clearings. •Estintarexl•
JUNE 1 1929.]
FINANCIAL CHRONICLE
-Cominercial avalMiscellantonsnews
• National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED
WITH TITLES REQUESTED.
Capital.
May 21
-Mechanics and Merchants Nat. Bank of Vallejo, Calif- $100.000
Correspondent: Chas. N. Bessac, Vallejo, Calif.
The First Nat. Bank of Pritchett. Colo.
Correspondent: Harve McKInnis. Springfield, Colo.
The Rose Valley Nat. Bk.& Tr. Co., Rose Valley,Pa_Correspondent: J. N. Arbuckle, Ambler,Pa.
The South Side Nat. Bank of Milwaukee. Wig
Correspondent: Carl E. Kurth,
National Ave..
Milwaukee, Wis.
May 25
-The Iron National Bank of Boonton,N.J
100,000
Correspondent: Nelson C. Doland, 512 Washington
St., Boonton, N. J.
25.000
200.000
200.000
926
APPLICATIONS TO ORGANIZE APPROVED.
May 21-Lafourche Nat. Bank of Thibodaux,Louisiana
Correspondent: Dr. J. L. Danos, Thibodaux, La.
The First Nat. Bank of La Fargeville, New York
Correspondent: Webster L. Bretsch, La Fargeville,NY.
May:25-The Nat. Exchange Bk.& Tr. Co. of New York. N. YCorrespondent: James J. Brooke, 174 Montague St.,
Brooklyn, N. Y.
$50.000
25,000
1,000.000
CHARTERS ISSUED.
May 20
-The Roslyn Nat. Bk.& Tr. Co., Roslyn, N. Y
$100.000
Conversion of The Bank of Hempstead Harbor,
Roslyn, N. Y.
President: Ralph Tubby. Cashier: Herbert A. Wood.
The Broadway Nat. Bk.& Tr. Co. of New York, N. Y- 2.000,000
Pres.: S. Sargeant Volck. Cashier: Wm.C. Thompson.
The American Nat. Bk. of Grand Rapids, Mich
500.000
Pres.: John H. Schouten. Cashier: Ned B. Alsover.
May 21
-The First Nat. Bank in Cimarron. Kan
25,000
Conversion of The Gray County State Bk., Cimarron,
Kan.
President: C.E. Mackey. Cashier: R. V. Butcher.
May124-The First Nat. Bank & Tr. Co. of Rochester. N. Y
1,000,000
President: Meyer Jacobstein. Cashier: Ogden Butler.
May 25
-The First Nat. Trust & Savings Bk.of Spokane. Wash200.000
Conversion of Union Tr.& Savings Bk.,Spokane. Wash,
President: W.J. Kommers, Cashier: Lyman C. Reed.
The First Nat. Bank of Loma Linda,Calif
50.000
President: F. E. Corson.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
In New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
3635
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per Sh.
1 Federal Nat. Bank
234
5 Nat. Rockland Bank (Boston),
new (when issued), par $20
115
25 Nat. Strawmut Bank
•
387
20 First Nat. Bank, new, par $20.
1264-1264
25 Nat. Shawmut Bank
387
1 Amer. Trust Co
500
20 Merchants Nat. Bank
492
7 Springfield Ry. Co., pref
75
5 Boston & Chelsea RR., par $50
3254
25 Whitman Mills Corp.. corn
134
5 Goodall Worsted Co
1104
9 Wamsutta Mills
39
20 New England Southern Mills,
pref., ctf. of dep
750
11 B. B. de R. Knight Corp.. class
A, corn
1154-1154
2 Naumkeag Steam Cotton Co--1184
6 Cabot Mfg. Co
95
10 Pepperell Mfg. Co
96
50 West Boston Gas Co., vet. tr.
ctfs., par $25
334
50 Plymouth Cordage Co
75
2 units First People's Trust
40
2,500 Midas Carbon Co. of W. Va.
($2.94 pd.In liquidat'n). par $10_34 lot
45 Hood Rubber Co.,74% prof... 561.4
Shares. Stocks.
8 Per Sh.
3 units Mutual Finance Corp
6634
9 Boston Insur. Co
925
13 State Theatre Co..8% pref.--- 95
100 City Central Corp. of America,
1st prof
$134 lot
10 Joint Stock Secur. Co.of Maas-- 2
26 units First Peoples Trust
40
10 New Boston Arena Co., corn_ _ 2
.
50 Westfield Mfg. Co.,8% pref _ _107 flat
New England Pub. Service Co..
25
Common
6614
5 Stafford Co.,8% panic. prof....., 7554
50 Beacon Participations. Inc.. 01.
A pref
2114 ex-div.
55 Old Colony Gas Co., common,
Par $25
60-63
60 Saco Lowell Shops, 2nd pref_254-255(
14 No. Boston Lighting Properties.
corn. (unaeposited)
es
50 Graton dr Knight Co., pref
5834
100 Atlantic Public utilities. Partie.
class A
2254 ex-div.
Bonds.
Per Cent.
$1,500 Boston & Montana Corp.
6% ctf. of dep
$100 lot
$5,000 Boston, Revere Beach &
Lynn RR. 68, Jan. 15 1933._606 lot
By R. L. Day & Co., Boston:
Shares, Stocks,
8 Per oh.
5 Naumkeag Steam Cotton Co__--118
20 Lancaster Mills, pref
124
5 Boott Mills
130
73 Associated Textile Co
36
1744
5 Ludlow Mfg. Associates
5 Boott Mills
130
24 Associated Textile Co
36
5 Farr Alpaca Co
98
8 Ware River RR
138
8 Boston RR. Holding, pref
80
4 Boston Insurance Co
932
5 William Whitman & Co., Inc.,
9254 ex-div.
preferred
5 Boston Wharf Co
10834
10 Page & Shaw, Inc., pref
65
40
30 units First Peoples Trust
27 Workingmens Loan Assn
99
2 units First Peoples Trust
40
5 Charlestown G.dr E.Co., par 525.144
1 Boston Chamber of Commerce.
31
1st preferred
80 Springfield Fire & Marine Ins.
1884-1914
Co.. par $25
45 Boston Belting, pref.. par $50_ 1254
50 Beacon Participations, Inc.,
Preferred A
21
Shares. Stocks.
8 per sh.
60 Lowell Public Warehouse Co.:
• 20LowellBigelow-Hartford Realty
Co
55,000101
6 Old Colony Trust Associates__ 52
57 Lowell Public Warehouse Co.;
19LowellBigelow-HartfordRealty
Co
55.000 lot
15 Grosser Mfg. Co.. Cl. A
674
25 Johnson Educator Biscuit, Cl. B_ 9
1 Springfield G. & L. Co.. free.
par $25
54
7 units First Peoples Trust
40
46 Old Colony Trust Associates---5245
4 Plymouth Cordage Co.... ..... 94
10 units First Maine Invest. Trust- 55
2,501) Algonquin Leather Co.;
Demand notes signed Algonquin
Leather Co. as follows: Dated.
June 10 1920, principal unpaid
$19,000: June II 1920, principal
unpaid 529,900: June 15 1920.
Principal unpaid $59,900: July 20
1920, principal unpaid $24.900;
duplicate demand note dated
Feb 28 1922. principal unpaid
$14,900
$8 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$perSh.
53 Chelton Ave. Bldg. Corp., no
$153 lot
Par
340 Fairfield Apts. Corp.. Dar $50 $500 lot
2 Phila. Nat. Bank. par $20
200
SO Southwark Nat. Bank, par $10.. 95
20 Nat. Bank of Olney
204
1 Montgomery Nat. Bank, Norristown, Pa
541
2 Corn Exchange Nat. Bank & Tr.
Co., par $20
181
62 Bank of North America & Trust
Co., par $25
13834
17 City Nat. Bk. & Tr. Co
240
2 Mitten Men & Mgnt.Bk.& Tr.Co 98
15 Ardmore Nat. Bk. & Tr. Co
250
30 North City Trust Co. par 550-130
16 Republic Trust Co., par $50-186
2 Bankers Trust Co., par 550
1304
129
8 Bankers Trust Co.. par $50
60 Nor. Central Tr. Co., par $50-172
55 Real Estate Land Title dr Trust
Co.. par $10
6754
Shares. Stacks.
S per Rh.
100 Pa. Co. for Ins. on Lives. &a.,
par 510
13854
2 Mfrs. Title & 'tr. Co.. par $50.- 75
3 Manheim Trust Co., par $50_ _
6534
9 Chester County Trust Co., West
Chester, Pa
150
5 Glenside Trust Co., Pa.. par $50_ 60
10 Phila. Life Ins. Co.. par $10.-- 2634
4 Gloucester Co. Title & Mtge. Cu.
Co., Woodbury, N. J
125
25 Bankers Bond & Mtge.Guar. Co.
of America, no par
•
se
4 Media Title at Trust Co
210
19 Manayunk-Quak. City Nat. Bk_604
5 Broad Street Trust
80
2 Tenth National Bank
59
60 Integrity Trust Co
16234
15 Gienside Bank & Trust Co
130
Rights.
$ per Right.
3 1-3 North City 'tr. Co. -I- $100
30
34 Colonial Trust Co. -I- $225
40
Mares. Stocks.
$ per oh. BondsPer Cent.
521 Zz-Rex Co., Inc., pref., par
Heights Co., (stpd. $95 paid) par $5:
$25: 1.042 2z
-Rex Co., Inc.,
68,978 Contact Bay Mines, Ltd.,
Com., Par $5
stamped, par $I: 2 Amer. Women's
$40 lot
25 Marmite, Inc. of Amer., pref.,
Realty Corp., corn., par $50; 12 Amer.
Par 510: 1,000 White Bear Land
Women's Realty Corp., pref.; 6$
& Cattle Co., pref., par $1: 10
Chapala Publishing Co.. Ltd.. pref.:
Vitamin Food Co., Inc., corn..
310 Fonda, Johnstown & Gloversville
no par
$7 lot
RR., corn.: 50 Franklin Securities
10 Oriental Navigation, no par; 750
Corp., Md.: 500 Craig Rolling Mills
Clarinda Copper Mining Co.,
Co., corn.: 1,000 Corrington Air Brake:
Dar $1; 20 Fifth Ave. Transporta500 Batcheller Pneumatic Tube Co.
tion Co.,
1,000 MergenPar $10; 100 Amer. Diesel Englne.
thaler Horton Basket Machine
Ltd.•'
common; 100 American Diesel Engine,
Co., par $1; 250 GoldwIn Mining
Preferred
$1,325 lot
Co • pref., par $I
$9 lot
BondsPer Cent. 52.000 Colonial Inn., Inc., 1st 78, April
$1,290,000 Hudson Valley RY.,
15 1947, current coupons attached;
censor. mtge. 5s. July 1 1951,
$500 Colonial Inn, Inc., 1st 75. due
By A. J. Wright & Co., Buffalo:
July 1 1928 and sub, coupons
April 151932.current coupons attached:*
attached
$5,000 lot
8 per Sh. Shares. Storks.
1 Lowell Hosiery Co.; 20 Acer Lumber Shares. Stocks.
$ Per Rh.
$36,000 Seneca Falls Rule dr Block
Co.. corn., par 550: 80 Acer Lumber 100 Assets Realization Co
$2 lot 1,000 Baldwin Gold Mines .par 31 3e
lst 6s reg
$4,500 lot
Co., pref.. par $50; 1.000 Continental 1,000 Columbus Kirkland, par El
60 200 Boston & Montana Devel. Co.,
$3.500 bond and first mtge. made by
Mines, Ltd.. par $5; 17834-1000 Stude- 100 Thermiodyne Radio Corp.,
Boston, temp. certif.. par $6___$1 lot
Beechmont Gardens, Inc. to
baker Vehicle Co., corn.; 500 Texas
temp. certif., no par
51 lot
Emelt& W. Eck, dated Aug. 6
Ranger Producing & Ref. Co.. par $I,
1928. affecting premises, lot No.
5 Tyson Co., Inc., corn., no par: 5
12, Beechmont Gardens, WestTyson Co., Inc.. Prof.; 342 U. S.
DIVIDENDS.
chester Co. N. Y
$500 lot
Motor Co., corn.: 44 U. S. Motor Co.,
$13,000 Valley Lake Irrigation
pref.; 500 Windham Bay Gold Mining
Dividends are grouped in two separate tables. In the
Dist. (Idaho) Water
68.
Co., par $5: 200 Woodbury Patent
let series, due July 1 1941 to July
Impt..
Planing Machine Co.. par $50; 10 first we bring together all the dividends announced the
1 1945; $136,000 Home Mtge.
Amer.Insurance Co.:218 Amer. Napier current week. Then we follow with a second table, in
Co., Durham, No. Car., 54%
Co., corn.; 10 Boston Grain Drying dr
bonds, ger. I. maturing Nov. 1
Feed Co.; 1 College Athlete Co., par which we show the dividends previously announced, but
1931 to May 1 1939, Nov. 1 1929,
$5: 51 Colonial Inn., Inc., met.: which have not yet been paid.
and sub, coup. attached_5105.000 lot
100-200 Consol. Laundries Corp., pref.
The dividends announced this week are:
$40.000intermediary Finance Cory
scrip. ctf., no par; 1 Co-Operative
demand note dated June 15
Garage Co.; 2.200 Ga. & Tenn. Copper
1925
$25 lot
Co., par $5; 1,600 Gold Coin Mining
When
Books Closed
Per
$8.000 Mountain Valley Mining Co., let
& Smelting Co.. par 10c.; 100 Merced
Cent. Payable.
Days Inclusive.
Name of Company.
8s, July 1 1910, various coupons:
Gold Mining Co. of Montana (full
receipt of Graham Witschief, attorney
Paid) par $15; 37,500 Melissa Gold
Railroads (Steam).
for Trustees for 100 Staples & Hanford
Mining Co., par 51: 1 Model Poultry Buffalo & Susquehanna. pref
2
June 29 Holders of rec. June 15
Co., corn. and 150 pref., and $22,500
Co., par $10; 243 Napier Motor Co. of Chesapeake & Ohio. corn. (quar.)
"24 July 1 *Holders of rec. June 8
Staples 6: Hanford, 1st 5s, due 1931;
Amer.; 50 Napier Motor Co. of Amer.. Chesapeake Corporation (quar.)
•75e. July I 'Holders of rec. June 8
$6.000 Inter Bagdad-Chase Gold MinPref.: 1 Nordix Club. Inc.; 25 Planters Erie & Pittsburgh
874c June 10 Holders of rec. May 31
ing Co., underwriting syndicate, repCompress Co.. corn, trust ctf.; 7.625 Hocking Valley (mar.)
*24 June 29 *Holders of rec. June 8
resenting a subscription for corn. and
Republic Petroleum Co.. (stpd. 9c. Illinois Central leased lines
2
July 1 June 12 to July 4
pref.; 3943.22 note Bagdad-Chase Gold
Per share paid) par $1; 150 Tear-Off Missour Pacific, pref. (guar.)
14 July 1 Holders of rec. June 7
Mining Co., with collateral; option
Bottle Seal Co., corn.: 50 Tear-Off Pere Marquette.
'14 June 29 *Holders of rec. June 8
corn. (guar.)
warrant for right to purchase 398 she.
Bottle Seal Co.. pref.: 30 Alaska Gold
Preferred (quar.)
'154 Aug. 1 *Holders of roc July 15
ad). stock, Eastern Mass. St. Ry.: 250
Mines Co., par $10: 100 Manhattan
Prior preference (quar.)
•14 Aug. 1 'Holders of rec. July 15
Jamaica Estates; 593 Inter-Continental
Transit Co., par 520; 25 States Light St. Louts Southwestern
pref.(guar.)
14 June 29 Holders of rec. June 12
Correspondence University; 1,750 Interdr Power Co.;35,000 Salida Copper Co., Texas & Pacific
•134 June 21 "Holders of MO. JUDO 16
(quar.)
national Silver Mining Co. of Ontario:
Par 51; 82,500 Arizona Ss Georgia Wabash Ry. pref. A
(quar.)
•14 Aug. 24 *Holders of rec. July 25
Lazier Gas Engine Co.; 500 TaxiDevel. Co.. par $1; 11 Long Island
74
meter & Cab Co. of Amer., corn.: 200
Sound Ferries Corp., corn., no par:
Public Utilities.
Taximeter & Cab Co. of Amer., pref.; $31.32 Growers Loan & Guaranty Co.
'$1.75 July I 'Holders of rec. June 15
scrip ctf. of ownership, (ctf. of Volusia Alabama Power $7 pref.(quar.)
350 U. S. Automatic Photo Co., corn.;
$6 preferred (quar.)
•51.60 July 1 'Holders of rec. June 15
200 U. S. Automatic Photo Co.. pref.:
Co. Citrus Sub-Exchange) Par $50;
$5 preferred (quar.)
'$1.25 Aug. 1 'Holders of rec. July 15
Catalyzed Waterproof Paper Co..
200
$1.677.73 Ga. & Tenn. Copper Co., Amer.& Foreign Power $7
pref.(quar.).'$1.76 July 1 'Holders of rec. June 12
demand note dated June 1 1916 at
par $50: $100 Sheldon Wood Preserving
$6 preferred (guar.)
'51.50 July 1 "Holders of rec. June 12
6%, stpd. $663.70 paid; $15.000 Amer.
Co.; 44,560 Bagdad-Chase Gold MinPower & Light $$ pf. A.(guar.). _ *75c July 1 'Holders of rec. June 12
Arizona & Ga. Devel. Co., note dated
ing Co., corn.. par 55; 11.000 Bagdad$13 preferred (quar.)
'*1.50 July 1 'Holders of rec. June 12
Chase Gold Mining Co.. Pref.. Par $5:
Sept. 1 1917. due Sept. 1 1918. stpd. American Public
Utilities
200,000 Bonanza United Mines, Ltd.,
$8,499.17 paid; coll. 30.000 shares
Prior pref. and milk. pref. (quar.)..... '51.75 July I "Holders of roe. June 15
Georgia & Tennessee Copper Co.. Amer. Utilities Co. $7
par $1; 15,000 Mountain Valley Minpref.(guar.)
$1.75 June 1 'Holders of rec. May 20
ing Co., par $1; 250 Westminster
par $5
$705 lot Bangor Hydro-Elec. Co.. 7% Pr.(qu.)
•14 July 1 'Holders of rec. June 10
Six per cent preferred (guar.)
•1 Li July 1 "Herders of rec. June 10
By Weilepp, Bruton & Co., Baltimore:
Bell Telep. Co. or Pa. pref. (quar.)
'14 July 15 'Holders of rec. June 20
Birmingham Elec. Co.. 57 pref. (guar.). "Si.75 July
Shares. Stocks.
per oh. Shares Stocks.
*Holders of rec. June 15
8 per oh.
200 U. S. Agricultural Flax
$6 preferred (guar.)
'$1.50 July
•Holders of rec. June 15
60 Capital Cake Co.. common_-_- 60
Corp..
25c. July
par $10
100 Universal Post Cards, Inc., par
Holders of rec. June 5
$5 lot Central States Elec. Corp.. rom.(quar.)
Common (payable in corn. stock)..... 2% July
50c. Bonds.
$10
Holders of rec. June 5
Per Cent
Seven per cent preferred (mar.)
I',( July
$2,000 Mortgage Guarantee Co. of
Holders of rec. June 5
600 Peerless Food Products, corn.;
Six per cent preferred (uluar.)
14 July
Holders of roe. June 5
500 Peerless Food Products,
America, 1st coll. 54s, ser. I-A,
ronvertlhle t.referred (oliar.)
Sl.50 Judy
Preferred
Holders of roe. June
1933, unguaranteed
$5 lot
93
Vol.. 128.
FINANCIAL CHRONICLE
3636
Name of Company.
When
Per
Cent. Payable.
Boats Closed
Days Inclusive.
Public Utilities (Concluded).
Community Telephone partie. stk.(rind *500 July 1 *Holders of rec. June 21
Consolidated Gas, N.Y., pref. (guar.).. *51.25 Aug. 1 *Holders of rec. June 29
•75e. July 1 *Holders of rec. June 15
Denver Tramway, prof.(guar.)
1% July 15 Holders of rec. June 20
Diamond State TeleP• Prof.(guar-)
Elec. Pr. & Lt., allot. ctLs. full Pd.(qu.) $1.75 July 1 Holders of rec. June 13a
8734c July 1 Holders of rec. June 130
Allotment etfs. 50% paid (guar.)
Eastern Maas. St. Ry., sal. stk. (guar.) *$1.25 July 1 *Holders of rec. June 15
$1.50 July 1 Holders of rec. June 15
Georgia Power $6 prof.(guar.)
$1.25 July 1 Holders of rec. June 15
$5 preferred (guar.)
$1.75 June 1 Holders of rec. May 15
Intercontbsenta Power $T Pref.(guard
$1.75 July 1 Holders of rec. June 15
Memphis Pow. & Lt., $7 prof.
$1.50 July 1 Holders of rec. June 15
$6 preferred (guar.)
Midland Utilities, 7% Prior Ilea (guar.). '134 July 6 *Holders of rec. June 2
•115 July 6 *Holders of roe. June 2
BM per cent prior lien stock (quiz.)
July 6 *Holders of rec. June 2
7% Preferred class A (guar.)
*134 July 6 *Holders of rec. June 2
6% Preferred class A (guar.)
si July 1 Holders of rec. June 15
dr Suffolk Lighting, pref.(guar.)
Nassau
N.Y.4iv Queens Elec. L. & P.,com.(qu.) *8734o June 14 *Holders of rec. May 31
'134 June 1 *Holders of rec. May 24
Preferred (guar.)
1% July 15 Holders of rec. June 20
N.Y. Telephone,614% pref. (guar.)
New York Water Service pref. (guar.)_ _ $1.50 June 15 Holders of rec. June 5
Northwest Utilities prior lien pref.(qu.). •134 July 1 *Holders of rec. June 15
14
Pennsylvania Water & Power (guar.).
- 6234c July 1 Holders of me. June 10
21.25 Sept. 2 Holders of me. Aug.
Philadelphia Company, 5% pref
July 1 'Holders of rec. June 10
50c.
Phila. Elec. Power, preference (guar.)-Portland Elec. Power 1st pref.(guard •51.50 July 1 *Holders of rec. June 15
•31.75 July 1 *Holders of roe. June 15
Prior preferred (guar.)
134 July 15 Holders of me. June 29
Power Corp. of Canada pref.(guar.)
PubUc Serv. Corp. of N. J., cern.(qu.)_ 65e. June 29 Holders of rec. June 5
June 29 Holders of rec. June 5
2
Eight per cent preferred (guar.)
1% June 29 Holders of rec. June 5
Seven per cent preferred (guar.)
$1.25 June 29 Holders of rec. June 5
$5 Preferred (guar.)
*50c. June 29 'Holders of rec. June 5
Six per cent preferred (monthly)
Public Service Elec. & Gas6% pf.(qu.)_ •134 June 29 *Holders of roe. June 7
July 1 June 21 to July 1
of Oklahoma. com.(qn.)- 2
Pub. Serv. Co.
Seven per cent prior lien stock (guar.) 13( July I June 21 to July 1
1J. July 1 June 21 to July 1
Six per cent prior lien stock (guar.)July 20 Holders of rec. June 1
I
Southeastern Pr. & Lt., corn.(guar.)
Southeastern Power dr Light $7 laf. ((Lu.) $1.75 July 1 Holders of rec. June 15
$1.50 July 1 Holders of tee. June 15
(guar.)
$6 preferred
$1.25 July 1 Holders of rec. June 15
Participating preferred (guar.)
Southern Calif. Edison orig. pref.(qu) - •550. July 15 *Holders of me. June 20
•34)(c July 15 *Holders of rec. June 20
534% pref. (guar.)
50c. July 1 "Holders of rec. June 15
•
United Corp., panic. pref.(guar.)
fJtUlties Power & Light, corn.(qua:J.-- (25e. July 1 Holders of rec. June 15
134 July 1 Holders of rec. June 5
Preferred (guar.)
(50e. July 1 Holders of rec. June 5
Class "A"(guar.)
(25e. July 1 Holders of rec. June 15
Class "B"(guar.)
134 July 15 Holders of rec. July 1
Western Power Corp.. pref.(guar.)
July 1 *Holders of rec. June 6
Winnipeg Electric Co.pref.(guar.)
Banks.
Port Morris (guar.)
Prise° State (guar.)
Trust Companies.
U.S. Mtge. dr Trust (guar.)
June 1 Holders of rec. May 25
3
254 June 1 Holders of rec. May 15
152.67 June 1 Holders of rec. May 28
Miscellaneous.
Abitibi Pow. & Paper, pref.(quit)..... (54 July 20 Holders of rec. July 10
134 July 2 Holders of rec. June 20
Seven per cent preferred(guar.)
July 1 'Holders of rec. June 20
ett
Acme Steel (guar.)
50c. June 1 Holders of rec. May 31
Aldred Invest. Trust, corn
154 July 1 Holders of rec. June 11
Allied Chem.& Dye Corp.Pf.(qUM%)
134 June 15 Holders of rec. June 1
Alpha Portland Cement, Pf.(guar.)
134 July 1 Holders of rec. June 145
American Can, pref.(guar.)
$1 June 15 Holders of rec. June 1
American-Canadian Properties Corp.
g1 June 1 *Holders of rec. May 23
•
Amer. Colonial Corp.. corn
"Holders of rec. June 1
"e200
Amer. Eagle Aircraft(In stock)
550. June 28 Holders of rec. June 10
Amer. Eucaustic Tiling, com.(guar.)_
Amer. Furniture Mart & Bldg. Corp.
134 July 1 Holders of rec. June 20
Preferred (guar.)
July 1 "Holders of rec. June 10
Amer.Safety Razor(quiz.)
•25e. July 1 *Holders of roe. June 10
Extra
July 15 *Holders of rec. July 1
•75e.
Amer.Sumatra Tobacco. corn.(guar.)
154 July 1 Holders of rec. June 10
American Tobacco, pref.(qum.)
600. July 1 Holders of ree. June 10
Anchor Cap Corp.,com.(guar.)
1.6254 July 1 Holders of rec. June 10
Preferred (quiz.)
June 15 Holders of rec. June 5
2
Auto Car Co.(guar.)
•50c. July • 1 *Holders of roe. June 10
Bendlx Aviation Corp.(nu.)(No.
•75c. July 1 *Holders of rec. June 15
Bohn Aluminum & Brass (guar.)
•50c. July 1 *Holders of rec. June 15
Extra
500. July I Holders of rec. June 15a
BrUlo Mfg. Co., class A (quiz.)
50e. Oct. 1 Holders of rec. Sept. 15a
Class A (quer.)
1% June 29 Holders of rec. June 10a
Budd Wheel, 7% 1st pref.(guar.)
50e.
•
By-Products Coke Corp., Corn.(quiz.)... •1% June 25 'Holders of rec. June 10
June 15 June 4 to June 16
Canadian Bakeries. 1st dr 2d pref.(qu.)
134 Aug. 30 Holders of rec. Aug. 15
Canadian Car & Foundry,ord.(quar.)
134 July 10 Holders of rec. June 25
Preference (guar.)
Canadian Foreign Invest. Corp.Pref.(at rate of8%.Jan. 1 to June 30 1928) June 1 Holders of rec. May 25
•15
Carreras, Ltd., corn. A & B (Interim)
$1.75 July 1 *Holders of rec. June 15
•
City of Paris, 1st pref.(guar.)
*53.50 Aug. 15 *Holders of rce. Aug.
Second preferred (guar.)
*4119c July I 'Holders of rec. June 1
Clark (L. D.) Co.(No. 1)
20o. Aug. 1 *Holders of rec. July 2
Claude Neon Elec. Prod., corn. (quiz,). •
'154 July 1 *Holders of rec. June 2
Preferred (guar.)
50e. June 29 *Holders of rec. June
•
Commercial Credit,com.(guar.)
'43340 June 29 *Holders of rec. June
6 A % 1st preferred (guar.)
•50e. June 29 *Holders of roe. June
8% preferred B (quiz)
June 1
25c.J une 15 June 2 to
Conduits Co., Ltd.. com.(guar.)
154 July 1 June 18 to June 3
Preference (guar.)
.25 July 1 *Holders of roe. June 1
O$1
Congress Cigar (guar.)
•25c. July 1 *Holders of rec. June 1
Extra
*50e. June 1 *Holders of rec. May 2
Cook Paint & Varnish, corn.(guard
June 1 *Holders of rec. May 2
•$1
Preferred (guar.)
Corporation-Dividend omitted
Cooper
00
- 5 . July 1 Holders of rec. June 1
Cooper Bessemer Corp.,com.(No.
75e. July 1 Holders of rec. June 1
Preferred (guar.)
IA June 15 Holders of me. June
Crane Co.,com.& pref.(guar.)
•50c. July 2 *Holders of rec. June 2
Curtis Publishing, com (monthly)
•500. July 2 *Holders of roe. June 2
Common (extra)
*52.50 June 15 *Holders of rec. June
Del. Lack. de West. Coal (guar.)
*20c. July 1 *Holders of rec. June 1
Detroit & Cleveland Nay.(guar.)
June
*Holders
Diesel-Wemrner-Cillbert Co., cow.(qu.)_ *3734c June 15 *Holders of rec. May 2
of rec.
•15c. June 1
Dominguez 011 Fields (monthly)
$1.25 July 2 Holders of rec. June 1
Dominion Textile, corn.(guar.)
134 July 15 Holders of rec. June 2
Preferred (guar.)
July 1 *Holders of rec. June
•51
Draper Corporation (guar.)
(guar.)(No. 1)......_ •8734c
Eastern Mfrs., pref.
June 1 Holders of me. May 29
ErskIne-Danforth Corp.. corn. (guar.).- $1
250. June 1 Holders of rec. May 29
Common (extra)
July 1 Holders of rec. June 26
2
Preferred (guar.)
*20e. July 1 *Holders of rec. June 20
Federal Motor Truck (guar.)
6234c July 1 Holders of rec. June 20
Business Pubs. 1st pl. (qu.)
Federated
134 July 1 Holders of rec. June 1
Feltman Curme Shoe Stores Pf. (qu.)
•e10 June 15
First Bankstock Corp. (in stock)
(guar.)
'3734c July 1 *Holders of rec. June 10
First National Stores. corn.
•134 July 1 *Holders of rec. June 10
Preferred (guar.)
•750. July 1 *Holders of rec. June 13
Fleischmann Co. common (guar.)
June 20
•30c.
Foote Bros. Gear & Mach. corn.(guar.). *IN July 1 *Holders of roe. June 20
July 1 *Holders of rec.
Preferred (guar.)
(guar.)
65e. June 15 Holders of roe. June 5
Foote-Burt Co. common
•25e. July 1 "Holders of rec. June 12
Foster Wheeler Corp. com
•154 July 1 *Holders of rec. June 12
Convertible preferred (guar.)
General American Investors
Holders of roe. June 8
Common (payable in common stock).- 1100
*511o. June 17 *Holders of rec. June 1
General Paint Corp. class A (guar.)
"3734c June 17 *Holders of rec. June 1
Class B (guar.)
Name of Company.
When
Per
Cent. Payable,
Books Closed
Days Inclusive.
Miscellaneous (Continued).
General Spring & Bumper, el. A (guar.). "6234e July 1 *Holders of rec. June 20
*3734e July 1 *Holders of rec. June 20
Class B (guar.)
*334 June 15 *Holders of roe. June 3
Giant Portland Cement pref
*4e. July 10 *Holders of rec. Junr 29
Gilmore (F. E.) Co.(guar.)
July 1 Holders of roe. June 15
Gleaner Combine Harvester com.(gu.)-- 51
Glidden & Co., prior pref.(guar.)
134 July 1 Holders of tee. June 18
Hamilton(Alexander) Invest. Corp.el.A_ *380. July 1 'Holders of rec. June 15
June 15 Holders of rec. June 5
2
Hanna Furnace pref.(guar.)
*25c. June 5 *Holders of rec. May 25
Hawaiian Comm'l & Sugar (monthly)
$1.25 July 1 Holders of rec. June 10
Helme(George W.)Co.com.(guar.)._
1% July 1 Holders of roe. June 10
Preferred (quit.)
75e. June 25 Holders of rec. June 14
Hercules Powder common (guar.)
Sc. June 17 Holders of rec. May 31
Hollinger Cons. Gold Mines(monthly)._
*25e. June 1 *Holders of rec. May 27
Homestead Funds common (guar.)
*$1.75 June 1 *Holders of ree. May 27
Preferred (guar.)
25e. June 30 Holders of rec. May 31
Horni Signal class A & AA (guar.)
62
Houdaille-Hershey Corp. class A (qu.)-- • A c July 1 *Holders of rec. June 20
'371.4c July 1 *Holders of ree. June 20
Class B (guar.)
'6234a July 1 *Holders of rec. June 15
International Shoe, corn.(guar.)
•1% July 1 *Holders of me. June 12
Internat. Silver, pref.(guar.)
"134 June 28 *Holders of rec. June 7
Imperial Tobacco (Interim)
*5E25 July 10 'Holders of rec. June 22
Internat. Business Machines (quiz.)
80c. July 15 Holders of rec. June 25a
Internal. Match, corn. (guar.)
880. July 15 Holders of rec. June 25a
Participating preference (guar.)
75c. July 15 Holders of rec. June 2.4
Johns-Manville Corp., corn. (guar.).1% July 1 Holders of rec. June 10
Preferred (guar.)
'6254c July 1 *Holders of tee. June 12
Kimberly-Clark Co., corn.(guar.)
•134 July 1 "Holders of rec. June 12
Preferred (guar.)
$1.10 June 1 Holders of rec. May 23
Kepler Co., pref.(guar.)
*480. June 29 *Holders of tee. June 10
Kresge (S. 8.) Co. corn. (guar.)
'134 June 29 *Holders of req. June 10
'
Preferred (guar.)
*57c. June 15 *Holders of rec. June 1
Leslie California Salt Co.(guar.)
Liggett dr Myers Tobacco, pref.(guar.). 1% July 1 Holders of roe. June 10
'3734c July 1 *Holders of rec. June 15
Lyons Magmus, Inc.,(qu.)(No. 1)
$2.50 June 5 *Holders of rec. June I
•
Manomet Mills
50e. July 1 Holders of rec. June 14
Mapes Consolidated Mfg
50c. July 1 Holders of rec. June 14
Extra
750. July 1 Holders of rec. June 20
McKee(Arthur G.) dr Co., cl. A (guar.)June 1 'Holders of roe. May 25
Merrimac Hat, corn. & prof. (quar.)- - *51
*6234e July 1 "Holders of rec. June 10
Mohawk Carpet Mills,(quar.)
*25e. July 1 *Holders of rec. June 10
Extra
134 July 1 Holders of roe. June 15
Mohawk Rubber, pref. (guar.)
•37A c July 1 *Holders of rec. June 15
Monroe Chemical, corn.(guar.)
"87140 July 1 *Holders of rec. June 15
Preferred (guar.)
6234c July 1 Holders of roe. June 20
Monsanto Chemical Works(guar.)
Mt. Diablo OIL Min. & Smelt. (guar.). •1c. June 1 *Holders of rec. May 24
50e. June 29 Holders of rec. June 15
Myers Pump, corn.(guar.)
154 June.29 Holders of rec. June 15
Preferred (guar.)
A July 1 Holders of rec. June 20a
Motor Products (guar.)
Nat. Automotive Fibres. prof. (quiz'.).. 41.75 June 1 *Holders of rec. May 27
50c. July 15 Holders of rec. June 28a
National Biscuit, corn. (extra)
July 2 Holders of roe. June 15
$1
National Breweries, com.(guar.)
1)i July 2 Holders of rec. June 15
Preferred (guar.)
National Dairy Products, pref. A (qu.). •1% July 1 *Holders of rec. June 8
*780. July 1 *Holders of rec. June 20
National Standard Co.(guar.)
51.25 July 1 Holders of reo. June Ma
National Surety Co.(guar.)
*50e. July 1 "Holders of rec. June 20
Nelson (Herman) Co.(guar.)
*50o. Aug. 10 *Holders of rec. July 20
New Jersey Zinc (guar.)
*50e. June 14 *Holders of rec. June 1
Extra
*50e. July 10 *Holders of roe. June 20
Extra
75e. June 29 *Holders of rec. June 20
•
Newton Steel, com.(guar.)
41.50 July 31 *Holders of roe. July 15
Preferred (guar.)
'37340 June 15 *Holders of rec. June 1
New York Auction Co.(guar.)
July 15 Holders of ree. July 5
3
N.Y.Investors. Inc.. Ist pret.(quit.)
37340 June 20 Holders of tee. June 10a
Oil Shares, Inc., COM.(guar.)
4334c June 15 *Holders of rec. May 31
Oneida Community, corn, dr pref. (qu.) •
*1% July 1 *Holders of rec. June 19
Otis Steel, Prior Preference (guar.)
411.50 July 1 *Holders of rec. June 20
Pacific Indemnity, corn.(guar.)
134 Aug. 15 "Holders of rec. Aug. 8
•
Paepke Corp., corn. (guar.)
•1% July 1 *Holders of rec. June 22
Preferred (guar.)
*25e. June 29 *June 19 to June 29
Parke, Davis dr Co.(guar.)
*10o. June 29 *June 19 to June 29
Special
*250. July 1 *Holders of rec. June 15
Ponder(D.) Grocery.class B (quar.)
*25e. July 1 *Holders of reo. June 15
Class B (extra)
June 1 *Holders of rec. May 28
*56
Pierce Manufacturing (guar.)
*43340 June 15 *Holders of roe. May 31
Platt Music Co.(guar.)
Port Hope Sanitary Mfg., com.(guar.) *62A e June 1 *Holders of roe. May 28
.134 June 1 *Holders of rec. May 28
1
Preferred (guar.)
154 July 1 *Holders of ree. June 10
•
Pure 011,5A % preferred (guar.)
•134 July 1 *Holders of rec. June 10
Six per cent preferred (guar.)
July 1 *Holders of rec. June 10
*2
Eight per cent preferred (guar.)
20e. July 1 *Holders of roe. June 10
•
Reo Motor Car Co.(quiz.)
20e. July 1 *Holders of tee. June 10
Extra
July 1 *Holders of rec. June 10
*$1
Republic Brass, class A (guar.)
•134 Aug. 1 *Holders of roe. July 10
Preferred (guar.)
June 15 *Holders of rec. June 1
*51
Ruberold Company, com. (guar.)
750. July 1 Holders of ree. June 20
Safeway Stores, Inc., corn. (guar.)
July 1 Holders of rec. June 21)
1%
Seven per cent preferred (guar.)
Six Per cent preferred (guar.)
134 July 1 Holders of roe. June 20
Saunders(Clarence) Pacific Stores
8734c June 1 Holders of rect. May 25
Preferred (guar.)(No. 1)
SchlessInger(B. F.) Co.,clam A (guar.)- *3734e July 1 *Holders of me. June 15
•1% July 1 *Holders of roe. June 15
Preferred (guar.)
July 1 'Holders of rec. June 12
"2
Schulte Retail Stores. pref. (guar.)
*35c. June 29 *Holders of rec. June 15
Scott Paper Co., com.(guar.)
June 29,•Holders of rec. June 15
Common (payable In common stock)_ 412
Sloss-Sheffield Steel & Iron, common Divide nd omit ted
25e. July 15 *Holders of rec. July 1
•
Southland Royalty (guar.)
*50o. June 20 *Holders of rec. June 15
South Penn 011 Co.(guar.)
50e. July 1 Holders of rec. June 10
South Porto Rico Sugar,corn.(guar.)
July 1 Holders of me. June 10
2
Preferred (guar.)
July 1 Holders of recs. June 15
South West Pa, Pipe Linos (guar.)
$1
*75e. July 15 *Holders of roe. July 5
Spicer mfg. Prof. A (guar.)
*40c. June 29 *Holders of rec. June 15
Standard OA (Kentucky)(guar.)
•1% June 10 *Holders of rec. June 1
Standard Steel Propeller, pref.(quiz.)
July 1 Holders of rec. June 10
2
Swift & Co. (guar.)
•30e. June 1 *Holders of roe. May 18
Sterling Securities, common
Thompson-Starrett Co., pref.(guar.).-- 87Sic July 1 Holders of roe. June 11
'37 A c July 1 *Holders of rec. June 15
Traveler Shoe (guar.)
United Dyewood, Prof. (guar.)
'154 July 1 *Holders of roe. June 13
60e. July 15 Holders of rec. June 15a
United Profit-Sharing,com
United Reproducers, class A (guar.)...- *56e. July 1 *Holders of rec. June 15
12340 July 1 *Holders of roe. June 15
Universal Cooler, clam A (qu.)(No. 1).. •
*35c. June 1
Preferred (guar.)
*35e. Sept. 1
Preferred (guar.)
July 2 *Holders of roe. June 15
*2
Universal Pictures. 1st pref.(Wiwi-•75e. June 29 *Holders of rec. June 20
Vanadium Alloys Steel, (guar.)
July 15 *Holders of rec. June 20
•52
Extra
June 1 *Holders of ree. May 20
Victor Monaghan Co.. corn. (quiz,).... *2
Holders of ree. June 27
Warner Bros. Pict. (stock dividend)....1100
50c. July 2 Holders of rec. June 12
Warner-Quinlan Co., corn. (guar.)
'154 July 1 *Holders of rec. June 20
Webater-Eisenlohr Co.. pref.(guar.)
50c. July 1 Holders of rec. June 15
Wesson Oil& Snowdrift, Inc., corn.(qu.)
June 1 *Holders of roe. May 16
•h2
West Boylston Mfg., prof
July 31 *Holders of rec. June 28
Westinghouse Elec. & Mfg., corn.(qu.) •g1
July 15 *Holders of ree. June 28
•$1
Preferred (guar.)
50e. June 15 Holders of rec. June
Wheeler Metal Products (qu.)(No. 1)
July 1 *Holders of rec. June 12
Wheeling Steel Corp., pref. A (guar.)-- *52
$2.50 July 1 *Holders of rec. June 12
Preferred B (guar.)
White Rock Mineral Spgs., corn.(qu.).. 75e. July 1 Holders of rec. June 20
1% July 1 Holders of rec. June 20
First preferred (guar.)
33( July 1 Holders of rec. June 20
Second preferred
37A c June 15 Holders of rec. May 31
WIdlar Food Products (guar.)
*62 A c June 29 *Holders of rec. June 20
Wilcox-Rich Corp., Cl. A (guar.)
*50e. July 15 *Holders of reo. July 1
Class B (No. 1)
July 15 *Holders of rec. July 1
(Payable in class B stock)
Class B
5134 July 1 Holders of roe. June 12
Wilson & Co.. Inc., pref
Worthington Pump dr Mach•y, pt. A--. *MA June 27 *Holders of rec. June 10
June 27 *Holders of rec. June 10
*53
Preferred B (sect accum. div.)
Youngstown Sheet & Tube,com.(qu.) •$1.25 July 1 *Holders of rec. June 14
*1% July 1 *Holders of rec. June 14
Preferred (guar.)
JUNE 11929.]
3637
FINANCIAL CHRONICLE
Below we give the dividends announced in previous week
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusire.
Public Utilities (Concluded).
75e. June 15 Holders of rec. May 10a
Consol. Gas of N. Y.. corn. (quar.)...
0$3 June 30 *Holders of rec. May 31
Continental Passenger Ry., Phlla
July I Holders of rec. June 206
2
Detroit Edison (guar.)
134 July 1 Holders of rec. June 15
Duquesne Light5% let pref.(guar.).- _
Railroads (Steam).
134 Oct. 1 Holders of rec. Sept. 14
5% first pref.(guar.)
June 28 Holders of rec. May 24
$2
Alabama Great Southern. ordlnary
Holders of rec. June 5
134 July
Eastern Texas Electric Co.. pref. (qu.)
51.50 June 28 Holders ef rec. May 24
Ordinary (extra)
Holders of rec. June 13a
Corp., prof.(qu.) $1.75 July
Electric Power & Light
Aug. 15 Holders of rec. July 11
$2
Preferred
*Holders of rec. May 15
•50e. June
Empire Gas & Fuel,6% pref.(mthly
$1.50 Aug. 15 Holders of rec. July 11
Preferred (extra)
*Holders of rec. May 15
•54fs e June
preferred (mthly.)
6)4%
June 1 *Holders of rec. May 15
*I
Androscoggin AC Kennebec, pref
*Holders of rec. May 15
.5818 c June
7% preferred (mthly.)
Atch. Top.& Santa Fe corn.(quar.)---_ 244 June 1 Holders of rec. May 34
*Holders of rec. May 15
*6611 c June
8% Preferred (mthly.)
Atlantic Coast Line Co.(Conn.)(quar.)_ "$2.50 June 10 *Holders of rec. May 31
Holders of rec. June 4
25e. July
Service, corn.(guar.)
3S4 July 10 Holders of rec. June 12a Engineers Public
Atlantic Coast Line RR.,oom
Holders of rec. June 40
51.25 July
$5 preferred (guar.)
1/4 July 10 Holders of rec. June 120
Common (extra)
Holders of rec. June 4a
1.374 July
$5.50 preferred (guar.)
June 1 Holders of reo. Alm. 134
1
Baltimore & Ohio. corn.(guar.)
*Holders of rec. May 15
•75e. July
June 1 Holders of rec. Apr. 130 Fall River Electric Light (guar.)
1
Preferred (guar.)
Holders of rec. June 13a
373.40. July
87e. July 1 Holders of reo. May 31a Federal Light & Tract., corn. (qu.)
Bangor & Aroostook. corn.(quar.)
Holders of rec. June 13a
July
(payable In corn. stock)...- f 1
Common
If( July 1 Holders of reo. May Si,
Preferred (guar.)
Holders of rec. May 15a
134 June
Preferred (guar.)
234 June 29 Holders of rec. May 31
& Albany (guar.)
Boston
Holders of rec. May 2
50c. June
sFederal Water Service, class A (guar.)June 20
'234 July 1 *Holders of rec.
Boston & Providence (quar.)
Holders of rec. May 20
$1.80 June
2)4 June 29 Holders of reo. May 310 Gary Rye., class A (guar.) prof. (gu.).$ 1.374 June 15 Holders of rec. June 50
Canadian Pacific. corn. (guar.)
Chesapeake Corporation (in stock)_.....ff 33 1-3 July 1 Holders of rec. June 27a Gulf States Utilities. $5.50
$1.50 June 15 Holders of rec. June 5a
(quar.)
$8 preferred
33( July I Holders of rec. June 80
Chesapeake & Ohio. preferred
Holders of rec. May 140
750. June
Haekensack Water. eons
750. June 4 May 21 to June 3
Chestnut Hill (guar.)
Holders of rec. May 146
87 Sic June
Preferred
June 25 Holders of rec. June 18
5
Chicago Burlington & Quincy
Holders of rec. May 104
11.50 June
Ry pref (guar.)
June 29 Holders of rec. June 3a Havana Electric
2
Chicago & North Western, corn
*Holders of rec. May 15
(guar.)._ .11.75 June
344 June 29 Holders of rec. June 3a Houston CP.If clas, pref. A & B
Preferred
June 29 *Holders of rec, June 28
"2
31, Illinois Bell Telep. (guar.)
134 June 29 Holders of rec. May
Chic. R. I. & Pacific. corn. (guar.)
Holders of rec. June 15
13.4 July
June 29 Holders of rec. May 31a Illinois Power,6% pref.(guar.)
3
6% preferred
Holders of roe. June 15
194 July
Seven per cent preferred (qua?.)
314 June 29 Holders of rec. May 3Ia
7% preferred
Holders of rec. June 12a
134 July
5% pref. A (quar.)
Indianapolis Water.
June 2 Holders of rec. June 7
4
CM. N. 0.& Tex. Pacific corn
Holders of roe. May 15
134 June
Indiana Service Corp..7% pref.(guar.)
*Holders of rec. May 15
•13( June
Preferred (guar.)
Holders of rec. May 15
1% June
6% preferred (guar.)
Holders of rec. May 10
87S4e June
Cleve.& Pittsburgh,guar.(quar.)
Holders of rec. June I4a
ger. B (quar.)__ 11.50 July
K.C. Pow.& I.t. 1st pf.
Holders of rec. May 10
50c. June
Special guar.stock (guar.)
Holders of rec. Juno 20
July
Holders of rec. June 18a Kansas City Public Serv. pref. A (qu.)__ $I
July
2
Colorado & Southern. 1st pref
Holders of rec. May 20
$I June
Holders of rec. June 10a Keystone Telephone. Pref.(guar.)
134 July
Consolidated Rile. of Cuba pref.(Qua
234 June 15 Holders of roe. ;tine la
$1.20 June 28 Holders of rec. June 28a Laclede Gas Light common (guar.)
Cuba RR. common
23.4 June 15 Holders e 1.7ec. June la
Preferred
of rec. July 15a
Holders
Aug.
3
Preferred
Febl'30 Holders of rec. Jan. 150 Louisville Gas & Electric Co. (Del.)
3
Preferred
4334e June 25 Holders of rec. May 3Ia
Common A and B (qua?.)
2)4 June 20 Holders of rec. May 28a
Delaware & Hudson CO.(guar.)
June 1 May 16 to June 3
$2
Oas Cos.. pref
24 Aug. 1 Holders of rec. June 25a Massachusetts
Great Northern preferred
June 15 Holders of rec. May 31
Middle West UM.,7% pr. llen (quar.)_. 2
Gulf Mobile & Northern pref.(guar.). _ "134 July 1 *Holders of rec. June 15
$1.50 June 15 Holders of rec. May 31
$6 prior lien stock (guar.)
June 1 Holders of rec. May 160
14(
Hudson & Manhattan,common
pref.(qu.) 134 July 1 Holders of rec. June 15
Minnesota Power & Light,7%
June I Holders of reo. May 20
9
Kansas Oklahoma & Gulf pref. A
11.50 July 1 Holders of rec. June 16
$6 preferred (guar.)
1)4 June 1 Holders of rec. May 10a
Illinois Central. corn. (guar.)
Monongahela West Penn Public Service
July 1 Holders of rec. June 15
1
Maine Central, common (guar.)
433(e. July 1 Holders of rec. June 8
Seven per cent pref.(guar.)
Holders of rec. May 15
141 June
Preferred (guar.)
234 July In Holders of roe. July 15
Holders of reo. May 24a Montreal Tramways(guar.)
$1.25 June
Midland Valley pref
25e. June 1 Holders of ree. May Ila
corn.(guar.)
Mo.-Kansas-Texas RR.. pref. A (qua?.) 134 June 2 Holders of rec. June 15a Nat. Power & Light,
$1.75 July 1 Holders of rec. June 15
2
July
June 2 to June 30
$7 preferred (guar.)
pref
Mobile & Birmingham
40e. June 15 Holders of rec. May 27
Public Sere. Corp.. eons. A (PI.)•e60 Subj. ti stockholders' meet. July 9 Nat.
Nash. Chat.& St. Louis(In stock)
134 June 1 Holders of rec. May 15
Holders of reo. May I5a Nebraska Power. pref. (guar.) (qu.)..
- 1% June
New Orleans.Texas & Mexico(guar.)
•500. July 15 *Holders of rec. June 29
corn.
N. Y. Chic. & St. Louis, corn.st pf.(qU.) 134 July 1 Holders of reo. May 1541 New England Power Assn.,
•$1.50 July 1 *Holders of rec. June 14
July 1 Holders of reo. May 316
Preferred (guar.)
1
N. Y. N. H.& Hartford. ram.(quar.).
15
1)4 July 1 Holders of rec. May 31a New England Pub. Sere.. corn. (guar.). •450. June 30 'Holders of reo. June 31
Preferred (guar.)
•$1.75 June 15 *Holders of rec. May
2
June 11 Holders of reo. May 31a
Prior lien pref.(guar.)
Norfolk & Western, corn.(guar.)
June 29 Holders of rec. June 10
2
(quar.),.
New England Telep. & Teleg.
434 July li June 22 to July 10
Northern Securities Co
•1)4 June 1 *Holders of rec. May 20
3
June 1 May 2 to June 2
New Rochelle Water, pref.(guar.)
Ontario & Quebec capital stock
*Holders of rec. June 15
214 June 1 May 2 to June 2
New York Steam Co.. $e pref.(quar.) •$1.50 July 1 "Holders of rec. June 15
Debenture stock (guar.)
"$1.75 July 1
May 21 to June 3
$7 preferred (guar.)
Germantown & Norristown (qua- $1.50 June
Phila.
50
Amer. Co.. corn.(in coin.stock)... 12/4 July 1 Holders of rec. June 541
1 Holders of rec. May 15
North
$1.50 June
Pittsb. Bessemer & Lake Erie. pref
750. July 1 Holders of rec. June
13( June 1 Holders of rec. May 200
Preferred (guar.)
Petah. Youngs.& Ashtab. pref.(guar.)
15a
500. June 11' Holders of rec. May 23a North American Edison, pref. (guar.).- $1.50 June 1 Holders of rec. May 31
Reading Co. let pref. (User.)
May
500. July 11 Holders of rec. June 20a North Amer. Utility See., let Prof.(01.) $1.50 June 15 Holders of ree. May 31
Second preferred (guar.)
2
July 1 Holders of rec. June la
First pref. allot. certificates ((Mara-- $1.50 June 15 Holders of rec. June 15
St. Louis-San Francisco. eons.(guar.)
rec.
Northern Ohio Pr.& Lt..6% pref.(qu.) 13.4 July 1 Holders of rec. June 15
Aug.134
Holders of rec. July lo
Preferred (quar.)
134 July 1 Holders of
Holders of rec. Oct. Is
1)4 Nov.
7% Preferred (guar.)
Preferred (guar.)
1% July I Holders of rec. May 24a Northern States Pow.(Wisc.) pf. (qu.). lie June 1 Holders of rec. May 20
Southern Pacific, Co.(guar.)
114 June 1 Holders of rec. May 15
8% pref.(guar.)
23.4 July 1 MgderS of rec. June la Ohio Edison Co.
Union Pacific. corn.(guar.)
1.65 June 1 Holders of rec. May 15
6.6% Preferred (guar.)
Public Utilities.
134 June 1 Holders of rec. May 15
Preferred (guar.)
June 1 Holders of rec. May 22
11.50
7%
Amer. Elec. Power $6 pref. (guar.)
13.4 June 1 Holders of rec. May 15
$7 preferred (guar.)
5% preferred (guar.)
$1.75 June 15 Holders of rec. June 1
50e. June 1 Holders of roe. May 15
25e. July 1 Holders of roe. June 11
6% preferred (monthly)
Amer. Gas & Elec., tom.(guar.)
55e. June 1 Holders of roe. May 15
6.8% preferred 'monthly)
Common (1-50th share common stock) (1) July 1 Holders of rec. June 11
*134 June 1 *Holders of rec. May 10
Ohio Power Co.,6% pref.(guar.)
$1.50 Aug. 1 Holders of rec. July 8
Preferred (guar.)
rt5e. May
25e. June 1 Holders of rec. May 15a Oklahoma Gas & Elec.. prof.((MAO-- 104 June 15 Holders of rec. June 31
Amer.Power & Light,corn.(guar.)
20
•134 June 29 *Holders of
(J) June 1 Holders of roe. may Ise Pacific Tel. & Tel. common (guar.)
Corn.(1-50th share corn. stook)
•134 July 15 'Holders of rec. June 29
Preferred (guar.)
1)4 June 1 Holders of rec. May 31a
Amer.Teleg. & Cable(guar.)
G.& E. Corp.. Cl. A (qu.). 37)4o June 1 Holders of rec. May 20
234 July 15 Holders of rec. June 20a Pennsylvania
Amer. Telep. & Teleg.(guar.)
lit July 1 Holders of rec. June 20
7% preferred (guar.)
Amer. Water Wks & Elec., let eif. OM/- $1.50 July 1 Holders of rec. June 12a
$1.75 July 1 Holders of rec. June 20
$7 preferred (guar.)
Associated Gas & Elec. $6 pref.(guar.)- - $1.50 June 1 Holders of ree Apr. 30
154 Julie 1 Holders of res. May 15
1.6244 June 1 Holders of rec. Apr. 30
Penn-Ohio Edison 7% prior pref. 0110
$8.50 preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 20
Pa.-Ohlo Pow.& Lt..$6 pref.(guar)
$1.25 June 15 Holders of rec. May 15
$5 preferred (guar.)
1% Aug. 1 Holders of roe. July 20
•$1.75 July 1 *Holders of reo. May 31
7% Preferred (guar.)
$7 preferre (quar.)
600. June 1 Holders of ree. May 20
'873.4r July 1 *Holders of rec. May 31
7.2% preferred (monthly)
Original preferred (guar.)
60e. July I Holders of rec. June 20
7.2% preferred (monthly)
- 500. June 1 Holders of ree. May 20
Atlantic Pub. Util.. corn. A (guar.).
60e. Aug. 1 Holders of rec. July 20
$1.75 June 1 Holders of roe. May 20
7.2% preferred (monthly)
$7 rum. pref., ser. A (guar.)
55c. June 1 Holders of rec. May 20
If( June 1 Holders of tee. May 154
6.6% preferred (monthly)
Baton Rouge Elec. Co., pref. A (guar.)
55e. July 1 Holders of rec. June 20
15 Holders of rec. June 22
2
July
6.6% preferred (monthly)
Bell Telephone Co. of Canada (guar.).55e. Aug. 1 Holders of rec. July 20
Birmingham Water Works pref.(quar1)- •13.4 June 15 *Holders of rec. June 1
6.6% Preferred (monthly)
July 1 Holders of rec. June 121
3
$3 June I Holders of reo. May 156 Peoples Gas Co. preferred
Blaclustone Val. Gas & Elec.. oref
A (qu.)_ e60e. July 1 Holders of roe. June 8
•$1.50 July 1 *Holders of rec. June 9
Peoples Lt. & Pow. Corp., cons.
Boston Elevated common (guar.)
July 31 Holders of roe. July 1
$1
July 1 *Holders of rec. June 9
*4
Philadelphia 00. common (guar.)
First preferred
750. July 31 Holders of rye. July 1
'33.4 July 1 *Holders of reo. June 9
Common (extra)
Preferred
50e. June 15 Holders of rec. May 311
Philadelphia Electric Co (guar.)
Brazilian Tr., Lt. & Pow., corn.(Qua?.), 50c. June 1 Holders of roe. Apr. 30
114 June 1 Holders of rec. May ill
10e. June 28 Holders of ree. June 15a Phila. Suburban Water, pref. (guar.)
Brooklyn City RR.(guar.)
114 June 1 Holders of rec. May IS
2
June
Holders of roe. May 101t Portland Electric Power, 2d pref.
Brooklyn Edison Co. (guar.)
750. July 15 Holders of rec. June 29
$1.25 July
Holders of rec. June la Power Corp. of Canada partle. pt.(qu.)Brooklyn Union Gas (guar.)
87;40. July 1 Holders of rec. June Is
*Holders of rec. June 15
Radio Corp. of Amer., pref. A (qua?.)
Buff. Mag. & East. Pow.. corn. (qu.) .30c. July
$1.48 July 1 Holders of rec. June la
"30c. July
*Holders of rec. June 15
Prof. B (No. 1)(Per'd Mar.15-June 30)
Common (extra)
May 15
*30c. July
Seaboard Public Service. $6 pref.(V.)- $1.50 June 1 Holders of rec. June 14
*Holders of rec. June 15
Class A (qua?.)
50e. July 10 Holders of rec.
Shawinigan Water & Power (guar.)
•300. July
*Holders of rec. June 15
Class A (extra)
20
•4003. July
*Holders of rec. June 15
Southern Calif. Edison pref. ser. A (qu ).. 43Sic June 15 Holders of rec. May 20
Preferred (guar.)
37lio. June 15 Holders of roe. May
•$1.25 Aug. 'Holders of roe. July 15
Preferred series B.(guar.)
First preferred (guar.)
1.62/4 June 1 *Holders of rec. May 10
194 June
Holders of rec. May 15a Southern California Gas,pref.(qua?.),'
Cent. Arkansas Pub.Serif pfd.(guar.)
rec.
11
Southern Cities Util.,$6 pr. pref.(guar.) $1.50 June 1 Holders of rec. May 31
*Holders of rec. May 18
Central Gas & Elec. Co., Prof. (quar.)*5 1.6234 June
May
1% June 16 Holders of
111.50 July 1 *Holders of rec. June 30
Southern Colorado Pow., pref (guar.)
Central III. Public Serv., pfd.(qtr.)
May 15
Holders
*1
June
Southwestern Power & Light. pref. (qu.) 194 June 1 Holders of rec. May 31a
Central Indiana Power, pref. (guar.)
"Holders of tee. May 20
of rec.
•4334e June 1 *Holders of reo. May 27
Standard Gas & Electric. $4 prof.(guar.) $1 June 15
Central Public Sere.. el A (guar.)
Holders of rec. June 15
*Holders of ree. June 15
Tennessee Pow & Lt.. 5% let pf.(oil.).. lit July
Chic. North Shore sis isillw. pr. lien (on) f'1N July
Holders of rec. June 15
13.4 July
'1)4 July
*Holders of rec. June 15
Preferred (guar.)
6% let pref. (quar.)
Holders of rec. June 15
134 July
*Holders of reo. May 21
7% 1st preferred (guar.)
Chicago Rapid Transit, Pr. pf. A (Qua-. •65e. June
Holders of rec. June 15
1.80 July
•60e. June
*Holders of roe. May 21
Prior pref.. series It (guar.)
7.2% 1st preferred (guar.)
Holders of roe. May 15
50e. June
•65o. July
Chic. Rap. Transit pr. pf. A (mthly.)
*Holders of roe. June 18
6% let preferred (monthly)
Holders of roe. June 15
July
600.
•650. Aug.
*Holders of rec. July 16
Prior preferred class A (mthly.)
6% let preferred (monthly)
Holders of rec. May 15
600. June
•1350. Sept. *Holders of rec. Aug. 20
Prior preferred class A (mthly.)
7.2% let preferred (monthly)
Holders of rec. June 15
60e. July
13 (mtbly.)
*800. July
'Holders of rec. June 18
7.2% let preferred (monthly)
Prior preferred class
Holders of roe. June 5a
75e. July
*Pk. Aug.
*Holders of rec. July 16
Prior preferred class B (mthly.)
United Corporation,$3 pref.(guar.)_-_Holders of rec. May 15
$1.75 June
•600. Sept. *Holders of reo. Aug. 20
Prior preferred class B (mthly.)
Gas Co., $7 pt., set% A (qua?.)
United
$1.124 June 29 Holders of roe. May 310
United Gas Improvement (guar.)
Chic, South Shore & South Bend RR
Holders of rec. June 5
11.75 July
1,4 June
Holders of tee. May 15
Preferred. class A (guar.)
Utah Pewee & Light, $7 prof.(qua?.)
Holders of rec. June 5
$1.50 July
134 June
pref. (guar.)
Holders of reo. May 16
$6 preferred (guar.)
Cleveland Electric Illurn.,
*1100 Subj, to stIMIrs. meeting May 22
'1)4 July
*Holders of reo. June 12
Utilities Power & Light, corn. B
Cleveland Railway (quar.)
Counties Gas & Elec.Vs. Elec. & Power,7% pref.(qua?.). If( June 20 Holders of rec. May 310
Coast
114 June 1 Holders of rec. May 25
1% June 20 Holders of rec. May 3Ia
6% first preferred (guar.)
Sixper cent pref.(guar.)
134 June 1 Holders of rec. May 25
*32 He June 1 *Holders of rec. May 17
Western Continent Utilities(guar.)
6% second preferred (guar.)
Water Service. Pref. (qu.) •$1.75 June
*Holders of ree. May 20
13.4 July 15 Holders of reo. July 1
Community
Western Power, pref. (guar.)
*62140 June
*Holders of rec. May 20
131 June 1 Holders of rec. May 16
West Ohio Gas Co., pref.. el. A (qu.).
Connecticut Power common (quar.)
*1% June
*Holders of reel May 20
134 June 15 Holders of rec. May 25
West Penn Rys Co., pref. (guar.)
Preferred (guar.)
*3
June
*Holders of roe. May. 15
Wisconsin Public Service, 7% pfd (oil.)- 154 June 20 Holders of rec. May 21
Connecticut River Power, pref
1)4 June 20 Holders of rec. May 21
*Holders of rec. June 15
Consol. G. El. L.& Pr., Bait., com.(gu.) 075e. July
ess% Preferred (guar.)
'1)4 July
*Holders of roe. June 15
134 June 20 Holders of me. May 21
A (guar.)
5% preferred series
6% Preferred (guar.)
*1% July
*Holders of rec. June 15
Banks.
6% preferred series D (guar.)
*1
June 1 Holders of rec. May 17
July
2
*Holders of rec. June 15
preferred series E (guar.)
American Colonial (guar.)
534%
$3.75 June 15 Holders of rec. May 144
11.25 July
Holders of roe. June 15
Continental(Interim)
Consumers Power. $5 pref. (guar.)
134 July
Holders of res. June 15
8% preferred (quar.)
Trust Companies.
$1.65 July
Holden of rec. June 15
the% Preferred (guar.)
June'29 Holders of rec. June 150
3
Holders of rec. June 15
134 July
Equitable (guar.)
7% preferred (guar.)
July 1 Holders of rec. May 31
3
50o. June
Holders of reo. May 15
Fulton (guar.)
6% preferred (monthly)
$1.25 June 1 Holders of rec. May 17
July
500.
Holders of rec. June 15
Interstate (guar.)
6% preferred (monthly)
25e. June 1 Holders of res. May 17
Holders of rec. May 15
55e June
Interstate Corporation ((MAO
6.6% preferred (monthly)
$2.67 June 1 Holders of roc. May 28
550. July
Holders of nso. June 15
U.S. Mtge. as Trust(two months)
6.6% preferred (monthly)
Name of Company.
Per When
Cent. Payable.
(Books Closed
Days Inclusive.
3638
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive,
Name of Company.
[Vol,. 128.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Bamberger (L.)& Co.,634% pf.(qu.)-- 154 June 1 Holders of rec. May 130
634% Preferred (guar.)
154 Sept. 2 Holders of rec. Aug. 12e
June 1 *Holders of rec. May 18
634% Preferred (guar.)
14 Dee. 2 Holders of ree. Nov. lls
Bancroft (Joseph) de Sons Co. com.(qu.) 6234c June 29 Holders of rec. June 15
Miscellaneous.
Bankers Capital Corp., pref.(quar.)--- 42
July 15 *Holders of rec. July 1
Preferred (guar.)
•$2
Oct. 15 *Holders of roe. Sept.30
Abbott Laboratories, corn.(No. 1)
60o. July 1 Holders of nee. June 20
Preferred (guar.)
0$2
Jan15'30 *Holders of rec. Doe. 31
Abbotta Dairies, corn. (guar.)
•$1
June 1 *Holders of roe. May 15
Barker Bros. Corp., corn. (quar.)
50c. July 1 Holders of rec. June 140
First and second preferred (qual.)
*14 June 1 *Holders of ree. May 15
Preferred (guar.)
134 July 1 Holders of rec. June 146
Adams Express corn. (guar.)
134 June 29 Holders of rec. June 15a Bastian Blessing Co., cam.(guar.)
•6234e June 1 *Holders of rec. May 15
Preferred (guar.)
U' June 29 Holders of roe. June 150
Preferred (guar.)
•
$1.75 July 1 *Holders of roe. June 15
Affiliated Investors, Inc.(stock diva-. 610 July 1 Holders of reo. June 10
Bawlf Grain Co., Ltd.. Pref.(quar.)
134 June 1 Holders of rec. May 15
Agnew Surpass Shoe Stores, pref.
14 July 2 Holders of rec. June 15
Beacon Participations Inc. class A (gu.). 260 June 1 Holders of rec. May 15
(MO
Ainsworth Mfg.(No. 1)
•62tic June 1 *Holders of rec. May 20
Bearings Co.of Amer., lot pref.(guar.). *14 June 29 *Holders of rec. June 15
Aldred Investment Trust
*50c. June I *Holders of rec. May 31
Beech-Nut Packing, common (guar.)... 75e. July 10 Holders of rec. June 25a
Allegheny Steel, common (monthly)
•15e. June 18 *Holders of rec. May 31
Bently Chain Stores, coin.(guar.)
450. June 1 Holders of recs. May 20
Common (monthly)
*15o. July 18 *Holders of rec. June 30
Common (payable in common stook). 150
June 1 Holders of reo. May 20
Common (extra)
Preferred (guar.)
•25o. July 18 *Holders of rec. June 30
$1
June 1 Holders of rec. May 20
Common (monthly)
•15c. Aug. 17 *Holders of rec. July 31
Berkey & Gay Furniture, prof.(guar.).- *2
June 15 *Holders of rec. June 1
Common (monthly)
*15c Sept. 18 *Holders of rec. Aug. 31
Berkshire Fine Spinning Associates
.1(i June 1 *Holders of rec. May 15
Preferred (guar.)
Common (guar.)
75o. June 1 Holders of reo. May 15
•iyi Sept. I *Holders of rec. Aug. 15
Preferred(guar.)
Convertible preferred (guar.)
134 June 1 Holders of roe. May 1$
Preferred (guar.)
Berry Motor (guar.)
Nov. 15
014 Dec. 1 *Holders of rec.
30c. July 1 Holders of reo. June 20
Allen Industries, pref. (guar.)
Best & Co. (guar.)
750. June 1 Holders of rec. May 20
75e. June 15 Holders of res. May 244
Alliance lot est.. corn.(In cons. stock)... *flz July 1 *Holders of rec. June 14
Bethlehem Steel common (guar.)
$1
Aug. 16 Holders of rec. July 191
Alliance Realty, pref.(quar.)
134 June 1 Holders of rec. May 27
Preferred (guar.)
134 July 1 Holders of reo. June 11
Aluminum Industries (guar.)(No. 1)___ *3734c June 15 *Holders of rec. June 1
Bigelow-Hartford Carpet, pref.(guar.). *134 Aug. 1 *Holdeni of reo. Jai/ IS
Aluminum Mfrs.. corn. (guar.)
Preferred (guar.)
•50e June 30 *Holders of roe. June 16
*134 Nov. 1 *Holders of ree. Oct. la
Common (guar.)
Blew Knox Co (guar.)
•60o. Sept.30 *Holders of roe. Sept.16
25e. June 1 Holders of roe. May 21
Common (guar.)
Blumenthal(Sidney)& Co.. prof.(guar.) 134 July 1 Holders of reo. June 154
*60c Dec. 31 *Holders of reo. Dee. 15
•Ig June 30 *Holders of reo. June 16
Preferred (guar.)
Preferred (acct. accumulated diva.).-- 5534 July 1 Holders of rec. June 15a
Preferred (guar.)
el% Sept. 30 *Holders of rec. Sept. 16
Blume, Inc.. Prof.(Feb. 15 to June 1)
-*$1.02 June 1 *Holders of rec. May 24
Preferred (guar.)
Dec. 31 *Holders of rec. Dee. 16
Bohn Refrigerator, pref. (guar.)
*2
June 1 *Holders of rec. May 25
American Arch common (guar.)
*75e. June 1 *Holders of rec. May 21
Bolsa China Oil class A (guar.)
*32 June 15 Holders of rec. May 31
American Art Works,corn.& pref.(qu.)_
134 July 15 Holders of rec. June 30
Bon Arni Co., class A (guar.)
Ill July 30 *Holders of rec. July 15
American Bank Note. common (guar.)._
50e. July 1 Holders of rec. June 10a
Class A (extra)
Ill July 30 Holders of rec. July 15
Preferred (guar.)
75e. July 1 Holders of rec. June 10a
Class B (guar.)
*50c. July 1 Holders of rec. June 24
Amer. British & Continental Cons.
Borden Co.. corn.($25 par)(No.1)- 75e. June 1 Holders of rec. May 15s
First preferred (guar.)
$1.50 June 1 Holders of ree. May 15
650 par stock (guar.)
$1.50 June ii Holders of rec. May 154
American-Canadian Properties
$1 June 15 Holders of rec. June 1
Borg-Warner Corp., corn. (guar.)
July 1 Holders of rec. June 15s
$1
•1tt June 1 *Holders of rec. May 6
American Candy, pref. (guar.)
Common (payable In common stock)._ 12
July 1 Holders of rec. June 150
American Capital Corp., corn. A (No. 1) *500 June 1 *Holders of rec. May 15
Common (payable in common stock).- f50 Aug. 15 Holders of rec. Aug. Is
Common A (special)
rem July 1 *Holders of rec. June 15
*50c. June 1 *Holders of roe. May 15
Preferred (quar.)
Prior preferred (guar.)
• $1.375 June I Holders of rec. May 15
Boston Wharf
June 29 Holders of rec. June 1
American Chain, pref. (guar.)
154 June 29 Holders of roe. June 190 Boston Woven Hose & Rubb., com.(qu.) $1.50 June 15 Holders of roe. June 1
American Chicle. common (guar.)
50e. July 1 Holders of ree. June 12a
Preferred
June 15 Holders of rec. June 1
$3
American ColortYPe (quar.)
*50c. June 29 *Holders of rec. June 12
Brach (E. J.) & Co., common (guar.).- *50o. June 1 *Holders of rec. May 18
American Commercial Alcohol
Bradley Knitting, common (guar.)
•500. June 1 *Holders of rec. May 20
Common (guar.)(No. 1)•
trim June 1 *Holders of rec. May 20
40e. July 15 Holders of rec. June 20
First and second pref. (guar.)
Common (payable in corn. stock)
f3
July 15 Holders of rec. June 20
Brill Corp.. preferred (guar.)
Juno 1 *Holders of rec. May 17
American Dock. pref. (guar.)
*2
June 1 Holders of rec. May 21
Bristol Manufacturing-dividend omitte d
American Eagle Aircraft (stock div.). .4100 Subj. to stk'holds meeting May 27 BrisBristol-MyersCo. (guar.)
Juno 29 *Holders of rec. June 19
Amer. European See. corn.(in corn.stk.) *1100
*Holders of rec. June 3
Extra
*250 June 29 *Holders of roe. June 19
American Founders Corp.
British-American Brewery, el. A-divide nd oml
Corn.(1-10th share corn. stock)
(I) June 10 Holders oi roe. Mar 81
British-American Tobacco,ord.(interim) (0) Juno 29 Holders of coup. No. 130
Amer.& General Securities, let pref.(qu)
75e. June 1 Holders of re*. May 16
British Type Investors, Inc.Amer. Home Products (monthly)
30o. June 1 Holders of rec. May 14s
Class A (bi-monthly)
55e. Juno 1 Holders of reo. May 1
Monthly
300. July 1 Holders of ree. June 140 Brockway Motor Truck, cony. pr. (qu.) 134 July 1 Holders of roe. June 10a
American Hosiery (guar.)
•50e. June 1 *Holders of roe. May 14
i com .
BrownMcivar)
•6234c Juno 1 *Holders of roe. May 10
.(quar.)
Amer. Internal Corp.
•1% Juno 1 *Holders of reo. May 16
Preferred
fg.
Common (stock dividend)
*62
Oct. 1
Brown Shoe.corn.(guar.)
6240. June 1 Holders of rec. May 20
Amer. Laundry Mach., corn.(guar.)._ oil
June 1 *Holders of roe. May 200 Buckeye Pipe Line (guar.)
June 15 Holders of rec. Apr. 22
$1
Quarterly
*el
June 1 *Holders of rec. May 20
June 15 Holders of rec. Apr. 22
Extra
$1
American Locomotive common (guar.)._ $2
June 29 Holders of rec. June 13a Buereferrydie Co.,
pyrus- r muaracom.(guar.)
25o. July 1 Holders of rec. May 291
Preferred (guar.)
1% June 29 Holders of rec. June 13a
154 July 1 Holders of reo. May 291
American Manufacturing
Convertible preference (guar.)
62340. July 1 Holders of rec. May 291
Common (utter.)
750. July
Holders of ree. June 18
Bullard Company,corn.(guar.)
40e. Juno 29 Holders of rec. June 181
Common (guar.)
75e. Oct.
Holders of roe. Sept. 15
Bulova Watch,cony. pref.(guar.)
• 8734e. June 1 *Holders of rec. May 15
Common (guar.)
75e. Dec. 3 Holders of roe. Deo. 15
750. Juno 10 Holders of rec. May 27e
Burroughs Adding Mach. (guar.)
Preferred (guar.)
134 Mar.8 Holders of roe. Mar. 15
Bush Terminal Bides., pref. (quar.)......- *14 July 1 *Holders of rec. June 14
Preferred (guar.)
14 July
Holders of roe. June 15
•60o. Aug. 1 *Holders of rec. June 28
Bush Terminal Co., corn.(guar.)
Preferred (guar.)
13( Oct.
Holders of roe. Sept. 16
Aug. 1 *Holders of rec. June 28
Common (payable in common stock).- 4
11
Preferred (guar.)
14 Dee. 3 Holders of roe. Dee. lb
. 1% July 15 *Holders of rec. June 28 I
.
1
Preferred
American Metal, common (guar.)
75e. June
Holders of nso. May 210 By-Products Coke (In stock)
•e300 June 15 *Holders of rec. June 15
Preferred (guar.)
134 June
Holders of ree. May 210 Byron Jackson Pump, corn.(guar.).- •50c. June 1 *Holders of fec. May lb
Amer. MultIstraph. corn. (guar.)
6234e June
Holders of roe. May 18
California Ink (guar.)
*50o July 1 *Holders of ree. June 20
American Radiator, corn.(guar.)
51.60 June 29 Holders of ree. June 11s California Packing (guar.)
June 15 Holders of tee. May 316
$1
Amer. Radiator de Stand. Sanitary Corp.
Calumet & Arizona Mining (guar.)
$2.50 June 17 Holders of roe. May 31a
Common (quar.)
37340. June 29 Holders of rec. June lla Calumet & Ilecla Cons. Copper Co.(en.) $1
June 29 Holders of rec. May 311
Preferred (guar.)
$1.87 June 1 Holders of rec. May 16o Campbell, Wyant dr Cannon Fdy.(go.). *50e. June I *Holders of rec. May 15
American Radio & Television
•400. June 1 *Holders of rec. May 24
Canada Cement pref.(quar.)
1% June 29 Holders of rec. May 81
American Rolling Mill, corn. (guar.)._
500. July 16 Holders etre°. dJune 29a Canada Malting Co., Ltd.(guar.)
37140 June 15 Holders of rec. May 81
Common (payable 113 common stock)... f5
July 30 Holders of rec. July ra Canada Vinegars, Ltd., cons
400. June 1 Holders of rec. May 15
American Seating, corn.(guar.)
76a. July 1 Holders of rec. June 20a Canada Wire & Cable corn. A (No. 1)
50e. June 15 Holders of ree. May 81
Amer. Smelt dr Retie pref. (guar.)
1% June 1 Holders of rec. May 130
634% pref.,(No. 1) for period April 15
Amer. Solvents di Chem., par. pt.(qu.)_ •75e. July 1 *Holders of rec. June 11
to May 31
13-16 June 15 Holders of rec. May 31
American Stores. corn. (guar)
50c. July 1 Holders of rec. June 150 Canadian General Elec., prof. (qual.)..- 87340 July 1 Holders of reo. June 15
American Sugar Refining, corn. (qual.).. 14 July 2 Holders of rec. June 5a Canfield Oil.
$1.75 June 30 Holders of rec. May 20
corn.& pref.(quar.)
Preferred (guar.)
14 July 2 Holders of ree. June 5a
Common & preferred(guar.)
$1.75 Sept.30 Holders of ree. Aug. 20
Amer. Tobacco. corn. & corn. B (quar.)_ $2
June 1 Holders of rec. May 10a
Common & preferred (guar.)
$1.76 Dec. 31 Holders of roe. Nov.20
American Thread, preferred
1233e July 1 Holders of rec. May 31a Carman & Co.,class A (guar.)
60c. June 1 Holders of rec. May 15
Amer. Utilities & Gen. Corp. A (No. 1)_ 324c June 1 Holders of ree. May 16
Carter (William) Co., pref.(guar.)
14 June 15 Holders of rec. June 10
Amer. Writing Paper. pref.(guar.)
750. July 1 Holders of rec. June les Case(J.1.) Threshing Mach.,cons.(qu.) 134 July 1 Holders of rec. June 12
American Zinc. Lead & Smelting, pref.- $1.50 July 1 Holders of rec. June 14a
Preferred (guar.)
14 July 1 Holders of ree. June 12
Amrad Corp., corn. (guar.)(No. 1)...... •250. July 1 *Holders of rec. June 20
Catelll Macaroni Products (Montreal)
Anglo-AmericanOil, ordinary (final)._ 3634c June 5 Holders of coup. No. 37
60e. June 1 Holders gt roe. May 22
$2 partic. cony. class A pref. (quar.)....
Anticosti (The) Corp.. Preference (411.)- 14 June 1 Holders of rec. May 16
Celluloid Company,$7 pref.(Quar.)
$1.75 June 1 Holders of roe. May 10
Armour & Co.(I11.). Pref. (guar.)
13( July 1 Holders of roe. June 10a
1st panic pref. (guar./
$1.75 June 1 Holders of reo. May 10
Armour & Co. of Del.. pref.(qUsr.)
14 July 1 Holders of reo. June 10a Central Alloy Steel, corn. (guar.)
50e. July 10 Holders of rec. June 224
*374c July 1 *Holders of ree. June 16
Armstrong Cork (guar.)
Preferred (guar.)
134 July 1 Holders of rec. June 13e
Extra
•1240 July 1 *Holders of roe. June 15
Century Electric, common (guar.)
134 July 1 Holders Of rec. June 164
Arnold Print Works (guar.)(No. 1).- *8734c
Century Ribbon Mills. pf. (guar.)
$1.75 June 1 Holders of roe. May 180
Artloom Corp., corn. (guar.)
60c. July 1 Holders of rec. June 15e Chesebrough Mfg. Consol.(guar.)
$1 June 29 Holders of rec. June 8a
$1.75 June 1 Holders of rec. May 15a
Preferred (guar.)
Extra
50e. June 29 Holders of rec. June 134
Asch, Ltd.(Montreal), pref.(guar.).- 14 June 1 Holders of rec. May 20
Chicago(The) Corp.,53 pref.(qual.)...75e, June 1 Holders of rec. May 151
Aesoolated Apparel Industries
Chicago Yellow Cab (monthly)
250. June 1 Holders of res. May 204
Common (monthly)
33lso. June 1 Holders of reo. May 21
Monthly
m
h
25e. July 1 Holders of rec. June 20e
Common (monthly)
331sc. July I Holders of tee. June 20a
25c. Aug. 1 Holders of rec. July 191
Aissoe'd Breweries(Canada), corn,(qu.)50c. June 30
Monthly
25e. Sept. 2 Holders of rec. Aug. 20a
14 June 30
Preferred (guar.)
Chicasha Cotton 011 (guar.)
*75e. July 1 *Holders of rec. June 10
Associated Co. (Newark)
4
June 1 Holders of rec. May 15
Childs Company common (guar.)
50o. June 10 Holders of rec. May 240
Associated Dry Goods common (gust.).... 63c. Aug. 1 Holders of rec. July 13
Preferred (guar.)
134 June 10 Holders of rec. May 24a
First preferred (guar.)
134 Sept.d2 Holders of rec. Aug. 10
Chile Copper Co.(guar.)
8734e June 28 Holders of rec. June he
Second preferred (guar.)
134 Setp. 2 Holders of rec. Aug. 10
Chrysler Corporation
75o. June 29 Holders of reo. May
Associated Dry Goods 1st pref.(gust.).... 14 June 1 Holders of rec. May 11a Cities Service, new no (guar.) (mthly.). 254c. June 1 Holders of roc. May 31s
par coin.
15
Second preferred (guar.)
134 June 1 Holders of rec. May 11a
New, no par corn.(pay.in corn.stk.)- f34 June 1 Holders of rec. May 15
Associated Oil (guar.)
50c. June 29 Holders of rec. June 17o
Preferred and preference BB (mthly.)50e. June 1 Holders of rec. May 15
Atlantic Coast Fisheries (guar.)
•40e. June 1 *Holders of rec. May 10
Preference 13 (monthly)
50. June 1 Holders of tee. May 15
Atlantic Gulf & West Indies 8.15. Lined.
City Ice & Fuel (Cleve.). pref.(quar.)- 134 June 1 Holders of roe. May 150
Preferred (quar.)
June 29 Holders of coo. June 10a City Radio Stores, common (guar.).--- 37340. June 1 Holders of roe. May 161
$1
$1
Sept.30 Holders of reo. Sept. 10a City Stores Co., corn.(guar.)(No. 1)
Preferred (guar.)
25e. July 1 Holders of rec. Junedlas
Preferred (guar.)
Dec. 31 Holders of roe. Deo. lla Cleveland Quarries
$1
500. June 1 Holders of reo. May 15
Atlantic Refining, corn.(guar.)
250. June 15 Holders of roe. May 21a
Extra
25e. June 1 Holders of roe. May 15
Common (extra)
25e. June 15 Holders of rec. May 21a Cieverand Stone. common (guar.)
•50e. June 1 *Holders of roe. May 15
Atlantic Secur. Corp.. Pf. (Qtr.)(No. 1). •75e. June 1 *Holders of reo. May 15
Common (guar.)
•60e. Sept. 1 *Holders of ree. Aug. 16
Atlantic Terra Cotta, prior pref. (qu.)
134 June 15 Holders of rec. June 5
Coats (J. & P.), Ltd.
Preferred (guar.)
June25 Holders of rec. May 22
1
Amer. dep. recta,for ord.reg,shares_
to
July 6 Holders of roe. May 23
Atlas Imperial Diesel Engine(guar.).
- *50e. June I Holders of rec. May 20
Coca-Cola Co.. corn,(guar.)
$1 July I Holders Of rec. June 121
Atlas Portland Cement, corn. (guar.).
- •500. June 1 Holders of rec. May 17
Class A (No. I)
$1.60 July I Holders of tee. June 12e
Atlas Powder. common (quar.)
31a Coca Cola Internat.. corn.(guar.)
June 10 Holders of roe. May
$1
Jul71 I Holders of zoo. June 124
$2
Atlas Stores Corp., common (quar.)
Class A
•6240 JUne 1 Holders of rec. May 15
July 1 Holders of roe. June 12
*113
Automotive Gear Works, cony. pref.
Cockshutt Plow (guar.)
'8734c Aug. 1 *Holders of ree. July 15
(agar.) (No. 1)
Cohn-flail-Marx, corn. (guar.)
*414c June 1 Holders of rec. May 20
Holders of reo. June
AutoStrop Safety Razor, cony. A (qu.).. 750. July 1 Holders of reo. June 10a Colgate Palmolive Peet Co. pref.(guar.) 6334c. July 1 Holders of rec. June 15
8
134 July 1
• Ni July
1
Babcock & Wilcox Co.(guar.)
1 Holders of rec. 05 aunt
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 7
Bakers Share Corp., Cora.(qu.)
Preferred 'guar.)
134 July 1 Holders of rec. May 1
134 Janl'30 Holders of rec. Doe. I
Common (quar.)
Collins & Aikman Corp., pref.(guar.)-_ - 134 June I Holders of roe. May 201
1 Holders of rec. Aug. 1
14 Oct.
Common (guar.)
Colt's Patent Fire Arms Mfg.(guar.)... •500. June 29 *Holders of rec. June 12
134 Jan 1'30 Holders of rec. Nov. 1
Balaban & Katz. corn. (monthly)
Columbia Graphophone, Amer.shares- 29 I-10c June 1 Holders of rec. May 240
•250. June 1 *Holders of roe. May 20
Common (monthly)
Columbia Pictures Corp., pref. (guar.).
•250. July 1 *Holders of reo. June 20
750. June 1 Holders of reo. May 15
Baldwin Locomotive Works, eons.
354 July 1 Holders of rec. June 8a Columbia Steel, preferred
•$3.50 July 1 *Holders of ree. June 20
Fire Insurance.
Importers & Exporters (guar.)
JUNE 1 1929.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days inclusive.
Miscellaneous (Continued).
Columbus Auto Parts. pref. (quar.)- --60e. June 1 Holders of rec. May 18
Commercial Invest. Trust, corn. (qu.)._ $1 July 1 Holders of rec. June 5a
Common (payable in common stock)
July 1 Holders of rec. June ba
7% first preferred (quar.)
144 July 1 Holders of rec. June ba
1$4 July 1 Holders of ree. June 50
634% first preferred (quar.)
Commercial Solvents Corp.(quar.)
$2 July 1 Holders of rec. June 1532
Community Motors Service Co.
First preferred (quar.)
*$1.715 June 1 *Holders of rec. May 20
Community State Corp., A & B (qua?.). 1M Sept. 2 Holders of reo. Aug. 28
Class A & B (quay.)
'3' Dec. 81 Holders of roe. Dee. 20
Congoleum-Nairn Corp.. pref. (guar.).- •1% June 1 *Holders of rec. May 15
Consol. Automatic Merchandising Corp.
Preferred (quar.)
87)4c June 15 Holders of rec. June 5
Consol. Cigar Corp., pref.(quar.)
15$ June 1 Holders of rec. May 23a
Consol. Rock Products, pref.(mthly.)._ *43,4c June 1 *Holders of roe. May 15
Consolidated Service, pref.(qu.)(No. 1) 62340 June 1 Holders of rec. May 25
Consumers Co. prior pref.(qua?.)
*134 July 1 *Holders of roe. June 16
Container Corp. of Amer., corn. A & B
Divid ends om itted.
Preferred (guar-)
.134 July 1
Continental Amer. Bank Shares A (au.) •250. June I *Holders of me. May 20
Continental Can, preferred (quar.)
134 July 1 Holders of roe. June 150
Continental
-Diamond Fibre (No. I)
*500. June 28 *Holders of rec. June 14
Continental Food Stores class A (guar.) •37$4e June 1 *Holders of rec. May 11
First preferred (quar.)
*13$ June 1 *Holders of reo. May 11
Continental Securities. prof ((mar.).
.$1.25 June 1 *Holders of rec. May 15
Cookeville Co., Ltd.(Montreal). pf. qu.) 1
June 15 Holders of rec. May 31
Coon (W. B.) Co.. corn
•600. Nov. 1 *Holden of rec. Oct. 10
Common
•700. Aug. 1 *Holders of roe. July 10
Preferred
•144 Nov. 1 *Holders of rec. Oct. 10
Preferred
Aug. 1 *Holders of ree. July 10
Corno Mills (quar.)
2
June 1 Holders of rec. May 20
Coty. Inc., stock dividend
n134 Aug. 27 Holders of rec. Aug. 12
Stock dividend
n1 H Nov. 27 Holders of roe. Nov. 12
Crane Co., common (quar.)
4334 June 15 Holders of roe. June 1
Preferred (quar.)
134 June 15 Holders of roe. June 1
Crosley Radio, corn.(guar.)
.150. July 1 Holders of ree. June 20a
Crosier Radio (stock dividend)
,
64 Dec. 31 Holders of rec. Dee. 20a
Crown Cork Internat. pf. A (qu.)(No.1) *250. July 1 *Holders of rec. June 1
Preferred A & B (quar.)
*51.50 June 1 *Holders of rec. June 30
2d preferred (quar.)
*51.50 July 1 "Holders of rec. June 13
Crown Zellerbach Corp., corn. (quar.)
*25e. July 1 *Holders of roe. June 30
Crown Zelterbach pref. A & B (qua?.).. *SI 50 June 1 *Holders of rec. May 18
Crows Nest Pass Coal(qua?.)
"144 June 1 *Holders of roe. May 7
Crucible Steel, pref. (qua?.)
134 June 30 Holders of rec. June Ma
Cumberland Pipe Line(quar.)
June 15 Holders of rec. May 31
$1
Cuneo Press. pref.(quar.)
4.1.% June 15 *Holders of rec. June 1
Preferred (quar.)
*144 Sept. 15 *Holders of rec. Sept 1
Curtis Publishing. oom.(monthly)
50o. June 2 Holders of roe. May 200
Preferred (quar.)
$1.75 July 1 Holders of reo. June 200
Cushman's Sons, Inc.,Corn,(quar.)
June 1 Holders of reo. May 150
51
$8 preferred (quar.)
$2 June I Holders of rec. May 15a
7% prof.(quar.)
144 June 1 Holders of rec. May lba
Daniels & Fisher Stores. pf.(qu.)(No. 1) •1M June 1 *Holders of rec. May 20
Dartmouth Mfg. common (guar.)
.
0134 June 1 *Holders of rec. May 13
Preferred (quar.)
13' June 1 Holders of rec. May 13
David & Frere, Ltd. (Montreal).
Class A (quar.)
570 June 15 Holders of roe. May 31
Davis Mills(quar.)
*I
June 22 *Holders of rec. June
Decker (Alfred) & Cohn, corn. (qua?.).. •500 June 15 *Holders fo roe. June 8
5
Preferred (quiz.)
•1% June 1 *Holders of roe. May 22
Preferred (guar.)
*134 Sept. 1 *Holders of roc Aug. 22
Deere & Co.. corn.(quiz.)
$1.50 July 1 Holders of tee. June 15
Preferred (quar.)
134 JUDO 1 Holders of roe. May 150
Detroit Motor Bus
•200 June 15 *Holders of roe. May 29
Dexter Company (quar.)(No. 1)
•1150 June 1 *Holders of recs. May 20
Diamond Match (quar.)
June lb Holders of rec. May 810
2
Dictaphone Corp., cons.(guar.)
owe June 1 *Holders of roe. May 17
Common (extra)
•500 June 1 *Holders of roe. May 17
Preferred (guar.)
*2
June 1 *Holders of roe. May 17
Doehler Die-Casting, 7% prof.(guar.)-- "8734e July 1 *Holders of roe. June 20
7% preference (guar.)
'$1.75 July 1 *Holders of rec. June 20
Dominion Glass. corn. & pref. (qua?.).. 1,4 July 2 Holders of rec. June 15
Dresser Mfg.class A (quar.)
•75e June 1 *Holders of rec. May 21
Class II
•3734 June 1 *Holders of rec. May 21
Drug Incorporated (quar.)
$1 June 1 Holders of rec. May lba
Dunhill Internat. (stock dividend)
el
July 15 Holders of roe. July la
Stook dividend
Oct 15 Holders of rec. Oct la
el
Du Pont
(E.I.)de Nemouni Co..eom.(qe) $1 June 15 Holders of rec. May 29a
Common (extra)
Mc July 3 Holders of roe. May 29a
Debenture stock (guar.)
1)4 July 25 Holders of rec. July 100
Durham Duplex Razor, $4 pr. pf.(qu.). *El June 1 *Holders of rec. May 20
Durkee Thomas Co.el. A (quar.)
*4334 June 1 *Holders of rec. May 15
Class B (quar.)
•20e. June 1 *Holders of roe. May 15
Early & Daniels common (qua?.)
•75e. June 30 *Holders of roe. June 20
Preferred (quar.)
•13' June 30 *Holders of re.' June 21
.
Eastern Bankers Corp. Prof.(quar.)
$1,76 Aug.
Holders of rec. July 1
Preferred (quer.)
$1.75 Nov.
Holders of rec. Sept. 80
Preferred (quar.)
$1.75 Febl'30 Holders of rec. Doe. 81
Eastern Theatres, Ltd..(Toronto), own
500. June
Holdem of rim Ape, go
Eastern Utilities Investing Corp.
$1) prior pref. (quiz.)
$1.25 July
Holders of rec. May 31
56 preferred (quar.)
$1.50 June
Holders of roe. Apr. 30
$7 preferred (quar.)
51.75 June
Holders of rec. Apr. 80
Eastman Kodak,corn.(qua?.)
July
51.25
Holders of rec. May 3I0
Common (extra)
750. July
Holders of roe. May 310
Preferred (guar.)
IJuly
of roe. May
Eitington-Schild Co ,Inc..644% Pf.(gu) 144 June 1 Holders of roe. June 3Ia
la
El Dorado Works (guar.)
•37140 June 1 *Holders of reo. June 1
Elso.ShareholdingsOorp pf.(gua(NO. HY $1 50 June
Holders of rec. May 10
$1.25 July
Electric Star. Battery. coin. & 91.
Holders of rec. June 8a
3
1140 Fifth Ave.. Inc., pref
June
May 16 to June 2
Ely-Walker Dry Goods. cum.(quar.). 37440 June
Holders of rec. May 21
Emporium Capwell. corn. (quar.)
500 June 2 Holders of rec. June la
Equitable Office Bldg.eon).(guar.)
62)4o July
Holders of rec. June 15a
134 July
Preferred (Qum-)
Holders of rec. June lba
Equitable Investing Corp.
Corn. A (payable in common A stook). 1
June 1 Holders of rec. May 31
Essex Company
53
June
Holders of roe. May 9
Evans Auto Loading,stook dividend.- •82
Oct.
*Holders of roe. Sept. 20
*SI June
Faber Co.& Gregg
*Holders of roe. May 20
Fair (The), corn. (guar.)
•60c Aug.
*Holders of rec. July 20
Preferred (quar.)
'lad Aug. *Holders of rec. July 20
75o. June 29 Holders of roe. June 12a
Fairbanks, Morse & Co. corn.(qua?.)...
14( June
Preferred (guar.)
Holders of roe. May Ila
Fashion Park Associates, corn.(No. 1).. 6234c June 2 Holders of reo. June 170
Common (payable in corn. stock).... 134 June 2 Holders of rec. June 17a
Faultless Rubber, corn. (quar.)
50o. July
June 16 to June 17
1,4 July
Preferred (quar.)
June 16 to June 17
Federal Bake Shops. Inc. pref.(quar.)
- 134 July
Holders of rec. June 8
Federal Knitting Mills, Prof. (guar.).
'194 July
*Holders of reo. June 20
Preferred (guar.)
'134 Oct.
*Holders of roe. Sept.20
Federal Mining & Smelting. pfd.(quar.)- 1,4 June 1 Holders of roe. May 24a
Federal Mogul Corp., common (extra)._ •150. June
*Holders of rec. May 20
50o. July
Ferry Cap & Set Screw (quiz.)
Holders of roe. June 15
3
June
15 Park Ave., Inc., prof
May 16 to June 2
•16o. June 1 *Holders of roe. June 14
Fifth Ave. Bus Securities(quar.)
Finance Co.of Amer.,cons. A & B (qu.)_ 17)40 July 1 Holders of roe. July 6
435(e July 1 Holders of rec. July 5
7% pref. (quer.)
Anzio. Investing Co. of N.Y.,com.(qu.) 04 July
Holders of rec. June 15
Finance Service (Bait.), COM • (qua?,)... 40e. June
Holders of roe. May 15
114 June
Preferred (quar.)
Holders of roe. May 15
12340 June
First Trust Bank-Stock Corp.(quar.)
Holders of roe. June 1
9)40 June
Extra
Holders of roe. June 1
First Trust Bankstock Corp.(In stock).. el0
Holders of roe. June 15
21rs
Fits Simmons Dredge & Dock corn.(qu.) *50o. June
*Holders of roe. May 21
4
June
Common (I-40th oh. corn.stock)._
*Holders of rec. May
Sept.
Corn.(1-40th share core. stk.)
Dec.
Corn.(1-40th share corn. stk.).
•51 June
Florence Stove, common (quar.)
*May 22 to June 2
l3( June
Preferred (quar.)
*May 22 to June 2
1, July
4
Florsheim Shoe. pref.(guar.)
Holders of ree. June 15a
'134
.(1)
(f)
(1)
Name of Company.
3639
When
Per
Ceni. Payable.
Books Cloud
Days Inclusive.
Miscellaneous (Continued).
Follansbee Bros.& Co. corn.(aura.... 50o. June 15 Holders of roe. May 310
Common (extra)
25e. June 15 Holders of rec. May 31a
Preferred (quar.)
1
June 15 Holders of rec. May 31
*35c. July 1 *Holders of ree. June 15
Formica Insulation (qua?,)
•35e. Oct. 1 *Holders of rec. Spot. 14
Quarterly
*35e. Janl'30 *Holders of rec. Dec. 14
Quarterly
Fuller (George A) Co. partic.pr. pf.(qu.) $1.50 July 1 Holders of rec. June 100
$2.68 July 1 Holders of r-e. June lOrt
Partic, prior prof.(participating div.)
second pref.(quar.)
$1.50 July 1 Holders of rec. June 10a
$1.92 July 1 Holders of rec. June Kla
Partie.second pref.(panic.div.)
*$1.25 June 15 *Holders of rec. June 4
Gamewell Cont. (guar.)
$1
General American Tank Car (quar.)
July 1 Holders of rec. June 1$41
1
July 1 Holders of rec. June 13a
Stock dividend
General Asphalt Prof.(qua?.)
14( June 1 Holders of rec. May 15.
'134 June 1 *Holders of ree. May 20
General Box Corp. Prof• (qua?.)
•500. June 1 *Holders of roe. May 14
General Bronze, com.(quar.)
June 1 Holders of rec. May 100
$1
General Cable Corp.. cl. A (guar.)
75e. June 12 Holders of rec. May 180
General Motors Corp. corn.(guar.)
800. July 2 Holders of rec. May 18s
Common (extra)
1% Aug. 1 Holders of ree. July ge
6% debenture stock (qua?.)
1)4 Aug. 1 Holders of rec. July 86
6% Preferred (guar.)
1M Aug. 1 Holders of roe. July ga
7% Preferred Mar.)
144 June 1 Holders of rec. May 2Ia
General Cigar pref.(quar.)
.3 6e. June 29 Holders of rec. June 15
2
1
General Development
General Public service Corp.f June 29 Holders of rec. June 3
Corn. (3-10ths share corn,stock)
Aug. 1 Holders of rec. July 10
$6 preferred (guar.)
•1$ i34 Aug. 1 Holders of rec. July 10
$534 preferred (quar.)
r°
General Railway Signal, coin.(guar.).- $1.25 July 1 Holders of rec. June 10
144 July 1 Holders of rec. June 10
Preferred (quar.)
$1.25 June 1 Holders of rec. May 10
Gillette Safety Razor (Qum.)
(
Oct. 1
Glad ding,McBean& Co..com in cam etk) *2
Glidden Co.. common (guar.)
July 1 Holders of rec. June 18
32
1741: July 1 Holders of rec. June 18
Common (extra)
Globe-Democrat Publishing pref. (qu.).. 14( June 1 Holders of rec. May 20
Globe Grain & Milling
July 1 *Holders of rec. June 20
*2
Common (quar.)_
'134 July 1 *Holders of rec. June 20
First preferred (guar.)
July 1 *Holders of rec. June 20
*2
Second preferred (guar.)
Godman (H. C.) Co.. lot prof
June 1 Holders of rec. May 20
3
June 10 Holders of rec. June 1
Second preferred
$1 7
Goldberg (S. M.)Stores Inc. pref. BM.).•g1 ..72 June 15 *Holders of rec. June 1
'400. June 1 *Holders of roe. May 15
Golden State M119 (quiz.)
Sept. 1 *Holders of rec. Aug. 15
*61
Stock dividend
Dee. 1 *Holders of reo. Nov. 15
*61
Stock dividend
June 1 Holders of ree. May 104
Goodrich (B. F.) Co.. corn. (qua?.)
$1
lad July 1 Holders of yea. June 10
Preferred (guar.)
Goodyear Tire & Rubber.corn.(guar.).- $1.25 Aug. 1 Holders of roe. July 1
144 July 1 Holders of rec. June la
First pref.(quar.)
50e. June 1 Holders of roe. May 1
Gorham Mfg.. corn.(qua?.)
50e. Sept. 1 Holders of rec. Aug. 1
Common (quar.)
50e. Dec. 1 Holders of rec. Nov. 1
Common (quar.)
June 1 Holders of rec. May. 1
Common (payable in common stock). 16
134 June 1 Holders of reo. May 15
First preferred (guar.)
Gorton & Pew Fisheries, corn. (guar.).- •750. July 1 *Holders of rec. June 20
Gotham Silk Hosiery, common (guar.).- 6244c July • 1 Holders of rec. June 12.
75c. Jane 1 Holders of roe. May lba
Grand Union Co..$3 pref.(guar.)
400. June 21 Holders of roe. June 6
Granger Trading Corp. (quar.)(No. 1)..
June 1 *Holders of rec. May 3
Great Atlantic & Pacific Tea, corn.(qu.) ill
'134 June 1 *Holders of roe. May 3
Preferred (quar.)
•750. June 1 *Holders of rec. May 20
Great Northern Paper (guar.)
GreattWeed(nuao common (guar.)._ •700. July 2 *Holders of rec. June 15
pre err sterci Sugar.
•1N July 2 *Holders of rec. June 15
July 1 Holders of rec. June tla
$2
Greene Cananea Copper (quar.)
Greenfield Tap & Die Corp.6% Pt.(qu.) 141 July 1 Holders of rec. June 16
July 1 Holders of rec.'June 15
2
8% preferred (guar.)
*75e. Aug. IS *Holders of rec. Aug. I
Greenway Corp.. 5% prof.(guar.)
.75e Nov. lb 'Holders of rec. Nov. I
5% preferred (qua?)
*50e. June 1 'Holders of rec. May 20
Gruen Watch common (quar.)
Sept. 1 *Holders of ree. Aug. 21
Common (guar.)
*e.Dee, 1 *Holders of rec. Nov. 20
*50e.50
Common (guar.)
*50e. M'rl'30 *Hold,of rec. Feb. 18'30
Common (qua?.)
•1,‘ Aug. 1 *Holders of roe. July 21
Preferred (quiz.)
•144 Nov. 1 *Holders of rec. Oct. 21
Preferred (guar-)
•15.4 Feb1 30 *Hold. of rec. Jan.21 '30
.
Preferred (guar-)
Gulf States Steel, corn.(quar.)
July 1 *Holders of roe. June.15
*31
(qua?.)
Gulf States Steel. core.
13i July 1 Holders of roe. June 150
144 Oct. 1 Holders of roe. Sept. 1114
Preferred (guar.)
Preferred (guar.)
lad Jan 2'80 Holders of roe. Dee. 16e
Habirsh ow Cauar) Wire (guar.)
asie Bras m ble &
25c. July 1 Holders of rec. June ln
.
*50o. June I *Holders of roe. May 15
Hall (C. M.) Lamp Co.,(Clara
*3744c June 15 *Holders of rec. June 1
Extra
*12Me June lb *Holders of rec. June 1
Hamilton Dairies. Ltd.,com.(qu.)(No. 1) •250. June 1 *Holders of roe. May 20
Hamilton United Then.(Can.). pf.(qu.) 1M June 29 Holders of rec. May 31
Hamilton Watch pref. (guar.)
$1.60 June 1 Holders of reo. May 100
Hakes(P. H.) Knitting, corn.& eom. B. 15c. June 1 Holders of rec. May 29
Preferred (guar.)
144 July 1 Holders of rec. June 20
Hanna( l ( )u ; ,lot pref.(quar.).-- 194 Juned20 Holders of roe. June 5.1
i% .Aa 3
;
. .
Harbison-Walker Refract., corn. (quar.) 600. June I Holders of rim. May 21e
Preferred (altar.)
3.4 July 20 Holders of roe. July 10e
Hart-Carter Co.. prof.(guar.)
*50e. June 1 *Holders of rec. May 15
Hartman Corp.. class A (guar.)
50o. June 1 Holders of rec. May 179
Class 13 (quar.)
300. June 1 Holders of rec. May Ms
Hartman Tobacco lot pref.
'had June 1 *Holders of roe. May 15
Hathaway Bakeries, class A(quiz.)Holders (quar.).--. 750. June 1 Holders of rec. May 16
Convertible pref.(guar.)
$1.75 June 1 Holders of rec. May 15
Hathaway Mfg
June 1 *Holders of rec. May 16
Hayes Body corp.(guar.)(pay, in stk )*
July 1 June 26 to June 30
Oct. 1 Sept. 26 to Sept. 30
Quarterly (payable in stock)
2
Quarterly (payable In stock)
Jan2'30 Dee. 26 to Jan. 1
2
Hazeltine Corp. (quar.)
•25e. June 1 *Holders of roe. May lb
Elecla Mining (quar.)
*25o. June 1 *Holders of roe. May 15
Helena Rubinstein. Inc., pref. (quar.)
75e. June 1 Holders of rec. May 15
Hibbard. Spencer. Bar lett&Co.(mthly.) 360. June 28 Holders of roe. June 21
Higbee Co.2d pref.(guar.)
June I May 21 to June 2
2
Hires (Charles E.) corn. A (quer.)
•50e. June 1 *Holders of rec. May 16
Hobart Manufacturing (quar-)
62)4c. June 1 Holders of rec. May 20
Holland Furnace (gum.)
) July 1 Holders of rec. June 154
,Lto., Ino..1clase A
Cd. N c )
•45e. June 1 *Holders of tee. May 11
( .
Home oli jo &
(Hen )
(Henry)r .
June 29 June 9 to June 29
20
Homestead Funds Corp., corn
25c. June 1 Holders of rec. May 27
Preferred (quar.)
June 1 Holders of rec. May 2T
Hood Rubber Products, prof. ((Var.).- *1M June 1 *May 21 to June 1
$115
Horn (A. C.) Co.. lot pref. (guar.)
- •1$$ June 1 *Holders of rec. May 24
_
Horn & Hardart. pref.(guar.)
'lad June 1 *Holders of rec. May 10
Household Products, Inc. (quar.)
8714c June 1 Holders of rec. May 154
..0 pp Motor Car stock div.(qua?,)
.234 Aug. 1 Holders of rec. July lbs
Stock dividend (quar.)
s2 M Nov. 2 Holders of rec. Oct. 150
1
Huron & Erie Mortgage (qua?.)
July
*2
Oct. 1
*2
Hudson MotorCar (quar,)
July 1 Holders of roe. June 114
Hydro-Electric Securities(MO (NO. 1) $2.25 June 14 Holders of rec. June 5
1 5c
.
Illinois Brick (quar.)
*60c July 15 *Holders of reo July 3
Quarterly60. Oct 15 *Holders of roe Oct. 3
*
Illinois Pipe Line
*510 June 15 *Holders of rec. May 13
Imperial Chemical Industries-Amer. dep. rete. ord. reg. stock
vg
June 7 *Holders of reo. Apr. 18
Imperial Oil,reg. stk.(quar.
12340. June 1 Holders of rec. May 31
Coupon stock (quar.)12Mo. June 1 Holders of coup. No.21
Indiana Limestone. pref.(guar.)
lad June 1 Holders of rec. May 20
Ingersoll-Rand Co., corn. (guar.)
$1 June 1 Holders of rec. May 110
Common (extra)
8$731m250 June 1 Holders of roe. May lla
Ingersoll-Rand Co.. preferred
July 1 Holders of rec. June be
Inland Steel, corn. (guar.)
June 1 Holders of roe. Mar 1611
Inspiration Congo!, Copper Co.(guar.) Si
July I Holders of rec. June 180
Internat. Agrio. Corp.. prior pref.(au.)
144 June 1 Holders of rec. May 150
International Cement, common (quar.). Si June 28 Holders of rec. June 110
Internat. Combustion Eng.. pref.(qua?.) 134 July 1 Holders of roe. June 170
Int. Cont.Invest. Corp.oom.(guar.)- -- •25e. July 1
Internat. Equities Corp., class A (quar.) 873$c. July 1 Holders of roe. June 20
3640
Name Of Company
Pee
When
Cent. Payable
'Books Closed
Days Inclusivi.
Name of Company.
Miscellaneous (Continued,.
Internat. Harvester common (quar.)
6234e July 15 Holders of rec. June 25a
International Harvester, pref (guar.) _ _ _
1% June
Holders fo rec. May 44
Internat. Holding & Dev., common____ •10c. June 1 *Holders of rec. June 5
International Milling, 1st pref.(guar.)._ *1% June
*Holders of rec. May 22
Internat. Nickel of Canada, corn. (qu.).
20c. June 2 Holders of rec. June la
International Perfume. corn.(No. 1)__.
Holders of rec. May 20
25e. June
Internat. Proprietaries, Ltd.,(Montreal)
Class A (guar.)
650. June 1 Holders of rec. May 25
Internat. Safety Razor class A (qu.)
Holders of roe. May 10
60e. June
Class 13 (guar.)
Holders of rec. May
500. June
Class 13 (extra)
25e. June
Holders of rec. May 10e
International Salt
Holders of rec. June 15a
$1.50 July
International Securities Corp. of Amer
Common A (guar.)
Holders of rec. May 15
75e. June
Common B (guar.)
Holders of rec. May 15
12%c. June
7% preferred (guar.)
1% June
Holders of rec. May 15
Holders of roe. May 15
1% June
6Si% Preferred (guar.)
Holders of rec. May 15
1% June
6% Preferred (guar.)
50o. June
International Shoe. pref. (monthly)
Holders of rec. May 15
Preferred (monthly)
*Holders of rec. June 15
•50o. July
*Holders of rec. July 15
•50c. Aug.
Preferred (monthly)
*Holders of rec. Aug. 15
Preferred (monthly)
•500. Sept.
"500. Oct.
Preferred (monthly)
*Holders of rec. Sept 15
*Holders of rec. Oct. 15
•50e. Nov.
Preferred (monthly)
*Holden of roe. Nov. 15
"50e. Dec.
Preferred (monthly)
•500 Jan 130 *Holders of rec. Dee. 15
Preferred (monthly)
Holders of rec. May 15a
$1.50 June
International Silver. corn. (quar.)
'Holders of rec. June 15
545e. July
Interstate Hosiery Mills (No. 1)
*Holders of rec. May 20
'1% June
Interstate Iron & Steel, prof. (guar.).
Holders of rec. June la
Intertype Corp.. corn. (in corn. stock)._ /10 June 1
Holders of rec. June 15
July
$2
Intertype Corp., 1st pref. (guar.)
Holders of rec. June 15
July
Second preferred (guar.)
$3
*Holders of rec. June 20
July
Investors Equity Co., Inc., common...- *51
*Holders of rec. May 15
•25c. June
Iron Fireman Mfg.. common (quar.)*Holders of rec. June 15
•50e. July
Irving Air Chute (No. 1)
"76c.
Irving 011 Co., Ltd., pref.(No. 1)
"50e. June 29 *Holders of rec. May 31
Isle Royale Copper Co.
62%c. June 1 Holders of rec. May 23
Jaeger Machine, common (guar.)
•75e. July 1 *Holders of rec. June 15
Jefferson Electric (guar.)
•750. Oct. 1 *Holders of rec. Sept. 17
Quarterly
75c. July 15 Holders of rec. July 3a
Jewel Tea common (guar.)
$1
June 15 Holders of rec. June 3a
Common (extra)
175 June 20 Holders of rec. June 3a
Common (payable in corn.stock)
Johnson-Stephens-Shinkle Shoe (guar.). 62Sic June 1 Holders of rec. May 15
Joint Security Corp
fl
Aug. I Holders of rec. July 20
Corn.(payable In corn. stock)
Nov 1 Holders of roe. Oct. 20
Corn (payablein corn. stook)
Jones dv Laughlin Steel common (quar.)_ •51.25 June 1 *Holders of rec. May 13
June 1 *Holders of rec. May 13
•51
Common (extra)
1% July 1 Holders of rec. June 13a
Preferred (guar.)
•15o. June 30 *Holders of rec. June 20
Kalamazoo Vegetable Parchment(att.)
•15o. Sept. 30 *Holders of rec. Sept. 20
Quarterly
•15e. Dec. 31 *Holders of roe. Dee 21
Quarterly
1% July 1 Holders of rec. June 10
Kaufmann Dept. Stores., pref.(guar.)._
•6254e July 15 *Holders of rec. June 30
Kawnee Company (guar.)
•6234e Oct. 15 *Holders of roe. Sept. 30
Quarterly
.
Quarterly
•6234c Jan15 30 *Holders of rec. Dec. 31
*1214o July 1 *Holders of rec June 20
Rayne° Co.. common (extra)
/50 July 1 Holders of rec. JuneelOa
Kayser (Julius) & Co. corn
500. July 1 Holders of rec. June 20a
Kelsey-Hayes Wheel, corn. (guar.)
51.50 June 1 Holders of rec. May 10a
Kendall Co., pref.(guar.)
25e. June 1 Holders of ree. May 10,
Preferred (Participating dividend).51.25 July 1 Holders of rec. May 31a
Kennecott Copper Corp. (guar.)
Keystone Investing Corp., el. A (No. 1). •37340 June 1 *Holders of rec. May 20
•111
June 15 *Holders of rec. May 31
Kilburn Mfg.(guar.)
Kinney (G. R.) Co., Inc., new com.(qu.) •250. July 1 *Holders of rec. June 17
2
June 1 Holders of rec. May 20a
Preferred (guar.)
$1.75 July 1 Holders of rec. June 15n
Knox Hat, prior pref.(guar.)
$1.75 Oct. 1 Holders of roe. Sept. 16c
Prior preference (guar.)
75e June 1 Holders of roe. May 15a
Participating pref. (qua;.)
75c Sept. 3 Holders of rec. Aug. 15o
Participating pref.(quar.)
75e Dec. 2 Holders of roe. Nov. 15n
Participating pref. (guar.)
Kraft-Phenlx Cheese Corp.. corn. (au.)- 37%c July 1 Holders of rec. June 10a
1.6214 July 1 Holders of rec. June 10a
Preferred (guar.)
$1.34 July 1 Holders of rec. June 7a
Kreiger & Toll, American shares
250. June 1 Holders of rec. May 10a
Kroger Grocery & Baking. corn.(MO-.
July 1 Holders of rec. June 22a
$1
Kuppenheimer (B.) & Co., emu
1% June 1 Holders of rec. May 24a
Preferred (guar.)
Lake of the Woods Milling, corn.(guar.) "800. June 1 *Holders of roe. May 18
•1% June 1 *Holders of roe. May 18
Preferred (guar.)
•20c. June 15 "Holders of rec. June 1
Lake Shore Mines, Ltd.(quar.)
Lakey Foundry & Mach.stock dividend_ "e254 July 30 *Holders of rec. July 15
•e214 Oct. 30 *Holders of rec. Oct. 15
Stock dividend
62)ic June 15 Holders of rec. June 5
Lamson Jr Sevdons Co., corn. (guar.).
123ic June 15 Holders of rec. June 5
Common (extra)
*75e' June 30 *Holders of rec. June 19
Landers. Frary & Clark (ouar.)
•750. Sept. 30 "Holders of rec. Sept. 20
Quarterly
•750. Dec. 31 *Holders of rec. Dee. 21
Quarterly
50e. July 1 Holders of rec. June 15
Lane Drug Stores. Inc., cony. Df.(au)..
Langendorf United Bakeries
•50c. July 15 *Holders of rec. June 30
Class A and B (guar.)
•500. Oct. 15 "Holders of rec. Sept. 30
Class A and B (guar.)
•500. Ja 15'30 *Holders of rec. Dec. 30
Class A and B (guar.)
'87%c July 1 *Holders of rec. June 15
Leath & Co., pref.(guar.)
•87Sic Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
June 1 Holders of rec. May 15
Legare(P.T.) Co., Ltd.(Que.), Df.
(a)
Lehigh Portland Cement. prof.(guar.).- 1% July 1 Holders of rec. June 144
75c. July 1 Holders of rec. June 12a
Lehigh Valley Coal Corp. Pref. (guar.).
90e. June 29 June 13 to June 29
Lehigh Valley Coal Sales (guar.)
75c. June 1 Holders of rec. May 20a
Lehn & Fink Products, Inc., (guar.)...
150. July 1 Holders of roe. June 11
Lessings, Inc.(guar.)
10c. July 1 Holders of rec. June 11
Extra
75e. July 5 Holders of rec. June 15
Ley (Fred T.) & Co.. Inc.(qu.)(No. 1)
"Holders of rec. May 22
•50c. June
LIbbey-Owens Sheet Glass, corn.(qu.)*Holders of roe. June 14
•53.50 July
Libby. McNeil & Libby pref
Holders of rec. May 15s
Liggett&MyersTob.com.&oom. B (au.). $1 June
Holders of me June 20
15c July
Interstate Holding Co._.
Lincoln
Holders of roe. May 15
25c June
Lindsay (C.W.) Co.. Ltd., COM. ((In.).Holders of roe. May 15
1% June
Preferred (guar.)
*Holders of rec. May 15
•25e June
Lindsay Light, corn. (quar.).....,
*Holders of roe. May 15
*154 June
Preferred (guar.)
Holders of rec. May 154
600 June
Link Belt Co.(guar.)
Holders of rec. May 15a
Loblaw Grocerteriaa, Ltd., el. A (guar.) 12)40 June
Holders of rec. May 15a
1254c June
Class B (guar.)
Holders of roe. May 15a
15( June
Prior preference (guar.)
500 June 29 Holders of rec. June 14a
Eoew's, Inc., common (guar.)
234 July 1 Holders of rec. June 15a
Lord & Taylor, COMMOU (guar.)
'134 June 1 "Holders of rec. May 17
First preferred (guar.)
$2.50 June 1 Holders of rec. May 4
Ludlow Mfg. Associates (quar.)
*3734e June 15 "Holders of roe. June 5
Lunkentielmer Co., corn.(guar.)
•114 June 29 *Holders of rec. June 19
Preferred (guar.)
*IA Sept. 30 *Holders of roe. Sept.20
Preferred (guar.)
'I34 Dec. 31 *Holders of rec. Dec. 21
Preferred (guar.)
June 5 Holders of rec. May 23
Lyall(P.) & Sons Constr.(com.(stk.dIv.) /
2
July 1 Holders of rec. June 14a
$1
Macy (R. H.) & Co., Inc., com.(extra)
Malacca Rubber Plantations
Amer. dep. rcts. ordinary shares
"reni June 27 *Holders of rec. May 21
MallInson (11, R.) pref. (quar.)
lg July 1 Holders of roe. June 20a
Mangel Stores Corp.654% pf (qu.)
(No.1) 1% June 1 Holders of roe. May 15
Manhattan Shirt, common (guar.)
50e. June 1 Holders of rec. May 164
Marmon Motor Car. common (guar.)._ $1
June 1 Holders of rec. May 16a
Material Service Corp. (guar.)
*50c. June 1 *Holders of rec. May 15
Mathieson Alkali Wks., corn. (guar.) -50o. July 1 Holders of rec. June 7a
Preferred (guar.)
154 July 1 Holders of rec. June 70
June 1 Holden of rec. May 15e
May Department Stores. corn.(guar.)._ SI
June 1 Holders of rec. May 22
May Hosiery Mills. Prof.(guar.)
$1
McCahan (W. J.) Sugar Reg. & Molasses Co., pref. (guar.)
13i June 1 Holders of rec. May 234
McCrory Stores Corp., COM. A dr B (qu.)
50o. June 1 Holders of rec. May 20a
50c. July 1 Holders of roe. June 20a
McGraw-Hill Publishing, corn,(qu.) _
.June 1 Holders Of roe. May is
McIntyre Porcupine Mines (guar.)
•[Vol,. 128.
FINANCIAL CHRONICLE
loa
When
Per
Cell. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Conitaued).
McKesson ,k Robbins, Inc., pref. (qu.). 87340. June 15 Holders of rec. June la
Mead Pulp & Paper, pref.(guar.)
*134 June 1 *Iloiders of rec. May 21
Medart (F.) Mfg.-divldend omittedMelchers Distillers, Ltd.(Montreal)-Class A
500. June 15 Holders of rec. May 31
Menge Co., Prof. (guar.)
154 June 1 Holders of rec. May 15a
Mergenthaler Linotype (guar.)
$1.25 June 29 Holders of rec. June 50
Extra
50o. June 29 Holders of rec. June 5a
Merit Hosiery, pref. (No. 1)
.75e. June 1 *Holders of rec. May 20
Merrimack Mfg., corn. (guar.)
June I Holders of rec. Apr. 29
$3
MerrItt-Chapm.& Scott Corp., corn.(gu)
Holders of rec. May 15
400. June
Preferred series A (guar.)
154 June I Holders of rec. May 15
Metal Textile Corp. pante. Prof
*81)(c June 1 "Holders of rec. May 20
Meteor Motor Co. (guar.)
"50e. June 1 'Holders of rec. May 18
Metro-Goodwyn Pictures, pref. (guar.). 4714c June 15 Holders of rec. May 310
Metropolitan Paving Brick, corn. (qu.).
50c. June 1 May 16 to May 31
Preferred (guar.)
134 July 1 June 2 to June 30
Midvale Company (guar.)
75e. July 1 Holders of rec. June 15
Miller & Hart, pref. (guar.)
July 1 'Holders of rec. June 15
*87
Milnor. Inc. (quar.) (No. 1)
•250. July 1 'Holders of rec. June 15
Mining Corp. of Canada (interim)
1234c June 13 Holders of rec. May 30
MInneapolls-lIoneywell Reg., corn
*51.26 Aug. 15 ollolders of rec. Aug. 3
•1% Aug. 16 •Holders of rec. Aug. 1
Preferred (guar.)
•154 Nov. 15 •Flolders of rec. Nov. 1
Preferred (aim.)(quar.)
Mohawk Mining
$1.50 June 1 Holders of rec. Apr. 30
Monsanto Chemical Works (In stock).__ •1% Aug. 1 'Holders of rec. July 20
.1% July 1 'Holders of rec. June 20
Montgomery Ward & Co. class A (41.1.)
134 June 15 !folders of rec. May 31
Montreal Cottons, Ltd., common (qu.)_
June 15 Holders of rec. May 31
1
Preferred (guar.)
corn.(No. I) *25c. June 1 'Holders of rec. May 15
Morison Electrical
*90c. June 15 *Holders of rec. May 31
Morrell (John) & Co.(guar.)
Motor Products Corp., corn. (extra) - $5 June 8 Holders of rec. June la
Motor Wheel Co. (guar.)
50o. June 20 'folders of rec. June d5
%Brunie Gear Co., pref., class A (guar.) •50c. July I 'holders of rec. June 15
.500. Oct. 1 'Holders of rec. Sept. 15
Preferred, class A (guar.)
*50e. Jan l'30 *Holders of rec. Deo. 15
Preferred, class A (guar.)
75c. June I Holders of rec. May 17a
Munsingwear, Inc., common (guar.).50e. June 1 Holders of rec. May 17a
Common (extra)
30c. June 1 Holders of rec. May 22
Murphy (G. C.) Co., corn. (quar.)
July 2 *Holders of roe. June 21
•2
Murphy (G. C.) Co., pref. (quar.)
Oct. 2 Miolders of rec. Sept.21
Preferred (guar.)
•75c. July 15 *Holders of rec. July 1
Murry Corporation (qu.) (No. 1)
Corn.(payable In corn. stock)
'134 July 15 *Holders of rec. July 1
Muskgeon Motor Specialties. el. A (qu.) •50e. June 1 *IIolders of rec. May 22
"12
Muskegon Piston Ring (in stock)
June 15 'Holders of rec. June 6
'$4
Muskogee Co
National Bearing Metals, corn.(guar.).750. June 1 Holders of rec. May 16
Nat. Bellas.Hess. new corn.(guar.)
250. fitly lb fielders of rec. July la
New common (guar.)
25c. Oct. 15 Holders of rec. Oct. la
New common (guar.)
25e. Jan. 15 Holders of rec. Jan.2300
July 15 Holders of roe. July la
Stock dividend (quar.)
el
Oct. 15 Holders of roe. Oct. la
Stock dividend (guar.)
el
Stock dividend (guar.)
el
Ja.15'30 Holders of roe. Jan.2 *300
$1.75 June 1 Holders of rec. May 214
Preferred (guar.)
National Brick of La Prairie
Preferred (guar.)
134 June 15 Holders of ree. May 31
Si 50 July 15 Holders of rec. June 280
National Biscuit, corn. (guar.)
Nat. Dairy Products,com.(guar.)
37340 July 1 fielders of rec. June 3a
July 1 Holders of roe. June 30
/I
Common (payable In common elk.)
CI
Oct
I Holders of ren. Sept. 3a
Common (payable In eommon stock)
National Dept. Stores 2d pref. (guar.).- •134 June 1 *Holders of rec. May 15
41.75 Aug. 1 *Holders of reo. July 155
National Distillers, pref.(qu.)(No. 3)
National Family Stores, Inc., corn.(qu) 40e. June 1 IIolders of rec. May 20
500. June 1 Holders of rec. May 20
Preference (quar.)
Nat Fireproofing, pref.(gum.)
62340. July 15 Holders of rec. July 1
Preferred (guar.)
6234e. Oct. 15 Holders of rec. Oct. 1
National Food Products
2
Oct. 15 Holders of ree. Oct. 5
Class B (payable In class B stk.)
July 1 *Holders of rec. June 15
National Grocers (Toronto), 1st pf.(qu.) 4112
1% June 29 Holders of rec. June 14s
National Lead common (quar.)
1% June 15 Holders of rec. May 315
Preferred class A (guar.)
1% Aug. 1 Holders of rec. July 19a
Preferred class B (guar.)
National Lock Washer
Common (nayable in corn. stock)...' f33 1-3 June 1 'Holders of rec. Apr. 28
National Mfg.di Stores. 7% 1st pf.(q1.1.)• *134 July 1 *Holders of rec. June 15
50c. July 1 Holders of rec. June 3
National Sugar Re'rr. (guar.)
134 June 29 Holders of rec. June 100
National Supply of Del.. pref. (qu.)
•25e. June 1 *Holders of rec. May 31
National Transit
•25e. June 1 *Holders of rec. May 15
Neill Corporation common (guar.)
.$1.31 July 1 *Holders of rec. June 15
Nehl Corporation. 1st pref. (en.)
1 Si
Neild Manufacturing (quar.)
500. June 15 Holders of reo. June 1
Neptune Meter, CM913 A & B (guar.)
New Amsterdam Casualty (in stk.) --.- e50 July 15 Holders of rec. June 15
*3% June 1 *Holders of rec. May 17
Cordage common
New Bedford
•1 5( June 1 *Holders of reo. May 17
Preferred (quar.)
New Bedford Cotton Mills, pref.(qu.)-- *51.50 July 1 *Holders of rec. June 10
Newberry (J. J.) Co. common (quar.)... '2734c July 1 "Holders of rec. June 14
051.75 June 1 *Holders of ree. May 15
Preferred (quar.)
New Haven Clock, corn. (guar.)(No. 1) •373.4e July 1 "Holders of rec. June 20
New Jersey Bond & Shareholding Corp.
25c, June 1 Holders of roe. May 15
Investors corn.stock (No. 1)
Newmarket Manufacturing-Dividend o mitred.
750. June 1 Holders of roe. May 2Ia
Newport Co., cony. class Millie%)
N.Y. dr London Management pref.(qu) 75c. June 1 Holders of rec. May 20
*50c. June 28 *Holders of reo. June 13
New York Transportation (guar.)
*4334c July 1 *Holders of roe. June 20
Nichols Copper, class A (guar.)
•75e. Nov
1 *Holders of rec. Feb. 1
Nichols Copper Co., class B
60o, July 2 Holders of rec. June la
Nickel Holdings Corp.(quar.)
0114 June 29 *Holders of rec. June 19
Niles-Bement
pre. (qua;.)
-Pond,
•10o. June 1 *Holders of roe. May 20
North Amer. 011 Cons.(monthly)
North Amer. Provision, pref. (guar.).-- •134 July 1 "Holders of rec. June 10
A (qu.) *500. June 1 *Holders of reo. May 27
North Atlantic Oyster Farms, el.
15c. June 1 Holders of rec. May 10
North Central Texas 011. corn. (quar.)_.
516234 July 1 Holders of reo. June 10
North Central Texas Oil, pf. (guar.)
19c, June 1 Holders of rec. May 20
Northern Manufacturing, pref.(guar.) 190. Sept. 1
Preferred (guar.)
19e. Dee. 1
Preferred (guar.)
July 1 Holders of rec. June 7
52
Northern Pipe Line
134 June I Holders of rec. May 22
Ogilvie Flour Mills, pref.(guar.)
•500. June 15 *Holders of rec. May 15
Ohio 011 (guar.)
June 25 *Holders of roe. June 10
*610
011stocks, Ltd.(stock dividend)
75e. July 1 Holders of roe. June 100
Oliver Farm Equip., partie.stk.(qua;.).
$1.50 July 1 Holders of roe. June 10a
Series A prior pref. (guar.)
.37140 July 1 "Holders of roe. June 20
Oliver United Filters, B (qua:.)
July 1 Holders of rec. June 14a
2
Omnibus Corp., pref.(guar.)
Oshkosh Overall, pref.(qu.)(No. 1)--- *50c. June 1 'Holders of roe. May 20
134 July 15 Holders of rec June 291
Elevator. pref. (quar.)
Otte
13.4 Oct. 16 Holders of roe. Sept. 305
Preferred (guar.)
114 rn15'30 Holders of rec. Deo. 31a
Preferred (guar.)
Outboard Motors Corp.. class A (No. 1) '450. June 1 *Holders of rec. May 17
$1 July 1 Holders of rec. June 154
Owens Illinois Glass, corn. (guar.)
53 July 1 Holders of rec. June 15a
New pref. (covering two quarters)
•$1.50 June 1 *Holders of rec. May 15
Oxford Paper Prof. A (guar.)
25e. June 15 Holders of roe. May 31
Pacific Coast BIscult, common (qua..)..
250. June 15 Holders of roe. May 31
Common (extra)
08734c Aug. 1 *Holden of rec. July 16
Preferred (guar.)
*MM. July 15 *Holden of rec. June 30
Pacific Equities, Inc
•100. July 15 *Holders of rec. June 30
Extra
250. June 29 Holders of roe. June 12a
Packard Motor Car (monthly)
250. July 31 Holders of rec. July 12a
Monthly
12a
250. Aug. 31 Holders of roe.
Monthly
Extra
51.50 July 31 Holders of roe. July 12a
$1 JUDO 27 Holders of roe. June 17
Paraffine Companies (guar.)
e2 June 27 Holders of roe. June 17
Stock dividend
75o. June 29 Holders of roe. June 70
Paramount Famous Lasky Corp.(guar.)
Patine Mines & Enterprises (interim)... (s) June 28 holders of roe. May 310
50e. June 1 May 16 to May 31
Patterson-Sargent Co., corn. (No. 1)- - Pander (D.) Grocery Co., A (gtutr.):.-- 87340 June 1 Holders of rec. May 20
15 Holders of roe. May 31a
Penn Dixie Cement, pref. (guar.)
134
•25e. July 1 *Holders of rec. Jung 8
Peoples Drug Stores (guar.)
*134 June I *Holders of rec. June 1
Preferred (guar.)
supply.
Aug.
June
JUNE 1 1929.]
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
-- 62)40 June 1 Holders of rec. Apr. 305
Pennsylvania Investing Co.(guar.)
*37 34e June 30 *Holders of roe. June 18
Perfection Stove (monthly)
•3734c July 31 *Holders of roe. July 18
Monthly
"874c Aug. 81 *Holders of rec. Aug. 16
Monthly
.
03734c Sept.30 *Holders of rec. Sept.18
Monthly
•11734c Oct. 81 *Holders of rec. Oct. 17
Monthly
*3734c Nov.30 *Holders of rec. Nov. 18
Monthly
Monthly
'37)4c Dec. 31 'Holders of tee. Dec. 18
373ic July I Holders of rec. June 100
Pet Milk Co., corn. (guar.)
15j July 1 Holders of rec. June 10
Preferred (quar.)
Petroleum Royalties, pref.(monthly)
June 1 Holders of rec. May 25
- 1
% June 1 Holders of rec. May 25
Preferred (extra)
Phelps-Dodge Corp. new stk. (guar.)
75c. July 1 Holders of rec. June 4a
Phlllipe-Jonee Corp. corn. (guar.)
75e. June 1 Holders of roe. May 200
Phillips Petroleum (guar.)
37)4c. July 1 Holders of rec. June 14a
Phoenix Hosiery, let & 2d pref.(guar.)._ 1% June 1 Holders of rec. May 17a
Pierce-Arrow Motor Car. p1. ((Mari--- 14 June 1 Holders of rec. May 10a
Pillsbury Flour Mills,Inc.. corn.(guar.)
50c June 1 Holders of rec. May 15a
Pines Winterfront, new com.(qu.)(No. 1) •250 June 1 *Holders of rec. May 15
New corn.(payable in common stock). P02
June 1 'Holders of rec. May 15
Pittsburgh Plate Glass(quar.)
•500. July 1 *Holders of rec. June 10
Pittsburgh Steel. corn.(guar.)
July 1 "Holders of rec. June 24
*$1
Pittsburgh Steel Foundry, pref. (guar.) *$1.25 July 1 *Holders of rec. June 15
Poor & Co.. class B (guar.)
*373Cc June 1 *Holders of roe. May 15
Port Alfred Pulp & Paper, pref. (quar.)_ 1
June 15 Holders of rec. June 1
Powdrell & Alexander. Inc,Pref.(qu.)
$1.75 July 1 Holders of rec. June 14
Prairie Pipe Line (guar.)
75o. June 29 Holders of rec. May 310
Extra
50o. June 29 Holders of rec. May 310
Prentice-Hall, Inc., corn.(No. 1)
70o. June 1 Holders of rec. May 20
Participating stock (guar.)
75e June 1 Holders of roe. May 20
Pressed Metals of Amer.. prof.(guar.)
•13( July 1 *Holders of roe. June 12
Preferred (guar.)
•13( Oct. 1 *Holders of rec. Sept. 12
Preferred (guar.)
'1)4 Jan1'30 *Holders of rec. Dec. 12
Pressed Steel Car, pref.(guar.)
151 June 29 Holders of rec. June la
Procter & Gamble Co.5% pref. (guar.). 1% June 15 Holders of rec. May 25a
Pro-phy-lac-tic Brush, pref. (guar.)._
131 June 15 Holders of roe. May 81
Propper Silk Hosiery Mills corn.(qu.)--50c June 1 Holders of rec. May 20
Pure 011 Co. common (quar.)
3734c June 1 May 11 to June 5
Purity Bakeries, corn. (guar.)
The. June 1 Holders of tee. May 150
Quaker Oats Co., corn.(guar.)
July 15 *Holders of rec. July 1
"81
•1% Aug. 31 *Holders of rec. Aug 1
Preferred (guar.)
Ranier Pulp & Paper, class B (quar.) - •250 June 1 *Holders of recs. May 10
Class D (extra)
*25c June 1 *Holders of rec. May 10
Rapid Electrotype (guar.)
'3734c June 15 *Holders of reo. June 1
Raytheon Mfg.(Stock dividend)
•e5
June 1
Reeves (Daniel) Inc. common (No. 1)_. •30c June 16 *Holders of rec. May 31
es 1.82)4 June 15 *Holders of rec. May 31
Preferred(guar.)
Reliance Mfg., corn. (guar.)
•75c July 1 *Holders of rec. June 14
Remington-Rand Co., lot pref.(guar.)._ 151 July 1 Holders of rec. June 8a
Second preferred (guar.).
2
July 1 Holders of roe. June 8a
Remington Typewriter common (qua?.).•$1.25 July 1 *Holders of rec. June 8
First preferred (quar.)
1% July 1 Holders of rec. June 8a
Second preferred (guar.)
2
July 1 Holders of rec. June 8a
Republic Iron & Steel. corn. (quar.).
$1 June 1 Holders of rec. May lba
154 July 1 Holders of roe. June 120
Preferred (guar.)
Reynolds Metals, partic. pref. (guar.)._ *$1 June 1 *Holders of rec. May 15
•$1.6234 June 30'Holders of roe. June 14
Rich's, Inc., pref.(guar.)(No. 1)
Rio Grande 011
$1
July 25 Holders of rec. July Se
Rio Grande 011
$1
(r)
Hold. of rec. Jan. 5'80
rStook dividend
Oct. 25 *Holders of rec. Oct. 5
Root Refining, prior pro!.(guar.)
•450 June 1 *Holders of reo. May 16
Cumulative prof.(guar.)
•750 June 1 *Holders of rec. May 15
Rosy Theatres, class A (guar.)
•8734e June 1
St. Joseph Lead Co.(quar.)
Soo June 20 June 8 to June 20
Extra
25c June 20 June 8 to June 20
Quarterly
50e Sept 20 Sept. 10 to Sept 20
Extra
25o Sept 20 Sept. 10 to Sept 20
St. Louts Screw &Bolt,corn.(guar.) - 25e June I
r,
Iders of roe. May 26
Sally Frocks, Inc.. corn.(No. 1)
400 July 1 Holders of roe. June 15
Savage Arms, corn. (quar.)
50o June 1 Holders of rec. May 15a
*114 Aug. 15 *Holders of rec. Aug. 1
Second preferred (guar.)
Schettler Drug, class A (monthly)
• 112 3c June 15 *Holders of rec. May 31
Schiff Company, corn. (guar.)(No. 1)... 25e June 15 Holders of rec. May 31
Preferred (quar.)
1% June 15 Holders of rec. May 31
Schletter & Zander, Inc., corn.(No. 1)
*500 June 29 *Holders Of rec. June 15
Schulte Retail Stores Corp., corn.-Div. passed Scott Paper
Corn.(in stk.sub),to etkhrs.'approv.) /2
June 30
Corn.(in stk.sub]. to etkhre.' aPProv.) /2
Dee. 81
Scovill Mfg.(guar.)
July 1 *Holders of rec. June 20
"$1
Scullin Steel, pref. (guar.)
750 July 15 -Holders of rec. June 29
Sears-Roebuck & Co.
Quarterly (payable in stock)
Cl Aug. 1 Holders of rec. July 150
Quarterly (payable in stock)
el
Nov. 1 Holders of rec. Oct. 15a
Segal Lock & Hardware, corn. (guar.)_ _ 1234e June 15 Holders of rec. May 24
Selfridge Provincial Stores, Ltd.
Amer. deposit rots. for ord.shares.- * w314 June 7 *Holders of roe. May 18
Separate Units, Inc. (guar.)
July 1 Holders of rec. June 10
51
Extra
25e July 1 Holders of rec. June 10
Shattuck (Frank G.) Co.(quar.)
50e July 10 Holders of rec. June 20a
Sheaffer(W A.) Pen Co. (guar.)
Sept.19 *Holders of roe. Aug. 27
•$1
ewe July 1 *Holders of rec. June 3
Sheffield Steel. corn.(guar.)
Common (payable in common stock).. •fl
July 1 *Holders of ree. June 8
Common (payable in common stook)_ */ I
July 1 'Holders of rec. June 2n
*I% July 1 *Holders of rec. June 20
Preferred (guar.)
Common (payable in common stock).. ./1
Oct. 1 *Holders of roe. Sept.20)
*15 July 5
Shell Transport dz Trading, ord
350. July 1 Holders of roe. June 4a
Shell Union Oil, corn.(guar.)
1)4 June 1 Holders of rec. May 15
Sherwin-Williams Co. prof.(guar.)
Shubert Theatre common (guar.)
$1.25 June 15 Holders of reo. June la
-Boardman Publishing
Simmons
Preferred (guar.)
*75e June 1 *Holders of reo. MAY 19
40e. June 15 Holders of rec. May 81.
Simms Petroleum
Simon (Franklin)& Co.. prof.(guar.)._ 15( June 1 Holders of reo. May 170
Simons(H.)& Sons, Ltd.. corn.(No. 1)_
500. June 1 Holders of rec. May 17
Preferred (quar.)
151 June 1 "Folders of roe. May 17
Sinclair Congo'. MCorp.corn.(guar.)._
50e. July 15 Holders of reo. June 15a
Common (extra)
25e. July 15 Holders of rec. June 15a
Sixteen Park Ave., Inc., pref
3
June 1 May 16 to June 2
Skelly 011 (guar.)
50o. June 16 Holders of rec. May 15a
Sloss-Sheffield Steel & Iron, common
-D Ividen d omitt ed
Preferred (quar.)
*14 July 1 *Holders of roe. June 20
Smallwood Stone class A (guar.)
62340. June lb Holders of rec. June 5
Smith (Howard)Paper Mills, pref.(qu) 1)4 June 1 Holders of roe. May 21
Solar Refining
•$1.25 June 20 *Holders of roe. May 31
Southern Ice & Utilities. $7 pref.(guar.) $1.75 June 1 Holders of roe. May 15
$7 partici. pref.(guar.)
$1.75 June I Holders of roe. May 15
Southwestern Stores Prof. A (guar.)
•45e. June 1 *Holders of rec. May 15
Spalding(A. G.) Jr Bros., corn.(quar.)..
40e. July 15 Holders of roe. June 30a
151 June 1 Holders of roe. May 18a
First preferred (guar.)
2
Second preferred (quar.)
June 1 Holders of roe. May 18a
75e. June 29 Holders of reo. June 14a
Sparks-Withington Co. corn.(quar.)
June 29 Holders of rec. June 14a
$1
Common (extra)
e300 July I Holders of rec. June 17a
Corala011 (payable in corn. stock)_
134 June 15 Holders of rec. June 5
Preferred (Qum.)
151 June 1 Holders of rec. May 15a
Spear & Co., let & 2d pref.(guar.)
'12)4c June 1 *Holders of rec. May 20
Specialized Shares common (guar.)
•75e. June 1 *Holders of rec. May 20
Preferred A & B (guar.)
Spencer Kellogg & Sons. Ins.(quar.)... 400. June 80 Holders of roe. June 150
40e. Sept.80 Holders of rec. Sept. 140
Quarterly
June 25 Holders of rec. May 25
Standard Chemical, Ltd.(Toronto)--- $1
51
June 25 Holders of rec. May 25
Bonus
Standard Investing, corn.(qui (No. 1). p1)4 July 10 *Holders of rec. June 20
1)4 June 29 Holders of reo. June 180
Standard Milling, corn. (guar.)
1% June 29 Holders of rec. June 18a
Preferred (quar.)
8234e June 15 Holders of roe. May 15a
Standard Oil (Calif.) (guar.)
*824e June 15 *Holders of rec. May 18
Standard 011 (Indiana)(guar.)
823Ce June 20 May 28 te June 20
Standard Oil (Nebraska) (guar.)
250. June 20 May 28 to June 20
Extra
•82140 July 1 *Holders of roe. June 7
Standard 011 (Ohio). corn. (quar.)
1% June 1 Holders of ree.!June 7
Preferred (guar.)
3641
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
25c, June 15 Holders of roe. May 25,
Standard 011(N.J.)$25 Par frtk•(CPO -250. June 15 Holders of rec. May125a
$25 par value stock (extra)
1
June 15 Holders of roe. May.25a
5100 par value stock (guar.)
1
June 15 Holders of rec. May:(25,1
$100 par value stock (extra)
40e. June 15 Holders of Pao. May1108
Standard 011(New York) guar.)
Steinberg's Drug Stores pref.(guar.)____ 8714c JUDO 1 Holders of roe. May 20
'234 July 1
Stainite Radio(guar.)
•234 Oct. 1
Quarterly
Sterchl Bros.Stores, Inc., prof.(guar.)._ *131 July 1 *Holders of rec. June 15
Sterling Securities Corp. pref.(quar.)..._ 1% June 1 Holders of rec. MAY 18
H June 1 Holders of roe. May 18
Preference (extra)
Stewart-Warner Corp.
e2
Aug. 15 Holders of roe. Aug. 5
New $10 par stock (In stock)
Nov. 15 Holders of roe. Nov. 5
e2
New $10 par stock (In stook)
e2
2/16/30 Holders of roe. Feb.Ilk
New $10 par stock (in stook)
37)40 June 1 Holders of rec. May 15
Eitlx Baer & Fuller, coin.(guar.)
•373to Sept. 1 *Holders of rec. Aug. 15
Common (guar.)
•3714c Dee. 1 *Holders of rec. Nov. 15
Common (quar.)
.25e. June 1 *Holders of rec. May 15
Stromberg-Carlson Tele.Mfg.com.(qu.). 4
•750. July 1 *Holders of roe. June 15
Btroock (B.) Co. (guar.)
•75e. Oct. 1 *Holders of roe. Sept.16
Quarterly
•75e. Dee. 21 *Holden of roe. Dee. 10
Quarterly
$1.25 June 1 Holders of roe. May 10a
Studebaker Corp., corn.(guar.)
June 1 Holders of roe. May 10a
Common (payablein common stook)-- 11
Sept. 1 Holders of roe. Aug. 100
Common (payable In can.stock).... fl
Dee. 1 Holders of ree. Nov. 90
Common (payable in cam. Mock)._
11
151 June 1 HOldere of rec. May 10a
Preferred (guar.)
25e. June 15 Holders of rec. May 254
Sun Oilrro..couar(qua?.)
e Ced( rn.
q
1)4 June 1 Holders of rec. May 10a
Swan & Finch 011 Corp.. pref. (guar.).- *43%c June 1 *Holders of rec. May 10
•10
Swedish Match, corn. (final)
•5
Common (interim)
260. June 15 Holders of rec. May 310
Tennessee Copper & Chemical (quar.)
75e. July 1 Holders of rec. June 7.
Texas Corporation (guar.)
June 15 Holders of rec. June la
$1
Sulphur (guar.)
Texas Gulf
eam June 80 Holders of rec. June ba
Texas & Pacific Coal & 011 (in stock)
Thermatomic Corp. common (quar.)... •50c. June 1 *Holders of reo. May 22
June 1 *Holders of rec. May 22
*2
Preferred (quar.)
300. June 1 Holders of rec. May 230
Thompson (John R.) Co..(monthly)--•
*$1
Thomson Elec. Welding (extra)
ltt June 1 Holders of roe. May 20
Thompson Products. pref.(guar.)
151 June 1 Holders of rec May 20a
Timken-Detroit Axle. pref.(guar.)
750. June 5 Holders of rec May 20
Timken Roller Bearing, corn.(guar.)--June 20 *Holders of rec. June 5
Todd Shipyards (guar.)
134 June 1 Holders of rec. May 21.1
'Fruscon Steel Co.. pref.(guar.)
Tubize Artificial Silk class A & B (qu.) *$2.50 July 1 'Holders of rec. June 20
$1 July 15 Holders of reo. June 29
Tucketts Tobacco. corn. (guar.)
151 July 15 Holders of reo. June 29
Preferred (guar.)
Underwood Elliott Fisher Co.corn.(Qui $1 June 29 Holders of rec. June 12a
51.75 June 29 Holders of rec. June 12
Preferred and preferred B (quar.)
660. July 1 Holders of rec. May 81a
Union Carbide & Carbon (quar.)
*50e. June 1 *Holders of rec. May 17
Union Mills, corn. (guar.)
•134 June 1 *Holders of rec. May 17
Preferred (quar.)
$1.25 June 1 Holders of rec. May 18
Union Tank Car(guar.)
750. July 1 Holders of rect. June 10
United Aircraft & Transport. pfd.(qu.).
United Biscuit of Am.,corn.(guar.).
- 40e. June 1 Holders of rec. May 175
•750. June 1 *Holders of rec. May 15
United Chemicals. prof.(guar.)
25c. July 1 Holders of rec. June 70
United Cigar Stores of Am.corn.(qui-Unit. Cosmetic Shops, Inc.(qu.)(No. 1) *25e. July I *Holders of rec. June 15
United Electric Coal Co.. COCO.(qua?.).. 760. June 1 Holders of rec. May lb
$1
July I Holders of Tee. June la
United Fruit (guar.)
•50c. June 1 *Holders of rec. May 15
United Milk Crate. el. A (guar.)
•1M July
1 *Holders of rec. June 20
United Ple wuseWks prof.(qua?.)...
preferrer Dyr3
c
•1% Oct. 1 *Holders of roe. Sept.20
'154 Jan2'30113olders of rec. Dec. 20
Preferred(guar.)
United Realties. prior pref. (qu.)(No.1) •82)Sc June 1 *Holders of rec. May 11
1)4 July 2 Holders of rec. June 21
United Securities. pref.(quar.)
U.S. Cast Iron Pipe & Fdy., corn.(qu.) 50c. July 20 Holders of roe. June 296
50e. Oct. 21 Holders of roe. Sept.$041
Common (guar.)
50e. Jan20'30 Holders of roe. Dee. 81a
Common (guar.)
30o. July 20 Holders of rec. June 290
First & second pref.(guar.)
30o. Oct. 21 Holders of roe. Sept. 806
First & second pref.(guar.)
30o. Jan20'30 Holders of roe. Dee. 81a
First & second pref. (guar.)
June 1 Holders of rec. May 20
U.S. Dairy Products corn. class A (qu.)- $1
151 June 1 Holders of rec. May 20a
First preferred (guar.)
2
June 1 Holders of roe. May 200
Second preferred (guar.)
53.50 July 1 Holders of rec. June lb
U. S. Distributing, old preferred
53.50 July 1 Holders of rec. June ha
New preferred
*75e. June 10 Holders of rec. May 1
U. S. Freight (guar.)
•40e. June 30 'Holders of rec. June 15
U.S.reGypsum,corn.(guar.)
o
.)
•144 June 30 *Holders of me. June 15
Preferred
June 1 Holders of rec. May 216
U. S. Hoffman Machinery, corn. (guar.) $1
U.S. Leather, prior preference (g11.) -- $1.75 July 1 Holders of rec. June 100
U. 8. Leather
July 1 Holders of roe. June 106
Class A earth). & cony. stook (Go.).. Si
Oct. 1 Holders of roe. Sept. 10a
Class A partio. & eon,. stook (go.).. 51
July 1 *Holders of roe. June 20
'Si
U. S. Playing Card (guar.)
U. S. Printing & Litho., MM.(qua?.)... •$1.50 July 1 *Holders of rat. June 20
.
0134 July 1 *Holders of rec. June 20
Second preferred (guar.)
$1.25 June 15 Holders of roe. May 21a
U.S.Realty & Impt.(guar.)
U. S. Steel Corp., corn. (guar.)
134 June 29 Holders of rec. May 31a
260. June 11 Holders of rec. May 15
Utah Apex Mining
Equities Corp.. $5.50 Dr.stk.Utilities
$2.75 June 1 Holders of roe. May 15
Allotment certificates
•323to June 1 *Holders of rec. May 20
Utilities, Inc.. corn. A (guar.)
June 20 Holders of rec. May 31
$1
Vacuum 011 (quar.)
134 June 17 Holders of rec. June 14
Valvoline Oil common (guar.)
'134 June 10 *Holders of rec. June 1
Vapor Car Heating, Prof.(guar.)
•151 Sept. 10 *Holders of rec. Sept. 2
Preferred (guar.)
*134 Dee. 10 *Holders of roe. Dee. 2
Preferred (guar.)
*151 June 1 *Holders of rec. May 21
Vesta Battery pref.(guar.)
Holders of rec. June 10
(8)
Vick Chemical
Va.-Carolina Chemical, pr. prof.(guar.). 154 June 1 Holders of rec. May 17a
V.0. C. Holding Co., Ltd.
•w22% June 5 *Holders of rec. May 16
Amer. dep. rots, for ord. reg.
*te22/ June 5 *Holders of rec. May 16
4
Amer. dep. refs. for pf, reg. shs
•500. July 1 *Holders of rec. June 15
Vogt Mfg. Co.(guar.)
•35o. June 10 *Holders of rec. May 31
Volcanic 011 & Gas (guar.)
•ISo. June 10 *Holders of rec. May El
Extra
•35o. Sept.10 *Holders of rec. Aug. 31
Quarterly
•50. Sept. 10 *Holders of rec. Aug. 31
Extra
*35e. Dee. 10 *Holders of roe. Nov. 30
Quarterly
'Sc. Dee. 10 *Holders of rec. Nov. 80
Extra
1% July 20 Holders of rec. July 9a
Vulcan Detinning, pref.(quar.)
Preferred (acct. accum. dividends)... 64% July 20 Holders of rec. July fla
Preferred A (guar.)
134 July 20 Holders of rec. July 9a
Prof. A (acct. accum. dividends)
64% July 2 Holders of rec. July 96
Wagner Electric Co. common (quar.)
37/.5c June 1 Holders of rec. May 15
Wagner Electric, pref. (guar.)
134 July 1 Holders of rec. June 20
*151 July 1 *Holders of rec. June 20
Wahl Co.. pref.(Acct. mourn.div.)
Waltt & Bond, class A (quar.)
•50o. June 1 *Holders of rec. May 15
Class B (quar.)
'30e. July 1 *Holders of rec. June 15
37340. July 1 Holders of rec. June 200
Waldorf System, corn.(quar.)
200. July 1 Holders of rec. June 20
Preferred (guar.)
Walker(Hiram)-Geoderham &Worts,Ltd .Bearer shares (new stock) (guar.) _
25e. June 15 Holders of coup. No. 7
Registered shares (new stock) (quar.)
25e. June 15 Holders of rec. May 31
Waltham Watch, Prof.(guar.)
*134 July 1 *Holders of rec. June 22
*14 Oct. 1 *Holders of rec. Sept. 21
Preferred (guar.)
300. Jane 15 Holders of rec. June la
Walworth Co. common (guar.)
*75e. June 29 *Holders of rec. June 19
Preferred (guar.)
114 July 1 Holders of rec. June 17a
Ward Baking Corp. pref.(gum.)
Warner Bros. PIcturea. Inc., pf.(qui-55e. June 1 Holders of rec. May 240
Warren (Northam) Corp., cony. pf.(qu.) 750. June 1 Holders of rec. May 15
WaYagamack Pulp & Paper (qua?.).... 75o. June 1 Holders of roe. May 15
*87lie Jane 1 *Holders of rec. May 20
WaynePump,pref.(quar.)
wei Ira hn wcaA.uar pref.(guar.)
WEel ngtoo o
•50o. June 1 *Holders of rec. May 15
rS
lst
)
June 15 *Holders of rec. May 31
*5
*5
June 15 *Holders of rec. May 31
Jane 1 Holders of rec. May 15
Weeson Oil& Snowdrift, pf.(qu.)(N0.1) $1
Western Auto Supply, corn. A&B VW. 750. June 1 Holders of rec. May 20a
3642
[Vor.. 128.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company •
Books Closed
Days Inclusive
Miscellaneous (Concluded).
Western Canada Flour Mills, oom.(qu.) *35e. June 15 'Holders of rec. May 31
.1% June 15 *Holders of rec. May 31
Preferred (guar.)
Holders of rec. May lla
Western Dairy Products A (quar,)
$1 June
*Holders of rec. June 20
Western Grocer, preferred
*35.5c July
Holders of ree. June 150
l.
,( July
1
Western Reserve Investing. Pf.(qUa
Holders of rec. June 15a
Panic. pref. (quar.)
1% July
*Holders of rec. June 19
Weston Electrical Instrument,c1.A(qua.. •50c. July
Holders of rec. May 2
Westvaco Chlorine Prod.. corn.(No. 1)_ 33 1-3c June
•13.5 Aug. 15 *Holders of rec. Aug. 5
West Va. Pulp Ar Paper pref. (quar.)_
•
1% Nov. 15 'Holders of rec. Nov. 5
Preferred (attar.)
Wheatsworth, Inc., 8% pref. (quar.)
June 1 Holders of rec. May 15
2
Whitaker Paper Co., corn.(quar.)
*al 25 July 1 *Holders of rec. June 20
•15,4 July 1 'Holders of rec June 20
Preferred (quar.)
White (J. G.) Engineering. pref.(quar.) I M June 1 Holders of rec. May 15
White (J. G.) dr Co., Inc. pf.(quer.).-I Si June 1 Holders of rec. May 15
White Motor Co., corn, (quar.)
25c. June 29 Holders of rec. June 12e
White Motor Securities, pref. (quar.)
1.4 June 29 Holders of rec. June 12
Will & Baumer Candle pref. (guar.)._ _ 2
July 1 Holders of rec June 15
WIllys-Overland Co., pref. (quar.)
1% July 1 Holders of rec. June 15a
*Holders of rec. May 23
Wilson-Jones Co..corn.(gear.)
.50c June
'Holders of rec. May 23
Common (extra)
.25c June
Holders of rec. May 15
Windsor Hotel (Montreal) pref. (quer.). 1% June
*Holders of rec. July 15
Winged Hosiery (quar.)
•214 Aug.
•‘.4 Aug.
'Holders of rec. July 15
Extra
'Holders of rec. May 23
Winton Engine cony. pref.(quar.)
.75c June
Holders of rec. June 12a
Wilson & Co., pref.(acct. aceum. diva
hl M July
•1 yi June
*Ilolders of rec. May 25
Witherow Steel, tat pref. (quar.)
Second preferred (quar.)
*Holders of rec. May 25
June
*Holders of rec. May 15
Wolverine Tube, Prof. (quar.)
•IM June
Holders of rec. Apr. 25a
Woolworth (F. W.) Co., cont. (quar.)„ $1.50 June
Holders of rec. June 200
July
Wrigley (Wm.) Jr.. Co.(stock dividend) e5
Holders of roe. May 200
Monthly
250. June
Holders of rec. June 200
Monthly
250 July
Holders of rec. July 200
Monthly
25e. Aug.
Holders of rec. June 100
Yale dr Towne Mfg.(quar.)
July
Si
Yellow Cab of Newark (quar.) dividend o mitted
Yellow Taxi Corp. of N. Y. (quar.)_
75c. June 15 Holders of rec. June 1
Young (L. A.) Spring & Wire (quar.)
50c. July 1 Holders of rec. June I5a
Extra
25c. July 1 Holders of rec. June 15a
Zimmerknit, Ltd., pref.-Dividend pass ed• From unofficial sources. t The New York Stock Exchange tuts ruled that stock
wW not be quoted ex-dividend on this date and not until further notice •. The
New Tort Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stuck.
It Vick Chemical dividend Is one share Vick Financial Corp. for each two shares
of Vick Chemical stock.
/Payable In cominon stock. 0 Payable In scrip. b On account of accumulated
dividends
t Payable In preferred stock
I Utilities Power & Light dividends payable In cash on stock as follows: Common,
one-fortieth share common stock; class A, one-fortieth share class A stock; elm B
one fortieth share class B stock.
J Subject to stockholders meeting June 21.
▪ Coty Inc.. declared a stock dividend of6%. payable In quarterly Installments.
o British-Amer. Tob. dividend is 10 pence per share. All transfers received in
London on or before June 7 will be in time for payment of dividend to transferes.
p Electric Shareholdlags Corp. dividend payable In cash or common stock at
-100th of a share of common for each share preferred held.
rate of 50
g Payable in cash on common stock at rate of 1-32 ordinary share common for
each share convertible preferred.
r Rio Grande Gli etoek to be placed on a $2 per annum basis. The company has
declared $1 payable July 25 and Intends to declare another $1 payable on or before
Jan. 25 1930. The stock MO-lends are 1, shares on each 100 shares, the first
4
134% having been declared payable April 25 with the intention to declare a second
% payable on or before Oct. 25
s Four shillings per share payable at rate of exchange prevailing on fourth day
Preceding June 28. To be quoted ex dividend at the rate of 84.8665 per £ sterling.
equivalent to 10.9733.
1Subject to stockholders approval at meeting June 3.
•
u Holland Furnace dividend 6215% cash or 2% in stock.
,
o New York Stock Exchange rules Julius Kayser Co. be ex the stock dividend
on July 2.
to Less deduction for expenses of depositary.
z Alliance Investment declared a stock dividend of 4% payable in quarterly
Installments.
y Peoples Light & Pow. corn. A stockholders have privilege up to and including
June 1801 applying above dividend to purchase of additional com. A stock at rate of
1-60th share for each share held.
I Holders of Federal Water Service class A stock may apply the dividend to purchase of additional class A stock at rate of $25 per share, receiving 1-50th share
for each share held.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending May 24:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, MAY 24 1929.
NATIONAL AND STATE BANKS-Average Figures.
Dep.Other
Oth.Cash. Res. De
Gross
Gold. Including N. Y. a Id Banks and
Bk. Notes Elsewhe e. Trust Cos. Deposits.
Loans.
•
Manhattan5
Bank of U. S
251,644,200
Bryant Park Bank 2,005,900
Chelsea Exch. Bk. 22.559,000
Grace National_.. 18,385,900
Port Morris
3,816,700
Public National_ _ 132,655,000
Brooklyn
Nassau National
23,263,000
Pennies National _
8.200.000
$
$
5
65,000 4,816,400 36,630,900 1,708.300 252,195,000
91,500 169,500
2,061,900
148,100
22,259,000
1,859,000 1,327,000
3,000
77,900 1,517,300 1,845,600 15,849,700
34,000
93,300
3,385,400
217,300
29,000 1,907,000 8,313,000 15,191,000 133,542,000
107,000
5.000
348,000 1,767,000
122.000
571.0 0
437,000 20,707,000
52,000 8,000,000
TRUST COMPANIES-Average Figures.
Cash.
Loans.
ManhattanAmerican
Bk. of Eta. & Trust_
Bronx County
Central Union
Empire.
Federation
Fulton
Manufacturers
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N.!Mechanics
Res've Dep., Depos.Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
3
3
s
S
$
990,300
23,200 51,114,400
51,697,400 10,879,900
16,747,113
76,690
17,612,097
890,679
21,823,300
22,196.077
587,798 1,549,771
26,764,000 426,831,000
397,846,000 *42,171,000
73,496,800 *.5,342,400 3,118,700 3,574,200 74,918,900
193,762 18,773,313
207,891
1,410,194
18,536,206
13,808,900
257,800
14,413,900 *1,862,800
393,618,000 3,235,000 53,741,000 1,810,000 358,713,000
52,547,727
69,081,415 3,083,333 6,183,882
121,140,600
28,086,745
119,472,200
26,284,044
3,277,000 20,788,000
2,061,972 2,593,677
9.299.952
238.592
716,922
301,118
9,302,842
* Includes amount with Federal Reserve Bank as follows: Central-Hanover;
$39,211,000; Empire, $3,705,000; Fulton, $1,753,000.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARINGI HOUSE MEMBEIti
May 22
1929.
Changesfrom
Previous Week
May 15
1929.
May 8
1929.
$
$
$
$
86,550,000
86,550.000
86,550,000 Unchanged
Capital
116,024.000 116,024,000
116,024,000 Unchanged
Surplus and profits
Loans. dIsc'ts & invest'ts. 1,113,628,000 -5,285,000 1,118,913,000 1,116,895,000
663,016,000 -3,197,000 666,213,000 669,533,000
Individual deposits
123,674,000 -2,731,000 126,405,000 133,264,000
Due to banks
266,443,000 +1,655,000 264,788,000 268,899,000
Time deposits
6,537,000
-322.000
5,949,000
5,627,000
United States deposits_ _ _
-488,000
29,790,000
32,764,000
29,342,000
Exchanges for Clg. House
86,240,000
+5,595,000
81,372.000
Due from other banks..
. 86,967,000
-710,000
79,790,000
81.249,000
79,080,000
Reeve in legal deposit's
7,901,000
8,132,000
-33,000
Cash in bank
7,868,000
+269,000
467,000
1,527,000
736,000
Res've excess in F.R.Bk.
Weekly Return of New York City Clearing House.
Beginning with Mar.31'28 the New York City Clearing House
AssoCiation discontinued giving out all statements previously
Philadelphia Banks.
-The Philadelphia Clearing House
issued and now makes only the barest kind of a report. The
return for the week ending May 25,with comparative figures
new return shows nothing but the deposits, along with
for the two weeks preceding, is given below. Reserve
the capital and surplus. We give it below in full:
requirements for members of the Federal Reserve System
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
are 10% on demand deposits and 3% on time deposits, all
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MAY 25 1929.
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
*Surplus ce Net Demand
Time
Undivided
Deposits
*Capital.
Deposits
Clearing House
members of the Federal Reserve System the reserve required
Average.
Profits.
Average.
Members.
is 10% on demand deposits and includes "Reserve with
s
$
$
$
58,954,000
10,401,000 legal depositaries" and "Cash in vaults."
Bank of N. Y. & Trust Co--. 6,000,000 13,539,100
42,389,000
Bank of the Manhattan Co--- 22,250,000 42,559,300 177,075,000
Beginning with the return for the week ending May 14 1928,
50,818,000
Bank of America Nat. Ass'n- 1(34,340,900 *38,719,500 152,198,000
100,00(1,000 111,246,500 a881,324,000 162,1.17,000
National City Bank
the Philadelphia Clearing House Association discontinued show10,474.000
Chemical Bank & Trust Co-- h10,000,000 816,957,500 140,675,000
70,000,000 1115632,000 8717,865,000
92,129,000 ing the reserves and whether reserves held are above or below
Guaranty Trust Co
39,677,000
Chat,Phen. Nat. Bk.& Tr.Co 13,500,000 15,698,000 153,734,000
121,000,000 179,117,700 359,699,000
47,890,000 requirements. This will account for the queries at the end
Hanover Bank
12,100,000 122,294,700 178,598,000
32.644.000
Corn Exchange Bank
10,000,000 26,601,000 126,607,000
9,204,000 of the table.
National Park Bank
10,000,000 95,735,400
First National Bank
40,000,000 55,037,800
Irving Trust Co
1,000,000 1,550,500
Continental Bank
61,000,000 79,908,400
Chase National Bank
500,000 3,869,100
Fifth Avenue Bank
Seaboard National Bank... _ _ 11,000.000 16,614,400
25,000,000 77,498,400
Bankers Trust Co
5,000,000 6,533,400
U.S. Mtge. & Trust Co
Title Guarantee dr Trust Co_ 10,000,000 23,854,300
4,000,000 3,812,600
Fidelity Trust Co
3,000,000 4,160,400
Lawyers Trust Co
New York Trust Co
012,500,000 032,041,100
Farmers Loan & Trust Co.__ 10,000,000 23,212,700
30,000,000 28,625,000
Equitable Trust Co
Com')Nat. Bank dr Trust Co_
7.000,000 7,332,000
Harriman Nat. Bk.& Tr. Co. 1,500,000 2,840,300
Clearing Non-Member.
Mechanics Tr, Co., BayonneTotals
216,529,000
347,558,000
7,989,000
c567,319,000
24,593,000
116,936,000
d334,258,000
54,626,000
34,015,000
41,234,000
20,840,000
138,297,000
el06,862,000
1327,067,000
34,815,000
31,800,000
12,375,000
43,712,000
693,000
66,526,000
962,000
7,516,000
50,523,000
5,301,000
2,230,000
5,104,000
2,328,001)
19,736,000
21,299,000
41,985,000
3,268,000
5,141,000
3.341,000
5,605,000
531.100.900 945.808.300 5.354.808.000
795.077.000
600,000
817,200
•Aa per official reports: National, March 27 1929: State, March 22 1929; trust
companies. March 22 1929. 0 As of March 30 1929; h as of May 3 1929; i as of
May 4 1929;.1 as of May 151929; has of May 20 1929:1 as of May 21 1929.
Includes deposits In foreign branches:(a).309,156,000:(b) $112,864,000;(c) $14,
029.000; (d) $64,204,000: (e) $1,917.000; (1) 5117,5.54,000.
Week Ended May 25 1929.
Two Ciphers (00)
omitted.
Trust
Members of
0'. 11. System Companies.
61,500,0
Capital
Surplus and profits..... 194.594,0
Loans, discta. & Myatt. 1,040.182,0
38,776,0
Exch. for Clear. Hausa
Due from banks
90,000,0
Bank deposits
123,804,0
Individual deposits--- 623,679,0
206,798,0
Time deposIte
954.281,0
Total deposits
Res, with legal depos69,498,0
Res. with F. R. Bank_
10,253,0
Cash In vault"
79.751,0
Total res. & cash heldReserve required
Eaten reserve and cash
In vault
May 18
1929.
May 11
1929.
Total.
69,000,0
69,000,0
69,000,0
7,500,0
16,097,0 210,691,0 210,691,0 210,691,0
69,724,0 1,109,906,0 1,111.131,0 1,122,173,0
39,095,0
41,425,0
46.051,0
319,0
90,013,0 100,882,0
97.897,0
13,0
1,054,0 124,858,0 129,045,0 127,004,0
32,339,0 656,018,0 670,224,0 678,136,0
18.866,0 225,664,0 228,342,0 232,534,0
52,259,0 1.006,540,0 1,027,612,0 1,037,674,0
4,909,0
4,909,0
5,479,0
6,018,0
69,498,0
70,778.0
70,441,0
11,927,0
1.632,0
11,885,0
11,961,0
6,541,0
86.292,0
87.881.0
88.'723,0
• Cash In vault not counted am reserve for Federal Reserve members
JUNE 1 1929.]
FINANCIAL CHRONICLE
3643
Weekly Return of the Federal Reserve Board.
The following Is the return issued by the Federal Reserve Board Friday afternoon, May 31 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3601, 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 MAY 29 1929
May 29 1929.!May 22 1929.1May 15 1929. May 8 1929. May 11920. Apr. 24 1929.1 A pr. 17 1929.1AprtI10 1929.1 May 29 1928.
RESOURCES.
1
$
$
1
$
$
1
GloId with Federal Reserve agent,
1 315,181,000 1,318,551,000 1,329.117.000 1,309.905.000 1.317,449,000 1.279.901.000 1,288,060,000 1,273,428,000,1,122.150,000
Gold redemption fund with U.8. Treas..
70.573,000
64,051,000
68.466,0001
67.075.000
66,969,000i 61,196,000i 65.071000, 62.060.000
61.172,000
,
Gold held exclusively eget. F. R. notes 1,382.150,000 1,379,747,000'1,394.188,000 1,371.965.000 1,378.621.000 1,348.367.000 1,358.633.000 1,340,503,000 1.186,281.000
Gold settlement fund with F.R. Board
663,795,000 652.404,0001 654.848.000 678,058.000 671.114.000 682,613,000674,560.000 706.899.100 783.200,000
Gold and gold certificates held by banks. 777,779,0001 809,751,000 789.087.0001 790.924.000 762,295.000 767,601,000 746.290.000 727,360.000 637,466,000
Total gold reserve,
Reserves other than gold
2,823,724,000 2,841,902,000 2.838.123,000 2.840.947.000 2,812.030.000 2.798,581.000 2,779.483,00012,774.782.00 2.606.867.000
146,234,000, 166,229,0001 173,400.000 171,332.000 173,732.000 174,835.000 176,490.000 175,764,000 150,626,000
Total reserves
Ron-reaerve cash
Bine discounted:
Secured by U S. Govt. obligations_
Other bill, discounted
2,989,958,000 3,008,131,000 3,011,523,000 3.012,279.090 2,985,762,000 2,973,416,000 2,955.973.000 2,950,546,000 2,727,493,000
80,463.006
59,782,000
74,287.000
77,102,000
78.988.000
82,473,000, 85,517,000
83.981,000
78,317.000
1
536,177,0001 .502,558,000
454,017,000 *401,868000
512,837.000
401,762.000
525.814.000
436.208.000
547,996.000
437,833,000
541.251.000
433,262,000
533.992,000
460,304.000
540.454,000
423,078,000
634,482,000
309.309,000
Total bills discounted
BIllebought In open market
U.S. Government securitiee:
Ronde
Treasury notes
Oertlficates of Indebtedness
988,194,0001 904,4264000
117,919,000 137.986,000
914.599,000
146,107,000
962.022,000
157.181.000
985,829,000
170.421,000
974.513.000
141.175.000
994,296,000
141.027.000
963.532.000
157.317.000
943,791,000
303,988,000
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
56.407000
84,495.000
14.589,000
80.384000
84.478.000
15,868,000
51.602000
80.326.000
17.854.000
51.629,000
91.841,000
17,959.000
51.612,600
91,951,090
22,526.000
60,462,000
65,370.000
93,594,000
Total U. S. Government securitlee
Other securities (see note)
Foreign loans on gold
144.572,000
7,817,000
153,287,000
7.817,000
155,826,000
7,817,000
149.488.000
6,866.000
6,355.000
150.730.000
7,366.000
14.899,000
149.782.000
7.396.000
7,735.000
161,429.000
7,295,000
6.115.000
166,089,000
6,845,000
219.426,000
1090,000
Total bine and aecurities (see note).
Gold held abroad
Due from foreign banke (see note)
Uncollected Reme
Bank premises
All other resources
_ 1,258,502,000 1,203,516,000 1.224,349,000 1,281.912.000 1.329.245.000 1.280.601.000 1.310,162,000 1.293.783,000 1,468,295,000
1
727.000
722.000
725,000
572,000
726,000
725,000
724.000
723,000
723,000
655,928,000' 691,828,000 847,343,000 657,5116.000 707.771.000 680.417.000 803.693.000 661,234,000 630,675,000
58,761.000
60.013,000
58,761,000
56,739.000
58,729.000
58.761,000
58,739,000
58,733.000
58.739.000
8,543,000
8.319,000
7,780.000
8,576.0(10
8.358000
7,700.000
9.487.000
8.361,000
7,997.000
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other depoeits
5,034,892,060 5,056,798,000 5,235,041,000 5,097,565.000 5,164,887.000 5,080.665.000 5.214,086,000 5.054.053.000 4,936,317,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,331,194,000 2,324,511,000 2,365,508,000 2,389,214.000 2,410.358,000 2.350,084,000 2.379,774000 2.339.638,00712,407.607,000
611,242,000 655,232,000 736,019,000, 608.834.000 656,462.000, 643,581.000 748,167,000 624.251.000 594,069,000
156,446,0001 156,279,000 156,296,0001 156.179 000 155,958,000' 155,851.000 155,133,000 154.886,000 139,599,000
254.398,000, 254,398,000 254.398.000 254,308.000 254.398.000, 254.398.000 254.398.000 254.398.000 233,319,000
27,927,0001 26,824000
18,404,000
24.190.000
24.072,000
23,336,000, 22.9111.000
26,162,0001 25.262000
1,653,685,000 1,639,554,000 1,646,658,000 1,663,678000 1,663,639,000 1,652,561.000 1.653.228.000 1,657.719.900 1,593,319,000
1
2,285.870,0002.275,752,000 2,319,887,000 2,330.033,000 2.335,817.000 2.290.218.000 2,302,392.000 2.301,940 0002.357.324.000
15,366,000
22,847,000
19,291,000
45,455,000
30,854,000
4.721 000
33,892,000
28,635,000
13,678,000
8,085,000
9.327,000
6,362,000
7,326,000
9.856,000
10,163.000
8.340,000
7,238,000
6,106,000
21,873,000
23,850.1)00
20,111,000
19.156000
21,764.000
23,106,001)
32.309,000
25.837,000
23.308.000
Total Ilabilitlea
_ 5,034,892,000 5,056,798,000 5,235.041,000 5,097,565,000 5,164.887,000 5.080.665.000 5,214,086.000 5.054,053.006 4,986,317,000
Ratio of gold reserves to deposits and
1
F. R. note liabilities combined
70.8%
71.6%
69.9%
694%
68.9%
70.7%
70.0%1
69.0%
Ratio of total reserves to deposits and
F. It. note liabilities combined
74.5%
75.9%
73.8%
68.9,',
74.3%
75.1%
73.3%
74.3%
73.3%
Oontingent liability on bills purchased
1 385,754,000 381.751,000 367.498,000 355,195.000 349,257.000 345.317000 347.390,000 347 652,000 266,659,000
for foreign correspondents
•
Distribution by Maturities
$
$
54,291,000
1-15 days bills bought In open market _
73,110,000
97,597,000
66,626.0001 62.231.000
67.504,000
75,930.0001
94.551,000
80,073.000
762,915.000 718,591,000 739,927,000 787,922,000 806,101,000 803,341,000' 830,046.000 797,619.000 806,549,000
1-15 days bills discounted
495,000
1-15 days U. S. certif. of Indebtedness_
2.120,000
4,122,000
1,650.000
4,177,000,
5,010,000
4,759,000
5,450,0001
4,781,000
1-15 days municipal warrants
31,848,000
16-30 daye bills bought In open market.
31.118,000
73,528,000
28.011,000, 28.503,000
38.010,000
33,176,000
30,092.000
35,597,000
52,052,000
16-30 days bills discounted
45,644.000
35,865,000
44.024,000
45,367,000' 40,490.000
44.841,000
47,440.000
43.286.000
293,000'
16-30 days U. H. certif. of indebtedness_
35,000
10,997,000
4,000
102,000
16-30 days municipal warrants
100,000
1
31-60 day, bills bought in open market _
19,506,000
21,621,000
95,842,000
32,037.000, 34,266.0001
34,736.000
29,495.000
25,732.000
28,793.000
81-60 days bills discounted
84,852,000
71,402,000
53.093,000
68,185.000
72.492.000
67,741.0001 68,164,000
65,934,000
75,567,000
81-60 days U. S. certif. of indebtedness.
1,245,000
617,000
205.000
200.000
930.000
51-00 dap, municipal warrants
102,000,
102,000
101,000
101,000
61-90 days bills bought In open market.
10,080,000
10,265,0001
30,204,000
9,108.000
20,370.000
11069,000
13.048,000
9,902.000
9,557.000
61-90 days bills discounted
57,418,000
42.000.000' 35.767,000
28,907,000
41,955,000
43.969.000
37,587.000
41,501.000
40,778.000
61-90 days U. S. certif. of Indebtedness
120.000
6,000
51-90 dare municipal warrants
102,000
Over 90 daym bills bought In open market
2,194,000
1,872,000
6,817,000
1.938,000
2,111,000,
2,715,000
2,672.000
2,509,000
2.816,000
Over 90 days bills discounted
30,957.000
26,095,000
19,377.000
11,169.000
23,280.0001 20,735,000
13,641,000
16,563.000
19,354,000
Over 90 days certlf. of Indebtedness
8,435.000
8,907.000
78,475,000
20.756.000
9,418.0001
10.446.000
12,013.000
12.114.000
9,618 000
Over 90 days municipal warrants
300,000
300,000
300.0001
300,000
3(10.000
300,000
300,000
F. R. note, received from Comptroller
F. R. notes held by F. R. Agent
•
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates]
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
3,432,180,000 3,227,661,000 3,055,800.000'2,933.480,000 2,813,454,000 2.818,819,000 2,835,968,000 2.852,048000 2,787,272.000
1,358,362,000 1,161,597,0001 990,877,000 852,596,000 755,327,000 757,167,000 767,927,000 778,767,000 836.005,000
2,073,818,0002,066,0114,000 2.064,923.000,2080.884,000 2.058,127,000 2,061,652.000 2,068,041,000 2,073,281.000 1,951,267,000
372,895,000
100,092,000
842,194,000
1,057,853,000
1
376,295,000, 378,295,000 378,295.000 381,294,000 366,195,000 366,995,000 366,595,000 334,606,000
93,621,000
102,211,0001 80,710.000
66,965.000
89,649,000
92,793,000
94,219.000
92,059,000
840.045,000 870.112.000 839.551,000 841,936,000 820,913,000 831,416,000 819,868,000 673,923,000
999,891,000 1,017,200,000 1,076,961,000 1,106,891,000 1,070.905.000 1,085,927,000 1.074,128000 1,194,364.000
Total
-.2,373,034,000 2,318.442,000 2.346,317,000 2.386,866.000 2.424.340,0062,350,806,000 2,373.987.000 2.347.556,0002,316,514,000
*Re% ised figures'
-Beginning with the statement of Oct. 7 1925. two new
NOTE.
items were added in Order to
separately the amount of balances held abroad and 111110I1Ots due
10 foreign correspondents. In addition, the caption. "All other earning assets," previously madeshow Federal Intermediate Credit Bank debentures, was changed to
up of
'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
She discounts, acceptances and securitiee acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which. It was stated; are the Only Items Included
therein.
WEEK! Y STATEMENT oF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE RANKS AT CLOSE OF BUSINESS MAY 29 1929
Tiro ciphers (00) omitted.
I
Total,
Boston, New York, Philo
Cleveland , Richmond Atlanta. Chicago. St. Louts. Minneop KOri.CfStr. Dallas. San Pros
Federal Reserve Bank of
-RESOURCES.
S
S
3
$
1 $ -$
$
3
5
$
$
$
$
()old with Federal Reserve Agents 1,315,181,0 62,852,0 205,927,0 114,533,0150,679,0 33,758,0 86.943,0 279,877.0 21.308,0 56,122,0 38,629,0 21,055,0 183,498.0
66,969,0 12,590,0
Gold red*n fund with U.13. Treas.
9,694,0 9,226,0 4,993,0 3,535.0 4,461.0 6.746,0 5.6650 2,218,0 2,477,0 1,775,0 3.589,0
Gold held encl. aged. F. R.notes 1,382,150,0 75,442,0 275,621,0 123,759,0
26,973,0
22,830,0
Gold eettle't fund with F.R.Board 663,795,0 56,237,0 247,192.0 32,954,0 155,672.0 37,293.0 91,404,0 286,623,0 37,2370 58,340,0 41,106,0 23,765,0 187,087,0
72,142,0 14,476,0 14,685,0 72,340,0
22,130,0 33,749,0
36,888,0
Gold and gold ctfs held by banks 775,779,0 23,995,0 479,859,0 25,525,0 50,605,0 17,348.0 6.531,0 114,165,0 10,091,0 5.912,0 5,396,0 10.966,0 27,386,0
2,823,724,0 155,674,0 1,002,672,0 182,238,0 278,419,0
Total gold reserves
69,117,0 112,620,0 473,128,0 74,301,0 86,382,0 80,251,0 57,561,0 251,361,0
146,234,0 11,539,0
Reserve other than gold
41,484,0 6,881,0 10.271,0 7,519,0 7,268,0 25.867,0 8.901,0 2,436,0 4.802,0 5,152,0 14.114.0
2,969,958,0 167,213,0 1.044,156,0 189,119,0 288.690,0 76,636,0 119,888,0 498,995,0
Total reserves
83,202,0 88.818,0 85,053,0 62,713.0 265,475,0
82,473,0 6,195,0
Ron-reserve cash
39,350,0 2,052,0 2,964,0 4,992.0 5,679,0 7,670,0 3,762,0 1,392,0 1.739,0 2,900,0 3,778,0
Billsdhumunted:
See. by U. S. Govt. obligations 530,177,0 61,074,0 130,658,0 58,371,0 60,501,0 24,016,0 15,009,0 95,208,0 23,989,0 4,071.0 19,076,0 12,429,0 31,275,0
452,017.0 48,285,0
Other bills (Uncounted
63.768,0 37.906,0 35,143,0 33,957,0 56,389,0 54,056,0 27.168,0 12,767,0 37,497,0 12,054,0 33,027,0
988,194,0 109,359,0 194,426,0 96,777,0 95.644.0 57.973,0 71,398,0 149,264,0
Total billediscounted
51,157,0 16,838,0 56.573,0 24,483,0 61.3020
117,919,0 26,281,0
Bills bought in open market
11,649,0 10,041,0 9,921,0 4,734,0 7,982,0 12,989,0 1,118,0 2,876,0 5,892,0 10,325,0 14,111.0
U. S. Government socuritiee:
50,384,0
689,0
Bonds
155.0
585,0
548,0 1.152,0
15,0 19.937,0 7.125,0 4,545,0 7,756,0 7,813.0
64,0
84,965,0 1.794,0
Treasury note,
12,799.0 9,0810 27,112,0
657.0 3,124,0 4,883,0 6.500,0 3,964,0
3,411,0 11,640,0
9,223,0 1,350.0
Certificates) of Indebtedness
495,0 7,027,0
5,0
2,0
285,0
50,0
9.0
144 572.n 3033.0
134300 lnAnsn 97 nnmn
Total U. S. Gov't securities
1 orlon 1 1A1 n On ynm n IS non n 0 0K0 n ,
,KA n
11 050 n 11, 0
AA
[VOL. 128.
FINANCIAL CHRONICLE
3644
.
UR
RESOCES (Concluded)
d
Two Ciphers (00) omitte.
Total.
Boston.
5
7,817,0
Dthersecuritlee
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
Allother
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneay. Kan.City
Plata
New York.
$
402,0
$
1,915,0
$
$
$
$
$
$
$
2,000,0
$
1,500,0
Dallas. San Frau.
$
1,250,0
$
750,0
221,439.0 123,913.0 133,230,0 64,516,0 82,521,0 187,358.0 65,900,0 30,273,0 71,721,0 47,291,0 90,867,0
52,0
24,0
74,0
24,0
33,0
28,0
100,0
29,0
18,0
70,0
221,0
180,758,0 55,142,0 67,128,0 47,266,0 18,838,0 87,871,0 28,756,0 12,243.0 35,385,0 21,259,0 35,206,0
16,087,0 1,762,0 6,535,0 3,575,0 2,744,0 8,529,0 3,951,0 2,110,0 4,140,0 1.922,0 3,704,0
570,0
444,0
495,0 2,090,0
590,0
422,0
251,0 1.365,0
381,0
531,0
1,349,0
1,258,502,0 139,473,0
727,0
54.0
655,928,0 66,076.0
58,761,0 3,702,0
8,543,0
55,0
5,034,892,0 382,768,0 1.503,360,0 372,309,0 499,986.0 197,513,0 231,788,0 791,113,0 185,981,0 135,385,0 198,484,0 136,553,0 399.652,0
Total resources
LIABILITIES.
F. R. notes In actual circulation_ 1,653,685,0 142,314,0 274,542,0 146,550,0 208,507,0 66,091,0 130,569,0 307,265.0 57,973,0 62.148,0 65,936,0 36,526,0 155,264,0
Deposits:
.285,870.0 142,646,0 917,034,0 131,831,0 181,052,0 64,849,0 63,463.0 338,535.0 78,312,0 49,740.0 85.940.0 63,641,0 168,827.0
Member bank-reserve wort
973,0
400.0 2,513,0
789,0 1,443,0 2,421,0 1,247,0 2,409,0 1,074,0
97.0
1,749,0
251,0
Government
15,366,0
692,0
312.0
264,0
929
271,0
170,0
224.0
224,0
488.0
651,0
3.358,0
Foreign bank
502,0
8.085.0
639,0
222,0
, 88,0 1,270,0 2,134,0
185,0
185,0
37.0 7,833,0
9,101,0
114,0
21,873,0
65.0
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
&II other liabilities
931,242,0 133,385,0 183,826,0 67,804,0 65,062,0 343,143,0 81.791,0 51,068.0 86.446.0 64,302,0 179,661,0
162.795,0 51,191,0 63,419,0 43,548.0 18,131,0 79,951,0 28.495,0 10,923.0 31.604,0 21,816,0 34,166,0
56,264,0 15.303.0 15,121,0 6,177,0 5,393,0 19,543,0 5,230,0 3.067,0 4,277,0 4,444,0 11,252,0
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
775,0 1,331.0
7,235,0 1,779,0 2,768,0 1,494,0 2,079,0 4,769,0 1,672,0 1,097,0 1,135,0
2,331,194,0 143,464,0
611.242,0 65,203,0
156.446,0 10.375,0
254,398,0 19,619,0
27,927,0 1.793,0
Total liabilities
6,034,892,0 382,768,0 1,503,360,0 372,309,0 499,986,0 197.513,0 231,788,0 791,113,0 185,981,0 135,385,0 198.484,0 136,553,0 399,652.0
Memoranda.
62.2
79.8
61.3
76.7
59.5
78.5
55.8
73.6
57.2
67.6
86.6
Reserve ratio (per cent)
74.5
58.5
Contingent liability on bills purchased for foreign correspondls 385,754.0 28,250,0 119,673,0 36.648,0 38.939,0 17,561.0 14,888,0 52,299.0 15.270,0 9,544,0 12,598,0 12,598,0 27,486.0
P. R. notes on hand (notes rec'd
from F. R. Agent less noted in
.3-....son
,,,,.., gAn•ronn WI n02 n 29 war n 10 .GSA 21 vmx n nn 72A n R W1 0 100560 11_370.0 10.483_0 81.958.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAY 29 1929.
Federal Reserve Agent at-
$
$
$
$
$
$
5
$
$
$
$
822,936,0 208,613,0 354,012,0 192,157,0 276.262.0 464,081,0 96,583,0 142.368,0 143.566,0 74.741,0 367,562.0
398.665,0 26,060,0,113.470,0 107,951,0 113,940,0 126,080,0 29,710,0 70,164,0 66.260,0 27,732.0 150,340,0
1
424,271,0 182,553,01240.542,0 84,206,0 162,322.0 338,001,0 66,873,0 72,204,0 77,306,0 47,009.0 217.222.0
F.K.notes issued to F. R.Bank- 2,073,818.0 161.309,0
Collateral held as security for
F.P.notes issued to F. It. Bk.
Gold and gold certificates-- 372.895,0 35,300,0
100.092,0 14,552,0
Gold redemption fund
842.194.0 13,000,0
Gold fund-F.R. Board
1,057,853,0 135,562.0
Eligible paper
171.880,0
14,047,0
80,000,0
188,052,0
i
14.758,0 35,000,0
8,050.0 14.167,0
30,000,01 43.800,0 6,690.0 13,250,0
13,636,03 11,879,0 7.068,0 4.693.0 2,877,0 2,258,0 2,955.0 3,269.0 4,297,0 18,561.0
70,897,0 95,000,0 20,000,0 69,000,0 277,000,0 11.000.0 39,000,0 35,360,0 2,000,0 129,937.0
88.208,0,104,901.0 54,326,0 79,029,0 161,995.0 51,788,0 19.621,0 62,252.0 34,608,0 77,511,0
453,979,0 202,741,0 255,580,0 88,084,0 165,972,0 441.872.0 73,096,0 75,743,0 100,881,0 55,663,0 261,009,0
2.373.034.0 198.414.0
Total oollateral
Phila. Cleveland. Richmond Atlanta. Chicago, So. Louis. Mira:sap. Son.efro. Dacia. San From,
New York.
Boston.
Total.
5
$
Ttoo Ciphers (00) omiwed-P.R.noteereed from Comptroller 3.432,180.0 289.299,0
V.R.notes held by F.R.Agent-- 1,358,362.0 127.990,0
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 3635 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with
endorsement," and Include all real estate mortgages and mortgage loans heid 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. 'rhe number of reporting
banks is now omitted; in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank in the San
Francisco district, with loans and Investments of $133,000,000 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 MAY 22 1929. (In millions of dollars.)
Federal Reserve District.
Total.
Boston. New York' Phila.
'
Cleveland Richmond Atlanta. Chicago.'St. Louis. Minneap. Ran, City Dallas. San Frau.
Loins and investments-total
5
22.005
5
1.477
5
I
8,345
$
1,206
II
2,177
Leans
-total
16,187
1,101
6,209
890
7,144
9,043
464
637
3,024
3,185
5,818
376
2.951
2,867
184
192
1,647
235
5
$
$
$
s
5
s
$
Reserve with F. R. Bank
Clash in vault
Net demand deposits
Time deporting
Govement deposits
rn
Due from banks
Due to banks
*Subject to correction.
711
367
684
477
1,964
1,517
517
2,574
516
242
450
342
1,321
460
430
694
823
190
327
5091
1
148,
381 1
1,199
1,375
238
278
82
160
122
327
99
243
424
897
2.136
316
660
159
1361
703
195
125
234
135
643
1,140
996
104
212
318
342
74
84
65
71
327
377
88
107
70
55
109
125
94
41
376
267
93
16
767
69
77
14
129
29
37
11
40
10
246
otl
43
6
23
6
54
11
34
8
105
18
868
460
4
5,652
1,708
43
711
265
5
1,027
951
8
344
2401.
3
320
239
5
1.802
1,238
12
362
233
1
208
130
1
474
131
1
290
140
7
751
1.004
10
47
104
131
823
56
151
88
190
46
87
66
92
198
412
54
102
42
66
102
173
51
75
130
168
Rid
U.S. Government securities
Other securities
3.277
1,013
2,443
Invottmente-total
646
12,810
6,789
99
On securities
All other
675
IA
140
21
AR
Rd
a,
T1
.1.1
11
.10
15
47
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business May 29 1929,
In comparison with the previous week and the corresponding date last year
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U. B. Treasury-
May 29 1929, Matt 22 1929. May 29 1928.
$
$
$
265,927,000 261.034,000 175,986,000
19,426,000
10,117,000
9,694,000
275,621,000
247.192,000
479,859,000
271,151,000
190.111,000
505,125.000
195,412,000
301,221,000
400,216,000
1,002,672,000
41,484,000
966,387,000
47,672,000
896,849,000
31,805,000
1,044,156,000 1,014,059,000
Total reserves
40,075,000
39,350,000
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations- 130,658.000 136,387,000
60,938,000
63,768,000
Other bills discounted
928,654,000
19,524,000
194,426,000
11,649,000
197,325.000
27,441,000
321,895,000
59,506,000
155,000
12,799,000
495,000
155,000
18,409,000
2,120,000
4.863,000
4,231,000
25,894,000
13,449,000
1.915,000
20.684,000
1,915.000
May
Resources (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
29 1929. May 22 1929. May 29 1928.
221,000
180,758,000
16,087,000
1,349,000
220,000
187.965,000
16.087,000
1,306,000
219,000
171,666,000
16.563,000
1,813,000
34,978,000
Gold held exclusively ages. F.R.notes
Gold settlement fund with F. R. B ard_
Gold and gold certificated held by bank_
Total gold reserves
Reserved other than gold
Total bills discounted
Bills bought in open market
U.S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securities__
Other securities (see note)
Foreign Loans on Gold
246,180,000
75,715,000
Total resources
1,503,360,000 1.507,077.000 1,554,818,000
LfatififtlesFecrl Reserve notes In actual circulation
Deposits
-Member bank, reserve acct.
Government
Foreign bank (See Note)
Other deposits
274,542.000
917.034,000
1.749.000
3,358,000
9,101.000
275,051,000
913,102,000
3,202,000
1,635,000
8,741,000
339,236,000
932,742,000
4,716,000
2,915,000
8,968,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
931,242,000
162,795.000
56,264,000
71,282,000
7,235,000
926,680,000
170,704,000
56,202,000
71,282,000
7,158,000
949,341,000
154,244,009
44,086.000
63,007,000
4,904,000
Total liabilities
1,503,360,000 1,507,077,000 1,554,818.000
Ratio of total reserves to deposit and
84.4%
86.6%
72.1%
Fedl Reeve note liabilities combinedContingent liability on bills purchased
119,673,000 125,605,000
74,985,000
for foreign correspondence
247,365,000 416,379,000
Total bills and securities (See Note)... 221,439,000
-Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately the amount of balances held abroad and amounts due to
NOTE.
foreign correspondents. In addition, the caption "All other earning assets." previously made UD of Federal Intermediate Credit Bank debentures, was changed to
"Other securities." and the caption "Total earning assets" to "Total bills and securities." The latter term Was adopted as a more socurate description of the total of the
OlsoonnIacceptsnees and securities osoulred under the provisions of Sections 13 and 14 of he Fedval Reserve Am,which. it was stated,are the only items included therein.
JUNE 1 19291
FINANCIAL CHRONICLE
Vaulters'
New York City Banks and Trust Companies.
azette,
Wall Street, Friday Night, May 311929.
Railroad and Miscellaneous Stocks.
-See page 3632.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended May 31.
Sales
for
Week.
Range for Week.
Lowest.
Nights!.
Range Since Jan. 1.
Lowest.
Highest.
Par.I Shares. $ per share.
Railroadsper share. 5 per share $ Per share.
Baltimore & Ohio rightsi 76,200 174May 27 2..iNlay 31 1% May 2% May
100 82 May 31 85 May 28
Caro Clinchf dr 0___100
May 92% Feb
Canadian Pacific rights 31,600 414May 28 514MaY 31 4% May 7- May
Central RR of N J _ _100 1,000305 May 28 324 May 29 305
Apr 360
Feb
Chesapeake & Ohio rts. 15,300 26 AMay 27 28 ANlaY 31 23
May 2834 May
CC C & St Louls___100
10248 May 28 248 May 28 248
May 248
May
Preferred
100
10 108 May 31 108 May 31 104
Apr 108
May
Det & Mackinac pf _100
200 60 May 28 60 May 28 60
Mar 60
Mar
111 Cent leased line_ _100
80 74 May 31 75 May 31 7334 Apr 80
Feb
Market St Ry pref_ A00
100 10 May 31 10 May 31 10
May 15
Jan
N 0 Tex & Nies__ I00
120 148 A May 27 154 Nifty 29 130
Apr 156
May
Pennsylvania RR rights 155,800
%May 29
%May 25
41 May 2% May
Indus. &Misc.
Air-Way Elec Appl--• 10,600 38 AMay 27 4134May 29 3734 May 4834 May
Alleghany Corp
•120,500 31 May 27 33%May 31 2734 Mar 37% Mar
Preferred
100 3,000100 May 28 100%NIay 25 9934 Apr 10544 Feb
Receipts
3,000100%May 25 10034Nlay 28100
May 10014 May
Rights
151,500
34 May 27
%Nlay 29
A May
A May
Am Comin'l Alcohol__• 23,000 45%May 28 5034May 25 4312 May 55
May
Am Express ctfs
400309 May 31 322 May 27 309
May 332
May
Ara Hawaiian SS Co_10 10,700 36%May 29 3834May 25 2434 Mar 42
Apr
Am Rad & St San rights 421,000 134May 28 1%May 31 1% May 234 May
Am Rolling NIill____25 14,600 iO6h4May 28 113 May 25 10634 May 12134 May
American Stores
' 5,500 66 May 31 71 %May 25 66
3
Apr
May 85
Amer T &T rights
145,400 3 May 27 3TANlay 25 3 May 634 May
Anaconda Cirer rights 196,000 17 A May 27 20 May 29 I734 May 3534 Mar
Anaconda \ e & Cab • 2,500 68 May 31 73A May 25 68
May 8634 May
Assoc Appare Indus__* 1,200 491dMay 31 50 May 27 49% May 5514 Apr
Assoc 1)0 2d prat...10
300 94 May 31 96 May 25 94
May 110
Jan
Auburn Automobile__* 11,100 223%May 28 242 A NIay 25 221
May 255A May
Bandit Aviation
25,100 78 May 31 8344May 31 78
May 8334 May
Bethlehem Steel rights_ 13,000 234May 31 340lay 29 234 May 3% May
Bohn Alum & Brass..
• 5,600 11044May 28 119%May 27 11034 May 13634 May
Borg-Warner Corp_ ..-• 20,600 10734Nlay 31 24 ANlay 2510734 May 14334 May
Bullard Co
• 2,000 46 AMay 27 4814May 28 4634 May 5344 May
Cavanagh-Dobbs Inc.
• 2,800 2234May 28 26%May 25 2234 May 4234 Feb
Preferred
100
200 94 May 31 95 May 25 94
May 10534 Mar
Celotex
* 5,500 52 May 29 65 May 27 52
May 7936 Feb
Preferred
100
100 88%May 31 88%May 31 87
Apr 9334 Feb
City Ice & Fuel
* 3,300 53 May 28 54 A May 27 53
May 6234 Jan
Ches Corp rights
2,300 1414May 27 15 May 31 1334 May 15
May
Coca Cola class A __ --• 2,500 47%May 28 48 May 25 47% May 50
Feb
Consol Cigar pref__100
10 94 May 25 94 May 25 9234 Feb 100
Mar
Crosley Radio Corp..• 15,600 85%May 31 95 May 25 8514 May 25
Feb
Crown Cork & Seal__ _•
300 45 May 27 45 May 27 45
May 51
May
Curtis Pub Co
• 1,100 117 May 25 122 May 31 117
hlar 129
Star
Preferred
*
700 116 May 31 121%N1ay 25 11334 Mar 12134 May
Cushman's Sons pref *
10 110 AMay 31 11034Nlay 3110834 Feb 1 1534 Feb
Devoe & Raynolds rts__ 5,900
%May 29 2 May 25
% May 2% May
Dominion Stores
* 3,400 43 May 31 47 May 31 43 May 5314 Apr
Donlan Silk
• 1,400, 22 May 28 231f May 31 2014 Mar 283.4 Jan
El Pr & Lt pf etf full pd
100,
125
Jan 13534 Feb
Emerson Brant cl B..*
300i 4%May 29 5 Slay 25 4
Jan 13
Feb
Emporium Capwell ..•
20, 24%May 25 243(May 25 2434 May 38
Feb
Eng P S pref (5%).....*
500 94 May 25 1)6 Slay 28 95
May 9934 Feb
Evans Auto Loading-5 2,500; 5534May 29 59 May 25 55
Mar 7334 Mar
Fairbanks Co pref__ _25
170 11 May 27 1144May 27 11
Apr 35
Jan
Fashion Park Assoc...
,
800; 65%May 31 6645May 25 6434 May 72% Star
First Nat Pict 1st p1100
90 115 May 27 115 AMuy 2710434 Jan 11534 May
General Bronze
* 10,3001 57 May 27 60%May 25 5514 May 60% Slay
Gen 0 & E pf A (7)
-•
130 105AMaY 31 108 May 29 105
May 11634 Jan
Grand Stores pref_ _100
100108 May 28 108 May 28 107
Apr 16
Jan
Hayes Body
• 27,5001 4434May 31 60%May 27 4434 May 68% May
Helme (C1 W) pref_.100
30 132 May 29 132 ANlay 2912334 Jan 136
May
Houdaille-Hershey B.•
,
39 May 27 46 May 25 39
May 5234 May
lot Tel & Tel new__l00 73,300 78 May 27 8136May 25 78
May 943-4 Slay
Rights
135,700 2%Nifty 27 3A Nfay 28 234May
3% May
Interstate Dept Stores
Preferred ex-warr_ _ _
100 94 May 27 94 May 27 9134 May 97
May
KeLsey-llayes Wh rts
26,900 1 443.1ay 28 244May 25 13-4 May 334 May
Kendall Co pref
10 023 May 29 9244May 29 8934 Apr 96
Feb
Kimberley-Clark
800 4514Nlay 25 4734May 31 4534 May 5
034 May
Lehigh Valley Coal__ _• 8,600 21%May 28 24 May 29 19
Feb 28% Apr
Preferred
50 2,400 3834May 27 41 May 29 3434 Mar 41
Slay
Link Belt Co
300 52 May 28 52 May 28 52
May 61
Feb
Liquid Carbonic rights. 11.400
AMay 29 1 AMay 25
% May 234 May
Ludlum Steel pref._ _ _•
100i08 May 29 108 May 29 9834 Mar 108
May
McGraw-Hill Publica.•
800 413May 29 42 May 25J 413.4 May 48
Feb
Mexican Seaboard rts_ _ 29,000 1 ANlay 31 244May 29 IA May 2% May
Michigan Steel
•
100 95 May 29 95 May 29 95
May 105
May
Milw El Ry & Lt pf_100
40 104 May 25 104 May 25 101
Jan 109A Apr
Murrell (J) & Co
• 2,800 75AMay 31 7744May 27 7534 May 7
834 May
Motor Meter el A etfs_.
300 16%May 28 17 ANIay 27 1634 May 18
May
Air Transport.___• 24,500 37 AMay 31 4534 Nfay 25 3
Nat
734 May 48 4 May
4
Newport Co class A__50 2,500 47 A May 27 49% Nifty 31 43
M
5234 Star
• 2,600 93 May 29 104ANlay 25 93
Newton Steel
May 11144 May
Oliver Farm Equip_ _• 14,000 34 AMay 31 45%May 25 3434 May 6434 Apr
• 15,400 4944May 31 57 AN1ay 25 4934 May
Cony part
6934 Apr
Preferred A
3,600 93 May 31 96 May 25 93
May 993.4 May
55 16 May 28 25 May 31 13
Pettibone Mulliken.1
Mar 25
May
Phelps Dodge Corp_ _25 14,200 56%May 28 64 May 25 MA may 7
934 May
Phillips Jones Corp--• 5,200 51 Slay 31 63 May 25 41
Mar 73
May
Pirelli of Italy
6,500 5334May 29 5534May 25 5
034 Mar
280 97 May 27 98 May 27 9234 Feb 6534 Jan
100
Pitts Steel pref
98
Apr
300 9534May 25 95 ANlay 25 953.4 Jan 96
Pub Per N J pf (5)-- -•
Jan
Radio Corp pref B____• 9,900 7734May 31 79% May 29 74
Mar 8234 Apr
100 35 May 28 35 May 28 35
Rand Mines
Apr 3634
•
Republic Brass
800 423jMay 28 4834May 31 4234 may 5414 Feb
May
1,000 9344May 29 101 May 25 9334 May 111
Class A
May
Preferred
200 106 May 29 106 May 29 105
100
May 106
May
Ritter Dental Mfg....* 1,000 59 May 28 60%Nlay 27 59
May 60% May
Rossia In.surance rights 3,000 7% May 31. 10 May 25 734 May 1234 May
Sharon Steel lIoop____ 2,400 4134May 28 4214May 28 4134 May 4234 Slay
So Porto Itie Sug P1-100
40 126 May 28 126A May 29 125
Mar 135
Feb
Spa hung Bros
500 56 May 25 56A May 28 501
•
4 Apr 6314 May
Sparks Withington • 1,700245 May 29 254 May 27 1703.4 Apr 275
May
• 8,200 62 May 311 6434May 28 62
When issued
May 6734 May
Sperm Kellogg & Sons.*
400 36 May 28 38 May 27 3
534 Apr 43
Feb
•
Spicer Mfg pref A
700 47 May 271 47AMay 27 47
May 55% Mar
Timken Detroit Axle 10 5,400 23 May 31 25 ANlay 25 23
May 31
May
100 1,400 6 AMay 25 7 AMay 27 2
U S Express
Jan 10
Apr
100 10 100 163 May 27 169%Nlay 25l63
U S Steel new
May 186
May
233,579 3ANlay 271 4 May 25 334 May 614 Apr
Rights
United Air Transp____• 284,600 10134May 27422145lay 25 7
834 Apr162
May
50 3,500 77A May 28 85 May 25 6834 Apr 10944 May
Preferred
•231,300 58 AMay 27 63 Ahlay 25 5834 May
United corp
7534 May
• 23,900 45 May 27 45 AMay 25 45
Preferred
May 46
May
230 114i May 25 1414May 31 63-4 Apr 21
United Dyewood___100
May
30 101 May 28 101 May 28 100
Va El & Pow pf (0_100
Jan 101 A Jan
10 105 May 27 105 May 27 97
Vulcan Detln pre( A 100
Feb 110
Apr
100 03 May 28 103 May 2810034 Nlar 106
Walgreen Co pref_100
Mar
Warner Bros Pic new w I 57,900 5441May 31 01 May 27 5434 May 6234 May
100 5 May 25 5 May 25, 33-4 Feb 5
Wells Fargo & Co _1
Mar
%May 28 I May 25
West Dairy el B rts___ 17,100
44 May IA May
(May 31 83 May 25 6334 May 943.4 May
Westvaco Chler Prod _• 7,700 63
Wilcox-Rich class A .• 12,300 43 AMay 27 48%May 25 37
Mar 6134 May
• 20,100 41 ANlay 27 48 AMay 25 34
Class B
May 82
May
Woolw'th Co new w I 10 28.400 85 Slay 27 8844Nlay 25 85
May 943-4 May
•NO par value.
3645
(All prices dollars per
Banks-N.Y., Bid
Ask Banks-N.Y.- Bid
I 230 234 Public
America
! 287
Amer Unlon•_I 270 280
Rights
37
Bryant Parks. 435
945
Seaboard
205 212 Seward
Central
165
330 350 Trade.
Century
310
Chase
225
193
5 945 Yorkville
Rights
98 Yorktown.. 261)
Chath Phenix 94
Nat Bk& Tel 805 815
ChelseaEx new, 105 111
Brooklyn.
Chls'aE x.C'p A --Globe Etch' _ 400
Class 1 _ _ _ _ 720
Nassau
120 People's
116
Chemical
1200
170
88 Prospect
Continental'.I 184
44
Rights
48
Corn Exch.. 1190
194'
Trust Co,.
Fifth Avenue_ 3300 3700
6500 6600
New York,
First
750
Banca Comle
Grace
Italians Tr_ 415
Harriman_
1380 1410
260 270 Bank of N Y
Liberty
Manhattan* _ 850 880
& Trust Co_ 900
National City 378 382 Bankers Trust 159
Park
174 Bronx Co Tr
540
.1170
2.4
Rights
26 Central Union 398
550
165 County
Penn Exch....I 158
135 Empire
610
Port Nforris. '1125
share.)
Ask Tr.Cos.-N.Y. Bid
Ask
291 Equitable Tr_ 645 I 652
40 Farm L dr Tr_ 1840 1880
005 Fidelity Trust y550 650
2
05 215
170 Fulton
325 Guaranty.... 1030 1038
240 Int'IGermanIc 224 230
Interstate._ 368 372
Irving Trtrn 17112 7212
Lawyers Trust
Manufacturers
283
425 Murray Hill__ 305 325
760 Ni uu West- 375
600
chester)
405
185 N Y Trust__. 318 322
TImesSquare.l 168
173
Title Go & T 181
187
U S Mtge &T 1720 750
Rights
I 350 370
United State,4400 4700
430 Westchest'r Tn 1000 1100
920
162
405
MO
820
*State banks. 1 New stock. z Ex-div dend.
Brooklyn.
Brooklyn ____ 1035 1050
Kings Co__ - _ 3400 3600
Midwood____ 310 330
Ex-stock die. y Ex-rights.
New York City Realty and Surety Companies.
(All prices dollars per share.)
Bid
85
175
_
97
300
325
Alliance Wity
ArtaSurety new
Bond & NI 0_
New($20par)
Home Title Ins
Lawyers Mtge
Lawyers Title
& Guarantee 385
Ask
I
100 Lawyers Westchest NI dr T
186
Mtge Bond...!
jai N Y Title &
Mortgage..
375
333
U S Casualty.
New w 1_ _
395
Bid
Ask
325
170
365
180
Bid
N. Y. Inv't'rs
let pref
98
2d pref _
97
Westchester
69
Title & Tr _ 1160
68
450
108
Ass
180
470
112
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
int.
Rate.
June 151929... 434%
Sept.15 1929... 44%
Dec. 15 1929_ _ 44%
Asked.
Maturity.
Rate.
Bid.
Sept. 15 1930-32
Mar.15 1930-32
Dee. 15 1930-32
Sept. 1511)29
Dec. 15 1929
995133 100
992.22 99,132
991333 991333
3A %
3A %
344%
4 4i%
411%
96 42
,
961.32
96.32
99r
992333
Asked.
9603
96.
30
Nino
99"s,
99"s,
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
-
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. May 25 May 27 May 28 May 29 May 30 May 31
High
First Liberty Loan
33-3% bonds of 1923-47_ _ LowClose
(First 344)
Total sales 4051,000 units-.
Converted 4% bonds of High
1932-17 (First 45)
97
962332
97
37
96tios
963332
96"ss
69
96"ss
961332
96"ss
109
96"ss
96 32
,
961.32
137
Total sales in $1,000 units___
Converted 43-4% bonds( High
of 1932-47 (First 41(0)11_4w(Close
Total sales in 51,000 units__
Second converted 434% iligh
bonds of 1932-47 (First LowSecond 43-4*)
Total sales in $1.000 units_ _ _
{High
Fourth Liberty Loan
Low4%% bonds of 1933-38
Close
(Fourth 43430
Total sates in $1.000 units _ _ _
{High
Treasury
Low
444s, 1947-52
Close
Total sales in 51.000 unUs
High
1ow.
45, 1914-1954
Close
Total ta/stt In $1.000 units__
{High
(Low
334*, 1946-1956
Close
.
Total sales in $1,000 units __
(High
Low_
334s, 1943-1947
(Close
Total sales in $1,000 units__
High
Lrfv/..
334 . 1940-1943
,
Close
____
981,
32
981.32
981432
3
----___
____
981332
98332
98322
50
---____
__._
983.22
98332
Win
16
---____
____
981332
981•42
9S1.32
52
---____
____
OS".,
98033
981133
161
106,
32
1053.32
1053.32
86
1023.32
1021.32
1021.32
41
99tiss
99tiss
--__
99"s
____
6
953
.32 95"as
95"ss 951.32
.32 951,42
953
____
OS",,
,
930 33
981433
207
106.32
106
106 32
,
36
032
102
102"32
1023.32
29
99"ss
99",,
99",s
1
95"ss
951.32
951.32
TnInl &Mot in 11
____
9S",,
981.12
981,33
60
1061.22
1061.32
1063.32
2
1031.32
1031,33
1031.42
1
--_-
non ,,,,IL,
1
19
____
____
____
____
____
____
96"st
96.32
96422
56
-------_99332
Wen
982.22
50
_ __ _
__
991n
99
_98
9S1.42
042
9803, 1101A- 99
137
254 DAY.
106,331
1063.32
1061,21
105.331
1063.32
106.32
15
31
10333,,
1033,32
103
1031.21
1033332
103'.21
44
108
100"ss
100":1
100',
,
99"ss
100iic
100"ss
51
26
96"t
96'ss
961.4
96
9623,,
96.33
5
1
14
96",
953.32 95n3
961.3
95",s 95",
961.3
953132 95n3
95
8
Ii
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds wore:
5 1st 4 As
5 4th 434a
97032 to 971 32
95'ss to OS"..
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange wero 4.84 13-320
4.84% for checks and 4.84 27-3204.84 15-16 for cables. Commercial on
banks, sight, 4.843/ 04.84%; sixty days, 4.79%04.7934; ninety days,
4.77 A (4)4.77%, and documents for payment. 4.7934@4.7934. Cotton
for payment, 4.8:3 17-32, and grain for payment, 4.83 17-32.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90 9-160
3.90% for short. Amsterdam bankers' guilders were 40.15 A ©40.18 for
short.
Exchange at Paris on London, 124.04 francs; week's range, 124.08 francs
high and 124.04 francs low.
The range for foreign exchange for the week follows:
Sterling, ActilatCables.
Checks.
High for the week
4.85 1-16
4.84 11-16
Low for the week
4.84 27-32
4.84 13-32
Paris Bankers' Francs
the week
High
3 91%
3.91 1-16
Low for the week
3.90%
3.9034
Amsterdam Bankers' Guilders
High for the week
40.19%
40.2034
Low for the week
40.15%
40.18
Germany Bankers' Marks
High for the week
23.88
23.87 A
Low for the week
23.82
238034
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For
ialern
during the week of stocks not recorded bete. see preceding page.
-PER SHARE, NOT PER CENT.
AND LOW BALE PRICES
HIGH.
Saturday,
May 25.
Monday,
May 27.
Tuesday,
May 28.
Wednesday,
May 29.
Thursday,
May 30.
Friday,
May 31.
Sales
for
the
Week.
PIM SHARI
Rano. ifince Jan. 1.
On boots of 100-abets iota
Mohan
Looms
STOCKS
NEW YORK STOCK
EXCHANGE
PZR 8HARII
Rang.for P111140111
Yon 1928
11010411 I Mfolool
Par
Per Man
Railroads
ur Mare $
share per awn
$ per share $ per share $ per share Shares
21712 22411 64,800 Atch Topeka & Santa Fe-100 1954 Mar 26 22412May 31 18288 Marl 204 Nov
8
21518 2207
100 99 May 16 1034 Jan 7 10212 Jan1 10812 A01
14,400 Preferred
101 10114
10012 10012
100 169 Jan 2 19114 Feb 4 1574 Oct1 19113
.fay
18212 18312 2,700 Atlantic Coast Line RR
179 18212
100 1154May 27 133 Mar 5 1038June1 12518 Dee
11718 120 35,900 Baltimore & Ohio
*
11714 1205
77 Nov1 85 AN
100 78 May 29 8012Mar 20
1,000 Preferred
77
77
76
76%
6412May 8 72 Jan 2 61 June 8414 Jan
x8912 7112 8,600 Bangor & Aroostook
72
69
100 105 Ayr 4 11058May 20 104 DecI 11514May
140 Preferred
10712 10712
107% 109
58 FebI 91 Dee
4
100 85 Apr 4 1093 Jan 5
3,300 Boston & Maine
4
95
93
998
93
53% Ja: 77114 May
8
8084 6214 12,700 Bklyn-Manh Tran v t o_No par 6018May 28 817 Feb 25
8014 618g
82 Jan 955* Map
No par 83 May 22 925, Feb 1
vto
100 Preferred
87%
*85
*8514 875*
14% Jan 4778 Sept
1818 20% 7.900 Brunswick Term & By Sec. 100 18 May 28 4418 Jan 18
1818 1978
3214 July 6411 Nov
4
400 Buffalo dr Susquehanna_.100 543 Jan 26 85 Mar 2
*55 63
*80 65
38 Septl 63 Nov
100 5312 Jan 4 684 Mar 4
70 Preferred
56
55
58
*58
100 218 May 27 26978 Feb 2 1951:June 253 Nov
7
222214 225 8 16,500 Canadian Pacific
221 227
98 Sept 107% Mar
Caro Clinch & Ohio offs st'd100 97 Mar 28 10112 Mar 14
•9414 96
*9414 96
2188* Deo
100 195 May 20 230 May 4 17512Ju
214 219 22,200 Chesapeake & Ohio
21214 218
100 2131± Jan 18 216 Feb 27
Preferred
5% Jan
100 1112 Jan 2 195* Feb 4
12% -1,400 Chicago & Alton
12
s ,
i lir- 125* 121 12 1218 1218 127*
8
8
77 Feb 263 May
100 14 May 27 2514 Feb 4
1614 11,300 Preferred
16
1672 167g 14
4
165* 1414 1514 158 1614
37 Feb1 4814 May
Chic & East Illinois RR-100 28 May 20 43 Feb 4
32
*26
32 *28
32
33 *28
28
*294 40 *
58 Aug 7858May
100 50 May 20 an Feb 4
800 Preferred
50 5012
52
51
*48
53 *47
*45
55
*48
918 Feb 25 Dee
100 1234May 28 2378 Feb 1
1514 1614 12,300 Chicago Great Western
4
1612 1622 15% 161* 125* 1514 1518 168
*
2012 Feb 503 Dee
100 43I4May 27 635* Jan 31
12,900 Preferred
43% 46
7
47 473
4 4314 461* 43118 45 8 4484 465*
2214 Mar 4012 Apt
28 397 Feb 2
27114May
8
15,7001Chicago Mllw St Paul & Pao
2918 31
3018 275* 298
3014 3078 28
285* 3014
37 Mar 695* Not
4618May 28 6334 Feb 2
4778 5014 28.500 Preferred new
485* 4914 4612 4812 4612 4712 47 49%
78 June 9414 May
8,800 Chicago & North Weetern_100 8014May 28 9414 Feb 5
8212 85
8212 8012 8214 8014 8112 82
4
838
82
100 134 Apr 24 145 Feb 5 185 Dec 150 May
200 Preferred
*135 13812
13512 13518 *135 139 *13512 137
137 137
8
x11812 1213 11,600,Chicsgo Rook Isl & Paciflo-100 115 May 27 13978 Jan 19 106 Feb 139% Nov
115 1195* 1155* 119% 11914 12178
120 120
100 10514 Mar 27 10814 Jan 25 105 Dec 111% Ma7
1,000' 7% Preferred
x106 108
1075 1071, 10723 10758 1073 1078
*10712 108
4
4
100 9914May 31 10278 Feb 5 99 Dec 185 Map
700 6% preferred
x9914 9914
10118 10118 10118 10112 1001*1 10012 10012
100 101 May 28 122 Mar 5 105 Aug 126 May
800 Colorado & Southern
102
102
101 104 *104 108
105 105
102 103
67 July 85 Apr
8May 28 Si) Jan 25
100 703
40 First preferred
74
*70
74
74
74
7032 705* *70
*70
74
6912 Nov 85 May
100 64 Apr 22 7212 Mar 5
10 Second preferred
7112
*68
7111
7112 68 68
*68
7112 *88
*68
I
6'313 Dec 87% June
51 May 29 705, Jan 2
2,2001Consol RR of Cuba Pref-100
54
*52
53
53
51
5514 545* 543
551z
53
79 Dec 94 June
100 80 May 15 81 Jan 2
Cuba RR Pref
75
*138
75
*65 69 .65
70 *68
*65 68
100 182 Mar 26 20714 Feb 1 16314 Feb 228 Ant
8 0.800 Delaware & Hudson
191 1947
Stock
*188 189
189 1952
18712 18812 2186 190
8
121 12112 3,1001Delaware Lack & Western-100 12012May 13 13314 Feb 1 12514 Den 150 Ayr
121 122
12012 12112 12128 122
4
1212 122
5012 Feb 6684 Apt
8478 2,400 Deny & Rio CR West Pref.-100 5514 Jan 2 77114 Feb 21
64
64 Exhcnorle
60 *61
60 6314 59
64 64
478 Feb 4
3 Aug
8
6 4 Jae
3 Apr 9
600 Duluth So Shore & AtL_100
31:
*3
*314 31r *3
312
8
8
3
48 June
912 May
712 Feb 4
414May 25
100
600: Preferred
434
*4
412 Closed
4 *414 41g *4
414 45* *414 41
48s4June 7212 Dee
100 84 Mar 26 78 Mar 5
7114 7518 118,500;Erie
71
6812 71
7014 72
7314
685* 71
50 June 6378 Jav
100 67 Mar 26 6414 Feb 4
608 6012 4,500; First preferred
604 60% 5818 80% 5918 60
8018 1301* Memorial
4914 June 62 Jan
100 68 Mar 27 6014 Jan 5
200, Second preferred
58 I
56
.
2
2
58
.577 577
58
5912 1155
*55
*56
9312 Feb 11434 Nov
8'
1087 23,600 Great Northern preferred 100 101 May 28 11578 Mar 4
105
Day
10432 10512' 10114 10311 101 103 4 104 10612
2
9118 Feb 111% Nov
100 100 May 15 112 Mar 4
10312 10512 3,900 Prof certificates
102 102
100 100
10014 101 I 10112 103
2
43 Aug 617 Ma7
8May 27 69 Feb 4
3812 40 1 3,300 Gulf Mobile & Northern-100 323
3912 3912 3912 1Fjoliday
36
43
325* 42
43
1
99 Aug 109 May
100 91 May 29 103 Jan 3
2001 Preferred
4
933
*91
*90
91
91
91
7 Aug 1714 June
1112 Apr 20
7 Feb 18
800 Havana Electric 117...-NO Par
*9
1012
*9
*9
10
1011
9
9
51 Dec 7818 Sept
100 55 Feb 16 73 Apr 15
80' Preferred
_
*71
*73
•71
*73 _
73 n
100 375 Mar 26 460 Jan 22 340 July 473 Nov
80 flocking Valley
425 425
*402 425 *402 425 *405 425 425 430
5018 Dec 731g Apr
100 3412May 28 5818 Jan 5
4 5,800 Hudson & Manhattan
373
37
39
8 362ii 375
3412 377
39
4012 36
81 Oct9312 Apr
100 74 Apr 10 84 Jan 18
600 Preferred
•7714 78 I
74
75
76
*74
74 •70
76
74
*
4
100 13212May 27 152 Feb 1 13114 Jan 1481 MAY
43,500 lillnoleCentral
13312 1353
1321, 13314 133 13512
133 4 1332 13212 134
2
4
100 13314N/fay 31 14514 Feb 4 13012 Jan 147 May
100 Preferred
13312 13312
140 *130 140 *130 140 11133 140
*130
75 July 824 June
e mi 7712
10 RR Sec Stock certificates_ -- 75 May 15 8018 Feb 21
*75
7712 *7514 771, *7514 771z
75 75
29 Jan 02 May
81 8.900 Interboro Rapid Tran v t 2_100 24 May 31 5882 Feb 25
247
24
2414 2712 2412 28
245* 26
271a 28
8812 Mar 524 Nov
100 lot Rye of Cent America_100 43 Apr 1 59 Jan 26
•4212 4312
*4212 45 *4211 4312
43. 43 *4212 45
42 May 28 5912 Jan 25
10 Certificates
No par
*4018' 42 1
44
*4018 42
*42
42
44
42
*42
6978 Jan 82 May
100 7218 Apr 16 804 Jan 2
140 Preferred
*7312 74
7314 7312 7314 74
7311 74
*7314 7312 *
8
57 Mar
2 Mar
414 Jan 18
312 Jan 30
10 Iowa Central
100
*314 3%
314 314 •314 31z *314 312
*314 312
43 June 95 Nov
8
- 100 78 Mar 26 987 Jan 12
851* 3,500 Kansas City Southern
84
8 83
80
8014 7912 827
8414
8013 81
664 Aug 77 Apt
100 Preferred.
100 13414May 27 7012 Jan 15
88
*64
6414 6414 *84
85 *6412 6512
65
*54
841s Feb 118 Apr
50 7734May 29 10214 Feb 2
8 2,800 Lehigh Valley
79% 817
8
4
8012 772 827
2 80
3
7
2
827 83 2 807 807
4
2,100 Louisville & Nashville
100 13812May 28 15312 Feb 5 1393 Nov 15912 May
141 141
13812 139
2
1382 142
4
140 14014 1392 140
75 Jan 98 May
Manhattan Elevated guar.100 6018 Apr 25 87 Jan 3
68
*63
*63 68 *63 68 *63 88
*83 68
40 Jan 64 May
3,100 Modified guaranty
100 3112 Apr 8 5712 Jan 11
*3312 35
362 36% 3512 36% 3312 35% 33% 3412
2
7', May
818 Dec
418 Jan 22
214May 22
Market Street By
100
*vs 3
*214 3
*118 3
*118 3
4
3812 Dec 543 May
800 Prior preferred
100 20 May 28 394 Jan 4
21
21
2014 2012 2018
24
2514 20
28
26
612 May
178 May
314 Jan 19
2 May 22
8 2,900 Minneapolis & St Louls___100
218 23
218 218
212 *218 212
*2
40 June 623* Jan
1,200 Minn St Paul & 55 Marie_100 35 Islay 31 4714 Feb 4
s30
38
35
40
40 •32
1133
40
40
*38
7014 Dec 8784 Mat
Preferred
100 13812May 20 87 Jan 23
75
*65
75
71
*85
65 75 •65
75 *
*135
60 Dec 7112 Jan
.5812 61
10 Leased lines
100 6712 Apr 10 60 Jan 25
5712 59 •5812 13012
*59 81
61
*59
3012 June 58 Dec
4618 4912 39,100 Mo-Kan-Texas RR--__N par 4212 Mar 26 65 Feb 4
435* 41312 45% 4778
44% 47
4812 47
100 102 Apr 9 10712 Apr 25 10112 June 109 Feb
1,100 Preferred
104 104
10212 102% 10214 102% *103 10311 10318 10412
4178 Feb7614 Sept
864 8938 27,400 Missouri Pacific
100 6212 Jan 4 9612May 20
83% 8912
8478 811g 84
84% 8612 80
8
4,800 Preferred
100 120 Jan 2 13838May 20 105 Feb1267 Dee
13118 135
132 13212 132 13478
131 133
133 134
8212 Au
10 Morris & Esau
78 May 28 86% Jan 17
82
'78
78 •78 82
78
82
*78
82
*78
;
84 4.1 n
100 Nash Chatt & St Louis-100 186 Jan 29 204 May 21 17112 Aug 2091 l
200 200
14 19912 19912
19814 198
*19814 208 *19814 200
54 Apr
2 Feb
318 Jan 26
134May 28
600 Nat Bye of Mexico 2d pre:_100
2
*18
15* 134
4
184 18
172 178
*172 2
Nov
86,700 New York Central
100 1784 Mar 26 2044 Feb 1 156 Feb 196.2 May
18712 196
18814 191
180 18412 181 186
18414 188
1,600 N Y Chic & St Louis Co---100 12818 Mar 26 145 Feb 3 12114 Oct 146 Jan
134 135
130 131
132 135
132 132
133 134
500 Preferred
100 100 May 28 1094 Jan 4 10412 Aug 110 Ayr
'103 106
100 105 *10212 105
*105 106 •105 106
48 N Y de Harlem
50 285 Mar 26 379 Jan 8 168 Jan 605
296 305
*28034 298 296 296 290 290 290 295
8
543 June 8214 Dee
N II dr Hartford
100 80% Jan 4 107I2May 31
z10214 10713 200,300 NY
4 985* 1008 10114 10414
4
97
9912 955* 988
11432 Jan 2 11934 Apr 27 112 Sept 117 MaY
1.300 Preferred
118 118
*11714 11712 117 11714 11872 11784 11712 11712
24 Feb 89 May
100 24 May 28 82 Feb 4
8,700 N Y Ontario & Western
2414 26
2414 26
25
25
25
5
2412 25 * 24
514 Jan 13 Ma/
8
97 Feb 21
4 May 9
400 N Y Railways pref____No par
478
*4
8
47
*4
4
4
41: 412
*412 47
8
2312 Dec 43 July
41 Jan 30
90 N Y State Bps pref
100 1418Msy 2
*1412 17
*1812 22
1734 1812 171* 1712 1418 14%
32 June 58 Nov
484 Feb 4
100 33 May 2
800 Norfolk Southern
37
37
36
3412 34
33
37
84
4,3713 38
213 May 29 ;75 June 19812 Nov
100 191 Jan
x20912 21212 11,300 Norfolk Jr Western
20012 202 200 202 200 205 205% 213
8714May 14 80 Oct 90 June
190 Preferred
100 83 Feb 1
*8512 87
88
8514 8514 85
*85 87
813
88
924 Feb 118 Nev
4
2 1141 Mar 6
100 9512May
1008 103 12,500 Northern Pacific
*
984 9814 102
98% 100% 9512 984 97
2
901 Feb 115 Nov
112 Feb 2
100 96 May 27
99 10188 13.900 Certificates
9838 965* 9712 96% 9978
96
9812 99
1913 May 3478 May
43 Feb 28
Pacific Coast
100 20 Feb 1
20 40
•
40
40 •20
*20
40
7120
40
*30
40 Aug 70 Jan
32 Mar 27 60 Mar 2
preferred
100
First
41
*38
41
41 •
*38
41
41
38
•38
1738
2012 Aug 39 May
40 Feb 28
100 214 Jan 1
Second preferred
•30 32
32
*30
32 •30
32 •30
30% 1730
6}7s June 7878 Dee
s
60 724 Mar28 835 Apr 25
2
71314 777 40,800 Pennsylvania
7578 7414 7514 7512 7772
8
75 4 78% 75
25 Mar 87 MU
8
847 Feb 1
300 Peoria & Eastern
100 2712May 2
30
.25
271* 285* 1125
30
1126
30
1720
30
1744 Feb 1 12478 Feb 164 Nov
100 148 Jan
*155 1841s 1,000 Pere Marquette
8
157 157
159 183 *
155 155
*155 160
96 001 10114 Mar
100 Mar 22
4.0612 97
100 98 Jan
50 Prior preferred
96
9814 98
9814 *98
96
*98
9814 •
92 Nov 10034 Mar
97 Jan 8
100 Preferred
100 92 Mar 1
95
•93
95
*94
94 *94
95
94
*94
95
50 Nov 6618 Aug
60 4912 Apr 18 61 Apr 12
Phlia Rapid Transit
50 -•
1750 -53
50 Mar 181
20 Preferred
50 4912 Apr 19 60 Jan 2
'4912 51
1
*4911 51
4918 51
00%
4912 4912
's 0 1
14912 51
4
1
/
100 12588May 28 148 Jan 10 12114 Feb
126 127% 1,900 Pittsburgh & West Ya
12712 127% 12612 12618 1255 127
1271: 129
9414 Feb 119% Mal
50 10112May 27 11712 Feb 11
12,600 Reading
'
105 108%
102 1037 10314 1077
*106 107
10118 105
a
2
4112 Nov 46 AN
May 18
50 4112 Apr 22 44
100 Finn preferred
•4212 43%
*41% 45 *42
43% *4214 4312 4212 4212
8
44 Jan 697 May
5
50 4318May 21 48 4 Feb 6
700 Second preferred
4418 4418
44
4
4423 44
432 44
*43
4414 4412
50 Feb 77 DSO
100 6318 Mar 21 MN Apr 6
Rutland RR prat
*8118 8518
*6118 6512 *6118 6518 *
614 6518 •13118 6518
:May 20 125 May 20 109 Feb 122 Mat
17,000 St Loulo-San Francisco-100 1091
x11212 116
11312 11112 113% 11114 11322 11324 117
11212
4
2
94 Dee 101% Map
100 93% Mar 28 96s Feb 9
1,800 1st pref paid
9312 94
9314 941
941
2
937 94
94
9322 9372
674 Fe
9014 10,600 St Louis Southwestern...._100 82 May 27 116'g Feb 4
87
82 8514 8314 85
86
85
887s
86
89 I uly IS Jai
100 874 Apr 10 94 Apr 26
500 Preferred
90%
•90
90
*85
90
90
90. 90
4
901
90
$ Per share
20514 209
101% 101%
17818 179
11618 117
*78% 77
70
89
*
*109 111
9314 9314
63 83
*8412 8578
2284 23
6018 6012
58
*56
223 223
96
•95
20714 208%
$ Per share $ per share
204 20714 2045* 20812
101 101% 101 101
178% 17812 178 178
11518 117
11518 11784
*7614 77
*7614 77
138
68
6512 67
109 109 *109 110
9212 9212 92 92
6114 6412 6018 81%
84
*8413 • 8578 84
18
20%
22
20
6014 6084 *60 604
*BO
68
58
*56
218 22284 2185* 221
*9414 96
*9414 96
20614 2077 20614 213
s
ao
"• S
ao
•Bid and asked prices. no sales on Mb day. z Ex-dividend. y Ex-r1ghta.
New York Stock Record-Continued-Page Z
3647
For sales during the week of stocks not recorded here, see second page precedlog•
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday,
Monday,
Tuesday,
May 25. 1 May 27. I May 28.
Wednesday,
May 29.
Thursday.
May 30. 1
Friday,
May 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I.
On basis of 100
-share tots
PER SHARI,
Range for Previous
Year 1928
Leweet
Highest
Lowest
MOWS
$ per share $ per share i $ per share S per share $ per share 5 per share Shares
Railroads (Con.)
I
per sitar. $ per ariare
Par
per share I per 'hare
1512 1534 15
1512 *13
15 .13
15
0 1212 15
1,400 Seaboard Air Line
15 May 27 211 Mar 6
100
/
4
111 Mar 3012 Jan
/
4
.20
2112 193 20 I 1914 20 .19
8
20
•15
1912 1,300
Preferred
100 1812Nfay 6 244 Mar 5
17 Aug 38
Jan
127 128141 1254 t27'4I 1243 12714 127 13014
4
12814 1313 17,900 Southern Pacific, Co
4
100 124 Mar 25 1383 Feb 2 1173 Feb 1311 May
8
,
4
13812 139
138 1383 138 139
4'
139 143
139", 144
10,500 Southern Railway
100 138 May 27 1583 Feb 1 13912 Feb 165 May
8
.
97 1 .96
96
97
97 .96
95
/ 95
1
4
/
1
4
95
95
300 Preferred
100 95 May 31 99 Jan 3
964 Sept 10214 Jan
/
1
122 12278 .112 130 .120 131
120 120
125 125
320
Mobile & Ohio certlfs
100 104 Apr 4 14078 Jan 14 100
Jan 15912 Jan
•165 175
160 160
155 160
159 159
•160 170
800 Texas ,te Pacific
100 155 May 28 1)..1 May 2
9912 Jan 1943 Oct
2
•14
1713 .14
17
17
17
16
16
16
1612
800 Third Avenue
100 1334Nlay 9 39 Feu 25
284 Jan 4614 May
.
48
46
.45
46
45
45
43
43
43
43
400 Twin City Rapid Tranalt 100 43 May 29 5814 Jan 25
3214 Sept 56 May
•____ 97 •____ 97
96
96
.96
97
10 Preferred
100 95 May 23 100 Jan 5
943 Oct 107
4
Feb
21812 220
219 22112 22214 22814
21712 219
2220 2247 14,800 Union Pacific
8
100 209 Nlar 26 231 Feb 2 18612 Feb 2247 NOY
8
8214 8214 8218 8218 82
8210 82
82
/
1
4
1,500 Preferred
100 8112 Apr 6 848, Mar 16
82,8 Oct 8714 Jaa
*963 ____ *9614 ____ .9614
4
.961 1 ____
'961- -_-_-_-_ ______ Vicksburg Shrev & Pao__100 98 Mar 4 100 4 Jan 6
4
,
99 Aug 111
Jan
.9614 _ _ _ _ *953 -- - - *953 - -- - .953 - - - 4
4
4
.953
4
Preferred
100 103 Mar 7 103 Mar 7
9914 Not 10812 Mar
*61
65
60
62
60
60
6014 6212
62
65
7,900 Wabaeh
100 60 Slay 27 811 Jan 5
4
Feb 9614 May
51
•
9212 94
9212 92
92
92 I *914 9312
92
92
800 Preferred A
100 9112 Mar 26 10471 Jan 7
8812 Feb 102 May
.77
84
*76
79
.77
83 .77
85
.78
85
Preferred B
100 79 May 24 91 Jan 8
87 Feb 9912 May
401 424 3318 411 3814 403
/
4
/
4
4 393 417
4
8
3914 413 39.300 Western Maryland
4
100 324 Mar 26 54 Feb 4
3134 Feb 543 May
4
*40
45
3912 401 3812 391 .3914 43
/
4
/
4
.40
433
4
603 Second preferred
100 3812May 28 5312 Feb 4
3312 Feb
5474 May
3312 3312 32
333
8 32
3218 32
33 8
7
3214 34
3,500 Western Pacific
100 32 May 27 417 Mar 5
8
8812 Dea
2814 Feb
58
53
56
57
56
/ 5712 57, 5812
1
4
2
58
581 1,930
/
4
Preferred
100 56 May 27 6412 Feb 6
8212 Aug 6214 Jan
1
Industrial & Miscellaneous
3914 3912 3818 3918 384 39 I 383 39
4
384 393
/
1
4 4,400 A blt1b1 Pow & Pap
Vo pa
3318May 27 547 Jan 22
s
3614 Nov 86
Apr
*80
8112 79
79
.80
81
7914 791
83
863
4 1,200 Preferred
100 79 Apr 10 3358 Jan 7
76 Nov 10234 July
•108 109
105 10814 101 104 .101.12 105
•10014 105
700 Abraham & Straus____No pa 101 May 28 1594 Jan 3
90 June 142
Dec
.1093 114 .10934 114
4
1093 1093 .10914 1093
4
4
•10914 1093
4
110 Preferred
100 10934 Jan 16 112 Jan 2 109
Oct 11412 Rine
.540 600
510 540
486 499 .500 600
*50014 600
1,000 Adams Express
100 389 Jan 16 750 Ayr 23 195
Jan 425 Dec
87
88
86
863
4 85
8534' 851 85
/
4
/
1
4
•86
88
2,200 Preferred
100 85 May 28 98 tan 3
Jan 9912 Mar
93
*31 12 32
2934 304 297 3018 .2914 311
/
1
8
/
4
2914 2914 2,500 Adams Millis
No pa
273
354 Jan 15
/
1
sMaY
3012 Dec 3314 Dec
5112 5314 49
51
47
49 1 31
39
27
32
27,800 Advance Homely
100 27 May 31 1044May 1
/
1
11
Jan 85 Sept
62
63
5314 6014 58
5914. 404 5812
4012 444 11,100
/
1
Preferred
100 4018May 29 119 May 1
314 Jan 693 Sent
4
24 214
214!
218 214
2
2
218
2
2
6.300 Aburnada Lead
2 May 22
47 Feu 20
8
23 Jun
4
53 Mar
4
1213 123
4
119 12214 11912 1223 11912 1241
8
/
4
1223 1271• 27,200 Air Reduction Inc_._N0 Par 9518 Apr 10 133 May 16
4
/
4
59 June 991, Dec
4
614 612
5 8 614
,
54 5
/
1
4
412 5
5
512
20,600 Alas Rubber, Inc
412May 31
Ni, par
I1 14 Jim 2
1432 Jan
712 Jul e
54 5
/
1
4
41 512
/
4
5
512
41 518 21.000 Aleeka Juneau Gold Min_10
54 514
/
4
45
8May 31
1014 Jan 8
1
Jan
10 Nov
•16
18
16
16
15
16 1 1412 15
12
14 1 1,300 Albany Pert Wrap PaP_No Par
12 May 31 25 Jan 3
2234 Dec 31 14 Jan
27812 282
270 27912 27012 272 1 27214 27412
27014 276
11,200 Allied Chemical & Dye_No Par 241 Jan 7 3053 Mar 1 146
4
Feb 2523 Nov
4
•122 1234 121 122 .121 12318 .121 1224
*121 12218
300 Preferred
__100 12014 Apr 8 125 Apr 27 12012 June 1274 MAY
18714 18714 184 188
18114 18314 182 18512
180 18214 1 4,100 Allis-Chalmers Mfg
100 166 Mar 26 211 May 6 11518 Feb 200
Dec
6
6
*53
4 6
53
4 534, 5 2 5
,
5
/
1
4
512 1,000 Amalgamated Leather.No par
'
5 May 3
1114 Jan 14
163 APT
918 Oct
4
•60
65 .58
65
59
59 1 .56
65
.56
62 1
100 Preferred
67 Apr 23 73 Jan 17
69 Mar 90
Apr
2212 25
2414 26
2414 25121 25
2618 1
25
2614 1 19,900' Amerada Corp
No par 2212May 25 424 Jan 3
/
1
2718 Feb
437s Nov
1118 1112
1012 1138 1014 1012 1014 101
!
/
4
1014 101 5.200 Amer Agricultural Chem...100 1018Nlay 22 234 Jan 15
/
4
/
1
155 Feb 28 Nov
8
4312 44
43
4414 42
423
4 401 4112
/
4
405 4112 4.600
8
8May 29 734 Jan 11
Preferred
100 405
/
1
655 Feb 7871 Nov
8
•116 119
116 116 1 11112 113
115 119 I
116 116 I
800 Amer Bank Note
10 110 Mar 26: 13414 Feb 6
743 Jan 159 May
4
.
6012 63
*6012 63 .6012 63 .6012 63
.6012 63
1 Preferred
50 80 Jan 3' 6212 Apr 25
60
Oct 6574 Jae
153 153
4
4 15
151s
1514 1514 153 173
4
4
17
18 1 3.100 American Beet Sugar.. No par
15 May 27 2012 Jan 16
1434 July 2412 Aug
*50
52
52 I *50
50
51
54 1
54
*5312 5412
400
100 96 Apr 24 6014 Feb 6
Preferred
Feb 613 Sept
36
4
4814 55
5518 57
4918 523
4 50
524
/
1
49
/ 524 20,200 Amer Bosch Magneto__No par 4012 Feb 14 7314May 2
1
4
/
1
153 Feb 4434 Nov
4
.
50
5014 51
5014 4912 50
5012
50
51
5112 3.020 Am Brake Shoe & F__No par 45 Jan 16 62 Feb 4
4914 las
3974 July
1223 1223 1223 1223 *1223 124
4
4
4
4
4
124 124 I
122 1223
/
1
4
4
120, Preferred
122 ,, lan 2; 12812 Mar 21 120
15,
r
Dec 128 June
2818 31
2814 3112 29
/ 30
1
4
/ 30
1
4
33181
301 334 94,700 Amer Brown Boyer' EI.No i
/
4
/
1
pT
333 Apr 6
4
10% Apr 26, May
4
9018 90
9
92
9254 923
4 90
95
1 Peferrad
94'8 047I
100 494 Jan 0 95 May 29
/
1
7
4014 Apr 6574 May
1295 13212 12512 132
8
12614 13212 1293 13212
4
Stock
12914 13518 268,3001 American
16118May 6
7012 Jan 11712 Nov
140 140 .135 140 .135 141 1
/
1
•1394 141
•137 141 1
27141, Jan 19 13634 Jan 147
100
y
ef e
bi
Preferred
108 rNFfab 1
d
8
Apt
94 I 92
93
9214 93
93
94 1 Exchange
9314 94
2,000 American Car & Fdy _No p
Can4
92 N ay 27 1084 Jan 3 1 884 July 11112 Jan
.
*1164 11814 *11612 1 1814 *11612 118 *11612 11814 1
/
1
4
*11612 11814
I Preferred
100 116 Apr 22 12, Jan 29 ' 1105 Aug 13712 Mat
1
8
73
73 , *70
73 .7014 73
7012 7012 Closed7014 704,
300 American Chain pref
7014Nfay 311 8512 mar 13
10
71
Dec 105 June
54,
54
4 5218 5318 52
53
34
.1414 ,
52
5314 1 3,800 American Chicle
No pa
463 Mar 26I 595
4
8May 3
44
Dec 50
/ Dec
1
4
Memorial
__
;
1 Prior preferred
No pa 10912 Jan 2 11414 Jan 30 107
Jan 114 MAY
_
!Amer Druggists Syndicate_ .10
104 Dec
9 Jan 25, 11 Jan 2
1514 Apr
.3212 35
3212 3212 32 - . -28- - - 2
ii
3
07
Day
234 283
/
1
41 5,100 Amer Encaustic Tiling _No pa
4May 31 47$4 Feb 25
238
*323 332
3184 320 .314 315
311 311 1
303 330 1
400 American F./cinema
100, 280 Feb 21 409 Apr 8 169- jail 810
Doe
9912 10212 9514 101
9612 1003
4 995 1021 Holiday
8
/
4
98 104 1117.000 Amer & For'n Power ___No pan l 7514 Jan 41 13.7 Feu
223 Feb 85 De
4
4
111
.
108 1061 .106 lova 10814 1063 .106 1061
/
4
s
/
41
_ _1
200
Preferred
No par 10412 Apr 91 10812 Feb 14 1043 June 110 May
4
9012 91 i 8958 9012 89
89
/ 90
1
4
00
8314 90
3,000
2,1 preferred
No par 88 Apr 9 103 Fen 21
81
7
7i
Feb 100 Sept
07
718
7 2 .6
7
7
8
712 812
700 American Hide & Leather_ 100
614 Apr 9, 10 Jan 2
84 Oct 163 Feb
4
37
38
3612 364 367
30
387 *35
837 40'g 4,700
/
1
8
Preferred
8May 31
100 3014 Feb 6 403
31 Nov 673 Feb
4
73
7314 66
7212 68
73
70
701
/
4
6718 683
4 5,000 Amer Home Produets_ _No par 66 Mae 27 85 Jan 24
/
1
4
59
Feb 86 Nov
40
/ 41
1
4
393 40581 3912 40
4
403 423
4
8
4014 411 10.900 American Ice
/
4
No par 38 Mar 2(11 46 May 6
28
Jan 463 Ault
4
*90
911 .00
/
4
911 90
/
4,
90
90, 904
8
•9014 9112
300
Preferred
100 8934N1ay 23 96 Mar 6
Jan 991g May
90
6012 613
8 574 60121 57
533
8 56
5212 551 28,400 Amer Internal Corp. No par 6212May 31
584
/
4
764 Jan 18
5
/ 53
1
4
4
53
4 53
4' 54 53
4
.512 534 2,800 Amer La France & Foamite.10
5 2 53
,
4
51211ay 28
8 Jan 10
/
1
4
514 Jan "tit% Oct
.
31
65
6012 61 1 60
60
.59
60
.59
60
40 Preferred
100 60 May 23 75 Feb
56
Jan
Ball oot
11212 11513 10812 112141 10312 111
1104 112 2
/
1
111 11112 6,900 American Locomotive_No par 1021 Feb 181 123 Mar 21
,
/
4
18
87 June 115
Jan
•116 117 *116 117 ,*116 117
116 116
116 116
200
Preferred
10(1 113 Jan 3 1191461ay 151 10314 Oct 134 Mat
150 152
148 149 1.147 149
152 152
148 148
700 Amer Nlachlue & Fdy. _No par 148 May 27 199 Mat 6 12912 June 1833 Dec
•109 112 .109 112 *10312 112 .109 112
4
.109 112
; Pre/ (7) ex-warrants
103 May 22 11612
51
J n
52
50
51 I 501 511
51n 54
5318 541 10,100 Amer Metal Co Licl....No par 50 May 27 813 Jan 12 110 Dec 1113
/
4
4 Feb 6
•11434 1157 *114 119 ••114 116 .11414 116
39 Mar 63t. Nt..1
4
1141 1141
/
4
/
4
100 Preferred (6`7
473
100 11338Ma)' 21 135 Feb 6 109
4).
75
Aug 11712 May
•72
74 I .72
7312 7312 7312
.73
74
10 Amer Nat Oa* pret.___No par 67 Apr 4 9814 Jan 7
963 Dec 993 Nom
54 53
4
4
4
6
6 ,
514 5 4
,
512 6
514
514
900 American Plano
5146lay 25
NO par
171 Jan 31
/
4
.3014 33
121 Ju,y
/
4
Feb
25
*3014 33 1 3014 3014 321 324
03212 32
/
4
50 Preferred
100 3014May 16 56 Jan 31
38
107 1097 103 108
8
Dee 90
/ 10212 10612 10518 1075
1
4
Jan
8
106 112
18,300 Am P
& Light-No par 61 18 Jan 8 120 Jan 30
6214 Jan
1003 1003 10014 10012 1003 1003 10012 10012
8
8
95 May
8
8
1004 1001 4.500 P
/
4
Preferred
No par 984 Mar 26 105 Feb 28 10012 Dec 1074 61
/
1
7412 747 741 7412 7412 713 7414
8
74
/
4
:
4
70
7214 3,800' Preferred A
No par 70 N1ay 31 80 Feb 13
/ 81
1
4
8 80
701g Nov 7712 Nov
8018 804 791 801
804 805
/
1
/
1
/
4
/
4
791 79* 2,900 Pref A stamped
/
4
No par, 79 Mar 28 8434 Feb 16
8112 Dee 8614 Nov
*160 180 *150 180 *150 180 .150 180 I
.150 180 1
' merIca n Radiator
A
25
42
/ 4014 4234 4018 407
1
4
42
8 4014 41 14,
41.12 4312 63.500 Am Rad & Stand &Wry No par 165 Mar 261 210 Jan 15 13014 Jan 19114 Dec
4018Nfay
1504 15012 15012 15112
150 151
153 153
151 155 1 3,300 Amer Railway Express__ _100 12974 Jan 28 5258Nlay 3
16, 188 May 3 iioi, Jar iii" Dec
4818 47
47
477
49
8 454 49141
49
43's 47I
5,000 American Repubiles._No par 4318May 311 643 Jan 2
4
6212 6312 64
6214 64
51 14 Feb 85
64
63
AOr
653
41
6212 641 5,000 American Safety Rasor_No par 62 Mar 26: 741
/
4
/ Jan 31
4
56
Jan 7474 Sept
35
35
353, 3518 35181
3518 3518 35
3412 344 1,900 Amer Seating etc
/
1
4
No par 323 Feb 16 414 Nlar 15
35, 35
271 Nov 45 May
/
4
312 3 2
34 3
/
1
4
3
,
312 312
312 312 2,100 Amer Ship & Comm._.No
312May 28
7 Feb 5
*82
84
312 Aug
Par
.82
83 t 82 82 I
614 MAY
84
*
82
84
84 I
20 American ShipbulldIng_ _.
_100 82 May 23 94 Jan 24
80 Sept 119
94
95
/ 95,2 98 4
1
4
/
1
Jan
974 9814 944 98
,
954 9712 80,900'Am Smelting & RefinIng...100 0312 Jan 161 1243 Mar 1 169
/
1
4
Feb 293 Dec
13418 13414 134 134 .132 136
•13412 135
130 130
400
Preferred
100 130 May 31; 138 Jan 4 131
Mar 142
Apr
*189 192 .187 190 *18812 18912 188 188
•185 190
100 American Snuff
100 188 May 29, 206 Feb 1 141
Jan 210
Dec
109 109
109 109 *109 110 *109 110
.109 110
50
Preferred
100 108 Feb 13! 112 Jan 24 100
63
Oct 120 June
5934 611 57
6014 56
6014 611
/
4
/
4
59
61
12,800 Arner Steel Foundries __No par 56 May 28 7974 Feb 4
112 112 .
3111 112
5014 June 703 Jan
•111 112
11174 1117
4
8
•11112 112
20
Preferred
100 11012 Jan 4 114 Mar 13 109 June 120
78
7614 78
/
1
Feb
*79,8 804 77
791 80
/
4
77
803
4 4,100 Aruer Sugar Refining
100 7112 A ur 5' 943 Jan 26
4
10314 1084 .108 108 2
53
Feb 9311 Nov
*108 10814 108 108
,
108 108
300; Preferred
100 10512 Apr 81 III Fea I MO
3978 40
Feb 11012 May
36
39
/ 37
1
4
39
37
40
3914 3914
2,700 Am Sum lob
' par 36 May 27 60 lea 2
.
110
44
28 I 254 26,2
Feb
.2712 28 I .26
*2712 '28
735 Sent
8
2224 23
800 Amer Telegraph & Cable_ 100 17 Jan 2 3278 Mar 26
8
2093 2105 20518 20918 20518 20714 20614 209
1714 Dec 32
8
Jan
20818 209
41.100 Amer Telep A, Tele4;
100 19314 Jan 8 23812 Aar 23 172 July 211 May
161 170
168 16914
167 167 1 164 165
168 16814
3,200 American Tobacco tom..__60 160 Mar 26 1864 Jag
14 16012 170
16514 167 1 161 165
188 16914
28 152 June 18434 Dee
16912 170141 8,200' Common class
B
50 16014 Mar 26 188 la 2g 182 Jane 1847 Nov
'
4
*118 119 .118 119 .118 119 ..118 11812
11714 118
300: Preferred
100, 11714N1uy 31 12114 Jae 144 11632 Sept 126
143 1433 .142 145 1
/
1
4
4
•144 14612 142 144
Apr
1443 1453
4
4
500 American Type Founder8_1001 13812 Jan 6 155
Jan 311 1094 Aug 1421 Nov
/
1
4
*10812 110 •10812 110
10758 10312 .10712 110
•10712 110 1
301 Preferred
100 10714May 15 112 Apr 5 167 Not 115 Mar
983
953
4 994 10312
4 93
4 91
9014 92,
100 11812 205,300 ArrJ Hat w,& El
No par 6714 Jan 8 11812May 31
/
4
•10118 1013 10118 10118 1011 10112 102 102
4
62 Jena 7612 Nor
102 102 I
600' 1s1 preferred
97 Jan 3 104 Jan 28
1838 19 1 1812 181
1918 194 1918 1918
98
4
Oct106
Apr
1812 1812 3,200:American Woolen
100 18 Apr 26 2778 Jan 3
/ 44141 434 44 I
1
4
/
1
,
14 4614 4614 44 4 4512 43
-uly 323 Nov
4312 433
4
4 2,000
Preferred
493 10
912 10
100 4318 Apr 23 584 Jag 2
4
9
/
1
9 12
9
941
39 Aug 6514 Nov
914 912 2,5001 Aut WritIng Paper
ctfs_No par
3912 304 40
9 May 28 1614 Jae 21
*36' 41
2
40
3914 3914
10.2 June 1912 Feb
•39
3914
800' Preferred certificate_
100 3914May 29 46 Mar 2
2414 26
2434 29
2612 283
30
8
.29
34 June 53k Oct
2514 26
13,800 Amer Zinc. Lead & fitnelt..._ _26 241
95
41May 28 4914 Mar 18
05
95
95
95
99
*97 100
63 Jar 67
4
1.400 Prefer
Oct
-__
95 May 27 1114 Maz
993 103
/ 1011 1051
1
4
4
/
4
1011 102
/
4
/
/ 9914 103
4
1
4
ioiiia 10514 755.500 Anaconda Copperred26 99 May 20 140 Mar III 40 .1:Al 11778 Oct
Min. new50
47 I 463 471
22
4812 44
47
4
491 50
/
4
/
4
.4612 48 1 4,200:Anchor
Can
par 44 May 28 62 14, Feb 21
Na
,
109 109
110 11012 •108 109
*11012 112
48 Dec 645, Dec
•108 109181
500 Preferred
No par 10) May 29: 124 Mar 1 ioei4 Dec Ill
8
8 453 484
45
8
474 443 457
4712 48
461 487 , 84,400 Andes Copper
/
4
Dec
8,
44
.
MinIng_h'o
317
3212 3414 29
8' 3114 33,
361 Nov
34
/
4
34
4
66 Nov
31
334 9,000 Archer, Dan'is. Nilirld_No Par 295,Slay 23 6834 Mar I
/
1'
par
May 28 4912Mar 4
11412 11412 11412 11412 .1123 115
4
•11412 115
5514 Feb 1127 Nov
6
•11234 115 I
320 Preferred
100 114 Jan 41 115 Jan 11 112
90 1 88 88
88
12 .88
88
8812 8812
Oct 1154 Mal
83
88
500 Armour & Co (Del)
11
11
/ 11
1
4,
86
/ Jan 9714 June
1
4
4
8 1118 113
8
113
117 117
8
105 1118 18,300 Armour of Illinois pref...100 8512 Mar 26 95 Jan 30
8
class A.....25 103
4May 31
5:18
618
1814 Jan 2
1114 Jan
53
4 6, 1
6
614
8
5
/ 57
1
4
2312 Sept
8
55
8 51 24,300 Class B
/
4
55
8May 29 1014 Jan 2
.26
7214 •73
73
72
63 Jan
73
4
•73
75
75
1312 May
.73
75 1
400
Preferred
.. 100 72 May 28
22
2012 2012 2018 2012 2012 2114, 21
712 Jan 9112 June
2114 213
4' 3,500 Arnold Constable Corp.J7 par 1914Mar 23 86 Jau 24
404 Jan 2
•24
3514 July 613 Apr
27 1 25
253
3124
27 - .24
4
27
4
.2412 28 1
403 Artloom Corp
.51 1 par 2412 Apr 12 30 Feb 5
2814 Dec 4414 Mar
94
.96, 102
9414' .94 1013
4
*944 102
•94 100
4
20
Preferred
100 94 May 28 100 Jan 4
99 Dec 114 Mat
• Bld and asked pr ces: no sales on tkla day. 3 Hs-dividend.
y Ex-rights
New York Stock Record-Continued-Page 3
3648
For sales during the week of stocks not recorded here, see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
May 25.
Monday,
May 27.
Tuesday,
Map 28.
Wednesday,
May 29.
per share $ per share 5 per share $ per share
1
/
2714 •264 273
*2712 28
4
27'2 271, 27
45
4314 443
4
1
/ 44
4
1
/ 453
3 4314 45
4 43
98
*90
98
98
*90
*90
98
90
*
4112 423
43
43
43
43
4 40% 41
8 603 6112 611 6612
8
6213 6212 604 623
4
/
: 53
521
4
1
/ 564
1
/
4
/
561 5312 5514 51
*54
4
1
/
2
6512 667
,
s 6314 66 4 623 644 6312 84
1
/
66
"o&" If"
- *91
93 175
-- ;61.- 05
•101 102
10012 10012 moil lows'lows nu
13
•
1414 13
4
1
/ 13
*12
13
4
1
/ 123
4
1
/ 12
8
512 512
512 612
2
3
5 4 57
2 6
*57
38
*3612 3712 3612 3612 36
3712
36
*5312 5318 *5313 581. *5312 5812 *5312 5818
3012 29
2812 2812
*30
2912 2814 29
39
•
41
4
/
4012 *381 4011 3812 3812
*38
3712 45
3
4
1
/ 4312 4312 *4312 4512 *4312 454
215 220
.221 230 220 224 *205 219
118 11812 11812 11812 11812 11812 11812 11812
*108% 1063 •10614 1063 10614 10614 10814 10614
4
4
28
•26
28
*26
26
*26
28
28 •
91
*89
91
*89
91
91
•89
89
*
•12
4
1
/ 13
12
13
12
•
13
13
15
4112 423
1
/
8
4212 42
4
1
/ 414 42
4
1
/ 4118 43
Thursday,
May 30.
88
89 '87
80
90
90
:
10012 10012 *1001 101
*10012 101
2412 24
2412 24
2412 2414 243
24
4
4
/
4 741 79
73 733
773 7814 7314 76
4
13
4
1
/ 1212 13
13
4
1
/ 14
*13
1312 13
83 •8214 83 •821z 82 2
2
•817 8218 *82
7
82
2 82
803
79
4
1
/ 81
8018 8018 78
3
3
93 4 95 4 954 961
4
/
1
/
98
9914 9312 98
1187s 1187 11912 11912 11814 11814
*119 120
8
4
1
/ 4914 *4712 48
*47
48
48
49
49
3
4
*993 10714 *99 4 104
4
*993 109
*9614 110
104 1043 .104 105
4
4
10412 10412 1043 105
4
/
841
83
83
81
84
*78
•8512 86
*612 71z *612 712 .612 72 .612 7
49
*45
50
1
/
454 451s *45
4
1
/ 50
*47
4
843
4
1
/ 84
1
/
8712 834 84
85
8712 88
9
9
10
*9
10
*9
10
•9
3
3134 7
3
4
/
311 7 4 .514 324
2 3014 358 .5 4 323
3512 363
3
4
1
/
2 3
33
4
1
/
312 3
313 312
12 312
3
3
*5 4 7
3
*5 4 7
4414 4512
4
1
/ 4212 44
48
481 4234 47
4
/
110 110 •107 110 •107 110 *107 110
*315 335 *300 333 *300 335 •300 335
172 17212
17112 172
173 173
0172 176
:
am 4012 3914 3914 3912 40
4
/
•381 40
:
*11712 119 2 *118 11912 *11714 11912 *11714 1191
,
4
4
4
1
/ 4112 3812 403
40
4 3812 3914 383 393
8
4
1
/ z263 28
2512 26
28
4
/
281 2812 27
4
1
/
4
/
4
1
/ 4012 404 3838 4012 z391 39
4
1
/ 40
40
1
/
Stock
4
4
/
1
/
1144 11412 *1141 118 *1123 116
•11412 116
*98 105 .98 10112
*9914 105
99
99
251s Exchange
4
1
/ 2512 2512 25
4
1
/ 25
8
*275 2912 25
*99 100 .99 100
*99 100
*99 100
*304 306 z298 305 29414 29514 295 2971 Closed
1
/
4
/
gg1 584 571 59
5614 58
57
57
:
Memorial
104 104 *104 105
10312 105
*10412 105
116 116
115 115
115 115
115 116
Day
4
1
/
612 6
7
4
1
/ 7
6
7
1
/
4
1
/ 74
6
4
1
/ 51
4
412 513
514 5 4
7
4
1
/ 53
5
3
4
1
/ Holiday
4
1
/ 29
29
4
1
/ 30
4
1
/ 29
4
1
/ 30
30
3
.30 4 32
4
4
12514 13418 1222 1283 128 132
3
133 8 135
11012 11012 *11012 112 *11012 112
*11014 112
124 126
124 12412 122 125
126 126
1
/
: 744 741
4
1
/ 741
7414 7438 74
7414 73
30
28 .24
*27
27
27
27
*24
4
/
11 2
1
/
14 2
2
2
2
2
12612 1307
12812 12914 125.22 12812 1241s 128
4
/
4
1
/ 381 407
2
363 37
4
1
/ 40
3
39 8 4012 37
4
1
/ 817
79
3
811 83 s 80 4 82
4
/
4
1
/ 831
82
,
381
1
/
384 *38
38
1
/
384 39
39
39
30312 31512 308 327
310 340
335 337
*1144 125 *115 126 *115 125 *115 125
:
4
373 3818 371 381
38
38
39
39
8 4118 427
4
1
/ 43 4 404 423
40
3
3
43 4 441
110 1111
*110 1111 *110 11112 110 110
1212 1214 121
12
•1212 16
16
*12
75
•70
74
74
75
74
6914 75
*
7
3
4
1
/ 90 4 884 92
3 88
2
907 923
4
923 931
2
: 2314 2418 2314 233
241
23
s
243
24
82
4
1
/ 61
4
/
601 60
60
59
571
57
66
*62
65
*60
65
60
*
67
63
•
_
-eirg 9633
035* "iiT2 95
4
1
/
34
34
3412 32% 34
1
/
1
/
5014 504 5112 514
52
51
52
*51
30
3014 30
30
4
303 31
1
/
•314 32
40
39
40
40
40
40
42
*40
47
46
45
4914 4514 48
4914 50
4
/
4
86% 863 *751 97
95
*87
2
•863 87
•100 115 •100 115 •110 115 .90 100
4
1
/
1
/
3
4
/
7412 76 4 7112 761 71% 73 4 684 72
,
3
4
4 493 49 4
3
*49 4 513
*4934 50
*4914 50
4
8 203 21
2212 20 4 213
3
1
/
224 2214 21
:
581 gg
58
58
4
1
/ 584
58
80
80
4
1
/
4
1
/
•11)714 112 *10714 112 •107 112 •107 110
4
4
/
124 1241 122 12312 1203 12312 122 123
4
513
48
4
/
5212 501 52
52
4
1
/ 54
52
9614
96% *9212 9612 *81
4
963 *81
95
4
1
/ 56% 5912
4
/
5812 561 58
513
4
693 61
2
139 14812 14014 1447 14212 144
147 148
4
1
/
73
72
2
1
/
4
1
/ 764 6912 7512 703 73
74
4
4
1
/ 1063 1064
4
10612 10718 *1063 107
4
1063 107
4
1
/
4
/
4 701 72
4
1
/ 723
713
4
1
/ 68
4 68
7012 72
45
4
1
/ 44
45
45
4612 4312 451: 43
24
24
4
2434 *243 25
24 8
3 1 25
24
:
4
3 3 2613 25 4 25 4 2534 254 .253 261
25 4
3
3
4
4 963 97
96,
96
9712 9712 ,965 97
4
/
4
1
/ 1441 145
4
1
/
143 145
144 15012
143 146
4
/
4
1
/
4
1
/
*10214 10414 •10214 10414 •102 10414 •1021 104
97
*92
94
*92
*
95
92
96 •
92
38
4 38
393
*38
40 40
4
1
/ 45
•40
332 3364
4
3263 330
4
1
/
322 335
340 343
:
1
/
160 16912 1644 17018 1671a 17412 176 1881
4
/
601s 601 Mt% 59% •5918 62
*6012 63
:
211
4
/
4
1
/ 2014 211 1912 203
4 20
4
/
211 22
6212 73
74
4
/
721 743
1
/
734 74
4 73
1
8
•7
V, 1
1
1
2
*7
3
*7
80
4
1
/ 82
7918 773 7912
4
791s 801 78
4
/
91
4
/
2
883 911
*91
914 9114 9114 91
4
253 26
3
4
/
261 25 2 26
2618 261 26
4
/
1051 1081 10714 109
4
1
/
4
/
4
/
1
/
1084 1097 10514 109
s
4
1
/
4
8
4 985 98
9914 983 99
8
*99
983 981
PER 83ARE
Range SifiCal Jan. 1.
-share tots
On basis of 100
Highest
I
Lowest
PER SHARE
Rangefor P10010118
Year 1928
Lowest
Higheet
per share $ per share $ per share
4
2512 Jan 343 Apr
8
307 Feb 4
4014 June 7512 Dec
4
703 Jan 10
8
9912 Aug 1137 Apt
107 Jan 15
:
371 Feb 53 8 Sent
3
14
47 Apr 5
1
/
3718 Feb 594 May
6612May 29
Feb 6514 OM
38
8
593 Apr 23
50 Nov 6612 Dec
7112May 10
1173 Jan 11 11412 Sept 11814 Jan
8
63 Jar 114 Dee
115 Jan 2
1
/
1
/
1064 Jan 14 102 July 1104 May
IPS JUIP3
4
1
/ Jan
8
4
1
/
15 Apr 26
914 May
438 Jan
10 Jan 11
Jan
25 July 39
4218 Jan 14
Oct 75 May
68
65 Jan 8
4
3538 Apr 8
812 Jan 343 Nov
25 Aug 41 Nov
8
437 Jan 23
Oct 5212 May
43
50 Jan 7 1
271 Mar 22 235 June 28$ Mar
4
Oct 1243 Apr
125 Apr 3 115
8
1
/
1104 Feb 1 10714 Nov 1117 Jan
30 Bamberger (L)& Co pret__100
4
•10614 1063
8
267 Aug 3514 Dec
3334 Jan 23
No par
Barker Brothers
28
.26
4
/
911 Dec 10118 June
97 Jan 28
100
Preferred
91
.89
4
1
/
23 Aug 5218 Feb
2914 Jan 15
No par
600 Barnett Leather
1114 1114
20 June 63 Nov
4918May 10
25
50,700 Barnsdall Corp clam A
4118 42
20 Juin 6118 Nov
49 Feb 2
25
Class B
08 June 14013 Mar
4
1133 Jan 25
No par
1,400 Bank Cigars, Inc
•T7- li1
/
4
1063 Jan 29 10312 Dec 1104 Mar
100
10) First preferred
•10012 101
4
/
1214 Mar 241 Dee
2812 Jan 8
No Par
2412 6.913013eacon Oil
24
5
70 s July 10114 Dec
101 Jan 12
20
2.100,Beech Nut Packing
*7512 79
Jan
12 Dec 22
4
173 Apr 18
Dar
13
1312 3,700 Belding EIem'way Co_-No
8
823 Sept 9218 May
8
847 Jan 3
100 Belgian Nat Rye part pre_ __
4
4
823 823
Oat
5314 Jan 102
9312 Jan 3
No par
3,200 Best & Co
7914 7914
8
4
/
511 June 888 Dee
8
1185 Apr 22
1
/
964 109,300 Bethlehem Steel Corp._ __100
93
Apr
123 Jan 11 116% June 125
900 Beth Steel Corn Dr (7%)-100
1
/
21164 11812
8
335 July 50 Sept
4
/
611 Apr 5
.No par
400,Bloomingdale Bros....
*4712 48
4
111 Jan 16 10912 Jan 1113 July
100
101 Preferred
4
*9133 104
87 June 122 Dee
118 Jan 2
120 Blumenthal & Co prat__ _100
•104 105
4
1
/
8514 Jan 85 Dec
4
/
891 Jan 12
Na par
8318 1,800 Bon Aml claw A
81
1212 Nov
IPA Jan
4
113 Jan 2
»613 7
No par
1Booth Fisheries
4114 Mar 7218 Nov
3
63 4 Jan 18
100
1001 1st preferred
50
*45
_98 May 6
25
834 8432 15,500 Borden Co new
Jan
4
83 Aug 23
4
/
151 Feb 11
100 Botany Cons Mills class A-50
4 914
*83
3
2118 Feb 63 8 Oct
1
/
4
30 303 78,900IBriggs ManufacturIng_No Par 30 May 31 634 Jan 3
914 May
118 Jan
4
1
/
6 Jan 28
29
4May
1
/
3
100
4
1
/ 1,600'British Empire Steel
4
1
/ 3
3
12 Feb
4
1
/ Jan
2
1312 Jan 28
4, 7
•52
3
5 4 Jan 14
100
2d preferred
4
1
/
45 June 7513 Nil
4
1
/
12,400 Brockway Slot Tr____No par 4212May 28 73 Jan 2
4412 45
June 150 Nov
100 106 Apr 30 145 Jan 2 110
100 Preferred 7%
*107 110
Net
4
100 300 Jan 2 340 Jan 5 2063 Jan 325
Brooklyn Edison Ina
*300 335
4
No par 170 Apr 9 20012 Jan 28 139 June 2033 Nov
1,800 Bklyn Union Gas
z170 172
44 Dec 5512 Apr
Na par 3814 Apr 4 47 Jan 2
500 Brown Shoe Inc
3914 3912
Jan
100 117 Feb 7 11912 Feb 18 115 Nov 120 Sept
Preferred
*11714 11912
2712 Feb 8284
3812 383
4 7,300 Bruns-Balke-Collander_NO par 3312May 27 5514 Jan 18
4
4
/
241 Feb 483 Ma7
4
10 25's May 28 423 Jan 5
6,300 Bucytaut-Erie Co
28
27
8
4
1
/
33 Feb 543 Ma7
10 3838May 23 50 Feb 5
3911 394 4,400 Preferred
1
/
Apr
100 112 Jan 3 117 Apr 25 11014 Mar 117
20 Preferred (7)
4
•1123 116
Oot
4
1
/
93 Feb 127
100 Burns Bros new clAcomNo par 99 May 24 127 Jan 11
4
/
*99 1011
8
8
157 Mar 433 June
Jan 14
8May 31 39
1
/
900 New class B oom____No par 245
1
/
244 244
4
9734 Feb 1103 June
Preferred
100 99 May 8 10514 Jan 7
•99 100
Jan 249 Dec
4May 21 139
2,300 Burroughs Add Maeh_No par 234 Jan 18 3293
300 300
60 June 88 Dec
4
/
No Par 5614May 29 891 Feb 2
4
/
581 3,300 Buell Terminal
57
8
-Mar 2 1047 Aug 116 May
100 10312May 27 1101,
160 Debenture
•104 105
111 Aug 11COI June
4
/
100 Bush Term Bides Wet--•115 116
100 110 Mar 22 1181 Feb 19
4
163 May
4
1
/
8 Aug
3
: 7
qv
6%May 28 123 Jan 4
3,800 Butte & Superior Mining-10
1
/
134 Nov
418 Jan
4
1
/
9 Jan 3
412May 28
5
4
1
/ 7,100 Butte Copper & Zino
4
1
/ 5
4
3712 Dec 6712 Ma,
100 39 Mar 27 41 Jan 2
2914 2,800 Butterfat Co
29
4
4
1
/ Jan 2061 Des
90
s
4May 28 1927 Jan 2
1
/
1264 13112 21,000 Byers & Co (A M)
----No Pur 1223
Deo
8
8
*11012 112
100 105 Apr 3 1295 Jan 26 1083 Apr 118
10 Preferred
65 Mar 122 Des
26 138 May 7
2,500 By-Products Coke____No pa 1044 Mar
119 120
8
6812 June 825 Sept
4
/
74
5,500 California Packing...-NO par 7218 Mar 26 811 Feb 27
174
1
/
254 Mar 36 Sept
4
263 Mar 2 30 Apr 3
2
30
90 California Petroleum
*24
4
1
/
5 Apr
4
18 Mar
4 Jan 22
178May 28
10
1
/
1
/
14 14 3,000 Callahan Zino-Lead
9
8
zI25 1265 14,500 Calumet & Arizona MInIng_20 12418May 28 13514 May 16
201s Jan 475 No,
3May 28 817g Mar 1
363
25
z3818 4012 39.100 Calumet de Hecht
8
547 Jan 8612 May
8
17,700 Canada Dry Ginger Ale NO Par 78 Jan 4
817 84
43 Dec 50 Sept
4
/
38 Mar 25 481 Jan 3
No Pa
1,900 Cannon Mills
1
/
*384 39
Jan 515 Nov
509 Jan 2 247
293 304
10,100 Case Thresh Machine____100 293 May 31
100 120 May 23 130 API 18 12012 Dec 13518 Mar
•115 125
Preferred
3814 Dec 3918 Dec
4
3112 Mar 26 483 Jan 30
1,700 Central Aguirre Asso_ _No pa
•3714 38
8
281a Mar 483 Dec
4012 Mar 26 5212 Feb 1
4
/
411 4212 23,900 Central Alley Eiteel____No pa
4
Jan 1113 May
3
100 105 4 Apr 2 11212 Jan 28 107
11112 11112
401 Preferred
Oot
11 Aug 24
4
/
201 Jan 2
12 May 24
1212 1534 1,200 Century Ribbon MIlls_Ne Pa
77 Aug 92 May
75
100 70 Apr 16 82 Jan 17
2201 Preferred
•70
5812 Jan 119 Nov
8May 28 120 Mar 1
883
pa
8914 9212 20,100 Cerro de Pasco Copper_No
8
1
/
234 Dec 645 Apt
1
/
1612 Apr 10 284 Jan 2
2412 6,900 Certaln-Teed Produas_No pa
24
75 Nov 100 Ma,
100 4712 Apr 12 8112 Jan 11
6214 64
1,200 7% preferred
7012 Oct 8318 Dec
Jan 31
5634 Mar 28 9214
3
*55 4 68
No pa
Certo Corp
512 Feb 24 Nov
Chandler Cleveland motNoPar 20 Jan 24 23 Jan 11
4
2212 Jan 11 223 Jan 18
No pa
Certificates
8
14 Mar 377 1A113
No Par 36 Mar 7 41 Jan 29
Preferred
-----37 Jan 9 40 Jan 14
Pref certificates ' No pa
62% July 8118 Jan
:
781 Mar 26 99 May 20
8
957 18,800 Chesapeake Corp
94
No pa
4May 11 111 Aug 17312 Dee
1
/
2814 Mar 26 39
8 2,500 Chicago Pneumat Tool No pa
345
32
4818 Mar 27 5814 Jan 11
51% 511s 1,2001 Preferred
No pa
8
297 Aug 43 Jan
28 36 Jan 7
30 May
*3012 31
160 Chicago Yellow Cab__ _No zwl
45 Dee 5618 Oct
3312May 31 50 Jan 2
3811 3918 3,500 Chickasha Cotton 011
1
Apr 84 Dec
37
7
4478 Mar 26 60 8 Apr 24
4512 463
4 8,000 Childs Co
No pa
8
4
1
/
37 Mar 747 Nov
7114 Jan 8 1.2712Mar 21
4
*853 97
2
200,Chile Copper
Jan
76 Dec 131
4May 23 115 Feb 4
*90 100
'Christie-Brown tern ctfallo par 993
1
/
544 Jan 14012 Oct
31 135 Jan 2
70 317,400 Chrysler Corp
66
66 May
No pa
5114 Jan 5414 June
4914alay 8 52 Jan 2
49 4 49 4
50 City Store* clan A_
3
3
No pa
2012 21
2012 Mar 26 27 Feb 4
4,100 New
No pa
10934 Apr
Dec603
4
59
56 May 28 723 Jan 3
58
2,700 Cluett Peabody & Co_ _No pa
4
1243 Mar
*10712 110
Preferred
100 110 Mar 27 119 Jan 3 11118 Dec
122
4May 28 140 Feb 5
1203
121
No par
4,400 Coca Cola Co
4418 Dec 111¼ J
50
48
No par 48 May 29 72'
9,500 Collins & Alkman
Jan
90 Nov UN
8
4
,
96
1,0001 Preferred non-voting__ -100 93 Jan 3 103' Feb 16
*93
4
1
/
52 June 8418 Jan
5712 7,100,Colorado Fuel dc Iron
56
100 56 May 27
4
1343 Deo
79 June
8May 8
141 145
12,000 Columbian Carbon v t oNo pa 12114 Mar 26 1677
a
8912 Mar 1407 Dec
5312 Mar 26 7912Mny 24
4
8
715 753 137,400Colum Gas & Eleo__No pa
11018 Jan
8
4
1063 107
Preferred
1,600
100 1037 Mar 21 108 May 24 106 June
4
1
/
61 Dec 84 Nov
6418 Mar 26 88% Jan 9
4
1
/
6912 72 245,700 Columbia Graphophone
Feb 71 Nov
21
8
4312 45
32,600 Commercial Credit____No par 43 Mar 26 623 Jan 2
23 Feb 27 Ms
*2412 25
150 Preferred
25 24 May 27 26 Jan 9
23 Feb 28 Dee
4
*253 2612
25 25 Jan 21 2712 Jan 30
50 Preferred B
85 June 107 Nov
3
290 1st preferred (6)4 %).__100 9518 Apr 1 105 4 Jan 24
97
97
8
5534 Mar 1407 Nov
4
/
143 145
8.700 Comm Invest Truat___No par 1311 Jan 2 195 Feb 4
Jan 109 May
99
100 101% Mar 27 109 Feb 5
•10214 10414
7% preferred
8
923 June 9818 Aug
31 99 Jan 28
92 92
100 Preferred (6)4)
100 92 May
8
618 Aug 307 Dee
8
*35
393
Warrants
100 2714 Jan 7 627 Feb 4
4
4
1
/June 25014 Nov
325 332
1,100 Commercial Solvents_ _No par 22514 Feb 18 370 May 11 137
6214 Jan M012 Dec
2May 29
180 18714 20,400 Commonwealth Power_No par 10714 Jan 7 1881
Oat
Jan 84
48
9
18
8
3 ,4
*591s 63 60,500 Conde Nast Publica___No par 595,May 28 93 Jan 2
22 June 8112 Apr
1912May 28
4
1
/ 4,600 Congoleum-Nairn Ine_No par
20
20
67 Feb 8714 Des
3
Aa r
32,800 Congress Clear
7112 73
No par 7134M py 282 92 2 Feb 6
33.4 Ma,
4
1
/ Jan
1
8
.7
un 2
114 F
„812Feb 7
3.700 Conley Tin Foil stpd_No par 77s4may
7918 Jan 100 Dee
20
7914 2,500 Consolidated Cigar.. No par
78
4
8
943 Oct 1023 Apr
100 87 May 31 96 Jan 7
530 Prior prof
87
884
,
, 28 July 2218 'eV
4 3,300 C..onsol Film Ind pref_Ne par 25 Mar 26 13031, May4A pr ?3
4
253 253
Aug 17014 May
p74
5
8
2 12 a4ar
4
1063 1101 158.200'Consoildated Gas(NY)No Par 9 28msy 2268
9714 Aug 105 Mar
3
100 8 Mar 25
No par
8 4,600 Preferred
987
9812
•Bid and asked Priam no sales on this day. s Ex-dividend.
STOCK
NEW YORK STOCK
EXCHANGE
$ per share $ per share Shares Indus. & Allacel. (Con.) Par
300 Art Metal Construction... 10
8
•267 28
No par
1
/
454 19,300 Assoc Dry Goods
43
100
First preferred
98
•90
25
480 Associated 011
4
1
/ 401:
40
13,300 Atl 0 & W 1 8 S Line_No par
6412
62
100
5612 5612 1,300 Preferred
25
8
4
1
/ 643 113,800 Atlantic Refining
62
100
Preferred
No par
;iii" 96 1,800 Atlas Powder
100
40 Preferred
101 101
No par
1212 1212 300 Atlas Tack
512 512 1,100 Austin, Nichols & Co_No par
3712 3712 700 Preferred non-voting____100
Austrian Credit Anstalt
*5312 581s
Vo par
4
273 2812 1,700 Autoaales Corp
50
1,100 Preferred
•3812 40
300 Autostr Sal Rasor 'A".No par
1
/
*434 4412
1,400 Baldwin Locomotive Wks_100
210 210
100
Preferred
160
11812 11812
51 90
*10013 101
654 94 9233
3412
. 3512 3312
Friday,
May 31.
Sales
for
the
Week.
per share I
27 May 23
43 May 22
9412Mey 18
4012May 31
3218 Feb 18
4534 Feb 11
5312 Jan 29
114 Apr 16
90 Apr 15
100 Mar 13
1018 Feb 25
:
61 may 28
32 Mar 14
54 May 14
2212 Feb 15
3614 Mar 4
4314 Jan 10
210 May 91
3
115 4 Jan 4
10614May 17
27 May 29
4
893 Jan 19
1114May 31
331s Feb 18
38 Feb 18
89 May 28
100 May 15
20 Feb 7
73 May 28
1118 Feb 13
81 Jan 29
3
75 4 Mar 26
8218 Jan 31
4May 31
/
1161
4214 Jan 21
10812 Apr 1
97 Feb 15
7812 Mar 25
6 Mar 26
45 Apr 10
8318May 28
9 May 29
New York Stock Record-Continued-Page 4
3649
For sales during the week of stocks not recorded here,see fourth page preceding.
h)3
it HIGH
AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
(Saturday,
May 25.
Monday.
May 27.
Tuesday.
May 28.
Wednesday,
May 29.
Thursday.
May 30.
LE per share $ per share $ per share $ per share
27
8 3
27
8 3
23
8 3
23
4 2
/
1
4
1212 13
121 13
/
4
12
121 12
/
4
127
8
614 612
618 614
6
6
6
63
8
70
/ 71
1
4
6614 693
4
4 853 8712 67
69
1112 12
1012 1112 104 113
/
1
8 1118 115
8
954 9514 935 951 93
/
1
8
/ 9412 937 9412
1
4
8
/
4
1,6712 69
8 65
651 687
/
4
69
6718 6814
•12434 128 *12434 128 •1243 128 *1243 128
80
83
83
83
80
8114 81
82
191 193
/
4
8 173 191 173 1818 18
4
4
/
4
183
8
8712 8918 87
89
8818 87
8718 8912
143 *1413 14112 1413 14138 1411 1413
8
•1411
/
4
8
/
4
8
4
5318 60
593 61
5414 57
/ 5612 58
1
4
4
35
334 333 *33
/
1
35
35
34
3514
*955 100
*955 100
8
•9538 100
8
95
/ 955
1
4
8
•19
1914 19
197
1878 187 •18
1812
8
8812 8812 87
88,
8 86
8612 8512 88
•11014 115
1103 1101 11014 11014 *11014 115
8
/
4
tr..512 163
4 1512 153
153
4 1412 1512
4 15
2
/ 3
1
4
25
8 3
•212 3
23* 21
/
4
7
718 77
84
7
8
714
7
718
1214 1312 1114 123
8 1114 117
8 1118 1112
6218 6212 6218 8318 62
62
6114 62
*414 5
*414 5
/
4
43
8 41
414
414
4918 5014 50
504 51
503
8 50
/ 503
1
4
8
14914 152
1493 154
8
1494 1553 147 1547
/
1
8
.22034 225 *22034 235 *2203 235 *220 235
/
1
4
•120h 123 *12034 123 •12034 123
123 123
*61
62
6014 61
61
61
*6014 61
*78
78
80
80
7818 7818 79
80
53
/ 54
1
4
5012 53
48
503
4 4514 495
8
*3612 3712 3612 385 *35
8
/ 36
1
4
*38
37
•12114 1213 12114 12138 120 121 *120 127
8
*255 260
252 255
250 251
251 251
*47
48 2 45
4414 4514 451 46
,
47
/
4
•115
•115
•115
____ 115 115
•144 145
144 144
14318 1444 144 144
/
1
gig
9t2
4
918 93
912 91
94 95
/
1
8
1083 110
8
105 108
105 106
107 108
64
64
6214 6312 62
/ 65
1
4
63
64
•100 10012 100 100
100 100
100 100
512 512 *512 53
4
58
4 58
4
*512 6
42
*41
*41
42
41
41
42
*41
168 171
174 174
16914 171
172 1723
4
•12714 128 *12714 128 *12714 128 •12714 128
603 81
8
60
61
5612 59
5712 5812
162 16812 1611 164 21585* 16312
18614 168
/
4
•116 1163 116 116
1153 1153 1153 1153
4
4
4
4
29
16
28
per share
1i1;
-26i2 2814
28
277 2814
490 987 *94 98 *95 98
97
97
147 150
14318 1483 143 147
8
1443 14814
4
•11312 115 *11312 115 •11312 115 *11312 115
1318 131
125 1318 121 125
8
/
4
8 1218 1212
641k 61
63
83
60
624 6112 63 4
/
1
,
10618 1061 *106 10612 106 106
10518 10518
•13212 133
13212 13212 •13212 140 .13212 140
79
/ 79
1
4
/ 79
1
4
80
783 7912 7912 80
4
*4
43
3
/ 4
8 *4
1
4
414
*33
4 412
*1012 13
113 113
8
8 1014 1014
918 1018
69
•68
6814 6814 6712 68'* *6612 68
12318 1231 *12318 12312 1231 12318 *12312 12412
/
4
/
4
50
48
*4912 5012 48
4812 4814 49
*9212 95
*9212 95
9212 9212 *9112 95
3814 3812 37
4 371 38
/ 373
1
4
/
4
3714 3714
*47
45
48
4612 *45
46
46
47
2512 2512 25
25
25
2512 25
25
*41
41
42
4114 403 40
8
/ 40
1
4
/ 4012
1
4
108 1081 •108 1093 *108 1093 *108 109
4
/
4
4
/
1
4
*81
8412 8012 8118 833 861* 86
4
90
*97
98
99
*985 99
8
99
*9714 99
•215 250
215 215
230 230 *215 235
*984 100
/
1
*9814 100
99
99
*99 101
*1518 1514 143 1518 1412 144 14
4
/
1
141s
99
*97
9212 983
4 9212 97
9612 97
10
10
*93 1012 *93 10
4
4
*93 10
4
*61
*61
611
/
4
75
70
70
66
66
•103 10312 103 103
103 103 1+103 10312
66
6614 64
6512 64
65
63
64
9
9 12
83
4 91
91 9
/
4
/
4
/
1
4
85
8 9
•__ _ _ 503 *____ 503 *__-- 503 *---_ 50
4
4
4
•__ 59 •____ 59 *__ _
59 *____ 59
/ 7412 71
1
4
74
7312 7211 7512
7512 70
/
4
483 49
8
49
48
48
*43
*47
48
10018 10018 *954 101
/
1
*96 101
*951 101
/
4
4 5714 61
591 643
/
4
64
*60
63
63
51
44
48
50
54
50
*52
524
/
1
803 833
4
4 8214 83 4
8518 8612 8212 86
,
8
8
8
•1064 10712 •1047 105 •1047 105 *1047 105
/
1
4112 3814 391 384 3918
40
/
4
/
1
42
41
1083 1063 .1063 110
4
/
4
4
*1064 110 *1061 110
/
1
4
2212 23
/ 2134 2212 2112 2134
1
4
23
23
13
/ 144 14
1
4
15
14
141
144 15
/
1
81
83
841
83
8114 831
844
82
2814 8114 78h 8014 7834 803
8014 81
120 120 •120 123 , 120 121
•120 126
13318 13318 .13318 134
/
4
137 138 *1331 135
/
1
4
40
433
3814 4018 3818 403
43
/ 44
1
4
90
87
92
8514 88
8518 8912
91
10412 10412 *105
___ *106
_
105 105
67
8
6612 67
68
4
665 673
68
68
1194 1197 *11512 120 *11512 120 *11512 120
/
1
8
4
/ 260 2683 28514 26912
1
4
8
2713 2753 2593 273
1118 '1118
11
11
1113
11
11
11
/ 80
1
4
794 794 79
/
1
79
/
1
/ 80
1
4
794 80
/
1
*964 106
/
1
*963 106
8
*965 106
*965 106
8
8
11812 11812 11812 11812 120 120
/
4
•1181 122
106 108
105 105 •105 106
/
4
•1061 107
•____ 110 •____ 110 •____ 110 •____ 110
70
7112 70
7014 68
721
691
/
4
72
*9512 96
*9512 96
*9512 06
*9512 96
7018 72
7018 74
707 7212
8
/
1
724 741
1223 1243
8
4
12412 1245 124 12412 12212 123
47 •48
4912 47
50
483 483 1347
4
/
4
4 331 34
343
33
33
/
1
4
s 34
353
35
100 1033 1011 10338
4
/
4
104 10612 100 105
/
1
715 724 7214 7412
8
/
4
7318 73
/ 711 75
1
4
4
4
4
100 10714 1043 10612 105 1073 106 1073
34
/ 353
1
4
8 345 354
8
/
1
353 36
8
35
/ 36
1
4
83
813 815
8
8
8
8
*815 83
8
/ 813 813 *81
1
4
43
427 4418
4212 431 42
8
/
4
43
/ 44
1
4
/
4
4
4
/
4
1
4
•1013 1023 •101 1023 1011 10212 1023 102
4
/ 45
1
4
4
/
4
463
8
8 453 481 4412 45
4818 487
/
4
8 5318 5712 5314 5512 541 5614
5712 587
4 733 765
73
7712 7314 783
8
4
764 79
/
1
/
1
4
8
4
/ 1123 113 *112 113 *1127 113
1
4
8
1127 112
/
4
4
/
4
4
11814 1193 1121 1193 1131 11612 11214 116
8
/ 101 1023 10212 1021z
1
4
4
102 1023 102 102
/
1
4
Stock
Exhcnage
Bid and asked pr oes; no sake on this ,la .
Closed
Memorial
Day
Holiday
Friday,
May 31.
per share
23
4 2
/
1
4
123 13
8
614 612
673 72
4
11
113
4
95
95
66
68
/
1
4
•1243 128
4
805 82
8
/
1
4
17
/ 18
1
4
/
1
4
863 88
8
14112 14212
553 5812
4
*31
33
*9512 100
*1814 18
/
1
4
8514 863
4
*11014 115
1112 13
/
1
4
2
212
63
8 6
/
1
4
"1112 111
/
4
*6112 62
*414 4 2
,
50 5012
14318 1484
/
1
*220 235
/
1
4
*1203 123
4
*6014 81
81
844
/
1
427 46
8
*3612 37
120 120
25514 25512
45
4618
115 115
141 14114
91s
918
10512 10812
63
6512
100 100
54 54
/
1
/
1
.41
42
•171 172
•1271 128
/
4
56
57
156 160
*1153 1157
4
s
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & MIscel. (Con.) Par
9,100 Consolidated Textile_No par
7,800 Container Corp A votNo par
par
6,000 Class B voting
11,800 Continental Baking cl ANo par
Nop
No par
27,100 Class B
3,800 Preferred
100
28,700 Continental Can Ino_No par
Preferred
100
4,500 Continental Ins
10
46,200 Continental Motors___No par
23,700 Corn Products Refining_ 25
286 Preferred
100
par
No 100
27,300 Coty Inc
600 Crex Carpet
10 Crown Will Pap 1s1 pt_No par
loo
300 Crown Zellerbachpar
3,900 Crucible Steel of America 100
200 Preferred100
Vo par
8.600 Cuba Co
6,200 Cuba Cane Sugar
No Par
12,600 Preferred
100
7,600 Cuban-American Sugar.._.10
580 Preferred
100
500 Cuban Dom'can Sug__No Dar
4.800 Cudahy Packing
50
46,600 Curtiss Aer & Mot Co_No par
Cushman's Sons
No Par
20 Preferred (7)
100
600 Cutler-Hammer Mfg
10
2.400 Cuyamel Fruit
No par
30,400 Davison Chemical-- /Vo pa
200 Debenham Securities
53
180 Deere & Co pre:
100
1,100 Detroit Edison
100
3,400 Devoe & Raynolds A__No pa
30, lit preferred
100
290 Diamond Match
100
6,100 Dome Mines, Ltd
No pa
20.600,Drug Inc
par
5,100 Dunhill International_r par
a
900 Duquesne Light lst pref___10
400 Durham Hosiery Mills B._ 50
30 Preferred
10
4,000 Eastman Kodak Co_ ___No Pa
Preferred
10
10.800 Eaton Axle & Spring___No Da
30.300 E I du Pont de'Nem
2
400 6% non-vol deb
100
Elsenlohr & Bros
2
Preferred
100
*27
28
1,100 Eitingon Schild
No pa
x9512 9512
900 Preferred 914%
100
14018 1447 39,200 Electric Autolite
8
No par
.11312 115
Preferred
100
12
12
7,500 Electric Boat
par
611 643 53,500 Electric Pow as Lt
/
4
8
Nv Par
NO
106 106
600
par
•13212 140
10 PreferredNo
Certificates 50% pald
78
/ 79
1
4
3,100 Elec Storage Battery__ No Par
*33
4
418
200 Elk Horn Coal CorD
No par
5
9
2,200,Emerson-Brant class A_No par
*6712 68
100,Endicott-Johnson Corp____50
•1231 12418
/
4
400 Preferred
100
4814 49
7,800
'Engineers Public Serv_-Vo Dar
/
1
•9112 94
4
100 Preferred
3714 39
5,600'Equltable Office Bldg N o p
No par
467 467
8
8 2,000 Eureka Vacuum Clean_No pa
2418 25
200 Exchange Buffet Corp No pa
*4014 42
600 Fairbanks Morse
108 108
80, Preferred
89
85
3,500 Federal Light & Trac No 1%0
1
°
*9714 99
60 Preferred
No pa
217 217
500 Federal Mining & Smelt's_100
991s 9914
300 Preferred
100
1418 1418 4,000 Federal Motor Truck...No Da
964 953
/
1
4 3,600 Fidel Phen Fire Ins N Y____1
10 Fifth Ave BUS
*9
/ 10
1
4
No pa
66
66
500,Filene's Sons
par
a
No 10
*103 104
60 Preferred
64
63
5,200 First National Stores__No pa
8
/ 9
1
4
28,400 Fisk Rubber
No pa
•____ 50
lot preferred stamped__ 100
•____ 59
1st preferred cony
100
7212 75
73,900 Flelschmann Co
No pa
47
/ 48
1
4
800 Florshelm Shoe al A
No pa
*9512 101
100: Preferred 6%
100
26112 613
4 3,400 Follansbee Bros
No par
50
523
4 5,200 Foundation Co
No par
8212 84
22,4001Fox Film class A
No par
*1047 105
8
Franklin-Simon pref
39
407 11,700 Freeport Texas Co____No par
8
1065 1063
8
4
600.Fuller Co prior pref____No par
2112 211 6,000:Gabriel Snubber A____No par
/
4
1312 144 9,300Gardner Motor
/
1
5
83
8618 11,400,Gen Amer Tank Car___No par
7812 803 14,200 General Asphalt
4
100
•120 123
8001 Preferred
100
*13318 134
60 General Baking pref___No par
40
4012 6,600 General Cable
No par
894 9012 13,500 Class A
•106
200 Preferred
67 - 4 2.500,General Cigar Inc
671N par
pirtr
*11512 120
10! Preferred
100
25912 2684 173,400 General Electric
/
1
No pa
11
11
4,600 Special
10
794 8012 5,500 General Gas & Elea A.
/
1
-No Pa
•965 106
8
No par
•11812 121
a B
50 PierA (8)
Cr
No par
•105 106
P lf
100 Genre ce CB(7rec
pa
•____ 110
m Corp__No pa
68
6812 8,200 General Mills
Yo pa
*954 96
/
1
Preferred
100
6838 7114 878,900 General Motors Corp
10
•12234 124
2,400 7% preferred
100
47
494
600,Gen Outdoor Adv A___No par
33
7,0001 Trust certificates____No par
34
101 106
16,800Gen itY Signal
No par
713 74
4
11,200,General Refractories
No par
1047 105
8
9,600 Gillette Safety Basor_No par
3418 343
8 7,100 Gimbel Bros
No par
*8114 83
500 Preferred
100
43
457 14.100 Glidden Co
8
No par
•10212 103
120 Prior preferred
100
4412 463 13.100 Gobel (Adolf)
8
No par
533 55
/ 67,300 Gold Dust Corp v t o._No Pa
1
4
73
/ 7514 26,000 Goodrich Co (B F)
1
4
No pa
•1127 113
8
300 Preferred
100
1121 11512 79.100,Goodyear T & Rub
/
4
--No Oa
•10214 103
2,100
1st preferred
Vo pa
Ex-dividend.
PER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots
Lowest
Highest
$ per Mare
258May 28
12 May 24
6 Apr 20
4718 Jan
818 Jan 8
8812 Jan 2
60 Jan 19
12434 Jan 7
79 Mar 26
1718 Star 26
68 Feb 8
/
1
4
1414 Feb 28
51 Mar 26
225 Jan 10
8
9514May 1
184May 22
/
1
85 Mar 26
109 Jan 8
1112May 31
2 May 31
8May 31
63
11 Apr 24
81 Mar 5
418May 4
4918May 27
13518 Mar 20
20714 Apr 17
12018 Jan 22
5818 Mar 26
83 Jan 3
427
8May 31
3612May 27
116 Feb 26
224 Jan 2
4414May 23
112 Jan 7
130 Apr 2
4
83 NIar 26
105 May 27
6214Nlay 27
4912 Jan 24
54 Jan 14
36 Jan 2
163 May 27
126 Jan 2
56 May 31
1554 Jan 22
/
1
4
1153 Jan 21
957 Jan 2
8
9312 Jan 9
2812May 28
9512may 31
12634N1ar 26
109 Jan 2
12 May 31
4318 Jan 8
105 Apr 1
12212 Jan 4
77 Mar 26
37
8may 28
5 May 31
6814May 27
121 Feb 7
47 Mar 25
90 Jan 12
3114 Jan 41
4412 Feb 1
224 Jan 15
4038May 2S
1063
4May 10
68'8 Jan 3
9814 Apr 30
215 May 22
9814 Mar 27
14 May 29
9014 Mar 26
10 May 25
66 May 29
100 Apr 9
62 Apr 18
858Nlay 29
51 May 20
578
4May 21
6518 Apr 30
474May 31
9714 Mar 18
5714may 28
44 May 27
4May 28
803
10012 Feb 28
38 Mar 26
99 Mar 26
20 Mar 25
1012 N1ar 25
81 May 28
61 Mar
10412 Nlar 26
130 Mar 26
374 Jan 9
81 Jar 8
104 Apr 13
63 Jan 8
11214 Jan 5
219 Mar 20
11 Jan 3
70 Jan 7
76 Jan 3
1184May 27
/
1
104 Apr 2
794 Mar 9,
68 May 291
9512 Apr 5
683
8May 31
12212Nlay 28
47 May 28
32 Feb 14
9312 Mar 26
68 Apr 10
1043
4May 27
34187,lay 31
81 18 Apr 25
364 Jan 2
4'May 24
1013
44 Jan 28
5318May 27
73 May 27
1123
4May 27
112 Feb21
101 May 28
Per share
63 Jan 15
8
2312 Jan 9
1112 Jan 2
7912May 3
14 May 3
9712May 6
8018 Mar 22
126 Feb 14
9412 Jan 14
283 Jan 21
8
1011 Apr 27
/
4
1443 Jan 19
4
8214 Jan 28
57 Apr 17
/
1
4
10114 Jan 18
253 Jan 9
4
94 Jan 11
1163 Feb 28
4
2412 Jan 3
512 Jan 31
187 Jan 3
8
17 Jan 3
95 Jan 3
6h Jan 2
674 Jan 15
17312 Feb 5
22514 Jan 15
130 Mar 22
85 Jan 11
/
1
4
85 Feb 5
6918 Jan 31
464 Jan 24
128 Jan 4
265 May 20
644 Feb 5
11512 Jan 15
16412 Jan 11
103 Apr 28
4
12818 Feb 4
92 Jan 2
1007 Mar 5
8
1112 Mar 4
45 Apr 17
1944 Feb 2
128 Mar 9
761 Feb 1
/
4
19812 Feb 1
119 Apr 5
11212 Jan 18
100 Jan 18
393 Jan 10
8
113 Jan 19
172 May 3
115 Apr 2
183 Mar 19
8
7214May 1
10914 Feb 13
138 Feb 13
927 Feb 4
s
612 Jan 9
2212 Feb 7
834 Jan 4
/
1
12414 Feb 28
604 Jan 31
10412 Jan 31
41 May 1
,
54 Feb 2 1
253
8May 18
5154 Jan 21
1107 Jan 9
8
90 May 20
104 Feb 6
310 Feb 4
1003 Jan 7
4
223 Feb 6
8
112 May 16
1334Mar 2
9812 Feb 25
107 Jan 23
744 Mar 18
2018 Jan 23
7212 Jan 14
8212 Jan 25
84h Jan 2
54 Jan 8
10218 Jan 18
73 4 Mar 19
3
893 Ayr 30
8
101 Jan 19
110 Jan 4
547 Jan 25
8
10712Nlay 7
33 Feb 5
/
1
4
25 Jan 31
102 Jan 9
8412Nlay 17
4N1ay 17
1283
140 Feb 5
61 Feb 28
12012 Feb Is
1074 Jan 21
74 Feb 25
122 Jan 24
295 May 17
113 Feb 4
4
90 Apr 3
112 Apr 25
135 Feb 14
115 Feb 15
110 Apr 3
8918 Jan 18
100 Jan 4
914 Mar 21
12612 Jan 2
52 Jan 2
41 Mar 12
1167
8Nlay 10
8612 Feb 20
12654 Jan 26
4818 Jan 28
90 Jan 3
5012 Apr 26
10618 Apr 22
66 Feb 6
82 Jan 19
1053 Jan 2
4
1151 Feb 25
/
4
15412 Mar IS
1044 Feb 26
PER SHARE
Range for Prestoss
Year 1928
Lowest
Highest
per Mara 8 per share
214 Aug
612 Dee
20 Nov
36
Apr
9h Oct
1914 Apr
2612 Apr 5312 Jan
3 Apr
/
1
4
93 Dee
8
73 Apr 9612 Jan
53 Dee 1284 Sept
123
Jan 128 Mar
Feb 944 May
75
10 Mar 2012 Nov
643 Jan 94 Nov
8
13812 Jan 1463 Apr
4
8
623 Dec 894 Nov
1212 Sept 27 Nov
9612 Jan 10514 Oct
2314 Dec 263 Nov
4
6914 July 93 Feb
111 Dec 121 May
20
Oct 284 May
4118 July
712 May
135 Oct 323 Jib
8
153 Dec 2414 Slay
8
933 Dec 108 Feb
4
12
5 Nov
Jan
Jan 7814 Ka
54
4
5318 Feb 1923 NI?
1443 Jan 230
4
cr.t
114
Jan 141 Seta
52 June 6512 NO
49 July 63
Oct
3
343 Feb 683 Nov
4
30
Oct 4914 Apr
11512 Feb 1261 May
/
4
16612 Jan 22414 Des
Jan 61
40
Apr
108
Jan 120 May
1343 Jan 172 Nov
8
8 June
1312 Jan
80 Mar 12018 Nov
5512 Jan 993-8 Nov
993 Oct 11612 Mar
11
812 may
3 Aug
345 Oct 4612 Jan
163 Feb 1944 July
12312 Aug 134
Apr
26
Jan 6818 Nov
114 July
1218 Jan
87 Nov
3314 Aug
1013 Aug
8
60 June
10812 Sept
83 Aug
4
283 Jan
4
105 Dec
12014 Nov
69 Feb
6
une
514 Feb
4
743 Dec
12114 Jan
33 Feb
9012 Dec
293 Oct
8
43 De
191 July
3212 Jan
104
Jan
42
Jan
98
Jan
Apr
120
9114 Jan
163 Au
8
7514 JUD
1114 Jan
12112 May
99 Deo
10012 Feb
43 Nov
1214 Nov
13612 Den
11212 Dee
173 June
8
493 Dec
8
11018 Mar
1294 Apr
914 Des
9
Jan
1538 Dec
85
Apr
12738 Des
51 Nov
1024 Ors
33h Jul
79
Jan
143 Oct
8
54 Apr
1140 May
4
71 Dec
109
Apr
230 Dec
10212 Sept
25% May
10712 Dee
1614 May
Apr 76h Dec
28
87 Aug
8
173 Jan
4
5534 Oct 91'2 Jan
54
Oct 970 Jan
65 June 89s Oct
494 Nov 561 Nov
9818 Oct 100
Dee
567 Dec 6912 Dec
8
363 Oct 5712 Deo
8
72 June 11938 Sett
10612 Dec 113 Feb
43 Oct 10914 Jan
102 Mar 1094 Apr
15 Mar 2812 Jan
714 June
17 Dee
/
1
4
607 Feb 101 Dee
8
68 June 944 Apr
11018 June 14112 Apr
132
Oct 150 June
21 Feb 413 Nov
8
56 Feb 8814 Nov
102 Oct107
Oct
5918 Nov
75 8 Feb
3
1144 Sept 130 Mar
124 Feb 22112 Dec
11 Sept12 June
3514 Jan 74 Nov
Jan 80 Nov
37
Oct144 Apr
121
Oct1144 May
105
7418 July 10512 Oct
79 Dec 8412 Nov
9812 De 10014 Dec
733 De
904 Nov
12312 Jan 12711 Apr
49 Aug 584 Jan
2912 Aug 523 Jan
8
8414 Jun
1233 J D
8
4512 Jun
82
Jr.n
9718 June 12338 Oct
3412 Ma
591 June
/
4
87 Ma 101 Jums
203 Jan
8
37 Dec
Jar 105 Sept
95
424 Dec 624 Nov
Jan 14314 Dec
71
684 Jun
10914 Dec
10912 Fe
1 155, may
454 Jun
140 Dec
9212 Ma 105 Dee
New York Stock Record-Continued-Page 5
3650
For sales during the week of stocks not recorded here, see fifth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
May 25.
Monday,
May 27.
Tuesday,
May 28.
Wednesday,
May 29.
Thursday,
May 30.
Friday,
May 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Mice!. (Con.) Par
Gotham Silk Hosiery- _No par
4:206 New
No par
100
300 Preferred new
100
50 Preferred ex-warrants
No par
1,500 Gould Coupler A
32,200 Graham-Paige Motore_No par
Certificates
No par
30,800 Granby Cons M Sm & Pr_100
100
600 Grand Stores
No par
2,600 Grand Union Co
No par
1,200 Preferred
No par
3,100 Grant (W T)
16,600 Gt Nor Iron Ore Prop-No par
No par
12,400 Great Western Sugar
100
90 Preferred
40,200 Greene Cananea Copper_100
1,900 Guantanamo Sugar____No par
Preferred
100
100
4,800IGulf States Steel
Preferred
100
25
10 Hackensack Water
25
10 Preferred
25
40 Preferred A
No par
38,300 Hahn Dept Stores
100
4,200 Preferred
100
70 Hamilton Watch pref
100
200 Hanna let pref class A
Harbison-Walk Refrac_No par
Preferred
100
Hartman Corp class A_No par
No par
6,200 Class B
20
800 Hawaiian Pineapple
25
100 Reline(OW)
5,900 Hershey Chocolate...._No par
No par
4,300 Preferred
100
400 Prior preferred
No par
300 Hoe (R) & Co
No par
4,400 Holland Furnace
No par
800 Hollander & Son (A)
400 Homestake Mining
100
No par
1,700 Househ Prod Inc
12,500 Houston Oil of Tex tem otts 100
No par
16,100 Howe Sound
58,500 Hudson Motor Car
No par
79,100 Rupp Motor Car Corp_--10
23,800 Independent Oil & Goo_No par
1,900 Indian Motocycle
No par
Preferred
100
63,900 Indian Refining
10
41,100 Certificates
10
Preferred
100
74
80
6,800 Industrial Rayon
No par
4
814 -iii4 IC13-25Ts - i" "ii" 16" "tio" i
133 135
2,300 Ingersoll Rand
No par
128 130
122 125
13014 13012 12712 129
6,400 Inland Steel
No par
853* 87
87 8712 87 8712 853 853*
87
87
3912 4278 30,500 Inspiration Cons Copper-20
Stock
3818 4012 3912 4212
41
4112 3918 41
No par
818 84 1,800 Intercont'l Rubber
4 9
83
9
9
9
9
9
9
814 83
014 gip
No par
4 4,700 Internal Agricul
814 94 Exchange
10
1018
914 10
900 Prior preferred
6814 69
100
6918
694 6914 69
*6918 70
13 918 70
6
Closed- 1774 17914 7,400 Int Business Machines_No par
179 180
17512 178
175 181
182 182
85
8612 3,800 International Cement__No par
843 843
8
4
8412 85
854 86
*86
87
5412 8012 189,500 Inter Comb Eng Corp_-No par
8
593 637 Memorial
8
64
8 60
70
7112 6114 703
100
9912 9912 2,300 Preferred
'103 103
10314 1054 10112 10312 10112 102
92
9714 86,100 International Harvester No par
Day
10312
9612
1024 104
107 10738 10312 107
100
900 Preferred
1404 14014
140 140
140 140 *140 141
*140 141
79
Holiday
20.100 International Match pref_.36
81
7614 7812 82
777
8 75
77 2 784 75
3
100
412 44 3,600 Int Mercantile Marine
412
412
434 5
2 5
100
38
3914 12,200 Preferred
3812 3012
39
414 3878 40
.41
3
42
444 48 171,100 Int Nickel of Canada_No part
451g 464
467 4738 44
8
4714 4418 46
*50
60
International Paper__ _No par
360
65
65
*50
*50
60
*50
70
100 Preferred (7%)
89
•86
1091
*85
90
86
86
*86
90
1385
89
264 263
4 2,000 Inter Pap dr Pow ol A_No par
4 27
261g 2618 2512 2534 2512 253
27
No par
154 1512 1,000 Class B
1514 *15
151g 1518 15
15
15
1512
No par
5,500 Class 0
104 11
11
8 11
114 114 107 113
3
8
8 10 4 113
86
1,900 Preferred
86
86
8614 86
*86
8612 8618 8614 86
1001
7 46
43
2,800 Int Printing Ink Corp_-No pail
4618
464 46
4 46
464 4614 4614 463
190 Preferred
*9712 98
974 9712
98
98
98
9812 98
•98
1001
540 International Salt
70 7012
73 *7012 75
73
70
76
78
78
1001
100
300 International Silver
125 125
128 128 •125 128
•125 13612 •128 133
10 Preferred
*110 11712
1001
110 110 *110 11612 *110 11712 *110 11712
100
400 Internat Teton & Teleg
____ ____
.,.
2414 24212
ns 814 7318 s
7212 733 11.700 Interstate Dept Storee_No par
8
7838 723 13 8 7214 - 1
4
774 4
100
*122
__
_ *122
__ *122
*110 __ _ •122
No pail
400 Intertype Corp
*3118 3212
34
31
3
4
*3212 --/ 34 3312 -34
.
*333 34
4
1,100 Island Creek Coal
50 50
5012 5012 50 50
52
ii
513 513
4
4 51
No Part
1453 148
4
1,700 Jewel Tea, Inc
141 146
1404 14014 140 140
•142 145
100
Preferred
No par1
1524 162
39,300 Johns-Manville
155 1613 158 163
4
15714 16914 15312 166
100
140 Preferred
121 12114
____
____ 121 121 *121
____ *121
*121
460 Jones & Laugh Steel pref-100
121 121
12114 1211i
12114 122
12112 12112 122 122
_
20 Jones Bros Tea Ine..-__No par
_-__ ____
_
_ __
2418 __
_ - 2418
No par
4 6,400 Jordan Motor Car
714 73
i1.
4
-i
34
714 (1
8
iTs 1158 7
Kan City P&L let pf B_No par
*110 11314
*110 11314 *110 11314 *110 1134 .110 11314
25
254 3,300 Kaufmann Dept Stores_512.50
3
8
2618 2818 257 2618 2538 25 8 2514 2512
No par
5,700 Kayser (.7) Co v t o
775* 79
774 79
784 79
7812 81
803 81
8
Keith-Albee-Orpheuna_No par
*26
2612
«2711 3112 *2512 27 •26 2612 *26 2912
100
900 Preferred 7%
9514 9514
8
954 983 *9514 981
1003 10034 953 98
8
23,500 Kelly-Springfield Tire-No par
134 14
1312 1414
7
1518 13 g 1518 1318 14
15
100
8% preferred
•60
85
85
360
85
*60
85
*60
80
*55
100
6% preferred
*____ 90
90
90 *_
90 •_
•__ 90 •..
414 43 8 13,700 Kelsey HayesWheelnewNo par
7
iifs 443*
iii4 434
46
464
,5 4
17
Preferred
No pa%
1434 1512 19,800 Kelvinator Corp
2
-iiTz 'IA -ii- -1V8 -1.;08 Ii1- 1514 18
No par
x8014 834 179,000 Kennecott Cooper
80
834
8
8
7
8 773 82 8 777 8112
, 814 823
No par
8 3,900 Kinney Co new
3034 307
4
3034 2912 3014 293 31
303 304 30
8
100
50 Preferred
99 100
99
99
99
9912 99
*99
994 9912
254 2714 62,800 Koleter Radio Corp----No par
27
284
3112 333
4 2518 3112 2618 29
No par
13,600 Kraft Cheese
4414 45
45
4318 4414 43
4518 4512 4312 451
100
200 Preferred
*95
957
8
96
974 96
*96
9514 9514 *96 100
10
4412 4518 12,700 Kresge (8 8)Co
444 45
8 4418 45
4
46
461 443 463
/
4
100
Preferred
.110 115
0110 115 *110 115 *110 115 .110 115
1,100 Kresge Dept Stores-_Ne par
123 14
4
4 124 14
•1412 16
134 1312 1312 143
100
280 Preferred
7012
70
7012 7012
7112 *7012 72
70
0
7112 72
No par
600 Kress Co
*95
965
*
9518 9518
95
95
96
95
97
97
8
35
353 54,600 Kreuger .fs Toll
344 3534
4 3312 35
343 3514 3312 343
8
37,700 Kroger Grocery & Bkg_Ne par
797 82
8
8211
8
8012 814 7512 8012 763 793g 79
100
Laclede Gas
*200 235
3210 235 *215 230 *220 235 *200 235
100
Preferred
*100 10012
0100 10012 *100 10012 3,100 10012 *100 10012
2,300 Lago Oil & Tranaport_Ne par
20
26
2714
2712 27
27
28
28
•28
30
No par
13118 1323 26,000 Lambert Co
4
135
131 1347 13112 1347 13218
8
13318 136
No par
2,800 Lee Rubber & Tire_
1312 14
1312 1412
14
14
1512 10
•15
17
1,900 Lehigh Portland Cement__ 60
*52
54
51
5212 50% 50% 5114 5212
*51
54
100
170 Preferred 7%
4
110 1103
4
110 11012 1093 110
*110 1103 110 110
4
Ne par
3,800 Lehn & Fink
51
53
524 524 5112 52'2 5114 5118 5234 525*
No per
----- ___ -- - Life Savers
j"
600 Liggett & Myers Tobacco--_25
*87-90
25
7,500 Series B
864 87
89
874 87s
8912 87
87
88
89
*13412 13612
Preferred
100
•13412 136 *13412 13612 *1344 1361 *1344 13612
4272 448 1,500 Lima Locom Works___No par
4512 458 44
423 43 4 *4334 44
4
3
44
No par
76
773
4 7,200 Liquid Carbonic
75
7512
7514 761
78
7814 753 78
4
16,900 Loew's Incorporated-No par
55
56
55
57
5712 4812 5712 55
564
57
100 Preferred
•90
97
No par
97
961 *90
*90 100
*90
97 97
14.100 Loft Incorporated
918 10
No Par
9
84 9
814 94
87
8 9
914
'
327
2712 1,300 Long Bell Lumber A
No par
*27
28
27
27
273
3 27
•27
28
$ per share $ per share $ per share $ per share $ per share $ per share
___
-iii4 4514
M
414 Ws 11
-,-(11. - 2 -, T8 46'8; -ii- 1 8 4619414 9414
394
95
*94
99
93 93
*93
95
' *9314 94
*9314 94
9314 9314 *9314 94
*9314 95
*103 12
8
4
4
4 1038 113 *1012 1112
1034 103
4 103 103
2512 2612
8
8
25
253
8 253 267
28
2812 2512 28
2412
*22
*25
*20
27
27
*22
25
28
6712 69
6918 703
4 6312 6912 8218 65
6512 683
4
*79
80
7918 80
80
8014 7914 80
83
83
8
2118 223
2114 2212 224 223
*23
2512 2212 23
4
*4212 423
4
4314 4414 434 4318 43
44
44
44
11712 11914
1163 119
4
117 117
118 1187 11711 118
8
2514 284
2714 2712 253 2718 254 257
4
26
2612
367 374
8
363 3712 36
4
37
37
363
8 367 3712
3
11614 11614
1164 11612 *11512 11612 *11511 1164 *1153 11614
4
1383 1413
4
8
13618 141
13712 142
142 143
137 14312
•212 23
4
314 3 8
24 3
3
3
3
*212 23
4
52
*50
52
•50
52 *50
*50
52
*50
52
555 564
*
8 5634 57
.583 5918 5718 583
8
563* 57
•10112 103
•10112 107 *10112 107 *10112 107 *10112 103
•2512 26
*254 26
*2512 26
*254 26
2512 2512
•2712 29
*2718 29
*2718 29 2718 271s
*2718 29
27
27
*27
274
*27
277 •27
8
27
2778 27
3414 35
343 36
4
3618 39
383 39
4
343 3534
4
4
9512 953
9612 96
96
8
983 9914 967 983
8
4 96
*10112 10212
•102 10212 *102 10212 102 102
102 102
97
97
97
97 97
96
97
9614 97
98
e____ 60
5912
60 •
60 •
•
60 *
__
.11212
__
__ *ii21-2
-- *ii2T2
•
iiii2 --- •112C2
*233 2
4 412
*2312 -2412 *233 1412
*2312 -*2312 24
4
2
5
207 2212
8
234 24
8
4
223 2312 2238 2234 223 2312
8
633* 633
8 6312 6312 *6312 64
63 8 633* 6334 633
3
*100 104
•100 106 *100 105
100 100 *100 104
8814 90
8712 854 8778 8712 90
*8712 8912 85
923 923
4
4
91
9212
91
90
93
89 4 893
3
4 89
10618 10818
•10512 _ __ *10512
__10512 10512 *10512 1064
•16
18
is
•15
1514 1
*15
16
16
3514 3512
3514 3512
3518 36
36
3512 35% 36
•133 15
4
•14
15
4
4
1312 1312 134 133 *133 15
*7212 74
78
0
7618 767 •7618 764 764 7618 76
8
623 6212
8
63
*60
85
664 654 664 65
6814
7012 75
824 7212 82
81
725 75
*
12 7314 77
5714 5912
60 8 6118 57
3
4
5618 573
8 563 5934
60
754 7812
8018 823
8 794 81
81
84
82 8 84
3
3912 4214
444 46
43 4 413* 4312
3
43
4412 42
3514 3512
3612 3718 35
8
3
367
8 35
35 4 354 357
*19
194
20
1812 1912
203 '
4 31918 21
213
4 20
*____ 88
88
•--- 87 *____ 87 *___ _ 87 *
343 377
8
8
3714 3912
42
7
4334 3714 43 8 3738 39
8
314 347
3514 373
4 3314 363
4018 403
4 3612 40
4
514 151,
ioT,
5 Bid and asked prices; no sales on this day. I Ex-dividend. a Shillings.
y Fx-righte.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest
Highest
$ per share
5312 Mar 26
4May 31
443
93 May 27
9314May 21
7 Feb 18
25 May 28
314 Apr 22
6218May 28
773 Jar' 30
4
204 Mar 28
41 Mar 26
11412 Apr 12
2514May 28
323 Mar 26
4
11314 Apr 22
13618May 28
212May 28
50 Apr 12
553
8May 31
103 Apr 5
25 Jan 7
27 Feb 18
26 Jan 31
3414May 31
9512May 31
1003 Feb 15
4
91 Jan 14
54 Jan 3
112 Jan 14
233
8May 23
2041Vlay 31
80 Feb 19
100 May 28
64 Feb 16
80 Feb 16
104 Jan 4
1518May 28
347
8May 23
1312May 27
7214 Feb 21
623
8May 31
7012May 31
$ Per share
7412 Jan 23
80 Apr 11
10114 Jan 5
100 Jan 12
14 May 6
54 Jan 2
4912 Jan 11
1024 Mar 20
9612 Mar 18
327 Jan 2
8
5438 Jan 4
1441 Feb 5
/
4
39,8 Feb 1
44 Jan 25
11912 Feb 1
1973 Mar 20
8
512 Jan 3
90 Jan 2
79 Mar 5
109 Feb 14
29 Feb 28
31 Mar 8
29 Jan 14
55 Jan 10
115 Jan 31
1053 Jan 8
8
99 4 Jan 23
3
60 4 Mar 22
3
1184 Jan 29
27 Jan 2
8
393 Jan 2
6612 Apr 16
118 Jan 29
95 8May 15
3
993
4May 3
10618 Apr 17
217 Mar 5
8
51 Mar 9
22 Jan 2
8May 13
767
794 Jan 7
109 Apr 2
8212 Mar 21
9312 Mar 15
82 Jan 28
393
8May 7
3212 Jan 2
954 Feb 5
52 Apr 10
/
1
4
483 Apr 10
4
165 Jan 11
135 Jan 18
1534 Ain 24
967 Mar 20
8
6612 Mar 1
144 Jan 11
177 Jan 28
8
8812 Jan 26
1943
4May 17
1023 Feb 4
4
10312 Feb 15
121 Feb 16
11934May 3
145 Jan 18
10212 Jan 4
/
1
4
7 Feb 15
514 Apr 23
723 Jan 23
4
83 Apr 9
9411 Jan 8
353 Mar 19
8
2412 Mar 8
174 Apr 4
93 Jan 23
63 Jan 23
106 Mar 4
903 Feb 4
4
160 Mar 8
119 Jan 17
28111May 7
9312 Jan 2
150 Jan 2
3812May 3
69 Mar 5
16214 Feb 5
12518 Feb 13
2423 Feb 2
4
123 May 15
12214 Mar 11
35 Jan 21
1612 Jan 2
1123 Jan 22
4
371g Feb 6
9238 Apr 24
48 Jan 4
138 Jan 5
8
237 Jan 2
8
'947 Jan 9
100 Jan 14
594May 13
110 Jan 8
1914 Feb 6
1047 Mar 18
4
3318May 13
1093
4Mar 6
78% Jan 3
4914May 17
993 Jan 2
4
6712 Mar 4
115 Feb 14
23 Jan 2
734 Apr 26
114 Jan 5
484 Mar 6
12213 Jan 3
245 Mar 14
102 Jan 4
3311 Apr 15
15714 Mar 19
25 Jan 14
65 Feb 6
1103
4May 9
6812 Feb 4
393 Jan 5
10512 Jan 28
10312 Jan 29
13711 Mar 1
55 Mar 22
1137 Jan 3
8
8412 Feb 27
110 4 Jan 31
3
114 Apr 1
324 Jan 5
5618May 28
Ws Feb 15
3912May 31
30 Jan 31
1734May 4
70 May 8
29 Jan 8
28 Jan 7
160 Jan 2
74 May 31
120 Jan 3
784 Jan 2
3818May 28
818May 31
814Ma3' 29
6814May 31
1493 Jan 24
2
8412May 28
5412May 31
0012may 31
92 May 31
140 May 17
654 Mar 26
412May 27
3612 Feb 1
4012Mar 26
5712 Jan 11
8514May 22
25 May 20
143
4May 22
10 8 Jan 10
3
80 Apr 15
4378May 211
9712May 29
5512 Jan 4
125 May 31
108 May 18
19714 Jan 7
6918May 17
130 Jan 15
29 Jan 2
493
4May 16
1357 Apr 18
8
12412 Jan 3
15212May 31
119 Jan 21
1184 Jan 4
2418May 27
6 Mar 26
106 Feb 16
243
4May 22
76 Mar 26
25 Apr 11
9412 Apr 11
11 Mar 26
7414May 23
85 Apr 12
4014May 27
1064 Apr 23
12 Mar 28
773
8May 27
2712May 20
9312 Jan 2
2518May 27
323 Mar 28
4
95 Apr 20
4418May 28
109 Jan 5
124May 29
70 May 27
95 May 27
3312May 27
7512May 27
23112May 4
100 Mar 8
26 May 3I.
1271g Jan 22
10 May 28
50 Apr 17
1063 Jae 3
4
51 May 31
2914 Jan 7
8112 Mar 26
8118 Mar 26
13412Nlay 18
4234M5y 28
/
4
711 Mar 26
4812May 27
9512May 21
712 Jan 19
27 Apr 11
PER SHARE
Rouge/or Previous
Year 1928
Lowest
Highest
$ Per Share I per share
70 Dec
100 Dec
95 Dec
64 Deo
163 Feb
4
2812 June
3918 Feb
6514 June
4
263 July
4612 Aug
1113 Dee
4
1914 June
31
Jan
11212 Feb
893 June
8
434 Dec
90 July
61
Jan
10338 Nov
23 Jan
23 Jan
254 Jan
93 Apr
130 Apr
112 May
12 8 Feb
5
614 Sent
56 Sept
93 Dec
947 Oct
2
417 Oct
8
623 Oct
8
12512 Sept
333 Got
8
384 Dee
120 Jan
17714 Dec
93 Jan
8
107 Jan
73 s Sept
7
110 Apr
80 Jar
30 Dee
29 Jane
99 Aug
59 May
54 Dec
110 June
2312 Aug
1611 Aug
/
4
61 Dec
105 Dec
30114 Jan
7014 Feb
10014 Aug
154 Sept
/
1
4018 Dee
18 Dec
Jan
67
6418 Feb
79 Dec
104 Apr
97 Nov
574 Oct
120 Jan
2734 Feb
374 Dec
68 Nov
120
Oct
7212 Dee
89 Nov
105
Apt
307 Jan
2
493 Oct
4
367 Apr
1
80 Noy
84
Oct
167 Apr
7334 Nov
997 Mar
4
84 Nov
383 Nov
8
70 Apr
115 Apr
393 July
8
3714 July
1.85 Nov
148 0011
127 Nov
80 Dec
487 Nov
8
213 Jan
4
207 May
s
85 Dee
1664 Nov
8
947 Dec
80 Des
110 Sept
974 Dec
147 May
1217 Mar
s
74 May
/
1
443 Jan
8
26912 Dec
8634 May
108
Jan
344 Nov
19 Nov
1334 Dec
91 Dec
60 Dec
100 Dee
684 Jan
196
Jan
131
Jan
201 Dee
90 Dec
150 Deo
3812 Jail
61 May
179 No
,
12512 Nov
202 Dee
122 Apr
12414 May
4112 Oct
1912 Oct
114 Apr
34
Oct
92 Nov
5112 Nov
160 Nov
2512 Nov
95 Nov
101 Nov
403 Feb
8
76 Jan
29 Jan
218 Feb
4
Oct
20
93 Nov
9 Feb
812 Jan
140 Dec
118 Dec
90 Feb
46 Mar
18 Feb
818 July
13 Feb
482 Mar
*
Jan
114
Jan
56
4514 Feb
103 Mar
80 Dec
13614 M Y
85 Dec
834 Mar
8418 June
733 Feb
8
60
Oct
89 Dec
22 Dec
1478 Dec
1014 Nov
88 Dec
473 Oct
4
100 Dec
4912 Mar
126 June
1124 Dec
13912 Feb
614 Nov
1244 Nov
233 Sept
4
Oct
47
773 Mar
4
1192 Nov
5
9814 June
11812 Oct
119 Dec
253 Mar
8
818 Aug
108 Aug
2912 Dec
823 Jan
8
1512 May
7518 May
1914 Dec
5514 Feb
58
Feb
106 Mar 111 Nov
/
74 July 227 Apr
._
8718 Mar
5l14 Aug
32 Dec
9914 Dec
065 Feb
11014June
1312 Jan
513 Feb
4
87 Feb
32% Dec
7314 Mar
200 Jan
99 Nov
273 Feb
8
7912 Jan
1714 Jan
4
423 June
10814 Des
88
Jan
2812 Aug
831s June
8014 June
134 Aug
88 July
6812 Feb
4918 June
997 Mar
8
5 4 Feb
3
Jan
28
100 Apr
95.1 Nov
42 Nov
10114 Dec
914 Nov
118
Apr
2714 Feb
76 Aug
1244 Nov
404 Oct
1324 Nov
260 Feb
12412 Jan
3918 Ain
1363 Nov
*
2614 Oct
6812 Nov
1103
8May
647 Ool
8
4014 Nov
12212 Jaa
12312 Jan
147 Am
657 May
8
12412 No.
77 May
1103 Api
8
19% Awl
95 4 FM
11
New York Stock Record-Continued-Page b
3651
For sales during the week of stocks not recorded hers. see sixth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
May 25.
Monday,
May 27.
Tuesday,
May 28.
Wednesday,
May 29.
$ Per share $ Per share $ per share $ per share
60
60
4 56
573 5914 577 593
8
8
58
4
118 118
1173 1173 •1173 118 *1173 118
4
4
4
27
273
4 2612 2712 2612 2712 2618 273
8
9212 9212 9112 9112 9218 9218 *9114 95
1312 1358 13
135
8
8 125 13
123 13
4
9112 91
91
91
91
.91
9012 91
377
37
38
8 3618 363
38
4 3612 363
4
84
8012 81
*83
7834 817
8 8112 83
*373 38
38
4
3712 373
38
4 373 383
4
4
4
.1071 ----•1073 ____ *1073 __-- *1073
4
4
4
•140 170 •140 170 *140 170 *140 170
*833 87
.833 87
4
*833 87
4
4
*84
87
96
9618 9218 97
93
947
8 9214 954
156 160
•161 165
156 158
15912 15912
4
1812 1812 •183 19
1818 183
4 1812 1812
663 663
8
8 60
8 6014 653
625
8 6112 653
8
.25
25
26
2518 2412 25
243 25
4
*9912 103
9912 9912 99
99
*98 1037
8
•121. 15
•1212 15
*1212 15
•1212 15
*34
*34
45
45
*34
45 •34
40
2812 28
.28
28
*275 273 *275 28
8
8
4
29
29
274 283
4 2718 2712 255 27
8
273 273
4
4 26
26
26
26
254 27
•1414 15 4
14
,
14
13
1438 1312 1312
36
3638 343 36
4
334 343
4 3414 35
803 803
8 76
8
80
7512 76
•76
77
90
90 18 853 887
4
8 86
864 8112 8612
84 9
,
8
84
8
8
814
88
,
4718 47 4 4312 47
,
4214 45 2 45
457
8
,
•123 124
123 123 *123 124
123 123
773 78
4
777
75
8 75
76
7518
74
2018 2018 20
2018 1914 1912 194 1914
4012 41
40
4012 40
40
40
40
'84
86
*84
.84
86
85
*84
843
4
9714 9812 95
9812 9314 93 4 94 101
3
*9812 0912 9812 9812 98
98
98
98
99
99
99
99
983 983
4
4 9812 983
4
•10714 1083 •10734
4
•10718 10714 .10718 1093
4
•I634 17
*163 17
4
1614 167 .16
17
4
68
69
66
6814 66
6714 6612 68
5118 52
4912 51
493 50
4
493 52
4
5712 5713 58
58
59
59
61
60
*6212 6312 6212 6212 583 6118 *57
62
4
235 233
8
23
4 2218 2312 22
2118 23
*2512 26
*2512 26
255 25 4 *255 257
8
3
8
8
48
4 4314 48
483
43
4512 p4118 431
38
381
35
371
, 35
357
8 3612 39
347 3514 34
8
334 3412 333 344
35
4
_
_
4
374 18 - 8 -- 1- --334 -148
33
4 37
8
212 212
23
4 25
212 212
8
23
8 23
8
24412 245
*245 250
240 240
234 240
2014 203
.203 21
4
4
4 193 20
193 20
8
66
67 4 6012 65
,
63
6512 644 65
11212 11412 10512 11314 10312 108
104 1077
8
,5
412 41.2
5
412 45
8
4
412
312 312
3 4 312
,
318 312
3
3 14
37
3712 38
38
3614 38
364 36 4
,
1712 174 1712 1712 1612 17
*15
1712
128 12813 118 127
112 118
114 116
4518 4514 4414 453
8 4318 437
8 435 447
8
8
547 5514 51
4
50
55
53
48
504
*03
04
*93
94
93
93
93
93
1,
56
58
56
55
55
55
5512 56
9014 904 85
903
4 8512 883
4 864 8918
8718 88
85
88
8412 86
863
85
323 3312 323 331
4
4
3258 325 331
32
8
55
503 5514 493 51,
57
8
4
4 5014 517
105 105 •105 106
10312 )031 105 105
17214 17312 16812 172
1664 1681 168 1691
•14112 142 *14112 142 *14112 142 *14112 142
8
110 1123 10518 1105 10334 10812 106 1101
8
6418 65
6218 6412 6218 634 623 647
4
303
30
8 30
303
4 30
30
2912 30
.93
95
*93
96
*93
•94
96
96
8
413 42
4018 4212 4014 41
413 421
4
*763 7814 .77
4
80
78
78
*763 80
4
.47
48
46
4612 44
45
44
43
*14212 146
143 143
143 143 •14112 143
140 140
14018 14018 *140 141 •140 141
118 118 *113 119 *118 119
118 118
4912 5014 474 50
464 473
4 4818 497
8
*8
9
712 818
612 74
7
7
20
*2212 30
23
193 194 17
4
20
124
120 123
•123
120 120
12112 12112
*115
•115
*115
115 115
118 118
•117 120
118 11814 115 115
7112 72
6612 71
674 6812 66
6812
40
4312 4014 43
4314 44
413 4414
4
4218 4314 4134 42
44
*43
42
43
*42
44
40
43
*43
40
42
42
86
*83
86
.83
*84
86 .83
86
994 100
97
99 100
98
*97
99
11114 11114 11114 11114 •11114 112 •1114 112
10814 11312 112 11514
11012 111, 10818 112
2
5212 5212 .52
54
*5212 54
*52
54
10118 10113 *101 1014 *10012 10112 100 10018
4914 4818 49
*4918 5014 49
494 501
*4714 50
*4714 50
047, 51
4
*4714 493
312 31_
3
3
3
3
3
3
22
2018 2018 22
*2018 25
22
22
*53
4 7
.6 4 7
,
*53
4 7
*614
7
213
2014 203
213 213
4 20
4
8 203 22
8
8
96 •---- 993
*93
993
*98
4 965 98
8
8
818 91
8
8,
84 82
,
,
_ 89 •____ 80
•___ 89
80
80
761 *75
761 *74
.74
76
*75
7614
•22
50 .23
50
*23
50
.23
50
731
70
75
70
69
*73
7014 7014
328 345
32912 330
*340 350
326 326
*12312 12412 12312 1231 12412 1241 •124 12412
394 40
401
38
8
373 39
383
37
8
*__ 100 *._ _ 991 •____ 991 •---- 99 2
,
88
*82
88
*82
88
88
*82
*82
781 •7918 81
7814 8118 78
8114 83
6612 5814 5613 561 _ 5612 563
58
58
4
8
8212 8212 815 8212 7914 804 805 803
8
8
•3012 32
*29
30
30 30
32
32
1
1
1
1
1
1
1
14
175 175
180 180 •175 180 *175 180
•12812 130 •12812 130 *12812 130 *12812 130
4
,
8
1403 1433 135 143 4 1343 13912 136 13912
4
58
564 567 *54
*53
59
57
8
.58
597
6118 6214 5818 614 5712 5912 58
4
•1412 157 •1412 154 •1412 157 •1412 157
8
4
4
912 10 4
912 1014
,
1012 103
4 1012 1012
*60
*60
65
65
*60
(15
65
*60
6114 63
64
6212 643
8
64
8 61
653
5338 544 50
523
5312 50
4 5014 5212
73
4 8,
712 84
8
74 8
818 818
912 10
914 97
9
1014
10
8
92
,
18
18
19
4 1912 21
4
1912
203 203
354 354 3614
3718 35
367 367
8
8 35
Thursday,
May 30.
Friday,
May 31.
$ per share $ per share
59
57
*1173 118
4
26
263
4
*92
93
1234 1314
*9012 91
357 3612
8
823 8434
4
3814 385
8
.10734
*140 170
*84
87
91
9312
16012 1604
18
1812
6418 6418
2412 2612
*98 1037
8
*1212 15
*34
40
*2712 28
2518 2512
2712,
27
1312 13121
3318 3418 1
7812 79
74
818
8
8
8
4412 4638
*123 124
7312 75
19
197
8
40
40
'84
85
101 102
*984 99
9814 9814
*10718 109 4
3
16
16
683 69
4
4912 50
*574 597
8
*59
60
2112 2234
.2514 253
4
3614 4112
373 387
8
8
335 34
8
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscel. (Con.) Par
6,400 Loose-Wiles Biscuit
25
hat preferred
30
100
31,200 Lorillard
25
300 Preferred
100
19,600 Louisiana 011
No par
410 Preferred
100
3,900 Louisville G dr El A____No par
6,000 Ludlum Steel
No par
1,900 MacAndrews & Forbes_No Par
Preferred
100
Mackay Companies
100
Preferred
100
25,600 Mack Trucks, Inc
No par
1,700 Macy Co
No par
2,000 Madison So Garden_ No par
.
8,300 Magma Copper
No par
6,100 Mallison (H R) 04 Co No par
20 Preferred
100
Manatl Sugar
100
Preferred
100
100 Mandel Bros
No Par
9,500; Nfanh Elec Supply_ _ _No par
.
1,9001Manhattan Shirt
25
1,500,Maracalbo 011 E xpl___No pa
47,200 Marland 011
No pa
1,600 Marlin-Rockwell
No pa
17,700,Marinon Motor Car_ No par
2,700 Martin-Parry Corp__ NO Par
12,7001Mathieson Alkali WorksNo par
60 Preferred
100
5.800 May Dept Stores
25
4,300'Maytag Co
No pa
1,300' Preferred
No par
I Prior preferred
No pa
3,600,McCall Corp
No pa
280' McCrory Stores class A No pa
1
800 Class B
No pa
I Preferred
100
600, McIntyre Porcupine Mines_5
5.000, McKeesport Tin Plate_No pa
5,100 McKesson & Robbins_No pa
1,600 Preferred
50
300 Melville Shoe
No pa
7,100 Mengel Co (The)
No pa
400 Metro-Goldwyn Pictures pf_2
43,900 Mexican Seaboard 011 No pa
24,200 Miami Copper
30,100 Mid-Cont Petrol
No pa
Preferred
100
33
4 4
10:900 Middle States 011 Coro
1
*23
8 212 1,600 Certificates
1
22712 231
1,200 Midland Steel Prod pref___100
1914 1914 1.000 Miller Rubber
No Da
6414 683 11,300 Mohawk Carpet Mille_No Pa
8
Stock
99 10412 235,800 Mont Ward&CoIllCorpNo pa
418 418 2,100 Moon Motors
No pa
Exchange
3
3 18 10,200 Mother Lode Coalition_No pa
•36
38
4,100 Motion Picture
No pa
Closed
1434 15
800 Moto Meter A Corp_o pa
No
210612 109
2,900 Motor Products
_ N pa
Memorial
4253 44
12,900 Motor Wheel
par
49Mullins Mfg Co
49
503
4 4,900 par
N
Noo a
Day
93
93
190 Preferred
No pa
.5414 5412 1.100 MunsIngwear Inc
No Pa
Holiday
8514 893 87,900 Murray Body
8
No pa
8112 844 49,200 Nash Motors Co
No par
3218 324 13,800 National Acme ,tamped _10
5158 17,700 Nat Hellas Hess
50
No par
.105 106
300 Preferred
100
167 169
6,800 National Biscuit
35
142 14214
1,000 Preferred
100
10418 1083 71,600 Nat Cash Register A w IN. par
4
6314 6412 34,000 Nat Dairy Prod new __No par
29
2912 4,900 Nat Department Stores No Par
.94
96
let preferred
100
41
4212 6,700 Nat Distill Prod ctfs__ No par
.763 793
4
4
100 Preferred temp clts__No par
*44
47
2,400 Nat Enum ,fe Stamping
100
142 142
400 National Lead
100
140 140
100 Preferred A
100
•118 119
50 Preferred B____ _._
100
4754 504 54.000 National Pr & Lt
No par
64 712 2,000 National Radiator
S3 par
•19
23
700 Preferred
No par
12112 12112 2,100 National Supply
50
•115
Preferred
100
*110 120
900 National Surety
50
6512 14,700 National Tea Co
64
No par
423 444 81,600 Nevada Cense'Coppor_No pa
4
4112 4214
1,600 N Y Air Brake
No pa
.40
43
400 New York Dock
10
•83
85
Preferred
10
9812 99
370 N Y Stearn pref (6)____No pa
•11114 11112
20 let preferred (7)
No pa
11234 12112 63,300 North American Co
No Pa
*52
54
900 Preferred
5
1007 1007
4
8
200 No Amer Edison pref-No Pa
51
52
2,900 North German Lloyd
*4712 50
Northwestern Telegraph___50
3
33
8 1,400 Norwalk Tire & Rubber__ 10
40 Preferred
100
*614
7
Nunually Co (The)___No par
2014 203
4 3,100 011 Well Supply
25
92
95
70 Preferred
100
84 914 7,400 Omnibus Corp _____ __No par
•____ 87
200 Preferred A
100
•7312 764
Oppenheirn Collins & CoNo par
.23
50
Orpheum Circuit, inc
1
*7014 71
330 Preferred
100
326 330
800 Otte Elevator
50
•124 12412
60 Preferred
100
37
375 15,700 Otis Steel
8
No par
•____ 9913
Prior preferred
100
*82
88
Outlet Co
7814 79
1,700 Owens Illinois Glass Co No par
____25
57
5712 3,300 Pacific Gas & Elea
'
80
8014 1,900 Pacific Ltg Corp
No par
28
29
110 Pacific SIllis
100
1
1
7,900 Pacific 011
No par
•175 177
30 Pacific Telep Ar Teleg
100
1273 1273
4
4
10 Preferred
100
13214 137 303,200 Packard
Motor Car
10
553 553
4
4
300 Pan-Amer
50
5612 593 154,100 Claes B Petr & Trans
8
60
1412 1412
300 Pan-Am West Petrol B_No par
95 10
8
3,200 Panhandle Prod & ref__No par
*60
65
Preferred
100
6112 63
44,900 Paramount Fam Lasky _No par
5012 52
11,600 Park & Tllford
No Par
74 812 19,000 Park Utah C M
1
9
94 30,100 Paths Exchange
No par
175 1812 5,601) Class A
8
No par
2343 3514 6,700 Patine Mines & Enterpr____20
4
30
11
• Bid and asked prices; no sales on this day. z Ex-dividend. y Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100-sha7e lots
Lowest
Highest
PER SH AR&
Range for Precious
Year 1928
Lowest
Highest
$ per share
56 May 29
11612 Jan 12
20 Mar 25
8412May 8
125
8Nfay 28
89 Feb 8
357
8May 31
6612 Mar 26
37 Apr 26
104 Jan 8
122 Jan 19
8318 Jan 26
91 Mar 26
148 Mar 26
18 May 31
5818May 16
2414 Apr 9
95 8 Mar 25
3
1312May 16
367
8May 18
28 Feb 16
25,
8Nlay 31
255
8May 29
12 Feb 18
3318NIay 31
6918 Mar 26
663 Feb 18
4
8 May 27
4214May 28
120 Jan 28
7312May 31
19 May 31
40 May 27
80 Apr 26
7114 Feb 16
98 NIay 28
9814May 31
10812MaY 16
16 May 31
6212 Mar 26
49 Jan 7
55 Mar 28
5812 Mar 26
20 Mar 26
24 Jan 1
3614N1ay 3
3018 Jan
3012 Feb 1
12014 Jan 1
33 Mar
4
238May 29
225 Feb 1
1914May 3
6012Nlay 2
99 May 31
4 May 29
3 Feb
1212 Jan 8
143
4Nlay 31
10612May 31
39 N1ar 26
48 May 29
903 Apr 30
4
5018 Apr 6
62 Mar 26
8112May 31
2814 Jan 7
493 ay 28
4N1
10312May 22
16612May 28
14112May 17
96 Jan 8
6218Nlay 22
2814 Jan 4
924 Feb 4
33 N1ar 26
6712 Feb 7
43 May 29
132 Jan 2
140 Jan 2
118 Jan 2
4214 Mar 26
61 2NfaY 28
17 May 29
11144 Mar 26
11414 Feb 8
115 May 29
64 May 31
$ Per share $ per share 5 per shard
744 Jan 5
/
1
4414 June 88 Sept
/
1
4
12112 Apr 2 11712 Aug 125 May
3112N1ay 17
233 June 467 Ap
4
8
9712May 17
8612 Dec 114 Mar
18 Jan 9
93 Feb
8
193 Apr
4
10014 Feb 21
78 July 98
Apr
47 Jan 31
28 Feb 41 May
100 May 6
46 Jan 4
44
57I4 Apr
107 Apr 19 106 -A i 110 NoV
/
1
4
dct
140 Mar 28 10812 Mar 134 Mar
8418 Jan 14
6814 Jan 86
Oct
1143 Feb 5
4
83 Apr 110 Nov
4
1883 Jan 2 y134 Aug 382 Aug
24 Fel 28
1814 Dec
34 May
8212 Mar 21
43 4 Feb
3
75 Nov
393 Jan 15
16
8
Jan
384 Nov
10512 Jan 18
874 Jan 110
Oct
26 Jan 14
21 Nov
41
Jan
5012 Jan 10
40 Nov
Jan
88
383 Mar 9
8
32 June 4012 Jan
3734 Jan 14
284 Sept 883 June
8
353 Jan 4
8
311 Feb 43 Slay
/
4
1812 Apr 18
1212 Feb 2512 Apr
4718 Jan 3
33 Feb 49 Nov
/
1
4
897
451 Mar 83 Nov
/
4
8May 20
104 May 10
77 Dec 86 Dec
18 Jan 2
1218 Mar 25 8 June
3
2163 Jan 25 1171 June 190 Dec
4
/
4
125 Jan 2 115
Jan 130
Apr
1084 Jan 10
75 July 11312 Nov
25 Apr 4
1712 Aug
3012 Nov
451e Jan 3
4018 Aug
52 Slay
9018 Jan 10
894 Dec 101 May
102 May 31
Feb 80 Dec
56
1133 Feb 5
4
77 Feb 10974 Nov
11512 Feb 6
8012 Mar 1193 Nov
4
120 Feb 7 109 Feb 1184 Nov
2313 Jan 5
1914 Sept 2812 Mar
82 Jan 31
624 June
/
4
781 Nov
59 Mar 4
4518 Nov
50 Dee
/
1
4
62 Feb 4
54 Nov 63 Not
/
1
4
72 Jan 3
/
1
4
50 Nov 70 Sept
347 Jan 4
8
2514 July 41 Sept
27 Feb 25
2412 Dee 2718 May
693 Jan 3
8
45, Jan 73 Dec
8
5412 Mar 20
173 Jan
4
33 Dec
394 Jan 3
2518 Feb
4412 Nov
121 Jan 4 10314 Feb 12012 Dec
518 Jan 3
23 Jan
8
7 May
/
1
4
312 Jan 3
112 Jan
57 May
8
275 Apr 3 193 Jun 295 Nov
287 Mar 20
8
1812 Au
27
Jan
8014 Mar 1
394 Au
757 Dec
4
1567 Jan 2 11514 Dec 15612 Dec
8
8 Jan 8
5 Fe
/
1
4
1112 May
612 Mar 4
418 May
238 Au
4418May 6
144 Dec
/
1
5 Ma
2534 Jan 3
13 Ma
244 Sept
/
1
206 Mar
94 Jul
21814 Oct
484Nfay 18
2512 Jan
5114 Oct
814 Jan 4
8914 Jun
954 Oct
/
1
10214 Jan 11
98 De
1047 Nov
4
4Nfay 4
483 Ma
613
4
624 May
9914May 9
2112 Fe
12414 Oct
11878 Jan 25
801 Feb 112 Nov
/
4
3912 Feb 28
714 Jan 324 Dee
71 Mar 1
118 Jan 3
9014 Jan 11812 Dee
205 Jan 4 15912 July 19514 Nov
144 Jan 28 13712 Feb 150
Apr
1483 Mar 20
4
4714 Jan 1043 Dec
4
693 ay 3
8N1
373
,1Mar 5
217 Jan 3214 Oct
8
95 Apr 12
Jan 102 May
91
5512 Mar 14
2914 June 5812 Jan
8612 Mar 13
5114 June
/
4
711 Jan
6214 Jan 9
2314 Ma
574 Nov
/
1
173 Mar 20 115 July 136
Jan
14112 Feb 1 139
Jan 14714 May
,
1233 Apr 24 1124 Ma 122 July
4
613 Mar 4
8
211 Jan
/
4
463 Dee
8
14 Jul
17 Jan 10
40
/ Jan
1
4
41 Jan 29
38 De
984 Jan
144 Jan 2
146 Dec
844 Jun
/
1
117 Apr 19 114 Sep 119
Jan
155 Feb 1 1383 De 150 Nov
4
913 Slar 11 0160
8
Jan 390 Deo
393 Jan 161
4
4112 Mar 25
40 May 28
84 May 23
97 May 28
11114 Mar 15
904 Jan 7
/
1
4
513 Mar 5
99 Mar 27
/
1
4
4818May 28
45 Apr 9
3 May 27
2014Nlay 27
512May 16
20 May 27
92 May 31
712 Feb 21
80 NIar 26
7214 Feb 8
827 Mar 21
8
493 Mar 4
4
583 Feb 2
4
90 Apr 10
103 Jan 10
1147 Feb 19
8
12112N1ay 31
5414 Jan 9
1033 Jan 15
4
6414 Jan 12
50 Star 16
614 Feb 4
45 Jan 31
8 Feb 8
32 Jan 3
10612 Jan 16
101 Feb 28
/
4
90 Feb 28
844 Apr 13
/
1
Apr 12
Jan 7
Jan 8
37 May 29
100 May 15
84 Apr 29
78 May 28
53 Jan 2
70 Jan 7
28 May 31
1 Mar 6
159 Jan 3
1184 Jan 3
/
1
11612 Mar26
4014 Feb 18
4012 Feb 10
14 Apr 26
911 Feb 16
4712 Feb 25
5512 Jan 2
50 May 27
7 May 15
712 Mar 26
131/ Mar 26
3418 Jan 7
95 Jan 2
/
1
4
357 Slay 18
125 Jan 24
60
276
122
483 Mar 15
8
108 Feb 20
961 Jan 4
/
4
84 Slay 18
8814 Jan 31
85 Mar 13
37 Apr 17
112 Jan 10
200 Mar 14
130 May 18
1533
4Slay 15
63 Stay 4
863 ay 6
451
1712 Jan 3
1514 Jan 3
76 Jan 16
711
/
4May 13
871 Jan 14
/
4
137 Feb 28
4
147 Jan 9
8
30 Jan 9
473 Mar 4
4
1784 Jan
391 Oct
/
4
47 Aug
85 Sept
9812 Oct
102
Jan
584 Jan
51 Sept
993 Oct
4
4
633 June
Oct
48
212 Mar
/
1
334 Jan
63 Dec
4
2014 June
97 June
74 Dec
8313 Dec
87 Aug
/
1
4
18 May
75 May
14718 Feb
11914 Jan
1012 Jan
8212 Jan
81 Jun
424 Dec
/
1
5012 Nov
8414 Jan
Jan
95
10512 May
Apr
115
97 Nov
55% May
1057 Feb
8
6912 Nov
55 May
714 Sept
48 Sept
13 May
41
Jan
1104 Jan
1514 May
993 June
8
8812 Jan
70
Oct
104 Nov
28514 Dec
1263 July
4
4012 Nov
103 Nov
994 Sept
434 Feb
69 Dec
Oct
25
1 Sept
145 June
114
Oct
581 Feb
/
4
3814 Feb
373 Feb
4
1512 July
114 Feb
70 Feb
4714 Oct
34 Mar
9 Aug
2 Feb
814 Feb
234 Jan
/
1
584 Nov
85 June
/
1
4
354 Nov
214 Apr
169 Dec
1254 May
163 Dec
5512 Nov
587s Nov
284 Apr
/
1
21% May
10814 May
583 Dec
8
98 Nov
1414 Jan
15 Nov
34 Aug
42 API
3652
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here. see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
May 25.
Monday,
May 27.
Tuesday.
May 28.
Wednesday,
May 29.
Thursday,
May 30.
$ per share $ Per share $ Per share
Per share $ per share
1512 154 15
15
53 1412 15
15
15
5114 511 50
/
4
5113 48
/ 507
1
4
3 4913 513
3
108 108
108 108 *10612 109 .107 109
54 512
54 6
3
4 83
8
512 513 *53
1833 1812 174 1814 17
1713 175 18
3
/
1
4
8312 *80
*80
8312 *80
8014 *80
8014
*258 265 *250 265 31250 265 •250 265
33
33
Ike 33
33
33
334 *33
3312
*150 180 *150 160 *150 160
150 160
*49
•4912 51
51
1349
51
*50
51
51
51
*5013 51
503 503 •494 51
4
4
194 4913 18
1918 1733 184 174 18
1412 145
1412 14
8 14
14
14
1414
94
/ *91
1
4
*91
9478 *91
944 *91
947
8
394 4013 39
/
1
40
39
393
8 38
/ 397
1
4
3
*254 28
244 25
244 25
244 2412
*9314 97
*9314 94
*9314 94 .9314 94
33
334 33
33
3214 327
8 327 333
3
4
*83
84
83 83
*80
85 4 *83
3
853
4
23
3 2
/
1
4
214 214
214 212
214 212
40
40
40
40
3814 3814 393 39 4
4
3
45
8 42
5
412 45
8
433 438
44 412
41
417
8 394 407
3 39
/ 4214 42
1
4
44
65 -d(f- 62
63
611 63
-0
.112 -.
6112
*8413 85
8412 8412 844 844
*8412 88
*15
•15
*15
25
25
25
*15
25
*54
*54
55
57
*533 57
4
*533 57
4
/
1
4 8112 82
814 813
79
80
*80
81
3614 3614 34
3612 3414 3513 333 3512
4
10113 10112 10112 10113 1013 1013
102 102
4
4
734 74
70
7314 694 713
3 71
7214
55 4 57
3
55
563 57
4
551/ 5514 5512
8 604 604 5912 603
60 603
4 60 607
4
18
173
4 1514 16
1812 15
153 157
3
8
75
•___ _ 76
•72
74
74
73
75
8 18
1912 1912 1813 193
184 1814 1812
42
42
*41
43
413 413 *41
4
4
43
•5812 58
1357
*5612 58
58 .56
57
/
4
3
834 84
811 83 4 804 823
8
82
/ 845
1
4
4
1044 10414 1033 10418 104 104
1033 104
4
119 •118 119 *118 120 *118 119
•118
14712 1483 149 149
•14712 149 •1474 149
4
8
•1077 1087 1077 1087 1074 10878 9.0n 10812
3
8
3
807
3 78
80
7818 793
80
4 7813 794
*1512 153
3
4 1514 15 4 1518 1518 144 1514
2818 283
3 2712 2814 2718 28
2712 277
3
11212 11212 113 113
1134 11414 113 11314
1104 1157 1093 1147 1127 11512
11612 117
3
3
3
8
8913 917
8433 163
- 847s
8
4
/ 644 544 5412
1
4
545 54
2814 25 4
3
284 2913 26
4 714 7512 714
753
75
95
*96
0
95
9812 95
913 914
6
4 93
4
6014 6014 6014
*61:N 61
281g 293
4 2812
2913 30
92
94
9313 9313 *93
*97
99
99
*98
*97
25
2514 234 2513 2214
2
90 4 911 8614 9134 863
3
/
4
•110 112 *110 112 *111
7
/ 77
1
4
753 8
74
8
5512 5512 5414 553
3 54
877 181. 114
,
1
2
5412 .5412 5512
273
3 2618 274
76
73
73
98
*95
98
9
*7
94
3
60
6014 60
29
285 2918
8
94
92 .91
99
99
*97
8
23
/ 2253 243
1
4
80
/
1
4
883
4 88
112 *110 112
74 74
8
/
1
55
5453 54
*70
75 •70
75
*70
72
75
*70
57
57
*5514 563
56
4 5453 5518 *55
444 4212 4418 4112 43
42
43
44
31
32
3012 313
33
337
8 3112 33
3
654 65
663
69
697
8 63 4 6614 64
4
28
29
281g 29
284 29
285 30
8
96 *____ 9812 *_--- 9714
96
9812
8
*5124 5212 513 524 5113 52
5113 515
4
6814 641 6612 663 7012
68 683
4 64
1543 159
8
15414 158
1544 157
160 160
96
*95
957
8 95
96
*95
953 *95
4
*105 106 *105 106 *105 106 •105 106
41
414 40
403
42
4 40
4013
42
22
8
2012 2114 203 207
213 213
4
4 21
3
098 100
/
4
*1011 10212 10018 10112 984 100
15
4 1414 1512 15
153 157
4
3 1513 153
1507 15253 1464 1514 14714 1507 147 151
8
8
4
43
8 44
5
4
412 4
4 14
/
1
4
144 148
143h 14612 1464 1487
149 150
8
*4518 48 .4512 48
*454 48
*45
48
8 2714 274
8
2812 28
/ 275 2812 2718 273
1
4
575
8 553 56
4
56
5712 60
60
60
8212 8018 8312
811g 834 80
8312 85
283
4 2812 304
275 2934 27
8
2912 30
3814 40
3814 404 3712 384 38
383
4
108 108 *108 1083 *108 1084
108 108
393 40
3
3918 40
4053 4114 3938 41
6112 6012 62 8
*56
7
65
6014 6012 62
96
*80 100
*85
9512 *85
*90 101
11
1112 103 1114
4
12
1212 11
*12
454 4712 4613 4712
48
47
48
48
/
1
4
/ 39
1
4
3 3818 384 37
3812 3912 384 397
56
5714
5814 5413 56
577
8 55
57
4212 4013 4012 4112 42
41
42
42
/
4
4
124 1214 113 111 1218 1218
1213 1218
1124 11212 11212 11213
*11414 116 *11414 116
34
3614 35
35
36
3712 3712 35
91 •____ 93
93
93
*90
*90
714 714
712 712
*74 8
718 74
75
73
*73
75
*73
75
*72
73
5112 50
/ 5112
1
4
5212 51
524 524 51
4 8913 9153
874 913
88
9412 95
93 4
3
18
1913 1814 19
2314 2314 18
18
9012
88
883
8 863 88
3
863 88
88
3
8 84
/ 65
1
4
644 647
/
1
654 6513 65 65
*98 100
*98 100
•100 125 • 90 110
110 •____ 110 *____ 110 *____ 110
7513 75 4 73 3 751 734 7412 7312 74
3
3
/
4
8
574 58
56
5714 565 57
573
4 56
3 395a 4014 39
3912
4018 403
397
3 39
5
5 14
514 512
513 54
54 512
1514 173
1738 19
17
4 1513 1612 17
*4518 50 .
34518 50
*445 50
8
*4453 50
45 ;51 lints 704 6534 69 66
91
94 101
101 102
7514 7614 74
767
8 7413
123 123 *124 125 •124
23
3 212
218
*212 24
60
60
60
60
60
*104 10414 *104 10414 *104
8
8
/
1
4
712 8
7
5512 57
8012 56
4814
1512 144
*1412 1514 15
7
7
612
713 7'8
144 1453 14
16
•15
20 2014 20
2013 204
;51
;ii- 43
68
663 683
4
4
97
9512 92
75 4 744 753
3
4
125 •124 125
213 *214 253
60
607
8
60
10414 •104 10414
7 12
7
73
3
52
4014 527
8
1418 14
14
612 •612 712
143
4 14
/ 144
1
4
/
1
2012 20
20
• 13141 and asked prices; no sales on this day.
Friday,
May 31.
5 Per share
15
154
*4918 60
.107 109
•64 7
/
1
4
1714 1712
*80
8014
0250 265
33
3314
•150 160
51
*50
51
513
4
175 183
3
3
14
1414
•91
94
/
1
4
384 393
/
1
4
25
25
94
94
3253 3312
83
83
214 214
40
•39
438 413
42
43
351 164
*8213 85
25
•15
52
/ 524
1
4
/
1
80
80
34
34
10114 1013
4
7018 723
3
5514 56
x583 5853
8
1513 1514
____ 773
4
18
18
41
41
564 57
823 8912
4
10414 10412
119 119
149 149
1077 1074
3
7818 80
15
15
8
2718 277
11314 11312
11314 11614
Stock
Exchange
Closed
Memorial
Day
Holiday
Sales
fer
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Milkmen. (Con.) Par
5,200 Peerless Motor Car
50
6,600 Penick dc Ford
No par
30 Preferred
100
400 Penn Coal & Coke
so
3,300 Penn-Dixie Cement___No par
Preferred
100
People's GI L &0(Chlo)_100
1,300 Pet Milk
No par
Philadelphia Co (PIttsb)___50
5% preferred
50
600 6% preferred
60
11,600 Phila & Read C& L. No par
7,200 Philip Morris h Co., Ltd
10
Phillips Jones pref
100
13,500 Phillips Petroleum____No par
1,000 Phoenix Hosiery
5
30 Preferred
100
7.700 Pierce-Arrow Class A_No-par
500 Preferred
100
9.100 Pierce 011 Corporation
25
1,100 Preferred
100
6,700 Pierce Petrol'm
No par
8,700 Pillsbury Flour Mille-No pa
- 2,400 Pittsburgh Coal of Pa
100
100
Preferred
Fitts Terminal Coal
100
110 Preferred
100
1.300 Porto Rican-Am 'rob Cl A_I00
4,500 Class 11
No par
1,500 Postal Tel dr Cable prof-100
77,500 Poetum Co toe
No par
7,100 Prairie 011 & Gas
25
7,000 Prairie Pipe de Line
25
13,000 Pressed Steel Car
No par
900 Preferred
100
2,800 Producers & Refiners Corp-50
100 Preferred
50
40 Pro-phy-lao-tic Brueb_No par
66,000 Pub Ser Corp of N J_No par
1,400 6% preferred
100
100 7% preferred
100
500 8% preferred
100
700 Pub Serv Eleo dt Gas pre/ _100
17.500 Pullman, Ins
No par
2,200 Punta Alegre Sugar
50
29,900 Pure 011 (The)
25
120 8% preferred
100
9,600 Purity Bakeries
Preferred
8314 88 626,000 Radio Corp of Amer_ __No par
*534 5412
300 Preferred
50
70,800 Radio Keith-Oro el A.
2513 27
-NO par
734 77
/
1
18,800 Real Slit Hosiery
10
110 Preferred
*95
98
100
8
8
2,700 Reis (Robt) dc Co
No par
•6013 69
300 First preferred
100
2812 29
24,500 Remington-Rand
No par
200 First preferred
100
100 Second preferred
97 If
100
2318 24
/ 38,500 Reo Motor Car
1
4
10
87
/ 8912 24,100 Republic Iron & Steel_ _ _ _100
1
4
•110 112
Preferred
100
7
7 13 5,500 Reynolds Spring
No par
55
25,500 Reynolds (RJ) TOP Class B_10
54
72
*70
Class A
10
8 1,000 Rhine Westphalia Elec Pow- 571 577
/
4
21,100 Richfield 011 01 Callfornla_25
4013 42
3012 313 27,400 Rio Grande 011
8
No par
6318 66
4,500 Resale, Insurance Co new_ 10
27
29
28,900 Royal Baking Powder No Par
100 Preferred
9812
100
513 59
4
3,500 Royal Dutch Co(N Y shares)
651 70 43.200 St.Joseph Lead
10
15458 15814 9,400 Safeway Stores
No par
96
50 Preferred (6)
*95
100
105 105
130 Preferred (7)
100
4012 423
4 3,400 Savage Arms Corp_ --No Par
.
2018 203 19,100 Schulte Retail Stores-No Par
8
10012 10012
380 Preferred
100
15
15
2,600 Seagrave Corn
No par
14114 147 130,100 Sears. Roebuck & Co No Par
5
513 9,800 Seneca Copper
No par
1474 15053 12,100IShattuck ho)
No par
*4513 48
I Shell Transport & Trading_r2
274 29
41,600IShell Union 011
No par
x53
55
6,700 Shubert Theatre Corp_No par
79
803 27,3001 SImmone Co
4
No par
z293 303 37,600 Simms Petrolem
3
3
10
373 383 302,400 Sinclair Cone 011 Corp_No par
4
4
108 108
1,300
Preferred
100
383 397 24,400 Skelly 011 Co
4
8
25
62
82
2,300 810,3
-Sheffield Steel& Iron 100
•8512 100
Preferred
100
11
1112 3,100 Snider Packing
No par
44
464 1,800 Preferred
/
1
Preferr
No par
375 377 19.700 So Porto Rico Sug
8
8
No par
5612 5818 44,100 Southern Calif Edison
25
42
43
3,200 Southern Dairies el A_ _No par
.112 ._
1 11z 12__
1,800 Claes B
par
Na 1pw
30 Spalding Bros let pref
343 343
4
4 4,600 :Swing Chalfant&Co IncNo par
:Swi
•____ 93
Preferred
100
7
7
160 Spear dr Co
734 7312
40 Preferred
No ° O
10r
°
6.700 Spicer Mfg Co
50
51
par
90
6,100 Spiegel-May-Stern Co_ N par
85
No
1814 183
4 3,700 Stand Comm Tobacco_No par
8812 9014 20,600 Standard Gas & El Co-NO Par
z625 63
8
1,200 Preferred
50
•98 100
Standard Milling
100
•____ 110
Preferred
100
7213 73
/ 49,900 Standard 011 of Cal___No par
1
4
5614 5714 85.200 Standard 011 of New Jersey _25
383 3912 37,800 Standard 011of New York _25
4
5
5
3.300 Stand Plate Glass Co--No Par
1711 1,740 Preferred
•17
100
•4453 50
Stand San Mfg Co____No par
Preferred
100
;ii" :6"
Stanley Coot Amer____No par
65
6812 37,900 Stewart
-Warn Sp Corp
10
9418 15,700 Stromberg Carburetor_No par
92
734 7412 29.200 Studelfr Corp (The__No par
*124 125
10 Preferred
100
214 21
: 4,100 Submarine Boat
NO par
80 6014 1,600 Sun 011
No par
104 104
20 Preferred
100
74 77 37.900 Superior 011
8
No par
34
4012 23,800 Superior Steel
100
1,700 Sweets Co of America
•1312 14
60
•612 8
No par
700 Symington
14
14
1.600 Class A
No par
1,200 Tdautograph Corp-No Par
19
/ 20
1
4
s Ex-dividend.
900
if Ex rights.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
$ per share
1412May 28
38 Jan 2
100 Apr 2
512May 27
17 Mar 28
80 May 16
208 Jan 11
33 May 17
1574 Apr 17
4812 Jan 15
4May 28
503
1738May 28
1312 Apr 30
881 Jan 17
/
4
3712 Mar 8
2412May 29
9314May 22
2712 Mar 25
724 Jan 2
214 Feb 8
30 Jan 8
4 Apr 25
/
1
4
394May 27
143 Jan 2
58 May 31
84 May 7
23 May 9
52
/
1
4May 31
77 Jan 11
4May 29
333
10118May 27
6234 Mar 28
55 May 28
/
1
4
53 Jan 14
15 May 27
73 May 29
18 May 28
384 Feb 20
55 May 1
75 Mar 26
1033
4May 27
1173
4May 8
145 Apr 17
10553 Apr 3
78 May 27
144May 29
/
1
234 Feb 16
112 Jan 14
1003
3May 28
$ per share
224 Jan 11
58 May 6
110 Jan 9
12 Jan 20
27 Jan 5
94 Jan 22
28712 Mar 14
454 Jan 3
180 Jan 5
51 May 20
54 Mar 18
34 Jan 8
2314 Feb 26
96 May 1
47 Jan 3
375 Jan 22
8
100 Jan 6
377 Jan 9
3
8612 Jan 9
333 Mar 18
5112 Mar 18
5 Jan 15
/
1
4
63 Jan 15
/
1
4
15614 Jan 14
83 Jan 9
/
1
4
100 Jan 5
344 Jan 9
/
1
7814 Jan 9
95 4 Mar 15
3
50 4 Jan 2
3
105 Jan 31
813
4May 3
6553 Jan 2
/
4May 21
611
253 Mar 22
8
81 Mar 27
25 Jan 3
/
1
4
463 Mar 21
4
823 Jan 14
4
943 Jan 31
4
10814 Feb 5
1247 Jan 3
3
1504 Mar 15
8
1095 Jan 28
914 Jan 3
/
1
2114 Jan 14
303
4May 9
116 Fen 25
1397 Feb 4
3
684 Feb 18
54 Apr 2
19 Mar 26
57 Jan 7
95 May 27
6 May 28
60 May 29
28 Mar 213
9014 Jan 4
93 Mar 20
221451ay 28
7914 Feb 8
1087 Jan 7
3
7 May 31
53 Mar 26
70 Apr 24
53 Feb 26
393 Feb 16
4
3012May 28
63 May 23
27 May 31
96 May 25
49 Feb 19
/
1
4
62 Jan 7
15414May 25
93 Apr 4
102 Feb 16
3814 Mar 26
2018May 31
97 Apr 17
1414May 28
1393 Mar 26
4
4 May 28
1234 Jan 8
43 Jan 25
25 Feb 18
/
1
4
53 May 31
75 Mar 26
1813 Mar 26
3512 Mar 26
4May 1
1073
327 Mar 7
3
6014May 26
105 Jan 2
1014 Mar 28
33 Jan 3
34 Mar 26
53 3 Jan 4
5
3512 Feb 16
11 May 31
11212Nlay 28
34 May 28
89 Mar 19
6 May 20
73 May 20
45 Jan 7
7714 Jan 15
18 May 27
801 Mar 26
4
8May 31
625
104 Mar 26
114 May 3
57 Jan 3
464 Jan 4
/
1
843 Mar 4
8
10212 Feb 8
1614 Feb 1
10812 Feb 6
353 Feb 4
4
98 Feb 4
99 Feb 19
/
1
4
317 Jan 3
3
10213 Apr 23
11511 Feb 27
1214 Jan 16
66 Jan 11
109 May 8
84 Feb 18
48 Feb 16
38 Mar 7
412 Jan 2
1518May 28
41 Jae 26
1184 Jan 15
26 Apr 11
85 Apr 10
2523 Jan 11
4
7313May 31
123 May 13
24May 28
57 Mar 28
100 Jan 3
7 Feb 16
31 May 31
1312May 23
411 Mar 12
1214 Mar 11
1914 Feb 8
80 Mar 15
64 Jan 2
495 Jan 3
5
4212 Mar 28
96 May 9
4314 Jan 2
10312 Jan 21
553 Jan 5
4
94 Jan 21
19514 Jan 4
97 Jan 16
108 Jan 18
517 Jan 24
e
4112 Jan 8
1184 Jan 2
224 Apr 12
181 Jan 2
1012 Mar 20
1564May 16
/
1
553 Jan 10
4
313 Apr 2
4
7413 Jan 24
116 Jan 31
3414 Apr 24
45 Jan 2
111 Jan 29
4612May 6
125 Jan 19
112 Jan 18
1614 Feb 5
56 May 11
45 May 13
6812 Jan 31
43 May 31
/
1
4
15 Jan 12
117 Feb 6
524 Jan 3
97 Jan 17
143 Feb 4
4
8013 Jan 2
663 Mar 1
4
1177 Feb 6
3
43 Jan 11
/
1
4
997 Jan 31
8
67 Feb 4
1634 Jan 18
133 Jan 12
811
/
4May 6
623
sMay 11
45 4 Jan 2
2
9 Jan 21
/
1
4
31 Jan 18
56 May 3
138 Mar 21
45 May 20
77 May 10
116 May 20
98 Jan 26
12512 Apr 26
413 Mar 14
mos Jan 10
10513 Jan 8
12 Jan 3
7334 Apr 9
2214 Apr 11
9 May 2
191
/
4MaY
254Mar 28
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
per share $ per share
2572 Mar
144 Sep
223 Jan 414 CPZ
3
Oct 115 dit
103
1412 ran
8 Aug
104 July 31 May
/
1
75 Sept 964 Apr
4
1513 Jan 217 Nov
4112 Dee 4614 Dee
4
145 Mar 1743 May
4512 Mar 49 Aug
514 Oct 57 Mar
/
1
4
27 June 322 ran
/
1
4
15 Mar 2513 Mar
85 'Apr 99 May
3514 Feb 537 Nov
2
21
Oct 38 May
94 Dec 10314 Feb
1814 Oct 30 3 Dee
7
3
5812 Oct 747 Dee
13 Mar
514 Apr
164 Feb 50
Get
34 Feb
638 Apr
4
323 Feb 584 Dee
/
1
108
Jan 144 Dec
/
1
4
3613 June 78 Dec
/
1
4
81 May 1004 Dec
/
1
26 Feb 38 Dec
6313 Oct 82 Mar
53% July 855 Dee
4
2314 Aug 514 Des
/
1
100 Aug 105 Beta
/
1
4
611 July 13613 May
/
4
594 Dec 845a Ddo
18 June
70 Aug
16 Feb
41 Feb
52 Nov
4112 Jan
103
/ Jan
1
4
117
Oct
134
Jan
10612 Dec
8
777 Oct
1753 Dec
19 Feb
108 Mar
75 June
105 July
334 Oct
934 Oct
297 Nov
8
4953 June
91 Feb
8313 Dec
115 May
1201e May
150 May
11013 Apr
94 May
347 Jan
a
3114 Nov
119 June
13938 Oot
1664 Oct
5413 Jan 60 May
3414 Dec 514 Nov
241 Jan 8053 Dee
/
4
8013 July 974 Dee
15 Dee
54 Feb
6114 Feb 8912 Dee
2313 Jan 3613 May
8714 Dec 98 June
Jan
8818 Oct 100
2212 Jan 3514 Oot
4913 June 9412 Nov
102 June 112 Feb
84 Feb 14% June
16513 Mar 195 May
Oct 61 Dee
50
2311 Feb 56 Nov
_
40 Dec
10412 Dec
445 Jan
3
37 Mar
171 Dee
95 Dec
10612 Dec
3614 Dec
353 Dec
4
115 Dec
10 Feb
8213 Jan
2 Jan
804 Feb
/ Jan
1
4
39
2314 Feb
5454 June
5
55 4 June
1818 Feb
173 Feb
3
10212 Jan
25 Feb
102 JUlle
10414 Oct
11 Dec
31 Nov
3212 Feb
434 Jan
2412 Jan
Jan
9
Jan
109
26 July
Oct
97
104 Nov
/
1
764 Nov
234 Jan
6512 Sept
Oct
24
/
4
571 Jan
6453 Dec
100 Jan
495 15- ;
4 e
1044 Dee
Oot
64
7112 Dec
2013 Dee
4
97 Dec
1064 Dec
51 Dee
674 Apr
129
Apr
1712 June
1074 Nov
74 Oct
14014 Oct
574 oot
393 Nov
3
8514 Nov
1013 Nov
s
2714 Nov
464 Nov
/
1
Oot
110
4253 Nov
Feb
134
123 Mar
Apr
20
Jan
60
4
May
51 Nov
May
30
APt
Apr
120
5753 Dee
100 Aug
20 Feb
8
923 Feb
511 Dee
/
4
91 Nov
4014 Nov
8453 Dee
714 May
14213 Deo
97 Nov 115 Dee
53 Feb 80 Nov
/
1
4
371 Feb 59 Nor
4
282 Feb 4513 Dee
4
7 e Feb
7
214 Jan
Jan 40 Feb
10
34 June 533e. Die
4
Oct 1263 May
118
36 Dec 5104 Sept
44
67
1214
3
3112
100
24
18
114
4
10
1614
Jan 99 Dee
Jan 8713 001
Feb 127 June
Feb
614 Mar
Jan 77 Nov
Jan 110 Apr
Feb
144 Nov
Jan 567 Nov
e
Feb 234 Sept
Aug
7 May
1938 Apr
Aug
Jan 2253 May
3653
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here. see eighth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
May 25.
Monday,
May 27.
Tuesday,
May 28.
Wednesday,
May 29.
Thursday,
May 30.
Friday,
May 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
-share fort
On Oasis of 100
Lowest
Highest
PER SHARE
Ranee for Previous
Year 1928
Lowest
Highest
per shard
per share
per share
Par
Per share
$ per share $ per share 3 Per share $ per share $ Per share $ per share Shares Indus. & Miocel. (Con.) par $16 Apr 9 $20 8 Apr 29
1013 Jan 19% Dee
7
10.300 Tenn Copp & ChemNo
r1612 17
4
1
/
4
1
/ 17
4
4
/
4
163 171 163 1714 17
1712 18
50 Feb 7434 Nov
25 5714 Feb 21 6812 Apr 20
611 6214 44,300 Texas Corporation
62
4
1
/ 6214
61
4
/
61
4 61
623
6212 63
12
1
/
624 June 82 Nov
4
/
721
Z704 711 35.700 Texas Gulf Sulphur_-No per 7014May 31 8514 Apr 18
4
/
4
1
/ 7118 7238 72
3
73 4 7412 7112 73
8
12% Mar 265 Nov
10 1614 Jan 25 2378 Mar 21
8 171 17
4
/
17
177
1712 14,900 Texas Pacific Coal & 011
4
1
/
1
/
184 1814 17
1812 17
3
20 June 30 4 Apr
1 1314 Mar 26 2412 Jan 17
1418 15
47,900 Texas Pao Land Trust
4 1412 1514
4 1412 1512 1414 143
4
1
/ 153
15
Jan 39% May •
22
No par 1612 AIar 14 2838May 2
•21
700 Thatcher Mfg
22
22
8 2212 2212 22
227
*2212 23 •2212
3
Oct 63 2 June
45
8
No par 35 Mar 9 483 Jan 5
44
4418 *433 44
44
800 Preferred
44
4
44
*44
4414 44
Jan 52% Dee
34
No par 3414 Mar 26 51% Jan 15
345 3514 1,900 The Fair
3512 351
8
3512 343 3514
35
4
1
/
344 35
100 10412 Feb 26 110 Jan 2 104% Jan 114% Oct
110 *107 110
20 Preferred 7%
107 107
*107 110 *107 110 *107
5614 June 71% June
25 44 May 1 62 Jan 12
*44
100 Thompson (J R) Co
4
4
*453 46
453 453
46
4
4
*453 46
3
*45 4 46
1434 Feb 25 Sept
3
1712 Feb 8 23 8May 10
19
4
193 203
4
1
/ 204 41,100 Tidewater Assoc 011__No par
4
20 207
4 1912 2014 193 21
1
/
817 Mar 91% Dee
8
100 8518May 28 90 Jan 2
8512 86
8518 8512 86
1,000 Preferred
86
88
*85
86
86
3
195 Mar 41% Dec
100 2712 Feb 1 38 May 9
*3412 3512 2,700 Tide Water 011
3434 3518 344 3512
1
/
36
35
*3512 36
8634 July 10018 Dec
100 9012 Feb 25 9712 Jan 17
400 Preferred
9212 9212 9312 *9212 94
*9212 95
9212
9314 931
8
Bearing_No par 7312 Feb 16 150 Jan 3 1125 Mar 154 Nov
4
1
/ 14.200 Timken Roller
8212 85
8212 8514 8114 83
8512 88
4
1
/ 8214 84
_
.20 1412 Apr 24 2218 Mar 18
24.300 Tobacco Products Corp..
16
15
15
1518 16
1512 154 153
3
15 4 15
1
/
4
20 18 May 22 2258 Mar 18
Class A
4
1
/ 1914 8,600
18
1812 19
18
183
4 1814 1912 1812 1912
19 Aug 2558 Jan
.15
*15
300 Dividend certificates A --_- 14 May 10 18 Feb 13
1652
•15
16
8 1518 1518 •15
165
1652
19 Aug 24 Jung
1414May 10 20 Mar 28
*1412 16
100 Dividend certificates B
•1412 1612 *15
*15
1814
1614 1518 1512
19 Dec 23 Aug
15 Apr 29 1912 Jan 15
1
/
•154 18
4
1
/ 18
*15
300 Dividend certificate.0 ---_
*1512 153
5
52 15 8 *1512 153
15
4
4
1411 Nov
4
63 June
9 Feb 26 1414May 8
.
'
1212 127
4
113 1218 87,300 Tramiel 011 tern ctf__No par
13
8 12
8 117 12
4
113 123
52
8
4414 Dec 59% Feb
8
1,200 Transue & Williams St'l No par 41 Feb 28 533 Apr 18
47
*45
4
*453 60
3
45 4 453
4 45
4 46
463
1
/
464
2
32% June 447 Sent
4
Corp___No Par 383 Feb 18 55 May 13
5014 4714 517
4718 4912 11.900 Trio° Products
60
8 4714 4978 485 49
8
4
1
/
2
No Par 2018May 28 317 Jan 23
2018 2014 1,600 Truax Truer Coal
2012 2012 2012 2012 2018 2018 2018 2018
8
5514 Nov 637 Dec
3
10 44 4 Mar 26 6158 Jan 3
*46
1,100 Truscon Steel
45
45
4 46
463
46
46
46
46
45
7
63 June 93 8 Dec
13,100 Under Elliott Fisher Co No Par 91 Jan 7 127 May 17
115 118
11714 11812 11212 11812 11414 1153 116 1173
4
2
100 125 Jan 5 125 Jan 5 119 Mar 126 Apr
20 Preferred
*125 126
•125 126
125 125 *125 126 *125 126
4
30 Dec 493 Feb
700 Union Bag & Paper Corp-100 25 May 29 43 Jan 14
25
*24
*24
27
25
27
4
263 *15
25
*25
4
/
811 84.100 Unionearbl&CarbNew.No par 7514May 22 86 May 9 -7 -5 Feb 68 No,
278
78
4
1
/
4
1
/ 753 783
4 7818 80
79
4 7618 773
2
52 4
25 46 Feb 20 5412 Apr 18
4
1
/ 7,700 Union 011 California
4712 47
4914 4914 48
2
8 4712 471/4 475 48
493
Oct 12812 May
4
100 1217 Jan 15 15014 Feb 20 110
500 Union Tank Car
13012 1304
*130 137
1
/
132 132
132 132 *130 132
Oct
3412 Apr 57
4
1
/
No par 41 May 31 53 Jan 14
41
423
4414 4514 42
4 2,400 United Biscuit
2
4112 4212 4218 423
4
1
/ 44
Oct
100 120 Jan 19 126 Jan 24 11214 Mar 135
Preferred
*12112 125
•121 125 *12112 125 *12112 125 *12112 125
8
7
22 8 Aug 345 Feb
18 Apr 25 2712 Jan 11
10
1814 183 10,000 United Cigar Stores
20
1814 19
2018 1812 1912 18
19
7
100 92 May 8 104 Jan 2 103 8 Dec 11418 Apr
95
*94
600 Preferred
93
97
*94
96
9512 9512 *94
97
31 8158 Feb 6
5814 Oct 8912 Dec
331
3318 333
2 3.700 United Electric Coal___No par 118 8May
34
35
3412
4
/
341 35
35
4 35
353
May 27 15812 Jan 31 13112 June 148 Nov
NO par
x11812 120
5,100 United Fruit
119 1193
121 122
118 1203 11812 120
4
4
8
1612 Dec 277 Apr
1
263 Jan 22
100 1518May 3
Paperboard
1518 151
1,200 United
16
.
16
1512 1512
16
16
1612 16
8
3
60 * June 875 Nov
8May 10
4
713 Mar 26 857
74
74
1,900 Universal Leaf Tobacco No pa
78
74
78
7512 76
77
1
/
784 74
9114 Nov 100 Feb
1
/
844 85
170 Universal Pictures let pfd _100 8418 Apr 10 93 Jan 2
8512 8512 85
8 8412 8452 8412 8412
4
1
/ 853
8
5
15 8 June 357 Oct
8May 29 2214 Jan 2
105
1112 123 21,100 Universal Pipe & Rad-NO Pa
1212 123
2
4
4
123
11
4 103 1214 105 13
4
7
87 2 Sept 1063 Del
100 98% Feb 6 10012 Jan 9
*__ __ 95
Preferred.
86
*
95
94 *.--- 95 •_ _ __ 95
*86
53 NoV
31 5578 Mar 18
38 Dec
27
1
/
364 3618 3412 3612 34
8
32'2 26,000 U S Cast '.-on Pipe & Fdy__20 27 kfay
343
4 3112 347
19% Nov
18 Nov
17 May 3 19 Jan 11
No Pa
800 1st preferred
17% 171
1
/
*174 173
17
2 17
1712 1718 17
171s
19% Dee
18% Nov
8
8
8
187
• 2 19
8
•187 19
Second pr 'tarred_ -No Pas 185 Apr 18 193 Feb 19
4
1
/ •1872 193 *1872 193 •18
8
4
1
/ 19
8
1312 June 2014 Jan
8
125 Mar 26 1812 Apr
No Pa
•1412 1512 1412 143
1414 1414 3,000 U S Dietrib Corp
1414 15
141
1
/
144
4
3
Oct 90 8 Jan
76
100 7114 Mar 12 84 Apr 20
Preferred
*80
8434 *81
*8112 83
85
*81
8412 *8112 83
41 Dec 58% Jan
8
30 May 28 497 Jan 2
3212 321
4.500 US Hof; Mach Corp-No Pa
3112 33
8
305 32
3118 305 31
30
8
Oct
4May 1 102% June 138
100 128 Jan 16 1733
Alcohol
155 1573 11,900 U S Industrial
156 1671 153 156
15212 156
4
4
1
/ 15512 1577
8
s
100 12414 Jan 8 127 Apr 3 1185 SW 1257 Nov
Preferred
Jan 31 May
22
4MaY 27 3512 Jan 14
193
No Pa
-154 21 -56T2 2039 22 22
21
-8;565 U 9 I cattier
* ii- -Hi 8
217
72 Apr
Jan
52
8
38 May 28 617 Jan 14
No Pa
39
2,200 Class A
39
3812 3852 38 3812 39 397
3912 40
3
100 91 May 14 107 Feb 1 100 4 Dec 10912 May
4
/
9112 9112 *917 93
200 Prior preferred
*9112 92
*911 92
93
*92
2
5
6114 Feb 93 8 May
81 Jan 8 11912 Feb 6
& 1mpt____No pa
851
8812 8812 8134 87
26,300 U S Realty
85
83
2
817 8412 84
27 June 6314 Jan
100 42 Jan 8 65 Mar 18
51
Stock
4
4514 473 60,000 United States Rubber
5214 47
5958 4512 4814 464 48
1
/
8
55 July 1093 Jan
100 73 May 28 9212 Jan 16
77
78
7412 *7612 77
73
7812 3.200 1s1 preferred
7412 77
75
3912 Feb 71% Nov
72-8 Mar 20
53
53
49
48
52
48
4
1
/ 4914 5412 Exchange
1
/
534 9,200 US Smelting, Ref & Min___50 48 May 27 58 Jan 3
51
Jan 58 Deo
51
50 52 Apr 17
4
1
/ *53
4
1
/ 53
53
700 Preferred
4
1
/ 53 53
53
535
5212 534
*53
1
/
s
1323 June 17212 Nov
8
15718 Jan 8 1937 Mar
- Z16212 16612 226.400 United States Steel Corp
16712 1687 163 167
4
1
/ 1633 167
4
1
/
8
8
8
166 1677 Closed
100 141 Feb 5 14414 Mar 1 13858 Jan 14714 Apr
142 142
14114 14112 141 14114
14134 142
141 14114 4.400 Preferred
88 June 120 Oct
3
No par 88 8 Apr 5 10958 Jan 30
8912 8912 .86
Memorial *86
100 U El Tobacco
88
88
8912 *86
*86
89
100 136 Mar 6 143 May 3 127% Jan 139 Jane
Preferred
•13932
•140 142 •139
*140 ____ _____
*140
Jan 273 Dec
10 264 Jan 2 353 Mar 19 139
0300 320 295 300 *290 315 *295 315
Day
20 Utah Copper
*290 315
3
2812 Feb 46 4 May
8
-NO Par 35 Mar 26 493 Jan 30
Pow & Lt A.
39
33,200 Utilities
43
3952 3814 39
' 41
4
1
/ 3812 39
4112
39
614May 28 1312 Jan 21
Na par
4
1
/ 10,300 Vadsco Sales
614 6
4
1
/ 8
7
7 12
7
614 7
6% 6% Holiday
82 Jan 16
100 69 Apr 23
•72
400 Preferred
4
1
/ 7018
70
71
73
743 •72
72
*70
4
71
Jan 111% Nov
60
68 May 31 11612 Feb 8
No pa
35,200 Vanadium Corp
8412 764 8312 74
83
73
68
1
/
78
4
1
/ 77
73
8
5
7 8 Jan 407 Oot
m 27 Mar 12 36 May 13
No Pa
800 Van Raalte
31
32
33
34
3512 33
*32
33
33
32
7
43 8 Jan 78 Nov
60 Jan 2 83 Apr 24
*8112 82
*82
70 lot preferred
8212 82 82
82 82
4 82
*813
Jan 85 Deo
68
82 Jan 4 109 May 15
4
983 9912 4,700 Vick Chemical
*100 100% 9912 100
4
1
/
98 100
3
2
987 99
52% Jan 15834 Nov
Mar 18
Ato
N
*148 ---- ------ Victor Talk Machine_- Pa 143 Feb 18 200 2May 29 19112 Jan 112% Dec
•148
•148
•148
*148
100 110 Mar 1 1141
11412 114% 2.
100 7% prior preferred
114 11418 •114 11438 11418 11414 11412 1141
3
12 June 20 4 Nov
4
4May 29 243 Jan 26
3
9
No 1p00a
103 1114 11,400 Virg-Caro Chem
8
1114 12
2
934 11
2
103 1114
103 1118
3
44 2 Jan 64% Nov
3614May 29 6512 Jan 26
3714 393
4 2,600 6% preferred
*40
40
4
1
/ 3614 384
40
39
423
45
1
/
88% Jan 99% Nov
100 8612May 29 9712 Feb 4
87% 8718
200 7% preferred
*81
1
/
864 881
89
86
*
90
*85
89
100 107 Feb 21 10912 Apr 27 10612 Dec 11412 Apr
*10712 109
10 Virg Else dr Pow pf (7)
•109 110
1
/
10712 1071 *1084 110 •10712 109
8
Oct 625 Jan
47
.
)
•_”_ :1_8 _
Vi rg Iron C
5_(_1 vlvaaau(voal & Coke P1 100 45 Feb 27 48 Jan 29
46
*
45
*45
50
45
45
46
47
11% June 25% Jam
13 Jan 16 15 Jan 4
No pa
Jan
78 June 100
100
Preferred
22% June 74 Nov
100 50 Jan 18 89 Feb 20
-ti6re Ili'73
460 Vulcan Detinning
7ØI -io- -iii- -65- -715"
71
74 June 99 Sept
Apr 25
100 91 Jan 4 110
*100 103
•103 104 •103 104
20 Preferred
103 10314 *100 103
1912 June 48% Nov
100 40 Jan 2 91 Apr 27
*7112 76
74
*70
50 Class A
74
75
*68
•71
75
71
1912 Jan 2814 Dec
2218 Mar 26 3258May 15
2734 29
4
1
/ 2912 28
9,500 Waldorf System
29
2914 2732 2812 2814 29
1412 Aug 2672 Sept
8
o
co pa; 23% Jan 8 443 Apr 24
No pa
a3212 327
2 3118 3318 3118 327
2
333 343
9,000 Walworth Co
52 3314
8 32
70 Dec 123 Feb
4
A No par 43 Apr 13 843 Jan 17
4614 48
•
4812 4912 4812 49
230 Ward Baking Class
*
4614 4612 464 4614
1
/
8
151,4 Dec 295 Jan
Jan 16
814 Mar 26 2114
NO par
4
4
1
/ 93
9
4
1
/ 10
9
1
/
104 1012
3
4 9 4 6,100 Class B
3
4
1
/ 94
9
93
77 Dec 97% Jan
par 71 Mar 25 87% Jan 15
7212 7212
4
/
741
1
/
4
743 743
500 Preferred (100)
2
4 744 743 •7414 7412 74
8
807 Aug 13958 Sent
97 Mar 26 134 Jan 21
1171/4 11834 111 118
10614 1117 139,900 Warner Bros Pictures No par
11014 11312 109 11514
8
4
513 Dec 57% Dec
No par 44 Apr 10 59% Jan 22
5012 63
4
1
/ 50
47
5012 51
1,300 Preferred
5012 51
*5312 53
8
Feb 447 Oct
26
No par 2812May 27 4278 Jan 2
3
29 4 3114 20,200 Warner Quinlan
2 293 3114
4
2
3114 3112 2812 311 283 307
4
/
No par 139 Apr 16 170 Jan 2 140 June 192% Apr
142 142
14114 145
142 142
900 Warren Bros
143 143
143 146
•
4914 Nov 61
ao 48 Apr 24 53 Mar 27 13 June 367 Apr
Flrst preferred
____ 60 •____ 50 *____ 50 •____ 50
•
8 Oct
1518 Mar 26 3414 Jan 3
4
1
/ 17
8 1714 17
1712
g
17
173
1712 177 185
2 6,500 Warren Fdry & PiDe---NO Par
17
8
25 7212 Apr 22 1133 Feb 5
4
/
8418 841 87
4
1
/ 88
1,100 Webster Eisenlohr
88
•87
88
4
1
/ *82
3
83 8 83
100 90 May 16 100 Mar 11
*90 100
*90 100
*90 100
*90 100
Preferred
90 100
•
Fe;
87 Nov lie- '
3712 37
1
/
38
2,900 Wesson Oil& Snowdrift No Par 37 Mar 26 48 Mar 7 105% Dec 1083 Nov
38
38
3712 384 37
39
39
4
No par 6314MaY 29 72's Mar 9
64 6452 2,400 Preferred
65
6314 65
8 65
4
1
/ 64
65
6512 857
Oct
July 201
4
180 182
Union Telegram__100 179% Jan 2 2203 Mar 9 139% June 573* Jan
184 189
186
181 18312
25,200 Western
4
1
/ 18014
18534 185
4218
4438 45
4314 4414 10,700 Wstnghse Air Brake___No par 4318May 3 5412 Mar 2
48
45
1
/
444 45
4
1
/ 46
45
8812 Jan 144 Nov
2May 15
4
/
3
149 4 153
1.4552 1511 69,400 Westinghouse Elm, & Mfg__50 13718 Jan 15 1687
4
1
/
1
/
1
/
150 1524 1444 15114 147 151
4
963 Jan 139 Nov
50 132 Jan 2 163 May 15
145 150 •141 147
•141 150
let preferred
13144 150 •141 148
1212 Jan 3812 June
22 Jan 28 4814May 1
1
/
3912 3912 3112 38
3414 36
34
3418 344 5,900 Weston Else Instruml_No pa
4
1
/
37
30% Jan 4052 May
4
1
/
3312 Jan 7 53 Apr 23
No pa
*351 36
36
36
*35
*35
300 Class A
35
35
1
/
354
35
Apr
June 112
40 West Penn Else cl A-No Pa 10212May 17 110 Feb 1 103
10312 10312 *10311 104
10312 10312
*19312 104
•10312 104
4
100 103 Mar 28 11114 Jan 17 10712 Oct 1161 Apr
90 Preferred
19612 107
4
4
4
4
4
1073 1073 1073 1073 10712 1073 *107 10712
9812 July 10412 Apr
100 9412May 27 102 Jan 17
9412
98
9412 9412 9412
160 Preferred (6)
967
9712 9712 9412 98
Oct 118 June
130 West Penn Power Dref-100 113 Jan 8 117 Mar 18 11312 June 113
116 116
116 116 *116 117
116 116
118 116
Jan
100 106 Apr 27 11012 Jan 16 103
109 109
290 6% preferred
10712 109
109 109
109 109
•199 110
Apr
5212 Dec 78
4
4914May 13 693 Feb 6
*49
500 West Dairy Prod ol A__No Pa
50
50
6014 *49
50
60
50
51
*50
Apr
8
203 Jan 49
8
4May 28 347 Feb 6
1
/
22
No pa
25
24
24
24
4
1
/ 25
22
6,000 Cia,, B
3
2412 2412 23 2 24
2014 Feb 38 Nov
3014 Jan 30 38 Feb 25
5,900 White Eagle 01 & Refg_No Pa
4
1
/ 34
33
4
1
/ 347
33
3312 34
4
1
/ 35
33
4
1
/ 35
*34
8014 Feb 33% June
41
38
1
/
3918 394 38
No Par 38 May 29 5312 Mar 2
39
3914 6.900 White Motor
8 39
415
41
8
34% Jan 497 Nov
*43
60 43 Jan 2 54 Apr 19
4434 48
1,700 White Rock Min By ctf
45
47
45
4
1
/ 45
46
46
46
3
334 June 52 4 Deo
2
Machine_No par 12 May 27 48 Jan 0
17
1772 20
193 10,500 White Sewing
1712 19
2012
12
21
21
4
513 Aug 68 Dee
8
41
4458 43 43
1.700 Preferred
No par 43 May 28 577 Jan 16
43
*4312 44% 4312 4312 43
4
/
1714 Dec 221 Nov
4
2112 211 4,400 Wilcox Oil & Gas
1912 Jan 7 291 Feb 6
4
/
4
/
211 2212 2112 23
No par
2 2252 23
235
23
1734 Jan 3.3 Deo
2112 2214 73,900 Willye-Overland (The)
6 2118May 31 35 Jan 3
4
/
8
217 2272
2318 211 23
4
1
/ 2312 22
22
9238 Jan 104% Deo
96
100 96 May 29 103 Jan 3
900 Preferred
96
96
9612 9612 9614 9614 96
98
9614
•
Oct 16 Feb
11
1311 Jan 23
714 118,000 Wilson & Co Inc
7 May 21
718 8
7
8
52 75
7
No par
7% 7%
8
8
Jan 35 May
22
1612 17
16 May 22 27 Jan 21
2,000 Class A
1612 163
No par
4 1814 1814
18
17
18
17
4
14 Oct 773 Feb
63
6112 611
100 57 May 22 79 Jan 23
700 Preferred
6118 611s 6112 6214 6112 6112
64
*61
,
3
23214May 6 1751j Feb 225 Nov
212 214
21212 216
25 1921* Mar 26
7,200 Woolworth (F W)Co
8
217 21814 211 2155 21012 214
Jan 55 Nov
28
441
44
8,200 Worthington P & M
45
100 43 Mar 25 6412 Feb 5
4312 463
4 44
4518 4718 4314 48
4614 Jan 93 Nov
4
.80
200 Preferred A
4
1
/
80
82
*78
81
100 773 Apr 12 9212 Jan 23
4
4
1
/ 793 *78
79
81
81
Jan 80 Nov
41
.70
100 66 Apr 6 82 Jan 11
800 Preferred B
75
74
74
•71
•70
7012 74
74
72
69 Feb 289 Nov
109 1181 300,900 Wright Aeronautical-No Par 109 May 31 299 Feb 6
117 1241
2
121 1287 12014 125
4
4
1233 1263
68 July 84 Aug
Mar 26 80% Jan 30
3.100 Wrigley(Wm Jr)
8
725 741
No pas 70
4
/
731 7314 7314
73
2
737 75
74
74
6112 Nov 8412 Apr
4
25 613 Feb 11 7312May 4
300 Yale & Towne
4
/
691 691
6914 6914 58812 691
70
70
71
•70
4
27% Feb 573 Nov
8434May 28 6114 Apr 24
4
/
351 371 103,700 Yellow Truck dr Coach el B_1
4
/
4
1
/ 3812 361 37
34
40
8 37
40 407
Apr
83 Nov 96
94
*90
100 80 Mar 8 9612May 10
Preferred
94
94 .90
*90
94
*90
94
90
•
1
45 Dec 56% Nov
8
69
9,900 Young Spring & WtreNo par 5214 Mar 26 693 Apr 27
591
2 5812 5912
6018 5812 583
60% 6012 5714
5
,
831 June 115 8 Des
2May 7
125 12614 6.700 Youngstown Sheet & T _No par 105 Feb 19 1325
125 12612
1
/
1264 127
8
12? 12718 1263 127
-ai-
•Bid and asked prices: no sales on this day. s Ex-dividend. y Ex rights
3654
New York Stock Exchange—Bond Record Friday Weekly and Yearly
Jas 1 1909 the "exchange method of Quoting bends was
eSasgsd and prices are now and (avreef"—..xcept for
income and d ,
foutteti hoods,
BONDS
R. Y. STOCK EXCHANGE
Week Ended May 3L
U. S. Geeeee mint.
Flrot Liberty Loan
334% of 1932-1947
in
Cony 4% of 1932-47
J D
Cony 434% of 1932-47
J D
201 cony 44% of 1932-47
JD
.Fourth Liberty Loan
431% of 1933-1938
AO
Treasury 44s
1947-1952 AO
Treasury 48
1944-1954 JO
Treasury 334.
1948-1956 MS
Treasury 334s
1943-1947 JD
Treasury 348 June 15 1940-1943
D
Price
Friday
May 31.
Bid
Week's
Range or
Last Sate.
Ask Low
•
c
4,
4
Range
Since
Jan. 1.
High No. Low
BONDS
N. Y. STOCK EXCHANGE,
Week Ended May 31.
tt.
Price
Friday
May 31.
Week's
Range or
Last Sate,
Range
Since
Jan. 1.
High
Bta
Ask Low
High No. Low
Hig1
Czechoslovakia(Rep of)85_ _1951 A 0 115 Sale 1097
8 110
13 109 111
96 12 99"4,
,
Sinking fund 8s ser B
1952 A 0 110 111 1097
8 11014 22 108 III
96
693313 Danish Cons Municip Sa A._1946 F
A 10912 11018 1093
4
4 1093
2 1087 111
8
98 41 100.4,
,
Series B t 8a
1946 F A 10912 Sale 10912 10912
2 10712 1104
904,9914 Denmark 20-year esti 6s____1942 J
.1 1033 Sale 10314
8
1037
8 39 102 1044
Ertl g 534
,
1955 F A 9912 Sale 988
4
99
993
4 26
Sale 98,242 9912, 789 98"3210011
4
983 1013
4
. Exti g 4
Apr,161902 A 0 8712 Sale 8612
10610,,Sale 1051h/1013,,n 159 105 111"4, Deutsche Sis
87 4 73
,
864 90
Bk Am
9634 49
10314,Sale 10200,, 103"., 322 101 4,1061,n Dominican Rep part ctt(35_1932 M S 9631 Sale 9612
96
99
,
Cust Ad 5345 '42 M
9418 9414 94 May'29
1001144 Sale 99,0
_
94
:11001,,
' 83 981,41103"n
99
1st ser 51 01 1020
48
19411 A 0 93 Sale
93
96",,Sale 951042 961,31 40 953 n 981141
1
904 984
2d series sink fund 5413___1940 A 0 94 Sale 93
94
94
,
1
96142 Sale 95414 961.42 113 95 n 9811n Dresden (City) external
9012 9754
,
78..1945 M N 9814 9912 9814
983
4 31
9814 10138
Dutch East Indies extl 68_ _A947 1
State and City Securities10214 Sale 102
10212 15 10134 10314
40
-year external (113
1982 M
102 Sale 102
1023
8
8 10134 104
30
-year external 5tia_
N Y C 34% Corp st__Nov 1954 MN
1953 PA S 10112 10214 1013 Mar'29
8
8812 Jan'29
1003 1037
4
8812 8812
s
30-year external 5345
1953 M N 1015. 1017 10134 May'29
334% Corporate st__May 1954 MN
8
8812 Jan'29
101 1034
8812 884 El Salvador (Repub) 88
48 registered
1948 .1 1 109 1093 110 May'29
1936
4
N
_ 108 111
993 Mar'28
4
Estonia (Rep of) 75
1967 J
45 registered
8212
1956 M N
823
8212 15
9912 June'28
82
Ws
Finland (Republic) extl 615_1945 M S 92 2 Sale 9358
4% corporate stock
, 93
1957 MN
,
8
96
4
95 Ireb.
29
95
92
99
973s
External sink fund 75____1950 M S 9914 Sale2 9814
434% corporate stock
l997 MN
993
4 44
104 May'29
9712 101
104 104
External I 634
1956 M S 95 Sale 95
,
434% corporate stock ____1957 MN
9612 28
104 May'29
94
994
4
1023 104
Ertl sink fund 534
1958 F A 8712
,
4% corporate stock
1958 MN
8812
9
9712 Jan'29
85
92
9712 9712 Finnish Mun Loan 634s A_ _1954 A 0 9512 Sale 8712
4% corporate stock
12
95 4
,
1959 MN
9512 98
95'2
Jan'29
9413 9912
3
9712 98
External 634s series B____1959 A 0 9434 9612 95 8
434o corporate stock
1960 Me
953
9512
6
10018 Mar'29
953 9814
8
99 2 100 2 French Republic ext 7%5_1941 J D 1123
,
,
434s corporate stock
8 Sale 11012 1123
1964 M
8 98 1093 115
8
99 Mar'29
99
99
External 7. 01 1924
1949 .1 D 10812
434,corporate stock
1966 AO 101
4 1083 266 10512 108ed
4
101 May'29
101 10114 German Republic ext'l 7s_ _ 1949 A 0 1055 Sale 1073
4348 corporate stock
2 Sale 1043
1972 AO 101
4 1057 169 10434 108
8
10118 May'29
984 101 18 Gras (Municipality) 88
1954 NI N
43.4s corporate stock
983 98
1971 JD
4
983
4 10
98 10212
1067 10812 June'28
8
Gt 13rit do Irel(UK of) 5140 1937 F A 1023 Sale 1023
414,1 corporate stock
4
1963 M
4 1033 113 10234 10452
8
102% Mar'29
10184 1114
10
-year cony 514s
1929 F A 99 993 99
4145 corporate stock
4
99
1965 in
4
99 11812
110% 1035 Apr'29
8
1035 103%
8
c4% fund loan £ op 1960 _ _ 1990 M N 8334 847 837
430 corporate stock_Juli 1967 J 1 10214
8
8
8414 38 8823 877,
8
1.041s Feb'29
10312 1041,
c5% War Loan opt 1929_1947 J D
New York State Canal 4s
877 9712
2
1960
9718
2 898 100
10114 Sale 10114 10114
2
9912 101 14 Greater Prague (City) 7%8_1952 MN 87
ea Canal
Mar 1958 MS 10114 Sale 10114
16 104 10714
4
10114
9912 101 14 Greek Government t sec 78.1984 51 N 10512 Sale 10512 106
973 Sale 9712
4
98
7
95 4 99
,
Sinking fund sec 65
1968 F A 8314 Sale 83
Foreign Govt. &Municipals.
84
30
82
874
Haiti (Republic) o f fla
1952 A 0 9912 Sale 11912 10018 37
98 101
Hamburg (State) 6,
1946 A 0 93
Uric Mtge Bank .16,
945. 93
1947 F A 8112 Sale 8112
9318 13
97
93
8212 15
81 12 9012 Heidelberg (Germany) ext 734850 J
SinkIng fund 68 A __Apr 15 1948 A 0 8112
J 10114 10412 10114 10114
5 1007 10418
8
1 8212
1
8212
8212 90
Hungarian Muntc Loan 7345 19452 J 92 Sale 92
Akerehus (Dept) extl 5e _ 1963 MN 843 83 2 8412
93
12
9138 100
4 8512
8452
8412 8912
9
External s1 75_ _ _ _Sept 1 1946 J J 89
Antiouula(Dept)col 78 A
1945 J J 9118 923 91112
8
893 89
8912 18
8518 94
9272
3
s
91
963 Hungarian Land NI Inn 754e '61 lal N 93
4
External f 78 tier B
9434 93 May'29
1945.1 1 9112 Sale 91
_
93
984
16
92
91
947
8
Sf74sserB
19O1 MN
External s f 7s series C___1946 i J 92
_
9312 9412
9212 92 May'29
9112 957s Hungary (Klngd of) e t 7 tia..1944 F A 9212 9134 9414 May'29
External, 175 ser D
1945 J i 91 Sale 91
8
100
1
99,2 10112
9
9118
91
9512 Irish Free State extla s t 58..1960 at N 997 100 100
External ,f 78 lot ser
1957 A 0 8034 91
96
96
32
14
97
95
21
91
90
88
95
Italy (Kingdom of) ext'l 78_1951 .1 D 95 Sale 95
Ertl sec o t 7o 7a 2d ser
1957 A 0 893 Sale 893
4
9112 130
,
941 9734
3
4
90
94
89
Italian Cred Consortium 78 A1937 M 8 9314 Sale 9412
Eat] Sec s f 7s 3d ser
1957 AO 90 Sale 8914
9412 94I
J4.450
94
6
90
9612
873 93
4
Ertl sec f 78 ser B
Antwerp(City)extl 58
1947
9434 36
1958 J D 9212
9112 964
9212 28
9012 9212 Italian Public Utility ext 78_1952 M S 9314 Sale 9314
4
argentine Govt Pub Wks(4_1960 A 0 9914 Sale 903
J
4
NI, 9512
92
100
Sale 981 4
9814 10078 Japanme Govt £ loan 4s_ __ _1931 .1 .1 913 Sale 9014
9914 35
Argentine Nation (Govt of)—
.1 92 Sale 913
4
9214 .74
94
90
30-year, I 614s
Sink fund 68 of June 1926-1959 i D 985 Sale
1954
8
100
219
8
99 4 10214
,
98
99
98 101 12 Le1P316(Germany) s 1 7s.. _1947 F A 997 Sa13 9131
Ertl s I Os of Oct 1925 ___1959 A 0 99 Sale 9812
F A 96 S tle 95
96
33
61
92 4 10012
99
,
9814
9812 100 4 Lower Mande (Prov) 710_1950
,
Sink fund Os aeries A
.1 D 97
1957 M S 9914 Sale
91
90 14
97
6
9212 997
40
100
8
9812 101
1.110na (City of) 15
-year Os_ _1934 M N
External 8s series B_ _Dec 1958 J D 9918 Sale 9914
9912 80
9814 101
993
8 54
9812 1003 Nlarselles (City of) 1.5-yr 68_1934 NI N 9918 Sale 9812
4
Esti e f 6s of May 1926 ..1960 M N 994 Sale 9812
4
99
11
9812 101
99
33
98 4 100 4 Medellin (Colombia) 6348_1954 J D 983 Salo 981,
,
9814
,
External s f as (State lty)_ 1960 at S 99 Sale
80% 83 8012
50
ill%
8013
6
991g 100
D814 100 4 Mexican Irrigat Asatng 410_1943
,
Ertl 6s Sanitary Works_ 1901 F A 983 Sale 9814
19 May'29
8
1 712 25
983
8
9872 26
98 10072 Mexico (I( S) extl 5e of 1899 £' 5
Ext(is pub all(May'27).1981 M N 985
1945
4914 Jan'28
__
8 991s 9814
-_
98 100 4
99,
2 25
,
Assenting 56 of 1899
Public Works esti 5%e___1962 F A 96 Sale
-36 25
27
30
25
35
96
55
94 2 97 4
,
,
Assenting 5s large
Argentine Treasury be E_ ... _1945 NI S 90 Sale 9512
2712 May'29
_
2712 34
90
894 9214
9214 42
Assenting 48 of 1904_ _ _
Australia 30-yr 58_ _July 16 1955J .1 923
1818 19
16 MaY'29
16
22%
91 18 97
9318 140
Assenting 48 of 1910 large... _
External 58 of 1927__Sept 1957 51 S 93 4 Sale 9118
18
3
Sale 9178
17
93
2314
65
917 0612
8
Assenting 4s 01 1010 ,mail........ 15at Sale 18 4
Ertl g 414s of 1928
1956 M N 853 Sale 85
153
153
4
4
7
153 224
4
8412 8814
85 3
4 39
Tress Os of'13 assent(large)'33. .
Austrian (Govt) e f 78
1943 J D 10258 Sale 10212 10314
2512 40
29 Mar'29
29
3712
23 1014 10312
Small
25
25
44
25
353
8
Milan (City, Italy) ext'l 034.
Bavaria (Free State) (1)4s__1946 FA 92
88
51
93
9114
9014 9612 Minas Gems(State) Brazil— '62 A 0 8712 Sale 8712
8718 9012
92
Belgium 25-yr ext a f 734s K. 1945 J
11412 Sale 11312 115
80 11212 1153
2
Extl s 1654
20-yr s f 8s
1958 M S 92 Sale 90
,
1941 F A 108 Sale
92
221 90
4 108
9512
69 10712 110
Montevideo (City of) 7e____1952 i D 101 Sale 1003
25
-year external 6%a _ _1949 Ni S 1043 Sale 1073
4 10112 11 1003 1033
4
104
4
1
1043
4 71 10212 107
External a t (is
1955 J J 100 Sale 9914
100
97 4 10072 Netherlands fis (flat price
,
82
External 3(1-year, I 7s
-0_195 M 0 10512 ____ 105 May'29
9 A 111
1
1955 J D 108 Sale 10712 108
103 108
,
51 106 4
30-year external 68
Stabilization loan Is
1956 51 N 10512 Sale 10412 1055 120 110418 109
9952 Apr'29
_
995 100%
8
8
10612 New So Wales (State) ext 681957 F A 92 Sale
Bergen (Norway) s.f 88 ....1945 MN
9112
92
5
9012 95
110
20 109 11212
External s f 58
15
-year sinking fund 6s_ 1949 A 0 110 3 111 110
Apr 1958 A 0 9112 Sale 9112
991 967, 99
9212 32
9012 94;
99
9812 101
5
Norway 20-year extl 8,_ ,.1943 F A 101 14 Sale 10018 102
Berlin (Germany) of 6148___1950 AO 9512
18 100 10314
Sale 95
9312 99
9512 40
20
-year external 6s
External sink fund Os......1958 JD
1944 F A 1023 Sale 1003
4
8 1023
4 61 100 10314
8
89
41
8572 92
30-year external 66
Bogota (city) ext'l s f 8s_ __ _1945 AO 87 Sale 857
1952 A 0 101 Sale 101
10134 19 100 1037
2
102
22 101 104
40
-year, 514s
Bolivia (Republic of) eat'88_1947 MN 101 Sale 101
1905J D 993 Sale 9912
8
2 38
997
9S72 101;
10012 Sale 10014
101
21 10018 104
External,
External sec 75
_ _Mar 15 1963 NI 8 95 Sale 94
1958 J J 8412 Sale
95
84
9312 97
/
1
4
87% 15
87
95
Municipal Bank extl 5168.1907 J D 9012 917 91
Externals 178
1969 NI s 86 Sale 87
2
9114 53
8814 95
8412
8812 60
8412 92
Nuremberg (City) extl 6s..1952 F A 8212 Sale 8218
Bordeaux (City of) 15-yr 68_1934
8314
821g 9012
5
99 12 30
9814 101
Oslo (City) 30-year, f 8s_ _ _ 1946 M N 10012 Sale 993
Brazil(U of) external Ss.....1941 M N 9914 Sale 99
95 F A
5
4 10012 26
99 4 10252
,
4
105 4 44 105 109
,
Sinking fund 5348
External t 864s of 1928__1957 AO 1053 Sale 105
9812 9613. 99
99 14
16
913 Sale 90 4
8
94 1(1114
,
9112 200
903 9812 Panama (Rep) esti 5
4
Ertl f 8148 01 1927
J D 100 100121100 Jan'29-. _ _ _ 100 10212
1957 AO 91 Sale 907
g
9112 87
907 96 2
8
,
Ertl see s f 8%s
1961 J D
75 (Central Railway) ___ _1952 in 943 Bale
101 12
4
94
10114 10112
95
94
Esti s t 58 ser A __May 15 1963 M N 9318 Sale 92 Jan'29
7348(coffee secur) (fiat).1952
0 102 104 10512 May'29 43 105 102
9312 19
92
9414
107 2 Pernambuco (State of) ext 78 47 M
_
,
Bremen (State of) esti 7a___1935 A
9014 903 19 May'29
8
100 Sale 9934 100
91
95
9912 10212 Peru (Republic of)
38
Brisbane (City) a 54
1957'"
8714 Sale 8518
8518 9312
87% 23
Ertl 81 sec 7548 (of 1926)_1956 M S
Sinking fund gold 50
1958 F A 8518 Sale 87
1074 Jan'29
107 10712
9018 13
87
93
Ertl t sec 78
1959 N1 S -65 Sale 99
Budapest (City) esti 5 f 85 _1962 J D 7914 Sale 7612
10014 23
7014 3342
99 103
7912 50
Nat Loan art] f Os
1960 J D 8512 Sale 85
Buenos Alum (City)6%5_ _1955
863 128
4
100 Sale 993
85
4
9014
100
15
9912 102,
2
SfguSs
1961 A 0 85 Sale 85
Ertl, Os ser C-2
1960 A()93
97
8712 31
9012
94
85
94
94 100
4
Poland (Rep of) gold 6s____1940 A 0 76
Ertl f Co ser C-3
1960
Sale 74
76
27
74
9418 967
9412 10
5312
94, 10018
2
Stabilization loan a f 7a___ 1950
47
Buenos Aires (Prov) extl (4_1961 M S 92 Sale8 9418
81 Sale 81
83
90
81
8811
4
9112
91 14 93 4
92 4 97
,
,
Extl sink fund g 85
Bulgaria(Kingdom)8 f 7a_ __1967 J .1
95
95
66
93
99
80 Sale 80
81,
80
4
8
90
Porto Alegre (City of) 843_ _1981 J D 10112 Sale 93
StabTnen o I 7tio_Nov. 15'68
10112 12 10114 1064
86 Sale 8512
8612 32
854 9714
Ertl guar sink fd 754_...1966 J J 9912 Sale 10114
Caldae Dept of(Colotubit07%8'46 1
992, 997
8 100
9712 102%
4
9412
9312 101
9413 13
Queensland (State) esti s f 7s 1947 A O 1103
19 1 F A
Canada (Dominion of) 55_1931 A 0 9812 Sale 9312
8 Sale 110
11012 14 1077 113
8
Sale 9812
9812 101%
9912 24
-year external 138
25
10-year .5145
1929 F A 993 Sale 9912
4
991g 100 2 Rio Grande do Sul ext151841_1948 A 0 10212 Sale 10214 10212 15 102 10471
997
2 80
,
5e
10514 Sale 10514 10512 28 105 106
1952 M N 10234 Sale 10252 10314 100 1013 10554
4
Ertl o t 6s temp
1908.1 D 87 Sale
434.
1936 F A 98 Sale 973
23
88
8812
86
92
97
99 2
2
,
52
98
Ertl at 7s of 1926
1966 NI N
Carlsbad (City) s t 8s
1054 J J 10414 10612 107
953
4
7
95
9918
10412 107, Rio de Janeiro 25-yr s f 8a_ _ _ 195 F O 95 Sale 95
May'29
2
946 A A 10614 Sale 105
3
Cauca Vol (Dent) Colom 734 53 A 0
10614 33 105 10612
,
973
9714 102
9752 99
4
1
97 4
,
Ertl 1151444
Central Agile Bank (Germany)
92 Sale 91
93
59
91
953
4
Rome (City) extl 6148
1952 A 0 875
Earn, Loan, 7e Sept 15 1950 M S
8
875
8 83
8718 91;
Sale 9212
9212 99
9412 26
Rotterdam (City) exit Oa. 19 3J N 10318 Sale 8718
1 9 4 IVI J
8
5
Farm Loan a I Os_JulY 15 1960 J J 93
Sale 1034 10314 15 101; 10412
7812 883 Saarbruecken (City)(is
82 Sale 7812
8214 110
,
Farm Loan s 6s_Oct 15 HO A 0
__ 88
M
87
87
9112
79
88
8214 147
Sao Paulo(City).1 8e_Nlar 1952 MN 110 Sale 110 Apr'29 _
Farm loan 8s ser A_Apr 1638 A 0 8112 Sale 79
110
7 110 115
85
87 Sale 85
Exti .1 8 As of 1927
903
87
52
4
1957 M N 0614 Sale 9.1
Chile (Republic of)—
9734 24
923 981s
8
San Paulo (State) eat! s I 88.1936 .1
950j
20
-year external s I
10112 Sale 10412 105
_1942 at N
4 104 108
Sale 100
1013
External sec.88
4 36 100 103
External sinking fund Os...1960 A 0 10012
10312 Sale 10114 10312
5 10114 1074
9112 94
9214 Sale 9134
External
923 115
4
78 Water L'n_1956 M S 10012 Sale 100
External e I 6s
1961 F A 92 Sale 92
97 102
9112 9414
9314 58
Ertl sf6,I int reta
1908.1 1 8918 Sale 88 4 10012 30
Ay ref ext.! f 6s
1961 J
,
8912 11
874 9314
91 2 94
,
93 Sale 913
Santa Fe (Prov Arg Rep) 7, 1942 at S
4
9234 43
Esti sinking fund Os
9614 Sale 957
1961 M S 9212 Sale 9214
2
963
4 34
95
98
9112 94
Saxon State Mut lest 7s___ _1945 J
9312 120
Ertl sinking fund Os
9614 Sale 95
1962 M
9614
95 1004
6
9112 114
91 18 Sale 9112
93
f g 6 SO
37
Dec 1916
Crille Mtge Bk 614s June 30 19,57 J D
8712
1
8712 95
9514 99 4 Seine, Dept of(France)esti 78 '41 .1 J 8712 8914 8712
953 Sale 9514
,
4
9614 79
81834, of 1928_Juue 30 3961
4 10514 12 10218 1044
D 9812 Sale 98
97 10072, Serbs, Croats & Slovenee 88 '02 51 N 104 Sale 1033
983
4 20
Guar a f as
88 Sale 88
Apr 30 1981 A 0 8978 9012 8912
893
4 22
88
90
89
94
Ertl sec 7s aer 13
907
8 37
1982 MN
Chinese(Hukuang Ry)5,... _1951
4
D 3512 Sale 35
7812 34
7612 8112
35
443
2
Landowners Assn 66_1947 F A 773 Sale 7612
40
8
Christiania (Oslo) 30-yr f 68 '54 M S
80
8472
21
75
99 10112 Solssons (City of) e211 68_ 193 af N 80 Sale 75
9812 10014 10014 10014
946 F A 98% Sale 9812
Cologne(City)Germany 6348195051 S
9914 14
97 2 9932
,
91
92 Sale 91
97% Styria (Prov) extl 78
92
5
Colombia (Republic)88
89% 9114 893
1961 J J 8114 Sale 824
4
8934 94
9014 44
8218 91
Sweden 20
-year 6s
835
8 35
1939.1 D 10212 Sale 10212
External 8 f 68 of 1928._ _ _1961 A 0
1033
4 31 10184 10414
91
82
External loan 5148
84
52
1954 MN 1033 Sale 1023
Colombia Mut Bank of 6%8_1947 A 0 8218 Sale 82
4
8
8 1033
8 64 1003 106
/3812 Swiss Confed'n 20-yr a 1 8a 1940 J
79
81
80
80
Sinking fund is of 1928_ __1948 M N 78
10812 65 108 1103
4
88
93 4 Switzerland Govt ext 5148. _1944 A 0 108 Sale 108
89 Sale 883
,
4
8914 13
Sinking fund 78 of 1927__1947 F A
s
4 10314 38 1004 1037
8812 95 4 Tokyo City Sa loan of 1912_ _1952 M S 10314 Sale 1013
93% Sale 9312
,
9412 31
Copenhagen (City)58
1952 J D 96 Sale
7418 Sale 7418
744 785
75's 10
4
94
9712
Ertl RI 545 guar
95
20
96
1981 A 0 8512 Sale 8514
25-yr g 4%a
1953 M N
8084 34
8514 904
3
8512 80., Tolima(Dept of) extl
30
8
86
_ _1947 NI N
Cordoba (City) esti s 7s___1957 F A 853 Sale 855
8712
8712 92
2
90
934 98
12
06
Trondhlern (CRY) lat 554o.,1957 MN 8512 88
External
78 Nov 15 1937 M N 99 Sale 9512
903 03
8
95 May'29
93
9814
94
9413 95
9418
3
97 2 Upper Auritrla (Prov) 78.__ _1945 .1 D
,
9418
Oordoba (Prov) Argentina 7,1942
.1
9612 95
94% 9812
2
96
9512 100 4
,
Externals 16 tis_June 15 1957 J 13 96
5
99 14
Costa Rica (Repub)ext1 78_1951 M N 99 Sale 99
8
8578 89
8
89
11
923 9414 923
92 2 96
,
4
Uruguay (Republic) esti 841_1946 F A 887 Sale 887
4
947
8 15
Cuba (Remit') 58 of i904....1944
10612 Sale 10612 108
S
10 10612 1094
99 102,
99
2
External I 88
1
8
External re of 1914 ser A_I949 F A 99 1013 99
19410 M N
97 100
9814 79
100 102'4 Venetian Prov Mtg Bank 78.1952'A 0 9712 Sale 97
4
External loan 414s ser C _ _1949 F A 10012 1013 101 May'29
7814 70
8712 94
88
89
9
9312 10012 Vienna (City of) extIg lOs..1952
9012 94 10012 May'29
Sinking fund 510...Jan 15 1953 J J
51 N
8452 0012
29
87
100 Sale 100
Warsaw (City) external 711_1958 F A r8614 Sale 86
18 100 104
100
Cundlnarrmrca (Dept) Columbia_
76
85 4
79
,
17
Yokohama (City) extl 88_198111 D 7814 Sale 76
Ertl 5 f 8142
1959 M N 8033 Sale
8
933 Sale 9214
92
9614
9312 29
80
80
8914
82
16
C On the basla Of 16 to the 4 'earth's.
96 42 Sale 9614, 97
,
408
97 May'29 ____
OS",,Sale 98 n 99242 171
,
9904k Mar'29
,
3655
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 31.
i1;
ti
Price
Friday
May 31.
Week's
Range or
Last Sate.
4,
0 %)
Range
Since
Jan. 1.
BONDS
N, Y. STOCK EXCHANGE
Week Ended May 31.
ts•
Price
Friday
May 31,
Week's
Range or
Last Sale.
•z; •
71
R.ange
Since
Jon, 1,
High
High No Low
Ask Low
Bid
High Chic Mllw & St P (Concluded)
92
3
95 8
92 May'29
9012 92
Gen 434s series C___May 1989 .7
Railroad
100 May'28
101 10312
Registered
103 101 May'29
Ala Gt Sou lit cons A 55____1943 JO 101
4 29 -66- 96
903
E__May 1989 33 9012 Sale 9014
94
Gen 444s series
93
94 93 May'29
1943 JO 93
let cons 4.• ger 13
8
817 Feb'28
1925 3D
8812
Debentures 4s
N3
84 83 May'29
- i6- 94
Alb & Susq lit guar 3348.-19113 AO 83
9014 123
1975 FA 90 Sale 89
9212 Chic MIlw St P & Pac 5a
00
9212 Mar'29
6914 80
1998 AO
4
Alleg & West lit g go 48
715 682
2000 AO 6912 Sale 69%
Jan 1
Cony ad1 58
91
95
9212 May'29
92
1942 MS
1
8
727 8012
Alleg Val gen guar g 41
75
7.5
75
78
Chic & N'west gen g 334s_1987 NI N 72
71
6
72
7318
73
72
Ann Arbor lit g 44.--JulY 1995 Q
7712 Oct'28 _
F
Registered
9014 94
70
92
-Gen g 44_1995 AO 9114 Sale 9012
'15
9lI
3
Atoll Top & S Fe
8612 8512
8512
1987 MN 85
02
General 48
85
85 Apr'29
AO
84
Registered
84
84 Apr'29
Q F
84% 88
Regleterea
2
86
86%
86%
Adjustment gold 4e__July 1995 Nov 81
86
904
86
86
88
la tax '87 MN 85
Stpd 4s non-p yen
83% 88%
2
86%
July 1995 MN 8612 Sale 8612
Stamped
_ 10612 Oct'28
Gen 4sstpd Fed Inc tax_ 1987 MN
80% 85
85 May'29
MN
Registered
jai; Co-sis;
97-12 um% May'29
8112
Gen bs stpd Fed Inc tax _ _1987 NI N 165 18714 90
8714 Mar'29
1955 JD
Cony gold 48 of 1909
101 101
Apr'29
101
Nt N
91
Registered
2
87
87
D 8112 89, 87
1955
2
Cony 45 of 1905
09 10014
1879-1929 A0 9912 10018
Sinking fund 68
81% 90
1
815
8
81%
87
Cony g 41 Issue of 1910_ 1960 JD 82
10014 Oct'28
AO
Registered
120 Sale 11312 120 2772 10812 120
1948
Cony deb 41.48
1
9814 10012
993 9914
9914
8
1879-1929 AO 95
Sinking fund 5s
91% 92
9158 Feb'29
___ 92
Rocky Mtn Div lit 4i _ _1965 .1
99
99
99 Mar'29
A0
Registered
8712 93
Trans-Con Short L let 48_1958 J, -8812 8912 8912 May'29
3
4
9914 1013
I 212
9914
N 9914 Sale 99'4 A:00
1933
9512 100
Sinking fund deb 55
28
973
4
Cal-Ariz let & ref 4 Sis A _ 1962 MS 973 Sale 9714
1003 1003
4
4
10034 Jan'29
MN joir3
Registered
103 10314
_ _ 103 Apr'29
D 993
lit g 55_ _1946
8
,
AD Rocas & Nor
10112 19 10012 103
Sale 101
1930 3D
g 75
10-year secured
96
93
J 9218
_ _ 93 May'29
LIlA Charl AL let 43.4o A _ _1944
3 10718 11114
15
-year secured g 644i..i936 MS 10712 Sale 10712 10814
23 101 104
8
8
1015 Sale 1015
103
-year Is series 11_ _1944 J
lit 30
10214
6 10112 105%
May 2037 3D 101 103 10214
lit ref g 55
85
84
2
J 84
85
85
86
Atlantic City lot cone 48_ _.1951
42
9012 97%
92
9012 Sale 9012
J
May 2037
9 8814 93, 1st & ref 43.48
91
AU Coast Line let cons 4s July '62 MS 91 Sale 8814
85% 89
8614 May'29
1811, 901 Chic RI&P Railway gen 45 1988 33 8514 87
M S
9014 Jan'29
Registered
8814 Dee'28
'3
Registered
94
99 2
,
34
1964 3D 98 Sale 967
98
8
General unified 4 SO
224
92s 95
921
1934 40 _921_2 Sale_ 824
91
Refunding gold 45
86
8 23
883
L & N coil gold 4a____Oct 1952 NI N 8512 89 86
92% 92%
Jan'29
4
40
75
Registered
65
2
1948
J 6.512 69 6514
6514
4t1 & Day let g 4s
9511
86
8
9012 47
1952 NI S 9012 Sale 887
Secured 43.6e series A
62
671z
J
1948
8
647 62 Apr'29
2d 4s
,
84 8 88
Ch St LA NO Mern Div 46_1951 Jo 8218 8712 87 May'29
Si
81
4
81
81
1949 40
& Yad lit guar 4s
LII
10312 105
D 101 10412 10412 Mar'29
June 15 1951
Gold Se
96 10314
96 May'29
Austin & N W lit gu g 58--1941 J J ____ 102
Apr'28
107
3D
Registered
84% Jan'27
D 72
June 15 1951
9314
Gold 34s
90
55
92
4
Halt & Ohio let g 4a___ _July 1948 A 0 9012 9212 903
-78- 16
12
78 Apr'29
3D
Registered
8912 92
9114 May'29
July 1948 Q
Registered
9912 101
Chl4tLAPlstconig58..l932 AO 98 100 100 Apr'29
9512 99
1933 M
963 Sale 9512
961 2 92
-year cony 4141
20
10128 June'25
AO
- ---- -Registered
98 June'28
M S
Registered
9912 14
9918
9812 101
99 10212 Chic St P NI & 0cons 6a.__ _1930 3D 9914 9912
54
1001
Refund & gen be series A._1995 J D 998 Sale 99
4
4
953 97
4
Cons tle reduced to 314e.... _ 1930 3D 953 ____ 953 May'29
28
J D
Registered
May'29
9614 101
1930 MS
64 2
18 45 1615 1- -1. Debenture 54
July 1948 A 0 102 SaleDM% DiO .
lit gold be
9814 afa
9818 9918
998714 f
MS
4
Stamped
1995 J D 1088 Sale 108
10812 75 1073 110
Ref A gen 68 series C
91 113012
3
9612
ChicTlIASoEastlst5s_1960 Jo 9612 Sale 9512
04
90
21
91
PLEA W Va Sys ref 48..1941 MN 90 Sale 90
92ii
88
10
85
Dec 1 1960 MS 87 Sale 87
Inc gu 58
99% 10312
1950 J J 10012 Sale 10012 1003
4 36
Bouthw Dly let 5e
97 10014
4
1
973 973
4
9734
8012 8514 Chic Un Sta'n let gu 4445 A _1963 J J 94
24
83
8112 83
Tcrl dr Cin Div let ref 41 A 18592 J 80
6 101 10412
10134 Sale 10112 1013
4
1963 J
1st 58 series B
99 103
46
100
Ref & gen 55 series D._.200)) M S 100 Sale 99
10018
1 100 10212
1944 JO 10012 101 10018
100 105
Guaranteed g 58
Bangor & Aroostook let /44_1943 3 J ___ 101 101 May'29
8
1143 11514 11435
3 112 118%
4
1143
1963 J
1st guar (314e series C
8018 86 4
,
1951 2 J
4
801a
8018
81
Con ref 4e
10114 Feb'29
10114 10114
1932 0 N.
Chic & West Ind gen (38 Dec
Battle Crk & Stur 1st gu 38._1989 J D 5 2 ---- 6812 Feb'28
6,
85
8512 85
8412 8914
1952 33 85
-year 412
-9412 - - 15
9 2
Coneol 60
9512 95 May'29
Beech Creek let gu g 411-1936 J 1 95
10254 10 101 105
1962 MS 10212 Sale 10118
A
lit ref 510 aeries
J J
95 Aug'28
Registered
1_2 100 101 May'29
100% 10115
1952 MN
Ch0C Okla & Gulf eons 5s
19363 J 9512
97 June'28
2d guar g ba
94%
93 May'29
96
93
1937 33
HACia
D 2d gold 4 Sis
80 80
1951 A 0 7712 ____ 80 Mar'29
Beech Ork Ext hag 3548
__ 9612 Nlay'29
94% fa5 2
,
Q F 95
Belvidere Del cone gu 348_1943 3J 85
C 1St LA C let g 41)_ Aug 2 1936 Q F
97
Oct'28
Aug 2 1936
1944 3 D 9312 Sale 93%
9318
89
1
Registered
9318
Big Sandy 1st 48 guar
81
4
1
4/&
- /
gu 48 1942 Ni N 9014 -__ 95 May'29
1027 3 J
CID Leb & Nor 1st con
Bolivia Ry lit Si
941 -27
9112 91)
-932 Sale (
Bretton & Maine let 518A 0_1967 NI
15fi
_ _ 100 July'28 _ _ _ _
8112 Clearfield M Mah 1st gu 5a-1943 3 3 981
76
2
78
NY Air Llue let 48 1955 F A
79
78
78
Balton
7
8 4 18
873
8
- 873
1
8735 118728 91
82
9512 Cleve Cln Ch & St L gen 4a__1993 1 D 97 2_
Brune & West lit go g 48_1938 J J 9318 9812 92 Apr'29
97
9918
Sale 97
1931 J J
-year deb 4 Sif.
20
99 10012
2
9912
,
Buff Hoch & Pitts gen g 5a_ _1937 M S 9912 Sale 99 2
1993 J I) 104 108 10335 May'29 ____ 10312 112
58 series B
N 857 Sale 857
General
8
1957 M
8
857 927
8
8
Comm]434e
8612
8
4 21
9913 10172
993
3
99 4 Sale 9928
Ref & inapt Oa series A _ _ _1929 J J
100 102
Burl C It dr Nortek St coil 55 1934 A 0
10012 May'29
105 May'29 ___ _ 1027 1053
8
8
1941 J J 105
Ref & impt 68 set C
,
98 10312
gi -19633 J 10112 Sale 101 2 10218 28
4
Ref & impt 58 ser D
Canada Sou cons gu be A_ _1962 A 0 10012 105 10112
10112 10 10112 1063
93
12
93
9412 93 May'29 _ _ __
Cairo Div let gold 441 ._ _ 1939 1 J ____ _
93
963
4
2
Canadian Nat 414s_8ept 15 1954 NI S 93 Sale 93
9414
3
84
92
80
8512
CM W & NI Div 1st g 45_ _1991 J 1 8285 82 May'29 __ _ _
4
973 99%
10
-year gold 4Ss_ Feb IS 1930 F A 99 Sale 98%
5
99
86
8812
85
92
1957 J
96
St L Div 1st coll tr g g 4a 1990 MN
80
-year gold 43.4e
9212 Sale 92
9312 68
- -9218 9211
__
_9112 9412 9218 Mar'29 _ _ _
1068 J D 9314 Sale 92
94
92
SPr & Col Div 1st g 45..,.1940 M S
Gold 414s
9313 30
Oct'28 _ _ __
90
95
19403 J
W W Val Div let g 48
11012 44 10818 113
Canadian North deb 8 f 75. _1940 J D 11018 111 110
4
Vi
93
4
943 943 May'29 ____
1977 J J 89
Ref & Mot 4148 ger E
1946 J .1 113% Sale 113
17 113 118%
11414
-year if deb 614s
25
lop% 10414
19343 J 101 104 10035 May'29
_ 112 113
CCC&I Meow 888
,
Apr'29
Registered
112
5
98
98 10112
A 0 98 Sale 98
9514 99
9434 978, 97
Clev Lor & W con let g ba__ _1933
7
975g
10-yr gold 415s. __Feb 15 1935 F A
100 Oct'28
8
805 86
Cleve & Mabon Val g Ss..,. 1938 1 J 9618 ____
J J 823 Sale 81
8234 69
8
Canadian Pao Ry 4% deb stock
9614 Apr'29 ____ -96- - 98
854
9
96
99
1946 M S 97% Sale 9612
CI & Mar lot gu g 414e1935 M N 9412 100 1003 Mar'28 _ _ _ _
2 62
973
Coltr 41.is
4
Cleve & P gen gu 43.48 ser B_1942 A 0 9612
1932 M S
9818 Mar'28
CUD& Shaw let gold 418
98
98
1 -5i1942 1 J 9612 100
861; Series A 4 Sis
-7914 - 3 797 Sale 797
79%
1949 .1
8
8
Caro Cent lit eons g 41
8512 8512
5
8518
8518
1948 MN _8_5_ 87
2 100 10112
Series C 3345_
100
Caro Clinch &0 1st 30-yr 56_1938 J D 98 100 100
4
893 Jan'29
3
4
893 89 4
1950 F A
Series D 344s
3 106 109
106
lit & con g 65 eer A_Dec 15'52 J D 106 Sale 106
9718
2
96
99%
gu 4 10_1961 A 0 9718 9812 971e
87% 87% Cleve Shot Line let
19813
4
873 May'29 _
Cart & Ad ist gu g 4a
10635
8
10512 109
8412 N5
Cleve Union Term lit 5,414_1972 A 0 1057 Sale 1057
__
841 85 Mar'29
Cent Branch U 1' let g 41_ _1948
Oct'28
_ 107
A 0
101% 10212
Registered
_ 10112 Nlay'20
Central of Oa lit gs_Nov 1945 F A ioi12
16514
1973 A 0 ioi- 19-2 102 May'29
9814 103
7
1st a f 58 ser B
99 I
1945 NI N 9612 fin
0814
Consol gold 55
5
96 101
96
96
1977 A 0 9512 97
_ 100 100
lets f guar 04ffeerC
M N
Jan'29
100
Registered
1004,
10-year secured 6a_ _June 1929,1 D 55i, 11:W - 9934 May'29
99%
8812 May'29 _ _
90%
85
19453 D 8418 90
99% l0512 Coal River Ry lot gu 48
104% 25
Ref & gen 510 series 11_19591 A
104N Sale 101
8
99% Jan'29
0912 997
98141011, Colorado A South let g 48--1929 F A
1959 A 0 9814 Sale 9814
9812 68
Ref & gen be series C
9512 9712
97
MN 9512 - -12 9512 Mar'29
Refunding & exten 41451935
87
87
Chatt Dly pur money g 45_1951 J
87 Mar'29 _ _
8812 91
---- 8812 Apr'29
1948 A 0
101 101
Col & H V let ext g 48
Jan'29
Mac & Nor Div let g 68..1946 .1 J ____ 107 101
9112 9112
_ 9112 Mar'29 _
1955 F A ____
2
95
95 I
05
Col dr Tol let ext 49
95
Mid Oa & Atl div pur fa 55 1947 .1 J 95 102
90
88
88 Apr'29 _
99% 10018 Conn & Passum Rh? let 4a 1943 A 0
1946 J J
100 Apr'29 -Mobile Div 1st g 55
9412 9412
9412 NIar'29
_
9412
1930 F A
8
793 N4
80 I 10
Consol Ry deb 49
Cent New Eng let gu 4s._ _ _1961 J J 80 gale 80
2
70
70
67% 76
70
J 6618 - NI S 9712 _ _
1954 J
_
97
9712 Apr'29
Non-cony 45
Central Ohio reorg let 41i5._1930
9914
69 I
72
8
87
95
9612
6
Non-cony deb 4s____J&J 1955 J .1 69 Sale 67
9914
Cent RR & Bkir of Ga coil be 1937 M N 9512 Sale 9512
76 Nov'28
1987 J J 108 110 108
10814 18 107% 11118
Non-conv deb 4s_ _ A&O 1955A 0 66%
Central of NJ gen gold be
75
73
g6 73 Jan'29
1956 J J
1987 Q J
107 1095
10814 May'29
8
Non-cony debenture 4s
Registered
22
82
9314
81
,
81 2 81
1942 J D 81
1987 J J
89 Feb'29
Cuba Nor Ry let 530
89 89
General es
90
16
96
89
1949 F A -8914 90
1952 J J 89 Sale 89
10
Cuba RR lot 50-year Is g
90
93
90
OO1e
Cent Pac let ref gu g 45
3 100 106
100
F A
1936 J D 9912 100 100
88
lit ref 744s aeries A
Registered
9012 98
06 Mar'29
93
lit lien & ref 68 ser B .,1036J D 91
99 I94
09 I y. 3
Z t'24
S '1
Mtge guar gold 3148_Aug1929 J I) 99
92
9014 May'29
9014 9134
Through Short L let gu 48_1954 A 0
97
9812
9714 9912 97 May'29
1900 F A 106% Sale 993
Day & Mich lit eons 4 lis...1931 J
4
9918 103
10014 83
Guaranteed g 5a
4
9412
9112
89
1943 M N 8912 Sale 8912
Del & Hudson 1st & ref 4s
2
10214
97 10412
1935 A 0 10214 ____ 10214
____ 11114 Mar'29 ___. 11114 1131
30
.
-year cony 514
Charleston A Sayn'h lit 70_1936 .1 J 111
7 100 105
103
1937 M N 103 Sale 102
12
6 101% 10412
lb-year 5148
Ohio let con g 65._ -1939 M N 1023 Sale 1028
102
Chem&
2 101118 10314
10112
1930 J I) 10114 Sale 10114
1039 M N ____ ____ 10214 Dec'28
10
-year secured 75
Registered
8
0415 1601-4 D RR & Bldge 1st gu g 44)._ _1936 F A 8814 887 9614 Aug'28
1992 M 8 9612 Sale 962
9634 --56
-General gold 43.0
40 -if( fill%
89
M 8 -___ ____ 08 Mar'29
g 4s1938 J J 9014 917 8814
Den & R
92% 98
Ist cons
Registered
92
1
8912 94%
92
19363 J
1930 F A 9914 Sale 983
8
9812 99%
Con/301901d 414e
99 4 -6- 5-year Cony 4%s
,
20
3
90 4 99
921e 181
8
1993 A 0 9214 Bale 9214
93%
9018 953 Den & RU West gen be_ Aug 1965 MN -911- gran- 904
8
Ref & !mut 445
6
4
873
8
867 93%
8
867 8735 867
F A ____ ____ 0218 Mar'29 80
9218 9218
Ref & impt 5e ser B Apr 1978 NI N
Registered
46
25
3014 Apr'29
39
193113 J 28
99% 1.0012 Des NI & Ft D Ist gu 4s
_
Craig Valley lit ba_Nlay 1 '40 .1 J 00 10314 100 Apr'29 :2:
3
254
2518 38
2518
27
23
881 M'
May'20
Branch lit 45_1946 J 1 8812 89
deposit
,
Temporary etfe of
8815 88 2
Potts Creek
_
8
8
8
925 923
925 Feb'29
8
4
83
86% Des Plaines Val 1st gen 4348_1047 M S 925 99
R & A Div lat con g 4s_ __1989 J J 84
7614
75
75 Apr'29 _ _ _ _
76
1114
84 8 May'29 _
1989
1995 J D 73
Del & Mac it lien g Ii
81
86
2d consol gold 48
75
75
75 May'29
75
70
S
100 Mar'29
1995 J D
100 100
Gold 4s
Warm Springs % .et 4 58_1941 M
9812 10014
97 May'29
9812 97
97 10015 Detroit Myer Tunnel 414s. _1961 M N 763 78
cheesy Corp cons 5a May 15 1947 M N 97 Sale 97
_ 10234 10314
88i, 68
66 __ _ 7
_
6
70.. Dul Miesabe & Nor gen 59-1941 3 3 10314 ____ 10314 May'29
Chic & Alton lilt ref g 3s.. _1949 A 0 86
1
99 10114
99
99
66 May'29
69
.- 66
Dul & Iron Range let 5s._ 1937 A 0 99
6512 89
Ctf dep stpd 0..t 191N lot
10012 May'28
68
A 0
6614 71
Registered
Railway first lien 344i,,1050 1 J
ici,
74 78 May'29
80
__
78
68 May819 --_8 22 42
'
67
71
Dul Sou Shore & Atl g Ss__ _1037
J
Certificates of deposit..
9312 94
9414 9312 Feb'29
4
82
86
1 -3; 82
East Ry Minn Nor Div lit 45'48 A 0 86
8412
Chic Burl & Q-111 Div 344s 1949 i i -ii- - 4
9712 9912
J J -------- 84 Apr'29 -__
84
East T Va & Gs Div g bs___1930 J J 9834 9912 9912 May'29
84
Registered
10312 1053
4
4
1949 J J 90% 93
91% May'29 __
1958 NI N 10414 1053 10312 May'29
90% 94
Cone 1st gold bs
Illinois Division 4a
97
1
99 103
1)9
8912 9312 Elgin Joliet & East let g 511_1941 M N 98 100
914 41
1958 M 8 9014 Sale 90
General 45
100 10614
M 8
913 Sept'28 _
A 0 9812 10018 100 May'29
4
1965
El Faso & S W 1st ba
Registered
9612
1977 F A
3
9814 95
_
1st& ret 4 He ser LI
1971 F A 103T8 104 103%
104
20 10112 100
Erie let consol gold 7s ext_1930 NI S 10112 gale 10112 10178 26 100 104
let & ref be *erica A
1
8012 857
82 May'29
1996 3 J 78% 82
let eons g 4e prior
Chicago & East III let 6s. _1934 A 0 1(41 106 10118 Mar'29 _ _ __ 10118 106
8
793 Mar'29
2
793 5112
1996 3 .1
81
51
79% 8518
Registered
C & E IllIty (nee co) con 68_1951 M N 8014 Sale 7934
7434 80%
4
753
4
4 20
1982 M N 102 Sale 101
102
2
4s___ _1998 J J 753 Sale 743
lat coneol gen lien g
99% 106
ChM& Erie lit gold 55
7112 May'29
7112 73%
0712 40
1996 3 J
6612 697
8
Registered
Chicago Great West lit 49_1959 NI S 6612 Salo 6612
23 100% 102
102
_ 10018 113%
Penn roll trust gold 4a_ 195I F A ioF IN- 102
Chic Ind & Loulay-Rof 88_ _1947 I 1 10914 ____ 10018 May'29
2
81
81 Sale 81
7814 8412
1947 J J 10018 10412 10018
10018 ---1 100 103
50
-year cony 48 series A_ _1953 A 0
Refunding gold Is
7.12 R411
81312 10
1953 A 0 80 Sale 8012
8
92
1947 2 1 823 ____ 92
92
Series 11
Jan'29_ _
Refunding 45 Series C
4
7934 82
793
82
8
1953 A 0 8014 82
99 -13
1966 M N 973 Sale 973
4
Gen cony 45 series D
4
95 10314
let A gen Si tier A
4 85
933
9112 97
1967 MN 9312 Sala 9234
2 103 10812
105
____ 10414
Ref & Inlet 5.
let & gen fle ser B___May 1966 J J 103
10815 11114
1955 J J 11112 115 11118 May'29
8812 May'29
Erie & Jersey lat e f (is
-year 4a.„1956 1 J 8712 91
Sou 50
S7¼ 94%
Chic Ind A
7 10,512 112
4
107
1969 J D -------- 94 Mar'29
Geneseee River 1st a f 5e 1957 J J 107 1083 107
94
94
Chic L S & East 151 410_
_
8
883 ____ 102 Feb'28
10
80
80
82
82
4
863 Erie & Flue gu g 33.4s set B..1940
Cb M & St Peen g 4•A_May 1989 1 J 80
-A678 lit:
883 ___ 8818 Jan'29
8
19401
80
80
Series C 3he
Q 3
Registered
103% 62 10114 105
1954 M N 103 Sale 103
7115 76 EstRRextie f 78
Gee g 310 set B____May 19883 J 7012 7212 7112 May'29
_
Bid
Ask Low
High No. Low
_99
3656
BONDS
N. Y. STOCK EXCHANGE
;Z-1
Week Ended May 31.
New York Bond Record-Continued-Page 3
Price
Friday
May 31.
Week's
Range or
Last Sale
-1 •
re .1
Range
Since
Jan,1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 31.
•
r.
e.
w Pries
Friday
May 31.
Week's
Range or
Last Sale.
Range
Sines
Jan. 1,
Bid
Ask Low
moo No Low
High
Fla Cent & Pen it ext g 5e__1930 j j
Bid
Ask Low
High
Low
HO)
93 Apr'29
98
98
Louisville & Nash,(Concluded)
let consol gold be
j 97
1943
9512 May'29
9353 9914
let & ref be series B
2003 A 0 10218 Sale 10218
Florida East Coast 1st 430_1959 JD 913 Sale 913
10218
10218 1057
8
4
4
914 94
913
4 *2
let & ref 448 series C._ 2003
let & ref be series A
MS 75 Sale 75
971a 99
1974
---- -- 9712 May'29
75
7512 12
80
N 0 & M 1st gold 6/3
19302
Fonda Johns & Glov 1st 4451962 MN 3212
993 10014 993
4
4
4
993 101
993
4
33
3212
3
254 50
33
26 gold 6s
Fort St U D Co let g 4 3,e_ _1941 2.1
1930.5 J
00 Apr'29
100 10014
94 Nov'28
94
94
Paducah & Mem Div 41946 F A
Ft W & Den C let g 54s
9018 May'29
9018 9114
1981 Jo
10614 10714
St Louis Div 26 gold 3e _ _1980 M S 61 Sale 61
Pram Elk & Mo Val let 6e 1933 AG 102 106 10614 Apr'29
10
61
61
674
104 10218 May'29
102 1037s
Mob & Montg 1st g 44s 1945 M s 96
GH&SA
& P 1st 581931
00
N 95
97
93
1
96
96 100
South fly joint Monon 4s _1952 J J 83 100 84 Sept'28
2d extens 58 guar
3
8612
84 - - / 2
31 184
1931 J
100 Sale 10)
3
97 100
100
Atl Knoxv & CM Div 4e.1955 M N 88
Oaly Flous & fiend 1st 58 ....1933 *0
90
89
92
2
89
89
944 93 May'29
96 100
Loulsv Gin & Lax Div g 448'31 MN 97
Oak Ala fly let cons 5a Oct 1945 .1.1
98
97 May'29
97
9912
____ 857 86
18
8
86
85
86
Mahon Coal RR 1st 58
Oa Caro & Nor let gu g 561929.1,
1934.1 .1
00 May'29
100 100
99
May'29
9912 9
941a 99
Manila RR (South Lines)48_1939 M N 74
Georgia /311.11and let 33
741 74
*0
29
74
734 75
7312 7818
4
let ext 45
Or R & I ext lat gu g 434s 1946 J J -9312 733 71 May'29
1959 M N
69
69
69
3
69
9612 9 "02 May'29
77
1941
9512 97
Manitoba S W Colonixa'n be 1934 J D 99
Grand Trunk of Can deb 68_1940 AG 1113
99 Mar'29
9872 10012
4 Sale 110
1113
4 16 10814 113
15
-year a f Se
1936 M S 10412 Sale 10418 10412 36 103 108
Man GBANW lat 33,8_1941 J J 853
Grays Point Term let 5s....1947 Jo
8 90 864 May'29
8612 864
_
944 __-- 97 Apr'29
97
97
Mich Cent Det & Bay City 59.'31 M S 100
00 May'29
991 100
_
,
Registered
QM
Great Nor gen 78 series A_ _ A936 j
10034 Apr'28
1085 Sale 10312 109
115 10812 1125
8
8
Mich Air Line 4e
1940 J J 913
Registered
4
9214 Apr'29 _ _
J
9214 91109 Apr'29
109 109
Regiatered
J .1
1st & ref 4 489eries A___ _1961 .1 J
924 July'28 _ _
92 Sale
931s 41
92
98
1st gold 349
1952 MN 82
General 534e series B_._1952 33 106 Sale 92
8212 Apr'29 _itiEs 853*
106
1067
8 15 10412 109314
20-year debenture 48
1929 A 0
General 55 serles C
993 Mar'29
4
993 993
_
8
1973 .1 J 102 Sale 102
4
12 10018 10 4
102
Registered
43
A 0
General 41,9 series D
99
Oct'28
1976 J J 92 Sale 92
_
4
93
92
9714 Mid of N J lat ext 5s
1940A 0 85
General 43.4s series E
9112 94 Mar'29
93f2 'big;
_
1977 .1
92
4
92
94
92
92
973 Mllw L & West 999 g 5s 1929 F A
3
Green By & West deb ctfs A _ _
9912 Jan'29 _
Feb 81
_ 9918 994
Oct'28
85
Milk Nor letext 448(1880) 19342 D 94 -- -12
Debentures ctfs B
9
6
96 Feb'29
Feb 22
96
96
_
6
4
223
322
Cons ext 4 3,8 (1884)_ 1934 J D
2928
greenbrIer fly let gu 4s____1940 MN 913 if 4 22 Mar'29
9312 94 May'29
94
95
4
9114
914 9114 Mil Spar & N W 1st gu 48_ _1947 M
Gulf Mob dr Nor let
89
92
903 Apr'29 _ _
4
AO 993 1-6:f
90
92
53,31-1950
1
4
993
99 106
Milw & State Line let 348_1941 J J
4
4
993
let M be series C
90
1950 AO
9914 99 May'29
Minn & St Louis let cons 58_1934 M N "i§r4 19'- 50 Apr'28 _ _ _
99
99
Gulf & S I let ref & ter g 5e_b1952 J J
May'29
50
55's
_ 10418 Mar'29
10418 108
Temp ctfs of deP0.914--1934 M N 46
Hocking Val 1st cons g 4348_1990.12
'0
4612
4612 10
4612 531
4
9458 Sale 9258 9458
94
1st & refunding gold 45.....1949 M S 23 Sale 22
99
Registered
23
1918 35
68
1999 J J
10212 Mar'28
Ref & ext 50-yr 58 ser A I962 Q F 2012 Sale 2014
Housatonic fly cone g 5s_
2013
8
155 2014
9
1937 MN
97
97 May'29
-97- - - -1i
Certificates of deposit..........
98
H & PC let g Is lot guar_ 1937 J J
19
16
Jan'29
16
_
16
102
102 May'29
102 10214 M St P & S S M con g 4s Int gu'33
Waco & N W div 1st 6s_ I930
8212 87
8618
87
N
88
16
sgt.
10014 Mar'29
10014 102
1st cone 5s
19383 J ____ 95
Houston Belt & Term let 5E1_1937 J J
96 8
,
97
933 99
3
4
99 102 100 Mar'29
let cons Ss gu as to Int
983 100
4
1938 J J 9612 Sale 9612
Houston E dr W Tex lat g 58_1933 M
9612
9618 9912
1
N
99 Mar'29
10-year coil trust64s_ _1931 M S 98 Sale 9712
9812 99
let guar Se red
9812 20
974 101
1933
9812 9812 Feb'29
1st & ref 6e series A
9714 1024
19463
_ 9912 9814 May'29
Bud & Manhat let 5s ser A _ 1957 M N 95
__
9814 102
F A
9112 41
25
90
98
-year 53411
1949 M
AdjuatmentIncome bs Feb 1957 A 0 90 Sale 90
38
90 9812 May'29
887 9812
8
55
7512 Sale 754
let Chicago Terms 1 4s_ _ 1941 M N 8414 _
7213 843
76
4
_ 9312 Jan'29
1.1312 934
Miesisslopi Central let Se..,...1049 J .1
1111112ole Central 1st gold 48
96 May'29 _ _ _
96
9915
1951 J J 90
93 9212 May'29
91
9514 Mo Kan & Tex let gold 48_ _1990 J D 813 83 8112
Registered
4
J
813
811, 88
4 18
95 May'28
Mo-K-T Kit pr lien be eer A.1962 J .1 965 Sale
1st gold 33,s
8
9613
9814 17
0612 102
80
85
813 Mar'29
8
40-year 4e eeries B
80's 853e
1962 1 .1
Registered
Sale 81
81
J
064
814
4
84 Nov'28
Prior Ilen 435e sec D
1978 1 J 89
Extended let gold 33,s___1951 *0
81
8912 14
9134 8912
9412
89
81
85 8318 Apr'29
Cunt adjust 5s ser A _Jan 1967 A 0 10213 Sale
834 8318
let gold 3s sterlIng
28 10112 10711
1951 MS 7118
7414 Mar'29
Mo Pac 1st & ref 5s aer A _ _1965 F A 9712 sale 10112 104
7414 7414
Collateral trust gold 4s_1952 *0
031, 1014
72 S l
974
973
4 13
19
89
89 Sale 89
General 4s
863 93 4
3
4
1975 M S
Registered
MN
71
72
77
48
70
Oct'28
87
let & ref 5s series F
let refunding 4s
1977 M S 96 Sale 955
9312 9915
8
07
101
1955 MN -9114 -914 8912
15
9012
8912 927
let&refgSseerO
8
1978 NI N 9412 Sale 9418
Purchased lines 334s
9513 37
9412 100
1952 J J 794 813 80
82
11
8
Cony gold 5349
80
83 4
3
1949 M N 106 Sale 1033
Registered
J
4 106
563 101 106
87 Nov'28
Mo Pac 3d 7s ext at 4% July 1938 M N Collateral trust gold 14___1953 MN
9014 8912 May'29
2
8912 917
-354 gle- 85
8514
Mob & mole prior lien g 5s.,1945 J J 99T4 101
84
Registered
99 100
MN
100 Apr'29
9014 May'28
Small
Refunding 55
J J ___ 9912 99 Feb'29
99 100
1955 MN 103 gife- 103
10 102 10534
103
1st M gold 45
15
1945 J
-year secured 64s g___ _1938 3
8834 Apr'29
86
_
98
10812 1083 1083 May'29
4
4
107 11138
Small
49
1045 J
-year 44
85
85
89
Aug 1 1966 FA 9714 Sale 9814
85
5
98
65
9614 10013 Mobile & Ohio gen gold 45_ _1938 M S 8112 84
Cairo Bridge gold 48
93 May'29
1114 92311
1950 3D 8514 92
Mar'29
90
86
Montgomery Div let g 58_1947 F A 9918
90
Litchfield Div 1st gold 38_1951 33
100 May'29
__
09 10
0
72 Apr'29
713 7514
4
Ref er !met 4 48
Louis, Div & Term g 345 1953 J J 7413 77
1977M S 924 Ii 925
90
12
923
8
974
4 16
8
813 813 Mar'29
4
81
845 Mob & Mar 1st gu gold 45_ _1901 M S 84
8
Omaha Div 1st gold 3e.. 1951 FA 80
87
835 May'29
8
8353 87
_
7412 Mont C lat gu 63
74
St Louis Div & Term g 38_1951 J J 724 77 7412 Mar'29
19373
104 10812 106 Apr'29 _- 106 106
7118
764 Oct'28
let guar gold 58
1937 J
Gold 334s
95
Apr'29
1951 J .1 783 113- 80
80
10
4
4
861- Morris & Essex let gu 334s _.2000.1 J 7512 100 10034 May'29 - 10034 101
10
2
Registered
J J
774 7512
75
8012
783 Oct'28
4
Springfield Div let j 348_1951 y 3
80
88 Dec'28
Nash Chatt & St L 4s ear A_I978 F A
Western Lines let g 4s____1951 FA
8914 907
8934 May'29
2
61 9012 Apr'29
8812 883* - - 18 N Fla Ar 8 1st gu g 55
96
1937 F A
Registered
99 May'29
FA
99 102
92 Apr'28
Nat fly of Max pr lien 4 Ae_1957 .1 .1
Ill Cent and Chic St L & N 0
174 ---- 18 July'28
_-July 1914 coupon on
Joint let ref 55 series A___1963 3D
J .1
183 July'28
4
---4 1013
4 25 100 10514
4
Assent cash war rct No 4 on
let & ref 44s series C__ _1963 3D 1013 Sale 1003
9
12
9
9
1012 10
131
,
9312 95 May'29
9418 9712
Guar 70
-year e f 48
1977 A-0
8712 Aug'28
Ind Bloom & West let eat 48 1940 *0
Assent cash war rct No 5 on- _
-1214 15,
6
12
1212 May'29
85
91 Nov'28
Nat RR Nlex pr lien 44e Oct'26 :1 Ind 111 & Iowa 1st g 48
3812 July'27
1950 J J
9214 Feb'29
89
92
9214
Assent cash war rct No 4 on
Ind dr Louisville 1st gu 48
18 Salei 18
'3 -88- 864 86 Apr'29
8 -i81812
1956
8412 884
let comic.] 4s
Ind Union Sty gen 55 ser A 1965
1951 A0
-22 Apr'28
'3 97 1017 102 Mar'29
8
102 103
Assent cash war rct No 4 on _ _ _ _ -13" -112 8
Gen & ref Is series B
812
71j 1118
'3 97 10212 103 Mar'29 _9
1965
103 103
Naugatuck RR let g 4e _
Iot & Ort Nor let tls aer A _ 1952 .7 .1
_1954 M N
86
Oct'28
102 Sale 102
1033
4 12 10014 10612 New England RR Cons 55_1945 J J
Adjustment 65 aer A July 1952
99 May'29
-98- - -71T9 2
8512 Sale 85
86
18
85
96
Consol guar 48
1945 J J
Stamped
82
82
82
3
863
3
7713 Feb'28
NJ June RR guar let 4e
let be series 13
1986 F A
1958 JJ 9313 Sale 9238
88
88
9313 12 -911- -- -5 N 0& NE Ist ref & imp 44sA'52 J .1 934 _- 88 Mar'29
2 96;
15t g 58 series C
9313 May'29
1956 33
93
974
9212 92
9212
6
91
9512 New Orleans Term let 45
lot Rye Cent Amer let 58
1953 J J 88 Sale 8712
N 77 Sale 76
1972
88
8
853 91
774 15
76
N 0Texas & Mex n-c Inc 58.1935 A 0 90
82
let colltr 6% notes_
933 96 May'29
1941 MN 90
3
96 100
91
90
914
3
90
963
1st 5ii series 11
4
let lien & ref 634e
1954 A 0 91 Sale 91
1947 FA 96 Sale 9412
92
19
904 10011
96
34
93
1st be series C
985
8
lOwa Central let gold 5s
1958 F A 98 10014 98
3D 40 Sale 40
1938
98
1
98 101
40
10
40
51
let 4 45 serlea D
1966 F A 8818 90
Certificates of deposit
8812 May'29
8812 96
40 Sale 40
40
1
40
1st 5 he series A
51 12
Refunding gold 4s
1954 A 0 101 Sale 10013 1014 29 100Ie 1051s
-;
1951
1312 12
1218
3
1012 20
N & C Bilge gen guar 448...1945 .1 1
James Frank & Clear 1st 48_1959 JD 12
-- 9512 May'29
9414 953
92
4
81
92
92
2
85
NY 13 & 51 18 1st con g 58_1935 A 0 ____ 100
92
KanA&G R lst gu g be_1938
8
9512 97
98
10014 Apr'29
9914 10014 N Y Cent RR cony deb 6E1_1935 M N 104 10614 967 May'29
Han es 13.4 lst gu g 4e
1990 A0 77
104
106
26 10214 108
82 82 May'29
82
8412
Registered
M N
106
Jan'29
106 106
Conaol 45 series A
K C Ft & M Ry ref g 4a_ _1936 AG 92 Sale
1998 F A 87 Sale
13
87
2
86
897
903
92
8
13
89
93
fl-elk hoot 44e series A_ _2013 A 0 97 Sale 86
KC&MR & 13 1st gu 58_1929 AO 98
97
97 10012
9714 45
984 May'29 _ _ _ _
98
9912
Ref & Impt 98 series C__ _ _2013
Han City Sou let gold 35_ _1950 *0 9318 Sale 7212
10212 Sale 1013
4
10314 57 1013 10711
4
74
18
70
76
Registered
Ref & Impt 58
A 0
Ant 1950 .1 .1 93
106 Mar'28
9512 9234
9512 25
9234 993
4
Kansas City Term let 4s__1960
J 85 Sale 8412
86
20
8413 9013 NY Cent & Bud Itiv Si 345 19973
Kentucky Central gold 43_1987
J
7712 Sale 7718
7718 8214
784 20
May'29 _
917 883
8
4
8814 907
8
Registered
Kentucky kind Term 446_1961 1 J
1997 J J 7253 7812 7412
741
6
,
7712 781
Jan'29
873 95
8
95
95
Debenture gold 4s
Stamped
1934 MN 9512 Sale 9512
38
1961 J
4
933 973
4
96
87
87 May'29
87
90
Registered
Plain
M N
J 91
1981
95
95
Jan'29
95
91
91
5
907 95
2
30
-year debenture 4s
Lake Erie dr West let g be
1942 .1 J 90
94
2
9018
1937
90
954
9018
98
99 100
994 20
98 101
Lake Shore coll gold 3348_1998 F A
212 gold 58
753 78
4
1
1941 .1 1 96
4
753
7414 511
753
4
4
100 Feb'29
99 100
Registered
Lake Sh & Mleh Bog 3tie 1997 "I) 7812 10012 7812
1998 F A
725 80
8
7418 Mar'29
7352 741e
7912 29
Sale
78
71112
Mich Cent coil gold 334e_ _1998 F A 723 744 79 May'29
Registered
D
4
743 793
1997
4
7812 7812 May'29
4
753 7812
8
Registered
1998 F A 7112
25
-year gold is
3
1931 MN 97 Sale 97
7453 78
07
9
963 9913 NY Chick St L 1st g 40_1937 A 0 933 7712 745 May'29
8
Registered
8 94, 93 4
N
2
14
9112 96
,
93 4
,
4
993 Apr'28
Registered
Lab Vol Harbor Term gu 58_1954 FA 101 105
1937 A 0
9612 Feb'28
May'29
103
102 1051s
25-year debenture 41
1931 M N -9,;83
Leh Val N Y let gu g 448_1940 J J 9412 963 96
965
8
12
-98111
97
8
1
96
9512 9934
2(1 (is series A 11 C
1931 M N 10012 Sale 10018
Lehigh Val (Pa) cons g 48___2003 MN 85 Sale 84
1003
4 62 10018 1091
,
85
31
84
8144
Refunding 5)4e series A _ _1974 A 0 1047 Sale 10414
Registered
8
MN
10513 44 10414 1071
4
Jan'29 _ _ _ _
86
86
86
Refunding 6348 series 11..19753 J 10518 Sale 10518
General COLA 43,42
10512
3 106 107
2003 MN -96" Sale 94
9612 14
921 10(1
,
Ref 4 159 series C
1978 M 8 9012 Sale 9012
Registered
M
9212 13
9012 953
4
Nov'28
99
N Y Connect let go 4145 A.1953 F A
0312 9712
931a 9412 May'29
let guar 55 series 13
1953
Lehi Valley RR gen 58 series 2003 M N 10418 1043 104
Nit 1024
1044 15 1014 10714 N Y & Erle 1st ext. gold 4s.. _1947 F A 101 18 10212 10012 May'29
4
M N 89
Lab V Term Ity I st gu g 5s_ _1941 A 0 10012 10212 994 May'29 ___ _
- 90 Apr'29
90
90
997 10312
8
3d ext gold 434s
1933 M S _
166 9812 Mar'28
Registered
A 0
_ 1037 Feb'28 __
1
4th eat gold 5e
4
1930 A 0 973 loo 100 Apr'29
Leb & NY let guar gold 40_1945 M S ...
-ie- 100
Oct'28 ___ _
90
90
N Y & Greenw
gu g 5s _ _ _1946 M N
Lax di East let 50-yr 58 go.. _1965 A 0 .__ 105
95 Mar'29
8
943 98
10412
:
0 2 Dey 2 :
6
_ 18512 NIa e 1 __ __ __
16i7- N V & Harlem gold 342_2000 M N
4
Little Mlami gen 48 series A.1962 M N
83 May'29
83
83
M N
Long Dock consol g Sc
854 Apr'28
1933 A 0
1- 1024 May'29 ____ 1(1213 14; N Y Registered 1st A ref gu 55'73 iS N 10018 _ 10018 Feb'29
67
1
Lack & W
Long IBM 1st con gold be July1931 Q J iiii- 100
11111's
9734
98 May'29
97 4 10114
,
lat & ref gu 4 3,3 con
1973 M N
1st comae! gold 4s___ _July 1931 Q J
96 Apr'29
96 1004
__
___ 100 Feb'29
97 100
NY LE&W let 78 ext_1930 91 S 96's
General gold 4s
98
104
Feb'28
1938 J D 979212 9212 Feb' 29 _
90
94
N Y & Jersey let 68
1932 F A
Gold 4.3
97 May'29
97 10014
1932 1 D ---- _ _ 9912 Dec'28 ____
NY&NE
413_1939 A
Unified gold 4e
1949 M 8
-8778 8814 May'29 __ _ _ 88 904 N Y N & Bost Term 4a _ _1947 M 0 79 86 90 Mar'28
n-c deb
8
Debenture gold 55
80
70
79
79
1934 J D -5
1
96
9614 96
96 100
Non-cony debenture 345_1947 M 13 75
311-year pm deb 5a
754 75 May'29
4
1937M N ---75
774
88
993
8
Non-conv debenture 349_1954 A 0 71
Guar ref gold 4s
7112 71 May'29
1949 M S __-- 86 8 88 l‘ aY:28 -_-_-_-_
7014 75
71 M
96
9777 98: la y 2
Non-cony debenture 4s. _ _ 1955 J
913
8
Nor Sh B 1st con gu be _Oct'32(5 J
78
81
8413
78
78
5
74
97
9912 89 Mar'29 -- -98 100
Non-conv debenture 48_.1906 M N 7614 Sale 7614
Lou & Jeff Ildge Co ad g 48 1945 M S
13
77
76
8412
8412 90
8
Cony debenture 334e
19562
Louleville & Nashville 511._.1937 M N 8512 887 90 May'29 __ _ _
684 70
683
4
7014 60
683 75
4
102 Apr'29
10014 1024
Cony debenture 69
1948 .1
Unified gold 49
1205 Sale 120
8
121
149 116 128
1940 J J 92 Sale 92
924 16
82
054
Registered
J J
Registered ----------------3
_
118 Apr'29
115 119
9314 934
---- 9314 May'29
Collateral trust S.
Collateral trust god be
1940 A 0 119414 gale 104
105
5 102 1054
1931 MN -oi- 993 100 May'29
9818 low,
4
Debenture 4e
1957 M N 7212 7514 79
10
-year sec 7e_ _ May 15 1930 M N
4
79
7034 79
101
99 10013 105
let 4* ref 4348 ser 05 1927.19973
1st refund 634e series A _ _2003 A 0 103 Sale 10012 101 85 Sale 85
9911
89
857
s 25
Sale 103
1044 67 10014 l073
Harlem it & Pt Ches 1st 44 1954 M N 90 Sale 90
3
2
90
8812 9012
----
----
- • -
----
----
--
1Due Feb. 1.
New York Bond Record—Continued—Page 4
N
BONDS
V STOCK EXCHANGE
Week Ended May 31.
Price
Friday
May 31.
Week's
Rance or
Last Sale.
Range
Since
Jan,1.
N
BONDS
Y STOCK EXCHANGE
Week Ended May 31.
3657
Price
Friday
May 31,
Week's
Range or
Last Sale
•
CCI
Bid
Ask Low
Bid
High
High No. Low
High No.
Ask Low
11
653 683 6534
4
68
100
99 Sale 99
8
s
653 748 St Louie & San Fr Ry gen 65_1931 J
4
4
9
1931 • j 99
70 Apr'28
9912
9912 99
General gold bs
60 Sale 60
-66 7114 St L Peor & NW 1st gu 68 1948 J 1 100 10412 10012 10012 5
60
5
9018 9112 90 May'29
91
90
St Louis Sou let gu g 49- ---WM 51 S 9618 96 4 9618 May'29
,
8
893 Jan'28
8312
4
8312
---- -- 9t L S W lot g 4s bond 003_1989 MN 8312 84
8512 87
8414 8912
7718 82
853 Mar'29
8114 May'29
26 g 4s Inc bond etre Nov 1989
4
8118 82
9418 35
1932 J
9418 Sale 9312
8118
Consol gold 4s
801s 8612
8142 10
3
8
9518
4
---- 79 4 843 Nov'28
1st terminal & unifying 5e_ 1952 J J 933 9518 9518
,
12
71
74
71
90
90
St Paul & K C Sh L 1st 448.1941 FA 8912 92
7
8 -7 6i882
71
1931 FA -_-_ 897 98 May'29
____ 100
8
9918 10112 St Paul & Duluth let 58
9913 Feb'29
80 Sale 80
1968 ID
8818 May'29
793 85
3
let coneol gold 45
8014 20
9718 Jan'28
100 Sale 100
St Paul E Gr Trunk 1st 448_1947 ii
10118 123 100 105
9478 May'29
---- 8012 8013 May'29
9414 95
8012 9034 St Paul Minn & Man con 48_1933 J
9912 99 Mar'29
2
8 1035
1933 J J 102 1035 1035
8
let consol g Os
8
97)2 102
J
103
Jan'29
Registered
Norfolk & West gen gold 65_1(131
N 102 10214 102 Mar'29
gold 4 Hs___1933 ..f .1 99 Sale 99
99
10112 10314
2
68 reduced to
Improvement & ext 6s_ _ _1934 PA 10312
J J
95 Dec'28 -Registered
105 Mar'29
105 105
New River 1st gold Os. _ _ _1932 A 0 101 10312 10118 May'29
1937 ID -01- .6i- 9113 May'29
11570 104
Mont ext letgold 48
& W Ily 1st cons g 4s_ _1996 AO 90
903 90
8
89
9214
Pacific ext guar 48 (sterling)'40 J J 8612 893 92 Mar'28 -4
21
91
Registered
15
1996 AO
102
8912 8912 St Paul Un Dep let & ref 58_1972 ii 10118 102 10118
8912 Feb'29
Div'l 1st lien & gene 4s_. 1944 J
90 Sale 90
4
94
8512 87% 873
9 A & Ar Pass let gu g 4s_ 1943 .11
90
877
8
2
2
90
10-yr cony 6s
1929 M S
102 Apr'29 -13212 13212 Santa Fe Pres & Phen 101 59.1942 NI S
13212 Feb'29
Pocah C & C joint 4s. _ _1941 JO 9112 913 913
1934 A0 102 16,;12 10212 May'29 -9112 95% Say Fla & West let g 6s
6
4
4
913
4
North Cent gen & ref 58 A _ _1974 MS
1934 AO
9814 Apr'29 -'10778 1077
8
1st gold 58
8
--- 1077 Jan'29
Gen & ref 4 Ho ser A stpd_1975 MS 963
1989 MN 883
4
4
_ 883 Apr'29
957 99
8
Scioto V & NE 1st gu g 4a
8
_ _ 97 Apr'29
North Ohio 1st guar g be_ _1945 AO 96
9614 Seaboard Air Line let g 4s..-1950 AO 55 -78" 731u Apr'29
927g 96 Feb'29
North Pacific prior Ben 45_1997 Q J 8514 883 8514
1
4
1950 AO 68 Sale 68
8514 90
68
Gold 4s etamped
863
4 13
Registered
1997 @
Oct 1949 F A 4514 Sale 4514
8512 39
50 667
Adjustment 5e
8512 May'29
Gen lien ry & Id g 38_Jan 2047 111 F 623 Sale 623
5512 26
1959 A0 5412 Sale 5412
1
6018 6712
4
Refunding 4e
7
4
65
Registered
Jan 2047 Q F 5612
205
62
77
_ 62 Mar'29
8312
let & cons 6s series A_ _ _1945 54 S 7414 Sale 7514
Ref & irnpt 4%s series A....2047 J J _ _ _ _ 9612 9512
M S
75 Mar'29
9512 987
RegLstered
a
10
9614
Ref & impt(is series B ----2047 J J 110 Sale 10912 1103
8512
1212 - 1- 8512
Atl & Ilirm 30-yr 1st g 48_81933 NI 9 85;2
4 52 10912 11313
Ref & impt 55 Series C..._2047 J
101 10.5
101 10214 102 May'29
Seaboard All Fla let gu (3e A _1935 FA 65 Sale 65
665
8 56
Ref & impt 65 series D_ _2047 J
66
1935 FA
101 10312 101
8
66
Series B
2
10212 10 101 1043
Nor Pac Term Co 1st e 68.- 1933 J J 1093 - 10934 10934 Seaboard & Roan let 58 extd 1931 J J - - 9712 98 Dec'28 -4
4
-- 1093 Feb'29
Nor Ry of Calif guar g 5s_ __1938 AO 99 102
N
99
995 Apr'29 -8
99
So Car & Ga 1st ext btie___ _1929
99 May'29
• A --- 10018 10018
1936
10018 10
& N Ala cons gu g bs
North Wisconsin let 68_ -._1930
107 107 Mar'29 -- 1003 --- 100 Sept'28
s
Geo cons guar 50-yr 58.1083 A0
Oak L Cham 1st gu g 46_1948
78
83
78 May'29
_Ohio Connecting 10 ltd 49_ _1943
,
881s Sale 87
953 Nov'28 ---8
So Pac roll 48(Cent Pac col) k'49
8914 SS
Ohlo River RR let g be_ _19313
J D
9978
861s Apr'29 -9918 Apr'29 -- -9959
Registered
General gold 6s
1937 A
9914 100
-- 993
9914 May'29 - 20
June 1929 J I) 997 100
4
a
-year cony 4s
99 4 12
3
Oregon RR & Nay con g 4s.1946
903 _ _
8
-905
893 9212
8
4
let 4 Hs(Oregon Lines) A_1977 M 9 -95 95 May'29 ----!
903
4
3
Ore Short Line let cons g 6s.1946
5
102 Sale 102
9913
1934 J D 67 loo
9912
20-year cony 58
102
s
7 103 1063
Guar stpd cons 58
1946
104 10412 104 Mar'29
1968M S 89 Sale 8818
10212 106
90
90
Gold 41.38
Guar refunding 48
1929
905 1868
8
983 Sale 98-35
4
May 11069 M NI 9012 Sale 90
98
9914
Gold 4Hs WI
9878 179
Oregon-Wash 1st & ref 48_ _1961
8514 Sale 85
8412 89,
San Fran Term lot 43__ _ _1950 A 0 8614 877 8714 May'29....
19
8
86
8
Pacific Coast Co 1st g So _ _1946
13
83 May'28
A 0
74 May'29 -7313 80
Registered
Pao RR of Slo 1st ext g 48_ _1938
A 90
93 903 May'29
903 9418 So Pac of Cal 1st con gug 58_1937 M N
4
4
__
- - 10212 100 May'29 -.2d extended gold bs
1938 1
14
9614 99
98 May'29
So Pee Coast let gu g 42—.
1937 J I -95 0514 Apr'29 -Paducah & Ills 1st sf4 Hs. _1955
925 _ _ _ _ 98 May'29
8
913
8 65
98
1955 J J SoT4 Sale 8913
98
So Pac RR 1st ref 48
__
Paris-Lyons-Nled RR en!65 1958
A 100 Sale 995
903 Mar'29
J J
4
9712 101
8 100
215
Registered
Sinking fund external 7s 1958 M S 10218 Sale 1013
Sale 10512 10634 107
10212 18 10112 1047 Southern Ry lot cons g Ss._ 1994 J J
8
4
Paris-Orleans RR 5 f 7s__ 1954 MS
105 Mar'29 -J J
1033 Jan'28
8
Registered
Ext sinking fund bAs- —.
1968 MS 9438
945
9
8813
8512 86
Devel & gen 45 series A___1958 A 0 85 gife- 8414
9 -66
Faunae Ry let& ref 51 78_1942 M q 10213 All:.4'
8714 Sept'28 -- -A 0
10113
3 10112 104
10113
Registered
1135
8 26
1956 A 0 113 Sale 113
Develop & gen 6s
Pennsylvania liR eons g 48_1943 M
921.1 ,
14
1956 A 0 11814 Sale 11814
119 -26
9318 95
Slay'29
Develop & gen 640
Consol gold 48
1948 MN ';' Salt' 92
10412 41
1996 J J 103 104 104
913 04
8
Mem Div let g be
19
9214
la starl stint dollar_May 1 1948
N
9138 9334
4
1951 J J 8618 8712 873 May'29 -915 May'29
8
Bt Louis Div let g 49
Consol sink fund 4344
1960 F A 91
9718 May'29
0938 10112
917 993
8
East Tenn reorg lien g 58_1938 51 S 97 100
5
8
993
8
General 4%s series A __ _ _1965
D 97 Sale 97
91 May'29
1938 NI S
97 10012
Mob & Ohio coil tr 4s
91
98
General 5s series B
1968 JO 10412 Sale 10412 10514 21 10415 10812
10
-year secured 76
1930 AO 10114 Sale 101
7872i 73 Apr'29 - - - 8
10112 83 1004 1037 Spokane Internet let g 55___1955 I
15
-year secured 648
1936 FA 1071s Sale 10718
86 Nov'28 -.
Staten Island Ry let 4 Hs_ __1943 J D
46 10718 111
108
Registered
FA
95 Apr'28 - - -.
112
Sunbury & Lewiston 1st 48__1936 J J
Apr'28
40-year secured gold 68_ __1964 MN 10114 gale 10114
99 Mar'29 ---Superior Short Line lit 58..41930 54 S 98 100
10412 73 101 105
Pa Co gu 3%s coil tr A reg__1937 MS
98 Mar'29
893 Apr'29
so% soN Term Assn of St L lot g 4538-1939 A0 ____
4
Guar 310 coil trust ser B_1941 PA
9978 10014 May'29 8412 8712 lot cons gold 5s
1944 P A 98
86 May'29
Guar 3%s trust ctts C____1942
D 833 gale 833
88
8812 88
1953
833 89
8
88
8
8
2
3
8358
Gen refund El f g 40
Guar 3%s trust ctfs D____1944 Jo _
8712 87 May'29
2
84
85
10034
4
Texarkana & Ft S let 548 A 1950 P A 10038 10212 1003
Guar 15-25
-year gold 422., _1931 A (
9612 9918 Tex & N 0com gold 58
9512 98 Mar'29
1943 .1 .1
kis Sale 973
8
6
975s
Guar 48 ser E trust ctfa___1952 MN 88
8
855 92
2000 ii) 1053 10812 1053
8
4
10534
897 86 May'29
8
Texas& Pan let gold 58
Secured gold 4518
1963 MN 9712 Sale 96
96
95 May'29
26 Inc5s(Nlar'28cp on)Dec 2000 Mar
991s
9713 80
Pa Ohio & Det 15t & ref 433s A'77 A
92
1977 A0 9712 Sale 96,
937 Sale 92
8
Gen & ref 58 series 11
5
8
9714.
9378
973
4 46
Peoria & Eastern 1st cons 48_1940 AG 82
8312 87
8
84
1
1979 AO 967 Sale 96,
84
84
4
Gen & ref 55 series C
9714 246
Income 4s
April 1990 Apr. 32
6
36
1931 • J 993 Sale 993
4
4
36
8
45
09 4
3
La Div 8 L 1st e 58
41
36
Peoria & Pekin Us let 550.1974 F A 10114 10312 10114 Mar'29
10114 103
Tex Pac-Mo Pac Ter 5%8_1984 II S 103 Sale 103
103
Pere Marquette let ser A 68_1956 J J 10012 10114 100
1935 J J 99 10014 9912 Mar'29
10114 66 100 1047 Tol & Ohio Cent let gu 5e
8
let 48 aeries 11
1956 J
86
103 Apr'29
8612 8714 8714
5
1935 AO
917
8
Western Dly lot g 5s
87 2
,
9912 99
9912 13
1935 J I)
General gold bs
Plalla Ball & Wash let g 48. _1943 51 N 9238
9214 0534 Toledo Peoria & West tot 45_1917 J J
' 953 May'29
4
15 Nov'27
General 5e Nodes II
1974 F A
107 108
10714 May'29
8714 VC 87
Apr'29
Tol St L & W 50-yr g 48
1950 A
Phillippine 114 lot 30-yr 8 f 4a '37 J 1 34 15
35
35
39
7
1931 .1 1 9712
98
Apr'29
3514
Tol W V & 0 gu 413a A
Flue Creek registered let 68_1932 J 0
103 103
103 Mar'29
9612 98 9558 Apr'29
I933 J
let guar 4%s series B
Pitts & W Va 1st 4 Hs
1058 J D 94 16
94
98
94 Apr'29
9758 Mar'29
1942 51 S
let guar 45 series C
P C C& St L gu 4 Ho A
1940 A 0 9712 9813 9713
953 993 Toronto Ham & Buff let g 48 1946 J 1) 85
8
4
2
85 May'29
9712
89
Series B 4%s guar
1942 A
9712
963 May'29
91114 10012
4
Series C 4%s guar
1942 M N 9713
9712 Apr'29
07 2 993 Ulster & Del 1st cons g 5s___1928 in 72
,
77 May'29
4
77
Series D 4s guar
1945 NI N 9014
96 May'29
9412 9(313
68
80 65 May'29
Certificates of depoelt ______
Series E 3%s guar gold_ IN.: F A 93
9714 Sept'28
SO May'29
1st refunding g 4s
50
1952 AO 34
Series F 48 guar gold
1953 J 0 9614
-5. 4 - 4 Union Pac let lilt & Id gr't 481947
9614 May'29
4 96144
9212 Sale 92
93
Series 0 48 guar
1957 51 N
9614
9614 May'29
95
9613
0014 9518 9112 May'29
J
Registered
Series II con guar 4s
1960 F A
9612 May'29
95
9614
9612
let lien & ref 43
June 2008 M S 8835 Sale 8512
883
4 23
Series I cons guar 4135_1963 F A 96.4 _ _ _ _ 963
965 100
8
40
4
963
4
Gold 448
1987J I 94 Sale 92
94
Series J cons guar 445._1964 M N 963 _ _ _ _ 967 May'29
4
P67 9934
8
_
8
106 10814 1083 May'29
let lien & ref 55
4
June 2008 NI
...1970 J D 1033 Sale 10334
General NI 613 series A.
4
4
10334
4 1033 10815
6
40
84
1968 J D 84 Sale 84
-year gold 48
lie,gletered
J D
10338 Jan'28
U N J RR & Can gen 4s_ ..1944 M S 91
931z 0212 May'29
Gen mtge guar 55 ser 11__1975 A 0 10414 gife- 104
10412 36 10-1 116i1- Utah & Nor let ext 4s
2
9412
1933.1
_ 96 Nov'28
A(
Registered...
11312 Jan'28
9212 Apr'29
Vandalla cons g 48 series A 1955 F A
92 May'29
Cons a 1 48 series B
1957 M N
PIM NICK & Y 1st gu 65.-1932 J
10114 Apr'29
10114 1011.4 Vera Cruz & P assent 4%e..1934
12 May'29
14
10
1934
.1 10218
2d guar 65
1033 July'28
8
10018 Mar'29
Virginia Mid
_1931 M
1940 w 0
Pitts Sh & LE lstg5s
-6672 106ti General 55 be series F__ _ 1936 M N _
997 Apr'29
8
5
993 100
8
100
1943 J
lot consul gold ba
10014 Aug'28
2
Va & Southw'n 1st gu 68_...2003 J J ---- 10312 9914
997
8
1943 54 N 997
Pitts Va & Char 1st 48
8
9918 Sept'28
1st cons 50-year 58
003 May'29
89
1958 A 0
4
Pitts Y & Ash let 48 ear A..1948 J I)
9112 Apr'29
9114 9312 Virginian Ry 1st bs series A_1962 M N 1001- Sale 10018
29
2
101
1962 PA
let gen 58 serlett IS
10312
10312
3 10318 10312 Wabash RR let gold 50
3
1939 M N 10014 Sale 10014
10014
.1974
1st gen 55 aeries C
D
2d gold 58
11
1939 F A 9912 Sale 9912 100
Providence Secur deb 45._ _ _1057 MN
7112 Mar'29
711k 74
2
Ref & gen ef 5 Hs ser A _ _ _1975 M 8
4
1021s 1003
101
Providence Term 1st 4s._ _1956 MS
84 May'29
84
84
Debenture fl 65 reglstered _1939 .1 J
8818 May'27
Reading Co Jersey Con coil 4e '51 AO 90
913 90 May'29
4
90
9313
1st lien 50-yr g term 45_ 1954 1 J 73
887 Nov'28
8
83
Registered
AO
943 July'28
4
Bet
_1941
Gen & ref 4%s aeries A__1997 J J 9614 Sale 9614
i9978 Des & Chic ext 1st gg5s_ _ _1939 J J -904 10012 May'29
92
975
8 38
Moines DIv let 4e_
J J
3 88
Jan'29
1948 MN
Rich & Meek let g 46
7818 May'28
79
Omaha Div 1st g 3(4s_ _ _1941 A 0 i8 2 so
3
.1.
78,
8
7812
J
Richm Term 11.7 1st gu 58_1952
101
9959 102
Feb'29
Tol & Chic Div g 48
11)41 M
_9,1 9012 Mar'29
Grande June ist gu 58_ _1930 JO 913 977 92 May'29
Rio
4
8
917 92
8
Wabash Ry ref & gen 58 11 1976 A () 9
.
8T2 Sale 9578
9612 31
Rio Grande Sou 1st gold 48_194(1 J
6 May'28
Ref & gen 434 aeries C
9
1978 F A 8612 Sale 8614
8714
Guar 48 (Jan 1922 coupon)'40 J J
712 Apr'28
Rio Grande West 1st gold 48_1939 J J -§7C4 88
87 May'29
-811 "9224 Warren 1st ref gu g 3%e....2000 F A
4 .
83 Nov'28
1st con & coll trust 48 A._1949 AO 8112 82
8112
82
14
78
87
Wash Cent let gold 4s
8414 Mar'29
1948 @ M
1934 MS 93
9314 9314
RI Ark & Louis 1st 4 He
9312
4
93
987 Wash Term 'Brio 34s
3
1945 F A 8335 87
8318 May'29
1 70
-Canada 1st gu g 4s_._1949
Rut
823 82 Nov'28
4
1st 40-year guar 4s
_ 885 89 May'29
1945 F A
8
1941
Rutland 1st con g 4 Sit'
80
87 87 May'29
9013 W Nlin W & N W lat gu 58_ _1930 F A 67 98 97 Feb'29
87
Wait Maryland 1st g 4s
17
1952 A 0 7814 Sale 78
79
St Joe & Grand 151 1st 45_1947 J J
87 Mar'29
83
8814
let & ref 548 series A_
3
1977 J .1 9512 973 9518
9518
4
1st g 55....19911 J J 100 104 10478 Feb'29
St Lawr & Adir
1947 1047 Wset N Y & Pa 1st g be
8
8
6
19371 J 100 Sale 100
100
1996 A 0
2d gold Os
1053 Nov'28
4
Gen gold 45
3
8712
1943 A 0 871* 88
8712
1931 J J 953 96 4 953
St L.& Cairo guar g 45
4
953
4
4
8
,
95,2 871s Western PAC let ser A 58....1946 M 8
6
4
955 953
8
96
8th Ir Mt & H gen con g 58_1931 A 0 97
9712 97 4
,
9712 34
97 101
8718 Aug'28
M 8
Registered
1931 A 0
Stamped guar 55
1013 Dec'28
4
West Shore lot 43 guar__2361 J J 84
8412 8414
6
8412
1929 J
& ref gold 48
Unified
-I191 - 3- 9912
- 2 91 4
993
4 13
9812 100
Registered
2361 J J 8012 8714 8512 Mar'29
RIv&GDivIstg4t....1933MN 9318 Sale 923
8
9314 41
923 943 Wheeling At Lake Erle—
8
4
973 May'29
4
St L M Bridge Ter gu a 58..18311 A 0
147 12 100
Ext'n & Impt gold 58
100 100 Sept'28
1930 F A
4
-San Frau pr lieu 48 A _1950 M 8 833 Sale 8312
84
St L
155
83)2 881)
Refunding 434s series A_1966 M
8535 May'29
1978 M S 8534 Sale 8512
Con NI 4 4o series A
8612 93
83 4 8912
3
Refunding be series B
100 102 Feb'29
1998 NI 5
serifs B
• 1950 J .1 988 Sale 9712
Prior lien 68
7
99
39
9712 10118
Rli lot consol 48. _
1949 51 S 8435.... 85 May'28
WIIC&East Ist gu 58
3
19421 D (353 70
6512
655
8
7
Milk SF lat gold 5s
19381 D 99 _-_- 99 Apr'29
Due Slay. e Due June. k Duo August.
N YO&W ref let g 4s_June 1992 MS
Reg 35.000 Only._June 1992 51 S
General 48
1955 JD
N Y Providence& Boston 4s 1942 AO
AO
Registered
N Y & Putnam 1st con gu 4s 1933 AO
N Y Susq & West 1st ref 58_1937 J J
26 gold 434s
1937 FA
1940 VA
General gold 58
N
Terminal 1st gold 58
1943
N Y W-chee & B 1st ser I 4 He '46 J
Nord Ry extl6 I 6%s
1950 AO
Norfolk South 1st & ref A 58_1961 PA
Norfolk 6c South 1st gold 55_1941 MN
ioa-
_-
1.--
Range
Since
Jan.1
High
Low
99 102
953 10012
8
10012 1034
9512 974
8312 89
82
79
9312 9812
9518 10138
89 4 9514
3
98
9814
8018 Ws
11453 WI;
1011, 10418
8
103 103
9818 991
8
102
10212
9814
8812
7'
,7
6712
3555
6412
72
75
81
64
643
4
102
106
10012
904
74
71514
51
6011
80
75
89
71
7012
Oa.
locos 10015
10404 1064
8
8814
8514
99
95
9912
82
8934
8714
83
100
9514
8914
04
3
10512
105
83 3
3
917
8
81318
99 4
3
8914
1011g
9712
941
8
91
83
103
954
9218
90 48
,
110
108
89
1694 171I117 123
104 10614
89
85
9(314 100
9018 934
7218 8118
-s5698
100
'85
10012
98
10512
95
967
8
96
9714
10212
9612
9918
95
99
98
103
90
10418
98
109 8
3
95
10214
973
4
100
1064
10111
103
1001S
87
95
9512
97 8
,
8414
91
98
95 8
3
991s
8818
50
55
33
9114
90
86
92
106
84
92
85
85
6218
9515
02
907
8
9912
10914
891
4
96
-7
8112
92
943
4
12
171
,
100 8 10018
,
100 10038
9914 100
897 954
8
1
10018 10448
100,8 10318
97 10118
100 10418
101)
88
78,
8
9018
947
8
8414
1O11
88
851
4
9012
100 2
,
907
8
83
8818
97
78
927
4
991i
86
9512
88
91
97
82
997
4
1011
.
914
100
83f4 8859
8113 884
.
_
85 8
1
102
.414
6518
99
_90 4
3
102
89%
74
100321
3658
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 31.
New York Bond Record-Continued-Page 5
32r
cr.
Price
Friday
May 31.
Week's
Range or
Last Sale
Bid
Ask Low
High No.
Winston-Salem SB 1st 4s___1960 3 J
92 June'28
78
79
Wls Cent 50-yr 1st gen 4a_ __1949 3 J 78
7812 13
Sup & Dul div & term 1st 49'36 M N 854 87 s 85 May'29
,
g
Wor& Con East 1st4 s _ _ _1943 3 J
923 Dec'28
INDUSTRIALS
Abraham & Straus deb 6348_1943
With warrants
A 0 10214 Sale 10214 10418 36
Adriatic Elec Co exti 7s____1952 A 0 96 Sale 9514
9612 12
3
AtlamsExpress colt tr g 4s _ __1948 M S 844 Sale 844
853
8
2
Ajax Rubber 1st 15-yr at 80_1938 3 D
100
10014 100
318 412 4 Feb'29
Alaska Gold M deb 6s A ____1925 M S
Cony deb 6s series B
3 Apr'29
1926 M S
318
1
92
Albany Pefor Wrap Pal) 86_1948 A 0
---- 92
Allegheny Corp coil tr 5s_ _ _ _ 1944 F A 99 Bale 98
9918 227
Coil & cony 5s
19493 D 9918 Sale 100
10018 331
994 31
Allis-Chalmers Mfg deb 53_1937 M N 923 Sale 981z
8
12
92
90 4
3
Alpine-Montan Steel 1st 7s1955 M S 9112 92
6
Am Agrle Chem 1st ref a f 7Hs'41 F A 1043 Sale 104
1047
8
4
3
87
Amer Beet dug cony deb 68_1935 F A 87 Sale 87
American Chain deb f 6s_ 1933 A 0 9312 9414 94
943
4 22
1
Am Cot Oil debenture 5s
984
984
1931 M N 9818 100
8
943
4
Am Cynamld debts
1942 A 0 943 Sale 9412
4
Amer Ice s f deb 5s
1953J D 8712 8912 874
8912 24
665
Amer 10 Chem cony 530_1949 MN 993 Sale 9812 100
4
Amer Internet Corp cony 5;0'49 J .1 1023 Sale 10214 1044 271
8
Am Mach Js Fdy sf 6s
1939 A 0 1033 10414 10414 May'29
4
American Natural Gas Corp--36
79
Deb 654s(with purch warr)'42 A 0 7812 Sale 77
Am Sm R 1st 30-yr 56 ser A '47 A 0 997 Sale 9912 10014 44
8
1023
4 36
Amer Sugar Ref 15-yr Os. _l937 J J 10212 Sale 102
9912 27
Am Teiep Teleg colltr 4s1929 J J 9912 Sale 9912
95% May'29
1938 M S
Convertible 4s
974
995
8 22
20
-year cony 4 Tis
1933M S
37
30
1946 J
1023 Sale 10212 103
4
-year coil tr 58
J
101 Feb'29
Registered
174
35-yr f deb 5s
19603 J 10214 Sale 10214 103
20
,
-year s f 5Hs
1943 M N 105 Sale 1043
4 105 8 133
Cony deb 4Hs
12312 2375
1939 J J 12112 Sale 119
2
104
Am Type Found deb 6a
1940 A 0 102 103 103
9712 14
Am Wat Wks 44 El col tr5s_ _1934 A 0 97 Sale 9512
10312 19
Deb g 6s ser A
1975 M N 10312 Sale 103
1
Am Writ Pap lat g 8s
7514
19473 J 7514 Sale 754
Anaconda Cop Min let(is_ _1953 F A 10414 Sale 10414 1043 150
8
103 Apr'29
Registered
23
170
15
-year cony deb 78
1938 F A 170 Sale 165
200 Jan'29
Registered
Andes Cop MIn cony deb 78_1943 .1 .1 65235 Dec'28
14
Anglo-Chilean f deb 7s_ _ _ _1945 MN 95
96
95
97
6
65
Antilla(Comp Azuc)734s--- 1939• J 623 65
65
4
2
Ark & Mem Bridge & Ter 68_1964 MS 94
95
94
95
Armour & CO 1st 434s
8912 20
1930 J
893 Sale 88
8
893
4 48
Armour & Co of Del 53s_ ...1943 33 833 Sale 88
4
5
A550005138 0116% gold notes 1935 MS 10012 Sale 10012 10012
10312 Dec'28 --_Atlanta Gas L 1st re
1947 .10 1013
4
15 Nov'28 ____
Atlantic Fruit 75 ctfs dep
1934 J o 123
8
123 May'29
8
• D 123
AtStamped ctfs of deposit
8
70 May'29
All Gulf& W I SS L col tr 543_1959 .1
71
73
9
10012
Atlantic Refg deb 58
1937 33 10014 Sale 100
9
Baldw Loco Works let 58_1940 MN 10612 10712 10612 10612
4
84
Baragua(Comp Az) 7Hs_ 1937• .11 84 Sale 84
Jan'29
136
Etextutdall Corp 85 with wart.1940 J
997 Feb'29
8
Deb 6s (without warrant)_1940 J O
66
91
8
Batavian Pete gen deb 4848_1942 J J 91 Sale 897
5
90
Belding-Hemingway 8s
1936 J J 9018 Sale 904
Bell Telep of Pa Ls series B 1948 J J 103, Sale 10318 10314 13
8
8 27
1047
1st & ref 55 series C
1960 AO 10418 Sale 104
(12
92
Berlin City Elec Co deb 63(a 1951 J
91 Sale 9014
9112 23
Berlin Elec El & Undg 630_1958 AO 9012 Sale 9014
Beth Steel let & ref 55 gear A '42 MN 10214 Sale 10014 10214 14
99% 16
30-yr pm at imps!5s_ __ _1936 33 9818 993 983
4
4
1034 66
Cons 30
-year Os series A 1948 FA 1034 Sale 103
Cone 30
1953 FA 1017 Sale 10112 10212 62
-year 5Hsser B
8
9
9518
Bing dr Bing deb 634s
95
1950 MS 95
96
16
8
67
Botany Cons Mills° Hs
1934 A0 67 Sale 637
4
Bowman-Stilt Hotels 75
98
98
1934 MS 98
99
16
70
B'way & 7th Av 1st cons 5a 1943 J o 68 Sale 68
Brooklyn City RR 1st 58_
1941 J J 83
8514 84 May'29
73
Bklyn Edison Inc gen 58 A...._1949 J J 103 10312 1024 103
• j
8
Registered
1053 Dec'28
4
General 6s series B
1930 3
1003
4
100 Sale 100
9412 97
Bklyn-Man R T sec 85
1988 J
9412 Sale 9314
Bklyn Qu Cod,Sub con gtd 58'41 MN 6612 Sale 66
10
67
1941 J
1st 56 stamped
73
80 83 Jan'29
Brooklyn R Tr 1st cony g 4s_2002 .1
8814 Nov'27
3-yr 7% secured notes_ 1921 3.1 105 _ _ _ _ 13614 Nov'28
7
8612
Bklyn Un El 1st g 4-58
1950 FA 8512 8612 8612
Stamped guar 4-58
1950 FA
8512 12
843 85
4
3
Bklyn 17n Gas let cons g 5s.._1945 MN 10318 10418 103
104
1st lien & ref 68 series A _ _ _1947 MN 114 116 115 May'29
' 330 360 354 May'29
3
1936
Cony deb 53.5
1932 3D 9212-- 9412 May'29
Buff & Swig Iron ists f 5s
7
87
Bush Terminal 1st 4s
1952 AO 87 Sale 86
1
94
1955 33 91
937 94
8
Consol fts
4
98
Bush Term Bldgs 68 gu tax-ex '60 A0 98 Sale 964
3
100
By-Prod Coke 1st 515s A_ _1945 MN 100 Sale 100
11
993
4 100
Cal0& E Corp unit & ref58_1937 MN 100 101
9912
9612
6
Cal Petroleum cony debsf 58 1939 FA 9612 98
13
983
4
99
1938 MN 983 99
Cony deb f 5358
4
5
82
8212
Camaguey dug 1st et g 7s_ 1942 AO 8112 83
97
9912 12
Canada SS L 1st & gen es__ _1941 AO 98
99
3
10112
Cent Dist Tel 1st 30-yr 5s_ _ _1943 J
101 18 1033 101
4
Cent Foundry let s f Bs May 1931 P A ____ 967 974 Apr'29
8
12214 11
1941 MN 12214 123 12218
Central Steel 1st g ft3s
88
80
Certain-teed Prod .455 A_ _ _1948 M
80 Sale 7412
94 May'29
S
___ 92
Cespedes Sugar Co 1st at 7345'39
7214 Apr'29
Chic City & Conn Rys fts Jan 1927 A0 -8212 85
15
1937 J
Ch L & Coke 1st gu g 55
100 10012 10012 101
83 14 35
1927 FA 83 Sale 83
Chicago Rya Ist.is
9412 51
1947• J 9412 Sale 94
Chile Copper Co deb 541
1968 AO 8512 8612 8512
8512 13
ClnO&EIsIM4sA
90 Dec'28
Clearfield Bit Coal 1st 46_ _ _1940 J J
9812 101
Colon 011 cony deb (is
1938 FA 9512 Sale 95
1943 j j 9712 994 9712 May'29
Colo F & I Co gen s 155
5
1934 FA 94
9418
9412 94
Col Indus 1st & coil 58 gu
1952 MN 973 Sale 973
Columbia0& E deb 5s
4
987
8 82
4
9812
2
Celumbus Gas 1st gold 58_,1932 3
96
98
95
5
9212
9212
Columbus By P & L 1st 43.5s 1957 J J
Commercial Cable 1st g 4s 2397 Q
8714 -- -- 8712 Feb'29
12
97
96
Commercial Credits I 8s.. 1934 MN 96
99
1)23
4 18
1935 j
91
Col tr a f 634% notes
92
89
9212 62
Comm'l Invest Tr deb 8s._.._1948 MS 913 Sale 9118
4
9412 494
1949 FA 9114 Sale 9014
Cony deb 5348
Computing-Tab-Bee s f Os_ _1941 J
1044 1053 105 May'29
4
Conn Ry & L 1st & ref g 430 1951 J J 9212 Sale 95 May'29
1951 J J ____ 937 95 May'29
Stamped guar 4Hs
8
Consul Agricul Loan 634s
1958 J
8212 54
81 Sale 80
Consolidated Hydro-Elec Works
3
of Upper Wuertemberg 75_1958 .1 .1 9114 Sale 9014
9114
38
67
Cons Coal ofMd 1st & ref 5s_1950• D 663 Sale 66
4
112
Consul Gas(N Y)deb 534s _ _1945 FA 105 Sale 1044 105
3
Consumers Gas of Chic gu 5s 1938 JO 9812 10012 99
99
2
Consumers Power 1st 5s
1952 MN 10012 Sale 10012 101
3
Container Corp 1st 13s
913
1948 3D 913 93
913
4
4
gip
27
15-yr debts with wan._ _ _ _1943 3D 8012 8112 8012
Cant Pap dr Bag Mills8 As_ _1944 FA - - ---- 97 Mar'29
Copenhagen Telep ext 6s _ _ _ _ 1950 A0
__ 100 Apr'29
Corn Prod Refg 1st 25-yr s f 5s'34 MN 100 4 103 101 May'29
3
14
Crown Cork & Seal at6s.,
98
1947 JD 97 Sale 97
Crown-Willamette Pao 85_ _ _ 1951 ,1
100 10012 9912 10014 19
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 31.
Et
Price
Friday
May 31.
Week's
Range or
Last Sale.
La
Range
Since
Jan.1,
High No. Low
Ask Low
High
Bid
59
' 6012 63
3
6012 32
791s
5912
Cuba Cane Sugar cony _ _1930
59
80
6012 75
14 4
1
Cony deben stamped7s,
8%_1930 ▪ J 6012 Sale 5912
841 9112 Cuban Am Sugar let coil 88_1931 M
9915 103 4
1
10014 102 1004 10118 18
74
97 s
7
7912 36
Cuban Dom Sag let 734s___1944 MN 74 Sale 74
99 103
18
100
987 99
8
Cumb T T Ist & gen 55_ __1937 J J 98
98 102
99
5
9912 99
Cuyamel Fruit letsf6s A _ __1940 AO 98
10214 120
76 Dec'27 -Denver Cow Tramw 1st 58_ _1933 AO
.. 9
Den Gas & EL let& ref a f g 58'51 MN
94
98
9 9714
983
4
7
97 101
8314 883
9714
Stamped as to Pa tax
1951 MN ---- 983 9714
4
4
1 63 73
63
100 10714 Dery Corp(D 0) lsta f 7e 1942 MS 63
70 63
2
70
62
63
64 63
63
Second stamped
4
4
14
98% 102
4
4 100
Detroit Edison let coil tr 58_1933 3 3 993 Sale 993
3
8
92
1st & ref 58 series A_July 1940 MS 1003 1013 1003
4
4
4 1013
98H
4 13 10012 10454
10018 10414
Gen & ref 58 series A
1949 AO 101 102 10212 May'29
98 11012
41 10512 108%
100 1003
1st & ref Os series B_ _July 1940 MS 107 Sale 10658
4
107
Gen & ref 5s ser B
1955 3D 10114 10212 10114
97 101
1013
4 21 1001a 104%
mole lows
1982 FA 10012 102 10012 May'29
9034 96
Series C
15
10312 10612 Dot United 1st cons g 434s 1932 J J 963 Sale 963
9612 98
4
4
97
N 10072 Sale 100
360
97 105 a
7
Dodge Bros deb 65
1940
101
90
80
3
Dold (Jacob) Pack 1st 88_ _ _1942 MN 8212 8714 87
99
883 88
4
94
3714
99
97 Dec'28
98
9914 Dominion Iron & Steel 58.._1939 MS 90
6 --9884 10118
1942 J J 101 10112 101
93 .4 9612 Donner Steel let ref is
3
1014
4 1023
8712 021 Duke-Price Pow let Os nor A '66 MN 102 Sale 1013
,
4 40 10134 10515
965 1007
8
Duquesne Light let 430 A._1967 AO 9712 Sale 97
9812 103
1
9814 33
78
97
East Cuba dug 15-yr a f g 7 '37 M S 79 Sale 79
101 111
7912 15
5
8
9312 97
1033 10412 Ed El III Bkn let con g 4s_ 1939 J J 9314 957 9312
4
934
5 108 1107
s
106
Ed Elec Ill let COLIS g 58
1995 J J 10512 ____ 106
8618 95
3512 963 Elec Pow Corp(Germany)830'50 MS 8712 Sale 864
873
4 13
s
1
924 94
024
9212
90
951a
Elk Horn Coal 1st & ref 6 Hs.1931 J
9912 102
2
78
764
76% 8118
7618
Deb 7% notes(with warr'ts) '31 J o 76
1014 1047
8
9918 1001s
__ 9918 9914 Mar'29
99
99 8 Equit Gas Light let con 58_1932 MS
,
2
9612 9412
9214 963
4
947
13
917 9712 Federal Light & Tr 1st 50_1942 MS 93
s
2
924 973
9612 9612
1942 MS 93
4
973
4
1st lien a f 55 stamped
964 101
11 101 104
102
1942 MS 101 Sale 101
101 1044
1st lien Os stamped
9712
5
96% 102
4
97
30
1954 3D 973 99
101 101
-year deb Os sec B
5
98% 105
100
1939 3D 100 Sale 100
10114 1053 Federated Metals a f 7s
8
3 130 171
130
1946 3' 130 Sale 130
1044 1073 Flat deb 7s (with warr)
4
15
9112 103
93
9112 Sale 9112
119 1343
Without stock purch warrants_
4
11014
8 110 114%
1941 MS 110 Sale 110
102 10514 Fisk Rubber 1st s f 8s
10514 Sale 10412 10514 42 101% 106%
9512 993 Frameric Ind & Deb 20-yr 730'42
8
99 109
9912 24
99
101 1053 Francisco Sugar let s f 704s_ 1942 MN ____ 100
4
4
10212 21 100% 1024
7514 8512 French Nat Mail SS Lines 7s 1949 J o 10118 Sale 101
9014 95
904 903
8
903
8
3
1033 105 4 Gannett Co deb Os
1943 P A 90
4
3
106 106
8
__ 106 Mar'29
102 103
Gas & El of Berg Co cons8 Sa 1949• D 997
105
3 103 10912
Gen Asphalt cony 135
160 268
1939 AO 105 Sale 105
9712 100
98
9712
9812 53
Gen Cable 1st 5!510 A- 1947 J J 97
196 200
94% 96
4
4
943 May'29
Can Electric deb g 333s
1942 FA 943 96
1023
8 20 100 1044
We 166 Gen Elec(Germany)7s Jan 15'45 J J 102 Sale 102
13 t P., 123
120
62
7978
St deb 630 with Warr__ 1940 J o 120 Sale 118
912 9914
4
1
94 10312
913
4
913
4
97
Without waren] attach'd '40 J O
88
9414
20-years f deb Os
4
88
927
8
1948 MN 913 Sale 88
A 101 Sale 101
18
3
1017 139 IMP.% 103 4
89 8
88
9212 Gen Mot Accept deb Os
1937
8
993 102
993
4 12
100 10318 Genl Petrol 1st s f 5s
9912
4
1940 P A 993 101
1035 10714
8
Gen Refr 1st s f Gs ser A
10712 Apr'29
1952 P A
95 100 a
7
6
95
95
96
Good Hope Steel & I sec 7s 1945 AO 95
42 i06114 10814
8
107
4
"125s Goodrich(B F)Co ist 635s 1947 J J 1063 Sale 1063
MN 92 Sale 91
112
91
95
92
07
Goodyear Tire dr Rub 15158.1957
77
97 190
98
26
100 10212 Gotham Silk Hosiery deb 80_1936• D 98 Sale 97
684 81
7:02
6
741z
Gould Coupler let a f 8s
106 107
1940 FA 7412 75
9913
96
9813 74
Gt Cons El Power(Japan)7s_1944 P A 9812 Sale 974
84
09
903 951s
8
9212 17
1st & gen 5 835s
12918 142
1950 J J 9212 Sale 92
_ 10458 107
8
Great Falls Power 1st f 5s 1940 MN 1045 ____ 10612 Apr'29
985 100
8
99
98
8
8912 9312 Gulf States Steel deb 634e_ 1942 3D 965 Sale 9612
972 12
871a
84
8412
3
88
8412
84
1952 J
883 92
4
Hackensack Water let 45
9618 Nov'28
103 10512 Hartford St Ry 1st 4s
1930 MS 9012 98
80
87
8238
2
8
3
104 1081, Havana Elec consol g
_1952 A 823 Bale 823
69
7012
69 May'29-_
8
Deb 634a series of 1926„.1951 MS 603 71
9014 95
5
83
9012
88
90
90
Hoe(1)& Co let 6 Hs ser A.1934 AO 84
89
94
5 100 1033
1
1014
8
8
9912 104
Holland-Amer Line Os Ulan _1947 MN 10018 1017 1017
60
7412 85
76
983 102
4
Hudson Coal lets f 58 ser A.1962 3D 7514 Sale 7514
MN 9912 100 99
2
99 105
99
10212 1053 Hudson Co Gas 1st e 58
4
1940
8
1004 10414 Humble 011 & Refining 5%8_1932 J J 1007 Sale 1004 1014 86 100 1021,
9912 10112
10018 89
94 100
Deb gold 58
1937 AO 100 Sale 100
a
6011 7414 Illinois Bell Telephone 55.„1956• 1) 103 Sale 10112 10212 49 10112 1047
9378 100
38
99
98 100
Illinois Steel deb 434s
1940 AO 9812 Sale 9712
5 100 10318
100
1946 AO 100 103 100
68
7718 Ilseder Steel Corp s f 7s
8012 9214
8212 24
84
Mtge Os
1948 FA 801s Sale 8018
9212
10
90
893 92
4
1024 10512 Indiana Limestone 1st 8 I 88_1941 MN 894 Sale 8934
9712 102
Ind Nat Gas & 01155
1938 MN 10012 ____ 10012 ay'29
4 19 10114 105
4 1023
100 103
Indiana Steel 1st 511
1952 MN 10112 10312 1013
1
2
102 Sept'
858 ,
,
0
9314 983 Ingersoll-Rand 1st 58 Dec 31 1935 J J 190011:
- -4
Si
Sale
89 8 93
,
83
1978 AO
7812 Inland Steel 1st 430
19 10034 10212
6%81931 MS 10112 10112 love
10114
80
83
Inspiration Con Copper
67
7914
694 190
Interboro Rap 'Fran let 58..1966 J J 67 Sale 67
J J 663 Sale 663
663 794
4
4
4
81
03 132
Stamped
7612
Mar'29
9214
86
Registered
0 58 Sale 577
84
57
63
6
10year 68
1932 A-85
9:3
91
993
4
41
94 93
10212 1064
94
10
-year cony 7% notes_ 1932 M S 93
9012 95
lot Agile Corp 1st 20-yr 50_ _1932 MN
9012 ay'29
115 118
91
92
76% 814
14
78
80
354 400
80
80
Stamped extended to 1942_ _ MN
42 102 1184
102 Sale 102
104
9412 9618 Int Cement cony deb 55_ _ _1948 M
9334 99
85
Internet Match debts
88
9614 53
1947 M ^ 95 sale 9444
9912 102
42
91
100
993 Inter Nlercan Marine sfOs.. _1941 A 0 100 Sale 100
4
8812 98%
893 Sale 8812
964 104 8 Internat Paper 59 ser A & B _1947
,
904 15
97
1955M 33: 89 Sale 89
89
19
91
Ref s 69 ser A
100 102
891s 9515
Int Telep & Teleg deb g 430 1952 J
9914 103
9058 28
913 Sale 8912
8
Cony deb 435s
95 4 102
3
120 Sale 11712 12014 1567 10912 131
1939 J
10312 12 1014 1053
4
983 10314 Kansas City Pow & Lt 5s_ 1952 M S 10112 103 102
4
98 10012
lst gold 4 As series B
82
9712
-___ 10112 98 Mar'29
1957
7 103 108
9312 10112 Kansas Gas & Electric 6s_ 1952:M
1044
103 1033 10314
4
_
128 141
Jan'29
132
101 10414 Kayser (Julius) & Co deb 5145 47
97
90
90
8
eith (13 F) Corp 1st Os. ..i946 M
9612 9812
90 Sale 90
110 1104
122 12412 Kelly-Springf Tire8% notes_1931 MN
110 May'29
91
96%
91
2
Kendall Co 534s with warr__ 1948 hl S 91 Sale 91
68
83
_
8912 91
9012 May'29
Keystone Telep Co let 58_ __1935 J
94 100
8512 88
10012
2 19012 10411
65
7214 Kings County El & P g 52_1937 AO 100 __ 10012
May'29
_ 12814 130
100 103
Purchase money Os
1997 AO
7713 8312 Kings County Elev let g 4a 1049 P A 12812129 May'29
85
80
__
lot: 81
80 82
79
Stamped guar 4s
934 964
1949 FA 7912 8012 80 May'29
8 1034 108.14
854 8914 Kings County Lighting 5a_ _ _1954• 3 10312 Sale 10312 10312
.
115
1 11415
First & ref 8 Hs
1954 33 11314 115 115
10518
1 1054 1074
95 11958 Kinney (GIR)& Co 734% notes'36 Jo 10518 106 1051s
8
4
1013
4
3 1013 104
9612 994 Kresge Found'n coil tr Os. .1936• D 102 1023 1014
98
416
9312 9
0
98 Sale 98
9312 987 Kreuger & Toll 5s with war 1959 M
8
100
1
99 10212
9714 10012 Lackwanna Steel let 55 A._1950 MS 100 10012 100
4
987
8
1
973 101%
4
4
96
993 Lacel Gas 01St L ref&ext 58.1934 AO 973 Sale 973
4
s
10314
Col & ref 534s series C__ _1953 A 103 10314 103
9 1017 10512
9012 93 4
3
9312 995
4
9714
2
874 8712 Lehigh C & Navel 430 A_1954 .4 .1 9512 Sale 9512
88 101
99
5
94
9912 Lehigh Valley Coal 1st g 58_1933 J J 99 Sale 99
100
Oct:28
-.• 1
91
97
Registered
Oct'28
97
1st 40-yr gu lot red to 4% _1933• J 9814 99
9118 9812
-lOt- 101 _ 101 May'29
at ref sf58
1934 FA 101
10614
SO
933
4
88 May'29 _ _
lat & ref s f 5s
10438 108
1944 A
88
93
12
FA
8
let Arafat Sa
877 88 May'29
99
95
1954
88
88
88 May'29
87
lst&ref sf 56
99
95
1964 FA
88
901s
lst re181 51,
-- 834 88 Mar'29
80
8712
1974 FA
3714 May'28 _ _
_
Lex Ave & P F 1st gu g 5a
1993 MS
118's 14 -Ili- 1E4
8914 9754 Liggett & Myers Tobacco 7s_1944 AO life 111 11818
99 108
55
8518 73 4
1951 FA 9912 Sale 9912 10012 18
3
107
83 10312 12314
104 1085 Loew's Inc deb 65 with wart..1941 AO 107 Sale 10312
4
98
50
97 10014
Without stock pur warrants. A0 97 Sale 97
99 102
9514 102
95H
9814 11
Lombard Elec let 7s with war '52 J D 9514 98
10012 104
J D 94 Sale 9358
9514
94
17
90
Without warrants
91 10011
10912
4 10614 113
14
7812 9112 Lorillard (P) Co 713
1944 A0 107 108 107
AO
107 Apr'28
Registered
97
97
8312 20
80
917
65
4
1951 FA 8114 Sale 80
99 10012
84
89 4
854 15
7
Deb 534s
991s 103
1937 3 .1 8412 Sale 84
N 10114 Sale 100
10012 42 100 104
Louisville Gas & El(Ky)68_1952
95 100
90
95
9282 95
934
9312
1
99 10314 Louisville RY let cola 15 ---1930 J
8-
Low
High
--97- 101
3659
New York Bond Record-Concluded-Page 6
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 31.
Price
Friday
May 31.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 31.
05
Price
Friday
May 31.1
Weer*
Range or
Last Sale.
Range
Since
lass. 1.
High
Mal No. Low
Bid
Ask Low
High
High No. Low
Bid
Ask Low
9114 9514
9212 45
Rem Rand deb 5336 with war '47 M N 9114 Sale 9114
Lower Austrian Hydro El Pow
8 102 10312
103
8
4
3
July 1948 M 9 1027 Sale 1023
81
83
877 Republic Brass 68
8
833 83
4
J
1944 F A 83
11461633e
10013 22 10013 10314
98
993 Repub I & 9 10-30-yr 5s s f_1940 A 0 10012 Sale 10012
8
1
96
12 96 Sale 96
30'41
McCrory Stores Corp deb 53
10013 14 100 104
933 10013
4
9412 19
94
95
Ref & gen 533s series A _ __1953 J J 10012 Sale 100
Menet! Sugar let $ 73.3s_ _1942 A 0 94
99 10412
10058 12
581g 68
61
59
Reinelbe Union 78 with war.1046 .1 J 101 Sale 99
Y) cons g 4s_ 1990 A 0 57 Sale 5618
Manhat Ry(N
98
32
92
94
60 May'29
Without stk purch war___1946 J J 94 Sale 92
583 603
4
4
2013.3_ D_
2045
12
9712 1023
10214
4
9812 May'29
9612 103
9718 10412 Rhine-Main-Danube 78 A__ _1950 M 5 102 10312 102
Manila Elea Ry & Lt s 1 58 1953 M
10112 30 100 102
92
9913 Rhine-Westphalia Elec Pow 76'50 MN 10014 10214 100
A 0 9112 921 92 May'29
Marion Steam Shove s 1 65_ _1947
8912 14
87
933
8
1.352 M N 8912 Sale 8812
Direct mtge 65
Mfrs 'Pr Co Ws of partly In
19
90
92
985
s
1953 F A 92 Sale 9034
4 101 105
101
102
Cons m 85 of 1928
Al Namm dr Son let 66_1943 J D
91
96
933
4 21
1955 F A 9214 Sale 9214
27
8312 Sale 8312
84
975 Rime Steel lets f 75
s
80
Market St Ry 75 ser A April 1940 Q
13 1057 110
8
8
106
J O 9712 Sale 9714
A j
17
9814
93
0814 Rochester Gas & El 75 sec B.1946 M S 106 Sale 1057
Meridional El let
24
102 Sale 10114
9954 103
102
Gen mtge 533e series C _.1948 NI S ____ 105 10514 Mar'29 --__ 10312 107
bletr Ed 1st & ref7595
bs eer C
119573
951s 10018
8
1977 NI S ____ 10014 997 Apr'29 ____
75
72
Gen mtge 433e series D
8014
Metr West Side El(Chic) 48_1938 F A 7412 757 75
__ 90 Dec'28 95 Sale 95
8
95
Miag Mill Mach 7s with war_1956
9212 983 Roch & Pitts C & 1 p m 5&.1946 MN 90
9814
94
1
4
943
943
4
1937 M N 9412 18
1st 58
2
J D 84
9412 St Joe Ry Lt & Pr
89
85
853
4
Without warrants
8612
99
99
104 10514 St Joseph Stk Yds lot 433e.._1030 J J --------99 Feb'29 ____
105 Feb'29
Mid-Cont Petrol let 633e___1940 M
3
667 77
6814
3
98 Sale 973
Midvale Steel &0cony 158_1936 M
97 10018 St L Rock Mt& P 5estmpd_1955 J .1 6814 Sale 6814
8
9818 122
94
92
92 Apr'29 -___
7
08
Milw El Ity & Lt ref & eat 4336'31
9712 995 St Paul City Cable cons 58 1937 J J ____ 94
8
983 98
8
98
9 10112 10713
10618
993 103
4
6
4
Gene-al& ref 55 Belles A__1951 J D 973 103
993
4
San Antonio Pub Serv lst 60_1952 J J 105 Sale 105
993
4
29
9312 10018
95
13
let & ref Se series B
10158 Saxon Pub Wks(Germany) 7s'45 F A 9418 Sale 9312
98 Sale 98
99
973
4
10
8712 943
88
4
1951 M N 875 Sale 8712
8
9818 Sale 98
Montana Power 1st Se A _ _11 6 1
Gen ref guar 630
98 104
9912 35
943
90 101
9418
8
1946.3 J 85
95
92
9
Deb Is series A
9712
Schuico Co guar 6 3,53
8
97 101
1962 J D 9718 983 9712
4
8512 105
99 101
8512
1946 A 0 8512 Sale 85
Montecatini Min & AgricGuar 8 f 633s series B
963
4
2
4
9412 9712
4
6 109 127
Deb 7s with Warrants......1937 J J 109 Sale 109
10918
Sharon Steel Hoop s f 5348_1948 M N 953 9612 953
935 97
s
943
4 29
4
1952 51 N 94 Sale 933
33
J J 96 Sale 9512
93
96
Without warrants
963 Shell Pipe Line e 1 deb 5s
4
56
9413 1387
8
96
1947 M N 9512 Sale 95
Montreal Tram 1st 33 ref Ss...1941 J J 9513 Sale 9512
94
993 Shell Union Oils 1 deb 5s
8
965
8 15
86
3
131 (
73 1119
:
1 8
95 May'29
Gen & ref s f 5s series A._1955 A 0
037 963 Shinyetsu El Pow 1st 833e 1952 J D 8418 Sale 8312
4
78
8
15 1942 J D ____ 777 773
1955 J 0 9312 - - -- 0514 May'29
A
9514 9814 Shubert Theatre 68_June
Series B
1935 1 J 100 10114 10112 10112
8412 13
84 Sale 84
84
8812 Siemens;4 14a:eke 5 f 70
Morris & Co ist 6 f 430_ _1939
s 8
10213 79 10012 108
1951 M 5 10214 Sale 1013
8
8112 Jan'29
Mortgage-Bond Co 4s ser 2_ _1956 A 0 7712 00
8112 8112
Apr'29 ---_ 101 108
4
96
96 18
10-25
9534 9712
-year 55 series 3
9 folds allot ctfs 50% pd__'51 NI 9 10114 10212 103
1932 J J 9518 96
2
96 101
97 i
s
993
4 13
99 Sale 987
9814 102
Murray Body 1st 63313
Sierra & San Fran Power 56_1949 F A 97 Sale 97
5
8314 89
883
8
1946 F A 8413 90
38
Silmia Mee Corp s f 633e_
102 104
Mutual Fuel Gas let gu g 5s 1
194 ' I) 101 10314 102 Mar'29
'114 N
9618
963
8 35
9618 99
98 Feb'29
Mut Un Tel gtd Os eat at 5% 1041 M N
Silesian-Am Lap coil tr 7E3_1941 F A 9618 97
98
08
99 100
1929 M N 99 100
99 Apr'29 ---Simms Petrol 6% notes
Nanlm (A I) & Son-See Mfrs Tr
1018
4 68 101 10312
55
8
503 547 50
4
8
-year 70_1937 M S 10114 Sale 101
50
64
Miami! Elec guar gold 4'2_1951 J
Sinclair Cons 01115
98 100
71
4
99
101 4 -- 10112 May'29 _ _
,
101 10214
Nat Acme lets fOe
let Ilen roll Os series L___ _1930 M 9 983 Sale 0812
1942 J
9912 56
10383 D 99 Sale 99
9838 10184
96
145
9312 977
Nat Dairy Prod deb 53(s
1948 F A 9514 Sale 95
let lien 633s series D
8
23
93 8 973
7
4
95
101
101
8
8
8
Jan'29
_
101 101
Net MUM & StaMpg let 5 1929
Sincallr Crude 011533sser A_1938 1 J 943 9512 943
943
8 36
93
95
1942 A 0 935 Sale 9312
8
66
65
70
68
Nat Radiator deb 83313
66
8214 Sinclair Pipe Line 6 f 5s
92
9518
9312 21
98
Jan'29
963 99
8
1939 M S 9314 Sale 9318
_
Nat Starch 20-yeur deb 5s _ 1117
98
Skelly 011 deb 5335
0
98
10114 10
997 1025s
8
10314
__
10314
1 1005 10438 Smith (A 0) Corp let 633s_ _1933 MN 101 10114 101
National Tube 1st s f be
8
1952 M N 103
10814, 2 102 107
4 10213
10114 - - -- 1013
5 10012 10312 South Porto Rico Sugar 75. _1941 J 0 10614 108 106
Newark Consol Gas cons 55.1948 J
7 101 10414
1033 104 1033
4
102 Sale W118
102 I
4 1033
4
New England Tel & Tel 5e A 1952 1
6 10312 107
South Bell Tel 33 re ist s f be 1941 J
3 100 10418
101131
9714 Sale 97
100 Sale 100
9714 29
ling 4 Sis series B
97 10014 Southern Colo Power 138 A..1947 J
N 9212 Sale 913
O
10212 39 101 10514
.
New On Pub Serv 1st 5s A_ _
8
4
9212
915 963 Sweat Bell Tel let & ref 5s 1954 F A 101 Sale 101
8
4
9712 100
1943 M N 977 100
8
973 May'29 ---4
First & ref 55 series B
92
12
1955 J D 92 Sale 91
014 9612 Spring Val Water let g 5s
9
2
98 102
NY Dock 50-year let g 4e_ _1951 F A 8018 Sale 8018
1930 M N 9814 987 98
8
98 I
83
14
80,g 873 Standard Milling let 55
4
985 105
8
8012 Sale 84 May'29
1945 M S 100 10218 101 May'29..__
Seria15% notes
90
1st & ref 53311
80
1141
5
.12 7
5
9 1(61114 1043
1
8
N Y Edison 15t dr ref 6348 A_ Pal. ( 11218 Sale 112
fi4 17
a1 .
1
1125
8 13 112 1153 Stand 011 of NJ deb 513 Dec 15'46 F A 10014 Sale 10014
4
04 Sale 94
let lien & ref Is series 11._. 1944 A 0 10212 Sale 101
10212 30 101 105
Stand 011 of N Y deb 433e_ _1951 J
11
95 100
07 Sale 955
8
97
104 Sale 104
N Y Ga8 El Lt & Pr g 644_1948 J
10418 22 10312 10712 Stevens Hotel 1st Os series A_1945 J
6
80
98
911 91
8138
Purchase money gold 45_ _1949 F A 91
91
1
91. 94
Sugar Estates (Oriente) 7s_1942 M 9 80 Sale 80
0
07
34
1025 Oct'27
8
NYLE& WC.I3 RR 530_1942 M N
__
Syracuse Lighting 1st g 5s...._1951 1 1) 10412_ 10414 May'29 ____ 104144 1 0
'
J 983 ____ 98 Mar'29
„. 10 112 10212 May'29 ____
-.
4
N Y LE& W Dock & Imp 58 1943
Tenn Coal Iron & RR gen 58_1951 J .1 „
98
98
4
5 102 115
4 1043
N Y & Q F,'I L & P 1st g 5s_1930 E A 9812 993 99
4
09
(1s A _1941 A 0 10514 1063 1043
5
08 10018 Tenn Cop & Chem deb
.101
15 100 107
8
1944 M S 1007 Sale 100
56
X Y Rye let it E Ac ref -b.__ 1942 1 J 6014 _
Jan'29
Cony deb 65 ser B
56
66
4 60 10312 107
.5014
5614 Mar'29
Certificates of deposit
__
Tennessee Elec Pow let 68_1947 J D 10312 Sale 10312 1043
58
58
543
4 20
50
66
112 938 212
A0
80
-year ad) Inc be___ _Jan 1942 -1960 J J 5212 Sale 50
212
1
2 2 238 Third Ave let ref 4e
,
4
98
31
,
40
112 45
64%
97
3
112 10
Certificates of deposit
Jan'29
'2
3
Ad)Inc 58 tax-ex N Y Jan 1960 A 0 3912 Sale 38
1014 Sale 10
N Y Rye Corp Inc 6s___Jan 1965 -knr
1937 J J 91 Sale 91
11
69
10
2412 Third Ave Ry let lit be
9714 39
96
995
8
Prior lieu 66 series A
1955 M S 9714 Sale 96
75
1
1965 J J 75 Sale 75
75
Toho Elec Pow 1st 75
87
9912 82
9812 99 4
N Y & Richm Gus 1st 6s A _ _1951 MN 103 Sale 103
3
103
6 10112 106
6% gold notes__ _ _July 15 1929 J J 9914 Sale 9914
NY State Rye 1st cons 41.0_1982 M N 3918 Sale 3812
4018 19
Tokyo Elec Light Co, Ltd
3812 54
8818 9133
8914 118
4
let cons 633e series B
1953 J D 883 Sale 8818
5018
5018
4
1962 MN 5018 55
4914 70
1st 6s dollar series
4
2
983 19012
987
8
N Y Steam 1st 25-yr 6s eer A 1047 M N ____ 106 10512 10512
4
4
1 10414 1075 Toledo Tr L & P 533% notes 1930 J .1 983 9938 983
4
8 71
96 1041s
8
4
995
X Y Telep 1st & gene 14339_1930 51 N 9818 Sale 5713
9812 19
Transcont 011 633e with war 1938 J .1 983 Sale 973
9712 101
30
1949 M S 100 103 10012 Apr'29 ---- 10013 10012
8
-year deben 5 158._Feb 1949 F A 110 1103 10934
1103
8 30 1093 111 8 Trenton G 33 El let g 5s
4
,
90 10314
25
93
20-year refunding gold 68_1041 A 0 10514 Sale 1043
4 1053
8 88 10414 10812 Truax-Traer Coal cony 6338_1943 NI N 91 Sale 90
10112 36 101 10313
8
N Y Trap Rock 1st 65
09
11
973 993 9812
4
.
9712 101
Trumbull Steel let s f 85_ _ _1940 NI N 10112 Sale 101
.58 Mar'29 ---58
82
100 103 102
102
5 100 103
Niagara Falls Power 1st be 2 5 j
Ry ref 53_ _1962 .1 J ____ 57
3
42 J
Twenty-third St
9512 9912
9712
9
8
Ref & gen 68
101
16 10014 10318 Tyrol Ilydro-Elec Pow 7336.1955 M N 983 Sale 9512
Jan 1932 A 0 100 Sale 10014
8818 9212
Niag Lock & 0 Pr lot 56 A_ _1955 A 0 101 Sale 997 102
1952 F A 8818 00 8912 May'29 ---8
3
9978 10418
Guar sec 6 f 712
98
5
95 100
97
9514
1945 M 9 96
Norddeutsche Lloyd (Bremen)
Ujigawa El Pow e 1 7s
995
8
7
99113 WO%
8
8
92
21
20
-years f 6s
90
94
1947 MN 9112 Sale 9112
Union Nice Lt & Pr (Nio) 56_1932 NI S 995 10012 993
6
9812 10118
99 3
4
1933 MN 99 Sale 99
Nor Amer rem deb 6335 A_1940 M S 72 Sale 72
68
80
Ref & ext 5s
11 10018 104
8 10114
9912 33
7314 24
No Am Edison deb Es err A 1967 M S 9918 Sale 99
99 102
UnE LA P(Ill) let g 533oser A;54 1 J 101 Sale 1005
4
4
83 May'29 ---83
10018 46
1945 A 0 8113 85
8712
99 10178 Union Elev Ry (Chic) 58
5543 ser 11 ----Aug 15 1963 F A 993 Sale 993
10114 May'29 --8
_- 98 1015
Nore
Ohio Tray A Light 65_ 1947 M S 100 Sale 99
10014 21
1931 J J 10114
99 10314 Union 011 1st lien s 1 be
Nor States Pow 25-yr be A_ _1941 A 0 99 Sale 983
99
32
4
4
983 1013
4
4
30-yr Os series A _ _ _Slay 1942 F A 103 1043 105 May'29 ---- 105 10912
i
94 me
2
9514
1st & ref 6-yr Os series 13_ _1941 A 0 104 10512 104
104
9 104 10812
series C_Feb 1935 A 0 9514 Sale 94
let lien o f 5s
____ 953 9734 Mar'29
8
North W T let id g 433s gtd_1934 J
957 May'29 __-8
9538 10014
__
973 10534 United Biscuit of Am deb fis_ 1942 M N 97 100
4
43
Norweg Hydro-El Nit 5335_1957 M N
4
96
9413 9714
88
9014
14
1953 M 9 943 Sale 943
4
88
9212 United Drug 25-yr 5.9
Ohio Public Service 7336 A 1946 A 0 1i0c2 Sale 11012 11114
5 11012 11312 United Rye St L 1st g 45_..1934 J J 82
821 8212 May'29 ---82
8412
111 Sale 111
let & ref 75 series B
111
97
5 1097 11512 United SS Co I5-yr Os
1947 F
98
1937 M N 96
8
_ 10412 105 May'29 _- 106 107
Ohio River Edison let
J
9
19
2
38
94 19112
87
893
97 4 23
8
7
..J948 .3 A
_
4
Steel Works Corp 6339,4_1951 J 17 893 Sale 8614
Un
8814 Sale 8814
Old Ben Coal 1st Os
8814
1944
1
3
1 D 8612 877 86
8814 91
With stock pur warrants
9014
Ontario l'ower N F let 55
; A 99 10012 100 May'29 _
I
8812
2
83
911 102
Series C without warrants.. 1 D 8512 8812 8812
9334 88
Ontario Transmission 1st 55_1945 M N 97 100 100 May'29
88
3
8518 89 4
3
9914 103
With stock pur warrants.. .1 D 86
,
Oriental Devel guar Os
9313 33
1933 M e 93 Sale 92
92
99
United Steel Wks of Burbach
EU!deb 5338 Int ctfs
104
5 103 108
8612 33
1958 MN 86 Sale 8518
8518 90
Esch-Dudelange o f 7s _ _ _ _ 1J51 A 0 10313 Sale 103
Oslo Gas & El Wise call 5s_ _1963 M S 8814 8914 88
8912 61
88
88
1
923
4
88
9314 U 9 itubber 1st & ref 588er A 1947 1 J 89 Sale 8812
10018 Sale 100
10012 65 100 1023
8
Otis Steel let NI Os eer A. _1941 M
1003
4 31 100 10:312
10-yr 7A% secured notee_1930 F A 1003a Sale 100
Pacific Gas & El gen dr ref Is 1942 J J 100 Sale 9914
4
100
70
99 10212 U 8 Steel Corp(Coupon Apr 1963 SIN 10812 Sale 10812 1083 209 107 10913
56'30 F A 69 Sale 987
Pao Pow & Lt 1st & ref 20-yr
8
99
9
9814 10014
ef10-60-yrbeiRegls_Apr 1963 SIN --------10712 10712 '1 10614 10712
8
1937 .1 J 1005 10112 101
Pacific Tel 34 let let be
99611,
3 9
0
8
5
6
7
88,
88512 90
85
112 16
10112
6 100 10314 Universal Pipe & Red deb Os 1936 J D 858512 8 12
4
1962 M N 1023 Sale 10214
Ref mtge be series A
89
10294 27 101 1 4 1055 Unterelbe Pr & Lt Os
1953 A 0 861
8
Pan-Amer P & T cony s f 66_1934 M N 10712 Sale 10712 1083
8 59 10212 109
Utah Lt & Trac 1st & ref 58..1944 A 0 91 Sale 89
1930 F A 10412 Sale 10412 1043
9612 101
let lien cony 10-yr 7e
9714 15
4
1944 F A 9612 Sale 9612
3 10258 1043 Utah Power & It let 55
4
4
1 1023 1043
1023
4
8
Pan-Am Pet Co(ot Galleon v 6'40J D 933 94 9312
4
4
9814 Utica Elec LAP lets 1 g 5s _1950 J J 10214 ___ 1023
953
92
4
5
10018 10014 10018
2 10434 107
Paramount-13 way let 5348- 1951
106
10012
7 100 103
dc Elec ref & ext 55 1957 J .1 105 106 106
Paramount-Fam's-Lasky 6e_ 1947.3 D 97111 Sale 967
8
9714 18
965 10034 Utilities Power & Light 5338_1947 J D 01 Sale 90i2
8
V14 4 ,,.., r?
2 13
6
Park-Len let leasehold 6333_1953 J J 8512 90
90 May'29
8912 9512
02a 52 ref 7s_ _ 1942 J D 81 Sale 81
24 erf 1st
100 104 10112 May'29
Pat & Passaic0& El cons 68 1949 M
4
343 May'29 ---- 43434 40
4
10112 105
1953.3 1 333 38
11F1'eeue181
Paths Exch deb 7s with warr 1937 M N 75 Sale 75
82
5 '
70
70
71
70
773
4 13
75
64
Va Iron Coal & Coke let g Se 1919.M 9 69
Penn-Dixie Cement Os A _ _1941. M S 90 Sale 90
7
9712 10012
92
4
9914
12
4
90
1934 J .1 983 Sale 983
9714 Va Ry & Pow let & ref 5s
Peov Gas & C 1st cone g 65..1943 A 0 110 112 113 May'29
1
91 103
927
8
N12
78
11112 113
Walworth deb 633s (with war)'35 A 0 9212 95
M S 101 Sale 101
1947
Refunding gold 68
102
9
8512 93
13 101 1053
4
1st sink fund 6eserles A _ _ 1945 A 0 87 Sale 87
Phliadelphla Co see 55 ser A.1907 J D 9614 Sale 96
8 10534 107
97
74
106
96 100
Warner Sugar Rein 1st 76_1941 J D 106 10612 106
4
PhIla Elec Co 1st 434e
1967 MN 963 967 98 Mar'29
8
__
7713 May'29 ---75
85 4
3
9712 10012 Warner Sugar Corp let 7s_ _1939 J J 7212 75
11
90
903 8612
4
Phila & Reading C & 1 ref 60_1973 J J 90
54
95
9914
96
88
04
1939 M S 95 Sale 95
Warner-Quinlan deb Os
Cony 5ei lie w 1
1949 M S 100 Sale 100
10014 275 100 101
8
Wash Water Power s f 56. _ _ _ 1939.2 J 100 101. 102 May'29 ---- 100 1025
J D 89i2 Sale 89
1939
Phillips Petrol deb 53./6
9018 24
89
94
8
Westches 1.tg g 55 stmpd gtd 1950.3 0 ____ 1023 10112 Mar'29 ____ 10112 10538
1065 107 1063
8
Pierce-Arrow Mot Car deb 881943 M
4
1063
4
1 106 108
West Penn Power ser A 56_1946 M S 10012 Sale 10012 10012 14 10012 104
8
Pierce 011(10 s f 8s.. _Dec 15 1931 J D 105514 106 1055 May'29
5 10113 105
__
4
10514 107
4 1013
4
4
1st be series E
1963 M 9 1003 1013 1013
_ 104 103
Pillsbury Fl Mills 20-yr 6e_ _1943 A 0
1033
8
7 102 106
2 101 10513
101
8
1953 A 0 10414 1047 101
let 533s series F
1952 M N 122 12812 12812 128 2
Pirelli Co(Italy) cony 7e
5 10012 1043
,
4
5 119 15412
1956 J 13 10012 10112 10012 10012
let sec 6s seriee 0
4
.1 9413 943 9434
Pocah Con Collieries lets f 5s1957 J
943
4
1
25
33
14
9412 95
26
25 May'29 ____
West Va C &C 1st 6,3
1950 1 j 25
Port Arthur Can & 0165 A.1953 F A 103 104 103 May'29
_
100 10534 Western Electric deb 5s
8
4
10112 54 1005 1033
4
1944 A 0 101 Sale 1003
1953 F A 10014 10514 10112 May'29 _ _ _ 10112 1053 Western Union coil tr cur 58_1933 J 3 10112 Sale 10112 10112
1st 51 65 series II
1 100 10434
8
Portland Elec Pow lst Oe 6_1947 M N 9878 Sale 9812 100
34
2
95
9813 10314
9712
Fund & real eat g 4 As_ _1950 M N ____ 967 9712
s
994
9912
3
Portland Gen Else 1st 5e__ _ .1935.3 1 9914 ---- 9914
08 102
108
21 107 111
15
-year (1338
1938 F A 107 Sale 107
97 May'29
_1930 SI N 9612 97
Portland Ity let & ref Esi _.
_
96
46
993 10318
4
99
25
1951 J D 101 Sale 10014
101
-year gold be
0814
Portland Hy L & P 1st ref 58_1942 F A 9714 Sale 9612
10
96
9914 West'h'se E & NI 20-yr g be_ _ 1946 M S ____ ____ 1043 Mar'29 ____ 10414 105
4
1
9912 38
1st ilen & ref Os series 13_ _ _1947 M N 987 9914 98
98 10212 Weotphalla Un El Pow 6s..1953 .1 J 79 Sale 79
79
90
8012 23
107
let ilen & ref 7336 series A.1946 M N 10612 10712 107
10 107 10718 Wheeling Steel Corp let 533s 1948.3 1 9812 Sale 9812
98 102
22
99
J 9914 Sale 9914
9912 20
Porto Rican Am Tub cony 6s 1942
99 107
8714
let & ref 434s series B.. _ _ _1953 A 0 87 Sale 86
14
86
87
coil 56_1953 J J 9218 Sale 92
9212 91
Postal Teleg & Cable
89
95
White Eagle Oil& Ref deb 530'37
8
8
91
Pressed Steel Car cony g 5s 1933 J J 885 90 885
3
8858 99
81
With stock porch warrants_ __. M S 9938 Sale 99
100
99 1067
8
Prod & Ref it 8e (with war),1931 J 17 11014 ---- Ill Mar'29
111 111
White Sew Mach 86 (with war)'38 J .1 ____ 99.2 102 May'29 ___ 102 130
D 10912 110 10912 May'29
Without warrants attached__
9912
109 11218
85
84
84
Without warrants
____
1
4
1923 113 172 20 04
4
Pub &my Corp N J deb 4338.1948 F A 1923 Salo 180
,
1940 M N 87
897e 88 May'29
88 10012
Panic s f deb 13e
54
10118 1013 10114
4
10114 13 101 10512 Wickwire Seen St'l let 7s__ _ 1935 1 J 49
Pub Serv El & Gas 1st & ref 5s'65 J
42
81
511 50
5413 13
97141 9618
1967 .1 D 96
97
let & ref 4345
5
1
4038 60 4
9618 997 Wickwire SD £34 Co 76_Jan 1935 M N 50 Sale 497g
55
152
2
.1
77
1
Punta Alegre Sugar deb 7s_1937 ./ J 7613 7712 77
8
88
78
Willys-Overland 5 f 633e_ _1933 M S 10112 Sale 10138
10112 15 10012 1025
1937 F A 98 Sale I 9712
9818 62
Pure Oils f 633% notes
963 1001 Wilson 33 Co let 25-yr a f 6s._1941 A 0 100 Sale 100
4
4
1007
8 77 100 10313 16612 Ws
1948 J J 9018 Sale 1 9018
9014
Purity Bakeries 8 f deb 55
893 95
4
18
Winchester Repeat Arms 733s'41 A 0 10612 Sale 10612
107
1937 M N 9712 Sale ' 9712
98
Remington Arms 65
10018 56
30
9938 101
9714 101
Youngstown Sheet & Tube 5e 1978 J J 991s Sale 9912
A
21V2 M
Ueticr,cotaierGas
vv i
Z.
3660
FINANCIAL CHRONICLE
tVot.. 128.
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, May 25 to May 31, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
RailroadBoston de. Albany
100
Boston Elevated
100
Preferred
100
let preferred
100
2d preferred
100
Beaton & Maine
Common unstamped_100
Ser A lot pref unstpc1.100
Ser C let pf unstpd__100
Preferred stamped _100
Prior preferred stpd__100
Ber A let pfdstpd
..109
Ser C 1st pref rand_ lnu
feer D 1st pfd stpd__ _100
Negot receipts 85% paid
Boston & Providence_ _100
East Mass St Ry
.100
1st Preferred
100
Preferred 13
100
100
Adjustment
Maine Central
100
Y N H & Hartford
Hai
Norwich Worcester pfd 100
Old Colony
100
Pennsylvania RR
.50
Rights
175
78.4
96%
112
112
10031 100
79
91
91
7053
954
8653
10551
178
8151
9651
115
10051
95
70%
98
8611
10651
101
140
101 102
140 141
102 102
170 170
19
19
61
58
60
60
45
44
45
68
67
68
107
9634 1074
127 127
121 12151
76% 74% 77%
6251c
ic3855c
Range Since Jan. 1.
Low,
High.
121 174
485 784
14 96
159 110
157 100
Apr
May
May
Jan
Mar
182
884
101
116
108
Jan
Jan
Jan
May
Jan
87
68
94
85
10431
71
100
140
102
170
19
5731
58
42
62
824
120
120
72%
37%o
Apr
Apr
Apr
Apr
May
Apr
Apr
May
Apr
May
May
May
May
May
Jan
Mar
Apr
Apr
Mar
May
106
94
132
90
110
81%
111
160
107
199
27
72
70
5654
80
1074
134
1394
8354
251
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
May
Feb
Feb
Am'
May
20
82
95
8
80
30
15
50
25
9
467
95
90
675
168
4,115
16
100
1,176
3,521
Miscellaneous
Air Investors Inc
18
American Brick Co
•
Amer ChatIllon Corp
70
AmCitiesPr&LtCorp CIA 50
Amer. sz (lea ,ec t-orp. _
Amer Pneumatic Service 25
Preferred
25 2311
Amer Tel & Tel _____ _101, 20513
Rights
353
Amoskeag Mfg Co
• 16%
Bigelow-Hartf Camel__ • 101
Preferred
100
Brown & Co
Columbia Grapten
Continental Securities Corp 94
Credit A Mame cora el A _
3651
East Boston Land
10
5%
Eastern 88 Lines Inc-----S 105
_..
Preferred_-1st preferred
100
Eastern Utility Inv Corp
- 1711
Economy Grocery Storets_• 23
Edison Elec Ilium
100 295
Elea Shareholdings Corp..
36%
Preferred
100
Emu! Grout) Assoo
3715
Rights
1
Galveston Hous Elec _ _100
Galv-Hous Elec pref__100
General Pub Serv Corp.- Gilchrist Co
•
Gillette Safety Bailor Co • 104%
Greenfield Tap & Die _ _25
Hathaways Bakeries claa•13 30
Class A
Preferred
Hood Rubber
• 20
Hygrade Lamp Co
42
Insurance Sec Inc
10
Insuransbares Corp cl A _ _ _
21%
International Com
Int Ilydro El Syst el A
434
Kidder Peab accep A pf 100
Libby McNeill & Libby.10 12
Loew's Theatres
25 11
Massachusetts Gas Co_1(1)i
Preferred
100 81
Mass Utilities Ass. corn
11%
Mergenthaler Linotype.100 10555
National Leather
10
Nat Service('o
NelsonC'rP(Herman)tr ctf5
New Eug Equity Corp p1100
New Eng Pub Serv
New Engl Pub Say pr pfd• 98%
New Eng Tel & Tel,. _ _ _100 144
North Amer Aviation Inc..
100
North Texas Elec
5
ram° Mills.
.100 31
Plant (Thos (3)1st pfd _100
Reliance ManagementCorp 31
Shawtnut Amen Con Stk_ _ _
22
gter Sec Corp pf allot otfe_
11))
Swift & Co
Torrington Co
•
Tower Mfg
1053
Tel-Continental Corp
Preferred
104
Union Twist Drill
6 48
United 8110e Mach Corp_25 62
25 31
Preferred
S Brit Inv $3 pfd allot elf 41
U S & For Sec Corp 1st PiU S & lot Ser Corp pref
41
Utility Equities Corp
102
Preferred
Venezuela Holding Corp.._
Venezuelan Ni 0114;04.0 16 --65-i
s
Waldorf System Inc
Waltham Watch class B_ •
Preferred
100
Warren Bros
60
1st preferred
50
Westfield /Mfg Co com_
WhItenights, Inc.
3
100% 10255
331 34
57y,, 72
27% 29
51
51
84
84
142 144
49
49
37
36
3
3
1,370 100
2
10
3,030 66
320 224
6 50
60 84
30 139
20 48
1.070 27
3
100
Jan 11151 Mar
Apr
911 Jan
7754 Jan
Fe
3253 May
Ma
May 70
Jan
May 9551 Jan
Apr 167
Apr
May 52
Jan
Mar 37
May
May
174 Jan
MlnInAdventure Cons Copper 25
Arcadian Cons MR LAA_.26
Arisona Commercial
5
Blngham Mines
10
Calumet & Hecla
25
25
Copper Range Co
East Butte Copper MIn_10
Franklin Mining Co-- -25
Hancock Consolidated_ _25
Hardy Coal Co
1
Island Creek Coal
1
Preferred
100
Isle Royal Copper
26
Keweenaw Copper
26
LaSalle Copper Co
-25
30C
55c
2%
52
37
20
2%
113
14
50c
5051
105
20
4
134
30e
75c
34
52
4054
21
351
2
155
50c
5234
105
21
4
133
545 25c
350 55e
235
1,220
100 50%
741 37
1,053 20
345
2%
1
490
153
225
200 500
73 50
57 105
930 20
4
75
14
225
Jan 50e Mar
May
2
Feb
May
54 Jan
Jan 6251 May
May 60% Mar
May 3255 Mat
Mar
5
May
Jan
Apr
4
May
351 Jan
2% Mar
May
Mar
May 66
Jan 105% Jan
35
May
Mar
74 Mar
May
May
3% Mar
65c
24
39%
20%
151
20
Apr 234 May
18
1914
510 17
Jan
1355 1313
May 20
25 13
Apr 8051 May
70
70
50 69
May
47
Apr 47
10 38
47
Jan
Apr 75
70% 7051
301 70
64 May
214 Jan
5
540
551
May
22% 24
145 15% Jan 26
Jan 2384 Apr
205% 210% 3,340 193
231 Apr
751 Apr
211 3% 83,823
Jan
1651 18
1,735 1654 Mar 24
Jan 10651 Apr
101 103
379 95
May
103 103
5 10051 Jan 107
Jan
93
93
20 9234 Jan 94
6831 72% 2,775 6455 Mar 88% Jan
Max
May 120
94
135 94
96
May -4134 Jan
34
3755 1,646 34
8
4
Slay
Feb
100
5% 513
Jan 1084 Feb
100 10551
1,890 99
Apr 48
Jan
45
920 45
46
Mar 10253 Mar
99 100
110 97
Jan 18% May
1751 1711
658 12
23
650 2255 Jan 27% May
25
Jan
Jan 351
291 300
243 280
Mar 3651 May
35
345 28
36%
Mar 101
Apr
100 100
903 100
3655 384
995 3651 May 4954 Jan
251 May
May
114 4,242
1
1
Jan
1651 16%
8 1653 May 27
May 615.3 Jan
48
24 48
48
42
40
Jai
40
Jan
100 27
Apr 334 Jan
26
40 20
2651
104% 107%
1,507 104% May 12634 Jan
154 15%
1834 Feb
105 12% Jan
35% Feb
294 3051
1,600 29% May
43
Apr 47
43
Jan
225 34
120 122
Jan 126
Feb
198 110
18% 20
May 2651 Mar
240 18
42
Apr 52% Jan
4353
210 37
27
2753
80 2651 Apr 3351 Jan
21
22
2331 May
May
366 21
604 69%
715 604 May 102% Feb
434 44
1,622 43
May 4553 Apr
92
92
100 9053 AP
9314 Feb
12
12
134 Jan
60 1034 Apr
11
11
13
511
Apr
II
Jan
149 149
292 12851 la
167
Apr
8453 May
81
80
258 76
Ma
1134 1151 11,105 1151 May
15
Jan
10551 107
110 1004 Feb 11251 Mar
2% Apr
211 3
80
551 Jan
4
348
May
853 Jan
43.4 454
26% 2634
82 2255 Apr 30% May
97
20 92
Jan 100
98
May
May 98% Jan
25 95
96
95
130 2984 May 104% Jan
x9854 100
439 143
Apr 156
144 146
Feb
303 144 Apr
1951 May
164 184
May
67
5
10
5
5
Jan
733 2833 Ma
3751 Apr
29% 32%
40 17
May 25
17
Jan
17
Mar 3651 Feb
31
324 2,100 28
714 22
May 26
23
Mar
22
230 3051 Mar 37
344 3411
Jan
191 127
Apr 13953 Jan
1274 12854
210 7051 Apr 84
Jan
75
73
Jan
8
174 Feb
951 10% 3,965
3551 Apr
925 294 May
29% 304
250 104
An 106
Feb
104 104
Mar 52
May
47
4855 1.480 25
May 87
Jan
3,667 61
66
61
Jan 3155 Jan
500 :31
31
31
Jan 4151 Apr
26 39
41
41
95
Jan
100 884 AP
89
89
1,620 40% Apr 44
Apr
41
41%
Fraday
Sales
Last Week's Range for
Week.
Sale
of Prices
Stocks (Concluded) Par. Price Low. High. Shares.
Lake Copper Corp
25
Mason Valley
5
Mass Consolidated
25
Mayflower & Old Colony 25
Mohawk
26
New Dominion Copper- __.
New River Co pref
sigussing Mines
o
North Butte
15
Oilbway Mining
25
Old Dominion Co
25
P. C.Pocahontas Co
•
Quincy
26
St alary's Mineral Land.25
Shannon
10
Superior & Bost Copper..10
6
Utah Apex Mining
mai, Metal A- Tunnel . 1
Victoria Copper Min Co.25
Bonds
A n3oskeag Mfg 68 ._ 1948
Ernesto Bredo Co 7s_ _1954
Chic Jet Ry & U S Y 58 '40
East Mass Street RR
1948
451s series A
1948
5s ser B
Fox New Eng Theatres
1943
6118
Hood Rubber 7s
1936
Int Hydro-Elea Syst 6s1944
Int1SecCorporAm 58_ _1947
KCMI3 Inc
1944
Karstadt(Rad) Inc 138 1943
Mass Gas Co 4513_ __ _1931
Miss RIv Pow Co 5s1951
New Eng T & T 5s_-_1932
PC Pocah Co 7s deb_ _1935
Reliance Manaternent 5854
So Cities Publ Serv Co6s49
Swift & Co 5s
1944
• No par value
8453 19,000
91
24,000
2,000
95
83
89
95
May 91
Apr
May 964 Feb
May 10134 Jan
36,000
43,000
53
55
Apr
May
64
80
Jan
Feb
May
May
Apr
May
May
May
May
Apr
Apr
Feb
May
Apr
Mar
Mar
10655
96
10055
904
99
98
9951
102
10034
125
IN%
100
10335
10054
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Feb
May
Mar
Feb
89
95
83
89
95
25c
5451
55
53
55
High.
Jan
Jan
May
Apr
Jan
Jan
Jan
Apr
Jan
May
Mar
Feb
May
May
May
May
May
Slay
Jan
314
95c
2
53.4
10
1231
3555
Low.
115
113
25e
500
41
200
58
255
553
2
933
11
32
31
200
250
333
No
153
1
1
113
153
600 76c
69c 850
524 55
20e 30c
64
64
274 273
535 651
2
2
034 1031
124 13
32
3653
31
3213
200 25c
25c 254
351 314
900
13-4
2
2
1
114
75e
69c
54
230
64
Range Since Jan. 1.
55
60
96 100
85
85
100 100
8651 864 8651
9751 9751
88
85
974 9731
9833 9851
9951
99
99
105 10711
9434 9531
100 100
1004 10136
00 V 003X
28
35
1,125
1,080
1,508
2,295
45
60
7.987
50
2,584
490
2,536
310
950
200
535
1,725
80
2,000 96
3,000 85
7.000 100
2,000 864
2,000 9751
28,000 85
8,000 96
2,000 971.3
4,000 99
17,000 103
17,000 93
1,000 99
8,000 100
11.000 9851
251
23.4
800
1
6074
65o
67
34
853
54
10 34
22
50
46
55c
520
615
253
231
Mar
Jan
Jan
Mar
May
Mar
Apr
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
z Ex-d vldend
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, May 25 to May 31, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last IVeek's Range for
Week.
of Prices
Sale
Par Price. Low. High. Shares,
Abbott Laboratories corn..• 45
48
45
Arrue Steel Co -------21 9411 9451 99%
Adams (J D) Mfg corn _ .._• 37
37
38
Adams Royalty Co coma
16
16
16
Ainsworth Mfg Corp com10 5053 5053 53
All-Amer Mohawk "A"...6
154 15%
1551
Allied Motor Ind Inc corn_• 4151 41
46
50% 51
Preferred
• 51
Allied Products "A"_. .• 65
63
7153
Altorfer Bros Co cony P M • 374 37
39
Amer Cominw Pow "A" •
24
21
Class B
2354 2351
7
7
NYarrants
',Frier Pet. Mery met
103 103
1044 103
Amer Radio & Tel St CorP• 13
1254 1654
1351
11
American Service Co.core •
Am 'States Pub Ser A corn _• 2634 2651 27
Amer Yvette Co Inc corn •
2051 2051
Preferred
• 2634 2633 27
Art Metal Wks Inc Com_• 3555 35% 38%
4955 5151
Amon APPar Ind Inc corn_• 50
54
Assoc Investment CO
53
* 53
Axsoc Tel Utll Co corn_ _ _• 27
26% 27
Atlas Stores Corp coat
42
• 42
4711
Auburn Auto Co corn.
225 245
• 237
Automat WasherCo con Pf
2835 29
•
13ackstay Welt Co corn.. •
Balaban & Katz v t c. _25
Saattan -Blessing Co corn.•
Baxter Laundries Inc A. -•
neatrice Creamery com_50
Bendlx Aviation
aeudra
Class B new5
Sinks Mfg Co cl A cony pf•
et”rg-Warner Corp corn 111
7% Preferred
100
Bonin Vivitone Corp pre!•
ttraelt A Sons alit corn_ •
Briggs&Stratton Corp corn•
Bright Star Elea "A"
•
Class B
•
Brown Fence & Wire cl A.•
Class
.
•
Bruce Co E I, common_ _ _•
fluiova Watch Co corn._-•
9:351 Preferred
•
Bunts Bros corn
10
Butler Brothers
20
Cam pb Wyant & Can FrlY •
Canal Constr Co cony pf_•
Castle & Co(AM)rom 10
ceCo Mfg Co Inc corn
Cent Dairy Pr Corp A pf_•
Cent Pub Sec (Del)
Class"A"
•
Central W Ptil Pref
•
•
Prior lien, prof
Cherry Burrell Corp corns
Chic City & C Ry par istr.._•
Preferred
•
Certificates of deposit_ •
Chicago Corp corn
•
•
Units
Chicago Railways
Part ctts ser 1_ _ _ _ _100
Part etfs series 2
100
City Radio Stores corn_ •
flub Alum Uten Co .._•
Coleman I-p & Stove come
Jommonwealth Ed ison_100
''nfnmonw mu Corp B__•
Community Tel Cocunnti part
Cons Serv Co(The) ctf dep
Construction Material_..•
•
Preferred
Consumers Co common _5
Preferred
100
Warrants
Crane Co. common
25
Curtis Lighting Inc corn_ _•
47
84
824
163
27
114
10154
38
2351
30
1551
2551
24
5451
2851
2551
3351
7155
47
29
45
96
3
28
2551
6511
20
8
249
37
2631
35
29
4531
3
46
4335
69
46
19
84
7555
150
27
107%
10155
37
22%
30
20
154
25%
24
53%
2855
484
28
2531
33
20%
70
4534
29
3751
4451
96
10034
48
234
2335
2335
2535
6531
Range Since Jan. 1.
Low.
Mar 5255 Jan
400 41
45
Jan
May 88
250 69
70
Mar 4831 May
4,500 35
48
Jan
400 15
Ain 26
194
Jan
Mar 98
300 78
8431
slay
884 100,550 75% May 98
Mar 19353 May
11,950 96
175
May 3755 Jan
1,200 27
28
Jan
1244 49,800 9454 Mar 152
300 10131 Apr 10311 Feb
10255
May
Mar 41
3,750 29
39
100 21% May 29% Jan
234
May 36% May
150 30
3451
Jan
May 26
500 20
22
18
Feb
May
8
13.250
18
Mar 3651 Jae
3,150 25
28
Jar
Mar 37
1.350 24
26
May
Apr 56
1,200 41
5551
May
350 2854 Mar 32
30
100 484 Mar 504 Feb
49
3153 Mar
Jan
100 27
28
Jan
14,700 25% May 45
27
Jan
3,750 33 Slay 47
3735
350 19
Feb 21% Jan
2035
Mar 7951 Jan
1,250 66
74
1,600 4355 Mar 8655 Feb
50
Apr 43% Feb
4,750 22
30
40 May
Jan
200 24
38
Jan 4533 May
750 35
4555
ysyt Jan
Jan
550 94
96
Jan 10351 Apr
100 100
10054
May 5851 Jan
48
55
49
155 Jan
34 Mar
500
3
31
Mar
Jan
2,300 18
28
Jan 25% May
200 16
23%
Feb
18
Feb 34
26% 2,05
Mar 7551 Feb
15.150 65
67
100 16
20
20
600
255
4
435
800 24
2454 26
46,90
634
64 26
55
20
55
56
1.604 209
247 250
200 35
37
37
24
35
28
4451
815
69
214
46
22
High.
Mar 52
May
1,250 39
600 834 Feb 10034 May
1,050 37
May 4353 Feb
Jan
May 25
1,500 16
2,870 3451 Mar 5453 May
Jan
900 1255 Mar 39
6,300 2911 Mar 5751 Feb
May 55
May
500 46
May
2,650 4955 Jan 81
Jan
Apr 53
800 37
Mar
31
1,400
May
21
Feb
34
50 2351 May
1151 Mar
May
50
7
Mar
100 9934 Jan 103
3,300 1251 May 374 Mar
May
Feb
16
1,000 11
Jan
850 2633 May 29
Apr
Apr 24
50 20
Apr
450 2651 Slay 30
5.200 35% May 5751 Feb
2,500 4551 'Mar 56% Jan
Mar 60
Feb
600 50
1.350 2651 May
Jan
33
7451 Feb
1,750 42
May
May
5,850 13111 Jan 256
May
250 2851 May 40
27
35
2955
46
9
70
311
46
224
1,050
500
800
1,250
650
200
950
323
500
24
35
27
43%
7
69
211
45%
22
May
23
7
Jan
31
May
Slay 3411
May 80
Jan 252
Jan
4355
Mar
Mar
Feb
Feb
Feb
Mar
Jan
3551
35
38
55
1333
80
651
484
2351
Feb
Mar
Feb
Feb
Jan
Feb
Jan
Mar
May
May
Ma
Ma
Ma
Ma
May
May
May
May
.1 uNE 1 1929.]
'Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
5
Curtis Mfg Co
•
Davis Indus Inc ''A'
•
De Meta,Inc. prof w w
.
Decker (Alf) & Cohn Inc 5
El Houeehold UUI Corp_10 52
735
glee Research Lab Inc._.•
Empire 0& F Co 6%01100 9134
100
634% preferred
9535
7% preferred
28%
Emp Pub Service A
' 1354
Fabrics Finish Corp corn
Federated Publica's $2 pf • 26%
Fits Simmons & Connel Di
• 71
& Dredge Co cam
Foote Mori G & M Co__ 5 22%
Foote-Burt Co (The) com •
Gardner Denver Co corn.* 67
General Candy Corp el A 5
Gen Spring Bumper A„ • 59%
• 59%
Class B
Gerlach Barklow corn - •
• 2634
Preferred
Gleaner Corn Harv Corp
• 101
Common
Godchaux Sugar, Inc. el Be
Cleldblatt Bros Inc Corn. _• 29
Great Lakes Aircraft A_• 214
Greif Bros Cooper A corn.•
Grigsby-Grunow
• 137
Common
Rail Printing Co corn_ _.10 27,4
Hart-Carter Co cony pf _• 24
Hartford Times part pi.
Illb Span Bart & Co corn 25
Hormel & Co(Geo) corn A
Houdaille-Hershey Corp Ae 3934
• 41
Class B
Illinois Brick Co ____
25 32
Illinois North UV!pref_100
iUauil Utll Invest Ina_ .• 38
lnternat Pwr Ce Ltd corn •
Iron Fireman Mfg Co•t e• 2735
Jefferson Electric Co corn • 45
Kalamazoo Stove corn...* 103
Kellogg Switchbd corn 10 12%
Ken-itad Tube&Lp A come 20%
Keystone St dc WI corn.._• 40
Ky Util Jr cum pref
50 51%
La Salle Eat Univ com 10
• 15
Lane Drug corn v a c
Corn preferred
• 22
99
Lawbeck Corp ctfs
• 18
kmata & Co cum
CamulatIve preferred •
Warrants
2
Libby McNeill & Libby_10 1135
Lincoln Printing com__. 214
7% Preferred
50 43%
Purchase warrants
10
Lindsay Light corn
Lion 011 Ref Co corn
• 3235
•
Loudon Packing Co
Lynch Blass Mach Clo . 24)i
McCord Radiator Mfg A_• 41
MoQuay-Norris Mfg
•
Mapes Cons Mfg Co corn.. 38
Mark Brno Theatres pref• 19
Material Sart Corp corn_10
,
Meadow Mfg Co com _ _• 1434
Mer & Mfrs See
Part preferred
25 214
Mid Cont Lawnd Inc A • 30
Middle West Utilities- -• 159
Preferred
100 116%
118 cum preferred
• 9835
Prior lien prof
100
iller & Hart,Inc,conv pf•
• rinneao i4..nev well Reg • 83
Minneap-Moline Pr Imp' 40
• 10134
Preferred
M"
-Han Pipe Line corn...* 314
Rights
34
Moaine Mfg corn
66
Mohawk Rubber
Common
menIghan Mfg Corp A_ •
+.4 unsanto C.ntem Works_ _• 148
Monroe Chem pref
•
.1°Aran Littmaraph corn • 2634
Morrell & Co Ina_.
......
• 7535
Muncie Gear class"A"....•
•
Clam"B"
Muskegon Mot Spechtlties
Convertible class A____• 244
.4 Reiman Springfilled come 614
National Battery Co pref_* 43
•rat Elec. Power A oars_ • 30
334
National Leather com___10
Nat Secur Inv Co
• 30
Common
100 100
cumul prof
44
Wet standard corn
Nat Term Corp part pfd.
New Eng Pr Aeon 6% pf100 96
.
telobbiltS Sparks liii eon, • 46%
• 47%
north American Car cow.
North Amer G & El el A.•
N & S Am Corp A tom...' 36
Northwest Eng Co corn...*
• 35
Ontario Mfg Co corn
Oshkosh Overall Co corn..'
Pao Pub Nor Cool"A"corn' 234
Parker Pen (The)Co corn10
Penn Gas & Eleo A com • 2134
Peoples Lt & Pr Co A come
Perfect Circle (The) Co_ •
Pines Winterfront
60
Common new
5434
Polyrnet Mfg
Poor & Co class B oom___• 27
• 3435
Potter Co(The) corn
•
Process Corp COM
Pub fiery of Nor III com100 2464
•
Comrnon
7% preferred
100 13334
Q
-R-13
-De Vry Corn (The)
43
New
• 305
Quaker Oats Co corn
• 62
Raytheon Mfg Co
10 22
Reliance Mfg corn
Richards (Elmer) Co pf_ *
Ross Gear & Tool corn_ • 53
• 41
Ruud Mfg Co corn
Ryerson & Son Inc corn..' 39
Sally Frocks, Inc. corn...* 2735
Hangamo Electric Co....• 38
Saunders class A corn....'
50 5435
Preferred
Sheffield Steel corn
• 664
Signode Steel Strap Co
30
Preferred
Purchase warrants
3661
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
30
10
2835
1635
50
74
914
93
95%
27%
1335
264
31%
10
28%
1734
53
94
9135
93
954
29
1535
27
250
100
200
860
4,800
4,550
250
50
200
3,400
550
450
80
735
2835
16
30
7
90%
93
9534
24
134
25
Mar
Mar
May
May
Jan
Mar
May
Apr
May
May
May
Jan
37
1735
37%
27
55%
224
984
97
9835
30
344
29
Jan
Jan
Feb
Jan
May
Jan
Jan
Jan
Mar
May
Jan
May
70
21
46
67
7
574
58
184
2534
73
23
46
67
7
68
68
20
2631
850
1,700
100
750
100
3,250
5,200
100
450
57
21
46
64
7
384
374
1734
24
Apr
May
May
May
May
Mar
Mar
May
Mar
8334
80
53
6935
10
734
734
26
30
Feb
Jan
Mar
May
May
May
May
Feb
Feb
110
30
31
24
40
800
2,200
500
2,800
30
90
24
28
154
8935
101
2435
28
21
40
13134 14535 31,70 119
2734 2834
23
50
24
2635
24
1,75
4234 4235
50 42
55
55
50 54,4
47
4935
600 334
3934 4635
5,100 34
39
46
6,150 3035
3034 32
150 304
98
98
50 98
394 3,850 30
38
264 264
50 2634
274 29
1,050 2434
40
45
300 40
101 107
2,900 95
12
1334 3,7501 104
20
24
2,450 20
40
41
1,450 40
5134 5134
100 5034
750
3
34
3
144 15
1,250 12
21
22
250 20
97
99
300 97
1734 18
100 17
40
41
150 40
5
2
2
550
1034 12
3,200 10%
2035 2234
1,200 204
4331 44
600 42
3
3
200
3
434
434
200
335
304 35
6,800 23
46
46
50 40%
23
254 1,100 20
41
4135
650 38
70
71
100 5734
38
38
50 37
19
22
150 18
31
32
250 30
14
15
4,450 14
Jan
Mar 126
Jan 88
Feb
Jan
Mar 88
Jan
Mar 32
Feb 4235 Mar
Apr
Mar
Mar
Jan
Apr
Jan
Mar
Mar
May
May
Jan
May
Jan
Jan
Mar
Mar
Mar
Mar
Feb
May
May
Mar
May
Jan
Apr
May
May
May
Jan
May
Jan
Mar
Apr
Mar
Mar
Jan
Mar
Apr
May
May
17935
354
3434
45
58
5734
594
59
41
1004
53
31
344
69
131
1934
42
58
52%
654
294
32
10234
2535
48
1134
1534
2635
4535
735
6
3834
60
30
.4435
76
42
3334
424
2934
Mar
Jan
Jan
Fen
Jab
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Jac
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Feb
Apr
May
Feb
Jan
Jan
May
Jan
Jan
Jan
Feb
21% 2334 1,200 21% May
30
Apr
3035
250 25
15734 1614 2,850 157% Slay
1164 116%
100 116% Mar
Jan
9834 98%
450 98
Mar
121
121
50 121
46
47
200 45 May
71
85
650 55,5 Jan
May
37
4134 22,800 37
10134 102
1,950 10135 May
31% 3234
1,850 2235 Jan
34 May
%
%
4,000
64
67% 1,850 48
Mar
32
354
190
122
1034
127
52
85
45
103
424
34
72
Jan
Feb
Jan
Feb
Feb
Jan
Jan
May
May
May
May
May
May
Mar 66
Mar 35
Jan 180
Apr 61
Mar 564
Apr 80
Mar 31
May 80
Jan
Jan
May
Jan
Jan
May
Jan
Jan
51
28
146
40
25
7535
204
134
52
28
1493.4
40
29
7735
2234
15%
23
61
40
294
3
27
6335
4734
3035
331
1,65
1,500
600
750
2,100
23
60
40
27
3
May
Mar
May
Ma
Mar
29%
99
42
15
9435
45
4734
21
36
32
35
1034
23%
45
21%
474
524
30
10235
46
18
06
49
4934
21%
36
32
39
10%
23%
48
21%
4735
55
1,150
2,600
2,250
850
150
4,200
2,700
500
1,500
150
1,750
200
350
350
600
350
750
25
99
39
144
9431
3234
40
20
36
32
80
10%
21,1
44
20%
46%
45
Feb 33
May
May 105% Feb
Mar 68
Feb
17)4 Feb
May
May 9714 Mar
Mar 50
Feb
70
Mar
Jan
Mar
26
Feb
May 36% May
May 48
Feb
Mar 42 May
May
1535 Mar
Felt 24,4 Mar
Apr 57
Jan
Feb
24)4 Feb
May 58
Feb
Jan
Apr 80
60
6435
51
56
25% 30
33
4435
18
1835
2464 2464
296 247
1334 1334
1,800 60
3,350 51
1,950 2235
5,100 27
100 18
31 205
227 205
50 12534
May 75
Apr
May 57
May
Mar 34
Mar
Mar 444 May
May 33
Jan
Jan 2474 May
Jan 248
May
May 1334 May
32
305
60
22
24
50
41
38
2735
38
56
•5435
66
6,200 32
153 300
2,650 63
500 20
50 24
4,800 45
100 41
1,450 38
1,600 2734
250 354
300 50
200 37
500 584
May 4834
Apr 869
Mar 8135
Mar 30%
Apr 2814
Jan
57
Mar 4435
Jan
46
May
31%
Jan 4
634
Mar 73
May 5835
Apr 90
4334
315
69
23
24
544
41
39
2935
39
56
55
6934
2934 304
2
2
600 51
27
35
2,550 104
36
10
25
55
58,4
1,40
18
1,00
650 13%
700
100
284 Apr
Mar
2
3834
7634
60
38
54
3234
414
Jan
Feb
Jan
Jan
Jan
Apr
Pet
Apr
Jar,
Jan
Feb
Star
Feb
May
Jan
Jan
May
Jan
Jan
Jan
-onatron Tube Co corn___• 30
Standard Dredge cony pf _• 31
• 28%
Common
• 21
Elteinite Radio Co
30
Sterling Motor, pref
Storkline Fur cony pfd_ _25 24
Studebaker Mall Or com.6
•
Claas A_
Super Maid Coro corn ____• 59
Sutherland Paper Co com10
100 127
Swift dt. Co
15 3034
Swift International
Tenn Prod Corp.com____• 25%
..25
Thompson (J It) corn.
Time-O-St Controls "A".• 30
12th St Store (The) ern a •
34
Stock purchase warrants
United Chemicals Inc pf.•
Unit corn of Am pref __• 27
United Dry Dks,Inc com-e 16
•
United Gas Co corn
United Lt& Pow corn cl A * 32
United Paper Board pf _100
Un Repro Corp part pf A.• 20
20 74%
O Onolifin
5935
25% paid
17%
U 8 Lines Inc pref
• Radio & Telev com_e 6834
Utah Radio Products come 14%
• 22
Ut & Ind con:Loom
• 2634
Cony. pre!
Van Sicklen Corp part cl A•
• 16
Viking Pump Co com
• 29%
Preferred
•
Vogt Mfg corn
Corp part prof_ •
Vorclone
• 2034
Wahl Co corn
Waler Co comstk pur warrs
Warchel Corporation...-. 18
• 29
Preferred
Ward (Montgomery) & Co
13334
Class A
Waukesha Motor Co corn • 18835
Wayne Pump Co
•
Common
Convertible preferred-.* 35%
Wextark Rad Sta Inc.corn* 404
.-• 24
West Con Util Inc AWestern Grocer Co com_25
West Pow Lt&Tel 1s1 pf A* 32%
White Star Refg Co corn..'
• 40
Wieboldt Stores. Inc
Williams 011-0-Matin come 2334
Winton Engine con pref • 70
• 71%
Common
Woodruff & Edwards Inc•
Partic clam A
-Amer Mach part PI• 25%
Yates
Yellow Cab Co Inc (Chia)• 28%
Zenith Radio Corp com._• 29
29% 33
33%
30
2734 32
27
19
32
31
24
23
16,5 18
2335 25
58
6234
1434 143-1
127 1284
304 314
25%
25
4635 464
31
30
2134 2134
34
34
41
40
23% 27%
16
1634
2534
25
32
32
65
65
25%
20
6834 744
5435 5935
1735 17%
63
76
1434 18
214 22%
26
264
304 32
16
1635
2934 30
29
29
4034 4034
20
2035
59
59
18
18
28
29
13334 134
165 170
11,000
2,200
4,250
3,500
500
450
1,700
1,500
9,650
150
1,500
2,300
2,300
100
250
150
450
800
4,300
300
150
50
50
2.650
25,800
2,20
55
13,750
5,40
13,80
6,95
700
430
650
100
50
800
100
150
500
Range Since Jan. 1.
High.
Low.
274 Mar 4434
28
Mar 41
Mar 3954
28
19
May 49
30
Mar 36
23
Mar 30
134 Jan 22
2334 May 30
Mar 74
50
14
May 21
127
May 140
8034 Slay 37%
21
Feb 28%
43
May 62
28
Mar 3934
21.4 May 28
34
34 May
40 May 604
23
Mar 3731
15% Apr 23
Apr 3934
25
May 4734
32
May 70
65
May 4234
20
45,4 Apr 75
Mar 614
42
174 Apr 184
443.4 Jan 141
14% May 58
20% Feb 31
25
Feb 31
29
Mar 38%
15
May 17
2934 May 32
35
29
AP
37
Mar 574
1735 May 27
78
53
AP
163.4 Apr 26
28
May 38
150 131
315 185
Feb
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Jan
May
May
Apr
Feb
Jan
Feb
Feb
Jan
May
May
Feb
Jan
Jan
Feb
Jan
Jan
Jan 134
Feb 210
Apr
Mar
20
35,5
40
24
19
3234
53
40
23
70
7034
20
38%
44
2434
19
33
53
41
24%
77
74
250
250
5,100
450
100
600
50
500
8,100
2,700
4,650
20
35
38
2335
19
3134
43
40
20
57
704
May
Mar
Jan
Mar
May
Apr
Mar
May
Jan
Mar
May
35
46
85,5
244
25
35%
55
57
2954
94
76
23%
2435
2834
28%
750
24
3,500
28
1,400
3035
38% 24,25
21)5
2134
2834
284
Apr
Mar
May
May
284 Jan
324 Apr
Jan
35
824 Feb
Bonds
Chic City & Con Rya 68'27 8334 83
86
1927
Chic City Rys 58
8234
Certificates of deposit._
83
1927
Chicago Rye 55
331i
Certificates of deposit.-7635
1927
58 series A
68
money 5s_1927
Purchase
10234
Commonw Edison 5s _ _1943
1st mtge 5s ser A._.1953 100% 10034
100
1943 100
El Paso 631s
100
10
-year 645 dabs_ _1938 100
100
Wacker Dr6s A '54
La Salle
Mer & Man Bldg 6348 A
100
1943
with warrants
753-4
Sietr West Side Ellst 4s'38
Jan 84
84 511.000 65
8634
8134 Feb
864 3,00
8034 Mar 85
9,00
85
Feb 884
1,000 78
83
1,000 774 Mar 8434
8354
Feb 784
764 2,000 60
Jan 68
5,000 44
68
102% 1.000 10231 May 1044
1004 3,00
99% Mar 103
2,000 9854 Jan 103
100
3,000 99 May 103
100
May 100
10,000 100
100
100
7531
3,000 100
8,000 73%
Jo
AP
Apr
Jan
Jan
Apr
Jan
Jan
May
Jan
Jae
Jan
May
may
May
May
Mar
May
May
May
Jan
Mar
Apr
Mar
May
Jan
100
784 Feb
• No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, May 25 to May 31, both
inclusive, compiled from official sales lists:
Stocks-
,sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
54
*
Almar Stores
American Stores
* 6734
Bank of Nor Amer & Tr
136
Co new w I
Bankers securities pref_ _50
Bell Tel Coot Pa pref_ _100
935
Bornot Inc
• 3735
Budd (E G) Mfg Co
78
Preferred
75
Budd Wheel Co
50
Cambria Iron
Camden Fire I nsurance_ _ _
343-4
1134
Central Airport
934
Central Properties com
Commonwealth Cas Co_10
Consol Trac of N J...100
2
Cramp Ship & Eng _ ___100
Elec Storage Battery_ _100
10 4634
Fire Association
Ilorn & Hardart(NY) corn.
100
Preferred
Insurance Co of N A.__ AO 7735
Lake Superior Corp__ _ _100 1734
50
Lehigh Coal & Nay
10
Lit Brothers
Manufacturers Car Ins____ 6134
Mark (Louis) Shoes Inc_ •
North East Power Co....*
50
North Penn RR
Penn Cent L & P cum pf_ •
Pennroad corn
137
Pennsylvania Insurance_
La
Pennsylvania RR
Pennsylvania Salt Mfg_50
Phila Dairy Prod pref
25 100
Phila Electric of Pa
25 3335
Phila Elec Pow pref
Philadelphia Enquirer__
Preferred w 1
Mina Rapid Transit__ _50
50 494
7% Preferred
Philadelphla Traction_ .50
Phila 3, Western Ry__ __50
R E Land Title new
10
Reliance Insurance
Shreve El Dorado Pipe L25 3034
* 60
Scott Paper Co
100
Preferred
Sentry Safety Control
Tacony-Palmyra Bridge_ •
Telephone Security Corp__
- etc
-
54 534 2,470
11,400
6534 72
135 138%
56
54
11534 11534
934 10
3735 4234
78
82
804
75
39% 404
33% 3634
1134 113-4
934 9%
23% 2334
48
49%
235
2
7834 80
464 47
5174 53%
1004 10134
78% 7934
14
1934
14934 154
213-4
21
6154 6334
155
134
5735
55
87
87
7854 79%
15% 17
137 140
75
7734
90
90
90
90
97 100
334 3335
424 44
51%
51
50
504
4934 4934
5035 5134
634 634
683-4 6934
2034 21
2834 305%
63
60
110 110
2134 24
4334 45
434
434
IA
lA
1,600
3,500
565
1,300
6,700
706
700
350
5,800
400
2,430
500
92
300
640
2,200
300
15
400
18,400
1,600
810
2,300
100
11,400
10
120
10,300
1,600
13,200
100
80
1,300
3,800
2,100
2,200
1,200
2,600
600
200
400
500
1,640
390
5
5,300
125
100
.
7F
Range Since Jan. 1.
Low.
Apr
5
6534 May
130
54
114%
8%
3434
5634
34
5
39%
33
1134
7%
2334
48
2
7835
4631
5134
wog
774
14
146
2034
59
135
40
87
78
15%
136
73
90
90
8135
33
4035
51
60
494
5035
6
683-4
2054
25
48
100
1134
36
4%
15
High.
834
97
Jan
Jan
Apr 149
May 634
Apr 118
Jan 10
Jan 6634
Jan 91
Jan 10834
May 4135
Jan 4234
May 13
Mar 11
Apr 32
May 61
4
May
May 9234
Mar 50
May 6235
May 108
Slay 91
May 42
Mar 16934
Apr 26
Feb 71
34
May
Mar 61
Apr 88
Mar 81
May 26
Feb 175
Mar 8354
May 9734
Mar 9334
Apr 100
Apr 3434
May 50
May 53
Mar 54
Apr 514
5534
May
935
Mar
May 8434
Slay 26
May 384
Jan 70
Jan 111
Feb 29
Jan, 4931
9%
May
IF
mnv
Apr
Jan
Jan
Feb
Mar
Apr
Mar
Jan
Jan
May
Mar
Jan
Jan
Feb
Feb
Apr
Jan
Feb
Jan
Jan
May
Jan
Jan
Jar
May
Jar
Pet
Apr
Mal
Apr
Jar
Jan
May
Mal
Apr
May
Feb
Mar
Jar
Jar
Jar
Jar
Jar
Mar
May
May
Feb
Mal
An,
FINANCIAL CHRONICLE
3662
r,
1 11111.611
OW ,
.
5
5
534
534
Bonds
Baltimore City bonds
94
96
1961
45 sewer loan
9456 941-4
1961,
4s dock impt
96
96
1962
4s coup 0 B
9456 9434
45 2d water serial___1957
68
68
Balt Sp Point & Ch 4%8'53
184 185
Black & Decker 656s--1937
9834 9834
Chas Cons 0 & E 58..1999
9534 9594
Houston 0115%%-notes'38 953-4
Iron City Sand & Gravel
9334
1940 9354 93
1st 6s
93
93
Md Elec fly 1st 58_1931
88
87
lot & ref 634s sec A_1957 88
973.4 9794
Nod dr Ports Trac 58_1936 9734
88
88
North Ave Market 6s_1940
94
94
Olustee Timber 68._ 1935
10156 10151
Prudential Refin 67-48.1943
105 105
1932
Silica Gel 63
-Is
Un Porto Rican Sugar
6Si% notes
1937 9394 933.6 933-4
60
60
United fly & E lot 4s.1949
35
34
1949 34
Income 4s
51
5134
1036
Funding 5s
7156 72
Wash Bait & Annftn5s 1941
7134
Jan
Feb
Jan
May
Jan
Jan
Jan
Apr
Jan
May
May
Jan
Jan
Jan
Jan
Feb
Feb
May
May
May
May
5
5
10
7
96
943.4
96
9434
68
120
9834
9554
May 993-4
May 993-4
May 96
May 9934
May 68
Mar 191
May 9834
May 9934
93
93
80
975i
88
94
100
10094
May 07
Jan
Mar 9551 Feb
Feb
Alm 88
Feb 99
Feb
May 06
Mar
Jan
Feb 95
Jan 10334 May
Jan 110 • Mar
93
60
32
50
7134
May
Mar
May
Apr
May
Jan
Jan
May
Feb
May
May
May
Apr
Jan
97
65
Feb
43
Jan
63
Jan
8394 Jan
• No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, May 25 to May 31, both
inclusive, compiled from official sales lists:
StocksAllegheny Steel corn
Aluminum Goods Mfg _
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
•
_
64
30
64
30
70
31
500
975
Range Since Jan. 1.
Low.
60
29
Feb
Mar
High.
90
40
Mar
Feb
100
1QA4
100
.
A
A
000-40=000000*00000*0==000000O000W00N0000
,
ggg ggg
g g
g
•
42
gg.gg
434
ggggS:
43-6
Bonds
National Eris. R14,1
g
Rights
Columbia Gas & Electric__
g
1,121
745
795
3,025
260
3,555
gg
333-4
2634
110
2791
42
36
g,24.1.171V41,-3.WW4V14,tM14424g2,4g2r.INg41,:,
May 82
Jan 295
May 80
May 5234
May 93
Apr 88
May 100
May 57
May 101 34
Jan 52
Mar 53
May
1394
May 9434
Apr 87
Apr 96
Feb 54
May 42
3234
28
110
25%
4194
2834
4 4414;.44
•
,
76
267
70
49
7634
8434
8154
47
9734
39
44
834
65
5634
8751
53
36
Unlisted Stocks
Lone Star Gas
National Erie pref A
Penna Industries units...
Pittsb Screw & Bolt Corp__
Ruud Manufacturing
Western Pub Serv v t c_
g
Apr
Feb
May
May
Feb
May
Jan
Apr
Feb
Jan
Feb
Mar
Jan
Feb
Feb
May
Jan
Jan
May
Feb
Apr
Apr
Apr
Mar
Jan
May
Jan
Feb
Feb
Jan
Mar
Mar
May
Jan
Feb
g
493.4
200
G
200
1834
52
28
402
11734
26
27
92
2534
104
11134
110
103
223-4
534
3434
314
1334
1334
75
6034
115
9234
22
193.4
18334
4634
27
22
473-4
27
g
High.
Apr
Jan
May
Jan
Mar
Jan
Feb
May
Jan
May
May
May
Feb
Mar
Mar
May
May
May
Jan
Mar
May
Jan
Jan
May
May
Mar
May
May
May
May
Jan
Feb
May
Mar
May
gg
*
*
..,
.s.
,--4
,...... .
.....
.m0.O 0 .-O
00=*0-A*Npv=0QM*,
0*.a.acaa
1*0=NNN**0..1 -a
rAW-4=00=0000000*WOONOCA*00W=4a0=NON000
*
. .-.......-1.....
o Co
*A.
*=&*004 4+NCOM*-4*.*0
,
CONWWN0000.4*00.0-1
0=
5
76
78
270 270
70
70
49
49
7634 81
85
85
8134 8334
47
47
9734 98
48
45
49
4914
834 934
68
7134
64
62
89
88
53
5334
36
36
Low.
3854
179
6
165
15
3134
27
380
11334
24
2551
8534
24
88
109
10434
10034
1334
1
2734
289
11
1034
17
5494
97
80
19
15
12734
31
25
21
4356
25
64
*WW0 N
N
00004.1oalt.
.
00cpap00Q=
00000000
Rights
Colonial Trust w I
National Marine Bank
39
40
182 182
6
6
195 19634
16
16
47
51
2734 2734
39054 400
11534 11534
25
24
2534 26
8934 8934
24
24
90
94
1103411034
10534 10534
10034 1003-6
1334 1334
334 4
2754 2934
289 295
1234 1256
1234 1234
17
17
5434 55
109 11334
80
83
1934 1934
1534 1534
12756 133
34
35
25
25
2334 24
4354 44
2534 2534
*
ba**W0*N
o.obOOgOO
QQ049.0=C0
000=0000
Arundel Corp
• 39
Atlantic Coast Line (Conn) 50_ _
Baltimore Brick corn
Baltimore Trust Co
25 195
Benesch (1) & Sons new w 1
Black & Decker corn
•
Preferred
25
Canton Co v t
Ches.k Po Tel of Balt pf 100 11534
Commercial Credit prof _25 24
25
Preferred B
Ex-warrants
______
Corn Credit of N 0 pref
• 90
Consol Gas, EL & Pow...
6% preferred ser D__100
554% pref w I ser E__100
5% preferred ser A__100
Consolidation Coal_ _100
Dalton Tire & Rubber.
...°
334
•
Eastern Rolling Mill
Fidelity & Deposit
50 290
Finance Co of America A.
0
Series B
•
Finance Service corn A..10
First Nat Bank w 1
Handler Creamery prof_ ___ 10934
Houston Oil pref v t c__100
Mfrs Finance 1st pref__ _25
26 preferred
25
Maryland Casualty Co__25 12734
Maryland Mtge corn
• 34
Maryland& Penn RR__100
•
May 011 Burner
Merch & Miners Tramp _ _• 4334
Monon %V Penn PS pfd _25 2534
Mt Vernon-Woodb Mills
100
Preferred
Nat Bank of Baltimore 100 270
National Marine Bank_
Nat Sash Weight pref
New Amsterdam Cas Co 10 7634
Northern Central Ry_ __50 85
Penna Water & Power _ __. 813-4
Southern Bank Sec Corp__
Preferred
Un Porto Rican Sug corn_. 47
• 49
Preferred
United Rys & Electric_50
U S Fidelity he Guar new.. 70
US Fidel & Go Co Fire w I 62
West Md Dairy Inc pref..* 89
50 53
Prior preferred
Western National Bank_20
Range Since Jan. 1.
*
00..14.0
OOOOO
000=0
0=000
Stocks-
Friday
sates
Last Week's Range for
Week.
Sale
of Prices.
Par Price, Low. Ifigh. Shares.
High.
g
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, May 25 to May 31, both inclusive, compiled from official sales lists:
I
• 7 .9g2.
.
,
7421.igg.V<Th'ggg*tv.,ggi.Etg'W,3
,";;;
...., -10.....w .
w _.
w*o*WO
4•.NOW-4*WN*NN NNNNA.-4
000w* .
WO*NNW.4.N-400*=
CO
As
• No par value.
g
Jan
10134 6,000 10034 May 105
Mar 10534 Jan
2,400 102
10234
Jan
10334 23,000 10234 Mar 106
May 10034 Feb
2,000 99
99
Jan
May 90
1,000 94
95
;gX
843-4 Jan
5434 Jan
5134 Mar
Jan
50
5934 May
Low.
5'
Apr
Apr
Mar
May
Jan
77
50
51
4434
53
100
110
150
60
5,824
4,204
990
2,337
25
225
475
40
115
125
100
115
310
25
75
10
36
100
100
70
75
120
3,602
300
10
2,150
1,570
322
33
1,000
25
200
399
275
25
3,000
35
110
710
50
340
306
235
300
75
g
1003-4
102
1033.4
99
95
5,000
773-4
537-4 29,000
5,000
51
5,000
4556
593-4 5,000
28
May
59-4 Apr
May
2
Amer Vitrified Prod corn 50
1651 1634
Am Wind 01 Mach corn 100
26
26
Preferred
100
50
50
Amer Wind 01 Co pref _100
86
85
Arkansas Gas Corp coin...
734 851
83-4
Preferred
10
856
8
834
Armstrong Cork Co
* 69
60
70
Blaw-Knox Co
25 39
39
3934
Carnegie Metals Co
10
17
17
Cent Ohio Steel Prod corn • 2174 2134 22
Clark (DL)Co corn
*
1691 1794
Colonial Trust Co
100
310 310
Consolidated Ice com___50
5
434
434
Preferred
50
23
23
Crandall McK & H
25
25
25
Devonian 011
10
834 93.4
Dixie Gas & Utit com_
•
18
18
Preferred
100
7754 78
Donohoes, class A
153
% 1536
Ducmense Nat Bank_ _100
375 375
First National Bank__ _100 400
400 400
Follansbee Bros pref_ _ _100
95
96
Hach Linn corn
21
21
Preferred
40
3934 40
Independent Brewing pf 50
256
23-4
Koppers Gas & Coke pref_ 1003-4 10034 101
Lone Star Gas
25 97
77
80
McKinney Mfg Co corn •
12
12
Monongahela Nat Bank100
400 400
Nat Fireproofing com__.50 17
17
1751
34
Preferred
34
50
4
Penn Federal Corp com__•
43i
1165
Peoples Saving he Trust 100
170
Phoenix Oil Co pref
I
40c. 40c. 40c.
Pitts Brewing pref
50
751
734
-28
Pitts Investors Secur corn _•
2894
Pitts Plate Glass
67
69
100 67
Plymouth 011 Co
2294 233.4
5
Reymers Inc
2394 239-4
San Toy Mining
Sc. Sc.
1
Stand Plate GI pr pref_100
32
32
Stand Steel Springs
74
75
Stand Steel Propeller
24
2556
42
Union Storage Co
42
25
United Engine& Fdy corn* 4134 4194 42
Vanadium Alloy Steel
701% 71
71
443-4 46
Westinghouse Air Brake •
*3
1_____
48
Witherow Steel corn
50
7336 74
Preferred
100
Range Since Jan, I.
X
7756
5356
51
4534
5834
1934 May
96 May
134 May
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
P
BondsConsol Trac NJ 1st 5s 1932
Elec & Peoples tr ctfs 4s '45
Certificates of deposit_
Inter-State Rys coil tr 4s'43
People Pass tr ctfs 4s_ _1943
Phila Elec (Pa) 1st lien &
1960
ref 5s
1965
1st 5s
Phila Elcc Pow Co 534s '72
Strawbridge & Cloth 5s '48
York Railways lot 5s1937
1994 2234 6,300
% 130,200
%
65,500
154 2
May
194 Jan
Jan
4
May
May 3894 Apr
Mar 753i May
Feb
Mar 47
Mar 2001-4 May
May 3994 May
May
May 95
Jan 4234 Jan
Jan 5334 Mar
Apr 2534 Jan
May 5236 Jan
May
Mar 45
Stocks (Concluded)-
ggg
2
2,000
%
3
3,400
500 3134
19,100 3956
11.000 42
43,500 157
30,500 37
9,000 87
1,200 3294
100 48
900 1934
100 44
100 35
High.
:Z
.A.
••••
&CA
W
-4W4.00.S.N-4N NN=N
WR
N*0*00 weANc-a*-a
N. **aa*oapa
0,,,,,
**AAOWNAAN0,NN000•A•Ah=00*.ap*N*0000p-a=0Ngaomaacaw*-aw,,,,c,
1954
Low.
*
NA.N*NW
4.*WOON
g g
g
%
%
Tono-Belmont Devel____1
34
1
3
3
Tonopah Mining
33-4
Union Traction
50 3754
379.4 3734
,
United Corp temp ctfs_
59
6334
Temp ctfs preference__ _
45
4534
50 19794 187 10734
United Gas Irnprov
New W I
3951 37
3994
pref
87
95
lIew W I
95
United Lt &Pr A com_
*
3434 3434
49% 4934
1J S Dairy Prod class A__ ..
Victory Insurance Co___10 1934
1956 1934
44
West Jer he Seash RR_ _50
44
Westmoreland Coal__ _50
Odd Lots
Range Since Jan. 1.
bP.
g
Lan Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Rights
E G Budd W I
Penn ItR
United Gas Improv W I
[Vol,. 128.
710.000
• No par value. e New stock.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, May 25 to May 31, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last 1Veek's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
•
Aetna Rubber, corn
AkronRubFtecialm'g corn •
Allen Industries, com_
•
•
Preferred
Am Multigraph, corn__ --•
•
Apex Elec
Bond Stores "A"
20
Bulkley Building, pfd._100
*
Byers Machine "A"
Central Alloy Steel, pfd100
•
City Ice & Fuel
Clark, Fred 0, corn ....1O
Cleve Auto Mach pfd _100
CleveBldrsSup&Brcom _.•
Cleve-Cliffs Iron corn....
Cleve Electric III 6%pf 100
Cleve Railway corn_ _IGO
Cleve Securities, P L pf _10
•
Cleve Tr fits
CleveWorstedMIlis corn100
100
Chase Brass Pfd
Commercial Book Bind _-•
Elec Contr & Mfg corn •
*
Falls Rubber corn
2.5
Preferred
•
Ferry Cap he Screw
FirestoneT&Rub6%pfd100
7% preferred
100
Foote-Burt corn
*
179-4
3
63.4
373-4
12
54
034
100
29
200
180
23.6
453-4
1356
104
6
16
30
1073.5
• 34
Geometric Stamp
Gen Tire he Rub corn.. _25
Preferred
100 99
Catalan Shoe corn
•
Gt Lakes Towing corn _100
Greif Bros Cooperagecom *
Guardian Trust
100
Goodrich
•
Halle Bros
10
Preferred
100
Harris-SybPotter corn. •
Iligbie If Pr
100
India Tiredatub corn.....• 57
Jaeger Machine corn
•
Jordan Motor pfd
100
KelleylsiandLime&Trcom•
LakeEriellolt*Nut com__* 36
Lamson Sessions
25
Midland
•
Miller W'sale Drug corn...*
Miller Rabber pref___ _100
Mohawk Rubber corn____•
Preferred
100
Murray Ohio Mfg corn...* 37
Myers Pump common_.• 36%
National Acme corn
10
National Carbon pref__100 132
National City
100
National Refg corn
25
National Tile corn
• 33
Nestle-LeMur corn
• 25
NIneteenliunWasher corn • 28
Nor Ohio P & L6% yid 100
Ohio Bell Telep pref___100 113
Ohio Brass "B"
• 83
Preferred
100
Range Since Jan. 1.
Low.
High.
143% 15
1756 1756
10
1034
2834 2934
3096 37
363-6 381%
494
5
6531 6534
1256
12
111
111
54
54
934 994
100 101
29
29
199 205
1113-4 112
100 10034
251
23.6
45
4551
1354 14
104 10434
263-4 27
57
5834
6
6
16
16
30
3254
10934 110
10756 108
47
49
350
145
90
125
315
2,250
834
31
110
37
52
360
160
154
459
82
495
257
459
178
96
420
170
148
10
770
70
165
825
14
143-4
8
28
35
2634
3
643-4
934
10894
54
5
70
2854
135
1103.4
100
234
45
133-4
103
2694
57
5
6
30
1083/
10734
40
May
May
Apr
May
Mar
Feb
Jan
Mar
Feb
Mar
Apr
Jan
Feb
Mar
Feb
Mar
Apr
May
May
Apr
Mar
May
Jan
Jan
May
May
Apr
May
Jan
27
24
1494
34
40
40
5
66
20
113
64
1394
110
35
275
1123-4
110
33-6
60
1934
10434
35
69
11%
16
3434
111
111
5456
Jan
Feb
Jan
Feb
Jan
May
May
Mar
Feb
Mar
Mar
Mar
May
Feb
Apr
Feb
Mar
Jan
May
Mar
May
Mar
Mar
Feb
May
Apr
Jan
Jan
Feb
35
34
285 285
99
95
48
48
90
90
40
4034
400 406
74
74
42
42
10334 10334
1214
12
106 106
61
56
3351 34
45
45
55
55
36
36
5534
55
425 42594
37
36
70
7036
52
52
81
81
37
37
364 3754
3234 33
132 132
305 305
3534
36
3294 34
26
25
28
28
9734 973.4
113 1133i
823.4 83
106 106
336 29
55 250
140 95
317 4534
55 90
135 40
58 376
100 74
40 4156
100 1023.4
60 12
50 106
4,445 39
30 3231
50 3056
203 55
200 29
42 43
237 350
85 27
125 . 70
58 52
17 81
85 323i
615 3294
150 2934
63 127
65 254
430 33
734 3251
640 22
11 22
4
30 977
62 11234
141 8051
20 105
Feb
Feb
May
Apr
May
Jan
Jan
May
May
Apr
Apr
May
Jan
Apr
Mar
May
Jan
Feb
Mar
Jan
May
May
Jan
Apr
Mar
Jan
Feb
Mar
Apr
May
May
Feb
Mar
Mar
Apr
May
40
300
102
54
96
43
500
9734
50
105
15
1.0734
73
4534
60
6034
39
60
430
42
85
653.4
9094
43
40
38
13234
305
48
41
21134
303-4
9994
11594
92
107
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Apr
Jan
Jan
May
Mar
May
may
May
Apr
Mar
Jan
Jan
Jan
May
Feb
May
MaY
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Conauded) Par. Price. Low. High. Shares.
38
27%
21%
22
43%
35
53
114
7
7
10
38
27%
22%
22
43%
36
54
120%
7
22
42% 42%
26
90
90
105
7%
7%
70% 70
50
50
3%
100%
29
22
43
26%
92
106%
7%
72
50
3%
100%
29%
•
Packard Electric com_
•
Packer Corp corn
Paragon Refining corn__ _• 21%
Voting trust ctfs
Preferred
Pat Sargent
Reliance Mfg common___* 53
Richman Brothers corn_ -• 114
Robbins & Myers ser 1. •
•
7
Series 2
25
Preferred
•
Scher-Hirst class A
Selberling Rubber com___•
Selby Shoe corn
Sherwin-Williams corn _ _25
100
Preferred
Stand Textile Prod corn 100
100
A preferred
100
B preferred
Stearns Motor corn
Steel & Tubes Inc com__25
Sun Glow Inc
Trumbull-Cliffs Furnace
100
Preferred
100
Union Bank
*
Union Metal Mfg com
Union Mtge 1st Pref-100
100
Union Trust
100
W R I Corp pref
•
Weinbarger Drug
Wellman-Seaver-Morgan100
Preferred
Wheeler Prod
Widiar Prod
Wood Chemical Products
•
Common A
Youngstown S & T pref 100
10%
103 103
280 280
48
48
2
2
392 396
392
103% 103% 103%
48
50
50
103
70
33
22
102
70
33
22
25
102
25
10e
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
100 38
56 27
1,181 21%
175 21
30 42%
525 34
373 47%
1,255 114
6%
50
7
100
400 10
High.
May
32
33%
May
May
30
Jan 28
Feb 44%
May 38%
Mar 59%
May 123
Jan
814
10
Jan
Mar 16
Mar
Jan
Mar
Mar
Mar
Mar
Apr
May
Apr
Mar
Jan
Trust Co. Stocks
St Louis Union Trust_ _100
Jan
50 21% Feb 25
Jan
May 65
560 40
Jan
May 35
91 26
Apr 105
May
595 82
Jan
169 104% Mar 108
8% May
700
7% May
May 75 Slay
636 70
46 42
May 50 Slay
3 May
6% Jan
63
Feb 100% May
4
94
May
36
May 30
29
6
2
27
1
12
79
940
103
280
47
2
307
103
24
25
100
400
AP
AP
May
May
Jan
Ma
Jan
105% Jan
Jan
300
Jan
60
Apr
3
May
424
Mar
104
May
50
62
AP
32% Ap
Ma
22
May
70
Mar
36
29% Feb
Apr 29
Jan 104
35 25
110 101
Miscellaneous Stocks
100
Aloe (A 5) Co pref
Bentley Chain Stores corn *
Boyd-Welsh Shoe
100
Brown Shoe pref
•
Burkart Mfg corn
Champ Shoe Mach pref 100
Chicago Ry Equip com_ _25
Coca-Cola Bottling Sec_ _ _1
Consol Lead & Zinc A_ _ _*
100
Como Mills Co
100
Elder Mfg A
Emerson Electric pref_ _100
Ely & Walk 13 Gds corn 25
Fred Sledart Mfg corn
Fulton Iron Works corn_ *
10
Granite Bi-Metallic
Hussmann Refr corn
Hydrau Press Brick corn100
International Shoe pfd _100
Common
Johansen Shoe
Johnson-S & S Shoe
Jan
May
• No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, May 25 to May 31, both
inclusive, compiled from official sales lists:
Stocks-
.wles
rrlauy
Last Week's Range for
of Prices
Week.
Sale
Par Price. Low. High. Shares.
• 57
62
57
Amrad
36% 39%
38
*
Alum Ind
•
1334 13%
-Fox B
Ahrens
82
86%
Amer Laund Mach corn 25 84
22% 22%
Amer Products
" 25
25%
25
Preferred
106% Ill
Amer Roiling Still com_ _25 109
Amer Thermos Bottle A.._* 16% 16% 17
50 46
46
46
Preferred
100 20
20
20
Baldwin corn
100
96
96
New preferred
14
14%
*
Buckeye Incubator
*
Carthage Mills
Cent Ware & Refrig A__ _20
Preferred
•
Churngoid Corp
Cincin Ball Crank pref.__ _
Cincinnati Car II
Ctn GaS & Elec pref.._ _ _100
Cincin Gas Transport. _100
C N & C Lt & Trac com 100
100
Preferred
Cincinniti Street Ry____50
50
Cincin & Sub Tel
Cincin Union Stock Yds 100
*
City Ice dr Fuel
•
Coca Cola A
Cooper Corp (new)_ _ _100
100
New preferred
*
Crosley Radio A
Crown Overall prof__ _100
Dan Cohen
100
Dow Drug corn
Eagle-Picher Lead corn_ _20
•
Egry Register A
100
First National
•
Formica Insulation
French-Bauer (del)). •
-Bauer pref100
French Bros.
Fyr-Fyter A
*
Gibson Art corn
Globe-Wernicke corn_ _ _100
Goldsmith Sons
•
Gruen Watch corn
100
Preferred
Hatfield-Campbell pref 100
•
Int. Print Ink
Julien Kokenge
40
Kahn participating
Kelly Koett
*
Kodel Elee 8: /Mg A
Lazarus pref
Leland Elec
*
Lunkenheirner
100
Slanischewitz pref
•
McLarens Cons A
•
Mead Pulp
•
Moors Coney A
Moors Coney B
100
Nash (A)
Nat Recording Pump._ *
Newman Mfg
100
Ohio Bell Tel pref
Paragon Refining 13
Proctor & Gamble corn. _20
100
5% preferred
100
Pure 0116% Iva
•
Rapid Electrotype
100
Richardson corn
100
Second National
10
U.S Playing Card
US Print & Litho com_100
*
Whitaker Paper corn
100
Wurlitzer 7% pref
Range Since Jan. 1.
Low.
'
High.
581
458
45
525
100
46
167
170
129
280
10
730
37%
32
12%
81
20
23
90
15
46
19%
96
10
Mar 70,4
Apr 43
Apr 15%
Mar 96
Mar 29
May 30
Mar 120
18
May
Slay 48
May 29
May 107%
Jan 27%
50
50
1%
14
7% 834
23
2534
33
33
3
3
97 97%
131
139%
106% 115
85
86%
4434 46%
118 119
35
35
52% 54
30
30
40
40
60
55
88
88
106 106
27% 28
20% 25
16% 17
2934 2934
430 430
BO
50
12% 12%
99
99
23
23
8
100
35
102
10
79
214
140
925
950
494
375
50
35
100
74
73
2
31
155
75
1,469
135
5
1.158
10
7
9
38
144
734
20
Mar
Slay
May
Mar
3
96%
125
93
70
4434
118
35
52%
30
40
55
88
106
26
20%
16%
29%
429
26%
12%
90
23
Apr
Apr
May
Apr
Jan
May
May
May
May
Apr
Slay
May
Feb
Feb
Apr
May
May
May
May
Jan
Apr
Feb
May
4
99
130%
115
90
5534
130
4414
63
34
45
80
127
108
31%
41%
21%
37
450
67%
1334
99
28%
Apr
Jan
may
May
May
Jan
Jan
Jan
Jan
Feb
may
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
May
Apr
May
May
46
46
75
75
29
2934
4814 52
115 115
93% 93%
46% 48
25
25
40
40%
24% 24%
17% 19
18
99
99
43
43
3014 3014
118 118
20
20%
66
67
27
26
26
6
6
165 173
167
28% 29%
27
28% 26
112% 112% 112%
22%
22
362 370
365
104 104%
100% 100 100%
6814
68
45
45
45
240 240
9714 97%
103% 108
73
73
114 114
40
25
1,433
298
106
10
56
100
33
25
465
65
75
25
5
80
22
47
10
48
155
948
10
45
699
65
179
30
20
15
52
95
1
4
46
May
74% May
24
Jan
48% may
114% Jan
93% May
4614 May
25
Star
36% Jan
24% May
17% May
99
May
43
May
Jan
28
118
May
16% Jan
65
May
26
May
6
May
150
Jan
26% May
26
May
111% Apr
21
May
279
Jan
102% Feb
99
Apr
58
Feb
45
May
240
May
973( May
85% Jan
73
May
114
May
58
97
3614
60
116
98
6334
30
42
25
29
100
50
32
118
22%
71
31
10
175
34%
27
11434
30
390
105%
103%
71
58
249
115
115
87
117%
Feb
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jan
May
Feb
May
Mar
Jan
May
May
Jan
Apr
Mar
Jan
Feb
May
Jan
May
May
May
Jan
May
Mar
Jan
Jar
May
Jar
Apr
33
97%
135
110
85
46
55
27%
25
16%
2914
56
29%
May
Slay
Jan
Jan
Jan
Jan
Slay
Jan
May
Jan
Jan
Mar
May
50
1% Apr
15
Apr
37
Jan
• No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, May 25 to May 31, both inclusive, compiled from official sales lists:
Stocks-
3663
FINANCIAL CHRONICLE
JUNE 1 1929.1
Sales
Friday
Last Week's Range for
of Prices.
1Veek.
Sale
Par Price. Low. High. Shares.
Bank Stocks
First National Bank _ _ _100 437
Mercantile-Commerce _100 303
437
291
440
307
Range Since Jan. 1.
Low.
High.
98 342% Jan 440
96 1-3 294
May 310
May
May
Key Boiler Equipment._*
*
Knapp Slonarch com_
Preferred
20
Laclede Steel Co
Mahoneys-Ryan Aircraft _5
Marathon Shoe corn.. .._25
Moloney Electric A
Mo Portland Cement.. _ _25
*
Nat Bear Metals corn_
Nat Candy cam
100
1st preferred
Nicholas'Beszley
Rice-Stix Dry Goods corn _*
100
2d preferred
-V
Scruggs B D G com_ _ _25
100
1st preferred
•
Scullin Steel pref
Securities Inv., pref _ _ _100
Sieloff Packing ram
Sou Acid & Sulphur com_
Sowastern Bell Tel prof..100
Stix Baer & Fuller corn._*
St L Amusement A
10
St Louis Car corn
St Louis Pub Serv corn. _ _*
Wagner Electric corn.. _15
540
22
11734
100%
13%
200
100
27%
10534
67
58
51
19%
43
10514
2034
19%
32%
106
117%
Street Railway Bonds
City Sr Suburban P S 5s '34
E St Louts & Sub Co 5s1932
United Railways 4s_ _ _1934
19
37%
540
104% 104%
23
20
3714 37%
117% 117%
614 6%
10015 100%
7% 7%
48
49
13
13%
200 200
74
73
100 100
27% 28
20
20
4% 434
80c
750
26
26
3%
3
104% 105%
65
6754
37
37
59
58
51
51
29% 29%
38% 3854
50
50
19% 20
40
40
55
56
4214 43%
88
88
24%
24
105% 105%
20% 20%
19% 20%
9534 96
16% 1634
77
75
33
32
105% 106
17
17
47
47
116% 117%
3414 35
20
20
22
22
18% 19
38%
37
81%
Range Since Jan. 1.
103%
20
37%
117
6
100%
7
37
10%
190
72
100
27%
20
4%
50c
22
3
104%
63
37
54
Miscellaneous Bonds
93
Moloney Electric 5145 1943
105
Nat Bearing Metals 6s 1947
1935 100% 100%
St Louis Car 6s
99
serial
Scruggs-V-13 7s
96
1941
Scullin Steel as
94
105
100%
99
96
Mar
May
May
Feb
May
May
Apr
Jan
Jan
Star
Star
May
May
May
May
Star
Apr
May
May
Apr
May
Feb
80
106
30
25
7%
80e
3514
4%
110
74%
3914
65
Mar
May
Jan
Apr
Jan
Jan
Feb
May
May
Apr
Jan
Jan
Jan
Apr
Jan
May
Feb
Feb
Feb
Mar
Slay
Feb
5214
30
40
57
2314
.53%
63
55%
9934
26%
110
2214
2414
100
19%
80
4214
107
May
May
Mar
Mar
Feb
Jan
Apr
Jan
Apr
Apr
Feb
Mar
Jan
Feb
Feb
Jan
Jan
Apr
58
121
4414
20%
26
24
50
Mar
Jan
Feb
Feb
Jan
Feb
91
96
85
Jan
Apr
Jan
105
40
40%
119%
10%
108%
9
52%
1714
200%
May
90 45
Star
10 23
20 38% May
May
91 49
2,547 16% Jan
May
6 40
404 52% Feb
537 42% May
Apr
75 77
625 18% Jan
Stay
15 105
465 10% Apr
962 1915 May
30 95% May
20 16% May
May
10 75
May
530 32
Slay
60 105
65 16% Mar
50 45% May
207 116% May
65 32% Apr
May
50 20
100 22 May
500 18% May
May
4,257 37
$9,000
89
89
9534 95% 11,000
8134 82% 20,000
May
Jan 540
15 500
20
508
40
15
120
3
46
151
380
130
100
2
400
310
10
250
64
300
295
973
100
250
High.
Low.
May
89
9514 Slay
8034 Jan
May
6,500 93
2.000 10314 Jan
Ap
1,000 100
1,000 9714 Jan
May
1,000 96
18% Mar
Feb
9514
105
101%
100
101
Feb
May
Feb
Mar
Feb
No par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, May 25 to May 31, both
inclusive, compiled from official sales lists:
Sates
Friday
Last Week's Range for
1Week.
of Prices
Sale
Par Price. Low. High. Shares.
Stocks-
63
• 53
Asso Gas dc Elec A
25 4134 4114
Barnsdall Corp A
2.25 2.30
1
Bolsa Chica 011 A
.28 .25
Buckeye Union Oil pref _1
35
* 36
Byron Jackson Co
5014
• 5031
Bean Mfg Co corn
136
25 136
California Bank
101
Central Investment__100 101
3434
Douglas Aircraft corn_ ___" 36%
34
Emsco Derrick dc Eq corn.* 34
Farm A: Merch Nat Bk.100 490 4 90
Range Since Jan. 1.
Low.
300 53
53%
800 38
42
2.50 23,800 1.70
.35 10,400 .25
8,600 33
39
100 49
5034
150 125
13614
90 101
101
3934 5,300 2434
4,100 34
36
10 460
490
12
12
8 12
Gilmore 011
30
30
Globe Grain & Mill com_25 30
99
99
Goodyear T & Rub pfd_100 99
Goodyear Textile pref__100 100% 10034 10034
25 58% 58% 59
Golden State Milk
25
25
Home Service 8% pref.. _25 25
5434 56
corn 25 56
Hydraulic Brake Co
10 5334 5334 54
Int'l Re-Insur Co
6%
6
634
Rites
3234 3234
III-Pacific Glass Corp A__• 3234
42
42
Jantzen Knit Mills corn__• 42
974 9%
9%
•
Jenkins Television '
400
100
80
10
700
50
600
500
400
100
100
100
May
Feb
Apr
May
Apr
Apr
Jan
Apr
Mar
Slay
Jan
10
30
98
98
58
25
40
43
6
3214
42
9%
5,083 60
85
80
Lincoln Mortgage corn__ _* 80
130 102
L A Gas dr Elec pref.__ _100 102% 102 10234
2.15 11,200 2.15
2.15 2.15
1
I. A Investment Co
1,300 3434
3834 40
25 39
Macmillan Petro
850 1.50
1.65
1.50 1.50
1
Mascot Oil
1,600 80
80
80
1 80
Mt Diablo Oil
3,800 210
355
335
1 340
Occidental Pete corn
1.050 6734
Pacific Finance corn__ 25 1134 109 114
800 70
81%
Pacific Lighting corn_ _ _ ..• 80% 80
231 35
36 . 36
Pacific National Co .._.25 36
16% 16% 1,300 1614
• 1634
Pacific Western Corp_
5
1,800
5%
10
Republic Pete Co
534 6
100 60
62
62
Republic Supply CO
• 62
41% 4434 11,800 40
25 42
Richfield 011 corn.
1,048 2334
23% 2434
25 24
'Preferred ex war
Rio Gr 011 corn (new) _25 3134
3035 53% 26,600 32%
Seaboard Nati Sec Corp._25
Seaboard Nati Bank _ _ _ _25
SanJoaqL&P6%pr pfd _100
%
7 prior preferred __100
Signal 011 & Gas "A" 25
25
So Calif Edison corn ___ _25
25
534% pfd
25
6% pfd
25
7% pfd
2'
Orig pfd
Standard Oil of Calif ____•
Seaboard Dairy Co pr._100
.
Security-istNatBkCo _ _25
25
Trans
-America Corp _
25
Union Oil Associates
25
Union Oil Calif
1
White Star 011
- Bonds-
on as
• No par value
__
46
45
100%
113
3734
38
5834
2434
2534
2834
58
73%
100
130
13674
4734
4774
40
40
45
45
45
100% 100%
113 11434
3734 38
38
38
5534 5834
24% 2434
25% 25%
2834 28%
58
58
75%
73
100 100
129% 132
135% 13834
47% 493-4
47% 4914
40
40
80
SO
20
130
1,60
100
7,600
2,580
3.772
2,736
200
8,500
20
2,850
1,800
6,200
6,000
1,000
42
42
100
11214
36%
38
54%
2414
2534
28%
56
6434
99
125
125
45
4634
40
High.
May
May
Jan
Jan
May
May
May
103% Mar
45
May
44% Feb
Mar
490
5734
4834
4.30
1.85
4314
5434
142
Mar 15% Jan
May 34% Mar
May 101% Mar
Feb
Feb 102
Slay 59% May
Apr 26% Jan
Jan 6034 Mar
AP/
Feb 65
Ape
9
Stay
May 4634 Jan
May 48% Jan
Mar
May 17
Jan
May
Jan
Feb
Star
Apr
Jan
Jan
Jan
Feb
May
May
Jan
Feb
May
Jan
1.47%
108
2.55
43
3.10
300
5%
12034
84
4034
23
9%
62
48%
2514
4234
Apr 50
Apr 48
Star 10134
Apr 114%
Feb 48%
May 4734
Jan 6714
Star 25
Star 26%
Star 2934
May ,70
Feb 8134
Star 100
Star 14234
Feb 143
Feb5334
Feb 54
50
Ap
Jar
Jan
Jar
May
Jan
Jar
Jan
Jar
May
Mar
Jar
Fet
510.1
Jar
Apt
Jar
Fet
Fet
API
Mai
Mal
Mai
Jar
Fel
Jai
Jar
Fel
Ma]
Mat
AP
Ma
Ap
AD
Ma.
FINANCIAL CHRONICLE
Low.
High.
135 138
4,370 135
May 151% Mar
44
51
1,387 44
May 65% Jan
834 9
1,358
84 May
12 Mar
25
28
1,415 25
May
May 31
1834 1934 2,650 1834 May 20
May
310 320
180 290
Jan 340
Apr
50
514 3.628 454 Feb 554 May
344 3934 13,151 31 Mar
4334 May
27
835 26
Apr 2734 Feb
27
5% 6
5% May 1034 Feb
607
65
65
275 63
Apr 94
Jan
42
42
250 42
May 58
Jan
73
Mar 8134 Feb
744 1,760 73
7534 80
71
13,384
Mar 8734 May
364 3834
880 3634 May 5034 Jan
98
98
Jan
208 98
Jan 99
904 91
530 904 May 96
Jan
91
91
May 95
Mar
115 91
18
May 2534 Jan
1934 7,797 18
22
2234
1,706 1734 Jan 2634 Mar
35
1,091 24
Mar 444 May
384
2434 2434
140 2434 May 374 Feb
4.25 4.75
935 4.25 May
Jan
7
7% Jan
8
74 734
120
Feb
107 109
480 104% Mar 151
Feb
140 140
Feb 146
Feb
70 140
11
1,086 104 Mar 1334 May
1134
50
5034
500 50
May 55
Jan
5534 59
6,688 52% Mar 6034 May
1054 10634
Mar 10734 Apr
106 105
Mar 10234 Feb
21) 100
10034 1005
224 224
495 2034 May 2834 .Feb
204 2034
100 2034 May 23% Jan
53
53
60 5034 Jan 5534 Apr
287 59
Apr 6534 Apr
6334 6434
40
287 3934 May 4634 Jan
4034
42
434 4,569 354 Feb 4434 May
64% 65
150 6034 Jan 66
Apr
22% 23
390 22
Mar 2334 Jan
3()
1.665 30
32
May 47
Feb
Rainier Pulp & Paper
220 2934 May
2934 2934
Richfield 011
42
414 4334 7,168 39% Feb
Preferred ex-warrants,.
2334 24
1,305 2334 May
Roos Bros com
280 314 Mar
32
32
Preferred
100 98
98
May
98
San Joaq & P6% pr pfd_.
15 9834 Mar
10134 10134
Schlesinger (B F) A corn_
860 1634 Apr
1734 1734
125 86% Mar
8934
Preferred
89
Shell Union 011 com
Feb
27
1,340 26
28
Spring Valley Water
May
300 84
85
84
Standard 011 of Calif
73% 7294 7534 18,463 6434 Feb
Standard Oil of N Y
200 39% May
3934 39%
May
Thomas Alec CO
505 20
2034
20
Feb
Tidewater Ass'd Oil cora
______
194 1934 1,020 18
Apr
21
Traung Label & Litho Co
Feb
Transamerica Corp
135% 135 13894 25,140 125
Union 011 Associates
4934 2,727 444 Feb
47
47
Union 011 of California___
4734 4734 49% 4,280 4634 Feb
Union Sugar corn
105 1934 May
19% 19%
Wells Fargo Ilk & Un Tr_
Mar
55 300
303 310
A In
A 15
9110
A 011
MitV
XXXXXXXXXX
American Company
135
Atlas L M Diesel Eng A_ _ _
45
Assoc Insurance
834
Aviation Coot Calif
25
Bond and Share Co
Bank of California N A - 320
Bean John corn
51
Byron Jackson Pump Co- 36
Calamba Sugar corn
California Copper
Calif Cotton Mills com_
California Ink Co A
California Packing Corp
74
Caterpillar Tractor
7734
Clorox Chemical Co
384
Coast Co Gas & El lot pref 98
Crown Zellerbach pref A_
Preferred B
Voting trust ctfs
1834
Dairy Dale B
22
Douglas Aircraft Corp_
Emporium Corp, The
Fageol Motors corn
4.40
Preferred
Firemans Fund Insurance- 1074
First Secur Ogden
140
Foster and Kletser com
11
Galland Mere Laundry
______
56
Golden State Milk Prod__ _
Great Western Power pref. 106
Hp%
Series A 6% pref
General Paint B
Haiku Pineapple Co Ltd pf
Hawaiian Coml & Sul; Ltd
Hawaiian Pineapple
Home Fire and Marine Ins
Honolulu Cons 011
43
Honolulu Plantation
Hunt Bros Pack A com
______
Illinois Pacific Glass A
3014
Range Since Jan. 1.
High.
POW44;44ligVit:SCSM'; Lt:igO.F,Egg'424473:41;n44;EI
Stocks-
Low.
May
482 41
41
4234
May
29,037 23
33
23
Feb
292 28
32
32
Jan
701 25
31
29
Apr
100 16
16
16
Jan
7
150
934 934
May
550 32
32
3334
65 1024 May
102% 1024
204 21
325 204 May
54 May
54 634 22,607
May
100 32
32
32
Jan
127 113
122 123
Jan
94
15 94
94
Mar
24
922 20
24%
May
236 26
25% 25%
1,320 314 May
30% 3434
May
31%
28
1,857 28
5634 5734
1,974 54
Jan
25% 26% 2,363 25% May
7934 82
Jan
4,788 70
101% 101%
May
55 101
1.00 '1.10
400 1.00 May
2334 2334 4,642 204 Jan
8234 1,858 794 Mar
80
1334 1334
15 124 Mar
X
"
-natty
sates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Jantzen Knit Mills
Kobster Radio Corp
254
Langendorf United Bak A.
la
Leighton Ind A
16
B voting trust Ms
Leslie Salt Co
La Gas & Elee pref
Lyons Magnur A
21
Magnavox Co
6%
Magnin 1 com
North Amer Invest com
122
5% Preferred
North American Oil
Occidental Insur Co
Oliver Filter A
31%
B
28
Pee Gas & Elea corn
574
1st preferred
26
Pac Lighting Corp corn, 80
6% Preferred
Pacific 011
1.10
Pac Public Service
2334
Paraffine Co's Inc corn,.,
Pign Whistle pref
XXX ° 0 X
'
both inclusive, compiled from'official sales lists:
Range Since Jan. 1.
MXXX X XXX XX
tions at San Francisco Stock Exchange, May 25 to May 31,
sates
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Concluded) Par. Price Low. High. Shares.
.- N
w..
....-moag mwba4.opowwwo.kpwoo.w
,
.
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,
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San Francisco Stock Exchange.
-Record of transac-
[VoL..128.
K XXX
3664
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last(May 25) and ending the present Friday (May 31). 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
Sates
Last Week's Range for
Sale
of Prices
Week.
Par. Price. Low. High. Shares.
Week Ended May 31.
Stocks-
Indus. & Miscellaneous.
Abbott Laboratories
Acetol Producta coal A...' 10
Acoustic Products corn
434
•
Aero Supply Mfg cl A_
•
Class 13
1434
Aero Underwriters __
• 35
Aida Ansco Corp corn-- • 3534
ilk)
Preferred
Ainsworth Mfg Co
• 504
Ma fit Southern ord---50 148
Alexander IndUstries
• 1534
Alien & Fisher Inc com--• 234
•iiied Pack coal
•
Allison Dung Stores A_-_•
3
Class B
•
14
Alpha Pottl Cement dom.'
Aluminum Co oommon_ •
Preferred
100
Aluminum Ltd
• 1464
Ala III II I UM Goods Mfg .._ _• 2934
Aluminum industries....' z3734
III
American Arch Co
Amer Bakeries class A- •
• 15
Amer Beverage Corp._ _.
Amer Brit & Coot Corp-. 1534
•rn Brown Bpveri Elea Corp
• 2034
Founders shares
American Cigar com___100 120
Amer ColortYPe corn
.
Amer Cyanamid oom ol B 20 3934
Amer Dept Stores Corp- • 13%
100
let preferred
Amer Laundry Mch corn.'
Amer Manufactur com_100
100
Preferred
Amer Meter
•
25
Amer Milling
Amer Phenix Corp
50
Am Solvents& Chem V II o• 2934
5
Amer Thread pref
Amsterdam Trading Co
American shares
Anchor Poet Fence corn- •
Anglo-Chile Nitrate Corp_• 3834
4%
Anglo Norwegian Holding*
Range Since Jan. 1.
Low,
45
23
19
50
14%
4834
4334
9034
5334
161
23
3634
2
734
554
5434
29034
10834
154
41
44
4735
50
1534
2234
May
Jan
Jan
Apr
Apr
Feb
Jan
May
May
Feb
Mar
Jan
Jan
Jan
Mar
Feb
May
May
May
Feb
May
Jan
Jan
Jan
Feb
3.800
834 Jan 2034
175 12034 May 144m
200 37
Jan 4934
4,000 3934 May 80
5.100 1234 May 29
200 8834 May 114
75 77
Mar 954
75 374 Jan 50
50 66
May 70
100 11434 Apr 4124
100 57
May 59
500 60
May 6034
1,000 2634 Jan 4034
700
3
Feb
334
May
Mar
Feb
Jan
Mar
Mar
Jan
May
Feb
Jan
May
May
Mar
Jan
100 45
May
45
45
6
300
May
10
6
13,100
44 5
434 May
100 3834 Mar
39
39
13
May
1434 2,400 13
700 35
374
35
May
3434 3534
1,200 32
Apr
84% 84%
100 7334 Jan
50
Apr
534 2,700 39
145 148
600 144
May
15
17
2,100 13
Mar
2234 23%
600 2234 May
sit
300
'is
et• May
2
3%
700
194 May
1
1%
700
1
May
4234 4534 1,200 4234 Mar
252 270
1,000 146
Jan
10834 108 34
200 10334 Jan
144% 1504
1.100 1064 Apr
2934 31
700 2934 May
x3734 39
1,000 36
May
3834 3834
100 3734 Apr
47
47
100 47
Apr
15
15
1.200 1814 Jan
1534 16
700 15
May
1834 2034
120 12434
42
4234
3934 4234
1234 1534
8834 9134
80
80
50
50
66
66
116 1163.4
57
57
6034
60
2934 2934
334 334
High.
324 324
32
31
38
4034
434 434
100
400
1,600
300
Angus(The))Co corn vt o-•
1234 13
52
51
$4 cumul pref ser A_
*
Aroturue Radio Tube---• 42
3691 44
Armstrong Cork corn---• 68
6734 68
Art Metal Works com_
•
3634 3634
Associated Dye & Print--• 1934 1794 2094
Assoc Elea Industries
1234 1334
Amer dep rots
1234
1034 104
Associated Laundries A- •
Matoelated Rayon oom......• 2134 2034 2134
68
84
6% preferred
100 68
61
Atlantic Coast F/sheries. •
59
Atlantic Fruit & Sugar--•
"Is 1
as
Atlas Plywood
•
5434 5434
Automatic Regis Mach.... 11
1034 11
Conv prior panto
• 2034 1934 21
Aviation Corp of the Amer* 6334 6034 65%
Aviation (The) Corp corn.' 1834
1934
18
Aviation Credit
_• 1734
1734 n11334
Axton-Fisher Tob com A10 33
Corp__3434
33
Bahia Corp pref
25
10
10
Balaban & Katz com vto 25
6934 7134
Bastian-Blessing Co
*
48
48
BILUMM1(Ludwig)& Co
Cony 7% 1st prof- _100
97
97
Reliance Aircraft v t o. •
1854 21
•
Bendlx Aviation Corp_
7634 884
Bandit Corn corn
b 162
155 168
200
300
11,600
200
500
4,900
124
51
2234
61
36
1734
May
May
Mar
Jan
May
May
15
53
5534
75
5631
2734
Apr
Apr
May
Apr
Feb
Feb
39,100
100
600
1,800
2,500
14,100
100
3,100
4,200
4.100
35,300
400
200
100
500
100
934
10
19
64
9934
760
53
8
1934
3234
1734
1734
32
9
6934
34
Apr
Mar
May
May
May
Apr
Feb
Jail
Mar
Jan
Apr
May
Apr
Mar
May
Mar
1534
1434
3534
874
9034
2
8034
1554
2934
8234
23
234
4334
15
8834
43
May
Feb
Jan
Jan
Fen
Jan
Jan
Jan
Jan
Mar
May
Feb
Feb
Jan
Jan
May
Feb 100
Jan 24
May 994
Mar 105
May
May
May
May
30
Mar
2934 Mar
33
Jan
494 May
50 9234
400 16
66,500 7634
23,000 100
334 May
,
11331. Jan
4534 Jan
434 May
Kriclay
sates
Last Week's Range for
Week.
Sale
of Prices.
Stocki (Continued) Par Price. Low. High. Shares.
Bigelow-Hartford Carpet.'
Blauner'scommon _
•
Bile.(E W)Co common.
• 4034
Blumenthal (S) & Co oom • 8634
Blyn Shoes Inc corn
10
14
Bohaek (H C) Co cora_ •
Briggs & Stratton Corp..' 30
Class A
• 1434
Bright Star Elec class A- •
Brill Corp class A
• 19
•
Class B
Brill° Mfg coin
•
Bristol-Myers Co corn _ _ • 88
.
.
Brit Amer Tob ord bear il
Ordinary roe
LI
British Celanese-Amer deposit receipts...
934
British South Africa Co
Amer deposits receipts__
94
Bruce(EL) Co corn- •
Budd(HO) Mfg cam ..-• 36
.
Bulova Watch corn
•
$3.50 cony prof
•
Burma Corp Amur den rots
434
Burroughs Add Mach new* 61
Butler Bros
20 26
Rum Clark & Inc oom_.
•
834
Cable Radio Tube v t e....• 1434
Campbell Wyant & Cannon
Foundry
*
Capital Adminls class A._* 99
Preferred A
if)
Carman & '0 el A
(
.•
Carnation Mil Prod corn 25 3834
Casein Coot Amer_
_100
Caterpillar Tractor
• 7634
Ceco Mfg common
•
Oelaneee Corp of Am corn • 3894
fdret preferred
100
New preferred
100 9734
Centrifugal Pipe Corp...'
774
Chain Store *quoits Inc_ •
Charts Corp
•
Checker Cab Mfg cern__• 58
Chic HIPPle kits class A.50
Childs Co pref
100 102
Cities Servioe common_
ioo 28%
ppm
Preferred
Preferred B
9
10
Preferred BB
100
City Machine & Tool corn' 2534
Clark (D 14 Co
*
Clar: Lighter corn A
•
Club Aluminum Iftensil-•
7h
Cohn-Hall
-Marx
•
Colgate Palmolive Peet- • 6634
6% Preferred
Hio
Colombian Syndicate
1
Colt's Pat Fire Arms Mfg25 304
•
Columbia Pict corn
Columbus Auto Parts pfd..•
Consolidated Aircraft_ _....• 354
Como' Automatic
-Merchandising v to...'
5
$3.50 preferred
• 25
Consolidated Cigar warr
Consol Dairy Products_ •
Consol Film Indus com__• 1914
Canso' Instrument corn..' 2794
Consol Laundries
• 1634
Cons Rat Stores Inc oom.• 25
Consol Theatres Ltd v t e_•
ContInentalDiamondFlbre• 3434
Cooper-Beesem'rCorpcome 39
83 cum pref with warr ..• 4634
102
48
4034
8534
134
75
30
1434
20
184
8
18
8434
3031
304
102
48
4434
88
14
76
3334
18
20
19
8
183.4
90
30%
304
954 10
934
5334
36
2834
4834
44
5934
26
8
1434
25
100
3,100
1,200
1,700
200
1,100
2.400
100
400
800
1,200
3,100
500
100
3,200
1,400
1034
200
5334
1,100
4234
600
2934
100
4834
43.4 25,700
6,400
62
800
27
700
834
164 10,700
Range Since Jan. 1.
Low.
a%
Jan
934 May
4634 May
111
8454 1/
2834 May
4834 May
334 Fei,
594 May
2534. Mar
634 Feb
144 May
700 364 Mar
36% 374
May
1,700 39
4034
39
3534 3534 1,000 3534 May
200 ;'034 Apr
3034 3034
900 3334 May
3534 37
Jan
10 180
205 205
Mar
794 1,300 69
76
May
300 49
4934 4934
3834 3934 1,800 3894 May
1,800 10234 May
10234 105
8934 9794 9,240 8931 May
734 May
7% 834 1,200
600 303.4 Apr
31
31
400 3034 May
3034 31
5734 6434 8,400 4634 Jan
100
Mar
2
3
3
20 9731 Mar
102 102
s2834 29h 132,400 2734 May
gg
0934 2,100 9634 May
300
834 Jan
9
9
200 s9134 Feb
92
92
500 2434 Apr
2534
25
100 17
May
17
17
•
300
634
691 Apr
74 May
, 00
7% 2434 3 9
100 3634 Feb
3934 3934
6734 7,900 63 May
63
May
100 98
98
98
1
May
1
134 5,500
300 3034 May
3034 33
May
1,000 28
3034 35
May
200 25
29
25
3534 414 8,500 2534 Mar
44
25
7
3634
1934
2534
16
25
22
3394
39
4634
53-4 13,600
700
26
100
7
3734 1,300
6.800
23
5,800
28
1631 3,200
29
1,600
700
2234
3434 4,100
1,200
4034
4734 1.000
High.
Jan 104
96
48 May 6034
Apr 5634
89
80
Feb 9734
134 May
3
6434 Apr 80
33 May as
1155 Apr 18
Apr 24
19
1834 May 2634
1234
7
May
18 May
2794
8434 May 10934
3254
2934 A Dr
2934 Mar 32
44
2434
574
3634
18
23
16
25
1834
2534
39
464
May
May
Apr
May
Jan
Feb
May
May
Mar
Apr
APt
May
Mar
Feb
Jan
May
Jan
May
Mar
May
Mar
Apr
Mar
Mar
Feb
Feb
Jan
10
May
1034
5634
67
3234
60
54
67
4434
1734
1934
May
May
Mar
Mar
JIIII
Jan
May
May
•403
May
4634 Jail
May
44
37 May
a i 34 Fen
Feb
48
Jan
267
88
May
7
_0_ Mar
P7tt Feb
122
APr
100
Feb
Jan
13
4034 Jan
Jan
42
Max
94
43.4 Mar
Jan
109
3134 Mar
9934 May
931 Jan
Jan
03
3434 Jan
1834 Apr
2431 Jan
3334 Feb
4634 Apr
80)4 Jan
May
100
Jan
2
457-4 Jan
3834 May
35
Mar
4454 May
174
45
1331
5034
27
85
21
3934
23%
8934
4694
524
Jan
Jan
Feb
Feb
Apr
Mar
Mar
Feb
May
Apr
May
Apr
JUNE 1 1929.]
FINANCIAL CHRONICLE
e'riday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Corroon & Reynolds $6 pf_•
Courtalds Ltd Am dap
Rcts for ord stk reg.- _Cl
Crock Wheel El Mfg corn 100
Crosse & Blackwell
Preferred with warrants
Crowley Milner & Co com• 5034
10
Cuneo Press corn
Curtiss Aeropl Rap Corp.'
Curtiss Airports v t c____• 114
,
Curtiss Flying Sera Inc. _• 224
Curtbs-Reid Aircraft
pfd with etk porch war 30 324
• 3035
Davega Inc
• 24
Davenport Hosiery
Davis Drug Stores allot ctts
Dacca Record Ltd
3
Amer shs for ord she _£1
Deere & Co common......100 539
De Forest Radio v t e_ _ • 11 g
De Havilland Aircraft Co
Am dep rts newt pd reg_
10%
Amer dep rt. old I pd reg 104
s
Dixon (Jos) Crucible__ _100 167
• 30
Doehler Die-Casting
Dominion Bridge
•
• 36
Douglas Aircraft Ins
Dresser (S R) Mfg cl A__
45
Dubiller Condenser Corp.
534
Duff-Norton Mfg
Durant Motors Inc
•
931
Duz Co Inc class A v t C. •
Class A
•
Edison Bros Stores corn_.• 20
Educational Pictures
8% cum pref with war100 80
Eisler Electric corn
• 24
Elec Shovel Coal prat_ _• 47
•
Fabrics Finishing corn_
10
Fageol Motors own
Fairchild Aviation class A • 214
Fajardo Sugar
100 100
34
Fandango Corp corn
•
Fan Farmer Candy Shops• 30
Famines'Products Inc..__.' 12
Federal Screw Works
•
Federated Metals tr ett. • 29
.
Ferro Enameling Co cl
62
Fiat. Amer dep receipts_ _ _
27%
10
Fire Assn of Phila.
Fireman's Fund I nsur__100
Firestone Tire & R corn .10
Fokker Air Corp of Amer_• 4734
Foltts-FischerInc corn_ _ ..• 2836
Ford Motor Co Ltd
Amer dep rata ord reit_fl 16%
Ford Motor of Can cl A_ __• 48
Class B
• 79a1
Foremost Dairy Prod COM •
Convertible preference_• 22
Foremost Fabrics Corp_ _•
Forhan Co clams A
•
Foundation Co
Foreign shares class A. •
Fox Theatres clam A e,om _• 24%
Franklin (H II) Mfg corn • 3555
Preferred
100
Freed-Eiseman Radio. •
French Linea-Am sits for
Corn B atock_6(10 francs
Fresnman (Chas) CO
851
•
Garnewell Co corn
•
Oarlock Packing corn____• 2334
• 154
General Alloys Co
General Amerinvestors' 794
General Baking corn
•
64
Preferred
• 684
General Cable warrants_ _
28
Gen Elea Co of (it Britain
American deposit rats_ __
1251
Gen Electric (Germany)
Stock porch warrants_ _ _ ......
General Fireprmulng corn.' 33
Gen Incrust Alcohol v t
33
Gen Laund Mach com
• 224
Gent Realty & Utli Cala • 1734
Pt with Coin porch war 100 88
Gen Tire & Rubber corn_25
Gilbert (A C) Co com____•
Preference
•
Gleaner Combine Ilary_ •
Glen Alden Coal
• 11851
Goldman-Sachs TradIng • 97Si
Gold Seal Electrical Co. •
• 19
New
•
Gorham Inc corn A
$3 cum pref with warn. •
Gorham Mfg common_ •
956
Gotham Knitbac
Gramophone co LtdAmer dep rite ord Li
Granite City Steel cam...' 444
(it AU & Par Tea 1st pt 100
410
Non vot corn stock__.
Greenfield Tap 'Ilea/m-1 •
Greif (L)& Bros cl X__100
Gragaby -Grunow lie coin _• 13754
Ground Gripper Shoe corn* 3634
•
$3 preferred
Guardian Fire Annum:me 10 60
Hall(C Mi Lamb Co_. •
Han (113 F)
.
2754
Happiness Candy St el A
• 5955
Hamill Corn
Hazeltine Corp_
• 6334
Helena R11104011 Inc corn •
•
Hercules Powder com_
Preferred
100 1174
•
Hayden Chemical
Hires(Chas ID corn A._._'
10
Hoover Steel Ball
•
Horn dr Hardart cum
Houriallle-liershey phi A..• 49
Housh'd Maurice part DI 6(1
•
Huyierai of Del 0010
Hygrade Food Prod aeon
Imperial Chern ludustrlemA m dep reta rod she ter
.5 10
Imperial Tob of Canada.
Indus Finance corn v t e..10 32
100 78
7% cum pref
Incur Cool North Anier..10 78%
Insurshares of Del coin A.• 2034
264
Insurance
• 15
Internet Perfume corn
Internat Pradueta corn_ .•
• 2335
Inter Projector new
Iuternat Safety Razor B.* 3134
International Snoe corn. •
Interstate hosiery Mills..'
Investors Equity Com____•
Irving Mr Chute corn .....• 3255
97
100
1955 2051
285 295
1,300
Range Since Jan. 1.
I
Low.
97
High.
Apr 102
Apr
1,400 18% Mar 2531 Jan
100 127A Jan 31534 May
484
4831
38
38%
11
2251
49
200
600
504
39
300
1,100
394
12% 58,500
244 16,200
48%
47
38
264
11
1954
May
Ma
May
Jan
Slay
Mar
56
6255
474
524
1331
29%
3051
29%
21%
25
3251
304
24
25
274
2834
1811
25
AP
Apr
Jan
May
Mar
35
363-4 Jan
34% Feb
5751 Max
600
700
1,200
100
Feb
Jan
Jan
Feb
May
Apr
3
3 May
3
400
434 Feb
511 5694
1,450 511
May 842
Feb
1111 12% 14,800 1131 May 2834 Jan
931 104
10
1031
167 167
294 31%
99
99
394
34
45
45
54 631
424 4214
9
104
14 2
234 2%
214
20
4,100
951 May 1031
3,900 10
May
1034
10 1604 Jan 173
2,300 27
Mar 42
Slay 105
100 99
5,400 24% Mar 4551
May 4836
100 45
4,300
113-4
551 May
100 4215 May 424
7,80
9
May
1934
14 Apr
80
44
May
20
2
7
May 23
70
20
Jan
May
Apr
May
May
Slay
Apr
May
Apr
Mar
Apr
May
May
May
May
Mar
Feb
Jan
Slay
10
75
80
80
234 2555 4,50
234
47
200 47
47
134
90
1314 164
4
4
44 1,00
20
20
2134 3,60
59
97 102
79
34
4
4,100
311
29% 30
400 2634
1156 1334 1,500 104
664 664
100 644
29
31
1,300 29
59
62
600 59
264 2731 23,100 26
47
47
300 46
108 11034
800 101
2704 280
400 2204
454 5434 20,700 18%
264 30
500 264
s971.6
2851
61
254
6%
3414
12434
10
4014
2151
78
39
734
2934
53
155
309
6751
3831
May
May
Mar
Jan
May
May
Jan
Jar
Slay
Jaa
Jan
Jan
May
Jan
Slay
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Stay
Mar
Apr
May
Mar
Feb
Apr
Slay
Jan
1611
4611
72
13
22
25
24
17% 27,300
52
9,100
500
8034
13
100
22
1,400
254
600
700
2554
154
4654
5694
13
22
25
24
Jan
2054 Jan
Slay 694 Apr
Apr 173
Apr
May
1655 Apr
Apr
Apr
23
May
30 55 May
May 3334 Feb
13%
2131
354
87
2%
15
2,200
26
38,200
3554
400
87
50
3,4
200
1354
214
3054
854
151
May
Slay
Mar
Feb
Feb
1954
35%
424
9154
44
47
8
754
234
1551
794
614
674
25
47
100
104 29,000
77
200
244 3,200
174
400
814
800
734 31.000
6951 6,80
28
900
42%
651
fib%
23
1334
66
651
674
1754
Jan
Mar
Mar
Apr
Apr
Apr
May
May
59
Jan
1234 Jan
83% May
234 May
2134 Jan
9334 Jan
1014 Jan
794 Jan
Mar
47
124 134 49,400
114
Jan
200 200
200
33
34
1,100 3051
344 1,800 33
33
214 2355 3,800 2151
174 1831 2.500 174
88
90
2.90
88
250 280
40 236
20
20
200 18
4451 45
30
4236
101
104%
20
95
11851 122
1,900 11851
9531 101% 47.600 1)3
78
9034 1,520 23
17
2254 31,000 17
33
33
100 324
50
50
300 50
6851 684
20
884
931 1054 8,300
954
May
Jan
May
May
Apr
May
Feb
Jan
Jan
Feb
May
Feb
Jan
May
Slay
May
May
Slay
220
384
344
274
25
10035
298
2551
48
124%
189
1214
107
274
36
5055
82
19%
8051 8294
4051 4434
115% 11754
401 430
1434 154
934 934
13151 144
364 38
374 3754
59
60
23
23
2734 29
3
34
57% 61
584 66
1951 21
11731 11734
1174 1174
29
29
24
244
20
23
52
53
424 49
49
49
25
254
344 354
8%
10
32
78
76%
20
264
15
9
22
3111
65
25
51
21
Jan
Mar
Jan
Mar
Feb
Jan
20% Feb
Feb
Mar
Slay
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Mar
May
Slay
Slay
Slay
Apr
Feb
500
4,400
70
180
1,100
25
3,000
800
400
700
300
1,200
1,400
5,000
6,200
1,100
30
20
100
1.300
900
700
300
2,200
1,700
2,000
6214
85
115
332
12
934
120
27
32
57
204
26
3
46
41
19
9(551
115
1934
23%
19
52
4231
45
2334
3451
Jan
Mar
Jan
May
Jan
Feb
Apr
Jan
Jan
Apr
Max
Apr
May
Jan
Apr
Apr
Jan
Feb
Feb
Jan
Jan
Slay
Slay
Mar
Apr
Slay
8951 Apr
454 May
117% Feb
494
May
194 Feb
97
Jan
183
Mar
4374 Mar
42
Star
70% May
264 Jan
85
Jan
594 Jan
83% Mar
0755 May
2634 Jan
130
Feb
121 51 Jan
37
May
254 Feb
23
May
6151 Feb
594 Feb
504 Jar,
32
Jan
493.4 Jan
84
500
10
100
35
800
78
75
784
1,000
2251 6,200
2751 2,100
174
1,300
10
700
244 15.000
33
500
900
6634
254
300
700
5214
36
6,500
851
10
32
78
764
20
2636
15
9
19%
25
60
25
45
21
May
May
Apr
May
May
May
May
Slay
May
Apr
Feb
Feb
May
Mar
May
114 Feb
1156 Feb
6213y Jan
91
Jan
904 Jan
2434 Slay
3331 Jan
2434 Jan
144 Jan
264 May
48
Jan
744 Mar
3251 Mar
534 May
41% May
tway
,sarnS
Last Week's Range far
Sale
of Prices.
Week.
Stacks (Continued) Par. Price. Low. High. Shares.
3665
Range Mace Jan. 14
Love.
Isotta Fraschini
Amer deposit receipts.. 10
9% May
94 1011 3,900
42
Jefferson Elec,
42
42
May
100 42
46
46
46
Johnson Motor
May
100 46
10
1214 1,000 10
Jonas & Naumburg oorn_ •
May
40
• 40
45
$3 cum cony pref
May
800 40
Karstadt(Rudolph) Am she 20
SOO 184 Slay
1851 20%
Ken Rail TubedrLamp cl A•
200 2234 Mar
2335 2331
Kermath Mfg common...'
1256 123.4
100 124 May
Keystona Aircraft Corp..* 384 344 3831 9,500 31% Mar
Kirsch Co common
20
20
May
100 20
Klein (D Emil) Co corn •
200 234 May
23% 24
Kleinert (J B) Rub corn..' 4056 404 4054 4,700 4i3
Slay
•
500 30
30
31
May
Knott Corp corn
Kolster-Brandes, Ltd.
4
4
£1
5% 8,400
434
May
Amer shares
374
SOO 37
May
Lackawanna Securities _• 374, 37
194 3,200 13
13
May
Lake Superior Corp._ __100 1551
2554 23% 25% 1,100 204 May
Lakey Foundry &
10 65
65
May
65
Landers Frary & Clark....
Apr
100 70
Lane Bryant Inc corn_ •
7054 7051
200 3351 Feb
35
3511
Lazarus(F& R)& Co corn*
99
May
100 99
99
99
Preferred
•
100 1831 May
18% 18%
Leath & Co corn
SOO 25
25
2551
May
Lercourt Realty
•
541 149
149 1544 1.300 149
Apr
teMigh Coal & Nay,
100 45
45
45
Feb
Lehigh Vail Coal Sales_ _50
5834 1,900 44
Feb
Lerner Stores Corp corn._ • 57.4 57
57
200 67
57
Ain
Ley (Fred T)& Co Inc _ •
300 11% May
1131 1251
Libby. McNeil & Libby.10
164 16834 1.550 164
May
Libby Owens Sheet Glass 2b 164
• 2031 2051 21
1,400 184 Apr
Llly-Tullp Cup Corp
10
1,100 19
Apr
Lit Brothers Corp
2054 21
64 May
1(q
Loew's Inc stk purch war..
64 651
London Tin Syndicate
700 144 Apr
Am dep rats ord reg_...£1 1551 144 1534
931 104 7,000
94 Apr
911
Louisiana 141nd A Explor _•
Apr
1.700 35
37
39
Macalarr Stores corn...-. 37
35
3751 3,600 3214 Apr
• 35
alangel Stores corn
900 100% May
% pf with corn pur w• 101% 100% 101%
124 1231
Apr
100 12
•
Class B
Mar
39
394
300 30
Mapes Consol Mfg
24
1,100 2331 Apr
26
Marion Steam Sbov arm_• 25
25 130
130 130
25
May
ataryland Casualty
200 52
52
55
May
Massey Harris Ltd corn... 55
735 8% 7.200
•
74 Apr
74
Mavis BottlIng Co of Am.
May
1,100 61
y65
Mayflower Associates Inc * 6131 61
28
Apr
McCord Had & Mir cl B.• 28
304 1,600 22
600 44
45
45
Mar
McLellan Stores class A. •
400 55
55
564
May
Mead Johnson dr Co corn.'
200 124 May
1451 1451
Meadows Mfg common..' 144
10034 100%
200 10034 May
100
Mercantile Stores
May
104 104
100 104
Mergenthaler Linotype..'
1,100 2451 Apr
Merritt Chapman & Scott• 274 27% 28S1
200 93
9351
May
93
64% pfd A with warr1.00 93
400
151 134
194 May
156
Mesabi Iron
•
20
7,400 1936 May
194 2055
Metal & Mining
600 70
73
75
Mar
Metropol Chain Stores._ • 73
64
May
400 62
62
_100
Niet5 & 50c Stores pref.
600 90
90
9511
Slay
Midland Steel Products- -• 92
•
100 4414 Apr
57
57
Midvale Co
48
50
1,200 39
Jan
Miller (1) & Sons corn....' 49
alinneapolls-lloneywell
1,800 6511 Jan
Regulator common....' 8451 7934 86
Ntinneapolls-Moline Power
3731 4131 20,800 374 May
Implement Co corn____• 40
• 10151 10151 10155 3,400 10151 May
26.50 cum prof
Jan
334 354 1,100 28
Mock, Judson Voehriager•
100 165.1 Apr
1931 194
Monroe Chemcial corn...' 1931
alontecatini al dr Agr
234 3% 4,100 251 May
251
Warrants
200 467-4 Slay
47
474
Moody's Inv part prof....'
400 59
Mar
60
60
60
Moore Drop Forge el
2755 3151 3,900 274 May
Moto Meter Gauge & Ecl•
500 58
604 6254
Apr
Nachalarrn spriagneld. •
694 10,400 62
65
Jan
• 63
Nat Aviation Corn
700
Mar
5
5
National Baking corn
.•
2
634 May
65
65
100
Preferred
200 6151 May
6114 62
•
Nat Bancservice Corp
May
25
2651 1.500 25
Nat Container Corp corn.* 26
2734 2756 284 2,500 2754 May
$2 cony pref
Apr
10 102
Nat Dairy Prod pref A_100 102% 102% 102%
4,00
35
39
Nat Family Stores corn...' 36
3034 Jan
15
3756 33
3231 Jan
Preferred with warr__25 38
Nat Food Products
•
31%
May
200 31
31
Class A with wan
10
Apr
1.20
Clare Fl
10
•
10
3
Apr
Nat Leather stamped..
10
3
.10
3
1,20
2154 May
Nat Mfrs & Stores
2154 24
• 23
Nat Refining corn
25
354 3756 4,600 354 May
1,300 294 May
Nat Rubber Machinery..' 374 3656 3755
Mar
80
25
274 2736 28
Nat Screen Service
12,200 39% Apr
44
Nat Sugar Refg
Mar
Nat Theatre Supply corn.' 1731
7
17% 21% 5.30
Apr
Nat Toll Ildge corn A....' 174 1736 18
200 17
40
244 May
Nat Trade Journal Inc • 24% 2451 2551
1.500 204 Mar
Nehl Corp common
• 22
22 n25
32 142
Jan
Neianer Bros common__ __• 145
145 148
25 187
Jan
191 197
100 191
Preferred
23
Apr
2934 1,50
Nelson (Herman) Corp___5 28
26
10
1831 May
Neptune Meter class A___•
1851 1831
43-5 Mar
100
451 44
Neve Drug Stores corn.
100 144 May
Cony A ctfs of dep
18
18
May
Cony A
100 17
17
17
•
7554 May
70
754 76%
Newberry (J J) Co new.... 76
5 1014 May
10154 1014
Preferred
100
1,400 244 May
New Haven Clock corn...' 2435 244 25
,
Nsw Mex & Aria Leud___1
1.700
6
556
515 May
New On (It Nor RR_ _100 2094
80 14 May
14
20%
N Y Auction corn A
17
May
600 17
1751
•
N Y Hamburg Corp_
384 38%
10
3851 May
50
N
38
43
434 6,100 36% Apr
Investors
N Y Merchandise
200 363.4 Jan
374 38
•
Niagara Share Corn
5751 6131 4,200 25
• 58
Jan
Niie*hjemt.pon(j corn
3,800 36% Mar
56
- 1334 50
Noma Electric Corp corn.' 2256 2251 24% 3.000 17
Mar
North AnwrIran Aviation
' 1636
Mar
165-4 184 45.700 14
Nonluon Warren Corp pt • 40
Mar
400 39
40
41
Northwest Engineering._• 2934 2951 32
500, 293.1 May
Noviadel-Agne common_ •
100 20
20
20
Feb
• 824 8251 824
Ohlo 13rass class B
25 8035 Apr
011 Stocks LtdClaas A without warr_.
800 1834 Apr
• 164 16% 17
Class B with warr
• 184 16% 1831
.
, Slur
600. Ii
Orange Crush Co
• 23
244 1,400 23
23
Stay
Out bd Motors Corp corn B• 12% 12% 1351
Apr
1,000 11
Cony uref CIA
• 184 1831 1951
1,7001 184 May
Overseas Securities
May
55
•
58
300 55
Packard Electric Co
May
33
•
400; 38
3814
New
27% 27
294 116,000' 27
Slay
Page Hershey Tubes corn.'
124 124
Apr
50 122
Paramount Cab Mfg awn..• 23
23
Mar
295.6 3,100 23
•
Pane DaVI9 & Co
4451 4651
300 4451 May
Parmelee Transport corn.'
244 2455 3.000 244 Apr
Pander (D) Groin cl A_
60
250 58% Mar
•
60
•
Class B
58
150 654 Feb
60
108
Penney (J c) Co COM
105 1094 1.900 105
May
Class A preferred... .100 99
084 99
320 97% Apr
Pennroad Corp corn v t c.• 1631
16
17
33,400 16
Slay
Peoples Drug Store Inc..'
7511 79
300-7454 Feb
PePPerull Mfg __.... ..100
100 07
Slay
9754 97%
Perfect Circle Co aom_..
5on
' 51% 55
A or
•
a
High.
104
5915
60
20
59
243-4
3094
174
50
33
2851
4135
37
May
Mar
Mar
Mar
Mar
Max
Mar
May
Jan
Jan
Jan
May
Feb
1234
4536
41%
3551
55
8131
49
104
184
39
172
544
60
6431
15
22051
233-4
2651
14
Mar
Jan
Jan
Jan
May
Jan
Mar
Mar
Apr
Jan
Jan
Mar
May
Mar
Jan
Feb
Mar
Jan
Mar
2234 Mar
i434 Feb
4341 May
384 May
Mar
103
1834 Jan
Jan
42
5834 Jan
Jan
176
K, Jan
11
Mar
y5151May
314 Jas
69
Jan
59% Apr
Feb
24
11931 Jan
104
May
Slay
32
100g Feb
Jan
3
2074 May
559
Feb
Apr
83
11)634
Jan
Mar
66
534 May
88
May
4451 Slay
103
Slay
4154 Apr
27
Jan
694
5234
75
354
7634
88
6
70
754
2714
2954
10635
4851
4934
Feb
Jan
Jan
Apr
Feb
May
Jan
Jan
Jan
Slay
Slay
Jan
Feb
Mar
Jan
37
Jan
12
Jan
5
407
% Jan
Slay
36
4151 Jan
354 Mar
5551 Jan
2434 Apr
alar
20
34% Jan
294 Jan
Feb
154
210
Feb
31 Slay
21
Feb
13
Jan
3151 Jan
Mar
25
8051 May
10751 Mar
25% May
Sr% Max
32
Feb
24% Feb
52;1 Mar
41494 Feb
474 Mar
814 May
Apr
78
274 May
Jan
24
4651 Slay
484 Feb
3154 Feb
Jan
92
193‘
184
29%
16
2134
59
39
294
127
4:3%
58sf
254
65
62%
121
10231
25
94
1134
614
Jan
May
Apr
Apr
Map
May
May
Slay
May
Jan
Feb
Apr
Apr
May
Slay
Feb
Apr
Jan
Feb
Jan
Friday
Saks
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Perryman Elec Co
• 20%
PhIlippe(Louls)Inc A corn• 2955
• 2914
Common class B
.
135
Phil Morris Con Inc com •
25
Class A
9
Pick (Albert). Barth & Co
Pref class A (part% pf).• 15%
Pie Bakeries of Am cl A. •
•
Pierce Governor Co
Pilot Radio & Tube Cl A__* 1755
Plnehin Johnson
42%
Pitney Bowes Postage
• 2234
Meter Co
kitts & L Erie RR com__50
Pittsb Plate Glass com__25
Pitts Screw &Bolt
2654
Potrero Sugar Common...'
Pratt & Lambert Co
• 69
Procter & Gamble com__10 356
Propper Silk Hosiery Inc.' 31%
Prudential Investors corn.• 24%
Pyrene Manufacturing__ lir
53
Ry & Express Co W I
Rainbow LuminousProd A• 24%
Raybestoa Co common_25 8855
Reeves(Daniel) common_• 30
Reliance BroniA St'l corn* 22%
1%
Repetti Inc
5
Republic Motor Tr v o_ •
Reynolds Metals common • 3714
• 67%
Preferred
Rice-Stix Dry Goods com_* 1931
Rich's Inc corn
• 30%
Richman Bros new
8
Richmond Radiator corn.*
.100
Rolls-Royce of Am Pt.
Rolls Royce Ltd
Amer dep receipts reg stk
• 12
Roosevelt Field Inc
Ross Gear & Tool corn_ *
Royal Typewriter corn_ *
100 z7255
Ruberold Co
Russeks Fifth Ave Inc...' 3551
Safe-T-Stat Co common.. •
Certificates of deposit_
Safety Car Htg & Ltg__100
Safeway Stores 2d ser war_
St Regis Paper Co
•
7% cum preferred__ A00
Schiff Co corn
Schletter & Zand corn vte..•
Cum cony pref
•
Schulte Real Estate Co.. •
Schulte-United be to $1 St•
7% fuer part pd rcts_100
Second Gaul Amer Inv Co.
•
Common
6% pref with warrants_
Beeman Bros common._..
Segal Lock & Hardware_ •
BelberlIng Rubber corn. •
Selected Industries corn__'
Allot Ws 1st paid
Selfridge Provincial Stores
£1
Ltd ordinary
Sentry Safety Control_ _ _•
Servel Inc(new co) v t e_-•
Set,on Leather common_ •
Sharon Steel Hoop
50
Sheaffer(WA)Pen
•
Sherwin-Wms Co com_25
Sikorsky Aviation corn...*
Silica Gel Corp cora v t c__•
Silver (Isaac)& Bros com *
Simmons Boardman Pub•
lishing $3 pref
Singer Manufacturing-100
£1
Singer Mfg Ltd
Skinner Organ corn
•
Smith (A 0) Corp com •
Sri% Viscosa, dep receipts
Chase Nat Bank _200 lire
Sonatron Tube common_ •
Southern Asbestos
•
Sou Groc Stores cony cl A.
South Ice & litil corn B.__
Southern Stores class A...'
Southwest Dairy Prod- •
100
7% preferred
Southwestern Stores corn.
Span & Gen Corp Ltd.._£1
Spiegel May Stern Co
100
636% preferred
Standard Dredging pref •
Standard Investing cam_ •
$5.50 cum cony prat__ •
Standard Motor Constr.100
Stand Steel Propeller corn'
•
Starrett Corp corn
•
Stein Cosmetics corn
Stein(A)& Co corn
100
Preferred
Starch! Bros Stores corn_ •
Sterling Securities allot ctfs
Class A
Stern Bros elms A
Stetson (John 13) nom- •
Stinnes(Hugo)Corp
Strauss(Nathan)Inc corn •
Stromberg-Carl Tel Mfg.*
•
Stroock (8)& Co
Stutz Motor Car
•
*
Sullivan Machinery
100
Swift & Co
15
Swift International
Syrac Wash Mach B corn.'
Taggart Corp common_ •
Tanganyika Conces Ltd
Am dep rcts ord oh reg .C1
Tennessee Prod Corp cbm•
•
Thermold Co corn
Third Nat Investors com *
Thompson Prod Inc cl A _.•
Thompson Starrett pref___
Tishman Realty & Constr•
Tobacco & Allied Stocks_ •
Tobacco Products Exports*
Todd Shipyards Corp- •
Transamerica Corp
Transoont Alr TransP----•
Trans
-Lux Pict Screen
•
Class A common
Travel Mr Co
•
Tr-Continental Corp com•
6% cum pref with war100
Triplex Safety Glass
Am rcts for ord sh reg--•
Trunz Park Stores
Tubize Artificial Silk el B.•
Tung-Sol Lamp Wks corn •
•
Class A
[VoL. 128.
FINANCIAL CHRONICLE
3666
190
425
156
12
27
20%
92%
22
16%
53
44
37%
92
3%
434
2455
29
2154
27%
89
44%
12%
15%
3055
29
5551
5155
4755
135%
26
1554 1,400
100
25
100
26%
18
16.700
200
42%
15
2334
2651
1735
4254
Mar
Apr
May
May
May
29%
32
31%
414
9%
19
Jan
26
Feb
3835 Jan
1885 May
42% May
may
May
May
Jan
Apr
Mar 30% Apr
Mar 156% Feb
7854 Jan
Jan
Mar 31% Apr
7
Feb
Jan
Feb
Jan 85
May
Jan 382
Jan
May 43
May
May 28
981 fan
Apr
May 5951 May
Jan
May 65
Jan 92% May
4 Jun
Apr 453
Apr 2415 May
Jar
5
Apr
6% Feb
Jan
5235 Feb
Jan
79
Mar
Jan
May 24% Jan
34
May
May
May
May 122
19% Feb
May
Mar 73% Mar
11%
1134
52
12054
x7255
34
11%
1354
52
12034
77
3531
200
934 Mar
,
4,900 1159 May
Apr
100 45
Jan
100 81
700 x7254 May
May
2,100 34
26
2654
190
425
14434
102%
52
22
42
20
12
65
2851
29%
19455
451
156
102%
52%
23%
43
20%
13%
6534
700
1,190
535
30
8,500
150
200
400
500
2,400
2,200
200
Feb
May
Jan
May
Apr
Feb
May
May
May
May
May
May
3785
35
229)4
626
160
107
79
25%
46
39%
26
89
Mar
Apr
Jan
Jan
May
Jan
Jan
May
May
Jan
Jan
Jan
900 23% Apr 35%
200 104% Apr 125
Apr 80
300 67
9% May
14
200
May 65%
100 39
10,700 18% Jan 31%
3,200 9255 May 100
Jan
Jan
Jan
May
Jan
Feb
Jan
27
• 106
67
1034
43
28%
106%
68
1051
43
92% 93%
3%
21%
16%
23%
4134
5051
90
42
37%
62%
599
29
31%
35
10
5%
1235
92
17
3
500
3%
24% 25,000
18% 22,300
200
2455
400
43%
800
53
100
91
3,700
44
3954 8,600
300
66%
48
560
6
46%
192
5%
33)5
3335
35%
10
654
13
93
17
4
17
2655
157
425
119
100
52
22
42
20
11
65
355
9
145(
2239
35%
48
81
20;4
23)4
62%
600 48
90 550
6
500
300 40
150 163
100
800
2,100
500
400
200
700
200
100
5,600
4%
28%
30%
30%
10
5
12
92
17
3
Feb
Mar
Jan
May
Jan
May
Jan
301, Feb
Mar 28% May
Jan 21% May
Apr 32% Jan
Jan 50S5 Feb
Apr 63% Jan
Mar 105% May
Jan 63% Mar
Jan 4834 Mar
May 86
Feb
Mar 52% Jan
May 631
Jan
9% Jan
Apr
Jan 47
Mar
Feb 200
Apr
Apr
589 May
Mar 43;5 Feb
Apr 49% Feb
Mar 37% Feb
Mar 27% Feb
Apr 12
Jan
May 21
Jan
May 100% Apr
May 28% Jan
May
Jan
200 86
87% 8755
200 28
28
2851
3754 38%
800 35
50 98%
9854 98%
4% 11,500
251
4
500 24
24
25%
3,300 28
29
29
20% 21% 2,600 1535
600 27%
2751, 2851
400 89
89
90
200 2834
2854 2854
3351 35% 4,400 30%
100 20
20
20
250 42
4455 45
625 85
89
89
9%
9% 12% 1,700
700 25%
2551 26
600 29
3054 32%
600 41%
41% 4234
700 15%
15% 16%
100 53
54
54
750 127
127 128%
30% 31% 4,100 29%
1,600 16)5
1954 20
600 4335
4554 46
Jan 9851
May 3351
May 43
May 103
Mar
6%
May 30
Apr 31
Mar 2254
May 38%
May 99%
Apr 29
Mar 3631
May 20
Mar 4711
Mar 100
Jan 16%
may 35%
Jan 3534
May 61%
Apr 35%
Apr 65
May 139%
Mar 37%
Mar 23%
Apr 5985
200 13
13
13%
200 24
24% 24%
900 25
29%
29
100 50
n51 n51
55
58% 1,400 48
700 60
51% 5151
6454
700 49%
63
1,200 47)5
4735 49%
2
200
234
254
700 59
60% 63
13554 13911 19,800 125
2155 2755 25,800 2134
May
14% May
Jan 27
Feb
Feb 35% Mar
May 51
Apr
Jan 6951 Jan
May 58% Jan
Jan 70
May
May 5555 Jan
May
384 Jan
Apr 7685 Jan
Feb 143% May
May 30% May
53'
13% 3,900
500 4554
54
15,600 30
31
104% 2,000 104
Jan 24
Mar
Apr 61
Jan
Jan 035
Feb
Apr 107% Jan
1,800 2051
900 44%
SO 351
300 15
2,700 24%
Jan 33;4 Feb
May 60% Jan
May 595
Jan
Jan 32
Mar
Feb 38
May
11% 11%
52
52
31
30
104
104
20%
2054
24%
23)4
1%
8%
High.
15%
18
56
129
108%
3559
48
550
6
6
4695 46%
190
18951
31%
35%
3,700
500
3,600
2,100
400
20
22% 8,800 13%
350 13555
139 139
100 64
65
65
2534 2755 2,000 23 •
531
200
6% 651
1,000 63)5
69
7054
950 281
356 36851
900 3135
31% 3251
24% 26% 10,600 243-6
7
400
754 8
200 51
53
56%
23% 2756 6,000 23%
3,100 69%
88
90
400 36%
38
3954
22% 23% 2,100 22%
1,500 65e
1% 2
300
13-4
254 2%
3751 4034 1,300 31%
2,500 63
67% 70
500 1859
18% 19%
700 30%
30% 3111
100 116
116 116
8
300
8
9
300 45
4631 47
48
559
Low.
May
Apr
Apr
May
Jan
20% 23
29
29%
2851 30
131
181
15%
25
26%
1734
42%
Range Since Jan. 1.
2051 22%
4555 47
351 380
24% 25
33% 3551
Feb
Apr
Feb
Jan
May
Mar
Mar
May
Feb
Feb
Apr
May
May
Feb
Jan
Feb
May
May
Feb
May
Feb
Jan
Jan
Jan
Feb
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Union Amer Investment' 5139 51% 5254
Onion Tobacco cam
• 10
9% 10
0• 62% 61% 64
United Carbon v 6
Preferred
100 97
97
97%
United Chemicals corn...' 97
98
97
$3 preferred
• 40
39
4254
United Dry Docks corn...' 16
15% 15%
United Milk Prod cora_ •
10
10%
7% cum pref
100
71
71
On Piece Dye Wks
•
37
37%
United Front Soar com_ •
7
734
United Shoe Mach nom __25
66
66
U 8 Asbestos corn
4654 45% 46%
U.S Finishing corn
_100
9751
97
• 6434 5414 57%
CI 8 Foil class B
S& Foreign Sec corn...* 49% 49% 5154
$6 first pref
89
89
8955
U El Freight
•
81
88
U S Gypsum common___20 74% 67% 74%
U S Lines corn
1735
1755 1734
U S Radiator corn
4655 4654
S Rubber RecialmLng__• 21
21
21
Universal Aviation
•
1654 19
Ctrs of deposit
17
17%
Universal Insurance_ _25
75% 76
• 23
Universal Pictures
23
26%
Utility Equities Corp
2454 24
24%
Van Camp Pack corn
• 21
21
23
25
7% preferred
2184 2335
Vogt Mfg Corn
28
28
29
24% 2414
Walt & Bond class A
Class B
17
17
Walgreen Co common.._' 85
82
8654
Warrants
5755 55
60
Walker(Hiram) Gooderham
• *56% 50 x56%
& Wortscommon
New when issued
20
16% 20
589 514
Watson (John Warren)Co *
5%
21
20
Wayne Pump common_ •
74%
65
Western Air Express._ _ _10 68
53
54
Western Auto Supply comA
Wheatsworth Inc cam_
50
50
•
3
Whitenights Inc cora__•
3
3%
22
22
Widlar Food Products_ •
Williams 011-0
-Mat Heat.*
2431 24%
Williams(R C)& Co trio.'
27% 29%
19
WU-Low Cafeterias cora •
21%
•
49
52%
Preferred
Winter (Beni) Inc man-. 129.1
12% 14
Winton Engine corn
71% 7155 7354
Preferred
72
72
75
Yellow Taxi Corp
53134 :3151 33%
Zenith Radio
3034 27% 39%
Zonite Products Corp cora• 3285
32
3254
•
Rights
American Cyanamid
655 7%
685
Associated (1 & E deb rts_.
6
8
6
Bethlehem Steel
2% 455
Budd (Ed G) Mfg
1789 1751 2254
Columbia Gas & Elec
4
4%
4%
De Forest Radio
54
1
36
Fairchild Aviation
134 • 254
1%
Fiat
9%
8% 10
Ford Motor of Canada.. ------ 59% 59%
lc
lc
Freshman(Chas) Co
Gorham Mfg
34 35c
Loew's Inc deb rights
19
20
Mexican Seaboard Oil_
2% 355
51
713
Missouri-Ran Pipe Line...
51
115
1)5
Newberry (J J) Co
198
193 205
Penny (J C)& Co
I% 2%
Roan Antelope Mines
2%
185 1%
United Carbon
2
155 2
United Gas Impt
2
2
Universal Pictures
Walker(Hiram)Gooderham
3
1
351
•
& Worts common
585
554 7
Western Air Express
3% 585
White Sewing Mach deb rts
Public Utilities
Allied Pow & Lt cora
$5 1st preferred
•
$3 preferred
Amer Cities Pow & Lt Cora
Class A
50
Class fl
•
Am Com'w'lth P corn A •
Common B
Warrants
Amer Dist Tel NJ prel_100
Amer & Foreign Pow war?.
AmerGas & Elea corn__ __•
Preferred
•
Amer Lt & Trao com___100
Preferred
100
Amer Nat Gas com v t
Amer States Pub Serv Cl A
Amer Superpower Corp A•
Class B common
•
New
First preferred
Convertible preferred
Assoc Gas & Elec clam A-•
Brazilian Tr Lt & Pow ord •
Brooklyn City RR
100
Certificates of deposit._ _
Buff Nlag & East Pr corn _•
Class A
•
Preferred
28
Cent All States Serv v t C.
Central Pub Serv el A..._•
Cent &S'west Util pr don.'
Central States Elec corn._'
6% pref with warr...100
6% prof without ware_ Convertible Preferred__
Warrants
Cleve El Illum corn
•
Com'w'Ith Edison Co__I00
Com'w'Ith Pow Corp 0.100
Compania Hispano Amer
de Electrl S A (Chad).
Cons GEL&T Balt cora-•
East States Pow B oom _•
Elea Bond & Sh Co corn..'
Preferred
Elea Investors
•
Preferred
Eleo Pow & Lt 2nd pf A..•
Option warrants
Emp Gas & Fuel 7% pf 100
Emplre Pow Corp Part saa
•
Engineers Pub Sorv war__
Federal Water Serv al A--•
Fla Pow dc Lt 87cum pref
General Pub Serv com---•
Georgia Power $6 pref.. •
Iuternat Mil class A
Class B
Warrants
600
4,600
900
300
400
4,200
3,200
200
50
400
200
100
500
50
4,700
2,600
1,500
6,900
7,700
2,900
100
300
900
400
600
800
600
1,300
1,100
300
100
100
3,200
1,400
1,900
7,700
300
900
3,700
500
100
2,500
100
100
600
2,200
1,400
3,500
2,800
100
600
8,400
1,900
Range Since Jan. I.
Low.
High.
3760
y
r
May
66
5
45
90
548£
47%
1
87
May
Apr
Jan
May
May
l py
NAa r
55
1736
4314
16
15;5
15
70%
221%
16 A
24
Mar
Apr
Jan
Jan
Mar
Apr
Jan
miw aa yy
Mar
May
28
2484
17
71%
51
Jan
May
May
Mar
Mar
7285
20
76
102%
115
61)4
20%
21
n80
53
11
85%
51%
9715
7434
65%
9534
109%
7534
18%
62%
31
27)4
22
79
29
24)5
38%
38
35
26%
2654
9154
65
50
16%
5)5
17)5
5636
5081
479£
3
21%
22
2739
19
49
1155
71%
72
85-6
27%
31)4
May
May
Mar
Apr
Apr
Apr
Jan
May
May
Jan
May
May
May
Mar
May
May
Jan
May
Jan
93%
23
14%
32
78%
59%
93%
18
29
29%
41%
30
58
18%
73%
.
75
35%
6185
44%
5151 May
9
May
48
Jan
May
May
r
10
15% May
37
99
17,500
6%
6
15,100
289
9,000
900 17%
38£
26,400
28,300
74
184
6,800
7
4,400
25 5951
10
3.500
2.100
34
300 19
2%
1,300
Ire
4,300
1)4
1,600
390 193
135
19,000
5,400
13-4
185
107,000
1
200
Feb
Jan
Feb
Mar
Mar
Feb
Apr
Jan
Jan
Mar
Mar
Feb
Jan
May
Feb
Feb
Jan
Feb
May
Apr
Jan
Mar
Mar
May
Feb
Apr
May
Feb
Feb
Feb
Apr
Jan
May
Jan
Feb
May
Jan
Jan
May
Jan
Mar
Jan
Feb
Jan
Feb
Mar
Mar
Jan
May
May
May
Feb
Jan
11
Alm
May
13% Apr
May
885 May
May
May
34
May
455 Mar
May
1% May
May
2% May
May
1784 Jan
Apr
May
May 102
35 May
May
11i May
May
May 49% Feb
5
May
May
1
May
May
1% May
May
May
May 235
2% May
May
2% Apr
May
May
2
May
2% May
Apr
30.400
3,300
1,400
May
1
434 May
389 May
May
8
8% May
14% Jan
67
76
43%
53% 6955 60,600
1,400
74
76
200
43% 4354
44% Apr
74
May
43
Apr
6933 May
Apr
79
45
May
47
33%
22%
22
6
11056
81%
155
103
23555
9,900
45% 48
3254 3455 22,600
3,600
22% 24
1,500
24
22
900
7
6
25
1103611034
14,800
75
82
146% 15551 11,000
200
102% 103
450
232 237
25
112% 11255
1,100
1154 12
500
26% 26%
159 194)5 34.200
158 194)5 8,700
32% 39)5 540,600
9939 2.100
97
1,500
9185 92
53
5451 18.800
4835 5184 3,000
755
755 5,400
735 7% 2,000
80% 84)9 16,000
10,000
5889 70
1,200
25%
25
1,300
13
10
44% 45)5 5,500
150
98 102
99361047-4 5,200
1,000
115 122
8131 83% 1,000
2,700
16645 175
1,600
31
44%
500
6485 66
720
245% 24884
1,500
10135 10285
51
35%
31
3785
11%
114
11334
19284
10934
2593-4
115%
18%
2735
19454
19454
3954
100%
94
61%
70
11%
10%
84%
7295
26%
1995
96
103
104%
122
874
175
4415
75
25884
10334
May
May
Mar
Jan
Man
Feb
Feb
Jan
Jan
Feb
Mar
Jan
Mar
May
May
May
Feb
Jan
Mar
Mar
Jan
Mar
May
Jan
Jan
Apr
May
May
May
Jan
Feb
May
May
Feb
May
Jan
100 9754 May 10735
97% 9735
1,000 88% Apr 112
9489
93% 92
51
5786 4.800 42% Feb 59%
57%
Mar 102%
97% 8931 98 136,800 73
1,000 105% Apr 109)5
106 10639
106
139 159% 43,300 7734 Jan 163
159
700 9751 Mar 101
9831 98% 98%
100 99)5 May 103
99% 99%
37% 4035 4,500 2885 Jan 4784
40
300 95% May 9884
,
9535 9555
,
Mar 62
5355 51% 54)5 5,300 39
600 23
Mar 35
24
23
24
4854 47% 50% 4,800 4634 Apr 63%
Jan 102
100 100
100 100
4,300 27
Jan 46%
41% 3985 4385
100 9885 May 106%
9885 98)4
600 41% May 49
4151 41% 42%
7.100 14% Mar 22%
178,5
16
1631
499 Jan 11
200
6% 6%
Mar
Jan
May
May
Jan
May
Feb
Mar
May
Jan
May
Jan
Feb
Mar
May
Feb
Jan
Feb
Jan
11%
26%
194
194
3955
98%
92
53%
50
754
755
84%
70
25
11%
45
102
104%
122
81%
175
44%
64)5
248
10181
3634
23)5
22
22
6
110
5285
128
102
205
108
11
2654
62%
68
26
97
89%
4985
48%
7%
754
61%
4935
25
10
35
98
7399
103%
80%
97
19%
60
215
9955
Mar
Mar
Jan
May
May
Apr
Jan
Jan
May
Mar
Apr
Apr
Mar
Jan
Jan
May
May
Apr
Jan
May
May
May
Ma
Apr
May
May
Jan
May
Mar
Jan
May
Jan
Jan
May
Jan
Mar
Sales
friday
Last Week's Range for
Week.
Sale
of Prices
Stocks (Concluded) Par. Price. Low. High. Shares.
1535
Italian Super Power
7
Warrants
Long Island Light corn_ • 57%
100 109
7% preferred
Marconi Internat Marine
21%
Common Am dep rcts__
.1
735
Marconi %Viral Tot Can.
Marconi Wireless Tel Lend.
184
Class B
1651
Memphis Nat Gas
Middle West Util com_ •
• 98
$6 preferred
100
Prior lien
Miss River Power pref _100
Mohawk dr Litid Pow corn' 7555
•
let preferred
•
2d preferred
3555
Ware."ts
Mtn States Pow 7% pf_100
Mtn States Tel & TeL.100 153
• 22%
Municipal Service
Nat Flee Pow class A. •
•
Na . Power & Lt pref
Nat Pub Serv corn class A• 2355
•
Common class B
New Engl Pow Assn corn.'
6% preferred
NY Telep 655% Pref__100 112%
Nor Amer Util Sec corn_.' 22
•
let preferred
Northeast Power corn_
5851
Nor States P Corp com_100 162
100
Preferred
pfd 100
Ohio Bell Telep
Ohio Pub Serv lot pfd A100
Pacific Gas & El let Pref_25
Pa Gas & Electric class A _* 79
• 1034
Penn-Ohio Fd corn
9151
7% prior preferred__101
• 524
$6 Preferred
24
Option warrants
21
Warrants series B
Penn Water & Power....' 81
4755
Peoples Light &Pow cl A _
•
Power Secur pref
Providence Gas new
Puget Eld P&L 6% Prof 10
. 0
Rochester Central Power__ 3955
Sierra Pacific Elec cum.100 5355
100
Preferred
10355
Southeast Pow AC Lt
•
Common v t c
Waffle to pur coca stk. 50%
• 100
Participating prof
•
$7 preferred
South Calif Ed pref A _ __25 2834
25
Preferred B
534% Preferred C_ _ _25 24%
Sou Colorado Pow cl A._25
Sou'west Dell TeleD Pt-100
25
Standard Pow & 14
Swiss
-Amer Eleo mei
• 60%
Tampa Electric Co
Unlon Nat Gas of Can• 41
United Elea Serv Warrants.
American Shares IV I.._
164
25
United Gas when Issued_
United Gas Improvern't_50 198
39%
New
94
Preferred
United Lt & Pow corn A..' 35%
• 10655
Preferred class A
Prat class B
59%
United Pub Serv Co
47
Util Pow & Lt clams
Common
• 254
• 374
Utility Shares corn
•
Former Standard 011
Subsidiaries. Par
Anglo-Amer 011(vot sh)_,E I
Vot stock ctfs of dep__
Non-voting sharer_ _11
Borne Scrymser Co. _100
Buckey3 Pipe Line
50
Continental Oil v t c__ _10
Eureka Pipe Line
100
Galena Signal Oil
Corn Ctrs of deposit
Humble Oil& RefinIng__25
Illinois Pipe Line
100
Imperial Oil(Canada)coo•
New w 1
•
Indiana Pipe Line
50
National Transit._ __12.50
New York Transit
100
Northern Pipe Line_
100
Ohio 011
25
Penn-Mex Fuel
25
South Penn Olt
25
Southern Pipe Line
10
Sou West Pa Pipe Lines 100
Standard Oil (Indiana) _.25
Standard 011(Kanras)_25
Standard 011 (KY)
10
Standard 011(Neb)
25
Standard 011(0) corn._ _25
Preferred
100
Vacuum 011 new
3667
FINANCIAL CHRONICLE
JUNE 1 1929.]
20
114
1064
2651
22%
704
2655
54%
1834
36%
115
117
1435 16
7
9%
5535 59
109 109%
Low.
Ilfgh.
3,300 1114 Jan
400
5% Jan
1,600 48% Apr
SO 1084 Jan
1854 Jan
15
Jan
8754 Feb
113
Star
1934 Mar
74 Feb
Jan
28
1054 Mar
1835 Jan
1235 Mar
158% May
97
Apr
May
120
May
100
Mar
38
Apr
105
Apr
104
234 Mar
9831 •Tml
150
Jan
2035 Nitt1
May
30
1064 Mar
2254 Mar
2931 Mar
84
Mar
Jan
95
1114 Mar
1335 Jan
94% Ma
40
Mar
13655 Jan
10735 May
Apr
110
108
May
Ma
26
Slay
21
Star
63
Fat
102
89
Feb
Star
10
1635 AO
81
May
45
AD
Jan
65
29
Stay
Jan
98
Apr
31
4755 Apr
91
Jan
714 Jan
Apr
72
2755 Jan
May
85
10455 Apr
2351 Mar
2555 Mar
2335 Apr
2251 May
114
May
411 1.5 Jai
9535 May
May
80
31
Ma
135 May
1655 May
23
Mar
155
Ma
37
May
87% May
304 Ma
9555 Mar
Ma
53
Ma
17
la
37
2134 May
184 la
224 Jan
Stay
20
Jan
189
104% Feb
1234 Jan
May
100
May
77
11055 Jan
110
Jan
45% Jan
103% Feb
153
May
33% Mat
3755 Feb
10935 Feb
Feb
26
32% Feb
91% May
Feb
100
Jan
114
May
26
9754 May
8234 May
1744 May
109% Feb
Mar
116
1104 Jan
2854 Jan
244 Jan
79% May
106% Jan
97
Mar
56
May
May
26
1014 Jan
5854 Feb
Mar
86
29
May
10155 Apr
Jan
49
6234 Feb
93% Jan
103% May
May
99
5135 Stay
100
May
10935 May
Jan
30
264 Jan
263.1 Jan
2755 Feb
123% Mar
Feb
70
9831 Feb
79% Jan
4255 May
455 Feb
2351 Mar
Jan
39
201
May
38% May
90
May
434 Jan
106% May
5955 Nlay
21
Feb
50
May
25% May
37% May
2251 61,700
21
755 16,700
735
1835 1935
16% 1835
158% 161
98
98%
120 120
100 100
58
77
105% 106
10435 105
2835 3535
9834 9831
153 153
203.4 26%
30
3034
103 109
234 2351
30% 3055
854 91
9535 9535
11234 11234
19
22%
9631 9731
54% 59
160 165
10734 10735
114% 115%
108 108
2635 2635
68% 7931
103 10335
91
93
56
45
24%
22
2131
21
81
83
47
47%
67
67
29
29
100 100
37
41
5355 55
92
92
91 103%
90
99
4555 5055
100 100
107 107
28
2834
25% 25%
24% 24%
2231 23
114 117
51% 54
9755 9755
6054 6834
41
4134
155 24
16% 17
2434 25%
186% 198
37
3935
8734 9435
33% 36
10335 10635
58% 5935
17
17
47
50
2335 2535
34
37%
Range Since Jan. 1.
14.900
6,900
1,500
500
50
50
25,700
175
350
900
30
10
1,900
400
200
2,900
100
5
2
47
2,80
20
44,30
2,600
100
50
20
600
23,700
160
60
2,400
1 500
500
2,000
1,200
100
100
10
9,200
1,500
10
56,500
3,800
21,300
500
100
1,40
50
30
30
10
1,70
10
20
1,300
5,100
SOO
5.800
65,000
161,500
5,700
48,500
900
800
200
10,800
11,100
1,000
144 2.600
100
15
14
100
50
38%
100
69
21% 31,300
150
62%
143,4
1451
14
38
67
173.4
594
May
Apr
Apr
Star
Jan
Jan
Apr
1851
18
17
46%
74%
29
7055
Feb
Feb
Feb
Feb
Jan
Mar
Jan
100
655 655
10,30
113 117
1,100
300 307
105 108% 4,000
26% 2731 5,800
100
96
96
2235 24% 2,300
50
82
82
150
55
54
69% 7055 9,100
500
2635 28
2,40
49% 54
10
2055 2055
65
100
65
5655 25.000
54
1,200
1855 184
3555 37
9.900
100
120 12135
400
115 116
3
11555 120
3.20
5
8955
285
88
2134
8135
21%
72
524
6455
2635
40%
13
8231
54
18
3555
454
11031
115
10514
May
Feb
Jan
Mar
May
Feb
Mar
Jan
Apr
Jan
May
Feb
Feb
Apr
Slay
Jan
May
Feb
tel
May
Jan
635
12454
34055
1194
304
97
25%
85
63
744
4455
60%
224
70
63
214
454
5034
129
1244
13351
Slay
May
May
Apr
Aar
Apr
Jan
Jan
Jan
Jan
Feb
Apr
Apr
Jan
Mar
Jan
Jan
May
Stay
Mar
Mar
50
Si May
75c
5,806
h May 720
7,30
4
May
855
1,90
135 Fat,
434
81,60
351 Jan
8%
2,80
734 Mar
9
27,30
6% May 83.4
500
135 Stay
255
2,600
255 Feb
455
4.500
Stay
15
17,000
May 114
8
2.000
135 Feb
24
4,000 14
May
26
3,700
2
Jan
955
800 2075 Jan
39
12,200 14255 Jan 189
1,100
455 May
755
2,000 15
Apr 22
44,500
154 May
235
8.400 464 Mar 6554
1,300
14 Slay
3%
1,000
3% May
1,100 2335 Mar
3835
300 87
Jan 80
2,500
May
111
100
14 Feb
100
354 Jan
655
5,1500 1535 Jan
42
3,600
1
May
135
5,900 184 Mc' 2315
Apt
Jan
Jan
Apr
May
Mar
May
Jan
May
Jan
Jan
Apr
Jan
May
May
May
Jan
Jan
May
Jan
Jan
Mar
May
May
Jan
Mar
Mar
alay
Jan
Feb
1454
15
14
384
69
194
604
Other Oil Stocks
1
Allen Oil
34
34
34
ill
Amer Contr 011 Flolda__ 1
%
%
4
455
4
Amer Maracaibo Co
251 24
2%
10
Argo 011 Corp
755 855
Arkansas Gas Corp coin_ •
8%
855 855
Preferred
i0
7%
Class A
851
14
14
1%
Atlantic Lobo,011 corn...'
34
334
Carib Syndicate new corn..
9
6
755
•
Colon 011
835
,
835
8
•
Creole Syndicate
155 I%
Crown Cent Petrol Corp..'
154
1435
14
Darby Petroleum Corp_ _
855
7
855
Derby Oil& Ref coin._ _•.
384 3751 39
Preferred
1654 172
Gulf Oil Corp of Ponna_ _25 168
455
455 434
Efemaokla Oil
15
16
• 1535
Houston Gulf Gas
155 255
154
Intercontinental Petrol...10
4735 51
International Petroleum..' 48
1,35
255
•
Kirby Petroleum
4
4
455
Leonard 011Developm1.25
31
3455
• 32
Lion 011 Refg
7755 79
Lone Star Gas Corp- _25
34
34
Magdalena Syndicate__ __I
1
1%
134
alarland Oil of Slex
451 44
•
Mexico-Ohio Oil Co
3035 3055 32%
ale Kansas Pipe Line
1
1
1
1
Mountain & Gulf 011
1655 17
Prod CorD___10 17
Mountain
54
Sales
Friday
Last 1Vea's Range for
Week.
Sale
Other Oil Stocks
of Prices.
(Concluded)
Par. Price. Low. High. Shares.
• 25
25
Nat Fuel Gas new
355
5
New Bradford 011
4
1854
1855
N Y Petrol Royalty
10%
Nor Cent Texas 011 Co_ •
16
• 18%
Pacific Western 011
2%
2
•
Panden 01!Corp
6
6
Panetpec 011of Venezuela •
27
• 28
Petroleum (Amer)
2355 2255
Plymouth 011
555
51
Reiter Foster 011 Corp...'
24
Richfield 011 of Calif p1.-S5
2455
Root Refining Co pref.
7
•
Ryan Consol Parol
311
Salt Creek Congo' 011...._10
Salt Creek Producers..._10 1831 17%
Southland Royalty Co.... 19% 184
154
Texon Oil& Land new w 1
100
Transcont 0117% pref _100 100
6955
•
Venezuelan Met Oil
354
35.4
Venezuela Petroleum.... 5
515
555
Woodley Petroleum
135
25
14
Y"01 & Gas Co
1
Mining Stocks
..l
Arizona Globe Copper.
Bunker Hill & Sullivan. _10
10
Carnegie Metals
I
Ciller Consol Mining
Comstock Tun dr Dege.10c
'oneol. Copper Mine'..."
Consol Rev & Utah Corp_3
Cresson Congo'051 & M.
Dolores Esperanza Corp 2
Engineer Gold Nlin Ltd...5
Evans Wallower Lead com•
Preferred
1
Fatcon Lead Mines
.
First National Cooper _ -:
Gold Coln althea
Golden Centr2 Mines..__5
GoRifield CorrKt: Mines..1
25c
Ueda Mining
ElollingerConsGold alines 5
Hud Ray Min dr Smelt.._•
10
Iron Cap Copper
5
Kerr Lake
.1
Kirkland Lake G NI Ltd.
5
Mason valley Mined/
Mlning Corp of Canada 5
Mohawk Stifling
New Jersey Zinc new
Newman% alining Corp_10
5
NIpissing Mines
•
Noranda alines. Ltd
1
Ohio Copper
I
Premier Gold Slining
1
Red Warrior Mining
Roan Antelope C Min Ltd_
.
St Anthony Gold Nlin _._
Shattuck Denn alining _ __•
So Amer Gold & Plat_ _ _1
1
Tack Hughes
Tonopah Belmont Deve1.1
1
Tonopah Mining
1
United Eastern Min
United Verde Extension 50c
•
United Zinc Smelting_
1
Unity Gold Milne
5
Utah Apex
Tunnel.__..1
Utah Metal &
1
Walker Mining
Wendell Copper MinIng__I
5
Yukon Gold Co
Bond a
Abitibi P & P 58 A__ _1953
Alabama Power 4 A s__1967
1956
let & ref be
Allied Pk 1st col tr 88.1939
1939
Debenture Os
Aluminum Coal deb 5a'52
Aluminum Ltd bs..... _1948
Amer Aggregates 65..1943
Amer Com'Ith Pr 8s '49._ _
Amer 0 & El deb 5s....2028
American Power & Light
68, without warr._ _2016
Amer Radiator deb 4%8;47
Amer Poll Mil deb 53.1948
Amer Seating 6s
1936
Amer Solv & Chem 6s_1936
Without warrants
Appalachian El Pr 58.1958
Arkansas Pr & Lt. 58_ _1956
Arnold Pow Works let 65'41
Aeso Dye & Prom 68_1938
Associated G & E 548 1977
Con deb 448 wi war 1948
Without warrants....
Assoc'd Sim Hard 645 '33
Atlas Plywood 555s._1943
Bates Valve Bag Cs__ _1942
With stock porch warrBeacon 0116s, with warr'36
Bel I Tel of Canada 58_1956
1st 58 series B
1957
Berlin City Elec 650.1959
Boston dt Maine RR Os '33
Canadian Nat Rya 78.1935
Capital Admin 5s A..1953
Carolina Pr & Lt 58_1956
let 44 ref bs new....
__ _1956
Cent of Gs Ry
C...1959
Cent States Elea 55_ _ _1948
Cent States P & Lt 548'53
Chic Pneum Tool 555s '42
Chic Rys be ctf dep__1927
Childs Co deb be
1943
Cigar Stores ItealtY5555 series A
1949
Cincinnati St Ry 5148_1952
Cities Service 58
1966
Cities Service Gas 54,1942
Serv Gas Pipe L 6543
Cities Sera P &L 550.1952
,
Cleve Elec III deb 7s__1941
5s series B
1961
Cleve Term Bldg 65_1941
Commerz und Private
Bank 5556
1937
Coznmonw Edison 4%s '57
00115010 E L & P Balt1952
535s series E
55 series F
1965
1969
44s
Consol Publishers 63.48 193
6
1941
Consol Textile 88
Cont'l & El te
1958
Continental 011548 1937
Cuba Co 6% notes_ __1929
Cudahy Pack deb 654s 1937
19411
58
ha
1634
155
1055
1h6
111
.
17
16
.
55
4
455
35
54
1655
455
54
135
3%
5414
SO
195
2%
49
1%
1%
454
74
17
855
•is
331
18
155
374
155
55
254
1.700
4
2,000
800
1874
1151
1,000
17
1,800
3,200
255
,
7
7,300
28% 13,000
244
1.100
555 2,800
2455
400
2555
800
400
7
100
3%
3,500
19
1934 4,900
1735 1,900
101
500
300
7054
5,400
4
300
555
2% 1,100
Range Since Jan. 1.
High.
Low.
244
34
16
851
16
2
6
27
2255
5
24
23
655
34
1731
18
154
5
0
66
351
534
155
A , r 2714
5
May
Feb
2435
Jan
1155
May
24
Jan
334
May
104
Slay
344
May 30
854
Feb
2534
May
Mar 29
May
11
May
5%
May 25%
May
24
May
23
Mar 125
Feb
7055
May
855
May
955
May
5%
Mar
Jan
Mar
May
Mar
Mar
t,
Jto
Apr
Apr
Jan
Jan
Jan
Mar
Jan
May
May
Jan
Mar
Jan
31
11,500
Jan
90
Jan 470
31i
Mar
100 1253.3 Feb 165
145 145
Apr
1955 Jan
16
17% 1,000 16
4
Jan
100
3 May
3% 3%
1% 1% 4,200 50c Mar 254 Jan
18
Mar
9% May
9,800
2% 11
24e
Jan
Jan
Sc
100
Ill
Ill
155 Jan
1,200
.11. Jan
"Is
31
154 Mar
Jan
800 75c
uis
31
44 Jan
300
1%
155
131 May
3,600 1435 Mar 2654 Fen
1655 18
Jan
Jan 92
8454 8455
100 81
•is 14,406 10c
Jan
Jan 540
34
134 Jan
Jan
35
"le 4,600 200
24 Apr
Jan
19,900 21c
ihe 1
Jan
451 May
12
4% 511 7,300
Jan 800 Mar
•14 3,400 18c
34
1731 1735
Jan 23% Mar
400 16
9% Jan
531 May
5% 6
400
Feb
23
1615 1714 13,400 1635 May
455 1,300
934 Mar
335 Jan
414
14 Jan
Jan
55 2,200 45c
55
2ha Jan
600 75c Mar
%
1% 8,100
154 Jan
1%
234 Jan
355 Jan
3% 435 1,700
634 Mar
1,300 50.1 Apr 61% May
5335 57
78% 80
2,300 75% Star 8734 Jan
6,300 18735 Feb 2334 Mar
1904 200
2% May
3% Jan
24 255 2.600
4835 51% 23,300 4534 Mar 6834 Jan
434 Jan
23,600
155 May
155 2
% Slav
,
14 155 4,400
2 18 Jan
354 Mar
700 110
Jan
h
Jan
50
42% 454 6,300 3814 Jan
9,500
35 May 93c Mar
55
la
28
3,600 15% Ma
Feb
1651 18
235 May
3% Jan
500
251 2%
10% Mar
835 Slay
8% 9% 2,800
Jan
2
,
Is
200
'ha May
235 Apr
Via Jan
500
3% 34
5,4
11,• 1,600
35 May
Pia Feb
Mar
17% 1814 10,500 1535 Feb 26
251 Jan
54 Apr
800
14
11
255 Apr
1% 1% 3,800 800 Mar
300
611 Mar
311 3%
374 Jan
255 Star
Jan
100 95e
1
1
44 Mar
600
234 Feb
351 3%
I% 1% 4,500 154 Jan 24 Jan
si.34 3,300 'it May 155 Jan
76,000 82%
17,000 90
11,000 9974
17,000 45
2.000 4655
33,000 100
27,000 95%
16,00 108
97
115,00
84,00
9334
May
May
May
Jan
Mar
Feb
May
May
Slay
Feb
874
955(
103
57
o57
102%
984
115)4
10354
9755
Jan
Jan
Jan
Feb
Feb
Jan
Apr
Jan
May
Jan
105
9515
94
87
10851
9155
874
93
93
81
9851
99%
9454
8555
87
Feb
Mar
Mar
May
May
May
Feb
Mar
May
May
Jan
Jan
Jan
May
May
1064
994
9755
9755
122
9731
9951
698
98
94
131
148
12034
88
1034
Jan
Jan
May
Jan
Jan
Afar
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Jan
14,000 102
104 105
27,000 106
1094 10915 110
30,000 98
99% 993.4100
99% 9955 99% 37,000 994
914 69,000 91
91
91
3,000 9835
10055 101
5,000 106
106 107
6,000 9651
97
984 98
11,000 9855
984 98% 99
31,000 984
99
98% 99
9855 9815 '2,000 9851
84
82
84% 32,000 82
14,000 8955
91
8955 91
95%
1,00
99
99
18,00
7751
8255 84
84
4,000 85
85
85
85
Apr
Mar
Mar
Apr
Apr
Apr
May
Mar
May
May
May
May
May
Mar
Mar
May
11051
1184
1024
1024
94
103
110
101
10255
9955
984
9055
9534
1014
84
90
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Feb
Jan
Apr
May
Jan
Jan
Jan
May
Jan
8235 8455
90
91%
9955 100
4655 4654 47
46% 464 4655
1004 100 10055
9551 9555
,
106 106
98
97
9855
94
9355 9455
83
9151
105
105
954 954
964 96
8855 87
105% 89,00
2,00
9555
9651 43,00
12,00
92
9155
9351
9351
95
81
SI
103% 103
115% 11535
101
103
8655 8555
87
9155
9455
9431
95
8455
1054
126
10555
864
89
9351
9451
9335
94
8755
8855
9335
9354 934
105
103
96
95
8734
88.4
9451
94
884
90
95
94
105
103
96
1.00
63,00
11,00
1.000
19,00
32,00
30,000
84,000
138,000
3,000
29,000 93
12,000 94
32.000 8855
26,000 88%
28.000 9334
28,00
9354
2,00 104
1,00 103
6,000 95
84
8555 40,000
1,00
9555 9555
10,5% 1054
10255
99
99%
8835
86
8555
94
9734
,
9551
984 9734
102%
9955
9974
8855
864
94
9754
9655
9855
Mar 9951 Jan
May 103
Feb
Apr 9034 Jan
May 92% Jan
May 9834 Jan
May 9734 Jan
Feb
Feb 108
May 10451 Jan
May 9851 Jan
'84
May
9535 May
88
9835
Jan
Jan
Feb
Apr
Stay
Jan
May
Ma
Fe
Nia
Ma
Mar
10854
104
100%
101
96
9114
9634
9754
994
101
Star
May
Apr
May
Jan
Jan
Jan
Feb
Jan
Jan
1.00 105
1,000 10155
24,000 99
2,000 9854
2,000 88%
29.00
85
93
8.00
1,00
96
43,000 9551
17.000 97)5
3668
Bonds (CantlnuelDeny & Salt Lake Ry fla '60
Detroit City Gas ba 11_1950
6e aeries A
1947
Detroit lot Mire 648.1952
25year e f deb 7s.__ _1952
Dixie Gulf Gas 134e. _1937
With warrants
Electric Pow (Ger) 614s '53
El P880 Nat Gail 6 4ti A '13
Deb 64e_ __Dec 1 1938
Empire 01 di Refg 54s '42
Ercolc Nfarel Elec Mfg
618s with warrants_1953
EuropMtg&Inv7seere 1967
748
1950
Fabrics Finishing Os_ _1939
Fairbanks Morrie Co 5,9 '42
Federal Sugar es
1933
Finland Residential NItge
Bank 6s
1961
Firestone Cot Mills 56_1948
Flu:stone T&R.Cal 58.1942
First Bohemian Glass Wks
30-yr 78 with warr_ _1957
Fisk Rubber 5 1.5e
1931
Florida Power & Lt 58.1954
Foltls-Fisher
_ _1939
Garlock Packing deb (18'39
61.88Gatineau Power be_ _195e
1941
6s
Gelsenkirchen Min 6a.1934
Gen Indus Alcohol 648 '44
Gen Laund Macb 6 48 1937
General Rayon Os A_ _1948
General Vending Corp
(le with wan Aug 15 1937
Georgia Power ref 5s 1967
Goodyear Tire dr R 54831
Grand Trunk ity 6 140.1936
Guantanamo & W Ry 58'58
Gulf 011 of Pa 513
1937
Sinking fund deb 50_1947
Gulf States CU 5s__..1956
Hamburg Elea 78
1935
Hamburg El dr Ind 518s ':se
Hanover CredInst6481949
Os.
1931
Harpen Mining 6s
1949
With warrants
Hood Rubber 7e
1936
10-yr cony 5180
1936
Houston Gulf Gas 648 '43
6a
1043
Hung-Italian Bank 64s'63
/ ,utly
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. 11105. Week.
77
9815
Range Since Jan. I.
Low,
High.
764
974
10415
854 8518
73% 73
78 $22,000 764
9838 37,000 9718
1,000 104
10415
8518 6.000 84
74
28,000 70
914 Jan
May
May 100% .110
May 1084 Jac
Apr 98
Jar
Mar 894 Feb
78
78
89
99
100
884 8815
80
15,000
90
3,000
100
19.000
101% 9,000
89
15,000
78
89
98
99
88
May 88% Jar
May 97
Feb
Apr 101
Mar
Jan 1054
Mar 9111 Apr
92
864
96
89
9434
854
5,000
92
864 2,000
96
1,000
9015 11,000
7,000
9415
8518 5,000
8(1
86
9535
89
944
85
Apr 984
May 92
May 100
May 1014
04
Apr 95
May 9534
89
9418
87
9114
934
12,000
864 87
914 92
16,000
93% 9415 15,000
8418
9334
8735
84
84%
9331 9331
87% 89
994 994
974 98
934 96%
9611 97
89
88% 8938
10111 101 1034
99
9815 99
84
84
85
724
95%
99
Mar
85
Mar
91
924 Mar
93
87
83
81
88
la,,
Jan
Jan
Jan 88
7,000 84
Feb
11,000 8944 Jan 96
Jan
37,000 874 May 924 Feb
,
2,000 9916 Apr 9911 Apr
2.000 9718 Apr 98 Slay
Apr 974 Feb
14,000 93
3.000 964 Mar 1004 Jan
4 Jan
29,000 884 May 91 1
48,000 10114 May 10331 May
May 1024 "n
3,000 99
Jan
Apr 95
12,000 78
18,000 69
72,000 95
2,000 99
21,000 103
5,000 81
26,000 984
15,000 994
43,000 94
3,000 99
26,000 82
89
9331 7,000 93
Apr
Slay
Jan
May
Slay
Mar
May
May
AM
Mar
May
Slay
854
8238
694
83
81
88
87
8218
70
84
84
88
854
824
68
8018
81
88
May
May
May
Apr
May
Mar
7015
95
99
103
81
81
100
9914
9914
94
9918 99
82% 82
9134
94
05
Jar
la
Mar
Feb
Jan
Jan
74
9531
99
106
81
100
9991
94
9915
83
28,000
5.000
19,000
10,000
13.000
5,000
874
984
100
108
8511
1014
102
094
103
88
954
9615
Feb
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jar.
Mar
Feb
93
Mar
Jan
97
8414 Jan
9218 Jan
9244 Jan
9811 Jau
IllPow&Lt 5345 ser B_1954 9915 9714 9915 9.000 97
Apr 101
Feb
531s deb e f__.May 1957
934 9314
1,000 9215 Mar 9615 Jan
Indep Oil& Gas deb 6s 1939 112
110% 114% 183.000 10218 Feb 120
May
Ind'polle P dr LOs ser A '57 9614 95% 96% 53,000 95% May 100
May
lot Pow Secur 75 ser 511957
9515 96
28,000 914 Mar 9614 Feb
Internat See u rItlee 58_1947 8431 83
Jan
85% 27.000 83 Slay 92
Interstate Nat Gas 88.1936
Without warrants
Apr 104% Jan
11,000 102
102 102
Interstate Power bs__ _1957 89
May 964 Jan
32,000 89
89
92
Debenture Se
1952 90
89% 90% 5.000 89% Slay 97
Jan
Invest Co of Am Es A_1947 9634 9615 9631 6.000 95
Apr 107
Jan
%% Wynn warrants
79
15,000 78
Jan 83
Jan
79
Invest Bond & Share Corp
Deb Is series A _ _ _ _1947
105 105
Apr 110
5,000 105
Jan
Inv Eq 58 A with war.1947
Jan 111
z98
Mar
7.000 105
298
Isarco Hydro-Flee 70_1952
894 8911 1,000 864 Feb 914 Jan
Italian Superpower 68.1963
Without warrants__ _ ._. 77
77
Mar 82
Jan
77% 46,000 75
JeddollIghlandCoa168_1941 1043.4 1044 104% 4,000 10311 Mar 10411 Apr
Keivinator Co 68
1930
Without warrants
70
73
711
11,000 70
Apr
Jar/
Koppers0 & C deb 58.1947 9611 95% 96% 44,000 05% May 10034 Apr
Laclede Gas Light 5180 '35
98
98
3,000 98
May 101
Mar
Lehigh Pow Seeur 68_2026 1034 10211 1034 42,000 i0284 Mar 1011
Jan
Libby, MeN & Libby be '42
Jan
0131 914 6,000 904 Feb 94
Lo,.e Star Gam Corp be 1942
9734 974 7,000 96
Mar 994 Jar,
Long Island Lit 6s,._1045
1044 105
Apr 106
Feb
5,000 103
Louisiana Pow & Lt is 1957
904 91
24,000 904 Apr 9618 Jan
bs new
1937
90
90% 11.000 00
Apr 02
Jan
Mansfield Stine & Smelt
7s without war
1941 92
92
92
1,000 9131 Slay 97
Feb
Manitoba Power 53.80.1951
9911 994 9918 2,000 98% Apr 101
Jan
Mass Gas Cos 5150_ _1946 1024 102 103
16,000 102
May 10418 Apr
McCord Had & Mfg 581943 9434 944 94% 6,000 03
Apr 994 Jab
Memphis Nat Ga.s 6s 1943
97
With warrants
97
9935 14,000 9618 Jan 107
Feb
Metrop Edison 4310_1968,
32.000 9318 Mar 99
95
96
Jan
Milwaukee Gas Lt 4188 '67
7,000 9615 Mar 100% Feb
9615 98
Minn Pow & Lt 4155_ _1978
2,000 88
88
88
May 92% Jan
Montreal L H & P col 58'51 9918 97% 9938 13,000 964 Apr 101% Jan
Morris dr Co 731e_ _1930 993.4 99% 99% 5,000 994 Mar 101
Jan
Munson S 8 Lines 640 '37
With warrants
974 9711 9711 29.000 97
May 99
Feb
Narragansett Flee Is A '57 9831 97
Mar 1004 Jan
984 17.000 97
1904 1004
Nat Distillers Prod 6185'36
1.000 981i Apr 101
Jan
Nat Food Prod
_ _1944 9918 9915 9915 12.000 994 May 1004 May
Nat Power & Lt 6.8 A_2026 1034 103 103% 13.000 102
Os_Mar 105% Feb
Nat Public Service 50_1978 814 81
Mar 834 Jan
81% 24,000 79
Nat Rubber Mach'y 65 '43
15.000 120
May 163
135 135
Jan
Nat Trade Journal 60_1928 89
884 8914 12,000 87
Apr 9854 Jr.!,
Nebraska Power 6s A.2022 1044 104% 104% 24,000 1014 May 110
Mar
Nelener Realty deb 6s 1948
May 10815 Jan
6,000 100
100 100
New EngG&ElAssn58 1918 8831 8818 894 10,000 87% Apr 974 Jan
50
1947
5,000 88% May 074 Feb
88% 90
NJ Pow dc Ltg 53 -_1956
Apr 101
100 100
Feb
1,000 100
NY & Foreign invest
May 94
89
6%e A with warr.__1948 89
Feb
8911 15,000 88
NYP&L C.orp let 448'67 904 90
Mar 9318 Jar,
0131 88.000 90
Niagara Falls Pow 60.1950
10511 105% 3,000 1044 Jan 108% Fab
North Ind Pub Serv 58 19611 9831 98
984 10.000 97% Slay 1014 Jan
Nor States Pow 6Ss%-1933
Feb
1014 1014 11.000 1004 Slay 104
Norte 'resa8 UtIll(lee 7a 2,) 1004 1004 1004 24,000 9931 Apr 103
Feb
Ohio Power 58 eer B__1952
5.000 9718 May 101
Jan
9718 98
43.48 Bailee 1)
1956 904 90
May 934 Jan
9018 16,000 90
Osgood Co with wan fla '38
97
Slay 10234 Feb
974 4,000 97
Oswego Falls 64
Apr 984 Jan
1941
4,000 80
80
80
Oswego River Pow 13s_1931
Jan 99% Feb
1,000 97
9715 9715
Pats Gas & El 151 4158.191a 9434 94% 96
26.000 034 Mar 98% Jan
Pacitle In seat 55
1948 92% 924 9211 12,000 01
Apr ((134 Feb
Pac Power & Light 58 13 '52 100
.
May 100
100 100
5,000 100
May
Pacific Western 011615..'43 954 9518 06
38,000 93
May 98% Jan
Parmelee Transport Os 1944
11918 9938 12,000 9914 Apr 100
Apr
Penn-Ohio Edison 68 1950
Without warrants
100 10034 10,000 1/874 Apr 102
Jan
548 whet. Isqu..t1
0218 92% 5,000 9274 May 974 Mar
Penn Pow dr Lt 58 ser 13 '52
10.000 100
100 100
May 10315 Apr
let dr ref be
1953
11,000 99
99 100
May 102% Jan
Peolrle,. Ti A_Pr
94
9414 10,000 0335 May .00
Fel,
Phila Electric 54s_ _1953
10418 10415
1,000 1044 May 10618 Jan
;i
10418 10431
Feb
1,000 1044 Slay 107
Pldia
4s...1111., 103% 103 10334 26,000 10218 Mar 1054 Jan
rhila Rapid Trans 68_5963
97
May 50314 Feb
984 4,000 117
Pittsburgh COrd 60-- -1949
99
99
13.000 99 May 10011 Slay
Pinataw al, lire'S.. .1948
102 1024 6.000
Apr 103
Jan
FOtOrnae EdIsor le....10o•
May
Mar
96
97
4,000
Potrero Sugar 78 Nov 15'47
Apr 76
69
8,000 69
Jan
70
Power Corp of N 'Y 5'5.'47
9334 914 2.000 034 Slav 98% Feb
[Vol,. 1.28.
FINANCIAL CHRONICLE
100%
tea
Bonds (Concluded)
queetiaburo 0 & E 5180 '52
Reliance Bronze & Steel
Corp 15-yr deb 65_1944
Remington Arms 548_1930
Eleirfleld 011518% notee'31
Os
1944
Rochester Cent Pow be '53
Ruhr Gas 6 48
1953
Ryerson (Jos T)& Sons Inc
15-yr sink fund deb 5543
St Louie Coke @ Gas 88 '47
, Ant Publle Serv 50 1958
an
Sauda Falls 1st Is A,_1955
Scbuite Real Estate 60 1936
Without warrants
Scripps (E W)548_1943
Serve! Inc(new co) 58.1948
Shawinigan W & P 4188 67
Shawsheen Mills 78._ _1931
Sheridan Wyom Coal Cis '47
Silica Gel Corp 6188
With warrants
1932
Sloes-Sheffield S dr I fie 1929
Purch money 63_ _ _ _1929
Snider Pack 6% notee_1932
Solvay-Am Invest 541_1942
Southeast P dr L 6s_ _ _2025
Without warrants
Sou Calif Edison 58_ _ _1951
Gen & refunding 50_1944
Refunding 58
1952
Sou Calif Oa. 5e
1937
Southern Dairies Gs__ _1930
So'west Dairies 6348
With warrants
1938
S'wear & 5s X ......357
Sweat Pow dz Lt 68.„2022
Staley (A El Mfg (4...1942
Standard Investment5swIth
warrants
1937
Stand Pow & Lt 6s._ _1957
Stinnes (Hugo) Corp
7s Oct 1 '36 without warr
is 1946 without warents
Strauss (Nathan) 6s...1938
Strawbridge & Cloth 55 '48
Sun Maid Raisins 634s 1942
Sun 011531.,.
1939
Swift & Co 6 Oct 15 1932
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High Week.
100
9918
974
994
874
814
8518
100
100
Range Since Jan. 1
High.
Low.
10031 $11.000 100
May 105
Feb
May 10018 May
Jan
May 99
Mar 102% Jan
May 9938 May
Mar 884 Jan
Jan
May 94
9918
97
99%
9914
8518
794
994 26.000
974 16.000
11,000
100
99% 78,000
87% 207,000
8115 83,000
9918
97
98M
99
83
79%
93
85
92
994
5.000
93
15,000
86
944 13,000
101
13,000
Jan
Jan 96
93
Jan
824 Slay 92
Feb
la% Apr 97
Mar 1024 Jan
98
85
944
79
904
96
912
85
4,000
1,000
9414
79
13.000
9118 25,000
9618 8,000
1,000
90
85
924
75
9015
94
90
May
Jan
Jan
May
May
May
96%
954
85%
94%
98%
93
Mar
Apr
Jan
Apr
Jan
Jan
105
105
99;i 9918
994
88
874
9515
Jan
106
29.000 101
9931 9,000 97
May
1,000 9031 Apr
994
9011 39.000 8718 May
9515 3,000 944 Apr
11234
100%
100
1074
98%
Mar
Feb
Jan
Jan
Feb.
101% 101
9034 9938
100
100
100
92% 92
97% 9715
10211
100
1004
100%
9211
974
85
79
96
96
100
9834
9415
9111
854
96
9415
994
984
4,000
96
944 3,000
18,000
101
98% 5,000
127 127
9415 97
9131
844
107
9818 9815
50
10031 100
99% 99
96
914
9918
9731
May 101
Jan
Apr 971
4 Jan
May 107% Jan
Feb
Jan 99
Mar
Jan 136
6,000 126
33,000 944 May 9931 Jan
924 28,000 884
884 53.000 844
2,000 107
107
1,000 98%
984
10,000 48
51
13.000 100
994 74,000 98%
100%
Texas Cities Gas 5s.1948
80
82
Texas Power dr I,t 5s1956 97
96
97
Thermoid Co 6s w w 1934 97
97
97%
Ulan Co 13.40__Nov 1 1936
984 99
Union Ainer Invest 5s 1918
100 101
United El Serv (Unes)70'50
With warrants
110 114
Without warrants
91
89% 91
United IndustrIal 645 1941
854 85%
United Lt & Rye 540 1952 90
8931 91
60 series A
1952
99% 9918
United Rys (Hav) 7188 '35 103
108 108
United Steel WIt- 618e 1947
With warrants
83% 824 83%
S Rubber
Serial 64% notes1939 99
9811 99
Serial 614% notes__1931
994 100
Serial 64% nutes__1932
98
Serial 64% notes_ _1933
9711 98%
Serial 64% notes_ _1935
974 984
Serial 6.4% llornE-1936 9718 97% 0715
Serial 64% notes_ _1937 9611 91311 97
Serial 64% notes_ _1938
98
98
Serial 614% notes_ _1939 99
99
99
Serial (13.4% notes_ _1940 98
98
98
Utilities Pr & 1,1 5s__
93
Van Camp PackIng 65.1948
84
84
Virginia Elee Pow 5s_ _1955
97
98
Webster Mills 618e.- _1933
90
90
Western Power 540..1057 128
118 128
West Texas Utilities 51.'57
914 924
Westvaco Chlorine 545 '37 101
9914 101
105%
Jam
Mar
Mar 10234 Feb
Mar 10211 Mar
Apr
Mar 102
Mar
Mar 95
Mar 99
Feb
94,000 100
36,000 99
13,000 100
9,000 9918
43,000 93
13,000 96
Jan
May
May
Mar
May
Feb
Mar
94%
91
14014
100
7911
102
10014
Feb
Feb
Jan
Feb
Jan.
Jan
Mar
20,000 80
20.000 96
3,000 97
11.000 97
16,000 100
Mar
May 89
Mar 994 Jan
Slay 105% MU
Feb.
Apr 100
Star 11674 Feb
7,000 110
13,000 88
14,000 84
26.000 8618
1,000 99
4,000 108
Feb
May 130
Apr 9215 Jan
Apr 0134 Jan
Mar 94% Jan
May 1014 Jan
Jan
May 110
44,000
8218 May
90
8,000 984 Jan 1004
1,000 98
Jan 100%
2.000 97
Jan 1003-4
13.000 964 Jan 10014
5.000 96
Jan 100%
1,000 974 Apr 1004
4,000 9634 May 1004
3,000 11634 Jan 1004
2,000 96
Jan 10018
2.000 97
Jun 102
118,
Feb
4
73,000 I'S
May 874
3,000 81
14.000 9611 Apr 100%
3.000 87% Apr 964
78.000 1094 Jan 128
3.000 9118 May 0611
22,000 994 Mar 104
Foreign Government
and Municipalitle•
Ag-imil MW r, lilt Rea ofC61
213
-year 7s__ _Jan 15 1946
92% 9411 16,000 9218
20-yr 78____Jan 15 1947 91% 9118 914 5,000 914
Bank of Prussia Landowners
Ass'n 6% notes..__ _1930
15.000 944
943.4 95
Buenos Alres(Prov) 740'47
101 34102% 41,000 100
is
1952 101
1003-4101
7,000 094
Cauca Valley (Dept) Co
lombla exile f 75_ _ _ 1948 8511 85
85.4 11,000 85
Cent Bk of German State&
Pros Banks fla H .1051 79
79
81
14.000 79
Danish Cone Munk!531555 9814 984 98% 13,000 9814
Danzig P & Waterway Bd
Esti f 640
1952 82
811( 82
18,000 81
Frankford (City) 648_1953 90% 884 903.4 13.000 88%
German Cons Muni° is '47 96
96
96% 46.000 934
.1947 854 85
85% 38,000 8315
Indus Mtge Bk of Finland
1st mtge eels f 7s_ _1914
9814 9815 5.000 974
Me/11108a (Prov) Argentina
7145
1951 94
94
11,000 93
95
Montevideo (City) 118 1959
9314 95
4,000 9318
Mtg 13k of Bogota 78_1947 89
89
8911 12,001) 87
Mtge Bank of Chile Os 1931 97
96% 974 15,000 964
Mtge Bank of Dente 5s '72 95
95
1,000 95
95
Mtge Bk of Jugoteav 7e '57 77% 77
77% 11,000 76
Parana (State of) Bras 78'58
85% 8515
1,000 8514
pnasia (Free State)6 48'51
9118 89
19,000 89
92
Esti fls (of '27) Oet 1.5'52 87
85
87 106,000 83%
Rio Grande (lo Sul 78.1907 93
2,000 91
93
93
Rumanian Mono that 70'59
8418 15,000 84
84
Russian Governments
634s
1919
24,000 1214
134 14
158 ctla_
1019 13
134 42,000 12,4
13
5310
1921
11,000 1234
13
13
5185 Certificates _1921
134 134 13.000 12%
Saar Basin 78
1935 100
13,000 98
9918 100
Suarbrticken 78
1935 9918 9915 9915 4,000 99
Santa Fe (City) Argentina
Republic esti 7e_ _ _ _1945
7.000 91%
9214 93
Santiago (('hile) 75.__1940
9818 99% 31,000 96
Switzerland Govt 51.40 1929 99% 994 9991 7,000 994
May 100
Slay 09
Fab
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Slay
Jan
Jan
Jan
Jan
May 98
Mar
Feb
Apr
Mar 10114 May
104%
May
9611
Jan
May 8714 Feb
May 1014 Jan
Jan
May
May
May
864 APT
9615 Jan
Jan
98
Jan
89
May 102
Jan
A0r
Apr 99
May n9034 May
Feb
Apr 94
Mar 9834 Feb
Jan
Mar 97
Mar 8254 Jan
May
1/354 Jan
Feb
May 97
May 9014 Jan
Jan
Ayr 97
Apr 804 Feb
Apr
Apr
Apr
Feb
191(
19
Jab
194
Feb
19
Feb
Mar 101
Mar 101
Jan
Feb
Apr
Apr
Mar
Jan
Jan
Jan
96
100
10014
Ave
• No par value I Correction, in Lleteel on the Stook Exchange this week, where
additional transactions will be found. n Sold under the rule a Seld for cash.
S option sslc
r.iv Santo and bonus 1.r When leaned.
Ex-dividend. V Er
x Ex-etock dividend
"Under the rsae' gales were made as follows:
a Amer. Meter Co.. Jan 15 at 128. c Danish Con. Muni°. 5411, 1955 Jan. 11
.
at 105; Jr Eri,,catirsnai Pictures pref., Feb. Oat 100 a United Mlik Products. Mary
21, pref. at 81. r Allied Pack, 68, 1930, April 2 at 59. u Mayflower Associates.
May 29, 200 at 65. z Investors Equity Is, 1947. $7,000 at 98.
"Cash- sale.' were made as follows:
d rkanur Power & Light 10t dr ref. be, Jan 22 at 09
"Option" aim were made as follows: a Schutter-Johnson Candy, elms A, Mar.5
100 at 0.
JUNE 1 1929.]
3669
FINANCIAL CHRONICLE
Quotations of Sundry Securities
All bond prices aro -and Interest" except where markod "t'''.
Investment Trust Stocks
Ask 1
Bid
Railroad Equipments
Chain Store Stocks
nubile Utilities
Par 814 Ask
and Bonds
Ask
Par eta
Ask Great Northern Os
5.50 5.20
Par Bid
87
s 98
,
Basle Industry shame
17
Equipment 55
5.20 5.00 Fishman(H M)Stores coin_
American Gas & Electrio-1 *152 154
78
British Type Investors A
100 104
Hocking Valley Si
Preferred
5.20 5.00
t *103 104
6% preferred
New w
415
Equipment65
5.50 5.20 Gt Ati & Pac Tea vol com_1 *400
Amer Light & Tree corn. 100 230 237
1814 20 4
,
Canadian Bank stocks
0
114
100 *113 117
Preferred
5.10 4.90
100 112 118 Illinois Central 4345 & fis_
Preferred
Colonial Investor Shares
261 2712
4
15
Equipment Os
5.20 5.00 Howortb-Snvder Co, A.... 13
100
Amer Public UPI com
Continental Securities Corp_ 94 100
140
Equipment 75 & 0345..... 5.20 5.00 Knox Hat,new w I
7% Prior preferred--100 93 95
82 84
Preferred
t *57 64
5.50 5.20 &Wrecker Stores corn
100 93 95 Kanawha & Michigan Os_
Pardo preferred
36
Credit Alliance A
34
Cum oref 7%
... .100 99 103
5.25 5.00
Appalachian El Pr pt
100 106 108 Kansas City Southern 53411
Crum & Forster InsuranLouisville & Nashville 05_
5.50 5.20 Lane Bryant Inc 7% prof __ 120 130
Associated Gas & Elea
108 112
shares corn
96
Equipment6 Ha
5.20 5.00 Leonard Fitzpatrick &
t *93
$5 preferred
101 103
Preferred
30
t *25
Muller Stores corn
Cora's.'1th Pr Corp pref_100 101 102 Michigan Central 51 & 65... 5.20 4.90
Deposited Bank Shares.,,,,_
163 1772
4
.. .100 112 117
Minn St P & OS M 454s & Si 5.40 5.10
38
*37
Preferred 8%
East. Util. Aiwa. corn
8
Diversifled Trustee ens.,.... 253 2612
Pref.
13
Equipment 6345 & Is.,,.,. 5.50 5.00 Lerner Stores 634%
t *12
Cony. stock
2212 2272
Shares 11
101 105
rrants
Without warrants
4212 Missouri Pacific Os & 13365_
ei T
5.40 5.10
General Pub Serv corn _ _1 *41
Eastern Bankers Corp eom. 25
100 350 370
91
93 Mobile & Ohio Sc
5.20 5.00 Lord
Hang Public Util $7 pret-t
145 fEi
Units...
First preferred 5%-- - - 100 98 104
New York Central 4345 & 6. 5.10 5.00
elissIssippl RI.Pow pred.100 104 106
1212
12
Empire Equities Corp corn A
99
97
Second pref.8% -- .100 109 113
Equipment Os
First mtge Si
_Jdr,1
5.50 5.20
Equit Investors6% pf units_ 64 68
99
pref 100 96
96
94
Dab as 1947 1951_Equipment75
MAN
5.00 4.80 McLellan Stores6%
Federated Capital Corp_ _ _ - 65 69
National Pew & Light Mei- 1 *10712 10812 Norfolk h Western 434e_ .
5.10 5.00 Melville Shoe Corp
55 5812
New units
let pref 6% with warr.100 100 104
5.30 5.00
WI preferred
t *98 100 Northern Pacific) 7e
4
2714 283
Financial Investing
North States Pow corn.,100 159 163 Pacific Fruit Express 711....
5.20 4.90 Mercantile Stores
13
11
First Holding & Tract
100 103
7% Preferred
Preferred
5.10 5.00
100 108 110 Pennsylvania RR eq Si _
49
First Investment, A prof....,, 44
5.25 5.00 Metropolitan Chain Stores..
Patel. & Lake Erie 634s
4
8
Nor THas Eleo Co aom_100
204 2212
Fixed Trust Shares
Ill 114
1
5.25 4.90
New preferred.
20 Reading Co 4345 dr tra
15
Preferred
100
11 4
,
10
Foundation Sec corn
5.20 5.00 Miller (I) Sons cons _ _-.1 04712 49
Ohio Pub klerv. 7% pret_100 107 109 St Louis & San Francisco 65
1041&9212 96
General Trustee common_ _ 39 41
Preferred 654% •99 101 Seaboard Air Line 8345 A 6
, 6.00 5.50
6% pref
70 75
New units
5.10 5.00 Mock Judson & VoekIngerpf 101 105
2612 Southern Pacific Co £54s..
PacUlo Gas & El let Orel -25 *26
94
6% bonds
_ t *96 100
5.2 5.00 Murphy (G C) Co corn
EquipmentIs
Paget Sound Pow& Lt 56 p 1 *98 100
German Cred & Inv25%pd - 19 If
105 110
5.20 5.00
8% cum pref
89 Southern Ry 430 & 55.._
$5 preferred
t *86
2312 2512
Greenway Corp corn
16
5.50 5.20 Nat Family Stores Inc wart 10
Equipment Os
971 9812
lilt ref 64s 1949__J&D
5412 5612
Preferred (w w)
17
1 014
p eterred
South Cal Edison 8% pf__25 *55 65 Toledo & Ohio Central Si... 5.5 5.20 NatrSh irt Shgs, corn
28
Guardian Investment
87
?
10
5.2 5.00
Stand & E 7% pr 0_100 108 11012 Union Pacific?,
28
Preferred_
21
NedIck's Inc com
Tenn Klee Power 1st pre 7% 105 106
15 20
Guardian Investors
t *145 150
Aeronautical Securities
Nelsner Brcs Inc corn
6% creferrerl _ _ _100 98 100
6%
90 100
100 194 200
7
4
5
Preferred 7%
9412 Aeromarine-lilemm
92
Toledo Edison 5% pre(
42 50
$3 units
78
*76
Aeronautical Industries
2112 2312 Newherry (J J) Co Corn
102 104
8% preferred
152 17 Harvard Financial
a
14
Air Associates
12
Rights
100 109 111
7% pref
incorporated Equities
100 101 105
20
18
Preferred 7%
Western Pow Corp pref.100 103 107 Air Investors coin
6212 65
Incorporated Investors
Preferred
41
38
N FI rsterre agrn _ - t *36 38
Y M p chr
Merchandise co_
2314
83
nsurang itarm ser A
12
9
Warrants
100 100 104
Short Term Securities
214
2684
Series 101928
Airstocks Inc
58
100 106 110
y56
Penney (J C) Co
t
27 4 2914
,
Series C
,
Allis Chal Mfg, 55 May "47. 983 99 4 Alexander Indus corn
1 1514 1512 Peoples Drug Stores corn..t
4
3114 3234
Serles F
92
8% participating pref
*86
Alum Cool Amer.55 May'52 100 10012
100 114 118
pi,6,n,ciuggmlypref
2514 2684
Serleo El
24
t *35 45
22
963 97 Amer Aeronautical
4
Amer Rad,deb 4Hs. Islay'47
Corp
225 230
inter Germanic Tr new
100 103
40 55
90
96 2 American Airports Corp.
,
Am Roll Mill dab 55, Jan '48
Preferred 8% _..
62
10
9
9912 100 Amer Eagle Aircraft
Anglo-Am Oil 4145, July '29
Reeves(Daniel) preferred -- 95 fir Int Sec Corp cf Am corn A.
35
31
Common B
Aviation Sec Co of NE
22
21
Aneda Cop Min let cons fis
Rogers Peet Co corn.... _100 135 145
9 154
212
Allot ctts
97 100
212 3
,
Feb. 1953 104 4 10412 Bach Aircraft
Safeway Stores pref
634% preferred
32 36
903 Reliance Aircraft Corp. new
8
1912 Saunders(Clarence), corn B.
90 I
19
Batavian Pete 434s_ _ _ _1942
8314 9 14
99
9
3
57
IS% preferred
•56
9912 100 Berliner-Joyce Aircraft A
23 25
Bell Tel of Can 55 A _Mar'55
Schiff Coe=
0
94 150
45 0
Invest Co of Am corn
14
9912 100 Central Airport
Beth St'5% notesJune 1529
('urn cone nref 7%._ ..100 106 110
1.
10
2214
7% preferred
22
27
9812 9912 ;mane Aircraft new corn.., 25
Bee 5% notes_June 15 '30
Shaffer Store corn w 1
Series A units
Preferred
9812 9912
Sec 6% notes_June 15 '31
100 110
Sliver (Isaac) & Bros cont *62 68
1254
12
Investment Trust of N Y
Sea 5% notes_June 15 '32
9812, 99 2 Claude Neon Lights
,
7% cum cony wet_ _ _ _100 105 109
49 54
invest Trust Associates
75
New wi
37
36
Coral Inveet Tr
Southern Stores6 units_
50 56
Investors Equity
5
97
99 Consolidated Aircraft
6% notes
May 1930
13 13 Store's coal class A ---1
4212 43
51
48
Joint Investors class A
9512 9612 Consolidated Instrument _..1 33
34
Corn class B
t *112 3
000 Pkg. deb 5 Ns_Oct 1937
Convertible preferred.,.,. 107 108
12
98 4 99 2 Crescent Aircraft
,
,
Cunard 88 Line 4145 Dec'29
ist preferred 7%, . _ _ _100 52 .58
10
Joint Sec Corp pf B units,,,, 120 125
100 102
Oath'Flying Service
Ed El 111130st
2312 2314 Young(EdwInIT)Drugunits 110 114
KentSecurities Corp oom
,
9712 98 4 :urtlss-Robertson Airplane
434% notes_
Nov 1930
100 102
Prefcr,ed
Empire Gas & Fuel 59
Units
Standard 011 Stocks
129 134
29
Keystone Inv Corp class A. 26
*1412 15
Jun 1930 0712 9812 Curtiss Assets
30 35
Anglo-Amer Oil vol stook_ LI
6
Clam B
1412
£1 *13
risk Rub 530_ __Jan 1931
31
9314 9414 Curtiss Reid pref
Non-voting stook
3212
7
8
Geni Mot Accept.
new_25 *635 6372 Massachusetts Investors.... 5118 53 2
Fairchild Candoes Engine_
55 65
Atlantic Retg corn
13212 135
Mohawk Invest Corp
42
5% serial notes_Mar '30 98s 9918 Fokker Aircraft
25 *38
some Scrymser Co
487 49
2
13
11
7012 Motor& Bankstock Corp
0612 9712
5% serial notes. _ Mar '31
23
21
Buckeye Pipe Line Co_ - -50 *68
Preferred
Mutual Investment Trust
1212 1312
96
26
25
6% serial notee. _ Mar '32
97 Great Lake?. Aircraft
Cheaebrough Mfg Cons_25 *162 170
10 *20 2014 VI..9 England Invest Tr1111, 12
30 34
9512 97
Continental 011•t e
Haskellte Mfg
5% serial notes. Mar '33
N Y & London Mgnt units,,. 70 77
70
65
48
44
Heywood Starter Corp....
9412 96
5% serial notes_Mar '34
Cumberland Pipe Line _100
21
19
North Am Util See
K reider-Reisner Aircraft__
50 57
5% serial notes_ _Mar '35
Eureka Pipe Line Co _ _ __100 58 61
95
93
95 97
Preferred
8
6
21
19
Lockheed-Vega
Galena Signal Oil rpm__ _100
95
6% eerie) notes.. Mar '36
93
97 10 8
2 ,
North Amer Tr Shares
85
81
1212
11
100
Maddox Air tines corn.,,.,
Preferred old
Gulf Oil Corp of Pa deb 50
26
22
90
Old Colony Invest Tr corn
100 81
Preferred new
21
18
,
991s 99 4 Mahoney-Ryan Aircraft....
Dec 1937
84
4
bonds
13
8
Deb 55
Humble Oil& Retining-25* 11312 11412
9014 997 Mohawk Aircraft
a
Feb 1947
32 35
Pacific Investing Corp corn
305
100 300
11
8
Mono Aircraft
Illinois Pipe Line
Koppers Gas & Coke del, Is
80 85
Preferred
•105 107
30
8
35
Preferred
Imperial 011
June 1947 (152 96
511 5412
4
*265 262 Second luternat See Corp.
8
Meg Pat 4 Hs_Feb 1530-36 93
19
22
New
99 4 Moth Aircraft Corp unite
,
25
22
Coin 11
95
Mar 011 5o. noteo June 1530 9612 98
10
12
Common
Indiana Pipe Line Cot _ -50 *94
44 47
6% preferred
4812 4812
Petroleum___
94
Serial5% notes J une 1531
9512 National Air Transport_ _ _
International
97 98
Second Nat Investors
26
22
Serial5% notes June 1532
New
4112 42
93 0412
New
42 45
221 223 :mawinut 13k inc Trust_ _
4
Mass Gas Cos,534a Jan 1946 102 10212 Nat Aircraft Mat'ls Corp__
14
National Transit Co_ _12.50 .
15
41.4s..1942 85 88
Pacific Mills 5 tas_ _ _Feb '31
National Aviation
6412 65
97 98
New York Transit Co_ _100 82 85
92
89
5s19412
57
North Amer Aviation
Peoples Gas L & Coke 4349
19
1912 Northern Pipe lAne Co _100 .54
Os
1952 240
4
9712 0012 Pollak Mfg
Dee 1929 & 1930
8
Oblo 011
25 *701 702
10
Southern Bond & Share
27
9612 973 Scenic Airways common..__.
!root &(lamb. 430July '47
Penn Me: Fuel CO
312 5
4
26 *25
33
28
Coin & allotment ctfs _ _
9912 100 Stearman Aircraft com _ • 138 143
Woes Shef Sti & Ir Os Aug '29
Prairie Oil & Gas
25 *551 57
50
$3 pref allotment ctfs__ _ 47
Stinson Aircraft corn
NINO & Co 5% notes
1912 2014 Prairie Pipe Line
2
25 583 5912
38
9914 992 Swallow Airplane
tanner(' Investing Corti- -- 36
40
Oct 15 1932
4
9
Solar Refining
12
.25 *39
99 103
5 35% preferred w w
9914 100 Travel Air Mfg New
On NJ RR & Can 45 Sept'29
2018
56
*20
5612 Southern Pine Line CO-126
tI 8 Air Transport
95
5% bonds w w
97
Jan '30
Wise Cent 55
South Penn 011
25 501 52
13
21
18
United Aircraft w I
State Bankers Financial..._
15111 15214 8'west Pa Plpe Lines
50 *63 64
133 1458
8
Par
Preferred
Tobacco St
7312 Trustee Stand 011 Sha
*73
9212 9312 Standard 011 (Californias 3712
Universal Aviation
s
American Cigar coin ____100 120 130
1545 547 United Founders Corp corn. 351
2
21
Standard 011 (Indiana)_ _.25 .
22
141
Warner Aircraft Engine new 29
100 108
4
Preferred
Standard 011 (Kansas).. 25 *1818 183 11 S Shares clam A
31
131 147
*30 32
Class A 1
Western Air Express, new..
4
British-Amer Tobaa ord.._ al
72
Standard 011 (Kentucky)
74
.10 *3612 362
35
Clam C 1
Al *30 32
47
Bearer
Standard 011(Neb)
25 *46
363
s
31
Class 02
Wats, Bones.
imperial Tob of GB & herd *29
8
Standard 011 of New Jar.-25 *567 57
3114 345i
Arkan Wet lit 56'56 A.A&O 93
Class 03
8
tat Cigar Machinery new100 106 115
Standard 01101 New York.26 *3914 393
94
18 8
,
55
65 Birm WW lot 5HeA'64.A&O 100 101
Class D
Johnson Tin Foll & Met_ 100
Standard Oil (Ohio)
21 *11818 120
15t M rer 1954 ser B__J&D 97
16
18
- 1412
,
Stand Comm'l class B -100 115 117 4 U S & Brit Internet al B.
9712
Preferred
34
Class A
514 614 City W(Chatt)530•54AMIII 101 103
18
9. •12
Union Clear
--Swan & Finch
4114 4414
*015 1012 lit M 56 1954
Preferred
Union Tobacco Co corn __
Union Tank Car Co
92
*130 131
25
4112 4312
*45
62 City of New Castle Water
(hiaso A
9seutun 011
..5 116 11712 US Elec Lac Powr
49 51
fis Deo 2 1941
11 S & Foreign Sec coin_ _ _ _
MIX 1 94
Young 0 13) Co corn -100 105 113
Investment Trust Stocks
91
88
Clinton WW lot 55•39_F&A 04
Preferred
Preferred
100 104
and Bonds
Com'w'th Wat let 5SisA•67 98
Sugar Stocks
Allied Internet Investor!,
.0 104 109
2
Connell's. W 5a0ct2•39A&O
60
Caracas suss,
Indus. A Miscall
95
60
Amer Alliance Invest
50
100 98 103
American Hardware
kmer Bond & Share com_10 2812 3114 Fajardo Sugar
25 *63 65 E St L & Int Wet Si'42.J&J 91
93
38
*33
lit M Os 1942
iiaboockA V.Horn
Godchaux Sugars. me
J&J 100 102
100 122 124
17
Amer Brit & Con; corn.,..
15
100 88 92
*58
_ Fluntinghm let 65
Preferred
11% Preferred
MAP 100 102
Bliss (it to) co
86
84
14
•9
I06, 92
Freterred
Haytian Corp Amer
Amer Cit Pow & L
60
73
71
_
40
Mid Starer. WW sew ,m&ei 100
Holly Sugar Corp corn.,,.) *37
Childs Company pref.,,100 102 106
Class B
Preferred.
100 83 88
Hercules Powder
90
Am & For Sh Corp units.,..
• *114 110 !doom Con W 1st be &Sal& I
83
86
92
45
Mourn Val Wt 6 He '(Al. M.; 95
National Sugar Ref
_100 44
Preferred
._ .100 117 120
40
Common
38
97
Muncie WW 6.Oct2•31/ AO. 94
30
New Niourro Sugar
Internal Silver 7% pref,100 110
100 20
98
53.4% cony dehs
1938 97
GI
63 St Joimpb Water 561941 A&C 96
_ *117 120
Phelps Dodge Corp
Amer Founders Corp com . *9912 *102 Savannah Sugar
97
Preferred.
100 111 114
Cony preferred
linger Manufacturing__ 100 540 560 &helping° ValWat do'56A&O 91 93
101 104
22
618 So PItte writ 15t 58 1960 J&J
£1
951,, 0612
442 473 alma,Estates Oriente p1 11)0 18
4
4
linger Mfg Ltd
5% Preferred
lot M Ss 1955
FAA
100 40 50
verttentee Sugar Of
53
7% preferred
96
50
Per 11 W W 1313
A AUL 100 idi
Rubber Stocks (Cleveland
Railroad Equipments
70e 75c
140thei
1st M be 1056 ear B _ FAL
15
5.50 5.20
Aetna Rubber common_ ___1 •14
92
74
Anemia ...Ann, ...Me Os
71
Amer & Genl Sec. units
.5'
5.25 5.00 Wichita Wat lit 65'49.M&F 100 103
6
Fails Rubber corn
34
30
Class A
Equipment6 No
let M 661066 ger R, wi58
22
6.50 5.20
Preferred
26
12
92
10
Class B
Baltimore & Ohio 65
Chain Store Stocks
*3112 37
5.20 5.00
_.
Faultless Rubber
50
47
Amer Internet Bond &
Equipment 414s &
5.50 5.40 Berlauil Stores unite new. *100 106
Firestone The & Rub aom.10
29
26
Amer & Scottish Invest
Buff Roch & Pitts equip
5.40 5.10 Boliack (13 C) Inc corn ____ • 73
4
6% preferred
100 idif 116.50
46
Astor Financial class A
78
Canadian Pacific 484s A Si.
7% let preferred
5.50 5.20
14
100 10712 109
100 •103 106
10
Class B
7% Preferred
Central RR of N J Os
5.50 5.20 Butler(James) corn
General The & Rub oom__25 *360 285
35
Atlantic & Pee corn
10
Chempeake A Ohio 65_ .....
Preferred
5.20 5.00
9912
Preferred
100
12
100
4414 18
50
Eguipment6345
Preferred
1083
Goody'r T & R of Can pf.100
5.20 5.00 Diamond Shoe. corn
4
74
77
40
ALI dr Pac Intl Corp units._
Equipment 5o
44
58
India Tire & Rubber
*55
Preferred
5.50 5.20
100 104
Chicago & North Wellies_ _
Bankers Financial Trust... 31
8
_
5.40 5.10 Edison Bros Stores
15% 163 Mason Tire 1c Rubber com_t
2012 2112 dankers Investin't Am cm_
Equipment5 Ns
Preferred
100
20
gg
Preferred
18
96
5.25 5.00
Rankers Sec 'Prof Am corn _
Chic RI A Pao 6145 & 61._
Miller Rubber preferred_100
-164
22
19
6.50 5.20 Fan Farmer Candy Oh pref t *29
Ran knocks holding Corp _ _
32
Equipment(3s
51
.07
Mohawk Rubber
100
812 10
8
Bankshares Corp of U S cl A
Colorado & Southern Os-. 5.60 5.20 Fed Bak Shops,corn
66
Preferred
100 - - 85
Pre!7% with ware__ _100 90 100
1712
5.50 5.20
Bankstocks Corp of Md cl A
Delaware & Ehulson 65
ialbarling Tire & Rubber-- t *4018 43
11
9
Class it
5.30 5.00 Feltman h Curme Shoe
Ede 4 Ns&
preferred
100 106 ____
51
45
Storm A 7% pref......100
Preferred
5.50 5.15
65
Equipment 88
I hale price
•Petah'''. t No par value. Beals d Purchaser also Pays accrued dividend. 1 Less sale. n Nominal. 2 Ex-dividend. tr Ex-tights rCanadian quotation
4
:
8
50
Dutesturent mut Sailroaa Anteingentre
3670
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third
week of May. The table covers seven roads and shows
0.10% decrease over the same week last year:
Third Week of May.
1929.
Canadian National
Canadian Pacific
Georgia & Florida
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
Increase.
1928.
$4.991,272 54.863,465
3,935.000 4,086.000
25,200
25,200
320,172
331,161
413,200
417,507
3,703,854 3,686.537
335,642
342,969
$13,731,667 $13,745,512
Total (7 roads)
Net decrease (0.10%)
Decrease.
5127.807
8152,451
8151,000
10,989
4,307
17,317
7,327
5186.296
13.845
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
Previous
Year.
2
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
13,731,687
s
$
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
13.745;512
+453,213
+372,052
+667.023
=798,083
+863,416
+85.5.121
+1,178,259
+3.144.625
+885.177
+225.684
-13,845
Increase or
Decrease.
Per
Cent.
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 ( 7 roads)
o.—csizrocoalcao.toca
week
week
week
week
week
week
week
week
week
week
week
l
1st
24
3d
4th
1st
24
3d
4th
1st
24
3d
,i,,,:qini..36;*.ioim :-4 to
0 --toCr Cr Ca ba CD Go
J.
1
Week.
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
Jaly
Angust
September
()Kober
November
December
January
February
1927.
456.520,897
455,681.258
504,233,099
473,428.231
509.746,395
501,576,771
512,145,231
558,908,120
554,440,941
616,710,737
530,909,223
484,848,952
1929.
486,201,495
474,780.516
$
488.722,648
468.532.117
530,843,758
497,885,380
518,569,718
518.448,211
508,811,786
558,743,013
564,421,830
579,954,887
503,940,778
458,660,738
1928.
457,347,810
456,487,931
Length of Reed.
Inc (+1 or
Dec.(-).
30.161,749
-12,860,859
-26,416,859
24,437,149
8,823,323
14,871.440
+3,333,445
+165,107
9,980,689
+38,755,850
+29,968,447
+26.188,218
+28,853,685
+18,292,585
Net Earnings.
Month.
1928.
1927.
Mlles.
239,476
239,584
239,849
239,852
240.120
240,302
240,433
240,724
240,693
240,681
241,138
237,234
1929.
240,833
242,884
Miles.
238,808
238,731
238,729
238,904
239,079
239.066
238.906
239,205
239,205
239,602
239,982
238,094
1928.
240,417
242,668
Inc.(i )or Dec.(-1.
-
1928.
January
February
March
April
May
June
Jai,
August
September
October
November
December
Jaanary
February
1927.
Amount.
93,990.640
108,120,729
131.840,275
110,907,453
128.780,393
127,284,387
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
99,549,436
107,579,051
135,874,542
113,818,315
126,940.078
129,111,754
125,700,631
164,087,125
178,647.780
181,084,281
127,243,825
87.551,700
1928.
94,151,973
108,987,455
-5.558,798
+541,678
-4,034,267
-2,910.862
+840,317
-1,827.387
+11,711,858
+9,835,559
+1,171,331
+35,437,734
+29,896.691
+46.192,048
5.58
+0.50
--2.96
-2.58
+0.66
1.41
+9.32
+5.99
+0.96
+19.56
+23.49
+52.74
+23,578.213
+17.381,393
+25.04
+15.95
Per Cent.
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
--Na from Railway- -Na OW Taxes
1928.
1929.
1929.
1929.
1928.
1928.
$
5
5
6
Buff Rochester dr Pitts
April
234,316
212,477
1,368,168 1,324,011
284.316
242,504
985,735
From Jan 1_ 5,578,445 5.524,580 1,046.122 1,105,828
885,921
Buffaloidr:SustmehannaApril
-5,489
2,879
137,070
-3,489
4,979
114,862
From Jan I_ 622,420
10.247
98,632
18,247
523,001
87,939
Central of Georgia
April
332,574
459,013
2,320,546 2,066,760
461,010
596,641
From Jan L 8,494.623 8.620,188 2,087,809 2,075,264 1,562,861 1,543,186
Central RR of N J
April
999.789
4,880,775 4,774,353 1,296,187 1,452,702
843,115
From Jan 1_18,377.089 17.698,293 4,386,744 4,313,903 3,190,414 3.126,810
Charleston & Western Carolina
April
57,988
346,870
294,195
100.284
126,769
79,500
From Jan L 1,169,256 1.148,898
142.697
222,410
313.419
228,869
Chesa & Ohio Lines
April
9,502,538 9,370,880 2,736,380 2,585,021 2,040,726 1.891,276
From Jan 1.40,835,330 39,143.242 12,828.445 10,774,251 10.149,233 8,064,931
Chicago Burlington dr Quincy
April
12,551,182 11,879,486
52,510,208 51,569,567
From Jan 1_51,211.304 50,911,064
512009,961 510842.702
Chicago - Eastern Illinois
April
1,930,353 1,736,387
9,532
129,593
327,424
196,429
From Jan 1_ 8,148,620 7,968,401 1,622,715 1,223,932 1,128,792
757,521
Chicago Great Western
April
1,995,220 1,869,703
214,547
252,641
330,628
293,219
From Jan 1_ 7,876,250 7,596,361 1,368.069 1,416,802 1,039,835 1,085.954
Chicago Ind & Louisville
April
328,368
1.472,473 1,494,358
324,375
417,343
414,878
From Jan 1. 5,818,475 5.981.677 1,477.684 1.557,400 1,148,284 1,245,743
Chic Milw St Paul-PacApril
13,327,486 12,437,080 2,811,322 2,497,254 2,020,786 1.672,184
From Jan 1_52,034,971 51,331.439 11.891.167 13,233,832 8,675,883 10.081,289
Chic & North Western
578,365
April
11,945.790 10,978,867 2,378,276 1,355,071 1,602,693
From Jan 1_45,367,308 44,457,706 8,456.053 7,719,347 5.350,950 4,611,276
Chicago River & Indiana
April
159,027
199.215
568,459
548,520
200,465
235,163
694,575
From Jan 1_ 2,303.619 2,289.746
822,934
884,584
985.941
Chicago Rock Island Lines
April
5281,442
11.522,319 10,508,309 2,591,617 2,300,808 5447,071
From Jan L45,419,490 43,436,549 10.771,034 7,951,208 52,331,233 52,544,596
Chicago Roch Island & Pee
April
10,914,530 9,979,956 2,336,006 2,151,946 1,659,751 1,507,505
From Jan 1.44,006,419 47,329,783 9.783.430 9.866,292 6,979,749 7,321,844
Chic St Paul Minn Sc 01/8,567
APrL
215,822
2,000,520 1,956,467
288,249
349,521
919,163
From Jan L 8,137.077 8,480,142 1,182,481 1,362,900
.9
744.7 0
167 66
ClinchtleldApril
137,438
620,598
212,504
580.217
239,771
From Jan 1_ 2,421,268 2,333,188
611,849
617,106
911,912
947,198
Colorado & Southern
Ft Worth Sc Denver City
Fro
AprniJan 1 3, 68 92
April
172.780
. 682 26
8 :2 7
168,885
214.161
809,789
200,076
889,063
979,273
1,199.032 1.071,517
Trinity Sc Brazos Valley-3.524.925
April
--2,189
133,627
5,458 -28,588
158,582 -20,767
From Jan l. ieyWiohit. yal 885,840
40,097
-5,021
761,814
26,274
70,445
April
54,218
102,791
27,869
139,557
63,128
34,708
From Jan!. 490,614
286,003
178,718
325,448
209,699
821.943
Columbus & Greens-April Jan 1
o
10,050
21,642
11,282
5 473
141:1 1
965
23,059
126,045
From
71.718
84.114
78,570
95,838
567.885
Delaware & Hudson
April
675.436
687.700
763,075
778,908
3,418,510 3,218,912
Jan 1_12,966.299 12.178.676 2,249,831 1,590.078 1.803,174 1,238.21
Delaware Lack & Western
April
7,225,952 6,989.890 2.382,205 2,113,219 1,716,128 1,512,055
From Jan 1_28,530,270 25,349,510 7,292,984 81.122,678 5,063,629 3.988,867
Detroit & Mackinac
April
:3,353
25,175
13,298
35,618
120,785
133,013
From Jan 1_
14,917
19,248
54,717
61,092
446,335
447,185
Detroit Term!nalA
52,144
68,688
71,404
88,485
177,953
252,489
From Jan 1. 993,449
284,330
221,029
370,745
661,601
154,015
Detroit Toledo Shore Line
April
382,969
420.380
141,681
127,936
173.220
163.833
From Jan 1_ 1,951,170 1.694,417 1,096,934
946,438
825,078
912,648
Det & Tol & Ironton
April
1.241,493
188,910
512.213
775.714
513,992
239,390
From Jan 1 _ 5,116,624 3,017,213 2,598,089
61/3.474
813,632 2,279.852
Elgin Joliet & Eastern
April
575,701
2,309,264 2,158,019
771,276
720,436
900,314
From Jan 1. 8,744,712 8,516,342 3,118,910 2,841,738 2,620,136 2,387,286
Florida East Coast
April
392,105
517,873
1.475,328 1,456,931
540,176
659,311
From Jan L 6,715,716 8,252,896 3,232.754 2,219,377 2,661,600 1,625,875
Fort Smith & Westernpr mith
-2,107
4,728
101,168
107,450
From Jan 1_
:10,974
57,192
495,721
471,178
4714°6
2 10
:
76 417
9 151
:
Galveston Wharfpril
28,6911
A
1,691
148,613
47.122
118,785
From Jan L 722.089
89.687
220 162
3 :427
7
157.687
532.134
295,467
Great NorthernApril
9,245,119 7.554.109 2,233,478 1,409,742 1,539,658
745,873
l _34,150, rn 30,552,283 8,017,027 8,587,739 5,273,931 3,888,807
a, N0nhe 90
0Gu719 i.all
51noj i e
b
'
April
148,113
119.864
182,409
643,934
193.648
641.871
From Jan 1_ 2.419.518 2,451,849
512,175
649,420
522,354
676.934
Stocking Valley
April
413,756
456,1391
1,654,585 1,396,553
288,747
587.019
From Jan!. 6,320.718 5,270,357 2,216,670 1,314.120 1,695.219
814,108
Illinois Central System
April
14.917,255 14.608,293 3,533.864 3.410,167 2,491,118 2,388,697
From Jan 1_80.126,377 59,394,054 14,509,608 13,878,689 10,212,581 9,623,389
Kansas City Southern
April
341,456
385,813
271,590
459,372
1.489,220 1.396,441
Te xm Janm &5 t81,0th 5,844,025 1,798,420 1,761,016 1,327,565 1.304.055
Fro arkai 1. F ..9 s 1 3
0
-01'033from Railway- -Na from Railway- -Na after Tares
1929.
1928.
1928.
1929.
1929.
1928.
$
$
Akron Canton dr Youngstown
April
331,770
281,582
75,636
148,140
129,378
62,056
From Jan!. 1,557,638 1,038.818
327,910
572,037
492.345
272,813
Gulf Col & Santa Fe
April
2,075,723 2,061,175
397,192
294,247
201,487
305.451
From Jan 1_ 8,879.935 8,340,231 1,644,739 1,241,242 1,284,776
868,434
Atchison Topeka & Santa Fe
April
16,809,258 15.089,247 4,615,886 2.866,233 3,251,717 1,742,125
From Jan 1_65,588,209 60,305,241 19,479,444 14.189.024 13,847.305 9,344,858
Panhandle & Santa Fe-April
1,016,737
937,966
109.199
88,918 -30,651
5,714
From Jan 1_ 4,086,073 3,905,121 1,096,701
488,523
933,088
345,031
Atlanta Birm & Coast
April
409,945
383,526
4,388
9,391
-7,430 -10,645
From Jan 1. 1,525,518 1.586.225
-5,801
20,445 --73,229 -39.772
Atlantic Coast Line
April
8,028,067 8,542,169 3,257,026 1,768,615 2,503,073 1,165,859
From Jan 1_30,274,335 27,531,148 11.576,878 7,297,525 8.918,322 5,238,727
Baltimore & Ohio
April
19,585,523 18,393,458 4,842,687 4,264,961 3,800,862 3,324,092
April
147,936
274,366
224,471
From Jan 1_76,256.392 71,611,619 17,710,880 13,882,343 13,589,315 10,289.183
From Jan 1_ 1,047.292
550,776
878,060
B & 0 Chic Terminal
Kansas Okla & Gulf
April
388,839
343,722
90,273
26,247
73,400
April
11,915
225.659
276.975
132,251
From Jan 1_ 1,371,864 1,375,121
174,492
257,430 -59,3513
From Jan 1_ 1,188,755
31,032
540,535
970,802
Bangor at Aroostook
Lake TerminalApril
700.239
696,204
194,959
281,516
249.481
April
221,197
-1,291
79,382
70,397
From Jan 1_ 3,100,001 2,976,152 1.328,772 1,230,912 1,077,397
Figh Jan lds 29 1, 54
974,708 Lehrome, H u on R2,3,- 298,137 -10.222
.
e
Belt Ry of Chicago
April
636,325
640,936
200,284
181,337
119,459
April
144.279
220,220
74,882
251.936
From Jan 1_ 2.653,543 2,571.587
722,891
763.801
510,181
From Jan!. 846,412
564,644
238,255
910,598
Bessemer & Lake Erie
Lehigh & New England
1,093,842
April
687,158
224,759 -83,583
282,099 -59,751
April
114,942
519,388
427,249
From Jan 1. 3.320.519 2,023,110
483,145 -131,751
352,819 -226,789
From Jan!. 1,477,257 1.585,903
272,884
Bingtam & Garfield
Lehigh Valley-49,100
April
32,988
19,959
-3,480 --25,871
--3,315
April
6,059.176 5.936,323 1,621,950
From Jan 1. 187.942
149,054
76.397
4,831
18,888
From Jan 1_22,853,835 21,492,504 5,186,427
--3,938
Boston & Maine
Los Angeles & Salt Lake
6,543,220 5,931,973 1,561,742 1,479,303 1,252,201 1,190,339
April
April
600.606
2,298,559 1,781,656
From Jan 1_21.701,943 23.963,260 8,144,582 5.953,336 4.914,082 4.771,940
From Jan 1. 8,837,188 7,407,076 2,327.293
75,331
367.649
131,030
474.885
63,198
319.042
59,923
312,305
112,364
460,110
49,159
269,018
• -14,908
-52.425
-6.310
-30,324
-19.521
68.777
112,649
301,204
58,674
183,383
04,744
242,993
126,237
266,619
98,845
230,084
107,823
224.441
1.677,110
3,468,744
1.288.853 1,330,168
3,982.764 2,489,088
190.338
1,003,537
460,058
1,784.049
52,498
459,401
JUNE 1 1929.]
-Grossfrom Railway- -Nei from Railway- -Na after Tares
1929.
1928.
1929.
1928.
1928.
1929.
$
$
Louisiana Ry & Nay Co of Texas
-2,690 -19,382
1,796 -14,769
79,393
90,913
April
-2,340 -39,959 -18,996
343,390 -20,849
From Jan 1.. 331.471
Louisville de Nashville
10,737,202 10,714,668 1,837,962 1,945,342 1,307,908 1,412,704
April
From Jan E43,068,789 44.922,881 8,063,039 8,941,823 5,766.944 6,614.852
Michigan Central
52,190,851 51,755,821
8,461,247 7,492,078
April
57,543,509 56,686,242
r From Jan 1_32,331,940 29,419,921
Midland Valley
118,091
295,854
122,626
102,312
106,138
292,240
April
479.865
475,405
414,675
407,755
From Jan 1_ 1,144,732 1,126,892
Minneapolis de St Louis
45,702 --64,246 -18.736 -128.405
1,079.082 1,070,681
April
From Jan 1_ 4,517,712 4,532,963
531,469
429,782
180,127
280,856
Missouri Pacific10,825,182 10,002,322 2,402,736 2,084,683 1,930,143 1,666,380
-April
From Jan 1_43,592,857 41,268,733 10,519.415 9,366,711 8,607,424 7,576,260
Mobile & Ohio
April
1,580,520 1,432,627
443,295
314,949
232,409
359,606
FromJan 1_ 5,714,006 5,732,636 1,289,109 1,249,972
742,778
917,564
Nash Chatt & St Louis
April
2,229,768 1,930,043
368,067
771,315
443.354
681,166
From Jan 1_ 7,889,076 7.463,627 2,037,913 1,347,880 1,693,519 1.046,764
New Orleans Gt Northern
April
41,607
264,186
254,930
80,242
57,521
61,812
From Jan E 1,039,219 1,109,878
247,850
266,678
318,954
338,033
New Orleans Terminal
April
72,281
84,370
61,273
188,090
158,775
95.377
From Jan 1_
242,715
151,895
638,147
282,657
195,965
567,506
New Orl Tex dr Mexico
Beaumont So Lake & W
April
36,802
89,689
30,649
316,035
267,131
93,646
From Jan 1_ 1,200,051 1,068,180
320,446
216,720
304,175
193,929
St L Browns & MexApril
329,692
241,757
273,943
223,009
948,317
764,556
From Jan E 3,452,453 3,203.984 1.190,199 1,093,177 1,073,083 1.008,256
New York Central
April
32,736,921 30,111,808 7,861,056 7,012,044 5,458,336 4,883,818
From Jan E 125436204 118284434 28,463,532 26.036,808 19,343,855 17,637,884
C C C & St Louis
April
7,272,936 6,960,124 1,690,927 1,573,704 1,257,581 1,206,015
Frten Jan E29,635,155 28,542,118 7,150,856 6,575,985 2,353,438 4,928,224
Pitts & Lake Erie
April
2 917,4,49 2,389,134
550,700
295,566
369,598
153,466
From Jan 1_10,978,093 9.683;036 1,583,856 1,505,841
933,298
870,714
New York Chic de St L
April
4,.557,680 4,228.767 1.462,629 1,089.546 1,174,451
838,533
From Jan E18,259,698 17,218,405 5,538,426 4,520,578 4,481,535 3,454,411
New York Connecting
April
244,033
221,793
168,032
148,830
130,032
109,336
From Jan 1_
981,930
976,433
545.549
641.452
393,549
483,452
N Y Ontario & Western
April
938,987
930,069
151,336
103,692
106,356
53,708
From Jan 1. 3,447,763 3,240,791
336,094
158,245
156,065 -42,005
Norfolk SouthernApyll
809,739
258,399
242,276
206,416
193,416
From Jan
2.784,050 3,073,05
710,479
891,277
506,006
694,547
Norfolk & Western
April
9,016,229 7,046,643 3.388,433 2,283,810 52,832,456 81.765,351
From Jan L35,943,296 31,655,969 13,666,115 10,251,489 511446,530 67,939,518
Northern Pacific
April
7 779,895 7,419,835 1,547,579 1,545,706
890,090
875,005
From Jan L28,364,722 28.718,559 5,671,528 6,614,852 3,054,234 3,929,237
Pennsylvania
April
56,029,625 51,226,863 16,558,031 12,621,383 13,506,198 9,673,528
From Jan E212769,658198,967,437 55,547,522 35,312,339 44,901,920 35,035,141
Long Island
April
3,230,773 3,205,009
198,912
970,374
878,289
715,053
From Jan 1_11,937,030 11,674,133 2,995,280 2,117,207 2,559,435 1,706,247
Wheeling & Lake Erie
April
1,811,137 1.511,740
573,024
403,804
436,796
276,814
From Jan 1_ 6,726,466 5,686,801 2,088,267 1,522,103 1,549,516 1,127,866
West Jersey & Seashore
April
749,321
852,245
100,277
180,958
194 751
108,438
From Jan 1_ 2,860,206 2.968,122
226.423
526,889
627,542
118,654
Pere Marquette
April
3,998,243 3,591.689
b727,759 5589,002
From Jan L14,856,906 13,303,723
52,834,901 51,896,365
Pittsburgh & ShawmutApill
116,639
155,470
15,541
53,352
14,290
51,991
From Jan 1. 577,758
682,557
157,810
247,603
152,492
242,498
Pitts Shawmut & North
156,616
153,044
41,534
April
30,145
38,550
27,138
609,848
169,095
From Jan 1_ 619,819
134,306
167,288
122.077
Quincy Omaha & Kansas City
57,910 -14,171 -12,972
53,295
April
19,028 -17,997
243,193 -18,014 -14,892 -37,441 -34,401
217,088
From Jan 1_
Reading Co
8,335,215 8.053,223 1,948,846 2,004,855 1,622,084 1,5$1,536
April
From Jan 1_31,875.305 30,603,953 7,050,585 6,139,196 5,599,686 4,518,477
Rutland
582,067
540,817
120,569
April
137,197
90,420
105,536
296,547
From Jan 1_ 1,040,504 2,222,303
398,597
197,819
289.397
St Louis-San Francisco
6,614,593 6,130,257 1,792,530 1,639,890 1,356,596 1.259,897
April
From Jan 1.25,770,473 25,457,931 7,067,076 7,139,819 5,458.164 5,6.50,115
Fort Worth & Rh) Grande
95,593 -12,497
87,861
April
26,163 -17,388
21,947
6,230
394,697
35,994 -11,496
From Jan!. 380,942
19,426
St Louis San Francisco of Texas
148,090
45.876
62,314
166,387
April
42,571
59,132
132,067
578,026
131,157
119.640
From Jan 1_ 609,037
118,362
St Louis Southwestern
-W of T
St Louis S
551,708 -218,107 --92,771 -245,679 -120.830
597,568
April
From Jan 1_ 2,412,959 2,278,561 -635.230 -247,928 -748,089 -359,666
San Ant Uvalde & Gulf
210,609
82,483
223,063
76,845
78,163
April
72,643
247,431
759,889
260,002
230.653
From Jan E 757,942
244,620
Line
Seaboard Air
5,640,810 5,138,336 1,660,635 1,469,459 1,309,397 1,147,177
April
From Jan 1_22,044,409 20,911,847 6,295,863 5,639,412 4,917,252 4,353,996
Southern Pacific Co
18,185,778 16,429,306 5,350,623 4.314,354 3,875,060 2,901,588
April
From Jan 1.69,723,575 64,784.983 19,764,667 17.0112,412 14.054,033 11,623,440
Southern Pacific System
(Southern Pacific SS Lines)
92,272
29,117
890,765
88,966
967,265
24,941
April
131,311
169,191
123,134
156,561
From Jan 1_ 3,634,989 3,637,300
Staten Island R T
259,943
45.029
79,937
28,026
218,841
54,581
April
221,977
253,373
957.711
149,966
907,371
173,365
From Jan 1_
Term Ry Assn of St Louis
310,426
332,730
193,409
224,643
1,022,775 1,042,256
April
851,121 1,051,139
From Jan E 4,204,067 4,431.890 1,252,315 1,461,382
Southern Ry12,710,648 11,921,300 4,050,459 3,424,419 3,274,562 2,671,292
April
From Jan 1.47,254,411 46,928,144 12,974,376 12,881.237 9,929,667 9.868.286
3671
FINANCIAL CHRONICLE
-Grossfrom Railway- -Net from Railway- -Na after Tams
1928.
1929.
1928.
1928.
1929.
1929.
$
$
$
i
$
$
Southern Railway (Concluded)
Alabama Great Southern
144,616
223,566
207,915
294,000
828,523
917,478
April
571.117
713,268
788,688
969,275
From Jan 1_ 3,379.475 3.229,263
Clan New Orleans & Texas Pact/lc
511,586
544,842
April
1 978,368 1,769,821
821,135 1,980,309
From Jan 1_ 7,294,485 6,924,691
Georgia Southern & Florida
33.440
72,694
375,358
257,506
April
162,078
216.216
From Jan 1_ 1,539,330 1,564,503
New Orleans & Northeastern
451,303
468,951
April
From Jan 1_ 1,871,086 1.816.082
Northern Alabama
91,313
112,101
April
367,057
From Jan 1_ 431,557
49,445
121,668
10,674
72,937
161,149
655,512
134,886
566,918
112,853
462,579
90,230
388,256
50,114
184,616
Texas & Pacific
3,807,600 4,239,906
April
From Jan E15,207,552 15,865,956
Toledo Terminal
133,994
April
548,729
From Jan 1_
388,683
459,675
538,521 1.581.910
36.183
108,346
42,028
154,060
30,282
83,190
961,149 1,214,848
3,726.380 4,244,782
1.163,913 1,410,912
4,536,894 4,937,210
132,665
465.888
27,331
187,792
10,830
122,745
39,907
155,401
22,407
85,404
Union Pacific Co.
8,508,046 8.361,151 2,116,195 2,219,495 1.391,520 1,518,097
April
FromJan E35,011,986 33.438,390 10,691,271 10,440,708 7,791,385 7,740,996
Oregon Short Line
295,547
460,495
577,138
742,320
2,948,882 2,739,043
April
From Jan 1_12,062,281 11,434,739 3,916,238 3,182,827 2,780,159 2,113,912
Oregon Washington RR & Nay Co
-46,054
1,572
153,778
203,009
2,207,712 2,132,568
April
246.134
298,016
From Jan 1_ 8,723,139 8,717,520 1,090,035 1,017,375
Virginian
1,400,754 1,352,452
April
FromJan 1_ 6,426,255 6.220,642
8612,214 5480,993
52,996,289 62,442,140
Wabash
6,021,322 5,533.296 1,469,515 1,279,970 1,196,803 1,048,431
April
From Jan L24,365.724 22,277,295 6,526.970 5,384.008 5,380,569 4,350,441
Western Maryland
329,877
329,699
414,877
409,699
1,440,134 1,462,821
April
From Jan 1._ 5,934,984 6.214,645 1,817,834 1.880,649 1,497,828 1,540,649
Western Pacific
1,366,193 1,186,772
April
From Jan 1_ 5,080,228 4,395,141
S After rents
5148,372 5-36,404
529,997
5542,800
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies,
where they embrace more faets than are required in the
reports to the Inter-State Commerce Commission, such as
fixed charges, &c., or where they differ in some other respect
from the reports to the Commission:
Ann Arbor Railway Co.
-Month of April- Jan. 1 to April 30.
1928.
1929.
1928.
1929.
$
$
$
$
471.504 2,076.732 1,889.684
511,388
352,920 1,509,111 1,422,362
377,793
Operating revenues
Operating expenses
Net railway operating inc.
Gross income
72,763
77,847
57,824
59,998
343,750
356.869
262,207
271,745
Net corporate income_ _ _ _
40,189
16.325
206,061
95,360
The Atchison Topeka & Santa Fe Railway System.
(Includes the Atchison Topeka & Santa Fe Ry.; Gulf Colorado &
Santa Fe Ry.; and Panhandle & Santa Fe Ry.)
-Month of April- Jan. I to April 30.
.
1929.
1928
1928.
1929.
$
$
$
$
Railway operating revenues_19,901,719 18,071.256 78.334,217 72,466.183
Railway operating expenses _ 14,882,586 14,805,854 56,113,333 56,572,337
5,019,133 3,265,402 22,220.884 15.883,846
1,474,828 1,245,795 6,146,112 5,347,014
Dr.71.766 Dr.222,367 Dr.352,059 Dr.812.998
Net from railway
Railway tax accruals
Other debits or credits
Net railway operating inc. 3,472,536
12,352
Average miles operated
1,707.239 15,722,712
12,351
12,331
9,733,832
12.326
Bangor & Aroostook Railroad Co.
-Month of April- -Jan. 1 to April 3019i8.
1929.
1928.
1929.
Gross operating revenues_ - Operating exp., mci. mainttenance and depreciation__
700,239
696,204
3,100,001
2.976,132
450,758
414,688
1,771,229
1,745,240
Net rev. from operations_ Other income
-net
249,481
12,650
281.516
4,604
1,328,772
18.465
1.230,912
47,674
Total income
Deduct: Taxes
262,131
54,491
286,120
60.317
1.347.237
251,209
1,278.586
256,101
Total income (less taxes)
Deduct: Int. on funded debt
207,640
78,027
225,803
79,191
1.096,028
312.454
1,022.485
317,051
Net income
Rate of return on investment
ment at Jan. 1, ann. basis_
129,613
146,612
783.574
705,434
5.81%
6.35%
9.07%
8.5
4%
Canadian National Rys.
-Month of April1929.
1928.
Gross earnings
Working expenses
Net profits
Jan. 1 to April 30
1928.
1929.
22,455,244 19,811,399 82,421.071 79,429.422
18,012.063 16,927,112 67,127,122 66,021,142
4,443,180
2,884,286 15,293,948 13,408,280
Canadian Pacific Railway Co.
Gross earnings
Working expenses
Net profits
-Month of April- -Jan. 1 to April 201928.
1929.
1928.
1929.
$
$
$
$
17.529,372 15,296,101 65,391,802 62,396,889
14,338,805 12,891,568 54,557,655 51,878,055
3.190,566
2,404,533 10,834,146 19,518,834
3672
FINANCIAL CHRONICLE
Denver &
Rio Grande Western Railroad Co.
-Month of April- -Jan. 1 to Apri1301929.
1928.
1929.
1928.
Total revenues
Total expenses
2.428,279 2.334.344 10,10.301 9.778,322
1,828,431 1,921.940 7.373.116 7,573.376
Net revenues
lilway tax accruals
Uncollectible ry. revenues
Hire of equipment(net)
Joint facility rents (net)
599,847
165.000
104
-54,554
-29,898
519.196
32,386
300,554 2,392.297 1,719.367
26,616
102.913
7,246
Available for interest
Interest and sinkingfund,._
551.583
526,319
307,801 2,495,210 1,745,983
369.969 1.959.945 1.431,818
25,264
-62,167
314,165
535,265
Georgia & Florida Railroad Co.
-Month of April- -Jan. 1 to April 301928.
1929.
1929.
1928.
$
$
$
$
Railway operating revenue.... 131.708
535.433
522.002
110.259
Railway operating expenses.. 123,476
440.745
478,932
103,802
Net rev,from ry. operat'ns
Railway operating income__
Equip,rents
-net balance___
Joint facility rents
-net bal__
8,232
-1.468
Cr6,865
Dr885
• Missouri Pacific Railroad Co.
-Month of April- -Jan. 1 to Apr. 301929.
1929.
1928.
1928.
Operating revenues
10.825.182
Operating expenses
8.424,446
412.404 2.796,185 2,204,945
Net railway
700.000
740.000 Gross income operating inc_ 1,392.512
185.000
1,792.270
264
339
213
421.865
152.656 Net corporate income
-43.864 -198,373
98.003
102,105
-29,499
Railway operating income.
Other income (net)
Net Income
[VOL. 128.
6,456
-2,547
Cr3.111
Dr753
43.070
4,225
Cr18.926
Dr3,802
94,688
60,666
Cr.6,246
Dr3.309
10.002,321 43,592,857 41,268.733
7,917,639 33.073.442 31,902,022
1.276.695 6.585.804 5,970.229
1,630,532 8.143,413 7.144,848
327,318 2,653,554 1,925.975
The Pittsubrgh & West Virginia Railway Co.
-Month of April- -Jan. 1 to April 301929.
1928.
1928.
1929.
S.
_
Railway operating revenues_ 425,679
335,730 1.717,361 1,348,485
Railway operating expenses.. 217,960
194,265
888,634
779.484
Net Revenue from railway operations
207.718
141.464
828.726
569,000
Net railway operating income
' (Net after rentals)
223,063
148,107
876,433
615.776
Non-operating Income
9,826
39.097
32,921
55.055
Gross income
232.889
187,204
909,355
670,832
Deductions from gross Inc
22,988
23,319
94,442
96.019
Net income
209,901
163,884
814,912
574,812
St. Louis Southwestern Railway CO.
(Incl. St. Louis Southwestern of Texas)
-Month of April- -Jan. 1 to April 301929.
1928.
1928.
1929.
Gross income
$
$
I
69.893
1,548
26,193
6.442
Deductions from i ncome---4,533 Railway operating revenues_ 2.155.851 2.006.990 8.481,659 8.274,435
4,493
1,141
1.116
Railway operating expenses- 1,746.821 1,620.490 6,800,766 6,344,768
Surplus applicable to int
Net rev,from ry. oper___- 409.029
5,325
65.360
406
21,700
386,500 1,680,893 1,929.666
Total interest charges
66.594 Railway tax accruals and un16.628
66,092
16,582
collectable ry. revenues..__
409,972
376.257
81,459
70.626
'Net income
-1,233
-11.256 -16,221 --44.391
Railway operating income.. 327,570
315.873 1,304.635 1,519.693
Interest (see note)
35.264 Other railway oper.Income__
57,017
15.946
9,634
142,651
52,236
54,123
43,888
Total ry. oper. Income_ _ __ 273,447
271,985 1,161,984 1,467,457
Note.
-Interest chargeable to construction on $2.300,000 1st mtge. 6%
Deductions from railway
bonds issued for Greenwood Extension and $800,956 6% notes also issued
operating income
247.506
249.815
57,517
63.828
tor Greenwood Extension, less Interest on unexpended balance of proceeds
Net railway oper. income- 209.618
214,468
912,169 1,219.950
thereof deposited or invested.
Non-operating income
92.303
20.996
103,081
31,737
Gross income
241.355
235.465 1,015.250 1,312,254
Deductions from gross Mc_ _ _ 216.490
218,281
874.338
879.719
Net income
432,534
Gulf Coast Lines.
140,912
24,865
17.183
-Month of April- -Jan. 1 to Apr. 30Seaboard Air Line Railway Co.
1929.
1928.
1929.
1928.
$
S
$
S
-Month of April- -Jan. 1 to April 30Operating revenues
1,537.103 1,327,185 5,721,014 5,372,755
1928.
1929.
1929.
1928.
Opmating expenses
1,053.491
952,813 3,993,509 3,796,477
3
$
Net railway operating income 264,415
241,912 1.080.787 1,006,297 Total operating revenues...... 5.640,809 5,138,336 22,0.14,408 20,911,847
Gross income
279,814 1,241,542 1.173.974 Total operating expenses.- 3,980,174 3.668.877 15,748.546 15,272.435
304.856
Neercorporate income
79,411
424,419
98,039
378,573
Net revenue
1,660.634 1,469.459 6.295,862 5,639,41?
Taxes and uncollectible railway revenues
International Great Northern RR. Co.
322.282 1,378.610 1,285,416
351,237
-Month of April- -Jan. 1 to April 30Operating income
1.309,397 1,147,177 4,917,252 4,353.996
1928.
1929.
1929.
1928.
Equipment and joint facility
$
$
$
$
rents
-Net Dr
520,547
132.805
822,112
225,410
Operating revenues
1,566,841 1,549.299 6,124,800 5,822,940
Operating expenses
1.209,617 1,225.446 4,9.57.501 4,869,882
Net ry. oper. income
1,083.987 1,014,372 4,095,140 3,833,449
Net railway oper. Income_ _ - 168,475
501,819
154,700
428.858 Other income
784,924
201,831
386,768
74.073
Gross Income
176.441
164,045
552,964
488.014
*Diet corporate income
30.364
18.178 -31,790 -87.646
Gross Income
1,158,061 1,216,203 4,481,908 4,618,373
Int. and other fixed charges
Tifetore adtastment bond interest.
(exclusive of int. on adjustment bonds)
926,730 1,010.196 3,714,326 4.012380
Net ry.operating income__
Non-operating income
4,511
1.930
189
1,737
63.603
6,289
19.349
6.844
Maine Central Railroad Co.
606,193
Balance
767,582
206,007
231,330
April 301928.
Texas & Pacific RR. Co.
S
-Month of April- -Jan. 1 to April 304.863.871
1928.
1928.
1929.
1929.
1.067,904
6.468,596
3,807.599 4,239.906 15,207,551 15,865,956
248,316 Operating revenues
Operating expenses
2,643.686 2,828,994 10,670,658 10,928,746
Net railway oper. Income
688,739
876,085 2,628,240 3.058,960
Missouri-Kansas-Texas Lines.
Gross income
910.970 2,869,374 3,246,136
784,022
477,476
673,132 1,762,211 2,303.243
-Month of April- -Jan. 1 to April 30- Net corporate income
1929.
1928.
1929.
1928.
$
$
$
i
Wabash Railway Co.
Mileage operated (average)_
3,188
3,188
3,188
3.188
-Month of April- Jan. 1 to April 30.
1928.
1929.
1929.
0928.
Operating revenues
4.345.295 4.057.798 17,679,428 16,802.541
S
$
S
Operating expenses
3,195,839 2,879,828 12,479,632 11,837,043 Operating
7
t
revenues
6,021,322 5,533,295 24,365,724 22.2/ ,294
Available for interest
821,525 3,608.798 3,602,152 Operating
780.433
expenses
4,551,807 4,253,325 17,838.754 16,893,286
Interest charges incl, adjustment bonds
427.621
470,058 1.723.494 1.963,395
Net railway operating inc. 810,146
717,072 4,027,609 3,117,305
Gross income
982,906
834.317 4,618,270 3.633,423
Net Income
351.466 1,885.303 1,638.756
352,811
Net corporate income
267,794 2,166,134 1.344,655
361,244
-Month of April- -Jan. 1 to
1929.
1928.
1929.
$
$
S
Freight revenue
1,085,433 1,065,245 4,592,346
Passenger revenue
238.084
264,655
963,019
Railway operating revenues_ 1,472,772 1,471,143 6,103,017
Surplus after charges
50,156 -57,342
218,905
New York New Haven & Hartford Railroad Co.
Gross earninv
Net from railroad
Net after taxes
Net after rents
*Fixed charges
-Month of April- -Jan. 1 to April 301929.
1929. , 1928.
1928.
$
$
$
$
11,629.986 11,134,774 43.497,616 42,555.389
3,815.431 3.143,526 13,729,006 11.173.767
3,175.149 2,534,429 10.887.793 8,663,830
2.586.855 1,968,926 8.830,991 6,606,930
1,011,101 1,148,079 4,030,856 4,525,043
Balance
Guarantees and pref. div.
requirement
1,575.754
820,847 4.800,135 2,081.887
365.448
359,438 1,451,925 1,431,790
Inc. after guar. & pf. diva. 1,210,306
461.411 3,348,210
650.097
•Includes other income debits or credits.
New York Ontario & Western Railroads Co.
-Month of April- -Jan. 1 to Apri1301929.
1929.
1928.
1928.
Operating revenues
Operating expenses
938.986
787,650
930,069 3.447.762 3,240,791
826,377 3,111.668 3.082,546
Net rev,from railway oper.
Railway tax accruals
Hucollectible railway revs
151,335
45,000
-10
103,692
50.000
-15
Total railway oper. Income 106,355
Equip. & Jt. facil. rents (net) -67,489
Net operating income
38,865
Other income
30.760
Total income
69.625
Deductions
123.006
Net income
1-53.380
336.094
180,000
29
158.245
200,000
250
156,064 -42,005
53.708
-47,740 -200,373 -176,916
5,967
29,976
35.944
121,417
-44.310 -218.922
122,803
119.070
78.493
487,918
-99,851
483.778
-85,473 -409,425 -583,629
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:
-Month of April- -12 Months Ended April 30
Net Opel. Surplus
Net Opel.
Revenue.
Aft. Cho.
Gross.
Gross.
Revenue.
$
$
Baton Rouge
1929
35,015
97,337
1928
29,497
87,873
Cape Breton
1929
17,428
59,033
1928
12,552
56,058Columbus El de Pr Co(& Sub Cos)
1929
201,947
370,042
1928
347,792
172,098
Eastern Texas Elec Co(Del)(& Sub Cos)
1929
748.029
301,841
1928
194,597
556,211
Eastern Utilities Associates(& Sub Cos)
1929
781,391
320.704
1928
253,839
695,328
El Paso El Co(Del)(& Sub Cos)
1929
282,291
124,127
1928
254,258
103,547
Fall River Gas Works Co
1929
22,309
86,205
1928
89.820
20,367
Galv-Houston Elm Co Or Sub co8)1929
137,362
429.707
1928
126,998
425,485
Haverhill Gas Light Co
1929
59.051
11,795
14,360
57,853
1,164,195
1,048,807
453,311
377,586
374,491
305,621
675,713
660,759
154,013
139.199
85,193
70,784
4,328,389 2,369,382 1,503,023
4,368,079 2,393,249 1,509.168
8.592,180 3,573,263 1,891,836
7,398.578 2,702,884 1,195,682
8,844,171 3,434,879 2,748,083
8,380,686 3,008.430 2.412,806
3,290,517 1,350,498 1,131,781
3,057.670 1,197,863 1,007,949
227,103
254,959
205,439
237,326
5,258.439 1,711,453
5,170,956 1,671.992
838,796
802,423
149,757
133,694
142.566
129,380
1,010,268
1,049,967
701,864
709,101
JUNE) 1 1929.]
3673
FINANCIAL CHRONICLE
--Month of April- -12 Mos. Endes March 30
Net Opt?. Surplus
Net Opt?.
Gross.
Gross. Revenue.
Eesenue. Aft Chas
Jacksonville 'Fraction Co
97,395
1929
101.486
1928
Sub Coe)
Puget Bound Pr & Lt Co(&
1,312,353
1929
1,228,223
1928
Savannah El & Power Co
191,283
1929
183.105
1928
(& Sub Cos)
Sierra Pacific Elea Co
116.005
1929
109,210
1928
Tampa Eiec Co (dr Sub Coe)
395,588
1929
389,680
1928
Va Elec & Pr Co(& Sub Cos)
1929
1,423,177
1928
1,331,695
114,759
114,173
10,269 1,183,310
9,955 1,284,114
.46,707
*51,880
541,814 15,505,676 6,426,418 3,918,907
536,215 14,952,635 6,508,771 3,762,428
92,992 2,221,587 1,003.500
80,811 2.237,464
951,888
555,933
495,814
53,443 1,425,752
55,055 1,279,925
581.272
556,989
640,781
611,029
146.921 4,636,421 1,493,311 1,442,138
114,249 4.697.714 1,516,749 1,473,933
666,106 16,539,503 7,305,797 5,411,456
577,211 15,707,289 6.466.483 4,758,357
• Deficit•
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies.)
-Month of March-- -3 Mos. End. Mar.311929.
1928.
1929.
1928.
$
$
$
$
Operating revenues
3.352,914 3,020,892 9,755,213 9,029,119
Net revenue from operation
(inc. depreciation)
704,633
457,108 1.806.942 1.086,218
Gross income
803,240
528,693 2,069,500 1,295,270
Interest, rents and taxes
213,925
215,890
646,156
643,615
Net income
312.802 1.423,344
589,315
651,655
Barcelona Traction, Light & Power Co., Ltd.
Gross earnings
Operating expenses
Not earnings
-Month of April- 4 Mos. End. April 30
1928.
1929.
1929.
1928.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
8.234,601 7,302.684 34.963.704 32.110,853
2.578.233 2,245,879 10,316,791 8.908.473
5.656,368 5.056.805 24,646,913 23,202.380
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary.)
-Month of April- 12 Mos. End. Apr. 30.
1929.
1928.
1929.
1928.
$
$
$
$
Gross earns. from operation_
240,660
177,573 2,503,340 1,987.887
Operating expenses and taxes
37,023
107.118 1,498.790 1,204.070
Net earns, from operation_
103,637
70.455 1,004.550
783.817
Other income
11.100
2,817
44.311
43.718
Total income
114.737
73.272 1.048.861
827.535
Interest on bonds
12.917
12.977
155.471
156,823
Other int. and deductions
602
376
12.986
4.976
Balance
101,218
59.919
880.404
665.736
Dividends on preferred stock
62,585
49.346
Balance
817.819
616.390
Cities Service Co.
-Month of April
- 12 Mos. Ended Apr. 30
1929.
1928.
1929.
1928.
Gross earnings
Expenses
Net earnings
nt. & disct. on debentures_ Net to stocks and reservesPreferred stock dividend
_
Net to corn. stock & res
3.454.094 2,730,924 36,902.526 32,928,978
104,637
92.688 1,193.614 1,112,244
3,349,456 2,638,235 35.708.912 31,816.734
204,614 5,247.728 2.478,943
675,144
2,674,311 2,433,620 30.461,183 29.337,790
563,798
563.788 6.765.554 6.803.811
2,110,513 1,869,832 23,695,629 22,533,979
Honolulu Rapid Transit Co.
-Month of April- 4 Mos. Ended Apr. 30
1928.
1928.
1929.
1929.
Gross revenue
Operating expenses
87.658
51.783
85.494
52,759
354.598
203,715
338,083
207.840
Net revenue
Other income
35,875
1,019
32.735
898
150.883
4.588
130.243
4.194
Total revenue from oper
Taxes
Interest
Depreciation
Replacements
36.894
10,616
550
10.480
2,000
33,633
11,514
550
4.686
2,000
155,471
42,464
2,200
41.920
8.000
134,437
42.375
2.200
18,745
8,000
Total deductions
Net revenue
23.839
13,054
20,315
13,315
96,356
60.114
73,465
60,971
Idaho Power Co.
-Month of March- 12 Mos. End. Mar. 31
1928.
1929.
1928.
1929.
$
$
$
$
268.554 3,570.602 3,279,301
Gross earnings from oper---- 278,133
143.904
136,181 1,689.991 1,565,669
Oper. expenses & taxes
Net earnings from oper___
Other income
134,229
4.360
132.373
• 4,853
1,880,611
75,817
1,713,642
92,971
Total income
Interest on bonds
Other int. & deductions
138.589
54.167
5.447
137,226 1,956.428
650.000
54,167
69,420
5,384
1,806,613
641,002
71,318
1,237,008
324.026
1.094,293
273,996
912,982
820,297
78.975
Balance
Dividends on pref. stock
Balance
Kansas City Power & Light Co.
-Month of April- 12 Mos. Ended Apr. 30
1929.
1929.
1928.
1928.
$
$
$
:
Gross earnings (all sources).- 1,192,988 1,131,340 14,041,951 13.163,251
Oper. exps. (Incl. maint.. gen.
617.493
575,940 7.187.391 6,724,323
& income taxes)
Net earnings
Interest charges
575.494
96.043
555,400 6.854,559 6.428,927
107.468 1,176.518 1,341,996
Balance
Amort. of disct. & premiums_
479,450
15,429
447,931 5.678.041 5,086,931
15.429
185,149
185.092
Balance
First pref. stock dive
464,021
20,000
432,502 5,492,891 4,901,888
20.000
240.000
880,293
444,021
412,502 5,252,891
Surplus earns, available for
deprec. & corn, stock divs_
(American Power & Light Co. Subsidiary.)
-Month of April- 12 Mos. End. Aar. 30.
1929.
1026.
1929.
1928.
$
$
$
$
436,758 5,486,617 5.155.965
457.725
Gross earns, from operation_
247,464 2.964,707 2,965,270
Operating expenses and taxes 251.516
Net earns, from operation
Other income
206,209
2,110
189,294 2,521.910 2,190.696
388,479
347,881
32.675
Total income
Interest on bonds
Other int, and deductions.--
233,319
85,000
5,559
221,969 2,910,389 2.538,076
85.000 1,020.000 1,020,000
179,718
21,893
79.456
Balance
Dividends on preferred stock
142,760
115,076
1,810.933 1,338.358
464.512
464.146
1,346,421
Balance
874.2l2
Mississippi Power Co.
(Subsidiary of Southeastern Power & Light Co.)
Month of 12 Mos.End
Apr. 1929. Apr. 30'29.
Gross earnings from operations
Operating expenses, incl. taxes & maintenance
289,351 3.304,423
169,124 1,940,796
Net earnings from operations
Other income
120,227
7,668
1,363,628
129,800
Total income
Interest on funded debt
127.895
1,493,428
434,184
1.059,244
460,913.
Balance
Other deductions
598,331
239.963
Balance
Dividends on cumul. pref. stock
Balance for reserves, retirements and dividends
Fort Worth Power & Light Co.
(Southwestern Power & Light Co Subsidiary.)
-Month of April- -12 Mos. End. Apr.301929.
1928.
1929.
1928.
Gross earns from operation__
280.661
254.6253,331,252 3,08.3,355
Operating expenses and taxes 152,006
125.467 1.716.101 1,666.040
Net earns. from operation_
128.655
129,158 1,615,151 1,417.315
Other income
8.210
1,123
36,502
21.982
Total income
, 136.865
130.281 1,651.653 1,439.297
Interest on bonds
14.542
t4,542
174,500
174.500
Other int. and deductions
2,592
2,506
31,229
30,944
Balance
119,731
113.233 1,445,924 1.233.853
Dividends on preferred stock
160.832
160.832
Balance
1.285.092 1.073.021
Net earnings from operations
Other income
31.666
1.189
394.656
26.646
Total income
Interest on funded debt
32,855
421,302
179.562
Nebraska Power Co.
Net earnings from oper--_
Other income
223,235
18,651
204.882 2,675,661
200,773
10,373
Total income
Interest on bonds
Other interest & deductions
241,886
67,250
18,101
215,255 2,876,434 2,562,196
807,M)
807,000
67,250
153,609
199,540
14,953
Balance
Dividends on preferred stock
156,535
133,052 1,869,894 1.601,587
364,000
364.000
1.505,894
2,384,909
177,287
1.207,587
Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary)
-Month of April- 12 Mos. End. Apr. 30
1928.
1929.
1929.
1928.
$
$
$
$
Gross earnings from operation 371,949
3n,187 4,535,749 4,465,361
Operating expenses & taxes-- 246.015
244.460 2.936,967 2,969,300
Net earns, from operation_
Other income
125,934
6,645
127.727
4.941
1,598,782
61,727
1,496,061
32,683
132.668 1,660,509
40,604
487,250
3,940
51,127
1,528,744
437,375
232.206
Balance
Other deductions
241,740
36.413
Total income
Interest on bonds
Other int, and deductions.--
132,579
40,604
4,116
Balance
Dividends on $6 cumulative preferred stock
205,327
59.985
Balance
Dividends on preferred stoek
87.859
145,342
358.368
(American Power & Light Co. Subsidiary)
-Month of April- 12 Mos. End. April 30
1928.
1929.
1928.
1929.
:
423,397 5.517.110 5,011,038
480.456
Gross warnings from oper____
218.515 2.841.449 2.626,129
257,221
Oper. expenses and taxes._ _ _
Balance
Gulf Power Co.
(Subsidiary of Southeastern Power & Light Co.)
Month of 12 Mos.End.
Apr. '29. Apr.30'29.
3
Gross earnings from operations
93,961 1,083.238
Operating expenses, incl. taxes and maintenance_ _ _ _
62.295
688.582
4.071,545
Kansas Gas & Electric Co.
Florida Power & Light Co.
(American Power & Light Co. Subsidiary.)
-Month of April
- 12 Mos. End. Apr. 30.
1929.
1929.
1928.
1928.
Gress earns, from operation_ 1,118,213 1,094.754 11,206.149 12.043.470
Operating exp.. incl. taxes__
554,445
574.968 6,034,377 6.529,571
Net earns, from operation_
563.768
519.786 5.171,772 5,513,899
Other income
104.157
189.637 1,354.290 2,538,064
"
Total income
667.925
709,423 6.526.062 8,051,963
Interest on mortgage bonds_
216,667
216,667 2.600.000 2,266,667
Interest on debentures (all
owned by Am.Pr.& Lt.Co.) 110,000
110,000 1.320.000 1,320.000
Other int. and deductions_ _
7.266
12,316
122.370
367.066
Balance
333,992
370,440 2,483.692 4.098,230
Dividends on preferred stock
1,031,010
967.225
Balance
1,452,682 3,131,005
Balance for reserves, retirements and dividends
77,675
Balance
88,124
1.122,132
381,665
859,163
381,227
740.467
477,986
3674
FINANCIAL CHRONICLE
Boldface figures indicate reports published at length:
Public Service Corp. of New Jersey.
-Month of April- 12 Mos. Endedi
tT 30
.
1929.
1928.
1929.
$
$
$
$
Gross earnings
11,225,566 10.474,160 128453,938 118470,027
Oper.expenses, maintenance,
' taxes and depreciation
7,857,980 7,275,715 90,378,498 84,615,346
Net income from oper
Other net income
- - 3,367,585 3,198,444 38.075.440 33,854,680
7.821
53,246 2.404,507 1.325,044
Total
3.375,407
1,289:847
3,251,691 40,479,947 35,179,724
1,427,911 15,915,432 18,531,313
• Balance for divs. and surp_ 2,085,560
1,823,779 24,564.514 16,648,411
income deductions
Southern California Edison Co.
-Month of April- 12 Mos.Ended Apr.30
1928.
1929.
1928.
1929.
$
$
$
3,119,073 2,744,163 36,801.480 31.8!1,266
734,212
657.518 9,111,867 7,284.390
276,586 3,587.645 3,179.833
364,560
Gross earnings
Expenses
Taxes
Total expenses and taxes.- 1.098.773
Total net income
Fixed charges
934.105 12,699,512 10,464,223
2.020,299
549.456
1,810,057 24,101,968 21,377,043
425,798 6.385,216 5,487.118
1,470,843
Balance
1,384,259 17,716,751 15,899.925
Syracuse Lighting Co.
-Month of
1929.
$
Gross earnings
712,358
Operating expenses and taxes *490.003
April- 12 Mos.Ended Apr.30
1929.
1928.
1928.
S
$
$
631.716 8.219,652 7,281,024
*410.283 5,360,164 4.627,311
Net earnings
Interest & income deductions
222.354
65.421
221,432
55,820
2,859.488
763.216
2.653,713
722,748
Net income
*Incl. credit to res.for deprec.
156.933
35,166
165,611
31.000
2,096,272
393,666
1.930,964
372,000
Texas Power & Light Co.
(Southwestern Power & Liet Co. Subsidiary)
-Month o April- 12 Mos.Ended Apr.30
1929.
1929.
1928.
1928.
Gross earningsfrom operation
Operating expenses and taxes
731,784
401.867
737,159
427,032
9.581,802
4,824.571
9,451.485
5,276,625
Net earns,from operation_
Other income
322,917
6.292
310,127
7,939
4,757,231
194.634
4.174,860
130,308
Total income
Interest on bonds
Other hit, and deductions
336,209
157,521
11,167
318.066
155,854
11.076
4,951,865
1,889,139
135,725
4,305.168
1.780,250
145,588
Balanoe
Dividends on preferred stock
167.521
151,136
2,927,001
541,000
2,379,330
455,000
2.386,001
1,924,330
Balance
Third Avenue Railway System
Operating RevenueTransportation
Advertising
Rents
Sale of power
-Month of April- 10 Mos.Ended Apr.30
1929.
1928.
1929.
1928.
$
$
$
$
1,278,979 1.242,602 12,536,111 12.519,832
12,500
12,500
125,000
125,000
21.334
25.594
222.026
212,613
566
587
5,510
7,117
Total operating revenue_ - - 1,317.640
Operating Expenses
Maintenance of way_ _ _ _ _
Maintenance of equipment
Depreciation
Power supply
Operation of cars
Injuries to persons & property
General and miscall. expenses
Total operating expenses
165,668
115,691
38,500
82.081
435,405
102,318
53.885
1.277,024 12,888,649 12,864,563
241.905
117.256
-48.461
76,785
422,749
105,618
53,157
2,020,807 1.923,827
1,180.564 1.201,692
-65,898
5,112
848,848
824,064
4,394,900 4,332,934
1,039,571 1,064,776
511,144
534.748
993,551
969.053
9.929,938
Net operating revenue
Taxes
324,088
83,031
307.971
90,325
2,958,710 2,977,407
899.763
922,194
Operating income
Interest revenue
241,057
19.466
217,646
16,603
2.058.947
188,298
2,055,213
168.387
260,523
234,249
2,247,246
2,223,600
42,756
73.301
93,900
1,365
717
1,474
2,790
41,24.3
2,164
42,756
73,301
93.900
1,347
827
1.974
2,790
17,142
2,164
427,566
733,016
939.000
13.877
7,027
14,743
27.900
375.645
21,640
427,566
733,016
939,000
15,041
6,947
19,743
27,900
149,809
21.640
236,204
2,560,416
2,340,665
Gross income
al
DeductionsInt. on 1st mtge. bonds
Tat. on 1st rerd mtge bonds_
Int. on adj. mtge. bends_
Track and terminal privileges
Miscall.rent deductions
Amortiz.of debt disc. & emps.
. Sitildng fund accruals
Miscellaneous
Int. on series C bonds
Total deductions
259.712
Net income
811
9,887,155
-1.954 -313.170 -117,064
Utah Power & Light Co.
(Including-the Western Colorado Power Co.)
- -Month of March- 12 Mos. End. Mar. 31
1929.
1929.
1928.
1928.
$
$
$
$
910,564 11,221,813 10,671,176
Gross. earns, from operation_
932,528
443,862 5,456,408 5,188,717
Operating expenses and taxes
455,474
5,765,405
402.163
Net earns, from operation_
Other income
477.054
26,598
466,702
32,665
Total income
Interest on bonds
Other interest & deductions
503.652
161,664
15,676
499,367 6,167,568 5,956,289
169.075 1,939,848 2,025,812
178,970
15.240
172,571
Balance
Dividends on preferred stock
326,322
315,052
Balance
5,482.459
473,830
4,048,750 3,757,906
1,628,722 1,585,459
2,420,028
2,172,447
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
inoluding May 4 1929.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
[VoL. 128.
RailroadsPape.
Atlanta Birmingham & Coast RR_ _3181
Atlanta dc West Point RR
33509
181
Boston &Albany RR
Buffalo & Susquehanna RR. Corp.. 3507
Central RR. of New Jersey
3341
Chic. Burlington & Quincy RR.3017,2984
Chicago Milwaukee St Paul& Pacific
RR
3036, 2984
Chicago Union Station Co
2987
Cincinnati Northern RR
Cleveland Cincinnati Chicago & St.
3347
Louis By
3347
Colorado & Southern Sty
3342,'2947
3
8
Consol RRs. of Cuba
3182
Cuba Northern Rye
3182
Cuba RR
Delaware & Hudson Co
3026, 3183
3982
Duluth & Iron Range RR
3179
Duluth Missabe & Northern Ry_ _3180
Dul. So. Shore & Atlantic Ry_3347, 2987
Florida East Coast By
3504
Gulf Mobile & Northern RR
3181
Indiana Harbor Belt RR
3347
Internat.-Great Northern RR. Co 3344
Internat. Rye. of Central America_3179
Kansas City Southern By.... 3030, 2984
Mahonlng Coal RR
3503, 3182
Michigan Central RR
3347
Mineral Range RR
3347
Minneapolis & St. Louis RR
3341
Minneapolis St Paul & 5.8. Mar.Ry.3338
Missouri Pacific RR
3934. 2983
Nashville Chattanooga & St. Louis
By
3343
New Orleans Texas & Mexico By.
..2986
New York Central RR.3542, 3503, 3348
New York Chicago & St. Louis RR_3340
New York Susquehanna & Western
RR
2988
3022, 3909
2583
Northern Pacific Ry
Paris Orleans RR
Pere Marquette Ry
3345
Phillipine By
3179
Pittsburgh & Lake Erie RR
3349
Pittsburgh & West Virginia By
3180
Quebec Central By
2989
Rutland RR
3349, 3177
St. Louis Southwestern By
3505
Seaboard Air Line By
3545, 3504
Tennessee Central By
3182
Texas & Pacific By
3178
Tonopah & Goldfield RR
2989
Toronto Hamilton & Buffalo By __ _3349
West Jersey & Seashore RR
3505
Western Maryland By
3179
Western Pacific RR. Co
Western Pacific RR. Corp
Western By. of Alabama
31822
3333442
Whelling & Lake Erie By
3344
Wins
34
4
Sonthbound Ry_ _33 9
Wisconsin Central By
3338
Page
Public Utilities (Concluded)San Diego Consol. Gas & El. Co-_ _2993
Southeastern Power & Light Co.
3352, 3180
2993
Southern Colorado Power Co
2993
Southwestern Bell Telephone Co
3187
Spring Valley Water Co
2994
Standard Gas & Electric Co
Union El. Light & Power Co. of
3352, 3187
Ill
Union El. Light et Power Co.,
3352
St.
Mo
3187
Union Water Service Co
United Light & Power Co___3352,
3188, 2994
3188
West Virginia Water Service Co
Western Continental Utilities Inc_ 3513
Wisconsin Electric Power Co__3353, 3188
Wisconsin Gas & Elec. Co_ _3353,3188
Wisconsin Public Service Corp
2995
Wisconsin Valley Electric Co
2995
Industrials
Acadia Sugar Refining Co., Ltd__ _ _3513
Aeronautical Industries, In
3513
3514
Advance Bag & Paper Co.,Inc
Ahumada Lead Co
3514
Ainsworth Mfg. Corp
2995
Airway Elec. Appliance Corp
3514
Alaska Juneau Gold Mining Co
3189
Albany Perforated Wrapping Paper
3514
Allied Products Corp
3514
Aluminum Co. of America
3514
Amalgamated Sugar Co
3189
Amerada Corp
299'5
American Bank Note Co
3514
American Bemberg Corp
2995
American Bosch Magneto Corp
3514
American Colortype Co
Amer. Commercial Alcohol Corp_ _ _3353
American Encaustic Tiling Co., Ltd_3514
3515
American Factors, Ltd
3515
American Glanzstoff Corp
-France & Foamite Corp_ -3189
Amer. La
2995
American Metal Co., Ltd
3515
American Printing Co
Amer. Radiator & Standard Sanitary
3189
Corp
2095
American Republics Corp
2996
American Safety Razor Corp
3354
American Seating Co
American Ship & Commerce Corp.-3189
3190
American Steel Foundries
2996
American Surety Co
3515
American Toll Bridge Co
American Writing Paper Co., Inc 3364
3515
American Yvette Co., Inc
3354
Amoskeag Mfg Co
3515
Amparo Mining Co
2984
Anaconda Copper Mining Co
3190
Anaconda Wire & Cable Co
3515
Anchor Cap Corp
2996
Public Utilities
Andes Copper Mining Co
Alabama Water Service Co
3183 Angio-Amer.Corp.of 60.Africa, Ltd_3354
America Public Service Co
3509 Anglo-Chilean Consol. Nitrate Corp _3354
2996
Bell Telephone Co of Pa
2990 Archer-Daniels Midland Co
3515
British Power & Light Corp.. Ltd_ _3350 Argo 011 Co
3190
Buffalo Niagara & East. Pow. Corp.3509 Art Metal Construction Co
3364
2991 Art Metal Works, Inc
California Oregon Power Co
3190
3184 Artloom Corp
California Water Service CO
3515
2991 Asbestos Corp., Ltd
Canadian Light & Power Co
Central Hudson Gas dr El. Corp_ _3184 Associated Electrical Industries, Ltd.3516
3354
3184 Associated 011 Co
Central Power Co
3190
3184 Assoc. Simmons Hardware Cos
Central Power & Light Co
3516
Central & South West Utilities Co_3350 Atlantic Coast Fisheries Co
3184 Atlantic Gulf & West Indies S.S.
Chester Water Service Co
3364, 3190
3184
Lines
Chicago Aurora & Elgin Corp
Cleveland El,Illuminating Co_3350, 3184 Atlas Imperial Diesel Engine Co__ -3354
3516
2991 Atlantic Lobos 011 Co
Columbia Gas & El. Corp
3516
3510 Atlantic Mortgage Co
Columbus By.Pr.& Lt. Co
3190
2991 Atlas Powder Co
Co
Commonwealth Edison
3355
Atlas Tack Corp
Consol. Gas El. Light & Power Co.
3516
2991 Auburn Automobile Co
of Baltimore
3190
3510 Aviation Corp. of Calif
Continental Gas & El Corp
3355
2992 Baacsicilla Corp
Denver Tramway Corp
3355
•
3510 Barnet Leather Co., Inc
Detroit Edison Co
2996
Barnsdall Corp
Dominion Power & Transmission Co.
3516
3350 Baxter Laundries, Inc
Ltd
3516
2991 Bayway Terminal, Inc
Duluth-Superior Traction Co
2996
East St. Louis & Suburban Co
3185 Beacon 011 Co
3516
Eastern Shore Public Service Co-_3510 (John) Bean Mfg. Co
3355
Electric Securities Corp
3351 Bingham Mines Co
'
3355
Engineers Public Service Co
3185 (E. W.) Bliss Co
Federal Water Service Corp
3185 (Sidney) Blumenthal &CO.. 11 0
2666
1
3516
Florida Power Corp
3511 (H. C.) Back Co., Inc
-2996
Florida Public Service Co
3510 Bon Ami Co
3191
Great Western Power Co. of Calif_ _2992 Boston Storage Warehouse Co
3191
Brandram-Henderson, Ltd
Hamburg Elevated, Underground &
3516
Ltd
Street Ry
3511 (C.) Brewer de Co.,
3191
Houston Lighting & Power Co
3351 Bridgeport Machine Co
3356
Houston Natural Gas Corp
3351 Briggs Mfg Co
2996
Illinois Bell Tel. Co
2992 Briggs & Stratton Corp
3517
Illinois Northern Utilities Co
3185 Bello Mfg CO
Illinois Water Service Co
3185 British Columbia Pulp & Paper Co.,
Internet By.Co
Ltd
3185
3355
International Tel. dc Tel. Co_ _3537, 3504 Brockway Motor Truck Corp
3517
Keystone Public Service Co
3511 (John W.) Brown
3517
Lake•Superlor District Power Co_ _ _3186 Brown Shoe Co.,Inc
3355
Louisville Gas & Electric Co
2992 Budd Wheel Co
3517
Market Street By
2992 (Edward G.) Budd Mfg. Co
3191
Michigan Electric Power Co
3512 Buffalo Weaving & Belting Co
3191
Michigan Gas & Electric Co
3186 (F. N.) Burt Co., Ltd
2997
Michigan Public Service CO
3512 Bush Terminal Co
2997
Middle West Utilities Co
3512 Butte Copper et Zinc Co
3191
Milwaukee El. By.& Light Co.3351,3186 Butte & Superior Mining Co
3191
MississiPPI River Power Co_3351, 3186 (A. M.) Byers Co
3517
Co
Missouri Gas & El. Service Co
3186 Cabot Mfg.
3517
Mountain States Power Co
2992 calembs Sugar Estate
3517
National Power & Light Co
3512 California Cotton Mills Co
3356
New England Pr. Assoc_3208,3177, 2985 California Packing Corp
3356
New England Tel & Tel. Co
2992 Calumet & Arizona Mining Co
Hecht Consol. Copper Co.2997
New Jersey Power & Light Co
2993 Calumet et
New York State Bye
2993 Canada Dry Ginger Ale, Inc_ _33543, 3192
Ltd_3517
New York Water Service Corp
3186 Canada Gypsum & Alabastine.
3192
North American Edison Co
3186 Canada Power & Paper Corp
North Continent Utilities Corp.
...2993 Canadian Locomotive Co., Ltd.... 3192
3517
Canton Co. of Baltimore
North West-Utilities Co
3351
3192
Northern States Power Co
2993 Carman & Co., Inc
3617
Northwestern Public Service Co- _3186 Casein Co. of America
2997
Ohio Electric Power Co
3512 Caterpillar Tractor Co
3517
Ohio Water Service Co
3186 Celluloid Corp
2997
Cerro de Pasco Copper Corp
Oklahoma Gas & Electric Co
2993
3192
Oregon Washington Water Serv. Co.3187 Certainteed Products Corp
3356
Pacific Lighting Corp
2993 Chain & General Equities, Inc
2997
Philadelphia Co
2993 Charts Corp
3356
Pitts. Suburban Water Serv. Co_ - _3187 Checker Cab Mfg. Corp
2985
Pub. Serv. Co. of New Hampshire-2993 Chile Copper Co
3518
Public Service Co. of Oklahoma_ __ _3512 Chrysler Corp
3192
Radio Corp: of America
3187 City Ice & Fuel Co
3192
Rochester & Lake Ontario Water
City Stores Co
Service Corp
3187 Claude Neon El. Products, Inc---3356
3356
Cleveland Tractor Co
Scranton Sprieg Brook Water Service
3193
Co
3187 Coco-Cola Co
•JUNE 1 1929.]
FINANCIAL CHRONICLE
3675
Pape.
Industrials (Cencluded)Page.
Industrials- Continued
Page.
Industrials (Continued)Industrials (Conffaued)3206
3532 Universal Pictures Co.. Inc
3524 Stanley Co. of America
3518 Marland Oil Co
Coca-Cola International Corn
3370
3176 Stewart-Warner Speedometer Corp_3369 Utah Copper Co
.
Columbia Phonograph Co., Inc -3518 Marmon Motor Car Co
3534
Vadsco Sales Corp
3364 Stromberg Carburetor Co. of AmeriMason Valley Mines Co
2998
Columbia Pictures corn
3534
3532 (V.) Vivaudou. Inc
3864
ca, Inc
3356 (Oscar) Mayer & Co
Columbia Steel Corp
3370
2985 Vulcan DetInning Co
3364 Studebaker Corp
3356 Maytag Co
Columbian Carbon Co
3016
Waldorf System, Inc
3200, 3007 Stutz Motor Car Co. of America.
2998 Mengel Co
Commercial Credit Co
3016
3532 Walworth Co
3201
Inc
2998 Merrimac Hat Corp
Commercial Solvents Corn
3535
3532 Warner-Quinlan Co
3200 Superior 011 Corp
2998 Merrimack Mfg. Co
Conde Nast Publications, Inc
3535
3532, 3205 Washington Oil Co
3364 Superior Steel Corp
-Goldwyn Pictures Corp
Consol. Chemical Industries, Inc-3193 Metro
3.535
3532 Wells Fargo & Co
3525 Swedish Match Co
3357 Mexican Petroleum Co., Ltd
Consol. Cigar Corp
3207
.3532 Western Dairy Products Co
3525 Taylor-Wharton Iron & Steel Co..
3193 Mexican Seaboard Oil Co
Consol. Textile Corp
3207
3370 Westinghouse Air Brake Co
Inc
3519 Mid-Continent Petroleum Corp_ _3525
Consol. Publishers, Inc
3207
3370 Westinghouse El. & Mfg. Co
Telautografih Cory
3193
Continental Baking Corp
3535
3370 Weston El. Instrument Corp
Co
3007 Teem Pacific Coal & Oil
3519 Midland Steel Products Co
Continental Dept. Stores
2532 Westvaco Chlorine Products Corp_ _3016
3201 Texas Pacific Land Trust
Continental-Diamond Fibre Co.._ 3357 Midvale Co
3207
3370 Wheeling Steel Corp
3365 (John R.) Thompson CO
3519 Miller & Lux, Inc
Copeland Products, Inc
3370 White Eagle 011 & Refining Co -3535
3525 Thompson Products, Inc
3193 (I.) Miller & Bons, Inc
Copper Range Co
..3535
3533 White Rock Mineral Springs Co..
Tide Water Assoc. Oil Co
2999 Minneapolis-Moline Power ImpleRefining Co
Corn Products
3207
3533 White Sewing Machine Corp
3365 Tide Water Oil Co '
3193
ment Co
Coty, Inc
3.535
3370 Wickwire Spencer Steel Co
3194 Minneapolis Steel & Machinery Co_3365 Transcontinental Oil Co
Cramp-Morris Industrials, Inc
3536
3533 Wilcox Food Products Co
3365 Trico Products Corp
Co
3519 Moline Implement
Crocker-Wheeler El. Mfg. Co
3536
3533 Wil-Low Cafeterias, Inc
3007 Truscon Steel Co
Crompton & Knowles Loom W0rks_3357 Monsanto Chemical Works
3210
3533 Willys-Overland Co
Tung-Sol Lamps Works. Inc
2999 "Montecatini" Societe Generale per
Crosby Radio Corp
3536
3533. 3370 Wilson Line, Inc
United Carbon Co
3357
l'Industria Mineraria eel Agricola
Crystal 011 Refining Corp
3016
Corp. of America
3506 Wire Wheel
3525 United Shoe Mchy. Corti
Curtiss Aeroplane & Motor Co.,Inc-2999 (IMW)
3536
3534 Worth, Inc
3007 U. S. Distributing Co
3357 Montgomery Ward & Co
Davega, Inc
3536
3534 Wright Aeronautical Corp
3007 U.S. Finishing Co
3519 Moody's Investors Service
Debenhams Securities, Ltd
3210
3015 Yale & Towne Mfg.Co
3525 U. S. Hoffman Mchy. Coal
2999 Mother Lode Coalition Mines
Diamond Match Co
3536
2985 Yates American Machenr9 CO
Alcohol Co
3007 U. S. Industrial
3519 Motion Picture Capital Corp
(Jos.) Dixon Crucible Co
3344. 3206 Yellow Truck dc Coach Mfg. Co_ _3016
3365 U. S. Realty & Impt. Co
3508 Moto Meter Co., Inc
Dominion Steel Corp
2984 (L. A.) Young Spring & Wire Coii_3210
3007 U.S. Steel Corp
3519 Motor Wheel Corp
Dominion Textile Co., Ltd
3210
3008 United Verde Extension Mining Co_3206 Youngstown Sheet & Tube Co
3519 Mullins Mfg. Corp
Donahoe's, Inc
3534
3008 Universal Gypsum & Lime Co
3520 Murray Corp. of America
Durham Duplex Razor Co
3008
3520 National Acme Co
Durham Hosiery Mills
Interborough Rapid Transit Company.
3008
3000 National Biscuit Co
Eagle Picher Lead Co
3008
3358 National Radiator Corp
Eastern Rolling Mill Co
(Annual Report-Year Ended June 30 1928.)
3358 National Rubber Machinery Co.-.3008
Eastern SS. Lines
3008
3358 National Standard Co
Elgin National Watch Co
COMPARATIVE STATEMENT OF OPERATIONS FOR YEARS
3366
3520 National Supply Co
Emerson-Brantingham Corti
ENDING JUNE 30.
3202
3520 National Tea Co
Empire Oil di Refining Co
1924-25.
1925-26.
1926-27.
1927-28.
3008
English El. Co. of Canada, Ltd.-- 3358 National Trade Journals, Inc
114.79
115.67
116.65
117.49
June30- 3366 Miles of road
3195 National Transit Co
Fairbanks Co
382.96
385.85
388.02
400.98
3528 Miles of track June 30..
3000 (Oscar) Nebel Co., Inc
Fairbanks, Morse & Co
1,248952001 1.173646256 1.130484647 1.089544225
3526 Passengers carried
3000 Nehi Corp
Fashion Park Associates, Ino
-$67.205,294 $63,316,088 $61,708.814 $58,418,991
3526 Gross oper. revenue_ - 3358 Neild Mfg. Corp
Federal Bake Shops, Inc
37.712.712 a35.575.666 33.540,813 33,088,385
3526 Operating expenses
3000 (Herman) Nelson Corti
Federal Screw Works
3.299,590
3.350.783
3.506,823
3.200,615
3009 Taxes
3520 Neptune Meter Co
Flat (Turin, Italy)
3366
3195 Nevada Consol. Copper Co
Fidelity & Guaranty Fire Corp
3526
Operating income- --326,291.967 $24,233,600 $24.817,219 $22,031.016
3001 New Bedford Cordage Co
Finance Service Co
292.200
276,980
257,176
297.026
Financial Invest. Co. of N.Y., Ltd-3195 New England Confectionery Co___3526 Other income
3527
3001 New Haven Clock Co
(I.) Fischman & Sons
$28,588,993 $24,490,775 $25,094,198 $22.323,216
3202
income
Gross
3358 New Jersey Zinc Co
Foote-Burt Co
2644.905
2,655,186
2,655.569
3009 Int. & s. f. on city bonds 2.658.097
3359 New York Dock Co
Formica Insulation Co
8.070.962
8.074,067
8,097.967
3527 Int. on co. 1st & ref. 5s_ _ 8,309,250
3520 New York Investors, Inc
Foundation Co
2,375,996 62,453,753 62,217,080
_ 2,353.248
3366 S.f. on co. let & ref. 5s.
3520 New York Trap Rock Corp
Foundation Co.(Foreign)
1,627.320
1,627,320
1.627,320
3368 but, on Man. Ry.con. 45 1.627,320
3196 Newport Co
Fox Film Corn
3.065.310
3.086.756 3,066,486
3009 Div.rental Man. Ry.stk. 3,087.020
3359 Newton Steel Co
(A. J.) Freeman, Ltd
3.792,346 3.550,852
3,696.459
3.587,839
3527 Other interest, &c
3359 Norwalk Tire & Rubber Co
Fuller Brush Co
3009
3359 Novadel-Agene Corp
General Alloys Co
$21,622,777 $21,540,066 $21,669,158 $21,176,429
3009
Total deductions
3196 Nunnally Co
General Cable Corp
1,146.787
3,425,040
2.950.709
4,966,216
3527 Net income
3002 Occidental Petroleum Corp
General Cigar Co
3009 Maintenance in excess of
3337 Ohio Leather Co
General Motors Corp
1,492.296
981.346
1.479.821
3367
contractual provisos a 1.944.633
3002 Ohio Seamless Tube Co
General Outdoor Advertising Co
3009
3359 Otis Steel Co
General Refractories Co
$3,021.582 $1,470,929 $2,443,695 def$345.508
Balance,surplus
3010
3002 Outlet Co
(Adolph) Gobel, Inc
3010 Earns. per sh.on 350,000
3360 Owens Bottle Co
Graham-Paige Motors Corp
Ni)
$6.98
$4.20
$8.63
shs.(par $100)cap.stk
3367, 3010.
Pacific Coast Co
Granby Consol. Mining, Smelting &
the
3367
3360 Pacific Finance Corp
Power Co., Ltd
a From the commencement of operations under Contract No. 3 and
3527 related certificates, respectively, it has been the practice to include in all
3003 Pacific S. S. Co
Union Co
Grand
operating revenue upon the
Trans..
3360 Pan American Petroleum &
Granite City Steel Co
reports of operating expenses 14% of the gross
3508,3367 Manhattan Division and 17% on the Subway Division to cover mainteport Co
Great A. & P. Tea Co. of Amer1ca-3521
Great Northern Iron Ore Properties- 3505 Pan American Western Petroleum
nance and depreciation. These are the percentages fLted for the first year
3338 of operation in each case. Negotiations have been pending between the
3197
Co
Great Western Sugar Co
3360 Panhandle Producing & Refining Co.3203 company and the Commission ever since the end of the first year to deterGrunow Co
Grigsby
3367 mine what, if any, changes in these percentages should be made for subse3197 Fences Pressing Machine, Inc
Guardian Investors Corp
3528 quent years. The net expenditures for maintenance in excess of the
3003 Park & Tilford, Inc
Gulf States Steel Co
3528 amounts therefor. included in "operating expenses, are shown hereinPen Co. (Wis.)
3360 Parker
(C. M.) Hall Lamp Co
3203 above as "maintenance in excess of contracture' provisions."
3522 Peerless Motor Car Co
Hamburg-American Line
3528
3522 (David) Fender Grocery Co
plan of readjustment, payment of the sinking fund was
Knitting Co
b Under the
(P. H.) Hanes
3387 deferred from Jan. 1 1921 to July 1 1926 on condition that, prior to that
3003 Penick & Ford, Ltd., Inc
Hartford Times, Inc
3003 Pennsylvania Coal & Coke Corn--3011 date, an amount equal to the deferred sinking fund be expended on addiHazel-Atlas Glass Co
3528 tions or improvements to the property.
Co
3522 Permutit
Heels Mining Co
3528
3003 Philadelphia Insul. Wire Co
Hercules Powder Co
3011 NUMBER OF PASSENGERS CARRIED BY INTERBOROUGH It. T. CO.
3522 Pierce Oil Corp
Hightstown Itlat Co
(In Round Millions.)
3011
Hollinger Congo). Gold Mines,Ltd-3522 Pierce Petroleum Corti
.3367 Yrs.end. June30_1920. 1921. 1922. 1923. 1924. 1925. 1926, 1297. 1928
3361 Pittsburgh Terminal Coal Corp....
(A. C.) Horn Co
3012 Elevated
Prairie Pipe Line Co
3522
Houdaille-Hershey Corp
369 374 348 348 359 353 346 359 351
3367 Subway
3361 Prosperity Co., Inc
Household Products, Inc
586 639 644 676 714 737 784 815 898
3367
3003 Pullman, Inc
(R.) Hoe & Co., Ino
3504
3003 Pure 011 Co
Holland Land Co
955 1,013 993*1.025 1.074 1,090 1.130 1.174 1,249
Total
3529
3004 Purity Bakeries Corp
Houston 011 Co.of Texas
,
* Includes 155,786 (235c.) school children passengers carried during
3529 New York City Jubilee, June 4-22 1923.
3522 Pyrene Mfg Co
Hudson Coal Co
3012
3361 Radio-Keith-Orpheum Corp
Hydraulic Brake Co
3529, 3368
3361 Rand (Gold) Mises. Ltd
Ideal Cement Co
RESULTS OF DIVISIONS FOR YEARS ENDED JUNE 30.
1927
3203
3522 Raybestos Co
1928
Indian Refining Co
Subway
Man. Ry.
Subway
3012
3361 Reo Motor Car Co'
Man. Div.
Industrial Acceptance Corp
Division.
Division.
Division.
3361 Reynolds Spring Co
3529
Division.
Finance Corp
Industrial
359,019,660 814.626,596
3004 Richfield Oil Co. of Calif
3368 Passengers carried- - - - -351,258.534 897.693,467
Industrial Rayon Corp
2.231.854
983.615
3198 Rio Grande 011 Co
2.452,714
3529,2012 Daily aver, pass. carried
959.723
Inland Steel Co
Internat'l Business Machines Corp--3004 Rockland & Rockport Lime Corp---3530 Rev.from transportat'n_317,562,927 $44,884,673 $17.950,983 $40,731,330
3,065,080
1.568.695
3.257,688
3530 Other at. Ty. oper. rev.. 1,500,006
Internat. Coal & Coke Co., Ltd-- 3362 (Wm. A.) Rogers, Ltd
Ross Gear & Tool Co
3530
Internat. Combustion Engineering
Gross oper.revenue_ _619.062,933 $448,142,361 $19.519,678 $43'796,410
3362 Rossla Insurance Co. of America_ -_ -3204
2.903,702
1.284.395
Corp
3.191,839
Maint.of way & struct.- 1,254.341
3523 Ryan Car Co
4.541.688
3530 Maint. of equipment_ _ - 1,414,469
Internat. Nickel Co. of Can., Ltd
1,448,360
4,992,363
178
International Paper & Power Co._--3362 St. Louis Rocky Mountain & Pacific
228
779
593
Traffic
Co
3012
International Safety Razor Corp 3383
8,173.095 13.917,733
exps_ _- 8,244,241 14,748.560
3004 St. Mary's Mineral Land Co
3530 Transportation
2.081.751
International Silver Co
1.224,537
2.482,985
1.382.541
General expenses
3523
Co.,Ltd
Regis
3507
Interprovincial Brick
tw
$12,296.186 $25.416,526'$12.130,615 $23.445,952
3004 Safe-Guard Check Writer Corp
Total oper. exps
3012
Interstate Hosiery Mills, Inc
3198 Safety Car Heating & Lighting Co_3530
Joint Investors, Inc
Net oper.revenue---- $6.766,747 $22,725,835 $7,389.063 $20,351,359
1.077.601
3363 Safeway Storm, Inc
2.429.222
851.080
3012 Taxes
Jordan Motor Car Co
2.349.536
3363 Salt Creek Consol. 011 Co
3530
Journal of Commerce Corp
Income from oper-- $44,417,211 $21.874.756 $4.959.842 $19.273.758
3523 Salt Creek Producers Assoc., Inc...3530
Keith-A ibee-Orpheam Corp
181.742
75.434
206.348
90.678
Non-operating income- 3005 Savage Arms Corp
3204
(Spencer) Kellogg & Sons
$4,a07,690 $22,081.104 iTC:kerfr $19,455,499
Gross income
3530, 3204
Kellogg Switchboard & Supply Co ..3005 Schuico Co. Inc
2,655,369
2.658,097
3005 Scott Paper Co
Kelvinetor of Canada, Ltd
3530 Int.& s. f. on City bonds
3005 Seaboard Dairy Credit Corp
nt. on I. R. T. Co. 1st
3368
Keivinator Corn
6.640.807
1,457,159
6,839.895
& rel. mtge. 58
1,469,355
3198 Seagrave Corp
Itraberly-Clark Corp
3013
3523 Seeman Brothers, Inc
3013 Sink.fund on I. 11. T.Co.
Kendall Co
1.764,186
611.810
1,756.360
596.888
3363 Selfridge & Co., Ltd
1st &ref. mtge.58._ _ _
3531
& It.) Knight Corp
(B.B.
1.280,222
1,082,563
1,266,346
3199 Seneca Copper Mining Co
3368 Int. on 10-yr. 7% notes_ 1.072,122
!roister Radio Corp
517,347
31.390
517.347
48.964
3523 Shaffer Oil & Refining Co
3013 Int. on 10-yr.6% notes_
Koppers Gas & Coke Co
215.825
135.575
3524 (W. A.) Shoeffer Pen Co
Int. on equip. ti'. ctfs_ Stores, Inc.
3531
Kresge Dept.
3524 (Frank G.) Shattuck Co
3013 Int.on Man. Ry. Consol.
Laclede Steel Co
1,627,320
3524 Shell Union Oil Corp
Stores, Inc
1,627,320
3388
mtge.4% bonds
Lane Drug
Langton Monotype Machine Co-- - _ 3524 Sinclair Crude 011 Purchasing Co...3531 Int. on Man. Ry. 2acl
180.920
3006 Signal Oil & GM Co
180.920
mtge. 4% bonds
3013
Lehigh Valley Coal Corp
50.000
3006 Simms Petroleum Co.. Inc
50.000
3368 Man. Ry.rental(organ.)
Leggings, Ins
3006 Skelly 011 Co
3369 Div. rental on Man. Ry.
Libby, McNeill& Libby
3.086,756
3006 Sloss-Sheffield Steel & Iron Co
3.087,020
Co. cap. stock
Cup Corp
3531
Lily-Tulip
48,800
3006 Snie Viscose (Societe Nasionale
Int.on inv,of deprec.rea
Lindsay Light Co
39.453
17.482
Industrie ApplleazIoni Viscose)
3006
62.952
Int, on unfunded debt...
16,587
Link Belt Co
3,739
228.718
Turin, Italy
3364
12,760
224.268
3531 Other rent deductions_ Loew*s. Inc
3006 Snider Packing Corp
3340
Long Bell Lumber Corn
3199 Southern Ice Co
3531
Total inc. deductions_ $8.373,444 $13,249,333 $8,374,118 313,165.948
Louisiana 011 Refining Corti
3364 South Penn 011 Co
3531
Ludlow Mfg. Associates
3364 Spang Chalfant & Co
xNetcorporate income df$3.865,554 38.831,771 d133.338.843 $6,289.551
3369
Ludlum Steel Co
3324 Spencer Trask Fund, Inc
3014 Maint. in excess of conMachine Co
Lynch Glass
1,570.287 def90.466
3006 Spicer Mfg. Corp
2,264,813 def320.180
tractual provisions_ _
3369
McCord Radiator Mfg. Co
McGraw-Hill Publishing Co., Inc_ _3200 Standard Commercial Tobacco Co..
Bal, after act. maint.df$6,130,367 $9.151,950 M14.909.130 $6,380,017
Inc
-3524, 3006
3205
MacAndrews & Forbes Co
3524 Standard 011 Co
3338 Expes.to earnings(%)Machlarr Stores, Inc
53.53%
62.14%
52.79%
64.507
Excluding taxes
3200 Standard Plate Glass Co
3531
Mack Trueks, Inc
55.99%
74.59%
54.56%
76.83%
Including taxes
3531
Maracaibo 011 Exploration Corp._ _3007 Standard Screw Co
a Exclusive of accruals under Contract No. 3 and related certificate;
3014
Merchant Calculating Machine Co_3007 Standard Textile Products Co
3676
FINANCIAL CHRONICLE
GENERAL BALANCE SHEET JUNE 30.
1928.
1927.
1928.
3
Fixed capital___227.000.981 225,492.336 Capital stock __ 35.000.000
Investments____a16,848,677 17 077,123 lat & ref. M. 58.167.144.000
B. T. Co., trust.
3
-year 7% notes
11.100
under eollind. 58,016,514 58,715,351 10-yr.7% notes_ 33,393.000
I.R.T. 1st & ref.
10-yr.6% notes_ 10.500,000
5% bds. reacq
578,000
528,000 Equip. trust ars 1,590.000
Items awaiting
1st & ref. M.5.s. 68,016,000
dIstrib'n, &c. a1,677,495 1,798,242 1st & ref. M. 5s,
Aorta.rec. under
released by B.
supp'l aggret.
514,127
380,750
869,000
T. Co
Due from associlet & ref. M.5s,
ated cos
a6.091,104 6,991,207
& held In
Cash
4,484,814 4,099.056
3,658,000
spec. trust_
I.R.T. Co. mtge
Manhattan Ry.
bda. for sk. td.
810.754
801,135 lease account377,323
trots receivable
534,703
730.317 Construc'n funds
Malls& supplies 2,528.006 2,318,518
accounts pay0th. curr. assets 3,065,135
232.549
539.049 able
Special deposits.
1,100
1.660 Trustee for volGuaranty Tr. Co
56,170
untary fund-trust In spec'l
Loan from R. T.
Mutt
3,658,000
Subway ConAccruals, Contr.
struction Co.
No.3,and cer1,240,108
account •
tifs. payable_ 75,768,194 71,143,459 Int. & rentals... d4,964,235
Constr. & equip.
579.237
Due for wages._
funds-900,606
Accts. payable.
Cash
147,980
348,620 Taxes accrued__ e3,438,414
Investments
1,330,970 1,396.550 Sinking fund on
Cash adv. f. gen.
5% bonds__ -c11,534,851
fund to subw'y
1,306,597
Reserves
oontrib
9,542.638 1,288.714 Sub.contrIbution
Prepayments
211,631
cash Ilab. for
&Tura. In trust
adv.from.gen.
for voluntary
9,542,638
fund
relief fund .....
53,258.
53.258 Deferred Profit
Lfruunort. debt
i0.38 credits_ 76,202.321
disc.& exp_ __ 9,969.261 9,993.219 Surplus
e14,279,383
Accounts in suspense
b11,463,819 9,404,618
AS343--
1927.
35,000.000
162.700,000
15,700
33.815.860
10,500,000
2,890,000
58,650,000
822,000
377,323
213,622
53,054
3,500,642
3,822,496
408,767
846,151
3,405,836
12,906,521
1.209.479
1,288,714
71,524,209
9.362,346
[vim.-128.
tons. Percentage of coal revenue to total freight revenue was 25.3 as
compared with 29.1 in 1927.
An agreement between the operators and miners was reached on Sept. 27
1928, reducing the miners' wage scale to some extent in Illinois, and during
the last half of Oct. 1928. the Indiana operators reached an agreement
with their miners, meeting the Illinois reduction. It is too early to say
what permanent effect these wage reductions will have on the ability Of
the coal operators and miners of Illinois and Indiana to regain the markets
which were lost to the non-union coal of Kentucky and West Virginia.
Freight Traffic Other Than Coal.
-Notwithstanding the decrease In coal
traffic, freight tonnage other than coal increased 56,436 tons over 1927.
Volume of highly competitive commodities embraced in the group "manufactures and miscellaneous" increased 279,635 tons or 9.8%, and the
Increased revenue from this increased tonnage more than offset the decrease.
in all other commodities except coal.
Passenger Traffic.
-Gross revenue from passengers decreased $517,321.
The revenue per passenger mile (excluding commutation and miners' trains)
decreased from 3.2 to 3.1 cents, while revenue per passenger carried (excluding commutation and miner)increased from $4.34 to $4.37, and average
distance traveled increased from 134 to 142 miles. These figures illustrate
the falling off in both long and short haul traffic as a result of competition
from motor buses and private automobiles.
Freight Rates.
-Freight rates are constantly changing, many reductions
being ordered by the State and Inter-State Commissions. The most important changes made during 1928 were those ordered by the I.
-S. C.
Commission between official classification territory, which lies generally
north of the Ohio and Potomae Rivers, and Southern classification territory, which lies south of the Ohio and Potomac Rivers: and the readjust,
ment of rates between official territory and Southwestern territory. There
also Is now under revision by the I.
-S. C. Commission class rates between
points in official territory and Western trunk line points. Coal rates are
under continual attack and there are a number of important cases pending
before the Inter-State and State Commissions. Company is taking an active part in defending its rate structure in these proceedings.
Traffic Density.
-Traffic density, represented by the average ton miles
of revenue freight per mile operated, decreased from 2,540,168 to 2.244,985,
principally the result of decrease in coal tonnage handled. Freight revenue
per mile of road decreased from $21,682 to 320,298.
Percentage of traffic originating on the rails of the company,as compared
with total freight traffic was 50.9 as compared with 48.3 in 1927. This
was the result of the relatively increased percentage of coal originated
on your line to total coal handled in 1928. During 1928 58% of the total
coal handled originated on the line of the company, as compared With
52% in 1927.
Industrial Development.
-Thirty-six new industries, including oll tank
stations, were located along the lines of the railroad, with an estimated
additional inbound and outbound traffic of 14.850 carloads annually, plus
a substantial amount of L. 0. L. traffic.
Operation -Decrease in operating expenses was $2.109,142 or 9.8%
while decrease in railway operating revenues amounted to 6.8%•
departments, except traffic, contributed to the decrease in expenses, which
were made in the face of an increase in wages, account increased rate of
pay, amounting to about $188,000 as compared with 1927.
Federal Valuation.
-Protest against the tentative valuation of the
C. Commission, as to which briefs were filed during 1927, is still pending
before the Commission, which has not made its final report. On June 12
1928, the Commission approved an outline of plan for bringing land valuations to Dec. 31 1927, and such other date or dates as may be fixed by the
Commission, resulting in increase in our valuation force.
Total
435.005,534 413,312.720 Total
435,005,533 413,312,720
a "Securities of associated companies," 315,684,795) included in investments, "Due from associated companies and "items awaiting distribution"include the cost to the company of its interest in some of its associated
companies which are in receivership or in the course of liquidation. The
amount which will be realized therefrom is still unknown. When the
value of the investments in associated companies shall be definitely ascertained the balance sheet will be readjusted to meet the then existing conditions, at which time full consideration will be given to the increase in the
value of other assets of the company.
b The"Federal taxes assessed against the Manhattan Ry. Co. paid under
protest or in litigation" ($3,464,858) and included in accounts in suspense,
represents the amounts paid for such taxes which have not been currently
charged against income. The remainder of this amount after deducting
what may be recovered in the litigation now in progress must be charged
against the company's corporate surplus.
GENERAL STATISTICS FOR CALENDAR YEARS.
e The total liability for the sinking fund on 1st & ref. mtge. 5% bonds
1925.
1928.
1926.
1927.
included in "current liabilities" is made up of 31,316.160, which is a present
Miles operated
045
945
945
945
current obligation, and $10,218,690, which need only be met pro rata
2,541,397
2,419,598
2,008,169
1,813,602
semi-annually to July 1 1956, as provided by the "plan of readjustment." Passengers carried_ _ _
Pass.carried one mile-- _128,110,840 138,946,587 153,360,729 149,293,373
$18,838,000 face amount of these bonds have been acquired for the sinking Revenue
per passenger
.028 cts.
.030 Me.
.031 cts.
.030 cts.
fund and are in the possession of the trustee of the mortgage.
d "Interest and rentals accrued" includes $2,086,972 dividend rental., Revenue freight (tons).- 12,810,402 14,202.525 14,467,954 13,801_,033
at 5% per annum,for three-quarters of the fiscal year on Manhattan Ry. Rev.freight (tons 1 mile)2121802565 2400,788690 2570,397371 2354,727716
.0085 cts. .0083 eta. .0085 cts.
stock assenting to the "plan of readjustment." This rental is payable Rev, per ton per mile.-- .0090 cts.
only if and as earned under the terms of the "plan."
INCOME ACCOUNT FOR CALENDAR YEARS.
•The corporate surplus appearing at June 30 1928, Is subject to revision
upon the final conclusion in relation to questions involved in the following:
Operating Revenue1928.
1927.
1925.
1926.
isia) Ba t
ilance
iVefarciralin deerecia i de es v
anee o cregr reserve-Elevated ceront ct Freight
619,183.920 $20,492.445 $21,414,226 $19,924,410
rpr
tif rat
a
an
4,122,877
3,605,556
4,680.586
reserve-Contract Passenger
4.527,685
sTo. 3 ti ubway division):
S
Mail, express, &c
1.810,943
1,795,541
1,743,339
1.790,523
The allowance deductible from operating expenses of the Manhattan Other than transport'n355,666
293,155
326.872
366,414
division for maintenance and depreciation has been computed since the
beginning of the operation under the Elevated certificate-July 1 1917
Total oper. revenue--$24,893,573 $26,714,326 $28,251,751 $26,574,508
upon the basis of 14% of the gross operating revenue-this percentage Maint. of way & struc
$2,880,886 $3,192,223 $3,044,951 $2,654,757
being, as stated in that certificate, subject to subsequent yearly adJust- Maint, of equipment_... 4,996,568
5,972,979
7,740,583
7,241,196
ments which have not as yet been agreed upon between the Transit Com- Traffic expenses
989,759
983.921
774,410
948,621
mission and the company.
Transportation
9,567,084 10,430,582 10,349,070 9,904,912
The result has boon that the actual expenditures from that date to Misc. operations, Sm.._
93,639
166,243
177,984
185,254
June 30 1928 for maintenance are $9,888,174 in excess of the amount General expenses
820,217
856,556
844,129
823,693
deducted as operating expenses in determining corporate surplus as stated.
Simllarly on the Subway division maintenance and depreciation have
Total oper.„ expenses-$19,420,758 $21,529,900 $22,605.951 $22,083,610
been computed since the beginning of operation under Contract No, 3, Net earnings
$5,472,815 $5,184,426 85,645.800 $4.490.896
Jan. 1 1919, on the basis of 17% of the gross operating revenue. The Taxes, &c
1,590.761
1.407,762
1,651,934
1.406,642
result has been that from that date to June 30 1928, the reserve, in excess
of the amount expended for maintenance, amounts to $2,998,910, and this
Operating income
$3,882,054 $3,776,664 $3.993.866 $3,084,256
has been deducted as an operating expense in determining the corp.surplus. Hire of equipment
Dr1,057.528 Dr963,688 Dr834,080 Dr599,808
In both instances these computations may be subject to change upon Joint facility rent income Dr.623,851 Dr.521,267 Dr.551,244 Dr.336,181
the determination of the amount of depreciation, if any, under the terms Non-operative Income-554.735
502,380
409,234
422,243
of Contract No. 3, and the Elevated certificate.
(b)
Gross income
-Federal taxes accrued:
$2,755,409 $2,794,088 $3,030,785 $2,557,501
This accrual makes no allowance for Federal taxes on income from the Interest
$2,152,126 62,161,066 $2,189.750 $2,202,638
dates of operations under the contracts with the City of New York to Jan. Rents
160,543
151,417
153,604
154.815
1 1924. The probable liability for that period has all been taken up in Miscellaneous
42,530
41.478
41,008
41.865
the amount heretofore paid, part of which is carried as Federal taxes paid
Total charges
under protest, referred to hereinabove. (See b.)
$2,355,200 $2_,355,679 $2,386,430 $2„895,534
Net Income__ _ _
The amount of Federal taxes accrued ($2,246,609) included in the
$400,208
$161,968
$644,355
5438,409
balance sheet in "taxes
-due and accrued" covers the estimated maximum Inc. applicable to sinking
& other reserve funds_
liability for the period from Jan. 11924, to June 30 1928, after deducting
263,316
215.252
225,450
245,236
amounts which have been assessed and paid for that period. The exact
•••-Balance,sur.or def..„sur$136,892 sur$193.173 sur$418.905 def$53,285
liability for this period has not yet been finally determined.
(c)
-The results from the Subway and also from the system operations
for the current year and prior periods, entering into the corporate surplus '
CONDENSED GENERAL BALANCE SHEET.
as stated, are on the basis of the preferential deficits under the contracts
1928.
1927.
1928.
1927.
with the City as computed by the company and must therefore be conAssets$
$
$
Liabilities-$
sidered only preliminary and tentative because they are subject to such Invin rd.& equIp_84.342,378 84,788,761 Common stock_ _23,845,300 23,845,300
adjustments as may be necessitated by the final adjudication of the objec- 'meta. on leased
Preferred stock_.-22,046,100 22.046,100
tions made by the Transit Commission to certain items under these contracts.
property
146,781
12,258 Funded debt unThe amounts objected to as deductions from the revenue on the Subway Sinking funds_ __ _
42
matured
302
41,083,938 41,433.138
division with interest to June 30 1928. aggregate $7,915.203. The final Deposits In lieu of
Loans & bills Par500,000
adjudication of these objections may show a portion of the "balance" on
mortgaged prop.
2,487
1,494 Traffic & car serv.
the Subway payable to the City with the corresponding change in the Misc, phys. prop__ 1,684,918 1,576,339
649,927
bats. payable
660,18
0
"balance" on the system.
Inv. In WM. cos :
Audited Beets and
The Commission's objections to the accounting under the Elevated
Stocks
2,585,100 2,523.300
wages payable__ 1,603,634 1,684,691
certificate with interest to June 30 1928, aggregate $2,252,245. but those
Bonds
173.468
2,000,760 2,016,440 Misc. acels Dario 156,469
objections have no immediate effect upon the financial condition of the
Advances
1,190,236 1,158,750 Interest matured,
company in view of the large deficit existing under the Elevated certificate. Other investments I618,974 1,618,974
43,269
41,685
unpaid
As a result of these objections and pending their adjudication all account- Cash
1,425,811 1,276,395 Unmatured intering of the company will be maintained on the current basis modified only III. Merch. Trust
421,246
418,683
est accrued
to the extent of reflecting in the balance sheet and the contractual accountCo. certificates- 1,000,000 1,000,000 Umnatured rents
ing the transfer to suspsense on account of Contract No. 3 of $7,915.203. Special deposits. _ _
231,866
278,025
41,635
50,754
accrued
and under the Elevated extensions certificate 22,252,245, a total of $10.- I.oans & bills roe9,819
11,323 Other current lia167,449, this transfer being in accordance with the provisions of the con- Traffic dc car serv.
62,326
45,306
_
Willies
have been objected
tracts as to the items in the contract accounting which
bals. receivable. 421,023
69,886
82.910
- _439,536 Deferred liabilltioe
to by the Transit Commission.
--V. 128. P. 2628.
Net bal, rec., due
1,674,262 1,544,739
Tax liability
.
tr. agts. & eond_ 338,012
360,719 Insurance & casuMisc.accts. receiv. 688,690
23,229
737,937 alty reserves.33,523
Chicago & Eastern Illinois Railway.
Materials & supp. 1,200,007 1,342,922 Accrued depreciaInt.& diva. receiv_
tion, equipment 3,780,381 3,348,064
37,751
37.553
311928.)
(7th Annual Report
-Year Ended Dec.
Rents receivable__
25,815
27,900 Other unadJustable
Other eurr. assets_
368,004
397.438
28,735
41,387
credits
Pres. Thomas C. Powell says in substance:
Work,fund advs.,
12,277 Add'ns to property
12,146
65.585
72,300
Traffic Conditions.
through income
-During the early part of the year business as a whole Other defd assets_
163,994
and surplus.... 179,100
was light, and although an early recovery from the decline in freight traffic Rents & insurance
prams. prepaid_
5,452
7,118 Sink, fund reserves 1,657,530 1,394,214
that marked the close of the year 1927 was forecast and, as a matter of
396,131 Appropriated surfact, was reasonably expected, a material improvement did not occur until Other unadj.debits 495,111
ec
292,043
plus not invested 320,716
the last quarter of 1928.
Profit & loss-bat. 1,332,602 1,223,649
Coal Tonnage.
-In 1928, the total bituminous coal shipped over the rails
of the company was 5,593,596 tons, a decrease of 1,448,559 tons under
99,367.074 99,510,074
Total
99,367,074 99,510,074 'rotal
1927. Coal originating at mines on 0. & E. I. rails decreased 455,567
tons and coal originating at mines on connecting lines decreased 992.992 -V. 128, p. 1222.
i
FINANCIAL CHRONICLE
JUNE 1 1929.1
3677
CONSOLIDATED BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
$
$
Liabilities$
-Year Ended Dec. 31 1928.)
$
Assets
(Annual Report
Capitalstock
50,000,000 50.000.000
Mines, min. elms.,
Mexican legal relands, buildings,
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
4,000
4,000
rwys. & equip__52.360,380 51,870.719 serve
1925.
1927.
1926.
1928.
80,886 Accounts and
80,886
Inv.in sundry cos_
wages payable
Operating revenue, less
Supplies and pre$17,111,032 $16,764,076 $13,044,493 $11,589,419
899,163 and taxes actliscounts,&c
paid expenses__ 1,025,134
224,07,9
1,284.442
7.832,817
crued
8.704,689 6.945,570 6,351,937 Metals in process
Operating expenses
6,265.665 6,041,617
855,355 Surplus
and on hand__ 567.217
505,303
Not earns,from oper_ $9,278,215 $8,059,387 $6,098,923 $5,237,481 Accts.receivable.. 2.034.003
104,230
124,400
134,698 Cash & cash assets 1,486,486 2,058,271
115.853
Total(each side)57.554.107 56,269,696
Other income
$9,394,069 $8,163,617 $6.223,323 $5.372,180 -V. 128, p. 1407.
Gross income
2,410,712
1,596.597
1,597,174
Int.on bond.debt (net)_ 2.678,658
524,169
782,947
500.273
955,862
Depr.,amort.,rents,&c.
GENERAL INVESTMENT NEWS
Alabama Power Co.
$6,191.242 $4,969,957 $4,125,875 $2,819,720
Netincome
1,739,455
1,324,628
1,044.523
Pref.stock dividends__ _ 1,841,151
Int. on 100-yr. gold de851,900
851,900
851.900
851,909
benture certificates_ Transferred to P.& L. $3,498,191
$2,378,602 $1.949.347
8923,297
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1921.
1928.
LiabilitiesAssets
3
Ova ot prop's_ _161,899,208144,308,451 Capital stock_ __ y55,600,741 52.800,990
1st &ref.01.434%
Inv. In MM.. dm.,
486,710
40-yr. bonds._ 39,990,000 40,000,000
companies.....
348.269
Cash
2,763.323 1,857,351 1st & ref. m. %
40-yr. bonds__ 15,000,000
13,495
18,947
Funds witb emp I _
Notes & accts. roc 1,851.708 1,847,896 1st m.5% bonds_ 10,221,000 10,221,000
164,527
Sundry accounts.
41,294 1st m. lien & ref.
23,700,000 23,700,000
Materials & mum 1,533,053 1,192,283 (5%)
Selma Ltg.Co. 1st
Stook subscript'im
238,000
m.30
238,000
-year 5s._
72,314
receivable- - 77,783
Mont. Lt.& Wat.
Cash on depos.for
514,700
515.700
Power Co.5s_ _
59,187
87.429
pay coups.. &e.
24,000
9.000
Deferred charges_ 3,303,005 2,800,115 Mont. Lt.&Pr. for
Miscl. underlying
Cost of devel.load,
22,000
112,000
municipal bds51,877
Mitchell Dam
293.120
347,758
71,410 Notes & accts pay
40,800
special deposits._
432,043
DIvs.dtc., pay...457.087
Cost of devel. load
59,217
87,458
192,577 Mat. Int. unpaid
Martin Dam
425,950
Int. on deb. ctfs_
425,950
Prepaid Maur.,
1,397,586 1.676.450
188,596 Due to aff11.cos
180.488
licenses. &c
32,684
Misc. unadi. cn3d
21,566
MIscell. items in
237,344 Retir. & renewals 5.588,379 5.468,708
51,062
fustammm
134,647
Salaries & wages_
141.609
300,175
Taxes,&c
300,175
695,766
Interest accrued_
447.120
567.100
Customers' deem
509,598
100-yr. gold deb.
eel tificates _
12,170,000 12.170.000
Res. for int., &c_
130,932
485,399
350,173
Other reserves
Surplus(subject to
Federal tax)
4,335,083 3.182,627
172.320.498 153,220,981
Total
172,320,498 153,220,981
Total
y Represented by $7 per share cumul, pref. stock, no par value (preferred
on dissolution at $100 per share) authorized 400,000 shares; issued and
outstanding. 176 904 shares; $6 per share curnul. pref. stock no par value
(preferred on dissolution at $100 per share), authorized, 350,000 shares;
issued and outstanding,82,456 shares; subscribed but not Issued, 57 shares:
$5 per share cum. pref. shares, no par value (preferred or dissolution at
$100 per share) authorized 500,000 shares. issued and outstanding 28,770
shares, subscribed but not issued 1,178 shares. And common stock, auth.
and issued. 2,356,753 shares, no par value.
-V.127,9. 1387.
STEAM RAILRO k DS.
Rail Shopmen Seek Raise.-Shopmen of the Southern Ry. at a hearing
held May 27 before the Railway Mediation Board asked for an increase in
wages, saying that the employees of the company now deserve more money
on account of more difficult working conditions. Wall Street "News.'
May 27.
-Freight cars on order on May 1
Freight Cars and Locomotives on Order.
1929 by the railroads of this country totaled 44.429. compared with 22.242
on the same date last year. according to reports received from the carriers
by the Car Service Division of the American Railway Association. On
April 1 this year 42,561 freight cars were on order. Of the freight cars on
order on May 1 1929. reports showed 19,579 were box cars, an increase
of 11,178 compared with the same date last year. Coal cars for which
orders have been placed number 20,040, an increase of 13.035 compared
with the number of such cars on order on May 1 last year. Reductions.
for the most part small, were reported in the number of refrigerator, stock
and other kinds of freight cars on order this year compared with one year
ago, except flat cars, which showed a slight increase. Locomotives on
order on May 1 this year numbered 346, compared with 137 on the same
day in 1928. New freight cars placed in service in the first four months of
1929 totaled 15.927, of which box cars totaled 7.889: coal cars 4.465; flat
cars 1,116: refrigerator cars 2.009. and stock cars 387. Sixty-one cars of
other classes were also installed in service. New locomotives placed in
service in the first four months of 1929 totaled 166. Freight cars or locomotives leased or otherwise acquired are not included in the above figures.
Matters Covered in "Chronicle" of May 25-(a) The N. Y. Central annual
report. p. 3408. (b) Methods employed in valuing railroads held to be
-decision rendered in St. Louis &
improper by U. S. Supreme Court
ion
O'Fallon case. p. 3410. (c) Effects of()Talton decision-recapture
-S. C. Commission basis, p. 3417. el) The
of individual carriers on I.
-esti-S. C. Commission basis
O'Fallon decision and recapture sums on I.
mated liabilities of individual carriers. p. 3418. (e) President liciover
confident that no rise in rail rates will result from decision of Supreme
Court in St. Louis & ()Tanen Ry. valuation case-railway heads express
similar view-reintroduction of Consolidation Bill. p. 3418. (f) The
-W. G. Brantley on extent of revaluation required. p. 3419.
O'Fallon case
(g) Significance of the O'Fallon RR. valuation decision, p. 3419. (h)
Excess earnings in past voided by ()Talton ruling-railroads with high
-decision upholds
earning power and low capitalization to benefit most
Bryans contention in 1898. p. 3420. (i) Senator Brookhart introduces
resolution providing for new highways to be financed through $2.000,000,000
of Treasury notes--says Congress has power to change methods of railroad
valuation, p. 3445. (i) Railroads now offering all forms of transportation
says General Atterbury, p. 3453. (k) Benefit to industry incident to increased speed in movement of freight by rail cited by J. H. Parmelee of
Bureau of Railway Economics, p. 3453. (I) 5 New England RR's plan
expenditures of $45,000,000 for improvements in 1929, p. 3453. (m)
President White of Central RR. of New Jersey on necessity of changes in
railroad regulation, p.3453.
Barcelona Traction, Light & Power Co., Ltd.
-Year Ended Dec. 31 1928.)
(14th Annual Report
INCOME ACCOUNT FOR CALENDAR YEARS (CO. AND SUBSIDS.)
1926.
1925.
1927.
1928.
Total receipts
$4.812,137 $4,765,521 $4,030,090 $3,678,234
'Gen. adm. & reorg. exp..
196,759
196.153
162.928
c . fees and taxes
134.258
200.757
384,177
48,666
Int.on 7% pr. lien "A's"
48.666
966,185
.
cf pr.
970,868
do 6 . lien bends
960.977
970,972
294,393
do 6% 4.5-yr. bonds_
501,926
do 1st mtge. bonds..
423,782
436.984 ' 382.264
396,640
500,241
Serv. of 7% 30-yr. bonds
465,049
303,578
Pref.dividends
(9%)2.267.406 (9)2,267,406(7)1,729,509(5)1.162.445
Common dive.(2%) --287,250
287.250
Balance. surplus
$54.373
$205.019
def$6.553
$85.650
COMBINED RESULTS OF EBRO IRRIGATION OE POWER CO. LTD.
Including Union Electric& de Cataluma and Energia Electrica de Cataluna.]
1928.
(in Pesetas)1926.
1927.
1925.
91.088,183 87.464,131 84,186,499 81.373,385
dross receipts
Operating expenses
27.185.018 26,630,358 27.407,355 25.526,342
Net recta. from oper
63.903.165 60.833,774 56,779,145 55.847.043
BALANCE SHEET DEC. 31.
1927.
1928.
1928.
Liabilitiess
$
acct--a104,851,337 103,946,002 Ordinary shares- 14,362,500
Capital
7% non-cum. p1. 25,193,400
Constr. exp. on
Lt., 1'. & RY - 4,321,279 2,314,968 Ins.controls cos.
in hands of pub
13.416
Prem. & exp. on
6X% pr.In bds. 13,626.667
red. of 7% Pr.
6% 45-yr. bonds 8.807,605
"A" bonds
lien
544% lst M.bds. 8,327,256
less prop. writ323,874 Bonds drawn but
ten off to rev.
not yet red_ _ _
626,373
Adv. to assoc.
Bond issues of
undertakings_
896.262
controlled cos. 37,091,438
Proceeds of conBd.coups. out &
839.479
troll, ens. tale.
accr.Int.on fd.dt 951.950
Depr. & amort.
80,848
dsb1.930,4386.361,821,463 Dive, outstand'g
sPPro9
291,484 Creditors & cred.
350,452
S. F. Investml.
balance
82,958
7,196.184
Exch. adiustmls deb565.457
925,751 Sink.fund res've
465,919
790,312
Materials
Debt& deb. bal. 2,943,575 2,465.447 Rev. acct. controlled cos..
329.295
3,719,423 3,425,461
Cash
808.718
Temp.lnv.(oast) 1.614.850 1,615,197 Rev. acct.(co.).
1927.
t
14,362,500
25,193,400
13.724
13,626,667
8,849,126
8.331,636
606.293
34,909,797
903.902
67,564
5,470.351
328,670
307,347
603,700
Tot.(ea. sids)117,881.573 113,574,678
-V. 126. p. 3751.
a After deducting depreciation and amortization.
Greene Cananea Copper Co. (& Subs.).
-Year Ended Dec. 31 1928.)
(Annual Report
CONSOLIDATED INCOME ACCOUNT YEARS ENDED DEC. 31.
1927,
1928.
1926.
1925.
Calendar Years46.043,357 84.600,746 $4,798,808 $4,443,237
Total receipts
3,699,832
3,823.827
3,500.476
Exp.. taxes,admin.,esc_ 3,745,425
Cr85.588
Cr99.205
Cr45.615
5.461
Interest
405,549
423.090
436.138
Depreciation,gm
347,347
Net Income
Dividends paid
$1.974.047
1.750.000
$580,953
$584,458
$584.458
$224.047
$580.953
Balance,surplus
A1.16
83.95
$1.16
Earnings per share
7rfaciudes moms from investments amounting to $23,324.
$589,952
$589,952
$1.18,
-Commission Has Under Consideration
Alleghany Corp.
Legality of Holdings in Wheeling & Lake Erie.
-S. C. Conunission, it is understood, has under consideration the
The I.
legality of the holdings of the Allegheny Corp. of the lots of Wheeling &
Lake Erie RR. stock acquired from the New York Central and the Baltimore & Ohio. The holdings are being studied incident to Commission's
orders against the Nickel Plate, directing divesting of its Wheeling stock.
The propriety of the Alleghany Corp. holding this stock arises since the
Van Sweringen interests control the Nickel Plate and the Alle,:heny Corp.
Pending further inquiry whether the matter is within Section 7 of the
Clayton Anti-Trust Act, agreement was reached recently at a conference
between the Inter-State Commerce Commission, the Justice Department
and Van Sweringen Interests, whereby the latter would be permitted to
vote its Wheeling holdings through Nickel Plate and Alleghany Corp.
-V.128, p. 3346.
on formal organizations purposes only.
-Unification Intervention.
Baltimore & Ohio RR.
The L-S. C. Commission has authorized the Pittsburgh & West Virginia
in the application
Ry. and the Delaware Bay Short Line Mt, to intervene
of the B.& 0.requesting allocation of certain Eastern railroads to that system.
The Wabash Ry. has also been granted permission to intervene.
-V. 128. p. 2623.
See also Western Alarylani Ry. below.
-The holders
-Modification of Plan.
Bolivia Railway Co.
of first mortgage 5% bonds are in receipt of the following
letter from the members of the bondholders committee regarding the reorganization of the loan capital:
the notice published
(1) The reorganization .proposals contained In have been supported by
by
2952).
the company on Nov. 23 1928 (V. 127, p.
0
the deposit, up to May 1. of over 847 of the £1,707,600 bonds held by
others than too Antofagasta (Chili) & Bolivia Ry. Co., Ltd. The bonds
deposited together with those held by the Antofagasta Company represent
more than 90% of the whole issue of first mortgage bends.
(2) Until practically the whole of the non-deposited bonds (except such
as may be lost) are deposited the old first mortgage cannot be discharged
and effect cannot be given to the original proposals in the exact terms of the
agreement with the Bolivian Government of Jan. 21 1928, under which the
new bonds are to be secured by a first mortgage on the railways.
0) The owners of deposited bonds are now invited to allow those bonds
to be
to a bondholders' committee to be used, together with the
Antofagasta Company's large majority holding, for the purpose of achieving as nearly as possible the intention of the original proposals by a different
method whereby the concurrence of the non-depositing bondholders can
be dispensed with. Provision will be made whereby those who allow their
bonds to remain on the terms of this notice will receive early payment (as
indicated in paragraph 9 below), of interest in respect of the years 1927
and 1928 and subsequent payment of further interest, at the minimum
rate of 3% per annum in the terms of the guarantee offered by the Antofagasta Company under the original proposals.
(4) A committee, consisting of four members appointed by the Associa,
tion Suisse des Banquiers. Messrs. J. Henry Schroder & Co. Messrs.
Speyer & Co.,and the Antofagasta Co., with power to co-opt other
representative of bondholders, has been formed to arrange a modification
of the original proposals on the following basis, which has been submitted
to, and approved in principle by, the Bolivian Government:
(a) The deposited bonds and those of the Antofagasta Company to be
held by a trustee as the primary security for new bonds of series A and
series B having as nearly as possible the same rights as those indicated in
the original proposals. The new bonds to be further secured by a mortgage
on the railways and concession subject only to the existing first mortgage
securing the old bonds.
(5) The net earnings of the railways under the existing lease as from
Jan. 1 1927 (after payment theroout of the annual contributions to the
supplementary capital fund for extensions. betterments. Szc.). to be dealt
with by deposit to the credit of non-deposited old bonds of a proportion
corresponding to the amount of such non-deposited old bonds, and the
balance of the net earnings to be applied in carrying out the provisions of
the original proposals with regard to formation of the funds for retirement
of series A bonds and amortizing the Government advances and the service
of interest on the new bonds. This balance of net earnings to be supplemonied by the Antofagasta Company applying to the service of the new
3678
FINANCIAL CHRONICLE
bonds the amounts by which the rentals payable under the lease fall short
of 40% of the gross receipts of the railways.
(c) The Antofagasta Company to guarantee the minimum 3% interest
on the new bonds series A as provided in the original proposals and also
(while any old bonds are held by non-depositing bondholders and the said
guarantee exists) to supplement the income available for service of the new
bonds to any extent which may be necessary to ensure that the holders of
old bonds not deposited do not gain any advantage over the holders of the
new series A bonds through the non-depositing holders not contributing
to the retirement and amortization funds.
(.5) If eventually it should be found necessary . the bondholders' com,
mittee would be able to make use of the deposited bonds and the Antofagasta Co.'s bonds for foreclosure proceedings or for any other measures
which might be devised for the purpose of attaining 88 nearly as possible
the results indicated by the original proposals. The deposited bonds will
continue to rank pars passu with non-deposited bonds and would be
available for securing for the benefit of holders of the corresponding series A
new bonds any advantages which non-depositing bondholders might seek
to obtain by taking action on their bonds.
(6) The committee is to be entitled to leave the deposited bonds in the
custody of the present depositaries or to make any other arrangements for
custody thereof and to be under no personal responsibility therefor.
(7) The committee is to have authority to agree to any modification of
the original proposals and to approve all documents; but no depositing
bondholder to be liable to make any contribution towards expenses other
than the 3s. 2d. per £20 face amount of bonds as under the original proposals,
or be bound by any substantially different proposals or arrangement,
without being given an opportunity to withdraw. The Antofagasta Co.
will bear all additional expenses in carrying out the proposals of paragraph 4.
(8) The working out of the details of these new proposals by the committee will require some time as it will Involve modification of the agreement with the Bolivian Government of Jan. 21 1928, and settlement of a
new trust deed and other documents in New York and London to give effect
to the provisions of the proposals as modified.
(9) In order that assenting bondholders may not suffer by the delay,
the net earnings for the two years 1927 and 1928 will be applied forthwitin manner indicated in paragraph 4 (b) above, and the Antofagasta Co.
will also supply the additional moneys required to enable interest at 3% per
annum for the two years ending Dec. 31 1928 (less the amount of 3s. 2d.
per £20 face amount of bonds for expenses indicated in the original proposals), to be paid on June 3, next, to all owners of deposited bonds who
allow their bonds to be retained by the committee in accordance with these
proposals. If the new bonds are not issued by October 1, next, arrangemenus will similarly be made for payment on that date of interest at 3%
per annum for the first half of 1929.
(10) The concurrence of the Antofegasta Co. in these proposals involves
placing its large holding of old bonds at the disposal of the committee and
the assumption by that company of immediate responsibility for payments
in respect of the guarantee of interest and additions to the rentals as under
the original proposals (although they have not received the support necessary to enable them to be consummated), responsibility for considerable
additional expenses and a future responsibility under paragraph 4 (e) in
the event of future net earnings being sufficient to pay more than 3% Per
annum on the bonds. The Antofagasta Co. therefore makes its concurrence
In these proposals subject to the following conditions:
(a) All payments of interest under paragraph 9 will be in satisfaction of
interest for corresponding periods on the new bonds and the corresponding
coupons will be detached from those bonds before issue. If for any reason
these proposals are not carried through, all payments of interest to holders
of deposit receipts will be treated as payments on account of any moneys
which may be payable in respect of the corresponding old bonds. A note
of such payments will be stamped on the deposited old bonds and the Antefagasta Company will be subrogated to the rights of holders of deposited
bonds as against the Bolivia Ry.and the security for the old bonds in respect
of all sums provided by the Antofagasta Company for payment of such
Interest.
(b) The Antofagasta Company is to have the right to require the deposited
old bonds to be used, together with its own holding, for the purpose of
enforcing the security of the old first mortgage by foreclosure or otherwise
If it thinks such action desirable. The Antofagasta company's old bonds
are not to be used for any such purpose without its consent; but it will not
be entitled to require any of the deposited bonds, other than its own, to be
so used except for the purpose of carrying through a reorganization giving
the Bolivian Government and the depositing bondholders benefits as
nearly as possible equal to those of the original proposal
s.
(11) Holders who have already deposited their bonds will be deemed
to have accepted these proposals by receiving payment of the abovementioned two years' interest (less contribution of 3s. 2d. per £20 face
amount of bonds towards expenses) on or after June 3 from the depositaries
who issued their deposit receipts, against presentation of such deposit
receipts for enfacement of a memorandum indicating that such interest
has been paid and that the dorresponding old bonds are subject to the terms
of this notice.
(12) Holders who have not already deposited their bonds will be allowed
to deposit them on the terms of this notice at any time before June 15 next.
Old bonds will also be accepted for deposit or exchange for new series A
bands after the last mentioned date, on such terms as the committee may
prescribe, which may include denial to such last mentioned old bonds of the
benefit of 3% interest for past periods.
Members of the Bondholders Commitlee.-A. W. Bolden. C. J. Brupbacher,
Harcourt Rose. Helmut W. B. Schroder.
-V. 128, p. 2455.
[Void. 128.
The Kemp statement characterized the merger as an attempt to unload
on the Chesapeake Sc Ohio a group of "bankrupt railroads." His argument included much of the argument against acquisition of the Erie advanced on the previous merger proposals and also included an opinion by
Mr. Kemp that the Chesapeake Sr Ohio, the Hocking Valley. the Chesapeake & Hocking and the Virginian constituted a complete system.
Roads Intervene in Unification Plan.
-
The I.
-S. C. Commission has authorize 1 the Pittsburgh & West Virginia
By. and the Wharton Sc Northern RR. to intervene in the proceedings on
the unification application of the Chesapeake & Ohio Ry.-V. 128. p. 3347.
Chicago Milwaukee St. Paul & Pacific RR.
-Equip.
-
The I.
-S. C. Commission on May 17 authorized the company to assume
obligation and liability in respect of $8,370,000 equipment-trust certificates.
series J, to be issued by the Pennsylvania Co. for Insurances on Livers &
Granting Annuities under an agreement to be dated June 1 1929, and sold
at not less than 98.08 and div. in connection with the procurement of certain
equipment.
-V. 128. p. 3182.
High Point, Thomasville & Denton RR.
-Note.
The 1.-S. C. Commission on May 17 authorized the company to issue one
unsecured promissory note for $50.000 in connection with the purchase
of 25 all-steel box cars and to issue from time to time, In renewal thereof,
similar notes in reduced face amounts.
The company represented that to improve its operating efficiency and to
bettor serve the public it needs 25 all-steel box cars which, after competitive bidding, it has arranged to purchase from the Standard Steel Car
Co. at a unit price of $2.250. or a total cost of $56,250. Of this amount
it will pay $6,250 out of funds on hand and proposes to borrow the remaining
$50,000 from the Atlantic Bank & Trust Co., of High Point, N. C., and to
Issue a promissory note In that amount, payable to the order of that company 60 days after date, with interest at the rate of6% per annum.-V. 121.
p. 195.
Kansas City Mexico & Orient Railway Co. of Texas.Construction.
The I.
-S. C. Commission on May 16 issued a certificate authorizing the
company to construct an extension of its railroad from its present terminus
at Alpine in a general southwesterly direction to the Rio Grande River at
a point near Presidio, approximately 86 miles, in Brewster and Presidio
.
Counties, Tex.
The company is a subsidiary of the Kansas City, Mexico & Orient By.,
all of whose capital stock, except directors' qualifying shares, is owned by
the Atchison, Topeka & Santa Fe By.
Kansas City Southern Ry.-Hearings Concluded in AntiTrust Case.
Hearings were concluded May 21 in the proceedings on the 1.-8. C.
Commission's complaint against the Kansas City Southern By. alleging
that acquisition by the company of stock of the Missouri
-Kansas
-Texas
RR.and the St. Louis Southwestern By. without the Commission's approval
was in violation of the Clayton Anti-Trust Act.
C. D. Mahaffie, director of the Bureau of Finance, who heard the testimony, stated that if the Commission finds that proof has been made of
bona fide divestment of the Kansas City Southern's holdings in the two
ather carriers, as testified to on May 20, the proceedings will be discontinued and that, if it does not so find, the case will be assigned for further
hearing on the complaint.
Both W. M. Greve, Chairman of the executive committee of the Cotton
Belt, and P. B. Bailey, Chairman of the board of the Cotton Belt, testified
that no conditions attached to the purchase of 135,000 shares of Cotton
Belt preferred from the Kansas City Southern by New York Investors, Inc..
of which Mr. Greve is President.
Walter E. Meyer representing minority stockholders of the Cotton Belt.
sought to establish by cross-examination of Mr. Greve that New York
'
Investors, Inc., dominate the Cotton Belt's affairs to the prejudice of the
common stockholders, but Director Mahaffie interposed, stating that this
was not an issue in the present proceeding.
Questioned by S. W.Moore,general counsel of the Kansas City Southern.
Mr. Greve stated that there were no conditions attached to the purchase
of the Cotton Belt preferred by New York Investors. Inc., except the lien
for the stock.
held by the Kansas City Southern to secure the payment of $8,500,000
Mr. Greve also testified, under cross-examination by R. C. Duff President of the Waco Beaumont Trinity & Sabine Ity., that the Missouri
Kansas
-Texas has been relieved of any control or influence by the Kansas
City Southern. He said that as far as he knew the Swartout group was the
only interest holding any large amount of Missouri,Kansas,Texas stock.
Mr. Greve agreed to furnish a list of the railroad stocks owned by New
that Ia vestors, Inc., on Feb. 1 1929 and any that have been acquired since
Yorkd nte
.
F. B. Bailey declared that New York Investors, Inc., would not have
bought the Cotton Belt preferred from the Kansas City Southern if there
had been any conditions attached. He said he had told Mr. Greve that
they should not go into the transaction unless they had an absolutely free •
hand, in view of the fact that the road had been "kicked around" and had
been involved in various operations.
The details of the agreement whereby Kansas City Southern on April 15
1929 sold its 135,000 shares of Cotton Belt preferred to the New York Investors, Inc., were reported as follows: New York Investors, Inc., through
Central of Georgia Railway.
-Listing.
the DeKalb Co., which it controla, agreed to purchase the stock for $89 a
The New York Stock Exchange has authorized the listing of $10,000,000 share or an aggregate cost of $12.015.000. Of this purchase price $3,500.000
additional ref. Ss gen. mtge. 5% series C bonds, dated April 1 1919, and was Paid in cash and eight yeemIssory notes bearing
% interest were
due April I 1959; making the total principal amount of ref. & gen. mtge. given for the balance. $8,515,000. Of the notes seven are for $1,000,000
bonds applied for as follows: $5,000,000 series B bonds and $13,000,000 each and one matures April 17 1930, another April 17 1931, and five of them
on April 17 1932, while still another for $1.515,000 matures April 17 1932
-V. 128, P. 3346.
series C bonds.
also. The notes are secured by the stock, each $1,000,000 note having
15.850 shares of the preferred as collateral and the 81,515.000 note being
Central RR. of New Jersey.
-Final Valuation.
---V. 128, p. 3347.
-S. C. Commission has placed a final valuation for rate making secured by 24,050 shares of the stock.
The I.
purposes on the properties of the company of 8132,586,089, including
New York Chicago & St. Louis RR.
-Intervention.
33.110.000 for working capital, as of June 30 1918.-V. 128. p. 3341.
The Wabash Railway has received permission from the I.
-S. C. Commission to
-Listing-Equip. Trusts.
Chesapeake &Ohio Railway.
- St. Louis intervene in the proceedings wherein the New York Chicago &
(Nickel Plate) RR. seeks to acquire control of the Wheeling &
The New York Stock Exchange has authorized the listing of $24,784,000 Lake
Erie By. and its subsidiary. the Lorain & West Virginia.
ref. & improv. mtge. 4X % gold bonds, series A, due Oct. 1 1993.
The Pittsburgh & West Virginia By.
also been authorized to interI.
-S. C. Commission May 18 authorized the company to assume vene in the yaroceedings before the I. has Commission on application of
The
obligation and liability in respect of $5,025,000 4 % equipment trust gold the Nickel Plate to acquire control of-S. C.
the Wheeling & Lake Erie.
certificates, series of 1929. to be issued by the Guaranty Trust Co. of New
The hearings on the Nickel Plate petition originally set for June 5 in WashYork under an agreement to be dated May 1 1929; said certificates to be ington has3 een 3 tponed to a date to be fixed by the Commission.
v 12 p b4 pos .
8,
3 0 us
sold at not less than 96.57 and div. In connection with the procurement of
equipment.
certain
Group of Stockholders Oppose Latest Merger Plan.
Opposition by a group of stockholders of the company to the latest rail
road consolidation plan involving the C.& 0.arose before the Virginia State
Corporation Commission at a recent hearing called to determine the policy
of the State in regard to the merger. At the same time, it was officially
made known that the Virginian Ry.,one of the units included in the plan,
would likewise offer opposition.
George S. Kemp. of Richmond, who, as a member of the first stockholders' protective committee and Chairman of the second committee in their
successful opposition to former mergers proposed involving the Chesapeake
& Ohio, represented the group in opposition to the new plan at the hearing.
He declined to name those associated with him, other than to say he was
representing "himself and other stockholders."
The State Commission completed its hearing after hearing lengthy
statements from Robert B. Tunstall, representing the Chesapeake & Ohio,
Mr. Kemp, representatives of numerous communities in Virginia and the
Attorney-General's department. The Attorney-General is opposing the
present merger plans on the ground's that the acquisition of the Virginian
Ry. by the C.& 0. Is violative of the State constitutional section in regard
to competing railroads.
Virginia communities represented at the hearing who favored the merger
far outnumbered the communities opposing the merger. Some of those
favoring the merger with the Virginian stated that It was their understanding that only this phase was to be discussed and that they were not prepared
to speak for their groups or organizations on the merger proposals as a whole.
-S. C. Commission
The consolidation proposal now pending before the I.
involves acquisition of control by the Chesapeake & Ohio of the Virginian,
the Erie. the Pittsburgh & Shawmut,the Pittsburgh Shawmut &Northern,
the Chicago Sc Eastern Illinois, the Wheeling /4 Lake Erie, the Bessemer &
Lake Erie, the New York Chicago & St. Louis, the Delaware Lackawanna
& Western, the Pere Marquette and the Hocking Valley.
New York Westchester & Boston Ry.-Officers.-
At the meeting of the board of directors hold on May 28 officers were
,
elected as follows: Chairman, Edward G. Buckland; President, Leverett S.
Miller; Vice-Presidents, Richard Sutro and J.J. Palley; Secretary, Arthur E.
Clark; Treasurer, Augustus S. May; General Auditor, Charles L. Nagle.
George p . Carver was appointed Assistant Secretary and Treasurer.v. l28 W 209 .
.
. .
0
St. Louis & O'Fallon Ry.-Supreme Court Reverses
Decree of District Court-Methods Employed in Valuing
Railroads by the 1.-S. C. Commission Held To Be Improver.
See last week's "Chronicle," pages 3410-3420.-V. 128, p.
3349.
St. Louis Southwestern Railway.
-Listing.
The New York Stock Exchange has authorized the listing of an additional
issue of 8.300 shares of common stock (par $100) on official notice of issuance in Payment for the capital stock of three corporations to be acquired
making the total amount of common stock appled for $17,330,000.
The $830,000 of common stock will be issued in payment for all the
Issued and outstanding capital stock of the Gideon & North Island RR.,
consisting of 1,200 shares (par $100). all of the issued and outstanding
capital stock of the Deering southwestern By., consisting of 4,000 shares
(par $100), and all of the issued and outstanding capital stock of the Blytheville, Leachville Sc Arkansas Southern RR.,consisting of 1,507 shares (par
$100).-V. 128. p. 3505.
Seaboard Air Line Ry.-Plan Relating to 5% Adjustment
Mortgage Gold Bonds Due 1949.
-The board of directors,
JUNE 1 1929.]
FINANCIAL CHRONICLE
3679
before the announcement of the plan, adjustment bonds have sold as low
as 35%. Based, on present market prices the indicated market value of
the securities to be received in exchange for each $1,000 adjustment bond
Is $616.25, in addition to whatever value is attributable to the warrants,
as compared, with a present market value of $490 for each $1,000 adjustment bond.
(d) To the extent that they shall receive common stock and warrants
under the plan, they will be afforded the opportunity of participating in
the future growth and prosperity of the company.
(e) It is believed that the consummation of the plan will provide a solution for the company's present financial problems, the burden of which
might otherwise tall to a considerable extent upon the adjustment bonds
as the junllor bond issue in the Company's capital structure.
Advantages to the Company.
It is the judgment of the board of directors and of the adjustment bondholders' committee that the consummation of the plan will provide a
(a) Should the holders of all of the adjustment bonds assent to the plan
satisfactory solution of the company's present financial problems and $25,000,000 principal amount of adjustment bonds and $5,000,000- of
enable it to take advantage of the continued growth of the territory which accumulated unpaid interest thereon (to Aug. 1 1929) will be eliminated
It serves and to realize more fully the potential earning capacity of its and only $12,500,000 principal amount of consolidated bonds will be
extensive properties.
substituted therefor—a debt reduction of $17,500,000.
Interest on the $25,000,000 of adjustment bonds now outstanding has
.(b) The postponement of the maturities of a substantial amount of the
not heretofore been regualrly paid. The last payment of interest was made company's debt to times when, due to continued recovery in its earnings
on Feb. I 1928 in respect of the interest coupons which matured Aug. 1 and improvement in its financial condition, the company should be in a
1925. Interest coupons maturing after Aug. 1 1925 have not been paid better position to provide for these maturities—the amount of funded
and earnings applicable to the payment of interest on the adjustment debt held by the public and indebtedness to the United States Treasury
bonds, for the 6 months' period ended April 30 1929, were insufficient maturing in the 5
-year period 1929-1933 .(exclusive of equipment obligato enable the company to make any interest payment thereon on Aug. 1 tions) being reduced from $38,643,111 to $21,268,583, through extensions
1929. On that date the accumulated unpaid interest on the outstanding being provided for in connection with the plan, a debt postponement of
adjustment bonds will amount to $5,000,000.
$17,374,528.
(c) The receipt by the company of new money through the sale of comThe. plan, briefly, has the following objectives:
mon stock in a minimum amount of $7,500,000.
((l) Should the holders of all the adjustment bonds assent to the plan.
(i)• A debt reduction of $17,500,000—to be accomplished through the
substitution of $12,500,000 first & consolidated bonds for S25.000.000 the annual interest charge of $1,250,000 on the adjustment bonds will be
principal amount of adjustment bonds plus $5,000,000 accumualted un- eliminated and there will be substituted an annual interest charge of $750,paid interest.
000 on the consolidated bonds to be issued in exchange for adjustment
(2) A debt postponement of $17,374,528 through reducing maturities bonds—an annual saving in interest of $500,000.
(e) The minimum amount of new money from the sale of common stock
over the next five years from $38,643.111 to $21,268.583.
(3) The recepit by the company of new money through the sale of com- should save the company at least $450,000 more in interest charges, making
(on the same assumption) a total annual saving in interest of at least $950mon stock in the minimum amount of $7,500,000.
(4) A total annual interest saving of at least $950,000. of which $500,000 000.
(f) The improvement of the company's credit position should enable it
w,11 be accounted for by the elimination of the adjustment bonds.
(5) Improvement of the company's credit position, enabling It to finance much more satisfactorily to provide for its future requirements, through
the sale of 1st & consol. mtge. gold bonds or otherwise.
fume requirements through the sale of either common stock or bonds.
(g) The simplification of the company's capital structure will facilitate
(6) Simplification of the capital structure to facilitate investment of
surplus earnings in additions and betterments to properties with resulting the investment of surplus earnings in additions and betterments to the
company's properties with resulting increases In revenue and economies
Increases in revenue and economies in operation.
in operation.
Terms of Exchange.
(h) The creation of common stock without par value will afford greater
It is proposed to change the common stock from shares of the par value elasticity for financing the company's future requirements through the
of $100 each to shares without par value and to offer to holders of adjust- sale of common stock.
ment bonds assenting to the plan, in exchange for each $1,000 of adjustAdjustment Bondholders' Committee.
ment bonds, accompanied by coupons numbered 63 and 64 which matured
The plan has bowl approved by the adjustment bondholders' committee
Feb. 1 1928, and all subsequent coupons: (a) $500 of company's 1st &
Consol. mtge. 6% gold bonds, series A, due Sept. 1 1945 with interest whim joins with the company in urging upon all holders of adjustment
accruing from Sept. 1 1929; (b) 15 shares of cora, stock without par value; bonds the Importance of prompt assent to the plan, in order that the comand (c) common stock subscription warrants evidencing rights to purchase pany may proceed with tne least delay with the proposed sale of common
10 shares of Common stock without par value on or before June 1 1931, at stock. A deposit agreement, dated May 27 1929, has been prepared. The
$30 per share, thereafter and on or 'before June 1 1932, at $35 per share, deposit agreement provides that all expenses incident to the plan, including the compensation of the depositaries, the agents and counsel of the
and thereafter and on or before June 1 1934. at $40 per share.
[The board of directors may determine that an offer of the 375,000 shares adjustment bondholders' committee and of the depositaries, shall be borne
of common stock and the warrants covering rights to purchase 250,000 by the company. The members of the adjustment bondholders, comshares of canimon stock, isolable under the plan in exchange for the ad- mittee have agreed to serve without compensation. The plan is made a
justment bonds, as above, should first be made to holders of outstanding part of the deposit agreement and in case of any conflict between the plan
preferred and common stock for pro rata subscription at a price of not and the deposit agreement the latter shall govern.
less than $40 for one share of common stock with a warrant for 2-3 of a
Assents to Plan.
share ofcommon stock. In case such offer shall be made,then,to the extent.
Holders of adjustment bonds who desire to assent to the plan must on
If, any, that sttbscriptions pursuant thereto shall reduce the number of or before July 15. 1929, or within such other period as may be fixed by the
shares of common stock and of warrants below the number actuaUy re- board of directors deposit their adjustment bonds under the plan. The
quired to carry out the plan, cash shall be substituted therefor at the of- National Park Bank of New York 214 Broadway, has been appointed the
fering price of not less than $40 for one share of common stock with a war- New York depositary.
rant for 2-3 of a share of common stock, and the cash so substituted shall,
Appropriate certificates of deposit will be issued in respect of all deposits
on consummation of the plan, be paid to holders of adJustment bonds of adjustment bonds under the plan. Company will make prompt apassenting thereto in lieu of the delivery of the common stock and warrants plication to list the certificates of deposit on the New York Stock Exchange.
to which they would otherwise be entitled.]
All adjustment bonds deposited under the plan must be accompanied by
The agreement under which the warrants are to be issued shall provide.
numbered 63 and 64 which matured Feb. 1 1926, and all subseamong other things, as more fully to be stated therein, that, in case the coupons
quent coupons. Adjustment bonds registered as to principal must be
company after consummation of the plan shall offer any common stock transferred to bearer before deposit under the plan.
to Its stockholders for pro rata subscription, at a price leas than the then
[Signed by Robt. L. Nutt, Chairman and L. R. Powell, Jr., President,
existing warrant price, the then existing warrant price shall be reduced to
Adjustment Bondholders' Committee.
such offering price and each subsequent price, if any, shall be reduced
The members of the undersigned adjustment bondholders' committee
by a like amount.]
own or represent substantial amounts of adjustment bonds and have agreed
Conditions of Plan Being Declared Operative.
to deposit their holdings of adjustment bonds under the plan. Certain
It is proposed, if the plan shall be declared operative, to offer to holders members of the committee are directors of the company and (or) own or
of the company's preferred and common stock for pro rata subscription are interest in one or more other classes of the company's outstanding
shares of conamon stock without par value in such number and on such securities. The committee has approved the plan and believes that it is
terms as shall be approved by the Board of directors and the adjustment essential that the plan be consummated promptly. The committee therebondholders' committee, to yield to the company, however, not less than fore strongly urges all holders of adjustment bonds to assent to the
$7,500.000. Holders of adjustment bonds assenting to the plan shall be and deposit their adjustment bonds thereunder as soon as possible. plan
entitled to participate In such offering on the basis of the number of shares
Charles S. McCain, Chairman; Nelson I. Asiel, Ralph H. Bollard, Pred,
of common stock which they are to receive under the plan.
P. Butler, Walter W. Colpitts, Norman H. Davis,
The plan shall not be declared operative unless and until: (a) the re- G. Boyce, Jr., James
Robert Foster, Jr.. August ileckscher, E. C. Jameson, Hugh G. M. Kelquisite approval of the plan by the stockholders and by the I.
-S. C. Com- leher, Wm, Fulton Kurtz, Mills B. Lane, James R. Leavell, V. Everit
mission shall have been obtained, including the due authorization of the
creation and issue of common stock without par value, (b) the holders of Macy, Robert F. Maddox, Thos. B. McAdams. L. Parker McKinley,
Rosen, Charles E. Spencer,
Wells,
such percentage of adjustment bonds shall have assented to the plan as Edwin G. Merrill, Walter T. & Franklin, Counsel, andJr., Oscar Burke,
Edmund
the board of directors and the adjustment bondholders' committee in Samuel W. White, with Cotton
discretion shall deem sufficient, and (c) the company shall have Jr., Sec.. 63 Wall st., N. Y. City.
their
causal the proposed offering of common stock to be underwritten, upon
Offers ti Extend $5,360,000 Georgia Carolina dc Northern
terms satisfactory to the board of directors and to the adjustment bondRy. 1st Mtge. Bonds, Due July 1.—
holders' committee.
The company offers to extend the above issue of bonds 130 that they
It is obvious that the advantages of the plan cannot be fully realized
of
annum,payable
unless the holders of all of the adjustment bonds shall assent thereto by shall mature July 11934, with interest at tie rateor 6% per of the company,
agency
semi-annually on Jan. 1 and July 1, at the office
depositing their bonds under the plan. Neither the company nor the
Company,
adjustment bondholders' committee shall be in any way obligated to de- In New York, or at the office of Continental to remain Baltimore, Md.;
unimpaired, and
clare the plan operative unless the holders of substantially all of the ad- the present mortgage security of the bonds
the financing of such extension. The
justment bonds shall assent thereto. In their discretion, however, they has arranged with the bankers forredemption at any time, at the election
declare the plan operative upon the assent of the holders of such extended bonds shall be subject to
may
percentage of the adjustment bonds, as they shall deem sufficient. The of the company on 30 days' notice, at the principal amount thereof and
adjustment bondholder's' committee with the approval of the board of accrued int., plus a premium of 1% of such principal amount, at any time
directors of the company may abandon the plan at any time and may refuse prior to and Incl. July 1 1930. and at any time thereafter at the principal
amount thereof and accrued hat, plus a premium of 4,% of such principal
at any time to receive further deposits under the plan.
amount for each full year to elapse between the date designated for reAdvantages of Plan.
demption and July 11934.
The consummation of the plan will, it is believed, satisfactorily solve
Holders of bonds who desire to avail themselves of the privilege of exthe financial problems now confronting the company, will greatly strengthen tending their bonds, should deposit them on or before June 15 1929, with
Its credit position by providing additional capital through the gale of com- The Continental Co., Baltimore, Md.
mon stock, will substantially reduce the company's funded debt and interest
Bankers have agreed with this company to purchase all bonds, the
charges, will simplify and improve its capital structure, and will result holders of which do not desire to exercise this privilege of extension, at par,
In the company's obtaining extensions of a substantial amount of its funded upon delivery of the bonds at the office of The Continental Co., Baltimore,
debt.
Md., or the principal office of Chase National Bank, New York, subject
to prior approval of such extension by the I.
-S. C. Commission and deAdvantages to Holders of Adjustment Bonds Assenting to the Plan.
They will be entitled to receive 50% of the principal amount of their livery by the company to The Continental Co. as Its agent of extension
(a)
supplement and coupon sheets for attachment to the extended bonds, and
5% adjust. bonds in a like principal amount of 6% consolidated bonds,
carrying coupons for interest accruing from Sept. 1 1929 and being in all the attachment of the same. No interest after July 1 1929, will be paid
bonds
respects identical with the company's consolidated bonds now outstanding, onBefore not so extended. to The Continental Co.,
presenting bonds
Baltimore. Md., for
Interest on which has always been paid when due. The consolidated bonds
sell much higher in the market than the adjustment bonds and either purchase or extension, coupons maturing July 1 1929. and prior
currently
have a superior position in the company's capital structure, being secured, thereto, if any, should be detached and collected In the usual manner.
together with other bonds issuable under the same mortgage, by direct
Proposed Amendment to Charter.—The stockholders will
first mortgage lien on upwards of 430 miles of railroad and also by pledge of
substantial amounts of bonds which are in turn secured by direct mortgage vote July 10 and July 11 on approving amendments to comliens, upon additional railroad mileage, ranking prior to the lien of the pany's charter as follows:
mortgage securing the adjustment bonds.
(I) Change 400,410 shares of common stock, par $100, now authorized,
(b) They will be entitled to receive on each dollar of principal amount of whether or not outstanding. into 400,410 shares of common stock without
debt represented by their adjustment bonds fixed interest, payable semi
par value, and provide for the exchange of all shares of common stock
annually and accruing from Sept. 1 1929, at the rate of 3% per annum— of the par value of $100 now outstanding and in the treasury for shares
being 6% per annum on one half the principal amount of their adjustment of common stock without par value, share for share.
bonds exchanged under the plan—instead of contingent interest, at the
(2) Change and classify 326,790 shares of authorized but unissued capital
rate of 5% per annum, not heretofore regularly paid Such fixed interest stock, par $100, heretofore unclassified but reserved for issue either as
Is more than 6% per annum on the present market value of the adjustment common stock or as preferred stock, into 326,790 shares of common stock
bonds.
without par value.
(c) They will be entitled to receive for adjustment bonds exchanged
(3) Increase the number of authorized shares of common stock from
under the plan securities whose value as reflected by present markets is 727,200 shares to 3,227.200 shares of common stock without par value.
considerably in excess of the present market value of the adjustment bonds
(4) Eliminate from articles and agreement of merger and consolidation
The approximate present market value of the consolidated bonds is 76. all reference to 5% preferred stock and any provision for the conversion
of the common stock 151 and of the adjustment bonds 49. Recently, of 4% preferred stock.
in conjunction with the adjustment bondholders' committee,
has formulated a plan for the purpose of strengthening the
company's credit position and improving its capital structure by substituting for outstanding 5% adj. mtge. gold
bonds securities of more satisfactory types, both from the
point of view of the company and that of the adjustment
bondholder, by providing new money from the sale of
common stock and by arranging extensions of maturities of
a substantial amount of the company's funded debt.
3680
FINANCIAL CHRONICLE
[VOL. 128.
) Strike out Article 6 and Article 8o1 articles and agreement of merger ,
He testified, however,that as an economic matter. the Western Maryland
alconsolidation and insert in lieu thereof. respectively, the following, should be operated by the Baltimore & Ohio and that this would result in
with such changes therein as may be approved by the stockholders:
substantial economics and better service to the public.
' "Article 6. The capital stock of the consolidated company shall be
Mr. Willard's testimony was presented at the hearing on the complaint
3.500,000consisting of:
issued by the Commission alleging violation of the Clayton Anti
-Trust
0
ron of
1
"(a) 221 0 sliaces s preferred stock, par $100, entitled to dividends as Act by the B. S; 0. In its acquisition of Western Maryland stook without
provided In paragraph (a) of Article 8 hereof, said stock being herein the prior approval of the Commission, in that such acquisition would
designated 60 preferred stock.
/,,
tend to reduce Competition
"(b) 250,00g shares of preferred stock, par $100, entitled to dividends as
Mr. Willard said he would not deny that there is competition between
provided in paragraph (b) of Article 8 hereof, said stock being herein the two roads, but maintained that the Western Maryland is not enough
-designated
stock.
of a competitor as to constitute any menace to the B. & 0. He said
3,227106 shares
'
on stock without ar value.
the stock had been acquired in accordance with the "four party" plan for
" the 3,227,200 shares of common stock without par value 400,410 the division of the Eastern
and because of the
shares thereof shall represent the 400,410 shares of the previously authorized possibilities of economics inrailroads into four s,stems,the two properties,
co-ordinated operation of
oommon stock. par $100. and all shares of said previously authorized which might relieve or postpone the necessity
expenditures,
'common stock, par $100, now outstanding or in the treasury are changed amounting to $25.000,000 or $30.000,000, onof large capital Baltimore &
the part of the
into, and shall be exchanged, share for share, for common stock wihout Ohio to increase its own facilities
nominal or par value.
Preceoing Mr. Willard's testimony, F. C. Baird, General Manager of
"Article 8.—The surplus or net profits of the consolidated company the Pittsburgh & West Virginia By., which also has pending before the
as the same from time to time may be found and declared applicable to Commission an application for authority to acquire control of the Western
dividends by the board of directors, but not otherwise, shall be applied Maryland, had testified as to the extent of the competition between the
in payment of dividends on the preferred stock and common stock as Baltimore & Ohio and Western Maryland, saying that the latter is a
follows:
necessary part of a through route from the Great Lakes
"(a) The 22,800 shares of 6% preferred stock mentioned in Article 6 up of the Wheeling & Lake Erie, the Pittsburgh & to tidewater, made
and
hereof, shall be entitled in each and every fiscal year to receive non-cumu- the Western Maryland, which is competitive with theWest Virginia Ohio
Baltimore &
lative dividends, when and as declared as provided in paragraph (c) of and other trunk lines.
this article, at and up to the rate of 6% per annum, payable annually,
D. G. Gray. Vice-President in charge of traffic of the Western Maryland,
semi-annually or quarterly as the board of directors shall from time to was also cross-examined on his testimony at a previous hearing regarding
time determine, in preference and priority to the payment of any dividends traffic relations between the two roads.
on the common stock in such fiscal year.
Luther M. Walter, counsel for the Baltimore & Ohio. moved that the
"(b) The 250,000 shares of 4% preferred stock mentioned in Article 6 complaint be dismissed on the ground that the evidence
to show
hereof shall be entitled in each and every fiscal year to receive non-cumu- violation of law, or that there had been any attempt to had failedcompetisuppress
lative dividends, when and as declared as provided in paragraph (c) of tion either by voting of stock or otherwise. Mr. Burnside said the record
,
at and up to the rate of
, payable
would show the motion for the consideration of the Commission
P
semi-annually or quarterly as the board or directors shall from time to
Mr. Willard said there had been nothing secret about its acquisition of
time determine, in preference and priority to the payment of any dividends stock of the Western Maryland; that it had announced to the press, and
on the common stock in such fiscal year, and when the board of directors that members of the Commission had been informed informally; but that
shall have declared and set apart or paid in such fiscal year on the common the filing of a formal application for a proval had been delayed because the
stock dividends at the rate of $4 per share per annum, payable annually,
a timore & Ohio was working on a bioader plan, including the proposed
semi-annually or quarterly as the board of directors shall from time to acquisition of other roads for which the formal application was filed on
time determine, shall be entitled in said fiscal year to additional dividends, Feb. 19 1929.
non--cumulative, at and up to the rate of 2% per annum, payable annually,
He said that after the Commission had concluded, in 1924, its hearings
semi-annually, or quarterly as the board of directors shall from time to on a general consolidation plan the principal Eastern railroads had reached
time determine, in preference and priority to the payment of any further what was then thought to be a general accord on a four-system plan—
-dividends on the common stock in such fiscal year.
although the Pennsylvania had certain objections to it—in which it was
"(o) The dividends provided for in the foregoing paragraphs (a) and (b) recommended that the Western Maryland be included with the Baltimore
shall be payable only when and as declared by the board of directors. & Ohio system. The President of the Western Maryland and the ViceWhen declaring dividends in any fiscal year on any of said preferred stock President of the B. & 0. had also discussed the possibility of entablishing
the board of directors shall declare dividends on all the 6% preferred stock through service via the two roads through Cherry Run, W. Va., when
and 4% preferred stock then outstanding, and all outstanding shares of It was learned that there might be an opportunity to purchase the holding
said preferred stock shall be entitled to receive such dividends, without of John D. lidwkefeller Jr in the Western Maryland
preference or priority in time or order of declaration or payment between
It was obvious," he said,"that if we waited to perfect the al rangemen
any of said shares of preferred stock and any other of said shares, but which would increase the net earnings of the Western Mary lind. ,,e would
In the ratio of $6 for each share of 6% preferred stock outstanding to have had to pay a greater price for Western Maryland stock. The stock
$4 for each share of 4% preferred stock outstanding until each share of was not bought for the purioose of restraining or lesseoln4 competition,
6% preferred stock outstanding shall receive dividends at the rate of because we had not regarded the Western Maryland as in any sense a menace
full 6% per annum, and each share of 4% preferred stock outstanding to the Baltimore & Ohio such as would afford an incentive to buy the stock
shall receive dividends at the rate of full 4% per annum, payable annually, to suppress competition.
semi-annually or quarterly as the board of directors shall determine.
"The management of the Western Maryland has continued to operate
"(d) The surplus or net profits of the consolidated company, after the property free from any suggestions or instructions
and the
providing therefrom for the payment of dividends at the rate of 6% Per stock has never been voted by any representative of the from us. St Ohio
Baltimore
annum on the 6% preferred stock, and at the rate of 4% per annum on the or in support of any
B.& 0. We have merely given our proxy
4% preferred stock, In any fiscal year, may be applied to the payment of to the regular proxypolicy of the
committee.
dividends on the common stock in such fiscal year, if and when declared
It has always been
approval of
intention to submit the
by the board of directors: provided, however, that sudh dividends on the the Commission, but ourhad a somewhat broader plan to theit seemed at
we
plan: and
common stock shall not in any fiscal year exceed $4 per share unless and the time that a complete understanding might be reached among the
until there shall have been paid or provision made for the payment of, Eastern roads. When we were not able to reach a complete agreement,'
additional dividends, non-cumulative, at the rate of 27 per annum, as the Baltimore & Ohio filed Its own application, which included the'Western
0
above provided, on the 4% preferred stock, but no more. Notwithstanding Maryland."—y. 128. p. 3179.
the preferences declared in this article, if, after paying or providing for
Western Pacific RR.—Would Deny Application.—
the payment of dividends in any fiscal year on the preferred stock as above
In a proposed report to the I.
provided, there shall remain an overplus of surplus or net profits, the board
-S. 0. Commissiod May 27 by Examiner
directors may declare and pay dividends on the common.stock of the of H. C. Davis, it was recommended that the application of the company to
consolidated company in such year out of such surplus or net profits.
construct 126 miles of new track In California be denied. The application
No stock shall be issued entitled to any dividends on a parity with or asked authority to construct additional tracks from Nile Garden to a point
In preference to the preferred stocks described in this article at the time on the main line of the Tidewater Southern ity. at Shoemake, about 24
outstanding, except with the consent of the holders of a majority of the miles, and from a point on the Tidewater from Hilmar to Fresno, about 81
whole amount of preferred stock of the character described in this article miles. The application also asked for a new line from a point on the King's
then outstanding, first obtained and given at a meeting of the stockholders River to Fresno 21 miles. The report recommended that the part of
called for that purpose, or for that and other purposes, and with the con- the Western Pacific's application over 12 miles of the present trackage of
sent of the holders of a majority of such part of the common stock as shall the Tidewater also be cleated.
be represented at such meeting, the holders of the preferred stock and the
Equipment Trusts.—
holders of the common stock voting separately, unless the consent of a
The I.
-S. C. Commission on May 16 authorized the company to assume
greater percentage of such preferred and (or) common stock shall be
obligation and liability in respect of $1,095,000 of equipment-trust certiexpressly required by law.—V. 128, p. 3504.
cates,series D,to be issued by the Equitable Trust Co. of New York, under
Southern Pacific Co.—Equip. Trusts Offered.—Estabrook an agreement to be dated May 1 1929:said certificates to be sold at not less
In connection with
& Co., Old Colony Corp., R. L. Day & Co. and Edward than 97.25% and diva.2989. 3342. 3349. the procurement of certain
equipment.
---y. 128. p.
I
Lowber Stokes & Co. are offering at prices' yield from
to
Wheeling 8c Lake Erie RR.—Taplin's
4.95% to 6%, according to maturity, $6,825,000 4% Elect New Officers and Directors—Matter Fightfor Control—
Now in Court.—
equip. trust certificates (series L). Issued under the Phila- Press
dispatches May 23 had the following:
delphia plan.
A proposed new slate of officers for the Wheeling & Lake Erie RR. was
Dated June 11929; $455,000 due each year June 1 1930 to June 1 1944. named May 22 by the Taplin interests after the annual meeting of the comPennsylvania Co.for Insurance on lives and granting
The
annuities, trustee.
Dividend warrants payable J. & D.at office of the company,in N.Y. City.
The issuance and sale of these certificates are subject to the approval
Commission. In the opinion of counsel these certificates
-S. C.
of the I.
will be legal for savings banks and trust funds in New York and other states.
These certificates are to be issued under an equipment trust agreement
covering new equipment to cost at least $9,113.000. thus providing an
equity of more than 25%. Principal and dividends to be unconditionally
guaranteed by endorsement by the Southern Pacific Co.
Merger of Ferry Services.— •
See Southern Pacific Golden Gate Ferries, Ltd. under "Industrials"
below.—V. 128. D. 3182.
-Maryland Case.—
Wabash Ry.—Enters B. cfc 0.
-S C. Commission recently granted permission to the Wabash
The I.
Ry. to intervene in the complaint brought by the Commission against the
Baltimore & Ohio in connection with its acquisition of stock In the Western Maryland Ry. The Wabash asked permission to intervene on the
ground that its interests were affected by the case. The company declared
it was developing a plan for submission to the Commission to establish
one or more additional independent systems east of the Mississippi River
one of which would include the lines of the Wabash, the Western Maryland
and other systenas.
The Wabash charged that the capital stock of the Western Maryland
held by the Baltimore & Ohiq was acquired pursuant to an agreement
between the Baltimore & Ohio, the New York Chicago & St. Louis Ry.,
the New York Central and certain individuals "for the purpose of forestalling the formation of an additional competitive system in trunk line
territory, depriving the public of the benefit of competition which such
additional system would afford."
The company declared this was in violation of the Clayton and Sher-Trust Acts.
man Anti
The Commission was asked to compel the Baltimore & Ohio to desist
from "further violations of the anti-trust laws and divert itself of the
stock of the Western Maryland Ry."
The Commission also was asked to require the Baltimore & Ohio to
sell the Western Maryland stock "on terms prescribed by the Commission
to such carriers as shall be designated by the Commission, to the end that
said stock may be utilized In the establishment of an additional system
In trunk line territory."—V. 128, p. 3349.
Western Maryland Ry.—B. & 0. Denies Control—Joint
Operation Would be Economical President Willard Contends.—
Daniel Willard, President of the B. & 0., testified. May 27, before C. V.
-S. 0. Commission,
Burnside, assistant director of the Bureau of Finance, I.
that the B.& 0.has never exercised any control over the Western Maryland
Ry., nor done anything to lessen competition between the two companies
since its acquisition of about 42% of the stock of the Western Maryland
and that It would not care to undertake to acquire complete control of that
road- if there were substantial opposition to such acquisition.
pany had been adjourned without action being taken on the scheduled election of directors. The Taplin set of officers and directors announced that
it would demand that the records of the Wheeling be turned over to them
and, falling in this, would take the battle with the Van Sweringen group
Into court.
Shortly before 10 p. m. May 22 attorneys for the present officers of the
Wheeling & Lake Erie obtained a temporary injunction from Conunon
Pleas Judge Alvin J. Pearson at Cleveland restraining any of the Taplinnamed group from obtaining records of the road or assuming any of Its
offices.
The Taplin action was a counter move to the vote for adjournment
passed by the majority Van Sweringen interests at the annual meeting,
when five directors were up for re-election. The meeting was set back to
Aug. 1.
The Taplin slate of officers and directors consists of:
Frank E Taplin, Cleveland, President and Chairman.
Joseph S. Wood, Cleveland, Vice-President.
George T. Fillis, Warren, Ohio, Treasurer.
Arthur 0, Bourne, Cleveland, Auditor and Secretary.
In addition to these, the Taplin nominees for directors are: Charles F.
Taplin, Cleveland; Richard Sutra, Now York; William 0. Atwater Jr.,
Philadelphia; John L. Steinberger, New York; Walker Haehlen, Philadelphia; Frank B. Stearns, Cleveland; Miss Flora Shea, an employee in the
Taplin office, at Cleveland; Miss May Shea, also an employee. John J.
Atwater, New York.
The annual meeting of the stockholders was adjourned until Aug. 1
by agreement because part of the stock held by the Van Sweriugen interests
is involved in litigation.
Four hours were spent in examination of proxies by which the Taplin
group represented 231,000 of the 558,000 shares of the Wheeling outstanding The Taplin Interests challenged the voting right of 99,331 shares
acquired by the Nickel Plate RR., a Van Sweringen-controlled line. The
1.4. C. Commission has ordered the Nickel Plate to divest itself of this
stock, and the Nickel Plate has asked a rehearing. W. M. Duncan,
President of the Wheeling,said it would oe nearly August before the voting
status of this stock could be cleared up. Consequenly, he said, the majority group decided to postpone the election of directors.
Should voting rights be denied to this block of stock. the Taplin interests
will be enabled to elect five new directors, giving them seven of the 15
memberships In the board. Of the five directors up for re-election, four
are members of the Van Sweringen group, while the fifth is Charles F.
Taplin. President of the Pittsburgh & West Virginia and leading minority
holder of Wheeling & Lake Erie stock
After adjournment of the meeting, the Taplin group made up its slate
and announced its intention to fight Two policemen to-night stood guard
at the office where the railroad's records were kept. Mr. Duncan and
Harry Crawford, attorney for the Wheeling, contend that 39 days' notice
of the Taplin group's demand should have been given and that it is not
legally valid
The Taplin's have temporarily halted construction work on the Van
Sweringen's new $200.000,000 Union Terminals project in Cleveland through
Rua 1 1929.)
FINANCIAL CHRONICLE
3681
a Federal injunction restrainingiwork over the Wheeling & Lake Erie property until the I.
-S. C. Commission rules on the proposed acquisition of the
Wheeling property by thejCldveland Union Terminals Co.
Associated Telephone Utilities Co.
-Debentures Offered.
-Paine, Webber & Co., Bonbright & Co., Inc. and
-The following is Mitchum, Tully & Co. are offering at 97 and int, to yield
Taplin Move Next in Wheeling Fight.
-year 53.% convertible gold deben5.80%, 88,000,000 15
from the "Wall Street Journal" May 27:
The next step in the battle between the Taplin interests and the Van tures, series C.
8weringens for control of the Wheeling & Lake Erie will be a motion by the
Taplins to set aside the injunction issued to the road restraining the Taplin
board of directors from taking over control, according to C. F. Taplin.
Just when the motion would be filed, he said, was not certain, but he intimated It would be soon. Summons issued to the TapUna, with a copy of
the petition for injunction, is answerable June 21.
Mr. Taplin said it was his wish to straighten out in the public mind that
he and his associates were not obstructionists and were not trying to block
the work on the new terminal, but merely working for the best interests of
the road.
"It is not generally understood," he said, "that the Wheeling has been
making money for several years or that directors could have gone out when
money was cheap and by refinancing at around 434% retired the 7% prior
lien stock.
"Instead of doing this," he added,"the Van Sweringen management has
over our protest, insisted on non-payment of dividends in order to keep
control."
Mr. Taplin stated that he had not yet been served with the injunction
but only with the petition and a summons, but that nevertheless he would
file a motion to have the order set a side.
He also said that he presently would serve formal demand to have the
property released from V ankSweringen control.
-V. 128, p. 3344.
PUBLIC UTILITIES.
Matters Covered in "Chronicle"rof May 25.
-April output of electric
energy of International Paper &_Power Co. increased 36% over April
1928, p.3423.
Adriatica Electricl(Co. (Societa Adriatica di Electricita).-To Become Holding Company.
The company is transfering its operating activities to its subsidiary companies and becoming purely a holding company, it is announced. Count
Volpi, President of the company and until recently Minister of Finance of
the Italian Government, in a report to the board of directors states that the
Adriatic group of companies sold 727,000,000 k.w.h. of power in 1928.
against 615,000,000 k.w.h. in 1927, and customers increased from 394,000
to 422000.
.
The profit and loss account, including only earnings of subsidiary companies actually received by it, indicates earnings for 1928 available for interest, reserves and dividends equivalent at the stabilization rate of exchange,
Is $2,610,534. The interest charges on the companies' dollar bonds are
-V. 127, p. 3538.
$350,000 annually.
Dated May 1 1929: due May 1 1944. Denoms. $1,000 and $500 c*.
Interest payable M. & N. in New York and Chicago. Red. at any time
in whole or in part, on 30 days' notice at 105 up to and incl. April 30 1939,
and thereafter at 1% less for each succeeding year or portion thereof, plus
int. in all cases. Company agrees to reimburse, if requested within 60
days after payament,the Penn., Conn. and Calif. 4 mills tax and the Mass.
income tax up to 6%. Interest payable without deduction for the normal
Federal income tax up to 2%. Continental National Bank & Trust Co..
Chicago, trustee.
Data from Letter of Marshall E. Sampsell. Pres. of the Company.
Company.-Incorp. in Delaware in 1926. Will upon completion of this
financing, control through stock ownership or otherwise, groups of telephone properties serving a total population in excess of 1,800,000 in California, Illinois, Wisconsin, Michigan, New York, Pennsylvania, Texas,
New Mexico and Kansas. These properties include 205.919 stations in
814 communities and constitute one of the largest groups of independent
telephone properties in the United States. Through agreements with the
Bell Telephone companies, the long distance toll lines of the Bell System
are available to all subscribers, therby furnishing full toll service to all
points reached by the National System. Of the total gross operating
revenues, approximately 20% is derived from toll business.
-Consolidated earnings (including the earnings of all properties
Earnings.
to be presently controlled) for the years ended Dec. 31 1927. Dec. 31 1928
and March 31 1929, after giving effect to present financing, were as follows:
Dec. 31 '27. Dec. 31 '28.Mar. 31 '29.
Years Ended$6,061,392 $6,663,878 $6,805,235
Gross earnings
3,463,971
3,518,029
3,271,768
Operating expenses, maint. & taxes
$2,789,623 $3,199,908 $3,287,206
Net earns, before depreciation
776,736
Oper.cos'. annual bond int. & pref. stk. dividend requirements.
67.942
Minority stock interest
Balance
Annual int. on entire funded debt of company (incl. this issue) _
$2,442,528
602,080
Balance available for reserves, Federal taxes & dividends_ _ _ _ $1,840,448
Consolidated net earnings, as above set forth, for the year ended March
31 1929 were more than 4 times the interest requirements on all the outstanding debentures of the company (including this issue).
-Each $1,000 debenture, with all unmatured coupons atConversion.
tached, is convertible at the holder's option into common stock on the
following terms: To and including May 1 1932, into 33 shares of common
stock; and thereafter to and including May 1 1935, into 30 shares of common stock. Each $500 debenture is likewise convertible into common
stock on the same proportionate basis. After May 1 1935, all conversion
rights cease.
Capitalization-Consolidated Statement(Upon completion ofpresentfinancing).
-Closes New Contracts.
Allegheny Gas Corp.
$10,682,000
-year contract to supply the Owens Bottle Operating companies' funded debt
The corporation has closed a 10
Co. and the Libby-Owens Sheet Glass Co., the plants of both companies Operating companies' stocks in hands of public:
*2,808.100
Preferred stocks
being located at Kanawha City, W. Va., with 1,000,000 cubic feet of natural
230,500
Common stocks
gas per day.
1,243,000
-year 6% convert. gold debent.,series A.due Sept. 1 194L
Arrangements were made last week whereby the Pittsburgh Plate Glass 15
1.750,000
-year 5% gold debentures series B,due Oct. 1 1942
Co. will purchase approximately 1,250,000 cubic feet of natural gas daily 15
-year 534% convert, gold debent., series C, due May 1 1944
-V. 128, 15
from Upham Gas Co., a subsidiary of the Allegheny Gas Corp.
8,000,000
(this issue)
p. 3509.
17,668 shs.
$7cumulative prior preferred stock (no par)
26,000 she.
$6 cumulative prior preferred stock (no par)
American Commonwealths Power Corp.
-Earnings.
--- Common stock (no par)
335,655 shs.
Twelve Months Ended April 301929.
-V. 128. p. 2268.
1928.
* No par stock included at liquidating value.
$18,145,053 $9,136,916
Gross earnings-all sources
-Earnings.
Atlantic City Sewerage Co.
Oper. expenses. incl. maintenance & general taxes_ 10,870,282
5.424,791
Interest charges,funded debt,subsidiary co's
3,309,972
1,408,125
1927.
1926.
1928.
Calendar Years$443,576
$432,578
Gross earnings, after adj. & refunds_- $456,140
$3,964,799 $2,304,001 Operating expenses and taxes
Balance
255,671
248.616
261,049
Preferred dividends,subsidiary companies
1.334,025
472,554
$187,905
1183.962
$195,090
Net
Balance available, A. C. Pow. Corp. & for res__ $2,630,775 $1.831,447 Other earnings
5,665
7,719
6,467
income-interest
515.000
int. charges, funded debt, A. C. C. Power Corp__
277,112
$195.624
$190,429
$200.755
Total income
Balance available for dividends and reserves___ $2.115.775 $1,554,335 Interest on funded debt
62.820
89,025
90.671
534,996
534,996 Amortization debt disc. & expenseAnnual div. charges, 1st pref.stock, A. C.P.Corp20,489
10,178
19,564
Cr.4,021
Cr.10.191
Int. & overhead charged to construe_
$1,580,779 $1,019,339
Balance
95,977
pref.stock, A. C.P.CorpAnnual div. charges,28
95.977
4107.120
$105.574
$95.579
Balance of net income
of construcBalance avail, for res., Federal taxes & surplus.. $1,484.802
$923,362 Adjustment of inventory
5,626
11,133
tion supplies, &c
The above statement for the 12 months ending April 30 1929 does not
nclude any earnings of the Birmingham Gas Co. serving Birmingham,
$107,120
$106,712
$111.199
Available income
Ala., and territory contiguous thereto, which has been acquired subsequent Dividends paid
18.750
37,500
56,250
to April 30. The earnings from the company will add approximately
-V.128, P.3509.
$1.900,000 to gross earnings and $825,000 to net earnings.
$69,213
$88.370
$54,949
Surplus for year
x489.222
1411.139
544,171
Total surplus
American Power & Light Co.
-Listing.
-V. 123. P. 2894.
x Includes certain capital adjustments.
The New York Stock Exchange has authorized the listing of 44,300 additional shares of common stock (no par value) on official notice of issuance
-Rights.
Associated Gas & Electric Co.
and distribution in payment of a stock dividend, making the total amount
Each holder of class "A" stock, class "B" stock or common stock of
applied for 2,368,347 shares.
record June 14 1929, will be entitled to subscribe for additional class "A"
stock at $42 per share in the proportion of one share for each four shares of
Earnings 12 Months Ended March 31.
class "A" stock, class "B" stock or common stock then held. The subIncome from subsidiary companies:
1929.
1928.
1927.
privilege will expire at the close of business on July 23 1929. On
dividends
Common
$11,350,841 $6,204,115 $5,442,700 scription June 29 1929 a warrant will be mailed to each stockholder specior about
Preferred dividends720,716 1.268.216 fying the number of shares for which he is entitled to subscribe under this
Interest
2,366,1 0 2,750,746
3
2,332,385 offer.
Outside sources: Interest
604.545
559,506
478.755
Subscriptions will not be received for fractional shares. Holders of rights
Profit from sale Of securities
313
194
9,418 to subscribe for fractional shares may purchase additional rights sufficient
Miscellaneous
251,988
162.939
125.275 to permit subscriptions for full shares.
Payment may be made in full or in three instalments as follows: Upon
Total gross earnings
$15,031,628 $10,398,217 $9,656,749 subscription, $10 per share; Oct. 15 1929. $16 per share, and on Jan. 15
Expenses
365,318
325,968
380,614 1930, $16 per share. Payment of the last instalment may be made on
Interest and discounts
2,821,903
2,973,593
2,941,724 Oct. 15 1929. All subscribers will be allowed interest at the rate of 6%
Preferred dividends
7.007,730
1.683,497
1.429,616 per annum on subscription payments from date of receipt to the date on
which dividends commence to accrue on the class "A"stock subscribed and
Net earnings of Am. Pr. & Lt. Co.
paid for.
applic. to common stock
$4,836,677 $5.415,159 $4,904.795
Stockholders residing abroad and desiring additional information or
Common dividends cash
2,013,291
1.827,764 assistance in making subscriptions may communicate with Harris, Forbes
Stock
879,271
726,348 & Co., Ltd., 77 Cornhill, E.C.3, or the company.s agent, Municipal &
Balance Sheet March 31.
General Securities Co., Ltd., 8 Cloak Lane, Cannon St., E.C.4. London,
England, or with Pierson & Co., Amsterdam, Holland.
Assets1929.
1928.
LiabilUlea
Consolidated Statement of Earnings.
1929.
1928.
-Increase-----Investmls(sec.)239,822,640 130,742.758
Liabilities$
$.
Amount.
1928.
12 Months Ended March 31- 1929,
1,022,849 1,504,294 x Cap. stk. (no
Cash
24
par)
Loans(subs.)
14,370,192 15,265,785
204.035,924 95,497,552 Gross earnings & other income-$50,090.053 $40.525,236 $9,564,817
Accts.rec.(subs.) 1,894,022 1,534.277 Gold deb. bonds 45,810,500 45,810,500 Oper. caps., maint., all taxes.
5,020.930
22
&c
27.535.247 22,514,317
Contrae.'tab.__
Loans & accts.
447,225
894,725
262.191
1,069,164 Div.declared__ _ 1,918,221 1,149,900
rec.(others)._
25
729,542
Accts. payable _
Net earnings
Special deposit _
$22,554,806 $18,010,919 14,543,887
499,656
899,091
5,632.084dec1,317.962 dec.23
Accr.sects
*Unamor.disc.&
252,561
251,061 Underlying pref.diva.& Int.. _ - 4,314,122
expense
4,084,387 4,131,379 Reserve.
337,407
376,627
47
31.575 Surplus
Balance
$18,240,684 $12,378,835 $5,861,849
Deferred debits.
8,884,329 9,399,775
86
All other interest
7,808,632 4,196,263 3.612,369
262,185,823 154,279,232 Total.
Total
262,185,823 154,279,232
Bal,for diva.& deprec
27
$10,432.052 $8,182,572 12,249.480
'Securities outstanding:
1929.
1928.
Prof.$6 cumulative (auth.)!1.000,000 shs.)___ 792,455 shs. 766.766 ails. Prov. for replace., renew. &
retire, of fixed cap.(deprec.) 3,128.854
1,144.681
58
1,984,173
972.752 shs.
Prof. $5 series A (auth. 1,200,000 shs.)
2,212,354 shs. 1,871.622 she.
Common (auth. 4,000,000 shs.)
Balancefor diva. &surplus
18
$7.303,198 $6.198,399 11,104,799
Preferred stock scrip,86 cumul.,equiv.to_
89 shs. 1,487.60 shs.
1,676.92 shs. 1,315.48 abs.
Common stock scrip equivalent to
System's Power Outpt.
common stock equiv. to_
8,700 ells.
8,980 shs,
Option warrants for
Electric power production of the Associated System for the 12 months
-V. 128. P. 3183
.
ended April 30 1929 showed the largest gain for any 12 months' period
total k.w.h. output for the
American Water Works & Electric Co., Inc.
-Output.
- since Sept. 1927. The an increase for the same 12 months ended April 30
1929 was 1.736.979.269
properties of 12.8% over
The company reports power output of its electric subsidiaries for April the preceding year.
1929 of 155.970.004 k.w.h., an increase of 10% over April 1928, when power
For the month of April 1929, output aggregated 148,314.080 k.w.h., an
output was 141,430,440 k.w.h.
increase of 19,505.070 k.w.h. or 15.1% over the same month of 1928. In
For the four months ended April 30 1929 total output was 627,710,306 spite of the depressed condition of the bituminous coal mining area, the
k.w.h.. against 575,355,811 k.w.h. in the same period of last year, an in- Western Pennsylvania properties show a gain of 5.1%. All the groups of
crease of 9%.-V. 128, p. 2802.
properties showed gains which ranged as high as 18.9% for the Metropolitan
3682
FINANCIAL CHRONICLE
Edison properties at Reading. Pa., 23.5% for Cambridge. Mass.. and
50.63" for the Binghamton, Ff. Y.area.
Officials of the company commented on the fact that with few exceptions
the various groups in the Associated System reported increases substantially
in excess of the 10% gain reported in March by the Department of the
Interior for public utility power plants of the United States as a whole.
V. 128. p. 3349.
Berlin Electric Elevated & Underground Ry.Speyer & Co., as fiscal agents, have purchased for cancellation through
-year 1st
the sinking fund $115000 bonds of the above company's 30
mtge. 6;i% loan. This represents the fifth sinking fund instalment.
V. 127. P. 3395.
-Earnings.
Binghamton Light, Heat & Power Co.
Calendar YearsOperating revenue
Oper. expenses & taxes
Maint. & depreciation
1925.
1928.
1926.
1927.
$2,471,603 $2,179,584 $1,929,812 $1,679,165
723,665
962,276
1,284,615
1,062,366
378.960
328,759
x250.000
367,761
3936.987
27.831
$749,456
97.244
$638.777
28,733
$576,539
33,117
Total income
$964,818
Interest on funded debt_
318,926
Other deduc. from ine__
66,941
$846,699
321,929
83,072
$667,510
259.172
70,158
$609,656
248,389
61,873
Net income
Prov.for div. on pf. stk_
Common dividends
$441,698
125,874
$338,179
116,292
8299,394
123,743
Balance of net income
$38,121
$315.824
x Includes depreciation only.
-V. 127. p. 3704.
$221,887
$175,651
Operating income___ _
Other income
$578,950
215,830
325,000
Broad River Power Co.
-Earnings.
Calendar YearsOperating revenue
Operating expenses & taxes
Maintenance & depreciation
1927.
1928.
$2,142,589 $2,665,797
1,004.581
1.152,080
250,789
115,000
Operating income
Other income
$1,023,008 $1,262,927
223,439
376,422
Total income
Interest on funded debt
Other deductions from income
$1,399,430 $1,486,366
833,227
686,005
149,050
78,801
Net income
Prov.for dividend on preferred stock
Common dividends
$634,622
266,733
216,470
$504.088
266,338
Balance of net income
-V. 127, p. 681.
$151,419
$237,750
California Oregon Power Co.
-Earnings.
-12 Months Ended Mar. 31Gross earnings
Net earnings
Other income
1928.
1929.
$3.500,549 $2,948,808
2,290,694
1,821,401
33,950
8,308
Net earnings including other income
-V. 128. p. 3509.
$2,324.644 $1,829,709
-Listing.
Central Hudson Gas & Electric Corp.
The New York Stock Exchange has authorized the listing of 38,010,000
1st .1z ref. mtge. gold bonds, 5% series, due Jan. 1 1957 with authority to
add to the list $2,768,000 additional 1st & ref. mtge. gold bonds, 5%
series, due 1957, upon official notice of issuance and distribution making
the total amount applied for 810.778,000.-V. 128, p. 3184.
In reference to the $2.768,000 bonds for which additional listing later is
requested:(a) 3165,000 are authorized for issue to reimburse the corporation
for refunding an equal amount of bonds of a predecessor corporation; (b)
$718,000 are authorized for issue to reimburse the corporation for certain
capital expenditures made prior to Jan. 1 1927; (c) $1,175,000 are subject
to issue to refund an underlying mortgage of the same amount of Central
Hudson Gas & Electric Co. to Knickerbocker Trust Co. of New York; (d)
$700,000 are subject to issue to refund an underlying mortgage of the same
amount of Kingston Gas & Electric Co. to Atlantic Trust Co; (e) $10,000
are subject to issue to reimburse the corporation for paying an underlying
mortgage of the same amount of Kingston Gas & Electric Co.
-V. 128. P.
.
3184
-Regular Dividends.
Central States Electric Corp.
The directors have declared the usual quarterly dividends of 214% in
stock and 25c. per share in cash on the common stock, of $1.50 per share
in cash or 1-32d of a share of common on the cony. pref. stock, of 1 %
on the 6% pref. and of 1%% on the 7% pref., all payable July 1 to holders
of record June 5. Similar distributions were made on Jan. 1 and April 1
last on all these issues except that the stock dividend option on the cony.
pref. stock was 1-64th of a share of com. stock. A 100% stock dividend was
-V. 128, P.
also paid on the common stock, no par value, on April 25 last.
2459.
Cincinnati Gas Transportation Co.
-Offer to Stockholders.
-V.120, p.3185.3064;
See Columbia Gas & Electric Corp. below.
Cincinnati Newport & Covington Light & Traction
Co.
-Offer to Stockholders.
-V.120, p. 935.
See Columbia Gas & Electric Corp. below.
-Subsidiary Company Expands.
Cities Service Co.
The company announces that its subsidiary, the Arkansas Natural Gas
Corp., has purchased from the Moran Corp. of the South, their franchises,
distribution and pipeline systems in Caddo, Bossier, Webster, Red River,
DeSoto, Claiborne and Union Parishes. La., and Union County, Ark.
Approximately 1,250 customers are served by these properties in the
following towns: Plain Dealing, Junction City, Marion, Belcher. Gilliam,
Hesston, Oil City, Pine Island District, Bethany, Bossier Junction, Naborton, East Point and other small communities in Lousiana and Junction
City and Strong, Ark.
The Arkansas Natural Gas Corp. and subsidiaries already supply natural
gas to 55 communities in Arkansas and Louisiana including the cities of
Little Rock, El Dorado,Pine Bluff and Arkadelphia, Ark.; and Shreveport,
La. The properties acquired by the present purchase are adjacent to some
communities already served and their acquisition further solidifies the
distribution operations of the corporation in Northern Louisiana and South-V. 128, p. 3510.
ern Arkansas.
-Makes Offer to StockColumbia Gas & Electric Corp.
holders of Two Leased Properties-Listing.
P. The opportunity for stockholders of the Cincinnati Newport & Covington
Light & 'Fraction Co. and Cincinnati Gas Transportation Co. to exchange
their holdings for Columbia Gas & Electric Corp. securities was announced
in letters received by their respective stockholders on May 27.
The exchanges offered are as follows: Each share of pref. stock of the
Cincinnati Newport & Covington Light & Traction Co. is exchangeable
for $90 of 5% debenture bonds of the Columbia corporation, due 1952, the
exchange to be made at the Central Trust Co., Cincinnati, 0., depositary.
ImEach share of common stock of the Cincinnati Newport & Covington
company is exchangeable at the Central Trust Co., Cincinnati, 0., dopesitary, for one-half of a share of Columbia Gas 5% cum. pref. stock plus one
share of Columbia common stock, the latter carrying the current subscription "rights" of Columbia Gas, one right per share. Each ten of these
"rights" entitles the holder to subscribe for one additional share of Columbia
Gas common stock at $24, payable in three installments on Aug. 15, Nov. 15
1929 and Feb. 15 1930.
latEach share of common stock of the Cincinnati Gas Transportation Co.
Is exchangeable at the Fifth-Third Union Trust Co., Cincinnati, O., depositary, for one share of Columbia Gas 5% pref. stock plus the privilege
of subscribing for 1 Y4' shares of Columbia common stock at $24 per share,
being 12 of the current Columbia Gas subscription "rights," each 10 of
which entitle the holder to subscribe for one additional share of Columbia
[VoL. 128.
Gas common at $24, payable in three installments, Aug. 15. Nov. 15 1929
and Feb. 15 1930.
. Each share of common stock, class B (of $100 par value), of the transportation company is exchangeable for one share of 5% pref. stock of Columbia Gas at the Fifth-Third Union Trust Co., Cincinnati, 0., depositary.
The debenture bonds of Columbia Gas,dated April 15 1929, will be issued
under a trust agreement with the Guaranty Trust Co. of New York and will
mature April 15 1952 and will bear interest at 5%, payable semi-annually.
These bonds will be part of an issue limited to $10,000,000. principal
amount, and will be redeemable at the option of Columbia, all or part,
00 30 days' notice up to and incl. April 15 1932 at 105., nd int, and decreasing at 5
-year intervals at 101% after April 15 1947. These bonds will be
issued in coupon form in denominations of $100, $500 and $1,000, with the
privilege of registration as to principal and in fully registered form in larger
denominations. Stockholders can adjust in cash at par and accrued
Interest for fractions of bonds involved in the exchange.
The 5% series pref. stock of the Columbia corporation (of $100 par value)
so available will be part of the present total authorized issue of $100,000,000
pref. stock (of which $94,898,500 par value is now outstanding as cum. 6%
pref. stock, series A) will be entitled to dividends at the rate of 5% per
annum, cumulative from the dividend payment date of or next preceding
the date of issue and payable quarterly. will be preferred as to both earnings
a d assets over Columbia common stock, ranking equally with the 69'
p.ef. stock, will be redeemable at the option of the corporation at 105 and
d vs., at which price it will also be entitled to share on dissolution in preference to the common stock. In all other respects this 5% pref. stock will be
.ike and will rank equally with the present 6% pref. stock of Columbia.
I These offers all remain open until July 1 1029, and In all eases accrued
dividends and interest will be adjusted in cash as of that date regardless
of earlier deposit.
The lease of the entire.assets of the Cincinnati Gas Transportation Co.
to Huntington Gas Co., a Columbia subsidiary, expires in 1938.
The lease of the entire assets of the Cincinnati Newport & Covington
Light & Traction Co. to Columbia Gas & Electric Corp. expires in 1952
unless Columbia exercises its option to renew the lease for an additional
45 years.
The New York Stock Exchange has authorized the listing of $4,500,000
23
-year 5% gold debenture bonds, due April 15 1952 upon official notice
of issuance and distribution.
The issuance of the $4,500,000 bonds was authorized for the purpose of
offering to each holder of preferred stock of Cincinnati Newport & Covington Light & Traction Co , the opportunity to exchange each share of preferred stock (of $100 par value) for $90 principal amount of the bonds.
The bonds will be dated April 15 1929, will mature April 15 1952, and will
bear interest at the rate of 5% per annum, payable semi-annually on
April 15 and Oct. 15, at Guaranty Trust Co., New York.
The Exchange has also authorized the listing of 45,131 shares of cumulative 5% preferred stock. series B ($100 par) and 50,000 additional shares of
common stock (no par value) upon official notice of issuance thereof as
follows: (1) Not to exceed 20.131 shares of cumulative 5% preferred stock,
series B, in connection with the acquisition of shares of the common stock
and of the common stock, class B of Cincinnati Gas Transportation Co.
and (2) not to exceed 25.000 shares of cumulative 5% preferred stock.
series B and 50,000 shares of common stock in exchange for shares of the
common stock of Cincinnati Newport & Covington Light & Traction Co.
Not to exceed 20,131 shares of the cumulative preferred stock, 5% series,
are to be issued on connection with the acquisition of the shares of the
common stock and of the common stock, class 11, of Cincinnati Gas Transportation Co., the holders of common stock of said company to be offered
one share of cumulative preferred stock, 5% series, togegher with a warrant,
entitling the holder to subscribe for 1i shares of common stock of the
corporation, in exchange for each share of the common stock of said company, and the holders of the common stock, class B, of said company to be
offered one share of the cumulative preferred stock 5% series, in exchange
for each share of the common stock. class B of said company; and not to
exceed 25,000 shares of the cumulative preferred stock, 5% series, and
50,000 shares of the common stock are to be issued in exchange for the
shares of the common stock of Cincinnati, Newport and Covington Light &
Traction Co., 3.6 share of the cumulative preferred stock, 5% series and
1 share of the common stock to be issued in exchange for each 1 share of
the common stock of Cincinnati Newport & Covington Light & Traction
Co. The Common stock to be issued in this exchange will be an original
issue and will therefore carry the subscription rights (at the rate of 1 share
for each 10 shares held, at the subscription price of $24 per share) which
have been offered to the holders of common stock of record June 15 1929.
If issued at any time prior to Aug. 15 1929, the expiration date for the
subscription rights, even though it may be issued after June 15 1929.
In addition to the foregoing offers, the corporation is offering to the
holders of the preferred stock of Cincinnati Newport & Covington Light
& Traction Co. the opportunity to exchange each share of such preferred
-year 5% gold debenture bonds. This
stock for $90 principal amount of 23
offer permits stockholders at their option to purchase any fractional portions
of a bond in order to permit the issuance of the bonds in multiples of $100.
so that the maximum amount of such bonds that could be required for issue
In exchange f0t.
ngeo0 rthe 45,000 shares of said preferred stock is $4,500,000
am 0
principal
t
ders
the
The warrants to be issued in connection with the
common stock of Cincinnati Gas Transportation Co. w il he acquisitioneoitle the holders
to subscribe kr common stock without par value at the rate of $24 per
share, payable in three installments of $8 each on Aug. 15 and Nov. 15 1929.
and Feb. 15 1930, with adjustment, upon payment of the last installment.
for interest on the two prior installments amounting to 36 cents per share.V. 128, p. 2991.
-Exchange Terms.
Commonwealth & Southern Corp.
With the announcement of the board of directors of the newly formed
Commonwealth & Southern Corp., the terms of the stock offerings by which
the new corporation contemplates obtaining working control of Commonwealth Power Corp., Penn-Ohio Edison and Southeastern Power & Light
Co., were revealed on May 29.
For each share of Common*ealth Power common stock the holder will
receive 8 shares of new corporation common and 4 option warrants, while
Southeastern common stockholders were offered 434 shares of now corporation common stock and 23.4 option warrants for each share held. Southeastern option warrants will receive 2 shares of common stock of the new
corporation and one option warrant. For one share of Penn-Ohlo Edison
common stock holders will get 334 shares of now corporation common stock
and 134 option warrants. Penn-Ohio Edison A warrants will get 234
common shares and 134 option warrants of the new corporation; while PennOhio B warrants will receive three-quarters of a share and three-eighths
of an option warrant of Commonwealth & Southern Corp.
The offerings are being made only to large grouped holdings and not to
the public. The management at the present time does not intend to have
majorities in the companies whose stocks they are seeking, although they
announced last week of acquiring "more than 40%" of all three.
The new corporation has a capitalization of 62,000,000 shares, none of
which, according to present plans, will be offered to the public. This is
taken as indicating that the corporation will undertake extensive share
exchanges with other companies in the middle Atlantic States and along
the Southern seaboard.
Announcement was made that the officers of the new corporation will be
B. C. Cobb, Chairman of the board of directors, and Thomas W. Martin,
President. Among the directors will be 11. C. Cobb (President of Commonwealth Power Corp. and Chairman of the board of Allied Power & Light
Corp.), C. E. Groesbeck (President of Electric Bond & Share Co.), George
II. Howard (President of the United Corp.). Alfred L. Loomis (Chairman
of the board of American Superpower Corp. and Vice-President of Bonbright & Co.. Inc.), Thomas W. Martin (President of Southeastern Power
& Light Co.), Sidney Z. Mitchell (Chairman of the board of Electric Bond
& Share Co.), Ray P. Stevens (President of Penn-Ohio Edison Co. and
President of Allied Power & Light Corp.), Landon K. Thorne (President of
Bonbright & Co., Inc., and President of American Superpower Corp.).
-V. 128, p. 3510.
Compania Hispano-Americana de Electricidad S. A.
("Chade").-Additional Dividend for 1928.
At a meeting of the directors held on May 25 1929, an additional dividend
was declared for the fiscal year 1928 at the rate of 45 gold pesetas on the
series A, B, and 0 shares; 9 gold pesetas on the series D shares and 4.50
gold pesetas on the series E shares, payable on and after May 27 1929, upon
surrender of coupon No. 16 at the Guaranty Trust Co. of New York or at
other designated paying agencies of the company. The dividend will be
paid in pesetas at the rate of exchange in gold on the date of payment to
the Spanish holders, and foreign holders may choose to receive payment In
JUNE 1 1929.]
FINANCIAL CHRONICLE
3683
goldlin other equivalent currencies. The dividend payable on the "E"
General Gas & Electric Corp.
-Exchange Offer Made
shares of the company as reprosentedlby American shares certificates issued
by the Guaranty Trust Co. of New York as depositary, will be paid on June to Class B Preferred Stockholders.
All of the class B pref.stock has been called for redemption on July 1 1929.
51929. by checks mailed to holders of record May 28 1929. See also V. 127,
Payment therefor will be made by a share for share exchange for class A
p. 3539.
preferred stock, bearing dividends at the rate of $7 per share per annum.
-Earnings.
Consumers Power Co.
Stock should be delivered or sent to Room 2015, 61 Broadway, N. Y. City,
It is announced.
-V. 128, p. 3511.
1928.
1927.
12 Mos.End.Dec.311926.
1925.
330,464,127 326,612,449 324,135,477 320,684,973
Gross earnings
Houston Gulf Gas Co.(& Subs.).
-Earnings.
-Oper. exp., incl. taxes &
15,033.897 13,723,065 12,370,678 11,137,858
maintenance
Earnings for Year Ended Dec. 31 1928.
2,826,026
2,552,944
2,606,761
Fixed charges
2,485,548 Gross sales and other income
$6,602,484
2,676,898
$12,604,204 $10,336,441 $9,158,037 37,061,567 Operating expenses incl. maintenance and local taxes
Netincome
interest
1,506,839
3,349,334
Dividend pref.stock_ _ _ _ 3,551,863
2,916,529
2,423,349 Long term debtinterest, &c
186,299
Prov. for retire. reserve_ 2,000,000
1,536,000
1,536,000
1,392,328 Miscellaneous,
Depreciation
640,086
546,497
Balance
$7,052,341 35,451,106 34,705,508 $3,245,890 Depletion
Amortization of development expense, &c
41,499
-V.128, p. 3350.
Amortization of debt discount and expense, &c
192,594
Estimated Federal income tax
78.908
Cuban Telephone Co.
-Earnings.
Net income
$732,862
Calendar Years1928.
1927.
1926.
1925.
Preferred dividends subsidiary cos
125,965
Operating revenues
$5.358,347 $5,075,576 $4,906,505 $4,625,208 Preferred dividends-Houston Gulf Gas Co
141.167
bron-oper. revenues.. 288,837
388,798
462,903
499,109 Minority interest in earnings of subs
10,341
Balance avail. for Houston Gulf Gas Co. com. stock
Gross earnings
$455.389
$5,647,184 $5,464,374 $5,369,408 $5,124,317
Operating expenses
-V. 128, p. 3511.
1,309,632
1,328,159
1,227,874
1,075,830
Maintenance
701,068
738,960
711,778
658,905
Taxes
Intercontinents Power Co.
-Class A Stock Offered.
321,582
299,489
304,652
230,188
Depreciation
912,924
841,256
752,318
642,984 E. H. Rollins & Sons and Stroud & Co., Inc., are offering at
Interest
464,509
435,162
478,150
582,720
Netincome
31,937,467 $1,821,347 $14
894,636 31,933,691
Preferred dividends- - _ 424,913
424,161
419,851
336,710
Common dividends__ _ _ 1,131,352
1,131,352
1,046,341
1,131,352
Balance,surplus
Earns. per sh.on 141,420
shs.com.stk.(par $100)
-V.126,p. 3447.
$381,201
$265,834
3343,433
3550,640
$16.95
39.87
310.42
$14.28
Dixie Gulf Gas Co.
-New Contract-Earnings.
This company, a subsidiary of the United Gas Co., has closed a 10
-year
contract for the purchase of from 35,000,000 to 75,000,000 cubic feet of
natural gas per day from the Monroe and Richland gas fields in Louisiana,
In order to meet the increasing demands of its markets in Houston, Beaumont,Port Arthur and other East Texas cities. This contract substantially
augments the company's present reserves and provides an almost inexhaustible supply of gas for a minimum period of 10 years.
The gas is lacing supplied by the United Gas Co., the Standard Oil Co.
of New Jersey, the Electric Bond & Share Co., the Southern Carbon Co.
and the United Carbon Co., which companies either directly or through
subsidiaries control the greater part of the acreage and gas reserves in the
Monroe and Richland fields. The company also has closed a contract
with a subsidiary of Arkansas Natural Gas Corn. for delivery of this supply
,
of gas from Monroe and Richland fields to V1 askorn, Texas, from which
point the gas will be transported through Dixie Gulf Gas Co.'s 22
-inch pipeline to Houston, Beaumont and its other markets.
The Houston Gulf Gas Co., which supplies a large portion of the domestic
consumers of Houston at retail, increased its gas purchases from Dixie Gulf
Gas Co. In April and further increases are looked for within the present year
Earnings of Dixie Gulf Gas Co.
Quarters EndedMar. 31 '29. Dec. 31 '28.
Gross revenues
3616,077
$607,443
Operating expenses
339,780
346,416
Not inc. avail, for int. deprec. and Federal taxes
Interest charges
$276,297
152,922
$123,375
Balance
$261,027
161,826
$99,200
p. 2627.
Duquesne Light Co.
-New President.
See Philadelphia Co., below.
-V. 128, p. 2620.
El Paso Natural Gas Co.
-New Pipe Line.
-mile natural gas pipe line which is being constructed by this
The 200
company from the Lea County, Now Mexico field to El Paso, Tex. is
expected to be completed and ready for test by the end of this week, ac'
cording to advices received by White, Weld & Co. from President Paul
Kayser "Testing with as will begin at the field end by the end of the
week,"said Mr. hayser,"and will continue until the line is fully tested. He
further stated that the city distribution system is in and the Texas Cities
Gas Co., the local company, is ready to make the change over to natural
gas. The El Paso Electric Co. has installed burners and the other industrial users under contract are practically ready to receive the gas. The
testing of the line will be one carefully and methodically and will require
approximately 10 days unless the necessity for repairs develop.
-V. 128,
p. 1553.
Erie County (Pa.) Electric Co.
-New Control.
See United Gas improvement Co. below.
-V. 120, P. 2011.
Fifth Avenue Bus Securities Corp.
-Earnings.
Calendar YearsNet income
Dividends
1928.
3381,002
377,900
1927.
$380,712
377,676
1926.
$380,586
377,676
Balance,surplus _ _ _ $3.102
33.036
-V. 127, p.3089; V. 125 p. 780; V. 124. p. 2748.
1925.
$380,621
377,677
$2.910
$2,944
Georgia Power Co.
-Earnings.
Calendar YearsGross earnings from operations
Operating expenses, incl. maintenance
Taxes other than Federal income taxes
Interest on equipment trust obligations
1928.
1927.
$22,856,437 318,041,657
9,655,991
7,538,772
1,368,095
1,041,069
32,113
38,953
Net earnings
Int. on notes and accounts receivable, &c
Rentals, cash discounts, &c
Net income of subsidiary
311,800,237 39,422,861
397,954
278,320
113,306
94,291
78,850
Total income
Int. on funded debt-net
Interest on notes and accounts payable
Miscellaneous
Provision for renewals and replacements
$12.311,499 $9,874,322
4,207,018
3,024,890
132,652
193.871
133,169
78,771
1,203,843
1,200,000
Net income
Preferred dividends
36,634,814 35,376,790
4,645,040
1,712,670
Balance
--y, 127, p. 1525.
$1,989.774
33,664,120
Operating income
Non-operating income
Total income
Bond & other int, charges paid or accrued
Amortization of debt discount & expense
Retirement appropriation
Provision for Federalincome tax
Net income for year
Dividends on preferred stock
Balance to surplus
-V.128, p. 1226.
The class A common stock is entitled to non-cumulative dividends of $2
per share per annum before any dividends are paid on class B common
stock, after which class B common stock as a class is entitled to dividends
to the extent of the aggregate amount of dividends paid or set apart for the
class A common stock as a class but not exceeding $2 per share per annum
on the then outstanding class B common stock. Thereafter the class A
common stock and class B common stock participate equally as classes in
all further dividends in any year. Transfer agent, the Bank of America
National Association, New York. Registrar, Seaboard National Bank,
New York. Dividends are free of present normal Federal income tax.
In the event of liquidation or dissolution, the class A common stock shall
be entitled to an amount equal to $30 per share before any payment is made
to the holders of class B common stock, thereafter the class B common
stock shall be entitled to receive as a class an amsunt equal to the same
aggregate amount paid or set apart for the class A common stock, and
remaining assets shall be divided between the class A common stock and
class B common stock equally, not share for share but as classes.
-The board of directors has announced a policy, which
Dividend Policy.
is subject to change after July 1 1930, that class A common stockholders
may at their option apply their dividends at the rate of $2 per share per
annum, when and as declared and paid, to the purchase of additional class
A common stock at $22.50 per share.
Data from Letter of Theodore E. Seelye, President of the Company.
Company.-Incorp. in Delaware. Was organized to acquire, operate and
participate in the ownership, directly or through subsidiaries, of public
utility properties in South America and other countries.
Company owns the entire outstanding capital stock (except qualifying
shares) of S. A. Cia. Sud Americana de Servicios Publicos (an Argentine
corporation) which owns or has under contract electric light and power
properties located in Argentina with approximately 14,585 h. p. installed
capacity and serving 24,012 consumers in 71 communities having an estimated population of 444,000. This subsidiary will also own over 90% of
the capital stock of the S. A. Luz Electrica de Tres Arroyos having an
installed capacity of approximately 4,000 h. p. and serving 5,500 consumers
in a community in the Province of Buenos Aires, estimated at 65,000. In
addition, this subsidiary will own two properties located in southern Brazil
having an installed capacity of 1,140 h. p. and serving 3,047 consumers in
a . ule ooaof 44 M00.
tap
n
44,000.
The company also owns the entire outstanding capital stock (except
qualifying shares) of a Chilean corporation which bears a name similar to
that of the Argentine subsidiary,and which owns the electric light and power
property located in the city of Antofagasta, Chile. This property has a
3,695 h.p. installation and serves 3,318 consumers in an estimated population of 65,000.
The properties purchased or contracted for to date are either key locations
at important railroad junctions or lend themselves advantageously to the
principles of central station operation. Company proposes to continue the
acquisition of additional properties after through investigation.
CapitalizationAuthorized. Outstanding.
6% debentures, series A,due 1948
x
37.500,000
Cumulative preferred stock (no par) issued in
series
200.000 shs. y30,000 shs.
Class A corn. stock (no par) (this issue)
x500,000 shs. 100,000 shs.
Class B common stock (no par)
500,000 shs. 251,000 shs.
x Limited by restrictive conditions of the indenture but not to any
specific amount. y First series, $7 dividend. z Of which 355,000 shares
are reserved for exercise of warrants.
Purpose.
-Proceeds from the sale of this issue of class A common stock,
together with those to be received from other financing, will be used in
part for the payment of obligations incurred in the acquisition of properties
by the subsidiaries, to provide funds for future acquisitions and for other
corporate purposes.
Listing -Application will be made to list this stock on the New York
Curb Market.
Earnings.
-The combined earnings of the properties now owned or under
contract of purchase by the subsidiaries of Intercontinents Power Co., for
the 12 months ending Feb. 28 1929, as prepared by Price, Waterhouse,
Faller & Co., Buenos Aires, adjusted to include interest at the rate of 6%
on $1,500,000 cash to be available after present financing and to deduct
provision for depreciation in accordance with the terms of the indenture
covering the debentures were as follows:
Gross earnings,including other income
$2,246,172
Operating expenses, including maintenance, local taxes, provision for depreciation and for Tres Arroyos minority interest 1,199,481
Net earnings
$1,046,691
Annual interest requirement on 6% debentures
450.000
Balance
$596,691
Annual dividend requirement on preferred stock
210,000
Balance before amortization. Federal taxes, &c, and class A
common stock dividends
$386,691
After giving effect to recent acquisitions, the adjusted gross earnings have
increased from $1,149,972 for the year ending Sept. 30 1928, to $2,246,172,
as shown above, and the corresponding net earnings from 3571,272 to
$1,046,691.
Over 97% of gross operating revenues of subsidiaries are derived from the
electric light and power business.
Management.
-The development and operation of Intercontinents Power
Co. and its subsidiaries are under the management of Gannett, Seelye &
Fleming. Inc., public utility engineers and operators, who, with Westinghouse Electric International Co. and the bankers have made a substantial
Investment in the class B common stock of the company.
-V. 128, p. 1396.
Jersey Central Power & Light Co.(& Subs.).
-Earns.
-Earnings.
Georgia Power & Light Co.
Earnings for Year Ended Dec. 311928.
Operating revenues
Operating expenses
$25 per share 100,000 shares class A common stock (no par).
Earnings for Year Ended Dec. 31 1928.
Operating revenues
Operating expenses
Operating income
$313.391 Non-operating income
2,903
Total income
Bond and other interest charges paid or accrued
$316,294 Amortization of debt discount and expense
204,604 Miscell, amortiz. chargeable to income
6,370 Retirement appropriation
29,024 Provision for Federal income tax
1,300
Net income
$74,995 7% preferred dividends
6,750 6% preferred dividends
Common dividends
$68.245 Balance
-V.127. p. 2817.
$1,029.681
716,290
$7,569,644
4,299,614
$3,270,030
97,518
33.367,548
1,266,174
105,755
6,823
361,336
39,500
$1,587,960
497.000
60,254
1.246.510
def.$215,804
3684
FINANCIAL CHRONICLE
Kansas City Public Service Co.
-Earnings.
-
Missouri Power & Light Co.
-Earnings.
-
Calendar Years
Grose revenue
Total railway oper. expenses
Bus operating expenses
xExtraordinary maintenance
Taxes
1926.
1927.
1928.
39,030.316 89,369,315 $9.856,016
7,029,311
6,590.092
6,179,035
754,998
633.719
660,835
63,436
544,759
532,790
505,530
Gross income
Interest on bonds
Miscellaneous charges
31,621,481 81.612.714 31,526,947
747,912
846.709
10,263
29,266
Net income
Prof. stock div. appropriations
Earnings for Year Ended Dec. 31 1928.
Gross earnings
Operating expenses. maintenance and taxes
Interest deductions
Provision for retirements
32.711.982
1.607,111
400,737
161,545
Balance
3562,766
$290,552
x Beginning Jan. 1 1928, franchise requires that annual reserve of not
less than
of 1% of gross operating revenue be set up for extraordinary
maintenance. y No deductions from income shown in 1926 statement as
the property was operated by receivers for 934 months during that year and
no interest was paid during receivership.
-V. 127, p. 1253.
Louisville Gas & Electric Co.
-Earnings.
12 Mos. Ended Mar.31Gross earnings
Net earnings
Other income
1928.
1929.
$9,893,366 $9.134,515
5,124.918 4.715,921
336,331
202.559
Net earns. incl. other income
-V.128. p. 2992.
$5,461,249 $4,918.480
Net profit
Preferred dividends
Common dividends
3542.587
185,596
314,000
Balance, surplus
-V. 126, p. 4082.
$854,539
291,774
$745,507
454.955
[VOL. 128.
$42,991
Mohawk Hudson Power Corp.
-Balance Sheet Dec. 311928.
1927. 1
1927.
1928.
Assets8
$
Liabilities$
$
Investments
8'',299,172 79,594,372 Cap. stk. & stir. x98,194.185 93,817,663
Organic. exp
300,796
282.108 Accounts payable.
1,425
Furniture & fist_ _
4,398
4,282 Accrual for
270,962
Cash & call loans 7,324,108 8.747,480 Accrued fortaxes__ 234,237
div. on
Notes & accts. rec. 7,007,098 6,379,425
preferred stocks. 470,323
904,164
Suspense
4,024 Other accruals__ __
35,401
18,993
Total
96.935,572 95,011,783 . Total
06.935,572 95,011,783
Represented by 403,134 shares of pref. stock 255,035 shares
stock and 1,592,639 shares of common stock, all no par value. of 2d pee!.
Our usual comparative income account was published in V. 128, p. 2628
National Electric Power Co. (& Subs.).
-Earnings.
-
Earnings for Year Ended Dec. 31 1927.
Profit from operations after deduct, operating costs, rents,
salaries and sundry expenses
Transfer fees
£550,730
965
Income Account for Year Ended Dec. 31, 1928.
Operating revenues
Operating expenses •
Uncollectible bills
Taxes-general
Rent for leased lines & plants (net)
Total income
Directors fees
Depreciation
Interest on debenture stock
£551,696
5.000
36.513
79,711
Net operating income
$24,17.5,623
Engineering & financing charges to subsidiaries
1,291.757
Profit on sale of securities to affil. co. outside of cense'. group_ 1,626,170
Other non-operating income
802,060
Net profit
Preferred dividends
£430,471
17,500
Balance, surplus
-V. 127, p. 682.
£412,971
Gross income
$27,895,611
Bond & other int. charges paid or accruing to outside holders._ 10,870.631
Amortization of debt discount & apogee
881,078
Miscell. amortiz, chargeable to income
162,489
Retirement appropriation
3,253,769
Provision for Federal income tax
686,859
Div. on stocks & proper. of undistrib. earn, to outside holders
7,248,457
Net income for year
34,792.328
7% Preferred dividends
329,603
6% preferred dividends
431,478
Class A common dividends
764.489
Class B common dividends
1,213.139
Balance, surplus
$2,053,620
Consolidated Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
Assetss
s
Liabilitiess
$
Plant & prop'ty 352,623,154 104.855,074 7% pref. stock _ 4,635,000 5,060,000
Investments _
7,927.328 2,500,991 6% pref. stock .. 8,000,000
Sink. fd. depos.. 1,203.808,
Corn, stock ____:17,040,541 15,808,929
Cash
3,790,319 1,289,889 Stocks of subs.
Accts. receivable 6,793,485 2,218,692 & leased cos_ _115,257,192 23,457,228
Notes receivable 1.552,789
279,108 Earned & cap.
s cce. l teposits
Aperialnd. rec _
36,728
35,550 sun of leased
11,863
295,376
properties _ _
.
3,000,691
Accts. rec. from
Funded debt._ _211,633,900 65,638,609
pi. stk. subscr
286,148 Curr. liabilities_ 7,827,891
1,025,263
Inventories._ _ _ _ 5,023,083 1.641,201 Accr. liabilities. 5,175,984 1,554,315
Subscrib. to cap.
Reserves
27,225,167 6,244,346
239,189
Purch. conttract
Miscell. current
k
oblig
3,436,016
assets
22,194
Miscell. adjust
securities
252.550
credits
510,279
I eac(18: ercp n
Ri . .
)sc
Capital surplus _ 5,168,742
cap. stock._ _ _ 5,629,690
Earned surplus _ 1,883,786
1,283,654
Cost pref, stock
sales
383,838
Prepaid incur.,
unarnrto &c__ b_
taxes. . de_ t
142,681
594,898
Marconi's Wireless Telegraph Co., Ltd.
-Earnings.
-
Market Street Railway.
-Earnings.
-
12 Mos. Ended Mar. 31Gross earnings
Net earnings
Other income
1928.
1929.
$9,661,460 $9,841.412
1,528.493
1.370,931
23.935
29,530
Net earns incl. ether income
-V.128, 9.2992.
$1,394,866 $1.558,023
Metropolitan Edison Co.(& Subs.).
-Earnings.
Years Ended Dec.31Operating revenue
Operating expenses and taxes
Maintenance & depreciation
Rentals
1927.
1928.
1926.
$11,250,386 $10,331,124 $9,587,182
4.349,154
5,577.027
4.044,857
1,533,128
1,645,419
x838,350
66,198
66,198
66,198
Operating income
Other income
$4,768,810 34,270.352 $3,942,998
237,464
269,510
272,650
Total income
Interest on funded debt
Other deductions from income
$5,006,275 $4,539.862 $4,215,648
1,648,797
1,451.201
1,644,269
150,665
230.838
165,798
Net income
Prov. for div. on pref. stock
Common dividends
$3.324,235 32,740,400 $2,405,580
1,210,666
1,168,823
952,769
1,262,736
Balance of net income
$850,832 $1,571,577 $1,452,811
x Includes depreciation only.
-V.127. P. 1103.
Mexican Telephone & Telegraph Co.
-Annual Report.
[Figures given in United States currency.]
Calendar Years1928.
1927.
Total operating revenues
$1,168,661
$798,954
Non-operating revenues
12,678
20,273
1926.
3635,850
20,722
Gress earnings
Oper. expenses, taxes & depree
Interest deductions (net)
$1,181,339
902,960
252,046
$819,230
666,055
108,154
$656,572
560,907
23,740
Net income
Dividends prier preferred stock
$26,332
19,076
$45,020
10,038
$71,925
1,709
disct. & exps. 20.725,480
Deferred charges 1,004,430
$55,452,273
228,769
2,754,029
271,593
9,162,964
252,126
Total
407,714,500 123,073,026
Total
407,714,500 123,073,026
x Represented bKs
278,695 shares of class A stock, no gar value, and
757,390 sharesof c
B stock, no par value.
-V. 127, p. 2 18.
National Fuel
Gas Co.(& Subs.).
-Earnings.
-$7,256
$34,982
$70,216
Calendar Years1928.
1927.
1926.
1925.
Balance Sheet Dec. 31.
Total earnings
318,059,378 317,313,880 $19,418,690 $17,280,944
AssetsExp.,taxes & gas purch_ 10,923.488 11,829,226 11,943,014 10,657,377
Liabilities1927.
1928.
1928.
1927.
Common stock -- $700,000 $700,000 Reserve for depr., depl.,
Plant, prop. fran$12,871,099 37.752,043 Preferred stock.. _ - 300,000
chises. &c
amort., p. & 1. adjust_ 1,338,218
300,000
1,552,167
1.280,353
1,462.718
Debt disct. & exp.. 233,333
266,667 Prior pref. stock__ 560,595
407,550
Net earnings
Sink. td.cash deps.
Funded debt
1,500,000 1,500,000,
$5.797.673 $3,932,486 $6,012,958 35,343,213
Shs.com.stk.out.(no par) 3
32,714 Due to Int. Tel. &
27,961
and sund.invests
.810.183
3,700,000
x370,000
x370.000
11,130,226 5,824,821 Earnings per share
Due fr. Mez.Govt.
Tel. Cons
162.866
$16.25
314.44
$1.53
$1.06
x Par $100.
261.033 Accounts payable,
Deferred charges-- 271,273
23,255
subscript'ns, &c.
59,979
74.439
Cash
109,772
Balance Sheet Dec. 3 (Company Proper).
27,374
133,587 Accr. Mt. & taxes_
17,336
Accts. dr notes rec. 176,862
1928.
1927.
1928.
1927.
29,437
31.912
Other curr. assets_ 217.527
163,082 Sund.curr.IlabiL AssetsLiabilities
$
4,186
3,494 Stocks & bonds of
Deferred liabilities
Inventories of maCapital stock.-- -248,948,525 44,463,054
714,697
87,924
terial & supplies 1,977,829
746,710 Res. for deprec
underlying cos.. _49,249.091 44,680,809 Dividend payable. 952,503
920,180
695,885
631,208 Securities & accts.
Surplus
Divs. withheld...
297
14,460
receivable
1,000.000 1.010,188 Capital stock, pre815,685,658 39,578,683 Cash
Total
Total
815,685,658 39,878,683
9,555
mium account.- 360.120
66,350
360,120
-V. 126, p. 3118.
Office equipment_
887
531 Meta. payable....
68
64
-Earnings.
Mountain States Power Co.
Total
50,259,514 45,757.878
Total
50.259,514 45.757,878
1928.
1929.
12 Mos. Ended Mar. 31a Represented by 3,810.183 shares no par value.
-V. 126, p. 3927.
$3,036,883 $2,787,599
Gross earnings
1,044,244
1,167,271
Net earnings
National Public Service Corp.
-Earnings.
-139,357
66.357
Other tamale
Calendar Years1928.
1927.
Gross revenues
329,492,647 328,901,462
31,233.628 31,183.601 Expenses, taxes, &c
Net earns, incl. other income
17,616,887 19,265.881
Note.
-Tacoma and Puget Sound divisions sold Dec. 31 1927. Net
earnings of Tacoma and Puget Sound divisons for the nine months ended
Operating income
$11,875,760 $9,635,581
ended Dee. 31 1927. are included in other income.
-V.128. P. 3351.
Other income
955,760
1,660,435
Municipal Service Co.
-Earnings.
Total income
$12,831,520 $11,296,016
1927.
1928.
Calendar YearsInterest
6.026,776
6,306,851
$10,120,261 $10,245,718 Amortization
Gross revenue
559,249
665,741
6,659,997 Depreciation
Operating expenses and taxes
6,337,216
1,396,563
1,503,076
Federal taxes
248,040
193,797
Operating income
$3,783,045 $3,585.721 Proportion to outside holders
1.554.009
1,751,852
Other income
23,261
Net profit
$2,410,203 $1,511,379
Total income
$3,806,306 $3,585,721 Preferred dividends
909.295
867,537
Depreciation
452,534 Class A dividends
493,366
662,892
Interest. charges, &c
1,687.155
1,522,933
Amortization
105.970
126.870
Surplus
$643,842
$838,016
Provision for Federal taxes
121,0971
x
-V.128. p. 1054.
Subsidiary dividends and minority interest
98,510!
New York Edison Co.
-Capacity Increased.
Net income
More than 420,000 h.p. was added to the electric light and power facilities
$1.443,530 $1,340,062
Preferred dividends
198,123 of Greater New York on May 29. when two new turbo-generators, one a
252.139
Common dividends
Westinghouse unit, the other an American Brown Boverl unit, each of
841,500
160,000 kilowatts capacity were dedicated at the Hell Gate generating
Balance
1.349,990 $1,141,939 station of the United Electric Light & Power Co..located on the waterfront
x Included in interest charges. &c.
-V. 128. D. 400.
in the Bronx between East 132nd and East 134th Sts.
Balance
•
3685
FINANCIAL CHRONICLE
JUNE 1 1929.]
With both these machines at work the total generating capacity of this
station will be 605.000 kilowatts. which will make it the largest steam plant
in this country. The total capacity of the system of which it is a part
will be 1.757,000 kilowatts, the greatest aggregation of steam-generating
-V. 128, p. 2462.
facilities anywhere in existence, says the announcement.
-Earnings.
Oklahoma Gas & Electric Co.
1928.
1929.
313.029.790 311.423.134
5.269.770
6.169,003
450.557
660.173
12 Mos. Ended Mar. 31Gross earnings
Net earnings
Other income
-Earnings.
36.829,176 35.720.327
Niagara Falls Power Co.
Net earns. incl. other income
-Gas properties sold Nov. 30 1927, gas department net earnings
1925.
1926.
1927.
Note.
1928.
Calendar Years39.561,592 for the eight months ended Nov. 30 1927, are included in other income.
312.417.611 312,423.277 $11,097.324
Operating revenue
1,909,981 -V. 128, p. 3351.
2,904,835
3,693.050
3,464,315
Operating expenses
979,080
1,026,542
1,040,716
Retirement expenses... 1,047.344
-Acquires Traction Lines
Omnibus Bond & Share Corp.
1,261.486
1.725,525
1,930,365
1,798,079
Operating taxes
Operating income- 36,107,871 $5,759,144 35,440.423 35,411.045
220.217
104.124
113,063
86,280
Non-oper. income (net)$6,220.934 $5,845,424 $5,544,546 $5,631,262
Gross income
2.088,729
2.062,750
2,044,207
2,009,474
Int. on fundod debt_
U. S. & Can. Inc. taxes
550,580
88,789
106,066
684.174
& miscell. items
Net profit
Preferred dividends_
Common dividends
-
$3.527,286 33,695.150 $3,393,007 82,991,952
1.180,671
1,191,274
1.191,288
595.641
1.438,618
1,516,398
1.901,502
1,773.262
3372.663
$685,335
$730,600
$1,030,143
Consolidated Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
Liabilities
$
Assets17,018,100
75,373,237 75,133,098 7% pref.stock _
Fixed capital
Sinking fund
21,828 Common stock_ _ _18,461,075 18,113,250
24,401
441,440
96.965
Misc. investments 6.071.019 5.049,815 Cap. stock subset._
82,300
Cash
2,931,972 3,181,239 Prem. on pf. stock
36,877,660 37,224,660
Special deposits
347,039 Funded debt
405,377
pay.on dem.18,719,910
Acc'ts receivable.- 1.483,550 1,441.511 Notes
_
Pref. stock not
27,287
pres. for paym't
122,651
53,149
Marketable secnr_
398,332
393,201 Acc'ts payable. _ _ _ 387,290
Materials & supp_ 388,795
344,590
718,740 Interest matured_ _ 376,077
698,809
Prepayments
2,448
2,032
Divs. unpaid
496.581
Subser.to cap.stk. :285,772
297,822
Prof. diva. payable
Gnomon. bd. disc.
920,261
and expense._ _ 1,770,157 1,835,222 Taxes & rent seer_ 864,835
305,891
233.851 Interest accrued_ _ 305.688
.
171,218
Misc. def. debits_ _
Subs. to cap.stk.of
But. Niag. & E.
740,140
Power Corp---- 698,617
Reserve for retire't
7.279,487 6,602,801
of capital
398,068
Other reserves_ _ _ _ 409,554
5.970,702 6,084,671
Surplus
Balance, surplus
-Plans to Acquire Staten Island
of Second Ave. RR. Corp.
-See Second Ave. RR. Corp. below.
Properties.
-Earnings.
Oslo Gas & Electricity Works.
1926.
1927.
1928.
36,618,869 37.048.730 86.137.415
3,687,591
3.887,956
3,467,117
Calendar YearsGross revenues
Operating expenses
$3,151,752 33.160.774 32,449,824
Net earnings
1,383.936
1,486.616
1,346.049
Interest
952,224
1,275,218
1,169,960
Depreciation
2.3
earned
-Times
Interest
60.1..%
55.1%,
52.47°
Operating ratio
principal
Of the $6,000,000 5% bonds issued early in 1928, 34.913,000 operate
the sinking fund having begun to
amount are now outstanding,
of $174,000
in March 1929. The sinking fund provides for the retirement
-V. 127, p. 683.
principal amount of bonds annually.
-Listing.
Pacific Lighting Corp.
The New York Stock Exchange has authorized the listing of up to 213.000
notice of
additional shares of common stock (no par value ) on officialthe issued
Issuance in exchange for up to 600,000 shares, and being all of
stock of Southern California Gas
and oustanding shares of the common
stock for
Corp.. at the rate of .355 of a share of the corporation's common making
each share of common stock of Southern California Gas Corp..
stock.
the total amount applied for to date 1,463,000 shares of common account
Stock Issued for the above purpose will be carried in the capital
of Pacific Lighting Corp. at $I per share.
Apr. 30 '29. Mar. 31 29.
12 Months Ended$32,614,647 332,014.948
Gross revenue
13,640,758 13.578.075
Operating expenses
3.022.472
3.051.230
Taxes
3.141.445
Bond interest
336,036
333,565
discount & expense on securities..
Amortization of
4,029,822
4.053.140
Depreciation
$8,394.509
Available for diva, on pref. stock of subs.. &c... $8,394,509 37.900.950
1.306.381
1.307,116
Dividends on pref. stocks of subsidiaries
599,172
599.155
pref. stocks of Pacific Lighting Corp
90.477.159 88,974,776 Divs,on
Total
90,477,159 88.974.776
Total
x Incl. $275,213 employees' subscription to capital stock of Buffalo
Avail, for diva, on corn, stock of Pac. Ltg. Corp- 36.488.238 35.995.397
-V 127, p. 2527.
Niagara & Eastern Power Corp.
Earned per share on average number of common
$5.08
$5.45
shares outstanding during the period
North American Co.(& Subs.).-Bal. Sheet March 31.- -V. 128. p. 3351.
1929.
1928.
1928.
1929.
-Bonds Offered.-Mereautile Se$
$
Pecos Valley Gas Co.
AssetsProp'ty & plant _733,331,774 620.384.338 6% corn. pt.stk. 30,332,900 30.333,900 curities Coro., Dallas, recently offered $475,000 1st mtge.
1.850
Pref. scrip
Cash &securities
(with stock purchase warrants)
with trustees_ 2,922,882 1,692,018 Common stock_ 51,257,100 46,167,230 sinking fund 6% bonds
112,520
107,350 at par and interest.
Investments.. _ _ 45,211,173 46,744,829 Common scrip..
32.720,423 23,041,081 Pt.stks. of subs_166,862,856 145,413,516
Cash
operation of a
Dated May 1 1929; &se Nov. 1 1937. Red. through the call price if
Min.int, in cap.
13.8. Govt.secuto retire bonds by lot at
&sur.of subs_ 14,206,621 9.401,703 sinking fund which will be used
99,906
3.001,834
rities_ the call price.
below
1,154,033 not obtainable in the open market supply lines and distribution system,
Div. pay.in corn 1,281,328
Notes & bills re-Through its own gas
Company.
448,488 Fd. debt of subs.357,503,404 313,176,451
929,381
ceivable
the towns of Carlsbad. Artesia. Lake
619,225 5.460,118 supplies gas retail under franchises in Mexico; and at wholesale to the City
Accts.receivable 14,168.310 12.652,991 Notes & bills pay
5,503,275 4.537.823 Arthur, Dexter and Hagerman, New
Materials &slum 11,761,773 10,681,195 ACCtI3. payable
Mexico. These communities have a combined population
1,608,481 Sund. curr. Bab_ 5.305,664 3.691,660 of Roswell, New
Prepaid accts.- - 2,124,551
Taxes accrued _ _ 10,457,223 7,922,010 of approximately 25.000. first mortgage on all the fixed assets of the corBond and note
-Secured by a
Security.
15,245,344 16,745,577 Int. accrued__ _ _ 4,196,462 3,645,637
discount
owned, including approximately 125 miles of
DIVA. accrued. _ 1,571,790 1,526,350 poration now o? hereafter easements and the distribution systems in the
127,645
184,596 pipe line and right of way
seer. nab_
Sund.
Artesia, Lake Arthur, Hagerman and Dexter, and favor108,581,727 82.713,156 towns of Carlsbad,
Reserves
and franchises. Upon completion of
'Capital surplus 23,815.453 23,821.633 able long time gas supply contractsthe actual replacement value of these
79,680,763 54,739,887 this financing, its is estimated that 3850,000. Additional bonds may be
Tot.(each side)_861,416,956 7;3,998,905 Surplus
approximately
properties will be
of 70% of the cost
-V. 128, p. 2993.
issued for acquisitions and improvements to the extent
however, that
of same, with the written consent of the trustee, provided,
-Earnings.
New York Utilities, Inc.
bonds unless the net earnings of
Northern
in no event shall the company issue said
been
1928.
1927.
corporation for 12 months out of the preceding 15 months have oomYearsthe
Calendar
$5.705,321 $4,167.848 three times the interest requirements on the outstanding bonds of the
Gross earnings
Operating expenses, incl. maint., deprec. and taxes
pany and those to be Ls'.'med.
the
2,217,214
3,180.769
-These bonds were issued for the purpose of refinancing
(other than Federal income taxes)
Purpose.
924.594
889,422 present first mortgage debt of the compank, and for the construction of 41
oud interest
limits of
34,351
37,559 miles of 8
Other interest
-inch welded gas line from the Artesia field to the city
62,706
61.957 Roswell; and a 25
-mile supply line from the Artesia field to the Texas Co.'s
Amortization
126,064
71,299 and the Maljamar Co.'s gas wells in western Eddy County. N. M., and
Federal income taxes
10.562
13,045 distribution systems in the towns of Lake Arthur, Hagerman and Dexter.
Miscellaneous charges
Capitalization.
$475.000
$1.366,274
$877,351
Net income
sinking fund bonds
754,171
400.000
788,612 634% first mortgage
Surplus at beginning of period
Preferred stock ($100 par)
Dr22.673
Cr28,162 7%
150.000 slut.
Pro it and loss adjustmenta, net
par)
Common stock (no
based upon the present earn-The earnings of the company,
Earnings.
to
32,097.772 $1,694,126
Total surplus
and Carlsbad systems. income from the sale of gas
419,976
419,954 ings of the Arteeda
Preferred dividends
Service Co. at Roswell and the estimated earnhigs
830,000
dividends
520,000 the Southwestern Public
of Lake Arthur.
the towns
Conunon
from the distribution system being installed in follows:
estimated will be as
3754,171 Dexter and Hagerman, it is
3847,796
Surplus at sad of period
3d Year.
2d Year.
1st Year.
$229,000
-V. 127. p. 1104.
3189.000
3140.000
Grass revenue
71,000
66,000
60,000
-Earnings.
Operating expenses
Northern Pennsylvania Power Co.
Calendar Years
Operating revenue
Operating expenses & taxes
Maintenance and depreciation
Rentals
1928.
$948,392
531,614
x116,300
1927.
$843,740
395,747
196,123
201
Operating income
Other income
$300,477
15,572
$251,669
11,160
Total income
Interest on funded debt
Other deductions from income
$316,050
125,025
20,630
$262,829
126,657
16,860
Net income
Provision for dividend on preferred stock
Common dividends
$170.394
83,726
60,056
$119,311
57,787
$26,612
$61,523
Balance of net income
-V. 127.
x Includes depreciation only.
p. 1253.
-Earnings.
Northern States Power Co.
1929.
1928.
$31.763.864 330,250,352
16,459,892 15,247,271
687,853
92.860
Net earns. incl. other income
-V. 128. p. 2993.
$17,147.745 $15,340,131
Ohio Edison Coo-Earnings. 1927.
31,921,427
1926.
$1,815,937
1925.
$1,564,958
1,049,163
104,147
1.063,489
72,704
947.631
111.782
Net income
Dividend pref. stock
Prov. for retire. reserve_
$867.859
161.903
150,000
$768,117
147.368
123,000
$679,744
132,002
123,000
$505.545
78,551
123,000
Balance
-V. 126. p. 577.
$555.956
$497,748
$424.742
$303,994
-Earnings.
Penn Central Light & Power Co.
Earnings for Year Ended Dec. 31 1928.
Operating revenues
Operating expenses
$4,999,800
2.10,954
Operating income
Non-operating income
12 Mos. Ended Mar. 31Gross earnings
Net earnings
Other income
12 Mos. End. Dec. 31- 1928.
32,125.684
Gress earnings
Oper. exp., incl. taxes
1,063,740
maintenance
and
194.084
Fixed charges
Net oper. revenue before deprecia3158.000
$123.000
$80,000
tion, interest and Federal taxes-_
-Bach $1,000 bond (and $500 bond in proporStock Purchase Privileges.
-detachable stock warrant attached entitling the holder
tion) will have a non
stock at 33.50 per
to purchase prior to Nov. 1 1931 20 shares of common
share, or thereafter
share, or thereafter prior to Oct. 1 1933 at $5 per called or purchased
share. On bonds
prior to Nov. 1 1936 at $7.50 per
and may be exercised
for sinking fund purposes, the warrant is detachablereceived from the sale
within 6 months after redemption date. All money bonds as provided in
the
of this stock shall be used for the retirement of
the trust indenture securing the same.
32,843,854
84.096
Total income
Bond and other interest charges paid or accrued
Amortization of debt discount and expense
Miscellaneous amortization chargeable to income
Retirement appropriation
Provision for Federal income tax
32.927.950
1,084.305
79,887
12,629
256,426
4.000
Net income for year
$5 preferred dividends
$2.80 preferred dividends
Common dividends
$1.490,700
632.859
68,725
764.400
$24,717
Balance surplus
-"V. 127, p. 2819.
Petersburg (Va.) Hopewell & City Point Ry.-Sold.-
and assoPurchase of the company has been made by Roy H. Morristo a press
ciates. of Chicago. at a reported cost of $330,000, according and rIght.
franchise
dispatch from Petersburg. Va. The transfer of thean option held by the
will be made by June 15. the date of the expiration of
Chicago interests.
•
3686
FINANCIAL CHRONICLE
Philadelphia Co.
-Extra Cash Dividend of 75c.
The directors have declared
an extra dividend of 75 cents per share in
addition to the regular quarterly dividend of $1 per share
common
stock, both payable July 31 to holders of record July 1. on the amounts
Like
were paid on Oct. 31 1928 and on Jan. 31 and April
dividend of 51.50 per share was paid on July 31 1928. 30 last. An extra
Frank R Phillips has been elected Senior Vice-President
pany. Mr. Phillips has been Vice-President and General of the comManager
Duquesne Light Co. and Vice-President of the Equitable Gas Co., of
and
recently was elected a director of the Philadelphia Co.
At a meeting of the directors of the Duquesne Light Co., Mr. Phillips
was elected President and E W. Judy was elected Vice-President and
General Manager.
12 Mos. Ended Mar. 311929.
1928.
Gross earnings
$62,353,216 $61,097,082
Net earnings
29,375,755 26,388,495
Other income
1,701.278
1,289,798
Net earnings including other income
-V.128, p. 3352.
531.077,033 $27,678,293
Porto Rico Telephone Co.
-Earnings.
-
Calendar YearsTotal operating revenues
Non-operating revenues_
1928.
$740.815
4,557
1927.
$776,639
7,526
1926.
$730,649
5.396
1925.
$703,141
4,447
Gross earnings
Operating expenses
Taxes
Prov.for deprec.,replac.
and renewals
Int. deductions (net)
$745,372
419.831
57,583
5784,165
392,552
63.611
5736.045
348.338
59,624
$707,588
338,386
74,149
158.151
116.767
153,772
96.420
143,735
88.833
134,841
81.289
Net income
Preferred dividends- _ - _
Common dividends
def$6.961
20,144
72,000
$77,808
20,144
96,000
$95,515
20.144
96,000
$78,924
20.136
96,000
Balance, deficit
Earns, per sh. on 12.000
shs.com.atk.(par $100)
126. P. 3118
.
599.105
538.336
520.629
$37,212
Nil
$4.85
$6.28
$4.89
-v.
Richmond Rys., Inc.
-Merger Approved.
-
See under Second Ave. RR. Corp. below.
-V. 128, p. 2993.
Sacramento Northern Railway.
-Earnings.
--
Calendar YearsOperating revenue
Operating expenses
Taxes
1928.
1927.
1996.
$1,477,452 $1,541,605 $1,569,482
1,185,104
1.190,080
1.181,297
90,570
101,619
81,824
Net operating income
Other income
$201,778
61,728
$249,906
59,502
$306,361
44,302
Total income
Interest on funded debt
Other income charges
Net income
-V. 128, p. 2993.
$263,506
263,969
14.890
$309.408
234,027
3,241
5350.663
204,086
3,468
def$15,353
$72.140
5143.109
San Diego Cons. Gas & Electric Co.
-Earnings.
-
12 Mos. Ended Mar. 31Gross earnings
Net earnings
Other income
1929.
1928.
$7,028,580 $6,617,446
3,329,792
3,120,122
3,255
4,869
Net earnings including other income
-V. 128, p. 2993.
53.333.047 53,124.991
San Joaquin Light & Power Corp.
-Earnings.
-
Calendar YearsOperating revenues
Operating expenses, maintenance & taxes
1928.
1927.
$10,409.805 $9,334,584
4,452,938
4,019,166
Net operating revenues
Non-operating revenues
$5,956,866 $5,315,418
83,857
147,219
Gross income
Interest charges (net)
Minority interest
Appropriations for depreciation reserves
$6,040,724 55,462,638
2,022,943
2,038,866
1.449
Cr.367
1,335,045
1.184,086
Netincome
Preferred dividends
Common dividends
$2,681,286 52,240,053
1,509,059
1,535,427
650,000
Balance for surplus
-V. 127, p. 1808.
Second Ave. RR. Corp.
-Sale.
-
$522,227
$704,627
[Vor.. 128.
United Gas Improvement Co.
-Recapital
ization.
President John E.Zimmerman on May 25 issued the following statement:
A special meeting of stockholders
of acting on increasing and changing will be held on Aug. 27 for the purpose
or
shares of capital stock ($50 par value) converting the company's 6,000,000
into 40.000,000 shares without par
value, divided into
of common stock. 5,000,000 shares of preferred and 35.000,000 shares
It Is proposed that the preferred stock
shall be entitled to $100 upon
liquidation or dissolution and to cumulative
dividends at the rate of $5 per
share per annum, payable quarterly,
and shall be redeemable at $110 Per
share and accrued dividend.
If favorable action should be taken
by the stockholders they will then be
notified to change or convert
no par common stock on thetheir present shares into no par preferred and
basis of ;Oh of a share of no par preferred
stock and 5 shares of no par common
stock for each share ofstock now held:
but no fractional shares will be
issued.
The first dividend on the preferred
the quarterly rate of $1.25 a share: stock will be paid Dec. 31 1929, at
and dividends on the no par common
stock will be inaugurated at the rate
of $1
quarterly dividend of 25 cents a share to per share per annum, the first
be payable Dec. 31 1929.
It is also proposed to make a 10%
allotment of new no par common stock
to be offered for subscription at $20
per share to common stockholders of
record Oct. 31 1929, such stock to
and to participate in dividends paid be paid for on or before Dec. 31 1929
Briefly stated the above means after Jan. 1 1930.
of common stock will receive in that a stockholder who owns one share
stock, no par value, and 34th ofexchange therefore 5 shares of common
a share of $5 dividend preferred stock:
quarterly dividends at the rate of 25
the common stock and the preferredcents a share will be inaugurated on
stock will
dividends of $1.25 cents per share.A stockholder be entitled to quarterly
will therefore receive on
the new preferred and common stock annual
dividends equivalent to 55.6234
a share on the present stock.
It is also proposed to make application to list the
common stock on the New York Stock Exchange. new preferred and now
President John E. Zimmermann on May 29 announced
that this company had purchased a majority of the capital stock of the
Erie (Pa.) County
Electric Co.
Charles H. Strong, President of the Erie County
owned a majority of the company's capital stock, will Electric Co.. who
dent and no changes in policy are contemplated, Mr. continue as PresiZimmermann said.
The sale, which is on an exchange basis of two
par value capital stock for each share of $100 shares of U. G. I. MO
_par capital
Erie company, 18 subject to the approval of the Pennsylvani stock of the
a P. S. Commission.
-V. 128, p. 2631.
United Public Utilities Co.
-Notes
Offered.
-Thompson
Ross & Co. are offering $1,000,000 one-year 6% gold notes
at 99 and interest.
Dated April 11929;due April 11930. Interest payable A.&
0. Deno
$1,000 and $500 c5. Rod. all or part by lot on first day of any month, m
on
30 days' notice at 100 and int., plus a premium of y of.
i
1%, Principal and
int. payable in Chicago at the office of Central Trust Co. of Illinois,
trustee,
or, at the option of the holders in New York at Chase
National Bank.
Interest payable without deduction for normal Federal income tax not
to
exceed 2% per annum. Company has agreed to refund
of these
notes, upon proper and timely application, Conn.,Penn. to holders personal
and Calif.
property taxes not exceeding 4 mills per annum each, Maryland securities
tax not exceeding 436 mills per annum, District of Columbia, Mich.
,
and
Kentucky personal property taxes not exceeding 5
and Mass, income tax not exceeding 6% per annum mills per annum each,
on the interest.
Company.
-Owns all of the outstanding bonds, indebtedness (except
current indebtedness not in excess of current assets) and at
least 95% of
the capital stock of operating subsidiaries
to a centralized group of 63 communitiesfurnishing public utility service
in the territory lying between
Dayton, 0., and Winchester, Ind. and to a centralized group of 83 communities in North and South Dakota,and furnishing ice service in Anniston
and Mobile, Alabama, Fort Worth, Texas, Fort Smith, Arkansas, and to
8
communities in Louisiana. Including New Orleans. Company also controlthrough subsidiaries, the distribution system supplying natural gas to the
domestic consumers of Fort Smith, Van Buren and Alma, Arkansas. Elms
tric light and power is supplied to 28,549 customers in 138 communities
and gas to 20,163 consumers in 23 communities. The combined population
of the territory supplied with electric light and power and gas service alone
is estimated to be in excess of 250,000.
Earninos.-Consolidated earnings of the company and its
for the 12 months ended Feb. 28 1929, irrespective of dates of subsidiaries
acquisition,
were as follows:
Gross earnings
54,408,917
Operating expenses, incl. maintenance & taxes (other than Federal) but before retirement provision
2,710,673
Net earnings
51.698,243
Annual interest requirement on first lien bonds
835,820
Balance
$862,423
Annual note interest requirement (this issue)
60,000
Net earnings were over 1.89 times annual interest requirements on the
total funded debt, including those notes.
The sources of net revenue shown above were approximately: Electric.
60%; gas, 14%; ice, 157 and the balance from miscellaneous sources.
0:
Purpose.
-Proceeds will be used to reimburse the company for additions
and improvements already made and for other corporate purposes.
Management.
-All the common stock (except directors' qualifying
shares) is owned by United Public Service Co. operators
-V. 128. p. 2994.
The Omnibus Bond & Share Corp., 25 Broadway. New York City, has
purchased the franchise rights of the Second Avenue RR. In Manhattan
far a reputed consideration of $450.000. subject to the approval of the
Transit Commission, according to the "Herald Tribune". The new company, it Is stated, plans to scrap the electrical equipment and substitute
buses. In addition to paying $450,000, the bus company will also assume
liability for back taxes of 5250.000.
The Omnibus corporation was organized to handle the recent merger of
the Tompkins Bus Co. and the Richmond Railway. Ins., on State Island.
Although the directors of the street railway company have voted approval
Utilities Power & Light Corp.
-Initial Common Div.
of the sale, the actual transfer cannot be made until two-thirds of the
The directors have declared an initial quarterly dividend of 25c. Per
stockholders have assented and the Transit Commission has endorsed the share on the
common stock, payable July 1 to holders of record June 15.
move.
The holders of common stock have the right and option to accept, in lieu
Under the terms of the agreement the street railway corporation will of their
retain title to its car barn, which occupies the square block bounded by 1-49 of acash dividend, common stock of the corporation at the rate of
share for each share of common stock standing of record Juno 15.
East 96th Street, East 97th Street, First Avenue and Second Avenue, said
A quarterly dividend of 25c. per share on the class B stock was also
to be valued at about $3,000,000. The purchaser is to have a three-year declared, payable
July 1 to holders of record June 15. The holders of
lease of the southerly half of the building for use as a car barn or bus ter- class B stock
have the right and option to accept, in lieu of their cash
minal. The northerly half is now under lease to the Madison Avenue dividend,
common stock at the rate of 1-40 of a share for each share of
trolley lines.
class B stock standing of record June 15. Stock distribution at same
The Omnibus corporation plans to substitute buses for trolley cars under rate paid on
April 1 last.
the terms of the Westall amendment to the Public Service Commission
A quarterly dividend of 50c. per share on the class A stock was also
law, signed by Governor Roosevelt on April 17.
declared, payable July 1 to holders of record June 5. The holders of
The Omnibus Bond & Share Corp. has 100,000 shares capital stock class A stock
have the right and option to accept, in lieu of their cash
(no par) all outstanding. None of the outstanding shares. It was said, is dividend,
additional class A stock at tho rate of 1-40 of a share for each
involved in the Staten Island bus and trolley merger which now awaits final share of class
A stock standing of record June 5. Same paid April 1 last.
approval of the Transit Commission. That body on May 22 approved
A quarterly dividend of $1.75 per share on the 7% cum. pref. stock
the sale of the Richmond Railways Inc.. to the Tompkins Bus Corp. was also
declared, payable July 1 1029 to holders of record June 5.The final step of the merger,the taking over of the consolidated corporation V. 128. p.
3513.
by the Omnibus organization, still awaits the Commission's endorsement.
Ed. S. Hughes of 42 Broadway is President of the corporation and M. T.
Gordon Jr., is Chairman. The other officers are L. J. Tushingham,
Virginia Public Service Co. (& Subs.).
-Earnings.
Treas.; C. F. Bailey, Secy., and T. C. Curtis Jr., Vice-Pres.
The Second Avenue lines emerged on March 11 from a receivership which
Earnings for Year Ended Dec. 311928.
began on Nov. 1908 and began operations under management of a new Operating revenues
56,101.606
corporation headed by Charles E. Chalmers, receiver of the road since Operating expenses
3.327,503
Feb. 1920.-V. 128, p. 2630.
Operating income
82.774,104
Southern Colorado Power Co.-Earning8.Non-operating income
25,368
12 Mos. Ended Mar. 311929.
1928.
earnings
Total income
82.291,595 32,294,624
$2,799,472
earnings
Bond & other interest charges paid or accrued
1,100,553
1.001.300
1,394,060
Other income
8,276
10,533 Amortization of debt discount & expense
79,568
Miscellaneous amortization chargeable to income
27,737
Net earnings including other income
51,108.829 $1,011.833 Miscellaneous deductions from gross income
426
-V. 128, p. 2993.
Retirement appropriation
346,554
Provision for Federal income tax
Standard Gas & Electric Co.
21.100
-Earnings.
12 Mos. Ended mar. 311929.
1928.
Net income for year
$930,026
Gross earnings
5149,488,5005142.932,888 75' preferred dividends
289,006
Net earnings
70,603.662 63.395,159 65 preferred dividends
14,496
Other income
2,926,779 2.124,235 Common dividends
400,000
Net earnings including other income
573,530.441 565.519,394
Balance,surplus
$226,525
-V. 128, p. 3512.
-V. 128, p. 1228.
Zr
JUNE
3687
FINANCIAL CHRONICLE
1 1929.]
-Stock Increased, &c.
American Eagle Aircraft Corp.
-Earnings.
Wisconsin Public Service Corp.
12 Mos. Ended Mar. 31Gross earnings
Net earnings
Other income
1928.
1929.
$5,137,712 $4,717.070
1,920,083
2,272.407
8,089
13.467
The stockholders on May 27 approved the increase in capitalization from
200,000 shares to 2.000,000 shares of no par stock, the distribution to stockholders of record June 1 of two shares of new stock in exchange for each
share held and the right to subscribe to one share of new stock at $3.75 a
share for each old share held on June 1.-V. 128, p. 3514.
Net earnings including other income
-V.128, p. 2995.
$2,285.874 81,928,172
-Transfer Agent.
A meriCar-i Rediscount Corp.
--
--Earnings.
Wisconsin Valley Electric Co.
1928.
1929.
$1,718,494 $1,645,858
777,722
661,585
13,147
23,572
12 Mos. Ended Mar. 31Gross earnings
Net earnings
Other income
Net earnings including other income
-1g, 128, p. 2995.
$790,869
$685,157
-Earnings.
York Railways Company.
Earnings for Year Ended Dec. 31 1928.
Operating revenue
Operating expenses
$2,688,423
1,510.298
Operating income
Non-operating income
$1,178,125
76.519
Total income
Bond & other interest charges paid & accrued
Amortization of debt discount & expense
Retirement appropriation
Provision for Federal income tax
$1,254,643
247,839
5,295
178,201
98,797
Net income for the year
Preferred dividends
Common dividends
$724,511
80,000
187.500
Balance, surplus
-V. 120, p. 3317.
$457,011
INDUSTRIAL AND MISCELLANEOUS.
The Chase National Bank has been appointed transfer agent in New York
for an authorized Issue of 88,540 shares of no par value class A common
-V. 128. p. 560.
stock.
-Extra Div. of 25 Cents.
American Safety Razor Corp.
The directors have declared the regular quarterly dividend of $1 per
share and an extra dividend of 25 cents per share on the outstanding capital
stock, both payable July 1 to holders of record June 10. Like amounts
1 1925 to
were paid in each of the six preceding quarters. From July share were
Oct. 1 1927 inclusive, quarterly cash dividends of 75 cents per
paid, and in addition the company paid a stock dividend of 1% in each of
the four quarters of 1927.-V. 128. p. 2996.
-Earnings.
American Steel Car Lines, Inc.
Earnings for 3 Months Ended Mar.311929.
Gross operating revenue
Repairs and renewals
Other expenses
Depreciation
Dividends on equipment trust certificates
$43,596
16,557
6,674
7,099
7,799
$5,466
1,602
Net operating income
Other income
87.068
Net income for the period
Balance Sheet March 31 1929.
LiabiluiesAssets- .
$19,192
18,172 Accounts payable (creditors)Cash in banks
11,756
12,629 Accrued dive. on equip. et'sCash In sinking funds
3,500
Dividends on pref. stock
Accounts receivable (railroads
.
19,411 Equip,trust ctfs. outst g (series
and lessees)
1,092,000
3,002 "A,""B,""C" and "D"
receivable (others)_ _
Accounts
350,000
7% preferred stock
Tank cars, office furniture and
x40,086
y1.488,993 Surplus
fixtures
3.259
Deferred charges
1,058
Organization expenses
-Great Alantic & Pacific Tea Co.
Tea Company Cuts Cigarettes Further.
sets price at 23c. for two packages. N.Y.'Times." May 28, p. 17.
Building Arbiter Named.-lienry C. Meyer, Jr. of Meyer & Strong has
agreed to become the third member of the Board of Arbitration in the
$1,516,534
Total
$1,516,534
Total
building industry. N.Y."Times," May 28, p. 11.
x Represented by 12,250 no-par shares common stock. y After reserve
Matters Covered in "Chronicle" of May 25.-(a) Life insurance sales in
$13,684.-V. 128, p. 2810.
U. S. gain 12% in April, p. 3423. (b) April automobile production the for depreciation of
heaviest on record, p. 3424. (c) To pay 100% on American claims in
-Earnings.
(Specialty Store), Philadelphia.
liquidation of pre-war business of Russian insurance companies. p. 3431. Blauners
Earningsfor 3 Months Ended April 30 1929.
(01) Annual report of President Simmons of N. Y. Stock Exchange-market
$2,677,945
value of listings increased over $28,000,000 in 1928 to $114,851081,802, Net sales
201.882
p. 3433. (e) Bill passed by Illinois House permitting Chicago hoard of Operating; profits
$177,351
Net profits after Federal taxes
Trade to deal in stocks without "Blue Sky"law qualifications, p.3436.
-V. 128, p. 1910.
-Listing.
Adams Express Co.
The New York Stock Exchange has authorized the listing of certificates
for an additional 33,105 shares of its preferred stock (par $100) on official
notice of issuance upon payment therefor in full pursuant to offer to stockholders, making the total amount applied for 90,549 shares.
At a meeting of the board of managers held on April 22, resolutions were
adopted to give the holders of the 66,209 outstanding shares of common
stock of record May 3, the right to purchase one unit (consisting of two
shares of preferred stock and one share of common stock) for each four
shares of common stock outstanding at $600 per unit.
Pro Forma Balance Sheet as of Dec. 311928.
(Giving effect to the issuance of $3,310,450 5% cumulative preferred
stock and 16,552 shares of common Lock.)
Liabilities
Ands
510,695
Treasury cash dc call loans- _$13,494,800 Accts. payable & accrued. 32,834 Int. payable accr. on Adams
Accrued Interest
Co.coll. tr. bonds
262,480
Cash,seer. int. & dlv. on coll.
346,608 Res. for loss & damage suite,
tr.sec. In hands of trustees_
claims, outst'd'g money
Coll. tr. 4% gold bds. 011947 5,331,062
489,963
orders & contingencies
Coll. tr. 4% gold bds. of 1948 4,441,551
10,835 Coll. tr.4% g. bds.(1947-48) 9,946,000
Industrial comm. deposit_ __
8,554,920
Pref.stock (85,54981's.)
Securities owned at market
20,025,756 Corn. stock (82,761 shs.) ..... 8.276,125
value in treasury
16,148,478
4,317 Surplus
Property & equipment
Total
-V. 128, p. 2807.
543.688,662
Total
543,688,662
-Initial Div.
Alexander Hamilton Investment Corp.
The directors on May 27 declared an initial quarterly dividend of 30c.
share on the class A stock no par value. payable July 1 to holders of
per
record June 15. See offering in V. 128, p. 2093.
Algonquin Printing Co.-Bal. Sheet Dec. 31.Liabilities-1928.
1927.
1928.
1927.
AssetsCapital stock
$1,000,000 $1,000,000
Real estate, ma$730,452 $724,002 Accts. payable
23,765
chinery,&c
25,777
464,631 Reserves
728,543
948,363
996,329
Merchandise
575,309( 497,327 Profit & loss
2,258,479 2,267,864
Accts. receivable
269,179
Cash
U.S.bonds&ctfs 2,196,303} 1,701,306 i
633,525 I Tot.(each sIde).$4,230,608 54.289,97
Mun.bds.& notes
-V. 126, P. 393 .
0
-Subs. Contract.
Allied Aviation Industries, Inc.
Anchor Cap Corp.-Common Dividend No. 2.
$1.62
The directors on May 27, declared a regular quarterly dividend ofstock,
the common
per share on the preferred stock and 60c. per share onAn initial quarterly
both payable July 1 to holders of record June 10. stock on April 1.-V.
dividend of 60c. per share was paid on the common
128, p. 3515.
-Dividend of is. 6d.
Anglo-American Oil Co., Ltd.
The directors have declared a dividend of is.6d. per share on the ordinary
stock for the year ended Dec. 31 1928, payable on and after June 5 1929.
in London
The dividend will be paid by the National Provincial Bank York in the
New
or at any of its branches or by the Guaranty Trust Co. of$4.85 per pound
equivalent in U. S. currency of
United States at the
warrants to
sterling (equal to 36c. per share) to all holders of share 37 attached
bearer issued by the company, in exchange for coupon No.
to such share warrants. On June 6 last a final dividend of Is. per share
was paid and on Dec. 28 1927 an interim dividend of Is. 6d. The interim
dividend which would ordinarily have been paid in December 1928 was
-V. 127, p. 3708.
omitted.
-Acquisition.
Arkansas Natural Gas Corp.
-.V 128. p.3354.
See Cities Service Co. under "Public Utilities" above.
Armour
-Government Wins Packers Case.
(I11.).
The Government finally succeeded, in the U. S. Supreme Court May 20.
inits efforts to give effect to the consent decree entered in 1920 aimed to
confine the packers exclusively to the meat packing industry.
The Court ordered the California Co-operative Canneries removed from
the controversy. When the canneries were permitted to intervene in 1924
the decree was suspended, and it has not since been in effect. By removing
the canneries from the case the Government will be enabled to have the
decree made effective.
When the Government in 1920 began anti-trust proceedings against the
so-called big five packers, the packers consented to a decree agreeing to
substantially all the demands of the Government. Later, after the National
opGrocers Associations had been permitted to join the Government in
decree
Peeing proceedings by the Swift and Armour groups to have the
permitted the canneries to intervene
set aside the Court of Appeals in 1924
further
on the side of the packers. The decree was suspended pending
litigation of the rights of the canneries.
The District Supreme Court refused the motion to cancel the decree
and the packers took the controversy to the Court of Appeals. The U. S.
Supreme Court sustained the Government in its contention that the Cotut
have
of Appeals had no jurisdiction in the case, and that the appeal should
been taken direct to the highest court from the trial court. Appeals reverse
Court of
The Government then sought to have the
enabled
its action permitting the canneries to intervene. This would have and the
it to enforce the decree. The Court of Appeals refused, however, asking
Government then brought the present case to the highest court, p.730.
-V 128,
that the canneries be removed as a party to the controversy.
The Lambert Aircraft Engine Corp. of Moline, Ill., a subsidiary, reports
-cylinder radial airthe signing of a contract involving a large number of 5
cooled engines of their manufacture, with one of the largest and oldest manufacturers of light aircraft.
The bulk of the Lambert company's output is taken by its associate
-New Plants.
Arrow Aircraft & Motors Corp.
company, Mono Aircraft Corp. of Moline, Ill., which is also a subsidiary
for the
Negotiations are under way for establishing assembly plants London,
of the Allied corporation. In recent months, however, the sales of engines
in Tampa, Fla..
other manufacturers have been increasing steadily. During the past "Arrow Sport" 60 and 90 horsepower bi-planes, Australia California and
to
Canada, and some city in
12 months these sales have accounted for approximately 85 engines, the England, Quebec,
upstate New York, it was announced by company officials. Franchises
purchasers including airplane manufacturers and transport companies.
cities givhqg them exThe Lambert company was recently organized to take over the aircraft will be let to individuals and companies in these districts. Distribution
engine business of the Voile Motors Corp. of Moline. The manufacture of clusive rights to assemble the Arrow plane in their
plants as far as
aircraft engines was undertaken by the Vella company in April 1928, since for these sections will be taken care of from these assembly
Possible, it was said.
which time over 350 of these engines have been produced and sold.
-cylinder radial air-cooled engine is in quantity production and Is
A 5
Infringement Alleged.
manufactured under the U. S. Department of Commerce approved type
-V. 128, p. 3516.
-cylinder radial air-cooled engine has
See Pierce Arrow Motor Car Co. below.
certificate. In addition to this, a 9
-cylinder
been fully developed and is now undergoing service tests, and a 7
-Earnings.
Associated Quality Canners Ltd.
engine is being developed. See also V. 128. P. 2808.
Earnings for Year Ended Feb. 28 1929.
$298,637
-Initial Div.
- Profit from operations for year
American Canadian Properties Corp.
50.939
The directors have declared an initial dividend of $1 per share on the Provision for depreciation of buildings, plant and equipraent
19,656
15 to holders of record June 1.- Provision for Dominion income tax
no par value capital stock, payable June
V. 128, p. 1907.
8228,042
Net profit from operation
60,000
Dividends paid
-Balance Sheet Dec. 31 1928.American Optical Co.
7,247
Proportion of organization expenses written off
Liabilities
Assets
$942,517 Acc'ts Day., incl. exp. accr'd_ $573,361
$160,795
Cash
Balance of operating surplus
139,500 Dividends payable
1.800,000
257,390 Capital stock
Securities, readily marketable
110,000
Awls & notes receivable.- _- 1.864.928 Reserve for insurance
5,961,844 First preferred stock
$1,960,795
7,541,402
Inventories
Capital and surplus Feb. 28 1929
Second preferred stock
$2.85
5,800 Earnings per share on 80,000 aim. capital stock (no par)
Invest. In & advs. to subsidi16.287,309 -V. 127. p. 2687.
ary or affiliated companies_ 1,455.146 Common stock
Surplus, Incl. aPproD. ann.
Manufacturing plants & sales
-Business Shows Increase.
5,729,835 for redemp. of 1st Pf. stock 1,429,893
Art Metal Works, Inc.
offices equipment
111,388
Prepaid, accr. & derd assets.
April an May business is showing a large increase over 1928, It is an3
stated that
nounced. President L. V. Aronsonsame period sales in April and itsweeks
sales
Total
in 1928. Under
$16,206,155
$16,205,155 in May are 20% in excess of the
Total
contract with the United Cigar Stores Co. of America, the Art Metal
x Represented by 257.332 no par shares.
initial dividend of $1 per share on the common company has Just received a substantial order for lighters and Lyterlffe.The company paid an
V. 128, p.3354.
stock Jan. 15 1929.
3688
FINANCIAL CHRONICLE
Bendix Aviation Corp.
-Listing, &c.
-
The New York Stock Exchange has authorized the listing of 1.710,000
shares of common stock (no par value) which are outstanding in the hands
of the public, with authority to add to the list additional shares of common
stock as follows: (a) 180,000 shares, which are issued and outstanding,
on official notice of distribution from time to time to the stockholders of
Stromberg Carburetor Co.of America, Inc., on the dissolution of Stromberg
Carburetor company, and (b) 150,000 shares on official notice of issuance
from time to time pursuant to options to bankers; 25,000 shares on official
notice of issuance from time to time to individuals. The options granted
to bankers and individuals were granted pursuant to resolutions of the
Nard of directors at meeting duly called and held on May 13 1929. and
with respect to all of said 175,000 shares, said options must be exercised
within six months of May 14 1929. except as to 25,000 shares as to which
the option must be exercised in one year. Said options do not provide
for any privilege of renewal. The purchase price on all of said 310.000
shares comprising said options to bankers, individuals and employees,
is at not less than $62 per share.
The stock of the corporation has been issued for the purpose of acquiring
either all of the outstanding capital stock or all of the assets of the following
corporations: 1,000.000 shares of stock were issued in exchange for all
the outstanding stock (500,000 shares of common stock) of Bendix Corp.;
140.000 shares of stock and $2,750,000 cash in exchange for all the
assets of Electric Auto-Lite of Delaware, Inc., consisting of the
minority interest (Bendix Corp. holding the majority interest) of 9.000
,
shares of the class 13 stock of Eclipse Machine Co.; 180,000 shares of stock
in exchange for all of the assets of Stromberg Carburetor Co. of America.
Inc., and 70.000 shares of stock in exchange for all the outstanding stock
(2.843 shares) of Scintilla Magneto Co., Inc. General Motors Corp.
has acquired 500,000 shares of the stock in consideration of the payment
in cash of $15,000,000 and the transfer to this corporation of all the outstanding stock (1.000 shares) of Delco Aviation Corp. and the granting
of certain license agreements.
The corporation was incorporated in Delaware April 13 1929.
Pro Forma Consolidated Balance Sheet Dec. 31 1928.
Assets
Cash
$26,882,360'Accts. payable trade creditors
Notes & accts. rec. (after
and sundry
$1,431,152
allow. of $89,156 for doubtAccr.accts.
-payroll,roy.,&o
268,064
ful sects, discounts, &c.)
2,594,241 Dividends payable
225,000
Inventories: Raw materials.
Res. for taxes, U. S. & Can,
goods in process. finished
Fed. inc. taxes and State
goods. &c.(lower of cost or
franchise tax (estimated)
826,478
market)
3,513,839 Deferred royalties due 1930__
60,000
Marketable securities (at cost
Reserves, contingencies. &a._
666,014
-less than market)
2.775,208 Stocks of sub. cos. outstand'g
Mlscell. notes & accts. rec.,
In hands of the public and
adv. to and inv. in MM.
2,555,449
surplus applicable
companies, &c
741,369 Capital, repr. by 2,200,000
Land,bldgs., mach'y & equip.
sbs, of no par value of an
(after allow. of $3.277,139
auth. total of 3,000,000 shs. 55,000,000
for depreciation)
5,526,374 Initial surplus
11,444,180
Pans, pat, rights, contr., &c 30,000,000
Miami. supply and tool Inv.,
prepaid expenses, Ac
442,945
Total (each side)
$72,476,337
Note -The transactions to which effect has been given in the foregoing
pro forma consolidated balance sheet have been duly authorized at a
,
meeting of the board of directors of Bendix Aviation Corp. held May 13
1929 and are in process of consummation.
-V.128, p. 2996. 2634.
Bethlehem Steel Corp.
-Par Value of Common Shares
Changed from $100 to No Par-Authorized Common Shares
Increased to 5,000,000-600,000 New Common Shares Offered
to Stockholders at $85 per Share.
-The stockholders on May 29
voted to change the authorized common stock from 2,700,000
shares, par $100, to 5,000,000 shares of no par value. At
present there are 1,800,000 shares of $100 par common stock
outstanding, in exchange for which new no par stock will be
issued on a share for share basis. The common stockholders
of record May 29 will be given the right to subscribe on or
before June 18 for additional common stock (no par value)
at $85 per share on the basis of one new share for each three
shares owned. (The text of the letter sent to the holders of
the 7% preferred cumulative and common stocks was given
in the "Chronicle" of April 27, p. 2811.)
Pres. Eugene G. Grace on May 29 in predicting continued
prosperity for the corporation said:
Second quarter earnings will be at least as satisfactory as those in the
first quarter, when $4.05 a share was earned on 1,800,000 outstanding
co,mmon shares
-a peace-time quarterly record. The first two months of
the second quarter have shown in excess of rated capacity operations,
and June should do as well. There has been little If any let-up in demand.
There probably will be some recession, but it probably will not be to the
same extent as in preceding years.
The New York Stock Exchange has authorized the listing of 2,602,899
shares of common stock (no par value) upon official notice of issuance
thereof as follows: (1) 1.802.899 shares in exchange for the 1.802,899
shares of present outstanding common stock (par $100): (2) 600,000 shares
for sale for cash to holders of present common stock, or to bankers or
purchasers found by them; (3) 200,000 shares for sale to employees, in
accordance with the corporation's employees' stock purchase plan.
V. 128, p. 2811.
Bohn Aluminum & Brass Corp.
-Extra Dividend.
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 75 gents per share on the
capital stock, no par value both payable July 1 to holders of record June
15 Like amounts were paid on this stock on Jan. 2 and April 1 last. A
quarterly dividend of 75 cents per share was paid on Oct. 1 1928, while
from July 1 1927 to July 1 1928 incl. quarterly distributions of 37% cents
per share were made.
-V.128.p. 2635.
-Stock Increased-Listing.
Borden Co.
The stockholders on May 28 Increased the authorized capital stock
War $25) from 4.000,000 shares to 8,000.000 shares (see also V. 128, p.
2812).
The New York Stock Exchange has authorized the listing of 6,300 additional shares of capital stock (par $25) on official notice of issuance, in
full payment for the assets and business of Terre Haute Pure Milk & Ice
()ream Co.. making the total amount applied for to date 3.123,480 shares
(par $25)•
Pro Forma Consolidated Balance Sheet Dec. 311928.
Assets
Liabilities
Property, plant dr equip.(val.
Mortgages
$889,788
Notes A accounts payable.-- 12,116,489
are based on cost or on field
Income taxes(estimated) --- 1,643,406
.
surveys by co.'s engineers.
3,000,001
Other accrued items
supplemented where necesDeferred credits
sary, by independent ap112,371
73,732,400
Capital stock
praisals, with subsequent
Reserves: Insur. corning., dm 11,686,039
additions at cost, less nage.
On Madison Ave.Office Bdg.
30.313,609
Surplus
property of $1,400,000 & reservesfor depreciation
-$76,630,142
Cash
14,419,205
Receivables-less reserve for
doubtful accounts
11,620,427
M ktable.sec.(at mkt.or less) _ 10,509,132
Inventories (at the lower of
cost or market)
13,258,410
Prepaid Items dr miscel. assets
dc sects. awaiting dist'bl'n.
56.787
Trademks., pat. dr goodwill_
7,000,000
$133,494,104
Total
$133,494,104
Total
The above balance sheet is after giving effect to the acquisition of the
properties and businesses of F. X. Baumert & Co., Inc.; Baumert Co., Ltd.:
[VOL. 128.
W. A. Lawrence & Son, Inc., which are included on basis of figures as of
June 30 1928; Jersey Ice Cream Co. on basis of figures as of Aug. 3 1928;
South Chicago Ice Cream Co. on basis of figures as of Aug. 15 1928; Furnas
Ice Cream Co. (Indianapolis); the Pumas Ice Cream Co.(Terre Haute)
the Pumas Ice Cream Co.(Akron); the Furnas Ice Cream Co.(Columbus)
Fort Wayne-Furnas Ice Cream Co.; South Bend Furnas Ice Cream (Jo.
the City Dairies Co. (St. Louis); Schneider Holmes Co. and Consumers
Ice & Creamery Co., all on basis of figures as of Sept. 30 1928; Risdon
Creamery; Gabel Creamery Co.; Belle Isle Creamery Co.: Chateau Cheese
Co., Ltd.; Moyneur Co-operative Creamery, Ltd.. and Laurentian Dairy.
Ltd., all on basis of figures as of Oct. 31 1928; Moores & Ross. Inc., and
Racine Pure Milk Co. on basis of figures as of Nov.30 1928; Schmitt Bros.;
Walker-Gordan Laboratory Co. and the Purity Ice Cream & Dairy Co.,
all on basis of figures as of Dec. 311928; and certain assets of Marshfield
Milk Co., on basis of figures as of Dec. 31 1928:and properties and business
of Hammond Dairy Co. on basis of figures as of Feb. 28 1929. The net
assets acquired from the aforementioned companies included certain
property valuations based on appraisals (partially completed) and are
subject to audit of the books of the companies, now in progress.
-V. 128.
p. 2812. 3191.
Borg Warner Corp.
-Earnings.
Including Morse Chain Co. and Rockford Drilling Machine Co., the
company's net for four months ended April 30 was $3,099,651, after charges
and taxes. After allowing for dividend requirements of $81,667 on 7%
preferred, the balance of$3,017,984 equals $4.05 a share on 744,000 common
shares.
-V.128. p. 3516.
Brady-Warner Coal Corp.
-Sale.
-
Federal Judge W. E. Baker at Wheeling, W. Va. has entered an order
directing a sale of the properties of the company located in Marion and
Monongahela counties, West Virginia, and said to be worth $5.000,000.
The company has been in the hands of receivers 18 months and the sale
was sought by the Union Trust Co. of Cleveland. holders of mortgage.
V. 125. p. 1055.
British Columbia Fishing & Packing Co., Ltd.
-Offer
Made to 7% Cumulative Preference Shareholders.
-The company on April 27 stated:
On March 28 1928, a proposal was submitted to the holders of the common shares of this company and Gesso Packing Co., Ltd., offering to
exchange common shares of British Columbia Packers, Ltd., for common
shares of the above-mentioned companies on a share for share basis. This
offer has been accepted by holders of 99 of the common shares of the
above-mentioned companies,and British Columbia Packers,Ltd.,therefore,
now owns all of the common shares of such companies so exchanged. In
addition thereto, British Columbia Packers, Ltd., has acquired all of the
outstanding capital stock of Millerd Packing
Ltd.
It became evident to the directors of all ofCo.. above-mentioned comthe
panies that many economies could be effected by providing for single
operating control, and in order to provide for such control, the fixed properties, plant and equipment of the three constituent companies (British
Columbia Fishing & Packing Co., Ltd., Geese Packing Co., Ltd., and
Mlllerd Packing Co., Ltd.,) have been leased to Btitish Columbia Packers.
Ltd. The wisdom of entering into this agreement has been fully justified.
The single control has permitted the three companies to operate with
substantially less equipment than in 1927, notwithstanding which, the
amount of salmon packed per cannery increase materially, and consequently, the combined earnings for the fishing season of 1928 were also
increased.
It is now felt by the directors of British Columbia l'ackers, Ltd., and
the three constituent companies that a further step should be taken to
more closely ally the interests of the several companies and bring about
a permanent situation which will be of benefit to all companies and to
their shareholders. With this end in view, an offer has boon obtained
from British Columbia Packers, Ltd.. to acquire the cumulative preference
shares of British Columbia Fishing & Packing Co.. Ltd., A similar offer
is being made simultaneously to holders of cumulative preference shares
of Gosse Packing Co., Ltd.
The terms of the offer are, briefly, as follows: British Columbia Packers,
Ltd. offers for each $100 par value preference share of British Coltunbia
Fishing & Packing Co., Ltd., one 7% cumulative preference share of
British Columbia Packers, Ltd., par $100. carrying with it the right to
subscribe for one common share without par value of the latter company.
at $20 per share at any time prior to 12 o'clock noon Nov. 1 1929. The
entire offering of common shares has been underwritten.
If all the holders of preference and common shares of British Columbia
Fishing & Packing Co. Ltd. and Gosse Packing Ca., Ltd., exchange their
shares, the capitalization of British Columbia Packers, Ltd., will be as
.
follows:
Authorized.
Outstanding.
Wallace Irisheries, Ltd., debenture stock
(assumed by British Columbia Fishing
& Packing Co.,Ltd.)
Closed
$487,800
7% cumulative preference shares
$5,000,000
3,961.900
Common shares.no par value
500,000 abs.
277,831 she.
The directors of British Columbia Packers,
advise that it is expected that a dividend on the new preference shares of that company will
Ltd..
be declared payable on July 1 1929. to holders of record June 15 1929.
British Columbia Packers, Ltd., now occupies a strong position in the
fishing industry in Canada. It packs approximately 50% of all salmon
packed in Canada and in addition thereto, enjoys a large by-product business in the form of oil, meal,fresh, frozen and mild cured fish.
The offer of British Columbia Packers, Ltd. Is only open for acceptance
of holders of preference shares of British Columbia Fishing & Packing Co,
Ltd., up to May 31 1929. unless the time is extended by the former and
acceptance should be mailed to Montreal Trust Co..61 Yonge St.. Toronto,
11 Place d'Armes, Montreal, or 614 Ponder St. West. Vancouver, Canada.
-V. 126. p. 3932.
British Columbia Packers, Ltd.
-Offer Made to Holders
of7% Preference Shares of British Columbia Fishing ct Packing
Co., Ltd. and Gosse Packing Co., Ltd.
-Now Owns 99% of
Common Stock of Latter Two Companies.
-
The British Columbia Packers, Ltd., was incorporated in Canada on
May 18 1928, with an authorized capital stock of 50.000 cumul. 7% preference shares of $100 each and 500,000 common shares without par value.
It holds over 99% of the issued common shares of Birtish Columbia Fishing
dr Packing Co.. Ltd., and Gosse Packing Co., Ltd.. in exchange for whioh
It issued its own common shares on a share for share basis. None of its
preference shares has been issued. The preferred stock will be redeemable
as a whole or in part at the option of the company on 30 days' notice at
110 and diva.
For offer to British Columbia Fishing & Packing Co, Ltd, and Goma
Packing Co., Ltd., preference stockholders, see former company above.
-V. 126. p. 2317.
Brown Shoe Co.
-Balance Sheet A pri130.1928.
1929.
1929.
1928.
AssetsLand.bldga.,&e- _22,696,602 2.593.997 Pret.stock
4,041,200 4,206,600
lasts.less depree.1 Commonsteek.„x10.416,075 9,800,916
1
Ins., licensas,&e....
1 Notes payable__ 1,200.000 2,250.000
1
Good-will, trade
1,640.843 1,655,620
Aects. pay. ac
name, Ac
1
1 Red. for taxes dc
Other assets
791,000
contingencies _ 797,000
561,374
711,468
Cash
602,114
678,362
Accts. reeelvsble 7,188,690 7,118,440
Prepaid chsrges. _ _
39,958
28.990
Inventories
6,782,033 7,799,215 Tot.(each side)_ 18,095,118 18,704338
a After allowance for depreciation. x Common stock and surplus.
represented by 252,000 shares, without par value.
Our usual comparative income account was published in V. 128, P. 3517.
By-Products Coke Corp.
-50c. Extra Dividend.
The directors have declared an extra dividend of5.per share in addition
to the regular quarterly dividend of 50c. per share on the old common stock,
no par value, payable June 25 to holders of record June 10. Like amounts
were paid on March 25 last. An extra dividend of 75c. per share was Paid
on Dec. 20 last.
-See also V. 128. p. 3517.
JUNE
1 1929.]
3689
FINANCIAL CHRONICLE
-To Use RCA Patents.
CeCo Manufacturing Co., Inc.
-Earnings.
Bullock's Incorporated.
Earnings for Year Ended Jan. 31 1929.
Net sales of merchandise
Sales of leased sections
Cost of sales
$24,605,766
312,504
15,471,128
Gross profit, owned sections
Income from leased sections, 8cn
$8,822,134
9.561
Total gross profit
Operating expense
Bond interest
Other deductions (net)
Provision for Federal income tax
$8,831,695
6,690,943
226,938
27,036
220,000
Net profit
Previous surplus
$1,666,778
651,230
Announcement has been made that the company has taken out a license
from the Radio Corp. of America for the use of the RCA patents.
In a statement by President Ernest Bauer it was pointed out that the
-V. 128.
license had been sought and granted in the spirit of co-operation.
p. 1560.
Central Airport, Inc.-Bal. Sheet April 30 1929.Liabilities
Assets
21,207
823,577 Accounts payable
Cash
425
150,000 Accrued payroll
Savings accounts
400,000 Cap. stk., auth. 500,000 shs.
Call loan receivable
100
of no par value, issued 206,Petty cash
2,062,625
3,205
250 shs
Accts. & accr. int. receivable
1,470,840
Fixed assets
16.534
Oceania. & develop. exp.----
Total surplus
Preferred dividends
Common dividends
Addition to reserve for contingencies
32,064,257
22,064,257
Total
Total
$2,318,008
Note.
-In addition to the above liabilities the company has contracted
315,000 for approximately $50,803 of construction work upon which invoices have
375.000 not been received to ditte.-V. 128, p. 1912.
30,000
Surplus Jan. 31 1929
Earnings per sh. on 250,000 shs. common stock (no par)
$1,598,008
$5.40
Canadian Brewing Corp., Ltd.(& Subs.).
-Earnings.--
Calendar YearsProfit from operations
Dominion and Provincial license fees and taxes-Depreciation of bldgs., plant and equipment
Proportion of organization expenses written off
Dominionincome tax
Propor. of net profit ofsub,cos. applic. to min.int.
1928.
$627,682
290,036
74,575
18,000
1927.
$356,972
107,431
62,007
3,010
15,000
2.273
-Acquisition.Century Electric Co. St. Louis.
•
'
The company has purchased Roth Brothers & Co., Chicago, Ill., who
are manufacturers of direct current industrial power motors, direct current
generators for industrial power lighting, alternating current generators.
motor generator sets for moving picture projectors, broadcasting television, battery charging, signal systems, &c.. and several specialties.
While Roth Brothers & Co. will be operated as a division of the Century
company, some of these items will now be manufactured in the Century
-V. 128, p. 1560.
company's plant in St. Louis.
-Listing.
Chrysler Corporation.
The New York Stock Exchange has authorized the listing of 60,000 additional shares of common stock (no par) upon official notice of issuance to
Net profit
$245,071
$167,251 Chrysler Management Trust and payment in cash, making the total amount
Dividends
212,923
50.000 4,579.337 shares applied for.
-The additional 50,000 shares were authorChrysler Manayement Trust.
Balance,surplus
$32,148
117,251 ized by the directors April 12, to be sold to Chrysler Management Trust
at
Profit and loss, surplus
$2,594,553 $2,243.294 for $60 per share, and it is proposed that the sale shall take placeare once.
J. S.
Shares of com, stock outstanding (no par)
118,500
100,000 The trustees named in the trust indenture establishing the trust HutchinBache, Harry Bronner, W. P. Chrysler, D. W. Cook and B. E.
Earned per share
$2.07
$1.67
son. Chrysler Management Trust is being established by the corporation
-V. 128, P. 253.
for the benefit of officers and executives in order to insure permanency of
sound and efficient management of the corporation and its subsidiaries
Canadian Celanese, Ltd.
-Earnings.
by enabling officers and executives to become owners of stock of the corIncome Account Year Ended Dec. 31 1928.
poration on a basis favorable to them. These shares will not be offered
Net profit on sales
$7.373 for subscription to the stockholders, they having under the certificate of
Sundry revenue
9,898 Incorporation, as amended, no pre-emptive right in any new stock to be
Issued, Although the trust indenture confers upon the trustees of Chrysler
Total revenue
$17,271 Management Trust wide powers of sale and investment, it is contemplated
Reserve for bad and doubtful accounts
4,013 that the assets of the trust shall be Invested in stock of Chrysler Corp. On
termination of Chrysler Management Trust (on Dec. 31 1938, or earlier in
Net profit from operations
$13,257 certain events mentioned in the trust indenture), the assets may be disInterest earned on capital funds
167,152 tributed in kind, or may be sold and the proceeds distributed to those entitled thereto. Certificates for shares of beneficial interest evidencing the
Net income
$180,409 pro rata shares of the holders thereof in Chrysler Management Trust will
Balance at credit deferred credits account at Jan. 1 1928, being
be issued and are not transferable, except to the Chrysler Corp. upon termiinterest earned on capital funds to date
331,710 nation of the employment of the holders. Chrysler Corp. may either
hold the sahes of beneficial interest so acquired or transfer them to the other
Amount of deferred credits at Dec. 31 1928
$512.119 officers and employees.
-V. 128, p. 3518.
-V. 125. p. 522.
Canadian Consolidated Felt Co., Ltd.
-Earnings.
-
Calendar Years1928.
1927.
Net sales
$1,255,886 $1,076,885
Costs & gen. exp., ecc- - - 1,168,655
1,020,121
Int.on bonds,&c
26,318
29,653
Balance
P.& L.sur. Dec.31_ - - -V. 128, p. 2273.
$70,912
318,395
$27,111
318,395
1926.
$915.411
872,072
29.746
1925.
$933,306
894,588
29,611
$13,593
291,283
$9,107
277,691
Canadian Cottons, Ltd.
-Annual Report.
Years End. Mar.31- 1928-29.
1927-28.
1926-27.
1925-26.
Sales
$9,129,943 $9,071,970 $9,015,580 $9,606,641
Invent, of cloth (net)-- Cr.132,104 Cr.540.479 deb635,697
272,813
Total
$9,262,047 $9,612.449 $8,379.883 $9,879,454
Mfg.cost,depr.,taxes,&c. 9,006.101
9.185.569 7,850,645 9,329.396
Net profits
Other income
$255,946
142,809
$426,879
174.240
$529,238
92,468
$550,058
92,623
Total income
Bond Interest
Bad debts, &c
$398,755
143,716
14,130
$601,119
145,651
6.155
$621,706
148,325
8,681
$642,680
154,924
23,698
Net income
Preferred div. (6
Common div. (8 , r )-
$240,909
219,690
217,240
$449,313
219,690
217,240
$464,701
219,690
217,240
$464,059
219,690
217,240
Surplus
def$196,021
$12,383
$27,770
$27,129
Profit & loss surplus--- $2,553,925 $2.749,946 $2,737,563 $2,709,793
Shs.corn. out.(par $100)
27.155
27,155
27,155
27,155
Earns. per share on corn_
$0.78
$8.46
$9.02
$9.00
-V. 126, p. 3302.
Canadian Dredge & Dock Co., Ltd.
-Earnings.
Income Account Year Ended Jan. 311929.
Net income after depreciation, but subject to income tax
Dividends on preferred and common stock
.
Operating surplus,as at Jan. 31
-V. 128. p. 2997.
$629,950
186.991
$442,959
.
-Morse Co., Ltd.
Canadian Fairbanks
-Earnings.1928.
.
1926
1925
Calendar Yearsa Profit for year
Interest
Pension fund contrib. _ _
Provision for deprec_ _
Bad debts written off_ _ _
Provision for taxes
$754,735
6,071
29,451
60,166
3,275
53,000
$461,263
19,830
15,913
44,663
7,342
30,000
$324,702
32,012
16.898
24,058
9,131
22,000
$244,010
39.002
14,147
32.961
16.231
19,000
$343,515
Balance,surplus
$602,771
Pref. dividends paid-x(21 %)315,000(9%)135,000
$220,602
$122,669
$287,771
$208,515
Balance
$220,602
$122 669
a After selling, general & admin. expenses. x Consists of 6% for the
'
year ending Dec. 31 1928, equal to $90.000 and 15% for the 2% years
ending Dec. 311926.-V. 128, p. 3517.
-New Name.
-Listing.
(J. I.) Case Co.
The New York Stock Exchange has authorized the listing of 130,000
shares of preferred stock (par $100) and 130.000 shares of common stock
(par $100), upon official notice of issue, in exchange for the present outstanding certificates for such stock bearing the name of J. I. Case Threshing Machine Co.
At the annual meeting of the stockholders April 3, the stockholders
authorizing the change of the name of the corporation from J. I.Case
Threshing Machine Co. to J. I. Case Co. The change of name does not
and will not in any way effect the corporate identity of the corporation
or its rights, privileges, powers or obligations of whatsoever nature. Undertakings by the corporation under its former name of J. I. Case Threshing
Machine Co. will be equally binding on it under its changed name.
The primary reasons for change in name are two: (1) to remove the
confusion that has existed because of the presence of two corporations
making somewhat similar products in the same town-Racine, Wig;(2) because company's line of products has expanded over the past 20 years so
that "threshing machine" in its corporate name no longer signifies or stands
for the good it manufactures. (See J. I. Case Threshing Machine Co.,in
V. 128, P. 3517.)
-Offers Rights.
City Ice & Fuel Co.
The directors have authorized the issuance of 53,370 additional shares
of no par common stock at $45 a share to common stockholders of record
June 5 on the basis of one new share for every 20 shares held. The pref.
stockholders of record the same day are offered 13,500 additional shares
of 6M % pref. stock at par in the ratio of one additional share for every
80 shares of pref. held. Assignable warrants will be issued and the rights
and privileges of such warrants will be effective until the close of business
June 25.
The company announces also the filing of a contract with the Texas &
Pacific Ry. whereby it will provide for the construction of an icing plant
-V. 128, p. 3192.
at Fort Worth. Tex.
-New Directors-Earnings.
City Stores Co.
Milton Well, formerly Vice-President of Gotham Silk Hosiery Co.,
and Stuyvesant Fish. of Callaway. Fish & Co., have been elected directors.
1928.
1929.
Quarter Ended April 30-Net income after deprec. conting. & minority int.,
$241,464
$437,759
but before Federal taxes
$0.37
$0.17
Earns, per share on 967,221 shs. class"B"stock_ _ _
-V. 128. p. 3518.
-Initial Common Dividend.
(D. L.) Clark -Co.
The directors have declared an initial dividend of 41 2-3 cents per share
on the common stock, no par value, payable July 1 to holders of record
-month period from March 1 to July 1 1929.
June 15. This covers the 4
(For offering, see V. 128, p. 1060.)-V. 128, p.2096.
-Earnings.
Claude Neon Electrical Products, Inc.
Earnings for 3 Months Ended Ma.rh 31 1929.
Gross prof. on rentals & sales & royalt. rec.from suo-licensees.- _ -$285,848
134.979
Selling, administrative & general expenses
Operating profit
Other income-net
$150,868
51.740
Total profit
Provision for Federal income tax
$202.608
28,069.
$174,539.
Estimated Deferred Gross Profits on Neon Contracts
(Subject to General Overhead)
Unmatured monthly install. of Neon Sign rental contracts, less
$3,145,724
sign costs unamortized
736.458
Reserve for maintenance,commission & losses
Net profit
Estimated def. gross'prof. from Neon Sign rental contracts_ _ _$2,409.265
Comparative Consolidated Balance Sheet.
Liabilities- Mar.31 '29. Dec. 31 '28.
Assets
Mar.31'29. Dec.31'28
Cash, accts. rec. &
Notes & accts, pay.
accrued taxes &
8520,539 $420,905
inventory
Sundry sects., by.
diva. on pref. stk $154,329 1193.635.
119,500
143,159 Mtge. obligations_ 119,500
102,842
Inv.In rental equip 1,030,823
974,527 Res, for maint. &
Land, bides.& eq. 427,201
losses on Neon
382,033
Pat. rights & goodsigns, gen. cont.
99,932
157,857
will
155,233 &c
145,891
141,729
154,739
Neon sign rental
Deferred income_
contracts
2,990,985 2,805,533 Neon sign rental
112,232
contr. (contra). 2,254,526 2,115,663
Deferred charges
108.960
Reserves for maint.
689,869'
commis.& loss _ 736,459
Preferred stock _ _ 1,200,000 1,200,000
433,291
Common stock_ - :549,830
$5,327,240 24,993,621
Total
25,327,240 24,993,621
Total
x Represented by 185,000 no par shares.
-V.128, p. 3518.
Colt's Patent Fire Arms Mfg. Co.-Bal. Sheet Jan. 11928.
Assets1929.
Real estate, bldgs.
mach.& equip_ .23,116,052 $3,174,176
3,046,764 2 752,292
Inventories
1715,849 (606,691
Accts. receivable
26,083
Notes receivable- Cash & invest'ts__ 2,266,921 2,797,953
57,287
44.271
Deferred charges__
-V.126, p.3125, V. 124.p.3778.
Liabilities-1929.
1928.
Capitalstock
$5,000,000 25,000,000
Advance payment
627,422
under contract. 528,972
80,674
Accts. payable_ _ 105,627
Surplus
3,555,257 3,706,385.
Tot.(each side)_ 89,189,857 $9,414,481
3690
FINANCIAL CHRONICLE
[VoL. 128.
Commodore Athletic Club, N.Y.City.-Foreclosure Sale.
After providing for dividends on 125,000 shares of 116 dividend preferred
The home of the Commodore Athletic Club, a 22
-story club and hotel stock, series A, the balance remaining is $2,876,075, equivalent to over
building at 351-359 West 42d St., between 8th and 9th Ayes., N. Y. City, /.4.24 per share on the common stock to be presently outstanding.
-V.
was sold in foreclosure proceedings May 22 to L. W. Wolfsohn, Pres, of 128, p. 3357.
the Centmille Holding Corp. plantiff in the action and holder of a mortgage
Cosgrove
-Meehan Coal Corp.
-Earnings.
judgment of $148,569 against the club and others. Back taxes. &c., on the
Calendar Yearsproperty amounted to $27,144.29. Mr. Wolfsohn acquired the property
1928.
1927.
on a bid of $115,000 above a prior lien of $977,500.
Operating income
$1,321,446 $1,056,316
Maintenance of plant and equipment
794,087
486.577
Congress Cigar Co.
Strike expense
-Extra Dividend.
123,965
The directors have declared an extra dividend of 25 cents per share in Interest
195,501
207,493
addition to the regular quarterly dividend of $1.25 per share on the capital Provision for depreciation and depletion
178.467
185,953
stock, no par value, payable July 1 to holders of record June 14.-V. 128,
Net profit after all charges
p. 2814.
$71 807
$133,912
Earns. per sh.on 231,135shs. corn.stk. out.(no par)
$6.31
$0.57
Conley Tank Car Co.
V. 126. p. 3598.
-Earnings.
Earnings for Year Ended Dec. 31 1928.
Credit Alliance Corp.
-Earnings.
-Income from rentals and mileage
$721,604
Other income
Quarter Ended March 3116,248
1928.
1929.
Gross business
$12,386,622 $9,617,814
Total income
$737,852 -V.128, p. 3519.
Car repairs
163,633
Cunard Steamship Co., Ltd.
General and administrative expense
-Annual Report.
76,656
Calendar YearsIhterest and amortization
1928.
1927.
137,031
1926.
1925.
Pennsylvania and other State taxes
£3,213,600 £3,339,713 £3,057,366 £3,307,113
20,091 Gross earnings
Reserve for depreciation on car equipment
2,679,965 2.511,037
299.990 Exp.,int.,depr.,tax,&c. 2,663,122
2,974,326
Net profit
Net profit
£550,478
£659,748
$40,451
£516,329
£332,787
Preferred dividends
135,000
135.000
36,536 Preference dividends_ _ _
135,000
135,000
Common dividends
417,770
417,770
20,442 Divs. on ordinary stock_
267,372
222,810
Balance, deficit
Balance, surplus
def£2,292
£106,978
£113,957 def£25.023
$16,527
Earnings per share on 10,221 shares common stock (no par)- _ -190,688
183,709
169,753
194.777
$0.39 Previous surplus
-V. 128. p. 1912.
Total surplus
£188,396
£290,688
E283,710
£169.754
Congo!. Coppermines Corp.
Reserve fund
-Balance Sheet Dec. .--100,000
100,000
1928.
1927.
1928.
1927.
Balance carried for'd_
£188,396
£190,688
£169,754
£183,710
Assets$
$
Liabilities
V. 126, p. 2319.
Property & equip.x7,240,718 6,897,389 Capital stock
7,067.085 6,285,023 Derd developml- 3,624,930 3,114,082 ...Vendors
55,892
102,954
Curtis Publishing Co.
-Extra Dividend.
Investments
151,311
151,685 Current liabilities_ 191,207
190,955
The directors have declared an extra dividend of 50c. per share and the
Current assets._,._ 2.015,864 1,417,903 Deterred liabilities
9,589
9,200
Treasury stock_
35,167 Res. for depletion_ 1,259.434
777,298 regular monthly dividend of 50c. per share on the common stock, both
Deferred accounts 103,617
48,694 Paid-in surplus.. _ 4.553,232 4,099,489 payable July 2 to holders of record June 20.-V. 128, p. 2637.
Total
13.136,440 11,464,920 Total
13,136,440 11,464,920
* Stock to be issued for property acquired. z After deducting $431,861
reserve for depreciation.
-V.128, p. 1736.
Consolidated Retail Stores Inc.
-Earnings.
-
De Forest Crosley Radio Co., Ltd.
-Earnings.
Earnings for Year Ended Dec. 31 1928.
Profit from operations after providing for all manufacturing
costs,including depreciation,and for selling & admin.expenses
Profits on sale of securities
$193,859
17,946
Earnings for Year Ended Dec. 31 1928.
Total profit
$211,806
Sales
$18,422,276 Provision for Dominion and income taxes
16,391
Gress profit incl. disc., taken on purchase and income from
leased department
7,569,724
Net profit
8195,414
Oper. exp., incl. prov.for income taxes
6,689,960 Earnings per share on 33,000 shs. capital stock (no par)
$5.92
-V.127, p. 2095.
Net income of wholly owned
$879,764
Proportion of net income of partially owned affiliated companies
Devoe & Raynolds Co., Inc.
-Listing.
applicable to stock ownership
53,488
The New York Stock Exchange has authorized the listing of an additional
Total net income
$933,252 50,000 shares of class A common stock (non-voting except for one-third of
the total number of directors), on official notice of issuance pursuant to
-V.128, p. 3357.
offer to shareholders and payment in full making the total amount applied
for 160,000 shares. See also V. 128. p. 357. 3519.
Continental-Diamond Fibre Co.
-Initial Dividend.
An initial dividend of 50c. per share has been declared on the capital
Diamond Match Co.
-Listing.
stock, no par value, payable June 28 to holders of record June 14. See also
The New York Stock Exchange has authorized the listing of 9,000 addioffering in V. 128, p. 1736.)-V. 128. P. 3357.
tional shares of common stock (par $100), making the total listing of such
shares applied for (after deducting lapsed authority) 178,651 shares.
Cooper-Bessemer Corp.
-Initial Dividends.
The 9,000 additional shares are to be issued for cash at $148 per share,
The directors have declared an initial dividend of 50 cents a share on
the common stock and 75 cents a share on the $3 cumul. pref. stock, series pursuant to resolutions of the board of directors adopted on April 25. SubA. both of no par value, payable July 1 to holders of record June 10. See scription warrants for full shares and fractional warrants for less than full
shares are being issued to stockholders of record May 6,evidencing the right
also V. 128, p. 1912.
to subscribe to this additional Issue in the ratio of 9
-166th of a share for
each share held. By an accompany letter stockholders are requested not
Corroon & Reynolds Corp.
-Common Stock Offered.
- to exercise these rights, but to permit them to lapse so that the company will
A group consisting of Merrill, Lynch & Co., Hunter, Dulin be free to sell the stock at a price not less than that at which it is offered to
-V. 128. P. 2999.
& Co., J. A. Sisto & Co. and W. Wallace Lyon & Co. is of- stockholders.
fering 75,000 shares common stock, at S31 per share.
CapitalizationAuthorized.
Outstanding.
Preferred stock (no par value)
' $6 Dividend cumul. cony., series A
125,000 shs. a125,000 shs.
Not yet classified into series
125,000 shs.
Common stock (no par)
b1.500.000 shs
677,400 shs.
a Includes 5,426 shares reserved for exchange, share for share, for 5.426
outstanding shares of 7% preferred stock of Knickerbocker Equitable
Securities Corp.
b Includes 375,000 shares reserved for conversion of 125,000 shares
series A preferred stock; also 200,000 shares reserved for bankers' options
until Oct. 14 1929, at price ranging from 30 to 45.
Data from Letter of Richard A. Corroon, Pres. of the Corporation.
Cornpany.-Has bee organized in Delaware and has acquired all of the
common stock and 78.3% of the preferred stock of Knickerbocker Equitable Securities Corp. The latter company was organized in 1923 as a holding
company for shares of insurance companies, insurance management and
agency corporations. The corporation is also acquiring all the stock of
It. A. Corroon & Co., a lone- established insurance brokerage business.
Knickerbocker has a controlling or substantial interest in the following
companies:
American Equitable Assurance Co. of N. Y.; Bronx Fire Ins. Co. of the
City of N. Y.; Brooklyn Fire Insurance Co.; Globe Insurance Co. of Am.,
Pittsburgh, Pa.; Independent Fire Ins. Co. of Philadelphia; Independence
Indemnity Co. of Philadelphia; Long Island Fire Ina. Co.; Knickerbocker
Insurance Co. of N. Y.; Liberty Bell Insurance Co. of Philadelphia, Pa.;
Merchants & Manufacturers Fire Ins. Co. of Newark, N. J.; New York
Fire Insurance Co.; Metropolitan Fire Ins. Co. of N. Y.; Republic Fire
Ins. Co., Pittsburgh, Pa.; Sylvania Insurance Co.,Philadelphia. Pa.; Guardian Fire Assurance Corp. of N. Y.; all of which, with the exception of
Liberty Bell Insurance Co. and Guardian Fire Assurance Corp., are under
the management of Corroon & Rynolds, Inc., the Wholly owned subsidiary
management corporation. The above companies reported assets at Dec. 31
1928, in excess of $70,000,000. with a premium Income for 1928 of $23,44,696.
Knickerbocker owns the entire capital stock of Central Fire Agency, Inc.,
one of the largest insurance agencies in the country, which represents 28
Insurance companies. These companies received $11.171,602 in premiums
for 1928 through this agency. In addition Knickerbocker owns, directly
or through subsidiary or affiliated companies,substantial holdings in certain
other companies whose operations have been profitable over a long period.
The corporation has a complete organization covering virtually all of the
various branches of the insurance business, except life insurance. Due to
this, and to the experience of the management covering a period of over
25 years, the corporation is in a strategic position in respect to the financing,
refinancing and operating ofinsurance companies, management corporations
and agencies upon a basis which is producing profitable results.
The corporation has acquired 78.3% of the outstanding preferred stock
of Knickerbocker, and the holders of the remainder of such stock have been
given the opportunity to exchange their stock for the convertible preferred
stock, series A, of the corporation. The value of the net assets of the corporation and Knickerbocker and their subsidiaries on a consolidated basis,
as of Feb. 28 1929 (marketable securities at March 20 1929, valuations),
Including the introduction of new capital resulting from the present issue
of common stock, amount to over $27,000,000.
Earnings.
-The income of the corporation and its subsidiaries is derived
from three principal sources: Profits from the ownership and management
of the general agency business;dividends from securities owned,largely from
wholly-owned or controlled insurance companies; and profits realized from
the purchase and sale of securities. For the year ended Dec. 31 1928.
earnings of Knickerbocker and its subsidiaries, and R. A. Corroon & Co.,
on a consolidated basis, after crediting 6% on the new capital provided by
this and recent financing, and after deduction of all expenses (excepting
$75,000 officers' compensation not to be paid in succeeding periods), and
after deducting Federal income taxes, amounted to $3,626,075.
--Earnings.
Dictograph Products Co., Inc.
Income Account Year Ended Dec. 311928.
Net sales
Cost ofsales
Selling expense
Administrative expense
$2,042,384
709,829
783,972
141,496
Net operating profit
Other income (net)
8407.086
289.163
Total income
Federal income tax-1928
8696,249
64,505
Net profit
Surplus Jan, 1 1928
$631,744
387,646
$1,019,391
41.100
117.420
Total surplus
Premium paid on retirement of preferred stock
Dividends
Surplus Dec. 31 1928
Earn, per sh. on 200,000 she, of cap. stock outst'g (no par)- -V. 127, p. 3252.
$860 871
33.18
-Initial Dividend.
Deisel-Wemmel-Gilbert Corp.
The directors have declared an initial quarterly dividend of 37;i cents
a share on the common stock, no par value, payable June 16 to holders
of record June 5. See also V. 128. p. 2275, 2097.
-Annual Report.
Dominion Coal Co., Ltd.
Years Ended Dec. 31Operating profit
Sinking fund and depreciation
Interest and discount on bonds,Ste
Net profit
Previous surplus
1926.
1927.
1928.
$1,085,716 $2,297,832 $2,606,633
730,000
730,000
730,000
617,451
579,577
658,899
def$303.183
1,322,002
$988,255 $1,259,182
333,747 def925,434
$1,018,819 $1,322.002
Balance Sheet Dec. 31.
1928.
1927.
1928.
LiabilitiesAssets$
$
18,000,000
Properties
28,595,083 26,574,499 Capital stock
7,625,600
25,022 Funded debt
Cash (trustee)._..
57,088
Inventories
2,382,497 2,627,526 Deferred payments
2
Trade accts. roe.. 1,957,449 1,951,613 Bank loans
584,869
186,429 Carr. accts. pay
Other accts. rec.__ 139,286
1,600 Wages payable_. 195,356
Investments
1,800
66,517
685,194 Accrued interest
Cash
587,215
2,643,171
67,178 Loans
xNat.T.Co
525,481
329.822 Demand insurance
Deterred charges
331,710
Balances payable_ 1,202,315
1,241,039
Reserves
Surplus
1,018,819
Profit and loss surplus
$333,748
1927.
$
18,000,000
7,855,500
28,000
2
435,102
209,011
88,904
2,185,318
1301,674
1,245,371
1,322.002
Total
32,577,589 32,448,885
32,577,589 32,448,885
Total
x Receiver and manager of Dominion Iron & Steel Co -V.128,P.2815.
-Listing.
(E. I.) du Pont De Nemours & Co.
The New York Stock Exchange has authorized the listing of 19,999
additional shares of non-voting debenture stock (par $100), and 20,823
additional shares of voting common stock (par $20). both on official notice
of issuance and payment in full for acquisition of the assets of the ICrebs
Pigment & Chemical Co., making the total amounts applied for,respectively
3691
FINANCIAL CHRONICLE
J11:7NB 11929.]
977,944 shares of 6% non-voting debenture stock and 10,311,768 shares of
Electric Auto Lite Co.--Earnings.common stock.
4 Months Ended April 30-1929.
1928.
The issuance of the aforementioned classes of stock was authorized by
Net profit after chgs. but before Federal taxes
$4,716,111 $2.280.181
the finance committee at their meeting on April 15 for the purpose of
V.
acquiring all the assets, subject to liabilities, of the Krebs Pigment & - 128, p. 2816.
Chemical Co.,the stock to be issued therefor to be issued to the stockholders
-Earnings.
Empire Bond & Mortgage Corp.
of the Krebs Pigment & Chemical Co. in proportions to their holdings of
Quarter Ended Iilarch 311929.
1928.
stock.
Net income after provision for Federal taxes
$149,725
$116,116
The Krebs Pigment & Chemical Co. has outstanding 1,297 shares of pre$3.59
$2.48
ferred stock (par $100) and 16,329 shares of common stock (par $100).- Earnings per share on 30,393 shares common stock
- 127, p. 3547.
V.
V. 128, p. 3520.
Dumbarton Bridge Co. (San Francisco).
-Earnings.
12 Mos. End. Jan. 14 to
Dec. 31 '28. Dec. 31 '28.
$215,173
$159,855
93,793
71,783
16,261
8,555
64,918
62.367
6,429
1,179
PeriodTolls "
Operating expenses
General & admin. expenses
Int. and amortiz. on bonds,&c.(net)
Prow. for Federal income taxes
Net profit
-Ir. 126, p. 3934.
Eastern
$41,478
$8.265
-Earnings.
Emsco Derrick & Equipment Co.
Income Account Year Ended December 31 1928.
Earnings for year
Reserve for Federal taxes
Reserve for contingencies
Interest on funded debt
$1,772,659
204,932
98,297
64,892
Net income
Stock dividends
Cash dividends
$1,404,538
1,125,000
269,243
$10.295
250.000
1.177,407
Balance surplus
Surplus paid in
Previous surplus
Steel Products, Ltd.-Earnings.[Incl. the A. B. Ormsby Co., Ltd.]
Income Account Year Ended Nov. 30 1928.
Total surplus
Adjustments
$1.437,702
Dr.6.078
Gross earnings
Provision for depreciation
Deferred charges written off
Provision for Federal income taxes
8355,825
43.257
10,215
24,000
Net profits
Discount received on capital stock redeemed
$278,352
749
Net income
Dividends on prior preference stock
Dividends on second preference stock
$279,101
39,497
15.750
Balance,surplus
Surplus, Dec. 1 1927
$223,854
114,083
Surplus, Nov. 30 1928
-v. 125, P. 2675.
$337.937
Total earnings
Operating expense
Depreciation
$5,887,694 $5,588,605 $5,301,444 $4,770,707
1,135,049
1,044,500
992,355
903,651
300,681
293,154
288,966
283,776
Easy Washing Machine Co., Ltd.(& Subs.).
-Earnings.
Net oper. profit
Other income
$4,451,965 $4,250,951 $4,020,124 $3,583,280
82,418
61,870
40.988
29,155
$1.431.624
Profit & loss surplus
*Earned per share on 50,000 shares of corn, stock outstanding_
$28.09
* 50,000 shares of $100 par value were exchanged for 400,000 shares of
no par value January 3 1929.-V. 128, p. 2275.
-Earnings.
Equitable Office Bldg. Corp.
1928.
1927.
Years Ended April 30- 1929.
1926.
$5,384,346 $5,208,764 $4,961,724 $4,462,136
Rentals earned
503.348
379,842
339,720
308,571
Miscellaneous earns_ _
Income Account Year Ended Dec. 31 1928.
Net profit after deducting all oper. exps., incl. deprec
Expense re change in cap. struct. and comm. on sale of pref.stk.
Provision for Federal income taxes, year 1928
$166,042
26,476
13,733
$4,534,382 $4,312,820 $4,061,112 $3,612,435
Total income
Int., real est. taxes, &c. 2,175,575
2,187.129
2.192,646
2.207,211
288,000
287,500
236,000
Federal income tax
168.000
Net income
Dividends on preference shares
Dividends on common shares
$125,832
16,188
81,727
Net profit
Preferred dividends
Common dividends ___
Balance, surplus
Previous surplus
Adjustments (prior years)
$27.916
292,938
Cr7,416
Total surplus
$328,271
Earned per share on 38,460 shs. of no par corn, stock outst'd'g_ _
3.54
-V. 128, p. 3000.
Eddy Paper Corp.(& Subs.).
-Income Account.
Calendar YearsSales. net
Cost of goods sold
General expense
1928.
1927.
1926.
$6,065,467 $6,293,286 $5,495,678
4,983,498 4,946,882 4,914,472
525,865
485,932
375,073
Net operating income
Other income
$556,104
45,631
$860,472
68,463
$206,134
27,249
Total income
Interest and discount
Miscellaneous debts
Prem, on bonds red
Depreciation
Federal and State income taxes
$601,735
34,002
14,529
28.920
378,470
9,000
$928,935
130,998
59,474
$233,382
122,811
18,875
Net profit
Shs.of mp,stock outstanding (no par)
Earnings per share on capital stock
-V. 126, p. 2973.
$136,815
165,000
80.82
$317,748
125.000
$2.54
367,114
53,600
891,696
125,000
$0.73
Edwards Dental Supply Co.
-Formed to Take Over
Largest Dental Concern on Pacific Coast-New Financing
Arranged.
Announcement is made of the formation of this company in Delaware
to acquire the entire capital stock, except directors' qualifying shams, of
the Jas. W. Edwards Co. of California, the leading dental supply corporation on the Pacific Coast. The original business was established in 1882.
Public offering of 634% convertible gold debentures and capital stock of
the new corporation is expected to be made shortly by Schwabacher & Co.
and Wm. Cavalier & Co.
Equitable Investing Corp.
-Stock Dividend.
The directors have declared a 1 % stock dividend on the class A common
stock, no par value, payable June 15 to holders of record May 31. See
also V. 128, p. 2098.
Electric Shovel Coal Corp.
-Earnings.
Income Account Year Ended Dec. 311928.
Profit from operations
Royalties, depletion & depreciation
Interest on mortgage bonds
Federal taxes & other deductions
$438,970
68,767
9,884
43,599
Net income
Credit balance Jan. 1 1928
$316,719
395,077
Total surplus
Refinancing exps. in connection with the sale of cap,stock,incl.
unamort. disc. & prem, on all let mtge. bonds red., & inc.
Items prior to current year
$711,797
Balance surplus
Dividends on prof stock
$535,449
115.168
Credit balance Dec. 31 1928
-V.127.P.553.
$420,282
176,347
Electrographic Corp.
-Earnings.
Income Account Year Ended December 311928.
(Including operations of predecessor companies for period prior to consoll
dation and operations for the entire year of companies acquired during 1928.)
Net sales
$3,945,417
Cost of sales
$2,490,415
Expenses-selling and administrative, depreciation, &c
860.684
Net operating profit
Other income
Total
Provision for Federal income tax
Proportion of net profit applicable to minority interests
Combined profits
Dividend requirements for full year on 7% camel. pref. stock_
$594,317
25,433
$619.751
74,041
17.619
4528,091
64,400
Balance
$463,691
Earned per share on 106,678 shares of corn.stk. outstg.(no par)
$4.34
x Includes $50,521, earnings of subsidiary companies for period prior to
-V. 128. p. 1062.
acquisition by Electrographic Corp.
$2,070,807 $1.838,191 $1.632,466 $1.237,224
4,900
33.785
349,002
322,933
1,500.429
1,780,800
437.675
727,682
$285,107
$303,977
Balance, surplus
$845.789
$186,609
Shs. corn. stk. out,stnad.
221,696
892,160
153,992
153,992
(no par)
$8.14
$2.31
$8.33
Eanrings per share
$5.93
Condensed Consolidated Comparative Balance Sheet April 30.
1929.
1928.
1929.
1928.
Liabilities-Assets$
$
5.
S
Preferred stock_ __
48,000
Land & bldg. (less
115,200
.
deprec. res.) _ _ _x33,172,553 33,473,235 Common stock_ _y9,292,000 9,224,800
Miscell. equip..__
28,783 Equit. Life Assur.
25,308
Soc. mtge
19,371,881 19,507.871
Rights, pdv., ten35,000
alleles & going__ 4,390,000 4,390,000 6% gold mtge. bds.
35,000
35-yr.5% sink. fd.
Premium paid for
150,000
debenture
8,737,000 8,928,000
cancel. of lease. 128,572
192,053 Accts. Pay., texes,
Sinking fund deps_ 201,282
int., ecc
1,396,475 1,382,576
Invest, held for acRents rec'd in adv.
count of employ. 139,664
5:c
1,154,408 1,326,909
98,496
Cash
56,279
80,876 Employ., Mir. fd.
Accts.receivable__ 161,762
res
82,507
Equit. Office Bldg.
16,000
183,187 Approp. surplus
52,612
49,189
49,189
Corp. corn stock
605,325 Additional dep rec_ 160,253
100,046
Temp. invests._ __ 1,102,624
73,362 Surplus
1,439,933 1,198,285
63,589
Inventories
109,514
Deferred charges _ 118,362
Total (ca. side).40,710,736 40,613,246
x After deducing $4,846,393 depreciation reserve. y Represented by
-V. 128, p. 3520.
892,160 shares of no par value.
Ercole Marelli & Co., S. A., Milan, Italy.
-Earnings.
1928.
Calendar Years1927.
1926.
1925.
$2,693,418 $2,447,731 $2,422,685 $2,098,280
Sales-foreign
Sales-domestic
3,304,700
3.132,032
2,313,421
2,466,108
Less shipp'g&transp.exp
362,656
147.040
174,903
Net sales
Cost of goods sold
$5,998,118 $5,217,107 $4,589.066 $4,389,485
4,112,286
3,127,934
2,150,283
2,442,328
Gross trading profit_.. $1,885,832 $2,089.173 $2.438,783 $1,947,157
Miscell, trading profit__
24,088
Dr.16,016
Total profit
$1,909,921 $2,089,173 $2,422,767 $1,947,157
Selling, gen'l & admin.
922,815
1.182,520
971,443
expenses and taxes
1.021,382
Net profit from oper-Other income
$888.539
118,573
Total income
$1.007.112
Exchange losses & depr
of investments, &c__ - ----Depreciation
185,976
Interest
225,356
Sundry adjustments
Taxes
56.113
$906,653 $1,451,324 $1,024,342
67,041
52,069
26,997
$973,694 $1,478,321
$1,076,412
92,490
140,744
112,298
20,151
30.346
Cr.35,946
139,266
83,313
45,004
17,847
137,788
169,110
219,317
Cr8,632
53.252
$826.9?8
Net profits
$402,859 $1,082,292
$539,667
Note.
-Conversions for 1925, 1926 and 1927 at average rates of exchange
during respective years for sales and expenditures, and at year end rates
for inventories. All 1928 figures converted at par of exchange.
Erskine-Danforth Corp. ("Danersk").-Ex. Div.
A quarterly dividend of $1 regular and 25c. extra per share has been declared on the common stock payable June 1 to holders of record May 29.
and a regular quarterly dividend on the preferred stock of 2%, payable
July 1 to holders of record June 26. An extra dividend of 25c. per share
was also paid on the common stock on Dec. 1 1928 and on Mar. 1 last.
-V.
128, p. 1405.
Esmond Mills.
-Balance Sheet Dec. 31.Asse5s1928.
1927.
Liabilities1928.
Real estate ecbldgs$1,932,147 51,923,295 Capital stock
$2,380,000
Machinery
2,597,619 2,472,555 Accts.& notes pay. 399,674
Merchandise
1,511,002 1,967,484 Res.for deprec.- 1,911,187
Cash & accts. receiv 580,658
993,640 Surplus
2,632,072
Securities
700,606
654,147
1927.
$1,615,000
1,385,878
1,716,923
3,293,320
Total
$7,322,933 58,011,121
Total
57,322,933 58,011,121
The board of directors now includes: Clarence Whitman (Chairman),
Harold C. Whitman (President), F. Gilbert Hinsdale, Henry P. Binney
(Vice-Pres.), Clift Rogers Clapp, John A. Pearson (Treas. & Sec.), C. Morton Whitman, Dexter Stevens (Vice-Pros,), and Reginald L. Whitman.
-V. 127, p. 2372.
Ewa Plantation Co., Honolulu.
-Annual Report.
-
Calendar Years1928.
1925.
1927.
1926.
Net profit
$1.484,694 $1,643,756 $1,166,111 $1.152,873
Dividends paid
(32%)1,600,000 (18)900,000 (18)900.000 (14)700,000
Balance, surplus
-V. 127. p. 1395.
def$115,306
$743,756
$266,111
$452,873
[VoL. 128.
FINANCIAL CHRONICLE
3692
producing results and is expected to effect an annual saving of $500,000
a year in costs.
-V. 128. p. 3359.
-Earnings.
Fageol Motors Co.(& Subs.).
Earnings for 4 Months Ended April 30 1929.
Net sales
Cost of goods sold
Factory expense
$1.440,041
1,113,493
158,805
Gross profit from sales
Royalties
Interest & discount & misc. profit
$167,743
25.000
48,981
Total profit
Commercial & selling expenses
Interest & discount
$241,724
94,027
57,854
$89,844
Net profit before Federalincome tax
Consolidated Balance Sheet April 30 1929.
Liabilities
Assets
Cash
$75,648 Liabilities, current
692,259 Deferred charges
Accounts receivable
Notes & trade accept's. receiv _ 344,540 Reserves
1,633,391 Bonded debt
Inventories
Common stock
RI. est. bides. ar strue. mach.
:385,529 Preferred stock
fixtures
1 Surplus
Patents
154,394
Prepaid expense
Stock premium lc discount ___ _ 2,051,339
$5,337,103 Total
Total
x After deducting $434,036 reser% e for depreciation.
128, p. 2470.
$1,032,447
26,395
41,008
525,000
y2,000,000
840,500
871.752
$5,337,103
y Par $10.-V.
-Annual Report.
Fraser Companies, Ltd.
Calendar Yearsx Profits
Bond interest
Other interest
Depreciation
Depletion
Net profit
Preferred dividend
Common dividend
1925.
1926.
1927.
1928.
$1,765,154 $1,672,954 $1,561,825 $1,133,071
223,310
363,000
379,838
794,802
150,512
148,987
185,460
42,554
224,067
291,698
314,206
353,121
146,654
147.728
116,013
140,045
$434,632
371,179
Balance
$63,453
Previous stuTlus
1,582,165
Bond discount
Commission & discount
on securities sold_ _ _ _ Dr.45,908
$677,436
162,750
200,000
$610,412
157,350
200,000
$388,528
109,868
$314,686
1,350,971
$253,062
1,182,409
$278,660
1,268,279
Dr241,530
Dr.83,492
Dr.84,500
Dr123,000
Profit & loss surplus _ _ $1,599,711 $1,582,165 $1,350,971 $1,182,409
Shares corn. stk. outst'g
(no par)
y100 000
y100,000
373,665
300,000
Earnings per share
$1.16
$4.53
$1.71
x After operating expenses, Federal and general taxes and provision 'for
bad and doubtful debts. y Par $100.-V. 128, e. 118.
Gabriel Snubber Mfg. Co.-Earnings.-
Quer.End. Mar.311926.
1929.
1928.
1927.
Net profit after deprec.,
$257.518
$91,016
taxes, &c
$3333.952
loss$26,678
-Larger Dividend.- Earns. per sh. on 200,000
(H. K.) Ferguson Co. Cleveland.
$1.29
Nil
$0.45
A & B shs. (no par)_ _
$1.67
'
This company, engineers and builders, has declared a dividend of $3
per share to its stockholders, which was payable May 21, to holders of -V.128, p. 1406.
April 30. This dividend places the stock on a $12 annual basis as
record
--Earnings.
Galland Mercantile Laundry Co. (Del.).
compared with an $8 basis previously.
The company recently expanded its main offices in the Hanna Building,
Income Account 12 Months Ended December 311928.
a large corps of engineers Profits before depreciation & Federal income taxes
$206,272
Cleveland, approximately 50% to provide room for
36,101
now supervising new construction projects.
Depreciation
Among the large construction projects the concern Is now building is,
American Enka
$170,171
a $10,000,000 rayon plant at Asheville, N. C., for the
Balance after depreciation
11.445
Corp.; a $1,500,000 pottery addition at Newell, W. Va. for the Homer Other income,net
Laughlin China Co.: a $25,000,000 cable and insulated wire plant for The
$181,617
Western Electric Co. at Point Breeze, Md.; and large chemical plant for
Total income
19,972
The Westvaco Chlorine Products Co., at S. Charleston, W. Va.
Federal income taxes,estimated
-Earnings.
Ferro Enameling Co.
The company reports for the four months ended April 30 net profits
of $115,365 available for class A preferential dividend. This is equivalent
-V. 128, p. 2817.
to $4.61 per share on the class A stock.
Fideicomiso Panama-Americana (Panama-American
-R. H. McClure & Co., New
Trust Co.).
-Stock Offered.
York, are offering 40,000 shares capital stock at $23.50
per share.
Laundry,Net
,645
profit
Note.
-Earnings include those of the Galland Mercantile
(Calif.) for the 5 months ended May 31 1928, and of its successor, the
Galland Mercantile Laundry Co., (Dol.) for the 7 months ended Dec.
31 1928.-V. 128, p. 895.
-Rights.
-Stock Div.
General American Investors Inc.
The stockholders on May 28, approved a 100% stock dividend and a
stock offering. They ratified a proposal to increase authorized common
stock from 200,000 to 1.500,000. part of which will provide for the dividend
and for the offering of 400,000 additional shares at $15 each In the ratio
of one new share for each share held.
They also approved the redemption of the $1,500,000 outstanding
preferred stock, which Is callable at 120 and dividends. All the preferred
stock is owned by Lazard Freres and Lehman Brothers, with whom arrangements have been made for its retirement at 100 and dividends. The
stock dividend is payable to stockholders of record June 8. The subscription rights will expire on July 9. See also V. 128, P• 3369. 3196.
Authorized. Outstandino.*
Capitalization$500,000
$1.000,000
Capital stock ($10 par)
*The company will have a paid in surplus of $10 for each share issued.
Data from Letter of Colonel George R. Shanton, Acting Pres.
-Has been organized in the Republic of Panama to meet the
Company.
demands of the rapidly increasing commercial, realty and building needs
of the country. The only banking accomodations at present are those
provided by the Banco Nacional de Panama (all of the stock of which is
-Listing.
General Bronze Corp.
owned by the Panama Government) and by branches of foreign banks.
The New York Stock Exchange has authorized the listing of 219.985
All departments of a modern trust company will be established to handle
administrator; transfer agent: registrar; shares of common stock (no par value).
individual trusts; to act as executor;
Consolidated Income Account Ended Dec. 311928.
dividend distributing agency; trustee under corporate indentures, &c. A
$
foreign department will be maintained with international connections to Gross earnings on completed contracts
' '
deal in every type of foreign business. When organization has been com- Cost of completed contracts (incl. mfg. labor, materials and 5 279 316
4,012,983
pleted there will be elected to the presidency of the trust a banker, who for
manufacturing overhead)
25 years has been prominently identified with banking and financial in$1,266,333
terests in Latin America. Prominent Panamanians will also be added
Gross profit from manufacturing
193,751
to the Board.
Administrative expense
102,019
-A. Havens Bowditch, Wm. S. Chadbourn, Leopold Croes, Commercial expense
Directors.
Samuel G. McClellan, Louis K. Purdom, Colonel George R. Shanton,
$970,562
Frederick S. Stoepel, Alanson W. Wightman.
Net income from operations
63.984
Other income (net)
-Earnings.
Financial Investing Co. of N. Y., Ltd.
$1,034,547
For the first five months of 1929 the company will show net earnings
Total
44,379
after interest, operating expenses and taxes amounting to about $207,000, Depreciation of plants, machinery and equipment
which compares with $83,069 for the same period of 1928, according to a Provision for Federal and Canadian income tax
118,200
statement issued by President J. W. Rockwell Jr. Net per average share
outstanding will be about $1.18 for the first five months this year, compared
6
7 68
$871:9161
Net income
-V. 128. p. 3520.
with $0.93 for the corresponding period of last year.
Dividends on preferred stock
795.806
Balance surplus
-Acquire Soda Fountain Co.
(I.) Fischman & Sons.
Earnings per share
To meet the growing demand for modern soda fountains in the central and -V. 128, p. 2817.
far west, the company has just acquired The Stanley H. Knight Co., soda
3 96
$;
-Buys Allison Engineering C0 General Motors Corp.
fountain manufacturers of Chicago, Ill., Stanley H. Knight will remain
as President of the Stanley company, but will conduct its operations under President Alfred P. Sloan Jr. on May 24 issued the following
the supervision of the Fischman organization.
Consolidation of its operations in a modern plant at Philadelphia with- statement:
in the near future, from which important manufacturing economies are
The General Motors Corp. has acquired the Allison Engineering Co. of
expected is also announced, and in addition, extensive expansion of the Indianapolis, Ind., in its entirety.
Chicago plant will be inaugurated shortly.
The Allison company has, for some time past, been engaged in various
The company reports large unfilled orders, are on its books and declares developments of a mechanical nature and has recently been giving conthat it is significant that the substantial growth, which in 1928 was 200% siderable teselnt ion to the development of aviation engines, including those
atte type.
over 1927, has been accomplished exclusively in the eastern section of the
-V. 128. P. 3195.
As for the future, it will be the purpose of General Motors to intensify
country where the company is strongly entrenched.
and expand this company's operations especially along the lines indicated.
-Earnings.
Foster & Kleiser Co.
Years End. Mar. 31- 1929.
$8,107,141
Gross income
1.205.361
Net profits
-V. 127, D. 1682.
1927.
1926.
1928.
$8,181,227 $7,819,307 $7,549.899
1,522,375
1.400,090
1,445,575
General Motors Sales Overseas.
In the first quarter of 1929 General Motors sales to overseas dealers
amounted to,54,212 cars, as compared with 56.937 in the corresponding
Period of 1928. The corporation's announcement states that this reduction
does not in any sense represent a change in the demand but rather reflects
Corn. Div.
- the limitations on production due to an extensive revamping of certain
-Earnings.
Foster Wheeler Corp.-Resuntes
of the corporation's models, which condition has also been reflected in the
The directors have declared a dividend of 25 cents per share on the no
markets.
ea
uiniTer o}novs so tf
cove ing earemeta t:lo cars in th:dcirnesgcmark
par value common stock, payable July 1 to holders of record June 12. reygsn
in the
showneby quart
./1 dividend of 3734 cents per share was paid on this issue on Oct. 1 1927: following tabulation:
none since.
1925.
1926.
1927.
sto o rer & Trucks Soldx 1929.
1928.
IN ciufe
a tars
Net income for the four months ended April 30 1929 was $508,261, after
15,577
31,936
39,443
56,937
54,212
reserves for taxes and depreciation. This is equivalent, after preferred 3d qquuaarrttexer
26.277
31,861
53,009
80,533
2
dividend, to $2.21 per share on 193,800 shares of commonstock.-V. 128.
25,906
22,799
72,820 48,885
33,134
P. 3359.
32.195
52,493
71,867
4th quarter
X These figures represent the sales to dealers by General Motors export
-To Simplify Capital.
Foundation Co. of Canada, Ltd.
Oldsmobile, Oakland, Buick. LaSalle
organization, of Chevrolet, Pontiac,
The shareholders have approved the plan looking to the simplification of and Cadillac in all countries of the world, except the United States and
the capital structure by limiting capitalization to one class of stock, no-par Dominion of Canada. They do not include sales of Vauxhall Motors, Ltd..
common stock. The new stock is to be placed on a $1 annual dividend Converseas . les 359 e 3 od
or - 128as p3of th 3 r 7.ucts of Yellow Truck & Coach Manufacturing
y.
, p3
basis, with the first quarterly payment to be made Aug. 15.-V. 128, p.
1237.
-Split-up Rights, &c.
Franklin Surety Co.
The stockholders on May 27 approved of a progressive expansion of
capital up to $5,000,000 and authorized a stock split-up on the basis of 1 Yi
new shares for each old share held of record as of May 28 1929. The first
step will be an increase in the capital shares to 75,000 from 46,667 and a
reduction of the par value of the shares to $10 from $15.
The stockholders of record May 28 1929, will receive warrants entitling
them to subscribe to one-half of a new share for each old share held at the
rate of $28 a share on or before June 12 1929.-V. 128, p. 3520.
-Increases Output.
(Chas.) Freshman Co., Inc.
The company reported early this week that its new plant at Passaic,
N. J., has stepped up production on the new radio sets to 400 daily and
that the rate of increase in efficiency and In the installation of additional
machinery indicates that before June 15, production will be at the rate
of 1,000 a day.
The management has completed shipment of all machinery from the
Freed-Eiseman plant and has already installed some of it in the Passaic
plant. Concentration of manufacturing effort in this one plant is already
-Proposed Merger.
General Spring Bumper Corp.
See Houdaille-Hershey Corp. below.
-V. 128. p. 3360.
-Earnings.m
Glidden Co., Cleveland.
1926.
1927.
1928.
6 Mos. End. Apr. 30- 1929.
0
$12,489,150 $11.951,275a$12,376.00
Sales
897,808
10 194
1,029:555
1,105,126
$1,741.748
income
14,603
Other income
21,722
$897,808
Total income
$1,763,470 $1,119,729 $1 03974,
100.000
91,500
91,500
Federal taxes
171,900
193,365
139,386
Interest
89,418
30.000
30,000
Res. for contingencies
158,903
198,291
181,303
Res. for depreciation_ _ _
208,110
Net profit
$1,294,042
Shs. corn stk. outst'd'g_ _
600.000
Earns, per sh. on 400.000
$2.06
shs. corn. stk.(no par)
a Approximate.
8707.540
400,000
8526.593
400,000
$608,905
400,000
$1.14
80.69
$0.89
JUNE 1 1929.]
FINANCIAL CHRONICLE
Comparative Balance Sheet April 30.
1929.
1928.
1929.
s
$
Assets7% prior preLstk._ 7,444,300
Land, bides.,equip
x11,509,070 8,902,023 Common stock __ _y3,000,000
&c
6%pref.stk.Metals
Good-will, trade.
500,000
Ref. Co.
&c _ ____ 2,889.953 1,142,725
..marks,
470,000
534,103 Mtge. bonds
940,874
Cash
Notes & accts.rec.. 5,133,752 4,156,375 Notes payable_ __ 2,380,000
1,765,715
Accts. payable._
Miscell. accts., rec. 101,313
7,402.831 5,482,169 Accr'd local taxes,
Inventories
199,171
interest, &c_ _
801,990
1,052,662
Other assets
421,784 Contingent reserve 412,511
Deferred charges._ 518,610
141,377
Res.forFedotax,&c
13,235,991
Surplus
1928.
6,972,200
2,000,000
3,243,000
955,000
851,740
is quite regular.WIn 1923 8% was paid; in 1924, 6%; in 1925, 13%; in
1926 and 1927. 6%; and in 1928 the current 40 cents per quarter, or 6.4%
per annum, was inaugurated.
Consolidated Income Account Feb. 28 1929.
Sales, $29.762,233; costs and expenses, less miscellaneous in- $1,589,114
$28,173,119; balance
come,
Depreciation, $581,306; interest, $172,040; income tax reserve,
831,537
$78,191; total
216,946
386,482
6,815,800
29,549,065 21,441,171
Total
29,549,065 21,441,171
Total
x After deducting depreciation. y Represented by 600,000 shares, 113
-V. 128, P. 2818.
par value.
-Earnings.
Gilchrist Co.
Years Ended Jan. 31
Net earnings after Federal taxes
Shares of capital stock outstanding (no par)
Earned per share
-V. 126, p. 3457.
1929.
$123.416
419.006
$1.16
1928.
$419,006
.
106„667
13.93
-Recent Acguis.
Globe Underwriters Exchange, Inc.
3693
Announcement was made May 27, of the seven direct writing insurance
companies in this country and Europe acquired by the above Corporation,
the newly organized international holding company investment trust.
through the recent stock offering involving $12,500,000 which was handled
by Paine, Webber & Co. It was also revealed that negotiations are now
underwrly for the acquisition of additional companies.
Thomas B. Boss, active Vice-President, in a letter to stockholders,
points out that the Globe company has secured a controlling interest, and
in several instances, nearly the entire capital stock of the following companies: Southern Home Insurance Co., Charleston, S. C.; Savannah Fire
Insurance Co., Savannah, Ga.; Republic Fire Insurance Co. of Texas;
Iduna General Insurance Co., Berlin, Germany; Iduna Transport: Iduna
Life Insurance Co.; and an unnamed Scandinavian company. In regard
to the latter company, Mr. Boss says: "It has always been exceedingly
-hold in the
difficult for an outside insurance company to obtain any foot
insurance business of the Scandinavian countries. We were very fortunate
hr being brought into negotiations for the purchase of a large interest in
one of the most conservative and consistently successful insurance companies in Scandinavia, transacting a large volume of fire and pefsonal
accident insurance." The purchase, it is revealed, was made during the
current month.
The purchase of the Savannah Fire and the Southern Home Insurance
Co. was Made by the Globe company after the retirement of its former
management. S. Lewis Johnson has been named president of these properties.
The Republic Fire Insurance Co. of Texas, under the management of
I. Jalonick, President, earned approximately $170000 during the first
quarter of 1929. or at the rate of $3.50 per share. It is pointed out that
the first quarter is usually the worst 3 months of a fire insurance company's
results. The assets, premium reserves and net surplus, all show an increase over the figures of Dec. 31 1928, the Globe reports.
The Iduna Insurance of Germany is comprised of 3 branches. The
Iduna General Insurance Co. has more than 50 permanent branch offices
throughout Germany and over 3,000 agents, actively engaged in writing
Insurance all over Germany. Iduna Transport, one of the 3 Iduna companies, under its former management transacted some treaty reinsurance
business, a large volume of ocean marine business and inland marine covering canal and river transportation. Under the present management the
ocean marine business has been eliminated, the treaty reinsurance business
curtailed and it is proposed to devote its attention to the development of
the very profitable business of inland navigation. The Iduna General and
Iduna Transport, together, of which the Globe purchased nearly 90%
at a cost of $600,000,show assets of 11.000,000 marks,or about $2,375,000,
with a liquidation valuation at the end of 1927 in excess of the purchase
basis. Premium income of these two is now reported running about ten
million marks per year.
The purchase of 65% of the stock of the Iduna Life, completed within
the past week, rounds out the Globe's acquisition of the Iduna group of
companies. Upon its organization as a stock company in 1922 it succeeded
Life
to the old established life insurance business of the Iduna Mutual conInsurance Company. The company as a stock company, has shown
premium income reported at about 8,000sistent annual profits with the
-V. 128, P. 1916, 1740.
000 marks per year.
4757,577
Net income
x Includes operations of subsidiaries only from dates of acquisition.
-Offer to Pref. Holders.Gosse Packing Co. Ltd.
-V. 126.
See British Columbia Packing & Fishing Co.. Ltd.. above.
P. 3602.
-Definitive Debentures.
(F.&W.)Grand Properties Corp.
The Equitable Trust Co. of New York announces that definitive 6%
ready for
cony, sinking fund gold debentures, due Dec. 15 1948, are nowBroad St.,
delivery in exchange for temporary certificates at its office, 11
see V. 127. p. 3549).-V. 128, p. 2100
N. Y. City. (For offering,
Granite City Steel Co.-Listing.
The New York Stock Exchange has authorized the listing of 292.347
-V. 128. p. 3360.
(no par value).
shares of common stock
-New Director.
Grant Co.
(W. T.)
the
John M. Hancock of Lehman Brothers has been elected to Co.,board.
Sears,
& Baking
Mr. Hancock is also a director of the Kroger GroceryBrunswick-Balke-ColRoebuck & Co., Cluett, Peabody & Co., Inc., the Co., International SilCo., Jewel Tea Co., Inc., the Florsheim Shoe
lender
-V. 128, p. 3197.
ver Co. and several other companies.
-Debentures Offered.
(Albert M.) Greenfield & Co.
S. W. Straus & Co., Inc., and Love, Macomber & Co. are
offering at par and int. $4,000,0006% sinking fund gold
debentures (with detachable common stock subscription
warrants).
& Trust
Dated May 1 1929; due May 1 1944. Straus National Bank $500 c*.
and
Co.of New York. Interest payable M.& N. Denom. $1,000 New York.
payable at office of S. W.Straus & Co.. Inc.,
Principal and int.
Red. all or part for sinkiwr fund at 101 and int., and except for sinking fund,
at 105 and int. on or before May 1 1934; at 103 and int. after May 1 1934
and
and on or before May 11939; and at 102 and int. after May 1 1939. for
without deduction
before final maturity. Principal and int. payable annum as to debenture
income tax up to 2% offait. per
United States Federal
annum
holders resident in the United States andup to 5% of interest perwithout
States, and
as to debenture holders not resident in the United Mont U4 mills tax;
tax; Minn. 3 mills tax;
deduction for Penn 4 mills
Conn., Vermont,Calif. and Okla 4 mills taxes; Maryland and West Virginia
KentuckY,
Colo.
434 mills taxes; District of Columbia, Mich., mills' Kansas, Hampshire
tax; New
Wyo., Neb. and Virginia 5 mills taxes; Iowa 6 per annum
tax
tax measured by income up to 3% of interest per annum and Mass. by
refundable
measured by income up to 6% of interest
payable,
company, provided that w thin 4 months from date tax is due and to S. W.
said tax is paid by debenture holder and proper application made
Straus & Co., Inc., within said time.
Data from Letter of Albert M. Greenfield, Chairman of the Board.
-Has been organized in Delaware to acquire and operate 2
Company.
of the largest real estate and insurance brokerage and trading businesses
companies: (1)
of the city of Philadelphia, developed by the following Fleisher.
Albert M. Greenfield & Co and (2) Maatbaum Brothers &
companies whose business are to be taken over have acted as real
The
and
estate agents for the leading public utility, industrial. mercantile take
amusement companies in Philadelphia. The new company is to
of many of the large office buildings and apartover the renting agency
Public Ledger Bldg., Widener
ment houses in Philadelphia, including the Stock Exchange Bldg., LongBldg., Bankers Trust Bldg., Philadelphia Bldg., and Rittenhouse-Plaza
Bank
acre Bldg., Tradesmen's National
Apartments. The annual rent roll of properties the management of which
is to be taken over by the new company exceeded $13.000,000 in 1928.
The new company is to acquire insurance agency and brokerage businesses
the premium collections of which exceeded $750,000 in 1928.
Authorized. Outstanding.
Capitalization:
$4,000,000 $4,000,000
634% sinking fund gold debentures par)
2,000.000
2,000,000
6% cumulative preferred stock ($100
*480,000 shs 440,000 shs
Common stock (no par value)
•
* 40,000 shares reserved aginst exercise of warrants.
profits
Earnings -For the four years ended Dec 311928,consolidated net Albert
-Meeting Postponed-Over 84% of
Godschaux Sugar Co.
trading business of
of the real estate and insurance brokerage and
corporaEntire Stock in Favor of Plan.
M Greenfield & Co.(Penn), Mastbaum Brothers & Fleisher (as
The plan to revamp the financial structure of this corporation in accord- tion and partnership) and Joseph Bernhard (as corporation and individual),
time ago, was post- after depreciation but before interest and Federal income taxes and exance with the announcement of the management some
poned until June 7, at a meeting of the stockholders on May 28. More than cluding income and expenses which under agreement providing for the
84% of the entire stock outstanding in all classes was represented in favor formation of the new company,are to be eliminated,as certified by Lybrand,
of the plan. Practically 100% of the class A stock and more than 77% Ross Bros & Montgomery, are as follows: (Expenses excluded amounted
of the class B stock-far above the two-thirds vote required by law-was to $335,606 in 1928; $291,463 in 1927; $91.466 in 1926; $43,355 in 1925).
1925.
voted in favor of the plan. More than 71%, or 21,800 shares of the pref.
1926.
1927.
1928.
stock, was also voted for the plan.
$1,430.636 $1,421,312 $1.381,479 $1.249,192
Commissions
President Charles Godchaux declared that a sense of duty to the stock- Profit from real estate
holders had prompted the adjournment. The preponderance of sentiment
1.108,765
2,349,307
1.818,656
1.396,411
transactions
In favor of the management's plan was so overwhelming, he said, that the
management felt it would be derelict in its duty were it not to provide an
$2,827,047 $3,239,968 $3,730,786 $2,357,958
Gross earnings
opportunity to the small number of absent or non-represented stockholders Expenses and allowances
to join the majority of their fellows: "Under the proposed plan," said Mr.
for officers salaries per
Godchaux, "the way is laid clear so that dividends on the preferred stock
761.064
848,718
1,024,013
1,066,319
agreement
will be resumed immediately if the present showing of the company concharges and de
696,468
tinues, as there is every reason to believe that it will. The plan calls for Carrying
1,163,230
1,247,015
on real est. 1,017,858
predation
no new financing, and the heavy accompanying costs are entirely eliminated
under the management's plan. Stock is to be given in settlement of the
Net profits after deaccrued dividends, and the value of these share,s together with the option
preciation but before
to purchase additional stock, should more than recompense preferred stockinterest and Federal
$900.425
holders for their past duo dividends in view of the satisfactory operations
$968,940 $1,718,837
$742,869
income tax
-Y.128, p. 3360.
of the refinery at present and the bright future prospects."
Average annual net profits of the business as above amount to $1,082,768
debenture Issue.
-Merger, &c.
Golden Gate Ferries, Inc.
or over 4 times the maximum annual interest on the are arrived at after
-V. 126, p. 3602.
Net profits of the businesses for 1928 shown above
See Southern Pacific Golden Gate Ferries, Ltd.
deducting carrying charges and depreciation on real estate Interests amountfor
Golden State Milk Products Co.-Lfsting, &c.
.
ing to $1,017,858 The carrying charges and depreciation will1928 applicacquire are
The Los Angeles Stock Exchange has authorized the listing of 435,384 able to the real estate interests which the new company
shares of common stock of $25 par value.
certified by Lybrand, Ross Bros. & Montgomery as $561,849.
Following is a list of constituent, subsidiary and controlled companies:
-As indicated by the pro forma consolidated balance
Financial Position.
Location.
% Owned. sheet as of May 1 1929, consolidated net tangible assets (not including
Business.
Name of Company.
Oakland
Retail milk distribution_ - _ _ 100 rent rolls and sales, rental management and agency contracts and without
Central-Shuey Cream, Inc
San Francisco--Retail milk distribution_ _ __ 100 deducting the amount of this issue) amount to $5,778,047 or over $1,444
National Dairy Co
50 for each $1,000 debenture.
Del Norte Co. Creamery
Del Norte Milk Products Co
Eastern Sales Agents
100
New York
-Each debenture will be accompanied by a detachable comWarrants.
Golden State Sales Corp
44 mon stock subscription warrant entitling the holder to subscribe for comCheese factory
°rick
Oriok Dairy Association
99 mon stock, up to and including May 1 1934, in the ratio of ten shares for
San Francisco... Icecream
Ice Cream Co
National
Ban Francisco__Ice cream & other dairy prod. 100 each $1,000 debenture or 5 shares for each $500 debenture at the following
Pacific Dairy Products Co
99 prices: $15 per share up to and incl May 1 1932; $20 per share after May
San Francisco-Ice cream
Fiesta Ice Cream Co
Ice
100 11932, and up to and incl May 1 1933; $25 per share after May 1 1933,
Oakland
Sanitary Ice & Storage Co
Ice cream
100 and up to and incl. May 1 1934.
Oakland
Miller Ice Cream Co
Long Bench ___Wholesale and retail milk,
The prices per share under the warrants are subject to decrease and the
Gold Medal Cream CO
cream and ice cream
100 number of shares for which subscription may be made is subject to increase
Los Angeles___Wholesale and retail milk,
in accordance with certain provisions of the warrant agreement between
Angeles Cream Co
Los
cream and ice cream
100 the new company and Straus National Bank & Trust Co., New York as
100 trustee designed to protect against dilution of the subscription rights.
Los Angeles_ _ _Ice cream
Hughes Ice Cream Co
100
Los Angeles_ Nilik and cream
Average annual net profits as above, after deduction of maximum annual
Farmers' Company
Dairy
Los Angeles---Manufac. dr distrib. of ice__ 100 interest requirements of the debentures, Federal income taxes at 12% and
Lincoln Ice Co
Retail milk cream dr ice cr'm 100 the maximum annual dividend requirements of the preferred stock amount
Oakland
Walnut Grove Cream Co
Retail distribution
100 to $1 37 for each share of common stock to be presently outstanding.
Jersey Milk, Cream & Butter Co__Oakland
-Indenture will provide for monthly sinking fund deposits
Los Angeles_ _ _Distribution of milk & cream 100
Sinking Fund.
Jersey Farm Dairy Co
expansion program has not been completed. beginning Nov 1 1930 and for retirement of debentures thereafter at the
It is understood that the
on March 12; of West Coast rate of $80,000 principal amount annually. In addition, the indenture
The acquisition of Blake's Dairy (Sacramento)
and of will provide that 25% of the consolidated earned surplus accruing annually
Dairies, Inc. (Glendale, Burbank and San Fernando), on May 10,Valley) after preferred stock dividends and after allowing $1 per share on the outand the an Fernando
the Calla Lily Creamery (Glendale, Burbank
standing common stock shall be applied to the retirement of additional
on May 17 are the latest steps reported.
rate of 6.4% per debentures; also that all proceeds received by the new company from the
Quarterly dividends are being paid currently at thethemselves to any exercise of the common stock subscription warrants are to be applied to
annum. However, the directors have not committed
the retirement of debentures.
fIxecitpractice regarding dividends, although the company's dividend record
3694
iv of.. 128.
FINANCIAL CEMONICLE
Gruen Watch Co.
-Earnings.
-
Houdaille-Hershey Corp.
-Proposed Acquisition.
-
Calendar Years
Net profit after deduct, all hat. chgs., state &
county taxes
Federal income taxes
1928.
1927.
$552,229
60,141
$552,636
68.746
Net profit
Dividends paid
$492,088
372,899
$483,889
356.800
Balance surplus
-V.125, p. 3205.
8119.189
$127.089
Hahn Department Stores, Inc.
-Listing.
-
The New York Stock Exchange has authorized he listing of 1,100 shares
of 63. % convertible preferred stock (par $100) and 24,013 shares of its
common stock (no par value), on official notice of issue in exchange for all
of the outstanding stock of Maas Brothers; and 2.200 shares of its common stock on official notice of issue on conversion of said 631% convertible
preferred stock, making the total amounts applied for 253,100 shares of
preferred stock and 1,865,913 shares of common stock.
Under authority of a resolution of the executive committee of the board
of directors adopted at a meeting duly held on April 25 1929. the corporation has contracted to acquire all of the outstanding stock of Maas Brothers
of Taropa, Fla. (9,980 shares), in exchange for 1,100 shares of its 631%
convertible preferred stock, 24.013 shares of its common stock and $24.64
In cash, exclusive of interest.
Combined Statement of Earnings of Subsidiaries (Other Than Joske Bros. Co.
and Maas Brothers)for the 3 Years Ended Jan.31 1928, After Adjustments.
1927.
1928.
1926.
Net sales
108,761,318 110,374,620 109,382,966
Cost of sales
71,498,463 73,204,375 73,082,354
Gross profit on sales
37,262,856 37,170,245 36,300,612
Incomefrom leased departments
159,924
138,424
161,195
Total gross profit
37,422,779 37,331,441 36,439,036
Operating expenses
29,755,855 29.647,790 28,920,388
Profitfrom operations
Other income
7,683,650
771,199
7,666,924
778,606
7,518,647
749,094
The directors have approved a plan to offer to stockholders of the General
Spring Bumper Corp. an exchange of Houdaille-Hershey stock for General
Spring Bumper stock on a share-for-share basis, the offer to become effective
following the distribution of a 50% stock dividend to shareholders of General
Spring Plumper Corp. on June 3 1929. The plan has been approved and
recommended to stockholders by the board of directors of General Spring
Bumper Corp. The offer which proposes an exchange of Houdaille-Hershey
"A"for General Spring Bumper "A"and Houdaille-Hershey "B" for General Spring Bumper "B" is contingent upon the deposit for exchange of at
least 75% of each class of General Spring Bumper stock on or before July 1
1929. Application will be made to list certificates of deposit on both the
Chicago and Detroit Stock Exchanges. The directors of both corporations have declared the regular quarterly dividends of 62% cents per share
on the class A stocks of Houdaille-Hershey Corp. and General Spring Bumper Corp., and 3731 cents per share on the class B stocks. Dividends are
payable July 1 to holders of record June 20.-V. 128. p. 3522. 3361.
Household Finance Corp.
-New Sub. Co. Office.
-
Opening of the third Household Small Loan Co. office in Detroit was
announced this week by Leslie 0. Harbison, President of the Household
Finance Corp. The Household Small Loan Co. is a subsidiary of the latter
corporation and was organized early this year when assets of the Popular
Finance Corp., Guarantee Loan Co. and Franklin Finance Corp. were
purchased by the Household Finance Corp. for a consideration of approximately $7.000,000. Acquisition of these assets
expansion
and Interest-reducing program launched after was part of an refinanced
the company
through Lee, Higginson & Co. last fall. Interest on loans of $300 or less
was reduced at that time from 3% to 231% monthly on unpaid balances.
V. 128, P. 3361.
Hudson Bay Mining & Smelting Co., Ltd.
-Balance
Sheet Dec. 31 1928.AssetsCash
$2,918,106
Investments
9,825.472
Accrued interest receivable-70,928
Acc'ts receivable, depos., &c_
11,114
Materials and supplies
92,489
Deposited with Royal Trust
Co., Toronto
2,988,322
Mining claims & devenn't
9.780,469
Bldgs., machinery & equipl_ x758,799
Furniture and fixtures
37,454
Churchill River power devel_ 1,098,213
Other assets not distributed
311,961
z After depreciation of 8504,101.
shares -V. 126, p. 2155.
Liabilities
Accounts payable
$351,419
Accrued compensation insur.
12,720
Accrued payroll
29,189
Capital stock
y27.500.000
Total income
8,445,530 8,454,849 8,267.741
Interest paid
165,618
214.012
170.633
Provision for and bad debts written off
280.838
264,547
290,374
Total (each side)
$27,893,329
Provision for contingencies*
227,272
227,272
227,272
y Represented by 2,500.000 no-par
Sundry deductions
133.637
83,424
129,876
Deptec. (incl. amort. of leaseholds)_ _
562,933
689,641
532.965
Federal income tax at 12%
835,996
850.146
829,994
Hudson River Day Line.
-Earnings.
Calendar Years1928.
1927.
1926.
1925.
Adjusted net profit after taxes
6,130.637 6,234,406 6,086.626 Passengers carried
1,606,285 1,594,982 1,473,556
1,968.744
Earns.per sh.on 1,284,000 shs.com.stk.
$3.61
$3.57 Operating revenues
$3.69
* The equivalent of $200,000 after deduction of Federal income taxes Available for int., disct. $1,976,108 $1,993,532 81,910,427 82.443.710
at the current rate.
-V. 128, p. 3522.
and depreciation
447,093
195,358
50,137
196,539
Interest and discount....
49,468
98,451
102.973
45,921
Hamilton Daries Ltd.
-Earnings.
-
Years Ended Jan. 31
Net earnings
Depreciation
Income tax
1929.
$137,266
35.000
4,650
Net profits
Dividends
97,616
52,500
Surplus for year
Previous surplus
$45,116
22,069
Balance carried forward
-V. 124, P. 1368.
$67.185
Net income
$92,384
$397.625
$98,088
$4.216
-V. 128, p. 3198.
1928.
$135,744
Hunt Bros. Packing Co.
-Earnings.
75,570
12 Mos. EndedFeb. 28 '29. Feb. 29 '28. Feb. 28 '27. Feb. 28 '26.
Gross profit
$513,495
$368,621
$547,732
$661,936
45,611
:139.805
26,744
2250.587
$60,174 Federal tax
x
178,267
a
181,948
52,500 Depreciation
Net income
$373,690
$323,853
$159,929
$411,349
$7,674
Class A dividends
220,000
133,382
205,347
220,000
14,395
$22.069
Balance, surplus
$103,853 defS60.071
Includes depreciation.
-V. 126, p. 3458.
$206,002
$240.308
Insurance Securities Co., Inc.
-New Comptroller.
-
Hanna
Furnace Co.
-Resumes Preferred Dividend.
Thomas E. Newman has been appointed Comptroller of this company
The directors have declared a quarterly dividend of 2% on the 8%
cumul. pref. stock, par $100. payable June 15 to holders of record June .5. and four of its constituent companies. These include the Union Indemnity
Co., the Northwestern Casualty & Surety Co., the La Salle Fire Insurance
A distribution of like amount was paid on this issue on March 15 1925; Co. and the Union Title Guarantee Co.
-V. 128. p. 2101.
none since.
-V. 125, p. 3490.
International General Electric Co.-Agreement.
-
Hendler Creamery Co.
-Earnings.
Net earnings
Depreciation
Bond interest
Federal taxes
Earnings for Year Ended Dec. 31 1928.
$316.411
82,112
40,845
22,372
Net profit
Preferred dividends
$171.080
65,630
Balance surplus
$105 450
Earns, per sh. on 30,000 abs. com. stk. (no par)
$5.51
Balance Sheet Dec. 31.
Assets1928.
1927.
Ma/Winer-1928.
1927.
Land, bldg.,equip.
1st mtge.6% bds._ $675,000 8682,000
$1,601,696 $1,587,263 Prior pref.7% stk. 1,015,600
&c
718,000
Coll. trust notes
24,843 Pref. elk. (20,000
Investments
49,452 shs. no par) _ _ _
370,616
20,000
20,000
Cash
432,847 Cons. stk. (30,000
565,866
Notes & accts. rec_
61,539
28,308 BM.no par).- _
30,000
30,000
Inventories
44,630 Capital surplus __ _ 106,745
46,378
106,745
Prepaid ins., &e....
14,544 Earned surplus._
16,951
256,711
151,261
Current liabilities _
91,263
77,726
Reserves
467,725
396,156
$2,663,045 $2,181,890 Total
Total
52,663,045 82,181.890
-V.126, p. 3603, 3129.
Hillcrest Collieries, Ltd.
-Earnings.
Calendar YearsNet profit, after all expMiscellaneous revenue.-
1928.
8102,529
34,170
1927.
$63.711
54.105
1926.
e107,695
37.647
1925.
$61,106
44,746
Total income
Interest on bonds
Reserve for contingencies
8136,699
16,250
$117,816
16,250
$145,342
16,250
10,000
$105,852
16,250
Net income
Preferred diva. (7%) -Common diva.(13%)__- _
$120,449
49,399
60,000
$101,566
49,399
60.000
$119,092
49,399
60,000
$89,602
49,399
60,000
Balance, surplus
Earns, per sh. on 10.000
shs.com.stk.(par $100)
-v.126,P.3603
.
$11.050
def$7,833
187.11
$5.22
89.693 def$19,797
$6.97
Holt Renfrew & Co., Ltd.-Earning8.-
$4.02
•
Years End. Jan. 31
Profit from operations.:
Reserve for depreciation
Bond and other interest _
Other deductions
1929.
$387,488
49,927
39.331
32,628
1928.
$363,385
43,304
42,970
24,958
1927.
$328,658
48,319
47.086
1926.
$229,910
38.758
45,165
Net income
Preferred dividends-Common dividends
8265,601
70,000
22,500
$252,153
70,000
$233,252
y140,000
$145,987
70,000
Balance, surplus
Previous surplus
$173,101
645,908
$182,153
463,754
$93,252
370.501
$75.987
294.514
Saul G. Bron, Chairman of the board of directors of the Amtorg Trading
Corp., and H. H. Dewey, Vice-President of the International General
Electric Co., made the following statement:
"A close relationship between the electrical industry of the United States
and of the Soviet Union will be established with the coming into force of a
recently consummated technical assistance agreement concluded between
the International company and the Soviet State Electro-technical Trust.
and ratified by the Soviet authorities on May 24 1929, The contract, which
will become effective July 11929. provides for a broad exchange of patents
as well as exchange of designing, engineering and manufacturing information between the two organizations. for a period of 10 years.
The Soviet electrical industry has registered great progress during the
Past few years. The electro-technical factories of the Soviet Union had an
output valued at 190,000,000 rubles, at pre-war prices,last year in comparison with 80.000,000 rubles in 1913. During the past 4 years production of
electrical equipment in the U.S. S. R. has nearly
According to the
5
-year plan of development of the Soviet electro-technical industry a score
trebled.
of new factories will be constructed, involving an outlay for these enterprises and for additions to existing factories of about $85.000,000.
Electric power production in the U. S. S. It. amounted to 53 billion
kilowatt hours last year, as against less than 2 billion kilowatt hours in 1913.
With the completion of the two score power plants now under construction,
power production in the Soviet Union will reach 20 billion kilowatt hours
by 1933.
This IS the second general contract concluded with the International company in the past year. The first contract involved the purchase of electrical
equipment from the International company, to a total value of 828,000,000
over a period of several years. Credit terms up to 5 years were granted by
the American company on these purchases (see V. 127, P. 2240)
.--V. 128.
p.2101.
-Earns.
International Printing Ink Corp. Subs.).
(&
Earnings for Year Ended Dec. 31 1928.
(Incl. results of oper. of predecessor companies to May 31 1928.1
Sales, less returns and allowances
$18,565,09
Cost of goods sold (incl. depreciation amounting to 8268,331)..- 11,062,396
Selling, administrative and general expenses
5,021,126
Net earnings
$2,482,288
Other income
190,821
Total income
$2,673,109
Cash discounts on sales, loss on exchange, interest paid, &c.....
441,168
Deduct-Provision for employees' bonuses
177,153
225.000
Provision for Federal income tax
Combined profits foryear
$1,829,788
Profits prior to sequin. of prop. & businesses acq. during year-.
750.407
Net profits
Preferred dividends
Common dividends
Earned surplus at Dec. 31 1928
$355,018
$5.22
Earnings Per share on 270,173 alas. corn. stock (no par)
x Includes dividends declared and payable Feb. 1 1929.-V. 127, P.3256.
-Earnings.
International Projector Corp.
1927.
1928.
Calendar YearsNet sales
$1,867,079 81,762,055
1,058,700
Manufacturing. sales & adminietrative expenses... 1.122,203
Selling profit
P.& L.surp. Dec.31- $819,009
$463.754
$645.908
$370,501 Other income
Earns, per eh. on corn....
$19.56
816.32
818.22
$7.59
After providing for Income tax. y 7% deferred dividends for year
Total income before int., deprec., taxes, &c..nded Dec.31 1925 and 1926.-V. 126,9. 3937.
,
-V. 128. p. 3198.
$1,079,381
x280,000
x444.363
1744.876
16,708
8705.355
23.255
$761,582
8728,810
JUNE
1 19291.
FINANCIAL CHRONICLE
International Salt Co.
-Resumes Dividend.
The directors have declared a dividend of 1%% on the outstanding
$6,077,130 common stock, no par value payable July 1, to holders of record
June 15. Quarterly dividends of like amount were paid from 1925 to
-V. 128, p. 1918.
April 2 1928 incl.; none since.
-Earnings:
Jackson Motor Shaft Co.
Earnings for Year Ended Dec. 31 1928.
Total sales
Returned sales
Discounts & Allowances
$3,090,863
118,311
10,314
Net sales
Cost of sales
Selling administrative & gen. expenses
,
Loss on machinery sold & scrapped
Prov. for Federal inc. taxes
$2,962,178
2,526,397
92,409
20,706
38,937
Net profit
Dividends paid
$283,728
141,000
Balance surplus
Earns, per sh. on 100,000 shs. corn. stk
-V. 127. p. 3256.
8142.728
$2.84
(Byron) Jackson Pump Co.
-Earnings.
Earnings for Year Ended Dec. 31 1928.
Gross profits
$1,817,192
Net profits after all charges, incl. Federal income taxes
955.675
Earnings per share on 167,988 shares common stock (no par)_ _ _ _
$5.69
Earnings for Quarter Ended Mar.31.
11929.
1928.
Net earnings after charges and reserve for taxes
8304,000 $228,006
-V. 128, P. 1410.
Jewel Tea Co., Inc.
-Div. Dates-Correction.
-
The directors recently declared a 75% stock dividend, an extra cash
dividend of $1 a share and a quarterly dividend of 75 cents a share on the
common stock which will be outstanding following the payment of the 75%
stock distribution. The company had paid $I quarterly on the present
shares and in addition on Dec. 15 last paid an extra of $1 a share.
The stock dividend is payable June 20 to holders of record June 3 (not
June 5, as previously stated) the extra cash dividend is payable June 15
to holders of record June 3, and the quarterly dividend on July 15 to holders
of record July 3 (not July 1 as previously reported).
Following the payment of the stock dividend the company will have
280,000 shares outstanding as compared with 160,000 shares outstanding
at present. See also V. 128. P. 3363.
Johnson-Cowdin, Emmerich, Inc.
-Foreclosure.
--
The New York Trust Co., as trustee under a mortgage executed in
May 1922 to secure a bond issue of $2,500,000. instituted foreclosure action
in the United States District Court May 22.-V. 124, p. 2751.
Keystone Aircraft Corp.
-Earnings.
Earnings for the Year Ended Dec. 31 1928.
Completed contracts billed
Cost of completed contracts
$2.543.232
1,931.052
Profit on completed contracts billed
Other income(net)
$612,181
98,083
Total income
Federalincome taxes
$710,263
55,103
Net income
$655,160
Surplus,Jan. 1 1928
32.891
Net inc. of Loaning Aeronautical Engineering Corp.from Jan. 1
1928 to date of purchase by Keystone Aircraft Corp., Oct. 16
1928
Dr413.017
Total surplus
$275,035
Loss on investment-Huff Dalan i Dusters, Inc
101,229
Dividends on pref. stock
11,502
Premium on preferred stock retired
1.515
Balance of consol. surplus-Dec. 31 1928
$160,788
Earns, per sh. on 287,572 abs. corn. stk. (no par)
$2.28
-V. 127. D. 2240.
(G. R.) Kinney Co.
-New Stock Taken Up.
The Plaza Investing Corp., who underwrote the offering of the G. R.
Kinney Co. new common stock to shareholders at $26 a share, announce
that of the 40.000 shares offered the shareholders subscribed to 39,715shares,
leaving only a balance of 285 shares for the underwriters to take up at $26
share.
-V. 128. p. 3199.
Knox Hat Co. Inc.
-Bonds Called.All of the outstanding 15
-year 6%% mtge. gold bonds will be redeemed
on July 30 next, at 102% and int. Holders of these bonds are asked to
surrender them, together with all coupons maturing after the redemption
date, at the Chase National Bank of New York.
-V. 128, p. 3363.
Knudsen Creamery Co.
-Stock Offering.
Public offering of pref. stock will be made shortly by a Los Angeles
banking syndicate, headed by G. Brashears & Co. and Cahn, McCabe &
Co. The company was formed recently to acquire the business and assets
of Knudsen Laboratories, Inc., and owns and operates manufacturing and
distributing plants in the California cities of Los Angeles. Santa Marta
and Visalia and distributing stations at San Bernardino, San Diego and
Santa Barbara. Since the organization of the predecessor company in
1919 business has shown a steady and consistent increase in volume.
-Mortgages Accepted.
Lawyers Mortgage Co.
-
The executive committee this week accepted mortgages aggregating
$10,323,300, distributed as follows: Manhattan, $1,474,500: Bronx, $2,
762 450; Brooklyn, $3,474,150; Queens, $1,822,700; Westchester, $789.500.
-11. 128, p. 3524.
8
Leonard, Fitzpatrick, Mueller Stores Co.
-To Retire
Preferred Stock.
he enCre outstanding 8% cumul. cony. pref. stock has been called for
redemption on July 1 1929, at 115 and dim Payment will be made at the
Guaranty Trust Co._, 140 Broadway, N. Y. City,
President W. It. Leonard, May 27, says: "
n
attentio of holders of
8% cumul. cony. pref. stock is called to the fact that, as provided in the
certificate of incorporation of the company as amended, the privilege of
converting said stock into common stock will expire, unless written notice
of the election to make the conversion is given 10 days prior to rredemption.
If it is desired to exercise this privilege, written notice of such election must
be delposited in the mail, registered, addressed to the company at 207 West
24th St., N. Y. City, or at its office, care of The Corporation Trust Co. of
America at Wilmington. Del., not later than midnight on June 22 1929.
Holders of certificates of deposit for the 8% pref. stock,issued under plan
and deposit agreement, dated March 2 1929, for exchange of common stock
of the company for common stock of National Hellas Hess
Inc., desiring
Co.'
to have the stock represented thereby converted, and who have not Previously authorized the conversion of said stock, must, in order to effect
conversion, pursuant to the terms of the deposit agreement, file with
such
the Guaranty Trust Co. of New York, the depositary thereunder on or
before June 20 1929 the notice irrevocably authorizing and instructing the
stockholders' committee, in behalf of and as the agents or attorneys of such
holders, to surrender the 8% stock represented by the certificate of deposit
for conversion into common stock of the Leonard Company, pursuant and
subject to the terms covering such conversion right as set out in the certificates representing such stock.
Should the certificate of deposit for 8% cumul. cony, stock, not be in the
hands of the depositary at the close of business on June 20 1929. the holders
ol stid certificates of deposit will be deemed to have irrevocably authorized
and instructed the committee to retain for their account the 8% cumul.
cony. pref. stock represented by the certificates of deposit until July I 1929
-V. 128, p. 2642.
ior redemption.
3695
Lessings, Inc.
-Earnings.
Four Months Ended 30Net profit after taxes, depreciation and depletion_ _ Shares common stock outstanding (par $5)
Earnings per share
-V. 128, p. 3524.
1929.
$31,236
33.434
$0.93
1928.
$10,382
34,534
$0.30
Lindsay Nunn Publishing Co.
-Debentures Offered.
Paul C. Dodge & Co. Inc., and R. V. Mitchell & Co. are
offering $1,750,000 15
-year secured 6% debenture bonds,
series A (with stock purchase warrants), at 98 and int., to
yield over 6.20%.
Dated Mar. 1 1929; due Mar. 1 1944. Interest payable (M. & S.) at
National Bank of the Republic of Chicago, trustee, without deduction for
Federal income tax not exceeding 2%. Red. as a whole or in part on 30
days' notice at 105 and int. on or before Mar. 11934. this premium of 5%
decreasing at rate of % of 1% per annum each succeeding 12 months ending on and incl. Mar. 1 and at par and int. during last 12 months. Denom.
S1.000c5 Company will reimburse resident holders of these bonds upon
proper and timely application for all taxes (other than income, succession
and inheritance taxes) assessed by any State in the United States of America,
or by the District of Columbia, or by any County or other taxing authority
therein, upon such bonds or upon the holder or owner thereof as a resident
of any of said States, or of said District, by reason of the ownership thereof.
not exceeding five mills per annum on each dollar of the taxable value
thereof, and for the Mass, income tax paid on the interest derived from
these bonds not exceeding 6% of such interest per annum.
-Each 15
Stock Pure ase Warrants.
-year secured 6% debenture bond.
series A, will be accompanied by a stock purchase warrant entitling the
holder thereof to purchase voting trust certificates evidencing 15-150.000
part of the authorized common stock at the following prices: $32.50 for
each 1-150.000 part of the authorized common stock on or before Mar. 1
1930; $33.50 for each 1-150,000 part of the authorized common stock thereafter, and on or before Mar. 1 1931: and $35 for each 1-150.000 part of
the authorized common stock thereafter and on or bfore Mar. 1 1932.
The right to purchase a fractional part of the authorized common stock
protects the warrant holder against dilution of the common stock.
'Company has been organized in Delaware and will acquire prior to delivery of the bonds, all of the issued and outstanding shares of stock (except directors qualifying shares) of the following companies: The HeraldTimes Corp., the Globe-News Publishing Co., Inc., the Avalanche-Journal
Publishing Co., Inc.
-This issue constitutes the senior indebtedness
Security c% Valuation.
of the company, and will be the direct obligation of the company and will
be secured by the pledge and deposit with the trustee of all outstanding
stock (except directors qualifying shares) of the subsidiary companies
named above.
Palmer, DeWitt & Palmer of N. Y. City, nationally known newspaper
appraisers, have examined into and appraised the properties, circulation,
good-will, Associated Press memberships, contracts. &c., and have certified to an aggregate present value,free and clear of all debts, of $4,520,000.
or more than $2,680 for each $1,000 bond presently outstanding.
Earnings.
-The consolidated gross revenues and net income of the company and its subsidiaries availble for interest for the years ended Dec. 31
1927 and Dec. 31 1928, after all charges including depreciation and Federal
income tax based on adjusted net income at current rate, and giving effect
to savings based on current newsprint contracts and salaries now agreed
to, averaging $72,271 per annum, as certified to by Haskins & Sells or
Chicago, adjusted by the management to reflect other estimated economies
averaging $33,991 are as follows:
Net Inc. Adj.
Gross Revs.
Calendar Yearas Above.
$1,654,740
1927
$346, 960
1,676,702
1928
p321,453
* No effect has been given to benefits which whould arise from expenditures during 1928 for the promotion of circulation which expenditures have
been absorbed in the operating expenses.
The above adjusted net income after depreciation and Federal income
tax for the year 1928 is more than three times the maximum annual interest
charges on these 15 year secured 6% debenture bonds, series A.
-Indenture will provide for a sinking fund, for the benefit
Sinkina Fund.
of the bonds payable semi-annually beginning with July 15 1930, amounting
to 10% of the net earnings as defined in the indenture. Company will
also covenant in the trust indenture and In the warrant agreement to
deposit in the sinking fund the proceeds from the exercise of the stock
purchase warrants hereinafter mentioned.
-Proceeds of the sale of bonds, together with the proceeds of
Purpose.
the sale of 40,000 shares of the $2 dividend series convertible preference
stock and 50,000 sharse of the common stock will be used to reimburse
the company for the cost of acquiring all of the outstanding shares of stock
of the above named subsidiary companies (except directors' qualifying
hares), for working capital and for other corporate purposes.
- Listing.
-Company has agreed to make application to list on the Chicaga
Stock Exchange these 15
-year secured 6% debenture bonds, series A, the
stock purchase warrants and the voting trust certificates for common
stock. Compare also V. 128, P. 3524.
Lyons
-Initial Dividend.
-Magnus, Inc.
The directors have declared an initial quarterly dividend of 37% cents
per share on the $1.50 cumul. and partic. class A stock, no par value,
payatle July 1 to holders of record June 15.-V. .28.1) 3199.
Macfadden Publications Inc.(& Subs.).
-Earnings.
Earnings for Year Ended Dec. 311928.
Net sales
Cost of sales
Selling & handling expenses
General & administrative expenses
$15,133,469
7,973,406
4.776,637
801,071
Profit from operations
$1,582.354
Other inc. credits (incl. profit from sales ofsecurities,$292.951)647,324
Gross income
Income charges
$2.229.679
389,830
Net inc. for the year before Federal inc.tax
Dividends paid
$1,839,849
955,921
Balance surplus
Earns. per sh.on 1.598.167 she,cap.stk.(par $5)
-V. 128. p. 1242.
$883.927
$1.15
MacMarr Stores, Inc.
-Acquires Mutual Chain.
The corporation acquired on May 30 the assets and business of Mutual
Stores, Inc. of San Francisco, which operates a chain of 301 grocery stores
and 48 meat markets in San Francisco and vicinity. Mutual also operates
two warehouses, creameries, coffee roasting plants, and bakeries in San
Francisco and Oakland. Its sales in 1928 were reported at over $15,700,000.
The acquisition of the Mutual Stereo will increase the MacMarr Stores
chain to 870 stores and 106 meat markets, total sales for 1928 to $44,000,000
and net profits to over $1,130,000. The consideration for the acquisition of
the Mutual assets and business involves cash and securities valued at over
$8,000,000.
Mutual Stores is one of the largest grocery chains operating in California.
The company was incorporated early in 1927 to succeed to the business of
the Mdtual Creamery Co., Inc.. which was established in 1919. From a
small beinning with a capital of only about $38,000, the latter business
grew steadily in number of stores and in gross sales and net profits until the
present company was incorporated, when 150 stores were in operation.
Since incorporation, the chain has shown oven faster development and is
now one of the leading systems operating in California.-V. 128. p. 3524.
McGraw Electric Co.-Acqiusition.President Max McGraw has just announced the purchase of the WatersGenter Co., Minneapolis, Minn., and the Hussman Mfg. Co., St. Louis.
Mo. This follows close upon the purchase of the well-known Clark Electric
Water Heater and of the Central "West Public Service Co.
The Waters- Genter Co. manufactures, under closely protected patents,
an outstanding line of automatic electric toasters for commercial use,
automatic electric waffle irons, and the automatically-controlled, electrically-heated Thermotainer Food Preserving Unit for hotel, restaurant
and club use. They also manufacture the nationally toastmaster, familiar
to housewives everywhere domestic electric toasters are used.
3696
[Arm,. 128.
FINANCIAL CHRONICLE
The Bussman Mfg. Co. manufactures a full line of adjustable lights the principal and interest of the notes, open commercial accounts and pur-V. chase money instalment lien obligations for the payment of principal
for beds, tables, &c., known as "Buss" lights, also electrical fuses
amounting in the aggregate to 120% of the principal amount of notes out128, p. 3006.
standing; and that the company will so deposit such collateral security
McKesson & Robbins, Inc.
with The Foreman Trust & Savings Bank, Depositary,on five days'demand.
-Listing.---Earnings -Since its inception, the company has never had an unprofitable
The New York Stock Exchange has authorized the listing of 2,200 additional shares of common stock upon official notice of issuance; such shares year and net earnings for the last three years ended March 31, after all
to be Issued as part consideration to acquire the assets and business (with charges except interest requirements on this issue and Federal taxes, were
certain exceptions) of C. E. Potts Drug Co.; 8,941 additional shares of as follows: 1927. $358,814: 1928, $295,468; 1929, $345,496. This is equal
common stock upon official notice of issuance; such shares to be issued as to an average of over 5.50 times the interest requirements on this issue
part consideration to acquire all of the outstanding common stock of C. J. and in no year during this period were such earnings less than 4.9 times
Lincoln Co.; 417 additional shares of preference stock series A 7% converti- the interest requirements on this issue.
Purpose.
-Entire proceeds will remain in the business and will furnish
ble upon official notice of issuance; such shares to be issued as part consideration to acquire all of the outstanding preferred stock of C. J. Lincoln additional working capital.
-V. 128, p. 1743.
Co.; 417 additional shares of common stock upon official notice of issuance
-Earnings.
Merchants & Miners Transportation Co.
on conversion of the above-mentioned additional shares of preference stock:
making the total amounts hereinbefore and herein applied for: Preference
Calendar Years1925.
1928.
1926.
1927.
stock series A 7% convertible, 411,209 shares; common stock, 1,967,671 Oper. revenue (transp.)- $8,052,336 $8,329,460 $8,671,710 $8,731,266
Other income
shares.
133,029
-V. 128. P. 3006.
136,089
135,222
116,951
-Liquidating Div.
Manomet Mills, New Bedford, Mass.
The directors have declared a liquidating dividend of $2.50 per share,
payable Juno 5 to holders of record June 1. This is the second dividend in
-V. 127, p. 832.
liquidation and makes the total so far $4.50 per share.
Marland Oil Co.
-Consolidation, &c.
President D. J. Moran, May 25. says:
The stockholders were advised under date of April 30 1929 that the
company and the Continental Oil Co., a Maine corporation, had entered
into, subject to the approval of the stockholders, a plan of reorganization
and agreement providing for the acquisition of all the assets and properties
of the Continental Oil Co. (which has issued and outstanding 3,822,082
shares of common stock) in exchange for a number of shares of the capital
stock of the Marland Oil Co.equal to the number now issed and outstanding,
namely 2,317,266.35; and further providing, upon approval and consummation of the reorganization, for the change of name of the Marland
011 Co. to the Continental Oil Co. (see V. 128, p. 3200).
The Continental Oil Co. has been marketing petroleum products for
more than 40 years in the Rocky Mountain States and in the past few
years its activities and operations have spread into adjoining States to the
east and west. Recently, it has acquired and now operates producing
and refining properties. It owns, in whole or in part, six refineries located
at Florence, Cob.; Glenrock, Wyo.; Sapulpa, Okla.; Wichita Falls, Tex.;
Artesia, N. M.; Farmington, N. M. Only to a slight extent does the
sales territory of the Continental Oil Co. overlap the territory in which
the Marland companies are operting.
The Marland organization is producing oil in Oklahoma, Arkansas,
Kansas, Texas, California and New Mexico. Its principal refinery is
located at Ponca City, Okla., and prior to 1929 was the chief source of
the refined products distributed and marketed by it. Recently, however,
it acquired, through the acquisition of the properties of the Prudential
Refining Corp., a refinery of approximately 10,000 barrels daily capacity
at Baltimore, Md., to supply the territory in certain Eastern States in
which neither the Marland 011 Co. nor the Continental Oil Co. had previously been operating.
At the present time the Marland Oil Co. and its subsidiaries have a
net daily production of crude oil of approximately 50,000 barrels, 632
miles of pipe lines, two refineries of a combined daily capacity of 40,000
barrels and 663 bulk and service stations, either owned or under lease.
A merger of the Marland and Continental companies, in accordance with
the plan of reorganization and agreement, would create a company having
a net daily production of crude oil of approximately 65.000 barrels, 1,500
miles of pipe lines and eight refineries of an approximate daily manufacturing capacity of 70,000 barrels, well located to supply its distributing
facilities consisting of more than 2,350 bulk and retail outlets. The
Continental Oil Co.'s distributing facilities would be of great value to the
combined interests in creating outlets for their refined products and serve
to more nearly balance the Marland's crude production and refining
capacity.
The merger of the properties would strengthen the present economic
position of both companies in that substantial economies in operation
would be effected, the sales of petroleum products materially increased.
with consequent increase in earnings, and the resultant company would
be equipped to serve more adequately and efficiently the public demand
for petroleum products in the territory in which it would operate.
-V.
128, v. 3524.
$372.252
343,761
$1.08
$961,454
x614,785
$975,334
608,385
$971.294 $1,488,202
447,420
660.608
Balance, surplus
$346,669
$366.949
*310,684 $1,040,782
x Approximate; inserted by Editor.
-V. 126, p. 3607.
Merchants & Traders Bancshares Corp.
-Resignation.
P. F. Cusick has resigned as a director.
-V. 128. p. 3200.
Merritt
-Chapman & Scott Corp.
-Earnings.
Earnings for Year Ended Dec. 31 1928.
Net operating income
Provision for Federal taxes
Amount accruing to minority interest in subsidiaries
*990.280
53,505
34,386
Net profit before int., bond exp.& other extraordinary charges
Dividends paid
$902,389
473,608
Balance, surplus
Previous surplus
Surplus charges (net)
$428,781
514,349
Dr.192,719
Balance, surplus, Dec. 31
Earnings per share on 264,000 shs. com. stock (no par)
-V.128,p. 1067.
$750 412
$.92
Mexico-Ohio Oil Co.
-Balance Sheet Dec. 31.AssetsLtablittles1927.
1928.
1928.
1927.
Leases, concess'ns
Capital stock
$5,692,320 $5,692,320
and equipment_ 8656,974 $5,089,613 Minority interest In
7,680
Cash
7,680
15,572
83,764
subsid. company
20.287
Wkg. fund advs
2,361
def.4.721,655
142,327 Surplus
Unmat. Int. rec
3,062
4,083
Invest.securities
Total(each side) $978,344 85,720,287
400,500
300,375
-V. 128, p. 2821.
Mining Corp. of Canada, Ltd.
-Earnings.
[Lorrain Operating Co.. Ltd., Frontier (Lorrain) Mines, Ltd.]
1925.
Calendar Years1928.
1927.
1926.
Income from production $804,102 $1.235,881 $1,416,924 $1.542,699
842,125
Mining expenses
794,415
651,024
691,280
$544,601
31,602
$622,509
32,650
$700,573
74,951
Total income
$2,292,102
Adm.exp.,royalties. &c. 1,797.127
$576,203
153,343
$655,159
143,973
$775,525
173,357
Net profits
Previous surplus
$494.975
46,541
$422,860
114,660
$511,186
94,749
$602,168
1926.
$394,046
331,685
$1.14
Total surplus
Items written off
Dividends
$541,516
74,880
415,013
$537,520
75,967
415,013
$605,935
76,263
415.013
$602.168
92.407
415,013
*51.623
$46,541
*114,660
$94,749
Mathieson Alkali Works, Inc.
-Common Dividend.
In connection with the declaration last week of a dividend of 50c. per
share on the common stock, payable July 1 to holders of record June 7,
Secretary H. F. Hyland, May 27, says in substance:
Each stockholder must elect not later than June 17 1929 whether he
desires to receive the dividend in cash or in stock. The common stockholders are given the option of receiving the dividend in stock at the rate
of one share far each share held.
Stockholders electing to receive the dividend in stock should notify the
company, care of Bankers Trust Co., 16 Wall St., N. Y. City, on or before
June 17.
Bearer scrip certificates will be issued for fractions of shares which, when
combined with other fractions aggregating one or more whole shares, may
be exchanged for certificates for full shares The company has arranged
with Hayden, Stone & Co. of 25 Broad St., N. Y. City, to attend to the
purchase and sale of scrip without charge to the shareholders see also
V. 128, p. 3525.
Maverick Mills.
-Earnings.
Calendar YearsGross sales
Operating expense
Depreciation
Net income
Dividends paid
$153,078
2,139,024
Marlin-Rockwell Corp.(& Subs.).-Earnings.Quar.End. Mar.311929.
1928.
1927.
Net inc. after deprec..
Federal taxes, &c____
$702,706
$450,616
She.comstk.out.(no par) 362.145
357.145
Earnings per share_ _
$1.94
$1.26
-V. 128, p. 1919, 1743, V. 127. p. 3410.
Total income
$8,188,427 $8,446,411 $8,806,932 $8,864,297
Maint.(incl. deprec.)
1,035.523
1,183,697
1,125,989
1,119,381
Other expenses
5.789,141
5,589,534
5,869,479
6,226,978
Rentals
177,620
192,655
200,541
193,962
Interest
242
787
1,689
314
Taxes (incl. Fed.tax res.)
260.843
373,024
279.987
288.395
1928.
1927.
$2,512,054 $2,099.925
2,260,817
1,866,448
100,000
73,000
Operating profit
Other income
$151,237
37,437
$160,477
35,822
Total Income
Interest paid
Reserve for taxes
Other charges
$188.674
64,589
30,867
1,057
$196,299
71,163
24,867
33,779
Net income
-V.126, p. 3607.
$92,161
$66,490
Merchants & Manufacturers Securities Co.
-Notes
Offered.
-An issue of $1,000,000 1-year 6% gold notes is
being offered at 99M and int. by Hathaway & Co.
Profit at mines
Other income
Surplus
-V. 128, p. 1920.
-Extra Dividend.
Mohawk Carpet Mills, Inc.
The directors have declared an extra dividend of 25c. per share and the
regular quarterly dividend of 62%c. per share, payable July 1 to holders
of record June 10.-V. 128, p. 901.
Monolith Portland Cement Co.
-Listing.
-The Los Angeles Stock Exchange has authorized the listing of 150,000
shares of $10 par value preferred stock and 250.000 shares of no par value
common stock. Dividends have been paid on both the preferred and
common stocks at the rate of 8% per year since 1922.
Income Account of Monolith Portland Cement Co.
3 Mos.End. -Calendar Years
1927.
1928.
.
Mar 31 '29.
Gross sales
*850,009 32,956.625 *2,992,662
347,377
Less returns, allow., discounts. &c
326.154
83,900
Net sales
Cost of cement sold:
Labor,supp.,royalties & plant exp..
Prov.for deprec., based on coat val_
$766,109 32.630,471
32,645,185
452.203
40,452
1,636,743
153,346
1,730,200
149,833
Gross profit on sales
Selling, gen. and admin. expenses
$273,454
82,330
$840,382
398.725
$765,151
342,956
Net profit from operations
Interest received
Miscellaneous income (net)
$191,124
1,397
589
2441,657
4,314
def3,618
$422,195
3,083
3,213
$193,110
3,930
$442,353
12,573
$428,491
9,097
2.650
3,333
2.925
22,500
54,000
54,835
Profits before interest charges and
Federal income tax
Interest charges
-Notes payable
On City of Los Angeles contract..
First mortgage bonds
Amortization of bond discount & exp_
Federal income tax paid or accrued
Net profits carried to surplus acct- 3160,422
$361,909
$375,780
Dated June 11929; due June 1 1930. Int. (.I. & D.) and principal payTotal pros, for depr. & arnort. of
able at the office of Hathaway & Co., Chicago and New York. Red. at
leasehold on limestone deposits
any time on 30 days. notice at 101 and int. Denom. of $1,000. Foreman On cost values of plant and equipment
Trust & Savings Bank, Chicago, Ill., Depositary.
149,833
153,345
Include above
40.451
Data from Letter of Arthur Greene, President of the Company. On excess of appraised values over COO
values, carried direct to capital
History and Business.
-Company was incorp. in Delaware in 1919.
surplus-The volume of the company's business has steadily increased reaching,
63,204
63,491
16,831
Deprec, on plant and equipment
$38.000,000 for the past year. This volume was apportioned as follows
27,622
13,551
6,905
Amort. of leasehold on llmest. depopen commercial accounts, acceptances, &c., 60.7%; instalment lien obligations, 30.1%; motor lien time sales notes, 9.2%. The company has ex$226,678
$244,459
364,188
Total
clusive contracts with such well-known concerns as Fairbanks, Morse &
Note.
Co., Stewart
-The total earnings above are subject to possible reduction in
-Warner Speedometer Corp., &c. Motor lien time sales paper
comes from dealers handling well-known makes of automobiles, such as the amount of 361.400 pending interpretation of certain sales contract.
-V. 128, p. 570, 415.
Graham-Paige, Hudson-Essex, Nash, Willys-Bnight, &C.
Security.
-These notes are the direct obligations of the company. The
-Proposed Acquisition.
Monsanto Chemical Works.
equity junior to these notes, as represented by preferred and common stocks
The company announces the acquisition of the Rubber Service Laboraand surplus, amounts to over $4.400,000. In the deposit agreement the
Chemical Co., through an exchange
company agrees that it presently owns and holds, and,so long as any of the tories Co. and its subsidiary, the Elko
notes remain outstanding, will continue to own and hold free and clear of stock. The directors of both the Monsanto and Rubber Service Comof any and all liens whatsoever other than the lien of the deposit agreement, panies have approved the contract and it is expected that the stockholders
and will keep separate and apart from all other assets of the company, or of Rubber Service Laboratories Co. will formally ratify the action of the
on deposit with the depositary, as collateral security for the payment of board before June 20.
JUNE 1 1929.]
FINANCIAL CHRONICLE
The Rubber Service company at present is manufacturing approximately
0 rubber chemicals. This broad scope permits the company to serve
very requirement of the rubber manufacturer. Through the subsidiary,
lko Chemical Co., which was established a few years ago, the company
anufactures a number of organic chemicals. The manufacturing plant
situated on a plot of approximately 38 acres in Nitro, West Virginia.
.ross assets total $1,500,000.
It is expected that the Monsanto company will assume the marketing
f the strictly organic chemical products but in all other respects will
etain the Rubber Service name and complete organization and will operate
he company as the Rubber Service Division -V. 128. p. 3007.
-Listing.
(John) Morrell & Co., Inc.
The New York Stock Exchange has authorized the listing of 400,000
hares of capital stock.
Earnings of Six Months Ended March 31 1929.
ales
$42,109,710
et profits (all companies)
1,918,861
djust. of inc. in respect of cash and marketable securities
withdrawn, less Federal tax thereon
40,000
Balance
$1,878,861
ividend paid March 15 1929
360,000
alance
1,518,861
Capital and surplus, March 30 1929
19,198.065
arnings per share on 400,000 shs, common stock
$4.80
Consolidated Balance Sheet March 30 1929.
AssetsLiabilities
ash
$409,863 Notes payable
$5,059,506
arketable securities
1,050,189 Accounts payable
1,460,812
ash surrender value of life
Sundry deposit & loan acc'ts_
114,906
insurance policies
95,202 Accrued property taxes
121,906
otes and accounts receivable 4,423,764 Sales ex consign., seal sales
nventories
12,095,254
not rendered
57,268
nvestrnents and advances_ __
28,335 Insurance fund
21,950
nd,build.& fixed equip__ _ 7,413,791 Reserve for income taxes
775,053
frigerator & tank cars_ _...
894,639 Reserves
297,000
ools, delivery equip., furniCapital and surplus
x19,198,065
ture &c
621,037
eferred charges
74,392 Total (each side)
$27,106,466
x Represented by 400,000 shares of no par value.
-V. 128,
1067.
D.
(J. K.) Mosser Leather Corp.
-Earnings.
Year End. Year End. 5 Mos.End.
PeriodDec. 29 '28. Dec. 31 '27. Dec. 31 '26.
ncome before deduct. depr. & int-_ 92,388,493 $3,363,337 $1,347,974
epreciation
356,342
359,134
162.937
inmost charges
407,640
305,840
182,657
Net profit
$1,624,511 $2,698.362 $1,002,380
arnings per share on 592,857 shares
outstanding stock
$2.77
$4.60
$1.69
2158.
V. 126,
p.
3697
National American Co.(& Subs.).
-Earnings.The annual report shows combined net profits of company's subsidiaries.
General Surety Co., State Title & Mortgage Co., Realty Foundation, Inc..
and Municipal Service Corp. were 22,396,765 applicable to dividends.
which compares with $1,819,616 for 1927, an increase of 31%. David H.
Knott, President, points out that the National American Co., through
its proportionate ownership of the stock of these companies is entitled to
approximately $1,600.000 for 1928, and that only about 63% of National
American Co.'s assets were invested in such subsidiary companies during
the year. The balance of its assets were chiefly employed inacquiring
Bank of the Manhattan Co.stock and invsetments in other liquid securities.
Consolidated Balance Sheet Dee. 31.
1927.
1928.
1927.
1928.
LiabliftiesAssetsS
S
$
S
88.305
Cash
$2,983,814 $2,087,723 Accts. payable-88,953
Notes payable- _12,340,000
Amt, due on acct.
841,500 Agency deposits._
of sale Inv
48,897
565,201 Accr. int. on panic.
Notes receivable
etfs
Accts. receivable A 105,323( 196,100
15,000
21,913 Accr. int. payable_ 195,784
8,822
Div. receivable_ -1'
195,381 Due to mortgagors
35,000
40,731
Accr.Int. receiv_ _ 407,647
Res. for Fed. &
Due fr. mtges. for
state taxes
1,411,929
651.919
pa. made for
2,650 Res.for mtge.exp.
143,427
their sect
15,703,269 8,526,307 Divs. payable
488,524 1,785,574
InveStments
5,020 Mortgage payable_
30.000
Dep.on contracts_ 500,000
Bds.& mtges.rev A3,631,872 9,416,131 Bonds payable- 3,860,000 1,000,000
Min. int. in state
See & cash dep
Title & Mtge.Co 2,616,217 2,108,143
6,419,670 1,520,539
with trustee1,108,232 1,072,094 Cap.stk &surplus x19,869,268 18,622.452
Property
37,506 ,
Furn.&fixtures4c
70,618
23,481
6,955 I Tot.(each side)_40,953,925 24,495,022
Deferred charges_ _
-V.128, p. 1920.
x Represented by 977,047 shares of no par value.
-Extra Dividend of 50 Cents.
National Biscuit Co.
The directors on May 28 declared an extra dividend of 50
cents per share on the outstanding $60,000,000 common
stock, par $25, payable July 15 to holders of record June 28.
An extra dividend of 50 cents per share was paid on July 14
and Nov. 15 1928.-V. 128, p. 3008.
National Breweries, Ltd.
-Earnings.
1927.
1928.
1926.
22,278,268 $1,957,807 $1,403,691
28,205
62,433
65,475
444,211
428.675
253,308
1925.
8405,383
68,400
250,855
Net income
$1,805,852 .$1,466.699 $1,084,908
194,250
194,250
194.250
Preferred dive. (7%)...
721,372
Common dividends
721,372
721,314
$86,128
194.250
180,344
Calendar YearsProfits
Bond interest
Depreciation
Mount Royal Hotel Co., Ltd.
-Earnings.
-Surplus
Profit & loss surplus_ _- Calendar Years1928.
1927.
1926.
1925.
$3,419,492 $3,076,497 $3,112,256 $2,854,319 -V. 126, P. 3769.
ross income
j
per. exp., deprec., &c._ _Aga ia jagoriv
1, 61
.
$890,230
3,677,031
$551,077
3,136,826
$169,344 def$288.467
2.785.749
2,616,406
-Listing.
National Dairy Products Corp.
Operating profit
nterest, amortiz.,&c
ther deductions
epreciation
ncome tax
$1,011,298
x300,398
$792,890
x317,886
$691,496
285,776
65,537
220.000
27,500
170,000
1,200
10,000
8567,343
295,182
Net profit
$463,400
$303.804
$330.183
eferred dividends- --(6%)409,542(6%)409,542(3%)204,771
Balance, surplus
evious surplus
953.858 def$105,738
_Air ak2tJ46
it
Total
dd deprec. prior years.
urplus adjust. prior yrs.
$78,885
3,450
$222,008
188,000
8.981
$272,161
official
$125.412
355,061
$272.161
...imam
9480.473
150.000
2,728
$345,771
Cr.9,290
Profit & loss,surplus._
$75,435
$25,027
$327,745
2355.051
x After deducting $24,260 amount of interest received discount earned
d dividends received in 1928 and $15,517 in 1927.-V. 126, p. 3609.
-Earnings.
Muskegon Motor Specialties Co.
Earnings for Year Ended Dec. 31 1928.
perating profit
ofit before deducting Federal taxes
ofit after deducting prov.for Federal inc. taxes
V. 128, p. 743.
Mutual Stores, Inc. (Calif.).
-Sale.
See MacMarr Stores, Inc.. above.
-V. 127, p. 420.
National Air Transport, Inc.-Listing.
-
The New York Stock Exchange has authorized the listing of(a) additional
certificates for 72,176 shares of common stock (no par value) upon official
notice of issuance in connection with the acquisition of the entire property
and assets of the Ohio Clover Leaf Dairy Co., Ohio-Toledo Ice Cream Co.
and Findlay Dairy Co. Inc., and the entire issued and outstanding capital
stocks of Dodds Alderney Dairy, Inc., and Creameries Investment Co.)
(b) on and after July 11929,of 723 additional shares and on and after Oct. 1
1929. of 729 additional shares of its common stock, aggregating 1.452
such shares, upon
notice of issuance from time to time as stock
dividends, making the total amount applied for 4,208,995 shares.
Pursuant to resolutions of the directors the company was authorized to
Issue: (1) 17.515 shares of common stock (as constituted after the payment
on May 20 1929, of the 100% common stock dividend) as part consideration
for the assets of Ohio Clover Leaf Dairy Co. the remaining consideration
being the assumption by the company of the disclosed liabilities of the
Ohio Clover Leaf Dairy Co. and $208,503 in cash) (2) 13,766 shares of
common stock (as constituted after the payment of the 100% common
stock dividend) as part consideration for the assets of Ohio-Toledo Ice
Cream Co. the remaining consideration being the assumption by the
company of the disclosed liabilities of the Ohio-Toledo Ice Cream Co. and
$5,111 in cash: (3) 3.1 9 shares of common stock (as constituted after the
Payment on May 20 of the 100% common stock dividend) as part consideration for the assets of Findlay Dairy Co. Inc., the remaining consideration being the assumption of the disclosed liabilities of' Findlay
Dairy Co., Inc. and 91 177 in cash: (4) 20,000 shares of its common stock
(as constituted after the payment on May 20, of the 100% common stock
dividend) together with $250,000 of its 51i% gold debentures due 1948, in
exchange for the entire issued and outstanding capital stock of Dodds
Alderney Dairy, Inc., consisting of 20,000 shares (no par) all of one class(
(5) shares of common stock (as constituted after the payment on May 20
1929. of the 100% common stock dividend) in an amount equal to 1.4 the
number ofshares of6% cumulative preferred stock of Wisconsin Creameries.
Inc. then held by Creameries Investment Co. (Del.) holding not less than
12.000 shares of the 6% cumulative preferred stock of the Wisconsin
Creameries, Inc. out of a total of 12,662 such shares issued and outstanding,
upon conveyance to the company of the entire capital stock of the Creameries
Investment Co.
Consolidated Balance Sheet as at Dec. 31 1928.
(Giving effect as of that date to the additional issue of $1.850.000 55i%
gold debentures due 1948. to 1% stock dividends paid Jan. 1 and April 1
1929, and to a 100%, stock dividend, paid on May 20 1929; including
all subsidiary companies acquired subsequent to Dec. 311928, or presently
to be acquired; and assuming 100% acquisition by Creameries Investment
Co. of preferred stock Wisconsin Creameries, Inc.)
Assets
Liabilities
Cash in banks & on hand__ 810.428,782 Notes payable
8889,511
Marketable securities
1,380,251 Accts, pay. incl. sund. accr. 13,357.086
Notes & accounts receivable 14,546,647 Dividends pay. & accrued..
130,016
Inventories
9,500,524 Provision for Fed. Inc. tax.. 2,140,659
Receivable from employees601,211 540,017 Reserve for contingencies__
Life insurance
47,582,000
359,152 541% gold debentures
Investments & advances_ _
1,193,396 Sub. co. bonds & mtges--- 5,137.390
Sinking fund
7,634 Min. stkhldrs. Int, in cap.&
Land, bidgs., mach. &c
279,539
_ y89,948,238
sure. of sub
Prepaid taxes, Ins., int. &c__
2,078,800
1,227,831 Preferred stock of subsid
Good-will purchased
6,924,400
12,968,036 Class"A" pref. stock
5,000,000
Class"B" pref. stock
x32,991,646
Common stock (no par)
5,112,984
Capital surplus
19,875,468
Earned surplus
$448.033
452.057
397,810
The New York Stock Exchange has authorized the listing of 459,160
shares of common stock (no par value), outstanding in the hands of the
public, and 190,840 shares on official notice of issuance in exchange for
utstanding certificates representing shares of the par value of $100 each,
making the total amount applied for 650,000 shares.
At a meeting of the executive committee held on March 7 1929 a recommendation was made to the board of directors that the capital be changed
rom $10,000.000 (par $100), of which 32.500 shares were then outstanding,
and that there be substituted in lieu thereof 2,000,000 shares of common
stock (no par value), and that this latter stock be issued in exchange for the
formerly outstanding stock in the ratio of 20 shares of the new common
stock for each 1 share of the old common stock.
At a special meeting of stockholders held April 12 the recommendations
of the executive committee as approved by the directors March 22 were
unanimously adopted and the certificate of incorporation was amended so
as to change the capital structure as above.
-From May 12 to Dec. 311926, 64,559
Cargoes Carried and Miles Flown.
Pounds of mail were carried by the company. In 1927 282,884 pounds were
of which 172,864 pounds were on the New York-Chicago line and
rried,
110,020 pounds on the Chicago-Dallas line. During 1928, 1.131,961 pounds
ere carried, of which 908,180 pounds were on the New York-Chicago
hie and 223.781 pounds on the Chicago-Dallas line. Up to and including
arch 31 1929 425,838 pounds were carried, of which 347.402 pounds were
n the New York-Chicago line and 78,436 pounds on the Chicago-Dallas
ine.
Since May 12 1926 the company has flown a total of 4,368.122 miles up
March 31 1929, having flown 584,072 miles in 1926, 1.093.706 miles in
1927, 2,165,669 miles in 1928 and 524,675 miles in 1929 up to and including
are.h 31 1929.
Comparative Income Account for Calendar Years.
1928.
1927.
1926.
$1,652,629
Total
$556,947
perating revenue
$180,523
$142,100,509
Total
$1,108,281
$602,956
ost of operation
$261.280
x ,Represented by 4,123.956 shares (no par).
271,702
dministrative and traffic expenses
151,840
101.547 $26,871,034.-V.128,p. 2366.
$272,649 loss$197.848 1osa$182.304
profit
National Fire Insurance Co. of
1,533
8,023
and adjustments
2,311 Sheet Dec. 31 1928.tilLret
$142,100.509
y After depreciation of
Hartford.
-Balance
Assets
$274,180 10558189,824 10888179,993
Liabilities
Profit for year
Bonds and stocks
834.704.687 Capital stock
Comparative Balance Sheet Dec. 31.
$3,000,000
Mortgage loans
1,323,527 Res. for unearned premiums_ 21,449,558
Liabilities1927.
1928.
1928.
1927.
AssetsInterest accrued
331,291 Reserve for losses
2,505,556
$45,674 Accounts payable.. 8164,453
$998,774
885,617 Real estate unencumbered- _ _
ash
921,974 Res. for taxes & 0th. expo
1,350,000
108,854 Accruals
10,453
cots, & int. rev.. 402,902
Cash on hand & in banks_ __ _ 6,244,158 Contingent reserve fund
1,500,000
3,248 Notes payable__
2,867
295,000 Cash in hands of agents
dvances
2,877.077 Net surplus
16,597,599
Del. credits on inus on stock sub37,813
5,500 • 30,000 surance claims
scription callsTotal
846.402,714
Total
846,402,714
100,257 Res. for deprecia_ - 304,098
105,747
228,563
nventories
259,878 Capital stock
3,010,000 1,263,000 -V.127. 3715.
836,424
nvestmenth
703,351 Deficit
328,646
(cost) 831,684
274,186
Iced assets
National Screen Service Corp.
18,690
14,270
-Earnings.
epald expenses.3 Months Ended March 3111Perimental and
1929.
1928.
328,038
Gross sales
develop, expense
$496,870
$394,773
Net earnings
170,746
56 043
Tell4a
83,198,172 81,597.294 Earns, per sh.on 110,000 she. corn.stock
_ _83,198,171 $1,597,994
Total assets..
$6.51
$0.98
-V. 128,
262.
V. 128. p. 2822.
p.
p.
[Void. 12S.
FINANCIAL CHRONICLE
3698
National Reserve Corp.
-Removes Offices.
This corporation and the Reserve Security Corp. announce the removal
of their general offices to the 33d floor of the New York Life Insurance Co.
-V. 128. P• 3366.
building, Madison Ave. at 26th St.. New York. City.
Nehi Corp.
-Bottling Plant Investments.
Following announcement of recently released franchises in St. Louis,
and various Pacific Coast cities. President C. A. Hatcher, reports that
investments of Nehi franchise holders in new installations approximate
$500,000.
Total investments of plants under operation and shortly to be opened
amount to $12,000,000. it was added. Within the last few months 31
franchises for the manufacture of Nehi have been issued in 14 States, with
total new bottling plants for 1929 estimated at 100, or an increase of 20%
over the total organized to distribute the company's products in 1928.V. 128, p. 3526.
Balance Sheet March 31.
1928.
Liabilities1929.
Assets-1929.
1928.
Preferred stock__ _$1,000.000
Mineral rights dr
Common stock _ _x$2,031,440 $2,029,90
leases (less res.
86
for depletion) __32,100,805 $2,119,598 Accounts payable_
25,36
22,848
Fed.Inc.tax
Lease equip,. (less
16,250
res. for deprec.)} 23,382 I 24.080 Dividends payable
95,311
Furn.. fixt. & auto
11,45(
14,158
(less res.for dep.))
Deferred credits
3.370 Re
[
311,66
361,318
Cash &time dep..- 842,997
149,874 Surplus
Securities owned .._ 381,245
Accts. receivable__
3,239
5,806
Deferred assets _ _
76,512
189,656
$3,541,327 $2,379,24(
Total
Total
$3,541,327 $2,379,240
x Represented by 270,000 shares of no par value.
-V. 128, p• 2283.
North American Car Corp.
-Earnings.
-
-Extra Dividend.
New Jersey Zinc Co.
The directors have declared two extra dividends of 50c. each, the first
payable June 14 to holders of record June 1, and the second July 10 to
holders of record June 20, in addition to a quarterly dividend of 50c.,
payable Aug. 10 to holders of record July 20, placing the new stock, recently
split, 4-for-1. on a regular $2 annual dividend basis, equivalent to $8
annually paid on old stock. On both July 10 and Dec. 10 1928 an extra
-V.128,p. 3202.
of $2 per share was also paid on the old $100 par shares.
Newman Mfg. Co.-Common Stock Offered.-Bruner &
Reiter Co., Cincinnati, are offering 13,333 shrares common
stock at $25 per share. Of this issue, 6,998 shares have
been acquired from the company and 6,335 shares from
individuals.
The earnings of the corporation, including owned subsidiaries, for th
first quarter of 1929 were 8167.032 after all charges. This represent.
$8.35 per share earned on the pref. stock. After prof. stock requirements
-V. 128
$1.20 per share was earned on the common stock of the company.
p. 2822.
O'Connor, Moffatt & Co., Inc.
-Earnings.
Earnings for Year Ended Jan. 31 1929.
Total sales
$4,274,01
Net profit after deprec., but before int. & Federal taxes
167,97
Balance Sheet Jan. 31 1929.
Assets
Liabilities
Cash
$304,571
$946,643 Accounts payable
76.82'
14,776 Accrued expenses
Notes receivable
968,597 Reserves for Maur.deposits_ _
7,28
Accounts receivable
780,298 Deben. bonds, 10-yr. sink. td. 750,
Inventory
124,897 Class"A"common stock
574,
Other assets
262,368 Class"B"common stock
1,192.
Permanent assets
521,3
328,903 Surplus
Deferred assets
Transfer agent, First National Bank, Cincinnati, Ohio. Registrar.
Second National Bank. Cincinnati, Ohio. Tax free in Ohio.
Authorized. Outstanding.
Capitalization$320,200
$320,200
Preferred stock (7% cumulative)
50.000 shs. 50.000 shs.
Common stock (no par value)
$3,426.48
$3,426,482 Total
Total
-Company was originally founded in 1882 and
History and Business
Incorp. in Ohio in 1925. Company manufactures ornamental and archi- -V. 126, p. 1365.
tectural bronze and brass work for banks, theatres, office buildings,churches
-Earnings.
Owl Drug Co.(& Subs.).
government buildings, residences, department stores. The plant, located
1926.
1925.
1927.
1928.
Calendar Yearsin Norwood (Cincinnati, Ohio). is the largest of its kind in the world, with
on a tract of 17.4i acres of land. The busi- Not earnings from oper_ $1,093,684 $1,226,643 31,387,773 $1,351,79
a floor space of 226,000 sq. ft.
ness is national in scope, and branch offices and district representatives are Deproc. on furnit., fiat.,
361,0, -;
386.031
434,363
280,070
equipment, arc
maintained in 78 of the largest cities throughout the United States.
Prov.
100,00!
148.000
108,000
82,000
for Federal taxes
-Proceeds will be used to retire outstanding indebtedness and
Purpose.
to supply additional operating capital.
$890,73
$853,742
$684,280
Netincome
$731,614
-An audit of the company shows the following net earnings
Earnings.
for the three-year period ended Dec. 31 1928, after taxes, depreciation and Divs. on Sun pref.(7%)
19,56
19,567
17,939
stock
17,367
preferred stock dividends:
$105.766, at the rate of $2.11 per share Divs. on Owl pref.(8%)
Three-year period (average)
472,54.
478,388
479.835
480,000
stock
117,119, at the rate of $2.34 per share
Two-year period (average)
280.00
280,000
280.000
280,000
153.132, at the rate of $3.06 per share Divs. on Owl corn. stock
1928
Dividends.
-It is expected that dividends will be inaugurated on the
$118,62
$75,788
def$45,753 def$93,494
Balance,surplus
per share, payable quarterly,
common stock at the annual rate of $1.75
2,876,6 i t
2,995.235
3,071,022
2,977.528
Previoussurplus
beginning with a proportionate dividend July 1 1929.
-Application will be made to list this stock on the Cincinnati
Listing.
Surplus Dec.31
$2,931,775 $2,977,528 $3,071,023 $2,995,23Stock Exchange.
Earns per sh. on 40.000
$9.9
$8.39
$4.66
$5.85
shs.com.stk.(par $100)
-Earnings.
-V. 126, p. 3771.
Newmarket Manufacturing Co.
Dec. 29 '28. Dec. 31 '27. Jan. 1 '27. Jan. 2 '26.
Year Ended--Earnings.
Packard Electric Co.
Net profit after deprec.,
$482,531
$209,959 loss$85.020
$245,000
taxes & all other chgs_
Period End. Apri130-- -1929-Mos.-1928- -1929-4 Mos.-1928.
$148.05
Dividends paid during 1928 aggregated $243,000, as against $226,800 Net earns, after -Fed. tax
1217,108
$64,129
$42,669
for the year 1927.
-V. 128, p. 1922.
Comparative Balance Sheet.
-To Split-up Shares.
Packard Motor Car Co.
Dec. 29'28. Dec. 3127.
Dec. 2928. Dec. 31'27. LiabilitiesAssets$3,240,000 $3,240,000
The stockholders will vote Juno 19 on changing the authorized capita
Capital stock
Real estate ma1,743,217 1,271.175 stock from 5,000,000 shares of $10 par value to 25,000,000 shares of no pa
chinery, &e___:$3,116.225 53.132.968 Notes payable__
-V. 128
346,873 value, 5 now shares to be exchanged for each $10 par share held.
296,787 Accept'ces payable 161,036
452,228
Cash
235,460 P. 3527.
Accounts payable_ 197,950
Notes receivable &
80.596 Reserve for Federal
44,080
trade accept'ces_
-Earnings.
33,438
12,423
Page-Hershey Tubes, Ltd.
tax
Accts. receivable
1,183,853 1,087,990
1927.
1928.
2.122.206 2.113,641
Calendar YearsInventories
2,479,86.5 2,581.418 Surplus
$1.720,731 11,021.601
Net income
38,913
40,654
Deferred charges
133.327
200,90
$7,497,849 $7,219.574 Preferred dividends
Total
900
180,940
Investments
406.955
341,15
Common dividends
-V.128. p.3366.
x After deducting $1,727,402 reserve for depreciation.
81.180,449
$479,53
Balance surplus
Newton Steel Co. -Rights.$7.0
$11.29
Earns per share on 140,502 shs. COM• stock
The common stockholders of record May 13, have been given the right -V.127, p.3412.
to subscribe on pr before June 21, for 24,000 additional shares of no par
value common stock at $85 per share on the basis of one new share for
Paramount Famous Lasky Corp.-Listing.
-V. 128. p. 3009.
every 10 shares held.
The Now York Stock Exchange has authorized the listing of 32.31
additional shares of common stock (no par value) as follows: (1) 11,331
-Earnings.
Nichols & Shepard Co.
shares for the acquisition of the remaining 50% interest in the stock and (or)
1928.
1927.
assets of A. IL Blank Theatre Corp.: (2) 3,333 shares for the acquisitio
Calendar Years32,256.711 $1.857,226 of properties and (or) a 50% Interest in the stock of Publix-Fitzpatrick
Gross profit
1.693.493
1.365.745 McElroy,Inc. (Del.), and (3) 17,644 shares,issued to officials or employ
Expenses
under and pursuant to certain contracts, making the total number of shar
$563,218
$491,481 of common stock listed or to be listed 2,245,827.
Net operating profit
480,219
371,147
The 17,644 shares will be issued as additional compensation for th
Other Income
calendar year 1928 referred to in the several agreements, approved by th
$1,043,437
3862,629 stockholders, between the corporation and Adolph Zukor, jesse L. Lasky
Totalincome
209,594
247.409 Sidney R. Kent, Sam Katz. and Ralph A. Kohn, respectively, covenl
Interest
98.000
83.000 their employment by the corporation until Dec. 31 1934. The 17.64
Federal and Canadian income tax
shares will be free from restraints imposed pursuant to the contracts o
3735.844
$532,219 Jan. 1 1931. The contracts, which run until Dec. 31 1934, provide fo
Net income
107,481
85.701 certain payments in common stock or cash. at the option of the corporation
common stock outstanding (no par)
Shares
$6.42
85.56 based on a percentage of the profits after provision for fixed charges.Interest
Earnings per share after preferred dividends
reserves and all cash dividends (but not in excess as to the common stec
-V.128, p. 1413.
of $3.33 per share).
-V. 128, p. 3010.
-Earnings.
Noranda Mines, Ltd.
-Earn
Patino Mines & Enterprises Consolidated, Inc.
Earningsfor Year Ended Dec. 31 1928.
Metal recoveries
Miscellaneous income
$6,160,099
83,953
Total Income
Cost of metal prod. incl. mining,treatment & delivery
Custom ore
Administrative & general expenses
Interest on bonds
Reserved for taxes
Bond redemption premium
Org.& adm.expo.& bond & other int. applic. to prior periods
Development & mining-prior periods
Prospecting & exploration--outside properties
Reserved for deprec. of bidgs., plant & equipment, &c
$6,244,051
2,495,324
132,324
122,226
205,930
270,000
27,500
20,902
265,970
279,922
1,063,697
Balance-transferred to surplus account
-V. 126. p. 1995.
1928.
$99,399
27.130
21.747
6,542
Netincome available for dividends.
Preferreddividends
-Common dividends
$76,015
16,250
40,477
$43,979
Balance ofincome to surplus
Previous surplus
$19,288
342,030
$3.502
308,159
$361,318
270,000
$0.22
$311,661
269,846
$0.16
Profit
Other income
11,318,805 31,629.413 $1,194,36
55.081
132,657
191,248
Total income
Accrued interest
Bolivian income tax
Depreciation and depletion
$1,510,053 81,762,070 11,249.45
48.54
31,562
16,155
54,67
107,737
76.429
444.137
471,546
488,852
$928,617 31,151,225
1702,09
$0.83
$0.5
$0.67
-Extra Class B Dividend.
(D.) Pender Grocery Co.
1929.
1216.292
25.632
94,333
20,311
Balance,surplus
Shares corn.stk outstand.(no par)_ _ Earnings per share
1927.
1928.
1929.
$4,822,354 14.003.559 $2,935.441
1,741.07
2,374,146
3,503,549
Net profit
Earns, per sh. on 1,380,316 shs. corn.
stock (par $20)
$1,360,256 -V. 128, p. 2285.
-Earnings.
North Central Texas Oil Co., Inc.
3 Mos. Ended Mar. 31Incomefrom all sources
Operating and general expense
Depletion
Federal tax
Surplus adjustment credit
3 Mos. Ended Mar.31Income from mine operation
Production costs,&c
40,477
1927.
$137,155
27,944
24,765
9.881
Cr.630
The directors have declared an extra dividend of 25c. a share on th
class B stock in addition to the regular quarterly dividend of 25c. a shar,
both payable July 1 to holders of record June 15. Like amounts wer
paid on this issue since and incl. April 1 1928.-V. 128. p. 3528.
Pet Milk Co.
-Earnings.
Quarter Ended March 31Net profits after charges
$75.205 Earns, per share on 450,000 shs,corn.stock(no par)
-V. 128, p. 2648.
37.327
1929.
$114,790
$0.20
1928.
$17 681
-Installs New Equipment.
Phillips Petroleum Co.
It is announced that an additional crude still and a cracking unit bein
installed at the company's Borger, Tex., refinery, are nearing completio
I and should be in operation about June 1. The cracking unit is expected
$311.194 , produce more than 50,000 gallons of cracked gasoline a day, according t
269,846 I John II. Kane, Executive Vice-President, while the whole plant will hay
-V. 128, p. 3203.
$0.29 a total capacity of 10,000 barrels of crude oil per day.
$37.878
273,316
JUNE 1 1929.]
FINANCIAL CHRONICLE
-Earnings.
Pierce Arrow Motor Car Co.
3699
Pittsburgh Valve, Foundry & Construction Co.
-
Month. 4 Months. Defers Dividend.
Period End. April 30 1929Net profit after deprec. int., &c
$431147
$879.679
The directors recently decided to defer the regular quarterly dividend of
The company has taken legal steps against the Arrow Aircraft & Motors IN% ordinarily dua and payable on May 1 on
the 7% cum. Pref. stock.
use of the word "Arrow" in their
Corp. of Havelock, Neb., alleging the
corporate title Is an infringement of its trade mark and trade name rights. (For offering, see V. 125, P. 3074.)-V. 126, p. 262.
128, p. 3011.
-V.
Port Alfred Pulp & Paper Corp.
-Earnings.
Calendar Years-American Shares
1928.
1926.
Pinchin, Johnson & Co., Ltd.
1927.
Operating profit
$1,929,536 $2,266,365 $1,260.929
-Offering is being made in this Admin. expenses
Offered by Hallgarten & Co.
119,989
market of 66,667 "American shares" of the above company, Interest
818.376
537,030
381,825
Depreciation
432,898
492,942
260,363
largest makers of paints and varnishes in the British Empire,
by Hallgarten & Co. at $42.50 per "American share." In
connection with the offering of these shares in the United
States, it is pointed out that, under a resolution recently
adopted by the directors, no action which might differentiate in any way between British and foreign owners of
shares, whether in relation to the rights of dividend, voting
or otherwise, or to the transfer of or dealing in such shares,
or to the right to receive any bonus shares or debentures
to shareholders, or to subscribe for any other shares of the
company will be taken under any circumstances by the
board. The sale of the "American shares" does not represent any increase in the capital of the company.
"American Shares" will be issued in the proportion ofonesuch share for
3 ordinary shares of the company's stock under and subject to a deposit
agreement with the depositary.
n and after Sept. 1 1929, or prior thereto
at the option of the bankers, on the terms and upon payment of charges
as stated in the deposit agreement, "American Shares" are to be exchangeable at the option of the registered holder for deposited stock, and additional "American Shares" may be issued upon deposit of the company's
ordinary shares. No voting rights attach to the "American Shares" as
such; but the deposit agreement contains provisions for solicitation by
the depositary of statements from registered holders of "American Shares"
of their desires as to the voting of deposited stock. Reference is made to
the deposit agreement, copies of which are on file with the depositary and
the bankers, for a statement of the charges on transfers and exchanges of
certificates for "American Shares", the rights of the depositary and of the
registered holders of "American Shares", and other matters.
Dividends received upon stock represented by "American Shares" will
be converted into dollars at rates then current and the proceeds after deduction of depositary charges and expenses will be paid by the depositary
to the registered holders of "American Shares."
Guaranty Trust Company of New York, depositary.
OrdinaryCital StockAuthorized. Outstanding.
cumulative preference shares (par £1)-- 5'0.000 sha. 500.000 shs.
shares (par 10 shillings)
3,000.000 sha. 2,759,912 sha.
Data from Letter of Edward Robson, Chairman of the Board.
Company.
-Is the largest manufacturer of paints, varnishes and allied
products in the British Empire, the scope of its operations being worldwide. The business of the company was established in 1834, some of the
milts now owned by it having been established as early as 1770. Manufacturing units are located in England, India, Australia. and Continental
Europe, with distributing units in all the principal cities and seaports of
Great Britain, Europe. India, Australia and South America. One of its
products, "Satinette" white enamel is used extensively by leading steamship lines, including the Cunard Line, White Star Line, and others.
The present company was formed in 1899 and its progress, especially in
recent years, has been marked. Since 1923, it has absorbed or acquired a
controlling interest in at least 12 different domestic and foreign companies
engaged in the industry.
Earnings.
-Net earnings of the company, not including profits of a nonrecurring nature, after allowance for depreciation and doubtful accounts
and dividends upon the preference shares, for the past 3 years have been
as follows:
1926
$504.657 I 1927
$1.308.960 I 1928--- - --$1.896.838
The earnings shown for 1928 do not include results for the Indian plants
and include only a small portion of the profits of the Australian plants
acquired during that year. Moreover, funds provided through the sale of
new shares were not received until April of 1928, so that full benefit therefrom was not obtained for the full year.
Financial Position.
-The balance sheet as of Dec. 31 1928 showed current
assets of $10,294,706, as against current liabilities of $1.525,201.
General.
-In 1928, stockholders received rights to subscribe at a per
share to new shares in the ratio of 1 for 4, the market price of the old stock
at that time being over a. In March. 1929, a stock dividend of 33 1-3%
was declared and the former £1 shares were exchanged for new shares at
the rate of two new shares for each old share the new shares having a par
value of 10 shillings.
Since 1924, the dividend rate has been 30% each year, payable 10% in
Sept. and 20% after the close of the year, and there is no present intention
of reducing this rate. A purchase of stock made in 1926 at the average
quoted price for that year, would (upon exercise of all subsequent rights)
Show a present market value more than double the purchase price.
At a meeting of the Board of Directors held on April 15 1929, the following
resolution passed: Resolved, that in order to allay any apprehension among
prospective foreign holders of the company's shares the Secretary be instructed to advise the Guaranty Trust Co. of New York as agent for American holders that under no circumstances will the board of this company
take any action which may differentiate in any way between British and
Foreign owners of shares whether in realtion to the rights of dividend,
voting or otherwise attached to such shares or to the transfer of or dealing
In such shares or to the right to receive any bonus shares or debentures
offered to shareholders or to subscribe for any other shares of the company
or otherwise howsoever, with the exception that the board must retain
the right to issue shares as and when considered desirable to members of
the company's staff on favorable terms and also to issue shares as and when
occasion may demand for the purpose of acquiring or in connection with
the acquistion of any other businesses.
[Figures stated in dollars have been converted from pounds sterling at
the rate of $4.86 to the .C.1-V. 128, p. 3528.
-Balance Sheet Dec.31.Pilgrim Mills.
1927.
Assets1928.
Land, bldgs., ma$1,387,152 $1,373,532
chinery
654.070
Supplies, dm
650,576
61,310
88,911
Cash & acels roc
105,400
Mlacell. securities. 105,400
15,352
19,033
Prepaid Insurance_
Total
$2,219,791 $2,240,948
-V.127. p. 1116.
Liatrilities1928,
1927.
Capitalstock
$1,200,000 81,200,000
Awls payable__
91,720
133.605
Res've for Federal
Income tax
13,391
27,623
Res've for deprec
778,125
738,255
Surplus
136,554
141,464
Total
$2,219,791 $2,240,948
-Earnings,
Plymouth Oil Co.(& Subs.).
1928.
Calendar Years1927.
1926.
$7.993,120 $8,450,183 $14,716.323
Gross earnings
Administrative & general expenses_ _ 3,286,799 2,943,672 4,027,089
Depletion'
246.385
311,985
320,474
Depreciation
639,993
768,055
548,998
889,434
Aban,doned wells,drill costs,&c
764.015
113,505
Federal taxes
280,364
894.481
$2,817,003 $3,382,092 $8.925,281
Not profit
4,222.642 4,585,735
Previous surplus
2.384.079
Net profit
Preferred dividends
$678,262 $1,236,393
420,000
420.000
Surplus
$258,262
$816,393
Earns, per all, on 120,000 abs. corn.
82.15
stock (no par)
$6.80
Balance Sheet Dec. 31.
1928.
1927.
1928.
Liabilities$
$
$
Assetsx33,195,307 31,571.794 Preferred stock ___ 6,000,000
Fixed assets
562,559 Common stock _ _ y13,113,681
163,053
Cash
14,999,667
391,549 Bonds
849,582
Accts. receivable
942,000
1,638.947 1,601,426 Bank loans
Investments
3,969,593 4.075,085 Accounts payable_ 1,453,735
Inventory
26,000 Accrued Interest.. 137,498
Advance stumpage_ 26,000
1,728,099
79,398 Reserves
69,705
Deferred charges
1,537,525
Surplus
39,912,187 38,307,813 Total
Total
x Including 20,000 sharesof Anticosti Corp.
no par shares.
-V.125. p. 1722.
$276,630
$2.30
1927.
8
6,000,000
13,113,661
14,999,667
1,446,857
108,702
1,303,416
1,335,509
39,912,187 38,307,813
y Represented by 120.090
-Earnings.
Potomska Mills Corp.
The company shows an indicated loss of $29,371 during the 18 months
ending Dec. 31 1928. At previous stockholders' meeting in August 1927,
it was voted to change fiscal year of company to coincide with the calendar
year. For the 12 months ended July 2 1927, there was an indicated loss of
$35,697.
Balance Sheet Dec. 31 1928.
A nets
$690,952 Capital stock
51,800,000
Real estate
779,311
1,097.047 Reserved for depreciation ___
Machinery
272,900 Profit & loss
169,734
Merchandise
222.626
Cash,accts.& notes reedy -465.521
Securities
Total
-V.123, p. 1391.
82,749,045
Total
52.749.045
-Rights.
Pressed Metals of America, Inc.
A special general meeting of the stockholders will be held on June 8 for
the following purposes:
(a) To authorize the issuance to the stockholders of record, June 25
of one share of no par value capital stock now held in the treasury,for each
10 shares of no par value capital stock held by a stockholder, at a price
$15 per share, payable in three installments of $5 each, one such installment to be paid on the 20th day of the months of July. August and Sept.
1929, or sooner if desired by the stockholder.
(5) In event of any stockholder not availing himself of his privilege to
Participate in the proposed special allotment of such no par value stock
on or before Aug. 1 1929, then to authorize the issue and sale for cash by
the board of directors at a price not less than $15 per share,so many shares
of no par value stock of the corporation as such stockholder would have
-V. 127. p. 1688.
been entitled had he elected to take the stock.
Price Bros. & Co., Ltd.-Earnin &1925-26.
1927-28.
1926-27.
1928-29.
Years Ended Feb.$3,413,715 $4,079,574 $4,063,211 $4,263,190
Net profit
905.369
786.096
887,800
789,434
Interest
1,508,965
1.541,263
1,199.604
1,256,861
Depl. & depreen
Cost of restoration of
482.389
Kenogami Mill
$1,367,420 $1,682,809 $1.616,580 $1,795,121
Net income
455,000
455,000
455,000
450,664
Preferred diva.(64%) _
853.664
853,664
853,664
853,664
Common diva.(2%)
Surplus
Previoussurplus
Refinancing(Dr.)
$63.092
2.604,055
$374,145
2,229,910
$307.915
1,921,995
$486,457
1,573.038
137.500
Profit & loss surplus .._ $2,667,146 $2,604,055 $2,229.910 $1.921,995
426,832
426$32
426,832
Shs.com.out.
426,832
(par $100)
..
$3.14
$2.72
$2.88
Earns. per sh.on com--$2.14
-V. 126. p. 3610.
-Earnings.
Provincial Paper, Ltd.
1928.
Period End. Dec. 31$1,140,230
Total profit
286.382
Interest on bonds, bank loans, &c
450,000
Reserve for depreciation of buildings & plant.-10,000
Reserve for doubtful accounts
35,000
Reserve for income tax payable in 1928
8 Mos.
1927.
$774,123
202.862
300,000
10,000
25,000
$358.848
245,000
$236,261
163.333
$113.848
Balance surplus
$1.14
Earns, per share on 100,000 atm. corn. stk.(no par)
V. 128p. 416.
$72,927
$0.73
Net income
Dividend on preferred stock
-Balance Sheet Dec.31.Quissett Mill.
1921.
1928.
Liabilities1927,
Assets1928,
Steal estate & mach$2,273,432 $2,272.455 Common stock...32,000.000 52,000.000
305,000
Cash recelv.ednvest1.503,884 1,653.042 Preferred stock ___ 305,000
14,931
29,967
867,374 Accounts payable_
Inventory
745,555
74,932
77,566
Reserve for taxes _
Res.for depree'n_ - 1,725,628 1,725,628
657,345
399.747
Profit & loss
Total
54.522.872 $4,792,871
-V. 128, p. 3367.
Surplus
$4,522,872 54,792,871
-Earnings.
Quincy Market Cold Storage & Wareh. Co.
Years End. Mar. 31Total income
Operating expenses
1927.
1928.
1929.
$2,060.020 $2,131.175 $2,111.443
1.935,223
1,802,380
1,678.521
Gross profit
Other income
$381,499
1,337
$328,795
55,802
8176,221
69,813
Totalincome
Salaries (officers & general office).. _
General expenses
Interest paid (net)
Other changes
$382,836
51,326
44,187
131.355
46.000
$384.597
56,096
80.903
141,875
41.117
$246,034
65,216
89.977
157.794
$7.039,645 $7,967,827 $11.309.360
Total surplus
Net profit
Add'n'l deplet. & deprec. on Big Lake
Preferred dividend
Oil Co.applic. to the year 1926._
120,186
Preferred diva. Boston Terminal Re-}
6,931
Depreciation on well equip-prior yrs
frigerating Co
Organization expenses
11,126
Diva. paid to min, int. of Big Lake
Surplus for the year
875,000
011 Co
1,000,000
1,725 000
2,100,000
Divs, paid by Plymouth 011 Co
2,625,000 4,987.500 -V. 27, p. 2696.
$4.057,714 $4,222,642 64,585,735
Profit and losssurplus
Earns per share on 1,050,000 shs,cap.
stock (par $5)
$2.27
$1.98
-V.128,p.745.
$498,752
222,122
8109.967
$64,606 loss$66,954
102,1821
65,625
92,704
15,756
$17,263 loss$37,576 loss$148.335
-Merger Terms.
Raybestos Co.
A new company with an authorized capitalization of 1,000,000 shares of
no par common stock is to be formed to take over the United States Asbestos
Co., the Raybestos Co. and the Manhattan Rubber Mfg. Co., it is announced.
3700
FINANCIAL CHRONICLE
r VoL
128.
P!The present stockholders of the three companies are to receive stock in
Royal Typewriter Co., Inc.(& Subs.).
-Earnings.
the new company on the following basis: For each share of common stock
1928.
1027.
1926.
of U. S. Asbestos, 1 14-100 shares of common stock of the new company; x Calendar YearsOperating profit
31.702,613 $1,465,108 81.399,282
for each common share of Raybestos, 23i shares of common stock of the
131,8171
334,952
281,634
new company; for each share of common stock of Manhattan Rubber. 1 X Interest, &c
Federal taxes
210.0521
shares of the new company.
On the above basis, there will be required for distribution to the common
Net income
$1,360,744 $1,130,156 81,117,648
stockholders of the three companies an aggregate of 631,012 common
532,354
935,427
801,118
shares of the new company. A further 45,000 shares of stock of the new Dividends
company will be sold for cash to provide additional capital.
Surplus
$585,294
$425,317
8329,038
Prior to the consummation of the plan, the pref. stock of the U. S. Asbesx After depreciation.
-V.127. p. 3718.
tos Co. and the Raybestos Co. will be called for redemption.
-V. 128,
p. 3203, 3368.
Safe-Guard Check Writer Corp.
-Earnings.
-Reiter-Foster Oil Corp.
-Earnings.
Month of April1928.
1929.
Net profits
def$2,290
Earnings for Year Ending Dec. 31 1928.
$9.191
Gross operating income
$795,985 -V. 128. D. 3012.
Production, geological and general expenses
187,895
(Clarence) Saunders Pacific Stores, Inc.
Depletion and depreciation
193,997
-Initial Div.
The directors have declared an initial quarterly dividend of 87Xc. Per
Net operating income
8414,094 share on the 7% cum. pref. stock, par $50, payable June 1 to holders of
Non-operating income
1,439 record May 25. (See offering in V. 128, ID. 1070.)
The company has recently opened its first stores in Oakland and AlaNet profit for period
$415,532 meda, Calif.. and has secured 75 additional leases on the Pacific Coast.
Earnings per share on 388,584 shares capital stock (no par)
$1.09 Plans are under way for the opening of 150 stores within the next 6 months.
-V. 127, p. 2973.
-V. 128, p. 1923.
Reo Motor Car Co.
-Extra Dividend.
The directors have declared an extra dividend of 20c. and the regular
quarterly of 20c. on the outstanding $20,000,000 capital stock (par $10).
both payable July 1 to holders of record June 10. Like amounts were paid
on Jan. 2 and April 1 last, while on Oct. 1 last an extra dividend of 30c.
was paid.
-V. 128. p. 3012.
Rheinelbe Union, Germany.
-Bonds Called.
Three hundred and twelve ($312,000) 20
-year 7% sinking fund mtge.
gold bonds, dated Jan. 1 1926, have been called for payment July 1 next at
par and int, at the option of the respective holders thereof, either at the
office of Dillon, Read & Co., 28 Nassau St., N. Y. City, or at the office of
J. Henry Schroder Banking Corp., 27 Pine St., N. Y. City, fiscal agents.
The principal thereof and int. thereon may likewise be collected either in
London,England,at the office of J. Henry Schroder & Co.in pounds sterlinor in Amsterdam, Holland, at the office of Mendelssohn & Co., Amsterdam, Nederlandsche Handel-Maatschappij, and Pierson & Co., in Dutch
guilders at the buying rate,in London or Amsterdam,respectively,for sight
exchange on New York City on the day of presentation for collection.
V. 127. p. 3262.
Richfield Oil Co. of California.
-Listing.
The New York Stock Exchange has authorized the listing of 10;000
shares additional common stock (par $25) on official notice of issuance and
sale to officers and employees making the total amount applied for 2,128,232
shares.
-V.128, p. 3529, 3368.
Richmond Radiator Co., New York.
-Earnings.
Calendar YearsProfit after taxes
Previous surplus
1928.
$300,765
1,322,989
1927.
$438,298
1.528,531
1926.
$612,962
1.079,631
1925.
$525,468
562,680
Total surplus
$1,623,754 $1,966,829 $1,692,593 $1,088,148
Adj.of divs. pay.In 1925
8,517
Reduc.of pats.& g'd-will
431.205
Add.1922 Fed.inc. taxes
6,250
Divs, on pref. stock
164,062
208,122
206,385
Scheiwe Coal & Ice Co.
-Receiver.
-Appointment of the Central Trust Co. of Pittsburg by the United States
District Court as receiver in equity for the company was announced May 21.
It is alleged that the total indebtedness of the company is $325,000. The
capital assets are given as $562,100 in real estate and equipment and the
current assets as $137,614.
Scott Paper Co.
-2% Stock Dividend.
The directors have declared a semi-annual dividend of 2% in common
stock in addition to the regular quarterly dividend of 35c. per share on
the common stock, both payable June 29 to holders of record June 15.
The 2% stock dividend on the common is the first such declaration under
a plan for the issuance of 150,000 additional shares. It is the intention
to issue shares to stockholders in 2% semi-annual dividends along with
such cash dividend as may be declared. (See V. 128, P. 1572.)-V. 128.
P. 3530.
Scovill Mfg. Co.
-Earnings.
Calendar Years1926.
1925.
1927.
1928.
Gross profits from sales_ $6,331,905 $5,221.948 $5,926,898 84,114.695
Other income
664,849
671,227
560,514
442,487
Totalincome
86,774.392 85.782,462 $6,591,747 $4,785,922
Exp,for maint.& repairs 2,230.653
1,802,334
1,868,761
Provision for deprec _ __ _
784,636
783,703
822.154
899,410
Miscel. charges
176,797
428,803
4,143
74,841
Taxes,&c
950,271
848,279
941,677
763,486
Netincome
$2,698,508 $2,253,219 $2,979,701 $2,623,145
Previous surplus
4,350.507 4,583,170 9,246,396 7,250,39Z
Miscel. credit adjust_ _
51,355
12,042
36,368
Trans.from reserves_ _ _ _ 4,772,871
Totalsurplus
$11,821,885 86.872,757 $12,238,139 $9,924,893
Elim. ofsub. cos. gd-will
147,498
574,968
Cash dividends
531,000
2,655,000
2,522,250 2,522,250
Stock dividend
4,425,000
Prof.&loss sur.Dec.31 $1,415,631 $1,322,988 $1,528,531 $1,079,631
Profit and loss surplus
Earns, per sh. on 68,287
Dec.31
89,299.635 84,350,507 $4,583,170 $9.246,396
shs. com.stk. (no par)
$6.57
$5.29 Shares of cap. stk. out$1.35
$3.39
standing (par $25)- -Balance Sheet Dec. 31.
x177,000
885,000
885.000
885,000
Earn, per share on cap.
Alose
1097
1928,
Liabilities1927.
stock
814.82
$2.54
$3.05
$3.37
Plant,equip.,Arc.h$1,999,i99 $1,892,990 Capitalstock-._a$3,317,494 $3,317,494
x Conalsts ofshares of $100 par value.
Patents & good-will 800,000
300,000
856,990 Notes payable_ --- 500,000
234,960
Trade-marks and
Balance Sheet Dec. 31.
Accounts payable_ 188,561
patent licenses-53,532
Dividends Pay1928.
1927.
1927.
1928.
52,034
52,002
Cash
172,142
166,023 able
LiabilitiesAssets
$
$
42,716 ' 71,047 Land, bides. &
Accts.. notes & tr.
Reserve for taxes_
Capitalstock
22,125,000 22,125.000
acc. rec.(less res.) 1,375,761 1,131,134 Obligations Pay1,467,245 6,188,032
machinery _ _ _ .x12,212,309 12,572,605 Reserves
19,255 Cash & cattle:Ins__ 2,670,788 2,748,179 5-yr. 5% notes_77,500
Stock In treasury.
3,387
4,804
able
1,415,631 1,322,989 U. S. Govt. secs_ 2,706,442 2,536,491 A eels payable . 697,533
Due from em pl. on
Surplus
323,292
subs,to pret.stk.
16.336
531,000
Other mktble sec.- 3,735,622 3,561,871 Div. declared.
663,750
Inventories
1,029,002 1,205,526
Accts. & notes rec. 2,910,542 2,419,323 Accrued wages &
Deferred charges...
66,974
60,279 Total (each side)_$5,516,437 $5,317,746 Mdse.Inventories_ 9,284,610 9,131,360 salaries
244,085
15,728
7,641
8,088
a Represented by 59,563 shares of pref. stock or $2,978,150 and 68,287 Other assets
712,753 Other liabilities899,270
9,299,636 4,350,507
shares of common stock or $339,344, all of no par value. b After deducting Def. charges
96,117 Surplus
65,752
-V. 128. p. 1245.
$607,674 reserve for depreciation.
Total
34,505.338 33,778,699
34,505,338 33.778,699 Total
Ritter Dental Mfg. Co., Inc. 1 isting.x After deducting $18,377,961 depreciation.
-V.128 p. 3530.
The New York Stock Exchange has authorized the listing of 160,000
shares common stock (no par).
-Listing.
Sharon Steel Hoop Co.
Consolidated Income Account for Calendar Years.
The New York Stock Exchange has authorized the listing of 300,000
(Company and subs.& Forstbauer Dental Equip. Co.,Inc.. & Ritter A. G.) shares common stock (no par value), with authority to add 75,000 additional
1928.
1927.
such shares on official notice of issue and payment in full pursuant to offer1926.
$1,347,446 $1,201,492
Trading profit
$616,348 ing to stockholders, making the total listing applied for 375,000 shares.
151.590
159,465
The stockholders on April 10 (a) approved the change or conversion of
152,169
Other income
the common stock from shares of the par value of $50 each to an equal
$1,499,035 $1,360.957
$768.517 number of shares of common stock without par value, and the fixing of a
Total income
84.768
99.989
Deductions
90.187 stated capital of $1,599,970; (b) authorized an increase in the number of
146,867
177,995
132,478 shares of capital stock from 319.994 common shares to 500,000 common
Interest charges
shares (no par value), and an increase in the stated capital from $1,599,970
$1,267,399 $1,082,972
$545,852 to 81,875,000.
Net profit
Dr.6,344
Dr.4,155
The stockholders also authorized the issuance of 75,000 shares of common
Cr.7,410
Minority interest
130.000
stock pro rata to stockholders at $32.50 per share. Warrants evidencing
Provision for Federal taxes
the right to subscribe, before the close of business May 1 1929, to such
$1,133,244 81,076,628
$553,262 additional shares in the ratio of one new share for each four shares held were
Net profit
issued to stockholders of record April 15.
-V.127, P. 3414.
Consolidated Income Statement 3 Months Ended March 311929.
-Earnings.
Rolland Paper Co., Ltd.
Gross operating profit for the period after deducting charges for
Earnings for 7 Months Ended Dec. 31 1928.
$687,506
maintenance and repairs to plant
$258,607 Provision for depreciation and renewals
Net operating earnings
254,023
40.000 Interest and discount on bonds
Depreciation
78,975
80.208 Provision for Federal income tax
Bond interest
41,490
$138,399
Net profit
Net profit for the period
58313,016
45,000 Balance at Dec. 31 1928
Preferred dividend
994,945
$93,399
Balance
Total surplus
$1.307,962
13,203 Dividends on preferred stock
Proportion organization expenses written off
19,994
$80,196
Profit and loss, balance
Balance at March 31 1929 carried to balance sheet
$1,287,968
-V. 127, p. 424.
* Equivalent to 84.34 per share per annum on 286,240 shares common
stock after preferred dividends.
'Royal Weaving Co.
-Earnings.
Pro Forma Balance Sheet as of March 31 1929.
1926.
1927.
Calendar Years1928.
(Giving effect to recapitalization and sale of 75,000 shares corn. stk.]
Net sales
87,607,585 87,395,538 $8,028,707
Assets.
999,374
Liabilities.
418,823
Net profits for year
763,046
Property accounts
a$1,875,000
$19,589,074 Capital stock
Balance Sheet Dec. 31.
Inv. In & adv. to assoc. co's_
b16,412,688
528,251 Capital surplus
1927.
1928.
1928.
Assets1927.
Due In respect of com.stk.sub.
6,750,000
205,086 1st mortgage 5 sis
$2,500,000 12,500,000 Inventories
Real est. & bldgs. $952,368 $952,134 Capital stock
1,111,070
3,142,335 Accounts payable
2,527,822 2,549,085 Ore contract balances
Machinery
2,435,109 2,406,873 Surplus
48,073
110,264 Due on ore contracts
Cash
585,888
139,577 Res.for new mach. 985,150 1,013,386 Notes & accts. receivable_ 2,042,609 Accrued interest
61,610
82,000
45,100 Invest. in stocks and
Life ins., cash surRes. for Fed. tax_
101,442
8,350 Accrued taxes
2,067,394 1,984,146 U.S. Govt. bonds at bonds._
render value
128,853
121,230 Reserve for depree.
91,870
par__
110,000 Accrued Federal tax
504
254 Cash In banks and on hand_
1,806,619 3,770,723 Contingent disolMerchandise
722,425
2,366,268 Reserves
800,000 Deferred charges
Notes receivable_
17,673 Notes payable_..
359,909 Surplus-Earned
1,287,968
418,823
Accts.receivable 3,017,079 1,902,583 Profitand loss__.. 763,046
Total
$28,462,147
828,462,147
Total
18.925,916 89,310,794
$8,925,916 19.310,794
Total
Total
a Stated value of capital stock represented by an authorized issue of
-v.128, p. 3012.
500,000 shares of no par value, of wh ch 375,000 shares (Incl. 10,006 shares
held in treasury and 3,754
trustees) are issued.
hands
-Proposed Merger.
- b Arising from conversionshares in thestock toof
Rubber Service Laboratories Co.
of par value
stock without par value.
paid in surplus and appreciation of properties.
-V.128. p. 2106.
-V. 128, p. 3013.
See Monsanto Chemical Works above.
JUNE 1 1929.]
FINANCIAL CHRONICLE
Shell Union Oil Corp.(& Subs.).
-Earnings.
Quarter Ended mar. 31- 1929.
1928.
1927.
1926.
Gross income
$13,531,021 $12,043,548 $12,803,425 $11,559,191
Depl- depr., drill exp.,
deb. int., &c
12.072.444 10,492,380
7,520,170 6,063,300
Balance for inc. tax... $1,458,577 $1,551,167 $5,283.255 $5.495,891
Surplus at Dec. 31
37,023,378 30,628,357 35,288,572 24,804,779
Total surplus
Preferred dividend
Common dividend
$38,481,955 $32,179,524 $40,571,827 $30,300.670
254,381
260,481
4,567,238
3,500,000
3,500,000 3,500,000
Surp. bef. Fed. taxes _$33,914,716 $28,679,525 $36,817,446 $26,540.189
Sha. corn. out'd'g no par) 13,000.000 10,000.000 10,000.000 10,000,000
Earns.persh. on corn ___
$0.11
• $0.15
$0.50
$0.52
x Including a half interest in income of Comar Oil Co.
-V.128. p. 3368.
Sloss-Sheffield Steel & Iron Co.
-Omits Dividend.
-
The directors late last week voted to omit the quarterly dividend of
134% which would ordinarily be paid about June 20. This rate had been
paid regularly since and incl. March 20 1924.-V. 128, p. 3531.
Southern Pacific Golden Gate Co.
-Preferred Stock
Offered.
-An issue of $1,685,000 6% cum. pref. stock is
being offered at 98 and div., to yield 6.12%, by E. H.
Rollins & Sons, Anglo London Paris Co., and Anglo-California Co., Inc.
Preferred as to assets and divs. Dividends cumul. at
annum from May 1 1929. Dividends payable Q. rate of 6% per
-F. Red. all or
part by lot on any div. date, upon 60 days' notice, at 10234 and divs.
Entitled to $102.50 per share and divs. in the event of voluntary liquidation, and to $100 per share and divs. in the event of involuntary liquidation.
Stock transferable at the office of the company in San Francisco. The
Anglo and London Paris National Bank of San Francisco. registrar.
Data from Letter of S. P. Eastman, Pres. of the Company.
Ownership.
-Company, a holding company organized in Delaware, will
own all of the outstanding common stock of Southern Pacific Golden Gate
Ferries, Ltd. (see below) A majority of the outstanding voting stock
of Southern Pacific Golden Gate Co. will be owned by Southern Pacific Co.
For full details as to business properties, &c., of Southern Pacific Golden
Gate Ferries. Ltd., see that company.
CapitalizationAuthorized
Outstanding.
6% cumulative pref.stock ($100 par)
$10,000,000
*$4.000.000
Class A stock (no par)
300.000 shs.
156.750 shs.
Class B stock (no par)
800,000 shs. x262,250 shs.
* $2,315,000 to be owned by Southern Pacific Co. x 210.000 shares to
be owned by Southern Pacific Co. Of the class B stock. 300,000 shares
reserved for conversion of A shares, share for share at any time priorare
to
April 22 1935.
Combined Earnings Year Ended March 31 1929 (of constituent services).
Gross earnings
$5,268,013
Operating expenses
3.696,360
Net earnings (before depreciation and Federal taxes)
$1,571,653
Maximum annual interest charges on first mortgage 5 % bonds550.000
Balance (before depreciation and Federal taxes)
$1,021,653
Depreciation
559,846
Balance (before Federal income taxes)
$461,807
The annual dividend requirements of this preferred stock are $240,000
Purpose of Issue.
-The proceeds from the sale of $1,685.000
pref. stock to be presently outstanding will be used toward the 6% cum.
of $3.498,500 par value of bonds and $2,000,000 par value ofredemption
pref. stock
of Golden Gate Ferries, Inc., now outstanding, and for other corporate
purposes. The additional $2,315,000 6% cum. pref. stock to be presently
outstanding will be accepted by the Southern Pacific Co. in part payment
for the physical properties turned over by it and its subsidiaries to Southern
Pacific Golden Gate Ferries, Ltd.
Southern Pacific Golden Gate Ferries, Ltd.
-Bonds
Offered.
-E. H. Rollins & Sons, Anglo London Paris Co.
and Anglo-California Co., Inc., are offering 85,000,000
1st mtge. 5% sinking fund gold bonds at 99 and int., to
yield about 5.60%.
3701
on all hereafter acquired physical properties of the company. The historical
cost of the properties to be immediately acquired by the company is more
than 50% in excess of these $10,000,000 first mortgage bonds.
The indenture under the terms of which these bonds are to be issued will
provide that adequate hull, protection and indemnity, and fire insurance
shall be carried by the company: or that in lieu thereof this same protection
may be supplied under contract or contracts with the Southern Pacific Co.
The additional $10,000,000 first mortgage bonds may be issued in series
from time to time bearing such rate of interest and of such tenor as the
board of directors may determine up to not exceeding 66 2-3% of the cost
or value, whichever may be lower, of additions and betterments free of
prior liens, provided that the net earnings of the company, before depreciation, as defined in the indenture, for 12 consecutive months out of the
preceding 14 months,shall have been equal to at least 234 times the combined
annual interest requirement on all first mortgage bonds at the time outstanding together with those whose certification is applied for.
Sinking Fund.-The indenture securing these bonds will, among other
things, provide that, beginning Oct. 1 1929, the company shall pay to the
trustee, on Oct. 1 and April 1 each year, the sum of $425,000 to be used (1)
to pay interest on first mortgage bonds outstanding and (2) to retire first
mortgage bonds by purchase at not to exceed the call price, or by call by
lot. It is estimated that this service charge will be sufficient to retire all
the $10,000,000 first mortgage 534% bonds to be presently outstanding
at or prior to maturity. The indenture will also provide for an additional
service charge calculated to pay interest and retire such amount of bonds
as may hereafter be issued within twenty years from the date of their issue
(irrespective of their maturity).
Purpose.
-The proceeds from the sale of'$5,000,000 first mortgage 534%
sinking fund gold bonds to be presently outstanding will be used toward
the redemption of $3,498,500 of bonds and $2,000.000 of preferred stock
of Golden Gate Ferries, Inc., now outstanding. The additional $5,000,000
of first mortgage 534% bonds to be presently outstanding will be accepted
by the Southern Pacific Co. in part payment for the physical properties
turned over by it and its subsidiaries to Southern Pacific Golden Gate
Ferries, Ltd.
-All of the outstanding common stock will be owned by
Ownership.
Southern Pacific Golden Gate Co., a holding company (see that company
above), the majority of whose outstanding voting stock will in turn be
owned by the Southern Pacific Co.
-S. P. Eastman, Pres.; E. H. Maggard, Vice-Pres. & Gen.
Directors.
Mgr.: Paul Shoup, F. S. McGinnis, J. II. Dyer, Herbert Fleishhacker. A.
(:). Stewart, Milton Esberg and B. H. Dibblee.
South Porto Rico Sugar Co.
-Omits Extra Dividend.
-
The directors have declared the regular quarterly dividend of 50c. Per
share on the outstanding 745,735 shares of no par value common stock.
payable July 1 to holders of record June 10. In each of the four preceding
quarters an extra dividend of 25c. per share and the regular dividend of
50c. per share were paid.
David G. Mumford and George M. Moffett have been elected directors
to succeed the late William Schell and the late William H. Morgan.
V. 128, p. 1416.
-Larger Dividend.
Southland Royalty Co.
The directors have declared a quarterly dividend of 25c. a share, payable July 15 to holders of record July I. Previously the company paid
15c. a share quarterly on the no par value capital stock. See V. 128, p.1416.
Southwest Dairy Products Co.
-New Director.
0. R. Seagraves has been elected a director. He is connected with a
number of important public utility companies in the Southwest. being
President and a director of Dixie Gas Utilities Co.. ixie Aircraft Co..
Dixie Gas & Fuel Co. Dixie Gulf Gas Co., Houston duff Gas Co.. Houston
Gas & Fuel Co. and United Gas Co. He is also Vice-President of the
.
Moody Seagraves Co.
-V. 128, p. 3531.
Sparks-Withington Co.
-Listing.
The New York Stock Exchange has authorized the listing of 499,545
additional shares of common stock (no par value) on official notice of issuance as a 300% stock dividend; and 26.010 additional shares on official
notice of issuance on conversion of the company's 6% cumulative convertible preferred stock ($100 par), or as a 300% stock dividend, making the total
amount applied for 700,750 shares of common stock. Stock issued as
the 300% stock dividend will be capitalized at the rate of $1 per share.
V. 128, p. 3369.
Sparta Foundry Co.
-Earnings.
--
Calendar Years1928.
1927.
1926.
Net earnings after all charges
$158,418
$107,387
$74,893
Earnings per share on common stock_
$3.17
$2.15
$1.50
Earnings for 4 Months Ended April 30 1929.
Net earnings after deprec- Federal taxes and all charges
$160,552
Dated April 1 1929; due April 11949. Int. payable A. & 0. at Anglo & Earnings per share on common stock
$3.21
London Paris National Bank of San Francisco, and at the office of the treas- -V. 128. p. 3531.
urer of the Southern Pacific Co., N. Y. City. Red. all or part, at any time
upon at least 60 days' notice, at 102% and in
Denom.$1,000 and $500 c*.
Strauss-Roth Stores Corp.
-Stock to Be Offered.
Company agrees to pay Mt, without deduction for any Federal income
In connection with the organization of this corporation, recently formed
tax not in excess of 2% of such int. which the company or the trustee
may
be required or permitted to pay at the source. The Anglo & London Paris to combine the Roth National Stores with the Nathan Strauss intereests,
Braham & Co. plan offering of 30,000 shares of no par common stock.
National Bank of San Francisco. trustee.
The company will start operations with 126 established retail meat stores
and warehouses and annual earnings based on 234% net profit on sales are
Data from Letter of S. P. Eastman, Pres. of the Company.
expected to be in excess of $150,000, according to an estimate by Nathan
Business.
-Southern Pacific Golden Gate Ferries, Ltd.,
-V.128, p. 3369.
ganized in California, is in process of acquiring the propertiesrecently or- Strauss based on the operations of Nathan Strauss, Inc.
of Southern
Pacific Co.. Central Pacific Railway, South Pacific Coast Railway.
Stuebing Cowan Co., Cincinnati.
-New Large Plant.
Northwestern Pacific RR. used by them exclusively in the vehicular and
ferry
The Stuebing Cowan Co. of Cincinnati, 0., and Holyoke, Mass., is now
business on San Francisco Bay; and all of the properties of The
Gate Ferry Co., Monticello Steamship Co. and Golden Gate San Golden erecting at Cincinnati, 0., what is claimed to be the most modern plant for
Ferry Co. By lease and agreement,the company will have the use of Rafael the manufacture of lift trucks and platforms. On a four-acre tract they
neces- will construct their first unit of a one-floor fireproof construction, 160 ft.
sary land and facilities at Oakland Mole, Alameda Pier, Sausalito
Tiburon. The company's operations will therefore represent the and wide by 330 ft. long, with a two-story office building of wire cut brick and
unithe vehicular ferry services now operated on San Francisco atone trim at an approximate cost of $200,000. The location will provide
fication of all of
Bay between San Francisco and the East Bay cities, Mann County and for 234 times present production. The most modern equipment will be
installed at additional cost.
Vallejo.
The company's plans include a model of efficient inside transportation
During the past five years the number of cars and trucks
by
constituent services increased by an average of about 26% acarriedor the where all process material will be handled by the lift truck system. The
year,
about 5,376,000 in 1928. This increase from standard sizes of skid platforms, as recommended by the Division of Simabout 1,700,000 in 1923 to
is
tributable in part to an average annual increase of 15% in the numberat- plified Practice of the Department of Commerce, will be followed throughof
motor vehicles registered, to more frequent and better service, to the in- out, and suppliers of material to the company will ship their goods to the
company on such platforms. This modern plant is located on a switch
crease in the use of motor trucks and stages, and to increased travel
by serviced by the four largest railroads entering the city, and with the excepautomobile tourists from southern California and other States.
consolidation of these ferry services under one management will tion of long raw material such as steel and lumber, cars will be loaded and
The
unloaded with the lift truck system.
enable the transfer of ferryboats from one run to another when
special
The company manufactures electric lift trucks, tractors and a complete
occasions create heavy demands, and will enable the company to
give line of hand lift trucks and platforms. It recently expanded its plant at
even better service, and still further stimulate motor travel. For the
first
quarter of 1929 traffic has been 13% greater than that for the corresponding Holyoke. Mass. Two plants are maintained in Canada, one at Granby.
Que., one at Toronto, Ont., and a plant at Moosburg. Bavaria. The
period of 1928.
demand for lift trucks and platforms by railroads, steamship companies and
-The floating equipment of company will consist of 29
Properties.
vessels
with a total capacity of 2.197 motor vehicles on a single trip. Thirteen shippers of goods on skid platforms has compelled this rapid growth.
vessels with a capacity of 1,065 vehicles are Diesel-engined motor
United Profit-Sharing Corp.
-Signs Contracts with
and 16 vessels with a capacity of 1,132 vehicles are steamers. All ships
fleet, with the exception of two steamers which will be operated of this Cigarette Manufacturers-United Cigar Stores Co. Disconunder
lease, will be owned in fee.
In addition to the floating equipment, the company will acquire, by tinues Issuance of Certificates.
purchase, all of the other property and franchises now owned by The
President M. D. Rae, in a statement issued this week to the 4,500 stockGolden Gate Ferry Co. and the Monticello Steamship Co., and, by pur- holders of this corporation following the recent announcement by the
chase or lease, all of the property and operative rights of the Southern United Cigar Stores Co. regarding discontinuance of the issuance of United
Pacific Co. appurtenant to its motor vehicle ferry business.
Cigar Stores' coupons and certificates, declares, "The earnings of the
CapitalizationAuthorized. Outstanding. corporation will in no way be affected by the discontinuance of the issuing
of certificates in the stores of the United Cigar Stores Co., as these stores
First mtge. 5%% sinking fund gold bonds
$20,000.000 $10,000,000 issued
and redeemed their own certificates in which united Profit-Sharing
Common stock (no par)
419,000 shs.•210,009shs.
Corp. had no participation." and that, "on the contrary, the agreement
• 210,000 shares to be owned by Southern Pacific Golden Gate Co.
with the United Cigar Stores Co. and associated companies varring United
Profit
-Sharing Corp. from doing business in the tobacco industry now being
Combined Earnings Year Ended March 31 1929(ofconstituent services.)
removed, much more business is open than heretofore for United ProfitGross earnings
$5.268,013 Sharing Corp."
Operating expenses
3,696,360
In substantitation of this fact Mr. Rae states that "United Profit-Sharing
Corp. has already signed contracts with two cigarette manufacturers for
Net earnings (before depreciation and Federal taxes)
$1,571,653 the inclusion of United coupons with cigarettes and expects to consummate
Maximum annual interest charges on first mortgage
%
a third contract shortly."
bonds (this issue)
550.000
Mr. Rae also added that "the change in the advertising policy of the
The above net earnings are 2.85 times maximum annual bond interest United Cigar Stores Co. is not due in any way to the fact that they do not
are over 1.84 times the $850,000 combined annual bond in- thoroughly believe in the principles and effectiveness of premium advertising
charges and
terest and sinking fund requirements.
but is the result of changing conditions in the retail tobacco business, whereSecurity.
-The $10,000,000 first mortgage 534% bonds to be presently by, to meet the present price competition in cigarettes, the United
outstanding will be secured by a first lien on all presently owned and a lien Stores Co. feels compelled to discontinue certificates at this time." Cigar
3702
FINANCIAL CHRONICLE
The two retail tobacco chains represent joint premium expenditures of
$4,250,000 annually, Mr. Rae said, in an estimated annual expenditure
for premiums of $250,000,000. There will be no diminution of activities
in the advertising of the United Profit-Sharing plan and its users, and no
discontinuance of redemption facilities, Mr. Rae said. Coupons will be
-V.128. p. 1417.
available for redemption as heretofore.
-Consolidation.
United States Asbestos Co.
-V. 128, p. 3206.
See Raybestos Co. above.
-Stock to Employees.
United States Steel Corp.
The finance committee on May 28 voted to offer to employees under the
regular employees stock subscription plan, for the year 1929, common stock
not to exceed 100,000 shares at the price of $165 Per share, all other terms
and conditions being the same as heretofore. This year's subscription price
compares with $145 for 1928, $122 for 1927, $136 for 1926. $125 for 1925.
$100 for 1924. $107 for 1923. $84 for 1922,$81 for 1921. $106 for 1920, $92
or 1919 and 1918.$107 for 1917 and $85 for 1916.-V. 128, D. 3206.
-Extra Dividend.
Vanadium Alloys Steel Co.
The directors have declared an extra dividend of $2 per share payable
July 15 to holders of record June 20 and the regular quarterly dividend of
75e. per share, payable June 29 to holders of record June 20.-V. 128
p. 1752.
-Sale of Aircraft EnVelie Motors Corp., Moline, Ill.
gine Business.
See Allied Aviation Industries, Inc., above, and in the "Chronicle" of
April 27, page 2808.-V. 120, p. 3202.
-Listing.
Western Dairy Products Co.
The New York Stock Exchange has authorized the listing of voting
trust certificates for 12,000 additional shares of class B stock (no par
value) on official notice of issuance, in exchange for California Dairies,
Inc., pref. stock, series B (2 for 1 up to and Incl. June 15 1933. 1 2-3 for 1
thereafter and prior to June 15 1938); 22,500 additional shares of class B
-year
stock, on official notice of issuance, in exchange for certain of the 15
04% sinking fund gold debentures, due May 1 1942, to be issued by
Inc.. voting trust certificates for 3 of such shares for
California Dairies,
each $100 of such debentures, the right to exchange continuing up to but
not including June 15 1938; 128,063 additional shares of class B stock, on
official notice of issuance, upon payment therefor in full in cash pursuant
to an offering to holders of voting trust certificates for such class B stock:
and 3,334 additional shares of such class B stock, on official notice of
issuance, upon payment therefor in full in cash; making the total amount
applied for to date voting trust certificates for 678.149 shares of class B
stock. See also V. 128, p. 3371.
-New Officer.
Westinghouse Electric & Mfg. Co.
J. S. Trifle, in charge of manufacturing operations, has been made a
Vice-President.
-V. 128. p. 3207.
-Initial Dividend.
Wheeler Metal Products Corp.
The directors have declared an initial quarterly dividend of 50 cents a
share on the common stock, no par value, payable June 15 to holders of
record June 5.-V. 128, p. 2290.
-Dividends.
White Rock Mineral Springs Co.
The directors have declared a dividend of 75c. per share on the common
stock and a dividend of 3X% on the partic. 2d pref. stock, both payable July 1 to holders of record June 20. Like amounts were paid on these
issues on April 1 last. On Jan. 2 last, a dividend of $1.50 per share on
the common and 7;4% on the 2d pref. stocks were paid. Including the
latter two payments. The total dividends paid for the combined four
quarters of 1928 amounted to $3 per share on the common and 15% on the
-V. 128. p. 3535.
2d preferred stock.
-Dividend No. 2.
Widlar Food Products Co.
The directors have declared a regular quarterly dividend of 37;4c a share,
payable June 15 to holders of record May 31. An initial dividend of like
-V.128, p. 3536.
amount was paid on March 15 last.
-Initial Class B Dividend.
Wilcox-Rich Corp.
The directors have declared an initial divibend of 50 cents per share and
a 5% stock dividend in.class B stock on the class B stock, both payble
July 15 to holders of record July 1, and the regular quarterly dividend of
6214 cents per share on the A stock, payable June 29 to holders of record
June 20.
President C. 11, L. Flinterman says: "Volume of business and profits
continues at record rate, and future prospects are excellent. Indications
are that business for the first 6 months of 1929 will exceed that of the
corresponding period last year by at least 100%."-V. 128. p. 3536.
-Reorganization Plan.
Wickwire Spencer Steel Co.
A plan of reorganization dated May 27 1929 has been ap-
proved by the committee representing Wickwire Spencer
Steel Corp. 1st mtge. 7% sinking fund gold bonds and
Wickwire Spencer Steel Co. prior lien coll. & ref. mtge. 7%
convertible sinking fund gold bonds, series A, and by the
-year
committee representing Wickwire Spencer Steel Co. 5
7% class A notes.
to be organized for such purpose or by an existing company, which may be
American Wire Fabrics Corp. or such other company as the reorganization
committee may determine.
New Bonds and Stock.
The new company is to authorize the following securities:
(a) First Mortgage Gold Bonds.
-Limited to such total authorized amount,
not exceeding $6,000,000, as may be determined by the reorganization
committee. Subject to such changes, if any, as may be determined by the
seu,anIzation committee, the terms and provisions of the new first mtge,
-years from date; as
bonds will be (substantially) aa follows: Payable 15
will bear int. at rate of 6% per annum, payable semi-annually; principal
and interest payable without deduction for normal Federal income taxes
not exceeding 2%. New company will refund present Conn. and Penn.
4 mill taxes and the Mass, income tax up to 6%. Denom. $1,000 and
.
$500 c5 Red. as a whole at any time, or in part on any int. date, on 30
days' notice, during first 5 yeare after date. at 105 and thereafter at a
premium decreasing 14% per year for 10 years to maturity, in each case
plus interest. Entitled to benefit of a sinking fund of $120,000 a year,
payable in cash (or in bonds at their principal amount) in semi-annual
installments of $60,000 each, beginning one year from the date, to be
applied either to the purchase and retirement of bonds if the same can be
purchased at not more than their current redemption price, or, if they cannot be so purchased, to their redemption, in addition to which the new
company will also covenant to pay the amount of any premium and interest
paid on the purchase or redemption of bonds for the sinking fund. Convertible at any time during the period of 15 years from their date, or during
such lesser period of time as the reorganization committee may determine,
into common stock at the rate of 26 shares of common stock per $1,000 of"
bonds, with provisions for the protection of such conversion right in the
event of the issue, at less than $42 per share, of any shares of common
stock in addition to the 510,030 shares of common stock to be issued and
reserved for issue for the purposes set forth in the plan, or in the event of
any other change in the common stock capitalization, the issue of stock as a
stock dividend, &c.
-Authorized 600,000 shares (no par value). The
(b) Common Stock.
common stock is to be applied and reserved as follows:
To be issued on reorganization in respect of existing securities which may be deposited under the plan or for other
329,030 she.
reorganization purposes
To be reserved for future issue for the purposes stated in the
181,000 she.
plan
Balance subject to future issue for corporate purposes of new
89.970 she.
company
Treatment of Bonds and Notes to be Exchanged for New Common Stock.
New Corn.
Wickwire 1st mtge. bonds (int. paid to July 1 1927) for each
20 she.
$1,000 of bonds
a Prior lien bonds (int. paid to May 1 1927) for each $1,000 of
20 slut.
bonds
30 she.
b Class A notes for each $1,000 of notes
a In addition each $1,000 bond will receive $11.66 2-3 in cash (representing 2 months interest at 7%). b For deposited scrip representing fractional
interests in clam A notes, scrip representing fractional interests in new common stock may be issued at the same rate,or in its discretion, the reorganization committee may pay the same in cash.
In arriving at the above treatment of the Wickwire first mortgage bonds,
prior lien bonds, and class A notes, the following considerations have been
taken into account:
As to the relative treatment of the Wickwire first mortgage bonds and
prior lien bonds: The interest on the Wickwire first mortgage bonds is
Payable on Jan. 1 and July 1,and on the prior lien bonds on May 1 and Nov.
1. The last payment pf interest on the first mortgage bonds was on July 1
1927 and on the prior lien bonds on May 1 1927. The holders of the first
mortgage bonds have thus received two months more interest than the
holders of the prior lien bonds. As the prior lion bonds were issued in exchange for the first mortgage bonds and, by reason of the pledge of $10.856,000 principal amount of the Wickwire first mortgage bonds as security
for the $10,856,000 principal amount of prior lien bonds outstanding, have
substantially the same rights, it has been thought to be fair to restore them
to the same basis by paying to the holders of prior lien bonds subjected to
the plan the two months' interest which has already been received by the
holders of the Wickwire first mortgage bonds.
As to the relative treatment of the Wickwire first mortgage bonds and
prior lien bonds on the one hand and the class A notes on the other hand:
The class A notes are part of an issue of notes aggregating $6,154,340, of
which $2,515,000 are clam A notes and $3,639,340 are class B notes. The
trust agreement under which such notes were issued provides in substance
that the notes, both class A and class B, shall rank equally as obligations
of the company but that all amounts paid thereon to the trustee shall be
applied in such manner that the class A notes shall be paid in full as to
principal and interest before any payment is made therefrom on the class 11
notes. The only fund out of which any payment can be recovered in favor
of the notes is the unmortgaged assets of Wickwire Spencer Steel Co.,
against which the notes can prove for the full amount of their debt.
The Wickwire first mortgage bonds and prior lien bonds are also entitled
to share in the unmortgaged assets and to prove against such assets for the
full amount of their debt. Since the principal amount of the bonds outstanding is $12,679,000 and the principal amount of the notes outstanding
Is $6,150,340, the bonds would be entitled to collect about 67% of the value
of the unmortgaged assets and the notes about 33% of such value.
In addition the bonds would be entitled to the entire value of the mortgaged assets. After taking into consideration the principal amount of the
bonds and notes outstanding and various estimated values for the unmortgaged assets and the mortgaged assets, including the fact that the unmortgaged assets consisting of cash, receivables, and inventory have a
much more readily realizable value than the mortgaged assets, the reorganization committee has determined that a fair division of the new common stock provided for the bonds and notes in the plan is 253.580 shares
(or about 77% of such common stock) for the bonds and 75.450 shares (or
about 23% ofsuch common stock) for the notes. If the above 75,450 shares
were divided pro rata between the class A notes and the class B notes, each
$1,000 of debt represented by a class A note or a class B note would receive
about 121j shares, while each $1,000 of debt represented by the bonds
would receive 20 shares, or about 60% more than each $1,000 of debt
represented by the notes.
Since, however, in the opinion of the reorganization committee one-third
of the value of the unmortgaged assets (the amount allocable to the notes)
would not be sufficient to pay the class A notes In full, the reorganization
Committee has, by reason of the above-mentioned provision of the trust
agreement under which the notes were issued, allocated the entire 75.450
shares to the class A notes, with the result that the class B notes will receive
nothing and the class A notes, benefiting by the above-mentioned provision,
will receive 30 shares for each $1,000 of debt represented by the class A
notes and will consequently be placed in a relatively more favorable position
per $1,000 of debt than the bonds.
-The new first mortgage bonds
Disposition of New First Mortgage Bands.
are to be sold to provide for the Cash requirements of the plan. The sale of
these bonds has not been underwritten, but such underwriting is expected
to be made in connection with the carrying out of the plan, and its consummation will be subject thereto.
Cash Requirements under Plan.
For redemption of:
$1,196,581
American Wire Fabrics 1st mtge. bonds (at 107)
1,225,38g
% secured notes (at 10215)
,
For payment of:
100 020
271:000
Real estate mortgages
Pre-receivership trade creditors (est.)
1,000.000
obligation
For settlement of Goddard lease
u
For payment of 2 months' int. at 7% on $10.856,000 prior
126,653
en
For expenses of receivership and reorganization and for working
2,080,358
capital of new company
Holders of the following securities may become parties to the plan by
depositing their securities with the respective depositaries specified below:
(1) First mortgage bonds and prior lien bonds with any of the following:
The Chase National Bank of the City of New York, 18 Pine St.; the First
National Bank et Boston, 67 Mille St., Boston. Mass.; the Marine Trust
Co. of Buffalo. 237 Main St. Buffalo; Manufacturers & Traders-Peoples
Trust Co., Main and Swan Sta., Buffalo; Illinois Continental Bank & Trust
Co.La Salle, Jackson and Cleric Sta., Chicago, Ill. Crocker First Federal
Trued Co. Post and Montgomery Sta., San Francisco, Calif.
(2) Class A notes with either of the following: The Bank of America,
N. A. 44 Wall St., N. Y. City and the Atlantic National Bank of Boston,
Post Office Square. Boston. Maas.
Holders of certificates of deposit representing first mortgage bonds or
prior lien bonds and class A notes who shall not file written notice of dissent
from the plan of reorganization with the depositary, which issued their
respective certificates of deposit, on or before June 26 1929, and holders of
certificates of deposit who, having filed such notice of dissent, shall not
exercise the right of withdrawal under the deposit agreements, within the
period provided by the agreements will in the event that the plan shall
become binding and conclusive upon holders of certificates of deposit
issued under such agreements become parties to the plan of reorganization
without the issuance of new certificates.
-Frederic W. Allen, Chairman, Arthur H.
Reorganization Committee.
Lockett, Acosta Nichols, Robert B.Stearns. George W.Treat with William
A. Barber, Sec., 37 Broad St., N. Y. City.
Digest of Reorganization Plan, Dated May 27 1929.
Bonds, Notes, Obligations and Indebtedness to be Dealt with in Reorganization.
(1) To be paid in full in cash:
• a$1,118.300
American Wire Fabrics 1st mtge. bonds
a1,195,500
7J4% secured notes
171.020
Real estate mortgages payable
200.000
Pre-receivership trade creditors (estimated)
(2) To be settled for cash:
b1,500,000
Goddard lease obligation
1
(3 To be exchanged for new Common Stock:
e1,823.000
Wickwire 1st mtge. bonds
10,856,000
Prior lien bonds
2,515,000
$6.000.000
Class A notes (incl. scrip)
Total
a These bonds and notes are to be redeemed and paid at their respective Estimated Capitalization and Interest Requirements of New Company after
less) and int. in the case of the bonds.
redemption rates, namely, 107 (or
Reorganization.
obligation under the
and 10214 and Int, in the case of the notes. b This
To Be
Ann, Int.
agreement for the purchase of the so-called Goddard plant at Worcester.
Authorized. Outstanding. Requirement.
Mass.. is to be settled for $1,000,000 in cash. c This amount Is exclusive First mortgage gold bonds
$6,000,000 $6,000,000 b$360,000
of $10.856.000 principal amount of Wickwire first mtge. bonds pledged Common stock (no par value)_a
600,000 she. 329.030 she.
under the mortgage securing the prior lien bonds.
a 156,000 shares reserved for conversion of new first mortgage gold bonds
-It is contemplated that all or substantially all of the
New Company.
officers of new company. b The
property both of Wickwire Spencer Steel Co.and of its subsidiary American and 25.000 shares reserved for sale to fund requirement of 1120,000 on
Wire Fabrics Corp. (with such exceptions and additions as the reorganiza- above is exclusive of the annual sinking
tion committee may determine) shall be acquired either by a new company the new first mortgage gold bonds.
JUNE 1 1929.]
SFINANCIAL CHRONICLE
Consolidated Income Account Years Ended Dec. 31.
[Wickwire Spencer Steel Co. and American Wire Fabrics Corp.]
Excluding interest on deferred liability for purchase of an rental for
Goddard Works,interest on real estate mortgages and interest and amortization of discount on present funded debt, but after provision for depreciation
computed on revised plant and property values, interest on $6,000,000
first mortgage gold bonds (new issue) and Federal income tax at present
rate.
1928.
1927.
1926.
1925.
Profit after selling, adm.
& gen. exp. but before
depreciation
$2,365,902 $1,449,153 81.547.755 82.133,999
Other income
154.169
132.101
133.038
173.315
Total
$2,520,071 31,581.254 $1,680,793 82,307.315
Other deductions
410,668
452.144
509,790
597,914
*Provision for deprec615,000
615,000
615,000
615,000
Bond int.(on new bonds)
360,000
360.000
360.000
360,000
Federal tax—at present
rates
136.128
18,493
23,520
88.128
Adjusted net profit
8998,275
8135,618
8172,483
8646,273
Annual sinking fund on
new bonds
120.000
120,000
120,000
120.006
Adjusted net profit,
after sinking fund-- $878.275
315,618
852.483
8526.273
*This compares with provisions as made by
management on values
appearing on books..
426.417
416,308
412,003
430.079
Pro Forma Balance Sheet (New Company) Dec. 31 1928.
[After giving effect to (1) provisions of the proposed plan of reorganization of Wickwire Spencer Steel Co., (2) reduction in the values
at
plants and properties, and investments in and account receivablewhich
with
subsidiary and affiliated mining companies, have been carried on the books
of the companies, and (3) increase in reserve for contingencies.)
Assets—
Liabilities—
Cash
$2,017,271 Accdunts payable
$417,944
Notes and trade acceptsnces
Accrued salaries and wages
124,618
receivable—Trade
47,613 Other accrued sects
84,729
Accounts receivable (after
Ore contracts payable
201,844
doubtful acc'ts, disc., dm.) 1,947,124 Note Payable and accr. int
225,140
Inventories
6,950,733 lit mortgage gold
_ 6,000,000
Subsidiary and affiliated cos_
796,734 Reserves—contingencies, &c.
bonds__500,000
Other assets
100,485 Stockholders equity
x13,908,420
Real estate, bidgs., mach.,dm 9,509,612
Deferred charges
93,122 Total (each side)
$21,462,695
x Represented by 329,030 shares to be outstanding of an authorized Issue
of 600,000 shares.
Note A.—At Dec. 31 1928 there was a lawsuit for damages in the sum of
376.500 pending against the Wickwire Spencer Steel Co., but in the opinion
of the management the plaintiff's action is unwarranted and will not lead
to a judgement. U. S. securities in the sum of $29,292 have been placed in
escrow pending the outcome of the suit.
Note B.—Under an agreement dated March 5 1926, Wickwire Spencer
Steel Co. Is obliged to pay all carrying charges on property of the Wick
-wire
Spencer Realty Corp.
Stockholders and Class B Noteholders Seek to Intervene.—
Federal Judge John R. Hazel at Buffalo has reserved decision
plication of stockholders and class B noteholders for permission in the apvene in the foreclosure actions brought against receivers of the to interby the Guaranty Trust Co. and the Chase National Bank. The company
ers' and noteholders' committees desire to intervene in the suit stockholdto protect
their interest in the distribution of assets.
Earnings for Quarter Ended Mar. 31.
1929.
1928.
Profit after expenses
8780.276
3634,396
Other income
30,581
19,957
Total income
8810.857
$654,353
Int. on hank loans, disc.,franchises,taxes,&c
109.849
104.594
Depreciation
108,934
106,605
auth. to be paid by the court & other deduc ns_
105.812
95,195
Net profit
—V.128, p. 3535.
8486,262
Worthington Pump & Machinery Co.—Pays
Dividends.—
$347,959
Accrued
The directors have declared a dividend of 3;1% ($3.50 per share) on
the preferred A stock and one of3% ($3 per share) on the preferred B stock,
on account of arrearages, both payable June 27 to holders of record June 10.
Like amounts were paid on these issues on March 20 1929. the first dividends since Oct. 1 1926, when quarterly distributions of 1
1 %
respectively were made. Accumulations on the preferred A % andtotaled
stock
15I% and on the preferred B stock 1334% on Jan. 11929.
Howard Bruce of Baltimore, Md., has been elected Chairman of the
Board.—V. 128. p. 1753.
CURRENT NOTICES.
—Wood. Struthers & Co.. members New York Stock Exchange, 20 Pine
St., N. Y., have published a booklet on the Atlantic Coast Line Railroad
Co. containing a survey of its recent history and a discussion of the investment possibilities of the common stock. The survey is divided in two parts,
Part one summarizes all of the essential investment facts for appraising
the merit of the company's common stock with a minimum of statistical
data and tables, part two is in the form of a statistical appendix incorporating in more detail various figures, charts and tables.
—In order to provide a broader service for clients and to have coast-tooast facilities for financial and commercial business, Edwin Bird Wilson,
Inc., has purchased the capital stock of the Van Miran Advertising Agency,
1240 South Main St., Log Angeles. Edwin Bird Wilson, Inc.. will continue
to handle the commercial and financial business of the Van Kuran Advertising Agency and through this new Pacific Coast office wll1contract banking
and financial business in that district. This association of interests gives
them a nationwide coverage through its offices in New York, Chicago.
ktlanta and Los Angeles. Karl E. Van Kuran, former President and
founder of the Van Kuran Advertising Agency, will continue his work with
Edwin Bird Wilson. Inc.. as Vice-President and General Manager of the
Pacific Coast office. His principal associates Walter C. Monroe and Edgar
L. Tompkins. will remain with the company in the Los Angeles office as
Vice-Presidents, devoting their entire time to the West Coast area.
—Following the announcement by Robert Donald Gibson, Charles
Clement Leefe, and Anthony 0. R. Baldridge that the firm of Gibson, Leefe
& Co., Inc., had been dissolved by limitation. effective May 31st. it was
made known that Mr. Gibson had become associated with the investment
department of G. M.
-P. Murphy & Co., members New York Stock Exchange, 52 Broadway, N. Y. and that Mr. Leefe had become associated
with the New York office of the Detroit Co., Inc., 14 Wall St.
—Announcement is made that Professor Wm.M.Alberti. Chief Geologist
for the Yucatan Petroleum Corp. and its subsidiaries, sailed for Yucatan
on May 30, whore he will join the field staff at Maxcanu. Professor Alberti
will take complete charge of the operations in Yucatan and Campeche
and will make his headquarters, on the Hacienda "Chumchucmil" of Don
Rafael Peon, near Uxmal, Yucatan, whore excavations of the Maya Ruins
were brought to the attention of the world.
—A. E. Ames & Co., Ltd., announce the removal of their offices to 120
Broadway, New York.
3703
—The formation of a new Stock Exchange firm, Emanuel dr Co., which.
brings together the commission business formerly conducted by Emanuel.
Ziegler & Co., members of the New York Stock Exchange and the New York
Curb Market, with the investment banking business previously conducted
by R. M.Schmidt & Co., is announced to-day. The new firm, with offices
at 32 Broadway, will offer a complete investment banldng and brokerage
service.
—B. F. Halpern & Co., Inc., announces the opening of offices for the
transaction of a general brokerage business specializing in bank and insurance stocks at 32 Broadway. New York. Ben F. Halpern, President
of the above firm, was fotmerly associated with Cohen, Simonson & Co.,
members of the New York Stock Exchange.
—In anticipation of the opening of the New York Hide Exchange,
scheduled for June 4th, H. Hentz & Co.. members of the New York Stock
Exchange announces that Leonard Schmerer, for many years associated
with the hide and leather industry, has been placed in charge of the new
hide department of the firm.
One of the features of the enlarged offices is a specially designed switchboard whereby direct phone connections with thirty banks and dealers
are obtained simply by moving a small lever. Both incoming and outgoing
calls may be handled through this switchboard without dialing or calling a
number.,
—Edward D. Jones & Co., St. Louis, Mo., have enlarged their offices
in the Boatmen's Bank Building and have added Frank Keough, Fred
Shumaker, William Griesdieck and William Floreth to the sales department
Emmett Byrne has become associated with them in the trading department.
L. Horton & Co., members of the New York Stock Exchange,
announce to-day the removal of their branch office, under the management
of E. J. Slattery, from the Waldorf Astoria hotel to 1 East 35th St. The
firm was founded in 1865 and has its main office at 43 Broad Street.
—Newman Bros. &Worms, members of the New York Stock Exchange.
announce the opening of a branch office at 341 Madison Ave. Harold O.
Wollcott will be Manager of this branch; Everett Harding, Assistant Manager, and Enola S. Clark, Manager of the Women's Department.
—Holt, Rose Sz Treater, 74 Trinity Pl., New York, have prepared a
comprehensive statistical chart giving pertinent data on all the important
Insurance companies in the country. Their operations in 1928 are compared with those of 1926 and 1927.
The Emanuel family were previously interested in both firma and E.
John Emanuel, as general partner, will actively represent the family's
Interest in the new business, while Albert Emanuel and Victor Emanuel
will be special partners.
—Mark C. Steinberg & Co., members New York and St. Louis Stock
Exchange, St. 1,011i8, Mo., have published a booklet on Curtiss Airports
Corp. describing the locations of all the airports controlled by the corporation.
Frederick E. Ziegler, member of the New York Stock Exchange. Sheward
H.Hagerty, member of the New York Curb Market, Douglas Delaney and
Carl F. Boker, Jr. will also be general partners in the firm of Emanuel & Co.
Reginald Ai. Schmidt, who will be a general partner in the new firm, has
been engaged in the banking business since 1905. Previous to establishing
his own firm in 1926, he was long associated with Estabrook & Co.
—The United Continental Corp. announces the opening of its offices at
165 Broadway, New York. The officers of the corporation are Frank
Lewlsohn, President, and Elisha M. Friedman, Vice-President.
—Gilbert Eliott & Co., members of the New York Stock Exchange.
11 Broadway, New York. have Issued analysis of American Insurance Co.
(Newark, N. J.) and North River Insurance Co.(New York).
—Manowitch Brothers, members New York Stock Exchange, 50 Broadway, New York, have prepared a study of American Radiator Co. and
Standard Sanitary Manufacturing Co. and their merger.
—T. Ward Wasson. formerly Manager of the wholesale department of
theEmpire Bond & Mortgage Corp.,has become associated with the Atlantic
& Pacific International Corp. in the sales department.
—Anderson & Fox, members New York Stock Exchange, have opened
a Hollywood Office in the Security-First National Bank Bldg.. 6385 Holly
wood Blvd., Los Angeles. California.
—Scholle Brothers, 5 Nassau St., New York, have prepared a special
analysis of Overseas Securities Co., Inc., one of the first investment trusts
organized in the United States.
—John L. Peterson, Norbert E. Renter, and Walter L. Kenney, Jr..
have become associated with F. A.Willard & Co.,50 Broadway,New York.
in its sales department.
—Potter & Co., members of New York Stock Exchange, 5 Nassau St.,
New York, have prepared for distribution an analysis of United States
Steel Corporation.
—Samuel E. Benson and Charles A. Young, for the past fifteen gears
associated with 0. C. Kerr & Co., have been admitted to the firm as gen
eral partners.
—Ralph B. Leonard & Co.,specialists in Bank and Insurance stocks. 25
Broad St., New York, have published the May analysis of New York City
Bank stocks.
—Sheffield Co. announces that Philip Alper, formerly of Louis Kaiser
& Co. and Theodore Harriss are now associated with them in their retail
department.
—In the current issue of Newark and Newark Securities, Milliken &
Pell, 9 Clinton St., Newark, N. J., discuss the National Newark & Essex
Banking Co.
—Livingstone, Crouse & Co., Detroit, Mich., announce the resignation
of Charles B. Crouse as Vice-President and Secretary, effective May 15
1929.
—Johnson & Wood, members New York Stock Exchange, announce the
removal oftheir offices to the Equitable Building, 120 Broadway,New York.
—Ward, Gruver & Co., 30 Broad St., New York, have issued their
annual statistical chart of 51 oil companies, giving comparative[Warm
—Bauer, Pogue, Pond & Vivian, 20 Pine St., New York, have prepared
a special analysis of Standard Gas & Electric Co. common stock.
—Jackson & Curtis, 115 Broadway, N. Y., are issuing a special letter
giving statistical information on the Holophane Company.
--Clinton Gilbert, specialists in Bank and Insurance stocks, announces
the removal of offices to 120 Broadway, New York.
—L. F. Rothschild & Co., 120 Broadway, N. Y., have prepared art
analysis of the St. Louis & O'Fallon Decision.
—A. J. Bradstreet and G. R. Howatt have become affiliated with Coinmonwealth Shares Corp., 72 Wall St., N. Y.
—Prince & Whitely,25 Broad St., New York, are distributing an analysis
of Standard Oil Co. of California.
3704
FINANCIAL CHRONICLE
[Vol.. 128.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
be
*The introductory remarks formerly appearing here will nowthe
found in an earlier part of this paper, immediately following OF
editorial m
, in a department goaded "INDICATIONS
BUSINESSAACTIVITY."
New York, Friday Night, May 31 1929.
COFFEE on the spot was in moderate demand for both
Brazilian and mild grades and prices were about steady at
.
/
231 1 to 24%c. for Santos 4s, 164 to 17c. for Rio 7s and
4
163/ to 16%c. for Victoria 7-8s. Robustas were offered at
20%c. Fair to good Cucuta 22% to 23c.; Ocana 215/2 to
22%c.; Bucaramanga, natural 23 to 24c.• washed 24% to
24%c.; Tolima and Giradot 24% to 2434.; Medellin 25%
to 25%c.; Manizales 24% to 24%c.• Mexican washed 25 to
26c.; Surinam 22 to 23c.; Ankola i8% to 34c.; Mandheling
34 to 37c.; Genuine, Java 32 to 333c.; Robusta washed 20%
o 20%c.; Mocha 27 to 28c.; Harrar 26 to 26%c. Rio de
Janeiro cabled the New York Times that the Banco de
Espanhae Brazil, a local bank having a number of resident
Spanish depositors, has closed its doors on account of not
being able to rediscount its paper sufficiently. The 'Banco
da Cidada de Rio de Janeiro failed last week. The closing
of these two small local banks is an indication of how tight
is the credit situation which is reducing commercial activity
and causing apprehension.
The arrivals of mild coffees this month up to the 27th
inst. were 282,420 bags and the deliveries 308,730 bags, leaving the stock 378,253 bags against 342,852 bags at the same
time last year. The Board of Managers of the New York
Coffee & Sugar Exchange voted to close the Exchange for
trading Friday May 31st the day following the Decoration
Day holiday. As the Coffee Exchange remains closed on
Saturdays throughout the summer season, this means a fourday holiday. On the 27th inst. early Rio cost and freight
offers for prompt shipment here were a little higher. Santos
was about unchanged. The' Santos tenders consisted of
Bourbon 3s at 23.15 to 23%c.; 3-4s at 22% to 22.60c.; 3-5s
at 21.65 to 22 c.• 4-5s at 21.65 to 21.95c.; 5s at 21.70 to
2
1
/
21.8k.; 6s at 18.815 to 19.10c.; 6-7s at 19.35c.; 7s at 18.10c.;
/
7-8s at 15 to 18.95c.; Part Bourbon 3-5s at 21% to 2214c.;
6s at 19%c.; Rain-damaged 3-5s at 20c.; 5-6s at 18%c.; 6s
at 1834c.• 7s at 16.65c.; and 7-8s at 15.55 to 16.65c.; Peaberry
4s at 21.90c. and 4-5s at 21.80c.; Rio 7s at 15.95 to 16.15c.;
7-8s at 15.90c.; Victoria 7-8s at 15.30c. On the 28th inst.
little change occurred in Santos cost and freight offers but
Rios fell 15 points. For prompt shipment, Santos Bourbon
3s were here at 235.c.; 3-5s at 22%c.; 4-5s at 21.85c.; 5s at
21% to 21.85c.; 5-6s at 20% to 21c.• 6s at 18.80 to 20c.; 6-7s
at 19.35 to 19%c.; 7-8s at 15 to 16.2bc.; part Bourbon 3-5s at
21% to 22%c.; 6s at 19%c.; Rain-damaged 6-7s at 1814 to
18%c.; Rio 7s at 15.80c.; 7-8s at 15.40c. and Victoria 7-8s
at 15.15c.
On the 29th inst. there was a small supply of early cost
and freight offers at about unchanged prices. For prompt
1c.;
/
shipment Santos Bourbon 3s were offered at 232 3-4s at
23.3k.; 3-5s at 2134 to 22c.; part Bourbon 3-4s at 22.60c.;
3-5s at 22.55c.; Peaberry 4-5s at 21%c; 6s at 21c. Raindamaged 5-6s at 18.40c.; 6s at 1734c.; 6-7s at 18%c.• 7s at
15.60 to 16.65c., 7-8s at 15 to 16.40c.; Rio 7-8s 15.90C. Futures on the 27th inst. were 6 to 17 points higher for Santos
and 1 to 11 higher for Rio; of Santos 14,750 bags were sold
and of Rio 23,750 bags. Brazil seemed to have given support
and Europe also bought. On the 29th inst. futures were unchanged to 6 points lower on Rio and 6 points lower to 2
points higher on Santos with sales of 9,250 bags and of Rio
20,750 of Santos. The Exchange will be closed Friday and
week
will not reopen until Monday. Final prices for the lower
show no change on September Rio but are 1 to 4 pointshigher
on other months; Santos however is 3 to 6 points
than a week ago.
Rio coffee prices closed as follows: I March -13.65 ®13.66
veston, 2,157 to Savannah; 4 to South America, 6,512 to
Russia and 41,413 to Europe. Havana in one instance cabled
the following particulars of the Cuban crop movement for
the week ending May 25th: Receipts 67,988 tons; exports
99,067 and stocks 1,405,478 tons. The exports were divided as
follows: New York 33,441 tons; Philadelphia 1,587 tons;
Boston 3,214; New Orleans 11,942; Savannah 2,197; Galveston 5,282; Interior United States 860; Norfolk 2,857;
Canada 3,044; United Kingdom 15,437; France 10,562; Russia
6,513; Gibraltar for orders 2,171.
On the 27th inst. 1,500 tons of Philippines early June
arrival sold at 3.55c. The question of the tariff was still
in the air. Early London advices reported offerings of Cuba
for July-August shipment at 8s 634d c.i.f. or 1.64c. f.o.b. Cuba.
The Joint Foreign Sales Syndicate was teported to have declined bids of 8s 6d for August shipment, that price being
equal to about 1.63c f.o.b. Refined here was 5c. with withdrawals somewhat larger. Futures closed on the 27th inst.
2 points lower to 1 point higher with sales of 23,750 tons.
Near months acted the firmest. Europe bought distant deliveries and after a rather weak opening prices became stronger. According to official statement of the Cuban Export
Corporation the following was the position of sugar in
Cuba as of May 18th: Stock of 1926-27 crop 7,953 tons;
new crop (1928-29) made to May 18, 1929 5,086,340 tons;
exports-crop 1928-29 to United States 1,922,232 tons; to
other countries 436,104 tons; consumption January 1 to May
18, 1929 55,635 tons; stock in Cuba May 18, 1929 2,680,322
tons. Total sales to countries outside of United States to
May 18, 1929, 701,409 tons against 699,676 tons last year to
same date. About 2,000 tons of Cubas ex-store sold on the
28th inst. at 3.55c. delivered or 1-25/32c. c. & f. London
cables reported raw sugar easier on the 29th inst with sellers
of July-August shipirtent Cubas at 8s 6d and of Mauritius
Crystals for September-October at 13s 3d c.i.f. or about 8s 9d
c.i.f. for Cubas.
The apathy in the raw sugar as well as the sugar futures
market is largely due some think to recent developments in
Washington in connection with the tariff. A most disturbing thing too is the talk of a two or three months recess by
both Houses which would push the final passage of the tariff
bill into the four months and increase the feeling of uncertainty that has prevailed since the tariff agitation started. It
is feared that should the final settlement of the question be
thus delayed those who have bought sugar to hold in anticipation of an increased duty may get tired and sell, while refiners will be discouraged from making purchases in excess
of their actual melting requirements. Later prompt Cuban
raw was dull and sold at equal to 134c. the lowest price
since 1921. Futures on the 29th inst. fell 1 to 3 points with
sales of 54,500 tons on selling by tired longs, tired of waiting
for action on the tariff. The Exchange will be closed Friday
and will not reopen until Monday. Final prices show a decline for the week of 3 to 5 points.
1f December_ -1.87 ®1.89IMarch
Spot unofficial
1.7101.73 January
July
1.88®1.88 May
September _ _1.8101.81
1.94@1.54
2.01 ®2.01
LARD on the spot was firmer on the 25th inst. at 12.25c. to
12.35c. for prime western; Refined Continent 12%c.; South
America 13c.; Brazilian 14c. Spot later on the 27th inst. was
12.15 to 12.25c. for prime Western. Prime Western on the
28th inst. declined to 12.05 to 12.15c. Futures on the 25th
inst. advanced 8 to 12 points. Liverpool was unchanged to
3d higher. Hog receipts at Western points totalled 41,300
against 30,700 last week and 44,000 a year ago. Chicago expected 8,000 on Monday and 118,000 for the ,entire week.
Futures declined 7 to 15 points on the 27th inst. with hogs
and grain lower. Hog receipts at Chicago were 65,000;
total western receipts were 162,800 against 121,300 a week
previously and 160,700 last year. Liverpool lard advanced
14.54@ nom
Spot unofficial _ _ _16 Ti'Sept
13.34 ®
14.01@14.02 I May
3d to 6d. There were deliveries of 100,000 lbs. of bellies
I Dec
15.28 _
July
and 100,000 lbs. of lard on May contracts. Futures on the
Santos coffee prices closed as follows:
_ March - -19.41 ® nom 28th inst. fell 5 to 10 points with only a moderate trade.
20.81@
I Sept
Spot unofficial_
19.06(0 nom
20.O1@21.02 May
July
21.6i4321.681Dec
The weakness of hogs and lower grain markets told. LiverCOCOA today closed at 10.40c. for July and 10.53c. for pool lard dropped 6 to 9d. Today futures closed 7 to 12 points
decline for the week of lower with grain lower and sentiment generally bearish. Final
September. Final prices show a
prices show a decline for the week of 15 to 17 points.
15 to 18 points.
SUGAR-Offerings of prompt Cuban were small at DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Frt.
Wed. Thurs.
Mon. Tues.
Sat.
1-27/32c.; later 1-25/32c. Prominent Cuban interests are JulyMay delivery
11.45 11.52 HOLT- 11.45
11.55
11.62
11.60
11.72 DAY
11.65
supposed to have bought September on the 27th inst. Euro- July delivery
11.72
11.85
11.97
pean apparently bought May 1930 more freely. Receipts at September delivery- _ _12.20 12.05 12.00 12.05
PORK steady; Mess $30.50; family $35; fat back $27 tu
Cuban ports for the week were 74,564 tons against 37,601
in the same week last year; exports 110,729 against 66,127 $30. Ribs 13.12c. for 50 to 60 lbs. Beef quiet; Mess $261
last year; stock (consumption deducted) 1,487,652 tons against packet $25 to $27; family $28 to $29.50; extra India mess
1,283,334 last year; centrals grinding 8 against 3 last year. 42 to $45; No. 1 canned corned beef, $3.10; No. 2 six pounds
Of the exports 39,769 went to Atlantic ports, 11,942 to New South America $16.75; pickled tongues $75 to $80 per barrel,
Orleans, 3,650 to interior of United States, 5,282 to Gal- But meats steady; pickled hams 10 to 20 lbs. 21%c.; pickled
JUNE 1 1929.]
FINANCIAL CHRONICLE
bellies 6 to 12 lbs. 18%. to 20%c.; bellies clear, dry salted
boxed, 18 to 20 lbs. 14 c.; 14 to 16 lbs. 14 c. Butter, lower
/
3
4
/
3
4
grades to high scoring 38 to 44c. Cheese, flats, 23 to 29%c.;
daisies 23 to 28c. Eggs, medium to extra 29 to 33c.; closely
selected 33% to 34c.
OILS-Linseed was in rather better demand with prices
for carlots held at 10.3c. Cocoanut, Manila Coast tanks 6%c.;
spot N.Y. tanks 7c.; Corn, crude bbls. tanks f.o.b. mill 7Ac.
Olive, Den. $1.35 to $1.40; China wood, N.Y. drums, carlots,
spots 14%c.; Pacific Coast tanks, futures 13 c. Soya Bean,
/
3
4
obls., N.Y. 11%c.• Edible, corn 100 bbls. lots 12c. Olive oil,
?.25 to 2.30. Lard, prime 15c.; extra strained winter, N.Y.
131
4c. Cod, Newfoundland 67c. Turpentine 53% to 59c.
Rosin 7.65 to 10.10c. Cottonseed oil sales today including
;witches 12,000 bbls. Prices closed as follows:
ipot
9.451
'August
9.55@9.65November_
one
9.30 9.60 September --9.76@9.77 December_ --9.70@9.80
_ _9.75 9.88
uly
9.50
October
9.86(.0
January
9.75@9.90
PETROLEUM-The California output is to be cut to
L99,394 barrels a day. This reduction was ordered by the
State Umpire F. C. Van Diense and it is his intention to
:ut the output to the daily average production of last year.
3asoline was strong at 10c. for U. S. Motor locally. One
-efiner however was still quoting 9c. There has been a
mticeable increase in the demand owing to the warmer
veather of late. The Gulf market was firm. Chicago rekirted a stronger market with 8% to 9c. quoted for U.S.
qotor in tank cars. Heating oils were firm with business
ip to expectations. The contract movement is larger than
xpected. Diesel oil was in rather better demand at 2 to
!.10 with the inside figure more generally quoted. Bunker
?il Grade C was more active especially for spot at 1.05 reinery; f.a.s. 1.10 New York Harbor refinery.
vas still quoted at 8c. at local refineries, but it wasKerosene
reported
hat 7 c. would be accepted on a firm bid. Pennsylvania
/
3
4
ubricating oils were in better demand and firmer. Later
3ellevue crude was raised 10 cents to $1.30 by the Standard
)I Co. of Louisiana. Drilling operations were suspended
intil January 1, 1931, in the middle dome of the Kettleman
-fills. Los Angeles reported that operators have reached an
igreement to postpone operations in order to assist the conervation program. Gasoline in Chicago was higher. United
itates Motor in bulk there was quoted at 9 to 9 4c. Locally
ittle change in prices was reported but the demand was
•
rood.
Tables of prices usually appearing here will be found
ur department of "Business Indications." In an article on an earlier page in
entitled "Petroleum
nd Its Products."
RUBBER on the 25th inst. advanced 50 to 70 points with
,ondon up % to 3/16d. At times last week London bought
lere. Outsiders covered, and Wall Street bought.
Dealers
eemed more disposed to buy. New York was said to be about
L point below replacement cost in the Far East. New York
losed on the 25th inst. with July 21.90c.; Sept. 22.50c.; Dec.
2.80c.• January 22.90c. Outside prices:-Ribbed smoked
pot, May and June 21% to 213 July-Sept. 22 to 22//4c.;
/
4c.;
)ct.-Dec. 224 to 22%c. Spot first latex crepe 217% to 22%c.•
hin pale latex 22 to 22;ic.; clean thin brown crepe 1934
/
3
4
o 19 c.; specky crepe 19X to 19 c.; rolled brown crepe
/
3
4
/
3
4
5 to 15%c.; No. 2 amber 19% to 29 c.; No. 3, 19% to 19%c.;
/
3
4
Jo. 4, 19 to 194c. Paras, upriver fine spot 23to 23/4c.; coarse
24 to 12 c.; Acre fine spot 23% to 23 c.; Cauchoa Ball
/
3
4
/
3
4
ipper 12% to 12 c. London, May 27th, spot and May. 10
/
3
4
5 /16d. Singapore, June 10%d. London stocks last week
howed a decrease of 62 tons, bringing the total to 30,893
'ins against 30,955 tons for the previous week. Stocks at
.iverpool for the week showed an increase of 449 tons, the
otal being 4,665 tons against 4,216 in the preceding week.
On the 27th inst. prices ended 50 to 70 points lower with
..ondon off 3/16d. The sales were 1,302 tons. Liverpool's
tock increased last week 449 tons and London's decreased
2. Actual rubber was lower. New York on the 27th inst.
losed with June 20.90c.; July 21.40c.; September 21.90c.;
)ctober 22c.; December 22.30c.; January 22.40c. Outside
•rices: Ribbed smoked spot, May and June 214 to 21%c.;
uly-September 21% to 217%c.; October-December 22 to
/ic.; spot first latex crepe 21g to 22c.; thin pale latex
21
2,y to 22 c.; clean thin brown crepe 19% to 19%c.; specky
8
/
3
4
repe 19 to 19 4c.; rolled brown crepe 15 to 15//c.; No. 2
4
mher 19% to 19%c.• No. 3 amber 191 4 to 19%c.; No. 4
/
mber 19 to 1914c. '
Paras, upriver fine spot 22 to 23c.
/
3
4
ominally. London spot, May and June 10 d. Singapore
/
3
4
une 10 11/16u.
On the 28th inst. prices fell 30 to 40 points recovering part
f the decline before the close. London was 3/ 6 to 14c.
1
/
)wer and Singapore 9/16d lower. The New York transacions were 1,977 tons. July closed at 21.10 to 21.20c.; Sepember at 21.60c.; December at 22 to 22.10c. Outside prices:
Wilieu smoked spot and May 21 to 214c.; June 211/ to
/
4
Ysc• • July-Sept. 213 to 21%c.• Oct.-Dec. 21% to 22c.
qpot, first latex crepe 213 to 214c.; thin pale latex 22 to
/
4
pAc.; clean thin brown crepe 1834 to 19c.; specky crepe
81 4 to 18
,
/
/
3
4c.; rolled brown crepe 1514 to 15%c.; No. 2
mber 19 to 19%c.; No. 3 18% to 19c.; No. 4, 18% to 18
/
3
4c.
'aras, upriver fine spot 22% to 23c.• coarse 12% to 12%e.;
cre, fine spot 23 to 231 4c.; Canal() Ball-Upper 1234 to
/
2%c. London spot, May and June 10 d; July-Sept. 10 d;
/
3
4
/
3
4
>ct.-Dec. 10Ad; Jan.
-March 1134d. Singapore, June 1034d;
uly-Sept. 10-7/16d; Oct.
-Dec. 103id. On the 29th inst. Lonon closed 3/16 to / higher; Spot-June 10 d; July-Sept.
1 4d
/
3
4
Id; Oct.
-Dec. 11%d and Jan.
-March 11%d.
3705
The amount invoiced for shipment to the United States
for the week ended May 25th according to visa figures of
the Department of Commerce was 9,763 tons, or a 'decrease
of 1,428 tons compared with previous weeks. Some think
that much of the second half year's requirements are still
td be covered. Factories are reported to be still running on
high schedules and consumption for May is variously estimated from 48,000 to 52,000 tons. It would be encouraging
if last month's figure is only equalled, as previous years have
witnessed a falling off at this period. Another interesting
feature is the fact that London stocks show little or no increase. Automobile tire statistics by the Rubber Manufacturers' Association show that total production of pneumatic
casings in the United States increased 6,600,000 in 1913 to
over 77,900,000 in 1928. This represents an annual rate of
growth of 17 per cent (compounded).
On the 29th inst. prices advanced 20 to 40 points with
the cables higher and a report that manufacturers'were to
cut prices was denied. That caused a rally from an early
reaction. Para was Tic. higher on upriver and fine acres.
London spot and June 105,id; July-Sept. 10-15/16d; Oct.
-March 11-7/16d. Singapore, June icrAd;
Dec. 11-3/16d; Jan.
July-Sept. 10-11 /16d.. To-day futures closed 30 points lower
with sales of 292 bales. Final, prices for the week show no
change on September but are 10 points lower on other months.
London closed today 1 (1 lower; spot-June toga; July-Sept.
4
-March 111d.
Ild; Oct.-Dec. 113 and Jan.
/
2
/
4d
HIDES after a recent advance in frigorifico hides
trading fell off. Recent sales of Argentine steers last
week were 27,000 hides at 16 13/16c. to 1674c.; also 2,000
Artiga steers at 16 11/16c. City packers sold more freely
and some ask / above the last prices paid though
1c.
2
native bulls are in some cases held at 10 c. there is
/
1
2
with or without reason an idea that business might be
done at 10c. Common dry hides were in slightly better
demand without leading to much actual business. Country hides were firmer. Common dry hides, Central
America and Savanillas 20c.; Santa Marta 21c.; packer
native steers 15c.; butt brands 14c.; Colorados 13 c.
/
1
2
New York City calfskins, 5-7s 1.65 to 1.75c.; 7-95 2.15
to 2.20c.; 9-12s 2.80c. Later reports said that stocks of
frigorifico
steers are not burdensome, amounting to
25,000. Holders it is stated were offering freely at $36.
Of frigorifico cows 4,000 Swift Rosafe sold at $33 or
15 9/16c. c. & f., but these hides were said to be ticky.
For regular marks such as La Blanca or Armour the
asking price was $37.50 or 172 c. & f. but no buyers.
/c.
1
Some think something under 172 would be accepted
/c.
1
possibly 17c. which may be a guess.
OCEAN FREIGHTS
-A little better business at times
was reported. Later trading was larger on tonnage for
grain, lumber, coal and petroleum. Grain rates declined.
CHARTERS included grain 30,000 qrs. Montreal. June 1-15 to Genoa
or Naples 16c. and 161 c.; 35,000 qrs. Montreal July 1-15th to
4
Antwerp or Rotterdam 12c.; 20,000 qrs., Montreal, June 10-25, to
Havre, Dunkirk 13%c. and 14c.; 30,000 qrs. Montreal, first half
July to Antwerp-Rotterdam 11%c.; 26,000 qrs. Montreal, June
294uly 7, to Bremen, barley 13%c. Coal-Hampton Roads to Rio.
June-July, $3.30; Hampton Roads to West Italy, July $2.50. Lumber-1,400 standards, one Gulf port, July 25-August 10, to Rosario
152s 6d. Petroleum :-United States Gulf, clean, July, to United
Kingdom Continent 19s 66; United States Gulf, clean, June to Cristobal 11c., Balboa 14c., both 16c.; Hampton Roads, clean, California
June balance of year to north of Hatteras 62% to 85c. Time:
West Indies round, continuation $2. Tankers -Gulf, August, to
Baltimore, clean. 38c.: dirty. Gulf to north Hatteras reported prompt.
not east of New York, 23c.: Olean, San Francisco to one port.
Australia-September 28s 6d with various options.
COAL-It is believed that retailers will advance domestic anthracite 25c. a ton on June 1st. Summer buying
by suburban communities has not been up to the normal,
but it is expected to increase as supplies are laid in
for next winter at less than winter prices. Recently buckwheat prices were carried down to $2.50. Trade has
latterly been slow at New York, Boston, Buffalo, Philadelphia and Altoona. At Pittsburgh block coal was
quoted at $1.75 to $2.15, as against a circular price of
$2.50. Steam slack sold down to 60c., run of mine at
$1.35 and it seems some steam coal at $1.25 and less.
Illinois circular prices were advanced Sc. to 10c. for June
1st and after. Lump 6 by 3 is $2.55, 3 by 2 egg $2.45
and 2 by 1/ stove $2.40. Cincinnati and Chicago have
1
2
the best trade.
TOBACCO was in fair demand with consumers supplies reported small or at most moderate. Java tobacco
was not at all freely offered and was to all appearance
in steady demand. Connecticut shade grown was unchanged with a routine trade. There is to be no increase
in the tobacco duty. The United Cigar Stores and Schulte
announced sweeping price reductions on all cigars and
cigarettes. The move follows a year of intense price
competition. Cigarettes go to two packs for a quarter,
as cigars in all classes are slashed accordingly. Coupons
are eliminated as prices are cut. The United Cigar
Stores' price for cigarettes will not be uniformly thirteen cents, two packs for a quarter, it was said this week.
In areas where there is very little price cutting they will
charge fifteen cents for single packages. The two-fora-quarter rate, however, will hold. The withdrawals of
domestic cigars for the month of April brought total
3706
I.' I N ANCI A L CHRONICLE
[VOL. 128.
was quiet here and at Buffalo and elsewherc
withdrawals for the first 10 months of the fiscal year in PIG IRON In Chicago district business was better that
the East.
50,000,000 larger than in the same period last
1929 to over
in the East. Again it was said that about half the needi
year, according to the report of the Internal Revenue for the third quarter had been contracted for. The down.
n of little cigars showed a gain of
Bureau. Consumptio
ward tendency of iron scrap and steel scrap naturally hao
nearly 30,000,000 in 10 months. The March exports of not. tended to steady prices for pig iron though the comf
by classes were as
leaf tobacco and smoking tobacco
posite price of pig iron has been the highest of the year
follows: bright flue cured 15,794,530 lbs.; burley 413,893 Birmingham advices said that $15.50 for No. 2 foundry wa!
lbs.;
lbs.; fire cured Kentucky and Tennessee 7,722,138
still quoted and the make is being moved, one furnace hay.
dark Virginia 2,486,582; Maryland and Ohio export 285,- mg changed from foundry to basic iron. The Birmingham
675; Green River 1,416,460; mings and scraps 70,910; melt is beginning to show an increase. June is expected.tc
black fat water baler and dark African 627,510; cigar see a marked increase. Moderate quantities of East Indiar
leaf 14,502 lbs.; other leaf 1,407,407 lbs.; stems, trimmings is being sold in the Atlantic States. The supply does no
and scraps 70,910; cigarettes (M) 799,935 and smoking satisfy the demand.
tobacco 104,387 lbs.
WOOL -Washington wired that April imports o.
Springfield wired the U. S. Tobacco Journal that it raw wool totalled 28,165,121 lbs. against 24,443,917 lbs
comparatively good
held its last sale on May 20 with
in the same month last year according to the Departmen
offerings as it seemed to be practically all tobaccos freshly of Commerce. Carpet wool imports for the month totallec
little stronger 15,811,973 lbs. against 8,031,366 lbs. last April; clothing woo
delivered and the prices showed to be a
on trashes, lugs and the medium leaf grades. It is true 1,451,434 lbs. against 1,678,194; combing wool, 10,432,56:
that there is a small percentage of tobacco still in the against 10,595,141, and mohair, alpaca, etc., 469,174 lbs. agains
hands of the farmers, which naturally will be marketed 139,216. A Boston government report on May 29th said
from time to time during the next thirty days and it "Market is fairly active on graded 58-60s, fleece and terni
is thought that they will use the private selling system tory wools. Strictly combing Ohio fleeces 58-60s qualit2
unless there should be a heavy delivery any one day, are bringing 44 to 45c. in the grease for the bulk. Somi
in which case there will no doubt be called an extra sale sales have been closed at 43c. but the tendency is slight12
firmer. The estimated scoured basis prices of 58-60s strict];
for this purpose.
of 95 to 98c. on both fleec
prices 18c. for domes* de- combing wools are in the rangestrictly combing bring 44 tc
COPPER was quiet with
The prolonged quietness and territory lines. Ohio 56s wools of a similar descrip
livery and 18.30c. for export.
45c in the grease while territory
has brought about a feeling of bearishness and there was lion move at 87 to 91c. scoured basis."
few months.
talk of 15 to 16 cents copper in the next
SILK today closed 2 points lower to 1 point higher on oh
The Lake district reported that despite a lack of buying
4.82 and Sep
4.80
there is no accumulation of surplus stocks. Refined stocks with June ending at 4.80 to 4.82c.; Julywere to bales. Nev
180
at the three Lake smelters are valued at under $1,000,000. tember-November 4.75 to 4.77c. Sales
sales of 17
In London on the 28th inst. spot fell lOs to £72; futures ended 1 point lower to 2 points higher with
of is 6d to £71 7s 6d with sales of 100 tons futures. bales.
Spot electrolytic unchanged at £84; futures down 2s 6d
COTTON
to 184 7s 6d; at the second session standard copper
Friday Night, May 31 1929.
advanced 7s 6d; total sales 1225 tons for the day. LatTHE MOVEMENT OF THE CROP, as indicated li;)
terly there has been no extensive business though the
below. Fe
tone has been a little more confident, as it looked as our telegrams from the South to-night, is givenhave reachei
though the German reparations conference seemed more the week ending this evening the total receipts 27,000 bale
and
likely to come to some agreement. Prices 18c. to 18.30c. 30,429 bales, against 31,129 bales last week
receipts since Aug.
home and export. London on the 29th inst. up 7s 6d the previous week, making the total
bales for the samo
for spot standard to £72 7s 6d; futures up 103 to £71 17s 1928 8,877,942 bales, against 8,076,966
increase since Aug. 1 1928 o
6d; sales 100 tons spot and 650 futures. Electrolytic £84 period of 1927-28, showing an
spot and 184 7s 6d futures. At the second session standard 800,976 bales.
Total.
up 2s 6d; total sales 1,000 tons.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
Receipts atTIN declined to new lows for the year. Straits tin
1,968 9.48
570
529
194 3,224 3,001
390 4.05
209
714
on the 28th inst. sold at 43c. for nearby delivery while Galveston
781
671 1,289
Houston
770 1,569 7,82
699 1,369 1,900 1,519
futures were obtainable at 43e. Futures on the Ex- New Orleans_ _
187 1,10
517
12
:140
22
31
Mobile
84 1.73
93
371
change declined to 42.75c. for June whereas the previous Savannah
487
209
486
25 2.459 3,33
844
2
low for all times was 43.10c. Sales of standard futures Charleston
2.
24
17
121
53
39
67
153
---117
were 65 tons and of specific brands 75 tons. In London Wilmington
254
44
106
Norfolk
-------833 9
on the 28th inst. spot fell 11 to 1195 15s; futures dropped New York
33
21
1,819 1.81
5s to £198 15s; sales 50 tons spot and 600 futures. Spot Boston
Baltimore
c.i.f. London £200
Straits down lOs to £197 15s. Eastern
6.891 4,156 2.186 8,656 30.42
2,247 6.293
15s with sales of 225 tons. At the second session spot Totals this week_
The following table shows the week's totill receipts, th
standard advanced 7s 6d and futures were unchanged;
wit
sales for the day 885 tons. Latterly there was a fair total since Aug. 1 1928 and stocks to-night, compared
demand at some advance. Straits prompt sold at 43%c. last year:
and July at 43Ac.; later months 43.90c. London on the
Stock.
1927-28.
1928-29.
29th inst. advanced fl on spot standard to £196 15s; futures
Receipts to
This Since Aug
This Since Aug
May 31.
1928.
up 7s 6d to £199 2s 6d; sales 100 tons spot and 450
1929.
Week. 1 1928. Week. 1 1927.
to £198 15s; Eastern c.i.f.
futures. Spot Straits up
218,564 269.57
9,486 2,759,721 15,821 2,192.456
Galveston
16.29
London advanced 15s to £201 lOs with sales of 375 tons. Texas City
8,800
96.600
662
177.192
388,
To-day prices ended at 43.25c. for July and 43.45c. for lIouston
4,054 2,832,666 7,491 2,499,372 339,576
176,344
258,123
Corpus Christi_ _ _
September. Trading was quiet. Sales were 50 tons. Port Arthur. Ikc-2.944
17.026
306,44
7,828 1,550.539 17.181 1,474,153 205.509
Final prices show a decline for the week of 15 to 40 New Orleans
598
Gulfport
15,2
25.352
points.
2,245 288,142
1.109 270,459
Mobile
12,641
12,956
LEAD was in fair demand with East St. Louis 6.85c. Pensacola
61
674
48
186
Jacksonville
10,5
14.717
and New York 7c. Most of the buying was for carload Savannah
1,730 358,470 5,902 632,578
In London on the 28th inst. Brunswick
19,8
lots for prompt delivery.
16,602
3,330 169,472 1,616 263.335
Charleston
1.224
.5,505
spot was unchanged at £23 13s 9d; futures fell is 3d to Lake Charles_ -- 27,4
18,008
442 130,927
254 125,523
Wilmington
52,7
£23 5s; sales 100 tons spot and 750 futures. Of late trade Norfolk
60.206
674 228,638 2.210 220,638
404
265
127
has been quiet, with New York 7c. and East St. Louis N'port News. &c
97,4
7.804 172.793
51,078
Now York
--Oi
3,6
1,519
6.75 to 6.80 c. Lead ore remains at $90. In London on Boston
7,712
-LA
3,336
56
1,3
1,122
69,489
282
56,316
the 29th inst. spot fell Is 3d to 123 12s 6d; futures up Baltimore
1.819
4.4
4,347
155
11
3d to £23 8s 9d; sales 50 tons spot and 200 futures. Philadelphia
Is
1,213.8
30,429 8,877.942 54,183 8,076,966 1.087,789
Totals
ZINC buying fell off a little of late with prices 6.55
to 6.80c. Stocks of inc concentrates at the end of last
In order that comparison may be made with other year
week were a little over 34,000 tons. In London on the we give below the totals at leading ports for six seasons:
28th inst. prices were unchanged at 126 17s 3d for spot;
1925-26. 1925-25. 1923-2
futures fell is 3d to £26 8s 9d with sales of 75 tons spot Receipts at- 1928-29. 1927-28. 1926-27.
5,3
3,122
15,495
9,167
futures. Latterly trade has been slow, at 6.55 Galveston.--15,821
and 500
9,486
5.9
mon
32,054
7,456
7,491
4,054
17.2
4,66/
to 6.60c. On the 29th inst. spot in London was £26 17s liouston*_ _
19.097
19,358
17,181
7.826
New Orleans2,7
192
1.721
5.672
£26 7s 6d; sales 100 tons spot and Mobile
2,245
1.109
6d; futures off Is 3d to
6,
631
13,583
15,226
5,902
1.730
Savannah _ _ _ _
200 futures.
Brunswick _ _ _
4,365
3,121
3.361
1,616
3,330
STEEL-The demand from automobile manufacturers has Charleston_ _ _
4
61
439
2,995
442
254
Wilmington _ _
1.4
1,251
2,894
2,418
fallen off. Prompter deliveries of automobile sheets are Norfolk
2,210
674
265'
therefore possible. Moreover the Steel Corporation sub- N'port N., &c
2,4
1.032
1.403
2.611
1,010
1,966
sidiary did not follow some of the independent makers of All others---43.3
ed sheets in advancing to 4.20c. Pittsburgh for Total this wk_ 30.429 54,183 68,261 89,807 31,997
full-fashion
third quarter as the demand slackened. On the other hand Since Aug.1_ - 8 877 1142 8.070.966 123011189.222,753 8.983.792 6,466,2
include movement
it is stated that few steel products are being advanced for
*Beginning with the season of 1926, llouston figures
Houston as an interior town. The distinct
the third quarter. Some advices claim that the orders for cotton previously reported by been abandoned.
between port and town has
structural steel last week reached a noteworthy level.
JUNE 1 1929.1
FINANCIAL CHRONICLE
The exports for the week ending this evening reach a
total of 68,363 bales, of which 11,271 were to Great Britain,
4,745 to France, 9,614 to Getmany, 7,731 to Italy, 16,460
to Russia, 12,660 to Japan and China and 5,882 to other
destinations. In the corresponding week last year total
exports were 121,514 bales. For the season to date aggregate
exports have been 7,438,161 bales, against 6,814,348 bales
in the same period of the previous season. Below are the
exports for the week.
Week Ended
Great
May 31 1929.
GerExports from
- Britain. France. many.
Galveston
Houston
Texas City
New Orleans_
Mobile
Savannah
Charleston
Norfolk
New York
4,247
2,452
535
3,656
4,745
1,521
2,059
1,893
1,586
1,367
825
363
381
Exported to
Japan&
Italy. Russia. China. Other.
4.393
3,338
5,208
3,817
Total.
"ioo
635 16,004
3,060 19,471
535
566 23,651
1.893
244 1,830
1,018 2,385
25
850
600 1,744
7,731 16,460 12,660
5,882 68,363
16:iio 3;i58
-
Total
11,271
4,745
Total 1928
Total 1927
11,649
27,747
6,641 30,355 18,699 11,100 28.535 14,535 121,514
2,485 50.984 8,499 17,211 16,064 12,384 135,374
9,614
From
Exported to
-Aug. 1 1928 t
May 31 1929. Great 1
Oerlapandei
Exportsfr
Britain. 'France. many. 1 Italy. 'Russia. China. Other.
Total.
Galveston_ _.- 335,190306,837 570,8241196,5271 25,522 563,869316,18 ,423.951
Houston
403,130289,704 534,933210,062 96,70 54,312 166,002 .154,846
Texas City._
35,150' 12,068 40,434 1,616:
__ 10,335 11,256 110,859
Corpus Christi 46,405 41,940 90.833 21,6241 4,904 55,036 27.781 288,523
Port Arthur__
7641 -------943 2,430
8,977
_----3,91
17,026
Lake Charles_
1,296
___
1,151 3,250
___
1
6,027
New Orleans. 401,07. 94:230 221,957 127,819 105,387 ,599 6,672 1,215,739
Mobile
87,299 1,943 76,959 4,368
--- 12.300 4,671 187,539
Pensacola
4,776
___6051 -_ _ 1,400
5,775
1i i
12,956
Savannah
.
159,144
75 114,812 2,622' - 12.100 4,011 292,764
Gulfport
598
__I
598
Charleston
59,038
777 60,611 1,2811 _ _ 1,150 15,847 138,704
.
Wilmington _
. 36,600
___
9,842 42,800 - 3.400 92,642
_
_I
Norfolk
74.283 1,038 26,606 2,3741 .--- 6:600 2,361 113,262
Newport New
127
127
.
New York _. 23,474 4,043 29,096 13,930
____ 6,610 16,611
94,161
1,623
Boston
1,442
--------------4,151
7,216
Baltimore2,iiii4,387
Philadelphia.
82
--283
Los Angeles.. 66,75. 14.049
36,456 6,ii0, -___ 84,i80 1,076 208,672
San Diego._
6,652 1,948
4.296
__ __I
13.496
San Francisco
10,524
250
6,963
266 ---- .......Si,
8 36.035
Seattle
18,248
-__
18,248
Total
1 804.164774,121 1.842,368637,910232,5161402095744,8897,438.061
Total 1927-28 1,335.456837,461 .013,550612,545275,288935,8178114,2326,814.348
Total 1926-272,476,730971, 50 .796,677 718,498 353.038 1693529 116981010179.532
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
•
On Shipboard Not Cleared for
-
Great
GerOther CoastMay 31 at
- Britain. France. many. Foreign wise.
Galveston
New Orleans__
Savannah
CharlestonMobile
Norfolk
Other ports *
5,000
2,737
1,000
7.000
1,794
Total.
5.600 18.000
1.463 5,340
5,000 40,600
406 11.740
1,000
4 7:184
212
212
500 31,000
2,500
150
gJoii
2.000
2,000
5,500 21.000
Total 1929
13.237 10.944 12,563 49,440
Total 1928.. 17,557 9.914 13,757 55,338
Total 1927
25,337 11,511 11.600 67,454
* Estimated.
Leaving
Stock.
177,964
193,769
11.717
16.602
17,598
59.994
515,839
6,122 92.306 995,483
3,350 99,916 1,113,960
8.531124.433 1,444,076
3707
aissippi. In southern half of the belt the weevil appeared
unusually early and has been found in nearly all sections
where plant is squaring. But the Stock Exchange and the
Chicago Board of Trade dominated cotton for the moment.
On the 28th inst. things changed. Cotton news had more
of its normal influence in shaping of cotton prices. They
advanced 10 to 20 points. July lagged. It ended on that
day 11 points under new October and 20 points under December. It looked in a sense a little like the traditional
handwriting on the wall. But new crop months advanced
20 to 23 points. 'The closing, too, was very steady. Stocks
advanced with less fear of a money rise. Grain dropped 2
to 2%c., but it could not stay the rise in cotton under the
influence of(widespread rains, reports of increasing weevils,
actual damage by the pest in southern Texas and fear of
an unfavorable weekly on the 29th. There was covering of
shorts as the Decoration Day holiday approached. Offerings fell off. The market was called oversold. At the least
the technical position was considered strong after the
recent liquidation. One report which appeared on the 28th
said that recently, owing to general recent rains, the condition of the crop had fallen 3 to 4%, that there was danger
that grassy fields would become a major factor with weevil
signs in Texas very general.
On May 29th prices were irregular with liquidation on
both sides of the account on the eve of the Decoration Day
holiday on May 30th. Texas had rains of 1 to 6 inches, but
the Central belt had little and the Atlantic States none.
Moreover, the weekly report, though unfavorable in some
respects, was not quite so much so as had been expected.
Prices ended 10 to 20 points lower. It said that conditions
continued mostly unfavorable for cotton except the latter
part of the week. Temperatures in the East were too cool
for good growth, especially at night, though conditions improved towards the close of the period. Field work made
generally good advance the first half of the week, but the
last few days were too showery, with the crop needing
warmth and sunshine. The weather favored lice and weevil
activity in the South. West of the Mississippi conditions
were rather favorable in Arkansas and Loalsiana, with
weekly progress mostly fair to good, though with considerable complaint of grassy fields and need of cultivation in
the former State. In Oklahoma cool wet weather continued
unfavorable, with cotton late, stands mostly poor and
irregular, and much still to plant and replant. In Texas
rains were beneficial in some more southern sections, but
in general it was too wet and cool. Planting, replanting
and cultivation were mostly at a standstill, with many
reports of grassy fields in central and eastern sections and
with plants turning yellow on lowlands. Warm dry weather
is badly needed in both Texas and Oklahoma.
To-day prices at one time were 10 to 15 points higher.
That was early in the day, and was due to reports of rains
and higher Liverpool cables than due. Also for a time
stocks were higher. Shorts covered. But later on stocks
gave way and grain dropped 2 to 4c., with Winnipeg down
Sc. in two days on wheat. The tendency was towards liquidation in commoditions as well as stocks. That is exciting
widespread comment. Spot markets gave way. Trading
was relatively small. Exports were small. The weekly
figures were bullish, but attracted no attention. Things
have a bearish complex, owing to dropping markets outside
of cotton. The announcement of a suspension in Dallas,
Texas, had some effect. Rains in Oklahoma and Texas
and Omaha were over a vast area. Moods occurred in
Houston and adjoining counties. The Trinity River is out
of its banks. Smaller streams have overflowed. Weevil
attracts more attention. So do grassy fields. Final prices
show a decline for the week of 40 points on July and 3 to 12
points on other months. Spot cotton ended at 18.50c. for
middling, a decline since last Friday of 95 points.
Speculation in cotton for future delivery slackened
noticeably this week. On the 27th inst. prices ended 10
points lower for July with other months showing a smaller
decline. This meant a drop of 20 to 25 points from the high
in tile early trading on that day, despite unfavorable rains.
Stocks and grain were much lower. That had a plain effect.
2c.
Wheat fell 234 and stocks in some cases 5 to 15 points.
May wheat dropped below $1; May touch 98%c. That was
33c. lower than in February, and the lowest in 14 years.
The psychological effect was bad. Behind it all was
fear of a higher Federal Reserve rediscount here later in Staple Premiums
60% of average of
Differences between grades established
the week. Also there was July. It went to a discount of gilt markets quoting
for delivery on contract June 6 1929.
several points under October and 10 under December. That for deliveries on
June 6 1929.
Figured from the May 29 average quomight be the presage of a bigger discount later. It had
tations of the ten markets designated by
15-16 1-Inch &
been freely predicted. One acreage estimate pointed to an
Inch.
the Secretary of Agriculture.
longer.
increase of 5.9%, or 49,762,000 acres, against 46,943,000 the
.21
?diddling Fair
.65
White
.82 on Mid.
official total planted last year. Sentiment leaned plainly
.21
.65
Strict Good Middlingdo
83
do
.21
to the bear side. An acreage of 50,000,000 the believers in
.70
Good Middling
do
.46
do
.21
.69
Strict Middling
do
.32
do
lower prices think that with average weather a large crop
.23
Middling
.69
do
Bads
.22
will be raised. Some think it may rival that of 1926, when
.66
Strict Low Middling_
do
.75 off Mid.
.22
.63
Low Middling
do
1.80
do
planted acreage of 48,730,000 and 47,087,000 picked the
on a
Good Middling
Extra White
.45 on do
Strict Middling
crop was 17,977,000 bales. On the other hand, on the 27th
do do
.32
do
Middling
do do
do
even
heavy rains occurred in some parts of the belt, notably
Strict Low Middling__ do do
75 off do
Low Middling
do do
Texas and Oklahoma, with considerable in Louisiana, Ar1.80
do
.21
Good Middling
.63
Spotted
.28 on do
kansas, Alabama, Tennessee and Georgia. Memphis ad.21
Strict Middling
.63
do
.01 off do
.21
Middling
.65
do
vices reported that the crop condition was somewhat below
.75
do
.20
Strict Good MIddling_Yellow Tinged
.65
04 off do
-year average. The Southern half was above average,
the 10
.20
Good Middling
.55
do do
46
do
.20
Strict Middling
.55
do do
but this was more than offset by adverse conditions else92
do
.20
Good Middling
.55
Light Yellow Stained-1.03 off do
where, where bad weather interfered with preparations and
Good Middling
.20
.55
Yellow Stained
1.42 off do
.19
Good Middling
Gray
.52
.69 off do
planting and replanting and cold weather retarded of pre.19
.1kIdilng
Strict 11
.52
do
1.08
do
vented germination and checked growth. The area so
The official quotations for middling upland cotton in the
affected included, it was said, most of eastern and northeastern Texas, central and eastern Oklahoma, most of Ar- New York market each day for the past week has been:
Sat.
May 25 to May
Mon.
kansas, west Tennessee and north Alabama and north Mis- Middling upland 31- 19.10 18.85 Tues. Wed. Thurs. Fri.
18.95
18.70
Hol.
18.50
1
`. •..,
FINANCIAL CHRONICLE
3708
11s1
-that is,
AT THE INTERIOR TOWNS the movement
-The highest, lowest and closing prices at
FUTURES.
the receipts for the week and since Aug. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
corresponding periods of the previous year,is set out in detail
May 31.
May 30.
May 27.
May '28.
May 29.
May 25.
below:
June
Range _ _ 18.38-18.40 18.49
Closing_ 18.4618.31 18.4118.17July
Range__ 18.43-18.60 18.43-18.70 18.36-18.61 18.33-18.64
Closing. 18.58-18.80 18.48-18.50 18.58-18.61 18.33-18.36
August
Range..
closing. 18.3518.4818.6218.38 -September
Range._
18.43-.
Closing. 18.5218.4818.66October
Range.. 18.40-18.49 18.45-18.60 18.37-18.71 18.7218.5018.71 Closing_ 18.48-18.49 18.48Oct. (new)
Range__ 18.37-18.50 18.43-18.64 18.37-18.70 18.48-18.74
Closing _ 18.47-18.49 18.48-18.49 18.69-18.70 18.48-18.49
HOLINovember
DAY
Range-18.56Closing. 18.5818.7318.58Noe. (new)
18.70
Range-. 18.5318.57Closing. 18.5318.6018.74December
Range__ 18.47-18.81 18.54-18.74 18.51-18.80 18.62-18.85
Closing. 18.59-18.20 18.5918.78-4880 18.63-18.64
January
Range.. 18.48-18.59 18.52-18.74 18.52-18.78 18.63-18.83
18.7718.63-18.64
Closing. 18.57-18.58 18.58February
Range...
18.7018.65
18.83Closing_ 18.65- March
Range.. 18.60-18.73 18.67-18.87 18.64-18.90 18.78-19.00
18.9018.78-18.79
18.73Closing_ 18.73AprilRange.Closing_
18.01-
Movement to May 31 1929. I
Movement to June 1 1928.
I Shill- Stocks
Ship- Storks
Receipts.
Incas. June
merits. May
1.
Week. Season. I Week.
Week. Season. Week. 31.
Receipts.
18.15-18.48
18.16 18.18
- Ala.,Birming'm
170 6,493
883 54,633
200 92,029
480 1,578
18.23 ---103 5,228
Eufaula_ _ __
554 20,324
147 2,936
7 15,055
650 11,358
Montgomery.
138 77,692
377 9,375
194 57,283
Selma
447 7.361
169 57,608 1,996 8,519
22 58,735
18.30- Ark.,Blytheville
276 5,816
60 78,654
940 6,925
11 87,992
Forest City
718 5,422
13 28,611
15 37,098
104 2,3.67
18.33-18.62
559 7,309
185 4,072
Helena
57,038
159 52,108
18.36Hope
150 1,898
411
148
5 57,627
2 49,385
4 1,636
Jonesboro_ _ _
1
33,271
31
97 1,011
32,307
18.30-18.62
Little Rock
156 118,459
779 5,300
108 108,459
695 7,249
18.31-18.33
378 1,431
11,
____
921
Newport4 48,701'
47,798
Pine Bluff_
528 • 125,306 1,354 13,532
345 5,712
59 142,657
_ __ _
745
23
Walnut Ridge
39,076
15 35,500
119
955
18.43- Oa., Albany__
_ 1,563
4,980
____
-___ 1.586
3,712
865 2,492
350 5,617
46 29,392
Athens
5 50,814
617 126,768 1,860 23,112
605 130,739 3,171 17,952
Atlanta
18.43523 276,577, 2,297 49.900
Augusta.... 1,318 244,168 1,723 53,032
412
52
20 51,110
800 9,034
100 51,660
Columbus-- _
18.50-18.74
404 2,701
58 67,104
290 2,836
124 52,678
Macon
18.50-18.53
600 9,034
575 38,006
__I 35,921 1,800 18,530
Rome
145 98,212 2,340 18,261
11 145,087 2,268 14,839
La., Shreveport
18.53-18.73 Miss.,Clark'dale
30 153,548 1,473 22,596
24 146,568 1,243 8,965
18.54952 2,091
38 36,034'
517
176
23 31,218
Columbus....
196 160,172 1,382 39,856
829 14,676
Greenwood..
32 189,362
955 3,137
62 41,2611
198 1,151
55 49,630
Meridian
18.60172 12,773
50 37,082
122 4,843
43 32,261
Natchez- 62 2,253
18,065
____
47
722
--- -I 24,915
Vicksburg.-18.63-18.90
359 5,821
6 27 752,
335 2,068
3 39,333
Yazoo City.'
18.66- Mo., St. Louls_ 4,516 460,211 5,059 15,214 4,321 355,376, 4,419 3,246
273 28.586
301 11,753
504 11.608
25,540
- N.C.,Greensb'o 1,049
i
Raleigh
- Oklahoma
612 741,729, 2,079 31,480
1711 772,287 2,203 7,748
15 towns*...
4,202 35,416 3,738 309,996 5.127 42,819
• Range of future prices at New York for week ending S.C.,Greenville 4,259 213,132 17,420125,682 7,4781,452,300 16,624 145,744
Tenn.,Mem phis 9,3651,770,088
May 31 1929 and since trading began on each option:
7831 1,284
741 56,4371
875
418
Texas, Abilene_
283 54,498
24I 1,145
67 26,379
335
158
11 48,549
Austin
130 11,146
128 29,6271
79 2,596
.
23 35,507
Brenham
Beginning of Option.
Range Since
Range for Week.
Optionfor
789 98,800 1,333 21,990
1,362 143,000 2,348 4,092
Dallas
73 1,424
46 75,326
322
574
433 90,998
Paris
18.00 Aug. 13 1928 21.47 Mar. 9 1929
May 1929
438
133
29,7791
176 -___
-___
Robstown
14.921
__-_
June 1929.. 18.38 May 25 18.49 May 27 17.12 Sept. 18 1928 21.28 Mar. 9 1929
102 5,392
129 37,067
____ 1,932
San Antonio----' 43,113
July 1929.. 18.15 May 31 18.70 May 27 18.15 May 31 1929 20.95 Mar. 9 1929
500 2,289
100 58,6991
348 1,173
198 65,634
Texarkana - 1929 20.53 Mar. 6 1929
18.53 Apr. 30
Aug. 1929
773 5.920
68 89,887
334 3,369
52 145,969
Waco
18.08 Nov. 5 1928 20.63 Mar. 8 1929
Sept. 1929
Oct. 1929.. 18.30 May 31 18.74 May 29 18.26 Apr. 29 1929 20.72 Mar. 15 1929
__ ___ _ ___ _ __ _. ._ __ __ _.. _ -__ -_- -..,.......
•
13 1929
Nov. 1929__ 18.33 May 25 18.70 May 27 18.53 May 25 1929 20.38 Mar.
Dec. 1929._ 18.47 May 25 18.85 May 29 18.45 May 24 1929 20.70 Mar. 15 1929
•Includes thee ombined totals of fifteen towns in Oklahoma.
Jan. 1930__ 18.48 May 25 18.83 May 29 18.45 May 24 1929 20.66 Mar. 15 1929
Feb. 1930_
The above total shows that the interior stocks have
18.60 May 25 19.00 May 29 18.53 May 23 1929 20.25 Apr. 1 1929
Mar. 1930._
and are to-night
•
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.
May 31Stock at Liverpool
Stock at London
Stock at Manclvster
1929.
bales_ 926,000
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
109,000
1,035,000
1927.
1928.
804,000 1,349,000
90,000
165,000
894,000 1,514,000
682,000
277,000
22,000
126,000
43,000
388,000
212,000
10.000
67,000
41,000
458,000
242,000
11,000
118,000
18,000
718,000
847,000 1.150,000
decreased during the week 28,105 bales
140,288 bales less than at the same time last year. The
receipts at all the towns have been 2,896 bales more than
the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
May 31 for each of the past 32 years have been as follows:
1929
1926.
839,000 1928
1927
85,000 1920
1925
924,000 1924
1923
184.000 1922.
180.000
4.000
83,000
The
33.000
484.000
1,753,000 1,741,000 2,664,000 1,408,000
Total European stooks
95,000
58,000
142,000 135,000
India cotton afloat for Europe
American cotton afloat for Europe 201,000 338,000 377.000 265,000
Egypt,Brazil,&c.,afloatforEurope 115,000 102,000 130.000 132,000
349,000 336.000 416,000 251.000
Stock in Alexandria. Egypt
1.202,000 1,205.000 678.000 723.000
Stock in Bombay. India
a1,087,789a1.213.867a1.568,509 810,244
Stock in U. S. ports
Stock in U. S. interior towns_ --- 0418,598 a558,886 a613,917 1,224,902
1,710
3,804
U. S. exports to-day
18.506. 1921
21.056. 1920
17.056. 1919
18.906. 1918
23.756. 1917
32.656. 1916
28.606. 1915
21.208. 1914
13.10c.
40.006.
33.156.
29.556.
27.106.
12.806.
9.606.
13.756.
1913
1912
1911
1910
1909
1908
1907
1906
11.80c. 1905
11.506. 1904
15.856. 1903
14.506. 1902
11.496. 1901
11.406. 1900
12.90c. 1899
11.450. 1898
8.85e
12.756
11.706
9.506
8.256
9.006
6.256
6.566
MARKET AND SALES AT NEW YORK.
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
&Med on same days.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Confect Total.
Quiet, 35 pts. dec.. Steady
Saturday_
doe
600
Monday
uiet, 25 pts. dec.. Steady
600
600
Quiet, 10 pts. adv.. Very steady- - Tuesday
690
500
"i§O
.
Wednesday- Quiet, 25 pts. dec.. Barely steady..
HOLI DAY
5,268,387 5.629,762 6,507,136 4,912,950 Thursday _Total visible supply
100 3.100 3.200
Quiet, 20 pte. dec.. Barely steady._
Of the above, totals of American and other descriptions are as follows: Friday
American
290 4,800 5,090
Total_
bales_ 583.000 576,000 1,015,000 534.000 Since Aug.
Liverpool stock
164.237 487.900652.137
1
60,000,73,000
72,000
Manchester stock
638,000 786.000 1,095,000 419,000
Continental stock
201,000 338,000 377,000 265,000
American afloat for Europe
OVERLAND MOVEMENT FOR THE WEEK AND
a1,087,789a1,213,876a1,568,509 810,244
U.S. port stocks
-We give below a statement showing the
a418.598 a558,886 a613,917 1,224,902 SINCE AUG. 1.
U. S. interior stocks
3.804 overland movement for the week and since Aug. 1, as made
1,710
U. S. exports to-day
Total American
East Indian, Brazil. &c..
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c. afloat
Stockn Alexandria, Egypt
Stock in Bombay,India
3,000,387 3,532,762 4,815,136 3,329.950
228,000
334,000
30.000
37,000
61,000
80.000
142,000 135,000
115.000 102,000
349.000 336.000
1.202,000 1,205,000
305,000
21,000
55,000
58,000
130,000
416,000
678.000
343,000
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1928-29Since
May 3112,000 ShippedWeek. Aug. 1.
65,000
5,059 444,653
Via St. Louis
95.000
82,369
750
Via Mounds. &c
132,000
5.573
Via Rock Island
251,000
42,791
1,019
Via Louisville
723.000
5,966 207,740
Via Virginia points
8,720 588,110
Via other routes, &c
2,268,000 2,097.000 1,692,000 1.583,000
Total East India, &c
• 3,000,387 3.532,762 4.815.136 3,329,950
Total American
21,514 1,371.236
Total gross overland
5,268.387 5,629,762 6,507,136 4,912,950 Deduct Shipments Y., Boston, &c. 1,966 113,069
Total visible supply
Overland to N.
9.23d. 10.32d.
Middling uplands. lAverpool --- 10.208. 11.47d.
19,718
437
Bewteen interior towns
18.806.
16.856.
21.05c.
Middling uplands, New York__..- 18.506.
14,532 636.667
Inland, &c.,from South
18.45d. 23.108. 18.058. 18.408.
Egypt. gooa Sakel, Liverpool
14.008. 11.00d. 17.008.
Peruvian, rough good, Liverpool_ 14.508.
16,935 769,454
Total to be deducted
8.458.
8.908.
8.55d. 10.058.
Broach, fine, Liverpool
9.458.
8.908.
9.708. 10.958.
Tirmevelly, good, Liverpool
4,579 601.782
Leaving total net overland *a Houston stocks are now included in the port stocks; in previous years
rail to Canada.
*Including movement by
they formed part of the interior stocks.
Continental imports for past week have beed146,000 bales.
The above figures for'1929 show a decrease from last
week of 302,033 bales, a loss of 361,375 from 1928, a decrease of 1,238,749 bales from 1927, and a gain of 355,
437 bales over 1926.
-1927-28-Since
Week. Aug. 1.
4,419
805
133
258
4,290
4,600
353.584
241.236
13,804
30,170
233,067
374,457
14,505 1.246,318
340
394
9,556
85,160
21,417
590,060
10,290
696,637
4,215
549.681
The foregoing shows the week's net overland movement
this year has been 5,579 bales, against 4,215 bales for
the week last year, and that f r the season to date the
aggregate net overland exhibits an increase over a year ago
of 52,101 bales.
JUNE .1 1929.]
3709
FINANCIAL CHRONICLE
---------1928-29----- -----1927 28
Since
Since
In Sight and Spinners'
Week.
Week.
Aug. 1.
Aug. 1.
Takings.
30,429 8,877.942 54,183 8,076,966
Receipts at ports to May 31
549,681
4,579
601,782
4,215
Net overland to May 31
Southern consumption to May 31-125.000 4,896,000 90,000 4,651,000
160,008 14,375,724 148,398 13,277,647
Total marketed
*28,105
164,247 *28,874
189.037
Interior stocks in excess
Excess of Southern mill takings
578,373
145.433
---over consumption to May 1
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
May 31 1929.
Feet.
19.2
40.8
10.8
25.8
54.7
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge.
Above zero of gauge..
June 1 1928.
Feet.
12.1
21.0
20.0
19.0
33.4
NEW YORK COTTON EXCHANGE ANNUAL REPORT.-One of the most progressive years in the history of
North. spinifs' takings to May 31 18,873 1,299,431 118,479 1,325,519 the New York Cotton Exchange is described in the 59th
annual report of the Exchangp, which was made public May
* Decrease.
27. While the fiscal year ended April 30 last was uneventMovement into sight in previous years:
ful so far as the cotton market was concerned, President
Bales. t Since Aug. 1Bales.
Week-June 4
132,058t1926-27
18,589.641 Gardiner H. Miller said, it was marked by changes in the
1927
109,249t1925-26
15.799,862 rules of the exchange of vital importance to the cotton trade.
1926
-June 5
114,697 1924-25
1925
-June 6
14,549.332
The outstanding developments of the year, as outlined by
QUOTATIONS FOR MIDDLING COTTON AT Mr. Miller, are:
The limitation by the Exchange of interest in cotton contracts in any
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton one month to 250,000 bales.
The organization of a Control Committee with broad supervisory powers.
The adoption of deliveries at five Southern points in addition to delivermarkets for each day of the week:
York.
119,524
Came into sight during week.._..131,903
15,118,344
13,612.117
Total in sight May 31
Week Ended
May 31.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Werrday. Thursd'y. Friday.
Galveston
18.70
New Orleans-. 18.77
Mobile
18.30
Savannah
18.60
Norfolk
18.75
19.20
Baltimore
Augusta
18.88
Memphis
18.05
18.70
Houston
Little Rock--- 17:65
Dallas
17.95
Fort Worth__ _ _ ----
18.60
18.77
18.30
18.48
18.69
19.20
18.81
18.00 '
18.60
17.50
17.90
17.90
18.70
18.85
18.40
18.59
18.69
18.80
18.88
18.10
18.75
17.75
18.00
18.00
18.50
18.62
18.40
18.33
18.44
18.90
18.63
17.85
18.50
17.58
17.75
17.75
---18.78
18.40
18.49
------18.81
18.00
18.65
----------
18.35
18.52
18.40
18.17
18.25
18.75
18.50
17.65
18.35
17.42
17.75
17.75
ies at New
The establishment of a joint inspection bureau at Houston and Galveston.
Amendment of the charter of the Exchange by the New York State
Legislature to enable the Exchange to trade in cotton mill and kindred securities.
The adoption of a rule prohibiting extension of credits in excess of $5 a
bale, or a maximum credit of $10,000.
During the fiscal year 475,500 bales of cotton were delivered cm contract,
and spot sales as reported by merchants in New York amounted to 246,266
bales.
The Board of Managers allocated $200,000 to the pension fund for the
benefit of employees of the Exchange and appointed a Special Fund Committee composed of George M. Shutt, Chairman; T. Lurelle Guild and
Henry H. Royce.
During the year 33 new members were elected and 68 memberships transferred,of which 36 were held by members,28 were extra or second memberships, and four were held by estates.
-The folRECEIPTS FROM THE PLANTATIONS.
NEW ORLEANS CONTRACT MARKET.
-The closing lowing table indicates the actual movement each week from
quotations for leading contracts in the New Orleans cotton the plantations. The figures do not include overland remarket for the past week have been as follows:
ceipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
part of the crop which finally reaches the market through
May 25. May 27. May 28.
May 29.
May 30. May 31.
the outports.
18.5918.53-18.55 18.63-18.65 18.42-18.44 18.58-18.59 18.26-18.27
fuly
kusust -- 3eptember
3ctober- 18.42-18.43 18.42-18.43 18.57-18.59 18.42-18.43 18.59 18.80 18.28-18.29
November
December- 18.52-13.53 18.51-18.52 18.87-18.68 18.52-18.53 18.7118.43-18.44
January _ 18.5518.54 Bid 19.68 Bid 18.55
18.73 Bid 18.48February _
18.60
March-._ 18.62- - 18.80-18.82 18.62 Bid 18.8418.53 Bid
Tone
Steady
Steady
Steady
Steady
Steady Steady
Spot
Steady
Steady
Steady Steady Barely st'Y
Options... Steady
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that quite generally
too much rain has fallen during the week in most sections of
the cotton belt. Precipitation in many instances has been
heavy. Crops in many localities are grassy and planting,
replanting and cultivation are to some extent at a standstill
in many sections.
Texas.
-In a few cases rains have been beneficial, but
mostly it has been too wet. Fields are grassy and farm work
has been retarded because of wet weather.
Mobile, Ala.
-The weather has been favorable and chopping out young cotton and clearing fields of grass has progressed favorably in this locality. Stands are good.
-Cotton is coming up to a good stand.
Memphis, Tenn.
The river is five and eight tenths above flood stage and
falling.
Galveston, Tex
Abilene, Tex
Brenham
Brownsville, Tex
Corpus Christi, Tex
Dallas. Tex
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
LulingNacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Ardmore. Okla
Altus, Okla
Muskogee, Okla
Oklahoma City, Okla
Brainkley, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria. La
Amite, La
New Orleans, La
Shreveport. La
Columbus, Miss
Greenwood, Miss
Vicksburg, Miss
Mobile, Ala
Decatur, Ala
Montgomery. Ala
Selma, Ala
Gainesville, Fla
Madison. Fla
Savannah, Ga
Athens, Ga
Augusta. Ga
Columbus, Ga
Charleston, S.0
Greenwood, S. C
Columbia, S.0
Conway, S. C
Charlotte, N. C
NewBern
Weldon N.0
Memphis, Tenn
Rain. Rainfall.
4 days 1.9 in.
5 days 2.15 in.
7 days 4.40 in.
6 days 8.18 in.
4 days 4.80 in.
7 days 3.60 in.
4 days .82 in.
4 days 5.14 in.
5 days 2.90 in.
6 days 6.78 in.
5 days 4.08 in.
6 days 4.84 in.
5 days 1.26 in.
4 days 2.24 in.
5 days 5.64 in.
5 days 4.98 in.
5 days 2.55 in.
3 days .95 in,
5 days 1.67 in.
4 days 1.89 in.
2 days .90 in.
6 days 1.05 in.
5 days 1.98 in.
7 days 1.29 in.
5 days 2.04 in.
4 days 2.11 in.
3 days 3.15 in.
6 days 1.59 In.
.48 in.
1 day
4 days 1.27 in.
4 days .84 in.
1 day
.40 in.
2 days .85 in.
3 days .14 In.
dry
1 day
2 days
2 days
2 days
2 days
3 days
3 days
1 day
1 day
2 days
1 day
2 days
2 days
3 days
.58 in.
.62 in.
.92 in.
1.14 in.
1.04 in.
1.06 in.
1.92 in.
.36 in.
.02 in.
1.49 in.
1.47 in.
1.17 in.
.89 in.
1.24 in.
Thermometer
high 82 low 63 mean 73
high 86 low 58 mean 72
high 92 low 58 mean 75
high 90 low 66 mean 78
high 84 low 64 mean 74
high 86 low 74 mean 75
high 88 low 62 mean 75
high 84 low 58 mean 71
high 86 low 58 mean 72
high 90 low 64 mean 77
high 84 low 58 moan 71
high 86. low 64 moan 75
high 82 low 60 mean 71
high 88 low 64 mean 76
high 86 low 62 mean 74
high 84 low 60 mean 72
high 84 low 60 moan 72
high 86 low 53 mean 70
high 85 low 63 mean 74
high 85 low 60 mean 73
high 92 low 84 mean 78
high 87 low 64 mean 76
high 88 low 65 mean 77
high 94 low 64 mean 79
high 88 low 63 moan 76
high 87 low 64 moan 76
mean 75
high 89 low 65 mean 77
high 96 low 67 mean 82
high VI low 67 mean 82
high 89 low 67 mean 78
high 87 low 68 mean 78
high 90 low 60 mean 75
high 93 low 68 mean 81
high 94 low 67 mean 81
high 92 low 62 mean 77
high 93 low 63 mean 78
high 86 low 60 mean 74
high 89 low 59 mean 74
high 90 low 61 mean 76
high 96 low 65 mean 81
high 81 low 66 mean 74
high 87 low 60 mean 74
high 88 low 62 mean 75
high 88 low 56 mean 72
high 87- low 54 mean 74
high 91 low 60 mean 76
high 89 low 56 mean 73
high 92 low 65 mean 77
Week'
Ended
Receipts at Farts.
1929. 1928. 1927.
Feb.
23_ 80,868 75,323 210.193
Mar.
91,438 62,281196.159
86,941 70.755217.975
106,350 73,234227.560
15-22_ 97.085 76.637185,888
29-- 78,041 88.473168,766
Apr.
5._ 59,884 80,232140,928
12.... 48,659 73,019 131,290
19-- 57,351 72,882 102,307
56.917 92.378 86,136
May
51,241 109,891 108,689
10- 40.133110.912 89,089
-- 27.000 84,323 73,651
67.486
24._ 31.129
31._ 30,429 54,183 88,264
Stocks at Interior Towns.
Receiptsfrom Plank:Noss
1928.
1929. 1928. 1927.
1929,
1927.
936.027 1,023.120 1.279.194 50.481 49.263184.807
906.887
849.195
814,222
781.667
752,959
987,3841.224,580
941.043 1.168.286
916,2461,097,531
887,1701.036,360
863.788 984.188
61,798
29,749
71.677
64,230
49.333
26.
141.545
24.434101,681
48,437 156.805
47.561184.717
85.091 116.594
711,349
679,205
646,881
615.322
835,361 922.735
803,203 889,925
773.381 1,541,773
737,026 824.696
18.274
16,515
25.027
25,358
51,805
40,861
43.060
59.006
79.475
98,792
38,190
50,162
584.848
512.890
481,152
446,703
418,598
891,224
649,289
620,390
587,760
558,886
784.478
785
742,86
710,044
656.451
613,917 2.319
64.089
68,977
55,354
27,199
25.309
88.471
47,278
41,028
13,893
25.730
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 8,254,317 bales, and in 1926-27 were 12,163,308 bales. (2) That, although the receipts at the out
ports the past week were 30,424 bales, the actual movement
from the plantations was 2,319 bales, stocks at interior towns
having decreased 28,105 bales during the week. Last year
receipts from the plantations for the week were 25,309 bales
and for 1927 they were 25,730 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings.
Week and Season.
1927-28.
1928-29.
Week.
Season.
Week.
Season.
5,843.531
5,570,420
Visible supply May 24
4.175,480
4,961.754
Visible supply Aug. 1
American in sight to May 31...... 131,903 15,118,344 119,524 13,612,117
59,000 2,975,000 63,000 3,117.000
Bombay receipts to May 30
587,008
2,000
1.000
560,500
Other India ship'ts to May 30....
2,000 1,276,660
Alexandria receipts to May 29..
3,000 1,592,600
561,000
14,000
Other supply to May 29 *b---8.000
528.000
Total supply
Deduct
Visible supply May 31
5,773,323 25,009,424 6,044,055 24,056,031
5,268.387 5,268.387 5.629,762 5.629,762
Total takings to May 31..a
504,936 19,741,037 414,293 18,426,269
Of which American
336,936 14,259,437 290,293 13,459,109
Of which other
168.000 5,481.600 124,000 4,967.160
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,896,000 bales in 1928-29 and 4,651,000 bales in 1927-28
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 14.845,037 bales in 1928-29 and 13.775,269 bales in
1927-28, of which 9,363,437 bales and 8.808,109 bales„American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1928-29.
May 30.
Receipts at
Bombay
1927-28.
1926-27.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
59.0002.975,000 83,000 3.117,000 70,000 2.810,000
3710
FINANCIAL CHRONICLE
For the Week.
Exports
from-
Since August 1.
Great Conti- 'Japandbl
Great
rBatatn. neat. 'China. I Total. Britain.
Bombay
1928
-29....
1927-28_ _
1926-27_ _
Other India1925
-29.._
1027-28.._
1926-27__
Total all
1928
-29_ _
1927-28-1928-27._
2,000 11,0001 32,0001 45.000
,
3,000 15,000 44,000 62,000
____ 4,000 49,000 53,000
-_-
1,000
1,000
2,000
2,000
Conti- Japan &
China.
nent.
Total.
56,000 697,000 1,469,000 2,222.000
78.000 570,000 1,096,000 1,744,000
13,000 320,000 1,420,000 1,753,000
587,000
560,500
400,000
103,000 484.000
97,500 463,000
39,000 361,000
2,000 12,000 32,000 46,0001 159.000 1,181,0001,469,0002,809,000
3.000 17,000 44,000 84,0001 175,500 1,033,0001,096,0002,300,500
6,000 49,000 55,000 52.000 681,0001,420,0002,153,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
4,000 ba1 s. Exports from all India ports record a decrease
of 18,000 bales during the week, and since Aug. 1 show
an increase of 508,500 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
May 29.
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
StandHigh
StandHigh
&a
Density. ard.
Density. ard.
Density. ard.
Liverpool .45e. .1300. Oslo
.50.3. .650. Shanghai .68340. .83M o.
Manchester .45c.
.60e. Stockholm Mc. .75c. Bombay
.60.3. .750.
Antwerp
.450. .60c. 'Trieste
.500. .65e. Bremen
.45e.
.600.
Havre
.310. .460. Fiume
.500. .650. Hamburg .45c. .60c.
Rotterdam .450. .600. Lisbon
.45c. .600. Piraeus
.75c. .90c.
Genoa
Me. .650. Oporto
.750. .90c.
.600.
.750. Salonica
Barcelona .300.
.450. Venice
.500. .650.
Japan
.6334e. .78340.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
May 10. May 17. May 24. May 31.
Sales of the week
33,000
25,000
14.000
35,000
Of which American
22,000
17.000
9,000
23,000
Sales for export
2,000
4,000
1,000
Forwarded
73,000
62,000
35,000
58,000'
Total stocks
967,000 944,000 932,000 926,000
Of which American
645,000 621,000 603,000 583,000
Total imports
69,000
51,000
52.000.
26,000
Of which American
42,000
9,000
23,000
16.000
Amount afloat
152,000 164,000
163,000 156,000
Of which American
55,000
45,000
41.000
,
44.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
1928-29.
1926-27.
15.000
8,040,273
Receipts (cantars)This week
Since Aug. 1
1927-28.
10.000
6,039,039
180.000
8,413.646
Spot.
Market, 1
12:15
P.IA.
This Since
Week. Aug. 1.
Export (bales)
To Liverpool
To Manchester,dm
To Continent dc India_ _ _
To America
This Since
Week. Aug. 1.
TMs Since
Week. Aug. 1.
8,000 171.008
7,000 161.150
7,000 435,095
4,000 171,220
5.250 142.044
149.643
4:8E6 364,943
2,000 108,070
5,000 216,906
7,000 175,609
6,000 360,100
7.250 136,042
Total exports
26,000 938.473 11,750 764,700 25,250 888.657
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending May 29 were
15.000 cantars and the foreign shipments 26,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is active and in cloths quiet. Demand for both
yarn and cloth is poor. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison:
32 Cop
Twist.
1928.
83.0 Lbs. Shin- Cotton
trigs. Common Middrg
to Finest.
Uprds
32s Cop
Twist.
7314 Lbs. Shirt- Collo'
ing', Common Middrt
to Finest.
UPrds
a.
s. d.
d.
d. s. d.
153004183, 13 3 013 6
e. d.
d.
it. a.(I.
d.
,
10.49 14% ©1654 13 8 @14 0
16%.16% 13 4
i5416l 13 4
013 7
0413 7
154(4.1614 13 4 013 7
13 4 (413 7
1535016M
153401634 13 4 013 7
10.75
11.12
11.14
11.10
10.98
15 @1834
15 01835
15 0416,5
1535017
15)5017
13 5
13 5
13 5
13 6
13 6
@123 7
(413 7
013 7
014 0
014 I
10.63
10.54
10.77
10.96
10.86
(413 6
0413 4
®13 4
013 0
10.73
10.89
10.69
10.23
1534017
1534(41734
15,401714
16 017M
13 7
14 0
14 0
14 1
(014
0014
014
014
1
2
2
3
10.91
1334015M
15,401634
153.4 016M
15 016
13 3
13 2
13 2
13 0
10.40
11.25
11.61
Quiet.
Good
demand,
Good
demand.
Moderate
demand.
10.15d.
10.12d.
10.200.
10.150.
10.20d.
5.000
Mid.Upltis HOLIDAY
Sales
Tueday,
Quiet.
5.000
8,000
5,000
6,000
Wednesday, Thursday.
Friday,
Augural
Market
opened
Quiet,
Steady,
Quiet,
Steady,
Qu.butsty
2003 pts. 8 to 10 pts. 5 to 8 pts. 1 to 3 pts. 3106 pts.
advance.
decline.
advance,
decline,
advance,
Market {
4:00
P. M.
Quiet,
Quiet,
Qu.butst'y Sty, unch. Quiet,
9 to 11 pls. to 7 pts. 2 to 6 pts. 2 to 9 pts. 3 pts. dec.
decline. to 1 pt. ad
advance,
decline,
advance,
Prices of futures at Liverpool for each day are given below:
Sat.
May 25
to
May 31.
May
June
July
August
September
Oatober
November_
December
January
February
March
April
May
Mon.
Tues.
Wee.
Thurs.
Frl.
12.1512.3112.1E0 4.0012.15 4.1412.15 4.0012.15 4.0012.15 4.00
.. m.p. m .. m.Ip. m. . m.p. m.p .m.p. m.p.m.p. m.p. m.P. M.
.
1929.
Monday,
Saturday.
d.
HOLIDAY
d.
9.90
9.81
9.84
9.82
9.78
9.75
9.72
9.72
9.73
9.74
9.77
9.78
9.79
d.
9.96
9.88
9.
9.88
9.84
9.81
9.78
9.78
9.79
9.80
9.83
9.84
9.85
d.
9.87
9.78
9.80
9.79
9.76
9.74
9.71
9.71
9.72
9.7
9.76
9.77
9.78
d.
9.90
9.81
9.8
9.82
9.80
9.79
9.77
9.77
9.78
9.79
9.8
9.73
9.85
d.
9.95
9.86
9.88
9.87
9.86
9.85
9.84
9.84
9.84
9.85
9.88
9.89
9.90
d.
9.92
9.83
9.85
9.85
9.84
9.84
9.83
9.83
9.8
9.85
9.88
9.8.
9.91
d.
9.87
9.77
9.80
9.80
9.79
9.79
9.77
9.77
9.78
9.79
9.82
9.83
9.84
d.
9.90
9.80
9.83
9.83
9.82
9.82
9.80
9.80
9.81
9.82
9.84
9.8.
9.81
d.
9.83
9.8,
9.85
9.85
9.85
9.83
9.83
9.84
9.85
9.87
9.8:
9.89
9.88
d.
9.82
9.84
9.84
9.84
9.84
9.82
9.82
9.83
9.82
9.87
9.88
9.89
9.88
BREADSTUFFS
Friday Night, May 31 1929.
Flour declined 5 to 10e. late last week in a quiet market.
11.60
10.02 163401734 14 2 (4)14 4
143401534 12.7 (413 1
Shipments met the requirements of consumers. Exports
10.08 163‘017,1 14 3 ®14 5
10.08
14,001534 12 7 013 1
11.71
10.26 18 (41734 14 3 (014 5
143401634 12 7 013 1
from New York on the 24th inst. were 19,215 sacks to Ger10.11 16 (417M 14 3 0414 5
11.46
143401534 12 7 013 1
many. Later Chicago reported prices on an average 10c.
10.20 16 031734 14 3 ®14 5
14%015% 12 7 013 1
11.47
lower.
-Shipments in detail:
Wheat has declined sharply on good home and foreign
SHIPPING NEWS.
Bales.
crop news and enormous liquidation. On the 25th inst.
GALVESTON-To Bremen
-May 25-Yorck. 1.521
1,521
prices closed %c. lower to 1
4c. higher owing largely to the
-May 25-Nicolo Odere, 900---May 24
-West
To Genoa
Ekonk, 3,493
4,393 fall of needed rains in Saskatchewan and Alberta and a
-May 27
-France Meru, 2,408---May 29
-FernTo Japan
4.408 forecast of further rains in Canada. Also Argentina had
I, 2.000
To China
-May 29-Fernhill,800
800 beneficial
rains. American crop reports were generally
-West Cressey, 1,316
-May 22
To Liverpool
1,316
-West Cressy, 2,931
-May 22
To Manchester
2,931 favorable. But after registering new lows, marking a net
-Topeka,375
-May 23
To Copenhagen
375 decline of
to %c. in Chicago, prices rallied. A stronger
-Topeka. 260
To Gobhenburg-May 23
260
-May 27-Fernhill, 1,725---May
-To Japan
technical position took the edge off the beneficial rains in
NEW ORLEANS
-Anniston City. 1,410
3.135
30
persistently
-Belgian,2,569
-May 30
2.569 Canada. Besides, there were complaints of
To Liverpool
-May 27-Fernhill, 100
100 dry weather in the American Northwest. Liverpool acted
To China
-Belgian, 1,087
1,087
To Manchester-May 30
that within a
16,460 firmer than had been expected. It was said
To Murmansk-May 25-Farmsum. 16.460
-May 29-Sapinere, 300
300 few days about 800,000 bushels of cash wheat had been
To Oporto
-Manuel
-Calve, 100
-May 25
100
-To Barcelona
NEW YORK
question
400 purchased in the Southwest to go to Chicago. The
-May 27-Drettninghelm,400
To Gothenburg
50 of storage room in the Southwest is beginning to be a
-May 24-BrOwaing. 50
To Manchester
100
-May 24-Norefjord,100
To Oslo
Mills and elevators there are
400 factor affecting prices.
-May 29
-Delius,400
To Japan
331 carrying large stocks and harvest is close at hand.
--Samaria, 331
-May 24
To Liverpool
363
To Bremen-May 29-Desden. 363
On the 27th inst. May broke below $1 a bushel to 98%c.
-May 27-Middleham Castle, 934
HOUSTON-To Havre
3.806 The net decline was 2%c., due to favorable crop news,
-Michigan,2.191- May 29-Cliftwood.681
May 28
-Cliff
-Michigan. 689---May 29
To Dunkirk-May 28
739 beneficial rains in Canada, weakness of cash prices at the
wood, 50
200 Northwest and Southwest, lower Liverpool prices and dull-Michigan, 200
To Bordeaux
-May 28
-Michigan, 250-,.May 27-Middieham,
-May 28
To Ghent
1,846 ness of export business. Too much wheat and too little
1,471--_Mav 29-Cliffwood, 125
50 export outlet
-May 27-Middleham, 50
To Antwerp
summed up the situation. It is said, too, that
498
-West Cressey, 498
To Liverpool
-May 24
1,954 middlemen instead of producers have been left holding the
-West Cressey, 1.954
To Manchester
-May 24
3,338 bulk of the
To Genoa-May 25-Nicolo Oder°, 3,338
grain from last season's crop. Farmers, it is
2,059
To Bremen
-May 23-Yorck, 2.059
236 estimated, have sold 90% of their crops, while middlemen
-Topeka, 236
-May 23
To Gothenburg
50
-Drammen, 50
To Drammen
-May 23
Everybody
3,817 are supposed to have fully 200,000,000 bushels.
-May 22
-France Maru, 3,817
To Japan
878 has been overestimating the bullish effect of farm relief
.
To Rotterdam-May 29-ClifiWood, 878
1,893
-Braddock, 1,893
MOBILE
-To Bremen' May 22
wheat. Presi825 talk and also the damage done to Winter
-Hanover, 825
NORFOLK
-To Bremen
-May 28
25 dent Hoover's agricultural relief program, it is now said,
To Rotterdam
-Ala,25
-May 27
770
-Fluor Spar, 770
SAVANNAH-To Bremen-May 25
over
816 will not seriously influence the price of grain held
To Hamburg
-Fluor Spar, 816
-May 25
44 from last year. The Winter wheat crop on the whole is in
-Fluor Spar, 44
To Ghent
-May 25
200
To Antwerp
-May 25
-Fluor Spar. 200
wheat
1,367 good condition. Moreover, the world's carry-over of
CHARLESTON
-To Hamburg
-May 29-Nevisian, 1,367
47 at the beginning of the new marketing year, July 1st, is
To Rotterdam-May 29-Nevisian, 47
971
To Antwerp
-May 29-Nevisian,971
the
140 expected to be 350,000,000 bushels, or about double
-West Cressey, 140
TEXAS CITY
-To Liverpool
-May 25
395 amount left on hand last year. Although the world con-May 25
-West Cressey, 395
To Manchester
year's big
68.363 sumes about 290,000,000 bushels a month, this
May
-
Total
JUNE 1 1929.]
FINANCIAL CHRONICLE
carry-over is a depressing factor. Most of the world's
carry-over is expected to be in the United States. The
official estimators do not expect the stocks to be reduced
below 200,000,000 bushels by July 1st. That would be
70,000,000 bushels more than the 1928 carryover. Harvesters have already begun cutting the Winter wheat crop of
40,467,000 acres. Texas is humming. The American Winter
wheat crop is estimated at 625,000,000 bushels or more.
Spring wheat is going into the ground under favorable
conditions in the Northwest and in Canada. Growers in
this country have practically finished seeding.
The United States visible supply decreased 5,035,000
bushels, against 3,177,000 in the same week last year, but
the sharp decrease fell flat. The total is still 98,291,000
bushels against 54,092,000 a year ago. World's shipments
for the week were 19,604,000 bushels against 16,945,000 in
tile previous week and 15,594,000 last year. World's shipments since July 1st are 831,226,000 bushels against 721,189.000 in the same time last year. North America exported
10,576,000 bushels; since July 1st, 495,113,000 bushels
against 438,945,000 in the same period last year.
On the 28th inst. prices fell to new lows for the year.
May sold at the lowest price seen since September 1915.
Prices ended 1% to 17
4c. lower for the day. Liquidation
was heavy. The news was generally bearish. There were
further beneficial rains in the American and Canadian
Northwest, and the weather was unsettled in Argentina.
Eixport business was quiet. On the 29th inst. prices advanced 1%c. and then lost most of this. It was largely an
evening-up market just before a holiday. The strength in
Winnipeg and Liverpool counted, however. The Canadian
weather was clearing up. Export sales in two days were
estimated at upward of 3,000,000 bushels, including Manitobas, durums and hard winters. This was not without
some effect. Offerings fell off. Later in the session the
local element who bought early sold to even up for the
holiday. Crop comments were generally favorable. The
Kansas weekly report said that harvesting would probably
start in more advanced sections of the State at about June
15th. Very favorable Southwestern and Northwestern crop
advices and weather news from the Continent caused selling, though the forecast was for showers in the Southwest.
The Government weekly weather report was rather bullish
on Winter wheat, stating that there had been damage from
excessive moisture in parts, with rains also delaying harvest
In Texas. Toward the close a bearish Kansas State report,
together with a private estimate of 650,000,000 bushels for
Winter wheat and expectations that the June reports from
private crop experts would be very bearish, brought about
a reaction.
To-day prices ended 2% to 2%c. lower. Early prices
touched new lows for the season on a break of about Sc. at
Liverpool and Winnipeg over the holiday and heavy liquidation. Good rains fell in Canada. Crop advices were generally favorable. Selling was general and stop loss orders
were caught. At one time prices were 3% to 4c. lower.
Covering of shorts and buying against privileges caused
rallies at times, but they were short lived. Liquidation was
persistent on all bulges. Toward the end the market appeared to be sold out. Minneapolis ended 3% to 4c. lower
after being down as much as 4% to 8%c. early. Winnipeg
ended 1% to 2%c. higher, however. Bradstreet's North
American exports for the week were 8,549,000 bushels, pointing to world's shipments for the week of 13,067,000 bushels.
Export sales over the holiday were estimated at upwards
of 2,000,000 bushels, about half hard winters, durums and
the balance Manitobas. And there were reports that some
Manitoba wheat was loading for Russia. Final prices are
6% to 6%c. lower than a week ago.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
12834 12534 12434 124% H'day 12154
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri..
May delivery
10134 9834 9634 97
94
July delivery
104 10134 99% 10034 HOLT- 9734
September delivery
10834 10534 104 1044DAY 10134
December
112 11054 10854 10954
106
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
112 11054 1084 109% HOL- 107
July delivery
11334 111% 10954 110 IDAY 10754
October delivery
112 110 10734 108
1054
Indian corn dropped heavily with wheat, though not so
weak as wheat. Liquidation, however, has been big. On
the 25th inst. prices ended % to 1
/0. higher, with showers
forecast, the receipts small and the cash demand excellent.
Seeding is delayed. The strong cash position was an important factor. It was stated that planting in the southern
half of the belt is two to three weeks late. Warm weather
Is needed. Under normal conditions the new crop outlook
would probably have had a decidedly bullish effect, but the
fact that corn was selling so close to wheat and that.the
outlook can be remedied by a period of good weather has
tended to check aggressive speculative buying. It is also
believed that there will be a larger country movement when
planting has been completed. It is a weather market subject
to the influence of wheat. Planting is expected to be finished within a week or 10 days, should weather conditions
3711
permit. So far it is not seriously late except in the Dakotas
and Kansas. The consumptive demand is absorbing receipts and reducing supplies in store at a rapid rate. Chicago has moved out 5,000,000 bushels recently, yet the
stocks are liberal. Chicago reported on the 25th that the
spread between May wheat and May corn was only about
10 c. This is called the usual period for selling corn,
/
1
2
and there is said to be a large short interest, with little
new buying coming In. Cash corn brings good premiums.
There were sufficient arrivals to take care of requirements.
On the 27th inst. prices fell 2% to 2%c., partly in sympathy with wheat. The weather over the entire belt was
good. Seeding, it is said, will be completed this week everywhere. The belief was that there would be large receipts.
Foreign markets were rather depressed. Itallying power
was absent. About the only buying was by the shorts. The
cash demand was fair. Shippers did a fair business, though
not as large as recently. The United States visible supply
decreased 2,885,000 bushels for the week, and is 16.596,000
bushels against 26,362,000 last year. On the 28th inst. prices
dropped to new lows for the season on all deliveries except
May. The ending was 1 to 1%c. lower for the day. Considerable liquidation and the weakness of wheat were the
principal depressing factors. The weather and crop reports
were generally favorable. To-day prices, after falling 3 to
31
4e. to new lows for the season, rallied and wound up 1%
to 2e. lower. The weakness of wheat had great influence.
Liquidation was general, the weather was rather favorable
despite showers here and there and the Iowa report stated
that planting was 83% completed, which is about normal.
Most of the buying was by shorts. Chicago No. 2 yellow
4c. lower.
corn was 2c. over July. The cash market was 11
Cash demand was moderate, but country pressure was limited. Final prices are 4% to 5%c. lower than a week ago.
DAILY CLOSING PRICES OF CORN IN NEM,YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
.
..._9454
No.2 yellow
1024L 9S4 9834 Fday
DAILY CLOSINGPRICESOFC0RNUTUiWINtM1CAffO.I
Sat. Mon. Tues. Wed. Thurs. Fri.
8434 8234 81
8034
7934
86% 8334 8254 8234 HOLI- 8054
July delivery
837% 8354 DAY 8154
8734 85
September delivery
7754
7954 7934
8234 80
December delivery
Oats followed the general trend of grain prices downward.
On the 25th inst. prices ended % to %c. lower, with the
weather better. The acreage is noticeably smaller than
that of a year ago. On the 27th inst. prices declined % to
1%c. on liquidation, especially in May and July. No important support appeared. Some bought May and sold
distant months. The Northwest bought May now and then.
The United States visible supply increased last week 34,000
bushels against 944,000 a year ago. The total is 9,427,000
bushels against 7,681000 a year ago. The Government has
called for a statement of holdings of 10,000 bushels or more
of May oats, the smallest quantity ever inquired for. This
brought about liquidation of the May delivery on the 25th
inst. and enabled shorts to reduce the spread between May
and July. On the 28th inst. prices declined % to 1%c., with
other grain lower and liquidation general, and the weather
and crop news good. Stocks in store in position for May
deliveries total about 200,000 bushels. To-day prices ended
1 to 2%c. lower. At one time they were 1% to Sc. lower,
the latter on May. Liquidation and the weakness of other
grain were the depressing influences. Final prices show a
decline for the week of 21% to 6%c., the latter on May.
a
DAILY CLOSING PRICES OF OATS IN NEW YORK. Fri.
Sat. Mon. Tues. Wed. Thurs.
55 H'day 54
55
58
56
No.2 White
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3854
444 434 41% 4154
May delivery
4354 41% 414 4154 HOLI- 4054
July delivery
414 DAY 404
424 4134 41
September delivery
4234
4454 43% 43% 4334
December delivery
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
46% HOLI- 4554
46
47
46
May delivery
484 4731 4654 47 DAY 4654
July delivery
4634
483( 4754 4654 4634
October delivery
Rye has broken badly, even worse than wheat, in a dull
and disgusted market. On the 25th inst. prices ended
unchanged to %c. lower, partly in sympathy with the action
of wheat. The crop news was favorable and export demand
is lacking. Those are the two weakest points in the situation. There is no speculative life. On the 27th inst. prices
dropped 1% to 3Y,c. in response to the decline in wheat.
The United States visible supply decreased last week
594,000 bushels and is now 6,125,000 bushels against1,106,000
a year ago. Liquidation was the order of the day. Prices
fell to a new low for the crop season. On the 28th inst.
prices declined 2% to 2%c. In sympathy with wheat. Buying power was lacking. Stop loss orders were reached on
the way down. To-day prices declined 2% to 6 c. net, the
/
3
4
latter on May. Rye followed other grain downward. The
weather in the Northwest was favorable. Little was heard
of export business. Final prices show a decline for the
week of 9 to 11c., the latter on May.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAG
Sat. Mon. Tues. Wed. Thurs:`,74YL
May delivery
85
83
81
80
July delivery
8434 80
78% 110LI- FArl
78
September delivery
814 81% EFAY 79
8734 84
December delivery
81%
914 88% 854 85
Closing quotations were as follows:
May delivery
3712
FINANCIAL CHRONICLE
GRAIN.
Wheat, New YorkOats. New York
No. 2 red, f.o.b
.1.21M
No. 2 white
54
No.2 hard winter.f.o.b___-1.08g
No. 3 white
53
Corn, New YorkRye. New York
No. 2 yellow
94%
No. 2 f.o.b
85%
No. 3 yellow
93g Barley. New York
Malting
75g
FLOUR.
pat.high protein.85.75@$6.25 Rye flour, patents
Spring
85.900E6.25
dprlug
3g
5.35
5.75 Semolina No. 2, pound.
Clears, first spring.
2.700 2.75
4 90
5.25 Oats goods
Soft winter straights.- 5.25
2.50(4 2.55
5.60 Corn flour
Hard winter straights_ 5 25
5.30 Barley goods
Hard winter patents__ 5.50
3.60
Coarse
5.90
Hard winter clears
Fancy pearl Nos. 1.2.
4.75
5.15
Fancy Minn. patents... 730
3and 4
6.500 7.00
7.85
City mills
7.40
8.10
All the statements below regarding the movement of grain
-are prepared by
-receipts, exports, visible supply, &c.
us from figures collected by the New York Produce Exchange. First we give the receipts at Western Lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years:
Wheat.
Receipts at
-I Flour.
Oats.
Corn.
Rye.
Barley.
ble.19611.,s.bush. 60 lbs.bush.56 lbs.bush. 32 lbs.bush.48lb5.lnish.56lbs.
58,000
170,000
870.000
242,000
69,000
365,000
Chicago
109,000
211,000 158,000
107,000
Minneapolis_ _
1,211,000
10,000 248,000
78,000
Duluth
1,121,000
84,000
91,000
9,000
62,000
Milwaukee _ _ _
6.5,000
19,000
66,000
15,000
Toledo
25,000
11,000
1,000
10,000
31,000
Detroit
188,000
180,000
Indianapolis
68,000
485,000
3,000
144,000
St. Louis_ _ _ _
497,000
401,000
123,000
57,000
44,000
Peoria
46.000
370,000
68,000
433,000
622,000
Kansas City
112,000
160,000
138.000
Omaha
4,000
80,000
125,000
St. Joseph.
4,000
52,000
Wichita
171,000
56,000
1,000
39,000
Sioux City__
43,000
Total wk. '29 495,0001 4,163,000
Same wk. '28 441,0001 4,828,000
Same wk. '27431,00o1 4,922,000
2,297,000
3,671,000
3,100.000
2.292,000
2,834,000
3,115,000
616,000
722,000
422,000
367,000
469,000
637,000
Since Aug.1-1
20,519,000435,551,000 234,176,000 126,045,000 87,217,000 24,485,000
1928
20,456,000415,729,000 270,752,000 138,003,000 66,384,000 34.202,000
1927
20,152,000301,996,000 188,221,000 127,023,000 18.839,00028,514.000
1926
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 25, follow:
Receipts at- I
Wheat. I
Fleur.
Oats.
Corn.
Barley.
Rye.
bbls.196tbs bush.60 lbs. bush. 56 lbs bush. 32 lbs ush.481bs.bush.561bs.
84,000
60,000
6.000
20,000
New York... 303,000 1,687,000
26,000
5,000
40,000
48,000
Philadelphia__
16,000 560,000
8,000
Baltimore_ __ _
18,000
363,000
NewportNews
3,000
63,000
22,000
27,000
48,000
New Orleans*
3,000
72,000
Galveston__
62,000
10,000 1,121,000 403,000
Montreal.....
70,000 3,324,000
15,000 100,000
32,000
Boston
109,000
Total wk. '29 514,000 5,521,000
Since Jan.1'29 11,081,000 67,795,000 14,279,000
68,000
1,284,000 1,123,000
8.633.00012,353.000 2,270,000
Week 1928._. 409,000 4,958,000
Since Jan.r28 9,831,000 56,582,000
801,000 962,000 760,000
7,861,000 9,890,000 5.887.000
85,000
7,865,000
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 25 1929, are shown in the annexed
statement:
Exportsfrom-
Wheel.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
1,477,000
79,229 199,000
102,000
1,000
24,000
240,000
4,000
68,000
3.000
7,000
37,000
13,000
14,000
26,000
12,000
156,000
4.507,000
83,000 277,000
135,000
4,000
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
Houston
Total week 1929... 6,411,000
Same week 1928.... 4,313,242
63,000
31,000
204,229
264,380
490,000
241,000 1,263.505
305,000
617.282
The destination of these exports for the week and since
May 25 1929 is as below:
Flour.
Exports for Week
Since
Week
and Sinee
May 25 July 1
July 1 to1929.
1928.
Wheat.
Week
May 25.
1929.
Since
July 1
1928.
Corn.
Week
May 25.
1929.
Since
July 1
1928.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
26,000 9,828,110
United Kingdom_ 81,734 3,190,182 1,488,000 69,100.726
17,719,962
86,405 4,846,640 4,906,000 184,505,959
Continent
394,000
24,000
247,000
7,000
305,000
Amer_ 4,000
So.dr Cent.
13,000
81,000
869,000
440,000
9,000
West Indies
20,000
1,000
____
Brit.No.Am.Cols _
2,250
10,000 3,476,733
Other countries- 23,090 1,314,919
Total 1929
.rnisi 1025
204,229 10,097,741 6,411,000 257,578,418
2114 ase 10 439.307 4.313.242 128.994,584
63,000 28,666,322
31,000 10.182.285
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 25, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
GRAIN STOCKS.
Rye.
Barley.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
bush.
bush,
30,000 202,000
103,000
8,000
90,000
4,000
4,000
6.000
6,000
83,000
53,000
217,000
3,000
25,000
123,000
93,000
431,000
3,000
18,000
142,000
93,000
74,000
260,000
32,000
125,000
582,000
4,000
34,000
157,000
316,000
1,264,000
1 7,000
0 3
372,000
1,1g, 0
.0
09
3,524,000 2,677,000 .
1
15,000
213,000
3,000
149,000
5,000
19.000
1,716,000
13,000
43,000
33,000
17,000
139,000
590,000
12,756,000 6,224,000 3,075,000 2,713,000
531,000., 239,000
368,000
564,000 1,008,000
73,000 1,708,000 v21.316.000
233,000
18 844,000
165,000 1,917,000 1,138,000„ )2.814,000
27,569,000
2,000
238,000
307,000
255,000
[Vol.. 128.
•
Wheat.
Corn.
United Statesbush,
bush,
St. Louis
2,709,000
329,000
Kansas City
16,110,000 2,487,000
Wichita
69,000
2,527,000
St. Joseph, Mo
1,149,000
475,000
Peoria
7,000
12,000
Indianapolis
625,000
287,000
Omaha
6,546,000
918,000
On Lakes
260.000
367,000
On Canal and River.... 269,000
Oats.
bush,
268,000
8,000
4,000
Rye.
bush.
9,000
31,000
Earl
bus
68,
20,
3,
119,000
507,000
642,000
246,000
28,000
56,000
86,00
103,00
33.00
Total May 25 1929... 98,291,000 16,596,000 9,427,000 6,492,000 6,125,00
Total May 18 1929-103,326,000 19,481,000 9,393,000 6,454,000 6,719,00
Total May 26 1928.... 50,607,000 26,361,000 6,817,000 3,058,000 1,475,00
Note.
-Bonded grain not included above: Oats, New York, 217,000 blithe
Philadelphia, 4,000; Baltimore, 4,000; Buffalo, 362,000; Duluth, 1,4000; tote
601,000 bushels, against 107,000 bushels in 1928. Barley, New York, 230,0
bushels:Boston,82,000;Philadelphia,97,000; Baltimore. 472,000; Buffalo, 1,533,080
Buffalo afloat, 556,000; Duluth, 165,000; on Lakes, 372.000: total, 3,513,000 bush
els, against 1,601,000 bushels in 1928. Wheat, New York, 3,578,000 bushels
Boston, 1,347,000; Philadelphia, 3,308,000; Baltimore, 3,601,000; Buffalo, 12,440,
000; Buffalo afloat, 1,349,000; Duluth, 171,000; Canal, 1,098,000: total, 26,890,00
bushels, against 15,318,000 bushels in 1928.
Canadian
Montreal
7,917,000
713,000
353,000
576,00
Ft. William dr Pt. Arthur.. 8,833,000
5,651,000 2,165,000 6,557,00
Other Canadian
15,681,000
3,799,000
319,000
932,00
Total May 25 1929_ 32,431,000
10,163,000
Total May 18 1929_ 75,623,000
8,848,000
Total May 26 1928... 62,519,000
2,769,000
Summary
American
98,291,000 16,596,000 9,427,000
Canadian
32,431,000
10,163,000
2,837,000 8,065,00
3,093,000 8,183,00
1,865,000 2,384,00
6,492,000 6,125.00
2,837,000 8,065,00
Total May 25 1929_130,722,000 16,596,000 19,590,000 9,329,000 14,190,00
Total May 18 1929_178,949,000 19,481,000 18,241,000 9,547,000 14,902,00
Total May 26 1928_113,126,000 26,361,000 9,586,000 4,923,000 3,859,'
The world's shipments of wheat and corn, as furnished b
Broomhall to the New York Produce Exchange,for the wee
ending Friday, May 24, and since July 1 1928 and 1927,
are shown in the following:
Wheat.
Exports.
1928-29.
Week
May 24.
Since
July 1.
Corn.
I 1927-28.
1928-29.
Since
i Week
July 1. I May 24.
Since
July 1.
1927-28.
Since
July 1.
Bushels. I Bushels,
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 0,576,000495,113,000 438,945,000i
66.000 33,183,000 14,916,000
Black Sea_ -16,000 7,600,000 9,512,000
1,827,000 20,450,000
Argentina_ _ 6,572,000 187,675,000 155,969,000, 4,867,000 219,720,000 240,203,000
Australia
1,800,000 103,857,000 67,639,000,
India
1,112,000 8,848,000'
0th. countr's 640,000 41,164,000 29,352,000 416,000 27,554,000 25,210.000
Total
9,604,000831,521,000 710,265,0001 5.349,000 282,284,000 300,770,000
MNEATHEli, BULLE,T1IirdirnfrEfETTTTE715
MAY 28.
-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the influence of the weather for the week ended May 25,follows:
GENERAL SUMMARY.
The first half of the week continued cool in the Eastern portions of the
the period there was a reaction to warmer in the
country, but early in
Northwest, and the latter part had much higher temperatures quite generally from the Mississippi Valley eastward. While warm weather prevailed in the East the last half of the week, abnormally low temperatures
the first part gave weekly means somewhat below normal quite generally, as indicated by Chart 1. On the whole, it was especially cool in the
Interior of the Northeast and Southeast and in much of the Southwest.
In the Central-Northern States from Iowa and Nebraska northward
It was decidedly warm, with the temperatures averaging from about
4 deg, to as much as 10 deg. above normal, while West of the Rocky Mountains they were mostly slightly in excess, except along the Pacific coast.
Freezing weather covered a considerably area of the far West, and East
of the Rockies temperatures below freezing were reported from limited
sections of the more Northern States, including the interior of New England. Along the Gulf coast the lowest temperatures for the week ranged
from 60 deg. to 68 deg.
Chart H shows that rainfall was much less general in substantial amounts
than for several weeks past. Heavy to excessive falls occurred in much
of Texas and fairly heavy rains were reported from a good many sections
of the Mississippi Valley, but elsewhere in most areas East of the Rocky
Mountains the weekly totals were generally light to only moderate. West
of the Rockies there was but little precipitation, while many parts of the
more Eastern Stat.ss had only light or inappreciable rainfall.
Following several weeks of generally unfavorable weather for agriculture, especially for spring crops in the interior valleys, she week Just closed
was much better. The first part continued cool in the East, Which retarded
growth of vegetation, but the fair weather generally favored field operations,
while the latter part was much warmer. Vegetation responded rapidly
to the improved conditions, and good growing weather continued at the
close of the week.
In the interior valleys, where the soil had continued discouragingly wet
for a long time. less rain, more warmth, and a good deal of sunshine made
much better weather for field operations. Delayed spring planting made
rapid advance in many sections, though some lowlands continued too
wet, while the rather general rains near the close of the period again interfered. In the upper Mississippi Valley temperatures were above normal
for the first week in seven. The cool weather the first part of the week
brought locally damaging frosts to a few extreme Northern sections.
In the South conditions wore irregular and largely unfavorable. The
first part of the week was too cool for good growth in the Southeast, but
favorable for work, while the latter part was warm and showery, favoring
growth, but interrupting work. In the West Gulf area, especially in most
of Texas, the cool, wet weather was unfavorable in delaying field operations and retarding growth, especially of warm-weather crops.
In the Great Plains States conditions were generally favorable, especially in the North where moderate to high temperatures and mostly fair
weather prevailed, with beneficial showers near the close of the week.
Rains were also helpful in parts of the far Southwest, but moisture is becoming increa.singly needful in the interior of the Pacific Northwest, while
late grains and pastures need rain in California and much of the Great
Basin.
-There were reports of rather extensive damage to
SMALL GRAINS.
winter wheat on flooded bottom lands of the Central Ohio Valley, but elsewhere condition and progress were fair to very good. The cessation of
rains and warmer weather were of benefit in the trans-Mississippi States
and conditions and progress were fair to very good; the crop was in fair
to excellent condition in the Great Plains, with progress good in Oklahoma and condition varying from poor to excellent. Frequent rains delayed harvest in Texas, with some damage, but the moisture was of great
benefit in New Mexico. Fair to excellent condition was reported in the
East and most more Western States, except the Pacific Northwest where
continued dryness was detrimental and the crop is beginning to show
effects of the drouglat. Winter wheat was heading North to Pennsylvania
in the East and Southern Indiana, Missouri, and Kansas in the West.
Progress and condition of spring wheat were very good in the Northern
Parts of the belt with plants rooting well in Minnesota. Slow growth
and some yellowing occurred in Wisconsin, but elsewhere condition of
the crop was generally satisfactory. Oats did well rather generally and
the crop was heading North to Tennessee, with cutting favored in North
Carolina: harvest was delayed by rain In Texas. Flax planting advanced
well, with some up in South Dakota and Minnesota, and rye was in generally satisfactory condition. Rice made excellent advance in Louisiana,
and grain sorghums were being planted in Kansas.
JUNE 1 1929.]
FINANCIAL CHRONICLE
CORN.—With the generally improved weather conditions, corn planting
made much better advance than recently and is now well along in many
of the porincipal producing sections. It is still much behind, however, in
most of the Ohio, Central Mississippi, and extreme lower Missouri Valleys.
While considerable lost time has been made up in many places, reports
show planting two to three weeks late, and in sections seeding has made
only a good beginning.
In Iowa conditions recently have favored field operations and planting
has advanced rapidly, with practically all lost time now made up, while
the latter part of the week was warmer and favorable for germination and
growth. In the more Western portion of the belt planting is also well
advanced, except in extreme Eastern Kansas and parts of Oklahoma. In
the Atlantic area the latter part of the week was favorable for planting,
germination, and growth.
COTTON.—Conditions continued mostly unfavorable for cotton. Except
the latter part of the week, temperatures in the East were too low for good
growth, especially at night, though conditions improved toward the close
of the period. Field work made generally good advance the first half
of the week, but the last few days were too showery, with the crop needing warmth and sunshine; the weather favored lice and weevil activity in
the South.
West of the Mississippi River conditions were rather favorable in Arkansas
and Louisiana, with weekly progress mostly fair to good though with
considerable complaints of grassy fields and need of cultivation in the
form r State. In Oklahoma cool, wet weather continued unfavorable, with
cotton late, stands mostly poor and irregular, and much still to plant
and replant. In Texas rains were beneficial in some more Southern sections,
but, in general, it was too wet and cold; planting, replanting, and cultivation were mostly at a standstill, with many reports of grassy fields
In Central and Eastern sections and with plants turning yellow on lowlands; warm,dry weather is badly needed in both Texas and Oklahoma.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia.—Richmond: Unfavorable first part week as too cold for crop
growth; seasonable temperatures latter part more favorable and good
progress In crop growth and farm work. Wheat fair to excellent; heading in most sections. Corn and cotton fair; need warmer weather.
North Caro:Ind.—Raleigh: First part week too cool and soil too wet;
latter part warm, generally dry, and favorable. Condition of cotton poor
to fair; part very late and not through planting, but weekly progress fair
to good. Some improvement in tobacco, corn, peanuts, and truck.
South Carolina.—Columbigt Dry week favorable for spring plowing,
but cool nights detrimental. Oat harvest practically completed in South
and continues elsewhere. Wheat ripening; rye good. Corn planting and
potato digging progressing. Cotton planting nearing completion, with
chopping general, but stands only fair and Irregular, and late due to much
replanting.
Georgia.—Atlanta: Five dry days favorable, with much work accomplished, but last two days wet and detrimental. Coolness still causing
slow growth. Planting cotton completed; chopping made good progress
in North and growth and stands fair; scattered bloom appearing in South;
crop needs cultivation; weather favoring lice and weevil. Much corn
planted; progress only fair.
Florida.—Jacksonville: Progress and condition of cotton good, except
backward on some lowlands of West and extreme North, but improving.
Corn and tobacco mostly good; priming tobacco more active. Sweet
potatoes, cane, and peanuts doing well. Citrus much improved by rains,
which were fairly well distributed.
Alabama.—Montgomery: Much farm work accomplished, though fields
continue grassy in many sections. Oats, potatoes, truck, pastures, minor
crops, and early-planted corn mostly doing well. Progress and condition
of cotton excellent in coast region, but elsewhere mostly fair as nights too
cool for best growth; stands considerably spotted, varying from poor to
good; planting and replanting continue in North.
Mississippi —Vicksburg: Progress, growth, and cultivation of cotton
and corn fairly good in extreme South, but mostly rather poor elsewhere
account frequent rains and cool nights; progress in chopping cotton rather
slow in many localities and stands fair. Progress of pastures good, except
fair in extreme South.
Louisiana.—Now Orleans: Week generally favorable for growth. Progress and condition of cotton generally good; chopping continuos in North;
weather favorable for weevil multiplication. Corn, cane, and rice made
excellent advance; much early corn laid by in South. Truck and pastures improved. Farm work made fine progress first part; fields generally in fair to excellent cultivation, but dry, warm weather now needed.
Texas.—liouston: Unfavorable for field work, cotton, and truck, except in lower coast and adjoining portions of Southwest where rains beneficial. Progress and condition of rice and postures very good and of corn
fair to good, although some fields grassy. Frequent rains delayed winter
wheat and oat harvests, with some damage. Progress and condition of
cotton good to very good in lower coast and some Southwestern sections,
but advance poor and condition only fair elsewhere; planting, replanting, and cultivation at standstill and many fields grassy in Central and
Eastern sections; crops turning yellow on lowlands; warm, dry weather
badly needed.
Oklahoma.—Oklahoma City: Field work interrupted in East as too wet,
but fair procresa in West. Progress of winter wheat and oats good; mostly
headed; condition good to excellent In North-Central and Northwest, but
poor to good elsewhere. Progress and condition of corn very poor to poor
In East as too cool and wet, but poor to fair in West; crop late and stands
irregular; still planting. Progress and condition of cotton generally poor;
crop late and stands mostly poor and irregular; much to be planted and
replanted.
Arkansas.—Little Rock: Progress of early cotton fair to good; stands
fair, but foul and need cultivation; chopping in Central and South; progress of late good to very good; nearly all planted and stands and color
very good; improving in all portions. Progress and condition of corn
very good, except needs cultivation badly. Very favorable for wheat.
oats, meadows,and pastures.
Tennessee.—Nashville: Previous wetness in East prevented transplanting, but weather generally favorable for farm work. Progress of corn
very good on uplands, while slow progress in planting on bottom lands.
Much replanting of cotton; progress of that planted slow. Condition
and progress of winter wheat excellent; both wheat and oats heading well.
Kentucky—Louisville: Mostly cool, ending with moderate to heavy
showers, Corn planting pushed first half; unfinished In North and much
bottom land unbroken; stands of early Irregular; considerable cultivation of corn and potatoes, which were becoming weedy. Progress and
condition of winter wheat very good on uplands; full heads in North and
crop shows general improvement.
THE DRY GOODS TRADE
New York, Friday Night, May 31 1929.
Textile factors generally do not appear to be looking for
an active Summer. The tariff bill which passed in the
house of Representatives the present week and showed
several unexpected increases, the uncertain situation in the
money market, and declines in prices for farm products, are
some of the reasons being primarily considered. The
warmer weather of the past week has resulted in increased
business in retail channels, and while that fact is a source
of encouragement in many quarters, there is much doubt
manifested as to whether it will be appreciably reflected
in the primary cotton goods division without other measures being taken to stimulate interest among buyers. Efforts to bring about stabilization of prices, and some alleviation of the evils attendant upon buyers' attitude of procrastination through curtailment are accordingly being
made. The "Industry" meeting at the Hotel Roosevelt
featured developments in the woolen goods market during
what he declared should be the future policy of the industry,
the week. The speech of the head of the Institute, outlining
3713
was accorded general and enthusiastic approval by thetrade. In general, the ideas he expressed are as follows:
In urging co-ordination of the various sections of the trade,
as an absolute necessity to future prosperity, he emphasized
the need of procuring reliable data with regard to the condition of the industry as a whole—so that the general position may be determined in a manner sufficiently exact
to enable style trends to be forecast and the volume of
future demand estimated with the maximum degree of
accuracy. According to his plan, this requires especially
selected committees with plenty of scope and material for
action to represent the various sections, so that data may
be systematically collected and weighed and plans laid for
broadening the industry which will be based on the scientific
analysis of facts and figures which is an indispensable prerequisite to success.
DOMESTIC COTTON GOODS.—While the warmer
weather of the past week has stimulated active buying of
cotton goods in retail channels, particularly of dress fabrics,
the situation at the primary end of the trade does not reflect
the improvement. As May draws to a close the lack of
buying interest seems to be intensifying and factors who
previously hoped that the advent of warmer weather would
do much to relieve the prevailing quietness, are now considering the excess of production over sales, and such influences as the Congressional tariff discussions and uncertain
money situation as the true causes of the present depression. Of these the former is, of course, the most emphasized. Although the recent convention of cotton goods men
at Atlantic City gave the trade the impression that real
efforts were under way to bring about general restriction of
production, the fact that no such general regulation is as
yet in prospect, and the widely known dissension in the
primary trade on the score of co-operative curtailment policies, are strengthening buyers in their' waiting attitude.
The latter have no immediate reason to anticipate higher
prices or lack of goods, and are acting accordingly. The
growing scarcity of wanted staples is another adverse circumstance which has its bearing on the curtailment problem.
While those mills with little of the raw product on hand
would be inclined to favor restricted output rather than
buy cotton on the relatively high current basis which further
minimizes the narrower profits obtainable from sales of
goods, others who have a supply will naturally not rush to
cut down their operations if they have substantial orders
on their books and the opportunity to pick up business declined by their competitors. However, leading factors,
among whom are some who have previously stood out
strongly against curtailment from a co-operative point of
view, are now canvassing the markets in an effort to bring
about something more than discussion of the problem, and
It is to be hoped that the near future will see the primary
trade regulating in an orderly manner and gradually regaining a better position with regard to prices and the attitude
of buyers. Print cloths 28-inch 64x60's construction are
quoted at 51
4c., and 27-inch 64x60's at 5c. Grey goods 39
inch 68x72's construction are quoted at Sc., and 39-inch
80x80's at 10c.
WOOLEN GOODS.—Markets for woolens and worsteds
are quiet, but steady, with sentiment generally favorable
for the future, factors generally endorsing and anticipating
good results from the constructive efforts of the Wool Institute. Business in the piece goods market is generally
slow, but a number of the leading mills report a substantial
influx of duplicate orders. The bulk of this re-ordering is
for worsted suitings, but there is also a good call for overcoatings in some directions. Mills are in many cases booked
further ahead than last year at this time and are operating
at a greater rate. Orders from mail-order houses and local
cutters have done much to relieve quiet conditions of late.
"Distress" merchandise is said to be scarcer than usual,
and it remains to be seen whether competition will lead to
much in the way of downward revisions in Spring goods
prices in the near future. A representative of one of the
larger local department stores, speaking at the industry
meeting last Tuesday, stressed the need of greater variety
of styling of woolens. He pointed out that the retailer
necessarily follows the line of least resistance and gives
the public what it wants, emphasizing the feminine insistence on continual diversification. He suggested that greater
effort on the part of producers and a closer association
with the new developments in styling emanating from
abroad would benefit sales of woolens as it has silks and
rayons. He offered the opinion that producers of woolens
for women's wear should invent as great a number of newly
styled fabrics as possible in order to be able to compete
on even terms with the greater diversification in other
textiles.
FOREIGN DRY GOODS.—Linens continue relatively
featureless. Burlaps are moderately active with cables
tending lower. However, while corresponding concessions
took place in the local market, sellers in many cases preferred to decline business than accept it at prices on a
scale down to correspond to the easier values in Calcutta.
Light weights are quoted at 6.25c. and heavies at 8.40e.
FINANCIAL CHRONICLE
3714
[Vol.. 128.
BONDS OF OTHER COMPANIES
Louisville & Nashville System
Alabama Great Southern RR. Co. 1st
eons. 48 & 55, 1943.
Finn Mortgage 1st Is, 1937
1st & Refunding. Series A 534s, 2003
Atchison 'Opens, & Sante Se System 1st & Refunding, Series B 58, 2003
General mortgage 4.. 1995
let & Refunding, Series C 4545, 2003
Cant Ry let 58, 1937 Unified Mortgage 4, MO
Chic. Santa Fe
Rocky Mountain Division let 45. 1968
Atlanta Knoxv. & Cinc. 1st 45, 1955
San Fr. & San Joaq. Val. Hy. let fa, 1940 Lexington & Eastern 1st 58, 1985
of.—List of Legal Investments for Transcontinental Short Line tot 48, 1958 Mobile & Montgom. Ry. 1st 4345. 1945
Connecticut, State
Nash. Flor. & Shef. fly. 1st 5s, 1937
Baltimore & Ohio
New Orleans dr Mobile Div 1st 68, 1930
Savings Banks.—Coraplying with Section 3976, General Stat- Baltimore & Ohio RR.— System.
Paducah & Memphis Div 151 45, 1946
4e and 5s, 1948
First
Southeast & St. Louis Div. let 65, 1171
utes, Revision of 1918, Lester E. Shippee, Commissioner of
Convertible 4s, 1933
Trust let 5s. 1931
*Series "A," ref. & gen. mtge. 5e, 1995 Loulsv. Cin. & Lexington gen. 4)45, 1031
Banks,on May 1 1929 issued the list of bonds and obligations
*Series "B," ref. & gen. mtge. es, 1995 So.& No. Ala. RR. cons. .94, 1936
*Series "C," ref. & gen. mtge. 68..1995 So. & No Ala ItR. cons Rs. 1963
which he finds upon investigation are legal investments for
*Series "D," ref. & gen. mtge. 55, 2000 Collateral Notes 7e. 1930a
58, 1950
*Southwest
This list is revised semi-annually on the *Central Ohio Division 4)4s, 1930
savings banks.
RR. lst
Michigan Central System
151 65, 1931
1st of May and the 1st of November. The Commissioner *Cleve. Lorain & Wh. Ry. sons. 58, 1933 Detroit dr Bay City34s, 1952
*General 5s, 1936
First Mortgage 1st
*Refunding 4348, 1930
Joliet & Nor. Indiana let 4s. 1957
again calls attention to the wording of the law, which dis- *Cleve. T. & V. RR. let 48, 1995
Jackson Lansing A Sag 1st 3tis, 1951
RR. let
Kalamazoo & South Haven 181 55. 1939
criminates against the "Special Assessment" or "Improve- *Ohio River55, 1937 58, 1936
*General
Michigan Air Line 1st A. 1940
ref. 4s,
W.
or obligations which are not Pitts. L. Erie & RR.Va. 4s. 19901941
ment" bonds, or other lends
Mobile & Ohio RR. Co.
1st
W. Va. dr Pitts.
General Mortgage 4s, 1938
Atlantic Coast Line System.
the direct obligation of the city issuing the same and for
Montgomery Division 5s. 1947
eh.% consolidated 45. 1952
which the faith and credit of the issuing city are not pledged. Atl. Coast Line of So. Caro. 151 45, 1948 Nasky. Chem & st. Louis System.
First Mortgage 48, 1978
Brunswick & Western RR. let 4e. 1938
The last list published was for Nov. 1 1928 and appeared Charleston Jr Savannah Ry. 1st 78, 1936 Louisville & Nashville Term. 1st 45, _662
RR. let 45. 1945
Memph.Un,Sta. Co.(guar.) 1st 55, 1959
Florida
3736. We print GeneralSouthern49 & 434s, 1984
Paducah & Ill. (guar.) 1st 434s. 1955
in the "Chronicle" of Dec. 29 1928 on page
Unified
Northeastern Rit, cone. be. 1933
New York Chicago & St. Louis RR.
the May 1 1929 list herewith in full, indicating by means of Norfolk & Carolina RR. let 58, 1939
*First mortgage 4s, 1937
26 55, 1948
asterisk (*) the securities added since Nov. 1 1928, while Rirhoz. & Petersb. RR. cons. 4SO, 1940 *Debenture 4s, 1931 ets. 1931
an
*Second & improvement
Say. Fla. & West. Ry.cons. 5e & es, 1934
mtge.. series "A," 5348, 1974
those that have been dropped are placed in full-faced brackets. Winn. & Weldon RR. gen. 45 di 58, 1935 *Ref. mtge., series "B," 5340, 1975
*Ref,
& New Berne RR. 1st 48. 1947
*Ref. mtge.. series "C," 4148, 1978
The following table shows the State and municipal bonds
Central of Georgia Railway
*Lake Erie & Western 1st 5s, 1937
*Second 55, 1941
First mortgage 58, 1945
which are considered legal investments:
*Tol. St. L. dr Western lst 4s, 1950
hio'tile Division 58, 1946
New Bedford, Mass. Macon dr Northern 58, 1941:
Ferst.—Bonds of the United States, or Elgin,
New York Central System
Newburgh, N. Y.
those for which the faith of the United Elizabeth, N.J.
Oconee Division 58, 1945
First Mortgage 334s, 1997
New Caetle,Pa.
States is pledged, including the bonds of Elkhart, Ind.
Central Railway of New Jersey.
Consolidation Mortgage 4s, 1998
Newport, Ky.
Elmira, N. Y.
the District of Columbia.
Refund. & Impt. Series A 4(4s, 2913
Newport, R.I.
28. 1930 Elyria, Ohio.
General mortgage 48 & 58, 1987.
United States Bonds
Newton, Mass.
Is, 1918 Erie, Pa.
Amer. 1)ock & Imp. (guar.) Ist 85. '36 Refund. & 'mut. Series II Os, 2013
Refund & Impt. Series C 58, 2013
NorthAdams,Mass.
2e, 1934 Evanston, Ill.
U. S. Panama Cana.
Chesapeake & Ohio RR, Co.
Debentures 45. 1934
Northampton,
as. 1961 Evansville,Ind.
U.S. Panama Canal
45. 1942
First consolidated 5s, 1939
Mass.
All banes Everett. Maas.
Liberty bonds
Carth. Wat. & Sack. H. RR. let 55. 1931
Craig Valley Branch 1st 59. 1940
Oakland, Cal.
4)(5.1947-1952 Everett. Wash.
bonds
Treasury
Carthage & Adirond. Ry. let 4s, 1981
Cites. & Ohio Northern let 58, 1945
4,. 1944-1994 Fall River. Maws. 01Part. N.Y.
Treasury bonds
,
Richmond & Allegheny dB . 1st 45. 1989 Chicago Ind. & Southern 151 48. 1956
Omaha, Neb.
3tis. 1946-1956 Fargo, No. Dak.
Treasury bonds
Cleveland Short Line let 41.45. 1861
Warm Springs Valley Br. 1st 55, 1941
Second.—Legally Issued bonds and Fitchburg, Mass. Osintosb, Wis.
Gouverneur & Oswegatehle RR. 1st 55.42
Green Brier Sty. 1st 48, 1940
Oswego, N. Y.
Interest-bearing obligations of the follow- Flint. Mich.
Indiana Illinois & Iowa let 45, 1950
Big Sandy Ry. 1st 4s, 1944
Fond-du-lac,Wlec. Ottumwa. Iowa
States:
ing
Jamestown Franklin & Clean. 1st 46.1959
Paint Creek Branch 1st 4s, 1945
Fort Wayne,Ind. Parkersburg, W.Vs.
Nevada
California
Kalam.& White Pigeon RR. 151 55. 1940
Coal River Ry. 1st 4s. 1945
Pasadena, Cal.
Fromo. Cal.
New Hampshire
Colorado
Lake Shore Collateral 3)45. 1998
Potts Creek Branch 1st 45. 1948
Galesburg. III.
Pawtucket.R.I.
New Jersey
Connecticut
Lake Shore & Mich.So. Deb. 45,1928
Raleigh ar So. Western 1st 4s, 1936
Gloucester. Mass. Peoria, Ill.
New York
Delaware
45. 1931
Gloversville, N. Y. Pittsfield, Mass.
North Dakota
Florida
Chicago Burlington & Quincy System
Little Falls & Dolgeville let 35. 1932
Grand Raplds,Migh Pontiac, Mich.
Ohio
Idaho
General mortgage 45, 1958
Michigan Central Collateral 3345. 1098
Port Huron, Mich.
Green Bay. Wis.
Oregon
Illinois
Illinois Division 3tie & 4s. 1949
Mohawk & Malone Ry. lot 4s, 1991
Portamouth, Ohio
Hamilton, Ohio
Indiana
Pennsylvania
cons. 31.0. 2002
Chicago & North Western System
Hammond,Ina.
Pottaville. Pa.
Rhode Island
Iowa
Harrisburg, Pa.
Poughkeepsie, N.Y. General mortgage 330, 45, 45s & 58.'87 N Y. & Putnam RR. cons. 45, 1993
South Dakota
Kansas
Pine Creek Ry. 1st es, 1932
Providence, R I.
Haverhill, Maas.
Tennessee
Kentucky
Debenture 5e. 1933
Sturges Goshen & St. Louis let 3A, 1989
Quincy. III.
Kaselton, Pa.
Tessa
Maine
,
Des Plaine Valley Ry. 1st 410. 1447
Spuy. D'yll. & Pt. Mor. RR. lst 340;59
Quincy, Maas.
Holyoke, Mass.
Vermont
Maryland
First & Refunding 4)O, 55 and es, 2037
Washington
Norfolk & Western System.
Huntington, W.Va. Racine. Wis.
Massachusetts
Frew Elitn & Mo. Vai. RR.cons. no.'33
West Virginia
Michigan
Hutchinson,Ken. Reading, Pa.
Iowa Minn.& Northw. Ry. let 3)4s, 1935 Consolidated Mortgage 48, 1996
Indianapolis. Incl. Ricbmond, Ind.
Wisconsin
Minnenota
Mani. Green Bay & N.W.Ry.lst 3)4s.'41 General Mortgage es. 1931
Rockford. III.
Missouri
Jackson. Mich.
Wyoming
Minn. dr South Dakota Ry. 1st 334s. 1935 New River DI% triton 1st es, 1932
Montana
Jamestown. N. Y. Rock Island, Ill.
Milwaukee &State Line Ry. let 3345.'4) (mt. and Exteh. Mtge. Its. 1934
Rome, N. Y.
Norfolk Terminal Ry.(guar.) 1st O.1961
Third.—Legally issued bonds and ob- Joliet, III.
Milw. Sparta & N W. Ry. 1st 45„ 1947
Saginaw, Mich.
of any county, town, city, Joplin, Me.
Scioto Val. & New Eng. RR. 1st 45, 1969
ligations
hillw. Lake S h. & West. Ry.:
borough, school district, fire district, or Kalamazoo, Mich. St. Joseph, Mo.
Extension and Improvement 55, 1929
Northern Pacific System,
sewer district In the State of Connecticut. Kansas City, Mo. St. Louis, Mo.
Sioux City & Pacific RR. 1st 3148, 1936
General Lien Is. 2047
St. Paul, Minn.
Kenosha. Wis.
St. Louis Peoria A N W. let 5e, 1948
Prior Lien 45, 1997
Fount—Legally authorized bonds of Kingston, N. Y.
Salem, Maze.
St. Paul East. G. T. Ry. 1st 4145, 1947
Refund. & imp. 4)45 5s and es, 2047
the following cities outside of Connecticut, Kokomo,Ind.
San Diego, Cal.
xCollateral Notes 6345. 1936
St. Paul & Duluth RR.eons. 48, 1968
and which are the direct obligations of the La Crosse, Wis.
Sandusky, Ohio
Cleve. Chic. Chicago & St. Louis RR,
"
1st 55, 1931
city hutting the same. "Special Assess- Lafayette. Ind.
San Francisco, Cal.
ments" and "Improvement" bonds which Lancaster. Pa,
San Jose, Cal.
Cm.Indple. sc. L.it, Chic. gen. 45. 1930 Wash.& Columbia River Rv let 40 1938
are not the direct obligations of the city Lansing, Mich.
Scranton, Pa.
Clev. Col. Ctn. & Inapt& gen. es, 1934 St. Paul & Duluth Div. 45, 1990
and for which Its faith and credit are not Lawrence, Maas
Sheboygan, Wis.
Springfield & Columbus Div. 48. 1940
Pere Marquette Ry. Co.
pledged are not allowable.
Shenandoah, Pa.
Lebanon. Pit.
White Water Valley Div, 45, 1940
*First mtge., series "A," 58, 1955
Sioux City, Iowa.
General Mtge. 48 and 5s, 1993
Charleston. W.Va. Lewiston, Me.
Alameda, Cal.
*First mtge., series "13," 4s, 1956
Lexington, Ky.
Sioux Falls, So. D
Chelsea. Mass.
Allentown. Pa.
Delaware & Hudson System.
Pennsylvania System
Lincoln, Neb.
Somerville, Maas.
Cheater, Pa.
Alliance, Ohio.
Lockport. N. Y.
South Bend, Ind.
Chieago, III.
Adirondack Ry. 1st Still, 1942
*Alton, Ill.
Consolidated Mortgage 48. 1943
Logansport, Ind. Springfield, 111.
Albany & Sus.RR.(guar.) eonv. 334s.'4e
"
4s, 1948
Chicopee, Mass
Altoona, Pa.
Long Beach,Cal.
Springfield, Mass.
Del. & Hudson Co. 1st & ref. 45. 1943
33.0, 1948
"
Amsterdam, N. Y Cincinnati, Ohio.
Springfield, Mo.
4145, am
Clarksburg, W.Va. Lorain, Ohio.
"
Anderson, Ind.
Delaw. Lackawanna & Western Syst
Angeles. Cal. Springfield, Ohio.
Loa
Cleveland, Ohio.
Allegheny Valley Ry. gen. 45, 1042
Ashtabula, Ohio.
& Portland Ry. 1st Is. 1930
Bangor
Spokane, Wash.
Louisville, Ky.
Clinton. Iowa
Belv. Del. RR.(guar.) cons. 33.45. 1943
Auburn, N. Y.
Morns & Essex RR.(guar.) ref.3148, 2000
Steubenville, Ohio.
Colorado Spa., Col. Lowell, Mass.
Cambria & Clearfield Hy. gen. 45. 1955
Aurora, Ili.
Warren RR.(guar.) ref. 3145, 2000
Stockton, Cal.
Lynn, Maas.
Clearfield Ry. 1st 55, 1941.
Columbus, Ohlo,
Baltimore. Md.
N.Y.Lack.& West.(guar.) 1st 4143.'73 Cambria &
Taunton, Mass.
Madison. Wis.
(guar.) gen. 8345, 1948
Concord, N. H.
Me.
Bangor,
N.Y. Lack.& West.(guar.) let 55, 1973 Cleve. & Pitts.
Terre Haute, Ind
3345, 1950
Battle Creek, Mich. Connell Bluffs,lowa. Malden, Mass.
Manchester, N. H. Toledo, Ohio.
Great Northern System.
3)0.44343'42
Covington. KY.
Bay City, Mich.
Topeka. Kan.
Mansfield, Ohio.
Ry 1st 48. 19411
Colum.& Pt. Dep.
Cranston, R.I.
Belleville, III.
Finn and Refunding 4 Ks, 1961
Utica, N. Y.
Marion, Ind.
Connecting Ry. (guar.) 48, 1951
Bellingham, Wash. Cumberland, Md.
General Mortgage, Series A, 7s, 1936
Vallejo, Calif.
Marion. Ohio.
Connecting JO. (guar.) 5s. 1951
Dallas, Tex.
Gen. Mtge. Series B, 534,. 1952
Beloit, Wisc.
ay. Waco,Tex,
Mason City,
Del. Riv. & Bridge Co. (guar.) 1st 45.'36
Danville, III.
Berkeley, Cal.
Gen. Mtge, Series C 68, 1973
moreeeport, Pa. Waltham. Mass
Davenport, Iowa.
General Mortgage 4145, 1965
Gen. Mtge. Series D, 4345, 1976
Beverly. Mass.
Warren.Ohlo.
Medford. Maas.
General Mortgage 58, 1968
(len, Mtge. Series E,4348, 1977
Btoghamton. N. Y. Dayton, Ohio.
Middletown, N. Y. Waterloo Iowa.
Decatur, Ill.
East. RE.of alinn..No.Div. let 4s, 1948 General Mortgage (is, 1970
Bloomington, Ill.
Middletown, Ohio. Wheeling, W. Va.
Hollidaysburgh B.& C. Ry. 151 4s, 1951
Denver, Colo.
Montana Central Ry. 1st 55 dr 65, 1937
Boise City, Ida.
Wichita, Kan.
Dee Moines,Iowa. Milwaukee. Wis.
Spokane Fails & Nor. Ry 1st es, 1939 _ Harr. Ports. Mt. J. & L. let 48, 1943
Barton, Mass.
Minneap011e, Minn. Wichita Falls, Tex,
Detroit, Mich.
St. P.M.& M.Ry. eons. 48.4 heat%'V Junction RR. gen. 334s, 1931)
Brockton, Mass.
Wilkes-Barre, Pa.
Moline, Ill.
Penn. & Northw. RR. gen. 54, 1930
Dubuque,Iowa.
Montana Extension 48, 1937
Burlington, Vt.
Williamsport. Pa.
Muncie. Ind.
Pittsb. Va. & Chariest. Ry. Ist 41, 1043
Pacific Extension 45. 1940
Burlington, Iowa. Duluth, Minn.
East Chicago. Ind. Muskegon. Mich. Worcester. Mass.
waimar & Sioux Falls Ry. let 63. 1938 Phila. Bait & Wash. RR. 1st 43, 19431900
Cambridge. Mass.
York, Pa.
Nashua, N. H.
General Mtge. eg,
East Liverpool,0.
Canton. Ohio.
Illinois Central System.
Youngstown. Ohio.
Newark, Ohio.
General Ser. 13 55. 1974
Cedar Rapids, Iowa East St. Louis, 111.
New Albany, Ind. Zanesville. Ohio.
*Gen. series C, 4345, 1977
Collateral Trust 3348, 1950
-Central Falls, R.I. Eau Claire, Wise.
Cairo Bridge 4s, 1960
Phila. Wilin. & Bait. RR. 48, 1932
N.0.—
Phila. & Bait, Central 1st 45, 1951
Fifth.—Railroad bonds which the Bank Commissioner Chicago St. Louis & 1951
Guar. cons. 3145,
Sunbury & Lewiston Ry 1st 45, 1936
Ry. 2665, 1938
Memphis Div. (guar.) 1st 4s, 1951
Sunb. Has. &
investments are shown below:
finds to be legal
First Mortgage, gold, 334e & 4e, 1951
Sudo. Bloom. di Berwick 1st 58, 1952
First Mortgage, Gold Extension 3.45.'5) Un. N.J. RR.& Canal Co. gen. 45, 1948
ENGLAND COMPANIES.
BONDS OF NEW
45,1944
First Mtge.,Sterling Exten., In & 45,1951
45.1929
First Mtge. Sterling Eaten.. 3340. 1050
Conn. & Patieumpide River RR. de, 1943 Portl. & Rumf. Falls Ry. 5e, 1951.
31.45. 11
Litchfield Ithvision 35. 1951
Upper Coon RR. 181 45, 1930
" 4145,'73
Louisville Division 31.0, 1953
Upper Coos RR. eaten. 43.4s 1930
Bangor & Aroostook System.
Purchased Lines 334s, 1952
Wash.Terni.(guar.) 1st 3)48,448.'45
Arooetook Northern 58, 1947.
Refunding Mortgage 45 & 58. 1955
Southern Pacific System.
New London Northern RR. let 45, 1940 St. Louis Division 38 dr 3345, 1951
Consolidated Refunding 48, 1951
First Mortgage 5s, 1943.
Central Pacific RY.(fiU.) let ref. 45,'49
Springfield Division 3148, 1951
New York New Haven 4k Hartf.SysteM
Northern fly. tel 58. 1938
Medford Extension 5s, 1937.
Omaha Division Is. 1951
Holyoke & Westfield RR. 1st 4si 8. 1951
Northern California Ry. 181 68, 1929
Placatanuts Division 55. 1943.
Western Lines 48, 1951
Van Buren Fxtension 55. 1943.
Old Colony R.R. 3145, 1932
San Francisco Term. let 45, 1960
Lehigh Valley System.
deb. 4s, 1938.
Southern Pacific Branch Ry. 1st fle, 1937
Bt. Jsein's River Extension 5e. 1939.
1st 53.48. 1944
Southern Pacific RR.cons. 58, 1937
Wadiburn Extension 58, 1839.
Annuity Perpetual Consol. 4348 dr 68
ref. 45. 1955
1st 5e, 1945
First Mortgage 48, 1948
Providence & Worcester RR. 1st 4s. 1947 Penn. & N. Y. Canal RR.. Co. Cons. 4s, So. Pao. Coast Ry.(in.) lift 45, 1937
Maine Central System.
Boston At Providence RR. deb. 5e 1938
Through Short Line (gu.) let 48. 1951
Dexter & Piscataoule RR. let Se. 1929
4148 & 5e, 1939 (guar.)
Norwich dr Worcester let 4345, 1947
Lehigh Valley Ry.(guar.) 1st 434e, 1940 Oregon Lines let 430, 1977
European & No. Am. Ry. let 48. 1933
ffitatz and Txtg
pgrartment
NEWS ITEMS
JUNE 1 1929.]
Pittsburgh,dada.Chic.& St. L.RR
Chicago St. L. & Pitts. eons. 55, 1932
Chartfere Ry. Co. IN 3345, 1931
Consolidated geld A 43gs, 1949
" B 4s,1942
" 043.45,1942
" D 45. 1945
" E 3345, 1949
" F 45, 1953
" G 4e, 1957
45, 1960
"
" I 434s, 1963
J 434s, 1964
General mortgage A 55, 1970
B 5e, 1975
" *C 45, 1977
Vanden& RR. eons. A 48, 1955
••
••
•• B 4s. 1957
x These notes are legal under See. 32
therein.
exceed 2%
3715
FINANCIAL CHRONICLE
Pittsburgh & Lake Erie System.
Pitts. melt. & Y. Ry.(gu.) let es, 1932
Reading System.
Philadelphia & Reading RR.58. 1933
Union Pacific Railroad.
First Mortgage 45. 1947
Refunding Mortgage 45. 2008
54 2008
Ore. Short Line cons. 1st Ets, 1946
Ore. Short Line cons. 4s, 1960
Ore. Shore Line income 5s, 1948
Ore.-Watth RR & Nev. Co. 1st & Ref.
(guar.) 4s. 1961
Utah & Northern Extended 1st 4e, 1933
Virginia Railway Co.
Virginia Ry. Co. let mtge. Is. 1982
and savings banks may invest not to
Railroad bends which are at present not legal under the
general provisions of the law but which are legal investments
under Section 29 (given below) are as follows:
Amer. Tel.& Tel. Co. coll. trust 4e. 1929
coll. trust 58,1946
N. Y. Telephone Co. 1st 445, 1939
New England Tel. & Tel. 1st 58. 1952
Series B 430,'61
deb. 45, 1930
Si. liii
Also under Chap. 141 ofPublic Arts 011925
Savings banks may Invest not exceeding
5% of their deposits and surplus In the
following bonds, but not more than 2%
In the bonds of any one such telephone
company.
Bell Telep. of Penna. let & ref. 58, 1948
"
58, 1960
Central District Telep. 1st 58, 1943
Illinois Bell Telep. 1st ref. 55, 1956
New York Tel. refunding 6s, 1941
deb.(now mtge.) es,'49
Pac.Tel. & Tel. let & collat. 5s, 1937
refunding 58, 1952
Southern, Bell Telephone let 55. 1941
Southwestern Bell Tel. 1st ref. 5g. 1954
stevetws—
—
Union Electric Light & Power Co.
(Unionville) 65, 1944
United Illuminating Co let 48. 1940
*Waterbury Gas Co. let 4345; 1958
ih—
Bonds of Puhilc Utility Companies.
Authorized under Chapter 141 of the
Public Acts of 1925. Savings banks may
invest not more than 15% of their deposits and surplus in the following bonds,
but not more than 2% In the bonds of
aay one such corporatioa.
Brooklyn Edison Company-Brooklyn Edison Co. gen. 55. 1949
es, 1930 •
Edison Elec. III. of Brooklyn 1st cons
45, 1939
Kings Co. El. L.& P. let Is, 1937
pur. M.es.'97
Cleveland Electric. Illuminating Co.—
First mortgage 5s. 1939
General mortgage, Series A. 5s, 1954
General mortgage. &thee B. 55, 1961
Duquesne Light Co. 1st mtge.434s, 1967
Empire Dist. Elect. Co. let 55, 1952
Erie County Electric Co.—
Consolidated es, 1959
Gen. & refunding 5345. 196••
Fort Worth Power & Light 1st Ss. 1931
Kansa.. City vow, s Liviu I si ha. 1952
Kan.City Pow.dr Light Ser. B 434s.'57
New York Edison Co.—
Edis. El. III. of N. Y.1st cons. 58.1995
N. Y. Edison Co 1st & ref. 64s, 1941
N. Y Edison Co. 1st & ref. 56, 1944
N. Y.Gas. E. L.. H.& P. 1st 5e, 1948
N.Y Gas, F. L., H.& P. pur. M 4s.
1949
New York & Queens Elec. Lt. & Pow —
First consolidated be, 1930
Niagara Falls Power Co.—
First mortgage 58. 1932
Refunding & general es, 1932
Hydraulic Pow Co. let & ref. 55.1950
Hydraulic Pow. Co. ref. & Imp 55,'61
Philadelphia Eleetrie
Phila. Elec.of Penne let mtge.45.
Phila. Elec.of Perms,let mtge.58,'ea
Phila. Electric 1st .4 ref. 534s, 1947
"
4345, 1967
5348. 1953
5s, 1960
Southern Power Co. 1st mtge. 5s, 1930
Union Elec. Lt.& Power Co.of St. Louis
First mortgage 5s, 1932
tiee. 29 The provisions of this Aot shall not render illegal the investment in
nor the investment hereafter In. any bonds or interest
-bearing obligations issued o•
owned by a railroad Corporation, which were a legal investment on May 28 1913
as long as such bonds or interest-bearing obligations continue to comply with the
laws in force prior to said date: but no such bond or interest-bearing obligation that
laws subsequent to said date, to comply with such laws shall again be a legal investment unless such bonds or Interest-bearing obligations comply with the provisions
of this section
Atchison Topeka & Santa Fe System.
Hocking Valley Railway Co.
California-Arts Lines 1st & ref. 4345. 1962 First Consolidated 4348, 1999
Coium.& Hock. Val. RR. let ext.48,1948
Boston & Albany RR.
Columbus & Toledo RR. 1st ext. 4s. 1955
Boston & Albany RR. deb. 834s, 1951
Illinois Central System.
" 3345, 1952
Chic. St. L.& N.0.cons. 58, 1951
" 45, 1933
" 45, 1934
" 48, 1935
New York Central System.
" 4345. 1937
N. Y. ds Harlem RR. ref. 334s, 2000
" 5e, 1938
Beech Creek RR. let 48. 1936
" fe. 1963
Kalam. Allegan & G. R. RR. let 5s. 1938
Buffalo Rochester & Pittsb. System Mahoning Coal RR. let 58, 1934
Allegheny & Western Ry. let 45, 1991,
Pennsylvania System.
Buff. Roch.& Pitts. By. gen. 55. 1937
cons. 434s. 1957 Delaware RR. gen. 4345. 1932
Elmira dr Williamitpt. RR. 1st 45, 1950
Clearfield & Mahoning By. 1st 55, 1943
Lit:min Pk. & Charlotte RR. 1st 5s. 1939 Erie ds Pittsburgh RR. gen. 334s. 1940
Little Miami RR let 4s, 1982
Central By, of New Jersey System
N. Y.Phila. & Norfolk RR. 1st 48, 1939
N.Y.& Long Breh. RR.gen. 4s & 58,'41 Ohio Connecting Ry. 1st 4s, 1943
Wilkes-Barre & Scrap. By. let 434s, 1938 Pitts. Youngs. & Ash. RR. gen 45, 1948
West Jersey & sea Shore RR.—
Chicago & North Western System.
Series A.B.C. D.E and F 3345 &48.'85
Collateral Trust 5s & Se, 1929
Reading System.
Connecticut Railway & Lighting Co. Del.& Bound Brook RR.eons.3%s,1958
East Pennsylvania RR. let 45, 1958
First Refunding 4348, 1951
Conn. Lighting & Power Co. 1st 58. 1939 North Pennsylvania RR. 1st 4s. 1936
Phila. & Reading RR, Irapt. 48, 1947
Term. 5s. 1941
Ohio.& Western Indiana RR.let es, 1932
Reading Belt RR. let 4s, 1950
Det. & Tol. Shore Line RR. let 45, 1953 Terminal Railway Assn of St. Louis
Duluth & Iron Range RR. let 5e, 1137
Consolidated Mortgage 58, 1944
First Mortgage 441s, 1939
BIM Joliet & Eastern Ry. let 58. 1941
General Refunding Mortgage 4s, 1953
St. Louis Mer.13(Ige.Term.Ry. 1st 55.'80
Erie Railroad System.
St. Louis Mer. Rdge. Co. let 65. 1929
Cleve. & Mahon1ng Val. Ry. let 55, 1931
Western Maryland System.
Genesee & Wyoming RR. 1st 58, 1929
Bait. & Climb. Val. Ext. let es. 1931
Bonds of Gas and Electric Lighting
Companies in Connecticut.
Savings banks may Invest not exeeeding two per centum of their deposits and
surplus therein:
Bridgeport Gag Lt. Co. let 48. 1957
Central Conn.Pr.& Lt. Co. let 55. 1937
Connecticut Power Co.:
1st & cons. 55. 1983
1st 5s, 1956
New London Gas & Electric Co.:
2d 55, 1929
1st cons. & ref. 55, 1933
Berkshire Power Co. 1st 55, 1934
Conneerieut 1.1ght & Power Co.:
1st & refunding A 75, 1951
let & refunding B 5315, 195
4
1st & refunding C 43.4s. 1956
Danbury & Bethel ()as & Electric Light
Company 1st 58, 1953
Danbury & Bethel Gas & Electric Light
Co., Series A Mtge. Bonds 65, 1948
Hartford City Gas Lt. Co.let 45,'35
New Britain Gas Light Co. 58. 1951
Northern Connecticut Light & Power
1st 5s, 1946
Roekville-WiMmantio Lighting 'Co. 1st
ref. gold 55 and es. 1971
Rockville Gas & Elect lert 56. 1936
Stamford Gas & Elea. Co lit be. '29
2d 48. 1929
.,
Conga 55, 1948
Atlantic Coast Line.
Equip.trust Series D,eMe.1922 to 1936
Central Railroad of New Jersey.
Series I es, serially to 1932
Series J 58, serially to 1933
Series L 4 Ms. serially to 1935
Equip, trust of 1926 4345, 1927-1941
cumulative sinking fund, by means of
annual drawings beginning Jan 1 1920.
National War (2d series) Is, 1928
National War (3d series) 45. 1928
National War (3d series) 55, 1928
National War (3d series) 45. 1928
United at Ingdom of Great Britain National War (4th series) Is. 1929
National War (4th series) 48, 1929
and Ireland
Exchequer 38. 1930
War Loan 3348, 1925-1928, due 1928
United Kingdom of Great Britain and
War Loan 4345, 1925-1945, due 1945
Ireland External Loan 53.4%, 1929
War Loan 45, 1929-1942, due 1942
United Kingdom of Great Britain sof
War Loan 65, 1929-1947, due 1947
Ireland External Loan 5148. 1937
Funding Loan 48. 1960-1990
Thirteenth.—Savings banks may invest not exceeding 10%
of their deposits and surplus in the obligations of the Government of the Kingdom of Great Britain and Ireland and the
Government of the French Republic and the Government of
the Dominion of Canada or any of its Provinces, provided
such obligations have a fixed and definite date of maturity
and shall be the direct obligations of such Government or
Province and that the full faith and credit of such Government or Province shall be pledged for its payment, principal
and interest.
Under the foregoing section the following obligations of
Sizth.—Equipment trust obligations as follows (savings France and the Kingdom of Great Britain and Ireland are
banks may invest not exceeding six per centum of their legal investments:
deposits and surplus therein):
Victory bonds 4%, redeemable by acReputlic of France.
Equip, trust, series of 1923, 4315 to 1933
Equip, trust, series of 1924. 43411 to 1934
Equip trust. series of 1925, 434s to 1935
Louisville & Nashville RR, Co.
Series D 6345. serially to 1936
New 1/....rk Central Lines
Joint Equip. Trust
434e. serially. 1917 to 1932.
Chesapeake & Ohio Ry. Co.
Equipment trust es, serially, 1921-1935
Series El, 6345 to 1935
Equipment trust 78. serially, 1921-1935
Series T, 5415 to 1937
Equipment trust Is, ser. 1923 to 1937
Series U, 58 to 1938
Equipment trust 4%s. ser. 1923 to 1137
Series V. 58 to 1939
Equipment H.4345& 58,ser. 1925 to 1939
Series Wr 4345 to 1940
Equipment trust 4345, sec. 1928 to 1940
Equipment trust 434s, per. 1927 to 1940
Chicago & Northwestern Ry. Co.
Equip, trust series J, 634s to 1936
Pittsburgh & Lake Erie RR. Co.
•
" " K,8M5 to 1936
Equipment trust 641e. ser 1921-1935
••
" " M,5s to 1938
Southern Pacific Company,
N. 5s to 1938
Series E 7s. to 1935
••
" " 0, 5s to 1938
Series F Si. to 1938
••
" " P, 5s to 1939
Series CI 58, to 1939
Illinois Central Railroad Co.
Series If 4 41s, to 1940
Series F 75, to 1935
Series I 4348 to 1941
Series G 63.45, to 1936
National By. Service Corp.
Series H 5415, to 1937
Prior Lien 7e, 1920 to 1935
Series 1 4145, to 1937
is, 1921 to 1936
Series J 55. to 1938
Pennsylvania Railroad Co.
Series K 4345, to 1939
Equipment trust Be, 1924-1938
Series L 41.45. to 1941'
Equipment trust Ss. 1925-1939
Series M 4345, to 1941
Equipment trust 434s, 1925-1939
Series N 4348, to 1941
Equipment trust 434s. 1929-1941
Serial0 4345, 1942
Union Pacific Railroad.
Virginia Railway Co.
Equipment trust 75, serially 1924 to 1935
Equp. tr. ser. C,semi-ann. to 1930
Equip. trust Series B 5s, serially 1927-36
Equp. tr., ser. D, serially to 1938
Equip. trust Series C 434s, serially 23 '38
Equp. H. ser. E,serially to 1940
Equip. tr., ser.D.431s serially • to '38
29
Nashv. Chattanooga & St. Louis By.
Norfolk & Western System.
Equip trust, series of 1922. 434s, -'24-'32 Equip. trust Set'. IS 434s. serially to 1937
Other securities in which banks may invest are classified
.
as follows:
Seventh-Bonds of Street Railways in Conn.
Savings banks may Invest not exceedMg two per centum of their deposits and
surplus therein.
.
Bristol & Plainv. Tram.Co. 1st 4349,1945
—
Eighth—
Bonds of Water Co.. In Connecticut.
may invest not exceedSavings banks
lag two per centum of their deposits and
surplus therein.
Branford Water Co. 4145. 1943
Bridgeport Hydraulic Co. 1st 58, 1944
Bridgeport Hydraulic Co. ser. Ii 441s.'45
Greenwich Water Co. 1st mtge. 434s '57
Guilford-Webster Water Co. let con.
lie, 1939
New Haven Water Co. deb. 4445 1962
1st 4345. 1945
New Haven Water Co. 1st dg ref 434s,'67
Stamford Water CO let 58, 1952
Also under Chapter 112 of the Public
tete of 1917 any bonds or Interest-bearIns obligations of the following water
sompaniete
Ansonia Water Co.
Bridgeport Hydraulle Co.
Greenwich Water Co.
Naugatuck Water Co.
New Haven Water Co.
istamford Water Co.
Torrington Water Co.
Minh—
—
Sonde of Telephone Cos. In Conneet.
Savings banks may invest not exceed,ng two per cent= of their deposits and
surplus therein.
So. New Eng. Telep, Co. 1st 5e. 1948
Ten15—
—
Bonds of Tetep. Cos. outside of Conn.
Savings banks may Invent not exceeding two per centum of their deposits and
surplus therein.
Rentes, 3%, 1953
External Dollar Loan 5348, 1937
New French Loan 58, 1920-1980
External gold bonds 7418. due 1941
External gold bonds 75, due 1949.
Missouri.—Legislature Adjourns.—At noon on May 29
the 55th General Assembly formally adjourned after a session
lasting 150 days. One of the last acts of the Legislature was
the passage of a bill to establish a wholesome budget system
for the State, which the St. Louis "Globe-Democrat" of
May 26 stated was next in importance to the $75,000,000
road bond acts.
New Jersey (State of).—Debt Limit Law Amended.—The
law regulating the incurring of indebtedness by municipal
corporations in New Jersey has been amended by Chapter 174 of the 1929 laws. The Act amends section 12 of
Chapter 252 of the 1916 laws so that it now reads as follows:
12. (1) The chief financial officer of each municipality shall make and
file during the month of January of each year,in the office of the clerk of the
municipality other than a county, and in the case of a county in the office
of the clerk of the board of chosen freeholders, and in the office of the
commissioner of municipal accounts, a statement of the debt condition of
the municipality as of the 31st day of December of the preceding year,
estimating the amount of any item which may be indefinite or unascertainable. Such statement shall be known as the annual debt statement.
Immediately upon the passage of this Act the financial officer of each
Municipality shall file as above directed the annual debt statement as of
the 31st day of December 1916. Whenever required by this Act or when
required by the governing body the chief financial officer of any municipality shall make and file as above directed any further debt statement or
any supplemental debt statement as hereinafter provided, and all such debt
statements shall be made under oath and shall be a public record open to
public inspection. The annual debt statement shall set forth:
A. The gross indebtedness of the Municipality, inclusive of notes or bonds
authorized but not issued, and obligations of the municipality held uncanceled in any sinking fund, exclusive of indebtedness incurred for current
expenses of the current fiscal year and inclusive of notes or bonds or certificates of the municipality issued for school purposes other than for the
current expenses of schools, but not including the indebtedness of a school
district constituting a separate corporation.
Such gross indebtedness shall be itemized as follows:
(a) The bonded debt, including bonds authorized but not issued, stating
separately: Bonds payable or to be payable in whole or in part out of special
assessments on property specially benefited: and bonds authorized or issued
for each of the following purposes,in so far as separately authorized or issued
for such purposes, namely, docks, water supply, electric light or power, gas,
markets and any other purpose, from the carrying out of which the municipality derives revenue from rental or service: and bonds authorized or issued
for school purposes. In the case of bonds issued for school purposes the
net bonded indebtedness only shall be stated after deducting sinking funds
and funds in hand applicable thereto.
3716
FINANCIAL CHRONICLE
(b) Evidence of indebtedness other than bonds, including temporary
notes or bonds issued under section 13, including such as have been authorized but not issued.
B. The deductions.
Such deductions shall be itemized as follows:
(a) The amount of special assessments levied and uncollected, applicable
to the payment of any part of the gross indebtedness not deducted under
some other item hereof.
(b) The amount, as estimated by resolution of the governing body, of
special assessments to be levied for any improvement, which will be applicable to any part of the gross indebtedness not deducted under some
other item hereof.
(c) Indebtedness to an amount not exceeding three per centum (3%) of
the average of the assessed valuation as stated in subdivision D hereof,
incurred or authorized for any of the following purposes but not for the
support or maintenance thereof, separately stated in so far as separately
issued for such purposes, namely, for docks electric light or power, gas,
markets and any other purpose from the carrying out of which the municipality derives revenue from rentals or services rendered, the payment of
the principal and interest of which indebtedness was adequately provided
for from such revenue after deducting operating expenses during the previous fiscal year.
(d)Indebtedness incurred or authorized for the supply of water.
(e) The net indebtedness incurred or authorized for school purposes to
an amount not exceeding six per centum (6%) of the average assessed
valuation as stated in subdivision D hereof.
(f) Funds in hand and sinking funds or such parts thereof as are held for
the payment of any part of the gross indebtedness, other than that which
is included In these deductions or which is otherwise deducted. Under this
Item shall be included the proceeds on hand of any bonds or notes held to
pay any part of the gross indebtedness,and the estimated proceeds of bonds
or notes which have been authorized if such estimated proceeds will be
held for that purpose.
(g) Amount, if any, included in the current taxes levied for the payment
of any part of the gross indebtedness other than that which is included in
these deductions.
(h) Amount of unpaid taxes not more than three years in arrears.
(i) Indebtedness incurred or authorized for the construction or reconstruction of dikes, bulkheads, jetties or other devices, erected along the
ocean or inlet fronts, and intended to prevent the encroachment of the sea,
including the improvements to restore property damaged by the sea, or
for the construction of boardwalks, pavilions, piers, bathing houses or other
devices along the ocean front, and the acquisition of lands in connection
therewith, also indebtedness incurred or authorized for the acquisition of
lands or interest in lands along the ocean front or for the improvement
thereof or for the construction of buildings thereon, and also indebtedness
to an amount not in excess of three per centum (3%) of the average of the
assessed valuations as stated in subsection D hereof incurred or authorized
for the construction or reconstruction of harbors, basins, docks and piers
(but not for the support or maintenance thereof) along the bay front or
water front, and the acquisition of title to land in connection therewith,
whenever such operation shall be undertaken for the purpose of building
and constructing a municipal harbor with docks and piers from which the
municipality will derive revenue from the rental thereof.
(j) Amounts owing by the State, or other municipalities, or by other
persons or corporations on account of that part of an improvement for which
indebtedness has been incurred or authorized, and not deducted under any
other item.
C. The net debt of the municipality or county, as the case may be, as
determined by deducting the deductions stated in subdivision B from
the gross debt stated in subdivision A.
D. The three next preceding assessed valuations of the taxable real
property (including improvements) of the municipality and the averages
thereof.
E. The percentage that the net debt as computed under subdivision C
bears to the average of the assessed valuation computed under subdivision D.
(2) Prior to the passage of any ordinance or resolution authorizing notes
or 'bonds unthr this Act, the chief financial officer shall make and file a
supplemental debt statement unless such notes or bonds are exclusively for
the following purposes, namely, for funding (including the funding of
interest accruing during the construction period) or for refunding; or for
the supply of water; or for the construction or reconstruction of dikes, bulkheads. Jetties or other devices erected along the ocean or inlet front and intended to prevent the encroachment of the sea, including improvements
to restore property damaged by the sea, for the construction of boardwalks,
pavilions, piers, bathing houses or other devices along the ocean front,
and the acquisition of lands in connection therewith, also indebtedness
Incurred or authorized for the acquisition of lands or interest in lands along
the ocean front, or for the improvement thereof or for construction of buildings thereon. Such supplemental debt statement shall be computed as
provided for the annual debt statement, and shall set forth:
A. The net debt of the municipality as stated In subdivision 0 of the
annual debt statement last filed; the amount by which such net debt has
been increased or decreased; the net debt at the time of the statement.
B., The amounts and purposes separately Itemized of the bonds or notes
about to be authorized, together with the deduction which may be made
on account of each such item.
C. The net debt of the municipality after the indebtedness to be authorized has been incurred.
D. The three next preceding assessed valuations of taxable real property'(including improvements) of the municipality and the average thereof.
E. The percentage that the net debt as computed under subdivision 0
bears to the average of the assessed valuations computed under subdivision D.
(3) In the case of a municipality other than a county, if it appears that
the percentage of the net debt as stated by subdivision E of any supplemental debt statement exceeds seven per centum (7%), the supplemental
debt statement shall include the following subdivisions, namely:
F. The total amount of all bonds and notes required to be stated as part
of gross indebtedness issued and authorized since December 31 1916(whether
paid or outstanding, except bonds and notes issued in anticipation of the
receipt of tax revenues, and except bonds or notes issued to refund or fund
Indebtedness contracted before December 31 1916), and the bonds or notes
to be authorized.
G. The total deductions (as provided to be made in the financial statement) which may be made on account of the bonds and notes, stated in
subdivision F.
H. The difference between the amounts stated In subdivision F and G
(hereinafter called the net increased debt).
I. The average valuation of taxable real property (including improvementa) of the municipality for the years 1914, 1915 and 1916.
J. The percentage that the net increased debt stated in subdivision II
bears to the average assessed valuation, stated in subdivision I.
(4) No ordinance or resolution, prior to the passage of w ich a supplemental debt statement must be filed, shall be passed if it appears from
such supplemental debt statement that the percentage of the net debt of a
municipality other than a county, as stated in subdivision E, exceeds seven
per centum (7%), or in the case of a county if the percentage of the net
debt, as stated by subdivision E, exceeds four per centum (4%)• provided,
that in the case of a municipality other than a county, notwithstanding
the net debt as stated in subdivision E of any supplemental debt statement
exceeds seven per centum (7%), such ordinance or resolution may, nevertheless, be passed if the percentage of the net increased debt as stated in
subdivision J of any supplemental debt statement does not exceed two per
centum (2%).
Section 2 of Chapter 174 provides that the Act shall not
be construed to repeal or in anywise affect the provisions of
Chapter 178 of the laws of 1923 and of Chapter 241 of the
laws of 1925.
-In the afterTexas.
-Legislature Adjourns Until June 3.
noon of May 21 the first called session of the 41st Legislature
came to a close after having sat since April 22. Governor
Dan Moody notified the members of the Legislature as they
were about to adjourn that he would call them back into
the second extraordinary session on June 3, according to
he Houston "Post" of May 22.
[VOL. 128.
BOND,PROPOSALS‘AND NEGOTIATIONS.
ABBEVILLE COUNTY (P. 0. Abbeville) S. C.
-BOND SALE.
The $230.000 Issue of road and bridge bonds offered for sale on May 24
- 128, p. 3382
V.
-was jointly sold to the Robinson-Humphrey Co., of
Atlanta, and the Detroit & Security Trust Co., of Detroit, as Ws for a
$1,000 premium, equal to 100.434, a b
basis of about 5.19%. DatedJune 1
1929. Due from Feb. 1 1931 to 1943. The next highest bidder was Taylor.
Wilson & Co., offerings $972.90 premium for 53 % bonds.
ACADIA PARISH (P. 0. Crowley), La.
-CERTIFICATE OFFERING.
- M. Baker, Secretary of the Parish School Board, will offer for sale at
J.
9 a. m.on June 4 a $228,000 issue of certificates of indebtedness. Interest
rate is not to exceed 67. Denom. $1,000. Dated June 1 1929. Due
,0
from 1930 to 1945 incl. Prin. and int. (J. & D. 1) payable at the Chemical
National Bank in New York City. Approving opinion of bond attorneys
furnished.
ALABAMA, State of (P. 0. Montgomery).
-BOND SALE.
-The
$5,000,000 issue of coupon or registered public road, highway
series J. bonds offered at public auction on May 29-V. 128,and bridge
p. 3557
was awarded to a syndicate composed of the First National Bank. Chase
Securities Corp., Kountze Bros., Eldred & Co., and Barr Bros. &
of New York, Caldwell & Co., Marx & Co., Ward, Sterne & Co., all
Co., the
First National Bank, and the American Traders National Bank,
Birmingham, as follows: $3,600,000 as 4(s, and $1,400,000 asall of
for a premium of $341, equal to 100.0068. a net interest cost of 4.
about.
4.69%. The $3,600,000 lalock of 4Ms is due from
$1,400,000 block of 4)is matures from 1950 to 1955. 1933 to 1948 and the
ALABAMA CITY, Etowah County, Ala.
-BOND ELECTION.
-On
June 25 the voters will pass upon the proposed issuance of $100,000 in
bonds for school purposes. (A recent election held on these bonds was
declared illegal.)
ALBANY Albany County N. Y.
-BOND OFFERING.
-Lawrence J.
Ehrhardt, City Comptroller, will receive sealed bids until 2 p. m.
saving time) on June 11 for the purchase of the following coupon(daylight
or registered bonds aggregating $3,224,500. Bidders to state interest rate which
Is to be in a multiple of 31 of 1% and be the same for all of the bonds.
$2,500,000 water bonds. Due $62,500, June 1 1930 to 1969 incl.
355,000 local inapt. bonds. Due June 1 as follows: $39,000, 1930 to
1934 incl., and $32,000, 1935 to 1939 incl.
104,500 public impt. bonds. Due June 1 as follows: $11,000, 1930 to
1933 incl.: $10.500, 1934;$8,000, 1935 to 1939 incl., and $2,000.
1940 to 1944 incl.
80,000 municipal impt. bonds. Due June 1 as follows: $19,000, 1930'
to 1932 incl.; $10,000, 1933; $8.000, 1934. and $1,000, 1935 to
1939 incl.
75,000 Park improvement bonds. Due $5,000, June 1 1930to 1944 incl.
60,000 school bonds. Due $2,000, June 1 1930 to 1959 incl.
35,000 municipal bldg. bonds. Due June 1 as follows: $5,000, 1930'
to 1934 incl., and $2,000, 1935 to 1939 incl.
15,000 Library bonds. Due $1,500, June 1 1930 to 1939 ine.l.
Bonds are dated June 1 1929. The entire offering matures on June 1
as follows: $145,000, 1930 to 1932 incl.; $136.000, 1933; $133,500. 1934:
$114.000, 1935 to 1939 Incl.* $71,500, 1940 to 1944 Incl.; $64,500. 1945 to
1959 Incl., and $62,500, 1960 to 1969 incl. Prin. and int.(June and Dec. 1)
'
payable in gold in New York City. A certified check for $64,490, payable
to the city, must accompany each proposal. The approving opinion of
Reed, Hoyt & Washburn of New York and George A. Reilly, Corporation
Counsel, will be furnished.
ALGONA, Kossuth County, lowa.-BOND SALE.
-The $25,000
Issue of 4% swimming pool bonds offered for sale on May 20-V. 128,
p. 3382
-was awarded to the electric llght fund of the city for a premium
of $1,000, equal to 104,a basis of about 3.57%. Due on May 25 as follows:
$1.000. 1931 to 1941, and $2,000 from 1942 to 1948. all incl. No other
bids were received.
ALLEN PARK (P. 0. Detroit), Wayne County, Mich.
-BOND
OFFERING.
-Sealed bids will be received L. W. Quandt, Village Clerk,
until June 6,for the purchase of $17,500 water main extension bonds. Rate
of interest is not to exceed 6%. Bonds mature annually on June 1, as
follows: $1.000, 1930 to 1939 incl.; and $1,500, 1940 to 1944 incl.
AMITYVILLE, Suffolk County, N. Y.
-BOND SALE.
-The $25.000
5% registered paving bonds offered on May 22-V. 128, p. 2684
-were
awarded to the First National Bank and the Bank of Amityville, both of
Amityville, at par plus a premium of $70.00, equal to 100.28. a basis of
about 4.90%. Bonds are dated June 1 1929. Due $5,000from 1930 to 1934
incl. No other bid submitted.
-BONDS NOT SOLD.
ANNISTON, Calhoun County, Ala.
-The
$30.000 issue of 53 % coupon improvement bonds offered on May 23,
V. 128, p. 3382
-was not sold as all the bids were rejected. The highest
bid was an offer of 98.31 by Ward, Sterne & Co., of Birmingham. Due
$3,000 from June 1 1930 to 1939, incl.
ARKANSAS CITY, Cowley County, Kan.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. on June 3 by Grant M. Acton.
City Clerk, for the purchase of three issues of bonds aggregating $87,000.
as follows:
$42,000 434% improvement bonds. Denom. $1,000. Dated May 1 1929.
Due on May 1, as follows: $6,000, 1932 and 1933; $5.000 in 1934:
$6,000, 1935; $5,000, 1936; $6,000. 1937; $5.000, 1938 and $3,000
In 1939.
25,000 5% improvement bonds. Denom. $500. Dated June 1 1929.
Due $2,500 from June 1 1930 to 1939 incl.
20,000 5% improvement bonds. Denom. $1,000. Dated June 1 1929.
Due $2,000, from June 1 1930 to 1939 incl.
Prin. and semi-annual int. payable in Topeka. A certified check for
2% of the bid is required.
The following statement accompanies the offering notice:
The total assessed valuation on real property of the City is $15,046,545.
The total bonded indebtedness,including the above issues, is $2,131,265.95.
-BOND OFFERASHTABULA COUNTY (P. 0. Jefferson), Ohio.
ING.
-W. W. Howes, Clerk of Board of County Commissioners, will receive sealed bids until 1 p. in. on June 17, for the purchase of $48,000 5%
road improvement bonds. Dated Oct. 1 1928. Denominations $1,000.
Due as follows: $2,000, Oct. 1 1929; $2,000 April and Oct. 11930;$3,000.
April & Oct. 1 1931 to 1937, incl. Principal and Interest (A.& 0. 1) Payable at the office of the County Treasurer, The bonds are coupon in form.
and are not registerable as to principal. A certified check for $1,000.
payable to the Board of County Commissioners, is required.
ASHTABULA COUNTY(P.O. Jefferson),°Mo.-BOND OFFERING.
-W W. Howes, Clerk of the Board of County Commissioners, will receive
.W
sealed bids until 1 p. m.on June 17,for the purchase of the following issues
of 5% bonds aggregating $55,540:
$43,000 road improvement bonds. Dated June 1 1929. Due 32,000, Oct. 1
1929: $2,000, April and Oct. P 1930 to 1932 incl.; 52.00(1 April
and $3,000. Oct. 1 1933: $3,000. April and Oct. 1 1934 to 1937 incl.
12,540 road improvement bonds. Dated May 15 1929. Due as follows:
$240, Oct. 1 1929; $300, April and $500, Oct. 1, 1930; 3500, April'
and Oct. 1 1931 and 1932; $500, April and $1,000. Oct. 1 1933:
$1.000, April and Oct. 1 1934 to 1937 incl.
Interest payable on April and Oct. 1. A $1,000 certified check for each
Issue, payable to the order of the Board of County Commissioners, is required.
Financial Statement.
True valuation approximate
$155,000,000.
Assessed valuation
149,000,000
Total bonded debt, incl. Township's portion and general
2,961,765
assessments, this issue included
Sinking fund
239,098
Population, 65,000. Tax rate, 5.282 mills.
AVON, Fulton County, III.
-The White-Phillips Co.
-BOND SALE.
of Davenport, purchased during February, an issue of $17,000 sewer construction bonds at a price of par.
-TEMPORARY LOAN.
-The
BANGOR, Penobscot County, Me.
Eastern Trust & Banking Co. of Bangor, was awarded a 5150.000 temporary
loan on May 23, on a discount basis of 5.95%. The loan is dated May 23
1929, and is payable on Oct. 4 1929. The Merrill Trust Co. of Bangor, was
the only other bidder, offering to discount the loan on a 5.97% basis.
JUNE 1 1929.]
FINANCIAL CHROT•TT'
BALTIMORE COUNTY (P. 0. Baltimore), Md.-TABULATION
OF BIDS FOR $1,000.000 BOND ISSUE.
-The following is an official
tabulation of the bids received on May 22 for the $1,000,000 issue of 434%
school bonds awarded to the First National Securities Corp. of Baltimore,
at 100.387, a basis of about 4.40%-V.128,P.3558.
Bidder
Rate Bid.
*First National Securities Corp
100.387
Alex Brown & Sons
100.0832
The National City Co
99.219
Mackubin Goodrich & Co., Continental Co.and Strother. Dresden
& Co
99.14
Bankers Co. of N. Y., Graham Parsons Co.,and Robert Garrett &
Sons
99.109
* Successful bidder.
BARODA TOWNSHIP SCHOOL DISTRICT NO.2, Berrien County,
Mich.
-BOND OFFERING.
-William F. Mead, Secretary of Board of
Education, will receive sealed bids until 7 p. m.(central standard time) on
June 4, for the purchase of $18,000 6% bonds. Bonds mature annually
as follows: $500, 1932 to 1953 incl.; $1,000, 1954 to 1957 incl.; and $1,500,
1958 and 1959. Successful bidder to furnish legal opinion.
BARRY COUNTY (P. 0. Hastings), Mich.
-BOND OFFERING.
Sealed bids will be received by the Clerk of Board of County Road Commissioners until 9 a. m.(Central standard time) on June 3 for the
purchase
of $97,695 6% Road Assessment District No. 35 bonds. Dated June 10
1929. Due on May 1 as follows: $10,855. 1930. and $21,710, 1931 to 1934
inclusive. Interest payable semi-annually.
BARTLESVILLE SCHOOL DISTRICT (P. 0. Bartlesville) Washington County, Okla.
-BOND SALE.
-The $200,000 issue of semiannual school bonds offered for sale on May 17-V. 128, P. 3382
-was
awarded as follows:
$70,000 school bonds to the sinking fund. as 431's. Due $10,000 from Jan. 1
1934 to 1940 incl.
30,000 school bonds to the sinking funds, as 5s. Due $10,000 from Jan. 1
1941 to 1943.
70,000 school bonds to R. J. Edwards, Inc.. of Oklahoma City, as 45(is•
Due $10.000 from Jan. 1 1944 to 1950.
30,000 school bonds to R. J. Edwards, Inc. of Oklahoma City, as 5s.
Due $10,000 from Jan. 1 1951 to 1953 incl.
BATAVIA, Genesee County, N. Y.
-BOND OFFERING.
-John C.
Pratt, City Treasurer, will receive sealed bids until 10 a. m.(eastern standard time) on June 4, for the purchase of the following issues of registered
bonds aggregating $123,227.43. Rate of interest is not to exceed 5%.
$103,336.90 sewer bonds. Due April 1, as follows: $5,336.90. 1930; and
57,000, 1931 to 1944 incl.
12,626.37 series is, street improvement bonds. Due April 1, as follows:
$1.626.37, 1930; $1,500, 1931 to 1934 incl.; and $1,000, 1935
to 1939 Incl.
7.264.16 series A. street improvement bonds. Due April 1, as follows
5964.16. 1930; and $700 1931 to 1939 incl.
Bonds are dated April 11929. Prin. and int. (A. & 0.) payable in gold
at the Genesee Trust Co., Batavia. A certified check for $5,000. payable
to the city, is required. Legality to be approved by Clay, Dillon & Vandewater of New York.
BATTLE CREEK, Calhoun County, Mich.
-BOND ELECTION.
A special election will be held on June 4 to permit the electors to pass on a
proposal to issue $500,000 bonds to finance the construction of three school
buildings.
BAY VILLAGE, Cuyahoga County, Ohlo.-BOND SALE.
-The
314,098.04 special assessment street improvement bonds offered on May 20
-V. 128, p. 3055
-were awarded as 53is to the First
-Citizens Corp. of
Columbus, at par plus a premium of $39,000 equal to 100.28. a basis of
about 5.69%. Bonds are dated May 11929. Due Oct. 1 as follows: $1,000,
1930 and 1931; $2,000, 1932: $1,000, 1933; $2,000, 1934; $1.000. 1935 and
1936; $2,000, 1937; $1,000, 1938. and $2,098.04, 1939. W. L.
Co.of Toledo, bid par plus a premium of $48.00 for 6% bonds. Slayton &
BEAUMONT, Jefferson County, Tex.
-BOND OFFERING.
-Sealed
bids will be received by J. W. Anderson, City Manager, until june 4, or
the purchase of an issue of $100,000 improvement bonds.
BEECH GROVE, Marion County, Ind.
-BOND SALE.
-The $38,000
4%% school building bonds offered on May 27-V. 128, p. 3222
-were
awarded at par to the City Trust Co. The bonds are dated May 15 1929.
and mature as follows: $1,000, July 1 1930; $1,000, January and July 1
1931 to 1948, inclusive, and $1,000, Jan. 1 1949.
BELLE FOURCHE SCHOOL DISTRICT (P. 0. Belle Fourche)
Butte County, S. Dak.-BOND OFFERING.
-Sealed bids will be received
by the Superintendent of the Board of Education, until June 5, for the
purchase of an issue of $115,000 school bonds. Int. rate is not to exceed
6%. Dated June 1 1929. Due serially in from 3 to 20 years.
BENTON COUNTY (P. 0. Vinton) Iowa,
-BOND OFFERING._
Bids will be received by E. Bordewick, County Treasurer. until 2 p. m.
on June 19, for the purchase of a $242,000 issue of coupon semi-annual
primary road bonds. Int. rate is not to exceed 5%. Dated July 5
Due on May 1 as follows: $20,000, 1932 to 1941 and $42,000 in 1929.
1942.
Blank bonds to be furnished by the purchaser. County to furnish the
legal approval of Chapman & Cutler of Chicago.
BERWYN SCHOOL DISTRICT (P. 0. Berwyn) Carter County,
Okla.
-BONDS OFFERED.
-Sealed bids were received Instil 2 p. m. on
May 31, by 0. D. Thomas, Clerk of the Board of Education, for the
purchase of a $10,000 issue of semi-annual school bonds, hit, rate is not to
exceed 6%. Dated June 11929. Due $1,000from June 1 1934 to 1943
incl.
A certified check for 2% of the bid was required.
BINGHAMTON, Broome County, N. Y.
-BOND SALE.
-The $750,000 4%% West Junior High School extension and equipment bonds offered
on May 28-V. 128, P. 3558 were awarded to George B. Gibbons & Co.
and Roosevelt & Son, both of New York. at 101.7797. a basis of about
4.36%. The bonds are dated April 1 1929. and mature on April I, as
follows: $20,000, 1930 to 1966 incl.; and 510,000, 1967. A bid of 101.609
was submitted by the Bankers Company, Harris, Forbes & Co. and the
National City Co. all of New York.
The following bids were also submitted:
BidderRate Bid.
Bankers Co. of New York, Harris, Forbes & Co. and the National
City Co
_!101.609
Allen & Co
State Bank of Binghamton
101.479
Stone & Webster and Blodget, Inc
101.18
Manufacturers & Traders-Peoples Trust Co
101.109
First National Bank of Binghamton
101.09
BOAZ, Marshall County, Ala.
-BOND SALE.
-An $18,000 issue of
street bonds has been purchased by Ward,Sterne & Co.of Birmingham.
BOSTON, Suffolk County, Mass.-TEMPOARY LOAN.
-A $3,000,000 temporary loan, dated May 28 1929 and redeemable on Oct. 9 1929.
was awarded on May 27 to the Old Colony Corp. of Boston, at 6.155%,
plus a premium of $38. Interest to follow on a basis of 365 days to the
year. The following bids, also on an interest to follow basis, were also
received:
Bidder
First National Bank of Boston
6.14%
Shawmut Corp. of Boston
6.17%
-BIDS REJECTED
BOSTON, Suffolk County, Mass.
-BONDS
-Prank L. Brier, City Treasurer, received
PARTIALLY SOLD LATER.
two bids on May 29 for the $3,080,000 bonds offered for sale, consisting of
$1.665,000 45 and $1,415,000 4)O. According to a report, E. H. Rollins
& Bons of Boston bid 100.0822 for $1,515,000 bonds and R. L. Day & Co..
also of Boston, offered 100 for $1,565,000 bonds. Both bids were rejected,
-R.L. Day & Co. are reported to
BONDS PARTIALLY SOLD LATER.
have purchased at private sale later $2.055,000 bonds of the original offering, comprising 51,715,000 43is and $340,000 4s. The original offering
consisted of the following issues:
$700.000 Dorchester Rapid Transit bonds 4400.000 43(%. $300.000 4%).
Due June 11974.
300,000 4% highway bonds. Due $15,000, June 1 1930 to 1949 incl.
300,0004% hospital dept. bonds. Due $15,000, June 1 1930 to 1949 incl.
300,000 4 % highway bonds. Due $15,000. June 1 1930 to 1949 incl.
300,0004% sewerage works bonds. Due $15,000, June 1 1930 to 1949 incl.
200.000 4% sewerage works bonds. Due $10,000, June 1 1930 to 1949 incl.
3717
250,000411% Dock Square and Fanueil Hall Square improvement bonds.
Due June 1 as follows: $14,000, 1930 to 1934 incl., and $12.000.
SW,
1935 to 1949 incl.
160,000411% airport improvement bonds. Due $8,000. June 1 1930 to
1949
100,000 431% Boston, Oakland and Ashland Sts. improvement bonds.
Due $10,000. June 1 1930 to 1939 incl.
125,000 434,'% automatic traffic signal system bonds. Due June 1 as
follows:$13,000. 1930 to 1934 incl., and 512.000, 1935 to 1939 incl.
125,0004% Long Island new bldgs., additions and equipment bonds.
Due June 1 as follows:$7,000, 1930 to 1934 incl.. and 56.000, 1935
to 1949 incl.
100,0004% new fire station. West End District, building bonds. Due
$5,000, June 1 1930 to 1949 incl.
80,000 431% Central Library bldg. bonds. Due $8.000, June 1 1930
to 1939 in-1.
40.000 House of Correction, Deer Island, Central power plant, bonds.
Due 32.000, June 1 1930 to 1949 incl.
Bids are requested for all or any part of the bonds. Dated June 1 1929.
Registered bonds in denom. of 1.000. Int. payatde on June and Dec. 1.
-BOND OFFERING.
BOURBON COUNTY(P.O. Fort Scott), Kan.
Sealed bids will be received until 2:30 p. m. on June 5 by W. I. West,
County Clerk, for the purchase of an issue of $150,000 434% semi-annual
county court house bonds. Denoms.$1,000 and $500. Dated May 1 1929.
Due $30,000 from 1930 to 1934 incl. A certified check for 2% of the bid
is required.
-BOND
BRADFORD SCHOOL DISTRICT, Stark County, III.
SALE.
-The H. C. Speer & Sons Co. of Chicago, recently purchased an
Issue of $75,000 school bonds, bearing a coupon rate of 5%,at 101. a basis
of about 4.89%. Bonds mature annually on Sept. 15 as follows: 52.000,
1931 and 1932; 33,000, 1933 to 1937 incl.; $4,000. 1938 to 1941 incl.; $5,000,
1942 to 1945 incl.; $6,000, 1946 and 1947; and $8.000. 1948.
BRIDGEPORT, Belmont County, Ohio.
-BOND SALB.-A 9
575e0
issue of 5% coupon street paving bonds was awarded locally at par on
May 11. The bonds are dated May 1 1929. Denominations $500. Due
serially until 1939. Interest payable April and October.
-BOND OFFERING.
BRIDGEPORT, Fairfield County, Conn.
William Chew, City Comptroller, will receive sealed bids until 10 a. m.
(Eastern standard time) on June 3, for the purchase of the following issues
of 4)1% coupon or registered bonds aggregating $525.000:
$175,000 series C. Yellow Mill Bridge bonds. Due $5,000, July 1 1930 to
1964 incl.
150.000 series F,school bonds. Due $5,000, July 1 1930 to 1959 incl.
125,000 series G, payment bonds. Due on July 1 as follows: 812.000.
1930 to 1934 incl.; and $13,000, 1935 to 1939 incl.
50,000 series A, park bonds. Due $2,000, July 1 1930 to 1954 incl.
25,000 series B, park bonds. Due $1,000, July 1 1930 to 1954 incl.
Bonds are dated July 1 1929. Denom. $1,000. Prin. and int. (J. & J)
payable at the office of the City Treasurer. The bonds are to be prepared
under the supervision of the First National Bank of Boston. A certified
check for 2% of the bonds bid for, payable to the City Treasurer, must
accompany each proposal. Legality to be approved by Ropes. Gray,
Boyden & Perkins of Boston. .
-BIDS.
-The following
BRONXVILLE, Westchester County, N. Y.
bids were also received on May 21 for the $87.000 impt. bonds awarded
as 4%s to Batchelder, Wack & Co. of New York, at 100.31, a basis of
about 4.44%.-V. 128, P. 3558.
Rate Bid.
Int. Rate.
Bidder100.297
4.50%
George B. Gibbons & Co
100.237
4.70%
Roosevelt & Son
100.289
4.70%
Manufacturers & Traders-Peoples Trust Co
100.04
4.50%
Detroit Co
100.27
4.70%
Gramatan National Bank & Trust Co
100.04
4.60%
Dewey, Bacon & Co
BROWNSVILLE INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND SALE.
-A $75,000 113131113
Brownsville), Cameron County, Tex.
of 5% serial school bonds has recently been purchased at par by the State
of Texas.
(These bonds were registered on May 3-V. 128, p. 3222.)
-BOND OFFERING.-W1111am A.
BUFFALO, Erie County, N. Y.
Eckert, City Comptroller. will receive sealed bids until 11 a. M. (Eastern
daylight saving time) on June 12, for the purchase of $1,000.000 general
improvement, school, gold bonds. Dated July 1 1929. Coupon bonds
will be issued in the denomination of $1,000, and may be exchanged for
bonds registered either as to principal or principal and interest at the
option of the holder, in denominations of $1,000 or multiples thereof.
Due $50,000, July 1 1930 to 1949 incl. Principal and interest (Jan. and
July 1) payable in gold at the office of the above-mentioned official in
Buffalo, N. Y., or at the Central Hanover Bank & Trust Co., New York
City, at the option of the holder. Bids must be for the entire issue of
$1,000,000, and no bid for less than the par value of the bonds will be
considered.
Bidders will be required to name an interest rate not exceeding 434%
per annum and not less than 3)1% per annum, and at such definite rate
t
of interest expressed in multiples of y or 1-10th of 1%. but at no higher
rate of interest than shall be required to insure the sale of said bonds at
par, and all of said bonds shall bear the same rate of interest.
The approving opinion of Caldwell & Raymond of New York, will be
furnished the successful bidder. A certified check for $20,000. payable to
the order of the City Comptroller, must accompany each proposal.
Financial Statement May 15 1929.
Assessed Valuation
$1.020,347.980.00
Real property
33.153.125.00
Special franchise
6,412.000.00
Personal property
Total assessed valuation
Bonded Debt
Water (prior to Jan. 1 1904)
Water (subsequent to Jan. 1 1904)
Net bonded debt
Total bonded debt
Sinking Funds (not deducted above)
Water
Various
31,059,913.105.00
$1,323,450.00
15,404.820.31
76,755,121.59
$93,483,391.90
$4,304,535.87
3.024,004.55
$7,328,540.42
Total sinking funds
The current tax rate of the City of Buffalo per $1,000 of assessed valuation is $26.30.
The population. according to the United States census of 1920, is 506.775:
the estimated population, according to the April 1929 vital statistics
records of the Buffalo Health Department, is 555,800.
-Sealed bids
-BONDS OFFERED.
BURNS, Harney County, Ore.
were received until 7:30 p. m. on May 29, by Maurice Schwartz, City
Recorder, for the purchase of two issues of bonds aggregating $100,000.
as follows:
575,000 special improvement, paving bonds. Int. rate is not to exceed
6%. Due in from 1 to 10 years and optional after 1 year.
25,000 street intersection bonds. Bonds are to bear such date, rate of
interest and terms in accordance with the best bid submitted.
The legal approval of Teal, Winfree, McCulloch & Schuler of Portland
will be furnished.
BUTLER COUNTY (P. 0. Allison) lowa.-BOND OFFERING.
Bids will be received by 0. F. Shirer, County Treasurer, until 2 p. m. on
June 14,for the purchase of a $300,000 issue of coupon primary road bonds.
Int.rate is not to exceed 5%. Dated July 1 1929. Due $30,000from May 1
1035 to 1944 incl. Optional after May 11935.
-BONDS REGISTERED.
BYERS, Clay County, Tex.
-A $32,000
issue of 5.7 serial independent school district bonds was registered on May
s
22 by the State Comptroller.
-BOND OFFERING.
CANANDAIGUA, Ontario County, N. Y.
William M. Crowley, City Treasurer, will receive sealed bids until 3 Is• m.
(Eastern standard time) on June 6, for the purchase of $50,000 coupon or
registered Special Appropriation bonds. Coupon rate is not to exceed
5%. Bonds are dated July 1 1929. Denom $500. Due 32,500, July 1
1930 to 1949 incl. Prin, and int, payable in gold at the United States
Mtge. & Trust Co.. New York. A certified check for 51.000, payable to
the City Treasurer, must accompany each proposal. Legality to be approved by Clay, Dillon & Vandewater of New York.
3718
FINANCIAL CHRONICLE
-BOND OFERING.-Samuel E.
CANTON, Stark County, Ohio.
Barr, City Auditor, will receive sealed bids until 1 p. m.(Eastern Standard
time) on June 10, for the purchase of the following issues of 5% bonds
l
:
,NrgLt eigigsewer construction bonds. Dated May 11929. Due
igt
May 1 as follows: $4,459.35. 1931; $5,000, 1932 to 1936 incl.;
$4.000, 1937: $5,000, 1938; $4,000, 1939; $5,000, 1940; 24,000,
1941;$5,000, 1942;$4,000. 1943;$5,000, 1944, and $4,000,1945.
7,385.13 storm water sewer construction bonds. Dated April 1 1929.
Due April 1 as follows: $385.13, 1931; $1,000. 1932; $500,
21933; $1,000, 1934; $500, 1935: $1,000, 1936; $500, 1937;
21,000. 1938; $500, 1939, and $1,000, 1940.
Principal and semi-annual interest payable at the office of the City
Treasurer. A certified check for 5% of the amount of bonds bid is for
required.
CARBON COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Encampment), Wyo.-BOND OFFERING.
-Sealed bids will be received until
2p. in. on June 20 by L. A. Cunningham. District Clerk, for the purchase
of a $25,000 issue of 534% school building bonds. Denom. $1,000. Dated
July 1 1929. Due as follows: $1,000. 1935 to 1949. and $2,000, 1950 to
1954, all incl. A certified check for 10% must accompany the bid.
-The
CENTREVILLE, Queen Anne's County, Md.-BOND SALE.
$30.000 5% street improvement bonds offered on May 28-V. 128, p. 3222
-were awarded to Townsend, Scott & Son of Baltimore. at 101.38, a basis
of about 4.87%. The bonds are dated July 1 1929. Due $1,000, July 1
1930 to 1959, incl.
CHESNEE SCHOOL DISTRICT NO. 99 (P.0. Spartanburg) Spartanburg County, S. C.
-A 224,000 issue of 6% school
-BOND SALE.
bonds has been purchased by R. S. Dickson & Co., of Gastonia, for a
premium of $1,361.40, equal to 105.67.
-The $550,000
-BOND SALE.
CHESTER, Delaware County, Pa.
coupon Sewer and Pumping Stations bonds offered on May 21-V. 128.
p. 2864
-were awarded as 4s to the Delaware County National Bank,
Chester, at 101, a basis of about 3.91%. Bonds are dated July 1 1929,
and mature on July 1 as follows: $10,000, 1931; and $20,000, 1932 to 1958
incl.
-TEMPORARY LOAN.
CHICOPEE, Hampden County, Mass.
S. N. Bond & Co. of Boston, on May 23. purchased a $200,000 temporary
loan on a discount basis of5.887. The loan is dated May 24 1929. Denom.
0
25,000, $10.000 and $5,000. Payable on Nov. 26 1929. Legality to be
approved by Storey. Thorndike, Palmer & Dodge of Boston.
-BOND
CLARION SCHOOL DISTRICT, Clarion County, Pa.
OFFERING -I. P. Kerr, Secretary of Board of Directors, will receive
sealed bids until 8 p. in. (Eastern Standard time) on June 6, for the purchase of 271,000 4%% school bonds. Dated Oct. 11928. Denom. $1,000.
Due Oct. 1 as follows: $2,000. 1930 and 1931; 23,000, 1932 to 1938 incl.;
$4,000, 1939 to 1943 incl.; $5,000, 1944 to 1947 incl. and $6,000, 1948.
Department of
The bonds are to be sold subject to the approval of
Internal Affairs and Reed, Smith, Shaw & McClay of Pittsburgh. A
certified check for $1,000, payable to the School District, is required.
-BOND OFFERING.
CLAYTON COUNTY (P. 0. Elkader), Iowa.
Bids will be received until 2 p. in. on June 12 by the County Treasurer,
for the purchase of a $200,000 issue of annual primary road bonds. Int.
rate is not to exceed 5%. Dated July 1 1929. Due 220,000 from May 1 1935
to 1944,Ind. Optional after May 1 1935.
CLEAR LAKE SCHOOL DISTRICT (P.O. Vernon),Skagit County,
Wash.
-OFFERING DETAILS.
-The $15,000 issue of school bonds
scheduled for sale on June 1-V. 128, p. 3558- is due on July 1 1944 and
optional after 2 years. Rate not exceeding 6%. Prin. and semi-annual
int, payable in Mt. Vernon or New York. A. certified check for 5% is
required.
-BOND SALE.
-The
CLERMONT COUNTY (P. 0. Batavia), Ohio.
$27,725.67 bridge construction bonds offered on May 24-V.128, p.3382
were awarded as 5%s to Seasongood & Mayer of Cincinnati at par plus a
premium of $145 equal to 100.52, a basis of about 5.12%. Bonds mature
on March 1, as follows: $3,000, 1930 to 1937 incl.; and $3,725.67, 1938.
-BOND SALE.
-The
CLEVELAND COUNTY (P. 0. Shelby.) N. C.
$20,000 issue of semi-annual notes offered for sale on May 24-V. 128,
p. 3223
-was awarded to the First National Bank of Shelby. as 6s,, at par.
Dilated June 11929. Due on June 1 1930. Theme were no other bidders.
-BOND OFFERING.
CLINTON COUNTY (P. 0. Clinton), Iowa.
Bids will be received until 2 p. in. on June 18 by the County Treasurer,
for the purchase of a $300,000 issue of coupon annual primary road bonds.
Int. rate is not to exceed 5%. Dated July 1 1929. Due $30,000 from
May 1 1935 to 1944 incl. Optional after May 11935.
The following bids were also submitted:
BidderPremium.
Inland Investment Co., Indianapolis
$331.00
J. F. Wild Investment Co., Indianapolis
400.00
The Meyer-Kiser Bank, Indianapolis
216.00
603.00
Fletcher American Co., Indianapolis
City Securities Corp., Indianapolis
411.00
CLINTON COUNTY (P. 0. Frankford) Ind.
-BOND SALE.
-The
$35,600 William D. Thomas Road No.402, Center Township road improve-were awarded to Thomas
ment bonds offered on May 25-V. 128, p. 3558
D. Sheerin of Indianapolis, at par plus a premium of $651.50 equal to
101.83, a basis of about 4.61%. The bonds are dated May 15 1929, bear a
coupon rate of 5%.and mature $1,780. May and Nov. 15 1930 to 1939 incl.
-BOND SALE.
-The $250,000
COLUMBUS, Franklin County, Ohio.
4%% water works extension bonds offered on May 23-V. 128, p. 3223
were awarded to R. L. Day & Co. of Boston, at par plus a premium of
$2,622.50. equal to 101.04, a basis of about 4.38%. Bonds are dated April
15 1929, and mature annually on Feb. 1, as follows: $10,000, 1931 to 1940
incl.; and $15,000, 1941 to 1950 incl. An official list of the bids submitted
follows:
Int. Rate
Premium.
Bidder$2,622.50
411.. L. Day & Co., Boston
2,579.00
Continental Illinois Co., Chicago
7co
,
2.555.50
A. C. Allyn & Co., Chicago
2,547.50
Stone, Webster & Blodget, Chicago
4q79
1,750.00
Rutter & Co., New York
4q79
1,520.00
Halsey, Stuart & Co., Chico o
4q79
1,350.00
Dewey, Bacon & Co., New York
434
1,275.00
Detroit & Security Trust Co.. Detroit
0
°
1,025.00
Colony Corp. New York & Grau & Co. Cincin.-434.7
Old
Harris, Forbes &'Co., New York, National City Co.,
1,023.00
New York. and Hayden Miller & Co., Cleveland_4%%
810.25
4t79
E. H. Rollins & Sons, Chicago
434%
547.50
Roosevelt & Son, New York
Arthur Sinclair Wallace & Co., New York & Otis &
350.00
43i%
Co., Columbus
177.50
43479
Guaranty Company of New York, New York
139.75
434
A. B. Leach & Co. Chicago
* Successful bidder.
bonds for public subscription priced
The purchasers are re-offering the
to yield from 5 to 4.25%, according to maturity. The offering notice says;
"Bonds are legal investment for savings banks and trust funds in New York
and the New England States. Columbus reports assessed .valuation for
1929 of $607,278,500 and net debt of $25,722,478."
-A $50,000 issue
-BOND SALE.
CONWAY, Faulkner County, Ark.
of534% improvement bonds has been purchased by W.B. Worthen & Co.,
of Little Rock, at a price of 99.77.
-A syndicate
-NOTE SALE.
COOK COUNTY (P. 0. Chicago), 111.
composed of the Continental Illinois Co., Harris, Forbes & Ce., First Union
Trust & Savings Bank. Detroit Co., Inc., Northern Trust Co., the National
Republic Co., the Farmers Trust 82 Savings Bank. State Bank of Chicago,
the Chicago Trust Co., all of Chicago. was awarded on May 29, the following issues of 6% tax notes aggregating $6.000,000.
$1.000.000 sages 1929-A corporate fund notes. Payable June 1 1930. and
Dec. 1 1930, but optional on and after May 11930.
1,000,000 series 1929-B highway fund notes. Payable June 1 1930, and
Dec. 1 1930, but optional on and after May 1 1930.
Both issues are dated June 11929. and are payable in Chicago. Legality
approved by Schuyler, Weinfeld & Parker and Holland M. Cassidy, all of
Chicago. The purchasers are reoffering the notes for investment at 100.25
and interest, yielding more than 5.70% to the optional date, and 6%
thereafter.
[VOL. 128.
-The 915.000
-BOND SALE.
COOKSVILLE, Perry County, Ohio.
53.6% water works system impt. bonds offered on April 20-V.128,p.2686-were awarded to the Well. Roth & Irving Co. of Cincinnati, atpar plus a
premium of $166.00, equal to 101.10, a basis of about 5.38%. Bonds are
dated Jan. 11929. Due $608, Sept. 1 1930 to 1954 incl. Other bidders
Premium.
Bidder$81.00
Ryan, Sutherland & Co
26.00
Slier, Carpenter & Reese
COOPERTOWN SCHOOL DISTRICT(P.O. Springfield) Robertson
County, Tenn.
-BOND SALE.
-A $15,000 issue of 534% semi-annual
of
school bonds has recently been purchased by Little, Wooten &
Jackson, for a $15 premium, equal to 100.10. Denoms. $500 and $1,000.
CRANSTON, Providence County, R. I.
-TEMPORARY LOAN.
The Citizens Savings Bank of Providence, was awarded a $100,000 temporary loan on May 23, en a discount basis of 5.75%. The loan is dated
May 23 1929, and is payable on Dec. 10 1929.
CUYAHOGA COUNTY (P. 0. Cleveland) °Mo.-BIDS REJECTED.
-The following bids which were received on April 20 for the four issues of
434% bonds listed below aggregating $88,915 offered for sale
-V. 128.
p. 2686
-were rejected.
BidderPremium.
First National Co.of Detroit
$330.00
Stranahan, Harris & Oatis, Inc
764.54
$53.004 assessment portion improvement bonds. Due Oct. 1 as follows:
$5,004, 1929; $5,000. 1930 to 1935 ine.l.; and $6,000. 1936 to 1938
incl.
26,000 assessment portion improvement bonds. Due Oct. 1 as follows:
$2,000. 1929; and $3,000, 1930 to 1937 incl.
5,016 assessment portion improvement bonds. Due Oct. 1 as follows:
$516, 1929: $500. 1930 to 1932 incl.; and $1,000. 1933 to 1935 ine.l.
4,895 assessment portion improvement bonds. Due Oct. 1 as follows:
$395, 1929; $500, 1930; and $1,000, 1931 to 1934 incl.
-BOND OFFERING.CUYAHOGA FALLS Summit County, Ohio.
Sealed bids will be received by H. 0. Bench, City Auditor, until 12 M.
(Eastern Standard time) on June 4,for the purchase of $37.000 534% North
Side Sanitary sewer bonds. Dated June 1 1929. Denom. $1,000. Due as
follows: 21,000, Oct. 1 1930; $2000, April and Oct. 1 1931 to 1939 incl..
and $1,000. April 1 1940. Principal and Mt. (April and Oct. 1) payable at
the Depositors Savings St Trust Co., Cuyahoga Falls. A certified check
for 2% of the bonds bid for, payable to the City Treasurer, is required.
-BOND OFFERING.
CUYAHOGA FALLS, Summit County, Ohio.
-H.0. Bolich, City Auditor, will receive sealed bids until 12 m.(Eastern
standard time) on June 18 for the purchase of the following issues of 554%
bonds, aggregating $42,836.89:
$29,836.89 water works bonds. Due $836.89 April 1 and $2,000 Oct. 1
1930: $1,000 April 1 and $2,000 Oct. 1 1931 to 1939 incl.
13,000.00 city's portion Imnds. Due Oct. 1 as follows: $2,000, 1930;
$1,000, 1931 to 1933 incl.; $2,000, 1934; 51,000. 1935 to 1938
incl., and $2,000, 1939.
The bonds are dated July 1 1929. Prin. and int. (A. & 0.) Payable
at the Depositors Savings & Trust Co., Cuyahoga Falls. A certified
check for 2% of the bonds bid for, payable to the order of the City Treasurer.
must accompany each proposal. Anyone desiring to do so may present
a bid or bids for such bonds based upon their bearing a different rate of
interest than hereinbefore fixed, provided, however, that where a fractional
Interest rate is bid, such fraction shall be X of 1%, or multiples thereof:
the proceeds from the sale of said bonds, except the premium and accrued
Interest thereon and the amount of said bonds issued for interest.
-The 2350,000
DANE COUNTY (P. 0. Madison) Wis.-BOND SALE.
issue of 434% coupon highway improvement bonds offered for sale on
May 23-V. 128, p 3223
-was awarded jointly to the Bank of Wisconsin,
as
of Madison and &One &
& Blodget, Inc. of New York, for a
Premium of $3,577, equal to 101.02, a basis of about 4.38%. (Daily balance
at 3%). Dated May 1 1929. Due on May 1 as follows: 5239,000 in 1939
and $111,
000 in 1940.
Other bids were as follows:
Harris Trust Co. of Chicago, Ill., premium of $2,611.00, prompt swept=CO.
First Wisconsin Co. of Milwaukee, Wis., premium of $1,126.09 and
accrued interest until money needed.
First Union Trust & Savings Bank of Chicago. Ill., premium of $2,426.00,
accrued interest to date, immediate acceptance.
Central Wisconsin Trust Co. of Madison, Wis., premium of $2,006.00,
accrued interest to date, immediate acceptance.
Halsey-Stuart & Co. of Chicago, Ill., premium of $1,050.00 and accrued
interest.
National City Co. of Chicago, Ill,, premium of $991.55, accrued interest
to date,immediate acceptance.
Northern Trust Co.a Chicago, Ill., premium of $234.00, accrued interest
to date, immediate acceptance.
Milwaukee Co. of Milwaukee, Wis., premium of $25.00, accrued interest
to date, immediate acceptance.
-BOND SALE.
DAVIDSON COUNTY (P. 0. Lexington), N. C.
The $20,000 issue of 554% coupon Tyro School District bonds offered for
sale on May 24-V. 128, p. 3383
-was awarded to the Hanchett Bond Co.
of Chicago, for a premium of $70.97, equal to 100.394, a basis of about
5.43%. Dated April 11929. Due $1,000 from April 1 1932 to 1951,incl.
The other bidders were as follows:
Price Bid.
Bidder100.14
Stranahan, Harris & Oatis, Inc.
100.00
Magnus & Co
-F. D.
DELAWARE, Delaware County, Ohio.
-BOND OFFERING.
King, City Auditor, will receive sealed bids until 12 m. en June 20 for the
purchase of $26,000 67 special assessment street impt. bonds. To be
dated not later than June 1 1929. Denom. $1,000. Due April 1 as
follows: $2.000, 1931, and $3,000, 1932 to 1939 incl. Prin. and semi-ann.
int, payable at the depository of the Sinking Fund in Delaware.
DIMOND TOWNSHIP (P. 0. Coteau), Burke County, N. Dak.BOND OFFERING.
-Sealed bids will be received until 2 p. m. on June 4.
by L.S. Kalbig, Township Clerk, far the purchase of a 32,000 issue of 6%
semi-annual township bonds. Due from 1920 to 1932. A certified check
for 2% of the bid is required.
(These bonds were unsuccessfully offered on Oct. 1-V. 128, p. 2121.)
DOUGLAS COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Myrtle
Creek) Ore.
-Sealed bids will be received until
-BOND OFFERING.
7:30 p. in. on June 8, by 0. A. Kirby, District Clerk, for the purchase of a
$7,000 issue of semi-annual school bonds. Int, rate is not to exceed 6%•
Dated June 1 1929. Due on June 1 as follows: $2,000, 1942 to 1944 and
$1,000 in 1945.
-0. L.
-BOND OFFERING.
DOVER, Tuscarawas County, Ohio.
Youngen, City. Auditor, will receive sealed bids until 12 in. on June 19
for the purchase of $13,600 5% street impt. bonds. Dated June 11929.
Denom. $500; bonds No. 1 for $600. Due $600 April 1 and $500 Oct. 1
1930; $500 April 1 and Oct. 1 1931 to 1943 incl., and $500, April 11943.
Prin. and int. (A. & 0.) payable at the office of the City Treasurer. A
certified check for 5% of the bonds bid for, payable to the City Treasurer,
is required. Any one desiring to do so may present a bid or bids for said
bonds based upon their bearing a different rate of interest than hereinbefore specified; proviced, however, that when a fraction rate of int. is
bid, such fraction shall be X of 1% or multiples thereof, as provided in
Section 2293-28 of the Uniform Bond Act.
-BOND OFFERING.-Seeled bids
DUNEDIN, Pinellas County, Fla.
will be received until 7:30 P. m.on June 18 by W.L. Douglas,City Manager,
for the purchase of a $50,000 issue of 6% semi-annual refunding series P
bonds. Dated July 1 1929. Due in 1939. A 21,000 certified check must
accompany the bid.
-BOND SALE.
-The
DURHAM COUNTY (P. 0. Durham), N. C.
$60,000 Issue of coupon or registered school building bonds offered for sale
on May 27-V. 128, p. 3384
-was awarded to Kauffman, Smith & Co., of
St. L011113. as 5s,for a premium of $1,007, equal to 101.661, a basis of about
4.85%.
June 1 1929. Due from June 1 1932 to 1959 incl.
EAST BERNSTADT GRADED SCHOOL DISTRICT (P. 0. East
-Sealed bids will
Bernstadt), Laurel County., Ky.-BOND OFFERING.
be received by W.E. Faris, Secretary of the Board of Trustees, until 5 p. m.
issue of 11% semi-annual sc.kool
on June 15, for the purchase of a $3,500
bonds. Denom. $500 Dated July 1 1929.,Due $500 from July 1_1931
to 1937 Md. Optional after 5 years at par.„00,A
JUNE 1 1929.]
FINANCIAL CHRONICLE
EAST PEORIA COMMUNITY HIGH SCHOOL DISTRICT (P. 0.
Peoria), Ill.
-BOND SALE.
-Kent, Grace & Co. of Chicago purchased an
Issue of $83,000 454% registered school bonds on April 1 at a price of
par plus a premium of $100, equal to 100.12, a basis of about 4.485%•
Bonds are dated April 1 1929. Denom. $1,000. Due March 1 as follows:
$12.000, 1938, and 110.000, 1939 to 1945 incl. Int. payable M.& S. 1.
EAU CLAIRE COUNTY(P.O.Eau Claire), Wis.-BOND OFFERING.
Sealed bids will be received until June 14. by John Nygaard, County
Clerk, for the purchase of an issue of $182,000 road bonds.
-BOND SALE.
ELKHART COUNTY (P. 0. Goshen), Ind.
-The
$8.000 4.4V Roy 0. Bullard et al. road impt. bonds offered on May 22-were awarded to the Fletcher Savings & Trust Co. of
V. 128, p. 3384
Indianapolis at par plus a premium of $21.70, equal to 100.27, a basis
of about 4.47%. Bonds are dated May 15 1929 and mature $200 May 15
and Nov. 15 from 1930 to 1949 incl. The Concord Construction Co. of
Elkhart bid 100 for the issue.
ERIE COUNTY (P. O. Buffalo), N. Y.
-BOND SALE.
-The $7,909000
% coupon or registered general impt. bonds offered on May 24
- 128, p. 3223
V'.
-were awarded to the Marine Trust Co. of Buffalo.
the only bidder, at par plus a premium of $85, equal to 100.001. Bonds
are dated June 1 1929. Due June 1 as follows: $265,000, 1930 to 1948
incl.; $288,000, 1949; $250.000. 1950 to 1957 incl.; $300,000, 1958, and
$286,000 1959.
The successful bidders is re-offering the bonds for public investment to
yield from 4.85 to 4.15%.
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 10
(P. 0. Pensacola), Fla.
-BOND OFFERING.
-Bids will be received
until 10 a. in. on June 18 by Wm. Tyler, Supt. of the Board of Public
Instruction, for the purchase of a $30,000 Issue of 6% semi-ann. school
bonds. Denom. $1,000. Dated July 1 1929. Due $1,000 from June 30
1930 to 1959 incl. A $500 certified check must accompany the bid.
ESSEX COUNTY (P. 0. Elizabethtown), N. Y.
-BOND SALE.
The $400,000 coupon or registered highway bonds offered on May 28-V.
128, p. 3384
-were awarded to the Bankers Co. of New York, and Harris,
Forbes & Co,. as 434s, at a price of 100,809. a basis of about 4.427. The
bonds are dated May 1 1929, and mature $16,000, May 1 1934 to 1948 incl.
George B. Gibbons & Co. of New York, bidding for Sc and 43i8, offered
100.23. H. L. Allen & Co. also of New York, bid 100.619 for 4%s.
The Manufacturers& Traders Peoples Trust Co. of Buffalo. bid 100.5992
for the issues.
ESSEX COUNTY (p. 0, Salem), Mass.
-NOTE SALE.
-A $50,000
Issue of Tuberculosis Hospital Maintenance notes dated June I 1929 and
payable on April 1 1930, was awarded on May 28 to the Bank of Commerce & Trust Co., Boston,on a discount basis of 5.48%.
BIDS REJECTED.
-All bids received on the same date for an issue of
185.000 434% bridge bonds were rejected. Bonds are dated June 1 1929,
and mature serially from 1930 to 1932 incl.
A list of the other bids submitted for the notes follows:
Bidder
Discount Basis.
Warren National Bank, Peabody
5.61
Gloucester National Bank
5.68
Naumkeag Trust Co
5.68
Cape Ann National Bank
5.74%
Gloucester Safe Deposit & Trust Co
5.80%
Merchants National Bank
6.01%
ESSEX COUNTY (P. 0. Salem), Mass.
-ADDITIONAL INFORAfATION-BIDS.-The $200.000 temporary loan awarded to the Salem
Trust Co. of Salem on a discount basis of 5.10%-V. 128. p. 3559
-is
dated Jan. 22 1929 and payable on Nov. 7 1929 at the Merchants National
Bank, Salem, or at kolders' option at the National Shawmut Bank of
Boston. The notes are in denom.of $1,000. Legality approved by Ropes,
Gray, Boyden & Perkins of Boston. An official list of the bids received
follows:
BidderDisct. Basis.
Prem.
Bay State National Bank, Lawrence
5.80
_
Sagamore Trust Co., Lynn
5.49
. Gloucester National Bank
5.595
Cape Ann National Bank, Gloucester
5.75
$ic.$156
Merchants National Bank, Salem
6.11
9.38
*Salem Trust Co., Salem, Mass
5.10
Guaranty Co. of New York (Boston)
5.93%
S. N. Bond & Co.. New York
5.92%
*Awarded.
EVERETT, Snohomish County, Wash.
-BOND OFFERING.
Sealed bids will be received by the City Treasurer, until June 24, for the
purchase of an $800,000 issue of water bonds.
FAIRFAX, Renville County, Minn.
-BOND SALE.
-Four issues of
bonds have recently been purchased at par by the State of Minnesota. The
Issues are divided as follows: $11,500 water mains; $8,000 building; $7,000
lighting system and $3,500 street bonds.
FAIRFIELD, Greene County, Ohio.
-BOND SALE.
-The following
Issues of coupon bonds aggregating $40,000 offered on May 20-V.
128.
-were awarded as stated herewith:
p. 3057
$36,500 special assessment water works bonds sold to Poor & Co. of Cincinnati as 5%s. Bonds mature on Sept. 1 as follows: $2.000,
1930 and 1931; $2,500, 1932; 52,000, 1933: $3,000, 1934: $2,000,
1935: $3,000, 1936; $2,000, 1937: $3,000. 1938: $2,000. 1939:
13.000. 1940; $2,000, 1941: $3,000, 1942: $2,000. 1943, and $3,000,
1944.
3,500 Village's portion water works bonds sold to the First National
Bank of Osborn, as 5315. Due $250, Sept. 1 1930 to 1943 incl.
Bonds are dated March 1 1929.
FAIRFIELD COUNTY SCHOOL DISTRICT (P. 0. Winnsboro)
-BONDS NOT SOLD.
-The 10 issues of not to exceed 6% school
S. C.
bonds aggregating $28,540, offered for sale on May 15-V. 128, p. 3223
have not as yet been sold.
166
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN.
A $2,000,000 temporary loan dated May 29 1929 and payable on March 20
1930. was awarded on May 29 to S.
Bond & Co. of Boston, on a disN.
count basis of 5.89%, plus a premium of $20.00.
FAYETTE COUNTY (P. 0. West Union) lowa.-BOND OFFERING.
Sealed and open bids will be received until 2 p. in. on June 13 by F. G.
Lee, County Treasurer, for the purchase of an issue of $150,000 coupon
primary road bonds. Int. rate is not to exceed 5%. Dated July 1 1929.
Due 915,000 from May 1 1935 to 1944 incl. Optional after May 1 1935.
FAYETTEVILLE, Lincoln County Tenn.-BOND SALE.
-The
'
142,500 5% coupon school bonds offered for sale on May 22-V. 128, p.
3359
-were awarded to the American National Co. of Nashville at par.
The Issues are divided as follows: $30,000 refunding and $12.500 central
high school bonds. Due in from 10 to 20 years. Denom. $1,000 and $500.
Interest payable on May & Nov. 1.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 68 (P. 0. Olney),
-BOND SALE.
Mont.
-The $3,500 issue of 6% registered school building
bonds offered for sale on May 10-V. 128, p. 2865
-was awarded to the
Department of State Lands SE Investments, at par. Due $700 from 1930
to 1934 incl. Optional after five years. Int. payable on May and Nov. 1.
No other bids were submitted.
FOND DU LAC COUNTY (P. 0. Fond du Lac) Wis.-BOND OFFER-Sealed bids will be received by the County Clerk, until June 5,for
ING.
the purchase eta $200.000 issue of highway bonds.
FORT WAYNE SCHOOL DISTRICT, Allen County, Ind.
-BOND
SALE.
-The $140,000 434% school improvement bonds offered on May 28
(V. 128. p. 3224) were awarded to the Harris Trust & Savings Bank of
Chicago at par plus a premium of $2,007, equal to 101.43. a basis of about
4.34%. Bonds are dated June 1 1929 and mature on June 1 as follows:
MOW. 1930 to 1934 hid.; $6,000, 1935 to 1939 incl.; $8,000, 1940 to 1944
incl., and $9,000, 1945 to 1949 incl.
The Detroit & Security Trust Co. of Detroit, offered par plus a premium
of $531 for the issue.
FRANKFORD ROAD DISTRICT (P. 0. Lewisburg), Greenbrier
County, W. Vs.
-BOND AWARD.
-The State of West Virginia will
purchase at par a $55,000 issue of 5% semi-annual road bonds through
the sinking fund commission.
FRANKLIN COUNTY (P. 0. Columbus) Ohio.
-BOND OFFERING.
Fred L. Donnelly, Clerk of Board of County Commissioners, will receive
3719
sealed bids until 10 a. in. (Eastern Standard time) June 5,for the purchase
of the following issues of 5% bonds aggregating $79,330:
Due as follows: $1,060, March and
$30,060 road improvement bonds. $2,000, Sept. 1 1930; $1,000, March and $2,000, Sept. 1 1931 to
1939 incl.
31,530 road improvement bonds. Due as follows: $1,530. April and $3,000.
Oct. 11930; $1,000. April and 12,000. Oct. 1 1931 to 1939 incl.
17.740 road improvement bonds. Due as follows: $240, April and $1,000.
Oct. 1 1930: $500, April, and $1,000. Oct. 1 1931 to 1933 incl.;
$1,000. April and Oct. 1 1934 to 1939 incl.
Bonds are dated July 11929. A certified check for 19' of the bonds bid
for, payable to the order of the Board of County Commissioners,Is required.
-BOND OFFERING.
FRANKLIN COUNTY (P.O. Columbus), Ohio.
Fred L. Donally, Clerk of Board of County Commissioners, will receive
sealed bids until 10 a. m. (Eastern standard time) on June 19 for the
purchase of the following issues of bonds, aggregating $77,615:
$60,822 highway impt. bonds. Int. rate 4ti %. Bonds are dated Feb. 1
1929 and mature as follows: $2,822 March 1 and $3,000 Sept. 1
1930;$3,000 March land Sept. 1 1931 to 1938 incl.;$3,000 March!
and $4,000 Sept. 11939.
16,793 Broad St. Bridge alteration bonds. Int. rate 5%. Bonds are
dated July 15 1929. Due as follows: $793 April 1 and $1.000
Oct. 11930; $500 April 1 and 51.000 Oct. 1 1931 and 1932; 11,000
April 1 and Oct. 1 1933 to 1938 incl.
Prin. and semi-ann. hit, payable at the office of the City Treasurer.
A certified check for 1% of the bonds bid for, payable to the order of the
Board of County Commissioners, is required. A complete transcript of
all proceedings had in the matter of authorizing, advertising and awarding
said bonds will be furnished the successful bidder at the time of the award,
and bids conditioned on the acceptance of bonds bid upon only upon the
approval of said proceedings by the attorney of the bidder will be accepted
and considered, and a reasonable time will be allowed the successful bidder
for the examination of said transcript before requiring compliance with
the terms of this advertisement or any bids made thereunder.
-BOND OFFERING.
-Sealed bids
GADSDEN, Etowah County, Ala.
will be received until 7.30 p. in. on June 10 by H. C. Thomas, City Clerk,
for the purchase of an issue of1100.0006% semi-annual school bonds. Dated
June 1 1929. Due 13,000 from 1932 tq 1951 and $5,009, 1952 to 1959
-Hanover Bank & Trust
all incl. Prin. and int. is payable at the Central
Co. in New York City. A 51.000 certified check must accompany the bid.
(This report supplements that given in V. 128, p. 3559.)
-BOND OFFERING.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
B. L. Thrasher, Clerk of. Board of County Commissioners, will receive
sealed bids until 1 p.in.(Eastern standard time) on June 3.for the purchase
of $19,323.19 57,, special assessment street improvement bonds. Dated
May 10 1929. Due May 10, as follows: 11.323.19. 1930; and $2,000.
1931 to 1939 hid. Interest payable on the 10th day of May and November.
A certified check payable to the order of the County Treasurer for 5% of the
bonds bid for is required.
-NOTE SALE.
GEORGETOWN COUNTY(P.O. Georgetown), S. C.
-The bonds and notes aggregating $105,000 offered for sale on May S.1
-V.128. p. 3384
-were awarded to the Peoples Securities Co., of Charleston.as 53js,for a premium of$401,equal to 100.382,a basis of about 5.20%
The Issues are divided as follows:
$75,000 refunding bonds. Due from June 1 1934 to 1953 incl.
130.000 refunding notes. Due from June 1 1930 to 1940 incl.
-SALE POSTPONED.
GIBSON COUNTY (P. 0. Princeton), Ind.
The following issues of 4%% bonds aggregating $31.900 are to be sold on
June 1. These are the bonds scheduled to have been sold on May 25V. 128. p. 3559.
$18,400 A. J. Mans et al, road improvement bonds. Denoms. $920. Due
$920, May and Nov. 15 1930 to 1939 incl.
13,500 P. M. Gudgel et al, road improvement bonds. Denoms. $675.
Due $675. May and Nov. 15 1930 to 1939 incl.
The bonds are dated May 15 1929. Int. payable semi-annually. All
bids should be addressed to Carl L. Woods, County Treasurer.
-BOND OFFERING.
GLAD WIN COUNTY (P.O. Gladwin), Mich.
Sealed bids will be received by Willard Walton, County Clerk, until 12 M.
on June 1, for the purchase of $60,000 refunding highway bonds. to be
dated June 10 1929, payable $10,000. June 10 1930 to 1935 incl. The
bonds are to bear interest at the rate of 5% per annum, payable semiannually.
-BOND SALE.-Tke $50.000
GLASGOW, Valley County, Mont.
Issue of semi-annual refunding bonds offered for sale on May 22 (V. 128,
p. 3057) was awarded to the State of Montana as Sc at par. Due on May 1
1949 and optional after May 1 1939. The other bidders were as follows:
Benwell & Co. of Colorado Springs; John Nuveen & Co. of Chicago; the
Wells-Dickey Co. of Minneapolis.
-BOND OFFERING.
GRAND RAPIDS, Wood County, Ohio.
F. J. Payne, Corp. Clerk, will receive sealed bids until 12 in. on Juae 21.
for the purchase of $3,850 59' fire engine apparatus purchase bonds.
Dated July 1 1929. Denoms. $385. Due $385 Oct. 1 1930 to 1939 incl.
Interest payable on April and Oct. 1. A certified check for 5% of the
bonds bid for, payable to the order of the Village Tresurer, must accom Pony each proposal.
GRAND VIEW IRRIGATION DISTRICT (P. 0. Grand View)
Owyhee County,Ida.
-BOND SALE.
-The $22,500 issue of6% refunding
-was awarded to Childs 0
bonds offered for sale on May 17-V. 128, p. 3385
& Co.of Boise. at a price of 93. No other bids were submitted.
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 5 (P. 0.
-The $175.000 issue of school bonds
Aberdeen), Wash.
-BOND SALE.
-was awarded to C. W. Mc
offered for sale on May 16-V. 128, p. 3057
Near & Co. of Chicago. as 434s. Dated June 15 1929 and due on June 16
as follows: 15,000. 1931 to 1934; $6,000, 1935 to 1937: 17.000, 1938 to
1941; $8,000, 1942 and 1943; $9,000, 1944 to 1946; $10,000, 1947 and 1948:
$11,000, 1949 and 1950 and $12,000, 1951 and 1952.
-BOND OFFERING.
GREEN SPRINGS, Seneca County, Ohio.
Sealed bids will be received by E. L. Wood, Village Clerk, until 12 in. 011
June 3 for the purchase of 11.8005% public safety equipment bonds. Int.
payable semi-annually.
-A syndicate
-BOND SALE.
HACKENSACK, Bergen County, N. J.
composed of Lehman Bros., Hannahs, Bailin & Lee,and H. L. Allen & Co..
all of New York, purchased on May 20, an issue of $900,000 69 impt.
bonds at par. Bonds are dated June 1 1929. Due June 1. as follows:
$20.000, 1930; 1208.000. 1931; 1169,000. 1932; $167,000, 1933; 1160.000.
1934; $80.000, 1935; $48,000. 1936; $28,000. 1937; and 520.000, 1938.
Legality to be approved by Reed, Hoyt & Washburn of New York.
HAGERSTOWN, Washington County, Md.-BOND SALB.-The
1300,000
% coupon sewer bonds offered on May 27-V. 128. P. 3385
were awarded to the Mercantile Trust & Deposit Co. of Baltimore. at a
price of 99.31. a basis of about 4.599'. The bonds are dated July 1 1929.
Due $10,000, 1960 to 1989 incl. Alex Brown & Sons of Baltimore. bid
98.574 for each $100 bond.
HAMLIN, Jones County, Tex.
-BOND SALE.
-A $50,000 issue of
6% water works refunding bonds has recently been purchased by the
Brown-Crummer Co. of Wichita. Denom. $1,000. Dated Mar. 15 1929.
Due $5,000 from Mar. 15 1941 to 1950 incl. Prin. and int. (M. 5t.
payable at the office of the above named company.
HAMTRAMCK SCHOOL DISTRICT, Wayne County, Mich.
-BOND
SALE.
-The following issues of refunding bonds aggregating $122.000
offered on May 29-V. 128. p. 3385
-were awarded as 434g to the Detroit
& Security Trust Co. of Detroit, at par plus a premium of 849 equal to
100.04, a basis of about 4.499':
$74,000 bonds dated May 1 1929. due on May 1 1944.
20,000 bonds dated Dec. 1 1928, due on Dec. 1 1943.
18,000 bonds dated Sept. 1 1928, due on Sept. 1 1943. II
10,000 bonds dated June 1 1929, due on June 1 1944.
The following bids for 434% bonds were submitted:
BidderPremium.
Bank of Detroit
$1,772.00
Otis & Co
1,637.80
Guardian Detroit Co
1.577.00
*Union Trust Co
788.50
First National Co
680.90
HAMPTON TOWNSHIP SCHOOL DISTRICT, Allegheny County,
Pa.
-BOND OFFERING.-Sealed bids will be received by the Somstary of
School District until 8:30 p. in. (daylight saving time) on June 13 for the
3720
FINANCIAL CHRONICLE
'Purchase of $55,000 4;i% school bonds. Dated March 1 1929. Coupon
bonds in $1,000 denom. Due March 1 as follows:$3,000. 1935 to 1951 incl.,
and $4,000, 1952. Int. payable on March and Sept. 1. All bids submitted
shall be subject to the approval of the sale of said bonds by the Department
of Internal Affairs.
[VoL. 128.
Due 8360, May and Nov. 15 1930 to 1939 incl. The First National Bank
of North Vernon, bid $7,202.50 for the issue.
JOHNSON COUNTY (P. 0. Iowa City) Iowa.
-BOND SALE.
The $105,000 issue of 4)
,
6% county road bonds offered for sale on May 27V. 128,P.3560
-was awarded to the Farmers Loan & Trust Co. of Waterloo,
HANCOCK COUNTY (P. 0. Findlay), Ohio.
- for a premium of $100, equal to 100.095, a basis of about 4.49%. Due on
-BOND OFFERING.
Sealed bids will be received by G. R. Morehart, County Auditor, until May and Nov. 1, from 1932 to 1944 incl. The only other bidder was the
12 m. (Eastern standard time) on June 17, for the purchase of $87.575 Iowa City Savings Bank of Iowa City.
634% road bonds. Dated April 1 1929. Denom. $1.000, one bond for
-NOTE OFFERING.
JOHNSTON COUNTY (P. 0. Smithfield) N. C.
$575. Due as follows: $8,575, 1930: 89.000, 1931,• and $10,000, 1932 to -Sealed bids will be
received by It. L. Fitzgerald, County Auditor, until
1938 incl. A certified check for 2500 is required Legal opinion of Squire, noon
on June 3,for the purchase of a $380.000 issue of anticipation notes.
Sanders & Dempsey of Cleveland, will be furnished the successful bidder.
JOHNSTON COUNTY (P.O. Smithfield), N. C.
-BOND OFFERING.
HASTINGS, Barry County, Mich.
-The Hastings -Sealed bids will be received by Miss
-BOND SALE.
to the Board
National Bank recently purchased an issue of $43,065 road assessment of County Commissioners, until noon Luma McLamb, Clerk
on June 10 for the purchase of two
district bonds, at par plus a premium of $618.00, equal to 101.43. The issues of 5% bonds,
aggregating 2326,000, as follows:
bonds bear Interest at the rate of 6%. The only other offer was a premium $240,000 school funding bonds. Due
as follows: $12,000, 1931 to 1935
:
of $129.00 by the Detroit & Security Trust Co., Detroit.
220,000. 1936 to 1939, and $25,000, 1940 to 1943, all inclusive.
86,000 road and bridge funding bonds. Due $4,000 from 1931 to 1938
HERMOSA INDEPENDENT SCHOOL. DISTRICT NO. 10 (P. 0.
and 29,000, 1939 to 1944, all inclusive.
Hermosa), Custer County, S. Dak.-BOND SALE.
-The 310,000 issue
Dated June
of school bonds offered for sale on May 20(V. 128, p. 3385) was awarded at National Bank 1 1929. Prin. and int. is payable in gold at the Hanover
in New York City. The county will furnish the bond forms
par to the Hermosa Savings Bank of Hermosa. Denom. $1,000.
and the legal opinion of Storey, Thorndike, Palmer & Dodge of Boston. A
HOLYOKE, Hampden County, Mass.
-The $250.000 certified check for 2% of par of the bid, payable to the county, is required.
-BOND SALE.
% coupon highway and sidewalk bonds offered on May 22-V. 128.
KEEN CAMP SCHOOL DISTRICT (P. 0. Riverside), Riverside
p. 3385
-were awarded to Brown Bros. & Co. of Boston at 100.262, a basis County, Calif.
-BOND
-Sealed bids will be received by the
•of about 4.40%. Bonds are dated May 1 1929 and mature $50,000 May 1 County Clerk, until June OFFERING.
3, for the purchase of an $8,000 issue of 6% school
1930 to 1934 inclusive. Other bidders were:
bonds. Dated June 11929. Due $1,000 from 1933 to 1940. incl.
BidderRate Bid.
KENT COUNTY (P. 0. Chestertown) Md.-BOND OFFERING.
Harris, Forbes & Co
100.23
Estabrook & Co
100.171 Sealed bids will be received by the Board of County Commissioners until
June 18 for the purchase of two bonds issues aggregating $1,000,000.
Eldredge & Co
100.17
each bearing a 434% coupon rate. Proposals are also invited on the basis
Curtis & Sanger
100.14
of both issues bearing 4% interest.
Old Colony Corporation
100.11
Stone & Webster and Blodgett, Inc
100.11
KIOWA SCHOOL DISTRICT (P. 0. Koiwa), Pittsburgh County,
R. L. Day & Co
100.081 Okla.
-BOND SALE.
-The $12,500 issue of 6% school bonds offered for
sale on April 23-V. 128. p. 2689
-was awarded to the Piersol Bond Co..
HOPKINTON, Middlesex County, Mass.
-The $52,-BOND SALE.
%
.000 issue of4)1% coupon water bonds offered on May 24-V. 128. p.3560
- of Oklahoma City, as follows: 87.000 as 53 s, and $5,500 as 534s.
was awarded to Estabrook & Co. of Boston at 100.14. a basis of about
KITTITAS COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
4.23%. Bonds are dated May 11929. Due May 1 as follows:$3,000, 1930 101 (P. 0. Ellensburg), Wash.
-Sealed bids will
-BOND OFFERING.
to 1941 inclusive, and $2,000. 1942 to 1949 inclusive.
be received by Dora W Lee, County Treasurer, until 4 p. rn. on June 1
Financial Statement May 16 1929.
for the purchase of an Issue of $124,000 annual school bonds. Interest
Net valuation for year 1928
$2,709,284.00 rate is not to exceed 6%.
Debt limit
80,432.34
-BOND SALE.
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
Total gross debt, including this issue
141,000.00
The 37,990
% coupon road impt. bonds offered on May 17-Y. 128.
Exempted debt
P. 3225
-were awarded to the Farmers State Bank of Mentone at par.
Water bonds (this issue)
$52.000.00
Bonds are dated May 15 1929 and mature 2395 May and Nov. 15, from
Sinking funds
18,465.93
70,465.93 1930 to 1939 incl. No other bid received.
• LA MOURE, La Moure County, N. Dak.-BOND OFFERING.
Net debt
$70,534.07 Sealed bids will be received by Edith Dean, City Auditor, until 10 a. m.
Borrowing capacity May 16 1929
9,898.27 on June 10 for the purchase of a 24,500 issue of semi-ann. light system
HOUSTON, Washington County, Pa.
-BOND SALE -Prescott, bonds. Int. rate is not to exceed 534%.
Lyon & Co. of Pittsburgh purchased an issue of $25.000 434% coupon or
LANSING AND DELTA TOWNSHIPS FRACTIONAL SCHOOL
registered sewer bonds on May 6 at par plus a premium of $27.50. equal to DISTRICT NO.1, Ingham and Eaton Counties, Mich.
-BOND OFFER100.11. Bonds are dated July 1 1928. Denom. $500. Interest pay- ING.
-L. J. Yariger, Secretary of Board of Education, will receive sealed
able on January and July 1.
bids until 8 p. m. (Eastern standard time) on June 3, for the purchase of
HUDSON, Summit County, Ohio.
-B. S. San- S75,000 school building bonds. Rate of interest is not to exceed 6%•
-BOND OFFERING.
ford, Village Clerk, will receive sealed bids until 12 m. on June 4 for the Bonds mature annually on March 1, as follows: $1,000. 1930 to 1932 incl.;
purchase of 246,993.36 5% street construction bonds. Dated Juno 11929. 21.500, 1933 to 1939 incl.: $2,000. 1940 to 1944 incl.: $2,500. 1945 to 1948
Denoms. $1,000, one bond for $993.36. Due annually on June 1 from incl.; $3,000, 1949 to 1951 incl.: $3,500, 1952 to 1954 incl.: $4,000. 1955 and
1930 to 1939 incl. A certified check for 10% of the bonds bid for, payable 1956: 24,500. 1957 and 1958; and $5,000. 1959. Purchaser to furnish
printed bonds and shall pay attorneys' fees. A certified check for 59; of
to the Village Treasurer, is required.
the bonds bid for, payable to the District Treasurer is required. These
IOWA COUNTY (P. 0. Marengo), lowa.-BOND OFFERING.
-Bids are the bonds for which no bids were received on April 8. At that time the
will be received until 2 p. m. on June 20 by the County Treasurer for the coupon rate was not to exceed 434%.-V. 128. p. 2689.
Purchase of a $200.000 issue of annual primary road bonds. Int. rate is
-BOND OFFERING.LAPEER COUNTY (P. O. Lapeer), Mich.
not to exceed 5%. Dated May 1 1929. Due $20,000 from May 1 1935
Sealed bids will be received until 11 a. m.(Eastern standard time), on June 7
to 1944 incl. Optional after May 1 1935.
the Board of County Road Commissioners, for the purchase of $50,000
by
IOWA, State of (P. 0. Des Moines).
-BONDS VOTED AND PEND- 5% improvement bonds. Due serially in from 1 to 10 years. A certified
ING.
-The following is a detailed tabulation of the bonds that have been check for $500 is required. Interest payable on May and Nov. 1.
voted by the various counties during the present year and also those
-BONDS REGISLAVACA COUNTY (P. 0. Hallettsville), Tex.
counties contemplating the issuance of bonds, as it appeared in the Des
TERED.
-On May 22 a 250,000 issue of 5% serial road district No. 4 bonds
Moine- "Register" of May 29:
was registered by the State Comptroller.
Bonds Previously Voted
Sixty-one counties
-BOND SALE.
-The
$66,535,657
LAWRENCE COUNTY (P. 0. Bedford), Ind.
Bonds Voted This Year
following issues of 43 % bonds aggregating 3137.000 offered on May 28Story, April 8
$1,300,000 Y. 128. p. 3386
-were awarded to the Meyer-Kiser Bank of Indianapolis,
Shelby, April 11
800.000 on its bid of par, plus a premium of $1,022 for both issues, equal to 100.74%.
Audubon, April 17
750,000 $122,000 Bedford and Williams Road Improvement bonds. Due semiAdams, April 24
450,000
annually on May and Nov. 15.
x Page. May 1
550,000
15,000 school building bonds. Due $750, May and Nov. 15 1930 to
Dallas, May 9
1,500,000
1939 inclusive.
x Fremont, May 9
415,000
The bonds are dated May 15 1929. The successful bidders offered a
Boone, May 15
1,300,000 premium of $940 for the road bonds and a premium of 282 for the school
Taylor. May 16
750,000 issue. The following bids were also received:
x Mahaska, May 22
800.000
-Premiums-Marlon, May 22
1,300,000
Roads. Schools.
Bidderx Clarke, May 22
250,000 Inland Investment Co., Indianapolis
210
0 Guthrie, May 22
1,200,000 Citizens Trust Co., Bedford
Par
Par
Crawford. May 24
1.500,000 J F. Wild Investment Co.. Indianapolis
$ff
.:50
185
x Dubuque, May 27
900,000 Fletcher Savings & Trust Co., Indianapolis
87
X Linn, May 27
1,700,000 Bankers Investment Co., Indianapolis
439
x Van Buren, May 27
375,000
LEA COUNTY SCHOOL DISTRICTS (P.O. Lovington), N. Mex.Webster, May 27
1,900,000
-Sealed bids will be received until 2 p. m.on June 25,
Union, May 28
550.000 BOND OFFERING.
by Berry Hobbs, County Treasurer, for the purchase of two issues of
bonds aggregating $7•750, as
Total
$18,2 90.000
'
Total voted by 73 counties
bonds.
$84.825,657 $5,000 school district No. 19follows Denom. $1,000. Due 21.000 from
June 1 1932 to 1936 inclusive.
Bond Elections Called2,750 school district No. 29 bonds. Denom. $500, one for $250. Due on
:
Black Hawk,May 31
$1,000.000
June 1 as follows: $500. 1932 to 1936 and $250 In 1937.
x Montgomery, May 31
450,000
Interest rate is not to exceed 6%. Dated June 1 1929. Principal and
1,500,000
Carroll, June 4
660,000 Interest (J. & J.) payable at the State Treasurer's office, or at the County
x Fayette. June 4
1,500,000 Treasurer's office. A certified check for 5%,payable to the County TreasCass. June 6
1,350,000 urer, is required.
Hamilton, June 12
1,000,000
x Pottawattamie. June 12
LEA COUNTY SCHOOL DISTRICT NO. 24 (P. 0, Lexington),
1,300,000 N.
* Hardin, June 14
Mex.-BONDS NOT SOLD.
-The $4,000 issue of not to exceed 6% semi
400,000 annual
x Bremer. June 14
not as yet been
school
May 20
1,195,000 sold. The bonds offered on informs (V. 128, p. 3058) has
z Cherokee. June 19
us that the bonds, with others, will
County Treasurer
310,355.000 soon be readvertised. Due $500 from June 1 1932 to 1939 incl.
rTotal
$95,180,657
LEHIGH COUNTY (P. 0. Allentown), Pa.-RMS.-The following
1 Total voted and submitted
is a list of the other bids received on May 20 for the $700,000 434% bonds
P Bonds Elections Planned$300,000 awarded to E. B. Smith & Co. and Graham, Parsons & Co., both of
:
Appanoose
1,200,000 Philadelphia, at 101.279, a basis of about 4.15%-V. 128, p. 3560:
Clay
Prem.
Bidder1,200,000
BidderPrem.
Grundy
137,602.70
800,000 E. Lowber Stokes & Co-28,610.00 Allentown Trust Co
Lee
x
2,655.80
1.400,000 Allentown National Bank_ 8.463.0010e0. 13. Gibbons & Co_
Madison
2,373.00
750,000 M. M.Freeman & Co
7,980.00 Ames, Emerich & Co
Ringgold
1,200,000
x Tama
LEWIS COUNTY SCHOOL DISTRICT NO. 23 (P. 0. Chehalis),
Wash.
Hastings, County Treasurer, will
kt
-BOND OFFERINO.
$6,850,000 receive sealed bids until June-C. M. purchase of a $9,000 issue of school
k Total
8, for the
bonds.
i
102.030,657
I Total voted,submitted and planted
LEWISBURG, Greenbrier County, W. Va.-BOND OFFERING.2500,000 secondary road
x Voting a second issue. * Votes same day on
Sealed bids will be received until 10a. m. on June 8, by James M. Preston,
bond issue. z Votes same day on $200,000 secondary road bond issue.
Town Recorder, for the purchase of a 210,000 issue of 6% semi-annual
JACKSON COUNTY (P.O. Independence), Mo.-BOND OFFERING. fire equipment bonds. Denom.$500. Due $1,000 from 1931 to 1940 incl.
-Sealed bids will be received until June 17 by the County Clerk for the
-TEMPORARY LOAN.
LEXINGTON, Middlesex County, Mass.
purchase of a $500.000 issue of 434% hospital bonds.
The Bank of Commerce & Trust Co. of Boston, recently purchased a
-BOND OFFER- $175,000 temporary loan on a discount basis of 5.725%. The lean is pa
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
ING.
-A $250,000 Issue of court house construction bonds will be offered able on Dec. 31 1929. The following bids were also submitted:
Discount Basis.
Bidderfor sale at public auction on June 11 by W. D. Bishop, President of the
5.75
Board of Revenue. Int. rate is not to exceed 5%. Dated Jan. 1 1925. Faxon, Gade & Co. (plus $1.00)
5.83%
Due on Jan. 1 as follows: $100,000, 1950 and 1951, and $50.000 in 1952. Salomon Bros. & Hutzler
5.845%
Bonds to be sold subject to the legal approval of Thomson, Wood & Old Colony Corp
5.88%
Lexington Trust Co
Hoffman of New York City.
-BOND SALE.
-The
LIMA COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Albany), Ore.
JENNINGS COUNTY (P. 0. Vernon), Ind.
-Sealed bids will be received until 7 p. m. on June 7,
$7,200 4li% coupon road improvement bonds offered on May 24-V. 128, BOND OFFERING.
-were awarded to the North Vernon National Bank of North by D. D. Hackleman, District Clerk, for the purchase of a 350,000 issue of
p. 3385
Vernon. at par plus a premium of $3. The bonds are dated May 15 1929. 5% semi-annual school bonds. Denom. $1,000. Dated July 1 1929.
JUNE 1 1929.]
FINANCIAL CHRONICLE
Due on July 1 as follows: $2.000, 1930 to 1942: $3,000, 1943 to 1946 and
$4,000, 1947 to 1949 all inclusive. Teal, Winfree, McCulloch & Shuler
of Portland will furnish the legal approval. A certified check for 3% must
accompany the bid.
3721
50,000 sewer construction bonds. Due May 1, as follows: $3,000. 1930 to
1939 incl.; and $1,000, 1940 to 1959 incl.
35.000 sidewalk bonds. Due May 1, as follows: $7,000, 1930 to 1934 incl.
Bonds are dated May 11929. No other bid received.
MANCHESTER, Adams County, Ohio.
LINDEN, Union County, N. J.
-NO BIDS.
-OFFERS PUBLIC IMPROVEMENT
-Robert Roush,
BONDS.-Dowey, Bacon & Co. and Graham, Parsons & Co. both of New Village Clerk, reports that no bids were received on April 25 for the $5.000'
-V. 128, p. 2511. Bonds are dated Mar. 1
York, are offering for public investment, $467,000 5j.4% public improve- 501 fire bonds offered for sale
ment bonds maturing between June 1 1930 and June 1 1969, at prices to 1929. and mature as follows: $250, Mar. and Sept. 1 1930 to 1933 incl:
Yield from 6.00 to 4.80%. Bonds are issued for city hall and fire house and $300, Mar. and Sept. 1 1934 to 1938 incl.
purposes, and are stated to be a legal investment for savings banks and
MANILA, Philippine Islands.
-BOND OFFERING.
-Sealed bids will
trust funds in the State of New Jersey.
be received by Brigadier-General F. Le. J. Parker, Chief of the Bureau of
LINNEUS, Linn County, Mo.-PURCHASER.-The $25,000 issue of Insular Affairs, at Room 3040 of the Munitions Building in Washington,
51. % street improvement bonds that was reported sold-V. 128, p. 3561
- D. C.,for the purchase of a $500.000 issue of 4 ji% coupon public improvewas awarded at par to Stern Bros. & Co., of Kansas City. Due from 1930 ment, First Series bonds, until 2 p. m. on June 11. Denom. $1,000.
Dated April 1 1929. Due on April 1 1959. Prin. and Mt. (A. & 0.)
to 1919.
payable in gold coin at the Treasury of the United States. The official,
LITTLE TRAVERSE TOWNSHIP FRACTIONAL SCHOOL DIS- offering notice states that:
TRICT NO. 1 (P. 0. Harbor Springs), Emmet County, Mich.
The bonds are to be issued under authority contained in Section 11 of an
-BOND
SALE-The $28,000 5% refunding 'bonds offered on May 20-V. 128. Act of Congress, approved Aug.29 1916, as subsequently amended by Act or
-were awarded at par to the Emmet County State Bank, Harbor May 31 1922: and in Act No. 3456 of the Philippine Legislature approved
p. 3225
Springs, the only bidder. The bonds are dated June 1 1929. Due June 1, Dec. 3 1928.
as follows: $3,000, 1930 to 1937 incl.; and $4,000, 1938.
Under date of May 11 1929, the Attorney-General of the United States
rendered an opinion in which he passed upon the legality of the proposed
LOGANTON, Clinton County, Pa.
-BOND SALE.
-The Borough issue, a copy of which will be furnished to the successful bidder.
Secretary informs us that an issue of $5,000 water pipe and fire hydrant
Under the terms of an Act of Congress, approved Feb.6 1905, "all bonds
bonds has been disposed of locally at par.
issued by the Government of the Philippine Islands, or by its authority,
shall be exempt from taxation by the Government of the United States, or
LOOKOUT MOUNTAIN, Hamilton County, Tenn.
-BOND OFFERING.
-Bids will be received by J. B. Pound, Mayor, until 8 p. m. on by the Government of the Philippine Islands or of any political or municipal
June 6, for the purchase of two issues of 5% bonds aggregating $150,000, subdivision thereof, or by any State, or by any county, municipality, or
as follows: $100,000 floating debt and $50,000 street improvement bonds. other municipal subdivision of any State or Territory of the United States,
or by the District of Columbia," and, under the provisions of Section 22 (b)
Due in 20 years. A certified check for 5% is required.
of the Revenue Act of 1928, the term "Gross Income" does not include
LOS ANGELES COUNTY IMPROVEMENT DISTRICT NO. 145 following, which shall be exempt under that title (4) interest upon the
(c)
(P. 0. Los Angeles), Calif.
-BOND SALE.
-A $75,900.07 issue of 7% obligations of the United States or its possessions. A certified check for
Improvement bonds has recently been purchased by the Brown-Crurnmer 2% par of the bonds bid for, payable to the above
-named chief, is required.
Co., of Wichita. Denoms. $1.000. $500 and one for $400,07. Dated The following statement is also furnished:
March 18 1929. Due from March 18 1939 to 1948 incl. Prin. and int.
Manila is the capital of and the most important port in the Philippine
(J. & J.), payable at the County Treasurer's office or at the office of the Islands. It is the chief commercial center of the Islands,lying at the mouth
above-named company.
of the Pasig river, which empties into Manila Bay,and has excellent shipping
LOS ANGELES COUNTY SCHOOL DISTRICTS (P.O.Los Angeles), facilities. The estimated population of Manila in 1928 was 324,522. On
Calif.
-BOND SALE.
-The two issues of 5% bonds aggregating $1,150,000 Dec. 31 1928 the assessed valuation of taxable real property in Manila
offered for sale on May 27-V. 128, p. 3386
-were awarded to It. H. was $126,215,167.50. The outstanding public indebtedness of Manila
at the present time amounts to $5,420.000, against the payment of which
Moulton & Co. of Los Angeles, as follows:
$850.000 Long Beach City High School District bonds at a price of 102.53, there has been accumulated in the various sinking funds as of Dec. 31 1928
a basis of about 4.75%. Due May 1 as follows: $29,000, 1930 the sum of $1,176,181.30. thus leaving a net debt on that date of $4.243,818.70. As the City of Manila is authorized to incur, under the aforeto 1939 incl., and $28,000, 1940 to 1959 incl.
300,000 Long Beach City School District bonds at a price of 102.54, a mentioned Acts of Congress of Aug. 29 1916 and May 31 1922 a total
Indebtedness up to 10% of the aggregate tax valuation of its property,
basis of about 4.75%. Due $10,000, May 1 1930 to 1959 incl.
All the above bonds are dated May 1 1929. Denom. $1,000. Prin. its outstanding indebtedness, together with the proposed increase therein,
and semi-annual int. payable at the City Treasury, or at the National will be well within the limitation prescribed by Congress. It is further
provided in Act. No. 3456 of the Philippine Legislature authorizing these
City Bank, New York.
bonds that a standing annual appropriation of such sums as may be necesLOUISIANA, State of (P. 0. Baton Rouge).-BOND SALE.
-A sary to provide for the sinking fund created by the Act to retire the bond/
$589,000 IMMO of 5% coupon or registered Veteran's Pension bonds has at maturity shall be made out of the general funds in the Treasury
of the
recently been jointly purchased by the Whitney-Central Bank and the Philippine Islands, such sums to be reimbursed from
revenues of the city
Hibernia Securities Co., both of New Orleans. Denom, $1,000. Dated of Manila.
Jan. 11929. Due on Dec. 31 1938. Prin. and int. (J. & J. 1) payable in
gold at the State's fiscal agency in N. Y. City or at the State Treasurer's
MARBLEHEAD, Ease: County, Mass.
-BOND
SALE.-Estaoffice. Legality to be approved by Thomson, Wood & Hoffman of N. Y. brook & Co. of Boston purchased on May 21 an issue of $45.000 436%
sewer bonds at a price of 100.08. Due $9,000 annually. Interest cost
City.
basis about 4.49%. This corrects the report given in V. 128. p. 3561.
Financial Statement (As Officially Reported May 1 1929).
Assessed valuation, 1928
$1.733,552,714.00
MARIETTA, Washington County, Ohio.
-BOND OFFERING.
Total bonded debt (including this issue)
67,004,322.35 Laura Morse, City Auditor, will receive sealed bids until 12 m. (Eastern
Population, 1920 Census, 1.798.509.
standard time) on June 22 for the purchase of $22,000 534% property ownLOWELL, Kent County, Mich.
ers' portion street improvement bonds. Dated April 1 1929. Denom.
-BOND OFFERING.
-Sealed bids
will be received by 0. J. Brezina, Village Clerk, until 7:30 p. m. on
$1,000. Due Oct. 1 as follows: $2.000, 1930 to 1937 incl.. and $3,000.
for the purchase of $65,000 5% Hydro-Electric plant bonds. DatedJune 3, 1938 and 1939. Prin. and int. (April & Oct. 1) payable at the office of the
June 1
1929. Denom. $1,000. Due Juno 1 as follows: $5,000. 1932 to 1934 incl., City Depository. A certified check for 3% of the bonds bid for is required.
Any bidder desiring to do so may present a bid for such bonds based upon
and $10,000, 1935 to 1939 incl.
lower rate of interest than hereinabove
LOYALSOCK TOWNSHIP SCHOOL DISTRICT (P. 0. Williams.. their bearing awhere a fractional interest rate is bid specified, provided,
however, that
such fraction shall be
port) Lycoming County, Pa.
-BOND SALE.
-The $50,000 4%% one-fourth of 1% or multiples thereof. If bids are received based upon a
coupon school bonds offered on May 22-V. 128, P 3386-were awarded
above specified, the bonds
to the Lycotning Trust Co. of Williamsport, at par plus a premium of lower rate of interest thannot less than par and accrued will be awarded to
the highest bidder offering
interest based upon
$100.00 equal to 100.20, a basis of about 4.48%. Bonds are dated May 1 the lowest rate of interest.
1929, and mature on May 1 as follows: $2,000, 1930 to 1948 incl., and
MARION COUNTY (P. 0. Indianapolis), Ind.
$3,000, 1949 to 1952 inclusive.
-BOND SALE.
-The
highway bonds offered on May 27-V.
LURAY MAGISTERIAL DISTRICT (P. 0. Luray), Page County, $18,300 at % and accrued interest to the J. P. Wild 128, p. 3561-were
awarded
par
Iowa.
-BONDS VOTED.
-At a special election hold on May 28 the voters Indianapolis. The bonds are dated May 1 1929 and Investment Co. of
mature $915 May
authorized the issuance of $150,000 in bonds for a new school building by and Nov. 15 1930 to 1939 inclusive.
a majority of 259 out of a total of 775 votes cast.
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND SALE.
LYNN, Essex County, Mass.
-TEMPORARY LOAN.
-A $100.000 The $500,000 5%
-were awarded
temporary loan maturing on Nov'. 4 1929, was awarded on May 28 to as stated below: bonds offered on May 27-V. 128, p. 3226
Salomon Bros. & Hutzler of Boston, on a discount basis of 5.85%, plus a $350.000 refunding bonds to the
Harris Trust & Savings Bank and the
premium of $1.50. The Central National Bank of Lynn, was the only
First Union Trust & Savings Bank, both of Chicago, at par plus
other bidder, offering to discount the loan on 5.96% basis.
a premium of $8.439, equal to 102.40, a basis of about 4.48%.
McCLAIN COUNTY SCHOOL DISTRICT NO. 48 (P. 0. Purcell),
Bonds mature $35,000, April 1 from 1930 to 1939 inclusive.
Okla.
150,000 refunding bonds sold to the Merchants National Bank and the
-BOND SALE
-A $2,400 issue of 5% school bonds has recently
been purchased at par by local investors. Due $500 from 1932 to 1935
Indiana Trust Co., both of Indianapolis, at par plus a premium
and
$400 in 1936.
of $4,223.50, equal to 102.81. a basis of about 4.39%. Due
$15,000, April 11030 to 1939 inclusive.
McELROY ROAD DISTRICT (P. 0. Middlebourne), Tyler County,
The bonds will be dated April 1 1929.
Va.-BOND OFFERING.
W.
-J. E. Smith, Clerk of the County Court,
MARSHALL COUNTY (P. 0. Plymouth), Ind.
will receive sealed bids until 10 a. m. on June 22 for the purchase of
-BOND SALE.
-The
$200,000 issue of 5% coupon road bonds. Denom. $1,000. Dated June a $3,600 issue of John P. Swihart et al. 43401 road improvement bonds offered
1
1929. Due from June 1 1931 to 1960 incl. Prin. and I.(J. & D.) pay- on May 23-V. 128, p. 3387
-was awarded at par to Roy Freesh, a local
able in New York City or Charleston. A $2,000 certified check payable investor, the only bidder. The bonds are dated Slav 7 1929. Due on
May and Nov. 15 1930 to 1939 incl. The County treasurer makes no
to the County Court, must accompany the bid.
mention as to the disposition of the $2,400 issue of road bonds offered at
McLENNAN COUNTY (P. 0. Waco), Tex.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. on June 4 by R. B. Stanford, the same time.
County Judge, for the purchase of an issue of $128,000 4) % road
MARTHA SCHOOL DISTRICT (P. 0. Martha), Jackson County,
bonds.
Denom.$1,000. Dated Apr. 101929. Due on Apr. 10 aS follows: $12,000. Okla.
-BOND OFFERING.
-Sealed bids will be received until 2 p.
on June 3 by Clarence Pigg, Clerk of the Board of Education, for the
1932; $29,000, 1933; $29,000, 1967 to 1969. Prin. and int. (A. & 0.
10) chase of a $17.500 issue of school bonds. Int. rate is to be named bypurPayable at the National Park Dank in N. Y. City. These bonds issued purthe
suant to Article 3. Sec. 52, Constitution of Texas, including Chapter
bidder. A certified check for 2% must accompany the bid.
16,
General Laws, enacted by 39th Legislature, at its First Called
Session
MARTIN COUNTY (P. 0. Williamston), N. C.
-BOND SALE.
-The
1926. They will be used entirely in construction of roads, and are
unaffected by any litigation. Were voted Dec. 18 1928, for 6.711: against, $50.000 issue of 5Si% coupon school bonds offered for sale on May 24V. 128, p.
1,491. Total amount of bonds authorized at said election. $4,791,500. premium 3387-was awarded to Braun, Bosworth & Co. of Toledo for a
of $1,068. equal to 101.236, a basis of about 5.08%. Dated
,
This $128,000 is part of the first installment, series D, $1,160,000. offered
May 11020. Due from May 1 1932 to 1959 inclusive.
for sale on April 2 1929 and withdrawn from the market. A $5.000
certified check must accompany the bids. The County Judge will furnish
MARTINSVILLE, Clark County, III.
-BOND SALE.
-The $38,000
the road bonds
required bidding form.
offered on May 25-V. 128, p. 3387
-were awarded as Cs to
Financial Statement.
Kent, Grace & Co. of Chicago at par plus a premium of $1,030, equal to
Actual valuation, estimated
$110,000,000.00 a price of 102.71. The bonds are dated July 1 1929 and mature serially
Assessed valuation. 1928
67,902,450.00 in from 1 to 10 years.
Assessed valuation, 1929, will be in excess of
70,000,000.00
MARYLAND, State of (P. 0. Annapolis).
Total bonded debt, including this Issue
-MA
.-The
2,121,500.00 $4,280,000 434% bonds scheduled to be sold on June 12, TURITY which
Sinking fund on hand
report of
,443.87 appeared in V. 128, p. 3561, mature as stated herewith:
Population, 1920 Census, 82,921; estimated 1929, 102.000.
$2.655.000 special road bonds. Due June 15, as follows: $155,000, 1932;
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND SALE.
$162.000. 1933; $169.000. 1934: $177,000, 1935; $185,000, 1936:
-The
$23,400 4)-5% bonds offered on May 15-V. 128, p. 3226
$193,000, 1937; $201,000, 1938: $211,000, 1939: $220,000. 1940:
-were awarded
at par as stated below:
$230,000, 1941; $240.000. 1942; $251.000. 1943: and $261.000.
$14,200 Harry W. Phillips et al, Anderson Township road construction
1944.
bonds, due in 10 years, sold to W.C. Halatead of Indianapolis.
750,000 bridge bonds. Due June 15, as follows: $44,000, 1932; $46,000.
9,200 W.0. Ithoton et al, Anderson Township road construction bonds,
1933; $48,000, 1934: $50,000, 1935; $52,000, 1936; $54,000.
due in 10 years, sold to the Farmers'Mist Co. of Anderson.
1937; $57.000, 1938: $59,000. 1939; $62.000, 1940; $65.000.
1941; $68.000, 1942: $71,000, 1943; and $74,000, 1944.
MADISON, Lake County, S. Dak.-BOND OFFERING.
-Sealed
750,000 road bonds. Due Just, 15. as follows: $44,000, 1932: $46,000.
will be received by J. W. Embarg, City Auditor, until 2p. m. on Junebids
1933 $48,000, 1934; $50,000, 1935; $52,000. 1936; $54.000.
for the purchase of a $50,000 issue of city hall bonds. Int. rate is not17,
1937 $57.000, 1938; $59.000. 1939; $62,000, 1940: $65,000.
exceed 5%. Dated June 1 1929. Due on June 1 as follows: $2,000, to
1941 $68,000, 1942: $71,000, 1943: and $74,000. 1944.
to 1935 and $3,000, 1936 to 1949. all incl. Prin. and semi-annual1932
int.
125,000 Morgan College bonds. Due July 1, as follows: $7,000, 1932
payable at the bank or trust company selected by purchaser.
to 1934 incl.; $8,000, 1935 to 1937 incl.; $9,000, 1938: $10,000.
St Cutler of Chicago will furnish the legal approval. A certified Chapman
check for
1939: $11.000, 1940; $12,000, 1941 and 1g42; and $13.000.
must accompany the bid.
2%
1943 and 1944.
MALDEN, Middlesex County, Mass.
The above bonds, with the exception of the Morgan College Woe which.
-BOND SALE.
-The following
Woos Of 434% coupon bonds aggregating $150,000 offered on
is dated July 11929, are dated June 15 1929.
May 22
-were awarded to R. L. Day & Co. of Boston, at a Price
-V. 128, p. 3386
MECICLENBURG COUNTY (P. 0. Charlotte), N. C.
-BONDS OFof 100.261, a basis of about 4.20%:
-Sealed bids were received by F. M. Gresham, Clerk of the Board
$65,000 street construction bonds. Due May 1, as follows: $7,000. 1930 to FERED. Commissioners, until
of County
May 31 for the purchase of a $15,000 issue1934 incl.: and $6,000, 1935 to 1939 incl.
of revenue notes. interest rate not exceeding 6%.
3722
FINANCIAL CHRONICLE
-BOND SALE-The
NORTHAMPTON, Hampshire County, Mass.
3220,000 issue of 4y,% coupon school bonds offered on May 23-V. 128.
-were awarded to Estabrook & Co. of Boston at 100.414, a basis
P. 3562
of about 4.16%. Bonds are dated June 1 1929 and mature $22,000 on
June 1 from 1930 to 1939 inclusive. The following bids were also submitted:
Rate Bid.
Bidder100.263
Curtis & Sanger
100.23
Stone & Webster and Blodget, Inc
100.191
R. L. Day & Co
100.08
Harris, Forbes & Co
100.016
Hampshire County Trust Co
NORTH BERGEN TOWNSHIP (P. 0. North Bergen), Hudson
B. J. Van
-The syndicate composed of
-PRICE PAID.
CountyN. J.
F. Schlater & Co.
Ingen &'Co., Eldredge & Co., Morris Mather & Co.,
M.
Stephens & Co., Hoffman & Co., Seasongood & Mayer, Prudden & Co. and
H. M. Byllesby & Co., all of New York, and the Provident Savings Bank &
Trust Co., Cinchmati, which purchased a $1,996,000 issue of6% temporary
-V. 128. p. 3562
improvement bonds
-paid par for the bonds, which are
dated April 24 1929 and payable on April 24 1935.
BONDS RE
-The bonds are being re-OFFERED FOR INVESTMENT.
offered for public investment, priced to yield 5%. According to the
offering notice: "Actual value of real property of the township is $116,516,261: assessed valuation as of 1929, $76,000,707, and net bonded debt,
including this issue, less sinking fund requirements. $10,921,342. Population, according to the 1920 Census was 23,344, while the present popula,
tion is estimated at 50,000.'
-BOND
NORTHUMBERLAND COUNTY (P. 0. Sunbury), Pa.
-The $200,000 435% bonds offered on May 17-V. 128, p. 2868
SALE.
were awarded to the National City Co. of New York at 100.909, a basis
of about 4.31%. Bonds mature on June 1 as follows: 520,000, 1930 to
1939 inclusive. The following bids were also submitted:
Rate Bid.
Bidder100.33
M. M.Freeman & Co
100.319
Harris, Forbes & Co
100.65
Graham, Parsons & Co
100.713
E. II. Rollins & Sons
-BONDS REGISNUECES COUNTY (P. 0. Corpus Christi), Tex.
-An issue of $147,000 434% serial court house bonds has been
TERED.
registered by the State Comptroller.
-The $144,000
-BOND SALE.
OAK PARK, Oakland County, Mich.
coupon special assessment sewer and water lateral bonds offered on May 21
-were awarded as 54s to the Detroit & Security Trust
-V. 128, p. 3388
Co. of Detroit at par plus a premium of $1,050, equal to 100.72, a basis of
about 5.60%. Bonds are dated May 1 1929. Due $14,400, May 1 1930
to 1939 inclusive. The Union Trust Co. of Detroit bid for 6% bonds,
offered par plus a premium of $979.25.
OGDEN SCHOOL DISTRICT (P. 0. Ogden), Weber County, Utah.
-BOND OFFERING.
-Sealed bids will he received until 5 p. m. on June
7 by Viola M. Clancy, Clerk of the Board of Education, for the purchase
of an issue of $163,000 44% building refunding bonds.
-Sealed
-BOND OFFERING.
OLEAN, Cattaraugus County, N. Y.
bids will be received by F. D. Leland, City Clerk, until 8 p. in. (standard
time) on June 11, for the purchase of the following issues of coupon or
registered bonds aggregating $434,150. Rate of interest is not to exceed
5% and is to bo in multiples of 34 of 1%, one rate to apply to the entire
offering.
$350,000 Public Health bonds. Due July 1 as follows: $17,000. 1930 to
d.
1939 i
and $18,000, 1940 to 1949 hid.
84,150
84.150 improvement bonds. Due $9,350, July 1 1930 to 1938 incl.
The above bonds are dated July 1 1929. A certified check for $8,000.
payable to the City Treasurer, must accompany each proposal. Legality
to be approved by Clay, Dillon & Vandewater of New York City.
-BOND SALE NOT CONSUMOMAK, Okanogan County, Wash.
-The safe of the $18,000 issue of coupon city hall, fire station,
MATED.
fire truck, equipment and site bonds to the State of Washington as 44s
-was not consummated,as the election on the bonds
at par-V.128. p. 2155
was held invalid. It is said that the bonds will again be voted in the
near future.
OSSINING UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-BOND OFFERING.-Percy II.
Ossining), Westchester County, N. Y.
Dowden, District Clerk, will receive sealed bids until 8 p. m. on June 11
for the purchase of $750.000 43. % coupon or registered school bonds.
Dated July 1 1929. Due July 1 as follows: 310.000, 1930 and 1931:
l.• $25.000. 1939 to 1943 incl.•, $30.000, 1944 to
315.000, 1932 to 1938
inc.
1948 incl., and $35,000. 1949 to 1958 incl. Prin. and int. (J.& J.) payable
National Bank & Trust Co., Ossining. A certified
In gold at the First
of the District
check for 2% of the bonds bid for, payable to the orderbe approved by
Treasurer, must accompany each proposal. Legality toY. City.
Clay, Dillon & Vandewater of N.
-BOND OFFEROTTAWA COUNTY (P. 0. Grand Haven), Mich.
ING.
-William Wilds, Clerk of Board of County Road Commissioners
until 10 a. in. (Eastern standard time) on June 6
will receive sealed bids
for the purchase of $120,000 Road Assessment District No. 15 bonds.
Due May 1 as follows: $10.000, 1930; 311,000, 1931:512.000. 1932:513,000,
1933;$14,000, 1934:$15,000. 1935 to 1938 incl. Bonds aro in $1,000 denom.
Bidders to state rate of interest and where payable. Purchaser to furnish
bonds ready for execution, also pay for legal opinion. A certified check
for $1,200, payable to the Board of County Road Commissioners, must
accompany each proposal.
-Sealed
-BOND OFFERING.
P.
OWEN COUNTY( 0. Spencer), Ind.
bids will be received by D. V. Lucas. County Treasurer, until 10 a. in.
on June 5 for the purchase of 310,300 Harrison Township road bonds.
Coupon rate is 43 %. Bonds are dated May 15 1929. Denom. $515.
5
,
Due $515, May and Nov.15 1930 to 1939 incl. Int, payable semi-annually
-0. A.
-BOND OFFERING.
OWOSSO, Shiawassee County, Mich.
Van Epps, City Clerk, will receive sealed bids until 7:30 p. m. (Eastern
assessment
standard time) on June 3 for the purchase of $18,000 special Bonds are
coupon paving bonds. Rate of interest is not to exceed 5%.
dated July 1 1929. are in $1,000 denom. and are payable annually on
July 1 as follows: $5,000. 1930; $3,000, 1931 to 1933 incl., and 52.000, 1934
and 1935. Purchaser to furnish printed bonds and legal opinion. Prin.
and semi-annual interest payable at the office of the City Treasurer. A
certified check for $400. payable to the city, is required.
-0. B. Finch,
-BOND OFFERING.
OXFORD, Butler County, Ohio.
Village Clerk. will receive sealed bids until 12 m. on June 11 for the purchase of $20,000 5% sewage disposal plant bonds. Bends are dated
April 1 1929. Denom. $1,000. Due $1,000 April and Oct. 1 1930 to
1939 incl. Prin. and int. (A. & 01.) payable at the office of the Village
Treasurer. A certified check for 5% of the bonds bid for, payable to the
Village Clerk, must accompany each proposal.
-BOND
OXFORD SCHOOL DISTRICT, Butler County, Ohio.
of
OFFERING.
-Sealed bids will be received by the Clerk et the Board
3120.000 5% school
Education until 12 m. on June 1 for the purchase of
bonds. Dated May 1 1929. Denom. $1,000 and $500. Due $2.500.
March 1 and Sept. 1 1930 to 1953 incl. A certified chock for $2,500 is
required.
-BOND SALE.-Th
PALM BEACH, Palm Beach County, Fla.
3450.000 issue of 5% coupon gen. impt. bonds offered for sale on May 23Beach
V. 128, p. 3388
-was awarded to the First National Bank of Palm 1932
at par. Denom. $1,000. Dated June 1 1929. Due $25,000 from
to 1949 incl. Int. payable on June 1 and Dec. 1.
-The $296,000
-BOND SALE.
PARMA, Cuyahoga County, Ohio.
-were awarded
street impt, bonds offered on May 20-V. 128, 9. 3059
W. L. Slayton & Co., and
as 5;is to a group composed of Prudeon &
a premim of $1,991,
par
Ryan, Sutherland dr Co.. all of Detroit, atCo.. plus
equal to 100.64, a basis of about 5.35%. Bonds are dated June I 1929
and mature on Oct. 1 as follows :529.000. 1930 to 1933 incl., and $30,000.
1934 to 1939 incl. Other bidden were:
Prem.
Int. Rate.
BidderGuardian Trust Co.,Seasongood & Mayer and the Well,
81.771.00
5H%
Roth & Irving Co., all of Cincinnati
Otis & Co., Cleveland; Braun Bosworth k Co., Toledo,
1,613.20
and the Detroit & Security Trust Co.. Detroit
Discount Basis,
475.00
5
First National Co. of Detroit
5.747
-BOND OFFERPARMA (P. 0. Berea), Cuyahoga County, Ohio.
5.861
ING.
H. Thompson. Village Vierk, will receive sealed bids until
-John
5.85 o
5.935% 12 tn. on June 4 for the purchase of 568.0006% street improvement bonds.
MIDDLE RIO GRANDE CONSERVANCY DISTRICT (P. 0. Albuquerque) N. Mex.-BONDS NOT SOLD.
-The $8.700.000 issue of semiannual, not to exceed 6% district bonds offered on May 18-V. 128, P.
2511-was not sold as there were no bids received. We are informed that
the bonds may now be disposed of at private sale. Dated June 1 1929.
Due from June 1 1934 to 1973.
-BONDS
MIDLAND, Midland County., Mich.
-BIDS REJECTED
SOLD LATER AT PUBLIC AUCTION.
-All bids received on May 13 for
-were
-V. 128, p. 3227
the $103,500 public school bends offered for sale
rejected.
-The above bonds were sold later at public auction to
BOND SALE.
Stranahan, Harris & Oatis, Inc., of Toledo as (is at par plus a premium
of $821. equal to 100.793. The bonds mature annually on Jan. 15 as follows:$5,000, 1931 to 1933 incl.;$8,000. 1934 to 1944 incl., and $500, 1945.
-BOND OFFERING.
MILLE LACS COUNTY (P.0. Milaca), Minn.
Sealed bids will be received by Walter Peltier, County Auditor, until 2
p. m. on June 4, for the purchase of a $16,500 issue of semi-annual ditch
'bonds. Int. rate is not to exceed 6%. Dated June 1 1929. Due in from
6 to 20 years. Schmitt, Moody & Schmitt of St. Paul will furnish the
legal approval. A certified check for 2% of the bid, payable to the County
Treasurer, is required.
-An $18,000 issue of
MONROE, Green County, Wis.-BOND SALE.
44% coupon water works extension and improvement bonds was awarded
at a private sale held recently to local citizens at par. Donom. $500.
Dated May 1 1929. Due $1,000 from May 1 1930 to 1947 incl. Prin.
and int.(M.& N. 1) payable at the First National Bank of Monroe. (This
report corrects that given in V. 128, p. 3561.) It is officially reported that
the value of all the taxable property in the said city of Monroe. Wis..
according to each of the last preceding five assessments for State and
county taxes, is as follows:
1928.
1927.
1924.
1926.
1925.
$7,635,670
$7,678,404
$8.067,444
$8,025,677
$7,661,225
That the average of such valuation is $7,813.684; that the aggregate
amount of all of the bonded indebtedness of said city of Monroe now is
$213,000; that the now outstanding bonds previously issued by said municipality for the purpose of improving the water works system are $97,875;
that a direct, annual, irrepealable tax has been levied by the municipality
to wit: The city of Monroe, Wis.,sufficient to pay the interest when it falls
due and also to pay and discharge the principal at maturity, and that the
total indebtedness of said city, including this bond, does not exceed the
statutory limitation.
-Harry
-BOND OFFERING.
MONTCLAIR, Essex County, N. J.
Trippett, Town Clerk, will receive sealed bids until 7.30 p. in. (Eastern
standard time) on June 17, for the purchase of the following coupon or
registered bonds, aggregating $3,300,000:
,
6
32,177.000 Vs'. 5. 54 or 53 % temporary improvement bonds. Due
July 1 1932.
744,000 44.44 or 434% water bonds. Due July 1 as follows: $18.000, 1931 to 1939 incl.; $20,000, 1940 to 1947 incl.; $24,000,
1948 to 1957 incl., and $26,000, 1958 to 1964 incl.
254,000 43,43. or 44% school bonds. Due July 1 as follows: $6,000,
1931 to 1937 incl.; $8,000. 1938 to 1950 incl., and $9,000, 1951
•
to 1962 incl.
215,000 434, 5,54 or 534% assessment bonds. Due July 1 as follows:
,
$21,000, 1930 to 1934 incl., and $22,000 1935 to 1939 incl.
The above bonds are dated July 1 1929. Denominations $1,000. Prin.
and semi-annual interest payable in gold at the Bank of Montclair. or at
the Town Treasurer's office. No more bonds are to be awarded than
will produce a premium of $1,000 over the amount of each issue. The
U. S. Mtge. & Trust Co., New York, will supervise the preparation of the
bonds and will certify as to the genuineness of the signatures and the seal
Impressed thereon. A certified check for 2% of the bonds bid for is required. Legality to be approved by Thomson, Wood & Hoffman of
New York City.
MOUNT PLEASANT UNION FREE SCHOOL DISTRICT NO. 9
-The
-BOND SALE.
(P. 0. Pleasant), Westchester County, N. Y.
$440.000 coupon or registered school bonds offered on May 23-V. 128. P.
-were awarded as 41 's to Lehman Bros. of New York, at par plus
3227
4
a premium of 310,555.60, equal to 102.399. a basis of about 4.56%. Bonds
are dated Jan. 11929. Due Jan. 1, as follows: $5,000. 1933 to 1935 incl.;
$10.000, 1936 to 1938 incl.; $15,000, 1939 to 1943 incl.; and $20,000, 1944
to 1959 incl. The following bids also for 44s, were received.
Rate Bid,
Bidder101,92
Batchelder, Wack & Co
101.89
George B. Gibbons & Co
100.97
Dewey, Bacon & Co
100.417
Roosevelt & Son
-BOND SALE.
DISTRICT, Mich.
MUSKEGON HEIGHTS SCHOOL
-The $345,000 41.5% school bonds offered on May 22-V. 128, P. 3387
were awarded at par to the First State Bank of Muskegon Heights. The
bonds are dated May 10 1929, and mature on May 10 as follows: $10,000.
1931 to 1934 incl.•, $15,000, 1935 to 1939 incl.; $20,000, 1940 to 1943 incl.,
and $30,000, 1944 to 1948 incl.'
-BOND OFFERMUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
-J. R. McSwords, Clerk of Board of County Commissioners, will
ING.
receive sealed bids until 4 p. m. on June 3, for the purchase of $88,000
5% bridge repair and construction bonds. Dated May 1 1929. Denom.
$1,000 and $500. Due $2,000, March and Sept. 1 1930; $2,000, March
and $1,500, Sept. 1. 1931 to 1954 incl. Int, payable on March and Sept. 1.
A certified check for 5% of the bonds bid for is required.
-BOND OFFERING.
NASHVILLE, Davidson County, Tenn.
Sealed bids will be received until June 21 by S. H. McKay. City Clerk,
for the purchase of five issues of bonds aggregating 3795,000, as follows:
5300.000 fire hall and equipment; $250,000 sanitary sewer; $175,000 water
works; $50,0610 light extension and $20,000 sanitary department equipment
bonds.
-BOND OFFERING.
-The
NEW BEDFORD Bristol County Mass.
City Treasurer will receive sealed bids until June 4 for the purchase of $400,highway improvement bonds to be dated June 1 1929 and mature
000 434%
serially from 19361 to 1939 inclusive.
NEW HARTFORD UNION FREE SCHOOL DISTRICT NO. 8,
-Roy J. Uertz, Clerk of
-BOND OFFERING.
Oneida County, N. Y.
Board of Education, will receive sealed bids until 5 p. in. (standard time)
on June 4 for the purchase of $100.000 coupon bonds, reghnerable as to
principal. Interest rate is net to exceed 5%.) Bonds are in denominations
of $1.000. Due June 1 as follows: $3,000, 1930 to 1932 incl.; $4,000, 1933
to 1937 incl.; $5,000, 1938 to 1941 incl.; $6,000, 1942 to 1946 incl., and
t7,000. 1947 to 1949 incl. Prin. and int. (June and Dec. 1) payable at the
Citizens Trust Co. of Utica or in New York at a bank or trust company
designated by the purchaser. A certified check for $1,560 is required.
The approving opinion of Miller & Hubbell of Utica will be furnished the
purchaser free of charge. The following is a financial statement of the
district:
Assessed valuations
$1,383,714
Assess valuation
2,306,190
Full valuation
3,600
Bonded debt outstanding
103,600
Bonded debt,including this issue
3,600
Sinkiag fund on hand for redemption of bonded debt
-Sealed
-BOND OFFERING.
NOGALES, Santa Cruz County, Ariz.
until 8 p. m. on June 11 for
bids will be received by H. J. Karns, Mayor,
the purchase of three issues of semi-annual bonds aggregating $100,000
as follows: $50,000 water works extension, $26,000 storm sewer and $24,000
sewer extension bonds. Int, rate Is not to exceed 6%. Dated July 1 1929.
A certified check for 5% Ia required.
NORMANDY CONSOLIDATED SCHOOL DISTRICT (P. 0. Nor-The 380.000 issue of
mangy), St. Louis County, Mo.-PRICE PAID.
-V. 128,
4k% school bonds that was purchased by Stir & Co. of St. Louis
$888, equal to 101.11, a basis of
-was awarded for a premium of
p. 3227
about 4.64%. Dated May 1 1929. Due from May 1 1933 to 1949.
-BIDS REJECTED.
NORTH ADAMS, Berkshire County, Mass.
The following bids were rejected on May 24 for a 5100.000 temporary loan
offered for sale. The loan is dated May 24 1929 and is payable on Nev. 5
MagerS. N.Bond & Co.(New York delivery)
F.8. Moseley k Co
Mareliants National Bank
Ohl Ooleny Corporation
[VOL. 128.
Jurri 1 1929.]
FINANCIAL CHRONICLE
3723
Dated July 1 1929. Denom. $1,000. Due Oct. 1 as follows: $6,000, 1930
PUTNAM COUNTY (P. 0. Brewster), N. Y.,
-BONDS OFFERED.
and 1931; and $7,000, 1932 to 1939 incl. Interest payable semi-annually. Sealed bids were received by E. D. Stannard, County
Treasurer, until
A certified check for 2% of the bonds bid for, payable to the Village Treas- 12 in. on May 31 for the purchase of
$360000 coupon or registered, series
urer, must accompany each proposal. Legality to be approved by Squire, No. 20, highway bonds. Rate of interest is not
to exceed 6% and is to be
Sanders & Dempsey of Cleveland.
in multiples of X or 1-10 of 1%. Bonds are dated June 1 1929. Denom.
PASADENA ACQUISITION AND IMPROVEMENY15TSTRICT-NO. $1.000. Due $18,000. June 1 1930 to 1949 incl. Prin. and semi-annual
1 (P.O.Pasadena), Los Angeles County, Calif.
-BOND OFFERING.
- int. payable in gold at the First National Bank of Brewster. Legallty to
Sealed bids will be received by the District Clerk, until June 8, for the pur- be approved by Clay, Dillon & Vandewater of New York City.
chase of a $216,032,46 issue of street improvement bonds. Int, rate is
QUAY COUNTY SCHOOL
NO.
not to exceed 6%. Dated May 21 1929. Due $9,000 from May 21 1934 N. Mex.-BOND OFFERING. DISTRICT will 5 (P. 0. Tucumcari),
-Sealed bids
be received by H. Gerto 1957, incl. and $32.46 in 1958.
hardt, County Treasurer, until 10 a. in. on July 1 for the purchase of a
issue
PELHAM MANOR, Westchester County, N. Y.
-BOND SALE.
- $12,000Dated of school bonds. Int. rate is not to exceed 6%. Denom.
June 1 1929. Due $1,000 from 1930 to 1941 incl. Prin.
The $68,000 Series No. 46 coupon or registered real property bonds offered $500.
on May 27 (V. 128, p. 3228) were awarded as 43s to the Marine Trust Co. and semi-annual int. payable at the State Treasurer's office or at the
of Buffalo at par plus a premium of $115, equal to 100.169, a basis of about Hanover National Bank in New York City. A certified check for 5% of
4.485%. Bonds are dated June 1 1929 and mature $2,000 June 1 1934 to the bid, payable to the County Treasurer, is required.
1967 inclusive.
QUINCY, Norfolk County, Mass.
-BOND SALE.
-The Old Colony
PENDLETON, Umatilla County, Ore.
-BONDS OFFERED.
-Sealed Corp. of Boston, bidding 100.433. a basis of about 4.18%, purchased the
bids were received until May 31 by Minnie E. Stillman, City Recorder, following issues of 4 X% coupon bonds aggregating $675,000 on May 24:
for the purchase of a $10,000 issue of recreation ground impt. bonds.
$200,000 school bonds. Due June 1 as follows: $14,000, 1930 to 1934 incl.,
and $13,000, 1935 to 1944 incl.
PERRYSBURG, Wood County Ohio.-BOND OFFERING.
180.000 hospital bonds. Due $12,000. June 1 1930 to 1944 ine.l.
F. Welistead, Village Clerk, will receive sealed bids until 12 m. on -Carl
June 4.
170,000 school bonds. Due June 1 as follows: $12,000, 1930 to 1934 incl.,
for the purchase of $19,000 5% Village's share street improvement
and $11,000. 1935 to 1944 incl.
bonds.
Dated June 1 1929. Denom. $1,000. Due Oct. 1. as follows:
125,000 street construction bonds. Due 512,500. June 1 1930 to 1939 incl.
and $2,000, 1931 to 1939 incl. Principal and interest (April $1,000. 1930
Bonds are dated June 1
and
payable at the Perrysburg Banking Co., Perrysburg. A certified Oct. 1) semi-annual int. payable at 1929. Denom. $1,000 and $500. Prin. and
the Old Colony Trust Co., Boston. Legality
check for
2% of the bonds bid for is required.
to be approved by Storey, Thorndike, Palmer & Dodge of New York.
PERSIA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Go- Other bids were as follows:
Bidderwanda), Cattaraugus County, N. Y.
Rate Bid.
-BOND OFFERING.
will be received by Julius A. Metz, District Clerk, until 7 p.-Sealed bids National City Co
100.209
m. on June 4
for the purchase of $300,000
100.09
% school bonds. Denom. $1,000. Due Estabrook & Co
E. H. Rollins & Sons and Stone & Webster
Dec. 1 as follows:$2,000, 1930;$3,000, 1931:$4.000, 1932 and
100.059
1933:$5,000. Curtis & Sanger and F. S. Moseley & Co and Blodget. Inc
1934; $6,000, 1935 and 1936; $7,000. 1937 and 1938; $8,000, 1939 and
100.04
1940;
$9,000, 1941;$10,000, 1942 and 1943;$11,000, 1944;$12,000. 1945:$14,000.
RICHFIELD SPRINGS, Otsego County, N. Y.
-The
1946; $15,000, 1947; $16,000. 1948; $18,000, 1949; $20,000, 1950 to 1952 First National Bank of Richfield 'Springs purchased -BOND SALE.
an issue of $27,000 5%
incl.; $21,000, 1953, and $22,000, 1954 and 1955. A certified check for coupon street improvement bonds on April 30.
Bonds are dated May 1
2% of the bonds bid for is required.
1929. Denom. $500. Due $1,500. May 1 1930 to 1947 incl. Prin. and
int. (May and Nov. 1) payable at Richfield Springs. Legality approved
PHILADELPHIA SCHOOL DISTRICT, Pa.
-BOND SALE.
-The
52,000,000 issue of 4% coupon or registered shcool bonds offered on May 28 by Clay, Dillon & Vandewater of New York.
Financial Statement.
-V. 128, p. 3228
-was awarded at par to the Loan Tax Fund of the Board
of Public Education. the only bidder. The bonds are dated June 1 1929 Assessed valuation
51,474,257
Village debt before this issue
and mature $100,000. Dec. 1 1939 to 1958 incl.
72,000
Water debt
50.600
PICKENS COUNTY (P. 0. Pickens), S. C.
-BOND SALE.
-The
$300,000 issue of 5% reimbursement bonds offered for sale on April 23
Total
$122,600
-V. 128, p. 2512-was awarded to Caldwell & Co. of Nashville at a
price
RIDGEWOOD, Bergen County, N. J.
-BOND OFFERING.
-Wilbur
of 100.051.
Morris, Village Clerk, will receive sealed bids until 8 p. in. (daylight saving
PIERCE COUNTY SCHOOL DISTRICT NO. 321 (P. 0. Tacoma) time) on June 11 for the purchase of the following issues of coupon or regisWash.
-BOND SALE.
-The $30,000 issue of coupon school bonds offered tered bonds, aggregating $929,000. Intreest rate either 434,4% or 5%:
for sale on May 18-V. 128, p..3059
-was awarded to the State of Washing- $613,000 assessment bonds. Due July 1 as follows: 560.000, 1930 to 1936
ton, as 5s, at par. No other bids were received.
incl.; 365,000. 1937, and 1938, and $63.000, 1939.
316,000 improvement bonds. Due July 1 as follows: $15,000, 1930 to
PINE RIVER SCHOOL DISTRICT (P.O. Pine River), Cass County,
1934 incl.; 520,000, 1935 to 1945 incl., and $21,000. 1946.
Minn.
-BONDS NOT SOLD.
-The $218,000 issue of 5A % semi-annual
The bonds are dated July 1 1929. Denom. $1,000. Prin. and int. (Jan.
school bonds offered on May 22-V. 128, p. 3388-was not sold, as
no bids & July) payable in gold at the Citizens' National Bank & Trust Co., Ridgewere received. The Clerk of the Board of Education informs us that new
wood. No more bonds to be awarded than will produce a premium of
bonds may be issued in exchange for the outstanding indebtedness.
51.000 over the amount of each issue. A certified check for 2% of the
PITTSBURG COUNTY CONSOLIDATED SCHOOL DISTRICT amount of bonds bid for, payable to the village, must accompany each proNO. A-3 (P. 0. McAlester), Okla.
posal. Legality to be approved by Hawkins, Delafield & Longfellow of
-BONDS OFFERED.
-Sealed
were received until S p. m.on May 29 by Mrs. J. A. Eubank, District bids New York.
Clerk.
for the purchase of an $11,250 issue of school bonds. Due
ROBESON COUNTY (P. 0. Lumberton), N. C.
-BOND SALE.
-The
$1.000 from
1934 to 1943 and $1,250 in 1944.
$25,000 issue of road and bridge bonds offered for sale on May 27 (Y. 128.
p. 3388)
the Well, Roth
PLEASANTVILLE, Westchester County, N. Y.
-BOND OFFERING. 5Xsfor a was awarded to equal to 100.08. & Irving Co. of Cincinnati as
premium of $20,
a basis of about 5.24%. Dated
-Charles J. Lair°, Village Clerk, will receive sealed bids until 8
(daylight saving time) on June 6 for the purchase of the following p. m. May 1 1929. Due from May 1 1930 to 1938 incl. The other bids were as
or registered bonds aggregating $393,000. Rate of interest is not tocoupon follows:
exceed
BidderRate Bid.
Premium.
6% and is to be in multiples of X or 1-10 of 1%. Single rate to apply to
Breed, Elliott & Harrison
5A %
$92.50
the entire offering.
86.00
$322,000 street widening bonds. Duo June 1 as follows: $16,000, 1931 to Braun, Bosworth & Co
Assel, Goetz & Moerlein, Inc
100.00
54 y,
1934 incl.; $17,000, 1935 to 1948 incl., and $20,000, 1949.
6%
73.00
56,000 series A street improvement bonds. Due June 1 as follows: Seasongood & Mayer
52.000, 1930, and $3,000. 1931 to 1948 inclusive.
ROCHESTER, Monroe County, N. Y.
-NOTE OFFERING.
-C. E.
15,000 series B street improvement bonds. Due 53,000, June 1
Higgins, City Comptroller, will receive sealed bids until 2:30 p. in. (Eastern
1930
to 1934 inclusive.
standard time) on Juno 4 for the purchase of the following note issues
Bonds are dated June 1 1929. Denom. $1,000. Prin. and int. (June aggregating $1.024,000:
and December) payable in gold at the Mount Pleasant Bank & Trust Co.,
Amount.
Purpose.
Maturity.
Pleasantville. A certified check for $8,000, payable to the village, is
$550,000 Overdue tax, 1928
Sept.7 1929
quired. Legality is to be approved by Clay, Dillon & Vandowater re400,000 School construction
Feb. 7 1930
of
New York City.
25,000 Bridge design and construction
Feb. 7 1930
- •
25,000 Municipal land purchases
Feb. 7 1930
PLYMOUTH, Wayne County, Mich.
-BIDS REJECTED.
-A. J.
24,000 Voting machine
Feb. 7 1930
Koenig, Village Clerk, reports that all bids received on May 20 for the
The notes are to be dated June 7 1930. Payable at the Central Union
$20,500 bonds scheduled for sale
-V. 128, p. 3388
-were rejected. The Trust Co., New York. Bidders to state rate
of interest, designate denomiClerk states that four bids were submitted naming interest rates of
5A and nations desired and to whom (not bearer) notes shall be made payable.
6% which were considered too high.
ROCKPORT SCHOOL DISTRICT (P. 0. Mt. Vernon) Skagit
PLYMOUTH COUNTY (P. 0. Le Mars) Iowa.
-BOND OFFERIMr- County, Wash.
-BOND OFFERING.
Bids will be received up to 2 p. m. on June 4, by A. Langhout,
-Sealed bids will be received until
Treasurer, for the purchase of an issue of 5170.000 semi-annual County June 15, by W. H. Whitney, County Treasurer, for the purchase of a
primary $5,000 issue of semi-annual school bonds. Int, rate is not to exceed 6%.
road bonds. Denorn. $1,000. Dated June 11929. Due $17,000 from
1931 Dated July 15 1929.
to 1940 incl. Prin. and int.(M. & N.) payable at the office of the
-A U
County
Treasurer. Purchaser to furnish blank bonds. County to furnish the
ROEBUCK SCHOOL DISTRICT NO. 18 (P. 0. Spartanburg),
legal
approval of Chapman & Cutler of Chicago. Sealed bids will be
-BOND OFFERING.
-Sealed bids will be
opened Spartanburg County S. C.
only after all open bids are in. A certified chock for 3% of the bonds
offered, received untilnoon on June 1 by the Clerk of the Board of Trustees for tke
payable to the County Treasurer, is required.
purchase of an $8,000 issue of semi-annual school bonds. Int. rate is not
(These bonds were previously sold and later cancelled.
-V. 128, p. 3388). to exceed 6%. Denom. 3500. Due in 20 years. Purchaser is to pay for
PONTIAC, Oakland County, Mich.
-21,380,000 BONDS Vcr7=_ the printing of the bonds.
At a special election held on May 21, the voters authorized the
ROSELLE, Union County, N. J.
-BOND SALE.
-The 31,046.000
issuance of
$1,380,000 bonds. Of the total approved. $450,000 are for hospital
coupon or registered bonds
-were
struction, $420.000 for payements, $330,000 for city hall construction,con- awarded as stated below: offered on May 23-V. 128, p. 3228
and
pay the city a share of the expense connected with
2180,000 to
making $939,000 assessment bonds awarded as 6s to B. J. Van Ingen St Co. of New
eight grade separations. Voting was as follows:
York at par plus a premium of $510. equal to 100.054. a basis of
about 5.985%. Due June I as follows: 579,000, 1930; $80,000.
Votes
-Amount of IssueFor,
1931 and 1932, and $100,000, 1933 to 1939 incl.
Against.
$450,000
107,000 public improvement bonds sold as 5s to Rapp & Lockwood of
1,313
541
420,000
1,261
New York at par plus a premium of $649, equal to 100.60. a basis
598
330.000
1,228
of about 5.69%. Due June 1 as follows: $3,000, 1931 to 1939
625
180,000
incl., and $4.000, 1940 to 1959 incl.
1,334
526
Bonds are dated June 1 1929.
PORTLAND Multnomah County, Ore.
-BOND OFFERING.
-Sealed
bids will be received until 11 a. m.on June 4 by Geo. R. Funk,
ROTTERDAM COMMON SCHOOL DISTRICT NO. 4 (P. 0. Schefor the purchase of an issue of $125,000 4A % fireboat, fireCity Auditor. nectady), Schenectady County,
-BOND OFFERING.-Ilenry J.
N. Y.
stations and
general fire bureau equipment bonds. Denom. 51,000.
Dated June 1 Ellers, School Trustee, will receive sealed bids until 3 p. in. on June 13 for
1929. Due on June 1 as follows: $17,000, 1932, and 518.000, 1933 to
1938. the purchase of $40,000 5% school bonds. Dated June 15 1929. Denoms.
Prin. and int. (J. & D.) payable in gold coin at the City
Due June
Treasurer's
or at the fiscal agent of the city in New York. Storey, Thorndike. office $1,000 and 5500. 1949 incl. 15 as follows: $1.000. 1930 to 1939 incl., and
Prin. and semi-annual int. payable at the
to
& Dodge of Boston will furnish the legal approval. Separate or Palmer $1,500, 1940Trust
Co. Schenectady. A certified check for 10% of the
bids are requested. based upon place of delivery. Delivery alternate Schenectady
outside of bonds bid for Is required.
Portland will be made at the expense of purchaser. A
certified check for
5% of the bonds bid for, payable to the city, Is required.
ROWAN COUNTY (P. 0. Salisbury), N. C.
-BOND OFFERING.
Sealed bids will be received until noon on June 10 by A. L. Kluttz, Clerk of
PORTSMOUTH, Scioto County, Ohlo.-TABULATION OF
BIDS.
- the Board of County Commissioners,for the purchase of two issue of coupon
An official tabulation of the bids submitted on May 15 for the
bonds aggregating $240,000 as follows:
$330.000
bonds awarded as 4Xs to Eldredge & Co. of New York, at
102.197. a basis $210,000 school funding bonds. Due on June 1 as follows: $8,000. 1932
of about 4.55%-V. 128. p. 3388
-is given herewith:
to 1941; 510,000. 1942 to 1954. all inclusive.
BidderInt. Rate.
30.000 county home bonds.
Premium.
Due $1,000 from June 1 1930 to 1959 incl.
•Eldredge & Co., New York City
4
$7,253.40 Int, rate is not to exceed 4(% and must be the same for all. Denom.
Halsey. Stuart & Co., Chicago
4
4.218.00 51,000. Dated June 1 1929. Bids are to be for all of the bends. Prin.
Stranahan-liarris & Ostia, Toledo,0
4
2,343.00 and int. (J. & D.) payable at the Chase National Bank in New York City.
Otis & Co., Cleveland,0
4
1.914.00 Reed, Hoyt & Washburn of New York City will furnish the legal approval.
Provident Savings Bank & Trust Co.. Cincinnati,O. 4 %
66.00 A certified check for 2% of the bonds bid for, payable is the county, is
Herrick Co., Cleveland,0
5
7,203.00 required.
Braun-Bosworth & Co., Toledo,0
5
6,709.00
RUSH COUNTY(P.O. Rushville), Ind.
N.S. Hill& Co., Cincinnati,0
-BOND SALE.
5
-The $10,094
6,039.00
% coupon road bonds offered on
McDonald-Callahan & Co., Cleveland,0
5
-were
3.841.00 awarded to the Fletcher-American Co. May 23-V. 128. P. 3229
Assel, Goetz & Moorieln, Inc., Cincinnati,0
of Indianapolis at a price of par.
5,215.00 Bonds are dated May 15 1929 and mature $504.70 May
First
-Citizens Corp., Columbus,0
and
5
4.488.00 to 1939 incl. Improvement petitioned by Charles Cassidy Nov. 15 1930
•Purchaser.
et al. in Walker
Township. No other bid submitted.
PRINCE GEORGE'S COUNTY (P. 0. Upper Marlboro),
SAGINAW, Saginaw County, Mich.
-BOND SALE.
-The
BOND OFFERING.-Jamee C. Blackwell, Clerk of Board of CountyMd.Coin- fund at par purchased an issue for $35,000 4X iz sidewalk bends on Ara
a
.
g
sulaeloaers, will receive sealed bids until 12 m. on June 11 for the
purchase
9f $425.000 4%% road bonds. Dated July 1 1929. Denom. $1.000. The bonds are dated July 1 1929. Denom. $1,000. Due $7.000. July 1
1930 to 1934 incl. Int, payable on January and July 1. Prin. and I.
Payable on July_l 1959. A certified check for $500 is required.
payable at the office of the City Treasurer.
3724
FINANCIAL CHRONICLE
-BOND OFFERING.
ST. CLAIR SHORES,Macomb County, Mich.
Sealed bids will be received by Charles Dederich, Village Clerk, until
8 p. m. (Eastern standard time) on June 4 for the purchase of $46,000
special assessment water works bonds. Interest rate is not to exceed
• %. Bonds are dated June 11929. Bonds mature annually on June 1
as follows: 59.200, 1931 to 1935 incl. A certified check in the amount of
$2.000. payable to the Village Treasurer, must accompany each proposal.
Successful bidder to furnish printed bonds and ]pay attorney's fee. Assessed
valuation, 517.895,800; outstanding bonded indebtedness (direct), $702,500. Population, 8,000.
-The $38,000
-BOND SALE.
ST. IGNACE, Mackinac County Mich.
5% refunding water works bonds offered on May 20-V. 128. P. 3389
are dated May 20 1929,
were awarded to the local banks, at par. Bonds
and mature on Oct. 20, as follows: $2,000. 1929 and 1930; 53,000, 1931
to 1936 incl.; and $4,000, 1937 to 1940 incl.. Bonds are coupon in form
and aro exempt from taxation.
-BONDS OFST. JOSEPH COUNTY (P. 0, Centreville), Mich.
FERED.
-James E. Bunn, Clerk of the Board of County Road Commispurchase of the following
sioners, received sealed bids until May 31 for the
issues of road assessment district bonds aggregating $64,500. Interest
rate not to exceed 5M%.
531.500 District No. 45 bonds. Due May 1 as follows: 53,000, 1931 to
1934 incl.; 53.500, 1935, and 54,000, 1936 to 1939 incl.
19,000 District No. 47 bonds. Due May I as follows: 52,000, 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.
-BOND OFFERST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-F.P. Crowe, County Auditor, will receive sealed bids until 10 a. in.
ING.
5260.000 4;5% bridge bonds. Dated
on June 18 for the purchase of
June 1 1929. Denom. $1,000. Due on June 1 as follows: $60,000, 1936
and 1937; and $28,000, 1938 to 1942 incl. ,Interest payable semi-annually.
-The City
-BOND OFFERING.
SALEM Columbiana County, Ohio.
Auditor will receive sealed bids until 12 m. on June 10. for the purchase
of $16,811.40 5% city's portion street improvement bonds. Dated Aug. 1
1929. Denomination $1,200, one bond for $1,511.40. Due Aug. 1
as follows: 51,511.40. 1931; and $1.700, 1932 to 1940 incl. Interest payable
on Feb. and August 1. A certified check for 5% of the bonds bid for, payable to the order of the City Treasurer, is required.
-A
-BOND ELECTION.
p SAN DIEGO, San Diego County, Calif.
special election will be held on July 16 for the purpose of passing upon the
proposed issuance of $2.350,000 in bonds for water development. (This
report supplements that given in V. 128, p. 2512.)
SANILAC, St. Clair and Lapeer Counties (Black River Drainage
District), Mich.
-BOND SALE.
-The $200,000 construction bonds offered
on May 13-V. 128, p. 3229
-were awarded as 5345 to Stranahan, Harris
& Oath, Inc., of Toledo, at par plus a premium of $650.00, equal to 100.32,
a basis of about 5.19%. Bonds are dated May 11929,and mature on May 1
as follows: $12,000, 1930: 515,000, 1931; 520.000. 1932 to 1936 incl.:
523,000, 1937; $25.000, 1938; and 25,000. 1939. Six bidders competed
for the issue.
-A $5.000 issue of
SARCOXIE, Jasper Co Mty, Mo.-BOND SALE.
5% fire equipment bonds has been purchased at par by the First National
Bank of Sarcoxie.
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Scarsdale), Westchester County, N. Y.-$530.500 SCHOOL BONDS
-Two issues of 4)4% school bonds
OFFERED FOR INVESTMENT.
aggregating $530,500 and maturing serially from June 1 1934 to 1969 incl.,
are being offered by Dewey, Bacon & Co. of New York. for public investment, priced to yield from 4.50 to 4.25%. according to maturities. These
are the bonds awarded in-V. 128, p. 3563.
-The
-BOND SALE.
SCHENECTADY, Schenectady County, N. Y.
following issues of coupon or registered bonds aggregating $1,035,000
offered on May 28-V. 128. p. 3563
-were awarded as 4.35s at 100.1997,
a basis of about 4.33%, to a syndicate composed of George G. Gibbons &
Co., Roosevelt & Son and Stone & Webster and Biodget, Inc., all of N. Y.:
$400,000 sewer bonds. Due $20,000, June 1 1930 to 1949 incl.
310,000 High School bonds. Due June 1, as follows: 515.000, 1930 to
1944 Indus., and $17,000, 1945 to 1949 incl.
256,000 public improvement bonds. Due June 1 as follows: $12.000,
1930 to 1933 incl.. and $13.000. 1934 to 1949 incl.
45,000 school equipment bonds. Due 53.000, June 1 1930 to 1944 incl.
24,000 park bonds. Due 52,000, June 1 1930 to 1941 incl.
All of the above bonds are dated June 1 1929. Denoms. $1,000. The
entire offering matures on June 1 as follows: $52,000, 1930 to 1933 Ind.:
553.000. 1934 to 1941 incl.; $51,000, 1942 to 1944 incl., and 550,000.
1945 to 1949 incl.Interest payable semi-annually.
Kissel, Kinnicutt & Co. and E. II. Rollins & Sons, both of Now York,
bid 100.299 for 4.40s.
An official tabulation of the bids submitted follows:
Int. Rate
Amt. Bid.
Named.
BidderGeo, B. Gibbons & Co., Inc.; Roosevelt & Son; Stone
4.35% 51,037.066.90
& Webster & Blodget.Inc..jointly
1,038.095.00
Kissel. Kinnicutt& Co.;E.H. Rollins & Sons,jointly.4.40%
Rutter & Co.; H. L. Allen & Co.; Batchelder, Wack
1,036,614.60
4.40%
& Co.:Stephens & Co-jointly
Harris, Forbes & Co.; Bankers Co. of New York the
1,036,459.35
4.40%
National City Co.,jointly
Lehman Bros.: Manufacturers & Traders-Peoples
7
1,035,714.15
4.400
Trust Co.; Ames,Emerich & Co.,jointly
1,036.863.00
4.45%
Mohawk National Bank,Schenectady, N.Y
Banacamerica-Blair Corp., the Detroit Co., Inc.,
1.038.737.00
4.50%
Eldredge& CO.,jointly
Arthur Sinclair, Wallace St Co.; Hannahs, Bailin &
1,038,002.00
0
4.507
Lee; Kountz Bros..jointly
1.037,887.65
4.50%
The Citizens Trust Co.,Schenectady, N.Y
-BOND OFFERING.
SEA ISLE CITY, Cape May County, N. J.
William J. locker City Clerk, will receive sealed bids until 2 p. m.(daylight
the purchase of the following issues of 6%
saving time) on June 12, for
coupon or registered bonds aggregating $63,000:
$40.000 reconstruction bonds. Due $2,000, June 1 1930 to 1949, incl.
23,000 bonds. Due June 1 as follows: $1,000. 1930 to 1946, Incl.; $2,000,
1947 to 1949. Incl.
The bonds are dated June 1 1929. Denominations $1,000. No more
bonds to be awarded than will produce a premium of $1,000 over the amount
of each issue. A certified check for 2% of the bonds bid for, payable to
the City Treasurer, must accompany each proposal. Legality to be
approved by Caldwell & Raymond of New York.
-BONDS OFFERED FOR INVESTSEATTLE, King County, Wash.
-The $906.000 issue of municipal light and power bonds awarded
MENT.
to
to Eldredge & Co. of New York as 4,3is at a discount of S45,720, equalfor
-Is now being offered
93.92, a basis of about 5.23%-V. 128. p. 3563
Wane subscription at prices to yield 4.90% on all maturities. Due $45,000
from June 1 1940 to 1959 inclusive.
SHARON, CHERRY VALLEY AND ROSEBOOM CENTRAL
-The following bids were
-BIDS.
SCHOOL DISTRICT NO. 1, N. Y.
also received on May 16 for the $125.000 bonds awarded to Batchelder,
100.09, a basis of about 4.74%Wack & Co. of New York. as 41is, at
V. 128. p.3563.
Rate Bid.
Int Rate.
Bidder100.579
4.907
George B. Gibbons & Co., N. Y
100.299
4.900
Manufacturers & Traders-Peoples Trust Co
100.20
4.90
Livingston County Trust Co., Genesee,
100.19
4.90
Dewey, Bacon & Co., New York
100.299
5.257
Parson, Son &Co
100.159
5.104
Edmond Seymour & Co., New York
SHEBOYGAN FALLS, Sheboygan County, Wis.-MATURITY.The $25,000 issue of 5% semi-annual water works improvement bonds
purchased by H. Denison & Co., of Sheboygan, at a price of 102.435-is due 51.250 annually from Sept. 1 1929 to 1948 incl.,
V. 128, p. 2389
giving a basis of about 4.68%.
-Frank F. Field.
-BOND OFFERING.
SHEFFIELD LAKE, Ohio.
Village Clerk, will receive sealed bids until 12 m.on June 8.for the purchase
Dated June 11929. Denom.$1.of 58,0006% public improvement bonds.
[Vol.. 128.
000. Due Oct. 1, as follows: $1,000, 1930; 52,000, 1931; $1,000, 1932:
and $2,000, 1933 and 1934. A certified check for 2% of the bonds bid for
is required.
SHELBY AND STERLING TOWNSHIPS FRACTIONAL SCHOOL
-The
-BOND SALE.
DISTRICT NO. 1, Macomb County, Mich.
-were awarded
$140.000 school bonds offered on May 9-V. 128, p. 2870
as 4;is at par to the Bank of Detroit of Detroit. No other bid was received. Bonds are dated May 1 1929 and mature annually on May 1 as
follows: $2,500. 1932 to 1935 incl.•, $3,000, 1936 to 1938 incl.; 53,500, 1939
to 1041 incl.; $4.000, 1942 to 1944 incl.; $4,500, 1945 and 1946; $5,000,
1947:55,500, 1948;$7.000, 1949 to 1955 incl., and 87,500, 1956 to 1959 incl.
SHENANGO TOWNSHIP SCHOOL DISTRICT (P. 0. New
Castle, R. F. D. No. 6) Lawrence County, Pa.
-BONDS OFFERED.John K. Moore, Secretary of Board of Directors, received sealed bids until
May 28, for the purchase of $12,000 5% school bonds. Dated April 15
1929. Denom. $1,000. Due July 15, as follows: $3,000, 1930; $2,000.
1931 to 1933 incl.; and $3,000. 1934. A certified check for $500, payable
to the District Treasurer, was required.
SOLDIER BRIDGE SCHOOL DISTRICT (P. 0. Susanville), Las-BOND OFFERING.
sen County, Calif.
-Sealed bids will be received
until Juno 3, by the County Clerk, for the purchase of a $6.500 issue of
6% school bonds. Dated May 1 1929. Due from 1933 to 1948, incl.
SOUTH EUCLID, Cuyahoga County, Ohio.
-BID REJECTED.
The bid submitted by the First-Citizens Corp. of Columbus, which was the
only one received, was rejected on May 20,for the $142,0006% road improvement bonds offered for sale.
-V. 128, p. 3229. The bonds are dated May 1
1929, and mature on Oct. 1 as follows: 814,000, 1930 to 1937, incl., and
$15,000. 1938 and 1939. The bonds are to be reoffered.
SOUTH SEWERAGE DISTRICT (P. 0. Salem), Essex County,
-The $1,700,000 temporary loan offered'
Mass.
-TEMPORARY LOAN.
-was awarded to the Naumkeag Trust Co. of
on May 17-V. 128, p. 3229
Salem,on a discount basis of 6.08%. Loan is payable on Dec.4 1929. The.
following bids were also submitted:
i?295%
Discount Basis.
BidderMerchants National Bank, Salem
F. S. Moseley & Co
-0. 0..
-BOND OFFERING.
SPRINGFIELD, Clark County, Ohio.
Hayman, City Auditor, will receive sealed bids until 12 in. on June 7 for
the purchase of the following issues of 434% special assessment bonds
aggregating 841,935.52:
$23,995.03 street improvement bonds. Due March 1 as follows: $2,995.03.
1931;$3,000, 1932 to 1934 incl., and $2,000, 1935 to 1940 incl.
17,940.49 street improvement bonds. Due March 1 as follows; $3.940.49, 1931:54.000. 1932 and 1933, and $3,000, 1934 and 1935.
The above bonds are dated March 1 1929. Prin. and int. (March and
September) payable at the National City Bank, New York. A certified
check for 5% of the bonds bid for is required. Legality to be approved
by Squire, Sanders & Dempsey of Cleveland. Bidders must submit separate bids for each issue.
-BOND OFFERING.SPRING VALLEY, Rockland County, N. Y.
. It. Bedford, Village Clerk, will receive sealed bids until 8 p. m.(daylight
sating time) on June 20, for the purchase of $335,000 coupon or registered
street improvement bonds. Rate of interest is not to exceed 6% and is to.
be in a multiple of 1.4 or 1-10th of 1%. Bonds are dated June J 1929.
Denominations $1,000. Due June 1 as follows: $2,000, 1930 to 1944.
incl., and 51,000, 1945 to 1949, incl. Principal and interest (June and
December) payable in gold at the Ramapo Trust Co., Spring Valley. A
certified check for $700. payable to the Village, must accompany each
proposal. Legality to be approved by Clay, Dillon & Vandewater of
New York.
-The two
-BOND SALE.
STATESVILLE, Iredell County, N. C.
issues of coupon bonds aggregating $320,000, offered for sale on May 23
-V. 128, p. 3229
-were awarded jointly to Braun, Bosworth St Co., and
Stranahan, Harris & Oath, Inc., both of Toledo, as 53(s, for a premium
gol10ws
f l, 7 ,
5 5 :equal to 100.495, a basis of about 5.2007. The issues are divided
as
$205,000 water, sewer and light bonds. Dated May 1 1929. Due from
May 1 1932 to 1956 had.
115,000 street bonds. Dated April 1 1929. Due from April 1 1931 to
incl.
The other bids were as follows:
Price Bid.
Rate.
Bidder321,231.50
Provident Savings Bank & Trust Co
$
"
Assell, Goetz & Morelein
Breed, Ellett & Harrison,
320,352.0()
_53%
and Bohmien-Reinhart & Co
1,000.52
534%
John Nuvean & Co., Seasongood &Mayor
(ea. $1,000 bd.)
-A.
SALE.
-BOND
STOCKTON, San Joaquin County, Calif.
$240,000 issue of 5% dam construction bonds has recently been purchased
Francisco,for a premium of $8,832.
by the Anglo-London-Paris Bank of San
equal to 103.68. The other bids are reported to have been as follows:
American National Co., $7,568: Heller-Bruce Co., $7,049; California
Loan tiaa
Securin es k.oC 53 056
6,444; National City Co.,$7,487.76; Stockton Savings &
.,.$
STONYCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Johns-BOND OFFERING.R. F. D. No. 7), Cambria County, Pa.
J. W.Mostoller, Treasurer of Board of Directors, will receive sealed bids untown,
of 515,000 5% school bonds. Dated,
til 10 a. m.on June 15,for the purchase
May 11929. Denom. $1,000. Due 35,000, May 1 1939; 1944 amd 1949.
A certified check for $500 is required.
-At a special elec-BONDS VOTED.
SUMMIT, Pike County, Miss.
tion held recently the voters authorized the issuance of 510,000 in bonds.
for a new city hall by a count of 84 "for" and 76 "against."
TANGIPAHOA PARISH SCHOOL DISTRICT NO. 1 (P. 0. Amite),
La.
-BOND SALE.
-The $30,000 issue of semi-annual school bonds offered,
for sale on May 21-V. 128, p. 3061-Was awarded to C. W. McNear St Co..
of Chicago, as 534S, for a $35 premium, equal to 100.11,_(4 Yej% on daily
balance) a basis of about 5.235%. Dated June 1 1929. Due in from 1 to.
20 years.
-Lewis A.
-LOAN OFFERING.
TAUNTON, Bristol County, Mass.
Hodges, City Treasurer, will receive sealed bids until 5 p. m. (daylight
saving time) on June 4, for the purchase on a discount basis of a $200,000.
temporary loan, dated June 5 1929 and payable $100,000 on Oct. 23 and
Nov. 27 1929. Loan is to be in denominations of $25,000. 310,000 and
nLegality to be approved by Storp. Thorndike, Palmer & Dodge
of Boston.
-Par was the price
-PRICE PAID.
TENAFLY, Bergen County, N. J.
paid for the $950,000 6% temporary Improvement bonds reported sold in
V. 128, p. 3564, to a syndicate composed of H. L. Allen & Co., and B. J.
Van Ingen & Co.. both of New York; M. M.Freeman & Co.of Philadelphia.
and H. B. Hand & Co. of Newark. Bonds are being reoffered for investment priced to yield 5.00%. The 1929 assessed valuation of the borough
is given at $9,979,608, and the total bonded debt, including current bonds.
51,320.151. Population estimated at 7,000.
-BOND OFFERING.
TENNESSEE, State of (P. 0. Nashville).
Sealed bids will be received until 10 a. in. (central standard time) on June 4.
by Albert Williams. Secretary of the State Funding Board, for the purchase
of six issues of coupon bonds and notes, aggregating $21,000,000 as follows:
512,500.000 highway bonds. Dated Feb. 15 1929. Due on Feb. 15 1939.
Int. payable on Feb. and Aug. 15.
500,000 highway notes. Dated June 1 1929. Due on April 29 1932.
Int. payable on Jan. and July 1.
2,000,000 bridge bonds. Dated June 1 1929. Due on June 11944. Int
payable on June and Dec. 1.
3,500,000 bridge bonds. Dated June 11929. Due on June 1 1944. Int.
payable on June and Dec. 1.
2.000,000 bridge boucle. Dated June 11929. Due on June 1 1944. Int.
payable on Juno and Dec. 1.
500,000 University of Tennessee building bonds. Dated July 1 1929.
Due on July 11944. Int. payable on Jan. and July 1.
Int. rate is not to exceed 43 %,stated in multiples of)( of 1%. Denom.
$1,000. Prin. and int. payable at the Chemical National Bank in New
York city or at the office of the State Treasurer. Principal only of bonds
may be registered. The $500,000 highway notes will be issued in connote
form, payable to bearer, without the privilege of registration. All bids
must be for the entire 521.000.000. Thomson, Wood & Hoffman of New
York will furnish the legal approval. A certified check for 2% of the bid,
payable to the above Secretary is required.
JUNE; 1 1929.]
FINANCIAL CHRONICLE
TERRELL, Kaufman County, Tex.
-BOND SALE.
-A $25,000
Issue of paving bonds has recently been purchased at par by the Dallas
Trust & Savings Bank, of Dallas. (These bonds are the remainder of a
575.000 issue.)
THOMASVILLE, Davidson County, N. C.
-BONDS NOT SOLD.
The $95,000 issue of not to exceed 6% public improvement bonds offered on
May 24(V. 128, p. 3389) was not sold as all the bids were rejected. Dated
Feb. I 1929. Due from Feb. 1 1931 to 1949 incl. The rejected bids were
.as,follows:
la BiddersRate Bid.
Price Bid.
Assel. Goetz & Moerlein
$95.380
531%
Breed, Elliott & Harrison
95,608
Bohmer-Remhart & Co
95,836
TIPTON COUNTY (P. 0. Covington), Tenn.
-ADDITIONAL DE-The $100,000 issue of high school bonds that was awarded jointly
TAILS.
to Joseph, Hutton & Estes of Nashville and Little, Wooten & Co. of Jackson
as 531s at 101.08 (V. 128, p. 3564) is dated June 1 1929 and due from June!
1930 to 1949 incl. Int, payable annually on June 1. Basis of about 5.12%.
TODD COUNTY (P. 0. Elkton), Ky.-BOND SALE.
-An issue of
3100,000 5% coupon road and bridge bonds has been purchased by Caldwell & Co. of Nashville. Denom. $1,000. Dated Jan. 11929. Due Jan.
1 1935 tq 1951. Prin. and int. (J. & J. 1) payable at the Chemical National
Dank in New York City. Legality to be approved by Chapman & Cutler
.of Chicago.
Financial Statement (As Officially Reported).
Assessed valuation of all taxable property subject to taxation
for the payment of these bonds 1928
$8,857.170
'Total bonded debt, including this issue
181,000
Less: Sinking fund
19,675
gg 0
Net bonded debt
3161,325
Population. 1910 Census. 16.488; 1920 Census, 15,694.
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
-Earle L.
Peters. Director of Finance, will receive sealed bids until 11 a. m.on June 11
for the purchase of the following 4 % bonds aggregating $3,900,000:
$2.300,000 Maumee River bridge construction bonds. Due $92,000.
Nov. 1 1930 to 1954 incl.
1,500,000 sewage-disposal bonds. Due $60,000. Nov. 1 1930 to 1954 incl.
100,000 fire dept. bldg. bonds. Due $10,000, Nov. 1 1930 to 1939 incl.
All of the above bonds are dated May 1 1929. Coupon bonds in denom.
of $1,000. Prin. and in (May and Nov. 1) payable at the Chemical
National Bank, New York. Bids may be made separately for each or for
"all or none." A certified check for 2% of the bonds bid for, payable to
the order of the Commissioner of Treasury of City of Toledo, must accompany each proposal. Legality to be approved by Squire, Sanders & Dempsey of Cleveland. Bonds are registerable as to principal and interest.
Any bidder desiring* to do so may present a bid for said bonds based upon
their bearing a different rate of interest than specified above, provided,
however, that where a fractional rate is bid,such fraction shall be II of 1%
or multiples thereof. Different rates may be bid for different issues, but
split rate bid will not be considered for any single issue. If bids are received
based upon a diffbrent rate of interest than specified above, the bonds will
be awarded to the highest responsible bidder offering not less than par and
accrued interest based upon the lowest rate of interest. No bids for less
than par and accrued interest to the day of delivery will be acceptable.
Bonds to be delivered to the buyer at Toledo.
TRANSYLVANIA COUNTY (P.O. Brevard), N.C.-BOND SALE.
The $278.000 issue of5% coupon refunding bonds offered for sale on May 24
-was awarded to Joseph S. Silverstein, of Brevard, at par.
-v.128, p. 3389
Dated April 1 1929. Due from 1930 to 1959, incl. No other bids were
submitted.
TUSCUMBIA, Colbert County, Ala.
-BONDS NOT SOLD.
-The
$30,000 11181113 of 6% semi-annual school bonds offered on April 30-V. 128.
-was not sold, as all the bids were rejected.
p. 2693
UPPER DARBY TOWNSHIP (P. 0. Upper Darby), Delaware
County, Pa.
-BOND OFFERING.
-Thomas C. Kelly, Township Secretary, will receive sealed bids until 7 p. m.(Eastern standard time) on June 4
for the purchase of $300,000 4% coupon township bonds. Dated June 1
1929. Denom. $1,000. Due on June 1 as follows: $30.000. 1931. 1934.
1937. 1940. 1943, 1946, 1949, 1952, 1955 and in 1958. A certified check
for $6,000, payable to the Township Commissioners, is required. Legality
to be approved by Townsend, Elliott & Munson of Philadelphia: also
•Gibbons & Whitaker of Philadelphia.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND SALE.
-The following issues of 43i% bonds aggregating $40,300 offered on
May 20-V. 128, p. 3230
-were awarded at par to the Union Trust Co. of
Indianapolis, the only bidder.
$30.000 0. A. Klamer et al, Pigeon Twp. highway improvement bonds.
10,300 Julius Fuquay, Knight Twp. highway improvement bonds.
Bonds are payable on May and Nov. 15 of each year, commencing with
May 151930.
The $80,000 435% court house bonds offered on May 16-V.128, p. 2693
-were awarded to the Harris Trust & Savings Bank of Chicago. Bonds
are dated April 1 1929. Due as follows: 52,000. July 1 1930;$2,000.Jan.
and July 1 1931 to 1943. inclusive: 32,000. Jan. and $4,000 July 1 1944:
$4,000. January and July 1 1945 and 1946.and $4,000.Jan. 1 1947. Bonds
are being reoffered for investment at prices yielding 5.00 to 4.25%,according to maturity.
Financial Statement.
Assessed valuation for taxation
$153,813,870
*Total debt (this issue included)
Population, estimated, 120,000: 1920 census,92,293; 1910 census,625,000
77,438.
* The above statement does not include obligations of other municipal
corporations which have taxing power against property within the County.
VERNON TOWNSHIP SCHOOL DISTRICT NO. 7, Shiaw
-BONDS OFFERED.
-D.M.Trumble, Secretary of Board
County, Mich.
of Education, received sealed bids until May 31 for the purchase of $48,000
school bonds. Rate of interest is not to exceed 5%.
VICTORIA COUNTY (P. 0. Victoria), Tex.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. on May 31, by J. J. Woodhouse,
County Judge, for the purchase of an issue of $181,000 semi-annual road,
series E bonds. Int. rate is not to exceed 536%. Duo from 1945 to 1968,
Incl. A $4,000 certified check must accompany the bid. (These bonds
are a part of the $200,000 issue unsuccessfully offered on May 14-V. 128.
p.3061.)
WALTHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
Salomon Bros. & Hutzler of Boston on May 27 purchased a $300.000 temporary loan, duo in about 8 months, on a discount basis of 5.67% plus a
premium of $3. The loan is dated May 27 1929 and is payable on Jan. 10
1930.
WALWORTH COUNTY (P. 0. Elkhorn), Wis.-BOND SALE.
-The
$200,000 issue of 434% semi-annual highway, series 13, bonds unsuccessfully offered for sale on March 28-V. 128. p. 2513
-has recently been
jointly purchased at par by the Channer Securities Co. and Kent, Grace &
Co., both of Chicago. Due on April 1 as follows: $115,000 in 1934. $125.000 in 1935 and $50,000 in 1936.
WAPELLO COUNTY (P.O. Ottumwa), lowa.-BOND OFFERING
Sealed and open bids will be received until 10 a. m. on June 22 by Fred
Pohlson, County Treasurer, for the purchase of an issue of $173,000 annual
primary road bonds. Int. rate is not to exceed 5%. Dated July 5 1929.
Due on May 1 as follows: $17,000. 1935 to 1943, and $20,000 in 1944.
Optional after May 1 1935.
WAPPINGERS FALLS, Dutchess County, N. Y.
-BOND OFFER-Sealed bids will be received by J. A. Sherman, Village Clerk, until
ING.
7:30 p. m. (daylight saving time) on June 7 for the purchase of $40,000
registered street improvement bonds. Rate of interest is not to
coupon or
'exceed 6% and is to be stated in a multiple of 1-10 or 31 of 1%. Bonds
,
are dated June 11929. Due $2,000, June 1 1930 to 1949 incl. Prin. and
semi-annual int, payable in gold at the National Bank of Wappingers Falls.
A certified check for $800. payable to the village, must accompany each
proposal. Legality to be approved by Clay, Dillon & Vandewater of N. Y.
WARDS GROVE TOWNSHIP (P. 0. Kent), Stephenson County,
-The State Bank of Kent on AprIl 15 purchased an
-BOND SALE.
III.
Issue of 310.000 bonds for road construction purposes. The bonds bear
% payable semi-annually.
Interest at the rate of
WARWICK UNION FREE SCHOOL DISTRICT NO. 12 (P. 0. War-BOND SALE.
wick), Orange County, N. Y.
-The 5250.000 coupon or
registered school bonds offered on May 28 (V. 128. P. 3564) were awarded
3725
as 4.80s to George B. Gibbons & Co. of New York at par plus a premium
of $868.75, equal to 100.274, a basis of about 4.76%. The bonds are dated
June 1 1929 and mature on Jan. 1 as follows: $5,000. 1931 to 1933 incl.;
56,000. 1934 to 1936 incl.: $7,000. 1937 to 1939 incl.; $8,000, 1940 to 1942,
incl.: $10.000, 1943 to 1958 incl., and $12,000. 1959.
0 ther bidders were:
BidderInt. Rate. Premium.
First National Bank, Warwick
4.90%
$1.900.00
Stranahan, Harris & Ostia, Inc. and Batchelder, Wack
& Co
4.90%
975.00
Lehman Bros. and Manufacturers & Traders-Peoples
Trust Co
1,547.50
Edmund Seymour
5..0 %
500
1.997.50
0%
WAUPACA COUNTY (P. 0. Waupaca), Wis.-BOND OFFERING.
Sealed bids will be received by L. F. Shoemaker, County Clark, until 11
a. m. on June 12, for the purchase of a $235,000 issue of 435% highway
bonds. Denom. 51.000. Dated April 1 1929. Due on April 1 as follows:
$35.000, 1937 and $100,000 in 1938 and 1939. Prin. and int. (A. & 0.)
payable at the office of the County Treasurer. A certified check for 1%
of the bonds bid for, payable to the County Treasurer is required.
-BIDS.
WAYNE, Wayne County, Mich.
-The following bids were
also submitted on May 21, for the $39,509.85 5% bonds awarded to the
Wayne Savings Bank of Wayne, and the Fidelity Trust Co. of Detroit. at
.-V. 128, p. 3564.
100.68, a basis of about 4.88%
BidderInt. Rate. Premium.
Braun, Bosworth & Co., Toledo
Strahahan, Harris & Oat's, Inc., Detroit
286
Detroit & Security Trust Co., Detroit
301
53t
First National Co.of Detroit
302
WAYNE COUNTY (P. 0. Corydon), lowa.-BOND OFFERING.
Bids will be received until 2 p. m. on June 21 by W. S. McMains, County
Treasurer, for the purchase of a $300,000 issue of coupon primary road
bonds. Int. rate is not to exceed 5%. Datde May 1 1929. Due $30,000
from May 1 1935 to 1944 incl. Optional after May 1 1935.
WAYNE COUNTY (P. 0. Detroit), Mich.
-BOND OFFERING.
Sealed bids will be received by W. F. Butler, Chairman of the Board of
County Road Commissioners, until 10 a. m. (Central standard time) on
June 17 for the purchase of the following issues of coupon bonds. aggregating $1,156,000:
51.008.000 special assessment road district No. 11 bonds. Due $112,000
May 1 1931 to 1939 incl. A certified check for $10,080 is required.
148,000 special assessment road district No. 11 bonds. Due May 1 as
follows: $17.000, 1931 to 1934 incl., and 316.000, 1935 to 1939
incl. A certified check for 51,480 is required.
Bonds are dated June 11929. Denom. 31,000. Checks should be made
payable to the Board of County Road Commissioners. Bidders to state
rate of interest which is payable on May and Nov. 1. Prin. and int, payable at the First National Bank. Detroit. Purchaser to pay for legal opinion
and printing of bonds.
WAYNE COUNTY (P. 0. Wooster), Ohio.
-BOND OFFERING.
Fred C. Redick, Clerk of Board of County Commissioners, will receive
sealed bids until 12 m. on June 17 for the purchase of the following issues
of 6% bonds aggregating $38,000:
$21,000 road improvement bonds. Denom. $1,000. Due Nov. 1 as
follows: 55,000, 1929, and $4.000. 1930 to 1933 incl.
17.000 road improvement bonds. Denom. $1,000. Due Nov. 1 as follows: 54,000, 1929 and 1930, and $3,000, 1931 to 1933 incl.
The bonds are dated May 1 1929. The $21,000 issue was scheduled to
have been sold on May 20-V. 128. p. 3230. Prin. and int. (May and
Nov. 1) payable at the office of the County Treasurer. A certified cheek
for 3% of the bonds bid for, payable to the Board of County Commissioners,
is required. Legality to be approved by Squire. Sanders & Dempsey of
Cleveland. Any bidder desiring to do so may present a bid for such bonds
based upon their bearing a lower rate of interest than specified above, provided, however, that where a fractional interest rate is bid such fraction
shall be 31 of 1% or multiples thereof. If bids are received based upon a
different rate of interest than above specified, the bonds will be awarded
to the highest bidder offering not less than par and accrued interest based
upon the lowest rate of interest.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-W640,500
-A syndicate composed of the First
Certificates of Indebtedness Sold.
National Bank and Salomon Bros. & Hutzler, both of New York, the Old
Colony Corp. and F. S. Moseley & Co., both of Boston, the First National
Bank and the Mount Vernon Trust Co., both of Mount Vernon, purchased
an $8,649,500 issue of 5.94% certificates of indebtedness on May 27. at par
plus a premium of $11. The certificates are redeemable on June 5 1930.
The bankers are re-offering the notes for public investment priced to
Field 5.65%. According to the offering notice, they are legal investment
for savings banks and trust funds in New York State.
5,
xe
5x4
WEST LAFAYETTE CITY (P. 0. Lafayette), Tippecanoe County,
Ind.
-BOND SALE.
-The $125,000 43i% school building bonds offered
on May 20-V. 128, p. 3231-were awarded to the Lafayette Loan & Trust
Co. of Lafayette, at par plus a premium of $711.00. equal to 100.56. a
basis of about 4.43%. The bonds are dated May 15 1929, and mature on
Jan. 15. as follows: $10.000. 1935: $11,000, 1936 and 1937: 512,000. 1938
a n441939; 513,000. 1940 and 1941: $14,000. 1942 and 1943; and $15.000.
nd
WEST ORANGE, Essex County, N. J.
-BOND OFFERING.
-Ronald
C. Alfort, Town Clerk, will receive sealed bids until 8.15 p. m. (daylight
saving time) on June 11, for the purchase of $625,000 coupon or registered
assessment bonds. Interest rate either 435, 44 or 5%. Bonds are dated
June 15 1929. Denoms. $1,000. Due June 15, as follows: $60,000. 1930 to
1938 incl.; and $85.000, 1939. Prin. and semi-annual interest payable in
at the First National Bank, West Orange. No more bonds to be awarded
than will produce a premium of $1,000 over the amount stated above.
The U. S. 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 Town,is required. Legality to be approved by Hawkins.
Delafield & Longfellow of New York City.
WEST VIRGINIA, State of (P. 0. Charleston).
-BOND SALE.
The $4,500,000 issue of 436% coupon or registered road bonds offered for
sale on May 28-V. 128, p. 3565
-was awarded to a syndicate composed
of the Guaranty Co.,the Bankers Co. and the Detroit Co., all of New York;
the Old Colony Corp. and Dewey, Bacon & Co.. both of New York; the
First Minneapolis Trust Co. of Minneapolis; the Kanawha Banking &
Trust Co. of Charleston and Hannahs. Bailin & Lee of New York at a price
of 100.079. a basis of about 4.49%. Dated Jan. 1 1929. Due from Jan. 1
1932 to 1945 inclusive.
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now
being offered for public subscription by the successful bidders at prices to
Yield from 4.60 to 4.30%. according to maturity. The offering notice states
that the bonds are tax free in West Virginia and are legal investment for
savings banks and trust funds in New York. Massachusetts, Connecticut,
and other States. They are Issued for highway purposes and are general
obligations of the State of West Virginia, payable from unlimited ad
valorem taxes to be levied against all taxable property therein.
WHITE OAK TOWNSHIP (P. 0. Corlock), III.
-BOND SALE.
The Farmers State Bank of Corlock, purchased an issue of 520,000 5%
road bonds at par, recently. The bonds are dated Apr. 1 1929. Coupon
Inform, doom. of $1,000. Int. payable April and October.
WHITMAN COUNTY SCHOOL DISTRICT NO. 202 (P. 0. Colfax),
Wash.
-The $22,000 issue of coupon school bonds offered
-BOND SALE.
for sale on May 25-V. 128. p. 3390
-was awarded to the State Board
of Finance, as 55, at par. There were no other bidders.
WHITPAIN TOWNSHIP SCHOOL DISTRICT (P. 0. Chester),
-BOND OFFERING.
Delaware County, Pa.
-Edward H. Phipp, Secretary of the Board of Directors, will receive sealed bids until 7 p. m. on
June 4 for the purchase of 572,000 431% coupon school bonds. Dated
June 11029. Denom. $1,000. Due June 1 as follows: $20,000, 1939 and
1949. and 532,000, 1959. A certified check for 2% of the bonds bid for,
payable to the District Treasurer, is required. Benda are to be sold subject to the approving opinion of Townsend, Elliott & Munson of Philadelphia as to their legality.
WICOMICO COUNTY (P.O. Salisbury), Md.-BONDS APPROVED.
-At a special election held on May 21, the voters authorized the Issuance
et $300,000 bonds to finance the construction of a modern high school
3726
FINANCIAL CHRONICLE
building. The proposed issue was carried by a majority of 498 votes, the
total vote belag 2,143 for and 1,645 against.
YONKERS, Westchester County, N. Y.
-BOND OFFERING.
Joseph F. Loehr, City Comptroller, will receive sealed bids until 12 re.
(daylight saving time) on June 5,for the purchase of the following issues of
coupon or registered bonds, aggregating $2,165,000. Rate of interest is
%,and is to be stated in multiples of 31 of 1%. Bidders
not to exceed
will be permitted to name different rates for the different issues of bonds,
but not more than one rate for any one issue.
81.200,000 assessment bonds. Due $200,000 June 1 1930 to 1935, incl.
515,000 series A, local impt. bonds. Due June 1 as follows: $40,000.
1930 to 1934, incl., and 835,000, 1935 to 1943, incl.
450.000 series B, local impt. bonds. Due $90,000 June 1 1930 to 1934.
inclusive.
Bonds are dated June 1 1929. Denoms. $1,000. Principal and interest
(April and Oct. 1) payable in gold at the office of the City Treasurer. A
certified check for 2% of the bonds bid for, payable to the above-mentioned
official, must accompany each proposal. Legal opinion of Hawkins, Delafield & Longfellow of New York, will be furnished.
ZANESVILLE, Muskingum County, Ohio.
-BOND OFFERING.
Sealed bids will be received by Henry jr Stemm, City Auditor, until 12 m.
*a June 3 for the purchase of $70,000 5% city's portion street improvement
bends. Dated May 1 1929. Denom. $1,000. Due $7,000 Nov. 1 1930
to 1939 incl. (Interest payable M.& N. 1.). A certified check for 1% of
the bends bid for, payable to the City Treasurer, must accompany each
proposal
CANADA. its Provinces and Municipalities.
COATICOOK, Que.-BOND SALE.
-The $27,000 5% coupon bonds
offered on May 20 (V. 128. p. 3390) were awarded to the Canadian Bank of
Commerce at a price of 97.87, a basis of about 5.27%. Bonds are dated
June 1 1929 and mature in 20 years. Payable at Coaticook and Montreal.
The following bids were also submitted:
Rate Bid.
BidderSecurities0
97 12
:0
Credit Anglo-Francaise, Ltd
Dominion
Corp
95.80
L. G. Beaubien & Co
95.65
Banque Canadienne & Nationale
94.68
Wood, Gundy & Co
94.52
Royal Bank of Canada
KINGSTON, Ont.-BOND SALE.
-McLeod, Young, Weir & Co. of
Toronto recently purchased an issue of $99900 5% bonds due in 1949 at a
rice of 98.41, a basis of about 5.12%. A list of the other bids received follows:
Rate Bid.
Bidder98.17
Wood, Gundy & Co
Bain & Co
98.17
A. E. Ames & Co
98.0)
Bell, Gouinlock & Co
97.60
Dominion Securities Corp
97.27
97.14
Dyment, Anderson & Co
J. L. Graham & Co
97.113
96.97
Matthews & Co
96.85
Brouse, Mitchell & Co
96.78
Burgess & Co
96.10
Harris, MacKeen
96.04
R. A. Daly & Co
96.04
Fry, Mills, Spence
-R. Lapointe, SecretaryLATERRIERE, Que.-BONDS NOT SOLD.
Treasurer, states that the $10,000 improvement bonds, bearing a coupon
rate of5%,offered on May 13-V. 128, p.3231-were not sold. The bonds
are dated Nov. 1 1928. and mature serially in 25 years. Payable in
Chicoutimi. Latteriere and Quebec.
ST. FULGENCE, Que.-BOND SALE.-Pret & Co. of Montreal recently purchased an issue of $20,000 5% improvement bonds at a price of
95, a basis of about 5.66%. The bonds are dated Sept. 1 1928, are in denominations of $100 or multiples thereof, and are payable at Chiccoutimi,
Montreal and Quebec. These are the bonds for which no bids were received
on April 2-V. 128, p. 2514.
FINANCIAL
PORT ARTHUR, Ont.-BOND SALE.
-Wood, Gundy k Co. of Toronto recently purchased an issue of $466,000 5% bonds maturing in 30
years, at a price of 95.90. The follevring Is a list of the other bids received:
BidderRate Bid.
Bank of Montreal
95.57
C. II. Burgess & Co
05.50
Dominion Securities Corp
94.03
Bell. Gouinlock & Co
93.70
TORONTO, Can.
-BOND SALE.
-A syndicate composed of the Chase
Securities Corp. of New York, the Continental Illinois Co. of Chicago,
A. E. Ames & Co. and the Royal Bank of Canada, both of Toronto, purchased on May 28 the following 5% bonds aggregating $10,274,000 at a
price of 97.777, a basis of about 5.21%. The bonds are dated June 1 1929
and are to be issued in coupon form, with provision for registration of principal, in denominations of $1,000. The bonds are payable both as to
principal and interest in Toronto or, at the option of the bolder, at Lloyds
Bank, London, E. C., England, at the fixed rate of $4.86 2-3 to the pound
sterling, or in gold coin of the United States of America of the present standard of weight and fineness at the Canadian Bank of Commerce, New York.
The legality of the bonds has been approved by Clarke, Swabey & McLean
of Toronto. Below is shown the purposes for which the bonds are issued,
by-laws under which they are authorized, term of years to run and amount
of each by-aw:
Term
By-Law
Amount.
Purpose.
of Years.
No.
$408.000 Public library building grant
20
11430-1210
798,000 Schools-Technical
20
11868-122
1,020,000 Toronto hydro-electric system
20
11936-12202
204,000 Provincial suburban roads
20
12124-12208
700,000 Extension of Bathurst St. southerly and replacement of bridge
20
12127-12211
1,020,000 New automotive building, Exhibition Park _20
12194
600,000 New machinery and electrical building,
Exhibition Park
20
12195
635,000 Schools-Public
30
11869-12201
1,024,000 Main sewers
30
11969-12203
284,000 Schools-High
30
12119-12204
308,000 Schools
-Public
30
12120-12205
273,000 Sewage disposal plant and site, No. Toronto_30
12123-12197
3,000,000 Water works system-Extensions
30
12126-12210
BONDS RE
-The proceeds of the
-OFFERED FOR INVESTMENT.
issue will be used for public improvements. Toronto, according to the
financial statement, has an assessed valuation of $896,977,126: in addition to this it has exempt property valued at $131,666.136. The net
bonded debt is reported at $57,317,871. The purchasers are now offering
the bonds for public investment as follows:
Maturity
Price.
1930-1934 inclusive
98.75
1935-1939 inclusive
99.00
1940-1949 inclusive
99.50
1950-1959 inclusive
100.00
Financial Statement, April 30 1929.
Assessed value for taxation
$896,977,126
Exemptions not included above
131,666,136
Total debenture debt (including this issue)
177,139,304
Less
Waterworks
$21,646,140
Transportation system
39,604,548
Hydro-Electric System
26,272,115
Abbattoir
304,000
City-owned radial railways
2,431,019
Royal Winter Fair buildings
1,126,000
Island ferries
169,000
Housing
632,000
Exhibition
3,429,689
Ratepayers share local improvements
9.557,228
Total sinking fund
$25,869,936
Sinking fund,revenue producing debt_ 11,220,242
14,649,694
Sinking fund non-revenue producing debt
8119,821,433
57,317,871
Net debenture debt
205,991.958
Value of municipality's assets
Population, 585,628. Area, 26,454 acres.
FINANCIAL
3s
31/
25
4s
/
41 4s
41 28
/
5s
5148
51/
28
WHITTLESEY.
McLEAN&
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
WINSTON-SALIEM, N.C.
Biddle & Henry
1522 Locust Street
Wachovia Bank & Trust Company
Philadelphia
North Carolina State and Municipal
Notes and Bonds.
Southern C
ion Securities
Members of
Philadelphia Stock Exchange
Baltimore Stook Exchange
Private New York Wire-Canal 8437
BOND DEPARTMENT
Winston-Salem, N. C.
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
PHILADELPHIA
ALABAMA
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
FINANCIAL
Chartered 1836
We Specialize in
City of Philadelphia
[VOL. 128.
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