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1 financial
iirtintrie
VOL. 128.
SATURDAY,JUNE 291929.
NO. 3340.
his heart, and it was desirable that the public should
not be allowed to gain the impression that the Administration had become convinced, perhaps against
PUBLISHED WEEKLY
its will, that acquiescence in the plan would be the
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and Quotad with this whole question of German repaThe following publications are also issued. For the Bankthe others is connecte
tion Record the subscription price la $6.00 per year; for all
rations payments that while the vital matter of
8/%00 per year each.
MONTULY PUBLICATIONS—
COMPINDIUMS—
that issue was of course the reparations payments
BANC AND QUOTATION RECORD
PUBLIC UTILITY—(seml-annually)
MONTHLY EARNINGS RICCORD
RAILWAY & INDUSTRIAL--(fOUr•year)
themselves, these reparations payments should now
ETATS AND MuencirAb--(semi-annually)
be relegated to a position of relative unimportance
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doubtless is) the greater issue of
Western Representative. ered to be (and
CHICAGO 0i/swim—In charge of Fred. H. Gray,
208 South La Salle Street, Telephone State 0813.
establishment of a world's bank for the handling
London. E.0. the
LONDON Orrice—Edwards & Smith, i Drapers' Gardens.
not merely of banking matters growing out of and
WILLIAM B. DANA COMPANY, Publishers,
directly relating to the reparations payments, but
Front, Pine and Depeyster Streets. New York
banking matters in their broadest and most comprepublished every Saturday morning by WILLIAM B. DANA COMPANY. hensive scope. If Mr. Young is quoted correctly, he
D. Riggs;
President and Editor. Jacob Seibert; Business Manager, William Office of Co.
Treas.. William Dana Seibert; See.. Herbert D.Seibert. Addresses of all,
regards this Bank for International Settlements as
the real achievement of the Committee of Experts,
The Financial Situation.
far surpassing in its ultimate reach and conseAmerican members of the Committee of Ex- quences everything else. Careful study of the ComThe
perts which at the recent Paris conference arranged mittee's report shows, too, that this is not an exagthe settlement of the question of German repara- gerated view.
We deal with the subject anew in a separate
tions payments, made their expected visit this week
to article on a subsequent page and show that the Bank
on President Hoover and unfolded to him and
Secretary of State Henry L. Stimson and Secretary for International Settlements is to function in the
rof the Treasury Andrew W. Mellon their plan for broadest way and will partake of all the characte
Bank for Inter- ictics of a super-bank, even though any intention to
the establishment of the proposed
ed.
national Settlements. After their departure, Sec- establish a super-bank is expressly disclaim
it incumbent to repeat the What should be most carefully guarded against is
retary Stimson deemed
statement made by him on May 16, banning partici- that our Federal Reserve Banks should not in any
way become involved or entangled in the affairs of
pation on the part of the Federal Reserve Banks.
Mr. Stimson said there had been no recent devel- this world-bank. Our present experience with the
opments to change the Government's position as Federal Reserve Banks and their own experience in
announced by him on May 16, and again declared trying to cope with the home credit situation is conthat the American Government did not desire to clusive evidence that the Reserve Banks have quite
have any American official participate in the collec- enough to do in attending to their own affairs, withtion of German reparations through the bank or any out undertaking the regulation of the banking situaother agency. Newspaper accounts stated that re- tion of the whole world.
It is quite true that financial assistance in aid
cent suggestions from abroad that an official of a
Reserve Bank be designated to of the central banks of Europe may at times be
New York Federal
participate in the management of the International required. Assistance should be freely granted, when
institution had evoked little response in high Ad- needed, but it should be done by private bankers and
ministration quarters in Washington. Even such not by our Federal Reserve Banks, who are the
indirect representations as would be involved in the custodians of the gold reserves of the country's enpropoced Bank plan would not likely be undertaken tire banking system. That eminent banking house,
without the advice and consent of Congress, and for J. P. Morgan & Co., has often extended assistance
the present at least _there was no reason to believe of that kind in the past, and is quite capable of
that President Hoover would ask Congressional doing so again in the future, with the co-operation
of course of associated banks and banking instituaction on this question.
y of State was well advised tions, all functioning as private units. These private
We think the Secretar
when he indicated anew and with additionad empha- bankers will be certain in extending assistance to
sis the attitude of the Administration. There is act with the utmost prudence and caution, will subreason to believe that Owen D. Young, as head of divide their commitments just as insurance comthe Experts, spoke with great persuasiveness in panies do, and take extra pains and care to surround
support of the proposed bank, which is so close to every such trancaction with all possible safeguards.
finantiall Chronicle
4200
FINANCIAL CHRONICLE
[VoL. 128.
But the Federal Reserve Banks should hold manner, but it is quite another thing to force expulstrictly aloof and assume no commitments whatever, sion through artificial measures, such as were emnear or remote. Representation upon or in the Bank ployed in 1927, and early in 1928. Such artificial
for International Settlements, whether direct or in- measures almost invariably result in failure and
direct, will carry duties and responsibilities, and it disaster, just as they have on the present occasion.
is precisely such duties and responsibilities that That is one of the strongest reasons for confining
should not devolve upon or be assumed by our Fed- the Federal Reserve Banks to their legitimate
eral Reserve Banks. As for entering upon such a sphere. What would happen if they were permitted
chimerical scheme as regulating the gold currents to stalk out and unite with other banks for the
of the whole world, which we are told could be so purpose of carrying out some artificial scheme for
easily done by pooling the gold resources of the stabilizing the gold currencies and the gold reserves
central banks, our Federal Reserve Banks included, of the world can only be left to the imagination. It
that is the one thing that the Federal Reserve Banks is in the highest degree encouraging to find the Adshould not do or be permitted to do.
ministration at Washington so set in its opposition
Such Utopian schemes should be most carefully to anything of the kind.
avoided. The risks and dangers of anything of the
kind should be kept steadily in view. If the central
The weekly returns of the Federal Reserve Banks.
banks of Europe are willing to engage in undertak- this week are not of an assuring character. Whatings of that kind, that is their affair, and it should ever progress was previously made in preventing
never become our affair. It will be recalled that W. inordinate use of Reserve credit and of ordinary
Randolph Burgess, the Assistant Federal Reserve bank credit is now being lost again. Speculation
Agent of the New York Federal Reserve Bank, was having again begun to spread in the stock market,.
in Europe for quite a while, last Spring, collaborat- brokers' loans are once more expanding and meming with the Experts in drafting the charter for the ber bank borrowing increasing. This is happening,
proposed bank, and when he came back spoke with too, at a time when the member banks are being
rare frankness as to what it was hoped to accom- strongly advantaged by reason of Government deplish through the agency of the proposed bank.
posits as a result of the large income tax collections
It happens, too, that Owen D. Young is a Director that occurred in the middle of June. We referred
of the New York Federal Reserve institution, and to these large Government deposits as a feature
as such is directly associated in an official capacity in the situation in our remarks a week ago, but
with the Federal Reserve Banks. This connection then lacked the figures except for the reporting
should always be borne in mind in any discussion member banks in New York City and Chicago. On
of the subject. Because of such connection he will Monday evening of this week the figures for the
always be looked upon as a representative of the entire body of reporting member banks made their
Federal Reserve Banks, and in view of that fact the appearance and they confirm what was previously
Administration at Washington was certainly called said. Government deposits, it is found, jumped
upon to make it unmistakably plain that no repre- from $46,000,000 June 12 to $260,000,000 June 19,.
sentative of the Federal Reserve Banks, direct or and apparently there has been no reduction for the
indirect, must be identified with the proposed Bank. present week—we mean the week ending June 26.
There is another consideration to be borne in This we gather from the fact that the Government
mind, and that is that the Federal Reserve Banks deposits of the reporting member banks in New York
should not be permitted to parcel out the gold City, after having increased from $19,000,000 to.
reserves of the Federal Reserve Banks and make $72,000,000, are still reported at the latter figure
them part of a general gold fund. That is all well the present week, and that likewise the reporting
enough in theory, but in practice the consequence member banks in Chicago after having last week
is certain to be serious. The entire world is of shown Government deposits increased from $5,course aware of the fact that the Federal Reserve 000,000 to $20,000,000, record no diminution in the
System in the carrying out of its easy-money policy latter amount the present week. As previously
inaugurated in the Summer of 1927, deliberately pointed out, the strong advantage of Government
engaged in expelling gold from the country and sub- deposits is that the banks need hold no cash reserves
stituted paper money for such gold, the net loss of againnt the same. They therefore count as an adgold in the end running in excess of $500,000,000. dition to cash reserves to their full amount.
The ill consequences that followed this mistaken
With reserves of the member banks reinforced to•
policy of expelling $500,000,000 of gold and replac- the full extent of the Government deposits, member
ing it with paper are to-day known to the whole bank borrowing is shown to have further increased
world. The country is suffering as a result from a the present week. But before adverting to that
speculative debauch, the like of which has never feature it will be well to take up the figures of
before been seen in the world's history. Instead of brokers' loans. These, as already indicated, have
conferring upon the Federal Reserve Banks author- taken another leap upward. Last week, it may be
ity to repeat anything of the kind, and on a much recalled, there was an expansion of $136,000,000 in
larger scale, too, an would unquestionably happen the grand total of there brokers' loans. This week
if the United States became participants in a world there is a further expansion.in amount of $122,bank such as provided for by the Committee of 000,000, making for the two weeks combined an
Experts.
addition of $258,000,000. The total now (June 26)
The lawmaker should see to it that the future at $5,542,000,000 compares with $4,178,000,000 a
shall be rendered secure against anything of the year ago on June 27 1928. The loans made for own
kind. It is one thing to let gold flow out of the account by the reporting member banks in New
country, in a normal, natural way as the result of York City increased during the past week from
the working of economic law, and no obstacle should $883,000,000 to $1,038,000,000; the loans made for
ever be placed in the way of it flowing out in that account of out-of-town banks fell from $1,592,000,000
JUNE 29 1929.1
FINANCIAL CHRONICLE
4201
Electric Pow.& Light at 80 against 73; Fed. Light &
Traction at 101 against bid 100; Pacific Gas & Elec.
/
/
at 6918 ex div. against 6778; Standard Gas & Elec.
/
at 11878 ex div. against 118; Consol. Gas of N. Y. at
/
13178 against 124; Colmbia Gas & Elec. at 8314
%
against 79%; Public Service of N. J. at 1113
%
103%; International Harvester at 1061
against
2
1
/
against 105: Sears Roebuck & Co. at 163 against
%
159; Montgomery Ward & Co. at 1081 against 106;
Woolworth at 224 against 219; Safeway Stores at
%; Western Union Tel. at 195
162 against 1631
2
1
/
/
against 19512; American Tel. & Tel. at 233 with
rights; Int. Tel. & Tel. at
rights against 218% with
/
104% against 9178 with rights; Westinghouse Elec.
& Mfg.at 185ex div.against172%;United Aircraft &
2
1
/
Transport at 127% against 121 ; American Can at
against 146; United States Industrial Alcohol
152%
1
/
at 1792against 183; Commercial Solvents at 445%
%
;
1
/
against 4112 Corn Products at 1001 against 97%;
Shattuck & Co. at 170 against 168, and Columbia
Graphophone at 68% with rights against 63% with
rights.
Allied Chem.& Dye cloeed yesterday at 324 against
306 on Friday of last week; Davison Chemical at
/
51% against 4978; Union Carbide & Carbon at 102%
4
against 97; E. I. du Pont de Nemours at 1823
171%; Radio Corporation at 83% against
against
%;
831 General Electric at 324 against 305½; National Cash Register at 120 ex div. against 114%;
Wright Aeronautical at 132 against 128; Inter/
national Nickel at 5178 against 49%; A. M. Byers
%
at 1401 against 142%; Timken, Roller Bearing at
/
%
The stock market this week has continued to show 1073 against 851 8; Warner Bros. Pictures at 120
2
1
/
growing strength. Last week the advance in prices against 115%; Motion Picture Capital at 53
at 101 against 99%;
2
1
/
appeared to be the result of low rates for money on against 58 ; Mack Trucks
/
call, there having then been no change all week Yellow Truck & Coach at 4218 against 42½; Na2
1
/
at 75 against 72 ; Johnsfrom the call loan rate of 7% on the Stock Exchange. tional Dairy Products
2
1
/
185 against 183; National Bellas Hess
The present week, however, call loans on the Stock Manville at
Exchange advanced from 7% to 10% on Monday and at 48% against 48; Associated Dry Goods at 49%
/
have held firm at the latter figure all week. But the against 5114; Commonwealth Power at 239 against
223; Lambert Co. at 145% against 141%;Texas Gulf
rise in the money charge acted as no deterrent upon
the speculatibn for higher prices. The first effect Sulphur at 70% against 73; Bolster Radio at 32
7
/.
was to produce a temporary recession, but the up- against 21' 8 Among the stocks that established
resumed and the tend- new high records for the year, the following may
ward movement was quickly
ency of the market has been almost uninterruptedly be mentioned:
upward, except for some weakness on Thursday and
STOCKS MAKING NEW HIGH FOR YEAR.
Industrial et Miscell.(Concl.)—
barring, of course, downward reactions as a result Railroads—
Detroit Edison
Atchison Topeka & Santa Fe
of profit taking sales.
Electric Power & Light
Bangor & Aroostook
Engineers Public Service
The volume of trading has also been increasing, Chesapeake & Ohio
Exchange Buffet
Erie
General Electric
there being evidently greater outside participation Missouri Kansas & Texas
General Railway Signal
in the market. Sales have been in the neighborhood New York Central
Glidden Co.
N.Y. N. H.& Hartford
Hoe (R.) & Co.
of 4,000,000 shares a day, as against the previous Norfolk & Western
International Business Machines
Pennsylvania
Internat. Telephone & Telegraph
3,000,000 shares a day. On the New York Stock Pere Marquette
sales on Saturday last were 1,479,880 Union Pacific Miscellaneous— Kinney Co. & Electric
Exchange the
Louisville Gas
Industrial and
Ludlum Steel
shares; on Monday they were 3,033,120 shares; on Air Reduction
Macy
Allied Chemical & Dye
National Dairy Products
Tuesday, 2,927,720 shares; on Wednasday, 4,029,740 Allis-Chalmers
National Power & Light
Bank
shares; on Thursday, 3,911,970 shares, and on Fri- American Can Note
North American
American
Otis Elevator
day 3,950,140 flares. On the New York Curb Mar-. American Chicle
Peoples Gas Light & Coke
Power Light
ket the sales last Saturday were 876,400 shares; on AmericanGulf & & I. SS. Lines Public Service Corp. of N. .T.
W.
Atlantic
Shattuck (F. G.)
Monday the sales were 1,809,000 shares; on Tuesday, Atlantic Refining
Trico Products
Childs Co.
Underwood-Elliott-Fischer
1,293,800 shares; on Wednesday, 2,291,900 shares; Columbian Carbon
Union Carbide & Carbon
Columbia Gas & Electric
on Thursday, 2,805,300 shares, and on Friday, Commercial Solvents
United States Steel
Van Raalte
3,304,500 shares, this lad establishing a new high Consolidated Gas
Walworth Co.
Continental Baking class A
.
Warren Bros.
record for a day's transactions
Corn Products Refining
Westinghouse Electric & Mfg.
Steel of America
As compared with Friday of last week, prices show Crucible ammer Mfg.
Worthington Pump & Machine
Cutler-H
Young Spring & Wire
quite general advances, with public utilities again Cuyamel Fruit
The copper stocks have been irregular. Anaconda
in the foreground. Brooklyn Union Gas closed yesat 209% against 207% on Friday of last Copper closed yesterday at 116 against 115% on
terday
%;
week; North American at 146 against 1291 Amer- Friday of last week; Kennecott Copper at 84%
2
1
/
2
1
/
ican Water Works & Elec. at 142 against 139%; against 85 ; Greene Cananea at 164 against 161;
to $1,536,000,000, while the loans for account of
others ran up from $2,945,000,000 to $2,969,000,000.
Taking up now the matter of member bank borrowing, it is found that the discount holdings of the
twelve Reserve institutions are now again well above
a round billion dollars, having risen during the week
from $959,104,000 to $1,016,747,000. This is after
last week's increase of $25,193,000. On the other
hand, the twelve Reserve institutions have allowed
their acceptance holdings purchased in the open
market to drop still lower, these standing this week
at $82,839,000 against $87,032,000 the previous week.
But it again happens that the Reserve Banks while
reducing their own holdings of acceptances, have
further increased the amount of the acceptances
purchased for foreign correspondents. During the
past week, these holdings for foreign correspondents
increased from $416,999,000 to $424,566,000. Since
May 1 up to June 26 the twelve Reserve Banks have
allowed their acceptance holdings to run down from
$170,421,000 to $82,839,000. Contrariwise between
the same two dates the bill holdings for foreign correspondents have increased from $349,257,000 to
$424,566,000.
But while the twelve Reserve Banks have further
reduced their holdings of acceptances, they have
increased their holdings of Government securities,
these latter having risen from $139,458,000 to $149,527,000. Altogether, total bill and security holdings
the present week are $1,262,428,000 as against $1,198,761,000 last week.
4202
FINANCIAL CHRONICLE
[VOL. 128.
Calumet & Hecla at 42 against 433 Andes Copper
%;
The London Stock Exchange began the week with
at 52 against 54 ; Inspiration Copper at 45% general dullness and a weak
/
1
2
/
1
2
tendency in the Giltagainst 46; Calumet & Arizona at 127 against edged market:Persiste
/
1
2
nt selling of shares like Cour129%; Granby Consol. Copper at 7714 against 79%; taulds and the tobaccos
/
caused considerable uneasiAmerican Smelting & Ref. at 106% against 104%; ness and the market
turned downward as a whole,
U. S. Smelting & Ref. at 58 against 5718 The oil with Anglo-American
.
/
issues running counter to the
stocks have again been quiet. Simms Petroleum trend owing to strength
at New York. Heavy gold
closed yesterday at 30% against 31 on Friday of engagements for German
and American account
last week; Skelly Oil at 40% against 40; Atlantic were announced
Tuesday and this caused a sharp
Refining at 72% against 701 8; Pan American B at drop in the gift/
edged market. Industrial shares
5618 against 58 ; Phillips Petroleum at 3718 joined the downward
/
/
/
1
2
movement and home rails also
against 38; Texas Corp. at 6178 against 611 Rich- sold off after a firm
/
/s;
opening. Further gold exports
field Oil at 42 against 42; Marland Oil at 343 Wednesday again exercise
%
d a disturbing influence
against 35½; Standard Oil of N. J. at 56 against on the stock market, with
/
1
2
the gilt-edged list a center
5678; Standard Oil of N. Y. at 392 against 39%, of depression. Industrial
/
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1
shares and home rails also
and Pure Oil at 26 against 27%.
/
1
2
were weak, only some of the Anglo-American issues
The steel group has moved up with great precision. moving upward. The decline
was resumed ThursU. S. Steel closed yesterday at 189 against 180% day, with British funds and home
/
1
2
rails leading the
on Friday of last week; Bethlehem Steel at 111 list to lower levels. Internat
ional issues again
against 107 ; Republic Iron & Steel at 99 against moved upward in reflection
/
1
2
/
1
2
of the speculative ac95 ; Ludlum Steel at 99
/
1
2
/ against 94 , and tivity in New York. Dealings were very quiet yes1
2
/
1
2
Youngstown Steel & Tube at 14118 against 139. In terday, traders showing little enthusi
/
asm in face of
the motor group General Motors closed yesterday at the heavy gold withdra
wals and the possibility of
75 against 74 on Friday of last week; Nash Motors additional shipments.
/
1
2
A firmer tone was disat 85 against"85%; Chrysler at 7378 against 76%; played, however,
/
by gilt-edged issues and home
Packard Motors at 13114 against 133; Hudson Motor rails.
/
Car at 885s against 85 ,and Hupp Motors at 4718
/
/
1
2
/
The Paris Bourse began the week with a small
against 49. Among the rubber stocks Goodyear Tire selling movement
that resulted in lower quotations,
& Rubber closed yesterday at 1241 8 against 121% as no buyers were
/
to be found. Stocks lost considon Friday of last week; B. F. Goodrich at 79
/ erable ground, with French banks quite weak.
1
2
against 78%, and United States Rubber at 52 Rentes were the only
issues that remained strong in
against 50 ,and the preferred at80% against 77.
/
1
2
face of the general weakness. Selling developed on
The railroad stocks are commanding increasing a larger
scale Tuesday, with losses quite considerfavor and several of them advanced to new high fig- able at the
close of the session. Banks, motors and
ures for the year. The Erie yesterday declared divi- chemicals
were especially sensitive to the selling,
dends on both the first and second preferred, being with electrica
ls, steels and rails showing more rethe first distributed since 1907. Pennsylvania RR. sistance.
The tendency improved slightly Wednesclosed yesterday at 83% against 8014 on Friday of day, with professi
/
onal operators re-purchasing many
last week; New York Central at 20678 ex div. against of the
/
stocks sold in the previous sessions. The
2041 Del. & Hudson at 198 against 197½; Balti- buying
4;
movement did not develop to any sizable promore & Ohio at 1253 against 124½; New Haven at portions
4
, however, and the market remained
11112 against 11278; Union Pacific at 233 against apatheti
/
/
/
1
2
c as a whole. Thursday's opening was fairly
231½; Canadian Pacific at 231 against 232; Atchi- strong,
numerous groups rallying sharply. The rise
son at 23354 against 224; Southern Pacific at 134% was not maintain
/
ed, however, and the close was
against 132; Missouri Pacific at 94 against 911
/
1
2
%; again heavy. Stocks declined heavily at Paris, yesKansas City Southern at 94 ex div. against 94%; terday,
owing to the increasing difficulties of the
St. Louis Southwestern at 92
/ against 9118; Poincare Government with the French
1
2
/
Parliament
St. Louis-San Francisco at 1173 against 117 ; over ratificat
%
/
1
2
ion of the debt accords.
Missouri-Kansas-Texas at 57 4 against 4978; Rock
1
/
/
The Berlin Boerse was dull and dispirited at the
Island at 132 against 126%; Great Northern at opening
/
1
2
Monday, traders showing little tendency to
4
1093 against 110, and Northern Pacific at 1062 making
/
1
commitments. Late in the day, when the
against 105%.
tenor of Foreign Minister Stresemann's speech before the Reichstag became known, a measure of imStock exchanges in the important European cen- provement
was felt in the market and trading
ters were depressed in virtually all sessions this became
brisk. Tuesday's session on the Boerse was
week, with the downward movement of share prices quiet and
irregular, with the exception of the mining
particularly pronounced at London. The British issues which gained percepti
bly. Greater optimism
center displayed deep concern all week regarding the was manifest
ed by the German exchange Wednescontinued withdrawals of gold for shipment to the day,share
prices advancing through the greater part
United States. Sizable shipments also were made of the session. A number
of developments contribto Germany, with the result that London lost a total uted to this improve
ment, chief among them a
of more than $30,000,000 gold during the week. This reduction in
the number of German unemployed
movement prompted renewed discussion of a pos- and a more favorabl
e report of the Reichsbank.
sible increase in the Bank of England's discount After opening very
quietly Thursday, the market
rate, and it also brought out a good deal of pressure turned weak again. A
sudden downward movement
against securities, which declined slowly but stead- in department store stocks
depressed the general
ily in consequence. The Continental exchanges were list with all sections
showing losses at the close.
less affected by this international monetary develop- The downward tendenc
y was resumed yesterday,
ment, share prices moving irregularly upward and most groups falling to
lower levels.
downward.
JUNE 29 19291
FINANCIAL CHRONICLE
4203
Attempts by the governments interested in Ger- however, according to recent dispatches, that the
man reparations payments to secure all-round rati- conference should be held in London so that Prime
fication of the new Young Plan while effecting Minister MacDonald might attend. The Labor
incidental settlement of some of the many issues Premier could not possibly go to Switzerland bethat hinge upon the plan has produced one of the cause of the impending session of Parliament, it is
most highly complicated international situations on argued. Further discussion is indicated.
Premier Poincare discussed the new Young Plan
record. The six governments that were directly
represented at Paris June 7 when the experts' report and ancillary matters before the Finance and Forwas signed are all avowedly in favor of the new eign Affairs Committees of the Chamber of Deputies
scheme. There is apparently general agreement for more than a week, ending his exposition yesteralso on the method for securing governmental ac- day. Debate was to begin in the Chamber itself Tuesceptance of the report, dispatches from all capitals day, but the explanations of the Premier could not be
indicating that a conference of governments for completed by that time, so debate was postponed.
action on the Young Plan is in prospect. Where The Young Plan is admittedly acceptable to the
and when this conference is to be held, however, is Chamber, but whether the debt accords with Enga matter of wide differences of opinion. In France land and the United States can be forced through
and Germany, moreover, there are grave parliamen- remains to be seen. The debt accords by themselves
tary problems to be overcome before the Chamber of would probably languish forever before the ChamDeputies and the Reichstag are likely to give the ber, but the Cabinet is apparently determined to
secure acceptance and is therefore linking the acnecessary consent for these governments to act.
Parliamentary acceptance of the report in France cords with the Young Plan. French parliamenis inextricably tied up with parallel consideration tarians, however, ardently desire to have the Young
of the Mellon-Berenger and Churchill-Caillaux debt Plan accepted by all governments and the possibilaccords, with the Deputies also greatly concerned ity of a slip removed, before they take the risk of
over the Paris Government's alleged plan to evacu- ratifying the debt records. How to arrange this and
ate the Rhineland. Premier Poincare, who is guid- yet secure postponement of the payment of $407,ing the project through the Chamber debates, is not 000,000 due America Aug. 1 on war stocks is a
in a very strong political position and his task is puzzle that the French Government is trying to solve.
made doubly difficult for this reason. In Germany An additional complication is introduced if the war
there have been indications this week that complete stocks payment is not satisfactorily adjusted and
freedom of the Rhineland will be demanded, with- the sum due merged with the general French debt
out establishment of the "Security Commission" to the United States. If France should elect to
that was projected last September at Geneva, when make the payment to avoid complications, then
the experts' meeting was launched. „Immediate re- Britain will demand an equal cash payment under
turn of the Sarre region also is likely to be required the Churchill-Caillaux accord. Postponement of the
by the Reich Government, according to statements payment to America rests with President Hoover,
made by Dr. Stresemann, the Foreign Minister. Congress having voted him authority to put the
What reaction such demands might produce in matter off for nine months if necessary or advisable.
France can only be conjectured.
A method for accomplishing his aims, while yet
In Britain the change of Government has pro- taking all due precautions, was disclosed by IL
duced a somewhat less cordial official attitude to- Poincare before the Chamber's Finance and Foreign
ward France, observers remarking that Arthur Hen- Affairs Committees late last week. He proposed,
derson, the New Foreign Secretary, is less likely a dispatch to the New York "Herald-Tribune" said,
than his predecessor to see international affairs to ratify the debt accords by decree some time in
eye to eye with Aristide Briand, of France. Con- July and presumably after the governments had
ferences are proceeding meanwhile between German accepted the Young Plan. Early in the present week
and Belgian negotiators for settlement of the claim a question put in the Chamber revealed the weakmade by Belgium for worthless German marks left ness of the Premier on the war debts question. A
after the period of occupation. The Experts agreed demonstration':against ratification of the debt acthat such a settlement must be made before accept- cords was staged in Paris last Sunday, only about
ance of the report by the governments. Events in 4,000 former combatants marching, although many
the United States also have reflected the interna- more were expected. Interpellations on this demon. tional turmoil occasioned by the recent develop- stration in the Chamber Tuesday were followed by
ments, Congress granting authority for delay in the a demand for a vote of confidence. This was granted,
French war stocks payment due Aug. 1, while the but only by the narrow margin of 25 votes.
degree of American participation in the reparations
An extraordinary session of the German Cabinet
settlement and in the proposed new • International was held late last week to accept the Young Plan
Settlement Bank comes up for periodic discussion. as signed by the Experts at Paris June 7. The
The proposed conference of interested govern- understanding prevailed at that time among the
ments which is to put the new Young Plan into political parties that the Reich's signature to the new
operation has been under discussion by representa- agreement was wholly conditional upon settlement
tives of the governments for several weeks. Ger- of the Rhineland question and upon prompt return
many at first asked that this meeting gather at of the Sarre Basin. Dr. Stresemann, the Foreign
Baden-Baden, while France held out for Paris, but Minister, addressed the Reichstag on these matters
both Governments have apparently dropped their Monday. "We have no intention of reducing the
demands. London was considered the most likely importance of the Locarno Treaties," he said, "and
meeting place for a time, but then sentiment we are willing to permit the entire negotiation over
switched toward one or another of the small towns this question to collapse if an endeavotl is made to
in Switzerland, with France and Germany in sub- set up a permanent control commission in the
stantial agreement. Britain continues to insist, Rhineland." Later in the day Dr. Stresemann as-
4204
FINANCIAL CHRONICLE
serted that he included the return of the Sarre
Valley as well as the Rhine provinces to Germany
as part of the war problems which Germany insists
must be liquidated simultaneously with the reparations issue.
In Washington Tuesday, conversations were held,
as indicated earlier in this article, between President Hoover and other administration officials on
the one hand, and the distinguished Americans who
served on the Experts' Committee on the other.
Owen D. Young and J. Pierpont Morgan, together
with their alternates, Thomas Nelson Perkins and
Thomas W.Lamont, argued on this occasion, according to press reports, that it was desirable to have
American citizens represented in the directorate of
the International Bank for Settlements which is to
be set up as a clearing house for handling the reparations payments to be made by Germany. "The
question arose also," a dispatch to the New York
Times said, "as to whether the United States would
be obliged to receive its share of the German reparations payments through the International Bank of
Settlements, and it was agreed that it might be
necessary to obtain the consent of Congress to such
an arrangement." The conversations were informal
and unofficial, because the American experts were
not acting in Paris in any official capacity. The
experts presented their views and returned to New
York late in the day. This meeting was followed
Wednesday by an official reiteration by Secretary
of State Stimson of the hands-off attitude adopted
by the United States Government May 16 toward
the proposed International Settlement bank. There
have been no recent developments, he said, to change
the Government's position that it does not desire to
have any American official participate.
Negotiations between Great Britain and the United
States for a reduction of naval armaments proceeded
more slowly this week, after the brilliant start made
by Prime Minister MacDonald and Ambassador
Charles G. Dawes in their speeches on June 18. The
statement by Mr. Dawes that a common formula or
"yardstick" for the measurement of navies must be
found by naval technicians and applied by statesmen
was accepted with profound satisfaction in both
countries. Hardly a note of criticism has been
heard in either country, although it has been pointed
out in some informed quarters that both the finding
of the "yardstick" and its application may be more
difficult than is generally imagined. It is understood, however, that naval men on both sides of the
Atlantic are bending all their energies to evolving
such a formula, with the likelihood that a general
conference will not be called until success in this
undertaking its reasonably assured. Washington
dispatches have indicated this week that the Administration was gratified and encouraged by the
cordial attitude of the new British Premier toward
the American proposals, and by the favorable reaction in the press of both countries. A long step
is thus believed to have been taken toward President
Hoover's avowed aim of cutting down large fleets,
for the double purpose of furthering permanent
peace and lifting much of the burden of taxation
that comes from maintaining great navies.
A further move to facilitate the discussions was
made at Washington late last week, when Hugh
S. Gibson, American Ambassador to Belgium, was
instructed to proceed to London to collaborate with
[VOL. 128.
General Dawes. President Hoover's plans for applying a yardstick to naval armaments and securing
reduction by this means were first announced by
Ambassador Gibson at the recent session of the
League of Nations Preparatory Disarmament Conference. A Washington announcement said that the
two Ambassadors are to consult "on the disarmament question with particular reference to its present status before the Preparatory Commission."
Through press correspondents it was made clear last
Saturday that the negotiations are to be placed on a
broad plane, with France, Italy and Japan fully
informed of all steps: The statement was also made
that Ambassador Dawes delivered his address only
after going over it carefully with Premier MacDonald and submitting it to the Japanese and
French Ambassadors, the Italian Charge d'Affaires,
and the Canadian High Commissioner in London.
Ambassador Gibson arrived in London late last
Monday, admitting on his arrival that he had come
at the request of General Dawes and on instructions
from Washington. The naval program would be
one subject of discussion, he remarked, although he
said the conversations would be general. After conferring for several days, the two American Ambassadors went to the residence of Prime Minister MacDonald Wednesday afternoon and discussed with
him the next steps to be taken. Neither of the Ambassadors made any statement concerning this visit,
but Mr. MacDonald referred to it in an address
Wednesday evening at the Society of Friends Meeting House in London, where he intimated that something definite might be known soon. "So far as
foreign affairs Are concerned," he said, "they are
in the hands of my colleague, Foreign Minister Henderson. We have already started. We have already
had conversations with the United States. I am not
a prophet, and I am not going to pose as a prophet,
but today I have had a second conversation with
General Dawes and Ambassador Gibson, and I am
hopeful—I will put it no stronger than that. I am
convinced that the obstacles which have been created have been due to a lack of understanding of
each other. The great thing needed in the world
today is the capacity of different peoples, different
races, different nations, to put themselves in each
other's shoes. That will be one of the things we
shall try to do in the conduct of these negotiations.
I hope that before many days are over we shall be in
a position to make a definite announcement as to
how the negotiations will be conducted, where the
conference will be held, and what objects we shall
aim at."
Informal exchanges with a view to arranging a
naval limitation conference were continued at London all week, with Washington kept in very close
touch with the proceedings. It was indicated in a
Wai hington report of Wednesday to the New York
Times that the French and Japanese Ambassadors
and the Italian Charge d'Affaires are participating
in these exchanges with Prime Minister MacDonald
and other British officials, and Ambassadors Dawes
and Gibson. Two major points were declared to be
under consideration for preliminary settlement. The
fin t related to the question whether civilian political negotiators shall meet first to determine the
scope and character of the general conference, or
whether naval experts shall gather first to discuss
the "yardstick" of naval values. The second point
was whether the scope of the conference shall be
JUNE 29 1929.]
FINANCIAL CHRONICLE
4205
members and the defeated Conservatives, dispatches
said, although the Laborites occupied the Government benches while the Tories crowed over to the
seats reserved for his Majesty's Opposition. Captain
Fitzroy, the Conservative Speaker of the last House,
was unanimously chosen Speaker of the present
House also. Prime Minister MacDonald congratulated the Speaker on behalf of the whole House, and
Stanley Baldwin did the came thing on behalf of
the Opposition. Lloyd George then spoke for the
Liberals, and injected the only partisan note into
the occasion. He said the small party group that
he represented in the present Parliament was particularly in need of impartiality on the part of the
Speaker, and he called attention to the fact that
5,000,000 Liberal voters in the election are represented by only 58 members in the Commons. The
House adjourned thereafter. The real duties of
Parliament will begin July 2, when the King's
speech will be read from the throne. As this speech
is expected to outline the general policy of the new
Labor Government, it is awaited with keen interest.
Several of the steps in international relations to .
be, taken by the La,bor Cabinet have already been
definitely revealed in the short period the Laborites
have been in office. Foremost among these is, of
course, the start of negotiations with the United
States for limitation and reduction of naval arma• Ratification of the Kellogg-Briand Treaty re- ments, as related in a separate item in thw e columns.
nouncing war as an instrument of national policy In a London dispatch of June 22 to the New York
was announced by Japan Wednesday, the long dis- Times it was stated that Premier MacDonald intends
pute before the Privy Council regarding the inter- to announce at the September meeting of the League
pretation of a single phrase having ended. The of National Assembly that Great Britain accepts the
dispute centered about the words "in the name of optional clause of statutps of the World Court. This
their respective peoples," which was held to violate means, the report said, that Great Britain would,
the Emperor's constitutional prerogative. An in- without previous agreement in each case, consent
terpretative declaration was accordingly attached that the World Court might hear all judicial disputesto the treaty, making clear that the phrase does not in which she might become involved with any nation,
affect the treaty-making power, which the Consti- great or small. Since Great Britain has been the
tution vests in the Emperor. Count Uchida, who leader among the adherents of the World Court in
signed the treaty in Paris on August 27, 1928, ob- refusing to accept the optional clause, this step
jected strenuously to the interpretive phrase and he would naturally tend largely toward obtaining acresigned from the Privy Council when it was adopt- ceptance of this part of the Court's statutes by all
ed. Approval of the treaty by Japan will Mean that nations adhering to it, the dispatch added. The
it will become effective shortly. All of the fifteen Labor Government also has initiated steps for the
original signatories have deposited their instru- resumption of diplomatic relationf; with Soviet
ments of ratification with the State Department at Russia in the near future. The Labor Party has
Washington. Japanese ratification will be for- long been in favor of renewing the diplomatic and
warded from Tokio by mail, and this will bring the trade relations that were broken off after the raid.
treaty into force in less than a month. American on Arcos House,the London headquarters of the Rusofficials expressed deep satisfaction when they sian Commercial Mission, in May 1927. Although
learned of the Japanese action.
his Majesty's Government is not technically deAside from the fifteen original signatories, forty- • pendent on approval of its Russian policy by the
nine governments were invited to become parties to Dominions, the announcement that relations are to
the treaty through adherence, and all have been be resumed has been cabled to all the Dominion
heard from with the exception of Argentina and Governments, London reports state. This step was
Brazil, which have yet to reply to the invitations for prompted by an ardent wish for the co-operation of
their adherence. Of the nations invited to adhere, all parts of the Empire in adopting a new policy
twenty-three have deposited their ratifications, five toward Russia, it is indicated.
have perfected their adherences except for formal
deposit, six have had their ratifications approved
A manifesto setting aside the tenth anniversary
by their legislative bodies and require only the ap- of the signing of the Versailles Treaty ending the
proval of the heads of the States, and thirteen have World War as a day of mourning for the German
signified their intention to adhere.
nation was issued in Berlin late Thursday over the
signatures of President von Hindenburg and all
The new House of Commons which was elected in members of the German Cabinet. The declaration
Great Britain on May 30 held its first session Tues- solemnly repudiated accusations that Germany
day for the election of the Speaker and other prelimi- alone was responsible for the outbreak of the war.
naries of organization. Genuine expressions of In connection with issuance of the manifesto, leadgood-will were exchanged by the victorious Labor ers in Germany declared yesterday that the war
limited to cruisers, or to cruisers and battleships, or
be unlimited. Official circles were said to expect
that the conference will take place within seven
months, with a strong likelihood that it may begin
in October. Prime Minister MacDonald was represented as having taken the initiative in the situation, much to the satisfaction of the Washington
Government. Mr. MacDonald's projected visit to
this country to discuss the naval question with
President Hoover will be made, according to the
"Times" correspondent, when a definite basis for
holding the formal disarmament conference has
been reached.
Ambassador Dawes conferred in London Thursday with a number of American naval experts on
the technical details of naval limitation, issuing a
statement thereafter that all pronouncements on
policies must come "from those in first authority."
A Washington report of the same day to the New
York "Herald Tribune" stated that General Dawes
had been instructed to inform Premier MacDonald
that the United States is ready to enter either a
• separate conference of the naval powers, or one
operating under the machinery of the League of
Nations. Administration quarters were inclined to
the belief, the dispatch said, that the Prime Minister would decide upon a separate conference.
4206
FINANCIAL CHRONICLE
[VoL. 128.
guilt accusations prevent the Reich from living in industry. They
also created difficulties in Mexican
peace and operate to impair mutual confidence diplomatic
intercourse with other nations. Settleamong the nations of the world. The Versailles ment of the
issue removes one of the most fruitful
Treaty was signed ten years ago yesterday, and the sources of
Mexican difficulties, and the announceGerman people marked the passage of-the decade by ment was
hailed, therefore, as an exceptionally
huge gatherings of protest against the treaty. The favorable
augury for the future of the country. A
Reichstag, meanwhile, in a riotous session, declined highly
important part in finding a happy solution
to prolong the law for the defense of the Republic for
the question is universally attributed to Dwight
under which former Kaiser Wilhelm, now in exile W.
Morrow, who resigned his partnership in J. P.
in Doom, Holland, is barred from Germany.
Morgan & Co. a year anti a half ago to accept the
The official proclamation issued by the German invitation
extended him by President Coolidge to
Government sets forth that:
become American Ambassador to Mexico. Although
"This day is a day of mourning. Ten years have Mr. Morrow
could not interfere in a domestic quespassed since the Germans at Versailles were forced
tion in Mexico, liberal use of his suggestions and his
to sign a document which was a bitter disappointment to all friends of justice and a'true peace. For good offices is understood to have been made both
ten years this treaty has weighed heavily on all by the Mexican Government and the Catholic hierclasses of the German people German intellectual archy. A further point of great interest in the setlife, German economic life, and on the toil of labor tlement is the disclosure that negotiati
ons were
and the peasants. It has required the rigid applica- instituted more than fourteen
months ago between
tion and the united effort of all sections of the Ger- Catholic
spokesmen and former President Plutarco
man people to avert at least the gravest consequences
Elias Calles, who was made the subject of innuof the Treaty of Versailles, which menaced the existence of the fatherland and threatened to throw merable attacks throughout his tenure of office
the economic prosperity of Europe into jeopardy. because of his apparently uncompromising attiGermany signed the treaty without thereby admit- tude.
ting that the German people were responsible for the
The religious controversy in Mexico really dates
war. This reproach leaves the German people in a back to 1855, when laws were passed suppressi
ng
state of restlessness and destroys mutual confidence ecclesiastical courts for
civil cases and forbidding
among nations. In rejecting the charge that Ger- the Church
to hold property not used for religious
many is solely guilty of starting the war we are in
or charitable purposes. Further reforms in 1857
complete accord with all other Germans, with whom
we also affirm the conviction that the conception of assumed for the Government the right to exercise
a true peace—not a peace resting on an arbitrary exclurive power and intervention in religious wordecision, but one founded on the harmonious and ship. Monastic vows were attacked and the Church
sincere convictions of free and equal peoples—will forbidden to acquire real estate, while provision was
rule the future."
made for the establishment of free non-religious
schools. These reforms became dead letters during
Henry P. Fletcher, United States Ambassador to the long reign of Diaz, according to a summary in
Italy for the past five years, formally resigned from the New York "Times." The revolutionists of 1911
the diplomatic service Tuesday, and the resignation sought to reformulate the principles and this movewas accepted by President Hoover to become effec- ment resulted in the Constitution of 1917, which
tive October 15. A desire to end his foreign service recodified the reform laws. No further steps of any
and return to his home in Pennsylvania,animated the consequence were taken until President Calles drew
Ambassador, according to Washington dispatches. up "enacting legislation" for the constitutional laws
His first diplomatic appointment was as Second in the Summer of 1926. This legislation restricted
Secretary to the Havana Legation in 1902. This was the ministry to native Mexicans, and forbade refollowed by quick promotion to First Secretary, ligious instruction in public schools and private
Mr. Fletcher serving in this capacity at Lisbon and primary schools. Monastic orders were prohibited,
in China. He served later as Minister and then as religious confraternities and convents dissolved and
Ambassador to Chile,-and this was followed by suc- ministers were forbidden to criticize the laws or
cessive appointments as Ambassador to Mexico City, "associate for political purposes." Attempts to influBelgium and Italy. Mr. Fletcher also accompanied ence anyone to "renounce liberty through a religious
Mr. Hoover on his South American tour last year. vow" were made punishable, as were also efforts to
The vacancy caused by Mr. Fletcher's resignation in influence anyone to disavow the political instituthe Rome Embassy is the third that remains unfilled tions of the Mexican State. Church buildings were
among American Ambassadorial posts. No succes- placed under Government supervision and all church
sor to Noble B. Judah as Ambassador to Cuba has property taken over and placed in charge of a "careyet been chosen, nor has the place at Paris made taker" who was responsible to the State. Ministers
vacant by the death of Myron T. Herrick been filled. were forbidden to wear clerical garb or special
insignia in public. The ruling also was promulgated
Peaceful relations between Church and State in that a minister, to exercise his function, must regMexico were resumed late last week, a joint state- ister in his municipality.
ment of June 21 by President Emilio Portes Gil and
Against these stringent regulations the Catholic
Archbishop Leopold Ruiz y Flores informink the prelates made vigorous protest. Acting with the
country that the long-standing religious controversy approval of the Pope, they discontinued services in
was at an end. Although the controversy was essen- the churches throughout the nation on Sunday, July
tially ecclesiastical, it gave rise to fretful political 31 1926. A pastoral letter was issued by the clergy
disturbances and even to the minor rebellion of the terming the new laws"grave persecution"and assert"Cristeros',' as the militant church advocates were ing that "it would be a crime on our part to tolerate
called. These results of the conflict and the at- such a situation." Priests and bishops left Mexico
tendant uncertainty constituted a serious drawback in great numbers, while others fled to the mountains
to Mexico in her efforts to restore her finances and or gained shelter in private homes, rather than sub-
JUNE 291929.1
FINANCIAL CHRONICLE
4207
i%
mit to the new requirements. Although churches 33/2%, but in Switzerland have declined from 33'
remained open, no services were authorized and the to 3 3-16%.
Mexixcan people remained without religious minisThe Bank of England Statement for the week
trations. Negotiations to end this state of affairs
1928, when Mr. Morrow ended June 26 1929 shows a decrease of 0,294,000 in
were initiated on April 4
arranged for a conference between President Calles bullion. Circulation expanded £2,429,000 and this
and the Rev. Dr. John J. Burke,of the Catholic Wel- together with the loss of gold caused reserves to defare Conference of the United States. Dr. Burke crease £5,723,000. Gold holdings now aggregate
returned to the United States and conferred with £160,207,077 as compared with £172,287,000 the
members of the Mexican hierarchy. Soon afterward corresponding week last year. The bank rate remains
Archbishop Ruiz went to Mexico incognito and dis- at 53/2%. Public deposits and other deposits increased
cussed the problem with President Calles, this meet- £3,451,000 and £11,788,112 respectively. Other
ing also taking place through the good offices of deposits includes those for the account of bankers as
Mr. Morrow. The assassination of General Obregon well as other accounts. Both of these accounts showed
by a Catholic fanatic on July 17 1928 put a stop to increases, the former £11,183,115 and the latter
the negotiations for a time. They were resumed 004,997. Due to the large additions to deposits as •
actively early this month. •
well as to the falling off of reserves the proportion of
The statement; by President Portes Gil and Arch- reserve to liability dropped from 55.88% last week
bishop Ruiz marking the successful culmination of to 44.79% now. Loans on Government securities and
the negotiations were prepared jointly at Chapul- those on other securities increased £3,150,000 and
tepee Castle, the Presidential residence. The Presi- L17,871,808 respectively. The latter is subdivided into
dentremarked in his statement that"Mexican bishops discounts and advances, which showed an increase
have felt that the Constitution and laws, particu- of £19,391,214, and securities which decreased L1,larly the provision which requires registration of 519,406. Below we furnish comparative figures of
ministers and the proviision which grants separate the various items for five years:
States the right to determine the maximum number
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1926.
1927.
1928.
1929,
of ministers, threaten the identity of the Church,
June 31.
June 30.
June 29.
June 27.
June 26.
giving the State the control of its spiritual offices."
0362,732,000 138,256.000 137.976,570 141,705,190 146,629,481
Circulation
Affirming that it was not the purpose of the Con- Public deposits
24,714,000 23.873,000 7,875.418 10,457,868 11,659,314
103.579.764 105.593,000 119.032,756 154,689,258 143,951,312
stitution or of the laws to destroy the identity of the Other deposits
Bankers' accounts 67,420,265
36,159,499
Church or interfere with its spiritual functions, Other accounts
38,551,855 30,779,000 51,865,975 51,610,328 46,576,733
President Portes Gil declared: "First, that the Governm't securities 50,224,394 60,869.000 59.304.662 103.090,861 96,278,158
securities _ _
Other
provision of the law which required the registration Dint.& advances__ 26,987,712
23,236,882
Securities
of ministers does not mean that the Government can Reserve notes & coin 57,474,000 55,782,000 33,891,331 28,394,350 30.723,123
bullion_ - _160.207,077 172,287.000 152,117,901 150,349,540 157.602,608
Coin and
register those who have not been named by a hier- Proportion of reserve
17.20%
193(%
26.71%
43.09%
44.79%
superior of the religious creed in question to liabilities
archical
5%
5%
%
44%
%
Bank rate
or in accordance with its regulations; second, with a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
of Bank of England
regard to religious instruction, the Constitution mite issues, adding at that time £234.199.000 to the amount
notes outstanding.
. and laws in force definitely prohibit it in primary
or higher schools whether public or private, but this
The Bank of France in its statement for the week
does not prevent ministers of any religion from im- ending June 22, shows another gain in gold and bulparting its doctrines within the Church confines to lion, this time of 6,680,174 francs. This increase
'adult; and their children, who may attend for that raises the total of the item to 36,616,599,447 francs,
purpose; third, that the Constitution as well as the the largest in the history of the Bank. Notes in
laws of the country guarantee to all residents of the circulation dropped 170,000,000 francs, bringing the
Republic the right of petition and therefore the total of the item down to 62,970,422,815 francs, as
members of any church may apply to the appropriate compared with 63,140,422,815 francs last week and
authorities for amendment, repeal or passage of any 63,486,422,815 francs two weeks ago. Credit ballaw." The statement by Archbishop Ruiz concurred ances abroad recorded a loss of 185,000,000 francs.
-and added
in these remarks by President Portes Gil
French commercial bills discounted increased 8,000,that the Mexican clergy will resume services in 000 francs and creditor current accounts rose 184,churches punsuant to the laws in force. Announce- 000,000 francs. A loss of 60,000,000 francs was
ment of the settlement was followed by vast spon- shown in advances against securities and a gain of
taneous demonstrations in churches throughout Mex- 1,000,000 francs in bills bought abroad. A comico, many thousands of Mexicans offering prayers parison of the various items of the Bank's return for
of thankfulness. Services will be resumed in a few three weeks past is furnished below:
churches to-day and in others as quickly as they can
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
be turned over to de3ignated priests.
There have been no changes this week in the rediscount rates of any of the central banks of Europe.
Rates continue at 732% in Germany; at 7% in Italy;
at 53/2% in Great Britain, Holland, Norway and
Spain; 5% in Denmark; 432% in Sweden; 4% in
Belgium, and 33/2% in France and Switzerland.
London open market discounts for short bills are
5%@)5M% against 5/% on Friday of last week and
5/@5 7-16% for long bills against 5%% the previous
Friday. Monday on call in London yesterday was
334%. At Paris open market discounts remain at
June 8 1929.
June 22 1929. June 15 1929.
for Week.
Francs,
Francs.
Francs.
Francs.
36.609,919,273 36,602,835,956
Gold holdings- -Inc. 6,680,174 38,616.599,447
Credit bats' abed_Dee. 185,000.000 7,254,884,493 7,439,884,493 7,512,884,493
French commercial
bills discounted _Inc. 8,000,000 6.297,332.677 6,289,332,677 6,643,332.677
1,000,000 18,410,885,109 18,409,885.109 18,398.885,109
Bills bought abr'd _Inc.
Adv.east.securs _Dec. 60,000,000 2.355.466,510 2,415,466,510 2,429,469,510
Note circulation _Dec. 170,00,000 62,970,422,815 63,140,422,815 63,486,422,815
Cred. curt, accts_ _Inc. 184,000,000 18,213,210.384 18.029.210,384 18.317,210,384
In its statement for the third week of June, the
Bank of Germany reports another loss in gold and
bullion, this time of 55,000 marks. The total.of that
item now amounts to 1,764,327,000 marks. Notes
in circulation declined 123,093,000 marks, lowering
• 4208
FINANCIAL CHRONICLE
the total of the item to 4,068,747,000 marks, as compared with 3,906,724,000 marks the corresponding
week last year and 3,342,137,000 marks two years ago.
Reserve in foreign currency increased 12,231,000
marks, silver and other coin gained 9,757,000 marks,
while bills of exchange and checks went down 150,901,000 marks. Deposits abroad remained unchanged. A loss was shown of 33,199,000 marks, in
advances against securities in other daily maturing
obligations of 23,427,000 marks and in other liabilities
of 3,848,000 marks. Notes on other German banks
rose 3,163,000 marks, other assets gained 8,639,000
marks, whereas investments dropped 3,000 marks.
Below we furnish a comparison of the various items
of the Bank's return for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
June 22 1929. June 22 1928. June 22 1927.
Reichsmark:.
Asset:—
Reichsmarks. Reich:marks. Reichsmarks.
Goid and buWon
Dec.
55.000 1,764.327.000 2,062,207,000 1,803,588,000
01which depos.abed_
Unhanged
59,147,000
85,626,000
57,876.000
Ree've in foen cumin°.
12,231,000 330,746,000 245.255.000
75.234,000
B Motexch.at checks.Dec. 150,901,000 2,431,510,000 1,860,861.000-2,116.893,000
Silver and other coin.me. 9,757,000 144,706.000 104.008,000 102.405,000
Notes on oth. Ger.bks.Inc. 3,163,000
19,440,000
24,067,000
21,403,000
Advances
Dec. 33,199,000
92,609.000
27,211,000
28,500.000
Investments
Dec.
3,000
92,888,000
93,996,000
93.059.000
Other assets
Inc. 8,639,000 480,142,000 616,893,000 520,794,000
Notes in circulation Dec. 123,093,000 4,068,747.000 3,906,724,000 3,342,137,000
0th.daily matur.oblig-Dec. 23,427,000 579,210,000 512,708,000 759,633.000
Other liabilities
Dec. 3,848,000 316,015,000 208,433,000 294,015.000
[Vol.. 128.
four, five and six months. On Thursday rates were
8% for 30 and 60 days, and 7/ / for 90 days to
1 2@7 %
3
4
six months. Yesterday the rata was uniform at
71 2% for all dates from 30 days to six months.
/
Commercial paper has continued inactive, with no
change in rates. Nominally rates for names of
choice character maturing in four to six months are
at 6%, while names less well known are 61 4@)61 2%,
/ /
with New England mill paper quoted at 61 %.
4
The market for prime bank acceptances continued
active and unchanged within the limitations of the
offerings until Friday just befOre the closing hour,
when rates were reduced 1 8 on all maturities in both
/
the bid and the asked columns. The posted rates of
the American Acceptance Council are now 51 2 bid
/%
and 538% asked for bills running 30 days, and also
/
for 60 and 90 days, and at 558% bid and 538% asked
/
/
for 120, 150 and 180 days. The Acceptance Council
no longer gives the rates for call loans secured by
acceptancs, the rates varying widely. Open market
rates for acceptances have also been reduced as
below:
SPOT DELIVERY.
—180Days— —150 Days-- —120 Days
-Bid. Asked.
Bid. Asked.
ltd. Asked.
Prime eligible UK
5%
5k
5%
5%
5%
5H
—90Days— —40Days— —80 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prelims eligible bills
5%
5%
5%
5%
5H
5%
FOR DELIVERY
TKIRTY DAYS.
Eligible members banks
5% bid
Eligible non-member banks
5% bill
The New York money market reflected this week
'both the heavy requirements of the mid-year settlement period and the expectation of lower rates in
wrrEux
coming months. Demand loans were advanced
sharply at the beginning of the week and showed
no relaxation in subsequent sessions, while time
There have been no changes this week in the redisloans on the other hand continued to ease off. The
count rates of the Federal Reserve Banks. The
true market was difficult to follow, as there was
following is the schedule of rates now in effect for
obvious intervention by New York banks to prevent
the various classes of paper at the different Reserve
daily money from rising to excessive levels. Call
banks:
loans, after renewing at 7%. Monday, advanded DISCOUNT RATES
OF FEDERAL RESERVE BANKS ON ALL CLASSES
quickly to 10% on heavy withdrawals by the banks,
AND MATURITIES OF ELIGIBLE PAPER.
and this figure was maintained on the Stock ExRate in
Federal Reserve Bank.
change without deviation in all subsequent sessions.
Effect on
Date
Previous
June 28
Established.
Rate.
This rate proved factitious, however, on Wednesday Boston
5
July 19 1928
4H
New York
5
July 13 1928
and Friday, as the funds available on the official Philadelphia
4%
5
July 26 1928
4H
Cleveland
6
Aug. 1 1928
market were not sufficient to satisfy all demands. Richmond
4%
5
July 13 1928
4.;4
Atlanta
6
July 14 1928
In consequence, trades were effected both these days Chicago
4%
5
July 11 1928
414
St. Louis
6
July 19 1928
434
in the unofficial or "outside" market at 12%. Minneapolis
6
May 14 1929
484
Kansas
5
May 6 1929
4H
Withdrawals by the banks were heavy in most ses- Dallas City
5
Mar. 2 1929
434
San Francisco
5
May 20 1929
434
sions, amounting to approximately $40,000,000
Monday, $20,000,000 Tuesday, $5,000,000 WednesSterling_ exchange has been moderately steady
day, $15,000,000 Thursday, and $30,000,000 Friday.
during the week and especially in the latter part of
Time loans were lowered 14 of 1% to a level of 71 2
/
/ the week was less under
pressure. There was in fact
to 7/
3
4%, as against the previous quotations of 73
4 a noticeable demand
for sterling on Wednesday and
to 8%. Brokers' loans against stock and bond collateral, as reported by the New York Federal Re- Thursday. The range this week has been from 4.843
%
serve Bank for the week ended Wednesday night, to 4.845 for bankers' sight, compared with 4.84 5-16
registered an advance of $122,000,000, reflecting the to 4.843/ last week. The range for cable transfers
resumption of speculative activities on the stock has been from 4.84 25-32 to 4.85 1-16, compared
market. Gold movements at the -Port of New York with 4.849/i to 4.84 29-32 the previous week.- The
for the week ended Wednesday comprised an in- comparative firmness of sterling in the second half
crease of $502,000 in earmarked gold, imports of of the week is attributed by bankers to the return
flow of British funds from New York as a seasonal
$17,671,000, and exports of $55,000.
matter to meet the heavy mid-year settlements. Taken
as a whole sterling continues extremely weak for
.Dealing in detail with the call loan rates on the
this season of the year and the average ruling rates
Stock Exchange from day to day, the story is again
are such as greatly to endanger the gold reserves of
a short one, the rate having risen on Monday from
the Bank of England. Between Tuesday and Thurs7% to 10%, but having thereafter remained unday of this week the Bank of England lost £7,000,000
changed at the latter figure. Time money has dein gold, chiefly to New York and Berlin. The low
veloped further ease. On Monday, Tuesday and
ruling rates for sterling, together with the threatened
Wednesday quotations were 8@814% for 30 days,
/
loss of gold, have revived talk of an increase in the
8% for sixty days and 90 days, and 7/
3
4@8% for Bank of England rate in the course
of the next few
•
JUN19 29 1929.1
FINANCIAL CHRONICLE
4209
weeks. Foreign exchange circles both here and in June 20-June 26, inclusive, as reported by the FedLondon look for such a marking up of the rate and it eral Reserve Bank of New York, consisted of imports
would seem that London stock exchange traders are of $17,671,000, of which $9,485,000 came from Arconfident that no other course is practicable despite gentina, $8,055,000 from England and $131,000
the opposition of industrial leaders to such a change. from Latin America. Gold exports consisted of
The Bank of England rate has been at 532% since $55,000 to Mexico. The Reserve Bank reported an
Feb. 7. Call money in New York confines firm and increase of $502,000 in gold earmarked for foreign
this situation together with the fact that American account. Canadian exchange continues at a discount
securities are in demand with European buyers and owing largely to the pressure of high money rates in
with the further circumstance that bankers here are New York, attracting surplus Canadian funds, to
convinced that there will be no marking up of the unfavorable commodity balance of Canada with
official rediscount rates on this side, are all cir- respect to the United States, and at present to the
cumstances tending to depress sterling and to compel less favorable wheat situation.
the British authorities to take aggressive steps to
Referring to day-to-day rates sterling exchange on
support the rate.
Saturday last was steady in a dull half-day market.
It has been pointed out that for several weeks Bankers' sight was 4.84 5-16@4.84 7-16; cable transuntil just recently the Bank of England had succeeded fers 4.84 13-16. On Monday the market was inin building up gold reserves by increasing its buying clined to ease. The range was 4.84 11-32@4.84 7-16
rate for gold and outbidding others in the open mar- for bankers' sight and 4.84 25-32@4.84 13-16 for
ket. The fact that this week and last the Bank of cable transfers. On Tuesday the market was steady.
England ceased this policy is taken to indicate that Bankers'sight was 4.84 11-32@4.84 7-16; cable transunless more active support is found for sterling in fers 4.84 25-32@4.84%. On Wednesday the market
New York the usual policy of increasing its rediscount was quiet. The range was 4.84/@4.84 7-16 for
rate will be followed. On Tuesday of this week ap- bankers' sight and 4.84 13-16@4.84 27-32 for cable
proximately £2,634,000 gold is believed to have been transfers. On Thursday sterling was in demand.
taken in London for shipment to Germany. The The range was 4.843@4.84% for bankers' sight
whole of the £760,000 South African metal available and 4.84 13-16@4.85 1-16 for cable transfers. On
in the London open market on Tuesday was engaged Friday sterling continued firm; the range was
for shipment to Germany. As nearly as London 4.84 5-16@4.84M for bankers' sight and 4.84 15-16@
bankers have been able to estimate, the total ship- 4.85 1-16 for cable transfers. Closing quotations on
ment to Berlin is equivalent to approximately $25,- Friday were 4.84 7-16 for demand and 4.84 15-16
000,000. The large losses of gold by London this for cable transfers. Commercial sight bills finished
week and last are regarded there with great uneasi- at 4.84k; 60
-day bills at 4.79 9-16; 90
-day bills at
ness. American buyers are understood to have paid 4.77; documents for payment (60 days) at 4.77 7-16:
the maximum price of 84s. 113/d. per ounce: Lon- seven-day grain bills at 4.83 7-16. Cotton and grain
2
don bankers say that if the Bank of England were to for payment closed at 4.84X.
take action to protect its gold through a higher discount rate, it would mean an official rate of at least
The Continental exchanges have been slightly
6IA%, which could not fail to have a very unfavora- more active this week, although on balance they show
ble effect on British industry. On the other hand, little change from a week ago. German marks ruled
sterling exchange is adverse in nearly all markets. slightly easier in New York. French francs were
Presumably its great weakness, measured in dollars, higher. The franc touched a new high for the year
is responsible for the considerable loss in its value in Thursday's trading, when cable transfers sold at
measured in a number of leading European curren- 3.913 The firmness in the franc is considered some/.
cies. It has depreciated sharply in France, Sweden, what surprising in view of the 'current weakness in
Holland and Germany. Hence the loss of gold to the prices of French securities, reported to have
Germany and the probability that the drain might been caused by uncertainty as to the political outextend to other centres also. This week the Bank come of the recently achieved reparations agreement.
of England shows a loss in gold holdings of £3,293,- It is explained in market circles that the drop in
540, the total standing at £160,207,077 as of June 27, prices on the Bourse has been caused largely by
which compares with £172,287,000 a year ago. On trading within French borders. As in the case of
Monday the Bank of England bought £14 foreign sterling the generally firmer tone of foreign currencies
gold coin and sold £1,721 gold bars and received is attributed largely to transfers of funds for mid£10,000 in sovereigns from -abroad. On Tuesday year settlements. The Bank of France shows an
the Bank of England sold £1,873,718 in gold bars. increase in its gold holdings as of June 22 of 6,680,000
London dispatches stated that of this amount £1,870,- francs, the total standing at 36,616,000,000 francs,
000 was shipped to Germany. On Wednesday the the largest in the history of the bank. The bank's
Bank sold £1,540,592 in gold bars. According to ratio is 45.10%, unchanged from a week ago owing
London bullion brokers most of this gold, practically to an increase of 170,000,000 francs in circulation.
the entire amount, was sent to Germany. On The bank shows a decrease in sight balances abroad,
Thursday London dispatches stated that bullion of approximately 185,000,000 francs, although Paris
brokers said that of the total of £2,804,564 gold bars dispatches last week stated that gold purchases
sold by the Bank of England, £1,000,000 were taken abroad have been temporarily suspended by the
for shipment to New York and £1,000,000 for ship- Bank of France. At present the sterling-franc rate is
ment to Germany. The £1,000,000 for New York such as to indicate the probability of importing gold
was for the Irving Trust Co. and is coming on the from London, although the margin of profit is still
Ile de France. On Friday the Bank of England sold too narrow to incite arbitrageurs to undertake
£217,559 in gold bars and bought £32 in gold. The transactions. Owing to the increase during the past
Bank imported £146,842 in gold sovereigns. At the week or more of the franc in dollar value the Bank
Port of New York the gold movement for the week of France has less need for selling exchange. The
4210
FINANCIAL CHRONICLE
recovery in the franc has been generally attributed to
the withdrawal of private funds from abroad, particularly from London. At present the French banks
are enlarging their short term investments in Germany although Paris money rates owing to midyear settlements are fractionally higher than they
were. One reason given why the franc is higher with
respect to the dollar is that the Bank of France
succeeded a week or more ago in obtaining for the
Treasury the greater part of the $400,000,000 to
cover the unused war supplies taken over from the
United States at the end of the war, which was to be
paid on Aug. 1. As stated here last week, a resolution of Congress has postponed the necessity of
making this payment for nine months. These operations as they affected the market several weeks ago
had a firming effect on dollars with respect to francs
and now with the cessation of this demand it is but
natural that the franc should.be firmer with respect
to the dollar. German marks have been fractionally
easier though relatively firm and in much better
demand than they were some weeks ago. The return
of higher money rates in the New York call loan
market is partly responsible for the relative weakness
in the mark. On the other hand there are more
American credits going to Germany, although the
short term market in Berlin has for a long time been
more largely supplied by Paris, London, and Amsterdam. This week, as noted above in the remarks on
sterling exchange, there was a large flow of gold from
London to Germany. These gold imports from
London have approximated 50,000,000 marks and
have caused a sharp advance in the sterling rate in
Berlin. Further imports of the metal are expected.
The London check rate on Paris closed at 123.87
on Friday of this week, against 123.99 on Friday
of last week. In New York sight bills on the French
centre finished at 3.913, against 3.90% on Friday
a week ago, cable transfers at 3.91
against 3.913/,
8
and commercial sight bills at 3.90%,against 3.90 9-16.
Antwerp belgas finished at 13.89 for checks and
13.893 for cable transfers, against 13.88 and 13.88%
4
• • on Friday of last week. Final quotations for Berlin
marks were 23.83 for checks and 23.84 for cable
transfers, in compaiison with 23.84 and 23.85 a week
earlier. Italian lire closed at 5.233 for bankers'
sight bills and at 5.23 for cable transfers, as against
5.23 and 5.2334 on Friday of last week. Austrian
schillings closed at 14.10 on Friday of this week,
against 14.10 on Friday of last week. Exchange on
8
Czechoslovakia finished at 2.963/, against 2.963;
2
on Bucharest at 0.503/, against 0.5032; on Poland at
%
11.23, against 11.23 and on Finland at 2.513 ,
against 2.51%. Greek exchange closed at 1.293
for checks and 1.293/ for cable transfers, against
1.293 and 1.293/2.
The exchanges on the countries neutral during the
war have been relatively steady. The Scandinavian
countries, while little changed from a week ago,
show improvement in demand owing to revival in
trade which had lapsed greatly in a backward season.
The lower quotations for Holland guilders are attributed partly to higher money rates here, but in particular to the transfer of Dutch balances to Germany
and London for more profitable employment than
they can find at home. In other words, there is a
demand for other currencies in Amsterdam without
a corresponding demand for the guilder in outside
markets. The rates are largely nominal, as the result
[Vm.. 128.
of natural money movements, and in no way indicative of a weak position. In fact, the Amsterdam
position is, as it always has been, exceptionally
strong. Spanish pesetas have been ruling steadier
and this week have shown less fluctuation than
usual. London dispatches during the week stated
that it is understood that an agreement has been
reached with a British banking group headed by the
Midland Bank for a renewal of the Spanish credit
for the stabilization of peseta exchange. Negotiations are also believed to be proceeding for a renewal of the Spanish dollar credit for the same purpose.
Bankers' sight on Amsterdam finished on Friday
2
at 40.13, against 40.143/ on Friday of last week;
cable transfers at 40.15, against 40.163/2, and commercial sight bills at 40.093/2, against 40.11. Swiss
francs closed at 19.239 for bankers' sight bills and at
19.243 for cable transfers, in comparison with
A
19.233/2 and 19.243/2 a week earlier. Copenhagen
checks finished at 26.623/2 and cable transfers at
26.64, against 26.62
and 26.64. Checks on
Sweden closed at 26.793/2 and cable transfers at 26.81,
against 26.783/2 and 26.80, while checks on Norway
finished at 26.633/2 and cable transfers at 26.65,
against 26.63 and 26.65. Spanish pesetas closed
at 14.25 for checks and 14.16 for cable transfers,
which compares with 14.14 and 14.15 a week earlier.
The South American exchanges have been dull.
Argentine pesos have on the whole been fractionally
firmer owing to the recent large shipments of gold
from Buenos Aires to both London and New York.
This week, as noted above in the discussion of sterling
exchange, the Federal Reserve Bank of New York
reported the receipt of $9,485,000 in gold from Argentina. Of this amount $8,250,000 were accounted
for here last week. Argentine paper pesos closed
on Friday at 42.02 for checks as compared with
41.92 on Friday of last week, and at 42.08 for cable
transfers, against 41.98. Brazilian milreis finished
at 11.86 for checks and 11.89 for cable transfers,
against 11.87 and 11.90. Chilean exchange closed at
12.10 for checks and 12.15 for cable transfers, against
12.10 and 12.15, and Peru at 3.98 for checks and at
3.99 for cable transfers, against 3.98 and 3.99.
The Far Eastern exchanges have been ruling
slightly easier. This is attributed largely to fractionally lower prices of silver. The silver market was
quiet during the week. China was on both the buying
and selling sides of the market. Indian bazaars
made forward sales and also did some buying to
cover bear positions. • The movement in silver was
only moderate. Japanese yen ruled slightly lower,
although both the domestic and foregn trade outlook
of Japan are more encouraging. Nevertheless, the
high money rates in New York and attractiveness of
sterling and dollar securities to large holders in
Japan continue depressing factors in yen quotations.
Of course, there can be no real recovery until the
embargo on gold exports is withdrawn. Closing
quotations for yen checks were 43.70(4)43%,
against 43.90@443/ on Friday of last week.
Hong Kong closed at 48@48 7-16, against 48@
48 9-16; Shanghai at 57%@583, against 583/s@
58 5-16; Manila at 50, against 50; Singapore at
563/8@5634, against 563'@563; Bombay at 361
4,
against 36 3-16, and Calcutta at 363., against
36 3-16.
JUND 29 1929.]
FINANCIAL CHRONICLE
4211
Pursuant to the requirements of Section 522 of the
The United States and the Bank for
Tariff Act of 1922, the Federal Reserve Bank is now
International Settlements.
certifying daily to the Secretary of the Treasury the
We have, of course, no official report of what was'
buying rate for cable transfers in the different countries of the world. We give below a record for the said on Tuesday at the conference at Washington
between President Hoover and the American memweek just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
bers of the Paris committee of experts, but unoffiBANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JUNE 22 1929 TO JUNE 28 1929, INCLUSIVE.
cial newspaper account/3 indicate that the conference
was of considerable importance. The particular
Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Country and Monetary
object which Messrs. Young, Morgan, Lamont and
Unit.
June 22 June 24 June 25 June 26 June 27 June 28
Perkins had in going to Washington, it would apEUROPE$
$
$
$
$
$
140418 .140432 .140433 .140432 .140481 .140445
Austria, schilling
pear, was to report informally to the President the
Belgium, belga
138797 .138789 .138828 .138834 .138855 .138882
Bulgaria, ley
007225 .007225 .007225 .007236 .007210 .007188
result of their labors at Voris and to urge upon him
Czechoslovakia. krone 029601 .029603 .029605 .029613 .029610 .029611
Denmark, krone
I 266344 .266321 .266346 .266336 .266346 .266384 a favorable consideration of the proposed Bank for
England, pound s
ling
4 847811 4.847669 4.847903 4.847794 4.848478 4.849402
International Settlements. Of the two, the latter
Finland, markka
025135 .025151 .025140 .025135 .025139 .025144
France. franc
039099 .039107 .039105 .039111 .039122 .039146
subject is obviously the more important, and the
Germany. reichsmark. .238497 .238563 .238304 .238274 .238312 .238308
Greece, drachma
.012922 .012918 .012921 .012922 .012918 .012920
prompt reiteration by Secretary of State Stinason
Holland. guilder
401575 .401532 .401555 .401511 .401474 .401438
Hungary. pengo
174243 .174287 .174290 .174281 .174306 .174259
on Wednesday of the utatement which he made OR
Italy, lira
052309 .052305 .052306 .052309 .052308 .052342
Norway. krone
266416 .266385 .266413 .266400 .266407 .266448
May 16, and saying "that there had been no change
Poland, zloty
111810 .111855 .111820 .111870 .111870 .111810
Portugal. escudo
044860 .044860 .044840 .044860 .044820 .044820
in the attitude of the American Government, and
Rumania,leu
.005937 .005937 .005942 .005933 .005934
.005935
Spain. peseta
.141482 .141465 .141479 .141446 .141481 .141500
that American officials were not to participate diSweden,krona
267926 .267936 .267936 .267955 .267978 .268034
Switzerland, franc _ __ .192410 .192432 .192454 .192409 .192410 .192416
rectly or indirectly in the collection of German
Yugoslavia, dinar__ .017571 .017565 .017565 .017565 .017564 .017558
ASIAreparations through the agency of the proposed bank
China599791 .598750 .601562 .600833 .599791 .599791
C'hefoo tact
Hankow Mel...-. .590781 .590937 .597083 .593593 .592812 .592187
or otherwise," may be taken as an indication that on
Shanghai tael..... .577303 .575089 .578541 .576696 .575803 .577410
.
Tientsin tool
.612291 .611250 .616250 .612291 .611666 .613333
this point the representations of the American exHong Kong dollar.. .479410 .478750 .479687 .479107 .479285 .479982
Mexican dollar.... .420000 .420312 .422500 .420625 .420312 .420937
perts, even though persuasively put, failed of their
Tientsin or Pelyang
dollar
.417083 .417083 .418750 .417500 .417083 .417916
intended object.
Yuan dollar...... .413750 .413750 .413750 .414166 .413750 .414583
.
India, rupee
360459 .360575 .360610 .360765 .360459 .360184
The reason for Mr.Hoover's opposition (and oppoJapan, yen
439111 .438955 .438300 .437686 .438111 .437180
Singapore(S.S.)dollar_ .558750 .560000 .558125 .558750 .558750 .558750
sition, rather than hesitation, appears to be his attiNORTH AMER.Canada, dollar
.991492 .991371 .990983 .990917 .991119 .990865
tude at present) 13 not far to seek. In the first place,
Cuba, peso
999425 .999237 .999425 .999362 .999300 .999422
Mexico, peso
.478675 .478600 .478175 .479050 .479225 .478675
the United States has from the first insisted that it
Newfoundland. dollar. .988718 .988625 .988305 .988285 .988307 .988088
SOUTH AMERhas no concern with the settlement of the reparaArgentina. Peso (gold) .953487 .954044 .954268 .954209 .954279 .954269
Brazil, mitres
118590 .118635 .118581 .118563 .118609 .118600
Chile, peso
120377 .120376 .120378 .120377 .120382 .120390
tions issue, and that it will not allow the question
.963086 .963800 .963614 .963454 .963204 .963517
Uruguay. Peso
.964300 .964300 .964300 .966200 .966200 .966200
Celombla. peso
of reparations to be merged with that of the war
disinclination on the part of debts. To that poiition Mr. Hoover still adheres.
Owing to a marked
two or three leading institutions among the New In the second place, an.important question of public
York Clearing House banks to keep up compiling policy is raised by the nature of the propoced bank
the figures for us, we find ourselves obliged to dis- and its possible development. If the bank, the
continue the publication of the table we have been Washington correspondent of the New York "Hergiving for so many years showing the shipments and ald Tribune" wrote on Wednesday, "is to be an outand-out international banking institution, wielding
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Fed- powerful influence upon the money marts of the
eral Reserve Bank on Dec. 6 1920, it is also no longer world," as the American experts "frankly told Mr.
possible to show the effect of Government operations Hoover yesterday they believed it would be, it was
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clear- said the President probably would contemplate
some time before agreeing to representation, either
ing House each day as follows:
officially or unofficially. On the other hand,should
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
the bank be developed merely as a clearing-houge
Saturday, Monday, Tuesday, Wednesd'u, Thursday, Friday.
Aggregate
through which to handle the millions Germany is to
June 22. June 24. June 25. June 26. June 27. June 28.
for Week.
pay out in reparations, it was not believed President
5
5
5
126,N0,019 111,000,000 136.080,000 138.000,000 162,000.000 163,000.000 Cr. 836.000.000
Hoover would object to the American bankers sendNote.
-The foregoing heavy credits reflect the huge nass of checks which come
York Reserve Bank from all parts of the country in the operation of ing a representative of their own, serving purely in
to the New
the Federal Reserve System's par collectIon[scheme. These large credit balanceS,
however, reflect only a part of the Reserve Bank's operations with the Clearing the capacity of a private citizen, if they felt AmeriHouse institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of can interests would be better protected thereby."
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve The final decision of the Administration, in other
Bank for collection for the account of the local Clearing House banks.
words, will turn upon the nature of the proposed
following table indicates the amount of bul- bank. If the Bank for International Settlements is
The
to be what its promoters intend, an international
lion in the principal European banks:
bank in the full and proper sense of the term, Mr.
June 28 1928.
June 27 1929.
Banks of
Hoover i/3 unwilling that the United States or its
Total. j Gold.
Siker.
Gold.
Silver, I
Total,
citizens shall have anything to do with it either offi£
£
£ 1 £ 160,207,0771172,287,120 £ 1 £
England_ _ 160,207.077;
172,287,120 cially or unofficially.
If, on the other hand, the
d
292,932,795 147,137,706 13,717,826 160,855,532
France a__ 292,932,7951.
c994,600 86,253,600 98,729,050
994,600 99,723,650 proposed
Germany b 85,259,000
institution is to be only an .agency for
102,442,000 28,786,000 131,228,000104,318,000 28,257,000132,575,000
Spain
55,434,000:
55,434,000 52,049,000
52,019,000
Italy
handling reparation payments, Mr. Hoover may
Netheri'ds 36,400,000, 1,780,000 38,180,000 36,253,000 1,948,000 38,201,000
Nat. Belg- 28,530,000, 1,270,000 29,800,000 22,491,000 1,248,000 23,739,000 consent to the
participation of American citizens in
19,845,000 1,561,000 21,406,000 17,634,000, 2,434,000 20,068,000
'
Switzer' d
12,978,000 12,836,000,
12,836.000
Sweden-.- 12,978,000,
431,000 10,022,000 10.105,000,
9,591,000;
619,000 10,724,000 its management as a private matter, if any AmeriDenmark
8,155,000 8,170,000
8,170,000
Norway _ 8,155,000;
can interests will be better served thereby.
Total week 811,773,8721 34,822,600846,596,472682,009,876 49,218,426 731.228.302
There is no question, of course, as to what the
Prey. week 814,531,721 34,738,600849,270,321 681,490,546 49,098,426 730,588,972
a These are the gold holdings of the Bank of France as reported in the new form
Paris experts have had in mind. The report which
statement. b Gold holdings of the Bank of Germany are exclusive of gold held
of
abroad, the amount of which the present year Is £2,481,300. c As of Oct. 7 1924. the experts made public
on June 8 stateo explicitly.
p Silver is now reported at only a trifling sum.
4212
FINANCIAL CHRONICLE
that the reason for proposing the creation of an international Bank was to be found, not solely in its
usefulness as an agency for administering reparation payments, but also in "the auxiliary, but none
the less material, advantages that it might have in
the general position of present international
finance." "In so far," the report continues, "as the
task of transferring the payments into foreign currencies involved, besides a restriction of imports, an
extension of the German export trade, we envisaged
the possibility of a financial institution that should
be prepared to promote the increase of world trade
by financing projects, particularly in undeveloped
countries, which might otherwise not be attempted
.through the ordinary existing channels. . . . . The
use of the bank's credit by central banks within
moderate limits and over short periods may,in time,
become a normal function scarcely different in its
exercise from the use of central bank credit by banks
and bankers.... The bank will be able to give short
term and intermediate credit to purchasers of deliveries in kind, notably for the construction of
public works on delivery-in-kind account. Intermediate credit operations need not be restricted,
however, to any one country or to the purchase of
any one country's goods. On the contrary, it would
be desirable to broaden such operations in the interest of world trade to the extent that the directors
of the bank approve. . .. As a stabilizing factor in
the foreign exchanges its advantages are obvious,
and if, in due time, the arrangements provided for
an international settlement fund are put into effective operation, the bank should go far to eliminate
the costs and risks now incurred in the shipping and
reshipping of gold. . . . In the natural course of
development it is to be expected that the bank will,
in time, become an organization not simply, or even
predominantly, concerned with the handling of
reparations, but also with furnishing to the world
of international commerce and finance important
facilities hitherto lacking."
It is needless to point out that any international
institution that did, or was empowered to do, all of
these things would not only be an "out-and-out"
bank, but that its powers would be extremely comprehensive, far beyond anything that could fairly be
considered necessary to the business of handling
reparation payments. No criticism is to be made
of the American experts for telling Mr. Hoover, as
apparently they did, exactly what kind of an institution they and their colleagues have had in mind,
and making it clear to him that their proposals go
far beyond the necessities of a reparations agency.
They are not the kind of men to sign a report and
then try to explain away its provisions and implications. But we nevertheless think, with all deference
to the opinions of the experts who have been
wrestling with the reparations problem, that Mr.
Hoover is on solid ground in declining to approve
either official or unofficial American participation
in the international bank if the institution is to be
organized as planned.
The Bank for International Settlements, it should
be noted, is to be administered by a board of directors representing the central banks of the seven
countries, one of which is the United States, whose
unofficial delegates were members of the Experts'
Committee, and the central banks will be the holders
of the stock. In each of the countries which are to
join in the enterprise the so-called central bank is,
[VOL. 128.
to all intents and purposes, a Government agency,
bound to assist the Government in its financial
operations, and subject to Government pressure in
matters of policy whenever the Government sees fit
to bring pressure to bear. The only institution in
this country that corresponds to the European conception of a central bank is the Federal Reserve,
and if the United States were to become officially a
party to the bank plan, it would naturally be the
Federal Reserve that would be represented in the
directorate. The Federal Reserve would thus not
only take part, as one of the seven cooperating central banks, in the management of the International
Bank, and the conduct of the extraordinary and
world wide business operations in which the Bank
is invited to engage, but it would also inevitably be
involved, again as the official representative of the
United States, in any and every controversy over
reparations which may in time develop. The moment the first such controversy arose, the United
States would automatically become a party to it,
notwithstanding the repeated declarations of the
American Government that reparations are a matter
with which it will have nothing to do. We think
that any such entanglement would be in the highest
degree unwise. Under no circumstances should the
Federal Reserve become a party to the proposed
Bank. It cannot become a party without dragging
with it the United States, and the policy of the
United States, as far as reparations are concerned,
is and ought to be to keep its hands entirely free.
It is possible, of course, that American banking
interests might find a way of co-operating with the
proposed bank without involving the American Government or the Federal Reserve, and it may be
proper that they should do so if it should.
appear
that any vital American interests would be served.
The experts' report clearly provides for such private
and unofficial co-operation in any country in which
the central bank or its officers find themselves unable, for any reason, to play the part which the
plan assigns to them. The utmost care, however,
should certainly be taken, in case such private participation is approved at Washington, to see that
what is turned away from the front door does not
quietly enter at the back. It would be an effectual
nullification of a Government refusal to permit official co-operation if the private bankers, for whose
membership in the proposed board of directors the
plan provides, turned out to be only unofficial
agents of the Federal Reserve. We should then have
the Federal Reserve out of the picture in theory,
but effectively a part of it in fact.
We are glad to commend Mr. Hoover's watchfulness, and the earnest co-operation of Secretary
Stimson, and to support them in their opposition
to the proposal. There is no question here of restricting American financial aid to Europe, or of
holding aloof from international financial problems
and letting the rest of the world go its way. The
question is whether it is desirable that the American
Government or the Federal Reserve system shall
become connected, either officially or unofficially,
directly or indirectly, with an institution which, if
it develops as those who have planned it expect it
to develop, will go far towards dominating world
finance and, through finance, world commerce and
world industry. We have more than once criticized
the action of the Federal Reserve Bank of New
York for its dealings, without any clear authority
JUNE, 291929.]
FINANCIAL CHRONICLE
in law, with European Banks, but the establishment
of the proposed Bank for International Settlements,
if the Federal Reserve were a party to the plan,
would open the way to far more serious and widespread financial entanglements. Whatever else is
done, the Federal Reserve should neither directly
nor indirectly be allowed to become involved in the
undertaking, or to assume any of the duties and
responsibilities and commitments that would be
inseparable therefrom.
4213
value of the two portraits to the world of to-day. It
is a contest between public and private characters.
The foibles and follies of the great figures in history
are of little importance so long as they relate to persons. When they relate to life-acts and opinions that
affect progress they become of supreme importance.
Though it is truth to paint the wart on Cromwell's
nose, it would be hard to show that the blemish
seriously affected his character or career.
The sublime figure of the Christ does not escape
embroilment in this modern passion for truth.
"Debunking."
Writers draw a sharp contrast between the historic
It is interesting at this, the season of "commence- Christ and the traditional one. Without entering
ments," to note the themes chosen by those who upon this discussion may we not ask for the preseraddress the graduates of the colleges and univer- vation of this sublime tradition in which and about
sities. They cover a wide range in education, sci- which gathers those majestic qualities of helpfulence, religion and philosophy. They are planned to ness, goodness and sacrifice that transform the dim
give advice on the conduct of life. They are, usually, and shadowy historic figure into that supernalnear and dear to the hearts of those who deliver Teacher who through precept and example becomes
them. That many of these addresses and bacca- The Light of the World? Is it not the glory of
laureate sermons overstress the importance of the man to remember the good and forget the evil—so
special topic selected is probably true; but taken that as the ascent continues the good shall always
together they shim a trend of scholastic and popular increase and predominate? Is it not wisdom to add,
thought that it is well for all of us to consider though in fact it be mere tradition, laurels to the
earnestly.
dead who have left their impress upon time and
Sometimes the theme appears to be trivial, but place—that we may have more perfect models to
even in such ease the application is made pertinent, follow?
and at the same time general, to our common adWithout doubt some of the characters of fiction,
vance. We have noted among these commencement creations of aspiring intellects and earnest hearts,
addresses one delivered to the graduating class at have exercised great influence upon the world.
Hunter 'College by the Rev. William B. Martin of Traditional, idealized men and women, builded upon
the Church of the Holy Family, New Rochelle, on obscure history, have become real, powerful and
who t has been termed "debunking," or the growing beneficial. Shall- we tear the halo away? And to
tendency to show the nether side of our historic what purpose? Next to actual loving sacrifice is
heroes. While much of this passion for what is that which is imagined and idealized. Hero worcalled "truth" (and many of these realistic biogra- ship, if given in the spirit of ennoblement and not
phies, we think, pass over the people as quickly and in that of abject idolatry, is a sacred force in upas futilely as. a cloud of smoke) may be legitimate, lifting the world. And we do well to treasure
for the time being it destroys our satisfaction and golden elements of romance in the midst of the hard
lowers in some degree the standard by which we realities of toilsome life.
must judge our leading men of to-day. Our long..
If we descend to the everyday conduct of life is
held traditions may come to be truths in themselves there not good in spreading the influence of high
that far transcend the raw pictures drawn for us thought and deed? We might say "that it is a
.by writers who in their researches somehow seem pleasure to speak the best we may of human kind."
to discover more evil than good, more repellant Critics who can find no good in human nature, those
blemishes in behavior than acts and qualities that who can see only evil, are akin to assassins of the
as examples ennoble and uplift. And,therefore,it is race. And for one reason—that the good will live,
worth while to review an address on the topic of and the evil and error by their very nature mast die.
the title as above.
The great figure of Washington, wreathed about
From a newspaper report of this address we take now with legend and fancy, as a man the subject of
the following: "There is a tendency in one quarter hostile criticism, does more to inspire the youth of
to cocksure flippancy, a disregard for the sacred the land than all the "debunkers" who insist that
things of tradition," said Mr. Martin in his bacca- the story of theecherry tree is a mere myth. Let it
laureate address. "There may be a cause for it in be a myth. It is yet true that it synchronizes perour educational methods to-day. Is it not true that fectly with the weary soldier who prayed in the
the fine dividing line between the educated and snows at Valley Forge! Because our heroes may
uneducated seems no longer to be recognized?" have had frailties, may even have had feet of clay,
. . . "There was a time when those who did not shall we spread the "suggestion?' of these imperfecknow, knew it. Those were great days. Now the • tions to rising generations in the false interest of
gates of all our colleges and universities are wide truth? Rather, to be honest with ourselves, do we
open and it has become easy to get the precious gift not like to spread these stories as a sort of excuse
of education." . . . Referring to those who "de- for our own shortcomings? Are we not trying to
bunked" historical characters, he declared "They all bring all men down to our own level when we
pi to the sins, to the moral defects of their subjects. blithely assert there never have been any heroes or
You thinkers of the future must preserve the reputa- good men? And are we not engaged in a poor
tions of these great figures whom we love. Do not business when we search obscure sources of history
follow too easily the catchy phrase and the knowing to prove it? Even this revamped true history, as
sneer." It seems to us that the thing to discern in all one has lately said, is itself "bunk."
We forget that the growth and crystallization of
this controversy over-the advantages of presenting
real men and mythical characters is the relative this tradition is itself important history. But it is
4214
FINANCIAL CHRONICLE
futile to "debunk" it merely for the sake of destroying an idol--especially when a sane idealism has
set up the idol. We are trying now,in many departments of life to formulate "standards." As they
approach perfection they are fixtures in attainments„ achievements and manners and customs. Is
not idealism a dream that expunges failure and embodies.only the "best"? Does not the accretion of
'centuries of praise until heroes become myths approach from another direction this ideal "best"?
And are we in danger of destroying our appreciation
of the ordinary in life by these ancient statues we set
up on pedestals of to-day? It does not so appear.
In our zest for popular heroes created out of our
own time by ourselves we are only too apt to lose
sight of comparative values and honor only the
successful. A year or two ago, a youth set sail from
the State of Georgia in an airplane, without radio
and alone, to voyage to Rio Janeiro. He has never
been heard from. Whether he fell into the Caribbean
or in the jungles of unexplored territory will probably never be known. He was brave, and perhaps
foolish, though he followed an illustrious example,
now daily lauded by the world. For ourself we have
forgotten his name, and he is by the world forgot.
Until we can do exact justice in our selection of
popular heroes let us treasure the traditional as
well as the actual heroes of the past.
The Federal Farm Act and the "Law of Human
Nature."
At about the time Ambassador Dawes is presenting to the world, in his "Pilgrim" speech at London,
the "law of human nature," as the best means of
securing the "yardstick" with which to measure disarmament, we are inaugurating here at home the
Relief Act for our farmers. We confess we cannot
define this law. We have often heard the expression
that "human nature is the same in all ages." It
does not help us much. Nor does the bare statement
of Edmund Burke that "Politics ought to be adjusted not to human reasonings but to human
nature, of which the reason is but a part and by no
means the greatest part" make everything clear.
As far as we can understand the application Mr.
Dawes makes of the statement, the law of human
nature is that of the heart as well as mind. Concretely, naval experts and politico-statesmen cannot
agree without compromise. In a way, the naval
experts represent the Government, in duty bound to
preserve the State; and the politico-statesmen represent the people, who desire and demand aid and help.
Naval experts stand for a strong,,superior navy, one
that will adequately defend a nation; politico-statesmen seek to reduce navies in behalf of the people,
to relieve them from the crushing burdens of taxation. Between these lies a golden mean.
If we seek to apply this combination yardstick of
heart and mind to the settlement of the farm problem by legislation, we must give credit to our statesmen for heart-interest and to our farm-organization
experts for intellectual planning. Manifestly the
Act is a compromise. The experts wanted an
"equalization fee" by means of a revolving fund, and
the "Government" did not. There is in the law just
enacted a quasi-revolving fund, but no equalizing
fee. On the other hand, the statesmen, with feeling
hearts, wanted to help the farmer, and most sincerely, but they were at war among themselves as
to the exact, the intellectual, way in which it should,
[Vol.. 128.
or could, be done. The result is a compromise
measure which is builded, we presume, on the "law
of human nature!' _
What is now to be determined, by application and
enforcement, is how this law of human nature will
fit into the law of inanimate nature, sometimes
called, even in this irreverent age, the law of God.
And just here we come upon another old-fashioned
saying: "Man proposes, but God disposes." Let us
not, however, get too far away from man's propensity to change and correct the laws of inanimate
nature. Agriculture is one of our oldest industries.
Working through the slow evolution of ages with
this nature that is outside man himself, he now produces excess or surplus crops of wheat from which
he obtains bread—the "staff of life."
Can he in ten years of agitation, or in any other
term of years, so shape his mind by his heart as to
overcome the conflicting laws of civilization; can he
harmonize the wants and needs of divers and diverse
peoples? In a word, can he make, by law-sustained
"co-operative marketing associations," wheat, a
profitable crop in the United States? The heart of
the statesmen is right, but the mind of the farmerexperts is feeble. We are now to put the theory into
practice; we are now to test, by experiment, the
statement of Edmund Burke, that intellect, the reason, is not sufficient alone to solve the problems of
life and the State. We are face to face with the
laws of nature, or God.•A scurrilous phrase is common:"We want what we want, and we want it now."
Is it a modern vulgarism for the "law of human
nature"? Wheat is an article of general consumption, though not universal. It is, we believe, rated
as sixth in value among our agricultural products.
In the world there is a greater consumption of rice
than wheat. Sugar is widely produced, and everywhere desired. Cotton is an essential. But by the
law of human nature wheat and cotton are increasing in output. Western Canada is a vast wheat
field; England in her far-flung empire is encouraging the growing of cotton. Rice fields cannot be
sown readily to wheat. Foodstuffs compete with
each other. Economics is independent of politics.
Can ten years' discussion, can a legislative act,
annul the growth of centuries?
It is not so much that the "law of human nature"
has been war, and then more war; it is that human
nature can learn by experience, can renounce the
law of the talon, can return to the glory of the eras
of peace out of which sprang the best of all civilizations, because peace is the law of God, peace and
good-will to men. And that conformity to the higher
law is conformity to reason. What we are now constantly doing in our legislative egotism as a people
is to ignore conformity to the natural law in our
improviked efforts to aid and help where no aid
can come.
This Farm Relief Act, by this or any other name,
is not founded on sane economics. It is an attempt
to thwart nature. It ignores the interacting forces
and powers of a whole world. It is more than class
legislation; it is an attempt to put the heart over
the intellect. If, as the President has said, agriculture is "not one industry but a hundred," how can
half a billion dollars loaned to co-operative marketing and stabilizing associations of half a dozen
products solve the problem of prosperity for the
whole? If these associations use Government funds
and by buying and selling establish, partially and
FINANCIAL CHRONICLE
JUNE 29 1929.1
4215
temporarily, price, is not the Government indirectly we may expect that other industries will follow suit,
engaging in business? And if it is, and does, is it and there will in time be -a Federal Manufacture
not becoming a merchant in the marts of the world, Board, a Federal Mercantile Board, a Federal Minand at profit or loss, out of the general taxes of ing Board, a Federal Education Board, a Federal
Building Board, a Federal Railroad Board, and so
the people?
We are far from wishing failure to this new law. on ad infinitum, ad nauseam. In part, we already
We wish that it may benefit the farmer. But as a have s ome of these. We are bound, therefore, to
law builded on human nature we very much doubt regard this triumph of party politics as epochal in
its success. As a law builded on a union of mind its precedent. And how far away all this selfish
and heart we feel that it cannot change either inani- struggle is from the simplicity of good-will as a
mate or human nature. One of the very first things power in human nature to end war and to secure
thought of in stabilization of price is limitation of and maintain peace—a peace in which none gains
acreage. Yet inanimate nature brings plethora or an advantage but all gain the right to live and let
scarcity independent of the will or power of man. live according to the natural laws of being!
And human nature by the law of survival compels
the farmer to use his farm to his own bet advantage
BOOK NOTICE.
regardless of co-operative limitation of acreage.
Students of the financial history of the World War will
Under such circumstances the sacrifice of inde- welcome a "History of French Foreign Finances During the
pendent initiative and enterprise to the will of an War, 1914-1919" ("Histoire des Finances Exterieures de la
association cannot be assured, be the law what it *
France pendant la Guerre, 1914-1919"), by Lucien Petit,
may. We need not speak of a tendency to take recently published at Paris by Payot (106 Boulevard Saintadvantage of man-made laws, though that also is a Germain). M.Petit, who is Inspector-General of Finances
part of human nature. It is true that foreseeing a and one of the Governors of the Credit Foncier de France,
lowered crop return and a prospective higher price undertook a number of important financial missions for the
some individuals may revolt against the proposals French Government during the war, and served as Secretary
of associations and plant a larger acreage. If of the Financial Commission at the Peace Conference.
enough men do this it will create a surplus and, in Thanks to the free access which he has enjoyed to the
.
years to come, lower price. If drouth or rust come, archives of the Finance Ministry, he has been able to present
—we are speaking of wheat—the result will be a for the first time an exhaustive and authoritative history,
scant crop for those who have followed the rule of well written and thoroughly documented, of the financial
limitation and they will gain little though price be and commercial operations which were carried on abroad by
the French Government. The book falls into two parts.
enhanced.
We are compelled to feel that the heart must be The first is devoted to an account of the purchases which
countries during the war by the Governguided by the reason. Not that this will bring to were made in foreign
ment or on its account, including those in aid of industry
Persons or peoples uniform success. The indestruc- and the food supply as well as those intended primarily for
tible fact is that the farmer, whether in our own military purposes, together with a description of the methods
Midwest or on the plains of Russia, contends against by which payments were made. The second part, the longer
and comthe uncertainties of his vocation and against the of the two, recounts in great detail the financial
mercial negotiations that went on between France and
vagaries of human nature the world over. No GovGreat Britain, the United States, Spain, Switzerland, Italy,
ernment, however benevolent and well-wishing, can Argentina and Brazil. Some seventy documents, many of
alter the fact. The more it sets itself up as a trustee them hitherto unpublished, and statistical summaries are
and guardian of agriculture, the more it introduces given in an appendix. The book is the latest addition to a
Relating
a discordant force into personal rights and personal "Collection of Memoirs, Studies and Documents
to the History of the World War" issued by the same pubreasons, and the more it prevents the working of
lisher. The price is 60 francs.
the natural laws. Effective compromise is ordered
by necessity. Competition, a natural part of indiof New York Stock
vidual and free life, levels down thasinequalities of Graduating Exercises of Employes
Exchange.
endeavor, and in the end produces a form of equalizaThe annual graduation exercises of tho New York Stock
tion that is the equivalent of co-operation. But the Exchange Institute were held last right in the Stock Exprimal human forces are too conflicting to sz hape the change Luncheon Club, and 40 employees of the Exchange
work of the world in advance. States and Govern- received certificates from President E. H. H. Simmons.
employees
ments are powerless outside their own boundaries. Prizes, totaling more than $1,300,were awarded to
Exchange for scholarship and attendance.
The American farmer has a vast domestic market; of the Beeson, of Manhattan, a page on the floor of the
Albert
his present territory more than provides for this. Exchange, won 6 prizes totaling $105. Other outstanding
He is now, and for a long time td• come will be, a prize winners were James N.Gilchrist, of the Bronx, Richard
Dube of Iselan, N. J., Solomon Geffner, of New York, and
citizen of an agricultural industrial world.
This Federal Farm Act is a political law. It is, Edward Lewis, of Brooklyn.
More than three hundred employees, governors, officers,
born of an increasing acquiescence in Paternalism.
and members of the Exchange attended tho dinner which was
When the farmers (a small contingent) marched on presided over by Oliver C. Billings, Chairman of the Comthe Republican Convention at Kansas City they mittee of Arrangements. Dr. Bruce R. Payne, prominent
were, they felt, rebuffed. Yet a special session of Southern educator, President of the George Peabody College
pricipal speaker.
Congress is called to appease them. At the Demo- for Teachers, of Nashville, Tenn., was the President of the
Other speakers were E. H H. Simmons,
cratic Convention in Houston they were, it was Exchange, and James N. Gilchrist, Boy's Day President.
asserted, more warmly received. Both parties promThe guests included William S. Muller, President of the
ised aid. The winners keep their promise. World New York Curb Exchange, Richard Whitney, Vice-President
economics is made subservient to national politics. of the New York Stock .Exchange, Arthur F. Broderick,
Potts, Bertrand L. Taylor,
And we have a law which has now to prove its Emlen M. Drayton, William B. G. Wellington, George M.
Jr., George B. Wagstaff, Herbert
worth. If this paternalistic statute is an example Sidenberg,and Herbert L. Mills, Governors of the Exchange,
of the "law of human nature," the law of compro- and Howard Butcher, Chalmers Wood, Frederick Lydon,
mise, the law of a politico union of heart and head, Arthur G. Delany, L. B.P. Gould and A. A. Smith.
z
4216
FINANCIAL CHRONICLE
[Vor... 128.
The Indications of Cotton Acreage in June 1929
Following last year's very substantial increase in of Louisiana, some districts of Mississippi, and in
acreage, which proved larger than early investiga- western and northwestern Texas, where it is early.
tions appeared to show, there is the present year a
The one element of overwhelming weight and imfurther moderate addition to the acreage planted in portance has been the excessive rainfall, which likecotton. The increase, too, is common to the entire wise marked the experience of the previous year.
Cotton Belt. The disposition has been general vir- In truth, the rainfall has not only been excessive,
tually everywhere to enlarge the area devoted to but in most sections has been torrential, especially
cotton. The statement can be made in the broadest in the South Atlantic States, where floods and exand most unqualified way. In this we have refer- tensive overflows have proved damaging and destrucence to the intent rather than what has been accom- tive. In the past it has not been uncommon to find
plished in the way of real additions to acreage, sharp differences with respect to rainfall between
which last is the subject of our inquiry and investi- the territory east of the Mississippi River and that
gation in the present analysis.
west of the River. Texas might be stricken with
The reader may recall that three or four months' drought, when moisture was superabundant in the
ago very large estimates were current of the extent eastern half of the Cotton Belt, and vice versa. Not
of the increase there was to be in acreage the pres- so the present season. Oklahoma, Arkansas and the
ent season. These estimates were not mere random greater part of Texas have found excessive rainfall
guesses as to the probabilities, having no substantial as much of a drawback as the rest of the Cotton
basis in actual fact. They reflected accurately the Belt. The only areas apparently exempt in that
disposition and intent of planters at the time respect seem to have been those already mentioned,
through virtually the whole of the Cotton j3elt. In comprising Louisiana, part of Mississippi and very
some mysterious way, and for some unfathomable limited sections of the State of Texas, which latter
reason, the whole cotton world became possessed is an empire by itself, rendering absolutely uniform
with the idea that it would be a good thing to add conditions throughout its length and breadth out of
somewhat to the 1928 acreage and began to make the question.
plans accordingly. The estimates which then gained
How this overabundance of rainfall operated,
currency of a very substantial increase in the acre- along with low temperatures, to the certain detriage were based on that fundamental consideration, ment of the crop will be readily'apparent. It delayel
namely the almost unconscious purpose of planters the putting in of seed, prevented germination, much
in widely separated areas to contribute to that end seed rotting, or being washed out, and some being
by their own efforts. But, as has happened so many killed by extreme cold. The same situation rendered
times in the past, nature came in to balk the cotton it difficult, and often impossible, properly to work
raiser and to frustrate his plans. As a result, with the soil. It also led to the abandonment of not a
the planting season approaching its close—some little acreage, and so augmented the labors of the
planting and also some replanting in limited areas cotton growers that in numerous instances they
is still under way—it is found that the further found themselves obliged to confine their efforts to
. additions to acreage in 1929, as far as can now be the land already under cultivation, rather than
determined, have been on the whole quite moderate, undertake to bring new land within their field of
rather than on the scale that seemed in prospect operations. In numerous cases, early intentions to
two or three months earlier. And yet the further add to existing areas had to be given up entirely;
increase has been sufficient to carry the total of the in other cases'they had to be surrendered in part,
cotton area in this country to the highest figure on besides which overflows made it necessary to abanrecord—slightly higher even than in 1926, when don land that had been planted to cotton in the
the crop (independent of linters) surpassed all previous season.
records and fell only a trifle short of reaching
The comment we made last season with respect
18,000,000 bales.
to the effects of the excessive rains might be reIt will have been gathered from what has already peated almost without change,so closely similar has
been said that the planting season has been an been the experience in that respect the present seaunfavorable one, and that is emphatically the case. son. We then said that much seed had either rotted
In this, however, it does not differ from the experi- in the ground or been washed out, making replanting
ence of the previous season, when conditions during necessary a second and in not a few cases a third
planting time were also decidedly adverse. As a time. We expressed the belief that replanting had
matter of fact, in all its essential features the cur- never- been so extensive or so general as in the then
rent season to date has been curiously like that of current season. As it has happened, however, we
last season. The drawbacks, the chief adverse influ- have had in 1929 an exact duplicate of that situaences, have been identical in the two periods. From tion. We pointed out that the low temperatures had
one end of the Cotton Belt to the other, with only been equally detrimental and we emphasized the fact
limited areas as exceptions, it has been both too that these low temperatures had been an adverse
wet and too cold. And this, it will be recalled, was feature throughout the Cotton Belt, from one end
precisely the nature and character of the setbacks to the other, just as has again happened the present
encountered in the same period of 1928. The crop season. Along with the absence of sunshine, the
is late and backward virtually everywhere, with only low temperatures prevented germination of the seed
a few limited areas as exceptions, just as was the and in the case of the early plantings actually killed
case in 1928, the exceptions this time being the State much of the seed. The low temperatures retarded
•
JUNE 291929.]
FINANCIAL CHRONICLE
_
growth and nearly everywhere the plants were small
and undersized, which is as true to-day as it was
the previous year, with reference to the crop then
under consideration, with this difference, however,
that the present year conditions in June have been
far more favorable and have permitted considerable progress in retrieving lost ground.
We may also repeat our statement of last year
that if the reader will take pains to examine the
summaries for the different States, which we give
at the end of this article, he will find that the complaint has been everywhere the same and is comprised in the simple words "too wet" and "too cold."
The figures we give at the end of this article show
that rainfall has been away above the normal, in
many States month after month, and in other States
for the season as a whole, with perhaps some single
month as an exception—the only areas to be barred
from this generalization being those already referred
to, namely Louisiana, portions of Mississippi and
limited sections in Texas. As concerns the low temperatures, however, these monthly summaries show
that in a few of the South Atlantic States the situation was not quite so unfavorable in that respect
this year as in 1928, the States referred to showing
somewhat higher mean temperatures for either May
alone, or for both April and May, than in the corresponding months of last year.
This review, as in all previous years, deals entirely
with the extent of the acreage, and does not undertake to show the present condition of the crop as
expressed in percentages of the normal. And yet
any statement of the acreage would be meaningless
that did not attempt to indicate whether the crop,
in point of maturity, is early or late, or fail to disclose the attendant circumstances bearing upon the
possible or probable outcome, as has been done above
and as will be further outlined as we proceed. •
Without further comment we now present our
estimate or approximation of the planting in the
different States and for the country as a whole.
In giving the figures we wish to reiterate what we
have said in previous years, namely that we make
no pretence to exactness, that there are always
many uncertainties involved in the collection and
compilation of the returns, and that precautions
against imperfections and deficiencies, based On
long experience, often prove futile; furthermore,
that the present year, no less than in preceding
years, special factors have operated to increase the
uncertainty and to augment the difficulty of the
undertaking. In the circumstances, our figures and
statements cannot be considered anything more than
estimates and approximations—approximations, to
be sure, as close as it is possible to make them by
calling to our aid every source of information at
command, but subject, nevertheless, to greater or
smaller modification as the uncertainties referred
to are resolved into actual facts, thereby removing
the elements of conjecture and doubt. It seems
proper to add that in applying our percentages of
increase or decrease in acreage we always follow the
practice of using the latest revised figures of acreage for the previous season as put out by the Department of Agriculture at Washington. As we have
previously explained, there seems no reason why
these revised figure's of the Agricultural Department
should not be regarded as absolutely correct, considering the pains taken to make them so, and it is
our understanding, furthermore, that the Depart-
4217
ment always acts in collaboration with the Census
authorities.
Estimate
Acreage
Planted 1928, for 1929,
Probable
Increase
Department
Acreage
or
of
1929.
Agriculture. Decrease.
States—
90,000
81,000 Increase 11%
Virginia
1,892,000 Increase 4% 1,968,000
North Carolina
2,485,000 Increase 1% 2,510,000
South Carolina
3,883,000 Increase 5% 4,075,000
Georgia
111,000
101,000 Increase 10%
Florida
,000
3,643,000 Increase 2% 3,750
Alabama
4,154,000 Increase 5% 4,361,000
Mississippi
2,052,000 Increase 7% 2,200,000
Louisiana
18,330,000 Increase 3% 18,860,000
Texas
3,834,000 Increase 4% 3,985,000
Arkansas
1,145,000
1,145,000 Unchanged
Tennessee
385,000
355,000 Increase 8%
Missouri
4,420,000 Increase 9% 4,800,000
Oklahoma
260,000
a223,000 Increase 15%
California
225,000
202,000 Increase 10%
Arizona
140,000
• 123,000 Increase 12%
New Mexico
23,000
23,000 Unchanged
All other
Total
46,946,000 Increase 4.14% 48,888,000
— Does not include about 100.000 acres planted in 1929 in Lower: Cali:rine' (Old Mexico). this comparing with 180.000 acres in 1928.
It will be seen from the foregoing that we make
the area in cotton the present season 48,888,000
acres, as against 46,946,000 acres planted in 1928.
This is an increase of 1,942,000 acres, or 4.14%. Outside the minor cotton producing States, where a
small addition to acreage gives a large percentage
of increase, the increases are all comparatively light.
What the addition has been in the case of Texas,
which in 1928 had nearly 40% of the entire cotton
area of the United States, is problematical. Since
the State covers such a wide domain and the extremes from north to south, as well as from east
to west, we have made it a practice in the past to
use the published estimate of the Texas Commissioner of Agriculture, but the present year this will
not be available until July 1. Our owu figures
point to an increase of 3%.
We have stated further above that with the further addition the present year the total area in
cotton is the largest in the history of cotton culture,
the total even surpassing the record figure of
48,730,000 acres reached in 1926. The increase, however, as compared with 1926 is comparatively trivial, and even if it were larger there would be nothing
very remarkable about the fact that, after three
years, cotton acreage is once more back to the
record figure of this earlier period, and somewhat
above it. The cotton area of this country has by no
means reached its limit, and in the circumstances,
with the world consumption of cotton expanding and
certain to continue to expand now that peace eon
ditions again prevail and are gradually being put on
a more enduring basis than ever before, growth in
the cotton area appears to be nothing more than a
normal, natural development.
After all, the increase for 1928 and 1929 combined
is really nothing more than a recovery of the
losses of the previous two years. And that is a
fact which should be kept clearly in mind in judging
whether cotton production is proceeding too fast—
which it clearly is not. The big drop which occurred
in 1927, when at a single plunge the country's cotton
area fell from 48,730,000 acres to 41,905,000 acres,
and when, as a result, the year's production dropped
from 17,977,374 bales to 12,950,473 bales, had a twofold cause: (1) the shrinkage in the market price of
the staple; following the huge crop of 1926, when it
928-11927
11928-11925- 1924-11923- 1922119211192 19191191 1467929.1928.6927. 1926. 1925.1924.19L3.1922.4921.6920,1919.1918.
i
Aug. 1
19.9018.2519.20 24.65,30.95 23.65 22.55112.90140.00!35.70129.70 25.55
Sept. 1
19.05 23.1018.90 22.3525.65 25.95 22.25 17.50 30.2532.05136.50 23.30
Oct. 1
19.45 21.8614.30 23 55;2.5.90 29.50 20..C5 21.10 25.00 32.25;34.30 25.25
19.50 20.75'12.85 19.90;23.80 31.25 24.45 18.1.22.50 38.65;2,05 28.75
Nov. 1
Dec. 1
0.80 19.85112.60 20.75123.15 37.65 25.30 17.55 16.039.75 28.10 30.90
Jan. 1
0.55 19.5512.8520.85 24.2035.40 26.45 18.8E114.7539.2532.60 31,75
0
.0
3
Feb. 1
0.05 17.75!13.6520.7524.503 1. 027 4 17.2514.151 9.6026.7531.20
.
. 32.70
Mar. 1
. 011 .
0.7018.95l14.8519 45:26.05 28.25. .
20.75 19.95,14.40,19.35'24.90 28.50 28.55 18.1512.00 41.75 28.6034.95
Apill 1
19.55 22.30115.45118.9524.40 30.30 27.50 18.9512.90141.25 29.40 28.70
May 1
18.40 21.0516.954 4.85!23.65 32.75 27.5521.00 12.90'40.00 33.1529.00
June 1
23.1017.10'18.40 21.70 30.90 27.8522.05 12.00 39.25 34.15 31.90
July Lt.
'
Average.Beason
- 20.42 15.15 20.53 24 74 31.11 26.3018.92 17.8938.20 31.0029.113
Taking the price of cotton on the farms as a basis
-that is exceedingly
the comparisons are the same
low in 1927, very greatly improved in 1928, with very
little of the improvement lost in 1929. On January
15 1927 the average price on the farms was only
10.k. a pound; on February 15 it was 11.5c.; on
March 15, 12.5c.; on April 15, 12.3c., and on May 15,
13.9c. In 1928, on the other hand, the price ranged
6@7c. a pound higher, being 18.6c. Japuary 15;
17.0c. February 15; 17.8c. March 15; 18.7c. April 15,
AVERAGE PRICE OF COTTON ON THE FARM.
1928-1927 1926- 19
1924-192 1922 1921-1920- 919-1918- 191731
1929.1928 1927.1928.1925 1924.1923 1922.1921 920.1919.1918.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Aprll
nlay
June
Aids
15
15
15
15
15
15
15
15
15
15
15
15
18.8
17.6
18.1
17.8
18.0
17.9
18.0
18.8
18.5
18.0
____
-__
17.1
22.5
21.0
20.0
18.7
18.8
17.0
17.8
18.7
20.1
19.7
21.0
18.1
18.8
11.7
11.0
10.0
10.6
11.5
12.5
12.3
13.9
14.8
15.5
23.4[
22.5 22.2
21.5 23.1
18.1 22.8
17.4 22.0
17.4 22.7
17.6 23.0
16.5 24.5
16.6 23.7
16.0 23.0
16.1 23.0
15.4 23.4
C!°....01:.1.?°
C0.0000WOOt..A
NNNNMMMOINNNC4
PRICE OF MIDDLING UPLAND COTTON IN NEW YORK ON DATE
GIVEN AND AVERAGE FOR SEASON.
and 20.1c. May 15. In 1929 the price January 15
was 17.9c.; February 15, 18.0c.; March 15, 18.8e.;
April 15, 18.5c., and May 15, 18.0c. In the following we carry the farm price of cotton back for 12
years:
1
was supposed the consumptive capacity of the world
had been largely exceeded and hence the market
would remain long glutted with the excess, which
proved not to be the case, and (2) the unparalleled
floods in that year caused by the overflow of the
Mississippi River and its tributaries. The overflow
of the Mississippi was the worst in history. Huge
cotton areas remained submerged until it was too
late to plant for the new crop and other large areas
suffered to such an extent that it was not possible
to plant to the full extent. Arkansas, Mississippi
.and Louisiana were the worst afflicted, but several
other States likewise suffered to a greater or less
extent. With the absence of these disturbing agencies of nature in 1928 it was only natural that a
good portion of the affected area should have been
reclaimed in that year and with the similar absence
of these devastating agencies in 1929 it is not surprising that recovery of the lost aereage should have
proceeded still further, nor that some wholly new
areas should have proved inviting to the cotton
planter.
As far as the market price of the staple is concerned there was here also a great improvement in
1928 from the low levels reached in 1927, and this
improvement was maintained likewise in 1929,forming a strong incentive to bringing new territory
within the cotton area and to recover old area which
had been allowed to lie fallow when the price
dropped to a basis allowing no profit to the cotton
raiser in cultivating it.
The improvement in the market value of the
staple was a strong inducement to enlarging acreage
in 1928, as already said, awl it was a similar inducement, though perhaps in slightly lesser degree, in
1929. Middling upland spot cotton in New York on
January 1 1927 was only 12.80c. On February 1 of
that year it was 13.65c.; on March 1, 14.85c.; on
April 1, 14.40c., and on May 1, 15.45c., with a further
rise in subsequent months. The start, it will be seen,
was from an exceedingly low level. In 1928, on the
other hand, the price January 1 was 19.55c., though
from this there was a drop to 17.75c., and the price
March 1 was 18.95c.; on April 1, 19.95c.; on May 1,
22.30c., and on June 1, 21.05c. In 1929 the price
was relatively stable, being somewhat above 20c. in
the three months from January 1 to April 1, after
which it fell to 19.55c. May 1 and 18.40c. June 1, as
will be seen from the following:
[VoL. 128.
FINANCIAL CHRONICLE
•
tobamt,:mtowwtowm4
4.0,0,30000.4.w..00
4:,;300000i.zkL4D00
4218
11.2
11.2
16.2
18.8
17.0
16.2
15.9
15.7
16.0
18.0
17.1
HIM
20.6
34.0
28.3
22.4
16.8
12.7
11.6
11.0
9.8
9.4
9.6
9.7
9.7
31.4
30.8
33.9
36.0
35.8
36.0
36.2
36.8
37.5
37.4
37.3
37.1
30.0
32.0
30.6
28.4
28.2
26.8
24.4
24.2
25.2
27.8
30.3
31.8
23.8
23.4
25.3
27.5
28.3
29.8
30.0
31.0
30.2
28.0
28.0
28.2
The fact that the market price of the staple was
so well maintained during most of the planting season of 1929, and particularly the early part of the
season, doubtless constituted one main reason for
the strong determination which existed early in the
-a determination with the
season to enlarge area
-carrying out of which nature interfered under the
development of excessive rainfall and low temperatures, as we have seen.
But acreage is only one factor in determining the
size of the crop. The yield per acre is an equally, if '
not a more important, factor. As it happens, the
yield per acre has been heavily reduced in all recent
years. The crop of 1926 was of such prodigious size,
not merely because the acreage was of unexampled
proportions, but also because the yield per acre was
the highest in twelve years, or since 1914. The yield
was 181.9 pounds per acre. But in 1927 the yield
dropped to only 154.5 pounds, and in 1928 fell still
lower to 152.9 pounds. What are the circumstances
responsible for this great decrease in the product
per acre? Quite a number of contributory causes
may be mentioned, each of which it will be well to
take up separately. One agency which played an
important part in diminishing productivity in 1927
has been absent in the seasons since then. We refer
to the restricted use of fertilizers which distinguished 1927. Fertilizers are of importance in some
States like North Carolina, where intensive farming
is practiced, and of no consequence whatever in other
States, like Texas, where they are scarcely used at
all. In 1927 the consumption of fertilizers on cotton
plantations was severely curtailed owing to the low
price of cotton. Not only was the planter too poor
to buy fertilizers at that time by reason of the low
market value of the staple, but at such low prices
there was no inducement to spend money for the
purpose, since the return to be realized (on the basis
of these low prices) would not warrant it.
In 1928, however, the situation changed and fertilizers were again freely used, and no change in that
respect occurred in 1929. There are no data to show
the amount of commercial fertiliers applied on
cotton plantations in the different parts of the
country. In the cotton producing States a very good
idea of the trend in that respect is furnished by the
tax tag sales. The e sales of course show the consumption of fertilizers, not alone on cotton plantations, but for all other purposes as well. Still, the
tax tag sales can be accepted as indicating the prevailing drift, and, as a matter of fact, in some of the
States the greater part of the fertilizers sold and
consumed are- applied on cotton plantations. We
deal with the figures for the separate States in the
State r ummaries on subsequent pages, and they are
all alike in showing very decided increace in 1928 as
JUNE 29 1929.]
FINANCIAL CHRONICLE
4219
is not at all unusual for the season to be late and
the crop to be backward. And yet experience shows
that in and by itself, this does not determine the
yield. The crop was late last year all around, the
same as the present year. The crop was likewise late
in 1927 (though not to the same extent as in 1928
and 1929), and that was one of the factors in the
poor yield of 1927. The season, however, was late
likewise in 1926, yet that did not prevent the growing in that year of the biggest crop in the country's
history. As a matter of fact, the crop, as we have
nod Virginia the figures include cotton seed meal noted in previous reviews, has been late in all recent
years except in 1925, when it was extremely early.
used as fertilizing material.
A favorable start counts for muck, but it is not
FERTILIZER SALES JAN. 1 TO MAY 31.
everything.
Tons.
Tons.
Tons.
1927.
1928.
1929.
The two serious factors beclouding the prospects
458,250 of the growing crop are the excessive rainfall suf671,400
Alabama
662,450
92,905
125,727
Arkansas
147,172
thus far, and the presence of the boll weevil.
204,285 fered
242,538
Florida
217,428
heavy
686,036 These are the two agencies that exacted such a
868,638
852,077
Georgia
in 1928, further reducing the yield per acre and
74,049 toll
113,822
142,517
Louisiana
314,180
202,177 preventing the crop from reaching a size commen304,049
Mississippi
1,050,942 surate with the increase in acreage. Both agencies,
1,267,329
1,212,804
North Carolina
671,272
772,460
708,000
South Caroling
affecting probable ultimate yield, are
127,130
82,687 as influences
124,744
Tennessee
again present this reason, and in no lessened degree,
182,752
127,994
72,385
Texas
332,033
295,955 as has already been shown. As indicating the part
318,826
Virginia
played by these influences in cutting down yield,
3,946,552
4,907,642
Totals
4,876,819
reference seems pertinent to a "Report on Reduction
It will be observed from the above that while in Cotton Yields from Stated Causes in 1928" issued
the fertilizer sales in the period given dropped by the U.S. Department of Agriculture only a month
from 4,531,130 tons in 1926 to 3,946,552 tons in ago (May 17 1929). This report tells us that the
1927, there was a recovery to 4,907,642 tons in principal cause of damage in 1928 was the boll
1928, with only a trifling decrease to 4,876,819 tons weevil, the loss from that cause having averaged
in 1929. So far, therefore, as crop fertility depends 14.1% for the Cotton Belt as a whole. This was.
upon the use of fertilizers it can be affirmed before- lower than the loss from the same cause. in 1927,
hand that there is to be no loss on that account the which was 18.5%, but was above that of every other
present season. But, as already noted, the product year since 1923. The next most important cause of
per acre, treating the Cotton Belt as a whole, fur- damage in 1928, we are informed, was excessive
ther declined in 1928, dropping from 154.5 pounds moisture. The loss on that account is put at 7.3%
per acre to 152.9 pounds, notwithstanding that fer- for 1928 compared with 4.9% in 1927 and 3.2% in
tilizers were again used in the way customary 1926. The loss from the two causes combined, it
before the enforced reduction of 1927.
will be seen, is estimated at 21.4% for 1928 and at
fac- 23.4% in 1927.
This brings us to a consideration of the other
tors in the problem determining the ultimate size
As to the probable loss the present year from these
of the crop. One of these factors is the relative causes, everything will depend upon future weather
state of maturity of the crop at the date of writing. conditions. This may appear a very trite stateIt has already been made plain that this crop is ment, familiar to the entire cotton world, but it is
late in its start, just as was the crop of 1928 and the literal truth. The Bureau of Entomology of the
most other recent crops. But that is not necessarily Department of Agriculture, under date of June 14,
a detriment, and it may even be an advantage. In issued a statement showing extremely heavy boll
any event, the backwardness may be made up by weevil infestation throughout the Cotton Belt. Of
favorable weather conditions as the season pro- the 14 points from which the Department receives
gresses. If meteorological conditions are not fav- reports of the emergence of the weevil, only three
orable and lost time is not retrieved, then it is im- stations showed a decrease in the percentage of
portant that there shall be no early frosts which emergence so far this year, compared with that oflast
might kill the fruit before it reached maturity. As year. In some of these cases the percentage of into the probabilities in that respect, one man's guess crease in emergence was very noteworthy. The Deis as good as another's. Lateness of the crop at this partment explained that the information contained
stage might be an advantage where the boll weevil in the report related only to the initial Spring
are present on an extended scale, as is the case the activity of the weevil, and the following cautionary
present year, because it delays the formation of remark was added: "The damage to the crop will
squares on the plants and the work of these pestifer- be influenced materially by Summer climatic conous insects does not begin until the squares appear. ditions, and also by the extent of employment of
While the fact that the crop at this stage is late control measures. Wherever heavy infestation is
and backward—say from one to two weeks late indicated by these records, farmers should be
nearly everywhere—is unquestionably a handicap, especially alert in their plans for fighting the
it is, as we have pointed out in previous reviews, a weevil."
i nation that may be quickly remedied with the
This paints a rather gloomy outlook, but it also
development of hot weather and sunshine. As in all indicates two particulars in which the outlook may
other years, the test will come in July and August, be greatly modified for the better, namely,favorable
the vital months for cotton. We may repeat that it weather conditions and by the effort put forth by
compared with 1927 and with this increase maintained in 1929. In addition, we bring together here
in a•single tabular statement the figures of these
separate States. The following table shows the
quantities of fertilizers consumed in the several
States of the South as indicated by the tax tag sales
reported by the Commissioners of Agriculture of
those States for the five months from January 1 to
May 31 1929 in comparison with the corresponding
five months of the two preceding seasons. In the
case of Florida, Louisiana, South Carolina, Texas
.4220
FINANCIAL CHRONICLE
planters in actively combating the evil. The first
is not Within the control of the planter, the second
is. As a matter of fact, however, it may be said
concerning the influence of future weather conditions that hot dry weather during the Summer
months, if steadily continued, might be effective in
rendering this pest of the planter entirely innocuous.
As bearing on that point, it is pleasing to note that a
telegraphic dispatch to the New York "Herald Tribune" from Memphis, June 23, said that weevil in
the central belt last week had failed to maintain the
rapid rate of increase reported the previous fortnight. The dispatch added significantly: "Balked
largely by hot, dry weather, the insects in most sections were kept from spreading, while the increase
in infestation was much smaller. From Arkansas,
except for two centrally located counties, few, if
any, weevil complaints have been received at Memphis. In North Alabama and West Tennessee, the
cotton crop is getting along exceptionally well in
comparison with conditions thirty days ago.
In any event, the question may well be asked
whether with so much damage inflicted by the
'weevil last season and, for that matter, the previous
season, too, there is even a very remote likelihood
of the damage being greater the present season even
if it is not materially lessened. In Oklahoma, for
instance, the reduction from a full yield per acre by
reason of -the presence of the weevil last year has
been put at 26% and the year before at 31%. It is
hard to conceive how the pest could be any more
destructive unless it devoured the entire crop. In
the follwing we reproduce a table published by the
IL S. Department of Agriculture, under date of
May 11 1929, undertaking to show the reduction
from a full yield per acre by the weevil and other
causes during each of the last three seasons:
REDUCTION FROM PULL YIELD PER ACRE FROM STATED CAUSES.
1026-1928.
State
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Dklahoma
Arkansas
Average of 13 States
DefielentMaisture ExcessiseMoisture Other Climatic
1926. 1927. 1928. 1926. 1927. 1928. 1926. 1927. 1978.
%
%
%
%
%
%
% %
%
18
13
6
0
8
9
0
5
5
8
5
1
1
3
9
1
1
4
20
6
1
0
5
14
5
2
15
7
11
0
1
4
15
4
1
6
4 48
7
2
1
12
5
0
15
3
0
6
5
41
22
5
6
8
6 6
8
5
10
14
2
4
4
1
7
1
4
2
13
6
1
3
4
3
3
2
5
10
2
3
3
7
2
2
5
8
6
3
12
3
2
9
8
4
3
2
2
2
4
2
0
4
5
5
4
4
3
4
12
5
3
3
11
8
2
6
6
5.3
6.4
4.4
Plant DUeases
Virginia
North Carolina
bulk Carolina
3eorgia
Florida
Missouri
Tennessee
klabama_
Mississippi
Louisiana
Texas
)klahoma
krkansas
3.2
4.9
Bolt Weevil
7.3
2.9
2.8
4.9
Other Ins cr.,
1926 1927 1928 1926. 1927. 1928. 1926. 1927. 1928.
% %
%
%
%
%
%
%
%
0
0
1
0
2
10
0
0 0
1
3
16
1
12
2
1
5
2
1
4
27
1
15
2
8
1
1
2
5
18
1
14
1
10
2
2
1
2
0
4
9 9
7
17
2
0
1
0
1
6
0
0
2
6
2
2
3
2
3
2
7
2
1
2
12
2
5
5
2
3
1
15
6
16
1
14
1
6
2
2
2
12
4
18
0
4
2
3
9
2
20
4
12
2
14
2
11
6 6
8
31
0
26
0 0
4
8
4
0
1
8
2
5
3
1
11
15
Average of 13 States._ _ _ 2.1 1.5 1.9 7.1 18.5 14.1 8.9
.
Zero (0) indicates no damage or less than 1% damage.
*Them States include practically all of the Cotton Belt proper.
4.4
3.4
Much the same comment may be made concerning
the possible loss from overabundant rainfall. The
preseat situation in that respect might be completely remedied by future weather conditions of
the right kind-hot and dry. And incidentally it
may be remarked that weather of that sort would
alro minimize the damage from the weevil, Since no
one questions the statement that hot dry weather
is unfavorable to their development.
Another point should be borae in mind concerning
injury because of excessive rainfall. Heavy rainfall
[VOL. 128.
in the Spring is not by itself necessarily injurious.
It is only when it is followed by equally heavy
moisture during the Summer months that it becomes
potent of great injury. That is what happened last
season, but is not necessarily what may happen the
present year. The two years, entirely similar in
their general features thus far, may develop great
dissimilarity as the summer progresses. On that
point it should perhaps be stated that the aggregate
rainfall over the State of North Carolina during
July, August and September 1928 was 24.44 inches
against 12.95 inches in the same three months of 1927
and 11.49 inches in the same three months of 1926;
in South Carolina the average was 29.56 inches,
against 12.35 inches and 11.99 inches. respectively
in the previous two years; in Georgia 23.89 inches,
against 11.61 inches and 15.37 inches; in Alabama
12.57 inches, against 9.03 inches and 18.45 inches; in
Louisiana 14.46 inches, against 12.14 inches and
15.84 inches; in Mississippi 10.18 inches, against 9.66
inches and 11.96 inches; in Arkansas 8.73 inches,
against 11.63 inches and 13.04 inches, and in Oklahoma 7.94 inches, against 13.90 inches and 14.89
inches. These comparisons are significant as showing very heavy rainfall last year during the Summer
months in all the South Atlantic States. It was this
heavy rain in the Summer months, coming after,the
excessive rainfall of the Spring, that did the damage.
In order to show the cotton acreage and production for a series of years past we give here the following table:
ACREAGE ANDWPRODUCTION OF COTTON IN
UNITED STATES, 1910-1929.
Acreage-- Avg.Yield
per Acre
Picked.
Planted.
Year(Acres)
(Acres) (Pounds)
1910 ___33,418,000
32,403,0()
170.7
1911 _ _ _36,681,000
207.7
6,045,C00
1912 _34,766,000
34,283,000
190.9
1913
37,458,000
37,089,000
182.0
1914 _ _37,406,000
209.2
36,832,000
1915 __ _ _32,107,000
170.3
31,412,000
156.6
34,985,000
1916 __36,052,000
1917 ____ 4,925,000
33,841,000
159.7
36,008,000
159.6
1918 ____37,217,000
33,566,000
161.5
1919 __35,133,000
178.4
35,878,000
1920 __37,043,000
30,509,000
192 . _31,078,000
124.5
33,036,000
141.5
1922 __34,016,000
37,420,000
130.6
1923 ___38,709,000
41,360.000
157.4
1924 _ _ _42,641.000
46,053,000
167.2
1925._....48,090,000
181.9
47,087,000
1926....48,730,000
4(),138,000
154.5
1927__ _ _41,905,000
152.9
45,341,000
1928 __46,946,000
1929 ____48 888,000
(?)
(?)
Production
(Census)
5C0-/b.bales
11,608,616
15,692,701
13,703,121
14,156,486
16, 34,930
11,191,820
11,449,930
11,302,375
12,040,532
11,420,763
13,439,603
7,953,641
,762,069
10,139,671
13,627,936
16,103,679
17,977,374
12,950,473
14,477,874
(?)
We now present in detail our summaries for the
different States:
VIRGINIA.
-This State holds a relatively small place in
the rank of cotton producing States. As noted in our previous annual reviews, the southern portion of the State
constitutes the extreme northern fringe of the Cotton Belt
As a consequence, very little land is devoted to cotton raising in Virginia. The United States Department of Agriculture in its final report for 1928, issued on May 17 1920,
put the area under cultivation in the State on July 1 1928
at 81,000 acres and the area picked at 79,000 acres. This
compared with 65,000 acres in cultivation and 64,000 acres
picked in 1927; 95,000 acres planted and 93,000 acres picked
in 1926; 101,000 acres planted and 100,000 acres picked in
1925, and 107,000 acres planted and 102,000 acres picked
in 1924. It will be observed that after a big drop in the
acreage in 1927, due almost entirely to the low price of the
staple prevailing at the time-the lowest figure reached
-an increase again occurred in 1928, and this
in many years
increase, it would appear, has been carried a step further
the present year, though the price of the staple at planting
time the present season was not as high as it was last
season, though yet quite satisfactory. Probably some 8,000
to 10,000 acres have been added to the planted area of the.
State in 1929, bringing the total area in cotton to about
90,000 acres, which would still leave it much below the
107,000 acres reached in 1924. Aggregate acreage being so
small, the ratio of increase in acreage is necessarily large
roughly 11%.
Whatever land is used in cotton in Virginia is always
brought to a high state of cultivation and the resulting
product per acre is correspondingly high. The boll -weevil
do not appear to have been quite so active in that State last
season as In many of the ether States, and yet U. S. Department of Agriculture estimates that there was a reduction
of 10% from a full yield per acre because of the weevil.
Nevertheless, the yield of lint cotton per acre increased
again after a sharp reduction the previous season. The
yield proved 265 pounds per acre, against 230 pounds in 1927,
and comparing with 260 pounds and 250 pounds respectively
In 1926 and 1925. Fertilizers are freely used as an aid to
fertility in the limited area within the State, and they
appear to have been used to about the same extent the
present season as last season. The tax tag sales returns
of the Commissioner of Agriculture show 318,826 tons of
fertilizer sold within Virginia in the five months from
January 1 to May 31 1929, against 332,033 tons in the
same five months of 1928; 295,955 tons in the five months
of 1927; 323,130 tons in the five months of 1926, and 242,386
tons in the corresponding period of the previous year.
These, to be sure, are the figures for the entire State, and
the bulk of the whole was unquestionably for account of
truck farmers and others, with only a relatively slight
portion consumed on cotton plantations. Our returns show
that there has been very little change in the quantity of
fertilizing materials applied to cotton as compared with
the previous year, and in one or two instances a slight
decrease appears. Planting extended over the period from
April 20 to June 1 in the case of the cotton area as a
whole, but the vast bulk of it was completed in the period
from May 5 to May 10. The seed came up fairly well
virtually everywhere. Conditions since planting have been
fairly favorable, though in many cages the weather has been
slightly too cool and too wet. Replanting has been necessary
to about the usual extent
-say about 10%-mainly in districts where local rains we're frequent. A good stand has
been secured Almost everywhere. Cultivation has made
good progress and the fields are fairly clear of weeds and
grass. Home made manures are very little used in cotton
culture in Virginia.
VIRGINIA
Crop Year
1028
1027
1926
1925
1924
1923
1922
1921
1920
1919
1018
1917
1916
1915
1914
4221
FINANCIAL CHRONICLE
29 19291
Area in
Cultivation.
Area
Picked.
Acres.
81.000
65.000
95,000
101,000
107,000
74,000
57,000
34.000
43,000
43,000
45,000
53.000
42,000
34,000
Acres.
79,000
64,000
93,000
100,000
102,000
74,000
55,000
34,000
42.000
42,000
44,000
50,000
42,000
34,000
45000
460(1(1
Yield of
Lint Cotton
per Acre.
Pounds.
265
230
260
250
180
325
230
230
230
255
270
180
310
225
oaf.
Production,
500-1b. Gross
Bales.
Bales.
43,711
30,600
51.329
52,535
38,746
50,581
26,515
•
16,368
21,337
22,523
24,885
18,777
27,127
15,809
OK 000
NORTH CAROLINA.
Acres.
1,892.000
1,749,000
2.015,000
2,037,000
2.099,000
1,887,000
1,654,000
1,417,000
1,603,000
1,525,000
1,615,000
1,562,000
1,490,000
1,300,000
I AM nem
Acres.
1.860,000
1,728.000
1,985,000
2,017,000
2,005,000
1,679,000
1,625,000
1,403,000
1,587.000
1,490,000
1.600,000
1,515,000
1451,000
1,282.000
I 497 OM
Yield of
Lint Colton
per Acre.
t,stiNCICis—,4CAMN.N ,,
C9NO
Area
Picked.
0.34,40.1“00;
Vsg)00Q ,
*tgoQQ.
Area in
Cultioation.
CS•
o lsosoistseolsol
•
'REaRRgNVR;c7X555
-The crop of this State is always
NORTH CAROLINA.
kept in a high state of cultivation, but 'weevil damage was
very heavy last season, being estimated at 12% by the
Department of Agriculture and accordingly the product
per acre further declined after having been sharply reduced
in 1927. From 290 pounds of lint cotton per acre in 1926
the yield dropped to 238 pounds in 1927 and to 215 pounds in
1928. Thus it happened that the crop of the State was
reduced correspondingly, falling from 1,212,819 bales in
1926 to 861,468 bales in 1927, and then to 836,474 bales
in 1928. The big decline in the size of the crop in 1927 followed in part from a considerable shrinkage in acreage, but
the further decline in 1928 occurred in face of a considerable
recovery of the decrease in 1927. The present season it has
been generally too wet and too cool. This is a repetition of
the experience of 1928, when the rainfall was also heavy
in April and in May, though there was a rather light rainfall in the earlier maths of that season. In February 1929,
on the other hand,the average rainfall for the State was 6.38
inches, which was 2.22 inches above the normal, and in
March it was 5.94 inches, or 1.66 above the normal. la April
the average rainfall was only 3.12 inches, or 0.57 inch above
the normal, but in May the average was 6.33 inches, or 2.80
Inches above the normal. While temperatures the present
season have been too low for the best results and the range
of the thermometer has' been unusually wide, the deficiency
of • temperature has been smaller than was the case last
year, and to that extent the season may be Said to be
further advanced than it was the previous year when, however, it was unusually backward. In April the extremes of
the thermometer were 95 degrees and 18, with the mean
61.2 degrees, as against a range of 85 degrees and 8 degrees
in April 1928, with the mean 55.8 degrees. In May of the
present year the thermometer ranged between 92 degrees
and 19 degrees, ,-Ith the mean 66.4 degrees against a range
In May last year running between 96 degrees and 24 degrees,
with the mean 64.3 degrees.
In the northern part of the State planting began May 1
and was finished about May 15. The seed came up well.
In the southern part of the State planting started much
earlier but was delayed by continued rains so that the
lust of the seed did not go in until ablaut June 10. Complaint
of its having been too wet and too cold is common to the
whole- State, but modified in the way already indicated by
the thermometer records just given. In other words, eonditions latterly in both particulars have been decidedly
more favorable. Replanting was necessary to about the
same extent as in previous seasons, namely about 5% and
10%,and due mainly to the first plantings dying on account
of excessive rainfalls. Stands are good virtually everywhere, and while fields are not as yet entirely clear of
weeds and grass, good progress in that direction has latterly
been made. Acreage is reported by many of our correspondents as unchanged from the previous season, but forthe State as a whole appears to be nevertheless about 3%
to 5% larger than In 1928. Commercial fertilizers seem toheve been applied to about the same-extent as In the previous
season. North Carolina is given to intensive farming,
especially in the matter of garden truck and the like, and a
larger quantity of fertilizers is used In that State than in
any other part of the Cotton Belt. For the ftVe months
ending May 31 1929 the tax tag sales show 1,212,804 tons
consumed in that State, as against 1,267,320 tons in the
corresponding five months of the previous season, but comparing with only 1,050,942 tons in the corresponding period
of the previous season. These of course are the sales for
alit purposes and inasmuch as very extensive amounts of
fertilizing material are applied to other crops, the comparisons would not necessarily be conclusive as to the
relative extent of the ensumption by cotton farmers except
that our correspondents agree' pretty well in saying that
planters have used about the same quantity the present
season as last season, though increases running as high as
5% are reported in some instances, with, however, occasional decreases of the same extent. Homemade manures
are not greatly used, and where they are some sight
decrease is reported in two or three instances. The crop
is about 10 days late. As to weevil activity, it is too early
for definite conclusions, though • early indications appear
to point to a heavier infestation than in 1928.
Production,
500-1b. Oros,
Bales.
Bales.
836.474
861.468
1.212,819
1.101.799
825,324
1,020,139
851,937
776,222
924,761
830,293
897,761
617,989
654,603
699.494
ertn 61/1
SOUTH OAROLINA.-This State the present season has
suffered from altogether too much rain, even more so than
in the early months of 1928, when the rainfall was also
excessive. Temperatures have likewise been too low, though
there has been some modification for the better in that
respect in more recent weeks. One correspondent, writing
from Newberry County. points out that in that county the
rainfall from January 1 to June 10 has averaged a total of
4222
40 inches, almost a normal rainfall for an entire year. He
tells us that on account of this heavy rainfall, attended by
high water, lands have been badly washed and much plant
food has been leeched out of the soil. As a matter of fact,
however, Newberry County does not seem to have fared
much worse than the rest of South Carolina. For the State
as a whole, the rainfall in January averaged 4.01 inches,
or 0.46 of an inch above the normal; in February the total
averaged 7.85 inches, or 3.44 inches above the average; in
March 7.59 inches, or 3.61 inches above the normal; in
April 4.30 inches, or 1.20 inches above the normal, and in
May 6.46 inches, or 2.81 inches above the normal. For the
five months, therefore, from January 1 to May 31 total
rainfall has been 30.21 inches, or 11.52 inches above the
normal. In the previous season the rainfall in the first
five months was exceptionally heavy only in April and in
May. Temperatures, however, during April and May the
present year have averaged a little higher, the mean temperature for the State having been 64.7 in April 1929 against
59.9 in April 1928, and the mean for May having been 69.1
degrees against 67.7 degrees in the same month of last year.
The extraordinarily heavy rainfall has dominated everything in the State-delaying planting, washing out seed,
preventing germination and interfering with the elimination
of grass and weeds. Nevertheless, most of our correspondents report stands as being fairly good, though in
many places showing great irregularity.
Weevil infestation may be somewhat lighter than in 1928
when, however, it was exceptionally heavy, the U. S. Department of Agriculture having reported for that State a reduction of 15% from a full yield per acre from that cause. In
Judging of the probable damage from that cause the present
season the fact should not be overlooked that the yield of
lint cotton per acre declined in that State from 180 pounds
In 1926 to 147 pounds in 1928, in no small part by reason of
weevil activities, and the total crop of the State fell from
1,008,068 bales in 1926 to 730,013 bales in 1927, and to
726,039 bales in 1928. In part, a reduction in the planting
of cotton contributed to the diminution in the size of the
crop, the area in cultivation having fallen from 2,716,000
acres in 1926 to 2,454,000 acres in 1927 and having recovered
only to 2,485,000 acres in 1928, while the area picked, after
'having been reduced from 2,648,000 acres in 1926 to 2,356,000
acres for 1927, recovered only to 2,361,000 acres in 1928.
The present year it seems likely that the acreage will not
differ greatly from the small acreage of 1928 with the
probability of a slight increase-say 1@3%. We use the
lower figure to be on the safe side. Most of our correspondents say that the acreage remains about the same, and
a few report some decrease, but careful computation shows
that these latter are outweighed by the sections which show
moderate accessions (notwithstanding the heavy rains) to
the area planted following the decrease in 1927 and 1928.
The crop on the average seems to be about two weeks late.
The date of the beginning of planting the present year
has varied widely on account of the torrential rains. One
correspondent in the southern part of the State reports that
planting began the latter part of March and ended the first
of May. Another correspondent in the northwestern part of
the State says that planting to any important extent was
not begun until the last week in May and was completed
about June 5, or two weeks later than usual. He says a
little cotton was planted the middle of May, but rains
halted the operation. All reports agree in saying that the
seeds came up poorly and that much damage to eatly cotton
resulted from floods and frosts, and that very extensive
replanting had to be done-in some cases replanting had
to be done three times. Quite a number of the reports speak
of a storm on May 2nd as having been very destructive to
early planting. One correspondent, writing from Walhalla,
speaking with reference to this storm, says laconically that
"a cold northwester on May 2nd put cotton to sleep". All
our accounts, almost without exception, agree in saying
that there has been a decreased use of fertilizers in South
Carolina, the extent of the decrease running all the way
from "slight" to 15 or 20%. In some instances the falling
off is ascribed to "farmers having no money to buy". In an
occasional instance it is stated that the decrease in the
application of fertilizers has been attended by increased use
of homemade manures. The tax tag sales show that the
.Consumption of fertilizing material for all purposes within
[VOL. 128.
FINANCIAL CHRONICLE
the State aggregated 708,000 tons for the, six months
ending May 31 1929, against 772,460 tons in the corresponding period of the previous season, 671,272 tons in the same
period of the year preceding, and 799,334 tons three
years ago.
SOUTH CAROLINA.
Crop Year1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
Acres.
2,485,000
2,454.000
2,716.000
2,708,000
2,491,000
2,005,000
1.951,000
2,623,000
3,000,000
2,900,000
3,040,000
2,880,000
2,950,000
2,555.000
2.850,000
Area
Picked.
Acres.
2,381.000
2,356.000
2,648,000
2,654.000
2,404,000
1,965,000
1,912,000
2,571,000
2,964,000
2,835,000
3,001,000
2.837,000
2,780,000
2,516,000
2.851.000
Yield of
Lint Cotttni
per Acre.
Pounds.
147
148
180
160
160
187
123
140
260
240
250
• 208
160
215
255
Production,
500-1b. Gross
Bales.
Bales.
726,039
730,013
1,008,068
888,666
806,594
770,185
492,450
754,1.00
1,623,170
1,426,146
1,569,918
1,236,871
931,820
1,133,919
1.533.810
-This State has had the present year a downGEORGIA.
pour of rain surpassing even the experience of South Carolina. And here, too, the excessive precipitation has been
continuous throughout the whole period, but with a decided
change for the better with the advent of June, sunshiny
weather during the latter month, with only occasional showers, having worked a great transformation in prospects,
though growth has been slow because of cool nights, average
temperatures nevertheless having been higher this year than
last year. For the State of a whole the precipitation averaged 4.94 inches in January, which was only 0.70 inch above
the normal, but in February aggregated 8.63 inches, or 3.63
Inches above the normal, and in March reached 10.87 inches,
or 5.38 inches above the normal; April showed a change for
the better with an aggregate rainfall of no more than 4.02
inches, or only 0.44 inch in excess, but in May there was an
increase again to 5.48 inches, or 1.98 inches in excess of the
normal. For the five months it will be seen the total rainfall
has been 33.94 inches, or on excess of 12.13 inches. The
mean temperature in April the present year was 67.1
degrees, against 61.3 in April last year; for May the
present year the mean was 71.6 degrees, against 69.3. In
view of the heavy rainfall, which is favorable to the development of the boll weevil, it is not surprising to get reports
that the weevil are numerous and active the present year,
though the significance of this statement may be exaggerated, unless it is borne in mind that the weevil are held
to have done heavy damage the previous season, the Department of Agrieulture having reported a reduction from the
full yield per acre from that cause of 14%. In computing
the possibility Of damage from that and other causes the
present season it is highly important that the serious damage inflicted in that way in 1928 should not be overlooked,
since it necessarily minimizes to that extent the chance of a
greater loss in the same way in 1929, while it always leaves
a possibility that the 1929 loss may really prove smaller
than was that of 1928. The yield of lint cotton in Georgia
fell from 180 pounds per acre in 1926 to 154 pounds in 1927,
and dropped still lower to 132 pounds in 1928. Accordingly,
the total cotton production of the State, after having fallen
from 1,496,105 bales in 1926 to 1,100,040 bales in 1927, fell
still further to 1,029,499 bales in 1928, notwithstanding that
the area planted to cotton, after declining from 4,025,000
bales in 1926 to 3,501,000 bales in 1927, increased again to
3,883,000 acres in 1928.
Indications are that there will be a further moderate
increase in acreage the present season, probably about 5%
for the State as a whole. Only an occasional report shows
any decrease, and though the statement is quite common
that little or no change in acreage has occurred, or will
appear, there are numerous instances of increases, some of
these increases running as high as 15%. The 5% increase
will bring the aggregate cotton area of the State up to
about 4.075,000 acres, or somewhat higher than the area
devoted to cotton in 1926, but would still leave the total
about 1,350,000 acres less than it was 10 or more years ago
when the cotton acreage in Georgia for several years closely
approached 5,500,000 acres. Planting in Georgia the present
year quite generally began about March 15 and was completed as a rule between May 15 and May 20, though correspondents in the extreme western part of the State say that
planting did not begin until April 10 and continued until
June 1. The early plantings came Up poorly, necessitating
much replanting, but the later plantings came up quite well.
4223
FINANCIAL CHRONICLE
JUNIO 29 1929.1
with the present year, but the trouble came mainly in the
first four months, and there has been some amelioration of
the situation since then, so that at this date the outlook is
not unfavorable. In January the average rainfall aggregated 5.67 inches, which was only 0.61 inch above the normal, but in February the downfall reached 9.13 inches, or
3.83 inches above normal, and in March reached no less
than 15.35 inches, or 9.60 inches above the normal. This
was followed, however, by only 4.64 inches in April, or
only 0.35 inch above the normal, and by 5.86 inches in May,
or 1.89 inches above the normal. Temperatures have latterly been higher, the mean for the State in April having
been 66.9 degrees against 59.8 degrees in April last year,
and the mean for May 71.3 degrees against 69.5 degrees.
Our reports show, too, that about the same quantity of
fertilizers has been applied to the cotton area the present
season as last year, and last year there was a big increase
as compared with the small total used in 1927. Taking the
tax tag sales as a guide, the consumption of fertilizers in
the five months ending May 31 1929 aggregated 662,450 tons,
or only slightly less than in the five months of 1928, when
the sales pointed to a consumption of 671,400 tons; in the
five months of 1927, however, consumption was only 458,250
tons. The figures relate of course to the consumption for all
the different crops and not for cotton alone, but our own
returns make it- plain that cotton planters, after having
Yield of
Production
sharply curtailed the use of fertilizers in 1927, increased
Area
Area in
Lint Cotton 500-16. Cross
GEORGIA.,
Picked.
Cultivation.
per Acre.
Bales.
again in 1928 and that this increase has been maintained
Acres.
Acres.
Pounds.
Crop YearBoles.
in 1929. Weevil are again reported very active the present
3,728.000
132
1928
3,883,000
1,029.499
1927
3.501,000
3.413.000
154
year, after having done considerable damage in 1928 and
1.100.040
4,025.000
3.965,000
1926
180
1,496,105
in 1927, the U. S. Department of Agriculture at Washington
3.662,000
3,589,000
155
1925
1,163,885
1924
3.099,000
3,046.000
157
1,003.770
having reported a reduction of 12% from a full yield per
1923
3,844.000
3,421.000
82
588,236
1922
3,636,000
3,418.000
100
714.998
-from
acre from that cause in 1928 and of 15% in 1927
1921
4.346,000
4,172.000
90
787,084
1920
5,000,000
4.900,000
138
1.415,129
which it would appear that any change the present year
1919
5.404,000
5,220,000
152
1.659,529
1918
5,425,000
5,341.000
is more likely to be for the better rather than for the worse
190
2,122,405
1917
5,274,000
5,195.000
173
1,883,911
with such high figurese to start from.
1916
5,450,000
5,277,000
165
1,820,939
1915
4,925.000
4.825.000
189
1,908,673
The production of cotton in Alabama fell from 1,497,821
1914
5 510 nno
5 433 non
230
2 715 037
bales in 1926 to 1,192,392 bales in 1927 and to 1,109,126 bales
FLORIDA.
-This State counts for little as a cotton pro- in 1928. But while part of the falling off in 1927 was
ducer. The past season there was some increase again in due to a reduction in acreage, not so in 1928, the acreage
the area devoted to cotton after a sharp drop in 1927, but then having again increased to nearly the figure of 1926.
the total area is inconsequential in any event, and the The further reduction in the size of the crop in 1928 folexperience of planters, because of unfavorable conditions, lowed solely as the result of adverse conditions, in the
-so much so shape of weevil activity and other causes. Our reports point
has been very unfortunate in all recent years
that as against a yield of 180 pounds per acre in 1925 the to a further increase in the cotton acreage the present year.
yield in 1928 was only 97 pounds, after having steadily Only a very few of the reports suggest any decrease within
declined year by year. With only a little over 100,000 acres their localities, and the increases in many eases run as high
in cotton altogether, the crop of the whole State in 1928 as 10%. For the State as a whole we put the increase
-in exact figures, 19,203 bales. at 2%. Planting in the State started about March 25 and
proved less than 20,000 bales
The present year the indications are that some 10,000 acres continued until about May 20. Some bottom lands were not
more will be added to the acreage, leaving it still with only planted until June. The seed in some instances, though
about 110,000 acres to 115,000 acres. Planting within this not by any means all, came up poorly, this relating mainly
limited area started April 1 and was completed about May 1. to early plantings and some replanting en that account
In some sections the seed came up poorly, but in most sec- was still being done early in June. At the same time, howtions it did quite well. About 25% of the very earliest ever, the crop was blooming in some of the southern localiplantings failed to germinate, because of cold nights, mak- ties of the State. Speaking generally, the weather has been.
ing replanting necessary. The weather up to about April 15 too wet and too cool, but with a great improvement during
or April 30 was too cold, but has been favorable since. June. For the State as a whole the crop was probably two
Fairly good stands have been procured and weeds and grass weeks late on June 15. Speaking generally, stands are very .
have been pretty well chopped out. Fertilizers are little good nearly everywhere, and the fields as a rule clean.
used on cotton in Florida, or, for that matter, on any other In the few sections where the ground was still grassy,
crops within the State. This is evident from the fact that' chopping has been proceeding very rapidly during June.
the tax tag sales indicate a total consumption for all purProduction
Yield of
.
Area
Lint Cotton 500
-lb. Cross
'Area in
ALABAMA.....
.
poses within the State of only 217,428 tons for the five
Bales,
Cultivation.
Picked.
per Acre.
months ending May 31 1929. This compares with 242,538
Pounds.
Bales.
Acres.
Acres.
Crop Yeartons in the five months of 1928, and 204,285 tons in the five 1928
3,534.000
150
1,109,126
3,643.000
3.166,000
180
3,214.000
1.192,392
1927
months of 1927.
3,651,000
196
1,497,821
3.699.000
1926
As elsewhere in the South Atlantic States, the complaint is
general that it has been too cold, as well as extremely wet,
and that not a little damage has resulted from cold winds.
The crop in south Georgia is early, in middle and
Stands are quite gennorth Georgia 10 days late.
erally good, but plants are small, being, one correspondent says, of "two to three sizes." Fields are as a
rule quite clean, though a few are reported as still grassy.
Chopping has been mostly finished and in the southern
portion of State squares and blooms have been rapidly
Increasing of late. With weather conditions more favorable
latterly prospects are considered quite promising in many
parts of the State, though not in all. Virtually all of our
reports note some increase in the use of commercial fer-in a few instances a very substantial increase. In
tilizers
addition, some correspondents speak of the fertilizers as
being of a better grade. The tax tag sales indicate a consumption of 852,077 tons of fertilizer in Georgia for the
five months ending May 31 1929, against 868,638 tons in the
corresponding period of the preceding season and 686,036
tons in the same period two seasons ago, but these figures
relate to all the crops in the State and not to cotton alone.
Virtually no homemade manures are used in Georgia in
cotton production; one correspondent refers to them as
"a lost art".
FLORIDA.
Area in
Cultivation.
Crop Year1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916- ,,
1915
1914
Acres.
101,000
67,000
108,000
103,000
82,000
171,000
122,000
70.000
110.000
122,000
175.000
188,000
201,000
197,000
224.000
Area
Picked,
.
Acres.
95.000
64,000
105.000
101,000
80 000
147,000
118,000
65.000
100,000
103,000
167,000
183,000
191.000
193,000
221.000
Yield of
Lint Cotton
Per Acre.
Pounds.
97
126
145
180
130
40
102
so
Production,
500-0. Gross
Bales.
Bales.
19,203
15.496
31.954
38.182
18,961
12,345
25,021
10,905
18,114
15.922
29.415
37.858
41.449
47,831
81.255
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
3.539.000
3,114,000
3,190,000
2,807,000
2,269,000
2,898,000
2,900,000
2,600.000
2,017.000
3,469.000
3,400.000
4,075 000
3,504.000
3,055,000
3,149,000
2,771,000
2,235,000
2,858,000
2,791,000
2,570,000
1,977,000
3,225,000
3.340.000
4.007.000
185
154
91
142
124
111
122
149
125
79
146
209
1.356.719
985,601
586,724
823,498
580.222
662,699
713,236
800,622
517,890
' 533,402
1.020,839
1,751.375
MISSISSIPPI.
-This State may have had a little excess
of moisture in a few scattered localities, but has not as a
rule suffered from heavy rainfall, unlike its neighboring
States on the East. Temperatures, however, have been too
low for the best results. Still, the situation in that respect
ALABAMA.
-This State also has had a prodigious down- has been much better the present year than was the case
pour of rain with extensive floods and overflows to contend last year, the mean temperature for April this year having
86
74
85
100
105
120
175
FINANCIAL CHRONICLE
4224
been 67.7 degrees, against 60.7 in April last year, the mean
for May 72.3 against 70.7. The crop in Mississippi, after
having fallen from 1,990,537 bales in 1925 and 1,887,787
bales in 1926 to 1,355,252 bales in 1927, the year in which
the tremendous overflow of the Mississippi occurred, increased again to 1,474,875 bales in 1928, but this increase
was entirely the result of the reclaiming of acreage which
had been submerged by the overflow of the Mississippi
River already referred to. The conspicuous feature in the
history of cotton raising in Mississippi has been, as in so
many other States, the steadily declining yield per acre.
In 1925 the yield per acre in Mississippi was 275 pounds;
in 1926 it was only 240 pounds; in 1927 it was no more than
194 pounds, and in 1928 it was but 175 pounds. Of the main
causes responsible for the diminution in yield the Department of Agriculture finds that there was a reduction from a
full yield per acre of 14% in 1928 and of 16% in 1927 by
reason of the depredations of the boll weevil and in addition
there was a reduction of 10% in 1928 on account of excessive
moisture, but of .only 5% from the same causes in 1927.
The two causes are really interrelated inasmuch as excessive moisture and lack of sunshine are the conditions under
which the weevil thrive. With rainfall in April and May
more moderate, the start the present year was to that extent
more favorable, though, on the other hand, there appears
again to be the present season a heavy infestation of the
weevil. And as the reduction last year was 10% because of
excess moisture and 14% because of direct damage by the
weevil, making 24% together, that is a consideration of no
mean importance. Of course as compared with two years
ago there is the further advantage of the absence of the
overflow of the Mississippi River, which then submerged
more land in Mississippi than in any other State with the
single exception of Arkansas. Such trifling overflows as
have occurred in 1929 at one or two points on the Mississippi
and its tributaries are trivial alongside the huge inundation
of two years ago.
The further reduction in the yield per acre in 1928 proved
a decided surprise. An overflow of the Mississippi River
such as occurred in 1927 almost invariably brings with it an
offsetting advantage. When the water subsides, it generally
leaves behind a rich sediment which adds greatly• to soil
fertility and increases the product per acre. Why .this
benefit failed to accrue in 1928 appears from the high percentage of damage assigned by the Agricultural Department
as resulting from the activities of the weevil and the excessive moisture as a further cause. Though the State until
the last two years was noted for its high productivity,
there is no such extensive use of commercial fertilizers as
in a number of other States. Nevertheless, the use of fertilizers is steadily, even though slowly, increasing, according to our repbrts, though exact information on that point
is not available. According to the tax tag sales the consumption of fertilizers in the State of Mississippi (only a
portion of it going to cotton plantations) for the period from
January 1 to May 31 the present year was about the same
as last year, having aggregated 308,049 tons, as against
314,280 tons in the five months of 1928 and only 202,177
tons in the same period of 1927. As far as cotton alone is
concerned our correspondents quite generally note further
*
increases the present year, though in most cases only slight.
Planting In Mississippi quite generally began early in April,
and was completed about May 15 or May 20,'except in the
overflowed section of the Delta. The seed nearly everywhere came up well, but some of it died on account of its
being too cold, thereby necessitating replanting. One correspondent says that nearly all the April planting had to be
at least in part replanted. In the southern portion of the
State apparently very little had to be replanted. Indica-
Acres.
4,154,000
3.408,000
3,809,000
3,501,000
3.057,000
3,392,000
3,076,000
2,667,000
3,100.000
3,000.000
3.160.000
2,814,000
3.310.000
2,760.000
3.100.000
Area
Picked.
W§§§§gq 4
oc g'81
°cc
Crop Year—
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
WWWWW0WWWWwWpau
1.1" "..4 .+0;12
.
1
.43.WWW. 7.0.ODV.4W0
01N. 4WMOia.NQ
,
MISSISSIPPI.
Yield of
Lint Cotton
per Acre.
Production
500-16. Gross
Bales.
Pounds.
175
194
240
275
176
91
157
148
145
160
187
155
125
167
191
Bales.
1,474,875
1,355.252
1.887.787
1,990.537
1,098.634
603,808
989,273
813,014
895,312
960,886
1,226.051
905,554
811,794
953.965
1.245 535
[Vol.. 128.
tions point to an increase in acreage of about 5%, thoagh it
may prove more than that. The stands are good nearly
everywhere, and the fields are remarkably clean with hardly
any complaints of grassy condition.
LOUISIANA.—This State had perhaps a little more rain
than needed • during the first three months of the year,.
but conditions subsequent to that date have been quite generally satisfactory. Nor have temperatures of ktte been
unduly low or at least they have been higher than they
were a year ago. Louisiana raised somewhat mote cotton
In 1928 than it did in 1927, but this followed entirely because
planters in that State were able to reclaim the land that
was submerged in 1927 and which was not free from inundation until too late in that year to admit of its being planted
with cotton. The State suffered very severely in 1927 from
the overflow of the Mississippi River and the various other
streams like the Red River and the Atchafalaya. Not only
that, but the floods were prolonged to a very late date, too
late, as already stated, in most eases to admit of the planting of cotton. Much of this land was reclaimed in 1928. As
against 2,019,000 acres planted in 1926, there was a drop
to 1,585,000 acres in 1927 because of the overflow, but from
this there was an increase to 2,052,000 acres in 1928 and it
was by reason of this increase in acreage that the crop
which had fallen from 910,468 bales in 1925 and 829,407
bales in 1926, to 548,026 bales in 1927 recovered to 690,958
bales in 1928. During all this time the yield per acre
steadily declined because of unfavorable conditions; starting with 232 pounds per acre in 1925, there was a decline
to 200 pounds in 1926, to 170 pounds in 1927, and to 166
pounds in 1928. The Department of Agriculture estimates
the reduction from a full yield per acre in 1928 by reason of
the boll weevil 18% and attributes a further decrease of 6%
to excessive moisture, making 24% for the two combined.
Moisture the present year thus far can hardly be said, as
already indicated, to have been excessive for the State as a
whole. As to the menace from the boll weevil that of course
is problematical. Our correspondents-say that the weevil
are now in the cotton fields and what the result of their
presence will be is a matter purely of conjecture. Future
weather conditions alone will determine the outcome. If
wet weather should prevail, the experience of the last two
years in heavy damage is likely to be repeated. On the
other hand, hot dry weather might render the harm from
their presence virtually nugatory. At the present time
before the weevil have reached the destructive stage, the
outlook for the crop in this State appears to be more than
ordinarily favorable, though the season is 10 to 15 days late.
Planting began in some cases as early as March 10, but was
much more largely done in April and extended to about the
middle of May. Nearly all the accounts agree in saying that
the seed came up unusually well and that much less replanting was required than usual. There are the usual few
exceptions to the rule where the statement is that cold and
wet weather has interfered with the growth of early plantings. &wilds are declared to be almost uniformly good
with the fields virtually everywhere devoid of grass to any
considerable extent. In general, the plants are small for
the season, but look healthy. Acreage is somewhat larger
than last season, probably to the extent of 5 to 10%. We
put the increase at roughly 7%. Not much commercial
fertilizer is used on any of the crops in Louisiana, though
in a small way the quantity applied to cotton is Increasing.
The tax tag sales indicate that 142,517 tons of fertilizers
were consumed for all purposes in Louisiana during the first
five months of 1929, against 113,822 tons in the same five
months of 1928 and 74,049 tons in the five months of 1927.
LOUISIANA.
Prop Year—
928
927
926
925
924
023
2
1
19
918
917
916
915
914
Area in
Cultivation.
Area
Picked.
Yield of
Lint Cotton
per Acre.
Acres.
2,052,000
1,585.000
2,019.000
1,903,000
1.666,000
1,464,000
1,175,000
1,192,000
1,555,000
1,700,000
1,700,000
1,465,000
1,260.000
1,010,000
1,340.000
Acres.
1,990.000
1,542.000
1,979,000
1,874,000
1,616,000
1,405.000
1,140,000
1,168,000
1,470,000
1,527,000
1.683,000
1,454.000
1.250,000
990,000
1.299 000
Pounds
166
170
200
232
145
125
144
114
126
99
167
210
170
185
1/111
Productions,
50046. Gros
Bale.,.
Pales.
690,958
548,026
829,407
910,468
492,654
367.882
343,274
278,858
387,863
297,681
587.717
638.729
443,182
341,063
449 468
TEXAS.—The strong point in the cotton situation in
Texas is the extremely favorable conditions experienced
over most of the State during the current month of June.
The weather during this month has been quite generally dry,
JUNE 29 1929.1
4225
FINANCIAL CHRONICLE
§=§§§§§§§§§.
puts
with almost an entire absence of rain,'except for scattered of 10% or more are met with. One correspondent even
does
showers in widely separated districts, and for part of the the increase in his section at slightly over 100%, which
this corretime with extremely high temperatures—in the neighbor- not signify as much as it might seem, since
where the
hood of 100 degrees, and often above that figure. These are spondent is located in one of the newer districts,
is not yet of the size of
just the conditions desired, since in the greater part of the land brought under cotton culture
Texas. We put the
State, though by no means the whole, rainfall in the months that common to central and eastern
heavy. It has been too wet, increase in acreage for the State as a whole at 3%.
preceding was exceedingly
It deserves to be pointed out that while the State has had
especially in the central and east parts of the State. It
are some parts of the State
might be added that along the lower reaches of the Trinity, abundance of moisture there
absent. This appears to be
Brazos and Colorado Rivers the heavy rains extended into where rain has been largely
counties in south Texas, of several in
the early part of June, with heavy overflows of considerable true of a number of
also of a good many counties
areas of cotton land, in addition to which some areas of the west central section and
State and likewise of a
low lands along smaller streams all through east and south in the extreme western part of the
of the
then still submerged. But here also a decided dozen or more counties in the northwestern part
Texas were
much of
as the month of June pro- State, that Is in the Texas Panhandle. With so
change for the better occurred
of moisture, the progressed. The urgent need of this change will appear when the State favored with an abundance
to be exceptionally
it is stated that the month of May was one of the wettest spects for the State as a whole appear
untoward developments
In Texas history, the rainfall for the State as a whole good if there shall be no unusual
most seriously to be
having reached 7.78 inches, which was 4.12 inches in excess the rest of the cotton season. The thing necessary subsoil
feared in Texas is the absence of the
of the normal for that month.
When such a state of things exists, the cotton
Texas is not only the largest cotton producing State in moisture.
crop is literally burnt up when the hot weather of July and
the Cotton Belt, having raised last season 5,109,939 bales out
August comes along. The cotton plant has a tap root which
of a total crop for the entire Cotton Belt of 14,477,874 bales,
extends away down into the soil where it draws the needed
but is a State of such wide domain that new cotton is being
moisture, and when that moisture is present, as it must be
picked in the extreme southern part, along the Rio Grande,
present year, extremely high temperatures such as are
while planting is still under way in the extreme northern the
to Texas in July and August are beneficial rather
say in the Panhandle of Texas. This is common reverse. On the other hand, on account of the
part of the State, or
the present season as evidenced than the
precisely what has happened
extremely wet conditions that have prevailed the present
by the weather summary of the Department of Agriculture
season, the infestation of the boll weevil has been extremely
for the week ending June 18, which said that several bales
heavy. In fact, record emergence of weevils in Texas was
of cotton had been marketed in the extreme south (some
reported by Dr. F. L. Thomas, the State Entomologist, in a
planting was at that time still being done at the other
made public by him on June 6. That report stated
extreme of the State) and that squares were then forming report
boll weevil emergence at College Station, prior to
In central Texas. This particular weather bulletin also that the
the present year, had exceeded that of other years
furnished a pretty good summary of the cotton situation June 1
which record has been kept. He put the emergence
as a whole in this premier State of cotton production. At during
against 0.42% in 1928, 5.15% in 1927,
careful survey of in 1929 at 7.10%
least it agrees pretty well with what a
1•2.45% in 1926, and 6.02% in 1925. This emergence, he
the reports from our own correspondents in different parts
along with the wet weather, had allowed the weevils
of the State show. This weather summary of the Depart- stated,
early impression on practically all cotton land
ment of Agriculture stated that progress of cotton in the to make an
in the southern part of the State, and first
week covered by the bulletin had been very good, but that near woodlands
weevils were then beginning to appear in the
conditions were spotted, ranging from v_ery good in the generation
counties of Texas. However, it seems reasonable to
extreme South to poor in some of tht wetter sections, but coast
with high temperatures and dry weather
average fair and the crop about two weeks late; suppose that
with the
henceforth, the weevil would quickly be disposed of, since
chopping, cultivation and replanting were then making
are unfavorable for their development.
rapid progress except in some overflowed areas where the such conditions
The Dallas Morning "News" in its issue of June 7 printed
soil was still too wet to work.
an extremely interesting map, dividing Texas into its difPlanting in the extreme southern part of the State usually ferent component parts, such as Southern Texas, Southeastand in the north extends to near
begins early in January
ern Texas, Eastern Texas, Central Texas, West Central
the middle of June—which gives another idea of the vast Texas, West Texas, Northeast Texas, North Texas and
distances covered by the State. The present year planting Northwestern Texas, and showing conditions as to moisture
began about Jan. 15 in the Lower -Rio Grande Valley, and in all these different sections. From this it appears that
in the ordinary course would have been completed In the
there has been abundance of moisture in all these various
North Plains country about June 15. Our reports, however,
parts of the State excepting only West Texas, which last
make it appear that some cotton will be planted up to year produced only 103,000 bales of cotton and excepting
wet sections, which have only lately got about one-third of Northwest Texas, including the PanJuly 1 in the
sufficiently dry to work. Weather conditions in the early handle, where last year's product was 869,000 bales. The
spring were good, but much rain and cold prevailed during largest producing area is Central Texas, in which 1,329,000
April and May, which served materially to retard growth, bales were harvested in 1928, or 27% of the entire crop of
though the generally favorable weather during June has the State. This portion of Texas has had moisture to
tended to lessen materially the backwardness of the crop excess throughout its entire length, witli considerable overwhich now is barely two weeks late, while in west and flows, but hot, dry weather would quickly change all this.
northwest Texas the crop is actually early. More than the Fertilizers are used very little in Texas, but there has been
ordinary replanting has had to be done on account of excesslight increase in the application of these aids to fertility
sive rains and the resulting overflows. Yet stands appear to
in a few eastern districts.
be quite generally good, and where they were defective at
Yield of
Production.
the beginning of June their condition has been brought up
Area
Lint Cotton 500-16. Gross
Area in
TEXAS.
to a good average since then. Fields were more than ordinBales.
per Acre.
Picked.
Culticaticn:
arily foul after the excessive rains of May, but propitious
Bales.
Pounds.
Acres.
Crop
weather during June has enabled planters to get rid of 1928 Year—
5.109,939
138
17.743,000
4,356.271
129
16,176,000
of the grass and weeds.
1927
most
146
5.630.831
18,374,000
Estimates of acreage the present year vary widely, as 1926
113
4,165.374
17.608,000
1925
4,951,0.59
138
17,175,000
would naturally be the case in a State of such enormous 1924
4,342,298
147
14,150,000
1923
size, with great extremes of longitude as Well as latitude, 1922
3,221,888
130
11,874.000
2,198,158
98
10,745,000
admitting of extremely diverse meteorological conditions. 1921
174
4,345.282
11,898,000
1920
But there has this year been an additional cause for varia- 1919
3,098.967
140
10.476,000
•
2.096,561
115
11,233,000
tion in the differing distribution of the rainfall. Speaking 1918
3,125,378
135
11,092,000
3,725.700
of the State as a whole, rainfall has been abundant and 1917
157
11,400,000
1916
147
3,227,480
10,510,000
yet there have been degrees of abundance 1915
superabundant;
184
4.592,112
11.931 000
1614
and also of superabundance. Not only - that, but limited
areas all over the State have escaped the deluge and have to
ARKANSAS.—J•This is one of the States which increased
that extent been advantaged over the others. Changes in its cotton production In 1928 notwithstanding that it sufacreage vary accordingly. Such variation often appears in fered severely from the activities of the boll weevil. The
the same localities, some farmers having planted more cot- U. S. Department of Agriculture finds that there was a
ton and others less cotton than in 1928. Moreover, while reduction last season from a full yield per acre of 15% on
some old land has been abandoned, or had to be abandoned account of damage done by the weevil, and that there was a
because of adverse weather, not a little new land has been further reduction of 8% on account of moisture independent
brought under cultivation for the first time. • In the eastern • of the weevil, making a loss of 23% from the two causes
part of the State areas are reported largely unchanged, or combined. In the previous season there was a loss of 11%
as showing moderate increase, with an occasional heavy on account of the weevil and 11% also on account of exdecrease, the latter because the land has been submerged. cessive moisture, making a loss of 22% from the same two
Increases of one or two percent here are common, with causes in that season. Nevertheless the crop of the State
decreases estimated at 10 or 15% in submerged areas.. In after decreasing from 1,604,628 bales in 1925 and 1,547,932
central and west central Texas increases of 5 to 7% are the bales in 1926 to 999,983 bales in 1927, recovered to 1,245,982
common report, and in south Texas and west Texas increases bales in 1928. The improvement followed both from an
4226
FINANCIAL CHRONICLE
t Vol.. 1 2,s
increased yield per acre and an increase (or rather a
Production.
Yield of
Area in
Area
Lint Cotton 500-lb. Gross
recovery) in the extent of the area planted in cotton. From
.ARKANSAS.
Cultivation.
Picked.
Bales.
per Acre.
3,814,000 acres in 1925 and 3,867,000 acres in 1926, the area
Crop Year—
Acres.
Bales.
Pounds
Acres.
in cotton cultivation fell to 3,142,000 acres in 1927 and then 1928
8.681,000
8,834.000
162
1,245,982
increased again to 3,834,000 acres in 1928. At the same 1997
3,142,000
999,983
3,048,000
157
3.790,000
3,867.000
1.547,932
195
time the yield per acre which had been 205 pounds In 1925 1926
1925
3,814,000
1,604,628
3,738,000
205
and 195 pounds in 1926, and been reduced to 157 pounds in 1924
3,094.000
3,173.000
1,097.985
169
1923
627,535
3,026.000
3,120.000
98
1927, increased again in 1928, but only slightly, rising to 1922
2,799,000
2,827.000
1,018.021
173
796.936
2,418,000
162 pounds. These comparisons, however, must not be taken 1921
2,382,000
160
1920
3,055,000
1.214,448
2,980,000
195
as implying that the weevil did not take a heavy toll by 1919
2,865,000
884.473
2,725,000
155
3,035,000
987,340
2,991,000
158
cutting down the size of the crop. Far from it. The under- 1913
4917
2,810,000
973.752
2,740,000
170
lying reason for the reduced yield per acre, and the great 1916
2.630,000
1,134.033
209
2.600,000
1915
2,260,000
2,170,000
816.002
180
shrinkage in acreage and in the size of the crop in 1927, 1914
2.550.000
2.480.000
1,016,170
196
must not be overlooked. Arkansas in 1927 suffered beyond
all other States from the overflow of the Mississippi and
OKLAHOMA.—No State suffered more severely from
its tributaries. Nowhere else in that year were greater the depredations of the boll weevil, both in 1928 and in
areas submerged, nor more people rendered homeless or 1927, than Oklahoma. The calculations made by the U. S.
greater general damage done. The floods began in April Department of Agriculture show for 1928 a reduction of 26%
of that year and extended into May. According to the from a full yield per acre on account of the activities of
Crop Reporting Board of the Department of Agriculture the weevil and for 1927 a reduction of 31% from the same
1,838,000 acres of crop land in Arkansas were then flooded, cause. In addition, there was a loss of 4% in 1928 from
of which 1,112,000 acres were in cotton, with a yield the excessive moisture, and in 1927 of -5% from that cause. As
previous season of 500,000 bales. By May 15 the waters to possible damage from the weevil the present season it
had sufficiently receded in the submerged districts to can only be said that the insects are present in large numpermit planting, but early in June that year there came a ber, but thus far the damage done by them has been inconsesecond overflow, causing new devastation and adding fur- quential, since in most of the State squares have not yet
ther to the havoc.
appeared, thereby restricting their activities. The crop of
Of course that disaster was not repeated in 1928 and it the State increased somewhat in 1928 after the big falling
was the absence of that element of destruction that brought off in 1927, when the low market value of the staple, was
improvement again all around in 1928—in the extent of the such a deterrent influence. As against 1,691,000 bales
area devoted to cotton, in the product per acre, and in the raised in the State in 1925 and 1,772,784 bales raised in
size of the crop. The same circumstance served to hide 1926, there was a drop to 1,037,141 bales in 1927. From
the damage done by the weevil in 1928 which nevertheless this an increase to 1,204,625 bales occurred again in 1928,
was a real factor in the situation. Obviously except for this due entirely to additions made to acreage, the area in
both the yield per acre and the size of the crop would have cotton, after having fallen from 5,320,000 acres in 1925
been still larger than they proved to be. The present year and 5,083,000 acres in 1926 to 4,187,000 acres in 1927, having
the weevil are again present, though their precise extent recovered in 1928 to 4,420,000 acres. The product per acre,
is a matter of conjecture. Plainly, however, they might however, steadily and heavily declined, falling from 180
be as damaging as they were last season without impairing pounds per acre in 1926 to 138 pounds in 1927 and to 136
last year's productivity. On the other hand, if they should pounds in 1928. And in this reduced fertility we see the
prove less destructive the present season, the fact would be effects of the adverse influences already noted, and more
reflected in a larger product, other things being equal. particularly the damage done by the weevil and the exThere has this year been some overflow of low lands, but cessive moisture:" For the State as a whole rainfall the
not enough to count for much as against the huge overflow Present season was not exceptionally heavy until the month
of two years ago. As a matter of fact, it is quite a usual of May, but then came just at planting time and for that
thing to have some overflow of the lowlands of the State at reason perhaps more has been made of it than it merits.
this season of the year. Rainfall during both April and In the first four months of the year rainfall was both
May this year has been quite heavy, and this has played relatively and absolutely very light. In May, however, the
its part in interfering with the progress and the develop- aggregate for the State reached 7.67 inches, or 3.30 inches
ment of the crop. The first quarter of the year the rainfall in excess of the normal rainfall for that month. In a
for the State as a whole was just about of average volume seCtion in. the extreme northeastern part of the State,
and even in April and May the excess was not so very another in the northwestern portion, and still another in
heavy as in the Atlantic Coast region of the Cotton
Belt. the southwestern portion, rainfall has been either not exIn April the precipitation for the State as a whole was cessive or altogether absent, but speaking of the State as a
5.69 inches, which was 0.81 inch above the average; in May whole there has been since the close of April a superabuntotal precipitation however was 6.31 inches, or 1.29 inches dance of moisture, rainfall to excess having continued more
above the average. Coming at planting time the excess of or less of an obstruction even during the current month
rainfall, even though slight, has proved unfortunate. How- of June. Still, in this State, as in most other parts of the
ever, during June conditions have been much more favorable Cotton Belt, decided improvement has occurred in recent
especially during the last two weeks.
weeks.
Planting began apout April 15, and because of unfavorable
Planting in the eastern part of the State began as early
weather conditions has been strung out over a long period. as March 15, but generally not before April 10. It was
For the greater part of the State early planted seed
came still going on in certain portions of the State on June 10,
up poorly. Cold, wet weather was a drawback everywhere. having then been entirely finished only in the southwestern
One account says that practically all April planting had to part of the State, where moisture has not been in excess.
be replanted 1
1119 OA nearly 50% Of the May planting had The delay everywhere was due to the wet condition of the
to be replanted or else shows a bad stand.. Some replanting soil. For the same reason much replanting has had to be
is even now being done. Stands are very irregular. done. In the northwestern part of the State, where the
The plantings made late in May and in June show
good rainfall was not in excess, the seed came up well, and even
stands. As most of the time until the present month was though temperatures have been too low, the plant has made
too wet for cultivation, fields have been full of grass and good growth. Here also good stands have been secured and
weeds. This situation, however, is being rapidly changed the fields are clean. Elsewhere in the State, excepting a
and in eastern Arkansas particularly the fields are now few favored localities, much remains to be done in the way
fairly clean. River bottoms and low lands still are more of chopping out grass and weeds. Stands until latterly were
or less grassy. As to acreage, early intentions were to quite poor. Up to about June 10 progress of the plant in
plant more cotton than in 1928. On account of abandoned this State was only fair, though this statement does not
fields and the difficulty attending replanting these early apply to the western part of the State, which has been free
intentions have to a great extent been frustrated. Some from excessive rain and where satisfactory growth has been
small increase in acreage for the State as a whole seems established. During the last 10 days progress has been
likely, an increase running somewhere between a and 5%. rapid everywhere. Changes in acreage vary widely, more
Commercial fertilizers are not used to any great extent in so than in other States, both increases and decreases apArkansas, and several of our correspondents speak
of a
Yield of
decrease, the reason in one instance being that "finances
Production.
Area
Area in
OKLAHOMA.
Lint Cotton 600-lb. Gross
are short in this locality." Whatever decrease has occurred
Cultivation.
Picked.
per Acre.
Bales.
in the small amount used in this State has been
in the
Acrev.
Crop Year
Acres
Pounds.
Bales
bottom lands. In the hills there has been an increase. The 1928
4,420,000
4,243,000
136
1,204.625
1927
4,187.000
3,601.000
1,037,141
tax tag sales indicate a consumption of only 147,172
138
tons 1926
4,676,000
5,083,000
180
1,772,784
for all purposes within the State in the first five
1925
5,320,000
5,214.000
1.691,000
155
mouths of 1924
4.022.000
3,861,000
1,510.570
1929, which, however, is much larger than the
187
quantity con- 1923
3,400,000
3,197,000
655,558
98
sumed in the same period of either of the two preceding 1922
3,052,000
2,915,000
627.419
103
1921
2,536,000
2.206.000
481,286
104
years, the quantity for the five months of 1928 having
2.088,000
been 1120
2,749,000
1,336.298
230
only 125,727 tons, and for the five months of 1927
1919
2,512.000
1,016,120
2.424.000
195
no more 1918
2.908 000
3,190,000
576,886
92
than 02,905 tons. The crop in Arkansas is about 15
2,900,000
950.081
2,783,000
days 1917
165
late. In the previous season, as also 1927, it was
1916
2.614.000
823,526
2,562.000
154
also 1915
2,000.000
1.895.000
639,626
162
about 15 days late.
1914
000 000
? 847 no°
1.202.176
212
JUNE 29 1929.]
pearing with great frequency, some for quite large percentages, but on the whole the increases outdistance the
decreases. The extent of the increase cannot be stated In
precise figures, since planting has not yet been entirely
completed, but we should judge the increase will range
between 8% and 10%. With this addition, the total area
in cotton in the State will still be half a million bales less
than it was in 1925. Only small quantities of fertilizers
are used by cotton planters in Oklahoma and this makes the
changes from year to year of little consequence.
-This is not one of the larger cotton proTENNESSEE.
ducing States, its crop in 1928 having been only 429,284
bales and in 1927 having been no more than 359,059 bales.
Yet there are over a million acres in cotton in the State,
the area planted last season having been 1,145,000 acres
and the area picked 1,107,000 acres. The yield was relatively low, 185 lbs. lint cotton per acre, the largest reduction
from a single cause from a full yield per acre, having been
excessive moisture according to the Department of Agriculture, the reduction on that account being put at 14%,
though this excess of moisture consisted mainly of a heavy
downpour during June, when the rainfall for the State as
a whole aggregated no less than 10.18 inches or 5.81 inches
in excess of the normal. The present year there has been no
such precipitation during June and conditions during that
month have, as in many other parts of the South, been
unusually satisfactory. However, rainfall was heavy in the
months preceding, having aggregated 7.75 inches in March,
or 2.40 inches above the normal; in April 5.26 inches, or
0.72 inches above, and in May 7.69 inches or 3.49 inches
above the normal.
The heavy rainfall, along with cold weather, played its
part in delaying planting and in preventing growth, but
June has been making up, to some extent at least, for the
previous backwardness. Planting began about April 15 and
extended through May until about June 10. As a matter
of fact, very little planting was done in the western counties
of the State up to about May 20, it having been too wet and
too cold. In the overflowed districts a little planting was
still being done the early part of June. The seed came up
well, however, after it was put in the ground, except that
nearly all the early plantings had to be replanted. Changes
in acreage have been relatively slight except in the overflowed
districts, where some decrease appears. For the State as a
whole we should judge the soreaze will be about as in 1928.
Stands are virtually good everywhere after replanting, and
favoring weather conditions during:June have made it possible
pretty thoroughly to clean the fields, so that grass and
weeds have been very largely cut out. Commercialfertilizers
have never been freely used in this State and the present
season they have been applied a little more sparingly than
last season. From the tax tag sales of the Commissioner
of Agriculture it appears that the entire sales in the State
for all purposes during the first five months of 1929 have
been 124,744 tons as against 127,130 tons in the same five
months of 1928 and comparing with 82,687 tons in the five
months of 1927. Very little damage was done by the boll
weevil last season and their presence has not been noted
the present season thus far. The crop is still about a week
late.
TENNESSEE.
Crop Year1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
.
Area in
Cultivation.
Acres
1,145,000
985,000
1.178.000
1,191,000
1,016,000
1.221,000
994.000
640,000
870.000
798.000
910,000
008,000
895.000
780,000
935 000
Area
Picked.
A cres
1,107,000
965,000
1,143,000
1,173,000
996,000
1.172,000
985.000
634.000
840,000
758,000
902,000
882.000
887.000
772.000
015 000
Yield of
Lint Cotton
per Acre.
Pounds.
185
178
188
210
170
92
190
228
185
195
175
130
206
188
200
Production,
500-/b. Gross
Bales.
Bale,
429,284
359.059
451,533
517,276
356,189
227,941
390.994
301,950
325.085
310.044
329.697
240,525
382,422
303,420
387.517
-Cotton raising in this State is confined to
MISSOURI.
the areas bordering on the Mississippi. These areas suffered
severely from the huge overflow of the Mississippi River
which occurred in April two years ago. Last season there was
no such overflow, nor has there been any the present season,
though some inundation occurred in June last year and has
again occurred to some slight extent the present year. Only
a small portion of the area submerged in 1927 was reclaimed
in 1928 and the indications point to some further increase
the present season. The crop of the State after dropping
from 294,262 bales in 1925 and 217,859 bales in 1926 to
114,584 bales in 1927, recovered only to 146,909 bales in
1928. On account of the diminutive size of the cotton area
in the State the percentage of increase in acreage will be
rather large, running between 7% and 10%, with 8% a
fair average. Planting began in a small way at the beginning
of May and was finished by the close of the month. Seed
came up well as a rule, but early planted cotton had to be
largely replanted. Since the first of June, however, plants
have made rapid growth. Stands are good and fields quite
generally clear of weeds and grass, favorable weather
conditions having permitted chopping out on the needed
scale. Fertilizers are not used on cotton planting to any
extent in Missouri.
4227
FINANCIAL CHRONICLE
MISSOURI.
Crop Year1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
10121.
Area in
Cultivation.
Area
Picked.
Bales.
146,909
114.584
217,859
294,262
189.115
120,894
142,529
69,931
78,856
64,031
62,162
60,831
.62,699
47,999
81.752
Pounds.
210
188
240
275
185
171
360
325
275
257
200
190
225
240
270
Acres.
334,000
291,000
434,000
520,000
493,000
355,000
198.000
103,000
136,000
125.000
148,000
153,000
133,000
96,000
145000
Acres.
355,000
305,000
472,000
542.000
524,000
394,000
201.000
104,000
143,000
132,000
155,000
161,000
136.000
105.000
1451(00
Production,
500-/b. Gross
Bales.
Yield of
Lint Cotton
per Acre.
CALIFORNIA, ARIZONA AND NEW MEXICO.
Planting in these irrigated areas increased heavily in 1928
after the reduction in 1927 and has further increased the
present season, the addition to acreage prqbably having been
somewhere between 10 and 15%, with 12% a fair average.
In Lower California (the Mexican side of the Imperial
Valley) acreage has been heavily reduced, the revolutionary
uprising in Mexico having no doubt played some part in
this falling off. Planting in California started in March and
was completed during May. Seed came up fairly well considering early adverse conditions. During May and June the
state of the weather has been decidedly favorable in sharp
contrast with the unsatisfactory conditions in March and
April. On account of the drawbacks encountered at the
beginning of the season, considerable replanting was necessary in the San Joaquin Valley and some replanting in other
districts. Stands in general are good in California and not
bad in Arizona and New Mexico. The fields, too, are quite
generally in fine condition, with little grass or weeds present.
No data are available regarding the use of fertilizers.
'
CALIFORNIA
Crop Year1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
ARIZONA.
Crop Year
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
ALL OTHER
STATES.
Crop Year
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
Area
Picked.
Acres.
218,000
128.000
162,000
169,000
130,000
233,000
202,000
140,000
275,000
185,000
173,000
136.000
52,000
39,000
47.000
Acres.
223,000
130,000
n167,000
a171,000
a130,000
a235,000
a210,000
a140,000
a278,000
a18.5,000
a192,000
155,000
55,000
41,000
47 000
Area in
Cultivation.
Area
Picked.
Area
Picked.
Acres.
146 000
123 000
169 000
197 000
172.000
92 000
48 000
20.000
25,000
10.000
13 000
16 000
525,000
515,000
520.000
Yield of
Lint Cotton
per Acre.
Area in
Cultivation.
Area
Picked.
Crop Year.
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Acres.
46,946,000
41,905,000
48.730.000
48,090,000
42,641,000
38.709,000
34,016,000
31.678.000
37,043.0(10
35,133,000
37,217 000
34,925,000
36.052,000
32,107,000
37.406.000
Acres.
45,341,000
40,138,000
47,087,000
46,053,000
41,360.000
37,420,000
33.036.000
30,509.000
35.878,000
33,566,000
36.008.000
33,841.000
34,985.0(10
31,412,000
36 1332 000
Bales.
172.280
91,177
131,211
121,795
77,823
54,373
28,423
34,109
75,183
56,107
67,351
57.826
43.620
28,551
49.835
Production,
500
-lb. Gross
Bales.
Pounds.
357
315
348
350
285
292
222
242
224
270
280
285
Yield of
Lint Cotton
per Acre.
Acres.
139,000
117,000
163,000
164.000
142,000
73,000
44.000
18,000
24.000
10.000
12,000
15,000
525,000
515,000
520.000
UNITED
STATES.
Production.
500
-lb. Oros
Bales,
Pounds.
378
340
386
340
284
285
188
258
266
268
270
242
400
380
500
Acres.
200,000
139,000
167.000
162,000
180,000
127,000
101,000
90.000
230,000
107.000
95,000
41,000
Acres.
202,000
140.000
168,000
162.000
183,000
130,000
105,000
94,000
235,000
112.000
100,000
46,000
Area in
Culiteation.
Yield of
Lint Cotton
per Acre.
Pounds.
256
265
244
256
215
228
208
231
252
250
250
175
Yield of Production
Lint
500-Lb.
Gross
Cotton
Bales.
per Acre.
Pounds.
152.9
154.5
181.9
167.2
157.4
130.6
141.5
124.5
178.4
161.5
159.6
159.7
156.6
170.3
209 9
Bates
14,477.874
12,956.043
17.977,374
16,103,679
13.627.936
10,139.671
9,762,069
7,953,641
13,439.603
11.420,763
12,040,532
11,302,375
11,449.930
11,191,820
IC 174 030
Bales
149.458
91,656
122.902
118.588
107.606
77,520
46.749
45,323
103.121
59,849
55,604
21,737
Production,
500-19. Gros
Bales.
Bales.
89,562
71.870
87.032
87.965
67.305
33,672
19.310
8,715
13.239
4,947
6,157
5,666
543,604
57.149
514.045
Linters
Equivalent
500
-Lb.
Bales.
Rnaq.
1.200,000
1,016,375
1.117.861
1,114..77
897,375
668,600
607.779
397.752
440, US
607,969
929.516
1.125,719
1,330.714
931,141
RAR ann
9
rlico n i 2 pace e entireentrels
Irdal Valley. Including about 100,000
acres i r eia ilfures r
a Ca i
th0 0 res
000 1tres In 1re.1 .1g400 4cres
1, .000 se926
.
8
'
acres 1;41:23,
In 1925. 140,000 acres In 1924, 150.000 n
000
acres In 1921, 125,000 acres In 1920, 100.000 acres In 1919. 88,000 acres in H118.
none of which Is counted In the grand total for the United States.
0 Includes Arizona figures for the years 1914-1915 and 1916.
4228
iVor.. I2S.
FINANCIAL CHRONICLE
THERMOMETER RECORD AT SOUTHERN CITIES FOR THREE YEARS.
THERFebruary.
March.
April.
May.
MOM
ETER. 1929. 1928. 1927. 1929. 1928. 1927 1929. 1928 1927 1929. 1928. 1927.
Virginia.
Norfolk.
Highest 71.0
Lowest
19.0
Average 41.3
No. Caro
Wilmington
Highest 72.0
Lowest
26.0
Average 47.3
Weldon.
Hight 71.0
Lowest
15.0
Average 39.4
Charlotte.
Highest 73.0
Lowest 23.0
Average 42.5
Raleigh.
Highest 73.0
Lowest
19.0
Average 42.0
Morganton.
Highest 62.0
Lowest
18.0
Average 40.9
So. Caro.
Charleston.
Highest 72.0
Lowest
31.0
Average 51.1
Columbia.
Highest 75.0
Lowest
26.0
Average 46.3
Anderson.
Highest 67.0
23.0
Lowest
Average 44.2
Greenwood.
Highest
___
Lowest 23.0
Average --Georgia.
Augusta.
Highest 74.0
Lowest
30.0
Average 48.9
Atlanta.
Highest 71.0
Lowest
20.0
Average 43.6
Savannah.
Highest 78.0
Lowest
23.0
Average 53.0
Florida.
Jacksonville
Highest 84.0
Lowest
35.0
Average 59.1
Tama.
Highest 84.0
43.0
Lowest
Average 65.6
Tallahassee
Highest 78.0
Lowest
29.0
Average 56.6
Alabama.
liontgomery
Highest 76.0
26.0
Lowest
Average 49.0
Irobile.
Highest 75.0
Lowest
29.0
Average 51.9
rufaula.
Highest
Lowest
Average
tirmingham
Highest
Lowest
•r",
65.0 77.0 86.0 82.0 82.0 92.0 80.0 ____ 86.0 91.0 90.0
25.0 33.0 21.0 30.0 25.0 40.0 37.0 .
49.0 47.0 45.0
43.6 48.3 54.4 48.6 51.6 61.6 56.6 ____ 67.0 64.8 66.7
68.0 81.0 87.0 78.0 82.0 88.0 81.0 85.0 85.0 89.0 89.0
27.0 34.0 28.0 32.0 27.0 42.0 38.0 38.0 48.0 46.0 49.0
49.4 57.6 58.9 54.0 55.6 65.4 60.2 61.4 69.6 67.8 71.6
67.0 80
88.0 83.0 86.0 94.0 82.0 92.0 89.0 93.0 94.0
16.0 27. 18.0 25.0 12.0 31.0 27.0 28.0 41.0 37.0 32.0
43.1 50.5 54.6 49.9 52.9 61.3 56.5 58.2 66.8 65.6 68.0
66.0 79.0 90.0 81.0 83.0 90.0 79.0 89.0 89.0 92.0 93.0
20.0 30.0 26.0 28.0 23.0 42.0 32.0 36.0 43.0 43.0 44.0
43.7 53.4 55.8 50.9 53.6 63.6 57.2 61.4 68.7 67.2 70.6
67.0 78.0 88.0 79.0 84.0 91.0 80.0 80.0 88.0 91.0 93.0
22.0 29.0 23.0 29.0 24.0 40.0 32.0 35.0 45.0 43.0 43.0
43.7 51.6 55.6 49.9 52.8 62.6 56.8 58.5 67.6 66.2 69.4
68.0 77.0 88.0 82.0 82.0 90.0 79.0 91.01 88.0 90.0 94.0
17.0 25.0 18.0 25.0 17.0 35.0 26.0 30.0 42.0 41.0 42.0
42.6 50.5 53.0 51.0 51.8 62.0 56.0 59.6 66.4 64.4 68.2
.
70.0 82.0 88.0 77.0 80.0, 85.0 83.0
26.0 43.0 38.0 40.0 32.0, 46.0 43.0
51.7 61.2 61.3 57.4 58.9 68.1 64.0
I
71.0 81.0 91.0 85.0 84.0 89.0 83.0
21.0 34.0 31.0 32.0 27.01 42.0 39.0
47.4 57.6 58.9 55.4 57.0 65.7 61.4
90.0 89.0 89.0 95.0
44.0 50.0 49.0 55.0
66.3 72.0 71.0 74.6
89.0 88.0 91.0 96.0
39.0 47.0 46.0 49.0
64.3 70.6 69.3 73.4
71.0 80.0 91.0 85.0 82.01 89.0 82.0 89.0 86.0 88.0 90.0
16.0 32.0 28.0 26.0 22.01 40.0 33.0 37.0 42.0 44.0 45.0
45.2 55.0 56.6 53.3 54.9i 63.9 58.2 62.4 68.0 67.2 71.0
68.0 78.0 86.0 84.0 83.0 86.0 81.0 90.0 87.0 88.0 95.0
17.0 29.0 28.0 27.0 25.0 40.0 33.0 34.0 40.0 45.0 42.0
43.6 53.6 57.7 51.4 53.8 63.3 58.5 64.5 68.6 67.6 70.9
72.0 80.0 93.0 87.0 84.0 90.0 85.0 90.0 91.0 92.0 99.0
22.0 36.0 34.0 33.0 29.0 44.0 40.0 42.0 48.0 47.0 48.0
48.9 58.8 61.0 57.4 58.4 67.3 62.4 66.4 72.2 70.4 74.2
66.0 76.5 87.0 83.0 80.0 85.0 77.0 86.0 89.0 86.0 90.0
16.0 28.0 32.0 28.0 25.0 42.0 38.0 40.0 42.0 44.0 48.0
44.1 55.0 56.8 51.8 54.8 64.6 57.9 54.2 68.8 67.4 71.1
73.0 81.0 92.0 84.0 83.0 88.0 82.0 90.0 89.0 90.0 98.0
24.0 39.0 38.0 40.0 32.0 45.0 43.0 44.0 50.0 48.0 52.0
53.2 62.8 63.2 59.6 60.8 69.2 64.6 68.4 72.7 70.6 75.2
80.0 81.0 89.0 87.0 83.0 86.0 85.0 ____ 89.0 89.0 96.0
25.0 42.0 43.0 42.0 32.0 50.0 47.0 ____ 51.0 48.0 57.0
57.0 64.9 66.8 63.8 64.2 71.4 66.6 ____ 75.0 71.6 76.7
83.0 83.0 89.0 86.0 86.o 87.0 88.0 ____ 92.0 89.0 93.0
33.0 47.0 51.0 47.0 37.0 58.0 47.0 ____ 54.0 52.0 61.0
64.4 68.9 70.5 68.2 67.6 74.7 70.5 ____ 78.0 74.4 78.8
76.0 83.0 91.0 85.0 87.0 89.0 85.0 ____ 94.0 93.0 99.0
20.0 34.0 36.0 36.0 28.0 46.0 38.0 ____ 45.0 42.0 53.0
54.6 63.7 64.4 62.6 62.2 70.6 64.2 ____ 74.0 72.2 77.2
72.0 81.0 90.0 85.0 84.0 86.0 82 0 87,0 93.0 90.0 94.0
21.0 35.01 35.0 33.0 29.0 48.0 39.0 40.0 49.0 49.0 52.0
50.4 60.6 61.8 57.9 59.0 88.2 61.4 69.3 72.8 71.2 74.4
72.0 80. 89.0 80.0 79.0 86.0 79.0 86.0 94.0 88.0 92.0
27.0 38.0 40.0 36.0 31.0 52.0 41.0 43.0 51.0 51.0 56.0
53.0 63.0 63.6 62.0 60.8 71.1 63.2 71.0 74.8 72.6 75.2
77.0 75.0 85.0 92.0 85.0 87.0 88.0 83.0 9.3.0 95.0 92.0 99.0
24.0 19.0 30.0 32.0 31.0 27.01 44.0 37.0 39.0 44.0 42.0 43.0
49.3 49.3 61.2 61.5 58.4 59.8 68.8 61.8 70.8 73.8 70.8 76.0
74.0 71.0 78.0 89.0 85.0 82.0 85.0 8.80 86.0, 92.0 88.0 91.0
19.0 17.0 29.0 30.0 29.0 25.0 41.0 4.50 37.01 42.0 46.0 47.0
44.2 47.2 57.2 59.4 54.0 55.6 65.8 1.56 68.8 70.0 6.5.5 72,1
TlikaiFebruary.
March.
April.
May.
MOMETER. 1929. 1928. 1927. 1929. 1928. 1927. 1929. 1928 1927. 1929. 1928. 1927.
Louisiana.
New OrTns.
Highest 80.0 74.0 81.0 90.0 86.0 83.0 90.0 85.0 87.0 94.0 91.0 92.0
Lowest
32.0 32.0 40.0 43.0 41.0 36.0 58.0 46.0 49.0 57.0 61.0 59.0
Average 53.8 54.8 65.4 66.2 65.1 63.5 73.3 65.6 73.0 76.2 75.0 77.6
Shreveport.
Highest 74.0 73.0 84.0 91.0 89.0 84.0 00.0 85.0 87.0 91.0 95.0 94.0
Lowest
22.0 29.0 32.0 35.0 38.0 31.0 49.0 35.0 44.0 51.0 53.0 57.0
Average 42.6 50.8 58.6 61.6 59.2 59.0 69.2 61.4 70.2 72.5 73.8 75.8
Gr'd Coteau
Highest 78.0 81.0 82.0 86.0 85.0 84.0 87.0 82.0 89.0 03.0 94.0 92.0
Lowest
28.0 28.0 39.0 33.0 37.0 34.1 50.0 38.0 41.0 45.0 48.0 54.0
Average 51.6 54.7 64.4 64.6 63.6 62.6 71.8 64.1 72.2 74.6 73.3 76.6
Mississippi
Columbus.
Highest 77.0 71.0 83.0 93.0 82.0 85.0 90.0 76.0 90.0 98.0 85.0 96.0
17.0 18.0 29.0 28.0 26.0 25.0 40.0 32.0 34.0 41.0 43.0 45.0
Lowest
Average 44.8 46.8 57.6 60.2 54.8 57.0 67.6 59.0 68.6 72.4 68.0 73.4
Vicksburg.
Highest 80.0 72.0 80.0 92.0 85.0 83.0 84.0 84.0 84.0 90.0 90.0 92.0
Lowest
22.0 26.0 34.0 34.0 35.0 32.0 51.0 38.0 45.0 47.0 53.0 55.0
Average 44.5 50.2 59.2 61.2 58.8 58.6 68.1 60.8 69.2 72.5 71.6 73.8
Brookhaven.
Highest 74.0 75.0 82.0 89.0 87.0 84.0 88.0 88.0 90.0 93.0 96.0 96.0
Lowest
22.0 22.0 30.0 30.0 30.0 27.0 48.0 35.0 37.0 43.0 44.0 51.0
Average 48.1 51.0 61.2 62.2 60.2 59.9 69.6 61.8 70.9 74.2 74.6 75.8
Wayne0oro
Highest 75.0 76.0 82.0 78.0 86.0 84.0 89.0 87.0 56.0 94.0 95.0 95.0
20.0 24.0 30.0 29.0 30.0 23.0 42.0 33.0 40.0 42.0 43.0 49.0
Lowest
Average 46.4 52.0 61.6 58.8 57.5 59.6 67.2 61.4 69.6 74.4 71.1 75.4
Arkansas.
Little Rock.
Highest 69.0 71.0 80.0 90.0 82.0 81.0 84.0 80.0 88.0 91.0 89.0 89.0
13.0 22.0 27.0 31.0 34.0 26.0 44.0 35.0 38.0 41.0 51.0 50.0
Lowest
Average 36.6 45.8 52.2 56.8 53.9 54.0 64.7 57.6 66.2 67.7 70.3 71.8
Fort Smith.
Highest 63.0 72.0 77.0 92.0 83.0 82.o 85.0 81.0 89.0 88.0 93.0 96.0
Lowest
3.0 21.0 25.0 30.0 33.0 25.0 39.0 32.0 38.0 41.0 52.0 47.0
Average 32.6 45.2 50.6 54.9 53.1 52.8 64.4 57.0 65.3 67.2 70.6 72.2
Camden.
Highest 73.0 70.0 84.0 93.0 86.0 84.0 86.0 81.0 87.0 94.0 94.0 92.0,
Lowest
18.0 20.0 30.0 28.0 31.0 20.0 36.0 29.0 38.0 38.0 44.0 44.0
Average 38.5 45.9 53.4 57.0 54.6 54.8 65.2 57.6 66.8 68.9 70.3 72.8
Tennessee
Nashville.
Highest 68.0 69.0 78.0 88.0 81.0 77.0 84.0 77.0 87.0 91.0 87.0 87.0
Lowest
12.0 18.0 26.0 23.0 27.0 24.0 42.0 33.0 35.0 41.0 47.0 45.0
Average 35.4 41.6 50.7 54.4 48.8 41.4 62.4 55.9 62.6 66.6 66.4 69.6
Ifemphis.
Highest 68.0 73.0 77.1 86.0 78.0 79.0 83.0 77.0 83.0 92.0 86.0 91.0
Lowest
15.0 19.0 28.0 29.0 29.0 28.0 47.0 35.0 39.0 44.0 48.0 52.0
Average 37.0 44.8 51.8 56.2 51.8 53.4 64.2 57.4 65.2 68.8 69.4 71.8
4shwood.
Highest 67.0 70.0 79.i 91.0 83.0 78.0 84.0 79.0 84.0 91.0 88.0 88.0
Lowest
13.0 12.0 25.0 22.0 25.0 21.0 37.0 28.0 32.0 38.0 40.0 40.0
Average 35.6 42.0 50.9 54.4 49.8 51.4 61.4 56.2 63.4 66.6 65.5 69.0
Texas.
Rilveston.
Highest 70.0 75.0 73.0 79.0 80.0 74.0 83.0 80.0 84.0 82.0 89.0 86.0
Lowest
27.0 35.0 34.0 45.0 41.0 39.0 59.0 41.0 52.0 53.0 61.0 63.0
Average 51.0 55.3 62.8 64.4 62.7 62.8 73.4 63.6 72.3 74.6 74.4 77.9
1
'alestine.
Highest 69.0 75.0 84.01 92.0 90.0 82.i 88.0 85.0 80.0 89.0 97.0 94.0
Lowest
17.0 28.0 26.0 34.0 36.0 30.0 48.0 34.0 41.0 47.0 51.0 53.0
Average 41.6 50.5 57.2 61.7 59.2 69.0 69.1 60.5 69.6 71.1 73.6 75.8
Ibilene.
Highest 77.0 77.0 82.0 92.0 06.0 87.0 91.0 99.0 07.0 98.0 100.0 106.0
10.0 24.0 24.0 33.0 24.0 24.0 42.0 30.0 33.0 44.0 44.0 53.0
Lowest
Average 39.0 49.0 52.2 57.8 59.0 56.9 68.4 63.2 68.4 70.4 72.4 78.6
iconAntonio
Highest 78.0 78.0 89.0 94.0 95.0 90.0 94.0 93.0 91.0 91.0 97.0 103.0
Lowest
22.0 33.0 31.01 38.0 33.0 31.0 56.0 37.0 45.0 48.0 54.0 56.0
Average 50.0 55.6 61.6 65.8 65.6 63.2 72.8 65.8 73.2 74.7 74.7 80.4
Tunis villa.
Highest 73.0 72.0 38.0 84.0 82.0 _ ... 85.0 84.0 84.0 90.0 95.0 95.0
Lowest
19.0 29.0 28.0 34.0 36.0 31.1 49.0 35.0 43.0 44.0 48.0 54.0
Average 45.7 50.8 58.4 62.7 58.6 ____ 69.6 61.9 68.8 72.5 74.0 77.3
on
.
Highest 57.0 69.0 81.0 --- 84.0 84.0 92.0 87.0 88.0 93.0 91.0 ---20.0 29.0 31.0 --- 36.0 29.0 45.0 37.0 ____ 44.0 52.0 ......
Lowest
Average 40.8 47.8 55.5 --- 61.0 57.6 71.2 64.4 ____ 73.0 76.1 ---CIklahoma
'his. City.
Highest 58.0 71.0 81.0 91.0 88.0 76.0 87.0 85.0 89.0 85.0 98.0 96.0
Lowest
0.0 16.0 12.0 27.0 25.0 19.0 35.0 30.0 34.0 40.0 46.0 46.0
.
nn Q AO Q Alt a 59 1 59 1 50 0 In 1 MI 9 AR 7 114.7 9041 71.1
RAINFALL RECORD AT SOUTHERN CITIES FOR THREE YEARS.
A pru.
.ai arca.
may.
RAINFALL. 1929. 1928. 1927. 1929. 1928. 1927. 1929. 1928. 1927. 1929 1928. 1927.
May.
ApTIA.
reoruary.
asarca.
RAINFALL 1929 1928. 1927. 1929. 1928. 1927.,1929. 1928. 1927. 1929 1928. 1927.
Virginia.
Norfolk.
Rainfall,in
Days rain
Florida.
Jacksonville
Ratntalhin 1.28 3.54 3.54 2.14
Days rain
10
5
10
8
Tampa.
Rainfall,in 1.72 1.09 3.96 2.18
Days rain
7
7
6
7
Tallahassee
Raintall,In 3.89 7.48 5.17 4.49
Days rain
10
10
6
8
Alabama
Montgomery
RainfalLin 10.34 3.18 5.9.) 15.38
Days rain.
10
7
8
11
Mobile.
Raintali.in. 9.13 8.52 7.93 20.23
Days rain
16
8
7
9
Eufaula.
Raintalhin 16.49 4.23 5.03 14.33
Days rain
8
11
11
0
Birmingham
Rainfall,in 6.33 1.77 5.41 13.14
14
13
Days rain.
7
12
Louisiana
New Orl'ns.
Rainfall,in 6.26 7.63 10.15 6.25
8
7
Days rain.
13
9
Shreveport.
Rainfall,in. 2.54 2.93 2.94 3.08
8
9
14
10
Days rain.
Gr'd Coteau
Raintall,in. 6.33 4.30 10.53 6.10
6
Days rain.
8
5
7
Mississippi
Columbus
Raintallin. 4.34 3.72 7.19 8.83
Days rain.
7
8
7
6
Vicksburg
Itaintall,in. 3.64 2.63 10.43 8.86
11
Days rain.
13
9
7
Brookhaven
Rainfall,in 6.06 3.20 11.45 5.82
11
14
9
9
Days rain.
bo.
Waynesbor
SaInfall,In. 9.99 2.68 9.37 13.94
9
nava rain
111
7
7
February.
No. Caro.
Wilmington
Rainiall,in
Days rain
Weldon.
RainfalLin
Days rain
Charlotte.
Rainfall,in
Days rain
Raleigh.
Rainiall,in
Days rain
Morganton
RainfalLin
Days rain
So. Cam
Charleston
Raintall,In
Days rain
Columbia.
Rainfall,in
Days rain
Anderson.
Rainfall,in
Days rain
Greenwood
RainfalLin
Days rain
4.24 2.85 3.24 2.80 2.73 2.18 1.06 4.24 ____ 7.90 2.14 3.57
9
7
10 .......
8
6
13
14
13
8
11
12
5.21 8.14 2.15 2.06 1.84 2.39 1.64 7.19 0.19 5.25 3.18 0.19
14
7
8
11
3
11
12
3
10
12
8
13
5.32 3.29 3.85 4.74 3.96 2.97 2.25 5.32 5.28 5.86 2.39 1.93
9
9
7
10
11
10
9
10
9
11
10
6
8.58 3.57 3.84 7.09 3.53 3.83 3.35 5.87 3.04 5.90 4.05 1.44
0
11
12
16
13
11
12 . 9
13
12
16
7
6.99 3.24 3.90 6.00 2.58 2.78 2.92 5.50 4.39 6.05 4.24 2.69
12
8
8
11
10
13
10'
12
8
12
12
11
4.87 3.35 4.06 5.75 4.52 2.54 3.56 4.62 2.94 4.00 6.10 2.86
11
8
9
7
11
11
10
11
9
9
15
8
4.86 7.44 2.17 2.05 3.08 2.97 1.88 2.54 0.63 4.30 1.05 0.71
10
11
7
10
9
5
3
12
13
9
9
8
6.96 5.41 3.69 5.27 2.90 3.82 4.20 6.39 1.55 5.49 5.33 1.60
11
8
10
10
13
6
13
11
0
10
10
10
9.38 3.45 3.75 9.70 5.54 4.29 4.09 5.60 1.70 6.95 7.91 1.22
12
10
10
10
11
6
11
13
5
1
11
10
9.22 3.96 5.03 10.75 3.59 4.86 5.91 6.20 1.34 7.01 6.68 2.90
12
10
10
10
6
12
7
10
8
10
8
11
Georgia.
Augusta.
Raintall,in. 8.91 5.84 4.91 6.72 4.35 3.34 3.19 6.40 1.20 6.85 6.37 1.36
6
11
9
10
6
13
9
14
12
10
13
13
Days rain.
Atlanta.
Raintall,in. 9.21 2.50 6.20 13.28 5.69 3.31 0.16 5.42 1.84 6.10 5.97 1.34
7
11
11
11
9
12
11
13
12
13
13
12
Days rain.
Savannah.
Rainiall.in. 4.38 6.69 1.45 2.74 7.16 2.81 1.05 4.12 1.69 3.65 1.23 0.71
4
lInIto enlv•
19
10
5
10
14
7
9
a
7
5
6
4.38 1.67 5.09 8.19
11
7
6
9 __ _
6.09 2.33 0.09
2
10
6
4.27 2.42 0.38
2.67 2.55 2.58 4.31
3
11
5
6 _.-6
8
5
7.16 2.13 5.60 11.68 --- - 5.06 1.63 0.70
2
7
4
0 _-6
5
9
5.22 3.28 7.56 9.58 1.26 7.27 2.60 2.95
11
7
10
5
11
12
9
14
5.47 6.27 3.58 6.86 1.801 5.21 3.57 1.49
4
9
9
4
8
8
9
13
5.57 3.85 1.60 11.31 0.60 4.20 1.50 2.34
11
6
3
9
0
6
11
7.71 6.14 6.85 9.50 2.25, 0.20 3.84 3.53
8
15
10
12
12
9
11
16
5.42 7.99 1.08 7.47 14.94 7.62 6.48 3.14
5
15
5
8
4
7
4
7
4.08 5.02 3.09 5.81 7.70 3.48 2.57 4.59
10
13
11
9
8
9
9
5.70 5.95 1.74 4.54 3.35 6.98 5.13 6.38
7
3
9
2
5
5
5
10
!
7.11 8.06 3.06 12.62 1.58 3.71 2.83 7.42
8
7
8
10
8
10
11
I
3.52 8.571 4.82 9.30 4.74 3.32 2.29 5.21
9
12
7
5
10
10
11
9
I
I
3.60 9.97 1.02 6.37 5.63 5.07
6.59 5.20
14
8 10
11
10
7
10
11
6.25 4.551 3.01 12.88 4.64 6.67 4.46 2.60
7
15
11
7
8
8
6
RAINFALL
February.
4229
FINANCIAL CHRONICLE
JUNE 29 1929.1
May.
April.
March.
1929 1928. 1927.',1929, 1928. 1927. 1929. 1928. 1927. 1929. 1928. 1927.
Arkansas.
Little Rock
Rainfall,In 2.38 2.57 3.03 4.72 1.70 6.89 4.93 7.01 14.81 6.20 3.86 6.82
14
8
8
12
12
12
161
4
17
12
9
12
Days rain
Helena.
Rainfall,In. 4.30 2.35 1.88 3.92 6.39 13.38 6.83 8.44 11.28 7.48 5.42 5.82
11
15
9
15
13
12
13
10
11
12
10
8
Days rain
Ft. Smith
6.41
Rainfall,in 2.66 1.77 2.15 5.45 1.34 2.93 3.78 7.31 9.67 7.10 5.43
9
7
11
16
11,
7
7
7
12
9
10
13
Days rain
1
Camden
RainfaiLin 3.55 2.37 3.10 4.42 3.54 6.52 3.40 7.31 8.51 3.55 2.03 4.63
7
15
8
11
12
9
12
10
7
11
12
7
Days rain
Tennessee
Nashrille
Rainfall,in 3.81 2.64 4.26 6.48 3.26 9.66 3.93 3.22 7.38 6.46 2.89 3.63
12
12
10
12
17
13
11
12
16
11
13
9
Days rain
Memphis
5.40
Rainfall,in 3.48 2.42 2.89 3.63 3.14 13.04 8.50 6.70 13.13 4,88 2.51
11
14
6
13
16
15
13
14
8
13
7
10
Days rain.
Ashicood
Rainfaihin 4.95 1.80 3.45 9.60 4.55 11.35 4.65 5.2 8.1 8.95 3.10 3.80
7
5
1
. 14
1
9
14
14
10
12
6
Days rain.
1
March.
February.
RAINFALL.
April.
May.
.1929. 1928. 1927.
1929. 1928. 1927 1929 1928.11927.1 1929. 1928.11927.11
1
Texas.
1
I
Galreston
1.54 0.12
Rainfall,in. 2.73 5.41 1.74 3.57 0.70 0.96' 9.92 1.43 2.5810.50
3
11
3
7
6:
9 6
10
10
Days rain.
Palestine
Rainfa11.1n.
Days rain.
Abilene
RainfalLin.
Days rain.
Santinlonio
Rainfall,In.
Days rain
untsrille
RaInfall,in.
Days rain.
Longriew
Rainfall in.
Days rain.
Okla. City
Okla. City
Itainiall,in
Days rat r
1
1.59 4.85 3.98 3.21 1.92 3.41 3.75 2.68 5.15 8.55 0.58 2.36
5
14
7
9,
5
7
9
8
13
1.40 0.78 2.28 2.72 0.43 0.99 1.18 0.93 3.97 4.22 12.03 0.78
2
11
6
4
7
3
61
8
11
4
8
2.34 2.02 2.37 1.70 2.03 7.73 3.90 2.04
0.16 2.85 1.96 3.1
3
5, 14
4
8
1
8
9
5
10
1
19.00 1.30 3.50
3.80 3.50 3.70 3.70 4.50 7.90 5.20 3.70 4.90
13
3,
2
4
5
4
7
5
5
7
5
1.25
3.30 5.96 5.12 7.05
1.85 2.50
15
_
10
6
6
6
4
5
1.94
0.93 1.33 1.07 5.05 1.75 2.23 2.08 3.6S 4.59 6.67 1.92
91 12
4
8
7
4
8
7
8
7
so on account of lack of space
The foregoing tables of rainfall and thermometer, covering as they do-and necessarily conditions that have prevailed
meteorological
only a very few stations in the cotton belt, give only a very partial idea of the the official averages of rainfall and the departhis spring at the South. The following compilation, however, which covers
for the last eight years, and the highest,
ture from normal in each State for each month from January to May,both inclusive,
be of considerable interest but of
lowest and average thermometer for the like periods, furnishes data that should not only
aid to the reader in drawing conclusions.
TEMPERATURE.
RAINFALL.
January.
rearuary.
Marco.
April.
May.
Jar ua'V •
February
March.
April.
May.
Dep.
Dep.
Dep.
•
Dep.
Dep.
High Lou) Mean High Lote Meal
High Low tan High Low Mean High Lew Mean
from Avg& Irom Avg& from A vac. from Arge. from
Normal
Normal
Normal
Normal
Normal
92 19 66.4
N. Caro95 IS 61.2
54.1
91
4 41.1
76
3 42.8
79
+.57 6.33 +2.30
3.71 -0.23 6.38 +2.22 5.94 +1.66 3.12
1929
8 55.8 96.0 24 64.3
85
4 50.0
86
85-13 41.0 76 -6 42.8
1.57 -2.33 3.93 -0.33 3.46 --0.82 5.91 +2.04 4.76 +0.73
94 20 58.9 100 18 68.0
1928
7 51.4
88
86 13 51.4
-11 41.5
82
1.25 -2.67 3.96 -0.12 3.41 -0.97 2.77 -0.89 2.50 -1.51
9. 56.1 102 26 66.3
1927
90
87 -7 43.7
76 -1 45.0
70 -4 40.1
5.27 -4 1.32 4.04 -0.02 4.29 -0.10 2.46 -1.23 1.67 -2.46
99 20, 63.5
1926
99 18 61.4
89 -5 52.2
5 4.90
82
9 40.8
74
6.16 +2.33 2.15 -1.89 2.50 -1.97 2.44 -1.34 2.80 -1.27
24 63.9
94
1925
5 56.6
92
6 46.6
84
2 39.9
76
2 39.6
75
4.75 +1.01 4.68 +0.28 2.72 -1.63 4.44 +0.84 5.27 +1.19
1924
90 25 64.8
7 57.1
91
51.2
5
86
79 -1 41.0
944.0
78
3.78 -0.06 3.29 -0.62 5.27 +1.09 4.18 +0.61 4.30 +0.20
94 29 67.2
1923
96 23 60.4
87 18 52.0
3 47.6
83
39.8
82 -1
4.58 +0.87 2.78 +1.89 6.91 +2.63 3.70 +0.13 5.07 +1.04
1922
94 32 69.1
110 Car.
90 35 64.7
93' 20 57.6
82 1 46.7 82 12 45.3
4.01 +0.46 7.85 +3.44 7.59 +3.61 4.30 +1.20 6.46 +2.81
1929
94 40 67.7
89 28 59.9
88 19 53.9
75 13 46.2
0 44.7
81
1.48 -2.06 5.05 +0.72 3.87 -0.03 6.40 +3.33 5.22 +1.65
1928
95 29 63.2 103 36 71.4
55.2
16
89
88 20, 57.6
2 45.7
81
0.89 -2.61 4.24 -0.07 3.79 -0.11 1.58 -1.41 1.92 -1.61
1927
94 21. 60.3 104 39 70.6
6 48.8
83
78 12: 49.3
12 44.1
76
6.18 +2.52 3.99 -0.32 4.49 +0.59 243 -0.59 1 06 -2.51
1926
99 25 65.9 100 31 68.3
9 55.0
99,
80' 19 52.4
76 18 44.9
8.51 +4.95 1.69 -2.63 1.67 -2.21 2.12 -0.92 2.18 -1.40
1925
96 93 68.0
24. 61.6
91
88' 19 51.0
79 13' 44.2
76
1 43.3
-1.20 5 90 +2.84 4.43 +0.75
4.34 +0.88 3.54 -0.85 2.74
1924
94 31 68.0
94 18 61.5
88 17 56.2
82 III 44.8
80 20 49.0
2.74 -0.70 3.83 -0.58 5.14 +1.16 3.48 +0.50 6.44 +2./8
1923
98 38 71.0
95 331 64.5
55.5
89 24
841 14' 52.6
81 14 44.2
+2.14 5.89 +2.31
3.53 +0.07 6.62 +2.19 7.04 +4.10 5.1
1922
Georgia
97 341 71.6
94 29 67.1
1 11 50.3 861 121 48.9
941 16 60.4
85
4.94 +0.70 8.63 +3.63 10.87 +5.38 4.02 +0.44 5.48 +1.98
1929
89 27 61.3 98 37 69.3
90 18 56.7
7 48.9
831 -5 46.0 82
1.46 -2.78 5.10 +0.10 6.42 +1.73 8.07 +4.49 3.99 +0.49
1928
98, 26 67.5 104 34 73.6
91 14 58.2
4 48.4 87 21 58.5
85
0.87 -3.37 4.51 -0.49 3.15 -1.64 2.00 -1.58 1.58 -1.92
1927
94
24 62.1 103 49 71.3
49.9
8
83
82 16 50.8
84 ( 45.6
7.66 +3.42 4.54 -0.46 5.72 +0.93 2.28 -1.30 1.1,9 -1.81
1926
99 26 67.5 100 2S 70.3
9 58.2
91
85 12 53.6
83 12 48.0
-1.84 1.90 -1.59
111.84 +6.90 2.10 -2.87 2.05 -2.84 1.72
192a
98 34 69.0
90 23 63.2
89 18 52.4
81 -9 43.3 84 10 46.7
5.39 +1.45 3.96 -1.01 3.42 -1.47 5.99 +2.43 3.73 +0.34
1924
93 30 69.1
96 16 63.7
88 12 5/.3
0 49.4
81
18 51.3 86
4.01 +0.07 4.81 --0.16 6.00 +1.11 3.92 +0.36 8.79 +946
1923
991 40 72.0
96 28 66.8
88 20 57.5
86 14 55.5
82 12 46.6
4.71 +0.77 6.35 +1.38 8.27 +3.38 3.56 norm. 7.18 +3.79
1
1922
99 41 76.6
Florida
96 42 73.0
95 34 69.1
92 26 63.7
89 18 62.7
3.19 +0.41 2.14 -1.00 3.21 +0.26 3.40 +0.74 4.98 +1.00
1929
95 35' 68.5 97 40 73.0
95 31 66.7
87 1 56.0 94 20 61.9
0.75 -2.02 3.06 -0.11 4.31 +1.37 7.47 +4.83 3.66 -0.29
1928
94 87 72.4 102 42 77.2
91 26 65.7
91 33 67.1
88 12 58.7
0.42 -2.41 3.50 +0.33 2.38 -0.52 1.36 -1.28 0.93 -3.03
1927
9.s
35 69.)) 99 46 74.6
92 22 61.4
90
90 21 57.(i
5.80 +3.01 2.21 -0.83 4.21 +1.38 4.53 +1.85 2.76 -1.74
1926
96 38 74.0
95 34 70.3
34
2
as 23 60.0 93 25 66.0
90 26 63.7
5.11 +2.33 2.06 -1.12 1.91 -0.96 1.54 -1.25 6.03 +1.69
1925
,
34 70.8
88 24 58.0 92 25 61.1 96 34 71.6 103 43 75.0
88 12 59.9
+0.73 3.06 -1.32
4.12 +1.25 3.30 +0.17 5.79 +3.45 3.24
1924
97 39 74.3
99
94 26 67.7
88 27 61.7 90 15 62.2
1.75 -1.05 1.63 -1.63 2.08 -0.87 2.39 -0.37 9.01 +5.01
1923
98 38 73.2 99 50 75.5
94 28 67.4
90 24 65.3
92 21 59.0
2.29 -0.50 0.89 -1.71 7.42 +3.01
2.19 -0.89 2.84 -0.51
1922
Alabama
96 37 71.3
95 35 66.9
93 20 59.6
78 12 46.0
84 13 48.9
5.67 +0.61 9.13 +3.83 15.35 +9.60 4.64 +0.35 5.86 +1.89
1929
99 38 69.5
89 28 59.8
81 -2 44.9 83 11 48.2 89 22 56.2
1.56 -3.50 3.79 -1.51 6.24 +0.49 9.86 +5.57 3.64 -0.33
1928
99 38 73.1
93 29 68.1
19 57.0
89
85
4 49.2 85 22 58.7
1.14 -3.92 6.45 +1.15 4.89 -0.86 2.28 -2.01 2.55 -1.42
1927
99 39 70.4
. 24 61.2
81
13 50.0
85
80 20 51.3
77 13 45.3
+0.77 2.32 -1.97 2.90 -0.98
8.23 +3.17 4.42 -0.88 6.52
1925
99 33 70.3
96 31 68.2
90, 13 58.4
82 19 53.5
82 14 48.4
9.59 +4.68 3.51 -1.79 2.70 -2.59 1.51 -2.94 2.3€ -1.79
1925
94 36 67.9
90 22 63.3
87 19 51.4
12 47.0
81
76 -2 41.8
69.4
1924
6.67 +1.73 4.65 -0.67 3.32 -2.38 5.59 +1.19 4.22 +0.24
89 16 56.0 90 24 63.3 94 31
83 10 47.8
Si 23 62.0
+1.45 8.59 +454
3.99 -0.89 5.93 +0.52 6.36 +0.74 5.97
1923
97 45 72.0
92 32 66.9
23 56.2
83 15 54.3 85
79 15 47.4
7.08 +2.30 6.12 +0.77 10.11 +4.65 4.14 -0.24 6.70 +2.63
1922
Louisiana
96 38 74.0
95 41 70.9
95
83 15 53.3 87 17 49.7 92 25 63.4
6.53 +1.80 6.46 +1.97 6.06 +1.39 3.22 -1.48 6.08 +1.65
1929
91 30 63.0 98 40 71.7
29 62.4
85
9 50.6 82 19 52.9
1.03 -3.70 4.90 +0.41 4.39 -0.28 6.82 +2.12 4.03 -0.27
1928
93 34 71.1 100 46 76.1
5
6 51.9
4
8
87 2 65.1
87 10 55.9 89 20
6.85 +2.15 5.42 +0.99
2.22 -2.51 6.34 +1.85 7.39 +2.72
1927
90 40 72.3
90 29 64.2
3 1:2
28 #0
20 49.3 84 211 82
6 63 +2.08 2.67 -1.90 11.41 +6.90 6.53 +1.81 5.39 +1.06
1926
98 30 72.4
93 36 70.8
88 22 62.4
87 20 58.4
82 18 50.9
7.56 +3.01 2.38 -2.39 2.13 -2.34 1.00 -3.72 2.60 -1.73
1925
92 29 67.2 95 40 70.9
89 22 56.0
12 52.5
Si
8 46.7
80
6.39 +1.84 4.94 +0.37 3.49 -1.02 4.41 -0.31 4.78 +0.45
1924
97 88 72.5
92 32 67.9
89 16 68.6
82: 2.5 58.0 sa 16 53.9
4.21 -0.34 5.63 +0.99 6.34 +1.83 6.24 +1.52 8.00 +3.67
1923
97 46 75.0
91 37 70.5
18 59.9
91
841 211 51.0 88 19 58.9
5.96 +1.70 5.37 +0.81 9.70 +5.53 4.34 -0.49 6.81 -1.84
1922
MIauiipol67.7 100 37 72.3
95 37
9 57.0
96
82 14 45.1
82, 13! 47.1
5.24 +0.25 6.16 +1.41 8.65 +2.92 4.53 -0.85 4.76 +0.30
1929
98 39 70.7
89 29 60.7
79 16 49.3 90 23 57.7
83
3. 46.7
1.72 -3.46 3.13 -1.79 5.29 --0.51 8.93 +3.74 4.26 -0.26
1928
99 42 73.9
93 31 68.9
87 21 57.3
85 27 58.4
83 ...] 50.
6
2.42 -2.80 6.26 +1.45 8.27 +2.77 5.12 -0.07 4.56 -0.02
1927
92 29 61.3 102 40 71.1
83 12 51.7
84 21 52.8
121 45.3
3 37 -1.96 3.81 -0.84
6.46 +1.25 3.01, -1.87 7.69 +1.111
711
1926
99 32 70.6
95 33 69.3
IS 59.4
88
801 111 47.5 85 19 54.6
8.58 +3.4S 3.81 -1.16 2.89 -2.78 1.15 -4.26 3.76 -1.43
1925
38 68.4
9r
90 26 64.6
83 18 48.3 88 20 51.9
21 42.2
78
6.56 +1.59 4.51 -0.43 4.16 -1.59 5.04 -0.37 4.52
1924
97 38 70.1
90 23 64.1
87 15 54.8
53.3 83 10 47.5
821 23
4.47 -0.47 6.43 +1.51 7.44 +1.73 8.54 +3.12 900 +463
1923
93 47 72.7
36' 67.7
91
87 21 56.5
86 19 53.7
811 20 46.7
6.52 +1.49 6.48 +1.59 9.91 +4.46 5.23 -0.23 5.88 +1.34
1922
Arkansas
97 25 67.6
92 29 64.0
96 19 55.7
76 20 35.4
2 39.4
79.
5.08 +0.98 4.01 +0.96 3.77 -0.97 5.69 +0.81 6.31 +1.29
1929
87 22 57.3 98 34 69.6
79 10 45.0 92 20 52.7
90-10 42.7
2.05 -2.05 2.23 -1.12 2.53 -2.21 8.52 +3.64 3.60 -1.42
1928
97 32 71.7
99 26 65.7
6 53.5
87
9 52.1
90
42.6
79 -1
5.41 +1.31 2.62 -0.73 7.20 +2.50 12.93 +8.05 6.54 +1.52
1927
IS 59.1 107 29 69.7
94
86 11 48.5
88 10 48.5
77 -17 40.5
4.09 +0.5I 2.02 -I.31 5.57 +0.85 2.65 -2.2l, 2.42 -2.66
1926
98 25 67.4 102 26 68.0
7 55.9
89
83 12 49.3
76 -4 40.8
1.69 -3.01 2.62 -2.16 1.88 -3.24
2.68 -1.55 3.37 +0.00
1925
94 30 66.0
94 18 61.4
5 46.6
84
82 -7 42.9
79 -6 36.1
3.19 -1.04 2.26 -1.02 3.27 -1.43 4.99 +0.21 4.64 -0.49
1924
98 27 67.2
95 23 61.4
2 49.6
88,
5 41.9
80
16 48.6
SU
5.78 + I.55 4.66 +1.39 5.04 +0.34 6.30 +1.52 8.24 +3.12
1923
90 26 63.5 100 40 70.8
7 51.7
10 47.8 85
41 39.1
84
74
2.60 -1.69 4.89 +1.61 8.58 +3.89 5.54 +0.76 5.00 -0.12
1922
Tennessee
96 35 66.5
941 11, 54.3 89 27 61.9
36.6
72
81 39.9
78
4.80 +0.06 5.00 +0.65 7.75 +2.40 5.26 +0.72 7.69 +3.40
i929
9 49.2 85 22 55.5 91 31 65.4
87,
75 -2 41.7
77-10 38.6
2.90 -1.84 2.22 -2.11 4.65 -0.65 6.01 +1.49 4.92 +0.8(
1928
94 32 68.8
92 23 62.7
3 51.1
83, 17 50.3 86
81 -8 40.4
3.78 -1.00 4.62 +0.24 7.49 +2.18 7.70 +3.21 5.06 +0.96
1927
19 55.6 100 32 68.0
87
0 43.3
79
761 10 41.7
69 -4 38.4
1926
4.30 -0.72 2.67 -1.44 3.92 -1.46 2.61 -2.02 2.92 -1.16
99 31 64.0
23 63.6
OS
41 52.2
85
10 47.4
77
1 40.1
67
3.51 -1.42 4.49 +0.37 2.47 -2.97 3.34 -1.15 1.98 -2.29
1925
92 33 61.8
94 17 58.7
Si: 14 4.40
6 39.3
761
71 -13 34.2
6.87 +0.92 3.99 -0.10 3.07 -2.21 4.75 +0.14 5.75 +1.67
1924
90 29 65.2
88 14 57.6
811
9 48.8
0 38 9
76
72 17 44.4
6.19 +1.19 4.64 +0.45 7.59 +2.25 5.08 +0.64 6.60 +2.34
1923
92 31 68.5
5 4.5.8
841 19 51.2 92 23 61.8
69 -3 38.9 801
4.36 -0.70 4.36 +0.24 9.27 +3.89 5.44 +0.84 4.84 +0.57
1922
1
102 23 69.7 108 26 72.3
93,-16 44.0 102i 10 61.0
91 -3 48.7
2.11 +0.28 1.30 -0.56 2.58 +0.52 2.42 -0.83 7.78 +4.12
1020
3 51.2 106 11 61.0 106 18 62.6 109 53 73.1
901
93, -7 48.7
0.67 -1.16 2.62 -0.76 1.16 -000 2.15 -1.10 3.37 -0.21
i928
1928
8 56.5 1041 -1 58.7 106 24 69.4 115 31 77.6
98
7 50.9
96
1.24 -0.59 2.07 +0.21 2.33 +0.27 3.10 -0.15 1.64 -2.02
1927
.
9 72.1
14 112.0 10!"
9 55.1 103
94
97,', 13 5.5.9
841 -3 44.7
3.11 +1.28 0.34 -1.52 4.81 +2.75 3.89 +0.63 3.34 -0.112
1926
13 63.1 107 28, 71.4 115 34 73.8
96. 11 56.7 100
89 -3 45.6
1.39 -0.44 0.46 -1.40 0.65 -1.41 2.06 -1.19 2.63 -1.07
1925
21i 65.6 105 33 69.9
4 53.6 107
8 49.8 104
95
86 -5 43.5
1.73 -0.02 2.49 +0.69 2.26 +0.28 2.33 -0.89 4.36 +0.61
1924
4 64.8 103 271 66.2 108 35 74.0
99
93 -4 49.1
7 56.4
93
1.88 +0.13 4.50 +2.70 3.02 +1.04 4.16 +0.94 1.97 -1.71
1923
33 75.0
92 -5 45.9 100 -2 54.6 100 --I2 57.7 107, 231 67.6 103
2.47 -0.72 1.77 -0.03 3.69 +1.71 6.26 +3.04 4.35 +0.67
1922
1
Oklahoma
93 27 65.8
95 181 63.6
8 53.2
97
73-20 31.4
73 --5 35.9
+1.25 2.90 -0.86 7.67 +3.36
2.09 +0.46 1.49 +0.08 3.42
1929
2 44.0 97 12 52 2 97 12 52.2 105 36 69.3
83
85 -81 41.4
0.95 -0.41 1.90 -0.75 1.65 -0.07 4.86 +0.76 3.93 -0.41
1928
22 63.6 108 32 71.7
86 -1 50.7 101
4 47.5
3 39.3 83
86
2.18 +0.76 1.49 +0.04 2.62 +0.53 6.29 +2.18 2.72 -2.11
1927
99 32 69.2
6 47.3 89 16 55.5
86
83 12 47.9
72 --10 37.9
2.24 +0.80 0.52 -1.00 2.55 +0.5:1 2.73 -0.64 3.06 -1.6(
1926
30 68.0
7 47.8
871
102 27 66.1 ior
96
9 56.1
73 -7 35.4
0.94 -0.39 0.85 -0.65 0.83 -1.31 4.50 +1.12 2.38 -2.2.
1925
95 22 60.0 102 20 63.8
1 43.2
86
8! -5 42.2
76 --10 34 7
+0.91 2.44 -2.41
0.72 -0.65 0.93 -0.51 3.30 +1.46 4.21
1924
93 22 60.2 102 30 67.0
3 48.2
87
74 -10 39.4
9 47.5
83
2.00 +0.80 1.11 -0.47 2.40 +0.43 4.00 +0.84 6.63 +I.&
1923
95 15 60.8 100 34 69.1
85 -IS 50.1
44.2
77 -7 36.1
1.50 +0.26 1.31 -0.11 4.25 +1.96 6.50 +3.52 572
1922
871
Avec
4230
FINANCIAL CHRONICLE
[VoL. 128.
The Balance of International Payments of the United making a total of $2,268,000,000. These receipts were offset
by the following net sums paid to foreigners:
States in 1928.
New loans and investments abroad, $962,000,000; tourist expenditures in
The financial turnover of international payments between
foreign countries, $525.000,000; interest payments to
the United States and foreign countries reached the huge depositors, $359,000,000: immigrant and missionaryforeign investors and
remittances. $241.total of $22,000,000,000 in 1928, according to the annual re- 000,000; freight payments to foreign carriers, $84,000,000, and foreign
payments by the United States Government, $57,000,000. making a total
port of the Department of Commerce, made public this week
of $2,228,000,000.
by Secretary Lamont and compiled by Ray Hall, Assistant
The differences between the two totals is caused by errors
Chief of the Finance and Investment Division. Five bil- in some of the
estimates, it is indicated.
lions of this amount represented the value of the commodiOur Place as Creditor Nation.
ties of the United States sold abroad. The compilation
shows a balance of $730,000,000 in favor of this country as"The investigation shows that as a creditor nation we are no such giant
Is often supposed," the report says "War debts aside, we are
net
in connection with commodity exports and miscellaneous creditor nation in the amount of probably less than $9,000,000,000. aThe
growth of New York as a world financial centre has put us in a net debt,
invisible items, including interest on private investments,
on short-term account, to
3
war debt receipts and tourist expenditures. This compares long-term capital invested inthe extent of some $1,6- 8,000,000; and foreign
the United States is now over $4,000,000,000
with a balance of 8588,000,000 for the previous year. The
"In recent years there has been a world-wide discussion of the foreign
report notes that the year is remarkable for the new records exchange problems of transferring German reparations or of the war-debt
payments. From the
balances of
set by tourist expenditures, net gold export, yield of Ameri- States, it appears that comparative has had far payments of the United
our country
larger 'transfer problems'
than these and has solved them, usually without being aware that
can investments abroad and probably by the net outflow
they
existed. In the second half of 1928 our favorable bal tnce of trade increased
of private capital.
over the first half by $452,000,000 and our underwriting of foreign securities
It is pointed out that the net expenditures of American by some $610,000,000.
"Thus, in a period of six months these two items thrust a $1,000,000,000
tourists abroad passed a half a billion dollars last year,
transfer
being about 23' times the amount received in war debt pay- librium problem upon the outside world. The forces which create equiin international payments, we must conclude, are more powerful
ments and with the proportion growing. Foreigners had and more various than is usually supposed."
to pay to the United States on balance 81,109,000,000 for
Big Foreign Investments Here.
commodities and bullion, $882,000,000 for interest on priThe volume of net new long-term Investments in the United States by
vate investments and deposits abroad,‘$210,000,000 for war foreigners, $481,000,000, has not been equaled since pre-war years, the
debt payments, and 867,000,000 for miscellaneous items, report states, while American,excess of merchandise exports over merchandise imports, $1,038,000,000, was the largest since 1921. The totals
ESTIMATED BALANCE OF INTERNATIONAL PAYMENTS
OF THE UNITED STATES.
1927 (Revised).
CLASSES OF INTERNATIONAL TRANSACTIONS.
Credits.
Total commodity trade (as adjusted)
Miscellaneous Invisible Items.
Freight payments and receipts:
Oversee and Great Lakes traffic
Railway earnings on transit shipments
Foreign inland freight on United States imports
Tourist expenditures:
Canada
Mexican border
Overseas (including West Indies)
Ocean-borne passenger traffic (by "substitution") (a)
Earnings of long-term private investments:
Received from American investments abroad
Paid to foreign investors in the United States
Earnings of short-term interest and commissions:
Collected from foreigners abroad
Paid to foreigners abroad
Immigrant remittances
War-debt receipts of United States Treasury:
Interest
Principal
Other United States Government receipts. United States Government Payments and foreign representations here
Missionary and charitable contributions. Arc
Motion-picture royalties
Insurance transactions
Miscellaneous minor items:
Imports of Canadian electric power
Foreign subscriptions to American press
Patents and copyright sales and royalties
American advertising abroad
Cablegrams, radiograms and telephone service
Movement of Private Long-Term Capital.
New American investments abroad:
1. Foreign securities publicly offered here (Par value)*
2. Deduct for "estimated refunding to Americans"
3. Deduct for American underwriters' commissions
4. Deduct for securities issued below par
5. Add new "direct investments" abroad by Americans
6. Add foreign stocks and bonds bought from foreigners in small lots (c)
1Reductions of previous American investments abroad:
7. Bond-redemption payments received from foreigners
8. Sinking-fund payments received from foreigners
9. Regale to foreigners of direct investments
10. Foreign stocks and bonds resold to foreigners (c)
stew foreign Investments in the United States:
11, Direct investments
12. American stocks and bonds sold to foreigners(c)
1Reductions of previous foreign investments in the United States:
13. Redemption and sinking-fund payments to foreigners
14. Purchase of American properties from foreigners
15. American stocks and bonds bought back from foreigners (c)
Total private long-term capital items
•
Movement of Short-Term Capital,
get change In international banking accounts, as revealed by questionnarle— _
lold shipments
2,anges in ear-marked gold
tatted States paper currency
Total gold and currency
125.000,0)0
15,000.000
149,000,000
37,000,000
20,000,000
83.000,000 199.000.000
6,000,000
32,000.000
74,000,000 465,000,000
89,000,000
1928.
Balance,
Credits,
Debits.
—24,000,000
—22,000,000
—20,000,000
129,000,000
14,000,000
167.000,000
40,000,000
20,000,000
—38,000,000
—26,000,000
—20,000,000
—116,000,000
—26,000,000
—391,000,000
+89,000,000
87,000,000
6,000.000
75,000,000
89,000,000
232,000,000
32,000,000
518,000,000
—145,000,000
—26,000.000
—443,000,000
+89,000.000
Balance.
$
$
$
$
$
5
4,865,000,000 4,184,000,000 +681,000,000 5,129,000,000 4,091.000,000 +1,038,000.000
76,000,000
55,000,000
+21,000,000 87,000,000
+19,000,000
68,000,000
60,000,000
29,000,000
+31,000,000
50,000,000
+25,000,000
25,000,000
45.000,000
34,000,000
+11,000,000 45,000,000
+11,000,000
34.000,000
4,000,000
5,000,000
1,000,000
3,000,000
3,000,000
22,000,000
22,000,000
20,000,000
20,000,000
19,000,000
+19,000,000
—55,000.000
55,000,000
179.000,000 —179,000,000
201,000,000 —201,000,000
5,091.000.0004,508,000,000 +583,000,000 5.334,000,000 4,497,000,000 +837,000.000
Commodity Trade.
Merchandise exports and imports (as reported)
Silver
Bunker coal and oil sales to foreign vessels
Ship chandling, ship repairs and tonnage dues
Bales of vessels
Unrecorded parcel-post shipments
Adjustments for differences in year-end lags
Other merchandise adjustments
Total commodity and miscellaneous items
Debits,
743,000,000
203,000,000
+743,000,000 817,000,000
—203,000,000
252,000,000
+817,000.000
—252,000,000
78,000,000
241,000,000
+57,000,000
78,000.000
—206,000.000
65.000,000
107,000,000
217.000,000
+65.000,000
—107,000,000
—189,000,000
+160,000,000
+46,000,000
160,000,000
50,000,000
70.000,000
80.000.000
110,000,000
52,000,000
6,000,000
70,000,000
—57,000.000
—52,000,000
+64,000,000
+10,000.000
5.000,000
15,000,000
3,000,000
23,000,000
3.000.000
3,000,000
15,000,000
13,000,000
19,000,000
—3,000,000
+2.000.000
—10,000,000
+4.000.000
6.780,000,000 6,192.000,00e +588,000.000 7,103,000.000 6,373.000.000
+730.000.000
57,000,000
35,000,000
160,000,000
46,000,000
57,000,000
75.000,000
80,000,000
86,000,000
49,000,000
4.000.000
70,000,000
—29,000,000
—49,000,000
+71.000,000
+10,000,000
5.000,000
15,000,000
2,000,000
22,000,000
5,000,000
3,000,000
15,000,000
10,000,000
18,000.000
5,000,000
+2,000.000
—8.000,000
+4.000,000
1 537,000,000 —1,537.000,000
+235.000,000
+63.000.000
+56,000,000
257,000.000
257.000,000
166,000,000 —166.000,000
28,000,000
53,000.000
+160.000,000
+50,000,000
237,000,000
59,000,000
63,000,000
1,483,000,000 —1.483,0)0,000
+237,000,000
+59,000,000
+63,000,000
378.000,000 —378,000,000
568.000.000 —568,000,000
200,000,000
104,000,000
51,000,000
398,000,000
+200,000.000 260,000,000
+104,000,000 101,000,000
+51,000,000
50,000,000
+398.000,000 442,000,000
+260,000,000
+101,000,000
+50.000,000
+442,000,000
28,000,000
861,000,000
+28,000,000
70.000.000
+861.000.000 ,634,000,000
+70,000.000
+1,634,000,000
235.000,000
83,000,000
56,000,000
70,000,000
—70.000,000
661,000.000
—661,000.000
70.000.000
—70,000,000
1 153,000,000.-1,153.000.000
1,996,000,000 2,691,000,000 x-695.000,000 2,916,000,000 3,652,000,000 x-736,000,000
226,000,009
—226,000,000
169,000,000
188,000,000
+392,000.000
—120,000,000
Pure Cash Items,
201,000.000
183,000,000
207,000,000
23,000,000
—6,000,000
+160,000,000
581,000,000
88.000,000
384,000.000 230,000,000 +154,000,000 629,000.000 357,000.000 +272,000,000
Grand total, all items
9 160,000,000 9,113,000.000 z+47.000.000 10648000,000 10608000,000
a +40,000.000
a Largely a deduction from American tourist expenditures.
•Issued outside our balance-of-payments area. usually American statistics of public
offerings include those of all Territories and Possessions, although Hawaii,
Porto Rico and Alaska are parts of our customs area.
c One of four Important items whose amounts are extremely uncertain. It is
supposable that most of the net discrepancy In the entire statement (arising from
errors and omissions) results from errors in this group of items. Accordingly, the original
estimates of these Items were all altered according to a uniform ratio which
would eliminate 60% of the net discrepancy in the entire statement. Before the
items were thus altered the net discrepancies for the years 1927 and 1928 were. respectively +118,000,000 and +101,000,000.
x Estimated net export of long-term private capital.
z Discrepancy, due to net errors and 0E013910W. Total errors and on:112310W
would probably be much greater. since they tend to offset one another.
JUNE 29 19291
4231
FINANCIAL CHRONICLE
of merchandise exports and imports for the calendar year were,respectively,
$5.128,809,000 and $4,091,120,000.
"These record-breaking movements could hardly fail to upset exchange
rates," the report says. "The year opened with dollar exchange at a discount in terms of many currencies and closed with dollar exchange at a
-year we thrust a 'billion dollar transfer
premium. In the second half
problem' upon the outside world by increasing our favorable trade balance
by $452,000,000 and reducing our underwriting of foreign securities by some
$610.000.000. That but few people even observed the phenomenon indicates that 'problems' of this type are very likely to be exaggerated."
Several striking illustrations are offered in this connection, as giving a
fairly accurate comparison of the importance of the various items from
the foreign exchange viewpoint. For example, in discussing the war debt
payments and the problem of transferring them, several interesting comparisons are suggested. Their total was less than the net remittances to
foreign countries made by immigrants in America and religious and charitable institutions. It was just two-fifths of the net tourist expenditures
abroad, less than a fourth of what foreigners paid here in interest on private
loans and investments abroad,and not much more than a fifth of America's
net export of capital.
Private Investments Abroad.
It is estimated that on Jan. 1 1929 the total of private American investments abroad (excluding war debts to the United States Treasury and
short-term loans to foreigners), were:
$4,652,000 to $5,552.000
Latin America
4.309,000
3,709,000 to
Europe
3,390,000
3,090,000 to
Canada and Newfoundland
1,308.000
1.104,000 to
Asia, Australia and rest of the World
$12,555,000 to $14,555,000
Total
About $8,000,000,000 of our foreign investments are in bands. The estimate for the yield during 1928 of long-term American investments abroad
is $817,000,000.
Receipts of war debt payments by the Treasury in 1928 totaled $209,737,000. The total collected during the calendar years 1922-28, inclusive,
was $1,397.000,000. all of which was applied to reducing the public debt.
as provided by law. The maximum annual receipts from this source
nearly sixty years hence will be about $415,000,000, the report points out.
The annuities increase gradually, and last year's receipts equaled half the
maximum annuity.
The year saw a net export of gold of $391,872,000. This was almost exactly $100,000,000 more than the previous record, established in 1919.
Some of the gold exports moved on a conunodity basis rather than on a
foreign exchange basis, the metal being desired for vault reserves of central
banks, notably the Bank of France.
Movements of Dollar Exchange.
The continuing discount of dollar exchange during the first half of 1928,
the report explains, may have resulted partly from a continuing outward
movement of short-term funds, but there were other contributing influences. There was a heavier outward movement of long-term funds; for
the now nominal capital of foreign securities publicly offered in the first half
of 1928 was $143,000,000 more than in the first half of 1927, $190,000,000
more than in the second half of 1927, and $610,000,000 more than in the
-year
second half of 1928. Our favorable balance of trade during that half
($293,000,000) was $145,000,000 less than in the second half of 1927, and
$452,000,000 less than in the second half of 1928.
During the second half of 1928 the United States was in a position of
"everything coming in and nothing going out," the report says. In the
first place, interest rates at New York rose until 8 to 12% interest could be
obtained on almost absolute security of brokers'loans; this must have drawn
back to us a considerable volume of short-term foreign funds.
At the same time, compared with the first half of 1928, foreigners had
to pay us (net) $452,000,000 more for merchandise, although they received
from us $610,000,000 of long-term public loans. It was during those six
months that the world was faced with what might have been termed a
major "transfer problem." "No wonder dollar exchange quickly went up
to a premium," the report remarks.
Interesting figures are given in the report on tourist traffic over the
Canadian border. In 1928 Americans in Canada spent about $237.000.000
and Canadians here spent about $86,000,000.
The total merchandise trade between these two nations is now greater
than that between any other two countries in the world.
During the calendar year 1928 3,645,455 American automobiles crossed
the Canadian frontier for "touring purposes."
OUR ESTIMATED CASH DEALINGS WITH FOREIGNERS DURING 1928:
A CONDENSED BALANCE OF PAYMENTS.
Calls Claims Due:
CLASSES OF TRANSACTIONS,
.
From For ns. To Foreigners.
Differences.
$
$
$
_Commodity Transactions—
Merchandise,silver, &c.(adjusted)„... 5,334,000,000 4,497,000,000 +837,000.000
Transactions'
Affscellancous Invisiblc
Freight (ocean, Great Lakes and land
—84,000,000
143,000,000 227,000,000
transit)
Tourist expenditures, minus Payments
to American vessels and minus customs declarations of returning tour168,000,000 693,000,000 —525,000,000
Isis, &c
Interest on all private investments
882,000,000 359,000,000 +523,000,000
(long tern and short term)
+210,000,000
, 910,000,000
War-debt receipts
Gov't transactions (except war-debt
—57,000,000
53,000,000 110,000,000
receipts)
28,000,000 217,000,000 —189,000,000
Immigrant remittances
Charitable and Missionary contribu—52,000,000
52,000,000
tions
Other items (insurance, motion-picture
royalties, cable charges, patents,
+67,000,000
196,000,000 129,000,000
Canadian electric power,&c.)
Total commodity and miscellaneous 7,014,000,000 6,284,000,000 +730,000,001
New Private Loans, Investments and
Deposits—
Net increase In American long-term in1 339,000,000 —1,339,000,000
vestments abroad (par value)
Bond discounts and underwriters' com122,000,000 —122,000.000
missions
I 917,000,000 —1,217,000,000
cash payments for above
Net
Net increase in long-term foreign In+481,000,000
481,000,000
vestments in the United States
Reduction in net debt of American
226,000,000 —226,000,000
banks to foreigners
-963,000,000
481,000,000 1,443,000,000 9
Total private capital
Other Balanceing Items—
+272,000,000
272,000,000
earmarked (net)
Gold shipped or
x(40.000.000)
Tienr.ngtnev atm tn inA.rfirfttP fizures_
capital.
• Net export of long-term capital, p us or minus short-terth one another.
x Total errors would be much larger, as errors tend to offset
Indications of Business Activity I
for live stock,
THE STATE OF TRADE—COMMERCIAL EPITOME, west farmers are encouraged by better prices
offsetting in some degree at least the fact that wheat is about
Friday Night, June 28 1929.
year ago and corn about 15 cents
Although trade is still better than it was a year ago there 35 cents lower than a
lower. The weekly food index is lower. In a rather large
has latterly been some decrease in various lines, including
has suffered because of the
certain of the industries. The weather on the whole has area of central Florida, trade
been cirout with con- extension of the fruit fly embargo. Reports have
favored retail trade. This branch has stood
culated of the failure of oil conservation plans in California,
spicuous clearness as the leader in the business of the United
are co-operating in the
States at this time. Steel has been less active. The automo- but it now seems that large interests
matter with some prospects of success.
bile and implement trades are not buying so freely. Recent
Wheat advanced on a threatening crop outlook, by reason
hot weather has as usual cut down production of steel and
Canada,
iron. Iron has been quiet. In many of the big cities of the of dry weather in the American Northwest and
at
country building is less active. The Southwest and the especially in Canada where the crop is estimated to-day
more rain. But the prospects for the winter only 315,000,000 bushels or nearly 200,000,000 bushels less
Northwest need
are credited
wheat crop seem to have improved somewhat. The South- than last year though some of the Canadian pool
portion of this country and parts of the lower Mis- with expecting a yield of 350,000,000 to 400,000,000 bushels.
eastern
The crop
sisippi Valley have been getting rather too much rain. In It has been too dry also in Argentina and Australia.
Of
Cotton goods the warm weather has stimulated retail trade in parts of Australia may be much reduced by drought.
The cotton mills in May were late therchave been rains in the Dakotas and parts of Canada
this week as it did last week.
has reached
busier than in April or in May of last year, though there but they have been insufficient. December corn
in New England mill activity as compared a new high with the crop late, too much rain in some parts
was some decline
wheat
with April. Carloadings for the week ending June 15, were of the belt and a good cash demand. Rye has followed
very near the peak of the latter part of May and certainly upward, especially as the prospects for the rye crop in the
with the
outdistanced those for the middle of June last year and the Northwest are not favorable. Oats declined slightly
year before. It is of interest to notice that for the twelve crop outlook on the whole not unfavorable and trade dull.
weeks out of twenty-five these carloadings show gains over Provisions have not changed much. Coffee has been quiet
and in the main a trifle lower, with the weather very favorcorresponding weeks of the last two years.
Leather prices at Boston have been very firm or even able for the flowering of the 1930-31 crop. The 1929-30 crop
higher. The retail shoe trade has recently been larger and of Brazilian is expected to be about 20,000,000 bags. Some
New England shoe manufacturers are correspondingly en- question whether Brazil can secure a further loan in New York
couraged. Wool has been quiet and steady with prices al- or London on the basis of present prices. Somehow Brazil
ready down to a low level. For the fall trade new silk piece always seems to worry through. Sugar has advanced He or
goods have met with quiet a good demand. Much has been mOre for prompt Cuban while futures have risen noticeably
said about the proposed curtailment by cotton mills at the owing to the efforts of President Machado of Cuba to have a
South for the week of the Fourth of July. But if it reduces plan adopted of selling the crop by an organization and of
production as much as has been expected it is suggested that restricting production. Recently large sales of Cuban sugar
prices of cotton goods will be correspondingly strengthened were made to British and Continental buyers. Refined has
if they have not been already in anticipation. In the South- risen to 5 cents. The carry-over of raw sugar, however, is
•
4232
FINANCIAL CHRONICLE
[VOL. 128.
IPCJOIt•DO.P•PIA
CRO,P4300C400•40
ia
bb
iJ
;.
expected to be at least 600,000 tons. Hedge selling by Europe
On the 23rd inst. the ninth consecutive day of warm
and Cuba has been something of a feature. Moreover while weather the maximum temperature here was 79 degrees, but
the consumption this year has been estimated in some quar- the humidity was so high that a million people or more left
ters at about 500,000 tons more than last year the Cuban crop the city for nearby beaches. In Boston and Cincinnati it
was over 1,000,000 tons greater than last year.
was 86,in Cleveland 82,in Milwaukee 72,in Chicago 62 and
Cotton has advanced about a quarter of a cent with July at Phoenix 110. On the 25th inst. it was 81 here and still
liquidation largely out of the way after July notices for about more or less oppressive but in the evening came rain that
160,000 bales had been very easily handled. Moreover, the brought relief. The thermometer fell from 80 at 5 p. m.
central and eastern belts are supposed to be getting alto- to 70 3 hours later, the heat yielding slowly. There had
gether too much rain, and the section west of the Mississippi been showers during the day, but they had not lowered the
River too little. In parts of Texas the soil is said to be drying temperature. The humidity was high. In Boston it was
out from the action of the wind and the lack of rain. Weevil 86, in Chicago 76, in Cincinnati 78, in Cleveland and Minreports are persistent from the eastern section of the cotton neapolis 68, in Kansas City 80, in Philadelphia 86 and in
country. Latterly there has been less pressure to sell. The Phoenix 112. To-day it was noticeably cooler here being
increase in the acreage has been variously estimated at 3.3 66 to 72 degrees and the forecast was for showers and cooler
to 4.14% the latter by this newspaper. The conditon of the to-night and fair to-morrow. A freak windstorm cut a swath
crop is put in private reports at 72 to 72.7%, which is not across Pennsylvania to-day wrecking homes, stores, and
very far, it is supposed, from the 10-year average, but little service stations, uprooting trees, blowing down poles and
above it if anything. Meanwhile the Continent and Eat interrupting wire communication. It was 76 yesterday in
India have turned buyers in Liverpool. But Manchester has Boston, 78 in Chicago, 80 in Cleveland, 74 in St. Paul and
been dull. The Shanghai auction sales have been disappoint- 84 at Kansas City. It was 106 in Texas and Oklahoma
ing. Worth St. at best has had only a fair business. Generally to-day.
it has been rather small. Rubber has advanced about a
quarter of a cent. English stocks of rubber are steadily Wholesale Trade in New York Federal Reserve District
in May Increased 7% Over Last Year.
decreasing. Many of the trade have been selling nearby
May sales of reporting wholesale dealers in the New York
months and buying the distant. It is suggested that not
improbably the first half of 1929 will turn out to have been Federal Reserve District showed an average increase of 7%
the most active six months in the history of the rubber and over last year, says the July 1,
"Monthly Review of Credit
and Business Conditions" by the Federal Reserve Agent at
tire industry.
The stock market on the 26th inst. advanced mostly on New York. "Sales of diamonds were considerably larger
high grade railroad, industrial and utility issues and transac- than a year ago and sales in all other reporting lines except
tions rose above 4,000,000 shares. That was something. hardware showed at least small increases. The Silk Associanew, the first time indeed in a month. Leading issues ad- tion also reported a substantial increase in quantity sales of
vanced 2 to 10 points though this was offset in some degree silk goods, as compared with a year ago. Sales reported by
by declines in some other shares. But the market as a whole the National Tool Builders' Association continued to be
acted well in the teeth of 10% money which however was much larger than last year and were more than 234 times as
more plentiful. In point of strength the high light was on large as in May 1927."
Stocks of groceries, silk and drugs showed an increase from
such stocks as General Electric, Hudson Motors, Pirelli Co.,
Wright Aero, Curtiss Aero, United States Steel, Commercial a year ago, while stocks of cotton goods, hardware and jewelry
Solvents, Public Service of New Jersey, United States and diamonds were smaller. Collections were slightly slower
Smelting, Timken Roller Bearing and Vanadium. Bonds than in May 1928.
showed remarkable activity the trading reaching $14,548,000
P. C. of Accounts
the largest for over a year and a half. The demand tended
Percentage Change Percentage Change
Outstanding
May 1929
May 1929
April 30
to center on American Telephone & Telegraph convertible
Compared with
Compared with
Collected
Commodity.
43/28, Atchison convertible 4s and other convertible
April 1929.
May 1928.
in May.
issues. Service of New Jersey convertible 434s advanced
---Stock
Stock
Na
End of
Net
End of
1234 points to a new high record at 238. International
Saks. Month. Sales. Month. 1928.
1929.
Telephone & Telegraph convertible 43/2s also reached a new
Groceries
+4.5
-7.0
+5.1
+2.3
75.7
75.3
peak at 142, a rise of 33 points. A single transaction Men's clothing
-32.9_
%
+1 5
_
34.2
35.1
Cotton goods
-5.0 - :- /
9
1+1.6 - 3.5
of five bonds of Norfolk & Western convertible 6s due Sept. I Silk goods*
*-16.8 0+3.9 0+15.5 0+6.4
40.2
47.4
+3.9 -10.0
+4.6 -19.3
44.7
47.0
1929, the first in three months touched a new high with a Shoes
Drugs
-15.4
-0.7
+2.0 +36.3
56.2
45.3
-1.6
jump of 42 points. Washington wired that Secretary of Hardware
-3.6
-4.3 -4.3
51.0
50.6
Machine tools**
___
+4.6
+62.8
Treasury Mellon now believes the fiscal year will close with Stationery
+3.7
____
____
+1.9
76.9
75:1
-1.3 _
+7.8
._
64.9
67.8
a Treasury surplus of $160,000,000, perhaps $170,000,000 Paper
Diamonds
-6.91 -9.3 1+26.81 __25.1
16:9
27.0
+34.01
1 +5.91
To-day stocks were as a rule higher with call money still Jewelry
Weighted average
10% and the average on call for June the lowest since last
-7.0
+7.1
.._ _
__ _
54.0
53.0
*Quantity not
January. The rate in June has been 7 to 10% against **Reported byvalue. Reported by Silk Association of America.
the National Machine Tool Builders' Association.
6 to 14 in May. To-day time loans fell to 734%. Accepttances were reduced 31. The transactions in stocks still Annalist Weekly Index of Wholesale Commodity Prices.
1
kept close to 4,000,000 shares but the daily average for
The Annalist Weekly Index of Wholesale Commodity
June was the smallest in about a year. New high record Prices is 145.3, an increase
of .3 point over last week (145.0)
prices were made to-day for utility stocks; also for American and compares with
150.1 June 26 1928. The Index for the
Can, while Steel common touched 19134. Sterling ExChange four weeks in June
is 144.7, compared with 143.1 for May
advanced sharply; francs reached a new high on this rise. and 149.4 in June 1928. This
is the fourth consecutive week
Bonds were less active after the recent notable increase in that the index has shown gains over
the preceding weeks;
business.
but unlike preceding gains the rise in Index this week is
Charlotte, N. C., wired June 24th that fully 75% of the unaccompanied by rises in prices of farm commodities.
carded yarn mills and a larger percentage of combed yarns In fact, the farm products group declined .8 point and the
in this section are to extend their July 4th holidays to cover gains are in the food products group, the textile groups,
the
a full week, according to information in textile circles here. fuels group and the miscellaneous group. Grain
prices
While little information has been given out relative to the including barley, corn, oats, rye and wheat advanced,
but
closing there is no doubt that the week's holiday will cover the stock growers had an uncomfortable week with heavy
the percentage of mills as indicated. In south Carolina price declines in steers, hogs,lamb,eggs and wool. Increases
there was nothing to indicate any break in the deadlock at in prices of pork, flour, apples, lemons, lard, sugar and poMills, Mill No.1, Greenville,S. C., where the 550 operatives tatoes account for the increase in the food products index.
walked out from work on May 31st. Apparently this strike THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.)
has developed into a game of waiting between officials and
operatives. Neither side has made a movement of any kind
June 25 1929. June 18 1929 June 26 1928.
looking toward settlement of the controversy within the past Farm products
140.9
152.9
145.6
152.5
few weeks,and each seems waiting for the other to make some Food products
Textile products
148.1
154.5
advance which both are reluctant to do. The strikers are Fuels
163.4
160.4
Metals
128.4
120.6
quiet and orderly. The families are not suffering, contribu- Building materials
153.1
158.5
134.7
134.9
tions keep coming in to the relief fund and food is supplied Chemicals
Miscellaneous
130.0
115.8
All commodities
14110
150.1
from an improvised canteen or store near the mill village.
FINANCIAL CHRONICLE
JUNE 29 19291
ANNALIST MONTHLY OF WHOLESALE PRICES AVERAGED
June 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
May 1929,
June 1928.
139.8
146.0
148.2
163.5
128.4
153.1
134.6
130.3
144.7
137.7
144.3
149.5
161.8
128.3
153.6
135.2
128.8
143.2
151.7
152.7
153.7
159.8
120.7
155.0
134.9
115.8
149.4
Chain Store Sales in New York Federal Reserve District for May Show Substantial Increase.
The July 1 "Monthly Review of Credit and Business Conditions" by the Federal Reserve Agent at'New York will
contain the following item on chain s,tore trade:
There continued to be a substantial increase in the total sales of the reporting chain store systems in May. Ten-cent store chains reported the
largest increase over a year ago since April 1927. Sales of grocery chains
showed a moderately large increase, as usual, and sales of drug and variety
chain systems continued to show an increase over a year ago as in each previous month for more than a year.
Following a decrease in April. the sales
of shoe chains also showed a substantial increase in May. Candy chains,
however. reported a slight reduction from the sales of May 1928.
Percentage Change May 1929 Compared with
May 1928.
Type of Store.
Grocery
Ten-cent
Drug
Shoe
Variety
Candy
Total
Number of
Stores.
Net
Safes.
Sales per
Store.
+1.0
+10.2
+17.1
+7.4
+18.3
+9.0
+9.3
+17.0
+12.4
+9.3
+11.8
-2.0
+8.2
+6.2
-4.1
+1.7
-5.4
-10.1
+6.3
+13.1
+6.4
4233
was an increase of 14,297 cars above the preceding week
this year, with increases being reported in the total loading
of all commodities except live stock and ore. Compared
with the corresponding week of last year, loading of revenue
freight for the week was an increase of 66,276 cars and an
increase of 52,610 cars above the corresponding week in 1927.
Details follow:
Miscellaneous freight loading for the week totaled 425,877 cars, an inyear and 33,381
crease of 27.685 cars above the corresponding week last
cars over the same week in 1927.
cars, an increase of 14,209 cars over the
Coal loading totaled 158,149
years ago.
same week in 1928 and 2,351 cars above the same period two
1,263 cars
Live stock loading amounted to 23,511 cars, a decrease of
week in 1927.
under the same week in 1928 and 2,326 cars below the same
18,125 cars, a
In the western districts alone, live stock loading totaled
decrease of 791 cars below the same week in 1928.
an increase
Grain and grain products loading amounted to 42,160 cars,
cars above the same
of 8,171 cars above the same week in 1928 and 3,493
grain and grain products
week in 1927. In the western districts alone,
the same week
loading totaled 28,457 cars, an increase of 5.916 cars over
In 1928.
Loading of merchandise less than carload lot freight totaled 261.579
and 3,115 cars
cars, an increase of 2,342 cars above the same week in 1928
over the same week in 1927.
above the
Forest products loading amounted to 70,808 cars, 4,445 cars
week in 1927.
same week in 1928 and 1,387 cars above the same
the same week
Ore loading amounted to 74,748 cars, 8,139 cars above
in 1928 and 9.320 cars over the same week two years ago.
the same week last
Coke loading totaled 12,257 cars, 2,548 cars above
two years ago.
Year, and 1,889 cars over the corresponding week
all commodities
All districts reported increases in the total loading of
except the Southern
compared with the same week in 1928, while all,
week in 1927.
reported increases compared with the same
two previous
Loading of revenue freight in 1929 compared with the
years follows:
1927.
1928.
1929.
3,570,978 3.448.895 3.756,660
Four weeks in January
3,767,758 3.590,742 3,801.918
Four weeks in February
4,807,944 4,752,559 4,982.547
Five weeks in March
3,983.978 3,740,307 3,875.589
Four weeks in April
4,205,709 4,005,155 4.108,472
Four weeks in May
911.510
931.673
971,920
Week ended June 1
995.570 1,028,367
1,054,792
Week ended June 8
1.016.470
1.069,089 1,002.813
Week ended June 15
23,432.168 22.470,714 23,481,542
Total
Trade in Leading Department Stores During May in
New York Federal Reserve District Irregular but
Slightly Larger Than Last Year,
The July 1 "Monthly Review of Credit andB usiness Conditions" by the Federal Reserve Agent at New York will The State of Industry and Trade in the United States,
oontain the following item on department store business:
According to the National Industrial Conference
Trade at leading department stores in this district was somewhat irreguBoard.
lar in May. but the total sales of reporting stores were about 231% larger
The Conference of Statisticians in Industry of the Nathan a year ago. The largest Increases in sales were reported by Rochester
and Newark stores, but there were moderate Increases also in New York, tional Industrial Conference Board, Inc., has prepared the
and
Buffalo, Syracuse, the northern and central sections of New York State,
following comprehensive summary of the state of trade
and in the capital district. Leading apparel stores reported an average
Increase of 5% over May 1928.
Stocks of merchandise in department stores in general showed an increase
approximately in proportion to the increase in sales, so that the rate of stock
turnover was about the same as a year ago. The percentage of outstanding
charge accounts collected during May averaged slightly lower than last year.
Industry:
Summary.
well on the road
Second quarter activity in trade and industry seems
breaking record after
towards establishing a new high record. After
industry in May estabrecord over a series of months, the iron and steel
in the output of
lished new high daily, monthly and five-month records
Change
Per Cent of Accounts
disclose no appreciable
Percentage
pig iron and steel ingots, and the first weeks in June
May 1929
Outstanding
continued pessimism
A yril 30
abatement from this rate of production. In spite of
Compared with
steel from manuCollected in May.
May 1928.
Locality.
regarding the agricultural situation, the demand for
continues in large
facturers of agricultural equipment and machinery
Stock on
including radio and
volume. Specifications from miscellaneous industries,
1928.
Hand End
Net
1929.
by the gradual
of Month.
Sales.
refrigeration manufactures, are filling in the pags created
The production of
slackening in demand from the automotive industries.
53.3
50.4
+2.2
decline has been
+2.0
New York
automobiles has slowed down from its recent pace, but the
55.4
46.7
-0.9
+4.2
Buffalo
larger in May than
42.6
42.4
+0.2
relatively negligible. Orders for machine tools were
+8.0
Rochester
months of February and
+4.9
+1.4
Syracuse
in April, and almost as large as for the record
533
4- 46.4
of May was the
+7.7
+6.0
Newark
March, and the index of unfilled orders as at the end
-1.0
-1.3
Bridgeport
operating revenue of
40.0
3977
highest on record. Corporation earnings and net
-0.2
-3.5
Elsewhere
year ago. The
+2.2
Northern New York State
railroads are reported as substantially higher than a
construction industry has
+3.2
Central New York State
distributive trade is ahead of a year ago, and the
-2.1
for the previous
Southern New York State
retained a large part of the recovery which is reported 14% larger than
-0.6
Hudson River Valley District
are
+4.9
month. Cumulative orders for structural steel to date
Capital District
-7.8
Westchester District
for the corresponding five months of last year.
increased in May
Employment and payrolls in manufacturing industries
48.2
50.4
+2.3
+2.5
All department states
the Bureau of Labor
as compared with April. This is the first time since
employment has been
49.4
51.1
-2.9
+5.2
Apparel stores
Statistics has been reporting on employment that
and steel group,
greater in May than in April. All industries in the iron
store sales of radio sets continued much larger than a year
as did the cotton,
Department
except steam fittings, continued to expand in May,
previous, and sales of sporting goods and shoes also showed substantial hosiery and woolen goods industries, and also the sawmill, millwork,
Increases. Most of the apparel departments also showed moderate increases. printing, petroleum refining, cement, brick, car repairing, electrical goods,
with May 1928
rubber tire, and shipbuilding industries. As compared
Stock on Hand
Net Sales
higher. May was
employment was 6.7% higher and total payrolls 11.4%
Percentage Change Percentage Change
-100 advances having been
Ilfay 31 1929
May 1929
a record month for increases in wage rates
Compared with
Compared with
recorded as against 4 reductions.
agricultural
May 31 1928.
May 1928.
On the obverse side of the picture, we find a very unstable
points
situation, with an average price of farm products two and one-half
-12.8
+50.4
Musical instruments and radio
anomalous
+1.2
+20.9
lower in May than in April, increased failure liabilities, and an
Toys and sporting goods
over the
-0.6
+17.2
Shoes
credit situation, which, like the sword of Damocles, hangs
+7.7
+6.4
Men's and Boys' wear
business future.
+8.9
+6.6
Women's and misses' ready-to-wear
Automobiles; Rubber; Petroleum.
4.1
+6.3
Toilet articles and drugs
was
+2.4
+5.8
Furniture
The May output of automobiles, 035,528 passenger care and trucks,
+0.5
Men's furnishings
+5.4
in line with the records of the preceding months. Although not so large
+3.4
Women's ready-to-wear accessories
+4.2
-7.2
Cotton goods
+4.2
as the record output of April, it was nevertheless the highest May output.
above
+8.7
Luggage and other leather goods
+3.4
The total for the year to date, therefore, stands substantially 50%
-3.9
+2.1
Books and stationery
the average for the first five months of the preceding four years. The
+7.0
Home furnishings
+1.1
133.0 as
slight falling off in May, the index of employment amounted to
+5.8
.+1.0
Hosiery
+2.4
+0.4
Linens and handkerchiefs
against 134.5 for April, is likely to be followed by perhaps a still larger
9.4
-1.7
Silverware and jewelry
falling off in June. But it does not seem that the records thus far
-12.0
-9.3
and velvete
Silks
established will be seriously impaired. New car registration figures indicate
-12.9
-22.4
Woolen goods
-7.9
an absorption in the market which parallels this huge output. For the
-6.3
Miscellaneous
first four months, new passenger car registrations in the United States
were 47% above the corresponding period of 1928; new commercial car
registrations were 85% above; combined, they averaged 50% above.
Loading of Railroad Revenue Freight Very Large.
-of 20% of the total American
Exports continue in the earlier proportions
Loading of revenue freight for the week ended June 15 and Canadian production.
Car Service Division of the
at a record breaking pace, accordConsumption of crude rubber continues
totaled 1,069,089 ears, the
The estimated consumption
American Railway Association announced on June 25. This ing to the Rubber Manufacturers' Association.
4234
FINANCIAL CHRONICLE
[Vol.. 128.
of over 49,000 tons during May is nearly 5% above the previous record, only 4% behind their
figures for the corresponding five months of a year
which was established in April, and represents an increase of some 33% ago, while they were
19% below at the end ;If the first quarter. Nonabove the consumption of May 1928. For the five months ending June 1st, residential building was 2%
ahead at the end of March and is 3% ahead
consumption amounted to over 30% above the corresponding period of last now. Residential 'building
is still 28% below last year's figures, though
year. Importations continue in large volume. Imports during May were it was 34% below at the
end of March.
some 12% smaller than during April, but amounted to nearly 50% above
This recovery in the construction industry should go a long way towards
imports for May 1928. For the five months period to June 1st, importations sustaining the iron and
steel industry during the anticipated seasonal
amounted to 47% above those for the corresponding period of last year. decline in the demand from
the automobile industries.
Stocke, though, were 10,468 tons smaller than at the beginning of May
There was no appreciable change in the production, shipments, or orders
and 8,166 tons smaller than a year ago this time.
in the lumber industry during May as compared with the earlier months
The tendency to curtail the output of crude petroleum, which manifested of the year, which, on the
whole, have proceeded at lower levels than a
itself during April, seems to have spent itself during May and the early year ago. Rail
shipments of lumber in million board feet have to date
weeks of June. In fact, daily average production during the week ending amounted to about
2% less than a year ago. Loadings of forest products,
June 8th reached the new high figure of 2,724,450 barrels. During the
however, have been on a somewhat higher plane in the last several weeks
week ending June let, it amounted to 2,711,650 barrels. Stocks of crude as compared with
shipments of the first three months of the year.
petroleum at the end of April amounted to over 407,000,000 barrels
-an
Production of Portland cement in May this year was 6.7% less than in
increase of nearly 22,000,000 barrels since the first of the year. Gasoline May 1928. Shipments
were 12% less, and stocks, as of the end of the
stocks on April 301h, amounting to slightly over 47,000,000 barrels, were month, were 13.9%
higher than a year ago.
1,190,000 barrels smaller than at the beginning of the month, but almost
6,100,000 barrels larger than on the same date last year.
aextiles; Shoes; Hides and Leather.
Domestic consumption of raw cotton in May was in line with the high
Iron and Steel; .Vachine Toots and Other Metal Products; Non-Ferrous
rate of consumption during the preceding months, and was the second
Metals.
largest for the current season. The total, 668,000 bales, compares with
Steel ingot production, with the closing of May, established new daily,
the 642,000 bales consumed in April and the 577,000 bales consumed in
monthly, and five-month records. The total for the month, amounting to
May a year ago. It was one of the largest monthly consumptions on
5,273,167 tons, was 4% greater than the output of the previous record
month-last March. On a daily basis, because the month of May contained record. Total consumption to date amounts to 100,000 bales more than
one more working day than March, the increase was only 4%, but the daily for the corresponding season last year.
To a considerable extent these figures reflect the large consumption of
average amounted to 195,302 tons. Total production for the first five
raw cotton by the currently very active rubber tire industry. During the
months of the year was 14% greater than the total for the corresponding
first four months of this year that industry consumed 15% more raw cotton
period of last year and was larger than for any other five consecutive
months. Unfilled orders of the United States Steel Corporation as of than during the first four months of last year, and during the month of
April, 15% more than the average of the preceding three months.
June let were not quite 124,000 tons less than as of May 1st, but as a
Slay consumption of raw cotton in the manufacture of standard cotton
seasonal decline it is a great deal smaller than usual; last year the decrease
cloths was also of large volume, although at a rate 3.8% less than in April.
between these two months amounted to 455,000, and two years ago to
According to returns made to the Association of Cotton Textile Merchants
406,000 tons. This year's relatively small decrease is of special significance
of New York, the ratio of shipments to production in May amounted to
since shipments during May were of record volume. The back-logs of the
industry must, therefore, be of such large dimensions that no serious decline 95.5%, as against 97.6 in April this year and 93.4% in May of last year.
The ratio of sales to production in May this year (five weeks) amounted
in production may be expected for some weeks to come.
Similarly, the May output of pig iron was a record. Daily production at to 81.5%, in April to 71.3%, and in May 1928 to 77.2%. Stocks at the
end of May this year amounted to 367,340,000 yards as against 441,508,009
125,745 tons broke the previous record, that of May 1923, of 124,764 tons.
The month's total output of 3,898,082 tons topped the previous record, yards at the end of May a year ago. And unfilled orders, amounting this
also of May 1923, by over 31,000 tons. The output for the first five time to a volume of 382,512,000 yards, compare with unfilled orders for
months of 1929 exceeded the 1923 output by 760,000 tons. Furthermore, 305,654,000 yards of cloth as at the end of May last year.
May deliveries of raw silk to American mills, approximating 49,000
four more furnaces were in blast at the end of the month than at the
beginning of the month, and the daily operating rate of these 219 furnaces bales, were some 5,000 bales smaller than in April, but by some 3,000
larger than in May 1928. Imports of raw silk during the month were, on
in blast amounted to 126,150 tons, as against an operating rate of 122,980
tons of the 215 furnaces in blast on May 1st. Lake shipments of Lake the other hand, some 2,000 bales larger than in the preceding month.
Stocks on hand, therefore, increased somewhat, but only slightly.
Superior ore broke all previous May records.
Wool consumption during April was over a million pounds greater than
Prices in both iron and steel remain firm.
for the preceding month and over ten million pounds greater than for the
The index of gross orders for machine tools, as computed by the
National Machine Tool Builders' Association, stood at 334.3 for the month corresponding month in 1928. Employment in the woolen and worsted
of May 28 against 319.7 for the month of April. The May figure is goods industries increased from an index number of 96.9 in April to an
practically identical with the index of 334.4 for March and approaches index number of 97.4 in May. May a year ago the index stood at 93.2.
the record, 336.0, for February last. The index of unfilled orders, Consumption for the first four months of this year was of the largest
amounting to 721.0, was a new high record, the previous one, 718.2, having volume since 1923.
Stocks of hides and skins continue on the increase. The total number of
been established the preceding month. On the other hand, the index of
shipments, at 300.8, is a decline from the record March figure of 328.8 and cattle hides held in stock on April 30 1929 amounted to 3,750,000 as
compared with 3,464,000 on April 30 1928. The stocks of sole leather
from the April index 311.1. Unfilled orders thus amount to nearly
two amounted to 4,367,000 items as compared with 2,749,000
a year ago.
and one-half months shipments.
Employment in the manufacture of leather and its products decreased
May orders for freight cars brought the total for the year to June 1st
to further. The price index of hides and leather
products of 106.8 of May
53,260 cars, which compare with the 51,200 cars ordered during the
entire
year 1928. Locomotives ordered to date number 340 as against 132 orders compares with one of 107.9 for April, and 126.3 for May 1928.
up to June 1st last year. On the other hand, the number of passenger
Tradc-Domestic and Foreign.
cars ordered is considerably smaller than the number ordered
during the
Once more, the prediction that the inclement weather of the month would
first five months of 1928-663 as against 1,094. Obviously, orders
for
freight cars and locomotives are making up for a deficiency incurred during curtail retail trade failed to materialize. Department store sales in May
were 2.4% larger than in May a year ago, the number of business days
the preceding year, while there has been a let up in orders for
passenger being the same for the two months. This, however, bolds for the country
ears which were well supplied during 1928.
as a whole. Geograchically considered, the figures are not uniformly
Stocks of copper increased considerably in May ; refined copper gained
nearly 13,000 tons, and blister nearly 8,000 tons. Production of refined cheerful. Increased trade was reported for only seven of the twelve
copper, on the other band, fell off somewhat and shipments were 8,000 tons Federal Reserve Districts, and the decrease in some of the districts; WaS
almoet as large as the increase in others. Thus, the Atlanta district
smaller than in April, and 17,000 tons smaller than in the record month
reported a decrease of 5.7% and the Minneapolis district one of 3.9%,
of March this year. I'rices have remained stationery.
as against an increase of over 6% in the Boston district and one of 6% in
The other non-ferrous metals recorded no appreciable change in either
the Kansas City district.
production or shipments, as compared with the preceding months, nor in
Chain store sales continued their expansion which has been their charactheir price quotations. World consumption of tin reached the all-time
record of 73,265 tons in May, but that was; only some 250 tons above the teristic for a number of months past. To a large and increasing extent,
however, it should agsin be noted, these increases are due to the introducprevious record established in April.
The May index of employment of the National Metal Trades Association tion of additional chain units rather 'than to the increasing average
was only slightly (0.6%) above that for April, whereas the increase business per unit.
The seasonal decrease in wholesale distribution in April was smaller than
between March and April was over 2%. But the May index stood at 17.6%
usual. As ccmpared with the corresponding month a year ago, sales ware
above that of the corresponding month of a year ago. However, increased
employment during May was reported from only 20 localities and decreases 9% larger, an increase being reported for every line covered in the
from 13 as against increases from 27 and decreases from 6 of the localities computations of the Federal Reserve Board. Wholesale prices decreased
1% between April and May.
reported during March and April.
The expansion of our export trade received a jolt last month when for
Building Construction; Lumber and Cement.
the first time in three years imports exceeded exports. Our total merchandise exports for the month dropped to a figure which was lower than for
Building contracts for the month of May, outside the New York State
and Northern New Jersey district, declined only 2% from the preceding any month since August 1928, while imports were the second heaviest for
month, and less than 4% from May a year ago. In the excluded district, any month since March 1926. Total imports, however, declined, along
however, contracts declined 28% from April, and 34% from May of last with total exports, from their April figures.
This excess of imports over exports, of some $14,000,000, has resulted,
year. This poor showing in the New York district is attributed largely to
probably mainly, from the heavy decrease in the total value of our raw
the uncertainties which were generated in the industry by a series of labor
cotton exports, and partly, at least, from the price decline of exported
disputes, now fortunately settled. On the whole, therefore, the construction
industry seems well to be maintaining the recovery which it reported in grain, recorded in the exports column, and from heavy importations of
April. It should be noted that a seasonal decline of some 4% is normal rubber, at higher prices, recorded in the imports column. Final figures are
between April and May. According to the F. W. Dodge Corporation, com- not yet available.
Commercial failures during the month of May, as reported by Bradmercial and industrial building was particularly favored during May,
while public works and utilities registered a slight decline from the high street's, were in number approximately the same as those of April Ode
year and of May a year ago. Liabilities, however, were nearly 38% greater
April records. Contracts for commercial building were 10% larger than
in May last year and 6% larger than in April this year. For the five than in April and 22% greater than in May of last year. Failures, for the
months to June 1, they were 16% larger. Industrial building was 55% five months of the year to date, were 3.8% smaller in number and 1.5%
larger than in May a year ago, 72% larger than in April this year, and, for smaller in liabilities than in the corresponding period of last year.
the corresponding 5 months, they were 20% larger this year than in 1928.
Coal and Freight Car Loadings.
Residential building, on the other hand, decreased substantially throughout
There was an increase of over 9% in the production of bituminous coal
the country, particularly in New York City proper and in Philadelphia.
in May as compared with either the preceding month or the corresponding
While the first quarter of this year had the lowest total of contracts month
of last year. This large production, curling after an unusually large
awarded since 1924, contracts for the first two months of the second quarter output
in April. reflects the continued heavy demand from industry. In
have exceeded the totals for the corresponding periods of all previous years
part, however, the depletion of stocks during the first quarter may have
with the exception of 1928, which was a record year in the construction
caused a considerable increase in demand for coal for purposes of
industry. This improvement has been recorded for all classes of construction
replenishment.
and appears, therefore, to be on a broad enough base to continue for some
Notwithstanding the comparatively low temperature that prevailed duriag
time. At the end of the first five months, public works and utilities were
May, the production of anthracite fell off some 22% from the output of
FINANCIAL CHRONICLE
the preceding month and was even somewhat smaller than the output of the
corresponding month of last year. Total production for the year to June
lit differed very little from the total production of the corresponding
period of last year, however. The relatively large decrease in production
in May, it is felt in the trade, was due partly to the fact that became
householders continued to heat their houses during the month, they postponed laying in stoeks for the coming season. Consequently, the trade
looks for relatively larger production in June and July.
Freight car loadings for the first four weeks of May were nearly 5%
above the corresponding four weeks of a year ago, and 2.8% over 1927.
May loadings, therefore, were the largest on record for the period. Since
the first of the year, the gain over 1928 has amounted to slightly over 4%,
but the total has lacked about 1% to equal the record of 1927. Increases
during May were recorded for every classification of freight, but particularly
for ore, coke and miscellaneous products. The latter category includes
automobiles and automobile parts.
Agriculture.
The index numbers follow:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES(191100.0).
The agricultural situation remains in a state of unsettlement. Since the
drastic reaction in grain prices of last month, some recoveries occurred
here and there. But, pending some definite results from the recent action
of our National Congress, the relatively large carry-over and the unwelcome
promise of an exceptionally good harvest here and in Canada will continue
to shape the course of agricultural prices towards lower levels and the
agricultural situation towards a state of depression. The May price index
for grains stood at 88.2, against the April index of 94.3, and the index
St 127.0 for May 1929.
Money and Credit.
Next to the gloom pervading agriculture, the tightness of credit remains
the most serious adverse factor in the present business situation. The
deflation of security prices which occurred towards the end of the month
resulted in a decline in brokers' loans amounting to nearly 5% of the
outstanding total. But the effect in the money market, excepting on the
oall loan rate, has been negligible. Time money continues to command
the high rate of 8 to 854%. Commercial paper remains unchanged at 6%.
The issue of the nine months United States Treasury Certificates bears
%
4
1
% interest, / above the Federal Reserve Bank discount rate.
4
/
51
Conclusions.
May, therefore, turned out to be much more cheerful as regards industrial and trade activities than has been seriously anticipated by most
business commentators. The universally expected "more than seasonal
decline" haa not materialized. Furthermore, when unfilled orders, and
back-logs, and stocks on hand, and the generally encouraging news that
has come from abroad are taken at their face value, the conclusion must
be reported that the end of the current wave of prosperity is not yet
Is sight.
SirButYear and loin Reed Rib CAI Plate Pork DaMonth. Mae steak roast roast beef chops con Ham Hens Milk ter Ch'se
71.5 68.0 76.1 --------74.3 74.4 75.7 81.4 87.2 85.3 -1907
73.3 71.2 78.1 --------76.1 76.9 77.6 83.0 89.6 8.5.5 ---1908
76.6 73.5 81.3 --------82.7 82.9 82.0 88.5 91.3 90.1
1909
80.3 77.9 84.6 --------91.6 94.5 91.4 93.6 94.6 93.8
1910
80.6 78.7 84.8 --------85.1 91.3 89.3 91.0 95.5 87.9
1911
91.2 90.5 90.6 93.5 97.4 97.7
91.0 89.3 93.6
1912
100.0100.0 00
100.0
tiiio
100.0 100.0 100.0 foiiii 104.1 100.0 101.8 100.0 100.0 100.5 94.4 1--:6
1913
103.6
101.7 102.2
1044
102.0 105.8 103.0 104.4
1914
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.5 99.2 93.4 105.0
1915
109.7 107.4 106.9 106.0 108.3 106.4 109.2 110.7 102.2 103.0 116.7
107.5
1916
124.0 129.8 135.5 130.6 129.8 161.7 151.9 142.2 134.5 125.4 127.2 150.4
1917
162.4
153.2 165.5 15.5.1 166.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 192.8
1918
164.2 174.4 184.1 168.8 166.9 201.4 205.2 198.5 193.0 174.2 177.0
1919
172.1 177.1 167.7 163.8 151.2 201.4 193.7 206.3 209.9 187.6 183.0 188.2
1920
152.8 154.3 147.0 132.5 118.2 166.2 168.3 181.4 186.4 164.0 135.0 153.9
1921
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
1922
153.9 150.2 143.4 126.3 106.6 144.8 144.8 169.1 164.3 155.1 144.7 167.0
1923
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 155.1 135.0 159.2
1924
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5 171.8 157.3 143.1 166.1
1925
162.6 169.6 153.0 140.6 120.7 188.1 186.3 213.4 182.2 157.3 138.6 165.6
1926
167.7 166.4 158.1 148.1 127.3 175.2 174.8204.5 173.2 158.4 145-2 170.1
1927
188.2 188.3 176.8 174.4 157.0 105.7 163.0 196.7 175.6 159.6 147.5 174.2
1928
174.8 173.1 165.2 158.8 142.1 149.0 165.2 192.2 172.8 160.7 150.9 177.4
Jan
176.4 174.4 167.2 160.6 144.6 140.5 161.9 190.3 174.6 160.7 147.0 177.4
Feb
174.2
March... 176.8 175.3 167.2 161.3 146.3 136.2 159.3 187.7 174.6 159.6 1494 172.9
178.3 177.6 168.7 163.1 147.9 149.0 158.9 188.1 177.0 158.4 143.9 172.4
April
158.4
May .... 181.5 181.2 172.2 166.3 150.4 168.6 159.6 190.3 177.0 157.3 142.6 172.4
140.7
188.6 186.5 175.3 172.5 152.9 165.7 160.0 192.2 174.2
June
195.7 196.9 181.8 180.6 157.9 177.6 162.6 198.5 172.3 158.4 141.8 173.3
July
Aug.... 200.8 202.2 184.8 185.0 162.0 190.0 165.9 204.5 172.8 158.4 144.7 173.3
203.9 205.4 189.9 190.0 170.2 211.0 168.1 208.2 177.9 159.6 150.4 175.1
Sept
198.0 200.0 18.5.9 188.8 171.9 179.0 167.8 206.7 177.9 159.6 150.1 175.6
Oct
193.3 194.6 183.3 185.6 171.9 170.0 164.8 203.0 178.4 160.7 152.2 174.2
Nov
174.2
Dec...., 189.8 191.5 180.3 181.9 168.6 149.0 160.4 198.5 177.9 160.7 154.8
1929
181.3 170.2 153.8 159.3 200.0 184.0 160.7 150.7 173.8
Jan.... 190.6 191.0 180.8
152.7 172.9
Feb.... 188.2 189.2 178.8 179.4 167.8 157.1 158.2 199.6 186.4 160.7 152.2 172.9
March.. 188.6 189.2 179.3 180.0 167.8 167.6 158,9201.9 190.1160.7 145.4 1793.
177.1 160.4 203.3 196.2 1594
April.- 192.9 194.6 183.3 184.4 170.2 179.5 161.1 204.8 198.1 159.8 142.3 171.9
198.4 201.3 187.9 190.0 174.4
Retail Food Prices Increased in May.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
17;f7 ee
m
for May 15 1929, an increase of a little more tharTmce
April 15 1929; a decrease' of about one-third of 1(g7E7
May 151928; and an increase of approximately 59% since
Mir15 1913.- The index number (1913=100.0) was 153.8
-in
7=y 1928; 151.6 in rp#1, 1929, and 153.3 in May fff.
The Bureau's survey June 20 added:
During the month from April 15 1929. to May 15 1929, 19 articles on
which monthly prices were secured increased as follows: Potatoes, 17%;
strictly fresh eggs, 6%; oranges, 4%; sirloin steak, round steak, and
.
chuck roast, 3%; rib roast and plate beef, 2%; pork chops, sliced ham,
lamb, hens, macaroni, canned corn, canned tomatoes, prunes, and raisins,
lard substitute, less than five-tenths
1%; and sliced bacon, and vegetable
of 1%. Ten articles decreased: Onions. 10%; evaporated milk, butter and
flour. 2%; lard and rice, 1%; and canned red salmon, oleomargarine,
cheese and coffee, less than five-tenths of 1%. The following 13 articles
showed no change in the month: Fresh milk, bread, cornmeal, rolled oats,
cornflakes, wheat cereal, navy beans, cabbage, baked beans, canned peas,
sugar, tea and bananas.
Changes in Retail Prices of Food by Cities.
During the month from April 15 1929. to May 15 1929, there was an
increase in the average cost of food in 48 of the 51 cities as follows: Cineinnati, Rochester and St. Louis, 3%; Baltimore, Butte, Cleveland.,
Columbus, Indianapolis, Louisville, Philadelphia, Pittsburgh, Portland,
Oregon, Richmond, Scranton, Seattle and Washington, 2%; Atlanta
Boston, Buffalo, Denver, Detroit, Houston, Little Rock, Los Migeles,
Manchester, Memphis, Milwaukee, Mobile, Newark, New Haven, New
Orleans, Norfolk, Portland, Me., Providence. St. Paul, Salt Lake City,
San Francisco, Savannah and Springfield. M., 1%; and Birmingham,
Bridgeport, Charleston, S. C., Chicago, Jacksonville, Kansas City, Minneapolis, New York and Peoria, less than five-tenths of 1%. The following
three cities decreased: Omaha, 1%; and Dallas and Fall River, less than
five-tenths of 1%•
For the year period May 15 1928, to May 15 1929, 33 cities showed
decreases: Cleveland, St. Paul and Springfield, Ill., 3%; Baltimorelt
Bridgeport, Butte, Fall River, Manchester, Peoria, Philadelphia, Portland,
Me.,and Scranton, 2%; Atlanta, Birmingham, Charleston. S. 0., Denver
Indianapolis, Jacksonville, Kansas City, Milwaukee, Minneapolis, Mobile,
Newark, New Haven, New York, Omaha and Savannah, 1%;and Buffalo,
Detroit, Norfolk, Providence, Rochester and Washington, less than fivetenths of 1%. Seventeen cities showed increases: Portland, Ore., 4%;
Los Angeles, St. Louis and Seattle. 3%; Columbus, Houston, New Orleans
and Pittsburgh, 2%; Cincinnati. Little Rock, Memphis. Richmond, Salt
Lake City, and San Francisco, 1%;and Boston, Dallas and Louisville, less
than five-tenths of 1%. In Chicago there was no change in the year.
As compared with the average cost in the year 1913, food on May 15
1929, was 65% higher in Chicago;62% in Richmond and Washington;61%
in Cincinnati and St. Louis; 60% in Detroit; 59% in Scranton; 58% in
Atlanta and Birmingham; 57% In Baltimore, Buffalo and Louisville;
56% in Charleston, S. 0., New York, Philadelphia and Pittsburgh; 55%
in New Orleans; 54% in Boston, Dallas, Milwaukee and Minneapolis;53%
in New Haven, and Providence; 51% in Cleveland and Indianapolis;
50% in Kansas City and San Francisco; 49% in Fall River. Little Rock,
Manchester and Memphis,48% in Newark;47% in Seattle;45% in Omaha;
44% in Los Angeles; 42% in Portland. Oro.; 40% in Jacksonville; 38% in
Denver;and 31% in Salt Lake City. Prices were not obtained in Bridgeport,
Butte, Columbus, Houston, Mobile. Norfolk, Peoria, Portland, Me..
Rochester, St. Paul, Savannah, and Springfield, Ill. in 1913, hence no
-year period can be given for these cities.
comparison for the 16
4235
May...
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL
ARTICLES OF FOOD IN THE UNITED STATES.
Weighted
Food
Pota- 3140- Tea CalFear and Lard Hags Bread Flour Corn Rice toes ar
Index
fee
meal
Month,
84.1 --- 95.0 87.6 --- 105.3 105.3 ---------82.0
1907
84.3
86.1 ---. 101.5 92.2 --.- 111.2 107.7 ....... --1908
88.7
92.6 ---- 109.4 93.9 --- 112.3 106.6 ---- -1909
101.0 109.3 --------93.0
97.7 ____ 108.2 94.9 ---1910
93.5 ____ 101.6 94.3 ---_ 130.5 111.4 --------92.0
1911
105.2 101.6 ---- 132.1 115.1 --------974
98.9 - 1912
100.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1913
102.4
102.3 112.5 103.9 195.1 101.2 108.3 108.2 100.4 99.7
1914
101.3
104.3 88.9 120.1100.2 100.6
98.7 125.0 125.8 108.4
1915
113.7
108.8 130.4 134.6 112.6 104.6 158.8 146.4 100.4 100.3
1916
146.4
192.2 119.0 252.7 169.3 106.9 101.4
139.4 164.3211.2
1917
168.3
164.9 175.0 203.0 226.7 148.3 188.2 176.4 119.1 102.4
1918
185.9
182.0 178.6 218.2 213.3 173.6 223.5 205.5 128.9 145.3
1919
203.4
200.0 370.6 352.7 134.7 157.7
197.4 205.4 245.5 216.7
1920
153.3
147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
1921
141.6
128.7 155.4 154.5 130.0 109.2 164.7 132.7 126.2 121.1
1922
146.2
134.8 155.4 142.4 136.7 109.2 170.6 183.6 127.8 126.5
1923
145.9
138.6 157.1 148.5 156.7 116.1 158.8 167.3 131.4 145.3
1924
157.4
127.6 211.8 130.9 138.8 172.8
151.0 167.9 184.8 180.0
1925
160.6
140.6 167.9 181.8 170.0 133.3 288.2 125.5 141.0 171.1
1926
155.4
173.3 123.0223.5 132.7 142.5 162.1
131.0 166.1 166.7
1927
154.3
134.5 162.5 163.6 176.7 114.9 158.8 129.1 142.3 165.1
1928
155.1
162.0 164.3 160.6 173.3 117.2 176.5 129.1 142.3 162.8
151.6
176.5 129.1 142.1 163.1
124.9 164.3 160.6 173.3 117.2
Feb_
151.4
107.2 162.5 160.6 173.3 116.1 200.0 129.1 142.8 163.8
March_ 152.1
163.6 176.7 114.9 205.9 129.1 141.9 164.1
103.8 162.5
Apr11._
153.8
103.7 162.5 169.7 176.7 114.9 194.1 130.9 14.1.9 164.4
May __.
152.6
112.5 164.3 172.7 176.7 118.8 170.6 132.7 1,42.1 165.1
June
152.8
135.3 132.7 142.3 165.1
120.6 164.3 169.7 176.7 114.9
July
164.2
130.4 164.3 163.6 176.7 113.8 129.4 129.1 142.3 165.8
157.8
176.7 114.9 129.4 137.3 142.3 166.1
146.1 162.5 160.6
Sept .._
1564
157.4 162.5 157.6 176.7 113.8 129.4 125.5 142.5 166.4
157.3
171.9 162.5 154.5 176.7 112.6 129.4 123.6 142.3 166.8
Nov
155.8
169.3 160.7 154.5 176.7 119.8 129.4 121.8 142.1 166.8
1929164.6
146.7 160.7 154.5 176.7 112.6 135.3 121.8 142.6 166.1
154.4
142.3 180.7 154.5 176.7 112.6 135.3 120.0 142.6 166.1
.
Feb_
153.0
122.0 160.7 154.5 176.7 112.6 135.3 118.2 142.8 166.4
Mareh_,
151.6
111.5 135.3 116.4 142.6 166.4
106.7 160.7 154.5 176.7
Apr11_
153.3
112.5 160.7 151.5 176.7 111, 158.8 116.4 142.5 166.1
May - - 0-amm.4 mnowoo,a-ww0.0-,UNt8ZUSEg=ignia8SSI
bbeiobbiL,.:4A14
JUNE 29 1929.1
United States Department of Labor to Sponsor a
National Index to Labor Turnover.
Employment and unemployment statistics on half a million workers, known as the National Index to Labor Turnover, will become a permanent feature of the United States
Department Of Labor on July 1. After that time the data,
compiled by the Policyholders' Service Bureau of the Metropolitan Life Insurance Company and presented to the U. S.
Bureau of Labor by the insurance company, will be at the
service of employees generally throughout the country. It
will be kept up to date and added to by Government experts.
An announcement regarding the matter says:
The National Index to Labor Turnover grew out of a meeting of the
American Statistical Association in New York, in December 1925, when
the insurance company was requested by the U. S. Department of Labor
to undertake the task of securing accurate employment figures, as a
contribution to the industrial welfare of the country. Its statistics have
been gathered from 850 manufacturers in 22 States and is the first study
of this kind ever made.
Secretary of Labor Davis, in receiving these statistics from James L.
Madden, third Vice-President of the insurance company, under whose
direction they were compiled, said:
"Continuity of employment is of prime importance to labor. High
wage rates mean nothing unless a man has a job and holds it. To the
employer it is most important to keep his employees at work, for continuous
and heavy change in personnel works injury to his business. It means
lost motion, lost time, lost money in continually breaking in new employees-extra strain on foremen in close supervision and anxiety as to the quality of the new man's work, risk of spoiled material.
4236
FINANCIAL CHRONICLE
"A continual influx of new labor prevents the close team-work essential
to a well managed factory, yet in the past employers have apparently
looked upon labor turnover as an endemic dispensation of providence that
must be borne. Now far-sighted employers realize that labor turnover is to
a great extent a controllable disease. Turnover statistics may be compared
to the physician's clinical thermometer which, when it reaches a certain
point, indicates fever and something wrong."
Accurate labor turnover statistics of comparable establishments, declares
Secretary Davis, will show what's wrong in any institution, in which the
labor turnover rate is high, and in urging employers to compile data and
render reports to the Government on the subject. He said that "the object
of the . Department of Labor will be to help both the worker and the
employer by developing the statistical material and by advancing methods
whereby the turnover of labor may be kept at the lowest possible point."
The Guaranty Trust Company of New York on Trade
Conditions.
The exceptional level of activity that has characterized
trade and industrial operations since the beginning of the
year has been well maintained in the last few weeks, states
the current issue of the Guaranty Survey, published on
June 24 by the Guaranty Trust Company of New York.
"Both wholesale and retail trade appear to be on a moderately large scale than a year ago," the Survey continues.
"The leading industries are still operating at nearly, if not
quite, the highest levels in their history. On the whole,
the situation is unusual and attests the strength of the
business momentum developed in the last few months."
The Survey goes on to say:
[VOL. 128.
now follow change in crop prospects, combined with a skillful handling
of the marketing process by experienced managers, may even result in some
Increase in net farm returns. Improvement in this direction, however, will
necessarily be slight. Over any period as long as a marketing season, the
average price of a farm commodity will continue to be determined, as It
has been in the past, by the world demand as against the world supply. If
those who are placed in charge of the marketing of the crops attempt to
realize an arbitrary price by withholding a considerable portion of any
year's supply, their difficulties during the following season will be that
much greater; and any attempt to use radical measures will cause prices
to move even more erratically than they have in the past. A partial
smoothing out of price fluctuations may conceivably be effected, but a
permanent raising of the level is out of the question.
Law Cannot Effect Lasting Recovery.
"Any marked and lasting improvement in the position of agriculture
must await one of two developments: a higher level of relative prices of
farm products through a curtailment of supply or a gradual growth of
demand, or an increase in net returns through a reduction of costs. The
first of these factors is an entirely natural economic reaction; and its has
already been going on for some years, though not in a drastic way. The
second has been even more clearly evident in the increasing use of machinery
and fertilizers and the scientific study of methods In production and distribution.
"There are many evidences tending to show that recovery is under way.
Statistical measurements of total farm returns indicate that the aggregate
income of farmer during the season now closing was greater, in terms of
actual dollars received, than that of any other season since the deflation of
1921. Sales of agricultural implements, fertilizers, general merchandise
through the mall-order houses, and automobiles in the farming districts
have for some years suggested a gradual increase in agricultural purchasing
power. Other factors that seem to confirm these indications are the slowing down of the movement of farm population into the cities and the marked
decline in the number of bank failures, particularly in agricultural sections.
"The outlook for the coming season is still highly uncertain, though it
may be said that the present prospect, as far as the grains are concerned, is
for a year of high output and low prices. The violent decline in prices of
wheat and other grains a few weeks ago reflected chiefly a large world
carry-over into the new season and generally favorable prospects for the
1929 crops, but it was probably aggravated by the speculative situation
in the grain markets and uncertainty as to the outcome of the farm relief
controversy. The recovery this month leaves prices of the principal grains
still from 20 to 30 per cent, below the high points for the year."
Seasonal Recession in Order.
"Although no signs of severe distress have appeared In markets for
manufactured goods, it is obvious that the present rate of industrial
activity cannot be maintained indefinitely. Some seasonal recession
is in
order within the next few weeks, and this normal midsummer lull
may be
made the occasion for a general scaling down of operating schedules.
Unless
the industrial expansion has proceeded further than appears on the
surface,
it is not unreasonable to suppose that the usual revival of activity
may be
witnessed in the early autumn.
"On the other hand, the developments of the last few weeks suggest that Canadian Crop Conditions—Reports to the Bank Jo
curtailment of activity may be deferred for some time. It is to be hoped
Montreal.
that such a course of events can be avoided;for, if a normal or greaterthannormal summer slackening fails to appear, the corrective process, when
Below will be found a brief synopsis of telegraphic reports
it
comes, will probably be more severe than it would be at present. In
other received at the head office of the Bank of Montreal from Its
words, if a downward revision of operations Is necessary, it is
desirable branches.
from every point of view that it should come as soon as possible.
The branch managers have complete and intimate knowledge of each local situation and are in close
Industrial Operations Still at High Levels.
"Taken as a whole, the gains in trade volumes are distinctly
touch with crop conditions in all sections of the districts
less impressive than the increases shown by operations of the basic
Industries. mentioned. The reports are of dare June 27:
As usual, the general trend is fairly well typified by
the trend in iron
steel manufacture. The output both of pig iron and of steel ingots and
GENERAL.
lished new high records last month, and yet the volume of unfilled estaborders
Crops in the Prairie Provinces are backward and a week to ten days
reported by the United States Steel Corporation declined only
moderately. later than at this time last year. Cool weather is retarding growth, but
So far this month there has been no visible decline in
production. The this and scattered showers generally have prevented
serious damage from
rate of deliveries to automobile producers, who consumed nearly
one-fourth drought. Few districts are actually suffering from lack of moisture
of all steel produced in the first five months of the year, has
and
declined; but all crops would benefit from good steady rain, followed
by warm weather.
demands from other users appear to have taken up the slack,
and trade In Quebec all crops are
late, but are making rapid growth. In Ontario
authorities do not hesitate to predict that it will be some
weeks before good showers
have been reported from a few scattered districts, but there
any sharp curtailment sets in. It is admitted, however,
that new orders
has been no generafrain, and while crops so far have made fair progress,
are no longer being booked In such volume as they were a few
weeks ago. they are
now commencing to show the effects of the long dry spell. In the
"The anticipated recession in motor-car output commenced
in May and
Maritime Provinces much needed rains have improved generally favorable
has proceeded further this month, although production is
better maintained
crop prospects. In British Columbia warm weather, following heavy rains,
than it has been at this season in many earlier years.
Producers admit
has been beneficial and crops generally are in a healthy condition. Details
that, in general, stocks both of new and used cars are
heavy; but they
follow:
assert that sales of used cars are satisfactory and that large
stocks of new
vehicles are fully warranted by demand. In some localities
PRAIRIE PROVINCES.
where sales
have been disappointing, the situation is attributed to
bad weather, and
Alberta Western Area.—There have been no general rains for several
It is expected that the deferred demand will make Itself felt in the
next few weeks, and crops in the northern part of this area have suffered from lack
weeks. A number of important producers are making
preparations for of moisture, although those on good Summer fallow are doing fairly well.
the introduction of new models, which will necessitate curtailed
or sus- Frost has done some damage. Conditions south of line from Drumheller
nended operations in the near future. Altogether, the sentiment
of the through Acme and Olds are favorable, although rain would be welcome.
industry is decidedly optimistic, despite the existence of certain
factors The sugar beet crop is making good progress.
that might be considered disquieting under other conditions.
Alberta Northeaster Area.—While there have been intermittent showers,
-n
crops have suffered greatly from lack of moisture, high winds and frost.
Improvement in Building and Textiles.
Pastures are drying up.
"The total volume of new construction continues to run below
the
Alberta Southeastern Area.—Oonditions continue favorable, but crops are
a year ago, although recent reports have been more encouraging than totals
those about a week later
which appeared earlier in the season. Residential building is
than usual. Alfalfa and hay crops are good.
apparently
Saskatchewan Northern Area.
still on the downgrade, while most other types of constructio i
--There is sufficient moisture for present
are mainneeds over practically the whole area. Crops are in satisfactory condition
tained at high levels.
but backward.
"Cotton textile producers are in a fairly strong position—certa
inly
stronger than a year ago. The heavy output of the last few months
Saskatchewan Southern Area.—Except in the southwest of the district,
has
been accompanied by an active demand from consumers, so thra
where rain has fallen, cool and dry weather is adversely affecting crops,
sales and shipments have compared favorably with production.
The rata and growth is slow although the crops still have a healthy stand.
Is that stocks of finished goods are materially smaller than they
Manitoba.—Early sown grain is well stooled and making satisfactory
were at this
time last year, while unfilled orders are larger.
progress. Wheat in many districts is in shot blade. Good steady rain and
"While there has been no essential change in the position of the coal warm weather would be beneficial.
Industry, conditions have improved somewhat as a result of the demand
PROVINCE OF QUEBEC.
occasioned by general industrial activity. Bituminous coal output
last
month was considerably larger than in April or May a year
The warm weather and recent rain during the last week have been ideal
ago, but
prices remained substantially unchanged.
for growing and conditions are satisfactory. Grass pastures are in good
"The conference on oil conservation held this month at Colorado Springs condition. Apple trees set well and small
fruits are promising. Tobacco
made little apparent progress toward a solution of the problem.
planting has been done under favorable conditions.
It was
apparent from the beginning that the delegates were far apart in their
views, and the only action taken was a resolution providing for further
PROVINCE OF ONTARIO.
study of the question. In the meantime, the output of crude petroleum
Fall wheat is now heading out with a fair length of straw, and a good
has mounted to a new peak for all time.
average crop is expected. Haying has commenced in Western Ontario and
the crop will be a good average. Spring wheat, oats and barley were
Farm Relief Act.
"The farm relief bill, with the export debenture plan eliminated, became planted late and the growth has been retarded owing to dry weather. Root
crops are looking well. Tobacco planting is just completed under fairly
a law on June 16. It will probably accomplish as much for the farmer as
any piece of legislation could do, although its effectiveness will depend favorable conditions. Strawberries, which gave good early promise, are
largely on the wisdom with which it is administered. With export deben- drying up, and the yield will be only about 50% of an average crop.
Other small fruits are similarly affected to a lesser extent. Apples give
tures, equalization fees, and other price-bolstering devices removed,
the
law is based on the principles of balanced production and orderly marketing promise of a heavy crop, while peaches, plums, pears and cherries are fair
only. Pastures are urgently in need of rain.
rather on any trabsIdy, direct or indirect, to producers.
"As long as 'orderly marketing' is interpreted as a stabilization, not a
MARITIME PROVINCES.
raising, of prices, there is no reason why the plan cannot operate smoothly;
Recent rains have much improved prospects. Grains are making good
and in course cr time the elimination of the drastic price movements that growth and hay
promises well. Grass pasturage is excellent. The planting
JUNE 29 1929.1
FINANCIAL CHRONICLE
showing and
of potatoes is about completed. Some early varieties are
look well. Apples are setting heavily. Small fruits are promising.
PROVINCE OF BRITISH COLUMBIA.
indiWater for irrigation is now plentiful. Pasturage is abundant, and
well,
cations point to a heavy yield of field crops. Tree fruits are doing
and small fruits are making rapid growth.
Canadian Commerce Reaches a New High Peak.
The Bank of Montreal under date of June 22 furnishes
the follaiving interesting account of business conditions in
Canada:
4237
ing, apparently, the influence of the recent labor dispute
in New York City. In the territory outside of this district,
the decline was less than 2% from April of this year as
compared with a normal seasonal decline from May of 4%.
Of the eight districts mentioned below,five showed increases
over the preceding month, one showed a decrease from April
of this year, but an increase when compared with May 1928,
and only two showed decreases from both April of this
year and May of last year. In the total contracts awarded
imin the 37 States, the following classes were the most
portant: $192,014,600, or 33%, for residential building;
$139,388,200, or 24%, for public works and utilities; $86,470,700, or 15%, for commercial buildings; $80,768,900, or
14%, for industrial buildings, and $38,195,100, or 6%, for
every
In the half-year drawing to a close, Canadian commerce, in nearly
branch, has reached a higher peak. Foreign trade, railway traffic, manufactures, mining, building operations and agriculture in the large have
been of greater volume and value than ever before. Employment has never
been more brisk, nor balance sheets better. Diffused prosperity, the rising
educational buildings.
tide of which set in five years ago, continues. A relatively large progrem
Total contracts awarded for the first fire months amount
of railway construction has been entered upon, development of water power
and mineralresources is unabated, new manufacturing industries are being to $2,485,655,700 as compared with $2,794,401,300 for the
planted in the Prairie Provinces, factory facilities are being enlarged in
corresponding period of last year, a decrease of 11%. New
the central provinces, and a distinct improvement in business has been
by preferential railway rates. Large work reported in the contemplated stage in May amounted
brought about in the Maritimes
expenditures of public money on highways have given employment to to $847,156,600, a decrease of 10% from the previous month
labor and impetus to business, bringing in their train a great influx of
of last year. Details are given as
tourists whose disbursements are estimated to reach $300,000,000 this and of 4% from May
year, and so aid in redressing Canada's adverse trade balance with the follows:
United States. The dark spots of the picture number stock market
New York State and Northern New Jersey.
Jersey
recession, decline in the price of wheat and coarse grains, congestion of
Total contracts awarded in New York State and Northern New
grain at terminal points wibh consequent loss to lake shipping, and during the past month amounted to $122,474,600, a decrease of 28% from
chain
This
business mortality occasioned by competition of departmental and
the April total and a decrease of 34% from the May 1928 total.
stores.
due largely to the decrease in building of the residential and
business will, as always, hinge upon the state of decline was
The future trend of
public works and utility classes.
agriculture. Unpropitious weather during the Spring months delayed
The May total in this district included the following classes: $46,209,300,
farm work the country over and seeding was not completed until June, or 38%, for residential building; $24,130,500, or 20%, for public works
but like conditions in the past have not prevented good crops, and save for and utilities; $22,487,500, or 18%, for commercial building, and $10,lack of adequate moisture in some sections of the Prairie Provinces, the 799,400, or 9%, for educational building.
agricultural outlook does not give cause for discouragement.
year
The total construction contracts for the first five months of this
The foreign trade of Canada was again unfavorable in balance in May,
amounts to $579,763,600, a decline of 24% when compared with the first
imports having risen in value $9,640,000, while exports of domestic
five months of last year.
produce decreased $10,540,000 as compared with the corresponding month
$255,New contemplated work reported during the month amounted to
last year. The adverse balance since March has now increased to $47,decline of 36% from the preceding month and 4% less than the
and the significance of this situation is found in comparison. In 983,400, a
642,000,
total reported for May of last year.
1926 there was an excess of imports in the two months of $2,346,000,
New England States.
in 1927 an exxcess of exports of $17,410,000, in 1928 an excess of
The total volume of contracts awarded in the New England States for
imports of $4,953,000, and this year an exxcess of $47,542,000. The
receding favorable balance of trade cannot be ignored, and in it may be the month of May amounted to $43,745,300. This total is 7% greater than
the volume for the preceding month, but 28% less than the total contracts
found some of the source of the premium on New York funds.
Car-loadings reveal a satisfactory trade condition, the cumulative total awarded in May of last year. It should be remembered, however, that the
is
to June 8th being 22,639 cars larger than last year, and 92,057 cars larger May 1928 total was the largest on record, and therefore, this decrease
than in 1927; this despite considerable decrease in grain shipments and in not significant. The total volume for the important classes of work was as
loadings of pulpwood and live stock. Merchandise and miscellaneous follows: $16,999,000, or 39% of the total construction for residential
loadings indicate much business activity, particularly in the Eastern buildings; $6,701,200, or 15%, was for public works and utilities;
Division where this class of freight principally originates, 33,895 more cars $5,833,900, or 13%, for educational buildings; $4,421,000, or 10%, for
being employed in moving these commodities since January let than last commercial buildings and $4,135,500, or 9%, for industrial buildings.
The volume of construction since the first of the year in this district
year. Canadian railway gross earnings in the four weeks ending June 14th
amounted to $172394,900, as compared with $206,987,100 for the correshow an increa:se of $278,700 over last year.
The newsprint industry has again got into its stride, mills working in sponding period of last year, a decrease of 17%.
The amount of contemplated projects reported in May was $52,255,900,
May at a closer ratio to capacity than for many months past. That
ratio was 87.6%, being ten points higher than in February, with a an increase of 19% from the preceding month and an increase of 9% as
production of 245,644 tons, compared with 221,784 tons in April, and compared with the total for May 1928.
203,811 tons in May of last year. Aggregate production in the elapsed
Middle Atlantic States.
five months of the current year, 1,084,966 tons, was 114,000 tons more
The construction record in the Middle Atlantic States (Eastern Pennsylthan in the same period in 1928, and more than double production in 1923.
New Jersey, Maryland, Delaware, District of Columbia and
The automobile industry is experiencing some seasonal slackness after a vania, Southern
to have the same downward trend as occurred in the New
period of production unprecedented. The output of passenger cars in Virginia) appear
Northern New Jersey district The decline in the volume
April was 70% larger than in the corresponding month last year, and York State and
44% as compared with the total volume for April
in May the output was still greater. The export trade also enlarges, of contracts awarded was
the May 1928 total. Included in the May total,
shipments abroad of motor vehicles and parts having increased in April and and a decline of 23% from
amounting to $59,419,500, were the following important classes of conMay from 94,625,000 in 1928 to $7,405,000 this year.
the month's total, for residential
Building construction continues on a larger scale than ever before. struction: $23,441,200, or 39% of
public works and utilities; $7,077,700,
Permits issued in May in 61 cities amounted to $23,007,000, and the buildings; $12,492,500, or 21%, for
$5,952,100, or 10%, for educational
cumulative value of permits issued during the last five months readied or 12%, for commercial buildings;
industrial buildings.
$96,551,000, being $16,300,000 more than in the like period last year and buildings, and $2,968,800, or 5%, for
The May contract total brought the amount of new construction work
double the value of permits in 1924. Engineering and other forms of
this year up to $324,138,500, a decrease
construction bring the figures for May up to $64,859,000, the total being started for the first five months of
period of last year.
fairly evenly divided ,between residences, public works and utilities, busi- of only 7% from the corresponding
Contemplated projects as reported last month amounted to $134,113,900,
ness and industrial buildings. Average wholesale prices of building
over the preceding month's total and a decrease of
materials were 3 points higher in May than last year and the year before. an increase of 42%
for the corresponding month of last year.
Wholesale trade presents no special feature. A fair volume is reported less than 3% from the total
Pittsburgh District.
by dry goods and grocery merchants, while iron, steel and other metal
trades are brisk, as well as suppliers for building construction. The drop
The construction record in the Pittsburgh District (Western Pennsylin prices of wheat and coarse grains may react unfavorably on implement vania, West Virginia, Ohio and Kentucky) for the past month amounted
Textile mills have slowed down somewhat from the activity to $71,472,100. This total was 17% ahead of April 1929 and 8% above
manufacturers.
'
of recent months, but those engaged in production of tires and of artificial the May 1928 total. The following were the most important classes of
silk are working full time. The boot and shoe industry is olny moderately work included in the May construction record: $24,900,600, or 35%, for
busy, production running below that of a year ago.
public works and utilities; $18,463,500, or 26%, for residential building;
The statement of chartered banks at the close of April discloses some $15,316,500, or 21%, for industrial building; $4251,500, or 6%, for
circulation, which in March had expanded by commercial building, and $3,517,600, or 5%, for educational buildings.
interesting figures. Note
the unusual amount of $26,400,000, as sharply contracted $17,800,000 in
The Pittsburgh District is one of two districts which have a total of
April to a figure slightly above that of a year before. More significant is contracts awarded to date amounting to an increase over the corresponding
the expansion of current commercial loans in Canada, these having increased period of last year. The total for the first five months of this year was
$26,400,000 in April to a total of $1,320,500,000, being $145,000,000 more $292,858,000 as compared with $287,409,200 for the first five months
than at the same date in 1928 and $298,000,000 more than two yams ago, of 1928.
indicating very definite business expansion.
The amount of new work reported as contemplated in this district
during the past month was $75,047,100, an increase of 4% over the
preceding month, but a decrease of 7% when compared with the same
MaylBuildingiConstruction Record Shows Slight month of last year.
The Central West.
Decline—F. W. Dodge Corporation's Review of
In the Central West (Illinois, Indiana, Iowa, Wisconsin, Southern MichiBuilding and Engineering Work in the 37 States
gan, Missouri, Kansas, Oklahoma and Nebraska) the upward trend of
East of the Rocky Mountains.
construction activity continued during the month of May. Total building
Contracts awarded in the territory east of the Rocky and engineering work amounted to $199,136,400, an increase of 18% over
month and an increase of 3% over the corresponding period of
Mountains during May amounted to $587,765,900, according the preceding most important classes of work included in this total were
last year. The
This amount represents as follows: $64,570,600, or 32%, for residential buildings; $42,795,400,
to the F. W. Dodge Corporation.
a decline of 9% from the preceding month and 12% from or 22%, for public works and utilities; $36,498,400, or 18%, for industrial
buildings, and $35,435,800, or 17%, for commercial buildings.
May 1928. The most significant decline occurred in the
In spits of the favorable trend of the construction attivity in this district
New York State and Northern New Jersey district, indicat- the total amount of contracts awarded this year to date was $740,476,300;
4238
FINANCIAL CHRONICLE
representing a decrease of 10% from the total for the corresponding
period
of 1928. It should be remembered, however, that the first half
of last year
had an exceptionally high record.
The volume of new work reported in the contemplated stage amounted
to
$189,636,700 for the past month. This amount Is 11% below the
total for
the preceding month and 16% below May of last year.
I Vol.. 128
Davis, statistical editor of the McGraw-Hill Publishing
Company. The actual peak in operations, without adjustment for seasonal influences, was recorded in February.
Corrected for seasonal influences, however, the high point
appears to have been reached in May. As to the future, Mr.
Davis believes that the favorable factors outweigh the
unfavorable points, and from present indications the third
quarter should witness a rate of manufacturing activity
relatively greater than in the corresponding period last
year. Some recession in manufacturing operations is now
in sight, but the drop promises to be less than normal.
Continuing, Mr. Davis said:
The Northwest.
Contracts awarded in the Northwest (Minnesota, the Dakotas and Northern
Michigan) reflected the upward trend of construction activity
in progress
since last February. The total amounted to $13,322,40 for
0
the past
month, an increase of 21% over the preceding month and over
40% ahead
of the May 1928 total. The important classes of constructio included
n
the
following: $6,973,900, or 52% of all constructio
n, for public works and
utilities; $2,442,100, or 18%, for residential buildings;
$1,232,900, or 9%,
for commercial buildings; $683,500, or 5%, for educationa
l buildings, and
$648,300, or 5%, for industrial buildings.
The gain in activity has been nationwide.
The Northwest is the second district reporting a larger
Every section of the country
total for the first
reported an average rate of productive
five months of this year than the corresponding period
operations well above last year.
of last year. 'Me Operations
in the New England district were about 10% above
amount of new work started to date was $39,768,100, an
the level
increase of 45% recorded
in the first half of 1928. The increase in
over the corresponding period of last year,
the Middle Atlantic
States amounted to 12%; the North Central
New contemplated work reported during the past month
States, 15%; the South, 0%,
amounted to
and the Western States 21%.
$16,545,800, an increase of 5% over the April total and
more than 89%
Outstanding gains were made in the first
ahead of the total for the corresponding month of last
half as compared with the
year.
same time last year by the rolling mills and
steel plants, ferrous and
The Southeastern States.
non-ferrous metal working plants, automobiles
and parts manufacturers,
rubber products industry, food products industry,
New building and engineering work started in the Southeaste
and the textiles industry.
rn States Average rate of
operations in the rolling mills and steel
(the Carolinas, Georgia, Florida, Tennessee, Alabama, Mississippi
plants was
, Arkansas about 27.4% greater
than in the first half of last year. Operations in
and Louisiana) reached a total of $56,440,000. Although
this amount was textile industry
the
were about 12.8% above last year, but
14% below the total for the preceding month it was, however,
considering the
13% greater fact that this
industry in the first six months of 1928
than the total for May of last year. Of the classes of work
experienced a
the following material
recession in activity, the increase for the current year
were the most important: $15,032,500, or 27% of the total constructio
is not
n, particularly encouraging.
for industrial buildings; $14,388,900, or 25%, for public
works and
Activity in the forest products industry during the first
utilities; $13,531,800, or 24%, for residential buildings,
six months of
and $7,774,300, the year was
somewhat lower than last year, the decline amounting
or 14%, for commercial buildings.
to
approximately 2.6%. The leather industry also presented
The April contract record brought the amount
a rather unfaverof new building and able picture,
operations in this field showing a decline, contrasted
engineering work started in this territory during the first five
with
months of the same time
last year of 12.7%
this year up to $237,242,000, a decrease of less than 2% from
the amount
The favorable business indicators are: Confidence
started during the corresponding period of last year.
in President Hoover;
application of the provisions of the farm products
New work reported in the contemplated stage showed a decided
distribution measure
increase recently enacted
by Congress; generally low stocks of merchandi
during the past month. The total amounted to $77,658,400,
se; little
an increase indication
of over-production by manufacturers; almost
of almost 18% over the previous month's total, and an increase
universal full
also of 2% employment
with high wages; high level of general constructio
over the total reported during May last year.
n, and feeling
among business men that the stock gambling
frenzy has run its course.
Texas.
On the unfavorable side, Mr. Davis lists: Continue
• The State of Texas had $21,755,600 in contracts awarded
d tightfor new ness of money;
unseasonable weather in some sections of
building and engineering work during the past month. This
amount
represents an increase of 15% over the total for April, but a
the country; the decline in prices of agricultural commodi
decrease of
19% from the total of May of last year. The most important
classes of ties, especially wheat and corn; severe
competition as a
work in the May building record included the following:
$7,005,200, or result of
rapid spread of chain stores, and the tendency
32% of the month's total construction, for public works and
utilities;
$6,357,100, or 29%, for residential buildings; $3,790,000, or
17%, for toward extravagance on the part of the wagesearner resultcommercial buildings; $1,505,200, or 7%, for educationa
l buildings and ing in large volume of installm
ent buying.
$853,900, or 4%, for industrial buildings.
The amount of new construction work started in this State
in the past
five months amounted to $99,013,800, as compared with
$102,979,000 for
the corresponding period of last year, a decrease of 4%.
Consumption of Electrical Energy in Philadelphia
New work reported as contemplated during the past month
in this State
amounted to $45,911,400, an increase of 37% over the preceding
Federal Reserve District.
.
month and
also an increase of 33% over the corresponding month of last
year.
Industrial consumption of electrical energy
Real Estate Activity Index Figure Is 88.6 for May,
National Association Reports.
May real estate activity is indicated by the figure
88.6,
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
April
was 85.7.
This is the ninth index figure to be computed by
the
Association in the new series. Formerly the Associat
ion
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
82.3
April
99.8
102.4
100.0
90.6
82.6
85.7
May
100.9
107.9 100.0
91.2
90.2
88.6
June
88.2
97.4
100.0
87.8
84.2
......
July
94.4
106.8
100.0
94.1
84.3
.._
August
96.3
107.0
100.0
96.1
91.3
--.
September
96.0
109.0
100.0
91.2
83.8
--October
103.0
112.6
100.0
94.7
95.0
--November
92.5
105.7
100.0
96.9
89.9
December
99.9
109.6
100.0
95.7
85.6
*(Activity for each month of 1926 is taken as the normal of activity for that month.)
Industrial Activity as Measured by Consumption of
Electrical Energy.
Industrial activity in the United States in the first half
of 1929, as measured by consumption of electrical energy,
established a new high mark. The average rate of operations in manufacturing plants in the six-months' period was
13.4% greater than in the corresponding period last year
and fully 16.6% above the 1927 level, according to Robert M.
during May
increased further by almost 5% and was about 27%
larger
than in May 1928. Total sales of electricity also showed
a
slight gain in the month and nearly 33% in comparison with
a
year earlier. Production of electric power by 12 system of
this district was slightly below that of April, but nearly
27% in excess of the quantity generated in May 1928.
Comparisons follow:
Electric Power.
[Philadelphia Federal Deserve
District (12 Systems)I
May.
Rated generator capacity
Generated output
Hydro
-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial_ _
Power
Municipal
Street cars and railroads
Industries
All other sales
1,781,000 k.w.
553,140,000 k.w.h.
221,291,000 k.w.h.
212,026,000 k.w.h.
119,823,000 k.w.h.
455,558,000 k.w.h.
78,782,000 k.w.h.
8,591,000 k.w.h.
70,191,000 k.w.h.
285,448,000 k.w.h.
5,187,000 k.w.h.
51,818,000 k.w.h.
228,443,000 k.w.h.
91,328,000 k.w.h.
Change
from
April
1929.
-0.0%
-0.3%
+8.4%
-7.0%
-2.1%
+0.3%
-7.3%
-7.1%
-7.4%
+3.3%
-2.6%
-1.5%
+4.6%
-1.8%
Change
from
May
1928.
+7.3%
+26.5%
+59.8%
-6.4%
+46.1%
+32.6%
+9.7%
+8.3%
+9.8%
+23.1%
-4.4%
+13.2%
+27.1%
+98.7%
Advance Report on Wholesale and Retail Trade in
Philadelphia Federal Reserve District During May.
The following report on wholesale and retail trade during
May 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
MAY 1929.
Net Sales During Month.
Storks al Mut 0/Mo.
hides Numbers
Compared Compared Compared Compared
(P. Ct. of 1923-1925 urith
With
with
with
Monthly Average). Previous
Previous
Same
Same
Month. Month
Month.
Month
April '29. May 1929
Last Year.
Last Year.
Boots and shoes__ - *75.6
Drugs
*112.5
Dry goods
*57.2
Groceries
92.4
Hardware
*97.9
Jewelry
*72.0
Paper
*102.9
77.4
107.2
55.2
98.9
95.8.
84.2
103.3
+2.4% -14.0%
-4.5
-3.5
-14.7
+7.0
+1.0
-2.6
--2.3
+19.4
+31.6
+9.5
+0.4
10
-1 -1.1
---6.4
---1.3
---2.2
---0.6
+2.3
-4.6
-8.7
-2.9
FINANCIAL CHRONICLE
JUNE 29 1929.1
Accounts Outstanding
at End of Month.
Cale:atom
During Month.
Compared Compared Ratio to Compared Compared
with
with
Net Sales
with
with
Same
Same
During Previous
Previous
Month
Month
Month
Month
Month
Last Year
Last Year
-3.2% -9.6%
-12.4
-2.9
-8.4
-1.5
-1.7
+3.1
+1.5
+0.4
+5.9
+0.5
+8.8
+5.7
Boots and shoes
Drugs
Dry goods
Groceries
Hardware
Jewelry
Paper
403.9% +2.3% -9.0%
-5.3
-6.8
132.9
-10.5
-7.7
305.4
+1.3
+6.4
117.6
+0.7
+612
195.6
+52.1
-5.6
425.7
-0.4
-12.1
138.1
•Revised.
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF MAY 1929.
Net Sales.
Index Numbers
of Sales
Jan. 1 to
(% of 1923-25
May 1929 May 31
Monthly
Compared Compared
Average).
with
with
Same
May
1928. Period a
April May
year Ago.
1929. 1929.
-0.3
-2.6
95.9
*95.2
All reporting stores
-1.0
-4.0
93.7
Department stores...-. •92.1
In Philadelphia
+0.7
-0.7
Outside Philadelphia_
+4.9
9.1
--0124.2 1 -Apparel stores
-I-b:i
+2.9
97.8
Men's apparel stone_ _ *87.5
+6.8
+5.2
--__
_
_
. . __
In
-4.7
OuteldePhiladelphia --------+1.0
Philadelphia_+7.1
+5.5
Women'sapparelstores •140.1 128.5
+8.5
+6.7
____
____
In Philadelphia_ _
-2.4
OutsidePhiladelphia ---------2.3
+1.1
-3.0
131.6
•111.5
Shoe stores
-3.7
+3.5
087.3 100.8
Credit stores
Stores in:
-0.5
-3.4
94.6
•99.0
Philadelphia
Allentown, Bethlehem
-0.3
-0.1
98.5
*106.4
and Easton
+5.5
-0.2
85.2 102.9
Altoona
+2.7
+0.2
*79.4 108.0
Harrisburg
-3.4
-4.4
77.0
065.4
Johnstown
-0.2
+6.3
96.9
105.2
Lancaster
+0.2
+1.1
91.6
*113.7
Reading
-2.1
-3.0
82.9 104.3
Scranton
-0.3
+3.1
96.4
85.2
Trenton
-4.0
-5.7
93.6
.86.5
Wilkes-Barre
Include din "all others"
Williamsport
+1.0
100.2 122.2 -1.0
Wilmington
Include it in "a 11 others"
York
+3.1
-1.6
All other cities
•
Stocks Turnover
Jan. 1 to May 31.
1929.
1928.
production forecasts
ticularly fruits, are now getting under way. Crop
supplies of raw
prepared by the Department of Agriculture indicate that
than last. Nonmaterials for these activities are less plentiful this year
appeared in other
seasonal or greater than seasonal declines in activity
ich have,
basic industries-lumber, non-ferrous metals, and building-wh
or capacity
with the exception of building, been operating at or near record
during
t
levels during recent months. The volume of employmen increased activiMay as compared with April, reflecting chiefly expansion in seasonal
processing of agrities connected with the production, harvesting, and
cultural products.
ranges
Growth of grain, fruit, and field crops and of feed on livestock
principally
has been slower than usual during the past three months,
in the three
because of subnormal temperatures. Unusually heavy rainfall
injurious, particularly
Coast States during recent weeks has also been
to many fruit crops.
Orders to Hardwood Mills in Excess of Production.
New orders reported by 238 hardwood mills to the National Lumber Manufacturers Association for the week
ended June 22, were slightly more than 1% in excess of the
production of these mills. New business reported by 544
Year
400.
softwood mills was 6% below production. The same condition obtained with respect to softwood shipments. Hard-8.4
-9.5
wood shipments were 4% below production for the report438
-3.2
ing mills. Unfilled softwood order files, as reported by
..c.I.ii
business on hand still the equivalent of 24 days'
mills show
+11.7
production, the same as reported the previous week. They
-1.7
+6.4
amounted to a total of 1,172,730,000 feet as against 1,227,+7.3
+3.1
467,000 feet reported by 460 mills as of June 15. Softwood
-9.3
production reported for the week ended June 22 by 369
-12.0
identical mills was less than eight million feet in excess of
-11.0
production of these mills for the same week a year ago;
-8.2
-8.2
shipments for the two comparative periods were nearly
+1.9
-6.1
twenty million feet less this year and orders received were
+5.5
about nine million feet less than the equivalent week last
-8.4
-7.8
year. Hardwood production, shipments and orders for the
-4.4
+5.6
week as reported by 221 identical mills were each slightly
greater than for the same period a year ago.
-2.7
Lumber orders reported for the week ended June 22 1929
-1.5
_
by 544 softwood mills totaled 334,482,000 feet, or 6% below
Colleatoru the production of the same mills. Shipments as reported
During
on.
Month
for the same week 335,797,000 feet, or 6% below producti
Compared
357,380,000 feet.
with
Production was
Year Ago.
Reports from 238 hardwood mills give new business as
46,119,000 feet, or 1% above production. Shipments as
reported for the same week were 43,923,000 feet, or 4%
+5.3
below production. Production was 45,679,000 feet.
Reports from 438 softwood mills give unfilled orders of
-1.2
1,172,730,000 feet on June 22 1929, or the equivalent of
+10.0
of
+10.8
24 days' production. This is based upon production latest
+5.1
calendar year-300-day year-and may be compared with
-5.5
of
+1.9
unfilled orders of 460 softwood mills on June 15 1929,
on.
1,227,467,000feet, the equivalent also of 24 days' producti
Stocks at
End of Month
Compared with
Month
Ago.
-3.7
-3.0
-1.9
-11:4
-7.4
-3.8
--13.2
-14.7
-6.6
-3.3
-2.3
-4.6
-0.1
-4.4
-7.4
-1.4
-1.1
-2.0
-5.1
-1.0
+1.7
-1.1
-2.3
Accounts
Receivable
at End of
Mo.ContPared with
Year Ago.
1.35
All reporting stores
1.30
Department stores
1.40
In Philadelphia
1.14
+7.4
Outside Philadelphia
Apparel store
1.14
1.15
Men's apparel stores
1.35
1.33
In Philadelphia
+5.6
0.99
1.00
Outside Philadelphia
+11.4
2.51
2.55
Women's apparel :stores
+12.1
2.74
2.68
In Philadelphia
1.74
+8.3
1.64
Outside Philadelphia
1.05
+7.9
1.11
Shoe stores
+7.2
1.13
1.26
Credit stores
Stores in:
1.49
1.73
Philadelphia
-5.4
1.00
1.05
Allentown, Bethlehem and Easton._
1.05
+10.7
1.18
Altoona
+5.9
1.11
1.08
Harrisburg
+5.0
Johnstown- +11.8
1.16
1.16
Lancaster
+8.8
1.10
1.22
Reading
+7.7
1.28
1.33
Scranton
1.25
+10.5
1.37
Trenton
-0.8
1.07
1.02
Wilkes-Barre
Included in "all ot hers"
Williamsport
+15.2
1.13
1.17
Wilmington
Included in "all ot hers"
York
+14.0
1.07
1.18
other cities
All
1.51
1.47
1.64
1.20
4239
-0.6
+14.2
+1.6
+5.4
+1.8
+1.9
+5.8
+10.0
7-0.6
Identical Mills Reports.
orders as 866.847,000
The 323 identical softwood mills report unfilled
0 feet for the same
feet on June 22 1929, as compared with 919,637,00
identical softwood mills
week a year ago. Last week's production of 369
255,519 000 feet: shipments
was 263,357.000 feet, and a year ago it was
0 feet; and orders rewere respectively 248,277,000 feet and 267,987.00
the case of hardwoods, 221
ceived 243,304,000 feet and 252,538,000. In and a year ago, 42,541,000
+10.6
identical mills reported production last week
and 38,813,000 and orders
feet and 39,004,000; shipments 42,284.000 feet
+11.0
44,659.000 feet and 43,092,000.
West Coo iMovement.
•Revised.
wired from Seattle that new
The West Coast Lumbermen's Association
week ended June 22, totaled
business for the 207 mills reporting for the for domestic cargo delivery,
Business Conditions in the San Francisco Federal 184,582,000 feet, of which 73,333,000 feet wasrail amounted to 72,841,000
by
and 25,924,000 feet export. New business
Reserve District.
which 59.682,000 feet moved
feet. Shipments totaled 179,273.000 feet, of
Rail shipments
Isaac B. Newton, Chairman of the Board and Federal coastwise and intercoastal, and 20,999.000 feet export.feet. Unshipped
deliveries 12,484,000
Federal Reserve Bank of San Francisco, totaled 77,108,000 feet, and local which domestic cargo orders totaled
Reserve Agent,
orders totaled 743,420,000 feet, of
writing under date of June 20 1929; says that in the Twelfth 302.241,000 feet. foreign 231.051,000 feet and rail trade 210,120,000 feet.
mills is 237.497,000 feet. For the 24 weeks ended
Federal Reserve District industry and trade were active at Weekly capacity of thesemills reported orders 8.6% over production and
was some increase June 15, 140 identical production. The same mills showed a decrease in
high levels during May 1929 and there
shipments were 5.3% over
in commercial demand for bank credit. The agricultural Inventories of 12.3% on June 15 as compared with Jan. 1.
weather conditions
Southern Pine Reports.
outlook coNinued to reflect unfavorable
New Orleans that for
The Southern Pine Association reported from
and persistent declines in prices of agricultural products
production, and orders 1%
ng his review, Mr. New- 155 mills reporting, shipments were 3% above New business taken during
and their manufactures. Continui
above production, and 2% below shipments.
week 61,097,000); shipton says:
the week amounted to 65,980,000 feet (previous
and production 65.During early May there was some improvement in the credit situation ments 67,044,000 feet (previous week 67,085,000):
134 identical mills reported
and member banks reduced their borrowing at the Reserve Bank. During 383,000 feet (previous week 70,973,000). The
new business of 18% as compared
in
late May and early June, however, there was evidence of considerable a decrease in production of 1%,and
tightening. Commercial loans of reporting member banks increased further, with the same week a year ago.
rethe ratio of loans to deposits rose, interest
Western Pine Manufacturers Association, of Portland, Ore.,
The
their deposits were reduced,
as 39,894,000 feet, shipments 37.536,000
rates hardened and borrowing at the Reserve Bank rose from the low ported production from 37 mills
34 identical mills showed an
from
levels established in mid-May. The expansion in commercial loans during and new business 33,948,000. Reports
and a decrease of 2% in new business, as
recent months has been partly seasonal in character and has reflected more increase of 9% In production a year ago.
of compared with the same period
active trade and employment. Retail and wholesale trade and sales
ers Association, of
The California White and Sugar Pine Manufactur
new commercial automobiles and merchandise carloadings increased during
from 20 mills as 24,122,000 feet,
traffic and sales of new passenger automobiles, while San Francisco, reported production
May. Intercoastal
19,464,000 and orders 24,968,000. Twenty identical mills reslightly smaller than in April, did not show full seasonal declines. Nearly shipments
in orders, in comported a 3% decrease in production and a 17% increase
all lines of trade were more active than a year ago.
1928.
Industry was well maintained at high levels, but scattered evidence of parison with
, of Minneapolis, Mimi,,
The Northern Pine Manufacturers Association
slowing up appeared during May. Manufacturing and other activities
reported production from nine mills as 10,998.000 feet.shipments 10.182,006
arising from the processing and handling of agricultural products, par-
4240
FINANCIAL CHRONICLE
and new business 6,059,000. The same mills showed a
decrease of 2% in
production and 33% in new business, compared with last
year.
The Northern Hemlock and Hardwood Manufacturers
Association, of
Oshkosh, Wis., reported production from 30 miles
as 3,649,000 ft., shipments 3,783.000 and orders 3,704.000. Twenty-e
ight identical mills
reported production as 23% less and orders 40% less
than in 1928.
The North Carolina Pine Association, of Norfolk.
Virginia, reported
production from 72 mills as 9,911,000 ft..
shipments 9.268,000 and new
business 7,625,000. Thlrty-six identical mills showed
a decrease of 8% in
production and 41% in new business, as compared
with 1928.
The California Redwood Association, of San Francisco
, reported production from 14 mills as 7,361,000 ft., shipments 9,247,000
and orders 7,616.000. Fourteen identical mills reported a decrease in
production of 4%,and
In orders 5%. in comparison with a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 208 mills as 37,875,000 ft.,
shipments 38,116.000 and new
business 40,921,000. Reports from 193 identical mills
showed an increase
In production of6%.and in new business7%,compared with the correspond
ing week a year ago.
The Northern Hemlock and Hardwood Manufact
urers Association, of
Oshkosh. Wis., reported production from 30 mills
as 7,804,000 ft., shipments, 5,807,000 and orders • 5,198.000. Twenty-e
ight identical mills
reported an increase in production of 23% and a
decrease in orders of 17%.
in comparison with 1928.
[Voi.. 128.
DOMESTIC CARGO DISTRIBUTION WEEK END.
JUNE 1 '29 (112 MILLS).
Orders on
Hand Bepin*p Week
Orders
June 8 '29. Received.
Cancel[aliens.
Shipmeats.
Unfilled
Orders
Week Ended
June 8'29.
Washington & Oregon
(95 Mills)Feet.
Feet.
Feet.
Feet.
Feet.
California
117.253,304 27,787,617
968,966 23,410,509 120,661,446
Atlantic Coast
122.296,122 24,419,563
288,568 33,740,611 112,686,506
Miscellaneous
7,911,540 2,762,158 None
2,606,198 8.067.500
Total Wash.& Oregon 247,460,966 54.969.338
1,257,534 59,757,318 241,415,452
Brit. Col. (17 Mills)
California
1,749,224 1,123.000 None
1,519,000 1,353,224
Atlantic Coast
8,950,854 2,668,000
86,000
87,000 11,445,854
Miscellaneous
11.284,574 2,487,704 None
781,200 12,971,078
Total Brit. Columbia_ 21,964,652 6.278,704
86,000 2,387,000 25.770.156
Total domestic cargo_ 269.425.618 62.248.042 1.343.534
62.144.518 287.185.808
May Good Month for Automotive Parts-Acces
sory
Industry Record First Half.
According to the Motor and Equipment Association,
the automotive parts and accessory industry had another
satisfactory month in May, with business running well
ahead of previous years. An expected seasonal slowing
up
in operations made its appearance, but the decline from
the
record April level was a moderate one. While June will
show some further recession a record first half is assured.
The tremendous momentum gathered by the industry in
the first five months of the year will carry it through the
summer season and into the third quarter well ahead of the
same period in previous years, according to the Motor and
Equipment Association. It is added:
CURRENT RELATIONSHIP OF SHIPMENTS AND
ORDERS TO PRODUCTION FOR THE WEEK ENDING JUNE 22 1929
AND FOR 25 WEEKS
TO DATE.
AssociationProduction, Shipments, P.C. of Orders P.C.of
Southern Pine:
M.Feet. M.Feet. Prod. M.Feet. Prod.
Week-155 mill reports
65,283
67,044 103
65,980 101
25 weeks-3.634 mill reports
1,644,915 1,700,434 103 1,703,452 104
West Coast Lumbermen's:
Week-207 mill reports
196,062
179.273 91
184.582 94
25 weeks-5.055 mill reports
4 315,510 4,429,173 103 4,534,591 105
Western Pine Manufacturers:
Week-37 mill reports
39,894
37,536 04
33,949 85
25 weeks-870 mill reports
792,173
834,752 105
858,912 108
California White & Sugar Pine:
Week-20 mill reports
• 24,122
19,464 81
24,988 104
25 weeks-644 mill reports
579,490
661,531 114
672,232 116
Northern Pine Manufacturers:
Aggregate shipments in May of several hundred manufact
Week-9 mill reports
10,998
10,182 93
urers supplying
6,059 55
25 weeks
-225 mill reports
165,092
211,601 128
208,426 126 parts and accessories to the car and truck manufacturers and pasts, accesNorthern Hemlock & Hardwood (softwoods):
sories and garage repair equipment to the wholesale
trade were 245% of
Week-30 mill reports
3,649
3.783 104
3,704 102 the January 1925 base index of 100, as compared with 254 in April, 241
25 weeks-1,057 mid reports
in
111,547
99,818 89
102,723 92 March,201 in May last year.
North Carolina Pine:
Parts-accessory manufacturers selling their
Week-72 mill reports
products to the car and
9,911
9,268 94
7,625 77 truck manufacturers for original
25 weeks-1,805 mill reports
equipment made shipments aggregating
257,839
246,471 96
220,588 86 278%
California Redwood:
of the January 1025 base as compared with 287
in April, and 215 in
Week-14 mill reports
7,361
9,247 128
7:616 103 May last year.
25 weeks-350 mill reports
189,115
Shipments to the wholesale trade in May by manufact
188,662 100
204,919 108
Softwood total:
urers of replacement were 169% of January 1925 as compared
Week-544 mill reports
with 174 in April, and 183
357,380
335,797 94
334.482 94 in May last year.
25 weeks-I3,640 mill reports
Unusually heavy business that developed earlier than
8 055,681 8,372,242 104 8,505,843 108
Hardwood Manufacturers' Lust.:
usual this year is responsible for May sales running
below. last May. A
Week-208 mill reports
37,875
38,116 101
40,921 108 record first half year has been marked up by replacement parts makers.
25 weeks-5,369 mill reports
971,103 1.072,645 110 1,068,870 110
Accessory shipments to the wholesale trade in May were
Northern Hemlock & Hardwood:
91%as compared with 91 in April, and 113 in May last year. The accessory
Week-30 mill reports
business,
7.804
5.807 74
5.198 87 which has been adversely effected for
25 weeks-1,057 mill reports
several years by standard equipment
318,794
228,005 7,2
218.420 69 at the car
Hardwoods total:
plants, and also by the policy of accessory distribution of some
Week-238 mill reports
45,679
43,923 96
48,119 101 car manufacturers, has shown an improvement this year.
25 weeks-6,426 mill reports
1,287,897 1,300,650 101 1,287,090 100
Service equipment shipments, this is, repair shop machiner
Grand total:
y and tools,
of member companies in May were 200 of the
Week-752 mill reports
403,059
January 1925 base as com379,720 94
380,601 94
25 weeks-19,609 mill reports
9 343.578 9,872,892 104 9,792,933 105 ps'eel with 227 in April and 157 in May last year. Service equipment manufacturers' business has been running well ahead of all previous
years, and
West Coast Lumbermen's Association Weekly Report. is apparently started toward a record for 1929.
The sales volume of automotive wholesaler members In the United
States
According to the West Coast Lumbermen's Association, end Canada in May was 2% ahead of the high April figure.
reports from 208 mills shpw that for the week ended June 15
production was exceeded by both shipments and orders to Egypt to Finance
Cotton Through Aid to Growers.
the extent of 4.31% and 5.22% respectively. The associaFrom the New York "Evening Post" we take the following
tion's statement follows:
London advices, June 21:
WEEKLY REPORT OF PRODUCTION, ORDERS AND
SHIPMENTS.
208 mills report for week ended June 15 1929.
(All mills reporting production, orders and shipments.)
Prcduction.
193.879,822 feet (100%)
Orders
203,997,234 feet (5.22%) over production
Shipments
202,241,258 feet (4.31%) over production
COMPARISON OF CURRENT AND PAST PRODUCTION
AND WEEKLY
OPERATING CAPACITY (273 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to
date.)
Actual production, week ended June 15 1929
219,780,275 feet
Average weekly production, 24 weeks ended June 15 1929
195,392,115 feet
Average weekly production during 1928
200,688,600 feet
Average weekly production last three years
203,559,920 feet
x Weekly operating capacity
277,184,287 fees
x Weekly operating capacity is based on average hourly production
last months preceding mill check and the normal number of operating for the twelve
hours per week.
WEEKLY COMPARISON FOR 207 IDENTICAL MILLS
-1929.
(All mills whose reports of production, orders and shipments are
complete for the
last four weeks.)
Week EndedJune 15.
June 8.
June I.
May 25.
Production (feet)
193,690,305 178,163.073 135,972,284 178,943,112
Orders (feet)
203,997,234 197.773,254 166,659,886 190,704,536
Rail
76.284,330 74,940,720 68.818,610 84,272,823
Domestic Cargo
71,908,432 68,176,666 59,720,713 61,048,462
Export
37,186,553 40,800,590 22,711.375 33,550.292
Local
18,617,919 13,855,278 15,409,188
11,832,959
Shipments(feet)
202,113,630 191,961,594 197,957,989 194,826.154
Rail
82.326.591 78,729,385 77,712,363 82,715,102
Domestic Cargo
73,655,972 67,738,976 62.434,489 68,898,435
Export
27,513,168 31,837,955 42,401,949 31,379,658
Local
18,617,919 13,855,278 15,409,188
11,832.959
Unfilled orders (feet)
744,888,174 749,585,914 748,552,693 784.331,434
Rail
215,762,272 223,184,411 288,150,517 237,707,335
Domestic Cargo
292,218,274 294.852.209 295,680,703 302,094,626
Export
236,907,628 231,549,294 222,721,473 244,529,473
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments
are complete for
1928 and 1929 to date.)
Average 24
Average 24
Week Ended
Weeks Ended
Weeks Ended
June 15 1929. June 15 1929. June 16 1928.
Production (feet)
120,044,114
108,345,458
115,732,305
Orders (feet)
131,013,825
116,460,177
125,603,100
Shipments (feet)
128,645.142
115,055,103
121,501,974
The London Times has a Cairo report that the Egyptian
Council of
Ministry has ordered ceration of a special reserve
to be formed of capital
taken in recent years from the general reserve
for purchase of cotton to
maintain the market and for advancements to cotton growers
against their
crops. To this will be added the annual proceeds
of the ginned cotton tax.
At the same time the Council has ordered immediat
e sale at auction of
cotton valued at £2,500,000 (pounds Egyptian
) still held by the Ministry
of Finance. Some of this cotton was purchase
d as far back as 1925. The
Government intends to maintain the ginned cotton
tax for several years.
Activity in the Cotton Spinning Industry for May,
1929.
The Department of Commerce announced on June 21
that, according to preliminary figures compiled by the Bureau of the Census, 35,107,008 cotton spinning spindles were
in place in the United States on May 31 1929, of whieh
30,910,282 were operated at some time during the month,
compared with 30,924,184 for April, 31,103,998 for March,
31,007,936 for February, 30,757,552 for January, 30,622,172
for December, and 28,948,144 for May, 1928. The
aggregate number of active spindle hours reported for the
month
was 9,164,542,116. During May the normal time of opera-.
tion was 263/i days (allowance being made for the observa
noe
of Memorial Day in some localities), compared with
25 2-3
for April, 26 for March, 23 2-3 for February, 26M
for January and 25 for December. Based on an activity
of 8.88
hours per day, the average number of spindles operate durd
ing May was 38,945,020, or at 110.9% capacity on a singleshift basis. This percentage compares with 110.3
for April,
109.3 for March, 110.7 for February, 111.6 for Januar
y,
99.1 for December, and 95.1 for May 1928. The average
number of active spindle hours per spindle in place for the
month was 261. The total number of cotton spinning spin-
JUNE 29 1929.1
FINANCIAL CHRONICLE
dies in place, the number active, the number of active spindle hours and the average hours per spindle in place by States
are shown in the following statement:
Spinning Spindles.
Active Spindle Hours for May.
In Place
May 31.
Active During May.
35,107,008
Cotton growing States 18,818,864
New England States_ 14,842,592
1.445,552
All other States
Slate.
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
'Tennessee
Texas
Virginia
All other States
1,778,038
1,118,592
3,107,558
1,059,300
8,855,762
177,386
1,394,142
358,992
723,092
6,213,512
2,297,892
5,593.872
616,100
281,908
709,054
821,808
Total.
Average Per
Spindle in Place.
30,910,282
9,164,542,116
261
18,032,814
11,595,556
1,281,912
6,247,542,186
2,659,793,055
257,206,875
332
179
178
1,728,874
1,041,594
3,002,724
839,242
6,697,704
130,074
1,045,990
352,012
613,618
5,884,536
1,854,164
5,475,882
589,394
236,336
679,254
734,854
572,148,505
249.988,337
1,040,376,335
191.782,919
1,503,026,321
47,621,314
233,236,035
58,518,137
126,971.444
2,024,761,815
450,707,185
2,028,604,770
215,979,443
71,706,728
154,768,685
194.343,143
322
223
335
181
170
268
167
163
176
326
196
363
351
254
218
236
.
4241
Growth of Rayon Production in United States.
Production of all types of rayon yarn in the United States
during 1930 will approximate 175,750,000 pounds, according
to producing companies' plans, as compiled and estimated in
"Daily News Record" of New York. This represents a gain
of about 45,000,000 over the planned production for 1929 of
130,450,000 pounds, about 78,000,000 pounds more than
1928 and well more than twice that of 75,522,000 pounds for
1927. The total production, according to production
methods, is divided as follows: Viscose process, 147,650,000
pounds; cellulose acetate, 13,600,000: -nitro-cellulose, 9,500,000, and cuprammonium, 5,000,000.
The following table shows the poundage production of eachof the American chemical yarn manufacturing companies for
1929 and 1930, as given by the "Daily News Record:"
The Viscose Co
Du Pont Rayon Co.
Tubize Artificial Silk Co
Industrial Rayon Corp
Celanese Corp. of America
American Glanzstoff Corp
American Bemberg Corp
Belamose Corp
Acme Rayon Corp
Skenandoa Rayon Corp
Delaware Rayon Co
New Bedford Rayon Co
American Chattllon Corp
American Enka Corp
Hampton Co
All other companies
. ..
66,000.000
22,800,000
9,000.000
6.500,000
6,000,000
5,000,000
4,000,000
1.650.000
1,000,000
1,250,000
2,000,000
750.000
1,500,000
1,000,000
. .
78.500,000
27.600.000
9.500,000
11.500,000
6,500,000
9.000,000
5,000,000
1.650.000
1.000,000
2.250,000
2.000.000
1.250.000
6,000.000
10,000,000
1,500,000
2,500,000
New Bedford Cotton Mills Stagnant Now-Producers
Once Hopeful of Good Trade for Season, Cannot
Explain Depression.
2,000,000
In a dispatch to the New York "Herald Tribune" under
date of June 23 it is pointed out that the weakness in coarse
Total
130.450,000 175,750,000
cotton goods primary Markets has affected the fine goods
market, leaving producers in general discouraged by the
-Crude Production ConPetroleum and Its Products
turn affairs have taken in a year when cottons for the first
tinues Inabated at High Levels-Institute Takes
time in many seasons have been elevated into the style
No New Action on Conservation Report.
fabrics class. Demand is light and prices, though not
Crude oil prices remained unchanged and firm during
appreciably worse than a month or so ago, and in some cases
slightly better, in the main are unsatisfactory. The this week with production continuing unabated at new high
records. Last week saw 2,764,500 barrels of oil brought
dispatch goes on to say:
That business should have slacked off considerably these past several to the surface in the United States. California holds the
weeks is not surprising, inasmuch as this time of year is usually a quiet one. center of interest as new wells there brought the State total
Even in prosperous times it was not unusual for substantial curtailment to
up 20,200 barrels. To offset to some extent this tremendous
be put into effect through the summer months, but the psychic effect of
the curtailment call being repeated this season when cottons are enjoying a quantity of new stock crude oil imports fell off during the
vogue surpassing any post-war experience and when the mills here are week, there being a drop of about 115,000 barrels in receipts
only nine months removed from a period when they were shut down enin the United States.
tirely for six months by a strike involving 26 of them, has had a depressing
Directors of the American Petroleum Institute met Friday
effect upon mill mon who had been fairly confident that 1929 would be at
least a shade better than either 1928 or 1927.
and received in silence the report of the committee which
Producers are at a loss to explain the depression. Volume is fairly good
represented the Institute at the Colorado Springs conferfor June, but the need for business is increasing steadily, making it harder
to resist the attempts of buyers to get out goods at prices lower than those ence. A new conference is being worked out by Governnow asked. And current prices, producers point out, rarely offer mills mental agencies, and pending the completion of details for
more than an opportunity to break even on the sale of goods. So far they
have been able to hold prices fairly firm, but the determination has cost the next meeting the Institute plans to suspend action. A
them orders which would have kept their machinery busy in good part most discouraging feature of the crude oil field is the fact
throughout the next few months. They believe, however, that if they can that apparently the "voluntary agreement" pro-rating
just hold out long enough, the situation will right itself and more satisorders, for example,in California, are proving to be effective
factory prices result.
Perplexed by the state of affairs which confronts them, they can see no in no degree. On the contrary production is steadily
way out but to sit tight and trust that this,like other depressions, will blow mounting beyond last year's figures. The one redeeming
over. What troubles them more than the immediate outlook is the fact
that they have been patiently waiting several years for prosperity's return. feature of the entire situation is the fact that gasoline conMore and more the industry and its stockholders are coming to regard sumption is running far ahead of all estimates, and the
consolidations as the way out. An example of this is the increased respect
demand for American oil and refined products is
and attention being given here to the efforts of Jerome A. Newman of New foreign
York,to effect a fine goods merger that will dwarf anything hitherto worked being maintained on a high volume basis.
out or openly attempted in this field.
A strong demand is being shown in South America far
Mr. Newman, who says he is affiliated with New York banking interests,
petroleum products at the present time. The Export
told the writer last week he was making encouraging progress, but still had a
dozen or more mill men to talk with. He refused to divulge the mills he Petroleum Association decided to take no action on raising
contemplates banding together or to make any definite statement as to
the price of export gas at the meeting held Thursday of this
progress to date. It appears that in seeking financial control of some of the
properties, Mr. Newman and the group he represents have purchased sub- week, despite the publication before the meeting of constantial stock interests that are being held in trust investment or some other siderable matter bearing on such a possibility. The price
easily negotiable form satisfactory to the Wall Street bankers, who are
situation was referred back to the committee in charge for
said to have a hand in the enterprise.
further examination and investigation.
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The Federal Reserve Bank of Philadelphia makes available
the following preliminary report on the hosiery industry by
120 hosiery mills in the Philadelphia Federal Reserve District from data collected by the Bureau of the Census:
PERCENTAGE CHANGES FROM APRIL 1928 TO MAY 1929.
Men's
Women's
Boys'
Misses'
Full- Seam- FullSeamand
/aTotal. fashion. less, fashion. less. Chil'ns' fonts'
Hosiery knit during month__ Net shipments
during month
Stock on hand at
end of month,
finished and in
the gray
Orders booked
during month_
.76
1.14
.90
1.23
1.65
1.08
1.35
.se
1.09
1.18
1.90
EXPORT ASSOCIATION TAKES NO ACTION ON PRICE QUESTION.
4thlaic.
-3.3
+5.9 +10.1
-1.1
-6.0 -13.1
+0.1
-0.2
-0.0
+5.8
+9.6 -17.4
-2.6 -36.0
+2.9
+6.4 +10.1
+5.6
+3.1
-7.9 -14.6 +24.9
+5.1 +21.7 +12.2 -37.5 -37.9 -53.5
Cancellations
during month_ -46.2 -75.7 +82.5 -58.5 +13.6 -23.9 -33.9 -32.0
Unfilled orders at
+2.2 -4.4 +14.3 +12.3 +11.3 -25.7 -33.6 -50.9
end of month_
8.99
REFINED PRODUCTS
-GASOLINE AND KEROSENE HOLD FIRM
+3.3 +31.8
+4.6 +10.8
Prices of Typical Crudes per Barrel at Weil,
I degrees are not shown
Smackover, Ark 24 and over
Smackover. Ark . below 24
El Dorado. Ark., 34
Urania, La
Salt Creek, 1A'yo., 37
Sunburst, Moat
Anode. N. Men
33
Santa Fe Springs,
Calif..
Midway-Sunset. Calif., 22
Huntington, Calif., 26
Ventura. Calif. 30
Petrone. Canada
(All gravises. where A P
Bradford. Pa
$4.10
1.75
Corning, Ohio
CaPell, W. Vs
1.35
Illinois
1.45
Western Kentucky
1.53
Midcontinent, Oklahoma, 37
1.23
Corsicana. Tex., heavy
.80
Hutchinson. Tex., 35
.87
Luling, Tex
1.00
SpIndletop, Tex.. grade A
1.20
Spindletop. Tex., below 25
1.05
Winkler. Tex
.65
The present week saw no let-up in the record-making consumption of gasoline. Prices held steadily at 10c. for U. S.
Motor gasoline, tank car at the local refineries. As indicated
here previously, a premium is now being paid for California
U. S. Motor, in some cases reported to have been one-half
cent above the regular market. The shipment of California
gasoline to this market continues unabated, with each
succeeding week's total greatly surpassing the last.
The Export Petroleum Association, at its meeting Thursday, held at the offices of the Standard Oil Co. of New
4242
FINANCIAL CHRONICLE
I Vol.. It"
Jersey, decided to take no immediate action on the question The process operates at a high temperature, using hydrogen and a catalyst.
of advancing the export price of gasoline and instead referred A general description is that the oil treated loses 10% of its weight through
carbon given off in treating
10% in volume
the matter back to the committee which has had it under introduction of the hydrogen and increases the chemical andthrough the
necessary to
mechanical
investigation for some time.
readjustments in producing gasoline.
The
Opposition to the reported intention to recommend an refiningFarben process, it is believed in oil circles, will supplant existing
processes as soon as the movement, supported by the Government
advance developed when Richard Airey, President of Asiatic and the industry conserve oil supplies, takes definite shape. With producPetroleum, a subsidiary of the powerful Royal Dutch Shell tion curtailed to the point where crude would become too expensive for use
in heating
interests, publicly decried any such move declaring that he steamship buildings, on transcontinental railroads and internal and coastal
lines, higher ratios of gasoline recovery from crude would be
felt it would be "contrary to fact in the industry to change the essential. Commentators on the new process believe that even within a
price basis on export gasoline in the face of the week-by-week few years it will be necessary to resort to hydro-generation to obtain enough
gasoline at sufficiently low prices to meet the domestic demand of upwards
increase in oil production to new high levels."
of 27,000,000 automobiles and other motor vehicles, airplanes and power
Improvement was noted in kerosene activity during the boats and for other Purposes.
Oil supplies are large but not inexhaustible, It is pointed out. Increasing
week, there being a surprising amount of new business placed
demand insures prosperity for the big oil producer, but
at existing levels. The firmness exhibited by refiners has for greater efficiency in production and refining. Salesmakes vital the need
of crude at sacrifice
apparently convinced buyers that no price concessions can prices are not so profitable that the oil companies would suffer. In fact,
with the market stabilized,they would offset decreasing crude sales by larger
be expected. Refiners, in anticipation of a seasonal slackensales of gasoline, according to those
in
Meanwhile
ing in demand, cut down on the production of kerosene, the nation's coal industry would be interested by conservation. the market
benefited
a reduction in
thereby holding the situation on an even basis of demand offerings of its most serious market competitor-low-grade fuel oils.
vs. supply.
The "Herald Tribune" also published the following cable
There was excellent movement in Diesel oil during the dispatch from Berlin, bearing date June 22:
An agreement between the Standard Oil Co.of New Jersey and the I. G.
week, several new bookings of good volume being reported.
Farbenindustrie of Frankfort-on-Main Is to be closed here in the near
Prices are steady, with every indication of holding fairly future. Professor Carl Bosch,President of the German Dye Trust,generally
steady throughout the summer. Fuel and gas oil moved known here as the I. G.Farben, made an announcement to this effect to-day
moderately, some large withdrawals being made against at the company's annual general meeting at Frankfort-on-Main. While a
provisional
erected by Standard Oil
also
existing contracts. There was a little spot business con- of handlingoil refining plant has beenas well as oil containing capable and
some of the by-products
asphalt
summated, but in the main inquiries were of a forward- sulphur, and is reported to be prospering, a new big Standard Oil plant
would be opened about the end of the year, Mr. Bosch said.
looking nature.
The I. G. Farben situation might be called favorable, he added, despite
No price changes occured during the week.
the unsatisfactory general economic and trade condition in Germany, this
condition being responsible for the fact that the trust was distributing a
Gasoline. U. S. Motor, Yankee, Lots, F.O.B. Refinery.
New York (Bayonne) .10 Arkansas
.0634 North Louisiana-- .07M dividend of only 12% (the same as last year) instead of the 14% which had
West Texas
.0834 California
.06% ,at first been envisaged as justifiable by the profits made by the company
0834 North Texas
.0914 Los Angeles, export- 0734 Oklahoma
.07
Chicago
in the last 12 months.
New Orleans
.07% Gulf Coast, export .0834 Pennsylvania
.0934
Dr. Carl Duisberg, co-president of the dye trust, pointed out that under
Gasoline, Service Station, Tax Included.
the unfortunate conditions through which German trade was passing, it
New York
.19 Cincinnati
.182
18 Minneapolis
would be necessary for some time to come to draw on the foreign credit
.195
21 Denver
16 New Orleans
Atlanta
markets. His recent experiences in the United States, Dr. Duisberg added.
.21
.22 Detroit
Baltimore
.188 Philadelphia
.215
Boston
showed him that the banking interests there, were decidedly pro-French and
.20 Houston
.18 San Francisco
.205
Buffalo
.15 Jacksonville
.24 Spokane
far from pro-German.
.169
Chicago
.15 Kansas City
.179 St. Louis
Kerosene. 41-43 Water White, Tautest Lots. F.O.B. Refinery.
Export Price of Gasoline to Remain Unchanged.
New York (Bayonne).08 !Chicago
.07%
0534 New Orleans
North Texas
.0534'Los Angeles. export .0534[Tulsa
.0634
Gilbert H. Montague, Vice-President and General Counsel
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
of Export Petroleum Association, Inc. on June 27 1929 issued
New York (Bayonne) 1.051 Los Angeles
.851 Gulf Coast
.75
Diesel
.65
2.001 New Orleans
951 Chicago
the following statement:
Gas oil. 32-36 Degree, F.O.B. Refinery or Terminal.
The Export Petroleum Association, Inc., following its customary proNewyork (Bayonne).05%1 Chicago
.031 Tulsa
03
cedure in all matters regarding gasoline export prices, recently appointed
a committee of its member companies to investigate and report back to the
New Gasoline Plant to Cut Waste of Oil-Standard of Association the committee's recommendations on this subject. this export
At its meeting to-day (June 27) the Association voted that
New Jersey Building Bayway Refinery for Use of price committee should continue its investigation of the gasoline situation
and that action by the Association regarding gasoline export prices should
German Hydrogenation Process
-May Revolutionbe deferred until after this committee had reported back to the Association
ize Production Methods.
the results of the committee's investigation and its recommendation.
This resolution received the hearty assent and the vote of every member
According to the New York "Herald Tribune" of June 23
or two
the Standard Oil Co. of New Jersey is constructing the first company in the Association, except for oneboard of member companies
whose representatives on the Association's
directors were not
commercial plant in the United States for hydrogenation of present at the meeting to-day.
petroleum at its Bayway property, near Elizabeth, N. J. No proposal regarding gasoline export prices other than the above was
The process, for which the American rights have been ob- discussed at to-day's meeting of the Association. any time or in any manNo member company of the Asxociation has at
tained by Standard of New Jersey, was developed by the ner ever expressed or indicated any disposition to withdraw from the
German dye trust, the I. G. Farbenindustrie. Construction Association.
The Association has shown marked
its work upon the highly
of the plant, at a cost not yet announced,involves plans for complicated problems confronting the progress ingasoline export trade, and
American
production of gasoline at the rate of approximately 100,000 at each successive meeting the member companies have shown an increasing
barrels daily, according to unofficial estimates. The ac- disposition to co-operate with one another in the solution of these problems.
To-day's meeting of the Association was In all respects harmonious,
count proceeds as follows:
hopeful and satisfactory.
Standard of New Jersey's decision to build a commercial plant followed
two years' experimentation with the process in a small plant at Baton Crude
Oil Output in the United States Continues
Rouge, La. It was found, according to authorities, that 100% gasoline
To Increase.
could be recovered from crude, compared with between 35 and 45% in
the most modern cracking process now in use in the United States.
The American Petroleum Institute estimates that the
But as "cracking"
-the production of gasoline from crude under pressure
-is more expensive than production of gasoline through the older process of daily average gross crude production in the United States,
distillation, the hydrogenation method is said to be more costly than for the week ended June 22 was 2,764,500 barrels, as comexisting cracking methods.
pared with 2,743,250 barrels for the preceding week, an
Some reticence is being maintained by the interests concerned in developing this new means of producing gasoline and actual figures of productive increase of 21,250 barrels. The daily average production
costs are withheld. But it is considered that the building of the new plant east of California was 1,929,000 barrels, as compared with
gives definite indication that the forward-looking New Jersey corporation 1,927,950 barrels, an
increase of 1,050 barrels. The folregards the new process as an economic success.
May Revolutionise Industry.
Students of progress in the oil industry already have gone on record as
believing that hydrogenation of oil and allied products will, in the interests
of conserving the nation's and world's supplies of oil,supplant entirely within the next few years all of the widely used methods of oil refining.
This prediction is based on the fact that for many years the excess of
heavy oils has been the greatest problem of the oil industry. Disposal of
these lower grade oils at very low prices for heating and power-making
purposes is the principal reason for the depression in the coal-mining
industry.
When crude oil is obtainable around 65 cents a barrel or less, the old distillation process is employed to recover gasoline, roughly, in the ratio of
about fifteen barrels to each 100 barrels of crude. When crude prices are
above the $1 level "cracking" becomes profitable and 30 to 45 barrels of
gasoline to the 100 barrels of crude are recovered,dependent on the efficacy
of the process and the nature of the heavy oil treated.
In both processes the residue after refining is sold to the trade. This
waste oil is the basis for the concern of the Government and the industry
over possible exhaustion of the country's oil supplies.
The German process controlled by Standard of New Jersey is stated
authoritatively to produce 100 barrels of gasoline from 100 barrels of crude.
lowing estimates of daily average gross production, by
districts, are for the weeks ended June 22 1929, June 15
1929, June 8 1929, and June 23 1928.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
June 22'29. June 1529. June 8 '29. June 23'28.
679,650
674,700
683,050
592,200
121,400
120,800
119,100
104,200
93,850
86,450
89,100
66,350
83,150
83,300
83,60079,400
50,850
51,000
57,800
52,050
358,800
367,800
366,100
315,800
18,700
19,000
19,300
22,500
81,800
23,500
30,500
78,550
36,000
41,950
36,750
34,900
69,800
101,890
69,950
70,900
127,300
125,450
125,800 105,850
19,950
29,750
20.900
21,850
116,150
116,900
107,500
116,500
47,400
50,050
52,050
62,209
11,550
11,700
9.900
11.600
7,700
7,000
7,200
7,700
2,150
2,650
2,250
2,650
795,500
645,500
815,300
835,500
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
2,784,500
2,743,250
2,724,450
2,375,550
JUNE 29 1929.]
FINANCIAL CHRONICLE
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 June 22, was 1,594,000 barrels, as compared with
1,590,250 barrels for the preceding week, an increase of 3,750 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,545,450 barrels, as compared with 1,541,700 barrels, an increase
of 3,750 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
-Week Ended-Week Ended
OklahomaJune 22 June 15
North LouisianaJune 22 June 15
Allen Dome
23,450 23,050 Haynesville
5,200
5,200
35,100 35,000 Urania
Bowlegs
5,950 6,000
Bristow-Slick
18,850 19,300
Burbank
19,800 19,850 ArkansasCromwell
8,100 8,100 Champagnolle
7,250 7.350
Earlabor°
63,000 59,900 Smackover (light)
6,100 6,050
Little River
78,500 76,650 Smackover (heavy)
48,550 48,550
Logan County
16,650 15,600
Maud
26,650 26,800
Coastal Texas
Mission
34,900 38,050 Hull
8,950 9,500
St. Louis
88,600 87,200 Pierce Junction
18,700 18,800
(*aright
11,800 12,050 Spindietop
26,400 25,750
Seminole
33,950 34,800 West Columbia
6,300 6,350
Tonkawa
9,900 10,050
KansasCoastal Louisiana
SedgwIck County
34,250 35,050 East Hackberry
2,100 2,200
Panhandle Texas
Oki Haekberry
2,400 2,500
Carson County
7,500
7,300 Sulphur Dome
2,000 2,200
Gray County
58,400 50,750 Sweet Lake
300
500
Hutchinson County__ 26,000 26,100 Vinton
4,500 5,000
North Texas
Archer County
17,200 17,150 Wyoming
Wilbarger County
26,400 26,750 Salt Creek
27,250 31,050
West Central Texas
Montana
Brown County
7,800 7,550 Sunburst
6,850 6,850
California
Shackelford County__ 11,650 11,750
West Texas
Dominguez
10,000 10,000
Crane dr Upton Counties 46,700 47.000 Elwood-Goleta
27,000 26,600
Howard County
44,000 43,750 Huntington Beach
40,500 42,500
Pecos County
95,500 104,900 Inglewood
22,300 22,500
Reagan County
18,400 18,100 Kettleman Hills
3,400 3,400
Winkler County
144,300 143,700 Long Beach
174,000 175,000
East Central Texas
MIdway-Sunset
64,000 64,000
Corsicana-Powell
7,800 7,950 Rosecrans
5,300 5,300
Southwest Texas
Santa Fe Springs
246,500 222,500
Laredo District
11,000 11,100 Seal Beach
47.000 44,000
Luling
11,800 11,900 Torrance
13,000 13,500
Salt Flat
52,000 50,200 Ventura Avenue
60,000 62,500
Petroleum Curtailment Plan Fails in California-Voluntary Test Ends with Release of Umpire.
California's voluntary crude oil curtailment program,
sponsored by the American Petroleum Institute, has failed.
It ended on Monday and all operators were released from
compliance with the orders of F. C. Van Deinse, State oil
umpire. The office of oil umpire has been abolished for
lack of duties, said a San Francisco dispatch on June 22 to
the New York "Herald Tribune," which added:
All hope for crude oil conservation in California rests with the Lyon
Gas Conservation bill, enacted into law this month. However, while it was
hoped that the bill, which goes into effect in August, will accomplish the
same purpose as intended by the American Petroleum Institute regulations,
it is definite that the law was intended as a check on the other regulations
and not as the sole weapon of those fighting for conservation.
It was learned in official circles here to-day that State officials will
dispatch a letter to all California operators Wednesday, setting forth the
State policy of enforcing the Lyon law within sixty days, and advising them
to make arrangements with- their production accordingly.
The Lyon law provides for stoppage of the waste of gas, and while it
may make for more efficient production for a time, when the maximum
ratio of oil to gas is achieved, restriction of gas output from this point on
will cut down petroleum production.
Accomplishments Within the Copper Industry Extolledl
Accomplishments within the copper industry during the
last 10 years afford "an object lesson to every basic industry
in this country," George A. Sloan, Secretary of the CottonTextile Institute, said in an address at the annual convention
of the Cotton Manufacturers Association of South Carolina
here to-day. Mr. Sloan, who was formerly secretary of the
Copper & Brass Research Association, reviewed the progress
which the copper industry has made in its readjustment to
post-war economic conditions. He said:
"The flexibility and responsiveness of American copper production to
demand in the last decade is one of the outstanding achievements in the
solution of post-war industrial problems. Three years after the Armistice
Was signed the copper industry, then on the verge of disaster, took stock of
Itself and set about to put its house in order. At the time over 1,125.000.000
lbs. of copper were available above ground 600,000,000 lbs. of which represented surplus war stock, resulting from the opening up of mines to capacity
from 1914 to 1918 inclusive for military purposes. The industry was
therefore confronted with the almost hopeless task of finding peace time
commercial outlets, without disrupting the producing, distributing, and
consuming industries, for an over-supply approximating one year's production of North and South American copper."
4243
through technical and commercial research, dealer-help co-operation and
national advertising. The work of the Copper & Brass Research Association has been of inestimable help to the industry in making surveys of
present and potential markets for copper and brass products and in presenting the results of these studies in such form as to enable the mining companies and the fabricating companies to capitalize the information in their
sales promotional efforts. In co-operation with dealers in capper and brass
products, the Association has been a real educational force in presenting the
advantages of copper and brass both to the trade and to the consuming
public.
"While it is not always easy to measure the results of trade association
work it is possible in the case of the Copper & Brass Research Association to
apply a very simple yardstick and measure at least part of its accomplishments. Paralleling the life of the Association the domestic consumption of
copper has increased from 920 million pounds in 1921 to 2 billion pounds in
1928. This represents an increase of more than 100% and it is significant
that every year during this period there was a substantial gain in domestic
consumption.
"As an example of the value of advertising and other sales promotional
efforts to the copper industry, the record as to brass pipe for plumbing is
illuminating. Previous to 1921 the use of brass pipe was considered a
luxury and its use for household plumbing equipment was almost negligible.
Using this specific market as one among others which could be economically
and profitably developed,the Association was instrumental in increasing the
copper consumption in brass pipe from 16 million pounds in 1922 to 75
million pounds in 1928. This is a gain of nearly 370% and once more it is
significant that the increases were substantial in each year of the period.
"As a third accomplishment, extensive follow-up sales efforts and national
advertising have been organized by large fabricators of copper and brass
and to-day we find the average home builder friendly to such familiar names
as Anaconda. American Brass, Chase, Republic, Bridgeport and others.
These fabricating companies have supplemented the national advertising
campaign of the Copper & Brass Research Association by individual sales
promotional budgetsfrom year to year until to-day some of them are counted
among the nation's large national advertisers.%
Mr. Sloan also pointed out that the copper industry has
been alert in following the general economic trend towards
consolidations, important mergers, both vertical and
horizontal, having been negotiated for the sake ofPeconomies
in production and distribution. He also cited a general
re-alignment of the industry's sales policies and methods
and the changes made in distributing fabricated products;
the extension of advertising and publicity efforts to foreign
countries; and the formation of the Copper Institute to study
fundamental economic questions of production and distribution, and to encourage the adoption of fair trade
practices.
"One more accomplishment should not be overlooked," Mr. Sloan said.
"That is the excellent progress which North American mining companies
have made in lowering their costs. They have been successful in these
efforts through vertical integration, new and improved processes and in
mass production. It is highly significant that while costs have been reduced
in the industry, wages paid by the principal mining eompanies increased
approximately 20% since 1921.
"The copper industry did not come back through any 'short-cut' to progress. It came back through the collection and dissemination of statistics;
through a careful analysis from time to time of these statistics on the part
of the individual producer and the consequent readjustment of produetion
to demand. It moved a step nearer its goal in organizing for national sales
promotional work through the Copper & Brass Research Association
through mining companies (producers) and fabricating companies (distri
butors) forming together in one trade association to work out their common
problems. Further progress was made through the concentration of foreign
sales through one export body. Of equal importance was the formation of
the Copper Institute for the purpose of studying fundamental economics
relating to production and distribution.
"Behind all of these contributing factors have been the inspiration and
leadership of a few men including Cornelius Kelly of Anaeonda, Walter
Douglas of Phelps
-Dodge, R. L. Agassiz of Calumet and Heela, Stephen
Birch of Kennecott and Joseph Clendenin of the Guggenheim group whose
handiwork may be seen in every constructive effort undertaken during and
since the war. What these men have done reflects a business statesmanship
of the highest order.
"Surely no one familiar with the copper industry would minimize the
importance of any one of these helpful influences and if the truth were
known it has been a combination of them all (rather than any single factor)
over a period of 10 years, plus the accumulation of common sense, that has
brought prosperity to copper. Still if it were necessary to attempt an
explanation of this phenomenal change in a few words it may well be said
that imagined independence has given way to the recognition of inevitable
Interdependence."
-Buying
Steady Market for Non-Ferrous Metals
Expected to Show Improvement in July.
Sales of non-ferrous metals were below the average in
volume in the past week, but prices held en a steady. basis.
The second quarter of the year comes te a close with the
belief general that manufacturers have practically exhausted their contracted supplies of metal and that a more
active market will be witnessed in July, "Engineering and
Citing the outstanding developments in the industry dur- Mining Journal" reports, adding:
ing this period, Mr. Sloan continued:
"Of fundamental importance were the fact-finding measures adopted by
the industry in compiling and distributing statistical information as to
production, stocks and shipments, as well as statistics on consumption of
copper by industries through the American Bureau of Metal Statistics
formed in 1919. The balanced relationship of supply to demand in recent
years is predicated upon the growing intelligent use of these statistics on
the part of individual producers. Indeed the mere collection and dissemination of statistics would have been of little value unless they had been
intelligently interpreted and used by the individual mining companies in
gauging their production schedules.
"A second accomplishment of the industry was the formation of the
Copper & Brass Research Association in 1921 to promote domestic markets
Despite the quiet trade in copper, some improvement in demand was
recorded during the week. The larger producers coatinue to pass up
business to the custom smelters except where certain shapes or brands are
In demand, in which case they are selling small tonnages for immediate
,4c.
shipment. The price is uniformly 18c. for Connecticut deliveries, and 181
in the Middle West. Most of the demand came from brass and wire mills
for July-August shipment. Foreign buying of oopper has been fair. The
June total of export sales will be well beyond that of April and May,
though only about half of what was sold in March.
Call for lead has abated somewhat. Prices have been maintained with
unusual consistency at 7c., New York, and 6.80c., East St. Louis. A fair
diversification of orders from the various consuming industries is reported
with one important exception-the lead covered cable manufacturers.
4244
PINANCIAL CHRONICLE
Most producers leek for buying in volume from this group in the next
few weeks.
Only a few hundred tons of zinc sold in the past week, but the price is
working up to the 6.80c. level quoted by most producers.
Summer Recession in Output Slight—Railroad and
Structural Demands Buoyant
Summer is bringing a recession in the activity of the steel
industry, but thus far hot weather and the physical limitations of equipment have affected mill operations more than
market conditions, states the "Iron Age" of June 27 in its
review of iron and steel conditions. The "Age" continues:
[VOL. 128.
record six months. Compared with a year ago,third quarter commitments
of many consumers show an increase.
Contracting for third quarter pig iron is more active, many automotive
foundries now being in position to foresee their needs more clearly. In
some cases these requirements are within 20% of the second quarter melt.
Expecially at Pittsburgh and St. Louis is more interest in iron manifest,
and southern producers to move their surplus are competing in northern
markets on an equal price basis for the first time in a decade.
Base prices on heavy finished steel are generally firm, with delivery a
paramount consideration in many cases. Though some producers are
more aggressive for business, many are not averse to an easier production
period to make plant adjustments necessitated by the long run at top speed.
In semifinished steel the markets at Pittsburgh, Youngstown and Cleveland appear to be settling to a $35 base, though some makers—chiefly those
with little material to sell—hold to the advanced level of $36 for sheet bars,
billets and slabs. Some important additions to steelmaking capacity may
result from the scarcity of the past six months.
June production statistics, available in another week, doubtless will
reveal new highs for the month for most producers of iron and steel. A
record second quarter also is forecast. This week Steel corporation subsidiaries have eased off three points, to 99%, while independent producers
are down two points, to 92%. The entire steel industry is averaging 95%
this week, against 96 last week.
Railroads loom large in the steel news of the week. Southern Pacific'
has bought 33,864 tons of rails, Chicago mills look for heavy secondary
buying of track material shortly, and the Pennsylvania is closing on 5,000
tons of fastenings. Rail mills at Chicago expect to go into August at their
present high rate. New York Central has placed 25 locomotives, with the
Wabash inquiring for 25. Lackawanna is inquiring for 1250, freight cars.
Car awards approximate 375, not including repairs to 300 for Seaboard
Air Line.
Automotive requirements for bars, sheets and strip continue dominant,
although ebbing slowly. Some automobile manufacturers will take more
material in July than in June, as new models go into production. It still
is true that so long as Ford and Chevrolet hold at above 7,300 and 6,000
cars daily, respectively, the summer lull in the industry will be greatly
tempered. As mills slowly make headway against deferred shipments,
automotive users can order more closely.
Plate delivery situation at Chicago continues unrelieved, with mills
bookings 8.000 tons for western oil tanks and a western railroad needing
10,000 tons for car repairs. Barge work at Pittsburgh requires 1,400 tons.
Structural deliveries are sufficiently deferred at Chicago to permit eastern
mills to participate there. Unusual bar demand for late June arises in the
generally good manufacturing situation.
Pittsburgh district sheet mills are assured of practically capacity operations into August. Valley mills note a slight slackening in automotive
orders, but other users almost close the ranks. Though sheet productiod
continues to increase at Chicago, backlogs are heavier. Strip and cold
finished steel shipments still are slightly in excess of incoming business.
Wire production is off as demand for the manufacturing lines tapers.
Indications are that the June movement of iron ore on the Great Lakes
will surpass the previous June record-9,921,000 tons brought down in
1918. Foreign manganese ore prices are weaker.
Improved conditions in the European markets are reflected by decision
of the European steel entente to increase production L000moo,metric tons
annually. This makes the yearly aggregate 32,287,000 tons, with quotas
increased proportionately, states the "Iron Trade Review" weekly cable.
Failure of semifinished steel makers to hold their advance has lowered
the "Iron Trade Review" composite of 14 leading iron. and steel. products
12 cents, to $36.84. The high point recently was $37.13, late in May.
While open-hearth steel output has apparently diminished, with a larger
number of furnaces reported down for repairs. Bessemer steel production
has gained. The recent hot wave has chiefly restricted the production of
sheet and tin plate mills and has not materially relieved the demand for
crude steel. Meanwhile total ingot output remains at Close to 100% of
rated capacity, with little prospect of dropping more than 2 or 3 points
before July 1.
Improvement in mill deliveries is more general, now being reported from
Chicago where producers' commitments are largest, but unfilled business is
still heavy and a high rate of production next month is assured. The
automotive industry has further curtailed operations and some motor car
builders, in preparing to bring out new models, have made a 50% reduction
In steel tonnage on order and in stock. The trend is not all in one direction,
however, since a few instances of increased specifications for automotive
steels are reported.
Tin plate specifications continue to taper, reflecting in part the prospect
of reduced packs of canned goods. Independent tin plate mills may shut
down all of next week on account of the Thursday holiday.
Farm equipment plants are taking less steel. Part of this reduction is
attributed to seasonal influences, but some of it is ascribed to the uncertainty of the agricultural outlook. Northwestern implement manufacturers
and tractor makers generally have made the sharpest cuts in production.
No general decline in steel demand has developed. The requirements
of railroads and construction work are expected to increase rather than
dhninish.he week's railroad equipment purChases include 4,000 steel
box car bans for the Pennsylvania and 25 additional locomotives for the
New York Central. Rail options are being exercised in full, further prolonging the present rate of rail mill operations. Capital expenditures of the
railroads in the last three quarters of the year, according to announcement
by Preseident Aishton of the American Railway Association, will exceed
those of the corresponding period in 1928 by 6111,000,000.
Structural steel awards, at 61,000 tons, were well above the weekly
average. Over 1,000,000 tons of fabricating work is in early prospect of
being placed, according to a leading steel company's survey of pending
structural tonnage throughout the country.
Pipe line commitments have been augmented by an order for 20,000 tons
-mile line
of 20
-in, pipe, placed with the Milwaukee fabricator, for a 100
from Petrone to Fort Worth, Tex. Oil tank lettings total 9700 tons, and
fresh inquiry for tankage calls for 10,000 tons of plates.
Competitive relations between steel-producing districts will be materially
altered by the decision of the Interstate Cormnerce Commission establishing
a mileage scale of freight rates on iron and steel products in Official Classification territory. Second only to the Federal Trade Commission order
abolishing Pittsburgh "plus" in its effects on steel distribution, the decision
establishes an entirely new set-up of rates for 90 per cent of the country's
mill output. The mileage scale,intended as an orderly and logical structure
calculated largely to wipe out inconsistent and prejudicial rates, will chiefly Bituminous Coal and Beehive Coke Output Keeps
benefit producers in Pittsburgh, Youngstown, Cleveland and Wheeling.
Ahead of 1928—Production of Anthracite Shows
An incidental result is the abolition of a blanket rate to New England points.
increase.
The renewal of steel contracts for third quarter has been rather general,
and in many cases consumers have asked for the same tonnage as in the
According to the United States. Bureau: of Mines, Doexpiring quarter. Some contract business in slabs has been placed at $34,
and
ruled on most second quarter tonnage. partment of Commerce, output of bituminous coal
Pittsburgh, or the same price that
The quotation of $36, recently current, has mainly governed on spot beehive coke for the week ended June 15 1929 continued to
business.
increase over a year ago, while production of Pennsylvania
On black and galvanized sheets 2.85c. and 3.60c a lb., Pittsburgh, or
$2 a ton below the last announced advances, have become more common; anthracite was again below the figures for the corresponding
on the latter product jobbers have been able to cover their requirements period last year. Total output for the week under review
at 3.50c.
was as follows: Bituminous coal, 9,304,000 net tons;
Pig iron contracting is gaining some headway, although in general not
brisk. Sales at St. Louis totaled 28,000 tons, and more consumer interest Pennsylvania anthracite, 1,220,000 tons, and beehive coke,
is evident at Pittsburgh. Along the Eastern seaboard the market has been 146,100 tons. This compares with. 8,342,000 tons of bituunsettled by Alabama furnaces, which are pressing the advantage of lower
1,218,000 tons of anthracite and 67,800 tons
water-and-rail rates. In the Central West, as a result of the slowing down minous coal,
of the automobile industry, pig iron shipments have declined and con- of beehive coke produced in the week ended June 16 1928,
siderable second quarter tonnage will be carried into July.
and 9,156,000 tons of bituminous eoal, 1,060,000 tons, of
Exports of iron and steel in May, at 262,000 tons, showed a decline of
tons of beehive coke produced in
16,000 tons from April, while imports made a gain of 74,000 tons, ascribed anthracite and 145,200
to prospective increases in duties. Exports for the first five months were the week ended June 15 1929. The Bureau further states:
1.344,000 tons, compared with 1,097,000 tons in the corresponding period
BITUMINOUS COAL.
last year.
The total production of soft coal during the week ended June 15. inThe "Iron Age" composite prices are unchanged. Pig iron at $18,63 a
9.301.000
gross ton is $1.42 higher than a year ago: and finished steel at 2.412c. a lb. cluding lignite and coal coked at the mines, is estimated at
net tons. Compared with the output in the preceding week, this shows
is up .071c a net ton as the following table shows:
an Increase of 148,000 tons, or 1.6%. Production during the week in
Pig iron.
Finished Steel,
1928 corresponding with that of June 15 amounted to 8,342.000 tons.
June 25 1929. 818.63 a Gross Ton.
June 25 1929, 2 412c. a Lb.
$18.63
2.412c. One week ago
One week ago
Estimated United States Production of Bituminous Coal (Net Tons).
18.71
ago
2.4I20. One month
One month ago
1928
1929
17.21
2.341c. One rear ago
Cal. Year
One year 8#10
Cal. Year
15.72
1.6890. 10-year pre-war average
to Dalai%
10-year pre-war average
Week.
to Date.
Week,
at Valley
Based on average of basic iron
198,900,000
Based on steel bars, beams, tank plates.
216,191,000 7,382,000
8,435,000
June 1
wire, rails, black pipe and black sheets. furnace and foundry Irons at Chicago,
1,538,000
1,671,000 b1,367.000
1,562,000
Daily average
Philadelphia.
Those products make 87% of the United mIngham. Buffalo, Valley and Bit- June 8_14
207,312,000
225,347,000 8,412.000
9,156,000
1,532,000
States output of finished steel.
1,664,000 1,402,000
1,526,000
Daily average
High.Low.
Low.
215,1354,000
High.
234,651,000 8,312,000
9,304,000
Mar. 19 June 15_c
May 14
1,526.000
1929..2.412c. Apr. 2 2.391e. Jan. 8 19'29_..-5i8.71 Nov. 27 518.29 July 24
1,659,000 1,390,000
1,551,000
Daily average
17.04
1928_2.391c. Dec. 11 2.314e. Jan. 3 1928___ 18.59
week in Jan. to equalize number of days in
Nov. 1
a
1927..2.453c. Jun. 4 '2.293c. Oct. 25 1927— 19.71 Jan. 4 17.54 July 13 the Minus one day's production first
Subject to revision.
two years. b Revised since last report. c
1926 .2.453c. Jan. 5 2.403c. May 18 1926_ 21.54 Jan, 5 19.46 July 7
1925__2.561.1e. Jan. 6 2.3960. Aug. 18 1925._ 22.50 Jan. 13 18.96
The total production of soft coal during the present calendar year to
amounts to 234,651,000 net
June
Most steel producers are coming up to midyear with the tons. 15 (approximately 141 working days) other recent Years are given
Figures for corresponding periods in
Not since
best order books in their history for that period.
below:
244,161,000 net tons
215,654,000 net tons I 1926
1920 have so many departments of the industry embarked 1928
217,759,000 net tons
256,635,000 net tons I 1925
substantially old 1927
on the third quarter with July output
indicated by the revised figures above, the total production
and considerable August tonnage earmarked, adds the ofAs alreadyfor the country as a whole during the week ended June 8
soft coal
27, which goes on to say:
"Iron Trade Review" of June
amounted to 9,156,000 net tons. This is an increase of 721,000 tons, or
over the output in the preceding week, when working Unto was
Specifications and shipments of finished steel continue to turn down 8.5%,
by the Memorial Day holiday on May 30. The foilewing table
moderately, under seasonal influences, but third quarter contracting is curtailed
brisk, considering the generally stable price situation and the forerunning apportions the tonnage by States:
JUNE
29 1929.1
4245
FINANCIAL CHRONICLE
Estimated Weekly Production of Coal by States (Net Tons).
1Veek Ended
June
June 1
June 9
June 11
June 8
1923
StateAvge.a
1929.b
1928.
1929.
1927.
Alabama
320,000
387.000
319,000
324,000
320,000
Arkansas
17,000
20,000
22,000
17,000
22,000
110,000
Colorado
123,000
103,000
175,000
136,000
Illinois
844,000
054,000
848,000
53,000 1,243,000
Indiana
274,000
220,000
300,000
416,000
158,000
Iowa
54,000
50,000
56,000
7,000
88,000
Kansas
c
28,000
73,000
Kentucky-Eastern
885,000
855,000
899,000
864,000
661,000
184,000
170,000
Western
206,000
183,000
444,000
36,000
Maryland
48,000
47,000
47,000
48,000
Michigan
12,000
11,000
11,000
12,000
10,000
Missouri
49,000
40,000
43,000
55,000
25,000
Montana
44,000
36,000
39,000
38.000
38,000
New Mexico
43,000
40,000
51,000
51,000
46,000
North Dakota
14,000
14,000
13,000
14,000
9.000
Ohio
425,000
355,090
247,000
152,000
888,000
Oklahoma
35,000
26,000
42,000
48,000
62,000
Pennsylvania (bitum.)
2,640,000 2,253,000 2,221,000 2,360,000 3,613,000
Tennessee
98,000
93,000
100,000
113,000
96,000
exas
17,000
16,000
14,000
25,000
21,000
Utah
60,000
54,000
60,000
89,000
71,000
Virginia
227,000
237,000
217,000
240,000
272,000
Washington .
37.000
40,000
33,000
42,000
44,000
W. Virginia--Soutnern_d 1,930,000 1,844,000 1,955,000 2,174,000 1,417,000
Northern_e
647,000
580,000
703,000
927,000
819,000
Wyoming
83,000
81,000
86,000
92,000
104,000
Other States
c36,000
c39,000
c33,000
5,000
5,000
Total bituminous coal__ 9,156,000 8,435,000 8,412,000 8,490,000 10,866,000
Pennsylvania anthracite__ 1,060,000 1,266.000 1,386,000 1,720,000 1,956,000
Total all coal
10,216,000 9,701,000 9,798,000 10,210,000 12,822,000
a Average weekly rate for entire month. b Revised. c Kansas included in
"Other States." d Includes operations on the N.& W., C.& 0., Virginia, K.& M.,
and Charleston Division of the B. & 0. e Rest of State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
June 24 is estimated at 1,220,000 net tons. Compared with the output
in the preceding week, this shows an increase of 160,000 tons, or 15.1%•
Production during the week in 1928 corresponding with that of June 15
amounted to 1,218,000 tons.
Estimated Produaion of Pennsylvania Anthracite (Net Tons).
1928-------1928
Wee/c.
Cal. Year
Week.
Cal. Year
Week Endedto Date.
to Date.a
1,266,000 31,967,000
1,491,000 32,034,000
June 1
1,386,000 33,420,000
June 8
1 060,000 33,027,000
1,220,000 34,247,000
June 15_ b
1,218,000 31,638,000
a less one day's production first week in January to equalize number of days
in the two years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended June 15
is estimated at 146,100 net tons, as against 145,200 tons in the preceding
week. The following table apportions the tonnage by States.
Estimated Production of Beehive Coke (Net Tons.)
Week Ended
1929
1928
June 15
June 8
June 16
to
to
1929.6
1929.
1928.
Date.
Date.a
Pennsylvania and Ohio_ __
123,400
123,800
46,000 2,310,100 1,523,000
West Virginia
10,300
8,900
11,600
236,900
284,500
Georgia, Ky. and Tenn
1,800
1,900
1,300
38,300
95,400
Virginia
6,000
6,000
5,000
121,500
113,200
Colorado, Utah and Wash.
4,600
4,600
3,900
128,700
103,400
United States total____
146,100
145,200
67,800 2,835,500
2,119,500
Daily average
24,350
24,200
11,300
19,829
14,822
a Minus one day's production first week in January to equalize number of days
in the two years. b Subject to revision.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 26, made public by the Federal Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows increases for the week
of $57,600,000 in holdings of discounted bills and of $10,100,000 in Government securities and a decrease of $4,200,000
in bills bought in open market. Member bank reserve deposits increased $52,000,000, Government deposits $2,200,000, cash reserves $25,900,000 and Federal Reserve note
circulation $9,300,000. Total bills and securities were
$63,700,000 above the amount held on June 19. After noting these facts, the Federal Reserve Board proceeds as follows:
Holdings of discounted bills increased $65,900,000 at the Federal Reserve
Bank of New York. $13,600,000 at Philadelphia and $8,800,000 at Boston,
and declined $13,900,000 at Chicago, $9,000,000 at San Francisco. $6.100,000 at Kansas City and $5,500,000 at Atlanta. The System's holdings of
bills bought in open market decreased $4,200,000, while holdings of Treasury notes increased $9,000,000 and of Treasury certificates $1,000,000.
Federal Reserve note circulation declined $2,300,000 at Atlanta and increased $6,900,000 at Cleveland, $2,700,000 at Philadelphia, $1,500,000 at
Chicago and $9,300,000 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 4283 and 4284.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended June 26, is as follows:
Total reserves
Gold reserves
Increase 1-1-) or Decrease (-)
During
Week.
Year.
$
$
3,072,554,000 +25,873.000 +334,270,000
2,895,514,000 +15,212,000 +312,204,000
Total bills and securities
1,262,428,000
+63,667,000
-205,305,000
1 016,747,000
BIM discounted, total
Secured by U. S. Govt. obliga'ns 532,545,000
Other bills discounted
484,202,000
+57,643,000
+52,253,000
+5,390,000
-15,127,000
---169,073,000
+153,946,000
82,839,000
-4,193,000
-140,593,000
• U. S. Government securities, total 149,527,000
Bonds
42,738,000
Treasury notes
92,021,000
Certificates of indebtedness
14,768,000
+10,069,000
+66,000
+9,007,000
+996,000
-62,410.000
-15,241,000
+4.437,000
-51,606,000
Federal Reserve notes In cIrculation..1,658,496,000
+9,309,000
+53.861.000
2 419,655,000
2,343,813,000
48,924,000
+50,983,000
+52,048,000
+2,193,000
+37.855,000
-896,000
+37,650,000
June 26 1929.
Bills bought In open market
Total deposits
Members' reserve deposits
Government deposits
5
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week increased $122,000,000
over the amount for last week. The total of these loans on
June 16, at $5,542,000,000, compares with the high record
of $5,793,000,000 on March 20 1929 and with $4,178,000,000
on June 27 1928. This week's total of $5,542,000,000 is
$117,410,000 larger than the highest total reached by these
loans in any week last year, $1,824,370,000 above the 1927
high and $2,400,875,000 more than the highest amount
reached in 1926.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 26 1929. June 19 1929. June 27 1928.
-total
Loans and investments
7,410,000,000 7,277,000,000 7,105,000,000
Loans
-total •
5.610,000,000 5,465,000,000 5,166,000,000
On securities
All other
2,908,000,000 2,749,000,000 2,537,000,000
2 702,000,000 2,716,000,000 2,630,000,000
Investments
-total
U. S. Government securities
Other securities
1 800,000,000 1,812,000,000 1,939,000,000
1,054,000,000 1,063,000,000 1,116,000.000
747,000,000 749,000,000 823,000,000
Reserve with Federal Reserve Bank.- 711,000,000
Cash In vault
54,000,000
Net demand deposits
Time deposits
Government deposits
720,000,000
51,000,000
752,000,000
54,000,000
5,238,000,000 5.145,000,000 5.271,000,000
1 162,000,000 1,146,000,000 1,225,000,000
72,000,000
58,000,000
72.000,000
123,000,000
818,000,000
117.000,000
800,000,000
100,000,000
931,000,000
Borrowings from Federal Reserve Bank_ 228,000,000
170,000,000
256,000.000
Due from banks
Due to banks
Loans on securities to brokers and dealers
For own account
1 038,000,000 883,000,000 941,000,000
For account of out-of-town banks_ __ _1,536,000,000 1,592,000,000 1,483,000,000
2,969,000,000 2,945,000,000 1,754,000,000
For account of others
Total
On demand
On time
Loans and investments
-total
Loans-total
On securities
All other
Investments
-total
U. S. Government securities
Other securities
5 542,000,000 5,420,000,000 4.178,000,000
5 204,000,000 5,069,000,000 3,161,000,000
338,000,000 351,000,000 1,017,000,000
Chicago.
2,024,000,000 2,044,000,000 2,063,000,000
1,606,000,000 1,625,000,000 1,566,000,000
910,000,000
715,000,000
872,000,000
694,000.000
418,000,000
419,000.000
498,000,000
169,000,000
249,000,000
172,000,000
247,000,000
220,000,000
912,000.000
694,000,000
277,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Reserve with Federal Reserve Bank_ __ _ 168,000.000 165,000,000 180,000,000
Cash in vault
15,000,000
17,000,000
16.000,000
Beginning with the returns for June 29 1927, the Federal
Net demand deposits
1 193,000,000 1,176,000,000 1,242,000,000
Reserve Board also commenced to give out the figures of the Time deposits
627,000,000 630,000,000 718,000,000
4,000,000
20,000,000
20,000,000
member banks in the New York Federal Reserve District, Government deposits
135,000,000
140,000,000 165,000,000
as well as those in the Chicago Reserve District, on Thurs- Due from banks
Due to banks
320,000,000 317,000,000 355,000,000
days, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until Borrowings from Federal Reserve Bank_ 64,000,000 74,000,000 74,000,000
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities , Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
cannot be got ready.
Below is the statement for the New York member banks
As explained above, the statements for the New York and
and that for the Chicago member banks thus issued in Chicago member banks are now given out on Thursdays,
4246
FINANCIAL CHRONICLE
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 get 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 ares'no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
• Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week imded with the close of business June 19:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leadi.z cities on June 19 shows increases for the
week of $194.000,000 in loans and investments, of $214,000,000 in Government deposits, of $18,000,000 in time deposits and of $46,000,000 in borrowings from Federal Reserve banks, and a decline of $170,000,000 in
net demand deposits.
Loans on securities, which were $175,000,000 above the June 12 total,
Increased in all but one district, the principal increases by districts being:
New York $92,000,000, San Francisco $18,000,000, Boston $17,000,000,
Chicago $14,000,000, Philadelphia $13,000,000, and Cleveland $10,000,000.
"All other" loans declined $10,000,000 in the New York district, and
Increased $10,000,000 in the San Francisco district, $8,000,000 in She
Chicago district and $4,000,000 at all reporting banks.
Holdings of U. S. Government securities increased $8,000,000 in the
San Francisco district, 87,000,000 in the New York district and $29,
000,000 at all reporting banks, while holdings of other securities declined
$11,000,000 in the New York district, $6,000,000 in the Boston district
and $15,000,000 at all reporting banks.
Net demand deposits, which at all reporting banks were $170,000,000
below the June 12 total, increased $10,000,000 in the San Francisco district
and declined in all other districts, the principal decreases by districts
being: New York 866,00E1.000, Chicago $32,000,000, Cleveland $20.000,000, Philadelphia $19,000.000, and Boston $14,000,000. Time deposits increased $24,000,000 in the New York district and $18,000,000 at
all reporting banks.
The principal changes in borrowings from Federal Reserve banks for the
week comprise increases of $33,000,000 at the Federal Reserve Bank of
Chicago, $27,000,000 in New York and $14,000,000 at San Francisco,
and decreases of $14,000,000 at Cleveland, $7,000,000 at Atlanta and
$6,000,000 at Dallas.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
June 19 1929, follows:
Increase 1+) or Decrease (—)
Since
June 19 1929. June 12 1929. June 20 1928.
Loans and Investments—total_ _ _ _22,298,000,000
+194,000,000
Loans—total
16,543,000,000
+179,000,000
+709,000,000
7,382,000,000
9,161,000,000
+175,000,000
+4,000,000
+471,000,000
+239,000,000
5,755,000.000
+15,000,000
—460,000,000.
2,935,000,000
2,820,000,000
+29,000,000
—15,000,000
—110,000,000
—350,000,000
Reserve with Federal Reeve banks 1,657.000,000
Cash in vault
227,000,000
—25,000,000
—9,000,000
—57,000,000
—16,000,000
12,938,000,000
6,727,000.000
260,000,000
—170,000,000
+18,000,000
+214,000,000
—352,000,000
—189,000,000
+49,000,000
1,099,000,000
2,533,000,000
+13,000,000
+40,000,000
—31,000,000
—337,000,000
674,000,000
+46,000,000
—100,000,000
On securities
AU other
Investments—total
U.S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
+249,000,000
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication June 29 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business throughout the month was still quiet and some pessimism was
In evidence regarding the outlook of the next few months, but the country
is fundamentally in a flourishing economic condition and the consensus of
opinion is that business will improve toward the end of the year. Exports
from Jan. 1 to June 21 were as follows (figures in parentheses for corresponding period of previous year), salted cattle hides 1,830,000 pieces (2.551.000),
dry cattle hides 397,000 pieces (593,000), frozen beef 533.000 quarters
(570,000), chilled beef 2,691,000 quarters (2,515,000), frozen mutton 594,000 carcasses (716,000), and frozen lamb 1,154,000 carcasses (556,000).
AUSTRALIA.
Seasonal conditions in Australia during the past month have been fair,
but continuation of labor disputes and the lack of business confidence is
causing quietness in trade circles. Rains have improved slightly in South
Australia, but continued dryness in New South Wales is causing some
!vii!.. P2A
anxiety. The extensions threatened in the coal deadlock have been avoided
and activities in the timber business have been improved largely through
an increase in voluntary workers. A continuation of comparatively high
imports is causing some increases in merchandise stocks and resulting in
extensive cut price sales. Large retail establishments are maintaining an
almost normal volume of sales but at the expense of smaller stores. In
spite of sufficiency of credit, collections are somewhat slow. Industrial
shares are in diminished demand, real estate is quiet, and construction
activities are being curtailed.
CANADA.
Reactions to the warmer weather and encouraging crop reports are seen
in a heavier movement of seasonal merchandise in Canada during the past
week. Manufacturing in the Toronto district, however, remains spotty,
mainly on account of the quiet tone prevailing in automobiles and accessories.' Rubber factories are active, as are manufacturers of automobile
bodies. Clothing factories are said to have large stocks on hand as the
result of the late season. Many centers in Eastern Canada, notably
Quebec City, report a substantial movement of supplies for tourists. Retail
trade in Winnipeg is said to be improving, although not to the degree
expected. Calgary trade is better than a year ago and merchants in the
southern section of Alberta province are optimistic. Trade around Edmonton is said to be affected by low grain prices. Vancouver repents a better
wholesale and retail trade than a year ago.
COLOMBIA.
Depressed business conditions prevail throughout the whole of Colombia.
Credit restriction continues and the number of protested drafts is increasing.
Fewer commercial travelers are entering the country. Imports are dedining, registration of new automobiles is lower, and on account of the
lower purchasing power of the public, the purchase of textiles, drugs,
foodstuffs, and iron and steel specialties is decreasing. American lumber
selling in the growing Call market is subject to strong competition from
Sweden. The first talking motion picture has just been exhibited in Bogota.
CUBA.
Notwithstanding that business may be seasonally slowing up with such a
sharp decline as to indicate serious conditions in the early fall, the half
year just ending has shown an actual upturn. With the approach of the
dead season of 1929, a general belief is held that business conditions are
much worse than they were last year. Nevertheless, the most accurate
statistical indices available actually point to a better situation than that
which existed in June 1928. Habana is quiet and the hotels are practically
empty. An unwonted stillness prevails throughout the business districts and there are some signs of increasing distress among the poor of the
city. Everyone is evidently economizing and business is hesitant for the
future. Opinions of bankers and business leaders are generally to the
effect that no great change has taken place, but that there has been some
decline. The best indicator of the Cuban business movement as a whole
is the current measurement of the stock of money in the country, which
can now be ascertained with almost exact accuracy. The average volume
of the currency has been $160,681,920 from Jan. 1 to and including June 1,
as compared with an average of $160,054,224 during the same period of
1928. The sugar harvest was the largest on record and was produced
with great rapidity from the very first week of grinding. Trade statistics
show that up to June 2,342.835 tons had been exported, as compared
with 1,554,374 tons by the same date last year. The sugar movement has
apparently netted Cuba $87,106,605 as compared with $81.822,247 for
the smaller output of last year, the smallness of the difference in the returns from both crops being due to a much lower price being obtained for
the larger 1928-29 output.
ECUADOR.
Business and economic conditions in Ecuador continue depressed and
the commercial situation in Guayaquil is reported to be the worst in many
Years. The continued unsatisfactory business outlook is causing much
anxiety and discussion locally regarding the economic position of the
country. Reports from the cotton areas indicate that the prospects for a
good cotton crop remain unchanged. It is expected that the yield will be
large enough to supply the needs of the country and perhaps furnish a small
amount for export. Coffee prospects are favorable according to information
coming from the Provinces of Oro and Manali, but the outlook for cacao
and coffee in general are unfavorable, notwithstanding that there are some
Indications that the Arriba cacao yield in August. September and October
Is expected to be above that of the same months of last year. The rice
crop is small in contrast with that of 1928.
GUATEMALA.
The feeling in business circles is slightly more optimistic than in May,
and it is reported that retail and wholesale business is fair and collections
satisfactory. A large increase in imports is being registered during June,
attributable to the fact that the new tariff goes into effect on July 1. Overbuying to any great extent has, however. been prevented by the shortness
of time between the passing of the tariff law and the effective date. The
railways have announced a reduction in freight rates of 33 1-3% on automiles and 50% on gasoline.
HAITI.
With the arrival of the seasonal period of inactivity in trade, business
conditions in Haiti are dull. Reports indicate that this period of restricted
salos which usually lasts from June to September will be unusually severe
and credit conditions are reported unfavorable and exporters are compelled to exercise caution in their dealings. Preliminary local surveys
Indicate that the new coffee crop which normally begins to move in October
will be large. The coffee standardization law which was signed by the
President on June 1 is expected to improve the methods now used in cleaning and grading Haitian coffee and is expected to stimulate the coffee
Industry. The application of the law is also expected to lead to a greater
foreign distribution of Haitian coffee as well as secure a more general
recognition of the fine quality of the native product.
HONDURAS.
General imports into the Republic continue at a high level. Banks report
business good. Mails continue to be delayed on account of the heavy rains,
making the roads impassable. The Government proposes to establish an
aviation school in Tegucigalpa. New York exchange in Tegucigalpa remains at an average of 2.01 pesos to the dollar.
INDIA.
Business conditions in India during the past month have continued unsatisfactory. Bank clearings have been lower than anticipated and customs
have not been up to expectations. Severe floods in Assam have caused
considerable property damage, necessitating famine relief measures in
certain districts. Despite numerous conferences between mill owners and
workers, the strike in Bombay cotton mills continues.
ITALY.
At a recent meeting of the governing board of the General Fascist Confederation of Italian Industries a report was issued which expressed Sat18-
JUNE 29 1929.1
4247
FINANCIAL CHRONICLE
faction over the progress Italian industry has made, over the manner in
which it had abridged the difficulties consequent upon revaluation and
expressed its affirmative stand on the necessity of keeping the Italian lira at
its present exchange quotations. This organization had a membership in
1926 of 50,000 business concerns which employed 1.400.000 persons By
Jan. 1929 it had grown to a membership of 71,490 business firms employing 2,075,849 persons, thus embracing practically 87% of Italian industrial activities.
JAMAICA.
Abundant rains falling during the early part of June broke the drought in
many parts of the island and the outlook for principal crops has improved.
As agricultural products furnish the chief exports of Jamaica, the improved position of the leading crop has had a beneficial effect on the general
economic situation. The banana crop is now expected locally to exceed that
of last year, when exports were 17,000,000 count bunches. General exports
from Jamaica to all countries during June were fairly large, but the value of
declared exports to the United States in the first 20 days of June declined
$50,500 in value as compared with those in the same period of last year,as a
result of the diversion of banana shipments to England and Canada.
Imports from all countries into Jamaica during the same period of the
month are estimated to have increased 2%. Retail business continues
seasonally dull with the exception of the turnover in construction supplies
which continue brisk owing to the high level of activity in construction of
roads, streets and buildings during the current semester. Bank deposits
remain normal and collections show improvement over those of last month.
Labor conditions continue satisfactory. The summer tourist traffic during
the elapsed part of June indicates a falling off of 43% as compared with the
same period of 1928 attributed to the diversion of certain steamers to
other countries.
NICARAGUA.
The usual seasonal slackening of business is evident throughout the
country. Retail sales have declined and imports show a tendency to
decrease. Circulation of the cordoba has decreased to 3,843,000 as compared with 4,080,000 in May. Imports through Corinto during the period
from May 23 to June 20 amounted to 2.900 tons. Exports during the
same period amounted to 1,500 tons. Customs duties payable at Corinto
during June amounted to $117,000 as against $242,000 in May and $287,000 in April. Coffee shipments have been practically completed. Total
coffee exports up to June 20 amount to 14.100 tons. Flowering of the
1929-30 coffee crop has been satisfactory and present indications are that
the crop will be 25% larger than in 1928-29.
all lines are worse than during May, which was considered an unsatisfactory
month. As the summer season is customarily dull, no real improvement is
expected until the fall of the year. Merchants are buying only for immediate needs. Collections are difficult, especially in the interior towns.
Caracas automobile dealers are believed over stocked with slight hope for
immediate sales. The Maracaibo section is the only place where business
is reasonably good, as business in that region depends on the petroleum
industry which continues to grow. There are 60,000 bags of coffee stored
at Caracas on account of low prices offered for this commodity. The demand for cacao is also slight. Petroleum production in May was 12,200,000
barrels, nearly a million greater than in the previous month. Exports
totaled 11,400.000 as compared with 9,600,000 in the previous month. The
average daily production of petroleum for the months of January to May
was 35,000 barrels.
Gold and Silver Imported Into and Exported from the
United States by Countries in May.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during the month
of May 1929. The gold exports were only $467,449. The
imports were $24,097,139, of which $15,691,986 came
from Germany, $4,000,000 came from Argentina and
$2,941,381 came from Canada. Of the exports of the metal,
$200,000 went to Venezuela and $159,876 to Mexico.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
GOLD..
Total.
Countries.
Exports. Imports.
SILVER.
Refined Bullion.
Total (Includ. Coin)
Exports. Imports. Exports. Imports.
$
Ounces
$
Ounces
$
$
1,000
Czechoslovakia-1,915
3,340
France
PANAMA.
206,894
379,478
15,691,986
Germany
2,282
The Government is continuing its economy program, the latest action Italy
1,873
3,340
being a reduction in the number of police magistrates from 218 to 45 and Norway
27,548
50,621
207
United
the elimination of the agricultural section of the Department of Public CanadaKingdom
186,590 205,347 199,665 402,495
33,754 2,941,381
works. The Secretary of Finance states that henceforth all government Guatemala
13,304
80,788
144,117
20,911
supplies'in excess of $500 shall be obtained through bids and promises the Honduras
1.938
3.297
14,501
presentation of a balanced budget on June 30. A contracting and engi- Nicaragua
• 9
15,067
Panama
neering firm with a reported capitalization of $300,000 has been organized. Mexico
2,726,293 1,008,845 2,805,426
461,873
159,876
2,646
458
Jamaica
PORTO RICO.
5.340
47,500
Trinidad & Tobago_
Retail business in San Juan and Mayaguez has been maintained at Other British West
100
Indies
normal or better for this season of the year, but a decided slowing up of
1.398
commercial transactions is now apparent. Commercial travelers return- Cuba
1,580
Netherland W.Ind_
ing from interior towns report that merchants of good financial standing Haiti, Republic of_
7,800
1,725
3,105
4.000,000
are generally ordering with extreme conservatism and that most of those Argentina
1,568
ordering otherwise are of the class whose credits must be scrutinized closely. Bolivia
139,227
71,693
Chile
Many commercial houses of good credit standing will continue to main- Colombia
183
8,250
306
15,035
123,803
3,873
tain their position but in general, matters of credit should be given great Ecuador
116,590
1,024,153
3,006
196,611
care during the next few months. Most of the tobacco crop has passet. Peru
28,190
200,000
from the hands of the farmers into pools or to financiers who advanced Venezuela
1,472,941
2,713,197
the money on the crop, but in most cases settlements have not yet been British India
4,551.611
8,387,767
China
42,024
made to the farmers. Northern tobacco buyers are offering 25c. per pound Java and Madura_
74,263
105,262
10,000
• or a little better for the tobacco, while the producers are holding out fot Hong Kong
'
62.612
35c. and until some agreement is reached only minor transactions may be Japan
3,744
223,770
Islands.
expected. Foodstuffs importers report that business has been on a par Philippine
14
25
14,191
New Zealand
74,892
4,222
with that of May, which is better than was expected, but sales of food- Belgian Congo
18
1,088
stuffs are now less active because of present credit conditiong. Packing Mozambique
house products have been moving well and sales of dried fish have been
467.449 24.097.139 11.739.133 3.156.654 7,484.792 4,596,575
Tnta1
stimulated by the recent arrivals of schooner cargoes from Nova Scotia
and Newfoundland. June and July are the months in which the local
bakers contract for their semi-annual flour needs, but flour importers
report that flour is moving slowly, largely as a result of the difficulties Owen D. Young, J. P. Morgan, Thomas W. Lamont and
being met with by the bakers in arranging credits.
Thomas N. Perkins Report to President Hoover on
SALVADOR.
-Urge American
German Reparations Settlement
There is still no demand for washed coffee. There is a slight demand for
Participation in Bank for International Settleunwashed coffee with the superior grade being quoted at $22.50 and the
current grade at $21 f.o.b. It is stated, however, that sales of this 001700
ments.
81000 the beginning of June have been small. Because of the destruction
In conversations on Tuesday (June 25) between President
by locusts the Government is arranging contracts with local firms for the
importation of corn. However, the probable amount to be imported is Hoover and other Administration officials on the one hand,
unknown by the authorities. The textile situation is reported as normal.
and the American bankers who served on the Commission
The present small sugar stocks are being held for domestic consumption.
'
TRINIDAD.
Cacao production during June increased over the estimate of the previous
month and arrivals approximated 200,000 pounds daily. It is generally
believed locally that the output during July will be approximately 160,000
pounds daily as the season is about ended. A large and excellent sugar crop
has been harvested, but the final gathering of cane on a few estates has been
halted by heavy rains. The coffee crop is showing a large increase and the
lime crop is very promising, 90% of the latter crop having been contracted
for at high prices by a British firm. The condition of all other crops continuos good. The output of the oil industry continues to increase and one
company is reported to have brought in a largo well. General business
conditions continue good.
URUGUAY.
Collections have been generally slow, the merchants delaying payments
owing to the depreciation of the peso, whose exchange value during the last
thirty days has averaged $0.9735. May bank clearings amounted to
73,000,000 pesos, a decline of 6,000.000 pesos form the previous month.
April currency circulation to 69,000.000 pesos as against 72,000,000 pesos
In March and 71.000,000 in February, and April bank deposits to 166,000..000 as against 161,000,000 in March. May exports are not available as
yet, but imports are estimated at 6,700,000 pesos. Import customs revenues during the first three weeks of June amounted to 1,145.000 pesos
and export to 40,000 pesos. During the same period cattle killings amounted
to 43,000 as against 70,000 during the corresponding period of the previous
month and from Oct. 11028 to June 211920 to 635,000 as against 695,000
.during the corresponding period of the previous year.
VENEZUELA.
Improvement in Venezuelan business has failed to materialize as was
anticipated after the election of the new President. Merchandise sales in
of Reparations Experts on the other, it was stressed, says the
Washington correspondent of the New York "Times,"
by the latter-Owen D. Young and j. P. Morgan-that it
was desirable to have American citizens represented in the
directorate of the International Bank of Settlements which
is to be set up as a clearing house for handling the reparations
payments to be made by Germany in accordance with the
terms of the Allied and German agreement at Paris. Difficulties to that end were foreseen, however, by some of the
officials of the Government. The "Times" account proceeds
as follows:
Bank Working Questioned.
The question arose also as to whether the United States would be obliged
to receive its share of the German reparations payments through the International Bank of Settlements and it was agreed that it might be necessary
to obtain the consent of Congress to such an arrangement. But the opinion
appeared to prevail that in order to avoid complications it would be desirable to find some means of accepting payments through the international
bank without seeking Congressional authority.
The conferences held here to-day at the White House and at the State
Department developed the conclusion by the Administration's representatives that as a separate agreement between the United States and Germany
would be necessary to carry out the terms of the reparations settlement as
far as they affected this Government,the consent of the Allied Governments
to the abrogation of the previous-Allied and German reparations payments
agreement must be obtained and in addition the abrogation must be sanctioned by Congress.
4248
FINANCIAL CHRONICLE
Long Talk with Stimson.
to obtain Congressional authority to receive payments of German reparaThis prior agreement as to the proportionate allocation of reparations tions through the International Bank of Settlements.
payments by Germany to the Allies and the United States was signed in
Silent on Allied Debts.
Paris, with Frank B. Kellogg, then American Ambassador to Great Britain,
Another matter that will be involved in the separate repatation arsigning for this Government.
Messrs. Young and Morgan came here to-day with their alternates in rangement with Germany will be the extension of time for Germany's
the recent four months' session of the Commission of Reparations Experts payment of the costs of American occupation of the Rhinelands. Under
at Paris—Thomas Nelson Perkins of Boston and Thomas W. Lamont of the terms of the agreement arranged by the Experts' Committee in Paris
New York, a member of the banking firm of J. P. Morgan & Co. They this time is extended from 30 to 35 years. It is necessary for the United
had a long conversation at the State Department with Secretary of State States to agree to the extension in order not to disarrange the general
settlement under the Young Plan.
Stimson, and took luncheon at the White House with President Hoover.
In their consideration of the matter of bringing about these arrangeThe luncheon was coincident with a further discussion of the reparations
situation and after the luncheon the four bankers took a train for New York, ments through Congressional authority, the Administration officials involved felt that they had received valuable help in the information given
Paris Background Explained.
them to-day by Messrs. Young, Morgan, Perkins and Lamont.
It is understood that in the conferences at the White House and at
In addition to President Hoover and Messrs. Young, Morgan,Perkins and
the State Department there was no discussion of the'Allied debts to the
Lamont, the White House luncheon conference was attended by Secretary
United States.
Stimson, Secretary of the Treasury Mellon, Under Secretary of State
An annex to the report of the Experts' Committee provided that in
Cotton, Under Secretary of the Treasury Mills and Assistant Secretary of
State Castle. At both the White House and the State Department there the event that the United States reduced its war debt claims against the
was a frank exchange of views, but for the most part the conversations Allied Powers after the first 3614 years of reparations payments by Germany
were intended to give President Hoover and the other officials concerned under the Young Plan the subsequent'payments by Germany to the Allied
,
an intimate picture of the reparations conference in Paris. Messrs. Young, Powers during the final 21.5 years would be reduced in corresponding
Morgan, Perkins and Lamont had been invited by the President to come degree. This annex was not signed by Messrs. Young and Morgan.
Even if they had signed it, the agreement would not have been binding
to Washington for that purpose.
What Was learned by the President and the representatives of the State In any way on the United States Government, as they did not participate
in the committee as official represenatiatives of the Government.
and Treasury Departments was characterized as ectremely illuminating
and satisfying and as giving a clear idea of the background of what had
To Ignore Plan Annex.
taken place in Paris. Some of the American officials expressed satisfaction
The annex agreement was signed by the Allied Powers and Germany.
over what they had learned and said they looked upon it as very hopeful It has been construed as suggesting
that this Government should "forfor future guidance in the dealing of this Government with the reparations give" the Allied debtors part of the amounts that
they borrowed. President
settlement.
Hoover and his advisers have taken the position that the matter of the war
Plan Seen Aiding All.
debts of the Allies to the United States was not concerned in the reparations
Questions asked by some of the American officials as to the justifi- settlement and they will ignore the annex in tho recommendations to
cation for the opinion that Ger_nany would be unable to meet the heavy Congress for carrying out the terms of those portions of the Young Plan
reparations payments which she mill be called upon to pay under the which affect this Government.
Messrs. Young, Morgan, Perkins and Lamont declined to make any
Paris arrangement, brought expressions of confidence from Messrs. Young
and Morgan that there would be no great difficulty on Germany's part statement concerning their conferences at the State Department and
the White House. After the White House luncheon they hurried away
in raising the amounts which the will be pledged to remit to the victorious
allies over a period of 58 years. Mr. Young, expressing the view of himself to catch the 3 o'clock train for New York. No information was furnished
and his associates, was extremely optimistic over the situation of Germany. to newspapers at the White House or the State Department, but SecreIt was conceded, however, that while Germany would be able to meet tary Stimson answered questions of newspaper men concerning his conher reparations payments, a difficulty existed in transferring from Germany versation with the experts prior to the White House luncheon.
Secretary Stimson said Messrs. Young, Morgan, Perkins and Lamont
Into other countries the large amounts involved. With heavy amounts
leaving Germany and no compensatory amounts flowing into that country, had been in Prance since Jan. 1 and came in contact there with the most
considerable financial difficulties might be presented, but the American interesting situation in Europe to-day. They were intelligent and repreparations experts were confident that all Europe would prosper as a resentative Americans and had reported to him on their observations
result of the settlement and that svculd be of great benefit to American in Europe, Mr. Stimson said he was endeavoring to get a little background
export trade as European countees would be better able to buy products from them,something in the nature of a verbal report as to what they had
done and what their opinions were of the general situation as far as it bore
of the United States.
on the problem on which they had been working. It was a very interesting
Pact with Reich Discussed.
•
conversation, he said
As one expressed it in the conferences to-day, the benefits the AmerSamson Stresses Privacy.
ican farmer would obtain through the reparations agreement would far
The conversation, according to Se:getary Samson, was informal and
exceed the benefits he is to derive from the new farm relief bill enacted by
unofficial because Mr. Young and his associates woe not acting at Paris
Congress this month.
in any official capacity. Nevertheless, as American citizens, they came
Part of the time taken up in the two conferences was devoted to an to tell
tho Secretary of State about their work and to discuss the whole
exchanae of views between the reparations experts and the administrasituation involved as they saw it.
tion officials as to the ability of the European Governments concerned
To a question as to whether the annex to the report of the experts' comto enter into a concerted arrangement with Germany for the payment mittee
had been discussed, Secretary Stimson said that it had not been
of reparations and the difficulties which restrained the United States from discussed
and the experts did not refer to any details.
joining with the Allies in the settlement effected in Paris and made a sepaTo a question as to what conclusions he had reached as a result of his
rate agreement with Germany necessary.
discussion with Messrs. Young, Morgan, Perkins and Lamont, Secretary
It was apparent that the American officials felt that it would not be
Stimson said that inasmuch as he had just received the information they
wise to tie up this Government in a long contract which it might not be had
imparted, it was too soon to expect him to have reached any conable to change if public opinion in the country indicated that a change clusions.
The visitors, Mr. Stimson, explained, did not come to tell the
was desirable.
Secreatry of State what he should do and he did not tell them what they
As to the feeling of the reparations experts that it was desirable that should
do, btit he did ask for information and obtained a great deal of it
there should be American representatives in the management of the Inter- from
their viewpoint, much of it bearing on matters outside the scope of
national Bank of Settlement, it was seen by the Administration's par- the
reparations report.
ticipants in the conference that this Government was not in the same
They made observations On the whole situation, he said. In other
position as the European Governments in their ability to participate in words,
added Mr. Stimson, they tried to tell him of the viewpoint and
the bank's directorate.
Observations of four Americans who had been engaged in a very important
IlOover to Consult Congress.
task.
The central banks of the European countries, such as the Bank of
England and the Bank of France, are part and parcel of their GovernSecretary of State Stimson Announces that Attitude
ments, and while the Federal Reserve System is part of the machinery
of United States Government Towards German
of the United States Government, the idea was prevalent that the Reserve
System was under restrictions which would not enable it to become officially
Reparations Payments and Bank for International
Identified with the International Bank of Settlements.
Settlements Remains Unchanged.
How American financial interest in the reparations agreement could be
protected through the international bank was apparently not discussed
The adoption of a hands-off policy by the United States
with a view to arriving at any conclusion, but the inference from what
Government in the operations of the proposed International
took place to-day is that private banking interests in the United States
Bank of Settlement for German reparations is assured for
will have a voice in the conduct of the international bank.
Congress did not ratify the arrangement made in Paris through former tile present at least, said an Associated Press dispatch from
Secretary Kellogg by which this Government agreed to accept certain
percentages of German reparations payments under the Dawes Plan. Washington on June 26, which continued as follows:
Reiteration of the attitude of the American Government on this question
There was much controversy at the time over tho right of President
Coolidge to put the arrangement into effect through an Executive order, was made to-day- by Secretary Stimson. The State Department head said
there were no recent developments to change the Government's position,
the action taken by him. It developed, in the conferences to-day that
President Hoover intends to ask Congress for authority to abrogate that which he stated on May 16 was that it does not desire to have any
arrangement as a preliminary to the conclusion of a separate reparations American official participate in the collection of German reparations
settlement with Germany to carry out the terms of the settlement made through the bank or any other agency.
Recent suggestions from abroad that an official of a New York Federal
by the Committee of Reparations Experts under the Chairmanship of
Reserve Bank be designated to participate in the management of the
Owen D. Young.
international institution have evoked little response in high Administration
Army Costs Reduced.
This authority will be preliminary to the negotiation of the separate quarters in Washington.
Even such indirect representations as would be involved in the proposed
agreement, which also will be submitted to Congress for ratification.
It will involve a reduction in the amount due the United States by Ger- bank plan would not likely be undertaken without the advice and consent
of Congress. anti for the present, at least, there is no reason to believe that
many for the cost of the American occupation of the Rhineland under
the armistice articles of Nov. 11 1918, and the subsequent separate peace President Hoover will ask Congressional action on this question.
Nor is it expected that the United States will have even an unofficial
treaty between the United States and Germany.
The reduction in the occupation costs has been estimated at about observer at the forthcoming conference of the interested powers to consider
$20,000,000, but this will not reduce the amount due to the United States the acceptance of the Young plan agreed upon at the recent Experts Confrom Germany to an extent that will necessitate reducing the amounts ference in Paris. Numerous suggestions had been put forward both here
of the awards to the United States by the American-German Mixed Claims and abroad that Ambassador Dawes, in view of his experience in the
Commission for damages suffered by American nationals during the evolving of the Dawes plan, might be designated by the American Government as an unoffiaial observer at this gathering.
World War.
The view of Administration officials appears to be that in the working
There will be sufficient money coming to the United States from the
recent reparations agreement fully to satisfy all awards made by the Mixed out of a substitute for the original Dawes reparations settlement, the
American Government is without a sufficient immediate interest to warrant
Commission.
Maims
In this connection the inference was obtained from what was learned further active participation in a question which is regarded as primarily
of to-day's conference that the Administration feels that It will not have affecting the European creditors of Germany.
JUNE 29 1929.1
FINANCIAL CHRONICLE
One step in the reparations settlement, however, does confront the
Administration. This is the negotiation of a new agreement with Germany
under which there would be a reduction up to 10% of the total costs of
the maintenance of the American Army of Occupation on the Rhine. This
total cost has been fixed at $250,000,000 and Germany already has paid
about 35% of this amount. Other nations which have made claims for
Rhine army costs, however, have been paid between 80 and 90% of their
claims. The only other interest which the United States has in the
reparations question is that of the claims of American nationals under the
award of the Mixed Claims Commission.
apanese Council Approves Kellogg Peace Pact—Count
Uchida Resigns from Privy Council—Opposes Interpretative Statement on Disputed Phrase.
The Privy Council of Japan in plenary session at Tokio
on June 26 approved by a sweeping majority the Kellogg
anti-war pact with the proposed interpretative declaration
regarding the words "in the name of their respective peoples"
and submitted the treaty to the Emperor with the recommendation that it be ratified. Immediately afterward Count
Uchida, who signed the treaty at Paris as Japan's plenipotentiary, tendered his resignation from the Council on the
grounds that no interpretation was necessary. The New
York "Times" in a wireless from Tokio on June 26 gave the
following account by the proceedings:
The Emperor, who was present throughout the morning and afternoon
sessions when the treaty was being debated, was at first expected to affix
the imperial pen immediately, but the formalities have not yet been
completed.
It is surmised that the delay is due to the Government's desire to have
Count Uchida's resignation withdrawn, but the latter is incensed with
Premier Tanaka for giving way to the Council and adopting a course which
puts a slur on his conduct as imperial plenipotentiary.
The statement the Foreign Office has prepared for public information
was withheld pending the completion of ratification and will probably
appear to-morrow.
Three Oppose Recommendation.
Three Councils voted against the proposal of the Privy Council's special
committee that the treaty be ratified with the interpretative declaration,
but only one opposed the now famous phrase. Admiral Yashiro. Minister
of the Navy in Count Okumas' cabinet 15 years ago and a veteran patriot
whose loyalty to the throne and unflinching antagonism to the present
Government are alike unquestionable, declared that the phrase implied the
Emperor's being the people's agent and was therefore incompatible with the
Constitution.
Baron Tanaka denied the words implied agency or delegated authority
and when asked by Admiral Yashiro why in that case he had accepted the
interpretation, answered that the public mind had been stirred up by
agitation and the Government therefore thought it proper to append a
clarifying statement.
Count Uchida, supported by Dr. Sakurai, President of the Imperial
Academy, vigorously maintained that the phrase was not unconstitutional
and held that a simple explanation by the Government was all that was
necessary. The vote being taken. Admiral Yashiro, Count Uchida and
Dr. Sakurai opposed the committee's report, but were in a hopeless minority
424!
Briand Sought Pact With Us.
Negotiations for the treaty were inaugurated two years ago when Aristide
Briand, the French Foreign Minister, informally proposed that-the United
States and France enter into a billateral arrangement for the outlawry of
war. This he followed with a formal suggestion to that effect, and Secretary Kellogg replied" by agreeing to the formula offered by the French
Foreign Minister, but suggesting that the proposed compact be made multilateral, to include all nations.
The status of the ratifications to date follows:
SIGNATORIES.
Ratifications deposited by original signatories: Australia, Belgium,
Canada, Czechoslovakia, France, Germany, Great Britain, India, Irish
Free State, Italy, New Zealand, Poland, Smith Africa, United States.
Ratifications to be deposited by original signatories: Japan.
ADHERENCES.
Ratifications deposited by adhering nations: Afghanistan, Albania, Au—
tria, China, Cuba, Denmark, Dominican Republic, Egypt, Estonia, Ethiopia, Iceland, Kingdom of the Serbs, Croats and Slovenes, Liberia, Lithuania, Nicaragua, Norway, Panama, Portugal, Rumania, Russia, Sian,.
Spain, Sweden.
Perfected except for formal deposit: Haiti, Persia, Turkey, Honduras
Netherlands.
Approved by legislative body but awaiting ratification by head of State.
Bulgaria, Finland, Greece, Latvia, Switzerland, Guatemala.
Countries signifying their intention to adhere: Bolivia, Chile, Colombia ,
Costa Rica, Ecuador. San Salvador, Hungary, Luxemburg, Mexico, Paraguay, Peru, Uruguay, Venezuela.
Countries invited to adhere but yet to signify their intention: Argentina .
Brazil.
France Forbids Protest March of War Veterans—
Ref uses to Allow Parade Proposing Debt Accord.
A copyrighted Paris dispatch to the New York "Herald
Tribune," June 22, said that perhaps, for the first time since
the war, the French Government gave a severe setback on
that day to the War Veterans' Association by forbidding
them to march the next day (Sunday) down the Avenue des
Champs-Elysees and along the rue de Rlvoli to the Ministry
of Finance to present to Premier Poincare an address pro:.
testing against French ratification of the war debt accord,
The cablegram added:
The only manifestation of the former combatants that will be allowed
will be a march up the Champs-Elysees in the opposite direction to that
first projected and toward the Arc de Triomphe where they will be
entitled to deposit a wreath on the Unknown Soldier's tomb.
In an official communique made public to-day at the conclusion of a
Cabinet meeting, it was stated that the address which the Federation of
War Veterans intended to present to M. Poincare and which the press had
"tactlessly published," before it was handed to him, was "drafted in
abusive terms and was intended to affect the freedom of deliberation and
of the decision to be taken by the Government."
The communique added that tomorrow's procession must disband immediately after the wreath is laid upon the tomb and that if the veterans
insist upon marching to the Ministry of Finance they will be prevented
from doing so.
The stand of the veterans' federation was greatly weakened to-day when
another organization of former combatants, incorporating about 750,000
men, refused to join the demonstration.
A Washington despatch to the New York "Times" on
June 26 said that approval of the Kellogg treaty renouncing
war as an instrument of national policy by the Japanese
Privy Council had been greeted with deep satisfactiOn in
Government circles, particularly as the act meant that the Portuguese Expect Surplus in Budget—Finance Minister Salazar Declares External Loan is Not Needed.
compact will soon come into force. Under the terms of the
In its issue of June 9, the "Times" printed the following
treaty it is not to become effective until the ratifications of
the 15 original signatory Governments have been deposited special correspondence from Lisbon May 30:
with the State Department. Japan was the only signatory
The political situation in Portugal is unchanged. The dictatorship remains in firm
that had not ratified. In normal course the instrument of filter meagerly control though stories of various plots against the regime
through the severely-censored press notices.
ratification will be forwarded from Tokio by mail, so that
Dr. Oliveira Salazar, the minister of finances, who is practically the
the ceremony for depositing it and proclaiming the treaty in financial dictator of the country, is in the hospital recovering from the
recent fall. As
is now generally admitted
the great
force will be held in approximately one month. Should the results of athe country is, oritwas, a financial one prior tothat recent mgproblem of
the
ratification be eummunicated by cable the compact would gumption to power of military forces, great fear was felt for the health of
come into effect earlier, but there has been no indication here Dr. Salazar who, it is generally recognized, is the mainstay of the present
of departing from the custom of mailing it,inasmuch as haste government. new tax reforms are gradually being put into effect and it
Dr. Salazar's
is not essential. The State Department had no official report has been officially stated that the year ending in December will show a
of the action of the Privy Council, but upon the basis of surplus in the budget of £100,000 (8500.000.)
If such is the case it is practically certain that all the rumors of the
press advices from Tokio Secretary Stimson made the oral country being in dire need of an external loan are groundless. As a matter
comment that he was very glad the approval had been given. of fact it has on more than one occasion been stated that Dr. Salazar is
It was a very important event, he added,and one over which pronouncedly opposed to such a loan.
The "Diario Noticias," one of Lisbon's leading newspapers, recently
he felt that former Secretary Kellogg, who sponsored the printed an article, the information which was reputed to come from reliable authority, stating that an American automobile manufacturer had
very happy. The "Times," adds:
compact, would be
Aside from the fifteen original signatories, forty-nine governments were
invited to become parties to the treaty through adherence, and all have
been heard from with the exception of Argentina and Brazil, which have
yet to reply to the invitations for their adherence.
Of the nations invited to adhere, twenty-three have deposited their
ratifications, five have perfected their adherences except for formal deposit,
six have had their ratifications approved by their legislative bodies and
require only the approval of the States, and thirteen have signified their
Intention to adhere.
American officials are especially gratified that the treaty is to come
into force, as the naval limitation negotiations between the United States
and Great Britain are proceeding so favorably. The pact has been emphasized by Ambassador Dawes in London as the cornerstone upon which
naval limitation efforts should be built. This Spring Hugh S. Gibson, as
chief of the American delegation to the sessions of the Preparatory Disarmament Commission at Geneva, gave it a position of similar importance.
President Hoover in his Memorial Day address declared that "if this
agreement is to fulfill its high purpose we and other nations must accept
its consequences; we must clothe faith and idealism with action."
"We believe," he added, "that 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 naval construction."
made overtures to the Portuguese Government regarding the construction
of a bridge over the Tagus River 'which separates Lisbon from a large
peninsula juting west from the mainland. The company proposed the
construction of a factory for automobiles on this peninsula.
New Brazilian Loan Urged—Prefect of Rio de Janeiro
•
Would Borrow Up to $8,000,000.
From Sao Paulo (Brazil) June 18 the "Times' reported
the following:
Antonio Prado Jr., prefect of Rio de Janeiro, in a formal message tadaY,
asked the City Council for authorization to contract a loan of $6.0(0.000
to $8,000,000 to relieve the financial and economic situation.
The bankers with whom he is negotiating were not announced, but It is
understood to be a New York group.
The proposed loan is bitterly attacked by the Sao Paulo Journal"Folha
de Noite," which points out that Rio de Janeiro already has floated two loans
In the United States aggregating 825,000,000 for beautifying the city and
for carrying out a plan of wide and magnificent boulevards, parks and
extensive paving advocated by Alfred Agache, the French municipal architect engaged by the city.
4250
FINANCIAL CHRONICLE
The newspaper believes that Rio de Janeiro and Brazilian commerce are
now recovering from acute financial depression and the contemplated loan
Would aggravate conditions, postponing the return to normal.
Trade Reviving in Poland.
April's recession in Polish industrial activity has come
to an end, and business is renewing its expansion, according
to the monthly bulletin of the Polish Institute for Economic
Research at Warsaw, made public on June 22. The general
index of production rose in April to 133.4, compared with
128.9 in the month preceding, and 126.7 in April of 1928;
while the index of ear loadings was exceptionally high,
averaging 140 as against 117 in March and 103 in February.
The activity of business, it is stated, continues to make
demands upon the credit supply, and despite an increase in
the discount rate from 8 to 9%, the Bank of Poland expanded its credit operations. The bill portfolio was 697,500,000 zlotys in April as compared with 499,000,000 in
the corresponding month of last year.
Labor conditions continued good, the statement avers,
with a general reduction in unemployment and an advance
in the index of real wages from 116 to about 120, the present
level being about 13% higher than a year ago. For the
most part prices tended towards a slight decline, noticeable
particularly in industrial commodities and in textile raw
materials.
Manufacturing has proceeded at a rapid pace in spite of
high money rates. The report states:
The downward movement noted in March in imports of machinery and
apparatus was followed by a fairly considerable increase. Likewise, imports of scrap-iron were larger by far than'a year ago. Imports of raw
materials showed, broadly, an upward tendency, with the exception of
those of cotton which somewhat declined. This would suggest that manufacturers, apart from the textile industry, are by no means reckoning on
further curtailment of production.
Mining and dependent industries recorded a general
advance in April. Coal exports to Scandinavian markets
increased by 43% as compared with March, which was
partly offset by a decrease of 9% to other countries due
largely to German competition. The volume of iron orders
placed by the Polish Iron Foundries' Syndicate rose in
April by 26.3%, although as a rule April is a quiet month
in the industry. Exports of oil products rose in March by
65% over the previous month; while sales of zinc, cement and
glass are all well above the January and February level.
Kingdom of Norway Municipalities Bank.
White, Weld & Co. have been advised by cable that the
Norwegian Parliament (Storthing) have just passed a resolution making all present and future loans of the Kingdom
of Norway Municipalities Bank (Norges Kommunalbank)
guaranteed as to both principal and interest by the Kingdom of Norway.
The Bank's external 5% sinking fund gold bonds due
Dec. 1 1967, of which $6,000,000 principal amount are
authorized and outstanding, are listed on the New York
Stock Exchange.
I\Tor,. 12g.
On Dec. 31 1928, the bank had outstanding various issues of bonds
aggregating $143.606,682 at gold parity of exchange and an issue of $10,000,000 of notes due Dec. 31 1931. Against the bonds it had outstanding
on that date 11,839 mortgage loans being an average of less than $12,130
per loan and these loans aggregated less than 25% of the aggregate appraised improved value of the properties mortgaged as security therefor.
Against the notes it had made 2,356 loans, being an average off less than
$4,250 per loan. As further security for its bonds and notes the Caja has
accumulated a reserve fund of approximately $5,022,900 at gold parity of
exchange.
Of the present issue of bonds $10,000,000 principal amount are to provide
for loans secured by agricultural products or farm machinery and implements, which loans may not exceed 50% of the appraised market value of
such collateral and $10,000,000 principal amount are to provide for the
redemption of bonds of the Mortgage Bank which it deems advantageous
to retire. The bonds and notes of the Mortgage Rank are legal investments
for savings banks and trust funds In Chile. The present debt of the Republic
of Chile, including the present and all other obligations guaranteed by it,
aggregates about $660,600,000 at gold parity of exchange. The proceeds
of the Government loans have been largely used for the construction or
improvement of railways, harbors and other public works. The Government owns 3.390 miles of railroads, telegraph lines and other property, of
an estimated value of approximately $650,000,000 at gold parity of
exchange.
The trade balance of Chile is favorable. Imports for 1928 totaled $142,303.000 at the present gold parity of exchange while exports totaled $239,181,000. resulting in a favorable trade balance for the year of over $96,800,000. Since 1915. imports have exceeded exports in only one year. The
bonds of this issue will be redeemable through a cumulative sinking fund
calculated to retire the whole issue by maturity to be applied semi-annually
to redemption of bonds by lot at par. The Mortgage Bank will have the
right to increase any sinking fund installment for the redemption of additional bonds on any interest date and in any such case appropriate reductions may be made in subsequent sinking fund installments.
•
Rio de Janeiro 63% Bonds Offered
in This Market.
E. H. Rollins & Sons, Bancamerica-Blair Corp., Blyth &
Co., and J. G. White & Co., Inc., offered yesterday a new
issue of $6,000,000 State of Rio de Janeiro external 30-year
63/2% secured sinking fund gold bonds of 1929. The bonds
were priced at 91
and accrued interest to yield 7.20%.
The issue was over-subscribed. A cumulative semi-annual
sinking fund is provided beginning July 1 1931, calculated
to redeem the entire issue by maturity through semi-annual
drawings at 100 and accrued interest. Application will be
made to list these bonds on the New York Stock Exchange
and on the Amsterdam Exchange. A substantial portion of
the issue was taken in the European market, including $1,000,000 which is being publicly offered by the Incasso Bank,
and Vermeer & Co., Amsterdam.
$6,000,000 State of
The proceeds of the loan will be used to retire the 6% sterling loan of
1012 and for an extensive sanitation and colonization program, a canal
for inland transportation and the building of roads. Estimates indicate
that upon completion of improvements, annual revenues of over $600,000
will be derived from that source. The Engineers Corporation, a subsidiary
of and guaranteed by the J. G. White Engineering Corp., will act as consulting engineers and also as purchasing agent in New York under an
agreement of the State of Rio de Janeiro and the State's administrator of
the work to be constructed.
The bonds constitute a direct and unconditional obligation of the State
of Rio de Janeiro and there Is, it is stated, no record of default of any
obligation of the State, either internal or external. Specific security includes liens on certain tax revenues which averaged $4,603,440 for the
Past four years, which is over 21i times the $468,066 maximum service
requirements of the present loan and the $1,348.218 service requirements
of the 5%% and 7% sterling loans of 1927. The estimate of the Pledged
revenues for 1929 is 85,073.840.
After completion of this financing, the official notice says,
there will be outstanding a total funded internal and exOffering of $20,000,000 Mortgage Bank of Chile (Caja ternal debt equivalent to $28,450,321. In addition, the
de Credito Hipotecario, Chile) Guaranteed 6% State has guaranteed municipal indebtedness of about
$3,888,000. After this financing the per capita debt of
Gold Bonds.
the State will be about $16.80.
Kuhn, Loeb & Co., Guaranty Co. of New York and the
National City Co. offered for subscription this week at 92% $3,000,000 Credit
Granted by Dillon, Read & Co. to
and accrued interest to yield about 6.60% to maturity,
Ruhr Chemical Corporation.
$20,000,000 principal amount Mortgage Bank of Chile
Arrangements were completed on Tuesday by Dillon,
(Caja de Credito Hipotecario, Chile) guaranteed sinking
fund6% gold bonds of 1929, due May 1 1962,unconditionally Read & Co. for extension of a $3,000,000 credit to the Ruhr
guaranteed as to principal, interest and sinking fund, by Chemical Corp. A German banking group headed by A.
endorsement by the Republic of Chile. The Mortgage Bank Schaafhausenscher Bankverein will participate in the credit
of Chile, which was created by law in 1855, and whose board which runs for six years and bears interest of 8%.
This is the second German credit arranged by Dillon,
of directors and chief officers are appointed by the President
of the Republic, has no capital stock and is not operated for Read & Co. since the recent reparations agreement, one
profit. Its purpose is to make available credit facilities on of $50,000,000 having been extended to the German governreasonable terms for the development and improvement of ment last week.
Proceeds of the credit will enable the Ruhr Chemical
real property in Chile. All loans are secured by first mortgages or pledges registered in its name. It issued its notes for Corp. to double its plant capacity. The company has the
the purpose of making loans secured by agricultural products only plant in Germany combining the Concordia, Linde
or implements, which loans may not exceed 50% of the ap- and Casale processes for turning gas into nitrogen products
praised market value of such collateral. During its entire for fertilizers. With the Ruhr Gas Corp., it stands out as
existence of over 73 years it has operated successfully and one of the best examples of rationalized industry in Germany.
has never failed to meet its obligations. The record of its
Drawing of Greek Government 40-Year 6s.
loan collections is very satisfactory: The losses incurred by
it on property foreclosed under its mortgages have not
Speyer & Co. and The National City Bank of New York
exceeded $40,000 in the aggregate for the last 15 years. The announce that the second drawing for the sinking fund of'
the Greek Government 40-year 6% secured sinking fund
official statement says:
JUNE 291929.1
FINANCIAL CHRONICLE
gold bonds (stabilization and refugee loan of 1928) has taken
place, and that the $56,000 bonds and-or interim receipts
bearing identical serial numbers so drawn will be payable on
and after Aug. 1 1929, at par, at either of their offices.
Drawing of Argentine Nation External Sanitary Works
Loan.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, have issued a notice to holders of
Government of the Argentine Nation external sinking fund
6% gold bonds, issue of Feb. 1 1927, Sanitary Works Loan,
due Feb. 1 1961, to the effect that $143,000 principal amount
of the bonds have been drawn by lot for retirement at par
and accrued interest on Aug. 1 1929. Payment on the bonds
so drawn will be made upon presentation and surrender at
either the office of J. P. Morgan & Co., 23 Wall St., or the
head office of The National City Bank of New York,55 Wall
St., on Aug. 1 1929, after which date interest on the drawn
bonds will cease..
New York Stock Exchange Begins Installing New
Tickers.
Some of the offices connected with the New York Stock
Exchange were equipped on June 21, says the New York
"Journal of Commerce" in its issues of June 22 with the new
high-speed tickers that are eventually to displace the antiquated instruments now in use in both the exchange and
brokerage houses. The account goes on to say:
4251
Co. of Maine, a security dealt in on the New York Curb Market and not
dealt in on the New York Stock Exchange,and
Whereas, in the opinion of the governing committee, it would be in the
public interest that such purported contracts or transactions made on the
floor of the Exchange should not be enforeed, and should be cancelled.
Resolved, that the governign committee, pursuant to the provisions of
section 5 of Article III of the Constitution, hereby extends and postpones
indefinitely the time for the performance ef any contracts made in Continental Oil Co. common stock on the Exchange on June 27 1929.
Adopting U. S. System of ConsumerCorp.
That the consumer-credit element of merchandising which
experts declare is responsible for much of the mass production
and higher standard of living in the United States during the
past decade, has now swung into Canada where it is proving
equally popular, is evidenced in the expimsion records of the
General Contract Purchase Corp., according to Arthur J.
Morris,President of the Industrial Finance Corp., the parent
company. Probably no other phase of American commerce
has been adopted so quickly by the neighboring country to
the North in such a comparatively short time, as this vast
time selling system with its ,000,000,000 national turnover
in this country, Mr. Morris said, adding:
Canada Fast
Credit According to Industrial Finance
Canada's national wealth is now estimated at $27,687,000,000 or a per
capita wealth of $2,909, according to statistics supplied by the Canadian
Trade Commission of New York and compiled by the Canadian Department
of Trade and Commerce. Imports of merchandise from the United States
for the year 1928 alone totaled $825,714,057.
Automobiles, radios, electric refrigerators, housing materials and household appliances which statisticians have recorded as going into 65% of the
buyers' homes in this country on the time payment plan, are moving with
The new machine which is expected to easily take care of 7,000,000-share proportionate facility in Canada.
Nine principal offices of the General Contract Purchase Corp., most of
days when trading resumes heavy volume on the big board, is being turned
out as rapidly as possible, and during the next few months will be in- them established in recent months, are now meeting the requirements of
stalled in the offices of members of the exchange. The old ticker feels Canadian buyers. These regional offiees are functioning at Toronto,
the strain of handling 5,000,000-share days, and has frequently fallen hope- Calgary, Quebec, Halifax, Montreal, St. John, Edmonton Windsor and
lessly behind in recording stock prices when trading has been heavy.
Regina.
The machines installed and operated in the Stock Exchange offices
Expansion of the company's operations in the Dominion will keep pace,
yesterday were held at the speed of the old ticker. No regular speed per- with the popularity of the system as it continues to increase Oanadinn
formance can be given until all of the old instruments have been super- imports and domestic production.
seded by the new tickers, since the latter cannot operate at a speed in excess
The 1928 Canadian imports from the United States valued at $825,714,057
of the old machines under the present hookup.
may be expected to show a substantial gain with the growth of the General
Contract Purchase Corp.'s facilities and the increased buying power given
to Canadian residents through time payment operations so thoroughly
Consolidated Mining and Oil Exchange Starts Trading established in this country.
at Montreal.
Consolidated Mining and Oil Exchange of Montreal, Inc., Banks Seek Higher Interest on Savings—Some Clearing
was opened on June 25, in the newly acquired offices in
House Members Want Interest on Thrift Accounts
the Thamis Building, in St. James Street, by Louis M.
Raised to 4%.
Atwell, of Atwell & Co., President. The present members
The following is from the "Wall Street Journal" of June 15:
number 61 and the membership limit is 75 firms.
There is some agitation among certain Clearing House banks to bring
Several houses of the Standard Stock and Mining Exchange about an advance in interest rates payable on so-called "thrift accounts."
of Toronto have obtained seats and others have been sold At present, Clearing House members are not allowed to pay more than 3%
en such deposits. Some banks contend that this rate is not only out of line
to houses in Vancouver and Calgary. It is understood that with existing conditions in the money market but places them at a disa group of New York Produce Exchange houses have made advantage compared with non-member banks, which with their branches
number over 300 separate banking units in the city and are paying 4%
inquiries about the purchase of eight seats.
and over. It is suggested that the Clearing House should allow its members
Confusion in Trading in Continental Oil Co. of Delaware on New York Stock Exchange—Dealings
Suspended Temporarily.
The New York Stock Exchange on Thursday temporarily
suspended trading in tke stock of the Continental Oil Co.
of Delaware, which was admitted to trading privileges at
the opening on Thursday, owing to the confusion of the
company with the Continental Oil Co. of Maine, which is
traded in on the New York Curb Exchange. Later E. H.
H. Simmons, President of the New York Stock Exchange,
issued a statement relative to the action of the governing
committee in suspending trading in the stock and stated
that trading would be resumed on Friday.
Trading in the stock of the Continental Oil Co. of Delaware started at around $21 a share, which is about the same
price that the stock of the Continetnal Oil Co. of Maine is
selling for on the Curb Exchange. Since the Continental
Oil Co. of Delaware is the new name for the Marland Oil
Co. and the latter's stock is exchangeable into the former on
a share for share basis, transactions in the stock of the Continental Oil Co. of Delaware should have been around 3432,
the current selling price for Marland. As a result of this
misunderstanding the governing committee also ruled that
deliveries on contracts made in the stock of the Continental
Oil Co. of Delaware yesterday be postponed until further
notice.
On Friday afternoon the governing committee of the
New York Stock Exchange, at a special meeting held in the
afternoon, adopted the following resolution:
Whereas, the investigation made by the committee of arrangements
has indicated that substantially all of the transactions in the common stodt
of the Continetal Oil Co. of Delaware, supposed to have been made on the
Exchange on June 27 1929, were transactions between parties who believed
that they were buying or selling the common stock of the Continental 011
to pay as much as 4% on these accounts.
The point is made that there is some inconsistency in the Clearing House
regulations. On time deposits, payable on or after 30 days, the banks are
allowed to pay up to 3%. This rate, however, is made, and subject to
change from time to time, by the Clearing House Committee; whereas the
rate on thrift, or special interest accounts, is fixed by the Clearing House
Constitution, and is of long standing. Withdrawals can be made against
these accounts at any time. They take on the nature of savings deposits.
although they are not called so.
If the interest rate on thrift accounts is raised to 4% there is no doubt
that the savings banks would strongly oppose the move, on the ground
that it would seriously compete with their business. Savings banks of
this city have already raised their interest on deposits to 4%%,from 4%,
since the advent of existing high money rates. It is no secret that even
this rate has been barely sufficient to hold deposits and counteract attractions elsewhere, including the opportun:ty for investment in the security
market.
However, not all banks in the Clearing House favor the mooted change
in the rate on thrift accounts. There is an element that believes there is a
Place in the community for the mutual savings banks, and is inclined to
oppose any move that would encroach upon their fiets of usefulness.
So far, on this occasion the matter has not been brought formally to the
attention of the Clearing House Committee. Any change in a constitutional provision has to be acted upon at a called meeting of the Clearing
House Association.
Centralized Credit Exchange Organized on a National
Scale Suggested by Dr. Hugh P. Baker in An Address Before the National Association of Credit
Men.
A centralized credit exchange organized on a national
scale and covering all indusbries and banking institutions
was suggested as an effective method of conserving for
legitimate business the country's credit supply by Dr. Hugh
P. Baker, Manager of the Trade Association Department of
the Chamber of Commerce of the United States, in an
address to-day before the National Association of Credit
Men at Minneapolis on June 28. Emphasizing the need of
accurate and comprehensive credit information in the conduct of business Dr. Baker said:
4252
FINANCIAL CHRONICLE
[VOL. 128.
"An efficient credit service should be placed at the head of the list of credit, but found this credit withdrawn to New York by
tangible or constructive things being carried on as an organized activity in the more attractive rates which were permitted in that
business.
"We have been much Impressed in the National Chamber of Commerce center."
of the United States with the increasingly critical attitude on the part of
business men who are not primarily credit men toward the failure of
Conagencies concerned to produce the kind of credit interchange needed to-day. Illinois Bankers' Association Passes Resolution
It must not be forgotten that the money which is being used in the
demning Branch and Chain Banking.
development of credit information is coming from one till; that it is after
The Illinois Bankers' Association, in the closing session
all a charge upon business. It is becoming increasingly evident also that
this dissatisfaction on the part of business men is not with any trade of its annual convention at Aurora on June 21, adopted by an
association or credit associations, but with the general situation. Business overwhelming vote a resolution condemning chain or branch
men are appreciating more and more that there is a lack of comprehensive
likely to place the
and accurate credit information. Looking at the whole credit exchange banking systems, which were declared
situation without bias either in favor of the trade association or the control of the financial resources of the entire country in
National Association of Credit Men, or from the viewpoint of the banker the hands of a few gigantic city banks. Another resolution
or the individual business man, it seems perfectly clear that misunderFederal Reserve
standings and duplication as between various agencies in the credit field can passed by the bankers commended the
have but one effect and that is the limitation of the effectiveness of the Board for its "attempt to correct, protect and control the
work of all of the groups.
credit situation and thereby curb what has been termed a
"Even a cursory study of the situation would seem to indicate that the
great need in credit interchange to-day is better co-ordination and co- nation-wide craze in stock speculation."
operation. There would appear to be a real need of centralized credit
The vote on the branch banking question was taken shortly
interchange covering all industries and banking institutions. Such cen- after Rudolf S. Hecht, New Orleans banker and chairman
tralized credit interchange would eliminate overlapping and duplication
of the American Bankers'
and, therefore, make for efficiency and economy in serving American of the Economic Policy Committee
business with the necessary credit information. The idea of centralized Association, had told the convention that he believed he saw
credit interchange covering all industries and banking institutions may
signs that the opposition to chain financial systems was
seem to be an impossible one because of the very magnitude and complexity
asserted that many bankers
of American business. In light of what has been accomplished so far, weakening, even in Illinois. He
and great progress has been made, it is not to be supposed that an effective who formerly had inveighed against such organizations had
centralized credit interchange is to be accomplished to-morrow or next found it to their interest to resort to something like them by
day; but the tremendous price which American business is paying to-day for
located banks, under a
Incomplete and unsatisfactory credit information would seem to demand controlling a number of strategically
that an immediate beginning should be made that would eventually lead single management. "While no branches are permitted
to efficient and economic centralization.
in your state," he said, "and Chicago banks can do business
"The nation's credit structure is of wry much greater importance, a
in only one office, it is, nevertheless, true that out of the
very much bigger factor in American business than the credit bureaus of
trade associations as a group or even than the National Association of Credit 316 outlying banks in Cook County, all of which are theoMen or any of the private agencies. It is quite possible, however, that
retically independent institutions, a large percentage belong
the idea involved in the set-up and operation of the National Assocation of
two to sixteen
Credit Men might well be made the idea about which centralization, with to various groups containing anywhere from
resultant co-ordination and co-operation, could be made to revolve in an banks.
,
efficient way. Certainly it would seem to be wise to start with such
organizations as we have and build upon those the superstructure which
Vice-President of the First Namay be needed. It is quite apparent that the field is mien to any strong Craig B. Hazlewood,
organization that can demonstrate ability to serve efficiently and ecotional Bank of Chicago, in Defense of Unit Banknomically.
ing—Responsibility of Holding Company.
"One business house to-day may be buying from five to five hundred
Craig B. Hazlewood, President of the American Bankers'
different industries. The credit information to be secured by a trade
association from a single industry may be negligible as compared with the Association and Vice-President First Natiotal Bank of
result which might be secured by an adequate interchange between all of
interesting address before the Iowa
the industries concerned. Is it possible to develop a national service Chicago, delivered an
trade associations can be tied for credit service? Bankers' Association at Des Moines, Iowa.
organization into which all
Prom close personal observation of the development of trade association
"Things are happening in the banking business to-day,"
work in this country during the past ten years and from some knowledge
coming forward that will
of the fine work being accomplished by the National Association of Credit he said. "New problems are
Men and private credit agencies, there seems to be but little question that require knowledge, imagination, good judgment, to solve.
with the right spirit of service and the right leadership the question can There is the problem of what is to become of our unit
be answered in the affirmative. The possibilities for more efficient service
unit banking system
through a national centralized organization seem to be unlimited and there banking system. Some may say the
can be little question but that the saving to American business from such a has been satisfactory to the country and no changes are
national centralized organization would be so great as to become immeI grant that it is absolutely true that our unit
diately one of the factors influencing a change in many industries from a likely.
benefit In the
condition of profitless prosperity to a condition of business of a more banking system has been of inestimable
satisfactory basis with sounder profits resulting therefrom."
our towns and cities, and that very often progbulding of
Illinois Interest Rate Law Changed So as to Permit a
Rate in Excess of 7% on Collateral Loans—Chicago
Stock Exchange Planning Call Loan Market.
Enabling legislation for the establishment of a call money
market In Chicago was accomplished on June 18 when Governor Louis L. Emmerson of Illinois placed his signature on
Senate Bill 343 which permits an Interest rate in excess of
the normal 7% legal minimum on demand collateral loans
in excess of $5,000. The legislation, which is effective
July 1, is regarded in financial circles as a material step
In the establishment of a securities market in Chicago commensurate with its position in other phases of financial
development. R. Arthur Wood, President of the Chicago
Stock Exchange, announced at a conference of bankers and
Stock Exchange representatives at the Chicago Athletic
Association last night, that plans for the establishment of a
call money post on the exchange would be completed within
thirty days. It was simultaneously announced that plans
would be ready at that time for the establishment of a
stock loaning post.
"These two additional facilities are essential to the further development of a securities market in Chicago," Mr.
Wood stated. "Representatives of our organization have
just returned from New York after a close study of the
machinery and policies under which the two departments
operate on the New York Stock Exchange and they are
preparing the program for the introduction of a similar
plan In the Chicago market."
"The development of a security market in Chicago has,
up to this time, been definitely limited by the &Tellable
supply of funds for collateral loans. Under the new legislation, this market can compete for funds from an unlimited
territory where formerly It not only was restricted to local
ress in a community found its inception and its energy at
the banker's desk.
"Moreover, the great majority of our unit banks are fine
and successful institutions, and there is not the slightest
reason why they will not continue their worthy and independent existence. No one will legislate them out of business and no one will put obstacles in their path if they are
managed properly and perform properly for their community. But there have been many unit banks, some of
from
them failures in the literal sense and other failures
the standpoint of being unprofitably managed. There are
inexperisome of the latter class to-day, banks having
enced, grossly lax, or unsound management.
"This class of banks is continuing to make bad losses, or
showing no net profits, or staying In a frozen condition.
This type of banks must go. They must be taken over,
liquidated, or new management must be installed, which
is capable of effecting a change in conditions and bringing
about a better result. No bank can operate long without a
profit. There must be additions to the surplus and profit
account every year in order to take care of inevitable losses.
The inadequately managed bank, the marginal institution,
the unsoundly located, unsoundly directed, and unprofitable
Institution must rapidly become the extreme exception.
The problem is to make this type of institution see the
light. Some of them will see it, but some of them will not.
There may have to be more casualties in the ranks of our
unit banks before the realization gets home that the unprofitable unit must go." Continuing, Mr. Hazlewood said:
It will not suffice to adopt ringing resolutions at bankers' conventions
necessary,
condemning guaranty of deposits or branch banking. It will be
rather, to get at the root of the trouble, which is bad banking methods,
and remove the lax, incompetent and inexperienced element/ from our
business.
It is time we harked back to some original principles—that the banker
has reposed in him a sacred trust, that the most important things in
JUNE 29 19291
FINANCIAL CHRONICLE
"For some time," said Julius Guttag, commenting on the
analysis, "we have felt that the only way to get an accurate
view of the constantly changing picture of New York banks
was a complete table over a long enough period to give a
representative comparison. To our knowledge, no such
comparison has been made to date and, in consequence, we
feel that our Five-Year New York Bank Stock Review
should be of great benefit to all investors and others interested
in bank stocks and bank development. It is our intention to
issue the review in cum. form every year, with 1924 as the
starting year.
"It is strikingly evident from our figures that the growth
of New York banks has been exceedingly rapid over the
period. More than 75% of the banks analyzed have experienced an enhancement value in their securities, without
dividends, of more than 10%, many of the leaders running
above 100%. We feel that our analysis emphasizes what the
average investor has been realizing over the past year or so
that New York bank stocks are among the best investments
in this country and that their future is as bright as the past
five years, the record of which is shown in this analysis."
Decline in Bank Stocks—Drop 13.6% from 1929 Highs.
Stocks of 26 1.1%w York banks have shown an average
decline of 13.6% from their highs of 1929, according to a
comparative analysis issued by Clinton Gilbert, bank stock
specialist. The tables show that while several of the stocks
are selling at new highs for the year, the majority have
experienced a gradual detline. "The falling off in price,'
explains Clinton Gilbert, "is largely a natural reaction to the
high prices in the period from Nov. 1928 to April of this
year when unusual public interest was shown in bank stocks.
The decline, however, was orderly and has placed bank
stocks in a still more attractive position from the investors'
standpoint." The complete comparative table follows:
High
1929.
Mkt. June
20 1929.
Bid Price.
Percentage
of
Decline.
000.0..
11.-.1 03.1.C4i200 •
,
0.10.00G4Q0C0.) P4010.,
,
0051:0000c0Claalst-ON000,0
p
1.1.0.1-.00pot•-elleDV ,
.
n).-oer-tp,
0.1
etr.•••
•
life, comfort, well being, education and culture, happiness itself, depends
on the safe custody of a community's wealth. It is no job for an amateur,
bungler, or a man without hard common sense. There has been far too
much amateur banking in this country in the past ten years.
Fortunately, for the one manager of a bank that is incompetent there
are a hundred who fully deserve the confidence that is placed in them.
This being the case, and in view of the very great natural advantages
of the locally owned and managed institution, I am a strong believer in
the desirability of retaining our unit banking system.
Apparently there are an increasing number of advocates for country-wide
branch banking in the United States. Some of these advocates are in high
places. I cannot bring myself to the belief, however, that the mal-administration of a few unit bankers is sufficient reason for throwing over the
banking system that unquestionably contributed a large part to the
prosperity of this country, and substitute in its place a system under which
bank policies are set up in a book of rules, without opportunity for broad
judgment and business building liberality. There are many bankers who
are good "no" bankers. They never snake any losses because they always
say no. On the other hand, they make no progress. Branch managers,
if they would be in the highest favor at the home office, must be "no"
bankers. The sum of the advantages lies with the unit banking system;
one has only to visit the two cities of Seattle, Washington, and Vancouver,
B. C., to see the difference very clearly. The brands banking idea may
be logically applicable to larger cities, where close conference is possible,
but I am of the opinion that the development of the outlying districts
of Chicago, for example, has been better done with the aid of independent
banks than it would have been with the branches of our downtown institutions. I have referred to the desirability of consolidation of unit banks
In many cases. Very often two comparatively small units put together
make a first class, profitable bank. This process of consolidation has been
encouraged by many of our banking commissioners and is frequently logical.
As a matter of fact, there are many consolidations which are logical from
the standpoint of the possibility of increasing profit returns. The basis for
many of the consolidations which are taking place with large city banks is
increased profit return. In these cases a percentage increase in return on
invested capital is obtained if the various elements entering into management are correctly arranged and co-ordinated. A mere increase in volume
without an increase in profits is not worth while.
There is another form of bank organization which is gaining attention
now, that of group banking. While group or chain banking has been in
existence for a number of years in various parts of the country, the
methods emplayed have not been as progressive as those of recent development along this line. It would appear probable that even with the recent
activity there has not been developed as yet the complete plan of organization, control and operation which will be necessary if the process is carried
into a further stage of success. I hold the private opinion that if this
form of organization is to be entirely successful, there are certain policies
which must be pursued.
First, the validity of the double assessment must be preserved. The
holding companies should have, I believe, assets of negotiable character in
an amount equal to, dollar for dollar, the par of all bank stocks owned.
Second, the holding company must expect to assume the responsibility
for the proper management of the banks- that it controls, and not be
simply a bank stock investment trust.- Third, it should retain, so far as possible, the financial interest of the
local bank stockholders, both in the new bank and in the common picture
as represented by the 'holding company itself.
As I see it, the advantage to the local stockholders should lie in the
implied surety of the best modern banking technique for his institution;
the increased profit possibilities in his remaining local bank holdings, plus
the acquisition of a certain amount of holding company stock, which
should have a ready marketability, both for himself and his estate.
The value to the holding company should lie in the profit to be made in
first class country bank operation. In the case of banks that have
earned 10% to 20% on invested capital in the peat, there would appear to
be no reason why they cannot do it again. It is estimated that'the profit
possibilities of many banks can be increased very substantially under
favorable ,conditions.
I refer to the circumstance that the holding company should expect to
assume the responsibility for management. This should only be the
responsibility of being well informed, the actual management being left in
the hands of local officers and board of directors, if this personnel is
thoroughly competent.
To my mind the new banking plan may very reasonably retain some of
the advantages of both the unit banking and the branch banking scheme of
organization without some of the disadvantages of the branch banking plan.
I disagree entirely with those who assert group banking necessarily
leads to branch banking or that it is merely an intermediate step to
country-wide branch banking. On the contrary, I believe that group
banking will develop further in this country, that there will be standards
involved for its handling which will make it a permanent and sound business
without any thought of evolution into branch banking. I further believe
that we will always have in this country a very large number of fine, highclass unit banks, operating independently of any group apd constituting
the keystone of our banking structure.
4253
a1,300
18.1
Chase National (old)
860
Chatham Phenix
I
130
-4:i
Chemical(new)
421
10.2
Clty
228
20.2
Corn Exchange
7,450
15.4
First National
1,475
7.1
Harriman
12.4
945
Manhattan
61,240
7.8
Park
16.4
d346
Public
1,235
22.7
Seaboard
243
20.6
United States
2,010
12.9
Bank of New York & Trust
206
21.8
Bankers
520
25.9
Central Hanover
662
Empire
16.9
Equitable
765
18.9
1,102
Guaranty
13.3
Irving
c950
22.6
Manufacturers
358
19.0
New York Title dx Mtge
793
3.8
New York Trust
337
15.3
Title Guarantee
e1,075
4,400
United States Trust
5.5
Brooklyn Trust
-I:11,705
14.6
Lawyer's Title & Guaranty
445
13.6%
Average decline for 26 stocks
a Rights on: equal to 1,150 ex rights. 0 Rights and stock dividend on: equal to
179 on present stock. c Rights on: equel to 83 on present stock. d Rights on: equal
to 292 on present stock. e Equivalent t7o 215 on present stock. f Equivalent to 1,079
on present stock.
Nebraska Bank Guaranty Fund Held Liable for
Interest—Depositors in Failed Banks May Demand
7%, Supreme Court Holds.
According to dispatch to the Chicago "Journal of Commerce" from Lincoln, Neb., June 17, the deposit guaranty
fund received another blow on that day when the state
supreme court held, over the strenuous objections of the
Five Year Analysis of New York Banks Issued.
attorneys for the state, that "a claim against a tailed bank
Guttag Bros., specialists in bank stocks, have issued a allowed against the depositors' guaranty fund draws interest
27
-page booklet giving what they claim to be the first com- after date of allowance at 7 per cent a year." The account
plete five-year analysis of Greater New York banks. Every goes on to say:
bank in the city organized prior to 1926 is included in the
When the fund was solvent this interest allowance was made as a matter
analysis, the total being 106. In nearly every case, the of course, and was not challenged by anyone. In the case at bar, however,
where the Yost Lumber
given judgment for
had
comparative figures show, total resources and deposits have $19,185 for a deposit in Company of Lincoln Bank beenHarvard, the counsel
the Nebraska State
of
risen rapidly over the period, while earnings per share and for the receiver said that the condition of the fund at the present time,
market price of the stock have shown a corresponding rise. as well as its possible fate, forbade such an allowance.
At the time of the trial, the
and
The Guttag tables show for each bank over the period since then has been increased fund owed $7,000,000 on unpaid claims, also
to around $10,000,000. At that time
changes in capital, surplus, deposits, par value of the the maximum assessment that could be levied in a year was $1,650,000.
yearly
stock, book value, earnings per share, per cent earned on Since then the district court has decided that the special assessment, which
constituted three-fourths of the total,
invalid because it was confiscacapital surplus and profit, dividend rate and date payable. tory and tended to destroy the purpose was which the act was passed, public
for
In addition, they show for all banks in whose shares there welfare.
It
therefore
has been a market the average bid and asked prices for each delay waspayment ofargued by the state's attorneys that, inasmuch as the
in
the deposits is attributed to
year, the high and low price, value, yearly increase in should be allowed. The court said on this point:the law itself, no.interest
"The argument ab inconvenienti is of considerable force, and its redollars and percentage and net profit. In cases of mergers,
jection results in
the guaranty fund charged with a burden of
figures for both the consolidated units and the resulting staggering weight, leaving would not
but we
be justified in relieving it unless in
institution are given.
accordance with legal principles applicable te the beta of the case. We
4254
FINANCIAL CHRONICLE
have held in a number of cases that, on the allowance of the claim, it
draws interest at 7 per cent a year until paid. The question now presented was not discussed in any of those cases, but the principle upon
which the holdings are based is that the allowance of the claim is in the
nature of a judgment, and is therefore within the operation of that section
of the compiled statutes providing that judgments shall bear interest at
the rate of 7 per cent a year unless a greater rate is provided in the contract upon which it is based."
Not Claim Against State.
To the defense that the claim is one, in essence, against the state, the
court refuses its sssent. The procedings being examined, it says, are
specifically provided by the guaranty fund for the purpose of determining
the claim against the bank, and, in no sense, is it an action against the
state. It is true, the court says, that Oklahoma supreme court has held
that the title to the guaranty fund is in the state, but an examination of
the Nebraska law shows that no such title is given.
This decision leaves the fund liable for an annual interest charge of
upwards of $700,000 a year, with its only resources, aside from the deductions in the total of judgments made from time to time as assets and
stockholders' liabilities are collected, of no more than $250,000 a year in
assessments.
Other Bank Rulings.
In the same case, the court made a number of other important rulings.
These are:
That an arrangement between a state bank and its correspondent bank,
whereby checks upon the former are paid at par by the latter, is not such
a consideration of value or rendering of service to a depositor as to deprive
his deposit of the protect:on of the guaranty fund.
That deposits in a bank subject to check and made in the ordinary course
of business by a corporation will not be held to be loans merely because
the depositor knew the bank was in need of funds, where there was no
agreement that the deposit should be made or should remain for the purpose
of bolstering up reserve or for other unlawful purpose.
That the fact that the president of a corporation is a stockholder will
not in itself constitute the making ef deposits by the corporation in the
ordinary course of business as obtaining money for the purpose of effecting
a loan.
That interest on daily balances lawfully contracted for by a depositor
In a bank may be within the protection of the guaranty fund.
That interest upon a hawk deposit is a mere incident to the principal
sum and a part of it, within the meaning of the bank guaranty act, and
that a valid police regulation for the safety of bank deposits includes
Interest thereon lawfully contracted for.
Federal Board Commended for Credit Policies.—
Charles S. Hamlin, a Member, Declares Results
Attained Have Been Generally Satisfactory.—
Business Declared Not to Be Injured—”Startling
Growth" of Security Loans as Compared With
Commercial Loans Is Discussed.
The Federal Reserve System has taken an "effective
control" of the credit situation by direct pressure and without the use of higher rediscount rates, and the results attained
have been generally satisfactory, according to Charles S.
Hamlin, a member of the Federal Reserve Board, who discussed the board's policies June 22 in an address for the
convention of the Maine Bankers' Association at Poland
Springs, Me.
While emphasizing that his expressions were only his
personal views, Mr. Hamlin declared that the policies employed thus far in dealing with the credit situation showed
development of a new technique, and that its control had
been exercised without injury to business and agriculture.
He said that the credit situation had brought much criticism
on the board from each of the two schools of thought—
those who believed that drastic action should be taken and
those who favored a hands-off policy—but he believed that
"reasonable men" would admit the efforts had attained
BUCCOSS.
The full text of that part of Mr. Hamlin's address made
public at his office in Washington and printed in the United
States Daily follows:
Does Not Speak for Board.
Let me state at the outset that what I have to say this evening represents
merely my personal views, and that I am not in any sense speaking for the
Federal Reserve Board.
Banking developments during the past year have attracted more general
attention, and caused more discussion, than at any time since the foundation
of the Federal reserve system, excepting only the years 1920 and 1921. We
hear, on the one hand, statements as to unbridled security speculation and
Inflation, and on the other a denial thereof, coupled with censure of the
Federal Reserve system for an alleged desire to break down the stock
market. On the one hand we hear, as I have said, the charge of inflation
which must be controlled, and on the other the claim that natural course
should be allowed to take care of the situation.
The Federal Reserve system, meanwhile, has confined itself to a critical
supervision and regulation of the use made by member banks of Federal
Reserve credit, with a result which most reasonable men will admit has
been successful, and which has cleared up to a measurable degree a situation fraught with danger if allowed to continue unchecked.
[VOL. 128.
beginning with 1922 through 1927 or 1928, and later consider present
conditions in this year.
Leaving aside the question of commodity speculation, which, as I have
said, can hardly be said to exist to-day, I want to call attention to the
startling growth of security loans, (including speculative loans), compared
with commercial loans, during the period of 1922 to 1928.
Refers to Increase In Security Loans.
During this period,security loans of reporting member banks,including in
this category so-called speculative loans, increased from $3,500,000,000 to
$7.400,000.000—an increase of $3,900,000,000 or of over 100 per cent;
on the other hand, commercial loans increased from an average of 87,400,000,000 to 38,700,000,000—an increase of $1,300,000,000 or only 18 per
cent.
During the same period, the percentage of security loans to total loans
and investment increased from 25 to 34 percent, while the percentage of
commercial loans to total loans and investments decreased from 51 to
39 per cent.
Member bank reserves during this period increased from an average of
$1,700,000,000 to $2.400,000,000 in January, 1928—an increase of $700,000,000, or 40 per cent.
Federal Reserve credit for the whole system was, in December, 1928.
over $1,800,000,000, taking daily averages, while the corresponding figures
for the earlier years were: 1922.$1.300,000,000; 1923,$1,200,000,000: 1924.
$1,200,000,000; 1925, $1,500.000,000; 1926, $1,400,000,000; 1927, $1.600.
000,000; 1928, $1,800,000,000.
Excess of Credit Cause Of Higher Stock Values.
Prices of 410 stocks combined were 58.7 in 1922, and in January. 1929,
had increased to 183.6.
Whether or not the above figures can be characterized as expansion,
undue expansion, or inflation, it must be evident that they were made
possible by an increase in the volume of credit used for certain purposes in
excess of the amount of things available in these lines, resulting in competitive bidding fqr a limited supply, thus increasing prices in some cases,
at least, to an abnormal extent.
It must be evident that such a condition of member bank credit, whether
caused by speculative loans, whether in commodities, real estate, or securities, was one demanding careful attention by the Federal Reserve banks,and
one which required control, whether by way of rate increase or by other
action.
How far Federal Reserve credit was responsible for this expansion Is an
interesting question which I shall not attempt to solve in this connection,
except to express my opinion that the expansion was largely generated
through gold imports and therefore that Federal Reserve credit, on the
whole, was not responsible for it.
There were, however, three periods when the purchase of Government securities by Federal Reserve banks placed money in the market, a material
portion of which went into the member banks' reserves,and was expanded
upon in the ratio of almost 15 to 1. These periods were from February to
June, 1922,from April to December, 1924, and from February to December
1927.
If we assume, therefore, that the Federal Reserve system is responsible
for the increase in Federal Reserve credit during these three periods, we still
should not forget that agriculture and business received material benefit
from this expansion,and that at the same time it rendered service to Europe
.
In adopting sound monetary policies along the lines of currency stabilization
Pressure Applied To Tighten Credit.
During the latter part of 1927 the Federal Reserve system began a firming
policy, and ceased to offset gold exports by buying Government securities:
during 1928 the system made three increases of discount rates; it also from
time to time sold Government securities, thus further tightening the pressure
upon credit.
Early in this year the total amount of Federal Reserve credit outstanding
was, as I have before stated, about 1.8 billions of dollars as compared with
about 1.5 billions the year before, and many feared that instead of the
customary liquidation after the first of the year there would be further
expansion, and that member bank credit developments needed careful
supervision and control.
I think it will be generally agreed that, apart from speculative loan aotivities, agriculture and business would be entitled to a lower rate, rather
than to an increase over the present rate of 5 percent, and that the problem
is how most speedily to adjust matters so that in the near future agriculture
and business would be getting the benefit of this lower rate.
Representations were made that the speediest way to obtain lower rates
for agriculture and business would be to.adopt.a policy of affirmative rate increases beginning at 6 per cent and increasing until the speculative use of
Federal Reserve credit had subsided, and then reversing the process, gradually reducing rates until they could safely be put below the present rate of
5 per cent.
Many of those who advocated this view perhaps unconsciously felt that it
was the duty of the Federal Reserve system to correct the situation on the
Stock Exchange by a series of quick incisive increases of discount rates.
This feeling was expressed by the English paper, the Manchester Guardian
Commercial, of March 28, 1929, as follows:
"There appeared at least some slender hope that the Federal Reserve
authorities were meditating action drastic enough to precipitate the crisis
in Wall Street which, in the opinion of most monetary students, must come
sooner or later."
On the other hand, it was'claimed that the Board had no duty to make
such a direct attack on speculative activity on the Stock Exchange In this
drastic manner,and it was further pointed out that these violent speculative
activities In a material degree were dependent upon other factors than
Federal Reserve credit. It was finally decided that the real problem was
the prevention of the diversion of Federal Reserve funds into the speculative
markets, retaining discount rates at the existing rate of 5 per cent.
Member Banks Asked to Cooperate.
To this end the Board called upon the Federal Reserve banks and the
member banks to cooperate in stopping the growth of speculative credit,
thus incidentally setting forces in motion which would probably bring
about some reasonable liquidation of existing credits, but no drastic reduction of existing speculative credits was asked for or expected.
It was pointed out that many member banks have been frequent
continuous borrowersfrom the Federal Reserve banks,and that they were In
Says Policy Is Justified.
effect securing, through rediscounts, capital loans taken out of the common
I shall not attempt here to characterize present or past conditions as fund built up by our Member banks, and intended only for use for seasonal
disclosing expansion or inflation, but will content myself with stating a few or emergency requirements; that capital thus acquired used in competition
facts which,in my opinion,justify the firming policy, including direct action, with the other member banks who were unfrequent borrowers, amounted to
so-called, of the Federal Reserve system in connection with member bank what In trade would be called "unfair competition."
The Board pointed out, however that there were many occasions where
credit developments.
I wish, however, first to state that, speaking generally, there is no undue banks were in a difficult position because of crop failures, sudden loss
expansion or inflation in commodities. I want also to point out that in of deposits, or general economic depression, where the above rule against
considering expansion or inflation, it is not accurate to take one year as a capital borrowing could not be strictly applied, at least for considerable
test. In dealing with this matter I will take a period covering the years periods, but the general principle was laid down. It should be remembered
Juisrm 291929.1
FINANCIAL CHRONICLE
that while attention was called to the growth of speculative loans which, in
part, depended upon Federal Reserve credit, the rule would be the same
whether the expansion was based on commercial or other forms of speculative loans.
The banks, speaking generally, cooperated with the efforts of the Federal
Reserve Board and the Federal Reserve banks, and it is interesting to see
the progress since the first of this year which has been made under the
firming policy and so-called "direct action." Taking the January, 1929,
average and comparing it with June 12 1929. we find that security loans for
reporting member banks have decreased from $7.500,000,000 to $7,200,000000, a reduction of $297,000,000: commercial loans, on the other hand, for
the same period, increased from $8,700,000,000 to 59,100,000,000, the
increase being $361,000,000.
Member bank reserves, for the same period, decreased from 52,387,000.000, the average of January, 1929, to 52.331,000,000 for the week ending
June 15, a decrease of $56,000,000.
Reserve Credit Declined During May.
The percentage of security loans to total loans and investments decreased
during this period from 33.6 per cent to 32.6 per cent, while the percentage
of commercial loans increased from 39.4 per cent to 41.4 per cent. Taking
the figures as to Federal Reserve credit for the entire system, we find that
comparing the average for January and May,1928, with the same periods in
1929. that Federal Reserve credit had increased in May, 1928. by $84,000,000, while taking the same dates in 1929 we find that Federal Reserve
credit decreased $310,000,000.
While the above decline in Federal Reserve credit was brought about
chiefly by the seasonal return flow of currency and gold imports, it is
nevertheless true that in the absence of direct pressure, some part of the
funds released through the inflow of gold, would have found its way into
member banks reserve balances, and would hay eformed the basis of further
expansion, and that, as shown above, the direct pressure reduced the
member bank reserve balances by about $50,000,000 between January 29,
1929, and the week ending on June 15 1929.
The Federal Reserve System, therefore, has taken an effective control of
the situation without increasing discount rates, and in the control thus exercised through the medium of direct pressure, the system has established a
new technique, which shows that diversion of Federal Reserve credit into
speculative channels may be curbed without serious injury to agriculture
and business.
While it is true that although the Federal Reserve rate has not been increased during this period, customers' rates charged by member banks have
increased about one per cent, it is also true in my opinion that this increase
in customers' rates was brought about by the competition of the high rates
offered for funds in the speculative market. It is also true that the firming
policy of the Board, including direct pressure, has brought pressure upon
speculative loans with three times the force, thus tending to relieve agriculture and business.
Ralph W. Byers Named Chief National Bank Examiner
of Richmond Federal Reserve District.
The Comptroller of the Currency announced on June 19
the appointment of Ralph W.Byers as Chief National Bank
Examiner of the Fifth (Richmond) Federal Reserve District,
to succeed W. P. Folger, who has resigned to become Exec.
Vice-President of the Norfolk National Bank of Commerce
and Trusts, Norfolk, Va. Mr. Byers was born in Ohio,
later moving to Atlanta. His practical banking experience
covers a period of sixteen years. He was appointed a National Bank Examiner in 1916, since which time he has
been assigned to important work in various parts of the
United States and is at present attached to the Fourth
(Cleveland) Federal Reserve District.
Politics Threatens to Cripple Federal Reserve Board,
Says Omar H. Wright of Illinois Bankers' Amen.
Political interference that "threatens to cripple" the
Federal Reserve System was attacked by Omar H. Wright
of Belvidere, president of the Illinois Bankers' Association,
at the annual meeting of the organization on June 20, says
an Associated Press dispatch from Aurora, Ill., published
iii the St. Louis "Globe Democrat" of June 21. The dispatch
goes on to say:
"Don't forget," Wright said, "that where the sticky finger of politics
comes in at the window, good business goes out of the door."
Terming the Federal Reserve System the financial reservoir of the country,
Wright said that without credit civilization would soon become a shambles.
"The richer we become as a nation, the more far reaching our influence,
the more vital and important are our credit needs," he said. "To a large
measure at least credit control is lodged in our Federal Reserve System."
"An attempted program of checking abnormal speculation of all kinds
and descriptions in the stock Market, that has at times taken on the
attributes of an epidemic throughout the country, has brought down upon
the heads of the system virulent criticism from many quarters, while the
words of approval have been faint and infrequent. Unfortunately as well,
the situation has given the political opportunist the chance to gather to
himself an audience.
Limit to Credit.
•
"Certainly there is a limit to our credit somewhere, and when its
wheels become entangled and it fails to function smoothly, immediately
the proverbial monkey wrench unsettles our entire economic fabric.
"Surely some check or some brake should always be used to put a stop
to any extreme or unreasonable use of credit in any one direction, and no
other organization is in the position to undertake such a control, if it is
not our Federal Reserve banks.
"Man directed and man managed, it will make mistakes. It could not
be otherwise, but, all in all, it has been the greatest stabilizing force that
has directed our financial bark since the world's war burst upon us."
Political Efforts.
Demagogues in Congress and out are clamoring for legislation to restrict
and practically nullify the Federal Reserve act, while there is increasing
evidence of attempts of politicians to become identified with its affairs,
Wright said.
S
4255
"We should do whatever in our power lies at all times to head off an
attempt which might ultimately result in a serious abridgement or a
political nullification of the vast benefits accrued and accruing to the
businesz and financial interests of the country because of its present
operation and conduct," he said.
•
Hoover
Names Col, J. C. Roop As Director of the
Budget.
Col. James C. Roop of Nebraska, who assisted Charles
Gates Dawes, first Director of the Budget, was on June 21
appointed by President Hoover as Budget Director, succeeding Brig. Gen. Herbert M. Lord. Col Roop accompanied the Dawes commission, which recently undertook
to revise the financial system of Santo Domingo and has remained in charge of the work since Mr. Dawes returned to
the United States preparatory to departing for London.
Col. Roop will remain in Santo Domingo about a month to
complete his task there before assuming his new duties here.
The new Director of the Budget is a graduate of the University of Pennsylvania. During the World War he served
as Lieutenant-Colonel of Engineers and toward the close
of the war was Chief Purchasing Officer for the American
Expeditionary forces in France. Since the war Col. Roop
has been successful as a consulting engineer. President
Hoover expressed gratification at inducing Col. Raop to
leave a lucrative private enterprise for public service at
personal financial sacrifice.
President Hoover Proclaims Boulder Dam Pact.—Makes
the Project Effective on Ratification of Six of the
Seven States.—Hopes Arizona Will Enter.
President Hoover on June 25, signed a proclamation
putting into effect the Boulder• Canyon project under the
compact which he, as Secretary of Commerce, negotiated
six years ago between the States of Arizona, California,
Colorado, Nevada, New Mexico, Utah and Wyoming.
Though Arizona has not yet complied with all the conditions
of the Boulder Canyon project act, passed by Congress in
December, the terms of the act state that the project, providing for the distribution of the waters of the Colorado
River in these States, shall be made effective upon the
ratification of six of the seven States, which has been accomplished.
In a statement issued later in the day, President Hoover
explained the status of the project, observing that California
had met the requirements of the het necessary to render it
effective on six-State approval of the compact and voicing
the hope that Arizona and California "may compose their
mutual problems which have hitherto prevented Arizona
from joining in the compact." Characterizing the compact
as the "most important action ever taken in that fashion
under the Constit tion," the President added, "that with
Arizona in, the whole basin will have settled their major
question of water rights for all time."
The President's proclamation reads:
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA,
PUBLIC PROCLAMATION.
Pursuant to the provisions of Section 4 (a) of the Boulder Canyon
Project Act, approved Dec. 21 1928 (45 Stat. 1057), it is hereby declared
by public proclamation:
(a) That the States of Arizona, California, Colorado, Nevada, New
Mexico, Utah and Wyoming have not ratified the Colorado River compact mentioned in Section 13 (a) of said Act of Dec. 21 1928 within six
months from the date of the passage and approval of said Act.
(b) That the States of California, Colorado, Nevada, New Mexico.
Utah and Wyoming have ratified said compact and have consented to
waive the provisions of the first paragraph of Article II of said compact,
which makes the same binding and obligatory only when approved by
each of the seven States signatory thereto, and that each of the States
last named has approved said compact without condition, except that of
six-State approval as prescribed in Section 13(a)tit said Act of Dec.211928.
(c) That the State of California has in all things met the requirements
set out in the first paragraph of Section 4 (a) of said Act of Dec. 21 1928,
necessary to render said Act effective on six-State approval of said compact.
(d) All prescribed conditions having been fulfilled, the said Boulder
Canyon Project Act, approved Dec. 21 1928, is hereby declared to be
effective this date.
In testimony whereof I have hereunto set my hand and caused the
seal of the United States of America to be affixed.
Done at the City of Washington this 25th day of June, in the year of
our Lord one thousand nine hundred and twenty-nine, and of the independence of the United States of America the one hundred and fifty-third.
HERBERT HOOVER.
By the President.
HENRY L. STIMSON, Secretary of State.
All Conditions Fulfilled.
The President's statement in full was as follows:
I signed this morning the Colorado River proclamation, making effective
the compact between six of the seven States in the Colorado River Basin.
I have particular interest in its consummation not only because of its great
intrinsic importance but because I was the Chairman of the Colorado River
Commission that formulated the compact.
The compact itself relates entirely to the distribution of water rights
between the seven States in the Basin. It has nothing per se to do with
4256
FINANCIAL CHRONICLE
[VOL. 128.
the Boulder Canyon development except that it removes the barriers to particularly so in view of the effort to restrict action to the.
such development.
major problems of the tariff and farm relief, according to
It has some points of very considerable interest.
a record made available by officers of the House of RepreSettlement of Dispute.
It is the final settlement of disputes that have extended over 25 years and sentatives June 21. The record statistically includes the
which have estopped the development of the river. The difficulties over following, as enumerated by the Tally Clerk of the House,
the respective water rights of the different States have served to prevent
Eugene F. Sharkoff:
development in a large way for nearly a quarter of a century.
Public laws enacted, 17; public resolutions enacted into law. 16.
And it has an interest also, that it is the most extensive action ever
Bills introduced in the House, 4,185; resolutions introduced in the
taken by a group of States under the provisions of the Constitution permitting compacts between States. The only instances hitherto were mostly House, 183.
Bills passed by the House: House bills, 14; House joint resolutions, 18:
minor compacts between two States on boundary questions except the one
case of the New York Port Authority, which was of first importance, but is besides concurrent resolutions and bills sent over from the Senate. The
Senate passed 17 Senate bills and adopted 16 concurrent resolutions.
compact between two States.
These figures are subject to final correction. Several measures Passed
This compact is, however, an agreement between seven States, and
represents the most important action ever taken in that fashion under the by the two Houses have been sent to the White House for the President's
approval without notification so far of the President's signature.
Constitution. It opens the avenue for some hope of the settlement of other
There are five bills pending on the House calendar, which are susceptible
regional questions as between the States rather than the imposition of these
of being considered in the event the House leadership agree to open up
problems on the Federal Government.
The compact was originally signed five years ago by the seven States general business after the recesses that, under the present arrangement will
subject to ratification by their Legislatures. It has a similarity to matters run to October 14 so far as the House is concerned. There are 13 bills
in international negotiation in the difficulties thatilt has to pursue in the pending on the calendar of the Senate.
Among the more important acts of legislation are:
path of ultimate consummation, but for the first time in history a compact
Tariff, passed the House and hearings are being held before the Senate
involving so many interests has been made effective.
There is only one point still left open, and that is the relation of Arizona Committee on Finance.
Farm relief (agricultural marketing bill), passed both houses and became
to the compact. I am in hopes that Arizona and California may compose
their mutual problems which have hitherto prevented Arizona from joining law. Includes authority for a $500,000,000 revolving fund and appropriation already has been made of $151,500,000 toward that revolving fund and
in the compact.
"With Arizona in, the whole Basin will have settled their major question administrative expenses of the newly created Federal Farm Board to June
30 1930.
of water rights for all time.
For payment of judgments rendered against the Government by various
The problem of the distribution of water from the project has been the
subject of the recent discussion of the water commissioners of the interested United States courts, affecting Shipping Board, Treasury, War, Navy, and
States in an effort to obtain the adherence of Arizona to the inter-State Commerce Departments, approximately $153,000,000. Became law.
For increased compensation for transportation of mails by the railroads, a
compact which has been agreed upon by the other 6 States of the Colorado
sum due to decisions of the Interstate Commerce Commission. Became law.
River Basin.
Census.—Reapportionment bill, providing for decennial census and autoThe full text of an engineer's set-up of the water that will be available in
the basin, prepared by•George H. Maone, State engineer of Nevada, and matic reapportionment of membership of the House of Representatives:
estimated to involve approximately $40,000,000 for the taking of the fifpresented to the recent meeting, follows:
Acre-Feet. teenth census. Became law.
Flood, relief for the Southeastern States, public resolution No. 2, real,Mean.ilow at Lee's Ferry under Colorado River compact, assuming lull
utilization; taken from reconstructed flow at Lee's Ferry
8,880,000 propriations.
Average gain to Boulder Canyon, considering gains and losses
1,480,000
Appropriation to enable Federal assistance in eradication of Mediterranean fruit fly. $4,250,000. (The Department of Agriculture has subMean annual flow Into Boulder Dam Reservoir (equal average flow of
10,340,000 mitted a letter to the House Committee on Agriculture approving proposal
over 14,300 second-feet)
of compensation up to $10,000,000 with respect to losses to fruit and
River losses between Boulder Dam and Laguna Dam
400.000 vegetable growers from Mediterranean fly
damage.)
Evaporation on developed river below Lee's Ferry, 240,000 acres exposed
French war supply debt resolution, involving postponement of maturity
area,and assume 3.5 feet depth annual evaporation in addition to present
840,000 date of the particular debt; passed both houses but not yet signed.
losses
For the United States of Mexico, assuming 200,000 acres with a duty of
Beginning of community center for National Capital, $3,000,000 appro850,000
4.25 acre-feet per acre
Total to be deducted for reasons noted
2,090.000 priation for purchase of two blocks as site for District of Columbia government buildings.
8,250,000
Available at Laguna for use in the lower basin
Northern Pacific land grant bill, for proceedings in court to adjust differGila River for consumptive use (this item variously estimated from 2,ences,involving upwards of 2,000,000 acres of land; passed by both houses.
2,250,000
200,000 to 2,600,000.)
,,Legislative pay bill,increasing salaries of officials and employees ofCongress,
From upper basin allocation on basis of latest United States Geological
Survey report that they will not be able to use consumptively their
$877,000.
7,500,000 acre-feet allocation, and will be available for lower basin use.
Various other matters of legislation.
"press release" Department of the Interior. Feb. 28, and March 7
1929, extract from report which is being printed as a public document_ 1,500,000
For beneficial consqmptive use in lower basin
12,000,000
Restriction - Approved on Reentry of Aliens—House
Passes il Providing Penalties for Violations.
The House before adjournment passed a bill (S. 1537),
according to the "United States Daily" of Washington,D.C.,
which would amend subdivision (a) of Section 1 of the Act
of March 4 1929 (Public Law 1018, 70th Congress), which
made it a felony for certain aliens to enter the United States
"under certain conditions."
The purpose is to take care of permits issued by the
Secretary of Labor, or other lawful permission, allowing
such aliens to reapply for admission. According to the
sponsor of the bill, Representative Johnson (Rep.) of
Hoquiam, Wash., and the sponsor of an amendment to it,
Representative Box (Dem.), of Jacksonville, Tex., it would
not affect many cases. The bill would make the law read
as follows:
That (a) if any alien has been arrested and deported in
pursuance of law, he shall be excluded from admission to the
United States whether such deportation took place before or
after the enactment of this act, and if he enters or attempts
to enter the United States after the expiration of 60 days
after the enactment of this Act he shall be guilty of a felony
and upon conviction thereof shall, unless a different penalty
is otherwise expressly provided by law, be punished by imprisonment for not more than two years or by a fine of not
more than $1,000, or by both such fine and imprisonment;
Provided, That this Act shall not apply to any alien arrested
and deported before March 4 1929, in pursuance of law, in
whose case prior to his reembarkation at a place outside the
United States, or his application in foreign contiguous territory for admission to the United States, and prior to March
4 1929, the Secretary of Labor has granted such alien permission to reapply for admission.
Terms in Jail of Harry F. Sinclair to Run Concurrently
—Time Off for Good Behavior Will Enable Oil Man
to Quit Prison About Nov. 22.
By a mandate delivered on June 22 to the Supreme Court
of the District.of Columbia, Harry F. Sinclair, oil man now
serving a three-month sentence for contempt of the Senate,
will be permitted.to serve concurrently a six-month sentence
for jury shadowing. With time off for good behavior, Mr.
Sinclair, as a result, probably will be released from the
District jail about November 22. The mandates from the
Supreme Court of the United States confirmed the sentence
of the lower court in the case. Since the law provides that
the sentences shall run concurrently and no exception was
made, Mr. Sinclair technically began serving his sentence
for jury shadowing to-day. His sentence for contempt
expires July 21 and, if he were to serve the entire term for
jury shadowing, his release would not be possible before
December 21. However, five days a month are deducted
for good behavior and Mr. Sinclair has been reported a
"model prisoner."
• Henry Mason Day, associate of Sinclair, who got four
months in the jury-shadowing ease, surrendered on June 24
to start his sentence. W. Sherman Burns, head of the
detective agency which furnished the operatives to watch
the jurors, was required to pay a fine of $1,000. The men
were convicted before Justice Frederick L. Siddons in the
case, which was an outgrowth of the trial of Sinclair and
Albert B. Fall, former Secretary of the Interior, on a
charge of conspiracy to defraud the Government in the leasing of naval oil reserves. They were acquitted.
Day's fame as an oil man is international, and he has
represented Sinclair abroad in some of the largest oil deale
ever negotiated by Sinclair. He came to Washington in
1927 during Sinclair's trial on charges of conspiring with
Albert B. Fall to defraud the Government of the Teapot
Dome naval oil reserve. He hired a squad of detectives
from the Burns Agency to shadow the jurors in the case at
Thirty-three Bills and Resolutions Enacted at Extra Sinclair's request, and upon discovery of this strategy a
Session of Congress—Five Measures Pending for mistrial was declared, followed by the sentencing of SinAction in House and 13 on Calendar of Senate. clair, Day, William J. Burns and Sherman Burns. The
Congress dealt with many important matters of legislation sentence of the elder Burns was reversed by the United
in the first two months of the extraordinary session, and States Supreme Court.
JUNE 291929.]
FINANCIAL CHRONICLE
Henry Mason Day Joins Sinclair in Jail—Starts Four-.
Month Term for Jury Shadowing Activity—Declares
He Is Not Conscious of Any Wrongdoing. •
Henry Mason Day, associate of Harry F. Sinclair, who
was sentenced to four months in jail for his part in the
Jury shadowing activities surrounding the trial of Sinclair
and Albert B. Fall for conspiracy, late on June 24 joined his
chief in the District prison as prisoner No. 12,146. He
Issued a statement asserting his innocense of any wrongful act. The statement was as follows:
"My friends and the newspapers are insistent that I should say something
about my sentence for contempt of court. I have been unwilling to do this
because I said all I had to say at my trial. I say now as I said then that I
am not conscious of having committed any wrongful act. I emphatically
deny that anything I did in connection with the trial of Mr. Harry F.
Sinclair was done with improper, touch less criminal intent.
"Didn't Approach Jury."
"I don't want to dodge the real issue that is in the public mind. Some
people think that Mr. Sinclair and I, through agents we employed, sought
to approach or influence the jury that was to try Mr. -Sinclair, my friend
and employer.
"No such idea or intent ever entered our heads. On the contrary, our
instructions were that no member of the jury was to be approached directly
or indirectly, and no juror was approached. This is proven by the fact
that all of the jurymen stated under oath on the witness stand that they
were not even conscious of the fact that they were under observation.
"We now learn that our intent and what actually happened was of no
importance; that the mere employment of agents to observe the deportment
of members of the jury was contempt of court. That this is a common
practice of both prosecuting attorneys and defendants in important trials
was also disregarded, although many lawyers connected with the Department
of Justice were ready to testify that acting for the Government they had
shadowed juries in important trials in many instances.
"So far as I can learn this is the first time that a defendant has been
condemned for adopting such a course as we pursued. My loyalty to Mr.
Sinclair would not have induced me to do anything criminal; nor would
he have countenanced such an act on my part. He is not that kind
of a fighter.
"I am going to jail—a bitter experience for any man and particularly
bitter for one who has no sense of guilty or even contemptible action.
The only bright spot in my situation is the fact that my family, my
friends and acquaintances do not believe me guilty, and thousands of people
.
have gone out of their way to express their sympathy. I am grateful to
them—more grateful than I can say.
"After I have served out my sentence I shall continue to live in New
York. I am now and shall be able to look any man straight in the eye, as I
have all my life. I have nothing to live down. I have something to live
through for a time, and as a decent and law-abiding man I am sure that I
shall come out of this experience with at least the measure of confidence
and respect that I have earned by the way I have lived and acted in
business, in war, and in private life."
Day is forty-three years of age. As President of the International Barusdall Corporation he carried on post-war
negotiations with the Soviet for oil concessions. As President of the American Foreign Trade Corporation he obtained valuable tobacco concessions in •Turkey. More
recently he has been identified as Vice-President of the
Sinclair Exploration Company.
Controversy Developed.
In December 1928 the Commission took action on the
trans-oceanic channels and the continental channels, on the
basis of 11 separate corporations, but with the understanding
that the entire Nation's press would be served. A controversy developed, however, it was stated, because of the
inability of The Associated Press to become a public utility
corporation under its charter as a co-operative organization.
The statement follows in full:
The matter of applications of the American press for construction permits came on for consideration, and the following order (Commissioner
Saltzman not voting) was adopted without objection:
Upon the action taken by the Commission May 24 1928, and Dec. 22
1928, granting certain applications for permits to construct stations to be
used by agencies of the American press, and upon the conditions and limitations attached to and affecting said permits, and upon all the evidence and
argument presented to the Commission in connection with said applications
and permits, and upon all the protests and proposals filed by applicants for
said permits and other agencies of the American press, and upon all the
papers and proceedings herein, and upon due consideration of the foregoing,
and
It appearing that the action of the Commission taken Dec. 22 1928. with
reference to said applications is not effective.
Now, therefore, it is ordered that the construction permits issued Aug. 1
1928(pursuant to minutes of May 24 and June 22 1928), to one Joseph Pierson, trustee, American Publishers' Committee,acting for and on behalf of a
single public communication business for the American press, be reissued,
subject to all the conditions and limitations attached to said permits at the
time of their original issue, and
Must Submit Articles.
It is further ordered that said Pierson shall, before July 15 1929, submit
the articles of incorporation, the by-laws, and the minutes of said public
utility corporation for the written advice and approval of the Commission,
at which time, if the Commission is satisfied that said corporation will
provide a bona fide public service open to all agencies of the American
press on a fair and equitable basis, the Commission shall grant its written
consent to the assignment of said permits by said Pierson to said corporation, and
It is further ordered that in the event said Pierson shall, by Aug. 1 1929,
fail to satisfy the Commission that said corporation has been organized on
the basis herein defined, said permits shall lapse, and
It is further ordered that said Pierson, or, if said permits have been
assigned, said corporation, shall, within a period of 60 days, file applications for modification of said permits to conform with the terms of this
order and to provide for the location of proposed stations at points other
and
than premises under the control of any newspaper or press association,
It is further ordered, that the time within which construction under
and
said permits shall be completed and within which the conditions
limitations attached to said permits (other than those herein specifically
and
stated) shall be complied with shall be extended to Oct. 11929.
It is further ordered that the following frequencies, to wit: 5325, 5535,
4745,
5345, 5355, 4965, 4975, 4985, 4995, 5315, 5305, 4725, 5285, 4715.
re4945. 5295, 4925, 4955, 4735, 4935, be, and the same are hereby
served for the use of the American press for point-to-point communicapermits covering the
tion within the United States, and that construction
havsame shall be issued to said corporation (the organization of the same
ing been approved by the Commission as aforesaid) if and when applications have been filed which satisfy the Commission that said applicant
has a project for the utilization of said frequencies which will serve public
interest, convenience and necessity.
Federal Radio Commission Orders Creation of Single
Agency Open to All Individual Newspapers and
Press Associations—Consent for Assignments to
Be Granted When Articles of Incorporation Are
Approved.
Creation of a single public utility corporation to provide
"a bona fide public service open to all agencies of the American Press on a fair and equitable basis," by employing 20
trans-oceanic channels allocated Joseph Pierson, in trust for
the American Publishers Committee, was ordered by the
Federal Radio Commission on June 20. In an order detailing its decision in the utilization of short-wave channels for
the Nation's press, the Commission decided to "reserve" for
the press 20 continental channels applied for by individual
newspapers and press associations to be employed in conjunction with the trans-oceanic channels. It ruled that its
previous action respecting the awards of channels and construction permits "is not effective."
The order, it was explained orally by the Commission's
general counsel, B. M. Webster, Jr., restores the press
applications to their status of May 24 1928, at which time
Mr. Pierson, on behalf of the Nation's press, was allocated
construction permits for utilization of the 20 trans-oceanic
channels to handle news traffic from abroad. The Commission reissues these construction permits to Mr. Pierson, with
the provision that a single corporation be organized open to
the entire press. It was pointed out at the Commission
that on Aug. 1 1928 construction permits for the 20 transoceanic channels were issued to Mr. Pierson as trustee. On
Sept. 1928 it was first proposed that a domestic service,
auxiliary to the trans-oceanic service be created, and at
that time it was requested that the channels be granted to
the 11 individual newspaper and press association applicants,
rather than to a single utility corporation.
4257
Gov. Roosevelt of New York Names Board to Study
Public Service Laws.
Governor Roosevelt on June 26 named members of the
Public Service Survey Commission, which will recommend
changes in the public service commission law in conformity
with an act of the last Legislature. The Governor's appointees
are Frank P. Walsh of New York City, Professor James C.
Bonbright of New York City and David C. Adie of Buffalo.
Mr. Walsh was for many years an investigator of industrial
and labor problems and was appointed Chairman of the
Federal Commission on Industrial Relations by President
Wilson in 1913. He has practiced law in New York since the
World War. Professor Bonbright is a member of the faculty
of the School of Business, Columbia University. He is an
authority on corporations and finance. Mr. Adie, who is
executive secretary of the Council of Social Agencies of
Buffalo, has been a lecturer at the University of Buffalo in
the department of sociology.
The appointees of the Governor are to serve jointly with
these appointees by the legislative leaders: Senator John
Knight, Senator Warren T. Thayer of St. Lawrence, Senator
William J. Hickey of Buffalo, Speaker McGinnies, Assemblyman Horace M.Stone of Onondaga and Russell G. Dunmore
of Utica.
New York Central Protests Against Port Differentials Against New York City on Railroad Freight
Rates.
New York's supremacy as the commercial metropolis of
the Western hemisphere, and as one of the world's greatest
seaports, would be lost if the recomemendations of the
Attorney-Examiner as to Port differentials in the Eastern
Class Rate investigation should be adopted, according to a
protesting brief filed with the Commission by G. H. Ingalls,
Vice-President, Traffic, New York Central Lines. Rates
as much as 8, 9 and even 10c. per 100 pounds to or from
4258
FINANCIAL CHRONICLE
Philadelphia, and 18, 20 and 23c. per 100 pounds to or from
Baltimore lower than to or from New York have been proposed by the Attorney-Examiner.
"It is easy to see that if the basis of class rates which the
Attorney-Examiner has recommended to the Interstate
Commerce Commission in the Eastern Class Rate investigation should be made effective between New York and other
North Atlantic ports and inland points the immemorial
prestige of the metropolis would be seriously jeopardized
while the importance of the ports of Philadelphia and Baltimore would be materially enhanced at the expense of New
York," says Mr. Ingalls. The statement says:
[VoL. 128.
ment at Albany failed to show that the directors of the City Trust Company
had ever filed an oath of office as required by law. He agreed with
Walter H. Pollak, counsel to Moreland Commissioner Robert Moses, that a
better system would be for the reports and other matters concerning banks
in this district to be on file in the office here.
Mr. Overocker also admitted that in the eleven years he has been in
the department the $100 fine provided in the law for every day the semiannual Directors' reports are late had never been enforced, as so far as he
knew was a "dead letter."
Tells of Home Life.
Mrs. Ferrari took the stand next. Although she understands English she
does not speak it well, and to lessen the strain of what was patently an
ordeal for her she gave her testimony through an interpreter. Howard K.
Marara, instructor of Romance languages at Columbia University, relayed
her answers to the stenographer.
Even from the time of their marriage in Italy twenty-two years ago
Because the New York Central RR. and other New York Central lines she knew little of
her husband's outside interests. She was asked about
are vitally concerned in the prosperity and prestige of the port of New their early married life
and her thoughts were far away as she started a
York they have filed the brief protesting against approval of any basis of long series
of "I don't know. He never told me."
class rates which would impair the importance of the port by deflecting
"Did he have a business of helping people to leave Italy
through
to other ports traffic which for nearly two generations has normally moved Switzerland?"
through New York.
"I do not know."
The Eastern Class Rate investigation regarding which the AttorneyNor did she know what he did at his first job here when they
were
Examiner filed recommendations applies to so-called "Official Classifica- living
in the Bronx and he worked for a private bank, which
he later
tion Territory," which includes, roughly, the area East of the Mississippi spent
$300,000 to own although it was worthless to him.
• and North of the Ohio and Potomac Rivers. Most manufactured articles
"All I know is he got $9 a week," she said.
and other high grade commodities are transported under class rates involved in this investigation, not alone domestic traffic, but a large volume
Rise to Affluence Rapid.
of tonnage moving between Central Freight Association territory and
Mr. Pollak led her through the story of their steady and rather
rapid
foreign countries is handled at domestic class rates to and from North rise from $9 a
week to a large home in Bay Ridge, Brooklyn, parties at
Atlantic ports. There is also a considerable tonnage of water-borne traffic the
country home at Flightstown, when an omnibus and two automobiles
moving from the Pacific Coast and the Hawaiian Islands through the were
needed to take the guests.
Panama Canal which is transported at domestic class rates between North
Ferrari went out to parties, entertained on a lavish scale at Hightatown
Atlantic posts and points in Central Freight Association territory. The and
Atlantic City, but Mrs. Ferrari remained at home.
proposed changes, it will be seen, would have far reaching effects.
"You knew he had plenty of money?"
For more than 50 years class rates applicable by New York, Boston,
"Yes."
Philadelphia and Baltimore have been based upon specified port differen"Did he give you money to run the house?"
tials, retention of which was urged by all the carriers at hearings under the
"Whenever I asked for it, but I did not need much. I ran my house
Investigation.
on very little money."
Rates to or from Boston have, in most instances, been the same as or
Mrs. Ferrari said that she had met the Warder family at her home, but
slightly higher than those to or from New York. Both shippers and carriers in New England served notice during the investigation that they did not know that Mr. Warder was the State Banking Superintendent.
"Did Mr. Ferrari ever say to you, 'I own the Bank Department'
will insist by every means at their command upon continuance of the
?"
"No."
present relationship between the ports of Boston and New York. These
"Did he ever say 'I am the only president of two banks in New
New England shippers and carriers insist that a continuance of this arYork'?"
"No. Mr. Ferrari was always so serious with me that we
rangement is necessary because of competition between New England
never appeared
manufacturers and those West of the Hudson River which have various to be husband and wife."
'"Did he ever say he had the Banking Department in
natural advantages of location; and, also, because of intense carrier comhis vest pocket?"
"Never.'
petition from railroads operating through Canada.
Honey Demanded, She Says.
Rates to or from Philadelphia have been made on a basis of 3c. lower
than from New York. In this connection it is pointed out that the first
"Or that he gave Warder lots of money?"
Interstate Commerce Commission found port differentials in effect and
"He told me he gave him money."
used in construction of class rates. Since that time the Commission has
"Did he ever say he gave him altogether $80,000?"
repeatedly refused to disturb the port differentials.
"He never told me the amount. He said he gave it to him constantly.
To depart from this established policy by adopting the Attorney-Exam- He told me Warder always
wanted money."
iners recommendations would disrupt rate relationships existing for many
"Did he tell you anybody else he gave it to?"
years and substitute others that would disorganize trade channels to the
"Eddie Glynn."
very great detriment of New York and Boston, through which two ports
"Did he ever tell you anybody else?"
more than half the foreign commerce of the United States moves, in ad"Nobody else."
dition to enormous domestic trade, with no off-sets in tho way of benefits
"Did he say why he gave Glynn money?"
to manufacturers, merchants and consumers.
"No. He only said be gave him money. He would come
home tired
Arguments on the matter are to be heard by the Interstate Commerce and angry,
and throw himself down and complain about the money
Glynn
Commission in Washington beginning Monday, July 15,
and Warder were demanding constantly. He was never happy."
Mrs. Ferrari said that she knew of no payments to Glynn later
than two
years ago and that she had
City Trust Investigation—Mrs. Ferrari Says Warder She only knew of them when never seen any of the payments to any one.
she husband vented his annoyance at home.
Asked Cash—Banker's Widow Also Alleges ConEdward Glynn, who is a nephew of former Governor Smith,
was an
attorney for Ferrari, employed, as he- testified, at an annual
stant Demands for Money by Edward Glynn.
retainer of
$5,000 within a few months of his admission to the bar. He has
denied
Mrs. Angelina Ferrari, widow of the late Francesco M. payments from Ferrari, except for legal services
and says he still has
Ferrari, told on June 25 how the troubles of her husband's money due him.
Mrs.
banking business were echoed in their Bay Ridge (Brook- Warder Ferrari said that her husband told her of gifts of jewelry to Mrs.
and Virginia Warder. He had much valuable
lyn) home, where she was trying to rear her family of seven does not know what happened to it except in the case of jewelry, but she
a large diamond
children, ignorant of business and her husband's affairs. ring he gave to his son before ho went to the hospital. Mrs. Ferrari
started to weep when she told of this incident
She testified at the Moreland inquiry into the Banking
She also testified that her husband instructed her to
draw on
Department in relation to the City Trust Company failure before he went to the hospital. She drew $24,000 out of his his account
account in
that her husband would come home tired and angry, throw one check which she says she signed after his death, although the check
in another's handwriting is dated three days before
his death. The
himself down and complain of the constant demands for money she gave to her brother, Gennaro
Dell'Osso, who deposited it in the
money made by Frank H. Warder, former Superintendent Corn Exchange Bank.. This account was closed on March 25, Mr. Pollak
told her, but she appeared unworried.
of_Banks, and Edward Glynn, nephew of Governor Smith,
"He gives me money when I need it," she explained.
who was his attorney. The account of her testimony, as
Her husband's account was not a joint account, but
was made so after
his death, the documentary evidence indicated.
published in the New York "Times" of June 26, was as
Mrs. Frederico Ferrari testified that she had never borrowed
large sums
follows:
from the bank nor owned large blocks of stock, although
transactions were
Dressed in black, weeping at times, she told with pride of her economical carried there under her maiden
name. She had some money of her own,
management of her household and patiently told of her lack of knowledge about $2,000, which she kept
under the rug in the parlor and later added
of her husband's business except where it touched her household. She $2,800 efter the bank closed.
knew of the money payments, she said, because they made her husband
"My mother did the same," she explained when Mr.
Pollak questioned
cross and out of sorts. But she could not tell the amounts and did not her about the rractice.
know for what purpose the payments were made. When she ventured to
"And your husband was a banker all this time?"
ask him he replied:
"Yes."
"It's none of your business. That's not any business to concern a
Tries to Trace $30,000,
woman."
Preceding Mrs. Frederico Ferrari's testimony Mr. Pollak
Did Not Trust Banks.
a $30,000 cheek to cash drawn by the Post Securities tried to trace
Besides Mrs. Ferrari, her sister-in-law, Mrs. Frederico Ferrari, was a endorsed by
Company and
Joseph M. Cohn. Ernest Willvonseder,
accountant to Mr.
witness yesterday, telling of hiding more than $2,000 under the front parlor Moses,
traced the money to the personal account of F.
M. Ferrari in the
rug because she thought it was safer there than in a bank and because "my Chase National
Bank of Brooklyn. The date, April 21 1928,
mother always kept it there."
was about
the time Mr. Warder approved the merger of the Harlem
Bank of Commerce
The evidence of Miss Virginia Warder and her mother, Mrs. Anna I. and the Atlantic
State Bank, and the amount recalled the
notation about
Warder, given at private hearings, was also read into the public record. the delivery
of $30,000 to "redraw," found in the bank.
"Redraw" at
Mrs. Warder died the day before the opening of the public hearings, that time
was interpreted to mean Warder spelled backwards.
"killed by this bank business," her daughter said at the time. Both
Mr. Cohn when put on the stand could recall the purpose
of other checks
refused to answer questions regarding gifts from Ferrari on the grounds in the
same period, but said he did not remember anything about
that they might incriminate themselves.
that
check.
Two more Directors told of never seeing the Bank Department disciplinary
"I never saw this money and I never got this money," he
insisted, even
letters which the minute book recorded as having been read
at the after being shown tis endorsement indicating payment to him by
the
Directors' meetings.
Chase National Bank, in which he did not have an account. He
said that
The first witness of the day was George Overocker, First Deputy
Super- he did not remember the check except that he was told it was an
exchange
intendent, who testified that a search of the files of the Banking
Depart- to cover up Mr. Ferrari.
JUNE 291929.]
4259
FINANCIAL CHRONICLE
"Don't you know that Ferrari wanted that money for some specific
purpose?"
"I suppose he did, but I don't know what it was."
"You knew that Ferrari was making payments to Warder?"
"I knew he was very friendly with Mr. Warder. There was a general
rumor around the bank that he was giving money to Warder—a report,
like a radio."
Fails to Account for Check.
Arthur F. Beyerle, a former bank examiner who went to work for Ferrari,
and who was President of the Post Securities Company and who signed
the check, was asked about it. He did not know why it was drawn except
that Ferrari wanted the money and did not want to appear in the
transaction.
"Why is it that the three largest transactions the Post Securities ever
had show cash on the stubs?" asked Mr. Pollak.
"For no good reason."
"We know it was for no good reason, but what was the reason?"
"All I can say is no good reason."
Mr. Pollak tried to bring out that the Post Securities as well as the
Delta Securities, "its little twin brother," were dummy concerns to enable
the Atlantic State Bank to do things prohibited to it as a bank by law.
"Well, not exactly," said Beyerle.
Mites Warder Evasive.
The testimony of Miss Virginia Warder was next read into the record.
She had been examined privately on May 9. She refused to answer, on
the grounds that it would incriminate her, general questions as to gifts
from Ferrari and questions as to specific gifts. She fenced as the following
record indicates:
"Did you buy a Cadillac car?"
"A Cadillac ear?" she inquired.
"Yes, a Cadillac fen"
"I have a Cadillac ctr."
"Did you buy a Cadillac car?"
"I refuse to answer that."
"On what grounds?"
"That I will incriminate myself."
She had visited at the Ferrari home and at the farm in company with
her parents, she testified, but said she did not know he was a banker and
did not know there was a City Trust Company.
"Who did you think Ferrari was?" she was asked.
"Oh, I thought he was some Italian, a secret agent of Mussolini, the
head of the Facisti in America. I just thought he was some person who
traveled in very good society. I thought he was some one very distinguished
who had been decorated by the King of Italy. I just thought he must be
somebody, he talked about knowing so many important people."
She was asked who she had met at Ferrari's home and replied:
"All I remember i. oodles of children. I didn't think there could be
so many children."
Her mother, whose testimony was also read, refused to answer questions
about gifts from Ferrari, but denied that her husband or that she had
received money from Ferrari.
"Never," was her reply to both questions.
Julius Sakolsky, a wholesale furniture dealer, who admitted he was a
"dummy" for Ferrari in the Federal Securities Company and as Director
in the Atlantic State Bank, told of selling Warder a bedroom set at
wholesale price at the request of Ferrari.
He sat in at Directors' meetings of the City Trust, he said, but insisted
that he was only an unofficial observer for the Federal Securities Company,
although he signed the minute book.
Both he and Gennaro Ascione were Directors of the Atlantic State Bank
and both testified that they had not seen the disciplinary letter from the
Banking Department, although the minute book which they signed said
that it had been read.
institution within the prescribed period. The two last
named charges constitute misdemeanors.
When James I. Cuff, Counsel for Mr. Warder, waived
examination, Justice Cropsey continued bail of $12,000.
The felony charge will go before the grand jury. The misdemeanor allegations will go to trial before the three justices
of Special Sessions.
Henry P.,Fletcher to Retire as Envoy to Italy Sept. 1—
In the Diplomatic Service for 27 Years.
Henry P. Fletcher will close a career of 27 years with the
American diplomatic service on Sept. 1, when he will retire
at his own request as the American Ambassador to Italy.
Announcement that President Hoover had accepted Mr.
Fletcher's resignation "with deep regret" was made at the
State Department on June 25. The Washington Bureau of
the New York "Herald Tribune" says it was generally
known that Ambassador Fletcher could have remained at
Rome if he had so desired, or might even have had the
position of Ambassador to France, the most sought after
position in the foreign service next to the Court of St.James.'
He had been Ambassador to Argentina and Chile and was
selected by President Hoover to accompany him on his South
American tour because of his wide knowledge of LatinAmerican affairs. His request that his resignation be accepted, which was submitted with those of all the other members of the foreign service when President Hoover first came
into office was announced in the following correspondence
between himself, President Hoover and Secretary Stimson:
"EMBASSY OF THE UNITED STATES OF AMERICA.
"ROME,
-JUNE 5 1929.
"The Honorable the Secretary of State, Washington
"Sir: I have the honor to inclose herewith my letter of even date tendering to the President my resignation as Ambassador to Italy, to take effect
at the expiration of the leave of absence, with permission to visit the United
States, which the Department was kind enough to grant me by its instruction No. 1198 of May 21 last.
"In separating myself from the diplomatic service, which I entered on
the 22d of May 1902, and in which I have served practically continuously
ever since, I desire to express to the Department my appreciation of its
continued confidence and courteous consideration during all these years.
I thank the Department for having given me the opportunity to render at
the various posts to which I have been assigned such service as lay within
my ability. I sever my connection with the Department with deepest
regret.
"I have the honor to be, sir, your obedient servant.
HENRY P. FLETCHER."
His letter to Mr. Hoover follows:
"EMBASSY OF THE UNITED STATES OF AMERICA.
"ROME. JUNE 5 1929.
"Mr. President:
honor to tender my resignation as Ambassador to Italy,
"I have the
to take effect at the expiration of the leave of absence which the Department
of State has kindly granted me, and of which I purpose to avail myself
from about Aug. 15 to about Oct. 15.
"I have the honor to be, sir, your obedient servant.
"HENRY P. FLETCHER."
The Brooklyn Grand Jury began on June 27 to hear evidence of criminality in the failure of the City Trust Company last February. Louis Tavormina and George Ziniti,
Vice-Presidents of the Atlantic Avenue branch of the bank,
Secretary Stimson's reply follows:
were held on charges of third degree forgery by Supreme "The Hon. Henry P. Fletcher, American Ambassador, Rome.
"Sir: I have received your dispatch No. 2322 of June 5 1929, and have
Court Justice James C. Cropsey on June 26, and the wittransmitted to the President the letter inclosed therewith submitting your
nesses whose depositions formed the basis of the charge resignation as American Ambassador to Italy. I am requested by the
received summonses in court to appear before the Grand President to advise you that he accepts with deep regret your resignation
as tendered. He asks that I convey to you his sincere appreciation of the
Jury.
loyal and distinguished services which you have rendered the Government
The evidence against Frank H. Warder, former Superin- during the last 27 years, and his best wishes for your future welfare.
tendent of. Banks, and any others arrested in Manhattan, "May I add in my own name and on behalf of the Department a word
of appreciation for the highly efficient manner in which you have diswill not go to the Grand Jury before July 22, when the charged the responsibilities of your commission, and an expression of hope
Special Grand Jury under Justice Tompkins in the special that the future may hold in store for you the same large measure of success
your career.
trial term of the Supreme Court ordered by Governor that has thus far attended servant.
"I am, sir, your obedient
Roosevelt will convene. District Attorney Banton said yes"HENRY L. STIMSON."
terday that he would be ready to proceed immediately on
Ambassador Fletcher was born in Greencastle, Pa., in
evidence presented to him by Moreland Commissioner 1873, practiced law until 1898, joined Roosevelt's Rough
Robert Moses and gathered by his own office.
Riders and served throughout the Cuban campaign. He
later served in the Philippines until 1901 when he was made
Second Secretary of the American Legation at Havana. His
Warder Felony Charge Is Sent to Grand Jury—Former first positon as chief of mission was that of Minister to Chile
State Banking Superintendent Waives Examination in 1909, later becoming the ambassador when the legation
at City Trust Crash Hearing.
was raised to the importance of an embassy. He was made
Frank H.Warder,former State Superintendent of Banking, Ambassador to Mexico in 1916 and served until he was made
was held on June 24 for the grand jury and Special Sessions Under Secretary of State in 1921. He was a member of the
on charges that he had too much to do, from a criminal Advisory Committee to the American Commission at the
standpoint, with the defunct City Trust Co. His bail of Conference on the Limitation of Armaments in 1921, and
$12,000 was continued when he waived examination before in 1922 was made Ambassador to Belgium. He was apJustice James C. Cropsey, of the Supreme Court, sitting at pointed Ambassador to Italy in 1924, and has served continuously in that capacity since that time. He was chief of
300 Mulberry'Street as a committing magistrate.
Warder was accused of three violations. One, the American delegation to the Pan-American Conferences
Mr.
charging the acceptance of gratuities from the late Francesco of 1923 and 1928.
Ambassador Fletcher is to start on an official leave of
M. Ferrari, President of the City Trust Co., to permit
certain "oversights," constituted a felony. The others absence shortly and, at its termination, will retire from the
charged that Mr. Warder had stock in the bank when it was diplomatic service. During his vacation he will come to
under his supervision and that he failed to examine the Washington. *
•
4260
FINANCIAL CHRONICLE
[Vol,. 128.
Pierpont V. Davis Elected President of Bond Club of toward such enormous financial institutions is legitimate
and wholesome. The dispatch adds:
New York.
Senator Tom Connally (D., Tex.), member of the Senate Banking and
Pierpont V. Davis, Vice-President of the National City
Currency Committee, said to-day that he had decided
Company, was this week elected President of the Bond Club to inquire into mergers in New York and other cities. to ask the Senate
"It looks to me as if the country would be controlled by a few very
of New York, succeeding Robert E. Christie, Jr., who has
headed the club for the past year. Other officers elected wealthy people," he declared.
"It looks dangerous to me," said Senator Thomas J. Walsh (D., Mont.),
were George N. Lindsay, of Cancamerica-Blair Corporation, "I shall study the question for the purpose of suggesting new legislation
Vice-President; Milton S. Harrison, of Field, Glore & Co., If any is needed," said Senator Carter Glass (D., Va.).
Members of the Banking Committees
are not hostile
Secretary, and John IV. Cutler, of Edward B. Smith & Co., critical of the bankers who have brought of Congressmergers, but as to or
about groat
a preTreasurer. An account of Mr. Davis's career says:
caution some of them want to get the facts.
Treasury officials have been watching bank consolidations but have taken
The new President of the Bond Club was graduated from Yale in 1905,
and a year later began his career in Wall Street when he entered the no action to interfere with them.
J. W. Pole, Comptroller of the Currency, said: "In view of the existing
employ of the banking firm of Plymton, Gardiner & Co. He was
subsequently admitted to partnership and was a member of the New York situation with reference to unit banking, the growth of group banking, the
curtailment of branch banking by Federal statutes and the increasing
Stock Exchange in 1914 and 1915. He entered the National City Company
on January 1 1917, and two years later was elected a Vice-President, number of bank mergers under trust company charters, the time appears
opportune to re-examine the basic structure of our entire banking system
which position he still holds.
and to formulate a new banking policy to meet present day conditions.
Mr. Davis has been a director of several railroads, including Kansas
Situation Called Critical.
City Southern and Seaboard Air Line. He was Chairman of the Railroad
"The National Dank Act specifically makes it the duty of the Comptroller
Committee of the Investment Bankers' Association for two years and a
of the Currency to recommend to Congress any amendment to the laws
member of its Board of Governors in 1924 and 1925. He is now a member
relative to banking by which the system may be improved and the security
of the Railroad Committee of the Chamber of Commerce of the United of
creditors may be increased. In the present critical state of the national
States of America, and is a trustee of the Dry Dock Savings Institution.
flanking system I feel it to be a serious undertaking to discharge that
He served on the Board of Governors of the Bond Club from 1921 to 1923, re3ponsibility.
and was elected Vice-President of the club a year ago. Three members
"Before proceeding, therefore, to lay before Congress a definite formulawere elected to the Board of Governors for a three-year term. They are tion
of proposed amendments to the banking laws, I shall at an early date
Harry M. Addinsell, of Harris, Forbes & Co. • Robert E. Christie, Jr., of call
into consultation a group of outstanding bankers and students offinance
Dillon, Read & Co., and John D. Harrison, of the Guaranty Company of and ask their assistance
in the formulation of recommendations to Congress
New York.
which will offer to State banks and trust companies an opportunity to gain
a wider field of banking operations under the national charter."
The merger movement was expected by Treasury officials, but it has
Hugh Bancroft in Radio Talk for Halsey, Stuart & Co. devioped more quickly than they thought it would. There is already in
With millions of Americans now owning securities and New York one banking establishment with resources of two billion dollars,
and another with resources of approximately a billion and three-quarters.
their value in the aggregate running into billions of dollars,
Personality Big Factor.
In the New York mergers, officials said, personality is counting to a large
a background of facts for their investments has become
extent. A number of young and aggressive men have entered the banking
essential to the people of the United States generally, Hugh field
there and done well. introduced new methods and a dash that older
Bancroft, President of Dow, Jones & Co., and publisher of men did not have. New blood from the South and West is entering into
Barron's, the Boston News Bureau and the Philadelphia the situation.
Charles
Financial Journal, declared in an address delivered over considered W. Collins, for years Deputy Comptroller of the Currency, and
by Treasury officials an authority on banking subjects, says the
the radio last night as guest speaker on the Halsey, Stuart merger of many small banks outside of the Federal Reserve cities have no
particular economic significance.
& Co. radio program.
"The true economic
explained.
This background, Mr. Bancroft said, could be obtained by "must be found in themeaning of the merger movement." heare pooling
large cities where giant institutions
reading the well-edited financial pages of the general and their resources and combining their operative strength. In the groat comfinancial press for the essential underlying facts that deter- mercial centres of the country the number of large city banks is growing
less and the dominating group of bankers growing smaller and smaller."
mine values rather than for the surface news which may or
may not have a temporary effect on prices.
"As you look through the stock and bond tables," Mr.
Bancroft advised, "make it a point to notice the course of
seasoned securities as well as those that may be temporarily
in the limelight or those you happen to own."
Prices in the long run, Mr.. Bancroft said, are determined
by values which in turn are determined by earnings. Earnings statements, he said, should be read in comparison with
the reports for the corresponding period of the previous
year, as most companies show seasonal variations.
Other items which Mr. Bancroft advised watching included car-loadings, one of the most significant business
indexes, and one which should also be compared with the
previous year; the money market, with special reference
to time money and commercial paper rates; the Federal
Reserve statement, and the export and import movement of
gold, and commodity prices.
"The course of commodity prices has a profound effect
on security prices, both general and specific," he continued.
"As commodity prices decline a given amount of money will
buy more things. Therefore fixed income-bearing securities,
bonds and preferred stocks become more desirable in contrast with common stocks and commodities."
Scrutiny of financial columns for announcements of
changes in management or banking sponsorship and of
mergers and consolidations was also urged by Mr. Bancroft, who declared management to be the greatest single
factor in successful business. A reader should also learn
to disciminate in his appraisal of the reported opinions of
market observers and financial authorities.
In closing, Mr. Brancroft stressed the importance of reading the financial advertisements which, taken as a whole,
offered the surest and quickest way, in his opinion, of
gaining a practical financial education.
• Big Bank Mergers Arouse Congress—Democrats Will
Ask for Senate Investigation of Trend—Fear Money
Dictatorship.
Recent big bank mergers throughout the country have
caused influential Democratic members of the House and
Senate to take up the matter seriously says the Washington
Bureau of the New York "World" in a dispatch on June 24
with a view to an investigation to determine if.the movement
http://fraser.stlouisfed.org/ •
Federal Reserve Bank of St. Louis
Senator King Asks Restraint of Big Mergers—Calls for
Enforcement of Federal Anti-Trust Laws Against
Food Combines.
In calling on the Attorney General to enforce the antitrust laws, Senator W. H. King, Democrat, of Utah, says a
Washington dispatch dated June 22 to the New York "Herald
Tribune," assailed the proposed merger of companies engaged
in manufacture of foodstuffs and related products under the
"House of Morgan." Senator King holds the anti-trust laws
should be enforced against this merger and combinations in
general. He suggests that the proposed combine may be
connected with the passage of the farm relief bill, the theory
being that there will be increasing surpluses which can be
handled to advantage by great organizations of capital.
Senator King is quoted as saying:
In my opinion the most important question demanding solution by the
t
American people is that relating to trusts and monopolies. Huge financial institutions are merging and consolidating and in every field of industry gigantic organizations and consolidations are taking place, as a result
of which the natural laws of trade and commerce and supply and demand
aro set at naught and substantially all commodities, whether raw or finished, necessary for the welfare of the people, are controlled by monopolies
and trusts. Mass production is facilitating this centralization, and thousands of smaller units of production are being destroyed. Individual initiative and indeed,individualism are subjected to the crushing hand of monopolistic organizations.
Government Change Forecast.
It is certain that if the present economic and industrial movements now
controlling the economic and political life of the country, are not checked
within a few years, the form of our government will be changed and our
economic and business relations will undergo radical changes. Sociologists
and students of political economy foresee the rise of socialism when industries are owned and controlled by a limited number of integrated organizations. Already there are growing signs of discontent over the array of
corporations and monopolistic organizations. Fear is entering the hearts
of working people, as well as the small business man and those who constitute the best part of our social structure.
The credits of the country will soon be controlled by huge financial
institutions. The country's key industries now are controlled by a limited
number of business organizations. Thousands of persons who have built
up business institutions and manufacturing plants are thrust aside by the
growth of monopolies and find no niche in our economic or industrial life.
Food Company Unions Cited.
Combinations are being formed to control food products.- A Wall Street
paper announces that the Postum Company, Inc., and the General Foods
Company were establishing a "more perfect union," and we are advised of a
huge merger of corporations engaged in the manufacturing and distribution
of foodstuffs and related products to be announced by the House of Morgan.
This giant organization will have an enormous capital and its field of
operations undoubtedly will be progressively enlarged. A few years ago a
corporation with a billion-dollar capital was projected to control the baking
and bread production interests of the United States. It is obvious that if
JUNE 29 1929.]
FINANCIAL CHRONICLE
4261
Although no announcement was made regarding the position to be held by Mr. Giannini in the new organization,
it is expected that he will be chairman of the board.
It is expected that the new institution will have resources
aggregating $800,000,000. This figure is based on the last
statement published by the Bank of America National Association showing capital amounting to $25,000,000, surplus,
835,000,000; undivided profits, $2,384,633, and total resources of $416,804,175. The Chatham Phenix National
Bank & Trust Co. statement as of March 27, reveals the
capital as $13,500,000, surplus and undivided profits $15,698,029, and total resources of $309,595,149.
One of the first indications that the Chatham Phenix was
contemplating a merger was the announcement by directors
on May 28, recommending that a special meeting of stockholders be held on Aug. 29 to approve an increase in capital
stock from $13,500,000 to $16,200,000. The total amount
of new capital funds to be added at this time, is $12,150,000,
of which $2,700,000 will be added to capital and a like amount
to surplus, while $6,750,000 will be added to the capital
sad surplus of the Chatham Phenix Co., security affiliate
Plan Addition to World's Tallest Skyscraper—Syndicate of the bank.
When the capital readjustments have been completed the
Headed by G. L. Ohrstrom and Including the
Starrett Corp. Highest Bidder for United States bank will have a capital of $16,200,000, surplus $16,200,000
and undivided profits in excess of $6,800,000. The capital
Assay Office Property in Wall Street.
24, for and surplus of the Chatham Phenix Co. will amount to more
Bids were opened in Washington Monday, June
will vote
the purchase of the United States Assay office site and than $8,500,000. Stockholders at the same time
ry Building in Wall on reducing the par value of the shares from $100 to $20
building which adjoins the Sub-Treasu
will be given
Street and extends through to Pine Street. There were six and splitting the stock five-for-one. Rights
bidder was the Forty Wall Street Corp. to subscribe to additional shares in the ratio of one share
bids. The highest
a
which is owned by an investment syndicate headed by George of new $20 par value stock for each old share held at $30
L. Ohrstrom of G. L. Ohrstrom & Co., Inc., and including share.
In the past few years, both the Bank of America, N. A.,
The Starrett Corporation. Upon acceptance of this bid,
and upon obtaining possession of the property, the Forty and the Chatham Phenix have been prominently identified
Wall Street Corp. will erect thereon an addition to its sky- in various mergers. Three mergers which the Bank of
scraper which is now being constructed on the plot adjoining America has arranged during recent months are now nearing
the Assay office and which will be known as the Bank of completion, the principal merger being that of Blair & Co.,
Inc., the other two -with Brooklyn banks, the Traders
the Manhattan Company Building.
With the acquisition of the United States Assay office site, National and the Nassau National.
The merger brings together two of the oldest banks in
the Forty Wall Street Corp. will own the plot having a
frontage of over 236 feet on Wall Street between the Sub- New York City, both institutions being organized in 1812,
of
Treasury building and The Bank of America building, and the Bank of America, National Association, as the Bank
a frontage on the latter America, and the- Chatham Phenix as the Phenix Bank
extending through to Pine Street with
•
In 1911 the Phenix Bank merged with the Chatham National
of nearly 217 feet.
to be erected eventually upon the Bank, becoming the Chatham & Phenix National Bank of
Including the addition
Assay office site according to present plans, the new Bank New York. This was changed in 1915 to the Chatham &
of the Manhattan Co. building which will be the tallest Phenix National Bank of the City of New York when it
Century
bank and office structure in the world, will cover an area acquired the ,Century Bank of New York. When the
Bank & Trust Co. was taken over
of over 40,000 square feet and will occupy the entire block Metropolitan
Pine and William Streets, with in 1925 the name was again changed to the Chatham Phenix
bounded by Wall, Nassau,
not
the exception of the Sub-Treasury building on the Nassau National Bank & Trust Co. The Bank of America did
and the Bank of America building on the William become a national bank until April 30 1928, after its acquisiStreet side
tion by the Giannini interests. On. the same date other
Street side.
The Assay office site was offered by the Treasury Dept. Giannini institutions in this city, the Bowery & East River
with the condition that a strip of land 8 feet wide bordering National Bank and the Commercial Exchange Bank were
on the easterly base line of the Sub-Treasury building and ex- made part of the Bank of America.
The merger will bring under one leadership approximately
tending through from Wall Street to Pine Street, shall not
be built upon, and the Government shall have the right to 42 branch banks. It will also place the new Organization
maintain the overhanging cornices, &c., of the present Sub- on an international plane, due to the affiliations which Blair
Treasury building. Allowing for this space of 8 feet, the & Co. had built up in nearly all parts of the world. The
new skyscraper which will rise over 840 feet above the street securities company will have offices in more than 23 Amerilevel will have, upon completion, a frontage of approxi- can cities, reaching from coast to coast, in addition to
mately 228 feet on Wall Street and about 208 feet on Pine branches abroad.
Street. The six bids submitted for the Assay Office plot
were:
Samuel Hass Miller, Senior Vice-President of the Chase
$6,501,000
Forty Wall Street Corporation
in many corpora6,111,000 National Bank of New York and a director
City Financial Corporation
5,700,000 tions, died unexpectly at noon last Saturday at his home at
General Realty & Utilities Corporation
5,602,751
27 Wall Street Corporation
Brook, N. J. Mr. Miller, who was 59 years old, had
5,317,000 Bound
Cedar Corporation
morning of motoring
5,120,000 returned a short time before, after a
Investing Company
City
and had complained of illness. At the time of his death
Mr. Miller had been connected for exactly one week less
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
than 40 years with the Chase National Bank. He was born
Negotiations which were in progress for several days be- in Herndon, Pa., and after attending public schools in Penntween Louis G. Kaufman, A.P. Giannini and Elisha Walker sylvania took the course at Eastman Business College at
resulted in an agreement upon their part last Saturday to Poughkeepsie, N.Y. Thereafter he studied law and received
recommend to the boards of directors and stockholders of his degree from-Juniata College at Huntington, Pa.
Chatham Phenix National Bank & Trust Co. and Bank of
Coming to New York, Mr. Miller entered the banking
America National Association a plan of consolidation of the field. In Bound Brook he became a director and later
two institutions. Mr. Kaufman is to be the President President of the First.National Bank, a position he held at
and the Chief Executive of the consolidated bank and Mr. his dealth. He held directorships in numerous corporations.
Walker is to be the President and Chief Executive of the The funeral services were held Tuesday afternoon at Bound
affiliated Securities Co. Further announcement of the terms Brook. Among the honorary pallbearers were: Albert W.
of consolidation will be made as soon as the lawyers have Wiggin, Charles M. Schwab, Henry W. Cannon, Newcomb
prepared the necessary papers.
Carlton, Thomas N. McCarter, W. C. Heppenheimer, Carl
the Federal Government and the various States do not enforce their laws
against monopolies and trusts and giant combinations most serious consequences will result, jeopardizing not only the economic but the political
freedom of the American people.
In my opinion the Attorney-General of the United States should take
prompt action to enforce the Federal anti-trust laws. It is important that
there be competition in our industrial and business activities. The present
monopolistic situation will result in the maintenance of high-price levels
to the injury of the consuming public.
for the
It has been suggested that other similar mergers will be formed
control of agricultural products because of the belief that under the farm
relief bill there will be increasing surpluses. The outstanding purpose of
the so-called farm relief law is to sustain prices of farm products by caring
for surpluses. This is to be done by the Federal Farm Board by the use of
enormous appropriations which will be at its disposal.
These accumulations inevitably will depress the market for raw food products and eventuate in their sale by the Farm Board. This situation may
have prompted the Morgan merger and may lead to the formation of additional organizations of giant proportions. The profit in sight between
wholesale purchasers of enormous masses of agricultural products at prices
which the purchaser will be able to fix for himself, and their resale to the
consuming public, is difficult to express in figures, but that it will assume
large proportions there ran be no doubt.
It would be a strange irony if the farm relief bill should lead to increased
monopolies in food products to the disadvantage of the farmer and the serious injury of the public. The farm relief bill, in my opinion, will prove a
sad disappointment to the farmer and no benefit to the country.
4262
FINANCIAL CHRONICLE
J. Schmidlapp, Reeve Schley, Walter Herrick, Morton V.
Brokaw, W. H. Whiting, Leon Johnson, Frank Rowe,
George E. Schoeppf, Frank Hemingway, Henry Herbert,
Gains Hoffman, David Hastings, George Vail Lamont,
George 0. Smalley and G. B. Stryker.
At a meeting of the board of directors of the Chase National Bank of the City of New York this week, Russel C.
Irish was elected a Second Vice-President. Mr. Irish will
be in charge of the Hamilton Trust Branch of the Chase,
at 191 Montague Street, Brooklyn. He started 'his banking
career as an employee of the First National Bank of Brooklyn in 1908, receiving successive appointments as assistant
cashier in 1918 and assistant vice-president in 1926. Mr.
Irish is well known in Brooklyn. He has long been associated with civic activities and is a member of many Brooklyn clubs and associations.
[vol.. 128.
Stewart C. Pratt, since 1925 Assistant to the President
of the Farmers' Loan & Trust Co., has been elected a VicePresident of that institution by the board of directors. Previous to his entrance into the banking field, Mr.Pratt acted
as Assistant General Solicitor for the Lehigh Valley Railroad
Co. When the United States entered the World War Mr.
Pratt joined the army and at the conclusion of hostilities he
retired with the commission of Major. He then organized
his own investment banking firm and four years ago withdrew to become Assistant to the President of the Farmers'
Loan & Trust Co.
The stockholders of the Guaranty Trust Co. of New York
at a special meeting held June 24,approved the plan that was
submitted to them by the Board of Directors of the Company
to increase the capital stock from $70,000,000 to $90,000,000
through the issue of 200,000 additional shares at $500 per
share. Of the $100,000,000 proceeds derived from the sale
of additional stock, $20,000,000 will be added to capital
and $80,000,000 to surplus, which will bring the company's
total of capital and surplus to $260,000,000. The new stock
will be issued on July 22 1929 to stockholders of record June
24 1929. Each stockholder is entitled to subscribe for one
new share of stock for each three and one-half shares of stock,
held by him.
Stockholders who hold certificates of National Bank of
Commerce in New York or of Bank of Commerce in New
York, being now stockholders of the Guaranty Trust Co.
of New York, will be entitled to rights to subscribe for the
new shares. Such stockholders must however surrender their
old certificates in exchange for certificates of the Guaranty
Trust Co. of New York.
"The day of the individual trustee is waning and the real
.
era of the corporate trustee is just dawning," in the opinion
of Charles E. Mitchell, Chairman of the board of directors
of The National City Bank of New York. Mr. Mitchell
expressed this conviction by way of comment on the ratification this week by the stockholders of both institutions of the
affiliation of The Farmers' Loan and Trust Co. with The
National City organization.
"In the past," Mr. Mitchell continued, "such trusts as
individuals were called upon to administer presented no such
intricate problems as those which now are inherent in almost
every estate of any size. Furthermore, the complications of
present-day living %re creating a growing need for so-called
voluntary or living trusts which almost equal in number
trusts to be administeied in connection with the estates of
decedents. The enormous growth of trust business in the
At a meeting of the executive committee of the board of
past few years is indication enough of the trmendous devel- directors of the Guaranty Trust
Co. of New York on June
opment to be expected in the coming years.
271929, James N.Chrystie was appointed Assistant Manager
"An affiliation of The Farmers' Loan and Trust Co. with Foreign Department and John Thomso
n was appointed
The National City organization has been approved. Effec- Assistant Secretary, London
offices.
tive Friday, the trust activities of The National City Bank
and The Farmers' Loan and Trust Co. will be amalgamated
Equitable Trust Co. has appointed three Vice-Presidents
and will be carried on by the City Bank Farmers' Trust Co., and one Assistan
t Vice-President. John Y. Robbins, John J.
directed and staffed by the personnel of The Farmers' Loan Graeber Jr., Harold
A. Rich were made Vice-Presidents, and
and Trust Co., and the trust department of The National George'M. Stoll,
an Assistant Vice-President of the trust
City Bank. The combined facilities afforded by this affilia- company. Their careers
are described in the following:
tion will enable the trust company to give unequalled
Twenty-five years agO, John Y. Robbins entered the employ of
the
service."
Equitable Trust Co. as an office boy. To-day he is a Vice-Presi
As a result of the ratification of the proposed affiliation same company. From 1908 to January of 1929 Mr. Robbins wasdent of the
associated
with the
by stockholders of both institutions, The.Farmers' Loan Assistant Equitable's Trust department, receiving the appointment of
Vice-President in 1925. He is now in charge of the
company's
and Trust Co., the first institution in this,country to
be domestic branch department.
John J. Graeber Jr., was with the old Bowling Green Trust
granted trust powers, will maintain its separate identity
Co. in 1909
when it was merged into the Equitable. Mr. Graebor was
taken over as a
and continue all its existing trusts under the name of
quick asset and for the next six years worked in every division of the
the
bank
City Bank Farmers' Trust Co. Retiring from commercial with the exception of the Foreign Department. In 1915 he was assigned
to
the Trust Department and under J. N. Babcock, Vice-President
banking activities, it will devote itself primarily to
of
the company and well known authority on personal trusts, received the the
best
handling of personal and corporate trust business of every possible training. In 1918
Mr. Graeber was made an Assistant Secretary
character. The National City Bank of New York will make and assumed direction of certain divisions of the company's trust service.
it the vehicle for handling all the trust business which other- Last January he was appointed an Assistant Vice-President.
Harold A. Rich came to the Equitable in
wise would flow to the bank and will transfer to it the Bank where he was a member of the Credit 1919 from the Chase National
Department. He
made an
administration of the bank's existing trusts so far as practica- Assistant Treasurer of the Equitable Trust Co. in 1922 and was1925 was
in
assigned to the bank's 45th St. office following an appointment as
ble and compatible with the wishes of interested parties.
Assistant
Vice-President.
The City Bank Farmers' Trust Co. will have capital of
George M. Stoll, another of the Equitable's 25
-year men, has worked in
$10,000,000 and surplus of $10,000,000. Its stock will be many of the company's departments, and helped organize the bank's
Present credit
held by trustees for the benefit of shareholders of the bank and general department. With his specialized knowledge of credit work
banking background, Mr. Stoll was a logical branch office
as stock of The National City Co. is held at present.
executive. He was a member of the original official staff of the company'
s
28th St. office, first with the title of Assistant Secretary, then Manager.
The proceedings will result in the increase of the capital
stock of The National City Bank of New York from $100,- and now Assistant Vice-President.
000,000 to $110,000,000 and of the capital stock of The
On June 25 several thousand people thronged the office
National City Company from $50,000,000 to $55,000,000.
Administrative changes made in anticipation of the affilia- of the Broadway National Bank and Trust Co., at Fifth
tion of the two institutions effected yesterday, already have Ave. and 29th Street, including many from out of town
placed Mr. Mitchell in the chairmanship of the three institu- as far west as Wisconsin, to congratulate David A. Brown,
tions, with executive powers. James H. Perkins, President the well-known philanthropist and to wish him success in
of The Farmers' Loan and Trust Co., is President of the his post as Chairman of the Board of Directors of the newly
City Bank Farmers' Trust Co.; Gordon S. Rentschler is organized financial institution, which began business on that
President of The National City Bank of New York, and day. Included among the visitors were numbers of those who
are co-operating with him in his various
Hugh B. Baker is President of The National City Co.
philanthropic
efforts, among them the United Jewish Campai
gn of which
At a meeting of the board of directors of the National he is National Chairman, of the China Famine Relief, of
which he is Chairman of the Board, and the
City Bank of New York Gordon J. Campbell was elected a
Hebrew Union
Vice-President. Mr. Campbell ,who was formerly an As- College, of whom financial Board he is Chairman. Large
numbers opened accounts with the institution, and
sistant Vice-President, will be in charge of the bank's Fifth
were
Avenue and 28th Street branch, succeeding Arthur L. Burns, listed as "charter depositors" receiving special, gbld-embossed bank books.
who is retiring. The bank's executive committee appointed
An exhibition of "first bank books"loaned by distingu
Daniel A. Freeman Jr. and Robert E. Shotwell Assistant
ished
Vice-Presidents. Both men were formerly Assistant Cash- Americans, which was placed on display in the main room
of the bank attracted a great deal of attention. Among
iers.
those first bank books are included in the exhibition
are
JUNE
29 1929.]
FINANCIAL CHRONICLE
Douglas Fairbanks, the well-known "movie" star, David H.
Knott, President of the State Title and Mortgage Co., of
this city, Mr. Brown, and Col. George W. Eastman of
Rochester. These documents were loaned to Mr. Brown
in response to a request by him to a large number of men and
women who have attained prominence in American life,
in which he asked them to loan their first bank books,
"the corner-stone of their present prosperity"for this exhibition, the purpose of which, he wrote is "to encourage thrift
by showing the humble beginnings of many who are to-day
among the country's most successful men."
The Broadway National Bank & Trust Co. begins business
with a capital of $2,000,000, and a surplus of $1,000,000.
Authorization to transact business as a national bank was
issued it by the Treasury Department on May 20. The
complete list of officers of the Broadway National Bank
& Trust Co., is as follows:
4263
and Joseph Goldstein. Mr. Schiller is President of the Claremont Investing
Corporation, while Ben Golden, a director of the bank, Is Vice-President.
Claremont Investing is capitalized at 52,000,000. consisting of 40,000
preferred and 120,000 common shares, both of no par value.
The basis of the exchange of stock to effect the merger, which will be one
of nearly fifteen involving New York institutions this year, has not definitely
been agreed upon, it is understood. Reports have it that the basis will be
one share of Lefcourt Normandie for two shares of Claremont National.
Chairman of the Board, David A. Brown; President, S. Sargeant Volck;
Vice-President, Leonard L. Rothstein and John Stanley Everts; Cashier,
William C. Thompson; Assistant Cashier, Edward B. Dohrty.
S. Sargeant Volck was, until recently, senior member of
the Nassau National Bank,a member of the Executive Board
of the Trust Company of Scarsdale, and a director of the
Rediscount Corp. of America and the Credit Corp. of
America. Mr. Rothstein, the senior Vice-President was a
Vice-President of the National Butchers' and Drovers'
Bank until it merged with the Irving Trust Co.
A feature of the Broadway National Bank and Trust Co.
is an advisory board selected from leading men in various
industries for their understanding of the special financial
and commercial problems of the group they represent. The
Advisory Board consists of Ralph M. Simon, H. A. James,
Philip Katz, Albert Sokolski, Louis Platt, M. S. Bercow,
Herman Gertner, A. E. Andon, Max Burnofsky, Michael E.
Lipset, Lester J.Alexander, S. L. Rothafel,"Roxy," Herman
Wacht, George I. Seidman, Harold H. Straus, Julius M.
Meirick, David Handman, Harry Livingston, Jacob Leichtman, Wm. Jassie, H. B. Thompson, Jr., Fred P. Oliver.
Announcement was made by Mr. Brown, Chairman of the
Board, that all who open accounts with the new institution
to-day, will be listed as "charter depositors" and special
bank books, with the names of the depositors embossed in
gold will be issued to them. Originally scheduled to begin
business on the 18th inst., the opening of the Broadway
National Bank and Trust Co. was delayed for one week
because of a strike in the bronze and metal-workers industry.
One hundred masons and metal workers, carpenters and
painters have been working sixteen hours a day for the past
10 days in order to have the bank ready for to-day's opening.
A special shift, starting at midnight Saturday, worked until
midnight Sunday.
Another step in the financial and industrial development
that is changing the complexion of the artistic and residential
character of Greenwich Village was made last Friday in the
leasing by the newly formed Washington Square National
Bank of the old house at 21 Fifth Ave., at the Southeast
corner of Ninth St. The house, which is more than 100
years old, is one of the best known in the city, having at one
time been the home of Washington Irving and later Mark
Twain. It has been leased to the bank for a long term of
years and alterations to enable the latter's occupancy will
begin shortly. As far as possible, according to officers of the
bank, the distinctive features of the historic structure will be
maintained intact and the atmosphere of a homelike neighborhood institution retained. The bank was organized under
the Presidency of John S. Scully with a capitalization of
$500,000 and a surplus of $300,000. It is expected to open
for business within the near future.
At special meetings of the shareholders of the Chemical
Bank & Trust Co., and the United States Mortgage & Trust
Co. held on June 27, at which over 87% of the stock of both
institutions was voted, the merger agreement between the
Chemical Bank & Trust Ce.and the United States Mortgage
& Trust Co. was ratified. The United States Mortgage &
Trust Co. will be merged with the Chemical Bank & Trust
Co.as of the close of business June 29 1929. The capital of the
combined institutions will be 315.000,000, surplus $15,000,000,undivided profits $6,000,000. Total resources over $400,000,000. John W. Platten, President of the United States
Mortgage & Trust Co., will become Chairman of the Board
of the merged institutions, and Percy H.Johnston, President
of the Chemical Bank & Trust Co., will be President.
Charles Cason Vice-President of the Chemical Bank &
Trust Co., has resigned, effective July 1, to become a partner
in the firm of Charles V. Bob & Co., Private Bankers at
120 -Broadway. He also becomes Vice-President of Metal
& Mining Shares, Inc., an investment trust in which the firm
is interested and which company Mr. Cason has served as
a director and member of the Executive Committee since
its organization last year. Mr. Cason Will continue a connection with the Chemical Bank & Trust Co., having recently
been elected a member of the Board of the bank's Columbus
Circle office.
Mr. Cason has served for the past two years as Chairman
of the Public Relations Commission of the American Bankers
The New York "Herald Tribune" on June 27 reported
number of years he has been a trustee
that negotiations looking toward the absorption by the Lef- Association. For a
a graduate.
the Claremont National of Vanderbilt University, of which he is
court Normandie National Bank of
Bank, giving the combined institution total resources in
Hon. George S. Silzer, President of the Interstate Trust
excess of $20,000,000, probably would be completed next Co., and Mr. James J. Kennedy, President of The Century
week. Both banks are comparatively new institutions, the Bank, announce that their respective Boards of Directors
Lefcourt Normandie beginning business in the middle of Jan. have approved an agreement for the merger of The Century
uary this year and the Claremont National in April 1927. Bank into the Interstate Trust Co. The merged institution
The combined bank it is stated will bear the name of the will be known as the Interstate Trust Co. Each institution
larger institution involved, Lefcourt Normandie, which has will, prior to the merger, increase its capital stock and the
resources of more than $15,000,000, compared with resources exchange, after such increase, will be on the basis of one
of approximately $5,000,000 for the Claremont National as share of Interstate Trust Co. stock of the par value of
of Dec. 31 1928. The Lefcourt Normandie has capital of $100 (which includes a share of Interstate Corporation
$2,000,000 and surplus of $1,000,000, with deposits, it is
stock) for each share of The Century Bank stock. Stockreported, of about 312,000,000. Capital of the Claremont holders' meetings are being called by the Trust Company and
National amounts to $400,000 and surplus to $100,000.
the Bank to ratify the proceedings. Mr. Kennedy, the
The account goes on to say:
Bank, becomes a Vice-President
have securities affilities. That of the Lefcourt Normandie, President of The Century
"Both banks
Interstate
known as the Normandie National Securities Corp., was formed only and a member of the Board of Directors of the
this week. It started business with a capital of $5,000,000. with 100.000
Other Directors of The Century Bank, including
stock and 100,000 shares of no-par Trust Co.
shares of no-par preference participating
Directors of the Intercommon outstanding. Last November officials of the Claremont Na- the Chairman of the Board, become
tional formed the Claremont Investing Corp., as the bank's securities or- state Trust Co. The Interstate Trust Co. will continue the
ganization.
offices now maintained by The Century Bank
It is understood that Claremont Investing is not to be included in the three banking
merger of Claremont National with Lefcourt Normandie. Acqui- without change of personnel. The consolidated institution
projected
sition of Claremont National would give the Lefcourt institution a Bronx will have eleven branches in addition to its main office at
office.
capital and surplus in excess of
The Lefcourt Normandie bank is situated at Thirty-ninth and Broad- 37 Wall Street and a
way, on a corner where its Chairman, A. E. Lefcourt, well-known real $10,000,000. The Interstate Trust Co. announces the apestate operator, sold newspapers forty years ago. Its President is George pointment of Irving H. Eckstein and Edgar H. Hall as
p, Kennedy, who formerly was associated with the Chatham Phenix
National Bank & Trust Co. The other officers include Oscar F. Grab. Assistant Vice-Presidents.
who is President of the securities affiliate, executive Vice-President; Louis
Haas and Abner Jackson, Vice-Presidents; Edward J. Sider, Jr.. Assistant
Vice-President; Frank E. J. Bower, Cashier, and Melvin Brown. controller.
Schiller Chairman of Board.
Officials of the Claremont National include Ira A. Schiller, Chairman of
Jacob Mirchin
the Board; William J. Large, President; Herman Greenberg,
At a special meeting of the stockholders of the North
Avenue Bank & Trust Co. of New Rochelle, N. Y., it was
voted to increase the capital from $150,000 to $300,000.
The new stock of $100 par value is to be offered to present
4264
,
FINANCIAL CHRONICLE
I Vet,. 128.
stockholders at $200 per share. Some recent sales of the old
stock have been at the rate of 50 per share. Several
changes were made in the official staff of the institutions
making the present personnel as follows:
new set-back style of architecture, stands at the corner of
City Square, Hancock, Granite, Chestnut and Mayle Sts.
and covers an area of 18,000 square feet. Its limestone
tower, rising from the center front, measures 40 by 50 feet
Chairman of the Board of Directors, Joseph W. Spalding; President, and
is flanked on either side by wings three and two stories
Harry E. Colwell; Vice-President and Trust Officer, Charles F. Simmons;
Vice-President and Secretary, John P. Brown: Assistant Secretary, Florence high, housing stores and offices. At night 40 footlights,
0. Goodliffe.
each 300 watt capacity, illumine the top of the building,
making it clearly visible many miles away. In the interior,
The new First National. Bank & Trust Co. recently or- the attractive banking room,a feature of which is its °ageless
ganized in Rochester, N. Y. opened for business very counters, is over 100 feet long by 45 wide and 85 feet high.
auspiciously on June 3 in the Ellwanger & Barry Building
The Granite Trust Co. dates back to 1836,- when it was
that city, according to the Rochester "Democrat" of June 4. organized by a number of leading citizens of Quincy, then
Formal opening of the institution took place at 9 o'clock a town of about 3,000 inhabitants, as the Quincy Stone
when the Mayor of Rochester, Joseph C. Wilson, turned Bank, with a capital of $100,000. The institution continued
the key in the lock. Deposits aggregating more than $3,- to operate under a State charter until 1865, when it joined
000,000 were received during the day, and nearly 500 in- the National system under the title of the National Granite
dividual interest-bearing accounts were opened, it was said. Bank. In 1912, however, because of the broader field ofUpwards of 12,000 persons visited the banking quarters fered, a State charter was again obtained and the institution
and large quantities of floral offerings were received. From has since been known as the Granite Trust Co. Theophilus
the paper mentioned we take the following:
King, the present head of the company, has held the office
Officers and directors expressed amazement at the evidence of good of President since
June 1886. In that year the bank's
will and confidence on the part of their frieq 's and associates, and the spirit
of co-operation shown by the other banks. One of the earliest callers was combined capital and surplus amounted to $201,202 and
William T. McCaffrey, Vice-President of the Union Trust Co., in charge its total resources to $473,382. To-day, the combined
of the Bank of Rochester branch, directly across the street from the new
capital and surplus of the institution is $1,975,465 and its
tank. During the day all of the bank presidents in Rochester and many
total resources, including trust department, aggregate
other bank officers called and extended their best wishes.
From New York, where Thomas R. Dwyer, the executive Vice-President $13,913,377. In addition to President King, the
officers
and practical banker in charge of the new bank, is widely known because
cf his former connections with the Federal baticing service,came a a number of the company are as follows: Delcevare King, Viceof bank representatives. One of the callers was Walter Schneckenberger, President; William J. Martin, Treasurer; Henry P.Hayward,
as personal representative of Arthur Loasby, President of the Equitable Secretary; Walter
R. Forbush, F. Swain Pierce, Philip H.
Seaboard Bank, a $l.000,000.000 institution. Mr. Loasby 13 a former
Rochesterian. Officers of the Central Hanover Bank, and the Plaza Martin and Everett G. Rhodes, Assistant Treasurers, and
Trust Co. of New York, the Liberty Bank of Buffalo, and a number from Waldo A. Frazer, Auditor.
smaller banks near Rochester, called.
Among the callers were Senator John Knight, majority leader of the
State Senate; Frank E. Gannett, County Clerk John Law, and hundreds
of representatives of Rochester business, financial, public and professional
endeavor. George J. Nler, commissioner of public safety, detailed a group
of plainclothes men for the protection of the crowd and the bank.
The Central National Bank of Leonia, Leonia, N. J., with
authorized capital and surplus of $120,000 opened for business on June 15 1929. Officers are Fred G. Hill, President;
Cyrus J. Lozier, Vice-President; and Harry M. Divine,
Items with reference to the new bank appeared in our
issues of Feb: 23 and April 6, pages 1117 and 2215, re- Cashier.
spectively.
Stockholders of the Tenth National Bank of Philadelphia
at their special meeting on June 25 voted in favor of the
On Thursday of this week (June 27) the Industrial Naproposed merger of the institution with the Integrity Trust
tional Bank of New York opened a handsome new bank Co.
of that city, as reported in the Philadelphia "Ledger"
building on Second Avenue at Fourth Street, which will lie the of June
26. Items referring to the approaching consolidapermanent home of the institution. The new building is
tion of these banks appeared in the "Chronicle" of May 18
equipped with a modern safe deposit vault and the latest and
June 1, pages 3293 and 3630, respectively.
banking facilities have been provided for the comfort and
The Columbia Avenue Trust Co. is also included in the
protection of the bank's clientele. The officers of the institution are as follows: Max Weinstein, Chairman of the Board consolidation, the respective stockholders of that bank and
of Directors; Dr. William I. Sirovich, President; Philip L. the Integrity Trust Co. having ratified the union, under
Tuchman, Executive Vice-President; Walter H. Weinstein, the title of the Integrity Trust Co. on Juno 20, as noted in
Vice-President; William H. Logan, Cashier; Morris D. our issue of June 21, page 4100.
•
Hirsch and Charles Scheuer, Assistant Vice-Presidents,
A special meeting of the stockholders of the Northwestern
and Jacob M. Scheinhorn, Manager of the Foreign Dept.
National Bank of Philadelphia will be held on Aug. 1 to vote
on a proposed reduction of the par value of the bank's stock
That directors of the Fordham National Bank and the from $100 to 320 a
share and k proposed increase in the
Bronx County Trust Co., both of this city, with combined capital from $200,000
to $500,000 by the issuance of 15,000
resources of $30,000,000, have approved a consolidation shares of new stock of
the lower par value, according to the
of the institutions, and the consent of their respective stock- Philadelphia "Ledger"
of June 28. At the same meeting
holders, will be sought on July 29, were announced Tuesday the stockholders will
also be asked to approve a change in
of this week (June 25) by Fred Berry, President of the latter. the name of the
institption to the Northwestern National
It is proposed to make the union physically effective as of Bank & Trust Co.
August 1 under the title of the Bronx County Trust Co. Five
shares of Fordham National Bank are to be exchanged for
At a special meeting of the stockholders of the Norththree shares of Bronx County Trust Co. to effect the con- western Trust Co. of Philadelphia on June 24 a reduction
solidation, following which shares of the latter are to be of the par value of the company's shares from $50 to $10
split five for one and the par value reduced from $100 to a share, the issuance of five new shares for each share now
$20 a share. The Bronx County Trust Co. is capitalized outstanding, and an increase in capital from $150,000 to
at $1,250,000 with surplus and undivided profits of $1,059,- $200,000 were approved, according to the Philadelphia
254. Its deposits aggregate $23,484,782 and its resources "Ledger" of June 25. Stockholders of record June 24 have
$26,621,923. J. M. Haffen, now Chairman of the Board the right to subscribe for the new stock (5,000 shares of the
of the Bronx County Trust Co., will continue as Chairman par value of $10 a share) in the ratio of one new share for
of the enlarged institution, while Mr.Berry will be President. each throe shares held, at the price of $200 a share. From
The principal officers of the Fordham National Bank are the proceeds of the sale $50,000 will be added to capital
J. P. Ryan, Chairman of the Board, and Cyrus C. Miller, and $950,000 to paid-in surplus, it was said.
President.
—*—
Arthur E. Graham Jr., formerly a Stato bank examiner,
The Cayuga County National Bank of Auburn, N. Y. has been named Assistant Treasurer of the Belmont Trust Co.
announces the opening of a 4% interest department on July of Philadelphia, according to the Philadelphia "Ledger" of
1. The institution, which is capitalized at $200,000 and June 26.
has deposits in excess of $3,000,000, was established in 1833.
L. Warrington Baldwin, President of the MissouriAn attractive illustrated brochure has been issued by the Pacific Railway Co., was added to the board of directors
Granite Trust Co. of Quincy, Mass, in connection with the of the Mercantile Trust Co. of Baltimore at the regular
opening on June 22 of the company's handsome new bank quarterly meeting of the directors on June 26, according to
and office building. The 10-story structure, which is of the the Baltimore "Sun" of June 27.
JUNE 29 1929.1
FINANCIAL CHRONICLE
4265
Flat Rock,Ind., with capital of $25,000 and deposits of
approximately $50,000, was to be consolidated with the
Farmer's National Bank of Shelbyville at the close of business that day. The volume of business transacted at Flat
Rock, it was said, did not justify the maintenance of a bank
there and it was deemed advisable for the best interests
of all that the transfer be made. The Farmers' National
Directors of the Pearl Market Bank of Cincinnati have Bank is capitalized at $100,000 with surplus and undivided
decided to recommend to their stockholders a ten-for-one profits of $105,000 and has total resources of $1,000,000.
split-up in the banks shares, according to a dispatch from A. J. Thurston is President of the institution.
Cincinnati on June 21 to the "Wall Street Journal." Upon
Anan Raymond, member of the law firm of Brogan,
the approval of the stockholders, the directors plan to
change the capital from 6,000 shares of the par value of Ellick & Raymond, has been chosen and will be formally
$100 a share to $60,000 shares of the par value of $10 a elected Vice-President and Counsel of the State Bank of
share. The change becomes effective July 20, when the Chicago on July 5. Mr. Raymond will assume his new duties
new Ohio law giving State banks the right to split their Sept. 10. In his new position he will have charge of the legal
work of the State Bank of Chicago and will have an active
shares becomes operative, the dispatch said.
4
part in the administration of the bank's Trust Department.
Mr. Raymond has practiced law in Omaha since 1913.
John J. Rowe, formerly a Vice-President of the First
National Bank of Cincinnati, was promoted to the Presi- He was Secretary of the Nebraska State Bar Association
dency of the institution on June 25 to succeed his father, for a number of years and is now its President. During
W. S. Rowe who resigned on the advice of his physicians, the War he served in France, first as a Captain and later
according to the Cincinnati "Enquirer" fo June 26. The as a Major commanding the Third Battalion of the 349th
resignation of W. S. Rowe, who had been President of the Infantry. He was Commander of Omaha Post No. 1 Amerinstitution since 1902, was accepted by the directors with ican Legion in 1925 when the Omaha Post was host to the
deep regret. At the same meeting, the directors created a National Convention of the Legion. He was born in Rapid
new office, that of Chairman of the Board, and appointed City, South Dakota, Nov. 6 1890.
Thomas J. Davis, heretofore a Vice-President, to fill the
Announceinent was made in Chicago on June 26 that the
position. No changes were made in the other officers,
Robert MoEvilley and P. E. Kline continuing as Vice- Goldman Sachs Trading Corporation of New York has acPresidents, and A. R. Luthy as Cashier. Mr. Rowe, the quired a substantial interest in the Foreman National of
new President, who is a graduate of Harvard University Chicago, according to the Chicago "Journal of Commerce"
has been identified with the First National Bank since 1907. of June 27. The amount of the Goldman Sachs investment
In the fall of that year he entered the institution as a clerk in the institution, it was said, was not disclosed, although
and within two years' time was promoted to Assistant it was stated to be substantial and permitted by the recent
Cashier, which position he retained until 1918, when he was increase in the capitalization from $5,000,000 to $6,000,000.
appointed a Vice-President, the position from which he has The Foreman family, it was said, will retain its present
now been promoted to the Presidency. During the World holdings in the bank. Waddill Catchings, President of the
War he took a prominent part in Liberty Loan drives for Goldman Sachs Trading Corp., and a partner in the firm
Cincinnati and vicinity, and was a member of the Liberty of Goldman Sachs & Co., is to be made a member of the
Loan Central Committee for the Fourth Federal District. Board of Directors of the Poreman National Bank. ConMr. Davis, the new Chairman of the Board, who was born tinuing the Chicago paper said:
Announcement of the move come virtually on the eve of removal of
in Tazewell, Va., began his banking career as a boy at
the Foreman bank to its new skyscraper home. It follows closely the
Catlettsburg, Ky., going to Cincinnati as Cashier of the old organization of a $6,000,000 securities affiliate. Timm developments
Fifth National Bank, and subsequently becoming Cashier succeed in turn an expansion of the bank's interests in the outlying instituto
Recent
of that bank. In 1902 he joined the First National Bank tions of Chicago. in which additions has the list of these interests bring
stockholdings and representation
the bank
number to five
as Cashier, and a few years later was elected Vice-President. thethe board of directors.
on
On the other hand, the move is one of a series of rapid developments
During the World War Mr. Davis was Chairman of the
the Goldman Sachs Trading Corp. Organized in December of 1928 with
Hamilton County organization handling the Liberty Loan forinitial capital of $100,000,000, this investment unit created and managed
an
campaigns.
by Goldman,Sachs and Co. was consolidated in February with the Financial
According to the Baltimore "Sun" of June 27, stockholders of the Union Trust Co. of that city, at a special
meeting, approved the recommendation of the directors to
reduce the par value of the company's shares from $50 to
$10 a share. Other charter amendments previously announced were also approved, it was stated.
The following has been received with reference to the
new building about to be erected in Cleveland for the Midland
Bank of that city and its affiliated institution, theMidland
Corporation:
Cleveland's remarkable terminal development,with railway,rapid transits
hotel, department store and office facilities housed in a group of skyscraper
connected by stairways, ramps and passageways, is to be augmented at
once by an eighteen-story bank building, the home of the Midland Bank
and the Midland Corporation, according to announcement by John Sherwin
Jr., the bank's head.
Building plans by Graham, Anderson, Probst & White,architects for the
group, will make the structure one of the country's outstanding financial
buildings. It will have frontages of 117 feet, 148 feet and 237 feet, respectively, on three streets, and will be of limestone from the quarries of
the Indiana Limestone Co., thus harmonizing with the character and the
treatment of the other buildings in the terminal group, which include the
Terminal Tower,Transportation Building Hotel, Medical Arts Building and
a 1,300-car garage.
The modern type of design, free from any suggestion of historic period
or style that has been coming into prominence in office building construction, has been adopted for the latest addition to Cleveland's great group.
It accents the vertical, without projecting belt courses or cornices to break
the upward sweep of the eye, and its chief characteristics are simplicity,
beauty of mass and proportion, balance and rhythm.
Marble corridors, together with bronze and wood inlay elevator doors
will continue inside the building the note of luxury and dignity established
by the light gray Indiana limestone exterior. The lofty banking room,
two and one-half stories high, will be conspicuous for the absence of the
usual marble walls and columns, antique English oak, inlaid with ebony,
taking their place, with a large wood-burning fireplace at the end of the
MOM.
Construction will begin at once and the building will be in use by March
1 1930.
Charles B. Bohn, President of the Bohn Aluminum and
Brass Corporation, has been made a director of the Fidelity
Trust Co. of Detroit, according to an announcement on June
22 by Luther D. Thomas, President of the trust company,
as reported in the Detroit "Free Press" of the following day.
A dispatch from Shelbyville, Ind. to the Indianapolis
"News" on June 22 stated that the Union State Bank of
and Industrial Securities Corp. Through the consolidation resulted an
agency far stu passing in size any of the older investment companies.
Recent moves of the investment company attribute it more and more
the character of a bank stock holding organization. Stockholdings in the
Colonial Trust Co. of Philadelphia and the American Trust Co. of San
Francisco on a basis similar to the participation in the Foreman banks
have recently been acquired.
Earnings of the Straus National Bank and Trust Co. of
Chicago for its first 11 months of operation were $203,092.75, according to an announcement of the bank which
celebrated its first anniversary June 27 1929. Initial deposits of $2,085,348.60 have grown to deposits in excess of
$14,000,000. The bank opened with a capital of $1,000,000
and a surplus of $250,000.
Effective July 1, the Highland Park State Bank, Highland
Park, Mich., together with its affiliated institution, the
Highland Park Trust Co., will become units of the Guardian
Detroit Group, Inc., of Detroit, a newly organized holding
company of the Guardian Detroit Group of Banks. The
acquired institutions will retain their separate identities.
The consolidation gives the Guardian Detroit Group resources of more than $100,000,000. The proposed union of
these banks with the Guardian Detroit Group, Inc., was
indicated in our issue of April 20, page 2577.
Albert C. Mautz, former President of the failed First
National Bank of Stewardson, Ill., on June 18 was sentenced
to serve two years in LeavenworthPenitentiary, following
his plea, of "guilty" to misapplying $22,643 of the bank's
funds, and to conspiring to send a false report of its financial
condition to the Comptroller of the Currency, acording
to the St. Louis "Globe Democrat" of June 19, which continuing said:
Judge Fred L. Wham of the United States District Court at East St.
Louis ordered a sealed verdict in the case of Ralph E. Voris, director of the
same bank, who was tried before a jury on the conspiracy indictment.
4266
FINANCIAL CHRONICLE
Glen G. Elam, cashier, who actually made the entry showing the bank
to have no loans to one person in excess of the legal limit, whereas in fact
It had numerous such loans, was recommended for parole on account of
his youth by United States District Attorney Baker. Judge Wham will
pass on the recommendation to-day (June 19).
According to the St. Louis "Globe Democrat" of June 21,
Birch 0. Mahaffey, President of the Silurian Oil Co., and
a member of the Directorate of the First National Bank of
St. Louis, was elected a director of the St. Louis Union
Trust Co. at the regular meeting of the Board on June 20.
[V0L. 128.
June 15. Mr. Mount, who was born in California and hari
lived in Berkeley for many years, began his banking career
as an office boy and junior clerk in the Bank of Palo Alto,
Cal. in August 1900. In 1921 he resigned as Vice-President
and Cashier of the Central National Bank of Oakland, Cal.
to take over the management of the Alameda County
branches of the Bank of Italy. Three years later he was
appointed Vice-President and Cashier of the entire organization.
The appointment of S.C.Hookstratten as a Vice-President
of the Western National Bank of Los Angeles was announced on June 13 by Wade E. Hampton, according to
the Los Angeles "Times" of the following day. Mr. Hookstratten, who was one of the organizers of the Western
National Bank (formerly known as the National Bank for
Savings), is President of the California Dairies, President
Closing of the institution caused very little stir among the public. The of the Los Angeles Credit Men's Association, and a
director
community generally approved the plan to reorganize as quickly as possible.
Officials of the bank stated that the action was brought about on account of of the Christopher Candy Co. He is a graduate of the
lack of confidence in the institution and rumors the bank was about to close. Law School of the University of Southern California and
A committee comprised of Attorney M. F. Condon of New Hampton, started his business career with the L. J. Christopher
Co.
E. J. Weber, T. F. Burns, Joe Frantzen, Ernest Schulz, Adolph Alt and
Clem Recker met Sunday evening and made preliminary preparations for in 1914. According to the new Vice-President, the Western
reorganization. President Garret Hoverman and Cashier Theodore Pockels 'National Bank has opened 814 accounts since Jan. 1 and
said that no loss would be suffered by the depositors.
is earning at the rate of 6% on the capital, although only
a year old.
Associated Press advices from Birmingham, Ala., on June
Purchase on June 15 of the Pan-American Bank of Cali27, appearing in yesterday's New York "Times," stated
that the Avondale Bank & Trust Co., Avondale, Ala., failed fornia, Los Angeles, by the investment house of Franklin
to open for business on that day and shortly afterward a Flick & Co. of San Francisco, and the appointment of Frank"run" by excited depositors was started on the recently lin Flick as Chairman of the Board of the institution, were
organized City Bank & Trust Co., resulting in an order to reported in the San Francisco "Chronicle" of June 16.
close the institution from C. E. Thomas, State Superinten- According to the local office of Franklin, Flick & Co., it was
dent of Banks. Mr. Thomas was reported as saying that stated, the purchase was made for the account of the house
the Avondale Bank & Trust Co. was closed because of in- and the bank under its present control will have no connecability to realize on assets. The closing of the City Bank tion with any other institution. "Denial was made that
& Trust Co. he described as a precautionary move. J. B. control had been secured in the interest of the Bank of Italy,
Lassiter is President of both institutions. The advices American Trust Co., or any other organization." In addifurthermore stated that John R. Wallace, a nephew of Mr. tion to the appointment of Mr. Flick as Chairman of the
Lassiter, who was Cashier of the .Avondale Bank & Trust Board, W. G. Barnheisel of San Francisco and Oakland,
Co., died on June 25 from a pistol bullet wound, which, was made President of the institution, as successor to Leo M.
Meeker, who,however,continues with the bank as a member
relatives said, was received accidentally.
of the directorate. The Pan-American Bank of California
According to the Norfolk "Virginian" of June 21, a new was organized in the latter part of 1926. According to its
institution—the Colonial National Bank—has been organized statement of March 27 1929, the institution has a combined
in Norfolk with a capital of $475,000 and surplus and un- capital and surplus of $250,000; deposits of $5,000,000 and
divided profits of $285,000, for the purpose of consolidating total resources of $6,150,000. The paper mentioned went
with the Virginia National Bank of that city. The latter on to say in part:
institution is capitalized at $500,000 and has been in operaFranklin Flick, head of the investment banking house bearing his name,
tion since 1910. Hugh G. Whitehead,President of the insti- has been prominently identified with the San Francisco financial district
last three years,coming here in 1926 in charge of the offices of George
for
tution, after confirming the proposed merger with the new M.the
Forman & Co. of Chicago, and later organizing his own company.
bank, said:
The banking business will not be a new one to him as some years ago he was
The Alta Vista Savings Bank, Alta Vista, Iowa, failed to
open on June 10,following a meeting of its directors the night
of June 8, according to advices from that place to the Des
Moines "Register" on June 11. Reorganization of the institution was given as the reason for the closing. The dispatch
went on to say in part:
The matter has been under discussion with the officials of our institu- owner of a bank in Chicago and previous to coming to the Coast had been
tion for the past few weeks and we believe that the proposed consolidation retired for some years.
Purchase of this institution yesterday gave rise to numerous interesting
when effected will enable us better to serve our many friends and customers.
In addition to the added capital which will be made available by this con- rumors throughout the financial district involving quite a number of comsolidation we feel that we are extremely fortunate in being able to have binations, all of which were set at rest, for the time being at least, by the
associated with us the men identified with and interested in the organiza- statement from Flick & Co. That it presages interesting developments at
some time in the future, however, Is the firm belief in the street. In the
tion of the new bank.
meantime, the fact
A more recent issue of the "Virginian" (June 26) stated operate an active that a local investment house has taken over and will
banking institution is decidedly interesting.
that the Board of Directors for the new organization to be
formed by the consolidation of the banks had been chosen
the previous day when also formal application was made to
the Comptroller of the Currency for permission to consolidate.
As soon as the application is approved, it was said, stockholders of the two banks will be given 30 days' notice to
meet to ratify the merger. It was furthermore stated that
the name of the new bank will be the Virginian National
Bank of Norfolk, and that it will have a capital in excess
of $750,000.
Failure of the Guaranty Title & Trust Co. of Norfolk,
Va., was reported in the following advices from Richmond,
Va., on Wednesday of this week (June 26) to the New
York "Times":
An order instructing the State Commissioner of Banking and Insurance
to apply for a receiver for the Guaranty Title & Trust Co. of Norfolk
was entered today by the State Corporation Commission.
The company, a $1,000,000 corporation, is reported to have conducted
Its business at a loss since tlle first of the year because of a depreciation
of real estate values at Norfolk.
The directors requested the State Commissioner to take over the affairs
of the company and wind up its business.
From the San Francisco "Chronicle" of June 16 it is
learned that Arnold J. Mount of Berkeley, Cal., Senior
Vice-President of the Bank of Italy National Trust & Savings
Association (head office San Francisco), was elected President
,of the California State Bankers' Association at the 35th annual convention of the organization, held in Sacramento on
Supplementing our item of June 15 (page 3952) concerning the proposed union of the Crocker First National Bank,
Crocker First Federal Trust Co. and the American Trust Co.
all of San Francisco, the San Francisco "Chronicle" of
June 14, after stating that the merger follows closely on the
heels of the resignation of John Drum as President of the
American Trust Co. (also noted in our issue of June 15,
page 3952) went on to say in part:
While no announcement of either the name of the new bank or of its
President was made yesterday, it was intimated that the merged banks
would retain the name of the Crocker First National Bank. oldest national
bank in California, and that the President of the combined banks would be
William H. Crocker.
Agreement to consolidate the three banks, whose history goes back to
the pioneer days of California, was reached late yesterday following meets
of the banks board of directors. Announcement of the plan of consolidation was made by President W. H. Crocker of tho Crocker First National
and John 0. McKee, Chairman of the board of directors of the American
Trust Co.
Neither Crocker nor McKee would discuss the significance of the merger,
further than to say the consolidation ranks with largest bank
mergers
effected in recent years.
"The consolidation," declared a banker closely in touch with the merged
banks, "will place the new bank on a footing entirely new to California
banking institutions. Further, it will establish a potent rival to the Bank
of Italy and Giannini interests throughout the State.
"With the now bank will exist at once a unit bank of great age and
conservatism,and a system of branch banks,the American Trust Company's
that cover a great part of the State. It is the beginning of a banking
development in the State that cannot be gauged in importance or significance."
In announcing the arrangement. Crocker and McKee made the following
statement:
Jurm 29 1929.1
FINANCIAL CHRONICLE
4267
"The directors of the Crocker First National Bank, the Crocker First Bank of Montreal (head office, Montreal) on May 27, ac;
.
Federal Trust Company and the American Trust Company have prepared a cording to a dispatch from
that city on May 28, printed in
plan of consolidation of these banks to submit to their respective stockholders for approval. The general principles underlying are highly satis- the Toronto "Globe" of the following day, which, furtherfactory to both sides, and committees have been appointed to perfect the more, said:
details.
Mr. Dawson Is President and Managing Director of Canadian Cott,one
"We are convinced that a most constructive step has been taken. The
Ltd., and is a director of a number of other important companies; whild
consolidation should prove beneficial to the stockholders, and should offer Mr. Tilley is one of the leading corporation lawyers in this
country, an.
depositors unexcelled banking facilities. The San Francisco Bay area includes among his many directorates that of the Canadian Pacific Ry.
will be served by a strong, progressive bank with total resources in excess
of $400,000,000." . • •
The amalgamation represents a forward movement of these banking
The annual report of the Banque Cotonniere, a subInterests into a stronger position, designed to keep pace with and serve the
growing economic area in which the merging banks are operated. This sidiary of the Banque de Paris at,des Pays-Bas, submitted
area centering about San Francisco Bay extends on the north as far as to the stockholders April 17, shows a net profit for the year
Santa Rosa and on the south to Modesto, Los Banos and Gilroy.
ending Dec. 31 1928, of 756,037.73 francs after amortissesThe three banks now involved in the consolidation go back through their
predecessor institutions to banking interests which had their inception ments of about the same amount. A new branch of the bank
In California history as early as 1850 and which, through the process of was opened at Epinal, an important center of the cotton
growth,absorption and consolidation, have come to their present command- industry, and a prepresentative of the firm of Charles Mieg
ing positions.
Further than the general announcement of the satisfactory principles for & Co. of Mulhouse, in Alsace, was added to the Council,
amalgamation which have been arrived at more detailed arrangements must Alsace not having been previously represented in the diawait the action of the committees which have been appointed In the
rectorate. The report notes a considerable recession in the
merger. These committees have been empowered to act by the respective
boards of directors and will seek consummation of the consolidation as French cotton industry during the year as a result of staexpeditiously as possible.
bilization, necessitating some important concessions in the
Crocker First National Bank was organized Dec. 31 1925, being a merger
export trade in order to compensate for the decline in
of the Crocker National Bank of San Francisco and the First National Bank
of San Francisco. The Crocker institution was first established in 1883 domestic consumption and to prevent unemployment.
as Crocker, Woolworth & Co.. changing its name to the Corcker National
Bank in 1906. The First National Bank was established in 1870.
As of March 27 1929, the Crocker bank in a consolidated statement THE WEEK ON THE NEW YORK STOCK EXCHANGE.
With its affiliated institution, the Crocker First Federal Trust Co.,showed
combined assets of $123,829,613. total capitalization of $7,500,000 and
Speculative interest in the stock market has centered
surplus of $3,000,000. Shareholders of the bank own the trust company
largely in the railroad shares the present week, though
outright,
W. H. Crocker is President both of the bank and the trust company, industrial stocks and public utilities have been in demand,
and the directorate of the two contains practically the same names. James
but to a lesser extent. Price movements have at times been
K. Moffitt is Chairman of the executive committee of the bank.
In July 1928 stockholders of the institution organized the Crocker First irregular, particularly on Thursday, but the general trend
Co. with a paid in capital of $300,000 and a surplus of $200.000. Operators
of this concern are in direct conjunction with those of both the bank and of the market has been toward higher levels. Among the
the trust organizations.
interest during the present week was
The American Trust Co. has been owned entirely by the American outstanding features of
company, which was organized in November 1927, and acquired by ex- the new stock issue of Shell Union Oil Corporation $40,change practically all the outstanding stock of the bank.
cumulative convertible preferred stock, par
Organized in July 1920, as the Mercantile Trust Co. of San Francisco, 000,000, 534%
this Institution represented a consolidation of the Savings Union Bank & value $100 at $98 per share, the formation of the new Curtiss,
Trust Co. and the Mercantile National Bank of California, the former of
which traces its origin back to 1862, when it was formed as the first bank Wright Corporation with tangible assets of $70,000,000 and
Incorporated under a California banking act. It was then known as the the announcement of the contemplated American-ChathamSan Francisco Savings Union and in 1910 absorbed the Savings & Loan
Phenix Bank merger soon to be consummated. The report of
Society, which had been organized in 1857.
As of December 31 1928, statement of the American Trust Co. showed
the Federal Reserve Bank made public at the close of business
total resources of $309.744,644, capital stock paid in $10,000,000 and
surplus $10,000,000. In addition there were undivided profits of $704,954. on Thursday shows a further rise of $122,000,000 in brokers'
Advices from San Francisco on June 19, printed in the
"Wall Street News" of the following day, stated that the
American Co., which holds substantially the entire stock of
the American Trust Co., will not participate in the merger
with the Croker First National Bank and tho Croker First
Federal Trust Co., according to the Chairman of the Board
and Acting President, John D. McKee of the American
Trust Co. In exchange for stock it now holds in the American Trust Co., it will receive, the dispatch said, stook in the
new consolidated bank on whatever basis is finally determined upon. In conclusion, the advices said:
Committees of merging banks at present are engaged in the task of
working out valuations and other details incidental to the consolidation.
It is expected that announcement of completed plans will not be made for
some time, in view of complications involved in a deal of this magnitude.
Advices by the Associated Press from Astoria, Ore., on
June 18, appearing in the San Francisco "Chronicle" of the
following day, stated that the Astoria Savings Bank had
failed to open that morning and announcement was made
that the Institution was in the hands of the State Bank
Examine.r It appears from the dispatch that for 10 days
previous to the closing the institution withstood a mild
"run," during which several large accounts and many small
ones were closed. The bank's report at the first of this year
indicated resources of more than $3,000,000, but a recent
report showed a shrinkage of more than $300,000,it was said.
Frank Patton is President; E. J. Brix and Austin Osborn,
Vice-Presidents, and M.E. Masterson, Cashier.
The directors of the Midland Bank Limited, London,
Eng., to announce that they have elected Colonel H. Le
Roy-Lewis, C. B., C.M.G., D.S.O. to a seat at their Board.
The Board of Directors of Barclays Bank (Dominion
Colonial and Overseas) have declared interim dividends for
the half year ended March 31 1929, at the rate of 8% per
annum on the cum. pref. shares and at the rate of 4% per
annum on the "A" and "B" shares, subject to deduction of
income tax at the rate of 3 shillings in the pound, in all
cases, payable on July 18 1929.
A. 0. Dawson of Montreal and W. N. Tilley, K.C., of
Toronto became members of the board of directors of the
loans in this district. Call money renewed at 7% Monday
morning, advanced to 10% in the afternoon and remained
at that rate for the remainder of the week.
The two-hour session on Saturday was featured by spectacular advances in some of the aviation stocks, particularly
United Aircraft & Transport which rushed across 138 with
a net gain of 11% points on the day. Wright followed with a
gain of 6 points at 134 and Bendix Aviation moved ahead 5
points to 89. Railroad shares also moved to the front and
several advanced to higher levels while others lifted their
tops to the highest on record. New York Central for instance
touched 206 at its top for the day and thereby established a
new high record for that stock though closing at 2043/2.
Atchison opened above 227 with an overnight gain of nearly
3 points and closed at 226 with a net advance of 2 points.
Norfolk & Western lifted its top to 22634 and Chesapeake &
Ohio and Canadian Pacific were substantially higher. Considerable interest was attracted to American Tel. & Tel.
which sold 3 points higher on the day, regaining at the same
time the dividend which came off the price on Thursday.
Copper shares moved to the front under the guidance of
Anaconda which shot aherd to 11734 with a gain of nearly
3 points. Similar gains were made by Greene-Cananea,
American Smelting and Kennecott. One of the surprises of
the day was the strength of Goodyear Tire & Rubber which
jumped to 12634 with a gain of 5 or more points. Auburn
Automobile was the strong stock of the motor group and as
it crossed 200, it registered a gain of 20 points over the preceding close. Columbia Carbide made a new high for all
time and so did Childs Co. Standard Gas & Electric was the
strong stock of the utilities and closed 3 points higher.
Trading opened strong and fairly buoyant on Monday but
following the heavy withdrawal of loans,call money advanced
from a renewal rate of 7% to 10% and the market yielded
somewhat. Aircraft issues continued to attract considerable speculative attention during the forenoon and such
issues as United Aircraft, Bendix, Wright & Curtiss moved
briskly ahead to higher ground but in most instances failed
4268
FINANCIAL CHRONICLE
[VOL. 128.
PC,CD.O.
- =1.305000.14
0.0 0,00 I
,
at V. W03
to hold their gains as the money market tightened. Rail- again raised its top and so did Westinghouse Electric. Railroad stocks were the leaders of the first hour, Norfolk & road stboks continued in demand and new tops were recorded
Western moving into new high ground followed by Rock by Missouri-Kansas-Texas and Erie common, first and
Island which closed with a net gain of four points while second preferred. Other new highs included American Can,
Penn. RR. and Atchison both reached higher levels. Gen- Mathieson Alkali, Otis Elevator, Timken Roller Bearing,
eral Motors ran sharply upward and closed at 75% with a Allied Chemical & Dye and Commercial Solvents. The final
gain of nearly two points. American Can registered a 2% tone was good.
2
point gain as it touched 1493' and Radio Corporation
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
closed with a substantial advance. Steel stocks did fairly
DAILY, WEEKLY AND YEARLY.
well, United States Steel, common crossing 182 to a new
Stocks,
Railroad,
United
Slate,
top on the recovery and Crucible which crossed par to a new
Week Ended June 28.
States
Number of
Municipal &
etc..
Share..
Bonds.
Foreign Bonds
Bonds,
peak for 1929. Industrial favorites were in demand throughout the day, Allis Chalmers shooting ahead more than seven Saturday
5208,000
51,108,000
1,479,880
$5,087,000
Monday
3,033,120
8,323,000
459,000
4,127,000
points to a new peak for all time and some good gains were Tuesday
2,927,720
867,500
9,084,000
1.814,000
Wednesday
4,029,740
1'1,730,000
661,000
2,067.000
recorded by Westinghouse Electric, Air Reduction, Timken Thursday
3,911.970
9,428,000
402,600
2,484,000
3,950,140
14,781,000
353,000
1,895,000
Roller Bearing and Union Carbide. With the exception of Friday
American Tel. & Tel. which scored a new top record utilities Total
19.332.570 858.433 000 312 497. non I 8205L100
made little progress. Profit taking was in evidence in the
Week Ended June 28,
Sales at
Jan. Ito June 28.
copper stocks, Anaconda which has heretofore led the upNew York Stock
1929.
1929.
1928.
Exchange.
1928.
swing dropping back a point or more.
On Tuesday speculative interest centered around the rail- Stocks-No,of shares_ 19,332,570 9,349,400 535,871,980 405,080,848
Bonds.
road stocks, Rock Island leading the upward swing with a Government bonds___ 52,051,100 55,919,000 $63,617,900 $100,829,750
307,860,650
State and foreign bonds 13,495,000
13,650,000
440,040.765
gain of 4 points to 134. Atchison advanced into new high Railroad & misc. bonds 58,433,000 34,287,000 923,324,000 1,388,023,525
ground and Pennsylvania above 84 was at its highest peak
Total bonds
574,879,100 553,856,000 51,294,802,550 81,928,894,040
since 1902. In the industrial group Allied Chemical & Dye
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
was the strong feature as it shot upward 11 points to 316M
BALTIMORE EXCHANGES.
followed by Allis Chalmers with a jump of 13 points. American Can also displayed considerable strength and registered
Philadelphia.
Boston,
Baltimore.
Week Ended
a gain of 4 points at 152%. United States Steel, common
June 28 1929
Shares, Bond Balsa Shares. Bond Sate,. Shares. Bond Saler
.
.
reached a new high for the current movement as it crossed
Saturday
.41,471
$9,000
$6,000 a90,592
96,500
185 and Bethlehem Steel was up 2 points at 1073. In the Monday
19,000 a173,673
36,200
1
10,010
19,800
16,400
*61,938
19,400
51,000 al07,603
so-called specialties group General Electric rushed ahead 9 Tuesday
Wednesday
.60,909
15,900
22,000 a221,720
34,600
points to 309. Westinghouse Electric advanced more than Thursday
.70,068
26,000 a182,008
26,000
45,000
16,000
73,725
47,565
20,000
3 points and closed at 176%. Copper stocks made no pro- Friday
Total
351,961 5140,000 849,721 $106,600
26,940 $142,200
gress, the action of the directors of Anaconda in placing
that stock on a $7 dividend basis failed to make any impres- Prey, week revisedl 268 906 8132J00 639 400 872000 3&i197 8168.100
•In
sion on the group. Locomotive stocks were unusually 62,774;addition, sacs of rights were: Sa urday, 54 458: Monday, 47,441; Tuesday.
Wednesday, 46,086; Thursday, 42,248.
strong, Baldwin gaining 5 points, Lima 3 points and Ameri- a In addition, sa es of rights were: Saturday, 13 600; Monday, 17,300; Tuesday.
Wednesday, 29,500; Thursday, 4,600; Friday, 600.
11,400;
Warrants: Saturday.
can over a point.
9,200; Wednesday, 2,800: Thursday, 1,900; Friday 2,600.
On Wednesday the stock market improved all along the
b In addition, sales of rights were: Monday, 4 7; Tuesday, 50; Wednesday.
line. Public utilities were represented on the up-side by Thursday, 56. Scrip: Thursday, 10-20; warrants, Friday. 50•
American Water Works which ran up nearly 2 points, and
Public Service of New Jersey which moved into new high
COURSE OF BANK CLEARINGS.
ground above 109. In the railroad list Atchison raised its
Bank clearings will again show a satisfactory increase the
top with a gain of 3 points as it closed at 2345 ,and Norfolk & present week. Preliminary figures compiled by us, based
%
Western reached new territory at 2363/ United States Steel, upon telegraphic advices from the chief cities of the country,
8
.
common, was the star of the industrial stocks as it rushed indicate that for the week ended to-day (Saturday, June 29)
ahead more than 5 points and crossed 190. Independent steel bank exchanges for all the cities of the United States from
stocks also felt the upward urge, Bethlehem selling up to 110 which it is possible to obtain weekly returns will be 11.8%
with a gain of 2 points, followed by American Steel Foun- larger than for the corresponding week last year. The total
dries, Republic Iron & Steel and Inland Steel. General stands at $12,251,737,547, against $10,955,299,008 for the
Electric continued its forward movement and closed with a same week in 1928. At this centre there is a gain for the
5
-point gain, Westinghouse Electric sold close to 179 but five days ended Friday of 21.7%. Our comparative sumfailed to hold its advance and. Allied Chemical & Dye im- mary for the week follows:
proved nearly 3 points.
Clearings
-Returns by Telegraph.
Per
The market was more or less irregular in the early dealings
Week Ended June 29.
1929.
1928.
Cent.
on Thursday but forged ahead in the later trading. RailNew York
$6,607,000,000 $5,427,000,000
+21.7
road shares surged upward under the leadership of New Chicago
485,211.134
529,116,346
-8.3
496,000,000
442,000,000 +12.2
York Central which crossed 210 with a gain of nearly 2 Philadelphia
Boston
399,000,000
355,000,000 +12.4
114,145,654
105,365,253
+8.3
points to the highest level in the history of the company. Kansas City
St. Louis
108,800,000
116,100,000
-6.3
Atchison followed with a jumped to 236 and a net gain of San Francisco
152,703,000
166,525,000
-8.4
Los Angeles
156,000,000
157,479,000
-1.0
over 2 points. Public utilities were in brisk demand through- Pittsburgh
156,701,283
148.707.036
+5.4
Detroit
205,734,997
166,929,913 +23.2
out the session, Public Service of New Jersey soaring into Cleveland
•
123,854,532
107,381.509 +15.3
78,202,907
80,088.699
-2.4
new high ground in all time at 113. Electric Power & Light Baltimore
New Orleans
43,554,717
51,003,939 -14.6
lifted its top to a new high level at 77% with a net gain of
Thirteen cities, 5
$9,126,908,224 $7,852,696,695 +16.2
63i, points. American & Foreign Power was also con- Other cities, 6 days days
1,082,873.065
944,653,121
+14.6
spicuous as it bounded forward 7 or more points to 114%. Total all cities, 5 days
$10,209,781,289 $8,797,349,816
+15.9
All cities, 1 day
2,041,956,258
General Electric and Westinghouse were both in active de2,157,949,192
-5.4
mand, the former closing at 115% with a gain of 23. points
Total all cities for week
912,251,737,547 $10,955,299,008
+11.R
while Westinghouse closed at 1783/i with a similar gain.
Complete and exact details for the week covered by the
Allied Chemical & Dye again raised its top and sold up to foregoing will appear in our issue of next
week. We cannot
327 but closed at 325 with a net gain of 6 points. American furnish them to-day, inasmuch as the
week ends to-day
Can sold up to 1535 at its.high for the day and International (Saturday) and the Saturday figures
%
will not be available
Telephone reached its highest since the split up. Among Until noon to-day. Accordingly, in the
above, the last day
the specialties National Cash Register closed at 121 3', with of the week has in all cases had to
be estimated.
a gain of more than 6 points.
In the elaborate detailed statements, however, which we
Public utility shares assumed the leadership of the market present further below, we are able to give final and complete
on Friday and stocks of some of the more active issues shot results for the week previous-the week ended June 22. For
upward from 2 to 14 points. American Power & Light was that week there is an increase of 10.7%, the 1929 aggregate
particularly active as it raced upward 8 points to 1393 of clearings for the whole country being $13,029,043,830,
4
followed by Columbia Gas & Electric with a net gapi of ni against $11,770,696,368 in the same week of 1928. Outside
points and Electric Power & Light with a gain of nearly 3 of this city, the increase is only 1.3%, the bank exchanges
points. United States Steel sold up to 1913 at its high for at this centre having recorded a gain of 16.5%. We group
%
the day but dipped to 189k at the close. General Electric the cities now according to the Federal Reserve Districts in
363.170.375
946,051,889
907,616,617
7,924,118
153,800,000
23,230,963
248,778
18,711,985
11,865,733
345,850
1,423.890
5,716,739
136,500,000
33,493,255
213,045
18,366,252
12,240,878
409,318
1,430,075
9,304,528,382
4,106,248,365
-3.9
-3.5
Eighth Federa I Reserve Dis trict-St Lo uis6,923.240 +5.6
7.314,981
-Evansville
Ind.
147,500,000 145,600,000 +1.3
Mo. St. Louis_
+8.5
34,551,736
37,486,900
Ky.-Loulsville _
+1.7
320,922
326,509
Owensboro_
17,604,680 +7.5
18,903,453
Tenn-Mem phis _
11,737,519 -4.3
13,236,017
Ark -Little Rh.
339,249 +10.7
375.436
III.-Jacksonville
1,292,850 +23.5
1,596,594
Quincy
Total(20 cities)
3940 7AF 711
41.4esiis--------31 (titles
4843.488.286
482.247.881
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended June 22.
Clearings al
1929.
1928.
Inc. or
Dec.
1927.
1926.
First Federal Reserve Dist net-Boston
593,595 +1.6
603,208
Maine-Bangor._
+0.1
3,785,397
3,781,167
Portland
-Boston _ 484,592,554 448,000,000 +8.1
Mass.
1,449,985 -7.0
1,348,227
Fall River _ _
1,141,737 -1.0
1,130,381
Lowell
1,067,474 +16.8
1,247.077
New Bedford_ _
5,262,933 +2.1
5.389,545
Springfield _ _
3,599,009 +6.3
3,826,911
Worcester
16,174,530 -0.6
16,075,432
-Hartford
Conn.
8,260.107 +1.0
8,338,635
New Haven_ _ _
16,211,410 +3.3
16,719,700
R.I.-Providence
727,563 -0.7
722.305
N. 11.51anche'r
755,735
3,373,667
518,000,000
1,872,774
1,227,934
944,131
4,686,811
3,613,311
13,905,209
7.272.483
11,781,900
702,547
729,363
3,435,631
487,000,000
1,633,986
1,064,124
1,534,120
5,516,066
3,466,890
13,068,273
6,425,562
11,660,600
732,575
+7.4
588,136,502
536,297,190
543,805,142
Total(12 cities)
506,274,330
istrict-New
Second Feder al Reserve
6,236,687
5,759.835
-Albany.
N. Y.
1,079,735
1,358,081
Binghamton_ _ _
54,182,073
73,134,515
Buffalo
1,041,531
1,235,930
Elmira
1,189,543
1,224,846
Jamestown_ _
New York.... 3,457,917,754 7,257,408,921
13,481,144
15,253,854
Rochester
5.808,560
6,861,052
Syracuse
5,554,961
2,705,928
-Stamford
Conn.
1,034,743
1,040,283
-Montclair
N. J.
52,683,691
64,217,487
Northern N. J_
York.
4,807,749
5,073.960
-7.6
1.033,741
974,100
+25.8
51,543,908
+3.5
58,336,772
1,380,798
+18.6
1,078,948
1,296,137
+3.0
1,441,980
+16.55,508.645,240 5,198,230,017
13,215,654
12,044,472
+13.1
5,405,374
5,645,504
+18.1
4,870,813
4,417,426
+2.7
706,897
658,899
+0.5
36,494,493
43.422,296
+21.9
Total(11 cities) 8,633,709,565 7,399,701,589 +16.7 5,629,400,804 5,331,324,374
Third Federal Reserve Dist rict-Philad elphia
1,442,834 +16.7
1,684,235
-Altoona
Pa.
4,820.498 +11.2
5.383,737
Beth lehem _ _ _ _
1,213,910 +7.7
1,308,914
Chester
2,333,917 -11.8
1,825,850
Lancaster
630,000,000 660,000,000 -4.5
Philadelphia
3,858,862 +10.8
4,276,512
Read Mg
5,982,220 -1.3
5,906,223
Scranton
5,017,113 -23.0
3.813,598
Wilkes-Barre_
+3.3
1,978,774
2,044,477
York
6,133,903 -21.9
4,626,120
-Trenton..
N.1.
1,627,599
5,242,686
1,325,478
2,014,987
537,000,000
4,027,686
5,720,956
4,131,452
1,536,814
5,308,067
-4.6
567,935,725
660,869,666
Total(10 cities)
692,791,031
1,739,878
5,005,948
1.678,800
1,871.816
574.000,000
3,649,748
5.790,864
3,918,481
1,691,259
6,384,863
6,502,000
3.673,079
74.004,859
110,824.617
16,200,500
1,932,934
5,026,680
178,397,694
Fifth Federal
W.Va.-Hunt'g'n
Va.-Norfolk _ _
_
Richmond
S.C.-Charlesion
Md.-Baltimore _
D.C.-Washing'n
441.909,202 +13.9
419,506,139
396,562,363
Reserve Dist 'let.-Rich mond.
1.282,528 -0.4
1,277.458
4.831,085 -7.2
4,484,398
43,127,000 -4.1
41,212,000
1,982.587 +6.0
2,101,000
+7.6
116,905,603 108,669,518
+1.7
29,192,454
29.637,239
1,227,759
5,038,188
44,302,000
2,095,139
106,462.668
27.063,440
1,415,669
8,272,930
44,335,000
2,515,450
121,970,437
24,822,840
203,332,332
.2,500,000
20,308,648
42,931,702
1,496,185
1,674,011
18,164,459
3,875,000
22,881,150
1,499.635
1,249,220
475,923
50.278,530
2,716,000
19,372,714
47,555,005
1,521,771
1.579,057
25,577,505
10,540,352
22,679,626
1,780,715
1,308,000
276,722
49,733,302
-1.3
169,332,463
176,038,432
178,299,952
7,418.067
74,055,551
30,525,630
1,688.809
1,557.321
437.772
2,747.189
+4.0
107.969,667
118,430,339
374,093
317,409
4,259,418
39,289.328
3,900,790
8,166,775
134,294,723
6.591.444
27.706,073
901,190
1,141,595
263,912
421.019
4,074.490
38,587,015
3,907,959
9,889.229
137,875,764
6,475.220
26,677,947
1,023,650
982,523
131.335,234
126,272,310
+4.3
227.002,838
230,178,763
-Da IlasEleventh Fede rat Reserve District
1,731,485 -3.9
1,690,531
Tex.-Austin._ _
48,326,824 +5.5
50,976,599
Dallas
12,559,179 +8.9
13,673,020
Fort Worth _ _ _
4,338,000 +15.6
5,014,000
Galveston
4,958,205 -0.1
4,956,007
La -Shreveport.
1,086,660
42,826,735
9,309,602
6,777,000
4,177,309
1.601,671
39,529,080
11,685,457
7,042,000
4,220,812
+6.1
64,177,306
64,079,020
Total(11 cities)
Total(5 titles).
250,384,281
76.315,757
237,973,050
71.913,693
Twelfth Feder al Reserve D istrict.-San
50,325,296
54,336,628
-Seattle _ _
Wash.
13.760,000
13,018,000
Spokane
1,431,549
1,468,762
Yakima
38,773,694
42,275,008
-Portland
Ore.
18,260.549
21,976.851
-S. L. City
Utah.
3,645.833
3,471,272
_
-Fresno _
Cal.
8,475,737
9,414,324
Long Beach_ _ _
Los Angeles... 213,883,000 236,164,000
20,401,015
19,459,419
Oakland
6,243,213
6.473,839
Pasadena
7.476,574
6.696,035
Sacramento_ - _
6,691,346
5,395,068
San Diego
San Francisco. 226,376,443 251,007,000
3,463,864
3,134.085
San Jose
1,438.647
1,805,402
Santa Barbara.
2,253,143
2,151,825
Santa Monica _
2,455,400
2,358,000
Stockton
-Franc taco.
44,183,388
+8.0
12,244,000
-5.4
1,018,082
+2.6
34,873,945
+9.0
17,326,517
+20.4
2,933,706
-4.8
6,492,619
+11.1
-9.4 167,574.000
16,538,322
-4.7
5,608,242
+3.7
7,165,740
-10.4
4,832,343
-19.4
-10.9 187,094,000
2,108,120
-9.6
1,189,133
+25.4
1,909,564
-1.5
2,468,500
-4.0
42,933,027
11.708,000
1,283,680
37,800,557
17,283,992
3.477,251
6,125,207
168,708,000
19,099,000
5,431,119
6,941,480
5,018,909
183,176,000
2,385.743
1,278,523
2,460,556
2,820,800
515,560,221 517,931,846
Total(17 cities) 633,693,961 675,269,860 -6.2
Grand total (127
9,626,814,063 9,304,528,382
13029 013830 11770606368 +10.7
cities)
+1.3 1,118,168,768 4,106,248,365
4,571,126,076 4,513,287,368
Outside N. _
Week Ended June 20.
1929.
1928.
$
Inc or
Dec.
6
Canada
143,467,451 159,949,676
Montreal
157,243,085 152,827,744
Toronto
61,741,634
51,133,614
Winnipeg
21,002,035
23,187,681
Vancouver
10,207,659
9,596,251
Ottawa
7,640.951
7,243,938
Quebec
3,805,423
3.814,658
Ilallfax
7,137,237
7,032,611
Hamilton
11,493,727
11,829,685
Calgary
3,052,053
3,047,027
St. John
2,895,700
3,093,002
Victoria
4,401.621
4.608,029
London
7,125,030
7,798.567
Edmonton
5,791,967
6,029,255
RegInS,
697,963
708,541
Brandon
730,691
617,327
Lethbridge
2,409.490
2,802,090
Saskatoon
1,366,871
1,384,394
Moose Jaw
2,546,408
1,669,565
Brantford
1,121,716
1,406,343
Fort William....
767,300
878,125
New Westminster
466,556
537,423
.
Medicine Hat .._
961,928
931.763
Peterborough...
1,061,648
1,141,499
Sherbrooke
1,315,575
1,551,986
Kitchener
5,867,239
6,517,304
Windsor
463,355
464,657
Prince Albert...
1,051,085
.1,133,962
Moncton
1,001,565
962,956
Kingston
732,303
688,823
Chatham
910.731
964,624
Sarnia
... . .,-. - , .-- .,,,, ,,,,, .4 00 0'? eol-On
184,640,769
Total(12 cities)
189,085,172
6,843,782
68.789.977
25,981,617
1,728,440
1,028,150
509,701
3,088,000
.1-1-1-1
186,189,194
195,667,698
208,400,062
+4-
+3.5
.Sixth Federal Reserve Dist rict -Aden ta
2,919,280 +2.8
.3,000,000
-Knoxville
Tenn.
22,949,240 +5.6
24,232,487
Nashville
46,458,413 +14.1
53,033,240
Ga.-Atlanta_ _ _ _
1,476.411 +10.2
1,627,266
Augusta
1,893,353 -24.1
1,437,381
Macon
17,385,765 -8.5
15,904.027
Fla.-Jack'nvIlle
2,871,000 -4.1
2,754.000
Miami
23,279,993 +2.1
23,762,332
Ala.-BIrming'm
2,229,291 -17.3
1,843,605
Mobile
2,085,000 -2.4
2,035,000
-Jackson_
Miss.
404,142 -13.4
228,775
Vicksburg - - 54.348,064 -15.0
46,180,163
La.-NewOrleans
Total(6 cities).
227,551,320
218,370,196
Tenth Federal Reserve Die trict Kens as City
357,914 +39.7
500,735
Neb.-Fremont
411,268 +2.4
451,924
Hastings
4,380,724 +30.1
570,003
Lincoln
44,585,284 +6.5
47,478,626
Omaha
4,771,660 -13.5
4,129,026
Kan. Topeka _
9,664,985 -6.7
9,015,151
Wichita
Mo.-Kans. City 147,481.391 135,491,505 +8.6
6,382,267 +6.7
6,816,752
St. Joseph....
29,223,900 +5.6
30,871.397
-Okla.Cty
Okla.
1,262,535 +11.5
1,407,732
-Col. Spgs.
Colo.
1,411,008 +17.8
1,662,544
Pueblo
Total(7 cities) _
605,731,707
7,369,000
3,839,180
75,756,384
125,240,537
16,188,400
2,190,247
5.060,823
183,811.568
503,456,815
Ninth Federal
-Duluth..
Minn.
M inne,apolLs_ _ _
St. Paul
N. Dak.-Fargo _
-Aberdeen _
S.D.
Mont -Billings.
Helena
+3.8
Reserve Dis trict-Minn eapolis
7,439,524 +0.0
7,816,268
+7.1
80,421,079
86,161,749
31,163,040 -6.5
29.137,230
1,916,033 +8.8
2,084,053
+6.2
1.215,386
1,291,108
585,248 +6.8
625,006
3,532,000 +19.5
4,219,820
226,739,920
Clearings at
Fourth Feder al Reserve D Istrict.-Cle veland
7,381,000 +17.3
8,658,000
Ohio-Akron_ _ _ _
4,533,813 +17.0
5,301.935
Canton
+1.2
81.939,636
83,141.952
Cincinnati172,425,698 138,909,239 +24.1
Cleveland
14,649,700 +7.8
15,790,200
Columbus
2,104,267 +11.1
2.336,802
Mansfield
5,588,024 -9.4
5,062,779
Youngstown _
Pa -Pittsburgh. 210,736,449 186,803,523 +12.8
Total(8 cities)
Total(8 cities).
997,027,359 1,032,835,983
*Estimated.
1
1927.
1926.
$
gag 1
o
o
,
O'cooVnio O.-1,-CO4.14.Wl4W4:coWoral
JW1-.0
9,626,814,068
4,118,168,768
1926.
1927.
211,939
927.428
179.038,778
7,223,524
2,250,975
2,940,444
22,905,000
3,436,000
4,807,895
38,690,080
2,500,752
9,434.367
6,041,762
1,206,267
1,466,003
613,717,016
1,300,594
4,540,391
2,358,523
2,568,879
$
536,297,190
5,331,324,374
605,731,707
396,562,363
203,332,332
184,640,769
907,616,617
203,400,062
118,430,339
230,178,763
64,079,020
517,934,846
129 cities 13,029,043,830 11,770,696,350 +10.7
Total
4.571,126,076 4,513,287,368 +1.3
Outalde N. Y. Clty
Inc. or
Dec.
Sevenths Feder al Reserve 1)[strict-Chi cago249,536
284.862 +10.3
314.240
-Adrian _ _
,Mich.
1,008,050
773,079 +12.2
867,718
Ann Arbor ___ _
255.125,733 223,421,591 +14.2 181.060,244
Detroit
7,541,533
8.685,958 -21.4
6,825,283
Grand Rapids.
2,672,419
3,626.651 +10.6
4,010,000
Lansing
2,501,730
3,869,713 +2.5
3,965,949
Ind.-Ft.Wayne.
21,122,600
22,908,000 +3.7
23,750.000
Indianapolis...
3,719,300
2,916,189 +2.5
2,988,667
South Bend
4,364.082
4,703,978 +11.9
5,265,208
Terre Haute...
39,716,257
40,569,148 -15.2
34,404,901
Wis.-Milwaukee
2,628,839
2,738,505 +12.6
3,034,339
Iowa-Ced. Rap.
8.857,206
9,618,514 +10.5
10,630,020
Des Moines_ - 5,330,250
6.688,039 -3.2
6,474,360
Sioux City _ _ _ _
1,052,140
1.360,746 +22.0
1.660,158
Waterloo
1,496,561
1,597,752 +27.7
2,039,131
-Bloomington
111.
620,471,366 685,020,024 -9.4 652.304,565
Chicago.
1,138,055
1,239,434 -13.0
1,078,503
Decatur
• 4,574,325
4,931,200 +30.1
6,431,941
Peoria
2,622,274
5,218,892 -3.6
5,929,015
Rockford
2,091.865
2,663,708 -2.0
2,610,827
Springfield_
1926.
$
6
8
%
568,136,502
506,274,330 +7.
543,805,142
4
8,633,709,565 7,399,701,589 +16.7 5,629,400,804
567,935,725
692,291,031 -4.6
660,869,686
419,506,139
441,909,202 +13.9
503,456,815
186,189.194
189,085,172 +3.5
195,667,696
167.332,463
178,299,952 -1.3
176,038,432
946,051,889
997,027,359 1,032,835,983 -3.5
227,551,320
218,370,196 +3.8
226,739,920
107,969,667
126,272,310 +4.0
131,335,234
227,002,838
237,973,050 +4.3
2.50,384,281
64,177,306
71.913,693 +6 1
76,315,757
515,560,221
675,269,860 -6.2
633,693,961
1928.
o.p.rtobact-im
1z14
co..tomw141-moowmc.00AoWWWWC..
1927.
1929.
+I
1928.
1929.
Week End. June 22 1929.
Inc or
Dec.
Week Ended June 22.
Clearings al
- •
which they are located, and from this it appears that in the
New York Reserve District (including this city) clearings
show an improvement of 16.7% and in the Boston Reserve
District of 7.4%, but in the Philadelphia Reserve District
are smaller by 4.6%. In the Cleveland Reserve District the
totals are larger by 13.9% and in the Richmond Reserve
District by 3.5%, while the Atlanta Reserve District shows
a decrease of 1.3%. The Chicago Reserve District falls
3.5% behind, but the St. Louis Reserve District has to its
credit an increase of 3.8%, and the Minneapolis Reserve
District of 4.0%. The Kansas City Reserve District shows
clearings better by 4.3% and the Dallas Reserve District by
6.1%, but the San Francisco Reserve District suffers a loss
of 6.2%.
In the following we furnish a summary by Federal Reserve
districts:
aummArtY OF BANK CLEARINGS.
Federal Reserve DIsts.
.
let Boston__ _12 cities
2041 New York_11 "
3rd Philadel 'la_ 10 4th Cleveland__ 8 "
5th Richmond.8 "
6th Atlanta____13 "
7th Chicago __ _20 "
.
8th St. Louis__ 8 "
9th Minneapolis 7 "
10th Kansaseltv 12 5 "
11th Dallas
.17 '
12111 San Fran.
4269
FINANCIAL CHRONICLE
JUNE 29 1929.1
99,504.995
97,844,002
46.120,647
17,040,014
6,937,066
4,583,706
2,626,094
5,576,801
6,796,669
2,821,246
2,202,618
3,138,926
4,394,461
3,789.425
607,960
418,961
1,910,885
1,277,776
1,140,726
1,114.329
822,791
279,763
886,997
691,318
899,757
4,093,141
339,736
916,003
787,147
530,157
668,604
gn 2/21 2/0 "AS 711
4270
FINANCIAL CHRONICLE
NEW YORK CURB EXCHANGE.
Heavy dealings in utility issues featured Curb Exchange
trading this week with the result that a new high record for
a single day's transaction was established, viz.: On Friday
3,304,500 shares. Prices in this division of the market show
an upward trend. Amer. Gas & Elec. corn. sold up from
189 to 214% and at 2063( finally. Amer. Superpower rose
from 4634 to 5534 and closed to-day at 5434. Buff. Niagara
& East Pow. corn. was conspicuous for an advance of some
12 points to 10434, the final transaction to-day being at
10334. The class A moved up from 9534 to 104 and sold
finally at 10334. Central State Elec. corn. improved from
140 to 151 and ends the week at 15034. Cons. Gas El. L.
& Pow. Balt, com, after early loss from 12834 to 120 ran
up to 14334, with the close to-day at 142. Electric Bond
& Share coin. advanced from 110% to 124. Electric Investor from 185 reached 20934 and sold finally at 204%.
Mohawk & Hudson Power corn, improved from 82 to 90
and sold finally at 89%. Penn. Water & Power sold up
from 9334 to 104% with a final recession to 103. United
Gas Impt. advanced from 225 to 247% and ends the week at
241. Elsewhere movement were more or less irregular.
with 'changes of little significance. Oils were very quiet.
Confusing Continental Oil of Maine,the issue dealt in on the
Curb Exchange, with the Continental Oil of Del., a new
consolidation and traded in on the Stock Exchange led to
the latter being dealt in for a time at considerable lower
figure than the actual price. A full explanation will be
found elsewhere in this issue.
A complete record of Curb Exchange transactions for the
week will be found on page 4304.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Ended
June 28.
Stocks
(No. Shares)
Saturday
Mends)'
Tuaday
Wednesday
Thursday
Friday
Total
z New high record for single
1928, 3,034,400 shares.
RighU.
Domestic.
Foreign
Government
826.400
1,809,000
1.293.800
2,291,900
2,805,300
z3,304.500
91,200
225,885
179.735
541.300
586,900
242.100
$600,000
860.000
1,469,000
1,420,000
1,387.000
1,467,000
71,000
229,000
256,000
204.000
159,000
114,000
12,330,900
1,867,120
47,203,000
$1,033,000
days' transactions. Previous h.gli record
Nov. 28
Imports-
America was inclined to support the market at the low level obtaining at
the beginning Of the week. Prices have therefore
recovered somewhat.
and, following a riga today of gd. for cash and 3-16d.
delivery respectively. were fixed at 24d.and 24 7-16d. for two months'
Quotations were quoted level on the 10th inst., when 24 5-16d. was
recorded for both cash and two months' deliveries, but a premium
of 1-168.
on the latter was re-established today.
The following were the United Kingdom imports and exports
of silver
registered from mid-day on the 3rd inst. to mid-day on the 10th inst.
ImportsExports
Mexico
£229,552 Persia
E30,027
U S. A
31,980 British India
79,425
Canada
16,290 Other countries
3.660
Germany
39.482
Other countries
Exports
-
£113,112
INDIAN CURRENCY RETURNS.
(In lees of rupees)June 7
. fay 31.
Notes in
fag 22.
circulation
18426
18416 18304
Silver coln and bullion in India
9949
9957
9861
Sliver coin and bullion out of India
Gold coin and bullion in India
3222
5tiii
ii,
Gold coin and bullion out of India
Securities (Indian Government)
4323
i5ii
i5i5
Securities (British Government)
932
914
898
The stock in Shanghai on the 8th inst. consisted of about 77.500,000
ounces in sycee. 128,000,000 dollars and 5.000 silver bars,
as compared
with about 77,400.000 ounces in sycee, 128.000,000 dollars and 5,540 silver
bars on the 31st ultimo.
Quotations during the week:
-Barga iker, per OZ. Std.-
Bar Gold
Cash.
2 Mos.
per Oz. Fine
June 6
24d.
24 1-16d. 84s. 11d.
June 7
24d.
24 1-16d. 84s.11d.%.
June1024hd. 84s. 1114d.
8
243-16d.
June
24 5-16d.
24 5-16d. 84s. 11 d.
June 11
24gd.
848. 11 d.
June 12
24;id.
2 7-16d. 84s. 11 d.
24
Average
24.187d.
24.229d.
84s. 11.48-1
The silver quotations to-day for cash and two months' delivery are each
;id. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
June 22. June 24.
Silver, p. oz. d. 24(
243
Gold, p.fine oz. 84.11.14
84.1114
Consols.214%549-16
British 5% __
____
101
British 4345'-------95
French Rentes
(in Parls)_fr.
75.25
French War L'n
(in Paris)_fr. ____
102
Tues.,
June 25.
243's
84.1114
543.4
100,4
95
74.70
102
Wed.,
Thurs.,
Frt.,
June 26. June 27. June 28.
24 3-16
2414
243.4
84.1114
84.1114
84.1114
543.4
5414
5434
100g
10014
100)4
95
94)4
74.75
102.40
74.65
102.35
74.30
102.05
The price of silver in New York on the same days has been:
5234
5234
5244
5214
Public Debt of United States-Completed Returns
Showing Net Debt as of April 30 1929.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued April 30 1929,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1928:
CASH AVAILABLE TO FAY MATURING OBLIGATIONS.
April 30 1929. A:nit 30 1928,
8
Balance end of month by daily statement. ato
225,168,563
198,950,521
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
-4,883.604
-808,506
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers checks
Discount accrued on War Savings Certificates
Settlement warrant checks
220,284,959
198,142,015
41,504,533
77,077408
5,803,345
1,903,195
50.762,875
71,806,032
6,630,590
2,567,714
Total
126,288,181
131,767,811
Balance, deficit(-)or surplus(+)
+93,996,778 +66,374,204
INTEREST
-BEARING DEBT OUTSTANDING.
Interest April 30 1929. AprU 30 1928,
Tille of LoanPayable
$
$
2s Consols of 1930
Q4 599,724,050 599,724,050
26 of 1916-1936
-F.
48,954,180
Q.
48,954,180
2s of 1918-1938
25,947,400
-F.
Q.
25,947,400
36 of 1961
Q.
-M.
49,800,000
49,800,000
38 conversion bonds of 1946-1947
-J.
Q.
28,894,500
28,894,500
Certificates of indebtedness
J.
-J. 1,814,278,700 1,235,250,700
3345 First Liberty Loan. 1932-1947
2 -1. 1,397,685,200 1,397,686,700
as First Liberty Loan, converted. 1932
-47J.
-D.
6.155.450
5,155,650
43(s First Liberty Loan. converted, 1932-47_ J.
-D. 532,816,600
532.820.200
4gs First Liberty Loan,2d converted, 1932
-47..J.
-D.
3,492,150
3,492,150
41,fsThird Liberty Loan of 1928
'M..6.
1,405.183,150
434s Fourth Liberty Loan of 1933-1938
A.-0. 6,283,942,700 6,294,045,100
4545 Treasury bonds of 1947-1952
758,984,300
762,320,300
48 Treasury bonds of 1944-1954
1,036,834,500 1,042,401,500
3g s Treasury bonds of 1946-1956
489,087,100
491,212.100
8)48 Treasury bonds of 1943-1947
493,037,750
494,704.750
3548 Treasury bonds of 1940-1943
359,042,950
4$ War Savings and Thrift Stamps
25,574,352
156,468,285
2go Poeta! Savings bonds
J.
-J.
16,887,180
14,812,382
534s to 5go Treasury notes
J.
-D, 2,941,052,800 2,958,809,600
Aggregate of interest
-bearing debt
16,911,191,862 17,547.682,695
Bearing no Interest
238,603,911
239,199,753
Matured, interest ceased
46,126,510
60,805,040
Total debt
a17,195.922,283 17.847,687,488
Deduct Treasury surplus or add Treasury deficit
+93,996,778 +66,374,204
Net debt
D17,101,925,505 17,781,313,284
a The total gross debt April 30 1929
on the basis of daily Treasury statements
was $17,105,923,774.21, and the net
ceipts In transit, as., was $1,490.25. amount of public debt redemption and reS No reduction is made on account of
obligations of foreign governments or other
£1,354,765 Germany
£22,127
11,416 Prance
21,687
Switzerland
20.400
Egypt
34,204
British India
24,879
Other countries
4,465
£1,366,181
£127.762
The Transvaal gold output for the month of May last amounted to
897,598 fine ounces, as compared with 872,123 fine ounces for April 1929
and 886,186 fine ounces for May 1928.
On the 6th inst. the Imperial Bank of India reduced its rate of discount
from 6 to 5%•
The composition of the Indian Gold Standard Reserve on May 31 last
was as follows:
In India
Nil
In England:
Cash at the Bank of England
£2,750
Gold
2,152,334
British Treasury bills-value as on May 31 1929
6.148,081
Other British and Dominion Government securities-value
as on May 31 1929
31,696,835
£40,000,000
SILVER.
The market has developed rather a steadier tendency during the week
under review. With Eastern rates re-acting, there has been some revival
of enquiry, selling being less insistent. China has been more a buyer than
a seller, and although the Indian Bazaars have not been active, purchases
for their ascount have been made in cover of bear sales. In addition, Investments.
6,690
£323.994
Silver in N.Y., per os.(cts.):
Foreign
5211
5214
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 12 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £162,968,424 on the 5th inst. (as compared with E162.467,271 on the previous
Wednesday). and represents an increase of £9,062,109 since April 29 1925,
when an effective gold standard was resumed.
About £924,000 bar gold from South Africa was offered in the opeq
market yesterday. The Home and Continental trade requirements absorbed £92,000. India took £20.000, the Bank of England secured £307,000
-as shown in the figures below, and £500.000 was acquired for a destination not disclosed.
The following movements of gold to and from the Bank of England
have been announced, showing a net influx of £270,967 during the week
under review:
June 6. June 7
. June 8. June 10. June 11. June 12.
Received
£24.139
Withdrawn- ---£10,251 10,000 £6.864 £10.320 £307.700 £3,437
The receipt yesterday was in bar gold from South Africa. The withdrawals consisted of £30,872 in bar gold and £10,000 in sovereigns.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 3rd inst. to mid-day on the 10th inst.:
British So. Africa
Other countries
[VOL. 128.
JUNE 29 1929.1
FINANCIAL CHRONICLE
Zommercial.andMisceilaneonsnews
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange June 22 to June 28, both inclusive, compiled from official sales lists:
Stocks—
Sates
Friday
Last Week's Range for
Week.
of Prices
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
4271
CHANGE OF TITLE.
to "The
June 22—The National Security Bank of Philadelphia, Pa..
Security Bank & Trust Co. of Philadelphia."
National
VOLUNTARY LIQUIDATIONS.
$100.000
June 17—Citizens National Bank of Vicksburg. Miss
Effective May 23 1929. Liq. Agent. First National
Bank, Vicksburg, Miss. Absorbed by the First
National Bank of Vicksburg, Miss., No,3258.
200.000
June 19—Arcadia National Bank & Trust Co. of Newark. N. Y
Effective June 15 1929. Liq. Agent, Peter R. Sleight,
Newark, N. Y. Succeeded by Arcadia Trust Co.,
Newark, N. Y.
York.
June 19—The Seaboard National Bank of the City of New
11.000,000
N. Y.
Effective 2 P. M.(Standard Time), June 18 1929. Liq.
Agent, Equitable Trust Co., New York, N. Y. Succeeded by the Seaboard Bank of the City of New York.
N. Y. The liquidating bank has three branches located in New York City.
Jan
May 27
30 14
15
15
• 15
Aetna Rubber com
Apr 1434 Jan
8
20
1034 1015
Allen Industries common.•
Feb
May 34
75 28
2834 2834
•
Preferred
Apr
Apr 114
30 114
114 114
Amer Fork & Hoe pret_100
Jan
Apr 40
110 35
3714
37
Amer Multigraph corn_ _.0
140 82 June 923 Feb
86
84
Amer Ship Bldg com---100 86
May
800 2634 .Feb 40
33
31
33
Apex Electric
.
634 June
Jan
3
835
634
6
20
Bond Stores "A"
Jan
234 Apr
1
Auction Sales.—Among other securities, the following,
300
134 2
*
Jan
150 2334 June 36
2314 24
"A" pref..Brown Fence
not actually dealt in at the Stock Exchange, were sold at auction
13 1014 Jan 2814 Mar
133.4 1334
Buckeye Incubator com_ •
Feb in New York, Boston, Philadelphia and Buffalo on Wednes934 Feb 20
50
•
103.4 1034
Byers Machine"A"
Feb
Feb 103
12 103
10434 10414
100
week:
Canfield Oil pref
Mar day of this
64
1,239 49 June
53
49
*
City Ice & Fuel
By Adrian H. Muller & Sons, New York:
A June
% June
% 18,468
%
Rights
Per &h.
Jan 14 June Shares. Stocks.
5
Per Sh. Shares.—Stocks.
365
1214 14
10 1314
Clark, Fred G,com
Feb
Shale Reduction Co.,
100 26 June 35
27
27
53 1-3 Schenker Figures, Inc., corn..$5 lot 5,000 Amer.Hartman Coal Mining
Clev Bldrs Sup ,Sr Br com..*
par $1.: 5
* 9814 97
9834 4,472 97 June 9834 June Sundry accts. receivable aggregating
Cloy-Cliffs Iron pref
Corp.: 60 Parkway Coal Corp.,
$12 lot
161 11034 Mar 11234 Feb
approximately $1,249.94
11134 112
Cloy Elec 111 6% pref-100
May
Apr 111
no par: 98 Stuyvesant Coal Co.,
1,656 100
100 1003.4
Cleveland Ry common_100 100
$41 lot
334 Jan
150
234 May
231 234
Cloy Securities pr lrn pf_10
Mar
Jan 470
21 398
415 422
100
Cleveland Trust
May
By R. L. Day & Co., Boston:
1,333 42 June 60
44
4334 42
Rights
5 per share.
Mar Shares. Stocks.
5 per share. Shares. Stocks.
35 20 June 25
20
20
Cloy Un Stockyards corn.* 20
8334
834 May 25 First Nat. Bank,par $20.13234 ex-dly. 10 Plymouth Cordage Co
100 25 June 2
25
25
Commercial Book
8334
Jan 295
100 Plymouth Cordage Co
562
May 5 Old Colony Trust Co
35 200
295 300
•
Dow Chemical com
Springfield Fire & Marine InJune 10731 May 10 Old Colony Trust Co
108
562
40 10434
10434 10414
100
Preferred
19234
surance Co., par $25
580 2934 June 3414 Apr 7 Milford Nat. Bk., Milford, Maas_170
32
30
32
Ferry Cap dr Screw
Jan 5 Naumkeag steam Cotton Co_105 ex-dly 10 Jones, Merlutfee dz Stratton,
274 10734 May 111
10834 10834
Firestone T & R 7% pt_100
234
Jan
class A
60 94 June 102
200
95
95
3 Royal Weaving Co
Gen Tire & Rubb pret_ _100 95
85
Apr 37 Associated Textile Co
Feb 40
25 Plymouth Cordage Co
36
122 29
3334 3334
3334
Geometric Stamping
Jan
Central Manhattan Properties.
10214 June 105
60
100
271
10234 103
82 Farr Alpaca Co
100
Glidden prior pret
20
Jan 25 Naumkeag Steam Cotton Co.,
Inc., A
100 4534 Apr 54
47
47
Godman Shoe common...*
100 12334 June 13334 Mar
12334 12334
10534 ex-div. 50 Beacon Participations, Inc.,
*
Goodyear T & R com_
18-20
Jan
preferred A
50 89 June 96
3034
90
89
60 Arlington Mills
Lakes Tow com _100 89
Great
Jan
Jan 43
270 40
4014
40
11734 20 Atlantic Public Utilities of Del. A 2134
40
10 Continental Mills
Greif Bros Coop'ge corn..
7434
Jan 4 Merrimac Chemical Co., par $50 663.4 10 Draper Corporation
Ian BOO
10 376
400 400
100
Guardian Trust
Mar 20 Walter M.Lowney Co
330 4134 May 50
$15 lot 100 Western Mass. Companies.... 7034
10 4234 4214 4234
Halle Bros
10 15 June 2534 Feb 60 Old Colony Trust Associates-- 52
25 Associated Tel. Utilities Co..
19
19
•
Harbauer common
82
Jan
Apr 15
6% prior preferred
10 12
12
12
50 Consumers Co. coin. v. t. c.,
Harris-Seybold-Pot com_ •
22 1063.4 Jan 10834 Jan
634 30 New England Power Assn., pref. 96
10614 10614
100
Par $5
Higbee 1st pre(
Jan 5 Folmer Graflex Co., corn
Jan 73
39
61
250. 3special units First Peoples Trust__ 3
52
52
India Tire & Rub corn _ ...,..•
May
Feb 190
30 145
7034 10 New England Power Assn., pref. 96
18 Western Mass. Companies
Interlake Steamship corn.* 16834 16834 16834
$ per Right.
Rights.
81 3234 Apr 4514 Jan 24 New England Fish Co., pref._ 90
33
3334
*
Jaeger Machine com
60
May 12 New England Fish Co., corn—. 80
Mar
100 Nat. Shawmut Bank__ __2 11-16-234
125 30
50
38
100
Jordan Motor prof
1334
50 5234 June 6034 May 21 Old Colony Trust Associates
1 Collateral Loan Co
55
5234 5234
corn...'
Kelley Isld L & Tr
Per Cern,
May
Feb 60
Bonds.
330 43
99
55
54
25 55
Thompson's Spa, Inc
Lamson & Sessions
Shawmut Bank Invest, Tr.
155 3934 Mar 4334 Jan 5 units
40
40
14 Lowell Elec. Lt. Corp., par $25.. 5514 51,000
McKee(AG)& Co com_ •'
Jan
Sc. March 1952 ex-warrants.... 89
50 40 June 52
41
41
Eng. Power Assn.. pref.__ 96
Metropol Pay Brick corn.*
Mar 50 New
65 58 June 85
63
60
100
Preferred
835 44 June 6534 Jan
By Wise, Hobbs &Arnold, Boston:
46
44
•
com_
Mohawk Rubber
5 per Sh.
May
265 3234 Mar 40
36
per Sh. Shares. Stocks.
36
*
Stocks.
Myers Pump corn
Feb 132 , Feb Shares.
100 units Universal Chain Theatres
41 127
131 131
Atlantic National Bank (new),
National Carbon pre!__100
52 per unit
Jan 20par $25
Ain 38
Corp
10 33
92-9234
3554 3534
National Refining com_ _25
Mar
130 Townsite Corp., com., v.1. c_$20 lot
485 3234 May 41
3214 33
•
First National Bank. Boston,
National Tile corn
Mar 2914 Jan 50
300 22
24
22
*
13214-13234 ex-div. 15 Springfield Gas Light Co.. fis
Nestle-LeMur corn
Feb 3034 Apr 1 Old Colony Trust Co
v. t. c., par $25
100 22
29
564
29
Nineteen Hund Wash corn'
132 95 June 9934 Jan 65 Jacksonville Trac. Co. ,ctt. dep. 13c 55 Massachusetts Utilities Assoc.,
96
96
Nor Ohio P & L6% pfd 100 96
3914-3914
Preferred, par $50
58 11114 Mar 11534 Jan 78 Suburban Elec. Sec. Co.,24 pref. 2
1133411434
Ohio Bell Teleph pret__100
Jan
96 8034 Apr 92
350 268 Beacon Participations. Inc.,
8434 85
•
30 Suburban Elec. Sec. Co., com
Ohio Brass B
1634-18
June 7535 Jan 5 Nashua Mfg. Co., pref _8314-83 ex-div
class A preferred
50 66
67
67
corn.*
Ohio Seamless Tube
105 33 June 3831 Mar 5 West Point Mfg. Co____12234 ex-div. 25 New England Public Service
3534
• 3334 33
Patterson Barg
9
834
Mar 10 City Mfg. Co., par $50
245 3534 June 42
Co., $6 cony. pref
5434
3534 37
• 3534
Electric corn
Packard
96
178 New England Pr. Assn., met
800 2434 June 3334 Jan 50 Greaser Mfg. Co., el. Acorn.... 65
2434 25
•
Packer Corp com
Mar
Jones, McDuffee dr Stratton
2134 May 30
5
345
25
24
10 North Boston Lighting Props..
Paragon Refining com_ •
234
Corp., class A
515 4734 Mar 5934 Apr
67
5534 5534
•
common (undeposIted)
Reliance Mfg com
2,649 11234 Jan 132 June 2 Eastern Utilities Associates, corn- 3734 15 New England Power Co., 6%
127 130
Richman Brothers corn...* 130
10734 ex-div.
814 Apr 10 Hood Rubber Co., 714% PrefPreferred
634 June
20
614 634
•
R&Mytc
Per Cent.
Jan
Mar 16
100 10
Bonds.
62%
1034
10
25
erence
Preferred
Jan
490 3934 Jan 65
73 ex-diy. $3,000 Eastern States Refrigerating
3934 40
10 Draper Corp.
Belberling Rubber com___•
5534
Mar 10714 Jan 29 Old Colony Trust Assoc-55 ex-dly.
27 105
Co. lot 78, June 1952
105 105
100
Preferred
$ Per Right.
Jan
195 25 June 35
Rights.
27
27
•
New England Public Service
Selby Shoe corn
234
May 135
Apr 105
265 82
693 National Shawmut Bank
99
9334
Co., $6 pref. new, when Issued
iams corn. _25 9334 93
Sherwin-Will
13
Co
Jan
182 10434 June 108
10434 105
100
10
W. Reynolds, Inc..._5500 lot 60 Collateral Loan Co
Preferred
13
June
Loan
834 May 10 George Corn
634
270
6% 634
63.4
7334 ex-div. 52 Collateral
Draper
Stand Textile Prod corn.
13
May 79 June 7 New England Pr. Assoc., com___ 8514 24 Collateral Loan Co
50 70
73
70
*
Preferred A
May 52 June
891 42
463.4
45
* 45
Preferred 13
Jan
By Barnes & Lofland, Philadelphia:
55 4
634 Jan 68
59
59
Products cam.*
Thompson
a per an.
Apr 10534 Jan Shares. Stocks.
100 103
ares. stocKs.
103 103
$
Trumbull-Cliffs Furn pf 100
Jan
May 60
750 47
4914 50
3
pe 51 • 10 Franktord Trust Co., par $50---490
Nat'l Bank, Barnegat, N. J. r
Union Metal MIS com _ _ .• 50
May 4 First Nat'l Bank & Trust Co___ _240
Jan 424
291 307
21 Phila. Life Ins. Co., par $10_ _ — 2634
390 392
100 390
City
Union Trust
Jan 25
Apr 300
11 280
20 Hillside Cemetery Co., par $25. 2434
281 281
Nat. Bank, par $20 as
100
Union Bank
Jan 2734 June Philadelphia at 18034, 10 at 180,
755 27
27
10 Bankers Bond & Mtge. Guaranty
27
• 27
follows: 10
Vlchek Tool
30
Apr
175
634 Mar 15
11
11
Co.of Amer., no par
*
10 at 170, 10
Sat 178, Sat 171,
Van Dorn Iron Wks com
& NorrisMay
Jan 50
123 24
4534 47
*
at 166 A,5 at 16534,5 at 164, 20148x 10 Phila., Germantown
Weinberger Drug
129
Jan
13 25
Apr 29
2514 2534
town RY
at 162.
Chem Prod corn A..•
Wood
100
Mar
130 102
June 104
10 Union Peas. Ky., corn
102 102
837
Nat. Bank
Western Re-Insur Corp 100 102
May 5 Penn
Jan 104
150 101
63 Tonopah dr Goldfield RR., coin. 10
10234 103
1714 Drovers &Merchants Nat.
Youngstown S dr T pfd 100
20
10 Adelphla Bank & Trust Co
Bank
6614
10 Keswick National Bank
924
Bank
Bonds—
909
Jan 1 Central Nat.
10134 Apr 102
10 Fidelity-Phila. Trust Co
10 Northeast Tacony Bank & Trust
Sand Brew 65_1948 10134 10134 10134 11,000
Cleve &
5 per Right.
Jan
Apr 96
9434 9514 9,750 93
Rights.
151
Co., par S50
Steel dr Tube deb (113._ _1493
33 Integrity Trust Co., at 5125._ 21
5 Mfrs. Title & Trust Co., Par $50- 50
• No par value.
8 1-3 NorthweStern Tr. Co.. at $200 30
Co., with
10 Northern Central Tr.
$ Per Cent.
Bonds.
172
rights, par 550
5750 Michigan North. Pow., 1st 58_ 90
Real Estate-Land Title & Trust
National Banks.—The following information regarding 10Co., par $10
6414
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
By A. J. Wright & Co., Buffalo:
5 per sit.
$ per sh. Shares. Stocks.
Shares. Stocks.
D
300 Boston dr Montana Devel. Co.,
1,000 Columbus Kirkland Mines,
APPLICATIONS TO ORGANIZE RECEIVE WITH TITLES
SW. lot
lmc. Boston temp. ctf., par 55
Capital.
REQUESTED.
Par $1
1.000 Baldwin Gold Mines, par 81__334c.
National Bank & Trust Co. of Grand Forks,
June 19—Red River
$200,000
N. a
N. Dak.
Correspondent, C. W. Ross, Grand Forks,
DIVIDENDS.
250.000
National Bank in Salinas, Calif
June 21—First
,
Dividends are grouped in two separate tables. In
Correspondent A. R. Patrick, Salinas, Calif.
250,000
Bank of Chicago. III
first we bring together all the dividends announced in
June 21—The Terminal National II. Jacobs, 38 South Dearborn
Correspondent, Walter
current week. Then we follow with a second table,
Ill.
St., Chicago,
which we show the dividends previously announced,
TO ORGANIZE APPROVED.
APPLICATION
wn,Iowa-3200.000 which have not yet been paid.
National Bank & Trust Co.of MarshalltoIowa.
June 21—First
Correspondent, L. 0. Abbott, Marshalltown,
The dividends announced this week are:
•
CHARTERS ISSUED.
Books Closed
1W/ten
Per
3500,000
Days Inclusive.
Bank, San Jose. Calif
Cent. Payable,
Name of Company.
June 12—San Jose National
Presi•
Conversion of Growers Bank. San Jose, Calif.
Pabst.
Railroads (Steam).
dent, S. E. Johnson. Cashier, William H.
.July 265
25,000 Atch. Topeka dr Santa Fe, com.(nu.).- *214 Sept. 3 *Holders of rec :
*2
June 17—The First National Bank of Oakdale.Nab H. Morris.
Aug. 15 *Holders of rec. Aug. 5
L. Shenefelt. Cashier, W.
Central RR. of N. J.(guar.)
President, D.
July 15 *Holders of rec. July 8
*2
Extra
50,000
National Bank in Yreka. Calif
Aug.
*Holders
234 Sept.20 *Holders of rec. July 28
June 17—The First Horace V. Ley. Cashier, H. W. Champneys.
Delaware dr Hudson Co.(quan)
6
President,
of rec.
July 20
200,000 Delaware Lackawanna & Western (q.). $l.50 July 31 *Holders of rec. July 15
National Bank of Philadelphia,Pa
*2
Erie RR.,that & second pref
June 18—The Lehigh
Cashier, Joseph R.
*2 Dec. 31 *Holders of rec. Dec. 16
President, Michael F. Sullivan.
First and second preferred
July I
Furey.
Georgia Railroad & Banking (guar.)._ '234 July 15 *Holders of rec. Aug. 1
Minn
25.000 Illinois Central, com.(guar.)
151 Sept. 3 *Holders of rec.
•
*3
June 19—The First National Bank in Amboy. E. C. Wingen.
Sept. 3 *Holders of rec. Aug. 1
F. Rennpferd. Cashier.
Preferred
President. A.
.8
June 29 *Holders of rec. June 24
475.000 New Orleans & Northeastern
National Bank of Norfolk, Va
June 21—The Colonial
Cashier, John T. Rich
President, Wm.S. Royster.
the
the
but
4272
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
[Arm,. 128.
Books Closed
Days Inclusive.
Per
When
Books Closed
Name of company.
Cent. Payable.
Days Inclusive.
Railroads (Steam) (Concluded).
Miscellaneous (Continued).
Norfolk & Western, corn. (quar.)
*2
Sept. 19 *fielders of rec. Aug. 31
Burroughs Adding Machine
.1400 Aug. 1 *Holders of rec. July
Adjustment pref. (quar.)
.1
Aug. 19 *Holders of rec. July 31
13:
Byers(A. M.) Co. pref. (quar.)
*134 Nov. 1 "Holders of rec. Oct. 15
Northern Pacific (quar.)
114" Aug. 1 Holders of rec. July 1
Byers (A. M.) Co., pref. (guar.)
•I31, Aug. 1 *Holders of rec. July 15
Northern HR. of N. H.(quar.)
2
July 1 Holders of rec. June 10
California Dairies, pref. A (quar.)
*13$ Sept. 1 *Holders of rec. Aug. 11
Pennsylvania Company
*$1 50 July 15 *Holders of rec. June 29
Preferred B (quar.)
'51.8234 Aug. 1 *Holders of rec. July 11
Pennsylvania RR.(guar.)
*SI
Aug. 31 *Holders of rec. Aug. 1
California Dairies, pref. A (guar.)
Reading Co., common (guar.)
'134 Sept. 1 *Holders of rec. Aug. 11
*51 Aug. 8 *Holders of rec. July 11
Preferred 13 (guar.)
*IN Aug. 1 *fielders of rec. July 11
First preferred (quar.)
*50c. Sept. 12 *Holders of rec. Aug. 22
Canadian Brewing (quar.)
*50c. July 16 *Holders of rec. June 29
Second preferred (quar.)
*50c. Oct. 10 *Holders of rec. Sept. 19
Canadian Congo!. Felt pref
Richmond Fredericksburg & Potomac
*52.50 June 29 *Holders of rec. June 25
Canadian Fairbanks-Morse, prof. ((lu.)_
1% July 15 Holders of rec. June 29
Voting common stock & div. oblig____ *4
June 29 *Holders of rec. June 22
Canadian Industrial Alcohol (quar.)_ _ 38e. July 15 Holders of rec. June 29
Non-voting 'common
03
June 29 *Holders of rec. June 22
Canadian Wineries, Ltd.(No. 1)
Rome & Clinton
•121.',c July 15 Holders of rec. July 1
*2n July 1 *Holders of rec. June 21
Celluloid Co. 1st partic. pref. (quar.)_ - *$1.75 Sept.
1 *Holders of rec. Aug. 10
$7 preferred (guar.)
*81.75 Sept.
• Public Utilities.
Champion Shoe Mach., lot pref. (qu.)... 13, July 1 *fielders of rec. Aug. 10
Amer. Water Wks. & Elec.. corn. (qu.)_
1 Holders of rec. June 25
25c. Aug. 15 Holders of rec. July 26
Chapman Ice cream (quar.)
Corn. (1-40 share corn. stk.)
'31110 July 15'Holders
Aug. 15 Holders of rec. July 26
Cincinnati Union Stock Yards(guar.)--- *40e. June 29 *Holders of rec. June 25
• 56 first preferred ((luar.)
of rec. June 21
$1 50 Oct. 1 Holders of rec. Sept. 12
Consolidated Paper Box, cl. A (quar.) _ "3735c July 15
Bell Telep. of Pa., corn. (quar.)
*Holders of rec. June 30
*2 June 29 *Holders of rec. June 29
Class B ((mar.)
Bridgeport Hydraulic Co.(quar.)
*25c. July
*40c. July 15 *Holders of rec. July I
Continental Investment, corn. (quar.)__ "I5c July 15 *Holders of rec. June 30
Cent. Atlantic States Service, pfd ((lu.)
1 *Holders of rec. June 20
131 July 1 Holders of rec. June 27
Continental Motors Corp.(quar.)
Cent. Hudson Gas & Elec., corn
20c July
.3nc Aug. 1 *Holders of rec. June 29
Crocker-Wheeler Elec. Mfg., pref. (qu.) *134 July 30 Holders of rec. July 15
Chesapeake & Potomac Telep., pf (qu.)
15 'Holders of rec. July 5
131 July 15 Holders of rec. June 29
Preferred (acct. accumulated divs.)__ "52
Cincinnati Street Ry.(quar.)
Aug. 1 *Holders of rec. July 2
*75e. July 1 'Holders of rec. June 24
Crown Zellerbach Corp.
Cities Serv. Pow. & Light,S5pf.(mthlY) 414c July 15 Holders
of rec. July 1
Convertible preferred (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 13
Citizens Pass. By., Phila
$3.50 July 1 June 21
July 1
to
Preferred series A& B (quar.)
Cleve. Elec. Illuminating, pfd. (qu.)__
81.50 Sept. 1 Holders of rec. Aug. 15
1% Sept. 3 Holders of rec. Aug. 15
Curtis Publishing common (monthly)
*50c. Aug. 2 *Holders of rec. July 20
Commonwealth-Edison Co.(qu.)
*2
Aug. 1 *Holders of rec. July 15
Common (monthly)
Commonwealth & Southern Corp
*50c. Sept. 2 *Holders of rec. Aug. 20
Common (monthly)
Corn. (qu.) (No. 1)(X sh. com.stk.)
*50c. Oct. 2 *Holders of rec. Sept.20
(J) Sett. 1 *Holders of rec. Aug. 1
Preferred (quar.)
*51.75 Oct. 2 *Holders of rec. Sept. 20
Electric Power & Light, corn. (guar.)--25c. Aug. 1 Holders of rec. June 13
Deposited Bank Shares B-1
*35c. July 1
Gen'l Water Wks. dc Elec. 57 pf. (qu.) _ $1.75 July 1 Holders
rec.
Detroit Forging (guar.)
*40c July 15 *Holders
Illinois Northern Utilities, pfd. (au.)-- •13i Aug. 1 *Holders of rec. June 15
of
July 15
Detroit Michigan Stove, tom.(quar.)- -- *30c July 20 *Holders of rec. July 5
International Hydro Elec. System
of rec. July 10
Devonshire Investing common (guar.).50c July 15 Holders of rec. July la
Class A (50e, cash or 1-50 oh. el. A silt)
July 15 Holders of rec. June 25
Diamond Elec. Mfg., corn. (Mar.)
*50c. June 29 *Holders of rec. June 20
Internat. Utilities, class A (quar.)
July 15 Holders of rec. June 28a
Preferred (quar.)
"131 June 29 *Holders of rec. June 20
$7 preferred ((Mar.)
$1.75 Aug. 1 Holders of rec. July 180 Dominion Engineering
Wks.(quar.)_ _ _ _ *SI
July 13 *Holders of rec. June 29
Manitoba Power
*51
Aug. 1 *Holders of rec. July 10
Dominion Engineering
Massachusetts Gas Cos., corn. (quar.), *51.50 Aug. 1 "Holders of rec. July 15
51
July 13 Holders
Eastern Utilities Invest. untie. pf. (qu.) $1.75 Aug. 1 Holders of rec. June 29
Mass. Utilities Associates, pref. (quar.)- .62%c July 15 *Holders
of rec. June 29
of rec. June 29
$6 preferred (quar.)
Milw. Elec. Ry. & Light, pfd. (quar.).... 13t July 31 Holders
51.50 Sept. 2 Holders of rec. July 31
$7 preferred (quar.)
Mo. Gas & Elec. Serv. pr. lien (qu.) _ - *51 75 July 15 *Holders of rec. July 20
$1.75 Sept. 2 Holders of rec. July 31
of rec. June 29
Prior preferred (guar.)
Montreal Telegraph (quar.)
$1.25 Oct. 1 Holders of rec. Aug. 31
2 July 15 Holders of rec. June 29
Eaton Axle & Spring (Mar.)
Mountain States Tel. & Tel.(quar.)- -- - *2
'750. Aug. 1 *fielders of rec. July 15
July 15 *Holders
Elder Manufacturing common (quar.)_ _
Mo. River-Sioux City Bridge, pref.(qu.) $1.75 July 15 Holders of rec. June 29
25c. July I Holders of rec. June 22
of
Class A (guar.)
New England Gas & Elec. Assn. pfd___5 1373$ July 1 Holders of rec. June 29
134 July 1 fielders of rec. June 22
rec. June 20
First preferred (guar.)
North American Co., corn. (in com.stk.) 1234 July 1 Holders
2
July 1 Holders of rec. June 22
of rec. June .5
Electric Household Utilities (quar.)
Preferred ((lust'.)
*25c. July 20'Holders of rec. July 5
75c. July 1 Holders
Stock dividend
North American Edison Co., p1. (an.). _ $1.50 Sept. 3 Holders of rec. June 5
'el 34 July 20 *Holders of rec. July 5
of rec. Aug. 15
Elgin National Watch (quar.)
North Amer. Utility Secur. 1st pt. (qu.) $1.50 Sept. 16 Holders
4 62140 Aug. 1 'Holders of rec. July 16
.
of rec. Aug. 31
Empire Bond & Mortgage common
1st pref. allot. Ms.(quar.)
31.50 July 1 Holders of rec. June 24
$1.50 Sept. 16 Holders
7% Preferred (quar.)..
Northern Ontario Power,6% pref. (qu.) *134 July 25 *Holders of rec. Aug. 31
131 July 1 Holders of rec. Juno 24
of rec. June 30
Equitable Mortgage dr Title Guar
Oklahoma Natural Gas, pref. (quar.)
'215 June 30 *Holders of rec. June 20
*131 July 1 'Holders of rec. June 15
Extra
Pacific Public Serv., corn. A (quar.)
4
.1
June 30 *fielders of rec. June 20
_ 5321tc .Aug. 1 Holders of rec. July 10
Equitable Real Estate, Ltd. (quar.).... 3
Philadelphia & Camden Ferry (quar.)_ _ ni.25 July 10 'Holders
July 1 Holders of rec. June 18
Eureka Pipe Line (guar.)
Philadelphia Met.Power, pref.(quar.).... .50c. Oct. 1 *Holders of rec. June 28
31
Aug. 1 Holders of rec. July 15
of rec. Sept. 10
Fageol Motors preferred
Public Serv. Corp. of N. J., cons. (qu.) *65c. Sept. 30 *Holders
"35c. July 15 *Holders of rec. July 1
of rec. Sept. 6
Fashion Park Associates pref. (guar.) _ _ _ 51.75 Aug. 1
8% preferred (quar.)
*2
Sept. 30 *Holders of rec. Sept. 6
Holders of rec. July 17
Fear (Fred) & Co. cots.(quar.)
7% preferred (guar.)
2
Juno 27
*131 Sept. 30 *Holders of rec. Sept. 6
Fedders Mfg. class A
$5 preferred (quar.)
*50c. July 1 'Holders of rec. Juno 21
$*1 25 Sept. 30 *Holders of rec. Sept. 6
Federated Capital Corp. common
6% preferred (monthly)
373tc Aug. 31 Holders of rec. Aug. 15
.50c. July 31 *Holders of rec. July 5
Common (payable in common stock)_ _ fl
6% preferred (monthly)
Aug. 31 Holders of rec. Aug. 15
*50c. Aug. 31 *Holders of rec. Aug. 9
Preferred
6% preferred (monthly)
3715c Aug. 31 Holders of rec. Aug. 15
'50c. Sept.30 *Holders of rec.
Fifth Avenue Investing tom.(quar.).,.. 31
Railway & Light Securities, corn. (qu.) _ *50c. Aug. 1 "Holders of rec. Sept. 6
June 25 Holders of rec. July 1
July 15
Preferred (guar.)
Preferred (quar.)
$2
June 25 Holders of rec. July 1
81 50 Aug. 1 *Holders of rec. July 15
Finance & Trailing Corp., pref. (quar.).Rhoda Islabd Pub.Serv. cl A (quar.) -- .11
131 July 1 Holders of rec. June 27a
Aug. 1 *Holders of rec. July 15
Firestone Tire & Rubber, corn.
Preferred (quar.)
*50c. Aug. 1 *Holders of rec. July 15
'52 July 20 *Holders of rec. July 15
San Diego Consol..G. & E., pfd. (qu.) (quar.)
(quar.)Pefd
'115 July 15 *Holders of rec. July 1
1 ti July 15 Holders or rec. June 30
Flintkote Co. (quar.)
Seattle Lighting, common (quar.)
*3714c July 15 *Holders
July 15 *Holders of rec. July 1
Fokker Aircraft of Amer. 1st pf. (qu.)__ *4334c July 15 *Holders of rec. July 10
Preferred (quar.)
•131 July 15 *Holders of rec. July 1
of rec. June 26
Foremost Fabrics Corp.(Muir.)
Sierra Pacific Gas & Elec.corn.(quar.)- - *50c. Aug. 1 *Holders
*50c. July 15 *Holders of rec. July 6
of rec. July 15
Foster & Klelser pref. (guar.)
Preferred (quar.)
4.134 July 1 *fielders of rec. June 27
*51.50 Aug. 1 'Holders of rec. July 15
Foundation Co. of Canada, corn. (quar.)
Southern Calif. Edison,com.(quar.).-- *50c. Aug. 15 *Holders
25e. Aug. 15 Holders of rec. July 31
of rec. July 20
Franklin (If. IL) Mfg.,corn.(quar.)_ _
Southern N. E. Telep. (quar.)
*50c. July 20 'Holders of rec. July 10
*2
July 15
Preferred (quar.)
Texas-Louisiana Power, pfd. (quar.) _- 131 July 1 *Holders of rec. June 29
•131 Aug. 1 'Holders of rec. July 20
Holders of rec. June 15
Frelholfer Baking. tom.(quar.)
United Gas & Elec. Co., preferred
*50e. July 1 *Holders of rec. June 29
2,15 July 15 Holders of rec. June 29
Preferred (quar.)
United Gas & Elec. Corp., corn
•13.1 July 1 *Holders of rec. Juno 29
*51 June 28 *Holders of rec. June 24'
Frost Gear & Forge corn.(quar.)
Winnipeg Electric Co
*20e. July 15 *Holders of rec. June 28
"51 Aug. 1 *Holders of rec. July 10
Gardner Denver Co., corn. (guar.)
*75c. July 1 *Holders of rec. June 20
Common (extra)
Banks.
*50c. July 1 *Holders of rec. June 20
General Printing Ink, corn. (quar.)
Continental (in stock)
*1321ic July 1 *Holders of rec. Juno 24
e50
July 15 Holders of rec. June 24
$6 preferred (guar.)
"51.50 July 1 *Holders of rec. June 24
General Cable, Prof. (quar.)
Trust Companies.
*51.75 Aug. 1 *Holders of rec. July 10
Class A (guar.)
Bank of Sicily Trust Co.
"51 Sept. 1 *Holders of rec.
General Printing Ink, corn. (guar.)._ _- '623$c July 1 *fielders of rec. Aug. 8
New $20 par stock (quar.)
*50e July 10 *Holders of rec. June 29
June 24
General Realty & Utilities
56 pref.(75-100 sh. corn. or $1.50 cash)
Miscellaneous.
July 15 *Holders of rec. June 21
Glbralter Finance Corp., pref. A (quar.) 134 July 1 Holders of rec.
Aero Corp., panic. pref. (quar.)
c July 1 *Holders
June 28
Gilchrist Co. (guar.)
Ahrens Fox Fire Engine, class A (quar.)_ *373ic July 1 *Holders of rec. June 15
*750. July 31 *Holders of rec. July 15
of rec. June 27
Gilmore Oil, common
Class 13 (guar.)
"2.5c. July 1 *Holders of rec. June 27
'30c.
Gimbel Bros., Inc., pref. (quar.)
Alliance Realty, corn. (quar.)
6234c July 20 Holders of rec. July 8
'134 Aug. 1 *Ilolders of rec. July 15
Globe Finance Corp., Prof. (quar.)
Allied Chemical & Dye, corn. (quar.)
$1.50 Aug. 1 Holders of rec. July 11
"50c. July 1 'Holders of rec. Juno 25
Globe-Wernicke Co., pref. (quar.)
American Can, corn. (quar.)
75c Aug. 15 Holders of rec. July 31
*13$ July 15 *Holders of rec. Juno 30
Goldsmith (Louis) Inc. 1st pref
American Chatillon Corp., pref. (qu.)._
131 Aug. 1 Holders of rec. July 20
314 July 1 Holders of rec. Juno 26
6% second preferred
American Coal (guar.)
"31
Aug. 1 *Holders of rec. July 11.
3
July 1 Holders of rec. June 26
Grand Rapids Metaleraft, corn. (quar.) _
American Credit Indemnity Squar.)
$1 July 1 Holders of rec. June 25
25c. July 15 Holders of rec. July 30
Greenwich Nat Corp
American Deposit Corp. corp. trust ells_ *35c June 30
"83
July
Grief(L.) &Bros., Inc.,7% pref.(quar.) "871.ie July 10 'Holders of rec. June 30
Extra
*80c. June 30
1 *Holders of rec. June 20
Ground Gripper Shoe, cont.(quar.)
Amer. European Sec., pref. (quar.)--- - $1.50 Aug. 15 Holders
"25c. July 15 *Holders of rec. July 10
of
Preferred (quar.)
Amer. Glanztoff Corp., pref. (quar.)- - - *134 July 1 *Holders of rec. July 31
*75e. July 15 *Holders of rec. July 10
rec. June 20
Amer. Home Products Corp.(monthly)_
30c. Aug. 1 Holders of rec. July 15a Guardian Invest. Trust, tom.(in stock).
Cony, and non-cony, preferred
American Ice, common (guar.)
"373ic
511c. July 25 Holders of rec. July 5
Harbauer Co., corn. (quar.)
Preferred (quar.)
25e. July 1 Holders of rec. June 24
134 July 25 Holders of rec. July 5
Preferred (quar.)
Amer. Metal, corn. (quar.)
*75c. Sept. 1 'Holders of rec. Aug. 21
134 July 1 Holders of rec. June 20
Hibernia Securities, pref. (quar.)
Preferred (quar.)
131 July 1 Holders of rec. June 26
*51.50 Sept. 3 *Holders of rec. Aug. 21
Hillcrest Collieries, Ltd., Com.(guar.)._
Amer. & Overseas Inc., corn. B (quar.). *15c. July 1 *Holders of rec.
114 July 15 Holders of rec. Juno 29
June 20
Preferred ((mar.)
$6 preferred (quar.)
*51.50 July 1 *Holders of rec. June 20
July
Hollinger Consol. Gold Mines (mouthy') 131 July 15 Holders of rec. Juno 29
Amer. Potash & Chem. (guar.)
5c.
*25c. June 29 *Holders of rec. June 25
15 Holders of rec. June 28
Holly Sugar Corp.. prof.(quar.)
Amer. Silver, corn. (quar.)
131 Aug. 1 Holders of rec. July 15
"500. June 29 *Holders of rec. June 14
Holt, Renfrew dr Co., corn.(quar.)
American Shipbuilding, corn. (quar.).__
31 July 2 Holders of rec. June 26
2
Aug. 1 Holders of rec. July 15
Preferred (quar.)
Preferred (quar.)
131 July 2 Holders of rec. June 26
131 Aug. 1 Holders of rec. July 15
Hoover
American Sumatra Tobacco, common--.30e. July 1 *Holders of rec. June 25
750. July 15 Holders of rec. July la Horn & Steel Ball (quar.)
Hanlon Baking, corn. (quar.)
Amer. Title & Guarantee (quar.)
51.75 July 1 June 21 to Juno 30
•111 July 1 *Holders of rec. June 20
Household Products(Muir.)
Amer. Vitrified Products, corn.(au.) --- *50c. July 15 *Holders of rec. July
*8734c Sept.
*Holders
5
Houseman Spitzley Co., class A (quar.). "75c. July 3 *Holders of rec. Aug. 15
Preferred (quar.)
1
*13.1 Aug. 1 *Holders of rec. July 20
of rec. June 25
Hussmann-Ligonier Co., corn. (quar.) _
Anaconda Copper Mining (quar.)
50c July 15 holders of rec. July 5
$1.75 Aug. 19 'folders of rec. July 13
fluttip, Sash & Door, Prof. ((Iuer.)
Anaconda Wire & Cable (quar.)
75c. Aug. 5 Holders of rec. July 13
134 July 1 Holders of rec. June 20
Hydraulic Press Brick, pref. (quar.)_ _
Andes Copper Mining (quar.)
116 July 1 Holders of rec. Juno 21
*75c. Aug. 12 *Holders of rec. July 13
Ideal Cement, cold. (quar.)
Anglo-Amer. Holding Corp. cl.A
.75c. July 1 'Holders of rec. Juno 15
*60c. July 1 *Holders of rec. Juno
Incorporated Investor
Anglo National Corp., corn. A (No. 1). _ "El July 15 "Holders of rec. July 20
*25c July 15 *Holders of rec. June 22
3
Extra
Apollo Steel (quar.)(No. 1)
"he July 15 *Holders of rec. June 22
"30c. July 1 'Holders of rec. June 20
Stock dividend
*2
Extra
July 15'Holders of rec. June 22
'Sc. July 1 *fielders of rec. Juno 20
Independent Oil & Gas (quar.)
Arundel Corp. (quar.)
50c. July 31 Holders of rec. July 15
500. July I Holders of rec. June 24
Indiana Pipe Line
Athol Mfg., corn. ((mar.)
$1 Aug. 15 Holders of rec. July 26
*50c. July 1 "Holders of rec. June 25
Extra
Common (extra)
$3 Aug. 15 Holders of rec. July 26
"52.50 July 1 'Holders of rec. June 25
Internal, Agricultural Corp.. pr. pf.(qu.)
*334 July 1 *Holders of rec. June
Preferred
131 Sept. 3 Holders of rec. Aug. 15d
25
International Bantling Mach.
Atlantic Laundries, pref
53.50 July I Holders of rec. June 25
Common and preferred (special)
Bancroft (Joseph) dr Sons Co., pref.(qu.) 131 July 31 Holders of rec. July
2
Aug. 1
15
Internat. Business Mach. (quar.)
Bankers Financial Trust, common
*61.25 Oct. 10 "Holders of rec. Sept. 21
25c. Aug. 1 Holders of rec. July 1
International Cement (quar.)
Bankers Holding Trust Inc
*SI
June 28 *Holders of rec. June 11
$3 July 1 Holders of rec. June 20
International investment corn.(qu.)
Bansicilla Corp., class A (quar.)
"25c. July 1 *Holders of rec. June 21
"250. July 10'Holders of rec. June 29
Preferred (quar.)
Class B (quar.)
"I3$ July 1 *Holders of rec. Juno 24
*25c. July 10 *Holders of rec.
Internat. Business Mach.(quar.)
Barnsdall Corp., class A & B (quar.) _ '50c. Aug. 6 *fielders fe rec. June 29
$1.25 Oct. 10 'Holders of rec. Sept. 21
July 8
Internal. Printing Ink, corn. (quar.)
Class A & B (extra)
13211c Aug. 1 Holders of rec. July 15
,
*25e. Aug. 6 *Holders of rec. July 8
Preferred (quar.)
Beck & Corbitt, preferred (guar.)
$1.50
151 July 1 Holders of rec.
Internal. Projector. $7 Pref. (quar.)....... $1.75 Aug. 1 Holders of rec. July 15
Bloomingdale Bros., Inc., pref. (quar.). •141 Aug. 1 'Holders of rec. Juen 21)
July 1 Holders of rec. June 21
Key Boller Equipment(quar.)
Bonded Capital Corp., 7% pref. (quar.) "14 July 1 *Holders of rec. July 20
25e. July 10 Holders of rec. June 29
June 22
Keystone Steel & Wire. pref.(guar.) _
Broadway Market Corp., COM
'13$ July 15 "Holders of rec. July 5
*60c. June 20 *fielders of rec. July I
Keystone Watch Case, corn
Brompton Pulp & Paper (quar.)
500. July 15 Holders of rec. June 30
Knott Corp. (guar.) (60c, cash or 1-50 "51.50 Aug. 1 *Holders of rec. July 19
Bruce Co.. preferred (quar.)
July 1 Holders
share stock
Burma Corp., American dep. receipts.., (1) Aug. 21 *Holders of rec. June 20
60c. July 15 Holders of rec. July 4,5
of rec. July 13
Lackawanna Securities
"33 Sept. 3 *Holders of rec. Aug. 15
Name of Compuky.
1y,
at
JUNE 291929.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Name of Company.
Days Inclusive.
Miscellaneous (Concluded).
Lakey Foundry & Mach.(quar.)
*500. July 30 *Holders
Lebanon Financial Corp. cl. A (quar.)--- *25c July 3 *Holders of rec. July 15
of rec. June 27
Lehigh Coal dr Nay. (quar.)
Aug. 31 Holders of rec. July 31
$1
Lincoln Printing corn.(quar.)
.40c. Aug. 1 *Holders of rec. July 22
Liquid Carbonic Corp.(quar.)
*51
Aug. 1 *Holders of rec. July 20
Macfadden Publications pref
$2 July 10 *Holders of rec. June 29
MacKinnon Steel Corp. 1st pt. (quar.)
11.I Aug. 1 Holders of rec. July 23
Magnin (I.) Co. (quar.)
*37Sic July 15 *Holders of rec. June 30
Mahon (It. C.) Co.cony. pref
*55c. July 15 *Holders of rec. July 1
Mandel Bros., Inc.-dividend passed.
Manning Bowman & Co. CIA (quar.)- - - *37 Sic July 1 *Holders
of rec. June 20
Class B (quar.)
*12 nc July 1 'Holders of rec. June 20
Maple Leaf Milling, pref.(quar.)
IN July 18 Holders of rec. July 3
Marks Stores Inc. pref.(guar.)
"30c. July 1 *Holders of rec. June 20
Mary Lee Candy Stores cl A (quar.) __
*87 c July 1 *Holders of rec. June 25
Massey-Harris Co. (quar.)
75c. July 15 Holders of rec. July 2
MeCaskey Register, 1st pref. (quar.)
In July 1
Medusa Portland Cement corn.(No. 1) *51.50 July 1 IIolders of rec. June 24
*Holders of rec. June 25
Metropolitan Chain Stores, pref. (quar.) '51.75 Aug.
Mississippi Val. Utilities, pr. lien (qu.)_ _ *51.50 Aug. 1 *Holders of rec. July 18
1 *Holders of rec. July 15
Mitchell(Robert) Co. Ltd.(quar.)
• 25e. Oct. 15 Holders of rec. Sept. 30
Moe-Bridges Co., pref.(quar.)
*2
July 1 *Holders of rec. June 21
Mulford (H. IC.) Co
*51.50 Aug. 15 *Holders of rec. July 15
Nassau Management Corp
*50c. July 1 *Holders of rec. June 28
National Carbon, pref.(quar.)
2
Aug. 1 IIolders of rec. July 20
National Shirt Shops, pref.(quar.)
2
Neisner Bros., Inc. corn.(In corn. stk.) _ _ .f60c. July 1 Holders of rec. June 29
Aug. 5 Holders of rec. July 20
Preferred (quar.)
1
Aug. 1 Holders of rec. July 15
New England Equity Co. pref. (quar.) _ _
2
July 1 Holders of rec. June 15
N. J. Co.
-Operative Finance Corp.
Preferred (guar.)
17Sie. July 1 Holders of rec. June 10
New York Dock, pref
"23.4 July 15 *Holders of rec. July 5
Northeastern Surety (quar.)
15e. July 1 Holders of rec. June 25
North & Judd Mfg.corn.(quar.)
*500. June 29 *Holders of rec. June 20
Northwest Engineering (guar.)
*500. Aug. 1 *Holders of rec. July 15
Oil Shares Inc., pref.(quar.)
750. July 15 Holders of rec. July 5a
011stocks, Ltd., el. A & B
123.40. Aug. 15 Holders of rec. July 31
011 Well Supply Co.. peel.(quar.)
51.75 Aug. 1 Holders of rec. July 12
Page Hershey Tubes,corn.(quar.)
$1 July 1 Holders of rec. June 20
Preferred (quar.)
In July 1
Paramount Industrial Bankers corn A _ _ - $1.40 July 12 Holders of rec. June 20
Holders of rec. June 30
Preferred
700. July 12 Holders of rec. June 30
Packer Corporation (quar.)
62 Sic. July 15 Holders of rec. July 5
Pelz-Greenstein Co.,Inc. pref
53.50 July 1 Holders of roe. June 30
Peninans, Ltd., corn.(quar.)
'Si Aug. 15 *Holders of roe. Aug. 5
Preferred (quar.)
*51.50 Aug. I *Holders of rec. July 22
Penn Traffic
734c. Aug. 1 Holders of rec. July 15
Phila. Co. for Guaranteeing Mtge.(qu.) _
New $20 par stock (quar.)
50c. June 29 Holders of rec. June
Postum Co.Inc., corn.(quer.)
*75c. Aug. I *Holders of rec. July 20
Pure Gold Mfg. Co.. Toronto (guar.)._ _
50c. July 15 Holders of rec. June 15
Republic Flow Meters, corn.(quar.) _
_ •10c. July 1 *Holders of rec. June 29
20
Common (extra)
*10e. July 1 "Holders of rec. June 20
Preferred (quar.)
*2
July 1 *Holders of rec. June 20
Republic Stamping & Enamel
40e. July 1 Holders of rec. June
25
Resource Flnance Mtge. pref.(quar.) _ _ 8734 e. July
Itice-Stbc Dry Goods, common (quar.)_ _ 373.4 Aug. 1 Holders of rec. June 28
1 Holders of rec. July 15
First and second pref. (quar.)
134 July 1 Holders of rec. June 15
Ritter Dental Mfg. pref. (quar.)
•114 July 1 *Holders of rec. June 24
Rockaway Point Devel., pref. (quar.)_
$1.50 July 1 Holders of rec. June
Hoover Bros., Inc., preferred
17Si e. Aug. 1 Holders.of rec. July 15
5a
Ross Stores, 1st preferred (quar.)
2
July 1 Holders of rec. June 26
Sabin Robbins Paper-Dividend passed.
St. Crolx Paper Co., common (quar.) _ _ "52 July
15 *Holders of rec. July 6
St. Lawrence Paper Mills, allotment
certificates, preferred ((mar.)
1.34 July 15 Holders of rec. June 29
San Francisco Mines of Nevada, Ltd.
Am.dep. refs. ord.shs.(Is.6d. per sh. (re) July 16
*Holders of rec. June 21
Sanger Theatre. Cl A & B (quar.)
*50c July
Santa Cruz Portland Cement(quar.)__ -- *51 July 1 *Holders of rec. June 22
Sayres & Scoville Co., corn. (quar.)_ _ _ _ *134 July 1 'Holders of rec. June 21
1 *Holders of rec. June 25
Common (extra)
5334 July 1 *Holders of rec. June 25
Preferred (quar.)
'134 July 1 *Holders of rec. June 25
Schoeneman (J.), Inc., 1st pref. (quar.)114 July 1 Holders of rec. June 20
Securities Invest., com. (quar.)
750. July 1 Holders of rec. June 20
Preferred (quar.)
2
July 1 Holders of rec. June 20
Sharon Steel Hoop (quar.)
*50c.
Shawmut Association (quar.)
"20c. July 1 *Holders of rec. June 20
Silver King Coalition Mines
*25e. July 1 *Holders of rec. June
20
Southern Surety
40e. July
Spiegel-May-Stern Co.. corn. (quar.)- - - "75c. Aug. 1 Holders of rec. June 20
1 *Holders of rec. July 15
Preferred (quar.)
*5 1.625, Aug. 1 *Holders of rec. July
15
Sprite°, Inc., pref. (quar.)
$1.50 July 1 Holders of rec. June 15
Standard Royalties, common
1
July 1 Holders of rec. June 25
Standard Screw, preferred
3
July 1 Holders of rec. June 20
Stein Cosmetics Co. Inc.. pref. (quar.)_
50e. July 1 Holders of rec. June 24
Sterling Salt, corn. '
(quar.)
*50e. July 1 *Holders of rec. June 24
Stetson (J. B.) Co., common
*$2.50 July 16 *Holders of rec. July 1
Preferred
*$1 July 15 *Holders of rec. July 1
Swift International
.11
Aug. 15 *Holders of rec. July
Teck-Hughes Gold Mines
15c. Aug. 1 July 18 to July 15
Telautograph Corp. (quar.)
"250. Aug. I "Holders of rec. July 31
Toddy Corp., class A (quar.)
15
*50c. July 10 'Holders of rec.
Transamerica Corp. (quar.)
/51 July 25 Holders of rec. June 20
July
Stock dividend
"1
July 25 *Holders of rec. July 5
Troy Sunshade (quar.)
5
*50e. July 1
Common (extra)
*50c. July 1
Preferred (quar.)
•1n July 1
United Ifotels of Amer., 7% pf.(qu.) _ _ _
134 July 1 Holders of rec.
United Retail Chemists, pref
*875ic July 15 *IIolders of rec. June 20
U. S. Casualty (quar.)
•75c. July I "Holders of rec. June 28
Extra
"25e. July 1 *Holders of rec. June 24
June
U. S. Finishing, corn. (quar.)
In July 15 Holders of rec. June 24
Common (extra)
27
1
July 15 Holders of
Preferred (quar.)
114 July 1 Holders of rec. Juno 27
rec. June 27
U.S. Industrial Alcohol, corn. (quar.)_ _ •$1.50 Aug.
1 *Holders of rec.
U.S. Radiator, corn.(quar.)
*50c. July 15 'Holders of rec. July 15
July 1
Preferred (guar.)
"114
13.8. Smelt., Rehr. AM.. Corn. & pt.(qu. 87Si c July 15 "Holders of rec. July 1
Van Camp Packing, 7% Pref. (quar.).._ •4314c July 15 Holders of rec. July 5
July 1 *Holders of rec. June
Vlchek Tool (quar.)
20
40e. July 5 Holders of
Vulcan DetInnIng, prof. (quar.)
114 Oct. 19 Holders of rec. Juno 7
rec.
Preferred (accrued accum. div.)
84
Oct. 19 Holders of rec. Oct. 9a
Oct. 9a
Preferred A (quar.)
1 n Oct. 19 Holders of
rec. Oct. 9a
Preferred A (accrued accum. div.) _ 84
Oct. 19 Holders of rec.
Waltham Watch pr. prof.(quar.)
134 July 1 Holders of rec. Oct. 9a
June 22
Westchester Title & Trust (guar.)
60r. July 6 Holders of
West Coast 011, pref. (cHar.)
*51.50 July 6 *Holders of rec. June 29
rec. June 29
Preferred (extra)
Whitman (William) & Co., pref. (quar.)_ '53 July 5 *Holders of rec. June 29
114 July 1 Holders of rec.
Yarns Corp. of Amer., corn. A (quar.)30e. July 1 Holders of rec. June 19
June 25
Below we give the dividends announced in
previous weeks
and not yet paid. This list does not include
nounced this week, those being given in the dividends anpreceding table.
Per When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam)
Akron Canton A Youngstown (Soar.)
*I
July 1 *Holders of rec.
Alabama Great Southern. preferred.._. $2
June 15
Aug. 15 Holders of rec.
Preferred (extra)
$1.50 Ang. 16 Holders of rec. July 11
Albany A Susquehanna
July
434 July 1 Holders of rec. June 11
Allegheny & NVestern
3
July 1 Holders of rec. June 15a
Atch. Topeka & Santa Fe. pref
20a
234 Aug. 1 Holders of
Atlanta Birmingham A Coast. pref
*234 July 1 *Holders of rec. June 284
rec. June 14
Name of Company.
4273
Per
When
Cent. Payable.
Books Closed
Days Inclustre.
Railroads (Steam) (Concluded).
Atlantic Coast Line RR.,corn
314 July 11) Holders of rec. June 12a
Common (extra)
114 July 10 Floiders of rec. June 12a
Augusta & Savannah
*214 July 5 *IIolders of rec. June 15
Extra
•1ti July 5 *Holders of rec. June
15
Baltimore & Ohio, corn. (quar.)
Sept. 3 Holders of rec. July 13a
Preferred (quar.)
1
Sept. 3 Holders of rec. July 130
Bangor & Aroostook, corn.(guar.)
87c. July 1 Holders of rec. May 31a
Preferred (quar.)
13.4 July 1 Holders of rec. May 31a
Beech Creek (guar.)
50c. July 1 Holders of rec. June I40
Boston dr Albany (quar.)
255 June 29 Holders of rec. May 31
Boston & Maine prior pref.(quar.)
134 July 1 Holders of rec. June 14
First Prof. class A (quar.)
134 July 1 Holders of rec. June 14
First pref. class B (quar.)
July 1 Holders of rec. June 14
First pref. class C (quar.)
134 July 1 Holders of rec. June 14
First pref. class D (quar.)
254 July 1 Holders of rec. June 14
First pref class E (quar.)
114 July 1 Holders of rec. June 14
6% preferred (quar.)
134 July 1 Holders of rec. June 14
Boston & Providence (quar.)
214 July 1 Holders of rec. June 20
Buffalo & Susquehanna. prof
2
June 29 Holders of rec. June 15a
Canada Southern
114 Aug. 1 Holders of rec. June 280
Canadian Pacific. corn. (quar.)
2;4 June 29 Holders of rec. May Ma
Carolina Clinchfield A Ohio, corn
*1
July 10 *Holders of rec. June 30
Stamped certificates (guar.)
'134 July 10 *Holders of rec. June 30
Chesapeake Corporation (quar.)
750. July 1 Holders of rec. June 8a
Stock dividend
)33 1-3 July 1 Holders of rec. June 27a
Chesapeake & Ohio, corn. (quar.)
2)4 July 1 Holders of rec. June 8a
Preferred A
331 July 1 Holders of rec. June 8a
Chic. Indianap. & Louisville common
214 July 10 Holders of rec. June 24
Common (extra)
1
July 10 Holders of rec. June 24
Preferred
2
July 10 Holders of rec. June 240
Chicago & North Western, corn
2
June 29 Holders of rec. June 30
Preferred
334 June 29 Holders of rec. June 3a
Chic. It. I. & Pacific, corn. (quar.)
131 June 29 Holders of rec. May 31a
6% preferred
3
June 29 Holders of rec. May 31a
7% preferred
33.4 June 29 Holders of rec. May 31a
Cincinnati Northern
sr,
July 20 *Holders of rec. July 12
Cleve. CM. Chic. & St. L., corn.(quar.) _
2
July 20 Holders of rec. June 28a
Preferred (qoar.)
1)4 July 20 Holders of rec. June 28a
Colorado & Southern. 1st pref
2
July 1 Holders of rec. June 186 Consolidated RRs. of Cuba pref. (qu.)
134 July 1 Holders of rec. June 106 ,
Cuba RR. common
$1.2 June 28 Holders of rec. June 28a
Preferred
3
Aug. 1 Holders of rec. July 15a
Preferred
(quarPreferred3
Feb 1'30 Holders of rec. Jan. 15a
Day
& Michigan Prof.
551 July 2 *Holders of rec. June 15
Delaware RR
*51
July 1 *Holders of rec. June 15
Detroit River Tunnel
s3
July 15 *Holders of rec. July 8
Elmira & Williamsport, pref
"51.6 July 1 *Holders of rec. June 20
Great Northern preferred
23.4 Aug. 1 Holders of rec. June 250
Gulf Mobile & Northern pref.(quar.)
134 July 1 Holders of rec. June 156
Hocking Valley (quar.)
June 29 Holders of rec. Jane 86
Illinois Central leased lines
2
July 1 June 12 to July 4
Joliet dr Chicago (quar.)
11.1 July 1 Holders of rec. June 21
Kansas City Southern, corn. (quar.)
13.4 Aug. 1 Holders of rec. June 290
Preferred (quar.)
1
July 15 Holders of rec. June 29a
Lake Erie & Eastern
*2
July 1 *Holders of rec. June 24
Lehigh Valley. corn. (quar.)
87 3ic July 1 Holders of rec. June 15a
Preferred (Scar.)
51.25 July 1 Holders of rec. June 15a
Little Schuylkill Nay., RR. de Coal
$1.13 July 15 June 15 to July 15
Louisville & Nashville
3)4 Aug. 10 Holders of rec. July 15a
Mahoning Coal RR., coca. (guar.)
$12.50 Aug. 1 Holders of rec. July 150
Preferred
*S1.25 July 1 *Holders of rec. June 24
Maine Central, common (guar.)
1
July 1 Holders of rec. June 15
Manhattan Ry., guar. (quar.)
134 July 1 Holders of rec. June 20a
Michigan Central
20
July 29 Holders of rec. June 280
Missouri Pacific, pref. (guar.)
134 July 1 Holders of rec.
Mo.-Kansas-Texas RIL. pref. A (quar.) 134 June 29 Holders of rec. June 7s
June 150
Mobile & Birmingham pref
2
July 1 June 2 to June
Mobile & Ohio
e33.4 June 29 *Holders of rec. June 30
24
Morris & Essex
51.75 July 1 Holders of rec. June 76
Nash. Chat.& St. Louis (in stock)
•e60 Subj,to stockholders' meet. July 9
New London Northern (quar.)
'234 July 1 *Holders of rec. June 13
New York Central RR. (quer.)
2
Aug.
Holders
N.Y. Chic. & St. Louis, coml.& pf.(qu.) 114 July 1 Holders of rec. June 28a
1
of rec. May 150
New York & Harlem, corn. & pref
$2.50 July 1 Holders of rec. June 146
N.Y. Lackawanna & Western (guar.)._
134 July 1 Holders of rec. June 140
N. Y. N. H.& Hartford, corn. (guar.)._
1
July 1 Holders of rec. May 31a
Preferred (quar.)
134 July 1 Holders of rec. May 316
Norfolk & Southern
134 July 3 Holders of rec. June 20a
Northern Central
$2
July 15 Holders of rec. June 29a
Northern Securities Co
414 July 10 June 22 to July 10
Norwich & Worcester, pref. (quar.)
2
July 1 Holders of rec. June 15
Old Colony R. R.(guar.)
134 July 1 Holders of rec. June 15
Pere Marquette. corn. (guar )
114 June 29 Holders of rec. June 80
Preferred (guar.)
13.4 Aug. 1 IIolders of rec. July 55
Prior preference (guar.)
114 Aug. 1 Holders of rec. July 5a
PIttsb. Ft. Wayne & Chic., corn.(qu.) _ _
131 July 2 Holders of rec. June 100
Preferred (quar.)
I 11 July 2 Holders of rec. June 10a
Pittsburgh de Lake Erie
"52.50 Aug. 1 *Holders of rec. June 28
Plush. N1cKeesp. & Yough. (quar.)
$1.50 July 1 Holders of rec. June 146
Pittsburgh dr West Va., corn. (quar.)
134 July 31 Holders of rec. July 15a
Providence & Worcester (quar.)
234 June 29 Holders of rec. June 12
Reading Co. 2nd pref. (quar.)
50e. July 11 Holders of rec. June 20a
Rensselaer & Saratoga
4
July 1 Holders of rec. June 15a
St. Louts-San Francisco, corn.(quar.)July 1 Holders of rec. June la
2
Preferred (quar.)
154 Aug. 1 Holders of rec July is
Preferred (quar.)
134 Nov 1 Holders of rec. Oct. 10
St. Louts Southwestern Prof.(quar.)_111 June 29 Holders of rec. June 12
-Southern Pacific Co.(quar.)
154 July I Holders of rec. May 240
Southern fly., corn. ((mar.)
2 • Aug. 1 Holders of rec. July 10
Preferred (quar.)
114 July 15 Holders of rec. June 24a
Texas & Pacific (quar.)
134 June 29 Holders of rec. June 15a
Union Pacific. corn.(quar.)
235 July 1 Holders of rec. June la
United N.J. RR.& Canal(guar.)
21.4 Julyd10 June d21 to July 9
Virginian fly., preferred
*3
Aug. 1 *Holders of rec. July 13
Wabash fly. pref. A (quar.)
131 Aug. 24 Holders of rec. July 25a
Public Utilities.
Alabama Power $7 pref.(quar.)
$1.75 July 1 Holders of rec. June 15
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June 15
55 preferred (Soar.)
$1.25 Aug. 1 Holders of rec. July 15
Amer. Cities Power & Light class A (qu.)
(1)
Amer. Cities Pow. & Lt.. el. B (quar.). 12.4 Aug. 1 Holders of rec. July 5
Aug. 1 Holders of rec. July 5a
American Commonwealths Power
Common class A & B (No. 1)
15c. July 15 Holders of rec. July 1
Corn. el. A All(1-40 share cl. A stock)
(I) Oct. 15 Holders of rec. Oct. 1
$6.50 first preferred (quar.)
$1.63 Aug. I Holders of rec. July 15
57 first preferred (Soar.)
$1.75 Aug. 1 Holders of rec. July 15
Second pref.. series A (quar.)
$1.75
Amer. Community Power lot pref.(qu.)_ $1.50 Aug. 1 Holders of rec. July 15
July 1 Holders of rec. June 15
Preference stock (quar.)
$1.50 July 1 Holders of rec. June 15
Amer. Dist. Teltg.M N. J. corn. (qu.)_
'Si
July 15 *Ilolders of rec. June 15
Preferred (guar.)
Amer. tre Foreign Power $7 pref. (quar.). *114 July 15 *Holders of rec. June 15
$1.75 July 1 Holders of rec. June 12a
$6 preferred (quar.)
Fret. allot. ctfs..65% paid (quar.)....' $1.50 July 1 Holders of rec. June 126
1.1314 July 1 Holders of rec. June 120
Amer. Gas & Elec. corn.(quar.)
25c. July 1 Holders of
Common(
share common stock) (f) July 1 Holders of rec. June 11
roe. June 11
Preferred (quar.)
$1.50 Aug. 1 Holders of rec. July 8
Amer.Power cre Light $.5 pt. A.(quar.) _
_ $1.25 July 1 Holders of rec. June 12a
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June 120
Amer. Public Service. pref. (quar.)
134 July 1 Holders of rec. June 15
American Public Utilities
Prior Prof. and panic. pref. (quar.)_
$1.75 July 1 Holders of rec. June 15
Amer. States Pub. Ser. class A (quar.)
"40c. July 1 *Holders of rec. June 20
American Superpower Corp.
First prof. and preference (quar.)__ _ _ $1.50 July
1 Holders of rec. June 15
Amer. Telco. & Teleg. (quer.)
234 July 15 Holders of rec. June 20a
Amer. Water 'Works & Elec.Corn. (one-tenth share corn. stock)_
flO July 11 Holders of rec. July la
First pref. (quar.)
$1.60 July 1 Holders of rec. June 126
Arkansas Natural Gas pref.((uar.)
*15c. July 1 *Holders of rec. June 20
Name of Company.
Name of Company.
r
FINANCIAL CHRONICLE
4274
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Nam of Company.
When
Per
Cent. Payable.
ot.. 128.
Books Closed
Days Inclusive.
Public Utilities (Continued).
2 to July 1
Public Utilities (Continued).
Frankford & Southwark Pass. Ky.(qu.)_ $4.50 July 1 June
rec. June 15
of roe. June 120
Arkansas Pow. dr Lt., $7 pref. (quar.)-- $1.75 July 1 Holders of rec. June 15
(m)Oeneral Gas& Elec. corn. A & B (qu.) 3714e July 1 Holders of rec. June 12a
July 1 Holders of
$1.50
66 preferred (quar.)
$1.76 July 1 Holders
$7 preferred A (qua?.).
29
(I) Aug. 1 Holders of rec. June
July 1 Holders of roe. June 120
Associated Gas & Elec. class A
$2
$8 preferred A (guar.)
rec. May 31
$1.75 July I Holders of roe. June 12a
Associated Gas & Elec., $7 pref. (quar.)_ 411.75 July 1 "Holders of roe. May 31
Preferred B (quar.)
reo. June 15
'87340 July 1 *Holders of
1 Holders
Original preferred (quar.)
General Public Utilities, pref.(qua:.)... $1.75 July 1 *Holders of roe. June 15
June 10
of
Hydro-Elec. Co., 7% pf.(qu.)__ •11.‘ July 1 *Holders of rec. June 10
Bangor
General Water Works & Elec., pf. (qu.) 511.75 July
•114 July 1 "Holders of rec.
$1.50 July 1 Holders of rec. June 15
Six Per cent preferred (quar.)
Georgia Power $6 pref.(quar.)
June 21
rec.
50c.
81.25 July 1 Holders of roe. June 15
Barcelona Tr. L. & P. corn. (Interim).- v15.4 June 29 Holders of rec. June 21
$5 preferred (quar.)
June 29 *Holders of
13 to July 1
Preferred (qum)
Germantown Passenger Ry.(quar.).... $1.31 July 1 June
June 29 *Holders of rec. June 21
*1
19.4 July 1 Holders of roe. June 29a
Preferred (extra)
Gold & Stock Telegraph (quar.)
July 15 Holders of roe. June 22
4354e June 30 Holders of roe. June 14a
Bell Telephone Co. of Canada (qua:.).. 2
154 July 15 Holders of rec. June 250 Hackensack Water pref. A (quar.)
56c. July 1 Holders of roe. June 21a
Bell Telep. Co. of Pa. pref.(guar.)
Haverhill Gas Light (qua?.)
rec. June 15
June 29 Holders of reo. June 28
*2
Binghamton Lt., Ht.& Pr.,$8 pf. (qu.)_ *31.50 July 1 *Holders of rec. June 15
Illinois Bell Telep. (quar.)
*31.25 July 1 *Holders of
154 July 1 Holders of roe. June 15
$5 Preferred (quar.)
Illinois Power,6% pref. (quar.)
June 15
Birmingham Elec. Co..$7 Pref. (qual.). 81.75 July 1 Holders of rec. June 15
154 July I Holders of roe. June 15
Seven per cent preferred (quar.)
$1.50 July 1 Holders of rec.
of ree. June 10
$6 preferred ((Mar.)
134
Illinois Power & Light 8% pref.(quar.) •1% July I Holders of rec. June 10
$1.50 July 1 Holders of rec. June 10
July 1 Holders
Boston Elevated common (guar.)
pf.(an.).
Lt.
July 1 Holders of rec. June 10 , Indianapolis Pow. &5% 8X%A (guar.). 134 July 1 Holders of rec. June 12a
4
First preferred
pref.
Water.
Indianapolis
of rec. June 15
334 July 1 Holders of roe. June 10
Preferred
International Power let pref. (quar.)--- 154 July 2 Holders of reo. June 15
114 July 1 Holders of roe. June 15
Brazilian Tr.. Light & Pow. pref.(quar.) •
25e. July 1 Holders
International Superpower
*40c. July 15 Holders of rec. July 1
July I Holders of rec. June 15
Bridgeport Hydraulic (quar.)
Stock dividend (one-fortieth share).50c. July 15 Holders of roe. June 20
British Columbia Power. el A (quar.).81.75 July 1 Holders of roe. June 8
Interstate Power $7 pref.(qual.)
Brooklyn-Manhattan Transit Corp.
•31.60 July 1 Holders of rec. June 8
$6 Preferred (guar.)
214
July 15 Holders of rec. July la
$1
Common (guar.)
& Teleg., new stk.(qu.) 60e. July 15 Holders of rec. June 15
$1.50 July 15 Holders of rec. July la Internat. Telep.
Holders of rec. June
Preferred, series A (guar.)
pref.(quar,). 31.75 July
$1.50 Oct. 15 Holders of rec. Oct. la Iowa Public Derv.. $7 first
Holders of rec. June 15
Preferred, series A (quar.)
31.15214 July
$614 first preferred (quar.)
$1.50 anI5'30 Holders of rec. Dec. 31a
Holders of roe. June 15
31.60 July
Preferred, series A (guar.)
$8 first preferred (guar)
$1.50 AprI5'30 Hold, of rec. Apr. 1 '30a
Holders of rec. June 15
154 July
pt.(qu.)_
Preferred, series A (guar)
Holders of reo. June la Jersey Central Pow.& Lt.7%
81.25 July
Holders of rec. June 15
134 July
Brooklyn Union Gas (qum)
6% preferred (quar.)
*Holders of reo. June 1
Holders of rec. June 14a
$1.50 July
Buff. Mag. & East. Pow., corn. (qu.). *30e. July
K. C.Pow.& Lt. 1st pt.ser. B
of rec. June 1
*Holders
*30c. July
Holders of roe. June 20
July
Common (extra)
Public derv. pref. A (On.).. $1
Kansas City
*Holders of reo. June 1
.30c. July
Holders of rec. June 17
154 July
Class A (quar.)
Kansas Gas & Elec. Prof.(quar.)
*Holders of roe. June 1
*30c. July
Holders of rec. June 20a
Class A (extra)
134 July
Kentucky Securities, corn. (qual.)
*Holders of rec. June I
.40e. July
19.4 July 1 Holders of rec. June 20a
Preferred (quar.)
Preferred (quar.)
*Holders of rec. July I
*Holders of rec. June 18
81.25 Aug.
$1.50
First preferred (quar.)
Kings County Ltg. common (qual.)._.. •1M July
Holders of rec. June 1
114 July
*Holders of rec. June 18
July
Calgary Power, Ltd., COM.(QUM%)
5% Preferred (qua:.)
*Holders of rec. June
*154 July
*Holders of rec. June 18
'194 July
California Elec. Generating pref.(4u-)
7% preferred (quar.)
July 1 Holders of rec. June 3
*50c. June 2 *Holders of rec. June 19
California-Oregon Power,7% pref.(qu.) 154
Lone Star Gas (quar.)
rec. J.ne 3
134 July 1 Holders of
Holders of roe. June 15
134 July
Six per cent preferred (quar.)
Long Island Ltg. pref. A (quar.)
of rec. June 2
Holders of rec. June 15
134 July
Canada Northern Power pref. (quar.)--- 154 July 1 Holders of rec. June 1
Preferred B (quar.)
Holders
Holders of rec. June 143
Capital Traction, Wash. D.C.(quar.)-- 154 July
I
Mackay Companies common (quar.)._. 144 July
Holders of roe. June
Holders of rec. June 143
July
1
Carolina Power & Light, 37 pref.(quar.) $1.75 July
Preferred (quar.)
i
Holders of rec.tne 1
$1.50 July
Holders of rec. June 15
$8 preferred (quar.)
Memphis Pow. & Lt.. $7 pref. (quar.).. 31.75 July
Holders of rec. 110 1
114 July
Holders of rec. June 15
$1.50 July
Cent. Illinois Light Co.,6% pref. (qu.)_
$6 preferred (quar..)
Holders of rec. une 1
1,,i July
*Holders of rec. June 15
preferred (quar.)
Seven per cent
Metropolitan Edison,$7 pref.(qual.)... *$1.75 July
*31.50 July I *Holders of rec. June 3
*Holders of rec. June 15
*31.50 July
Central Ill. Public Sen.. pfd.(qu.)
$6 preferred (quar.)
75e. July 1 Holders of rec. Junedl
*Holders of rec. June 15
511.25 July
Central di Southwest CUL, corn. (quar.)
$5 preferred (quar.)
Holders of rec. June
June 2
*2
Central States Elec. Corp., corn.(quar.) 25e. July
Michigan Bell Telephone (qual.)
Holders of rec. June
rass July
Holders of rel. June 15
Common (payable In corn. stock)..
7% pref.(guar.) 154 July
Michigan Elec. Power.
Holders or rec. June
144 July
Holders of roe. June 15
134 July
Sevenper cent preferred (quer.)
Six per cent preferred (quar.)
Holders of res. June
1)4 July
July 1 *Holders of rec. June 29
Six per cent preferred (quar.)
Middle West Util. 7% panic. pref.(qu.) '2
June
Holders,of rec.
441.50 July
Convertible preferred (quar.)
*31.50 July 1 *Holders of rec. June 29
$8 preferred (guar.)
*Holders of rec. July 1
Holders of rec. June 22
Central States Elec.. corn. (In stock). 1200 July 2 "Holders of rec. June
Midland Utilities, 7% prior lien (quer.). 154 July
Holders of rec. June 22
Central States Power, $7 pref. (quar.)_. *31.76 July
Biz per cent prior lien stock (guar.)... 134 July
'Holders of rec. June
$1.75 July
Holders of rec. June 22
Utilities $7 pref.(qu.)
154 July
Central States
•1zi July
7% Preferred class A (quar.)
*Holders of rec. June 1
Holders of roe. June 22
154 July
Chic. North Shore de Mllw. pr. lien (qu.)
8% preferred class A (qual.)
of rec. June 1
*Holders
'134 July
Holders of roe. June 15
Preferred (quar.)
Minnesota Power & Light,7% pref.(qu.) 154 July
*Holders of rec. June 111
Holders of roe. June 15
Chic. Rap. Transit pr. pf. A (mthly.)._ *650. July
$1.50 July
$13 preferred (quar.)
*Holders of rec. July 18
*1350. Aug.
*Holders of rec. June 15
Prior preferred class A (mthly)
'
Power pref.(quer).-- 1 34 July
Mississippi River
*65c. Sept. *Holders of rec. Aug. 20
*Holders of rec. June 15
July
Prior preferred class A (mthly.)
•154
Missouri Public Service (guar.)
*Holders of reo. June 18
*800. July
Holders of reo. June 20.2
Prior preferred class B (mthly.)
Mohawk As Hudson Power,2d pf.(qu.)__ 31.75 July
*Holders of rec. July 18
*60c. Aug.
Prior preferred class B (mthly.)
Monongahela West Penn Public Service
*60e. Sept. *Holders of rec. Aug. 20
Holders of roe. June 8
class B (mtbly.)
Prior preferred
.
.
43440 July
Seven per cent pref.(quar.)
*Holders of roe. June 14
Holders of rec. June 30
Cincinnati Gas & Elec., pref. A (qu.)-- '134 July
Montreal L. II. & P. Congo'. corn. (qu.) 60e. July 3 Holders of roe. July 15
Holders of rec. June 20
254 July I
Cincinnati & Suburban Bell Telep.(qu.) $1.12 July
Montreal Tramways (quar.)
Holders of rec. June 12
1;4 July
154 July 2 Holders of roe. June 29
Cleveland Railway (qual.)
Holders of rec. June 100 Mountain States Power, pref. (quar.)50e. July
Holders of rec. June 15
July
Columbus Elec. & Power corn. (quar.)....
Holders of rec. June 100 Nassau & Suffolk Lighting, pref.(quar.) 134 July
Holders of rec. June 20
(one-fortieth eh. corn. stock) (f) July
154
Common
Holders of rec. June 10a Nat. Elec. Power 7% prof. (qual.)
154 July
Holders of rec. June 20
114 July
Second preferred (quar.)
Preferred (guar.)
June 100
6%
Holders of rec.
154 July
Holders of rec. June 20
Preferred series B (guar.)
1.62)4 July
Holders of rec. July 12a Nat. Gas & Elec., $6.50 pref.(guar.).-8 1423-4 Oct.
Aug.
*Holders of rec. Sept. 20
corn.(qu.) $1
Commonwealth Power Corp.,
$6.50 preferred (qual.)
Holders of rec. July 12
1% Aug
Holders of rec. June 15
$1.75 July
8% preferred (guar.)
$7 pref. (guar.)
Nat. Power & Light,
*Holders of roe. June 21
Holders of roc. July 12
$1.50 Aug.
Community Telephone panic. stk.(qu) *50o. July
$8 Preferred (quar.)
*Holders of rec. June 15
July
Holders of roe. June 17
151 July
Connecticut Elec. Service, pref. (quar.)- *$1
Nat. Public Service pref. A (quar.)
*Holders of rec. June 15
Holders of rec. June 29
154 Aug.
Corusol. G.El. L.& Pr.,Bait., corn.(au.) .750. July
pref. (qu.)...._
Nevada-Calif. Elec. Corp.
*Holders of rec. June 15
'134 July
*50c. July I *Holders of rec. June 29
5% Preferred series A (guar.)
New England Power ASCU.. COM.
*Holders of rec. June 15
'134 July
June 15 to June 80
31.50 July
8% Preferred series D (quar.)
Preferred (quar.)
*Holders of rec. June 15
'194 July
Holders of roe. June 16
$1.50 July
554% preferred series E (guar.)
Holders of rec. June 29a New England Power Co., pref.(quar.).. 5
$1.25 Aug.
of reo. June 15
Consol. Gas of N. Y., pro!.(quar.)
New England Pub. Sem. corn. (guar.). .45e. June 30 *Holders of roe. June 30
June 15
Holders of rec.
$1.26 July
1 Holders
Consumers Power, 35 pref.(guar)
New England Pub.Serv.$7 prof.(qu.).. $1.75 July 1 *Holders of rec. June 30
Holders of rec. June 15
154 July
July
•$1.75
6% preferred (guar.)
$7 adjustment pref.(quar.)
Holders of rec. June 15
31.66 July
*31.50 July I *Holders of rec. June 30
15% preferred (guar.)
$6 preferred (guar.)
Holders of rec. June 15
154 July
June 2 Holders of rec. June 10
7% preferred (quar.)
New England Telep.& Teleg.(quar.)... 2
Holders of rec. June 15
500. July
*Holders of roe. June 20
6% preferred (monthly)
'194 July
Now Jersey Water, pref.(quar.)
Holders of rec. June 16
65e. July
Holders of rec. June 17
8.6% preferred (monthly)
Pub. Ser. common (qu.)... 5851c July
New Orleans
Holders of rec. Sept. 14
$1.25 Oct.
Holders of rec. June 17
July
Power,$5 pref. (quar.)
154
Consumers
Preferred (quar.)
Holders of rec. Sept. 14
1)4 Oct.
*Holders of rec. June 20
6% prof. (quar.)
Power & Light,7% prof.(guar.)._ •154 July
14
N.Y.
Holders of roe. Sept.
$1.65 Oct.
*Holders of rec. June 20
8.8% preferred (quar.)
'13-4 July
8% preferred (quar.)
Holders of rec. Sept. 14
154 Oct.
Holders of ref. June 15a
7% pre?.(quar.)
New York Steam Co. $6 prof. (guar.)._ $1.50 July
Holders of rec. July 15
500. Aug.
Holders of roe. June 150
$1.75 July
6% prof. (monthly)
$7 preferred (quar.)
Holders of rec. Aug. 15
50e. Sept.
(monthly)
July 1 Holders of rec. June 20
6% pref.
N.Y. Telephone, 634% pref.(quar.)- 134
Y.
Holders of rec. Sept.14
50c. Oct.
*Holders of ree:June 15
6% pref. (monthly)
Niagara Falls Power common (quar.)_.. *65c. July
15
Holders of rec. July
550. Aug.
Holders of roe. June 64
6.6% pref. (monthly)
North Amer. Co., coin.(ln com.stock)... f234 July
Holders of rec. Aug. 16
55c. Sept.
Holders of reo. June 50
The. July
6.6% Preferred (monthly)
Preferred (guar)
Holders of rec. Sept. 14
55c. Oct.
*Holders of roe. June 20
6.6% preferred (monthly)
& Pow.,$6 Of.(qu.). *31.50 July
North Amer. Light
Holders of rec. June 12
Holders of roe. June 16
Gas & Elec. Corp.com.(1111.) $1.10 July
Continental
North Continent Utilities, pref.(qu.).. 154 July
Holders of rec. June 12
$1.75 July
Holders of roe. June 10
Prior preference(guar)
Northeastern Power Corp., corn.(quar.) 25e. July
153 Juno 30 Holders of roe. May 31
Holders of rec. June 10
Continental Passenger Ky., PhDs
31.50 July
Class A (qual.)
*Holders of rec. June 20
Holders of roe. June 29
prof.(quar.).... *154 July
Continental Teter). 7%
Northern Indiana Pub. Ser. 7% pf.(qu.) 154 July I Holders of roe. June 29
"Holders of rec. June 20
*134 July
13.4 July 1
634% Preferred (guar.)
(quar.)
6% preferred
June 3 Holders of rec. June 15a
2
July 1 Holders of rec. June 29
Telephone common (guar.)
154
Cuban
534% preferred (qua:.)
154 June 30 Holders of roe. June I54
Holders of rec. June 22
July
Preferred (quar.)
$1
75o. July 1 Holders of rec. Junk Um Northern Mex.Pow.& Dev.corn.(on.). 131 July
Holders of err: Juno 22
Denver Tramway. pref.(qua:.)
Preferred (quar.)
July 15 Holders of reo. June 20e
2
Holders of rec. July 10
(qual.)
Detroit Edison
Northern N. Y. Utilities. prat. (quar.)__ 31.75 Aug.
19.4 July 15 Holders of roe. June 20
Holders of rec. June 15
Diamond State Telep. Pref.(Qual.)
Northern Ohio Pr.& Lt.,8% pref.(oh.) 154 July
$1.75 July 1 Holders of rec. June 15
Holders of rec. June 15
194 July
Dixie Cult Gas,$7 pref.(quar.)
7% Preferred (quar.)
*Holders of roe. June 22
Holders of rec. June 29
Aug.
Dominion Power & Transp., pref.(quar.) *154 July 15 Holders of roe. June 15
Northern States Power,corn. A (qual.).. 2
154 July 1
151 July 2 Holders of roe. June 29
Duke Power common (qua:.)
7% Preferred (quar.)
154 July 1 Holders of roe. June 15
2 Holders of roe. June 29
134 July
Preferred (guar.)
6% Preferred (quar.)
July 1 Holders of rec. June 15
Holders of roe. June 15
Duluth Superior True., pref.(guar.)---- 1
134 July
Holders of roe. June 15a Northport Water Works, pref.(quar.)__ $1.50 July
June 18 to June 30
Duquesne Light 5% 1st prof.(quar.)_.... 114 July 15 Holders of roe. Sept. 14a Northwestern Telegraph
154 Oct. 15
Holders of reo. June 15
5% first pref.(qua:.)
North West Utilities prior lien pref.(cm.) 154 July
3734c July 15 Holders of rec. July 1
*Holders of rec. June 20
*154 July
Eastern Mass. Street Ky. common
Ohio Bell Telco. Pref.(guar.)
$1.25 July 1 Holders of rec.June 15
Holders of roe. Aug. 15
Sept.
154
Adj. stock (guar./
pref. (guar.)
Ohio Edison Co.
of rec. June 15
Holders of roe. Aug. 15
1.65 Sept.
Eastern N. J. Power Co.614% pf. (au.) 144 July 1 Holders of rec. June 15
6.6% preferred (qual.)
1
151 July 1 Holders
Holders of rec. Aug. 15
134 Sept.
Preferred (quar.)
7%
7% preferred (quar.)
July 1 Holders of rec. June 15
2
Holders of roe. Aug. 15
134 Sept.
8% preferred (quar.)
5% preferred (quar.)
of rec. June 5
Holders of ree. June 15
50c. July
Eastern Texas Electric Co.. pref.(qu.).. 154 July 1 Holders of rec. June 18
13% preferred (monthly)
2114 July 15 Holders
Holders of rec. July 15
50e. Aug.
& Share common
Electric Bond
6% preferred(monthly)
8140 Aug. 1 Holders of rec. July 10
Holders of rec. Aug. 15
50c. Sept.
Preferred (quar.)
8% preferred (monthly)
June 130
Holders of rec.
Holders of rec. June 15
550. July
Elec. Pr.& Lt., allot. efts. full pd. (t111.) $1.75 July 1 Holders of rec. June 130
6.6% preferred (monthly)
87)4c July I
Holders of rec. July 15
55c Aug.
Allotment ctfs.50% Paid (guar.)
6.6% preferred (monthly)
$1.75 July 1 Holders of rec. June 13a
Holders of roe. Aug. 15
55c Sept.
Preferred (quar.)
preferred (monthly)
8.6%
$1.75 July 15 Holders of rec. July la
Holders of rec. June 20
154 July
Co., pref. A (quar.)
(guar.)...
El Paso Elec.
1 Holders of rec. June 15a Ohio Electric Power 7% prof.
Holders of roe. June 20
134 July
Empire Gas & Fuel6% pref.(mthly.)... 50c. July 1 Holders of rec. June 15a
6% Preferred (quar.)
54 1-dc July
Holders of roe. June 20
134 July
Edison, pref. (quar.)
634% preferred (monthly)
58 1-30 July 1 Holders of rec. June 15a Ohio River Power 7% pref.(quar.)
*Holders of reo. June 20
•154 July
7% pref. (monthly)
June 153
662-3c July 1 Holders of rec. June 16a Ohio River
8% preferred (monthly)
Light Heat & Pow., corn. (qtr.). 154 June 3 Holders of rec. June 15a
Holders of rec. June 18a Ottawa
Holders of rec.
154 July
Empire Power Corp.$6 prof.(quar.)..... $1.50 July 1 Holders of rec. June 18a
Preferred (quar.)
50c. July 1
50e. July 1 Holders of roe. June 294
Participating stock (guar.)
Pacific Gas dr Elec., COM.(guar.)
June 4
Holders of rec.
*81.50 July I *Holders of rec. June 29
Engineers Public Service, corn.(Qua?.).. 250. July 1 Holders of roe. June 40 Pacific Lighting, pref. (quar.)
$1.25 July I
Holders of rec. June 14
8.5 preferred (quar.)--154 July
Power & Light, pref.(au)._
1.3734 July 1 Holders of rec. June 4a Panama
154 June 2 Holders of rec. June 200
85.50 preferred (quar.)
Pacific Tel. & Tel. common (qual.)
*750. July 1 *Holders of rec. May 15
1 Holders of rec. June 290
Fall River Electric Light (guar.)
134 July
Preferred (quar.)
Holders of roe. June 130
Holders of rec. June 150
154 July
Federal Light & Tract., COM.(Oil.)..... 37340. July 1 Holders of reo. June 134 Peninsular Telephone. COM.((MAO
July 1
Holders of roe. June 150
Common (payable in tom. stock).... 1
Light & Power,$5 pf,(qu.) $1.25 July
$1.75 July I Holders of rec. June I4a Penn Central
Holders of roe. June 15
Federal Water Service $7 pref.(gu.)- 70e. July
32.80 preferred (guar.)
1.6234 July 1 Holders of rec. June 140 Pennsylvania Gas & Elec. Co.. pf.(qu) 111 July
Holders of roe. June 20
10.50 preferred (qua:.)
140
81.50 July I Holders of rec. June 14
Holders of roe. June 20
$6 preferred (quar.)
Pennsylvania G.dc E.Cory..7%11.(an.) 154 July
roe. June
Holders of tea. June 203
Florida Power & Light pref. Caner.).... 154 July 1 Holders of rec. June 20
81.76 July
$7 preferred (guar.)
Foreign Light & Power 1st pref.(qu.)- $1.60 July 1 Holders of
JUNE 29 19291
FINANCIAL CHRONICLE
Per
Naas
Boots
Name of Company.
Cent. Payable.
Data ineltein.
Public Utilities (Concluded).
Penn-Ohio Edison common (guar.)
250. Aug.
Holders of rec. July 15
7% prior pref. (guar.)
134 Sept.
Holders of rec. Aug. 15
$6 Preferred (guar.)
$1.50 July 1 Holders of rec. June 29
Pa.-Ohlo Pow.& Lt.,$6 pref.(guar)
$1.50 Aug.
Holders of rec. July 20
7% Preferred (quar.)
1 yi Aug.
Holders of rec. July 20
7.2% preferred (monthly)
600. July
Holders of roe. June 20
7.2% preferred (monthly)
60c. Aug.
Holders of rec. July 20
6.6% preferred (monthly)
55e. July
Holders of rec. June 20
6.6% preferred (monthly)
550. Aug.
Holders of rec. July 20
Pennsylvania Pow.& Lt.. 37 Pf. (o11.)-- $1.75 July
Holders of rec. June 15
$6 preferred (guar.)
$1.50 July
Holders of rec. June 15
$5 preferred (Misr.)
$1.25 July
Holders of rec. June 15
Pennsylvania Water & Power (quar.). 6234c July
Holders of rec. June 14
Peoples Gas Co. preferred
3
July
Holders of too. June 12.
Peoples Gas Light & Coke (guar.)
2
July 1 Holders of rec. July 30
Peoples Lt.& Pow.Corp.,com. A (qu.)_ y600. July
Holders of rec. June 8
Philadelphia Co. common (guar.)
31
July 3 Holders or roe. July la
Common (extra)
$7 ituly 3 Holders of rec. July la
111 e pt.
5% preferred
Holders of rec. Aug. 10a
Phila. Elec. Power, preference (quar.)
50c. July
Holders of roe. June 10a
Philadelphia Rapid Transit Co.(guar.)- $1
July 3 Holders of rec. July 150
Phila. Suburban Water pref.(quar.)
134 Sept.
Holders of rec. Aug. 120
FhUs.& Western fly. pref.(guar.)
134 July 1 Holders of rec. June 30a
Portland Elec. Power 1st pref. (quar.)__ $1.50 July
Holders of rec. June 15
Prior preferred (guar.)
$1.75 July
Holders of rec. June 15
Porto Rico Rye.. pref. (guar.)
154 July
Holders of rec. June 15
Postal Telegraph & Cable pref.(quar.)
134 July
Holders of rec. June 140
Power Corp. of Canada partic. pt.(qu.)_
75c July 1 Holders of roe. June 29
Preferred (guar.)
134 July 1 Holders of rec. June 29
Providence Gas (guar.)
25e. July
Holders of rec. June 15
Public eery. Corp. of N. J., cam.(qu.)
650 June 2 Holders of rec. June Ya
Eight per rent preferred (guar.)
2
June 2 Holders of rec. June Ta
Seven per cent preferred (guar.)
134 June 2 Holders of rec. June 7a
55 preferred (guar.)
$1.25 June 2 Holders of tee. June 70
Six per cent preferred (monthly)
500 June 2 Holders of rec. June 70
Pub.Serv. Co. of Oklahoma, com.(qu.)- 2
July
June 21 to July 1
Seven per cent prior lien stook (guar.) 154 July
June 21 to July 1
Six per cent prior lien stock (quiz.)
134 July
June 21 to July 1
Public Service Elec.& Gas6% pt.(go.)_
134 June 2 Holders of rec. June 7a
Public Service Elea.& Gas.7% prof.(qu) 154 June 2 Holders of
ree. June 7
Public Utility Invest. com.(guar.)
35c. July
Holders of roc. June
Puget Sound Power & Light prof.(guar.) $1.50 July 1 Holders of rec. June 20
20e
Prior preference (guar.)
$1.25 July 1 Holders of rec. June 20a
Quebec Power (guar.)
500. July 1 Holders of rec. June 27
Queensboro Gas& Elec.6% prof.(qu.)
*134 July
*Holders of tee. June 20
Radio Corp. of Amer.. pref. A (quar.) 8734e. July
Holders of me. June la
Prat B(No.1)(Peed Mar.15-June 30) $1.46 July
.
Holders of rec. June la
Reading Traction
750. July
June 16 to July 1
Roanoke Gas Light, pref. (guar.)
*334 July
*Holders of rec. June 20
Rochester Central Power Corp. pref.(qu) 134 1July
Holders of rec. June 20
St. Louis Public Service pref.(guar.).-- $1.75 July
Holders of roc. June 20
Savannah Elec.& Power 1st pt. A (eu.) *2
July
*Holders of rec. June 14a
First pref. B (guar.)
*134 July
*Holders of too. JUIN! 14a
2d & 3d Sta. Pass. Ry., Phi4t.(quar.). 83
July
June 2 to July 1
Shawinigan Water & Power (guar.)
500. July 1 Holders of too. June 14
Southeastern Pr. & Lt.. corn.(guar.).-- 1
July 2 Holders of rec. June 1
$7 Pnyterred (guar.)
$1.75 July
Holders of rec. June 15
$6 preferred (guar.)
51.50 July
Holders of rec. June 15
Participating preferred (guar.)
$1.25 July
Holders of rec. June 15
Southern Calif. Edison orig. prof.(qu.)_ _
50e. July 1 Holders of tee. June 20
634% pref.(guar.)
3454e July 1 Holders of rec. June 20
Southern Canada Power pref.(quar.)
*134 July 1 *Holders of rec. June 20
Southern Indiana G.& E.7% pf. (qu.)
134 July
Holders of rec. June 24
6% preferred (guar.)
134 July
Holders of rec. June 24
6% Preferred (semi-annual)
3
July
Holders of rec. June 24
6.6% preferred (guar)
1.85 July
Holders
South Pittsburgh Water Co. pf.(quar.). 134 July 1 Holders of roe. June 24
of rec. July 1
Southwest Bell Telep. pref.(guar.)
134 July
Holders of rec. June 20
Southwestern Gas & Elec.. 8% Pt. (qu.) *2
July
*Holders of rec. June 15
Seven per cent preferred (guar.)
*134 July
*Holders of rec. June 15
Southwestern Light & Pow.. pref.(qu.)_ *21.50 July
*Holders of roe. June 15
Springfield Gas & Else.. pref. A (guar.). $1.75 July
Standard Gas & Electric, coin.(quar.)-- 8734c July 2 Holders of rec. June 15
Holders of rec. June 290
Prior preference (guar.)
$1.75 July 2 Holders of rec. Juno. 29
Standard Gas Light common
2
June 2 Holders of rec. June 22
Preferred
3
June
Superior Water Light& Power pref.(qu.) $1.75 July 2 Holders of rec. June 22
Holders of rec. June 15
Tennessee Elec. Pow.,5% Mat pret.(qu) 134 Oct.
Holders of rec. Sept. 14
6% first preferred (guar.)
13.4 Oct.
Holders of rec. Sept. 14
7% first preferred (guar.)
134 Oct.
Holders of rec. Sept. 14
7.2% first preferred (guar.)
$1.80 Oct.
Holders of roe. Sept. 14
8% first preferred (monthly)
500 Aug.
Holders of roe. July 15
6% first preferred (monthly)
50e Sept.
Holders of me. Aug. 15
6% first preferred (monthly)
500 Oct.
Holders of rec. Sept. 14
7.2% first preferred (monthly)
60e Aug.
Holders of rec. July 15
7.2% first preferred (monthly)
60e Sept.
Holders of me. Aug. 15
7.2% first preferred (monthly)
60c Oct.
Holders of res. Sept. 14
Tennessee Pow & Lt..5% 1st pf.(qu.).. 134 July.
Holders of rec. Jude 15
let pref. (guar.)
6%
134 July
Holders of roe. June 15
7% let preferred (guar.)
134 July
Holders of ree. June 15
7.2% let preferred (guar.)
1.80 July
Holders of rec. June 15
6% 1st preferred (monthly)
600 July
Holders of too. June 15
7.2% let preferred (monthly)
130o July
Holders of rec. June 15
Texas-Louisiana Power, 7% pref.(qu.)_ *154 July
*Holders of ree. June 16
Twin City Rap.Tr., Minneap..corn.
(qu) I
July
Holders of roe. June 130
Preferred (guar.)
134 July
Holders of rec. June 130
Union Passenger Ay.(Phila.)
July
Holders of rec. June 15a
Union Traction, Philadelphia
$1.50 July
Holders of rec. June 100
United Corporation.$3 pref.(quar.)._. 75t). July
Holders of too. June tta
Participating, preferred (guar.)
111500 July
*Holders of rec. June 15
United Gas & Elec. Corp., prof(quar.)
154 July
Holders of rec. June 15
•3 1.1234 Sept.
United Gas Impt.,com.(guar.)
3 *Holders of me. Aug. 31
United Gas Improvement (guar.)
51.1234 June 2 Holders of Mo. May 31c
United Light & Power Co.
Old common, class A & B (guar.)._
750. Aug.
Holders of roe. July 154
New com., class A & B (guar.)
15e. Aug.
Holders of tee. July 150
Preferred, class A (guar.)
$1.62 July
Holders of roe. June 154
Preferred, class 13 (guar.)
$1
July
Holders of rec. June 15a
26 conv, first pref. (guar.)
$1.50 July
Holders of rec. June 200
United Public Service $7 pref.(guar.).
- $1.75 July
Holders of rec. June 15
United Public Utilities $6 pref.(guar.)._ $1.50 July
Holders of rec. June 15
United Rye, of Havana &
Regis Warehouses. Ltd., prof.(Interim *234 July
United Utilities. pref.(guar.)
$1.75 July
Holders of rec. June 15
Utah Power & Light. $7 pref.(guar.)- $1.75 July
Holders of me. June 5
, $8 preferred (guar.)
$1.50 July
Holders of me. June 5
Utilities Power & Light. rem.(quar.)... 4250. July
Holders of rec. June 15
Preferred (guar.)
134 July
Holders of me. June 5
Class A (guar.)
450e July
Holders of rec. June 5.
Class B (guar.)
(25c July
Holders of roe. June 15
Virginia Public Service.7% prof.(qu.)134 July
Holders of rec. June 15
Six per cent preferred (guar.)
134 July
Holders of roe June 15
Waterbury Gas Light (guar.)
.500 July
1
*Holders of rec. June 20
Western Massachusetts Cos.(quit.)
6234 June 2 Holders of rec. June 15
Western Power Corp., pref.(guar.)
134 July 1 Holders of rec. July 1
Western Pow.,Light de TeleP.,Pf. A(qu) 111.75 July
*Holders of ree. June 15
West Kootenay Power & Light pref.(qu) 134 July
Holders of rec. June 24
West Penn Elec. Co.. elves A (quar.)___
134 SePt.3 Holders of rec. Sept. 17a
Class A (guar.)
51.75 July
Helders of rec. June 17a
Seven per cent preferred (guar.)
134 Aug. 1 Holders of rec. July 20a
Six per cent preferred (guar.)
134 Aug. 1 Holders of rec. July 20a
West Penn Power Co., 7% prof. (qu.)
134 Aug.
Holders of roe. July 56
Six per cent preferred (guar.)
134 Aug.
Holders of me. July 5a
West Penn Rya Co., Prof. (guar.)
134 Sept.1 Holders of rec. Aug. 24
West Phila. Passenger fly
$4.25 July
Holders of roe. June 15a
‘Yestern Union Teleg. (quar.)
2
July 1 Holders of rec. June 25e
Winnipeg Electric)Co.Prof.(quar.)
134 July
Holders of rec. June 6
Banks.
America (Bank of) Nat. Assn.(guar.)-- $1
July
American Union (quiz.)
$1.50 July
1 Holders of rec. June 8
1 Holders of rec. June 21
4275
Per
When
Books Clout
Name of Company.
Cent. Payable.
Days Inclusive.
Banks (Concluded).
Chase National (guar.)
334 July 1 Holders of rec. June 186
Chase Securities (guar.)
$I
July 1 Holders of rec. June 130
Chatham & Phenix Nat. Bk.& Tr.(qu.) *114
July 1 *Holders of rec. June 14
Chelsea Exchange (guar.)
62He July 1 Holders of rec. June 14a
Commerce(Nat. Bank of)(quiz.)
*4
June 29 *Holders of roe. June 20
Continental (stock dividend, subject to
meeting July 1)
e50
July 15 Holders of rec. June 24
Fifth Avenue (Quiz.)
July 1 Holders of rec. June 29a
6
Extra
35
July 1 Holders of rec. June 29a
•3
First National (guar.)
July 1 *Holders of rec. June 25
First Security Co. (guar.)
*20
July 1 *Holders of rec.
Globe Exchange (Brooklyn) (quar.)__.. 134 July 1 June 21 to June 25
July 1
Jamaica National Bank (guar.)
134 June 30 Holders of rec. June 20a
Manhattan Co.(Bank of the)(quar.)- 4
July 1 Holders of rec. June 180
National City (guar.)
81
July 1 Holders of rec. June 8
National City Co.(guar.)
Park (National) (guar.)
$1
July I Holders of roe. June 14
Peoples National Bank (Bklyn.)(gnarl_ *3
July 1 *Holders of toe. June 11
*5
Extra
July 1 *Holders of rec June 11
Public National Bank & Trust (quar.)-- 4
July 1 Holders of rec. June 20
Seaboard National(guar.)
4
July 1 Holders of rec. June 24
State Bank of Richmond
3
June 30 Holders of rec. June 30
Extra
1)i June 30 Holders of rec. June 30
United States (Bank of) (guar.)
' June 29 *Holders of rec. June 20
1.50
Bankus Corp
Trust Companies.
Banes Commerciale Italians Tr.(qu.)__
Bankers (guar.)
Bank of Europe Trust Co.(guar.)
Extra
Bank of N.Y.& Trust Co.(guar.)
Bronx County (guar.)
Brooklyn (guar.)
Extra
Central Hanover Bank & Trust
On $20 par stock (guar.)(No. 1)
Chemical Bank & Trust
Equitable (guar.)
Federation Bank &Trust(guar.)
Extra
Fidelity (guar.)
Fulton (guar.)
Guaranty (guar.)
Irving (guar.)(on new $10 par stock)...
Lawyers (guar.)
Manufacturers (quar.)
Midwood (Brooklyn)
New York (guar.)
U.S. Mortgage & Trust (interim)
15.5. Trust (guar.)
Extra
Title Guarantee & Trust
New $20 par stock (guar.)(No.
New S20 par stock (extra)
Westchester Trust (Yonkers) (guar.).- -
234 July
75e. July
750. July
25e. July
434 July
July
2
July
6
3
July
1
1
1
1
1
1
1
1
Holders of ree. June
Holders of rec. June
Holders of me. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
15
12
20
20
210
20.
24
24
$1.50 July
Holders of rec. June 21
*24e. July
*Holders of rec. June 21
3
June 2 Holders of rec. June 154
*2
June 2 *Holders of rec. June 29
*1
June 2 *Holders of tee. June 29
$1.25 June 29 June 22 to June 30
3
July I Holders of rec. May 31
5
June 29 Holders of rec. June 14
400. July 1 Holders of rec. June 14
$2
June 29 *Holders of rec. June 21
51.50 July 1 Holders of me. June 15
3
June 29 June 22 to June 30
$1.25 June 29 Holders of rec. June 22s
51
July 1 Holders of rec. June 21
15
July 1 Holders of rec. June 200
10
July 1 Holders of tee. June 200
$1.20 June 29 Holders of ree. June 21
60e. June 29 Holders of rec. June 21
334 July 1 June 27 to June 30
Fire Insurance.
Brooklyn Fire (on new $5 par stock)
City of New York Ins.(guar.)
Continental
Fidelity-Phenix
Hanover Fire Ins. (stock dividend)
Home Insurance (guar.)
Niagara
Rosins Ins.(on new $10 par stock)
United States (stock dividend)
July 1 Holders of roe. June 25
July 1 Holders of too. June 20
July 10 Holders of rec. June 280
July 10 Holders of rec. June 280
Holders of rec. Juno 15
July 1 Holders of roe. June 20
July I Holders of roe. June 24
July I Holders of rec. June 140
July 15 Holders of rec. June 28
Miscellaneous.
tbbott Laboratories. corn.(No. 1)
50e. July 1 Holders of roe. June 20
Abitibi Pow. & Paper. 6% pref. (guar.)
134 July 20 Holders of roe. July 10a
Seven per cent preferred (guar.)
14 July 2 Holders of rec. June 20
Abraham & Straus, Inc.. pref. (guar.)
1% Aug.
Holders of rec. July 150
Acetol Products. Inc.
-Dividend omitted
*31
Acme Steel (guar.)
July 1 *Holders of rec. June 20
Adams Express gem.(quit.)
134 June 29 Holders of rec. June lba
Preferred (guar.)
134 June 29 Holders of rec. June lbs
Adams Express, corn.(pay. in com. s(k)
July 15 Holders of rec. June 280
Aeolian Company pref.(quar.)
June 29 Holders of rec. June 20
Aero Supply Mfg.. class A (guar.)
'
37340 July 1 *Holders of rec. June 17
Aetna Rubber common (guar.)
25e. July 1 Holders of rec. June 15
Preferred (guar.)
154 July 1 Holders of ree. June 15
Affiliated Investors. sue.(stock div.)_ el0 July 1 Holders of rec. June 10
Agnew Surpass Shoe Stores, pref.(gu.)- 154 July 2 Holders of roe. June 15
Air Reduction (quar.)
750. July 15 Holders of rec. June 290
Airway Elec. Appliance corn. (guar.)._ _ 8234c July 1 Holders of roe. June 250
Preferred. (guar.)
1m July 1 Holders of rec. June 20
Akron Rubber Reclaiming, pref. (guar.) 2
July 1 Holders of rec. June 20
Alberta Pacific Grain. prof.(guar.)
•134 July 1 *Holders of roe. June 15
Alles & Fisher (guar.)
50e. July 1 Holders of rec. June 15
Alliance Invest.. coin. (in corn. stook)
411: July 1 *Holders of too. June 14
Allied Chem.& Dye Corp. pf.(guar.)134 July I Holders of roe. June 110
Allied Motor Industries, pref.(guar.)
nl July 1 *Holders of rec. June 15
Allied Products class A (guar.)
*8734c July 1 *Holders of rec. June 17
Allegheny Steel, common (monthly).... 15e July 18 Holders of rec. JUDO 30
Common(extra)
254. July 18 Holders of rec. June 30
Common (monthly)
*15e. Aug. 17 *Holders of roe. July 31
Common (monthly)
•150. Sept. 18 *Holders of roe. Aug. 31
Preferred(guar.)
*IA Sept. I *Holders of tee. Aug. 15
Preferred(guar.)
.
1 11)( Dee. 1 *Holders of roe. Nov. 15
Allen Manufacturing, pref. A
75e. July 1 Holders of rec. June 15
Class B
33 1-30 July 1 Holders of rec. June 15
Allied Laboratories, cony. pref. (guar.)- *8734c July 1 *Holders of rec. June 15
Allied Refrigeration Industrie:3S6 prior preferred (guar.)
31.50 July I Holders of rec. June 16
Aloe(A. S.) Co.common (guar.)
630. July 1 Holders of rec. June 19
Preferred (guar.)
1% July 1 Holders of rec. June 19
Alpha Portland Cement (guar.)
*750. July 15 *Holders of rec. June 25
Alumlnum Goods Mfg. (guar.)
300. July 1 June 21 to June 29
Aluminum Mfrs.. 00111. (guar.)
*50e. June 30 *Holders of rec. June 15
Common (guar.)
*500. Sept.30 *Holders of rec. Sept. 15
Common (guar.)
10500. Dee. 311 *Holders of ree. Dee. 15
•15i June 30 *Holders of rec.
Preferred (guar.)
June 15
Preferred (guar.)
*134 Sept.30 *Holders of rec. Sept. 15
Preferred (guar-)
*IA Dec. 31 *Holders of too. Dee. 15
Amalgamated Elec. Corp., Ltd.
Preferred (No. 1)
$1
July 15 Holders of rec. June 28
Pref.(issued subsequent to Mar. 15'29) 32c. July 15 Holders of rec. June 28
American Art Works. coin.& pref.(qu.)_ 134 July 15 Holders of rec. June 30
Amer. Asphalt Roofing, corn.(quar.)_ •134 July 15 *Holders of roe. June 30
Preferred (guar.)
*2
July 15 *Holders of rec. June 30
Amer. Bakeries, 7% pref. (guar.)
July 1 *Holders of rec. June 14
Class A (guar.)
*750. July 1
of rec. June 14
American Bank Note, common (guar.)... 500. July 1 *Holders of tee. June 100
Holders
Preferred (guar.)
750. July 1 Holders of rec. June 100
Amer. Brake Shoe & Fdy. com. fq11.)
1100. June 29 Holders of roe. June 21a
Preferred (guar.)
134 June 29 Holders of rec. June 210
Amer. Brown Borer)Elec. pref.(qu.)_
$1.75 July 1 Holders of rec. June 200
Preferred (acct. accum. diva.)
5514 July 1 Holders of rec. June 20a
American Can, pref.(guar.)
1)4 July I Holders of roe. June 14a
Amer. Car & Foundry, corn.(guar.)_ _
$1.50 July 1 Holders of rec. June 14a
Preferred (guar.)
134 July 1 Holders of rec. June 140
American Chain, pref.(wne.)
134 June 29 Holders of roe. June 19a
American Chicle, common (guar.)
50o July 1 Holders of fee. June 12s
American Cigar, pref.(guar.)
134 July 1 Holders of roe. June 15
American Colortype (quar.)
. 00 June 29 *Holders of rec. June 12
1 16
American Commercial Alcohol
Common (guar.)(No. 1)
40c. July 15 Holders of tee. June 20a
Common (payable in coin. stock).
July 15 Holders of tee. June 20a
3
/
American Company (guar.)
nl July 1 *Holders of rec. June 20
Amer. Cyanamid,com. A & B (Quiz.)
40c. July 1 Holders of Yee. AMU 15
Preferred (guar.)
$1.50 July 1 Holders of Yee. June 15
fl
134
*134
4276
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
154 July 1 Holders of rec. June 14a
American Express (guar.)
•154 July 1 *Holders of reo. June 14
American Felt preferred (guar.)
Amer. Furniture Mart & Bldg. Corp.
14 July 1 Holders of rec. June 20
Preferred (guar.)
July 1 *Holders of rec. June 15
•I
Amer. Hardware Corp. (guar.)
Oct. 1 *Holders of rec. Sept. 14
•1
Quarterly
Jan2'30 *Holders of rec. Dec. 17
•1
Quarterly
30c. July 1 Holders of rec. June 14a
Amer. Home Products (monthly)
14 June 29 Holders of rec. June 22
American Indemnity Corp., corn
14 June 29 Holders of rec. June 22
Preferred (guar.)
Corp.
Amer Internat.
Oct. 1
*4
Common (stock dividend)
*50c. June 29 *Holders of rec. June 20
American Lace Mfg.(guar.)
June 29 Holders of ree. June 13a
Locomotive common (quar.)._ 32
American
1%• June 29 Holders of rec. June 13a
Preferred (guar.)
The. July 1 Holders of rec. June 20
Amer. London & Empire, pref.(guar.)._
American Manufacturing
75o. July 1 Holders of reo. June 15,
Common (guar.)
750. Oct. 1 Holders of rec. Sept. 15
Common (guar.)
750. Dee. 31 Holders of ree. Dec. 15
Common (guar.)
14 Mar. 31 Holders of roe. Mar. 15
Preferred Issuer.)
134 July 1 Holders of rec. June 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
154 Dec. 31 Holders of rec. Dee. 111
Preferred (guar.)
July 1 Holders of rec. June 200
2
American Milling (guar.)
June 30
Amer.Office Building.6% pref.(quar.)_ •154 July 1 *June 28 to June 280
750. July 10 Holders of rec.
Amer. Phenix Corp.(guar.)
of rec. June 20
Amer. Pneumatic Service. 1st pref.(qu.) 8750 June 29 Holders
75c. June 29 Holders of rec. June 20
Second preferred (guar.)
*50c. July 1 *Holders of reo. June 15
Amer. Products Co. corn. & of. (qu.)
81.50 June 29 Holders of reo. Jane Ill
American Radiator,corn.(guar.)
Amer. Radiator & Stand. Sanitary Corp.
374e. June 29 Holders of reo. June lla
Common (guar.)
Amer. Radiator & Standard
•37340 Sept.30 *Holders of reg. Sept. 11
Sanitary Corp.. corn.(guar.)
*51.75 Aug. 31 *Holders of rec. Aug. 15
Preferred (guar.)
134 June 29 Holders of rec. June 180
Amer. Railway Express (guar.)
500. July 15 Holders of rec. June 29a
American Rolling Mill. corn. (quar.)
50c. Oct. 15 Holders of rec. Sept. 300
Common (guar.)
July 30 Holsters of rec. July la
In common stock).- f5
Common (payable
31 July 1 Holders of reo. June 10a
Amer.Safety Razor (guar.)
25e. July 1 Holders of rec. June 10a
Extra
tni July
1 *Holders of rec. June 20
American Screw (guar.)
750. July 1 Holders of reo. June 20a
American Seating, corn. (attar.)
Aug. 1 *Holders of rec. July 12
& Berg, corn. (quar.)..... •51
Amer. Smelt.
*134 Sept. 3 *Holders of rec. Aug. 2
Preferred (guar.)
July 1 Holders of rec. June 140
3
Amer. Snuff, corn. (guar.)
134 July 1 Holders of rec. June 14a
Preferred (guar.)
Amer. Solvents & Chem.. par. pr.(an.). •750. July1 *Holders of reo. June 11
750. July 15 Holders of reo. July la
Amer. Steel Foundries. corn.(quar.)_
154 June 29 Holders of rec. June 15a
Preferred (guar.)
50c. July 1 Holders of rec. June 15a
American Stores, corn. (guar)
5a
American Sugar Refining. corn. (guar.). 154 July 2 Holders of reo. June 5a
154 July 2 Holders of re0. June
Preferred (guar.)
750. July 15 Holders of rec. July la
Amer.Sumatra Tobacco. corn.(guar.).$1.50 June 29 Holders of rec. June 22a
American Surety Co. (quar.)
•87540 July 1 *Holders of rec. June 20
Amer. Thermos Bottle pref. (quar.)
12540 July 1 Holders of rec. May 31a
American Thread, preferred
$1.25 July 1 Holders of rec. June 20
Amer. Title & Guaranty (guar.)
134 July 1 Holders of rec. June 10a
American Tobacco. Pref. (qua?.)
July 15 Holders of rec. July 5a
2
Amer. Type Founders corn.(quar.)
14 July 15 Holders of rec. July 5a
Preferred (guar.)
750. July 1 Holders of reo. June 18
Amer. Writing Paper. pref.(guar.)
500. July 1 Holders of rec. June 15a
American Yvette Co., pref.(guar.)
14a
American Zinc, Lead & Smelting. pref.- $1.50 July 1 Holders of rec. June 20
•250. July 1 *Holders of rec. June
-Amrad Corp.. corn. (guar.)(No. D.
21
Analytical Security Corp.,corn.(qua?.). 500. July 2 Holders of rec. June 21
$1.50 July 2 Holders of rec. June
Preferred (guar.)
600. July 1 Holders of roe. June 100
Anchor Cap Corp.. corn.(guar.)
5 1.62% July 1 Holders of rec. June 10a
Preferred (guar.)
134 July 1 Holders of rec. June 20
pref. (guar.)
Apex Electrical Mfg.,
s1
July 1 *Holders of rec. June 20
Preferred (acct. accum. dly.)
Apponaug Company.654% Pref.(quar.) *134 July 1 *Holders of rec. June 15
- 134 July 1 Holders of reo. June 10a
Armour & Co. of Del.. pref. (guar.).
14 July 1 Holders of reo. June 10a
Armour & Co.(111.), pref. (guar.)
•37540 July 1 *Holders of reo. June 15
Cork (guar.)
Armstrong
•12510 July 1 *Holden of rec. June 16
Extra
500. July 1 Holders of rec. June 15a
Artloom Corp.. corn. (guar.)
3740 June 29 Holders of rec. June 15a
Art Metal Construction (guar.)
Associated Apparel Industries
3311e. July 1 Holders of roe. June 20a
Common (monthly)
500. June 30
Assoc'd Breweries(Canada). corn.(qu.)_
14 June 30
Preferred (quar.)
(qua?.)... 63c. Aug. 1 Holders of reo. July 130
Associated Dry Goods common
134 Sept. 2 Holders of rec. Aug. 10a
First preferred (guar.)
14 Sept. 2 Holders of reo. Aug. 10a
Second preferred (guar.)
50e. June 29 Holders of.reo. June 170
Associated Oil (guar.)
'
Astor Financial Corp.. class A (quar.)-- 8734c July 1 *Holders of rec. June 20
July 10 Holders of rec. June 150
Corp.cl. A & B(qu.) 25
Atlantic Acceptance
Atlantic Gulf dr West Indies ELS. Lines,
June 29 Holders of reel. June 10a
$1
Preferred tquar.)
Sept.30 Holders of reo. Sept. 10a
$1
Preferred (guar.)
Dec. 31 Holders of rec. Dec. lb
$1
Preferred (guar.)
•144 Aug. 1 *Holders of rec. July 15
Internat. Corp.
Atlantic & Pacific
$1 'July 15 *Holders of rec. July 1
•
Atlas Plywood (guar.)
$1
July 1 Holders of rec. June 21a
Auburn Automobile (guar.)
2
July 1 Holders of rec. June 2Ia
Stock dividend
Automatic Voting Mach, prior part.(qu.) •50c.I.Tuly 1 *Holders of rec. June 15
cony. pref. (guar.).- *50c. July 1 *Holders of rec. June 15
Automatic Washer
75c.I.luly 15 Holders of rec. June 29a
Autosales Corp., pref. (guar.)
750. July 1 Holders of reo. June 10a
AutoStrop Safety Razor, cony. A (qu.)
(guar.)_ _ *800. July 1 *Holders of reo. June 15
Axton Fisher Tobacco, corn. A
154 July 1 *Holders of rec. June 20
•
Babcock & Wilcox Co.(guar.)
500. July 1 Holders of rec. June 20
•
Hackney Welt Co., corn.(guar.)
14 July 1 Holders of rec. May 1
Bakers Share Corp., corn. (qu.)
134 Oct. 1 Holders of rec. Aug. 1
Common (guar.)
134 Jan 1'30 Holders of rec. Nov. 1
Common (guar.)
O250. July 1 *Holders of rec. June 20
Balaban & Katz. corn. (monthly)
Locomotive Works, corn.& pf- 344 July 1 Holders of roe. June 8a
Baldwin
Bamberger (L.) & Co..64% pf.(ru.).- 134 Sept. 2 Holders of rec. Aug. 120
134 Dec. 2 Holders of rec. Nov. 1 le
654% preferred (guar.)
- 1244c July 1 Holders of reo. June 8
Bancarnerica-Blair Corp.(qu.)(No. 1)
750. July 1 Holders of rec. June 15
Banc=it Corp.(cHar.)
Bancroft (Joseph) & Sons Co. com.(qu.) 62340 June 29 Holders of reo. June 15
July 15 Holders of rec. July 1
$4
Bankers Capital Corp., corn
July 15 Holders of reo. July 1
032
Preferred (quar.)
Oct. 15 Holders of reo. Sept. 30
*32
Preferred (quar.)
Jan15'30 Holders of rec. Dee. 31
*32
Preferred (guar.)
750. July 15 Holders of rec. June 29a
Securities Corp. corn. (gu.)....._
Bankers
94c. July 15 Holders of rec. Juno 290
Common (extra)
(f) July 15 Holders of rec. June 29
Common (one share corn,stock)
750. July 15 Holders of reo. June 290
Participating pref.(quar.)
25c. July 15 Holders of rec. June 29a
Participating pref. (extra)
25c. July 1 Holders of reg. June 17
Holding Corp.(qnar.).Bankinstocks
rec. June 20
Bankstocks Corp. of Md.corn. A &B(qu.) 20c. July 1 Holders of rec. June 20
81 34c July 1 Holders of
Preferred (quar.)
50c. July 1 Holders of roe. June 140
(guar.)
Barker Bros. Corp., corn.
134 July 1 Holders of reo. June 14a
Preferred (guar.)
Barnett Leather. pref.-Action deferred
*31.75 July 1 Holders of rec. June 15
Bastian Blessing Co.. pref. (guar.)
50c. July 1 Holders of rec. June 20a
Baxter Laundries common A (guar.) _
154 July 1 *Holders of rec. June 20
Preferred (guar.)
50c. July 15 Holders of rec. Juned29a
Bayuk Cigars. Inc., corn. (quar.)
91.75 July 15 Holders of reo. Juned29a
preferred (guar.)
First
•3754c July 15 *Holders of rec. June 30
Bean (John) Mfg.(guar.)
). 14 June 29 Holders of reo. June 15a
Bearings Co. of Amer., let pref.(quar.
400 July 1 Holders of rec. June 15
A (qu.)
Beath (W. D.) & Son, Ltd. class
July 1 *Holders of rec. June 15
*51
Beatrice Creamery, corn.(quar)
.1114 July
1 *Holders of reo. June 15
Preferred (guar.)
The. July 10 Holders of reo. June 25a
Beech-Nut Packing. common (ouar.)
151 July 2 Holders of reo. June 5
Belgo-Canadlan Paper pref. (guar.).
rV07..
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
128.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
506. July 1 Holders of reo. June 10o
Bendix Aviation Corp.(qu.)(No. 1)..__
15
rec.
Benson & Hedges, Ltd.. pref. (quar.)___ 14 July 2 Holders of rec. June 20
June
30e. July 1 Holders of
Berry Motor (guar.)
15 Holders of reo. July 190
Aug.
$1
Bethlehem Steel common (guar.)
134 July 1 Holders of reo. June la
Preferred (quar.)
reo. July 18
Holders
Blgelow-Hartford Carpet, pref. (guar.). •134 Aug. 1 *Holders of rec. Oct. 18
of
'134 Nov. 1
Preferred (guar.)
June
pref. Cl. A (qu.)._ *56lic July 1 Holders of rec. June 20
Binks Mfg. Co. cony.
25
.25c July 1 Holders of rec.
Bird & Sons,Inc (guar.)
June 15
Bisset (T. E.) Ltd., common (quar.)...... *50c. July 1 Holders of rec. June 15
•13,‘ July
1 Holders of rec.
Preferred (guar.)
40c. July 1 Holders of rec. June 21
Black & Decker Mfg.(guar.)
*25c. July 1 Holders of rec. Juno 18
Bliss(E. W.) Co., corn.(guar.)
July 1 Holders of rec. June 18
*El
First preferred (quar.)
'8734c July 1 Holders of rec. June 18
Second pref., class A (guar.)
*15c. July 1 Holders of rec. June 18
Second Prof.. class B (guar.)
15a
Blumenthal(Sidney) dr Co.. Prof.(quar.) 144 July 1 Holders of rec. June 164
715% July 1 Holders of rec. June
Preferred (acct, accumulated divs.)
July 1 Holders of roe. June 15a
75c.
Bohn Aluminum & Brass (guar.)
50c. July 1 Holders of rec. June 15a
Extra
$1 July 30 Holders of recs. July 150
Bon Ami Co., class A (guar.)
,
$1 July 30 Holders of rec. Jai 16a
Class A (extra)
50c. July 1 Holders of reo. June 24
Class B (guar.)
*750. July 1 Holders of reo. June 15
Booth (F.E.) Co. class A (guar.)
July 1 Holders of reo. June 150
$1
Borg-Warner Corp., corn. (guar.)
July 1 Holders of rec. June 15a
12
Common (payable in common stock)
Aug. 15 Holders of rec. Aug. la
/50
Common(payable in common stock)
•14i July 1 *Holders of roe. June 15
Preferred (guar.)
*31.25 Aug. 15 *Holders of reo. Aug. 1
$3 pf.(No. 1)
Borin-Vivitone Corp.
*50c. Aug. 15 *Holders of re!). Aug. 1
$3 cony. pref. (extra)
*40c. July 1 *Holders of rec. June 22
Boston Sand & Gravel, corn.(quar.)._
*8744c July 1 *Holders of reo. June 22
Preferred (guar.)
June 29 Holders of reo. June 1
3
Boston Wharf
750. July 1 Holders of reo. June 24
Boyd-Welsh Shoe (guar.)
Brady, Cryan & Colleran, Inc.
July 1 *Holders of reo. June 15
*4
Eight per cent partic. preferred
$1.75 July 1 Holders of reo. June 20
Bridgeport Machine, pref. (guar.)
reo.
new corn.(qu.) *50c. July 1 *Holders of Sec. June 20
Briggs & Stratton
June 150
July 1 Holders of
Corp.,
Brill° Mfg. Co., class A (quar.)
60e. Oct. 1 Holders of rec. Sept. 150
Class A (guar.)
•134 July
1 *Holders of rec. June 15
Bristol Brass, pref. (quar.)
July 1 *Holders of rec. June 15
Preferred (extra)
June 29 *Holders of rec. June 19
Bristol-Myers Co.(guar.)
June 29 *Holders of reo. June 19
Extra
July 2 June 15 to June 30
British American 011, reg. stock (guar.).
July 2 Holders of coup. No. 10
Bearer (coupon) stock (guar.)
June 29 Holders of coup. No. 130
BritIsh-American Tobacco,ord.(interim)
July 1 *Holders of rec. June 15
British Columbia Packers Prof.(No. 1)_
British Type Investors, Inc.
15c. Aug. 1 Holders of rec. July 1
Class A (hi-monthly)
*31.75 Aug. 1 *Holders of rec. July 11
Broadway Dept. Stores, pref.(quar.)75c. Aug. 1 Holders of rec. July 15
(quar.)_..
Brockway Motor Truck com.
134 July 1 Holders of rec. June 10a
Convertible Prof.(guar.)
June 20
Brunswick-Balke-Collender Co., pf.(qu.) 154 July 1 Holders of rec. June 200
65e July 1 Holders of rec.
Bryant & Chapman Co.(guar.)
July 1 *Holders of reo. June 18
Buckley-Newhall Co.(guar.)
260. July 1 Holders of rec. May 290
Bucyrus-Erie Co.. corn. (guar.)
0
144 July 1 Holders of rec. May 29
Preferred (guar.)
62340 July 1 Holders of rec. May 290
Convertible preference (guar.)
*25c Aug. 1 *Holders of rec. July 16
Budd (E. G.) Mfg., common (quar.)....,
*25c Aug. 1 *Holders of rec. July 16
Common (extra)
of roc. July 15
Preferred( acc(, accum. dividends)..... *8844 Aug. 1 *Holders of rec. June 10a
154 June 29 Holders
Budd Wheel,7% 1st pref.(guar.)
rec. June 27
Buffalo Gen. Laundries partic. pf.(qu.)_ •565ic July 1 *Holders of rec. June 26
*25c. Juno 29 *Holders of
Buffalo Nat. Corp.(guar.)
of rec. June 20
Buildings Products, Ltd., el. A (guar.).- 40c July 2 Holders of reo. Juned20
$1.25 July 1 Holders
Bulkley Building, prof. (guar.)
40c. Tune 29 Holders of rec. June 18a
Bullard Company,corn.(quar.)
550. July 1 Holders of rec. June 20
Burkart Mfg., pref. (guar.)
14 July 1 Holders of rec. June 130
Burns Bros.. pref.(guar.)
Burroughs Adding Machine
200. Sept. 10 Holders of rec. Aug. 27
New no par stock (qu.)(No. 1)
154 July 1 Holders of roe. June 140
Bush Terminal Bldgs., Prof. (guar.)._
50c Aug. 1 Holders of rec. June 280
Bash Terminal Co., corn. (guar.)
of rec. June 280
Common (payable in common stock)_. 114 Aug. 1 Holders of rec. June 280
134 July 15 Holders
Preferred (guar.)
50c June 29 Holders of rec. June 140
Butte & Superior Mining
1% July 1 Holders of rec. Juno 200
Boma Clark, Inc., pref.(guar.)
50c June 29 Holders of rec. June 20
Byllesby (H. M.)& Co., cl. A (guar.)
50e June 29 Holders of rec. June 20
Class B (special)
500 June 29 Holders of rec. June 20
Preferred (guar.)
*40c July 1 *Holders of reo. June 15
Calamba Sugar Estates common (qu.)
*35c July I *Holders of rec. June 15
Preferred (guar.)
*43% July 1 *Holders of rec. June 15
California Art Tile, class A (quar.)
*20e. July 1 *Holders of reo. June 15
Class B (guar.)
Holders of roe. June 15
California Consumers Co. pref. (qu.).__ $1.75 July 1 *Holders of rec. June 20
*50e July 1
California Ink (guar.)
June 29 Holders of rec. May 810
$1
Calumet dr Heels Cons. Copper Co. WO
134 July 1 Holders of rec. June 25
Cambridge Rubber, pref.(guar.)
$1.75 July 2 Holders of rec. June 15
Canada Bread, pref. A & B (guar.)
1% June 29 Holders of rec. May 31
Canada Cement pref. (quar.)
of rec. July la
Canada Dry Ginger Ale, Inc. (quar.)._ _ $1.25 July 15 Holders of rec. June 20
3754e July 15 Holders
Canada Foundries & Forg. class A (qu.).
of rec. June 15
750. July 2 Holders
Canada Gypsum & Alabastine
134 July 2 Holders of rec. June 15
Canada Steamship Lines. pref.(quar.)
6254e Aug. 1 Holders of rec. July 19
Canadian Bronze, corn. (guar.)
154 Aug. 1 Holders of rec. July 19
Preferred (guar.)
rec. June 15
Canadian Canners, Ltd., corn.(quar.)_ 1254c July 2 Holders of rec. June 16
14 July 2 Holders of
6% first preference (guar.)
15
20e. July 2 Holders of reo. June 15
preference (guar.)
Convertible
reo. Aug.
Canadian Car & Foundry,ord.(guar.)._ 1% Aug. 30 Holders of reo. June 25
1% July 10 Holders! of
Preference (guar.)
July 4 Holders of rec. June 22
2
Canadian Cottons, Ltd., corn. (quar.)
22
1% July 4 Holders of reo. June 15
Preferred (guar.)
Holders of reo. June
Canadian General Elec., pref. (quar.)_ - 8734C July 1 June 16 to June 30
July 1
3
Canadian General Investment
June 20
134 July 1 Holders of rec. June 20
Canadian Locomotive pref. (guar.)
.2
July 2 *Holders of rec.
Canadian Westinghouse (qua?.)
Canadian WIrebound Boxes. Ltd.
June 15
374e. July 2 Holders of rec. June 16
Common, class A (guar.)
July 4 Holders of rec.
$I
Common, class B (guar.)
*Holders of rec. June 15
'3734c July 1
Canal Construction cony. pref. MO
May 20
$1.75 JUDO 30 Holders of reo. Aug. 20
Canfield Oil, corn.& pref.(guar.)
$1.75 Sept.30 Holders of rec. Nov. 20
Common & preferred(guar.)
111.75 Dec. 31 Holders of rec.
Common & preferred (quar.)
18a
700. July 1 Holders of rec. June 20
Cannon Mills (guar.)
June 29 *Holders of roe. June
*33
Canton Company
June 29 *Holders of rec. June 20
Extra
750. July 1 Holders of rec. June 15
Capital Administration pref.(quar.)-June 29 *Holders of rec. June 20
Carey (P.) Mfg., pref. (guar.)
•75c. July 1 *Holders of rec. June 20
Carnation Milk Products, common
el July 1 *Holders of reo. June 20
Common (payable in common stock)
*Holders of rec. Dec. 21
Common (payable in common stock)._ e1,4 Jan 2'30 *Holders of rec. June 20
July 1
Preferred (quite.)
of fee. June 120
Case (J. I.) Threshing Mach.,corn.(qu.) 1% July 1 Holders of ree. June 12a
1% July 1 Holders
Preferred (guar.)
Holders of rec. June 200
Cavanagh-Dobbs, Inc., pref. (qu.)____$ 1.62% July 1 Holders of rec. June 20
62Sic July 1
CeCo Mfg. Co., Inc.,corn.(guar.).
1 Holders of roe. June 18
Celanese Corp. of Amer.7% pr. pf.(qu.) 14( July
18
3% July 1 Holders of rec. June 150
7% first pante. prof
75e. July 1 Holders of reo. June 15a
Celotex Co.. corn.(guar.)
Holders of rec. June
1% July 1
Preferred (guar.)
200
3740 July 1 Holders of rec. June 220
Central Aguirre Associates(guar.)
50o. July 10 Holders of rec. Julie 150
Central Allot Steel, corn. (guar.)
of rec. June
134 July 1 Holders
Preferred (guar.)
June 30a
154 July 15 Holders of rec.
Central Coal & Coke pref.(guar.)
20.
•50c. July 1 *Holders of rec. June 20
Central Dairy Products class A (qua?.)
51.75 July 1 Holders of rec. June 14
Central Distributors, Inc., peel
760. July 1 Holders of rec. June 20
Central National Corp. class A (guar.)_
600. July 1 Holders of rec. Juno 16a
Central Surety & Insurance (It. C.)-154 July 1 Holders of roe. June
Century Electric, common (guar.)
s2
JUNE 29 19291
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Champion Coated Paper
First pref. and special pref. (quar.)-_ •141 July 1 *Holders of rec. June 20
Channon (H.) Co. lot & 2nd pref.(qu.)- '134 July 1 Holders of rec. June 20
114 June 30 Holders of rec. June 20
Chase Brass & Copper. Pref.(guar.)_ __ _
Cheaebrough Mfg. Corral. (guar.)
$1 June 29 Holders of rec. June Is
Extra
50c. June 29 Holders of rec. June Fla
Chic. June. Rye.& Un. Stk. Yds.(qu.)- 23 July 1 Holders of rec. June 15
144 July 1 Holders of rec. June 15
Preferred (guar.)
Chicago Pneumatic Tool, pref.(guar.).- 8714c July 1 Holders of roe. June 20a
Chicago Railway Equipment, p1.(guar.) 134 July 1 Holders of me. June 21
Chicago Towel Co. common (guar.)._ _ •51.25 July 1 "Holders of rec. June 20
•15.‘ July 1 *Holders of rec. June 20
Preferred (guar.)
Chicago Yellow Cab (monthly)
25c. July 1 Holders of rec. June 200
Monthly
25c. Aug. 1 Holders of rec. July 19a
Monthly
250. Sept. 2 Holders of rec. Aug. 20a
Chicasha Cotton Oil (guar.)
•750. July 1 *Holders of rec. June 10
Chrysler Corporation (quay-)
The. June 29 Holders of rec. May 310
Cities Service, common (monthly)
234c. July 1 Holders of rec. June 15a
Common (payable in common stock)_ /X July 1 Holders of rec. June 155
Preferred and preference BB (mthly.) 50c. July 1 Holders of rec. June 155
Preference B (monthly)
Sc. July
Holders of rec. June 155
Cities Service,common (monthly)
214c. Aug.
Holders of rec. July 15a
Common (payable in common stock)_ 134 Aug.
Holders of rec. July 15a
Preferred and preference BB (mthly.) 50c. Aug.
Holders of rec. July 15a
Preference B (monthly)
Sc. Aug.
Holders of rec. July 15a
City Investing, common
Holders of rec. July la
234 July
Preferred (guar.)
134 July
Holders of rec. June 27
City Machine & Tool, cons. (guar.) _ _ _ _
Holders of rec. June 20
40c. July
City of Paris, 1st pref. (guar.)
*Holders of rec. June 15
*$1.75 July
Second preferred (guar.)
*$3.50 Aug. 15 *Holders of ree. Aug. 1
City Stores Co.. corn.(quar.)(No.1)25o. July 1 Holders of rec. June 15a
Claremont Investing Corp., corn. (qu.) _
Holders of rec. June 20
190. July
Preferred (guar.)
310. July
Holders of rec. June 20
Clark (L. D.) Co.(No. 1)
*41tic July 1 *Holders of rec. June 15
Claude Neon Elec. Prod., corn. (guar.). •200. Aug. 1 *Holders of rec. July 20
Preferred (quer)
*Holders of reo. June 20
'134 July
Cleveland Dairy Products, pref. (guar.) •141 July
*Holders of rec. June 20
Cleveland tone. eotnrnwt (qua, 1
. .50.3. 'rept.
•HoMers of ree Aug 15
Cleveland Union Stock Yards(guar.)._ _
500. July
Holders of rec. June 20
*3)4 July
Cliff 011 & Gas, pref
*Holders of rec. June 15
Club Aluminum Utensil-Div. passed.
144 July
Cluett, Peabody & Co., pref.(quar.):
Holders of rec. June 20a
Coats (J. & P.), Ltd.
Amer. dep. recta. for ord. reg.shares
w
July 6 Holders of rec. May 23
Coca Cola Bottling, class A (guar.)-- -- '6234c July 1 'Holders of rec. June 15
Coca-Cola Co.. corn. (qua?.)
$1 July 1 Holders of rec. June 12a
Class A (No. I)
$1.50 July 1 Holders of roe. June 12a
Coca Cola Internat., corn.(guar.)
July 1 Holders of rec. June 12to
$2
•53
Class A
July 1 *Holders of rec. June 12
Coekshutt Plow (guar.)
'37140 Aug. 1 *Holders of rec. July 16
o
un Coy.(quar.)
'3734o July 1 *Holders of rec. June 30
Cohen (Dan) Co.(No. I)
*400. July 1 *Holders of rec. June 15
Coen-Hell-Marx. corn. (guar.)
62140. July 1 Holders of rec. June 16
Coleman Lamp & Stove (guar.)
1
11
July 1'Holders of rec. June 18
Colgate-Palmolive-Peet Co. corn. (qu.). 50e. July 15 Holders of rec. June 29
Colgate Palmolive Peet Co. pref.(guar.) 134 July 1 Holders of rec. June 8
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 7
Preferred 'qua:.)
134 Janl'80 Holders of roe. Dec. 7
Colonial Chair corn (No.1)
•15o. July 1'Holders of rec. June 15
Preferred (guar.(No. 1)
*43 M o July 1 *Holders of roe. June 15
Colonial Finance Corp. pref.(guar.) __ _ •1% July 1 'Holders of rec. June 24
Colt's Patent Fire Arms Mfg.(guar.).- '50c. June 29'Holders of rec. June 12
Columbia Steel. preferred
43.50 July 1 *Holders of rec. June 20
Commercial Bookbinding, corn. (guar.). 4334c July 15 Holders of rec. Jut/ 1
Commercial Credit, corn.(guar.)
50c. June 29 Holders of rec. June 8a
634% 1st pref. (guar.)
144 June 29 Holders of rec. June 8.2
7% 1st preferred (guar.)
4334c June 29 Holders of rec. June 8a
8% preferred B (guar.)
50c. June 29 Holders of rec. June 8a
Commercial Invest. Trust, corn. (qu.)
$1 July 1 Holders of rec. June ba
Common (payable In common stock).- fl
July 1 Holders of rec. June 5a
7% first preferred (guar.)
134 July 1 Holders of rec. June fur
144 July 1 Holders of rec. June 5a
614% first preferred (guar.)
Commercial Solvents Corp.(guar.)
$2 July 1 Holders of rec. June I5a
Commonwealth Casualty
600. June 30 June 16 to June 19
Community State Corp.. A & B (guar.). 134 Sept. 2 Holders of rec. Aug. 28
Class A & B (guar.)
114 Dec. 31 Holders of rec. Dee. 29
Conde Nast Publications, corn.(qua?.)... 50c July 1 Holders of rec. June 17a
Conduits Co., Ltd.. Pregerence (guar.)
. 141 July 1 June 18 to June 30
Congress Cigar (guar.)
$1.25 July 1 Holders of rec. June 14a
Extra
250. July 1 Holders of rec. June 14a
Conley Tank Car. pref.(guar.)
June 30 *Holders of rec. June 20
*V
Consolidated Cigar Corp.. corn.(guar.). $1.75 July 1 Holders of mo, June 170
Consol. Dairy Products, corn. (qu.)____ .500. July 1 *Holders of rec. June 15
Common (payable in stock)
'1134 July 1 'Holders of rec. June 15
Consolidated Film Industries
Common and pref. (quar.)
50c. July 1 Holders of roe. June 120
Consol. Lead & Zinc, A & B (qua?)
25c. July 1 Holders of rec. June 20
Consol. Mining & Smelt. of Canada.- $1.25 July 15 Holders of rec. June 29
Bonus
$5 July 15 Holders of rec. June 29
Consolidated Paper, pref. (guar.)
*1714e July 1 *Holders of rec. June 20
Consolidated Retail Stores corn.(guar.). .250. July 1 *Holders of rec. June 17
Preferred (quar.)
*2
July 1 *Holders of rec. June 17
Consumers Co. prior pref.(guar.)
'134 July 1 *Holders of roe. June 16
Container Corp. of Amer., corn. A & B
Divid ends om Bled.
•134 July 1
Preferred (guar.)
Continental Baking prof.(guar.)
July 1 Holders of rec. June 17a
Continental Can, preferred (guar.)
134 July 1 Holders of rec. June 15a
oos
Continental Casualty
July 1 *Holders of rec. June 15
Continental Securities Corp.(guar.)
$1 July 15 Holders of rec. July 1
Continental Shares, new (No. 1)
•25o. July 1 *Holders of rec. June 15
Continental Steel pref.(guar.)
'$1.75 July 1 *Holders of rec. June 18
Contoocook Mills, pref.(guar.)
•141 July 1 *Holders of rec. June 20
Coon (W. B.) Co.. corn
•60e. Nov. 1 *Holders of ree. Oct. 10
Common
*M. Aug. 1 "Holders of roe.
•IN Nov. 1 *Holders of roe. July 10
Preferred
Oct. 10
Preferred
'134 Aug. 1 *Holders of me July 10
Cooper Bessemer Corp., com.(No. 1)..50c. July 1 Holders of rec. June 10
July 1 Holders of rec. June 10
Preferred (guar.)
75c.
Copper Range Co. (guar.)
50c. July 15 Holders of rec. June 15
July 1 Holders of rec. June 15
Coronet Phosphate Co
$1
Corroon & Reynolds Corp.$6 pt. (qu.) - $1.50 July 1 Holders of rec. June 20
Cosgrove Meehan Co., pref (guar.) --- •141 July 1 *Holders of rec. June 25
50c. June 30 Holders of rec. June 124
Cots,Inc.(guar.)
Coty. Inc., stook dividend
n111 Aug. 27 Holders of roe. Aug. 12
Stook dividend
al 14 Nov. 27 Holders of rec. Nov. 12
Courier-Post Co.(guar.)
0$2 July 1 *Holders of rec. June 15
Extra
*al July 1 *Holders of rec. June 15
Craddock-Terry Co., let Pf
3 June 29 June 18 to June 29
Second preferred
3 June 29 June 18 to June 29
Class C
334 June 29 June 18 to June 29
Creamery Package Mfg., corn. (gu.)
•50c. July 10 *Holders of rec. July 1
Preferred (guar.)
41 50 July 10 *Holders of rec. July 1
Crossley Radio. corn. (quar.)..
25o July 1 Holders of roe. Jane 20a
Croaley Radio (stock dividend)
44 Dec. al Holders of rec. Dec. 20a
*dee. June 30 *Holders of rec. June 10
Crowley. Milner & Co. corn. (guar.)
Crown Cork Internat. IA, A (go.)(No. I) •25e. July 1 "Holders of rec. June 1
2d preferred (guar-)
•$1.50 July 1 *Holders of rec. June 13
Crown Willamette Paper, 1st pref.(qu.) 144 July 1 Fielders of rec. June 13a
Crown Zellorbach
orn.(quar.)
25o. July 15 Holders of rec. June 29a
Corp.,(guar.)
Crucible Steel, common
134 July 31 Holders of rec. Julyi 15a
Crucible Steel. pref. (guar.)
134 June 30 Holders of rec. June 15a
_Crystallito Products (guar.)
*el 75 July 1 *Holders of rec. June 20
Extra (accr. aceum. dividends)
'$1 75 July 1 *Holders of rec. June 20
Cuban American Tobacco. corn
$1
June 29 Holders of rec. June 18
Preferred
244 June 29 Holders of rec. June 15
$1
July 15 Holders of rec. July 6
Cudahy Packing, corn. (guar.)._
•154 Sept. 15 "Holders of roe. Sept
Cuneo Prem. prof.(guar.)
Curtis Manufacturing, corn.(guar.)._ '62340 July 1 *Holders of rec. June 15
50o. July 2 Holders of rec. June 20a
Curtis Publishing, corn (monthly)
50o. July 2 Holders of rec. June 20a
Common (extra)
$1.75 July 1 Holders of rec. June 20a
Preferred (guar.)
Name of Company.
4277
Per
When
Cent. Payable.
Boots Closed
Days inclusive.
Miscellaneous (Continued).
Dahlberg & Co., Inc. (guar.)
$1.75 July 1 Holders of roe. June lb
Danish-American Corp. 1st pfd.(qua?.). 51.75 July 1 Holders of rec. June 20
Second preferred (guar-)
$1.75 July 1 Holders of rec. June 20
"25e. July 15 *Holders of rec. July 1
Darby Petroleum (guar.)
Davenport Hosiery Mills, corn.(qu.).. *50c. July 15 *Holders of rec. July I
Preferred (guar.)
*$1 75 July 1 *Holders of rec. June 20
Davison Coke & Iron, pref. (guar.). _ _ _ •144 July 1 *Holders of rec. June 15
Dayton Rubber Co., corn. A
'Si 75 July 10 *Holders of rec. June 27
*53 50 July 10 *Holders of rec. June 27
Priority common
Preferred
"53 50 July 10 *Holders of rec. Jane 27
'134 Sept. 1 *Holders of rec. Aug. 22
Decker (Alfred)& Cohn. pref.(guar.)
Deere & Co., corn.(guar.)
$1.50 July 1 Holders of reo. June 15
Dennison Manufacturing. prof. (quar.)_ 144 Aug. 1 Holders of rec. July 20
Aug. 1 Holders of ree.*July 20
Debenture stock (guar.)
2
200. July 1 Holders of roso. June 15
Detroit & Cleveland Nev.(guar.)
"35c. July I 'Holders of rec. June 30
Detroit Creamery (guar.)
*5240 July 1 'Holders of rec. JUIle 20
Detroit Electric, pref. A (guar.)
250. July 1
Detroit Gray Iron Foundry (guar.)
'250. Aug. 1 *Holders of rec. July 20
Detroit Steel Products,com.(mthly.)
Common (monthly)
*25c. Sept. 1 *Holders of rec. Aug. 20
Devoe & Reynolds Co., com.A&B(qu.)_
60c. July 5 Holders of rec. June 280
Common A & B (extra)
15c. July 5 Holders of rec. June 284
First and second pref. (guar.)
141 July 1 Holders of rec. June 280
Diamond Shoe Corp. common (quar.).. 3734c July
Holders of rec. June 15
6)4% Preferred (guar.)
134 July 1 Holders of rec. June 15
3
July 1 Holders of rec. June 15
6% second preferred
*25c. July 15 *Holders of rec. July 1
Dictograph Products (guar.)
Diversified Investments class A (quar.). $1.50 July 1 Holders of rec. June 15
Diversified Investments 151 pref.(qu.) •51.75 July 15 *Holders of rec. July 1
Diversified Trustees' shares
.88020 July 1
Original series
2 June 29 Holders of rec. June 21
Dixon (Joseph) Crucible Co.(qu.)
Doehler Die-Casting. 7% pref.(qua?.)... 87340 July 1 Holders of rec. June 20
$1.75 July 1 Holders of rec. June 20
$7 preference (qua?.)
25c. July 20 Holders of rec. June 29
Domes Mines, Ltd.(quar.)
Dominion Glass, corn. & pref. (guar.)._ 134 July -2 Holders of too. June 15
134 June 29 Holders of rec. June 25
Dominion Rubber, pref. (guar.)
Dominion Stores, new stock (qu.)(No.1) 300. July 1 Holders of rec. June 15a
$1.25 July 2 Holders- of rec. June 15
Dominion Textile, corn. (guar.)
134 July 15 Holders of rec. June 29
Preferred (guar.)
•25c. June 29 *Holders of rec. June 20
Donahoes,Inc. class A (qu.(No.1)
Preferred (guar.)(No. 1)
'134 June 29 *Holders of rec. June 20
Douglas(W. L.) Shoe Co., prof.(guar.)- 141 July 1 Holders of rec. June 15
*25c. July 1 *Holders of rec. June 20
Dow Drug. common (quar.)
"141 July 1 *Holders of rec. June 20
Preferred (guar.)
July 1 'Holders of rec. June 1
Draper Corporation (guar.)
'81
Dresser & Escher Associates(No. 1)..... 25c. June 30 Holders of rec. June 20
Dufferin Paving & Crushed Stone (Tor.)
First preference(No. 1) (for 4 mos.)._ $2.33 July 1 Holders of rec. June 15
$1
July 15 Holders of rec. July is
Dunhill Internat. common (guar.)
$1
Oct. 15 Holders of rec. Oct. 15
Common (guar.)
$1
JanI5'30 Holders of rec. Dec. 310
Common (guar.)
J'n15'30 Holders of rec. Dec. 310
1
Common (payable In corn.stock)
Ap15'20 Holders of rec. Apr. la
31
Common (guar.)
•1
Ap15'30 Holders of rec. Apr. la
Common (payable in corn.stock)
el
Jaly 15 Holders of tee July la
Dunhill Internat. (stock dividend)
*1
Oct. 15 Holders of rec. Oct
'(took dividend_
--- to
Dunham (James A.)& Co., corn.(guar.) *154 July 1 *Holders of roe. June 18
•1yi July 1 *Holders of rec. June 18
First preferred (guar.)
July 1 *Holders of rec. June 18
Second preferred (guar.)
July 1 Holders of rec. June 15
82
Duplan Silk Corp.. pref. (guar-)
Dupont(El.) de Nemours Co.
500. July 3 Holders ofsec. May 290
Common (extra)
114 July 25 Holders of rec. July 10a
Debenture stock (guar.)
*20c. July 15 *Holders of rec. June 30
Eagle Fidler Lead, corn. (qua?.)
*81.50 July 15 *Holders of ree. June 30
Preferred (guar.)
•114 July 1 *June 27 to June 30
Eagle Warehouse &Storage(guar.)
•I
July 1 *June 27 to June 30
Extra
'750. June 30 *Holders of rec. June 20
Early & Daniels common (gum.)
•144 June 80 *Holders of reo. June 21
Preferred (guar.)
*300. Aug. 1 *Holders of roe. July 1
Eastern Bankers Corp., corn
*300. Aug. 1 *Holders of rec. July 1
Common (extra)
$1.75 Aug. 1 Holders of rec. July 1
Preferred (guar-)
$1.75 Nov. 1 Holders of rec. Sept. 30
Preferred (guar.)
$1.75 Febl'30 Holders of rec. Dee. 31
Preferred (guar.)
3740. July 1 Holders of rec. June 200
Eastern Rolling Mill (guar.)
Eastern Steamship Lines. pref.(qua?.)
87340 July 1 Holders of rec. June 22
141 July 1 Holders of rec. June 22
First preferred (guar.)
Eastern Steel Products, prior p1. (qu.) - 51.75 July 2 Holders of rec. June 15
Eastern Theatres(Toronto), pref
344 IJuly 31 Holders of rec. June 29
Eastern Utilities Investing Cori).
$1.25 July 1 Holders of rec. May 31
$5 prior pref. (guar.)
Eastman Kodak.eon.(guar.)
$1.25 July 1 Holders of rec. May 31a
75e.'July 1 Holders of rec. May 31a
Common (extra)
Preferred (Qua?.)
134 'July 1 Holders of rec. May 31a
Ecudorlan Corp., Ltd., ord. (guar.).
60;July 1 Holders of rec. June 10
Preferred
334 July 1 Holders ofzeo. June 10
Edwards(Wm.) Co., prof. (guar.)
134 'July 1 Holders of rose. June 20
Eitingon-Schild Co.. corn.(guar.)
62340. Aug. 30 Holders of rec. Aug. 154
Electric Auto-Lite Co.. cons. (qua:.)... $1
July 1 Holders of rec. June 154
Common (extra)
50o. July 1 Holders of roe. June 15a
Preferred (guar.)
144 July 1 Holders of rec. June 15a
Electric Controller & Mfg., cons.(guar-) $1.25 July 1 Holders of roe. June 20
Electric Stor. Battery, corn. & pt. (qu.). $1.25 July 1 Holders of reo. June ga
Emerson Elec. Mfg. Co., pref.(Qua:.).. 1% July 1 Holders of rec. June 20
Empire Steel. pref. (guar.)
$1.75 July 1 Holders of rec. June 22
Emporium Capwell. corn. (guar.)
600. June 24 Holders of rec. June la
•40c. July 25 *Holders of rec. July 10
Emsco Derrick & Equipment (quar)
Enamel Products(guar.)
500. July 1 Holders of rec. June 20
Endicott Johnson Corp., corn.(qua?.)... 81.25 July 1 Holders of rec. June 15a
Preferred (guar.)
134 July 1 Holders of roe. June 15a
62340 July 1 Holders of rec. June 15a
Equitable Offlee Bldg.cons.(guar.)
144 July 1 Holders of rec. June 15a
Preferred (guar.)
Erskine-Danforth Corp., pref. (gu.)
2
July 1 Holders of rec. June 26
Evans Auto Loading (guar.)
6234c July 1 Holders of rec. June 22a
Oct. 1 *Holders of rec. Sept 20
Evans Auto Loading,stook dividend
_ *ea
Evans-Wallower Lead Co.. pref. (guar-) *$1.75 July 1 *Holders of rec. June 20
Pejr (The), corn. (qua?.)
•600. Aug. 1 *Holders of rec. July 20
•151 Aug. 1 *Holders of rec. July 20
Preferred (guar.) _
Fairbanks. klome & Co corn.(guar.).- 75e. June 29 Holders of roe. June 120
Fanny Farmer Candy Shops corn.(qu.). 250. July 1 Holders of rec. June 15
Preferred (quar.)
600. July 1 Holders of rec. June 15
Farr Alpaca Co. (quar.)
June 29'Holders of rec. June 20
•$2
Fashion Park Associates. corn.(No. 1).. 62440 June 29 Holders of roe. June 170
Common (payable In corn. stock)--- - /X June 29 Holders af rec. June 170
Faultless Rubber, corn. (quar.)
500. July 1 June 16 to June 17
154 July I June 16 to June 17
Preferred (guar.)
Federal bake Shoes. Inc. prof. (guar.).
. 141 July 1 Holders of rec. June 8
Federal Knitting Mills. pref. (guar.)._ •141 July 1 "Holders of rec. June 20
Preferred (guar.)
'154 Oct. 1 "Hoidens of rec. Sept. 20
Federal Motor Truck (guar.)
200. July 1 Holders of rec. June 204
Federal Screw Works (guar.)
•750 July 1 *Holders of rec. June 20
Federal Surety
*500. July 1 'Holders of rec. June 15
Federated Business Pubs, let pf. (qu.).. 6240 July 1 Holders of rec. June 20
Federated Metals (guar.)
250. July 5 Holders of rec. June 25
Feltman Curme Shoe Stores pf. (qu.)... 14( July 1 Holders of rec. June 1
Ferro Enameling, cl. A (guar.)
81 25 July 1 Holders of rec. Juno 20
Class A (extra)
250. July 1 Holders of rec. June 20
Ferry Cap & Set Screw (guar.)
50c. July 1 Holder& of rec. June 15
Fidelity & Deposit Co. Bait.(guar.)_ _ "$2.25 June 29'Holders of rec. Jose 17
Stock dividend
•e20
Fifth Ave. Hue Securities(guar.)
June 29 Holders of rec. JUDO 14a
Filene's(Wm.)Sons Co-- prof.
- 51.6234 July 1 Holders of rec. June 17a
Flnance Co.of Amer..eons A & U (qua_ 1734c July 15 Holders of roe. July 6
43340 July 15 Holders of roe. July 5
7% prof. (guar.)
2 July 1 Holders of tee. June 15
Man. Investing Co. of N.Y..com.(cru.)
Firestone Tire & Rubber, COM. 6V/0j
4
12 July 20 *Holders of rec. July 10
•I M July 15 *Holders of rec. July 1
6% preferred (guar.)
First Internat. Securities(guar.(No. 1). •25c.
37 Mc July 1 Holders of rec. June 10a
First National Stores, corn.(Qua?.)
Preferred (guar-)
134 July 1 Holders of rec. June 10
4278
Name of COMpany.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days DICIUS106.
Miscellaneous (Continued).
First Trust Bankstock Corp.(in stock) el()
Holders of rec. June 15
Fishman (M. H.) Co. Sc. to $1 Stores
"1% July 15 *Holders of rec. July 1
Preferred (guar.)
Fitz Simmons Dredge & Dock
Corn.(140th share corn.stk.)
(I) Sept. I
Corn.(140th share core. stk.)
(I) Dee. 1
•11i June 30 *Holders of rec. June 15
Flatbush Investing corn.(guar.)
Preferred
'334 June 30 *Holders of rec. June 15
Fleischmann Co. common (guar.)
75c. July 1 Holders of rec. June 130
1% July 1 Holders of rec. June Ilia
Florsheim Shoe, pref.(guar.)
52 July 1 Holders of rec. June 15
Flour Mills of Amer. $8 pf. A (qu.)- Foote Bros. Gear & Mach. corn.(guar.). •30e. July 1 'Holders of rec. June 20
July 1 *Holders of rec. June 20
Preferred (guar.)
40e. July 1 Holders of rec. June 20
Foremost Dairy Products pref.(quar.)
•25c. July 1 'Holders of rec. June 14
Forham Co., corn. (guar.)
•40e. July 1 *Holders of rec. June 14
Class A (guar.)
314 July 1 Holders of rec. June 30
Forman (George M.) & Co.. pref
*35e. July 1 *Holders of rec. June 1.5
Formica Insulation (gust.)
•350. Oct. 1 *Holders of rec. Spet. 14
Quarterly
•35e. Janl'30 "Holders of rec. Dee. 14
Quarterly
81.75 July 1 Holders of rec. June 20
Foster(W. C.) Company, pf. (qu.)_
25e. July 1 Holders of tee. June 12
Foster Wheeler Corp. corn
134 July 1 Holders of rec. June 12
Convertible preferred (quar.)
Fox Film Corp. corn. A & B (qu.) --- 21 July 15 Holders of rec. July la
250. July 2 Holders of rec. June 15
Fraser Companies, corn. (guar.)
Aug. 1 Holders of rec. July 15a
$1
Freeport Texas Co.(quar.)
July 1 June 11 to July 1
French (Fred F.) Operators, Inc.,'ref-3
*1% July 1 *Holders of rec. June 25
Fuller Brush, pref. (guar.)
Fuller (George A) Co. partle.pr. pf.(qu.) $1.50 July 1 Holders of rec. June 10a
Pardo. prior pref. (participating dry.) _ $2.63 July 1 Holders of r-e. June 100
$1.50 July 1 Holders of rec. June 100
Panic.second pref.(guar.)
$1.92 July I Holders of rec. June 10a
Panic.second pref.(panic. My.)
Gale (Robert) & Co.,class A (quar.)
"68 h'c July 15 "Holders of rec. June 28
*75e. July I *Holders of rec. June 25
Gemmer Mfg., class A (guar.)
"30e. July I *Holders of rec. June 25
Class B (guar.)
200. July 1 Holders of rec. June 20
General Alloys Co.(guar.)
'Holders of rec. June 8
General Amer. Investors (stock div.)__* elOO
July 1 Holders of ree. June 13a
General American Tank Car (quar.).__ It
July 1 Holders of ree. June I30
Stock dividend
June 29 Holders of rec. June 220
82
General Baking Co., pref. (guar.)
81.50 July 1 Holders of rec. June 18
General Baking Corp., pref. (guar.).
25e. June 29 Holders of rec. Jure 15
General Development
July 26 Holders of rec. June 210
$1
General Electric common (guar.)
July 26 Holders of rec. June 210
Si
Common (extra)
15e. July 26 Holders of rec. June 2I0
Special stock (guar.)
*50e. July 1 *Holders of rec. June 20
General Fireproofing, tom.(qu.)
Preferred (guar.)
*131 July 1 *Holders of rec. June 20
•56e. June 30 *Holders of rec. June 20
General Foundry Mach. el. A (guar.) _ _
July 1 *Holders of rec. June 19
General Machine, Pref. (guar.)
$1.50 July 1 Holders of rec. June 145
General Mills pref. (quar.)
30c. July 2 Holders of reo. May 18a
General Motors Corp. corn.(extra)
134 Aug. 1 Holders of rec. July 80
6% debenture stock (quar.)
134 Aug. 1 Holders of rec. July 80
6% preferred (guar.)
131 Aug. 1 Holders of rec. July 80
7% Preferred (guar.)
500. July 15 Holders of rec. July 5a
Gen. Outdoor Advertising, corn. (qu.)
!
General Public Service Corp.
June 29 Holders of rec. June 3
Corn. (3-10ths share corn. stock)
51.50 Aug. 1 Holders of rec. July 10
$6 preferred (guar.)
1.37% Aug. 1 Holders of rec. July 10
55% preferred (guar.)
$1.75 July 1 Holders of rec. June 15
General Public utilities. pref. (cruse.) _
51.25 July 1 Holders of rec. June 100
General Hallway Signal, corn.(quar.)_
13i July 1 Holders of rec. June 10a
Preferred (quat.)
General Spring & Bumper, el. A (quar.)_ •6234e July 1 *Holders of ree. June 20
*3731e July 1 *Holders of rec. June 20
Class B (guar.)
1% June 30 Holders of rec. June 20
General Tire & Rubber, pref. (quae.)
450. July 1 Holders of rec. June 20
Geometric Stamping (guar.)
*65e. June 30 *Holders of rec. June 20
Gibson Art, common (quar.)
87110. July 1 Holders of rec. June 15
Gilbert(A.C.) Co. pref.(guar.)
July 30 'Holders of rec. July 15
Gilman Oil (guar.)
•40. July 10 "Holders of ree. June 29
Gilmore (F. E.) Co. (guar.)
Oct. I
Gladding.Mel3ean& Co..com(in corn atk) *2
July 1 Holders of rec. June 15
Gleaner Combine Harvester tom.(qu.)_ _ 51
3735c July 1 Holders of rec. June 18a
Glidden Co. common (guar.)
Common'
(extra)
121ic July 1 Holders of rec. June 18a
Prior preferred (guar.)
1% July 1 Holders of rec. June 180
July 1 "Holders of nee. June 24./
•2
Globe Grain & Milling corn (guar.)
•154 July 1 *Holders of roe. June 20
First preferred (guar.)
July 1 *Holders of tee. June 20
02
Second preferred (guar.)
*$1.50 July I *Holders of rec. June 20
Globe Wernicke Co., corn. (guar.)
Goldberg (S. M.) Stores, $7 pref.(guar.) .51.75 Sept. 15 *Holders of ree .Sept. 1
623ie Aug. 1 Holders of rec. July 170
Gold Dust Corp.. corn. (guar.)
•$1.50 June 29 *Holders of ree. June 17
Gold Dust Corp.. 56 pref. (guar.)
Sept. 1 *Holders of Fee. Aug. 15
Golden State Milk stock dividend (qu.)_ *el
*el
Dec. 1 'Holders of rec. Nov. 15
Stock dividend
1% July 1 Holders of rec. June 14
Goldman Sachs Trading (guar.)
July 1 Holders of rec. June 10
Goodrich (B. F.) Co., pref. (quar.)____
July 1 *Holders of rec. June 20
Goodyear Textile(guar.)
Goodyear Tire & Rubber,corn.(quar.)__ $1.25 Aug. 1 Holders of ree. July 1 a
1% July 1 Holders of ree. June la
First pref. Muer.)
Goodyear Tire & Rubber of Calif.
•1% July 1 *Holders of rec. June 20
Preferred (quar.)
Goodyear Tire & Rub.of Can. com.(qu.)•$1.25 July 2 "Holders of rec. June 15
1% July 2 'folders of rec. June 15
Preferred (guar.)
50e. Sept. 1 Holders of rec. Aug. 1
Gorham Mfg., corn. (guar.)
5rIe Dee. I Holders of rec. Nov
I
Common (quar.)
Gorton & Pew Fisheries, corn. (guar.)._ •75c. July 1 *Holders of ree. June 20
Gotham Silk Hosiery. common (quar.)-- 6231c July 1 Holders of rec. June 120
Aug. 1 Holders of rec. July 120
1%
Gotham Silk Hosiery, pref. (qu.)
1% July 1 Holders of rec. June 22
Gottfried Baking, pref. (quar.)
July 1 Holders of rec. June 20
2
Goulds Pumps, Inc., corn.(quar.)
1% July 1 Holders of rec. June 20
Preferred (guar.)
Graham-Paige Motor Co., let PI.(MO - •$1.75 July 1 'Holders of rec. June 15
Granby Consul. Min., Smelt.&Pow.(qu) $1.75 Aug. 1 Holders of rec. July 120
•250. June 30 *Holders of rec. June 20
Grand Rapids Varnish (quar.)
"250. Sept. 30 *Holders of rec. Sept. 20
Quarterly
"25e. Dec. 31 *Holders of rec. Dec. 20
Quarterly
75e. July 1 Holders of rec. June 170
Granite City Steel (guar.)
250. July 1 Holders of rec. June 12a
Grant W. T.) Co., corn. (guar.)
*51 25 July I *Holders of rec. June 20
Great Lakes Steamship (quite.)
$1.25 June 29 Holders of rec. June 15
Great Lakes Towing, corn. (guar.)
1% July 1 Holders of tee. June 15
Preferred (guar.)
700. July 2 'folders of rec. June 154
Great Western Sugar, common (guar.)._
1 fi July 2 Holders of rec. June 15a
Preferred (guar.)
Green (Daniel) Felt Shoe Co.. pf.(guar.) $1.50 July 1 Holders of rec. June 20
July 1 Holders of rec. June Oa
$2
Greene Cananes Copper (guar.)
Greenfield Tap & Die Corp.6% pf.(qU.) 134 July 1 Holders of reo. June 16
July I Holders of tee. June 15
2
8% preferred (guar.)
- .75e Aug. 11 •Huldere of rec AUA
Greenway Corp.. 5% pref. (guar.).
5% preferred(quart.- •75e Nov. lb •Ilelders of rec. Nov
80e. July 1 Holders of ree. June 15
Grief Bros. Cooperage, el. A (guar.)_ _ _ _
July 1 Holders of ree. June 20
El
Grigsby Grunow Co., corn.(guar.)
.500. Sept. 1 "Holders of rec. Aug. 21
Gruen Watch, common (guar.)
*50e. Dec. I *Holders of rec. Nov. 20
Common (guar.)
"500. M'rl'30 *Hold. of rec. Feb. 18'30
Common (guar.)
•131 Aug. 1 "Holders of tee. July 21
Preferred (guar.)
•15.‘ Nov. 1 *Holders of rec. Oct. 21
Preferred (guar.)
Febl'30 *Hold. of ree. Jan. 21 '30
Preferred (guar.)
Guardian Investors Corp. tat Pref.(qu.) $1.75 July 1 Holders of ree. June 15
$1.50 July 1 Holders of rec. June 15
$6 first preferred (guar.)
'
75e. July 1 Holders of rec. June 15
$3 second preferred (guar.)
*3731c July 1 "Holders of rec. June 20
Gulf Oil Co.(guar.)
July 1 Holders of rec. June Ita
$1
Gulf States Steel, core.(quar.)
July 1 Holders of ree. June Ito
Preferred (guar.)
Oct. 1 Holders of roe. Sent. lee
Preferred (guar.)
Jan 230 Holders of tee. Dec. lee
Preferred (guar.)
50e. July 2 Holders of rec. June 15
Curd (Charles) & Co., Ltd., corn.(cm).
July 2 Holders of rec. June 15
Preferred (guar.)
250. July 1 Holders of rec. June 10
Habirshaw Cable & Wire (guar.)
I .6231 July 1 Holders of rec. June 20a
Hahn Dept. Stores, pref.(guar.)
_ _ •25c. July 31 'Holders of rec. July 20
Hall(W. F.) Printing, corn.
Hamilton (Alex.) Investment A (No. 1). •30e. July 1 *Holders of ree. June 15
(guar.).-
•134
134
•IN
•131
131
1)4
131
134
Name of Company
[VOL. 128.
When
Per
Cent. Payaek.
Books Cloaca
Days Imitate&
Miscellageous (Continued.
Hamilton United Thes.(Can.), pf.(qu.) 1.;( June 29 Holders of rec. May 31
•1M July 1 'Holders of rec. June 20
liammerrnIll Paper, pref. (guar.)
Hanes (P. H.) Knitting, pref. (quar.)134 July 1 Holders of ree. June 20
Harbison-Walker Refract.. Prof.(quar.)_
134 July 20 Holders of rec. July 100
Hayes Body, corn.(guar.)
July 1 Holders of rec. Juno 25
2
Hayes Body Corp. (quar.)(pay. In stk.) 2
July 1 June 26 to June 30
Quarterly (payable In stock)
Oct. 1 Sept. 26 to Sept.30
2
Jan 2'30 Dee. 25 to Jan. 1
2
Quarterly (payable In clock)
Hazel-Atlas Glass (extra)
*25e. July I *Holders of rec. June 15
Heath (D. C.) & Co., pref. (quar.)
131 June 29 Holders of rec. June 28
Helme(George W.)Co.coin.(guar.).$1.25 July 1 Holders of ree. June 10a
1% July 1 Holders of rec. June 10a
Preferred (quar.)
35e. July 26 Holders of rec. July 19 Hibbard,Spencer,Bartlett&Co.(mthly.)
Monthly
35e. Aug. 30 Holders of rec. Aug. 23
Monthly
350. Sept. 27 Holders of rec. Sept. 20
Hin de & Deue he Paper of Canada
Common (quar.)
25e. July 2 Holders of rec. June 15
Holland Furnace (quar.)
(u) July I Holders of rec. June 15a
Holly Development Co.(guar.)
e. July 15 Holders of rec. June 30
Holly Oil (guar.)
•25e. June 30 "Holders of rec. June 14
3% July 1 Holders of rec. June 22
Holmes(D. H.) Co., Ltd.(guar.)
20
Home 011 Co., Ltd.(No. 1)
June 29 June 9 to June 29
$1.75 July 1 'folders of rec. June 15
Fleecy Dew. Ltd., pref. A (guar.)
.300. July 1 *Holders of rec. June 25
Hoover Steel Ball (guar.)
Horn & Hardart of N. V.,corn.(guar.)_ _ 6234e Aug. I Holders of rec. July Ila
•60e. June 30 *Holders of rec. June 15
Hoskins Mfg. common (guar.)
6234e July 1 Holders of rec. June 20a
Houdaille-Hershey Corp. class A (qu.)
•37 Sic July 1 *Holders of rec. June 20
Class 13 (guar.)
*75e. July 5 'Holders of rec. June 25
Household Finance, corn. (guar.)
"75e. July 15 •Ifolders.of rec. July 1
Participating preferred (quar.)
$1 July 15 Holders of rec. June 290
Howe Sound Co.(guar.)
50e. July 15 Holders of ree. June 290
Extra
$1.25 July 1 Holders of rec. June 110
Hudson Motor Car (guar.)
July 1 Holders of ree. June 24
Hudson River Navigation, pref. (mi.).- 2
.30e. July 1 *Holders of rec. June 11
Humble Oil & Refining (guar.)
*20e. July 1 *Holders of rec. June 11
Extra
•500. June 30 *Holders of rec. June 15
Fiumphery's Mfg.. cora, dr pref. (qu.)
50e. Aug. 1 Holders of rec. July 15a
Hupp Motor Car Corp. (guar.)
Hupp Motor Car stock div.(guar.)
e234 Aug. 1 Holders of ree. July 150
Stook dividend (guar.)
e234 Nov. 1 Holders of me. Oct. 150
July 2
"2
Huron & Erie Mortgage (guar.)
Oct. 1
•2
Quarterly
•134 July 1 *Holders of rec. June 20
fluyler's of Delaware, pref.(guar.)
July 1 *Holders of rec. June 20
Hydraulic Brake Co. (guar.)
25e. July 1 Holders of ree. June 10
FlYgrade Lamp, corn. (guar.)
51.6211 July 1 Holders of rec. June 10
Preferred (guar.)
Nitic July 15 'Holders of rec July d
Illinois snick (guar)
3
*60 Oct 15 *Holders of ree Oet
Quarterly
134 June 30 Holders of rec. June 25
Imperial Royalties Co., pf. (mthly)_
18e. June 30 Holders of rec. June 25
Preferred class A (monthly)
"Holders of rec. June 22
July
Independent Pneumatic Tool (guar.).- 'Si
Holders of rec. June 21a
194 July
Indlan Motoeyele, pref. (guar.)
Holders of rec. June 15
1% July
Indian Refining. prof. (guar.)
134 July
Holders of rec. June 15
Refunding preferred (qua?.)
Holders of ree. June 21
50e. July
Industrial Acceptance Corp.. corn. (qu.)
Holders of rec. June 21
134 July
First preferred (guar.)
Holders of rec. June 21
2
July
Second preferred (qua?.)
Holders of ree. June 21
34 July
Second preferred (extra)
Holders of rec. July 19
Industrial Finance Corp., 7% pf. (qtr.). 1% Aug.
Holders of rec. July 19
134 Aug.
6% Preferred (quar.)
2
June 29 June 27 to Juno'30
Industries Development, pref.(gu.)_
3
Holders of ree. June I 5a
July
Ingersoll-Rand Co., preferred
•550. July
*Holders of rec. June 20
Inland Investors (guar.)
Holders of rec. June ji3a
July
Inspiration Censor. Copper Co.(guar.). Si
*Holders of rec. June'15
Insull Utility investments. or. pf. (111.) .$1.38 July
35e. July
June 8 to June 16
Insurance Securities Co., I.td.(qu.)Insuranshares Corp. cony. pref. (guar.). 1% July 15 Holders of roe. June 28
2
July 2 Holders of rec. June'21
Intercolonial Coal. Ltd.. corn. (qu.)
4
July 2 Holders of rec. June'21
Preferred (guar.)
$1.25 July 10 Holders of rec. June 22a
Internat. Business Machines Marl
July 1 Holders of rec. Juno 15
Hole Sew. Mach.(an.)
Internat. Button
internat. Combustion Eng.. prof.(guar.) 194 July 1 fielders of roe. June I70
.25e July 1
Int. Cont. Invest. Corp. corn.(guar.).
$1.50 July 1 Holders of rec. June 15
Interlake Steamship (guar.)
Internat. Equities Corp.. Class A (guar.) 8731e July 1 Holders of ree. June'20
750. July 1 'folders of rec. Juner24
Internat. Germanic Co.,partic.pf.(gu.)
62110 July 15 Holders of rec. June 25a
Internat. Harvester common (quar.)80e. July 15 Holders of rec. June'25a
Internat. Match, corn. (guar.)
80e. July 15 Holders of rec. June 25a
Participating preference (guar.)
20e. June 29 Holders of rec. June) la
Internat. Nickel of Canada, corn. (qu.)
Internat. Nickel of Canada pref. (qu.).. 134 Aug. 1 Holders of roe. July his
International Paper Co., 7% pref.(qu.). 1% July 15 Holders of rec. June 25a
134 July 15 Holders of rec. June 25a
Six per cent preferred (guar.)
Internat. Paper & Pow. 7% pref.(qu.)... 1% July 15 Holders of rec. June 250
1% July 15 Holders of rec. June 25a
6% preferred (guar.)
51.50 July 1 Holders of rec. June 15a
International Salt
Internat. Securities Corp. corn.(quar.).. •25e. July 15 'Holders of rec. July 10
6211e July 1 Holders of ree. June 15
International Shoe, corn.(guar.)
50e. July 1 Holders of ree June 16
Preferred (monthly)
July 15
'50e. Aug. 1 *Holders of
Preferred (monthly)
'50o. Sept. 1 *Holders of ree Aug. 15
Preferred (monthly)
*Holders of ree Sept. 15
•50o. Oct.
Preferred (monthly)
•500. Nov. I "Holders of ree. Oct. 15
Preferred (monthly)
•&00. Dec. 1 "Holders of ree. Nov. 15
Preferred (monthly)
Preferred (monthly)
*50o. Jan 1'30 "Holders of rec. Dee. 15
internat. Silver, pref.(guar.)
134 July 1 Holders of rec. June 12a
5ne. July 1 Holders of rec. June 200
Interstate Dept. Stores corn.(quar.)
•45e. July 1 *Holders of rec. June 15
Interstate Hosiery Mills (No. 1)
25e. Aug. 15 Holders of ree. Aug. la
Intertype Corp., corn. (guar.)
25e. Aug. 15 Holders of ree. Aug. la
Common (extra)
$2
First preferred (guar.)
July 1 Holders of rec. June-15
3't
Second preferred
July I Holders of rec. June:15
*500. June 30
Investment Trust Shares, class A
*39e. June 30
Class A (extra)
Investors Corp. of Rhode Island
First, 2d & cony. prer. stirs. (guar.)._ $1.50 July 1 Holders of rec. June 20
July I •Holders of rec. June 20
oft
Investors Equity Co.. Inc.. common
•
Investors Foundation. Inc., pref. A & B "2% July 1 *fielders of rec. June 27
*$2.50 July 1 *fielders of rec. June'27
Junior preferred
'50c. July 1 *Holders of ree. June115
Irving Alt Chute (No. 1)
July 1 Holders of rec. June 24a
Island Creek Coal, corn. (quar.)
$1
$1.50 July 1 'Holders of ree. June 24a
Preferred (quar.)
500. June 29 Holders of rec. May 31
Isle Royale Copper Co
*30e. July 15 *Holders of rec. June 15
Jackson Motor Shaft (guar.)
*30e. July 15 *Holders of rec. June 15
Extra
"75e. July 1 "Holders of rec. June 15
Jefferson Electric (guar.)
*75e. Oct. 1 "Holders of rec. Sept. 17
Quarterly
75e. July 15 fielders of rec. July 30
Jewel Tea common (guar.)
Johns-Manville Corp., corn. (guar.).
- 75e. July 15 Holders of rec. June 24a
1% July 1 Holders of rec. June 10a
Preferred (guar.)
*50e. July 1 *Holders of rec. Juner21
Joint Investors. Inc., el. A (qu.)
*25e. July 1 *Holders of rec. June'21
Class A (extra)
Preferred
"53 July 1 "Holders of rec. JuneT21
Joint Security CorpCom.(payable in corn,stock)
Aug. 1 Holders of rec. July 20
Nov. 1 Holders of tee. Oct. 20
fl
corn (Dayable in com.stook)
Joint Security Corp.,6%partic.pf. (qu.). 1 31 July 1 Holders of rec. June'20
3( July 1 Holders of rec. June 20
6% Partie. pref. (extra"'
$7 preferred set. 13 (guar.)
$1.75 July 1 Holders of roe. June20
Jonas & Naumburg,$3 pref.(guar.). 75e. July 1 Holders of rec. June 15
Jones & Laughlin Steel. pref. (quar.)
134 July 1 Holders of rec. June 13a
Judson Mills, pref. A (guar.)
"1% July 1 *Holders of rec. June 25
Preferred 13 (guar.)
•134 July 1 *Holders of rec. June 25
.
1.1211 July 1 *Holders of rec. June 21
Kalamazoo Stove, corn. (guar.)
Common (payable in common stock)__ '1134 July I *Holders of rec. June 20
Kalamazoo Vegetable Parchment M.)._ •150. June 30 *Holders of ree. June 20
Quarterly
•15o. Sept. 30 "Holders of ree. Sept. 20
•15e. Dec. 31 *Holders of roe. Dec. 21
Quarterly
Kaufman (Chas. A.) Co.. Ltd..(qu.).
214 July 1 Holders of tee. June 22
380. July 29 Holders of rec. July 10a
Kaufmann Dept. Stores corn. (quar.)
134 July 1 Holders of rec. June 10
Preferred (guar.)
JUNE 29 1929.1
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cern. Payable.
Books Cloaca
Daps Inclusive.
Miscellaneous (Continued).
Kawnee Company(guar.)
'6234c July 15 *Holders of me. June 30
Quarterly
*62 Me Oct. 15 *Holders of roe. Sept. 30
Quarterly
*62M Jan1510 *Holders of roe. Dee. 31
Kaynee
common (quar.)
50c. July 1 Holders of tee. June 20
Common (extra)
Co..
1240 July 1 Holders of roe June 20
Preferred (guar.)
134 July 1 Holders of rec. June 20
Kayser (Julius) & Co.corn
150 July 1 Holders of rec. Juneollla
Keith-Albee-Orpheum Corp. pf. ((in.)..
July 1 Holders of rec. June 19a
62Mc. July 1 Holders of rec. June 20
Kelley Island Lime & Trans.(qu.)
Kelsey-Hayes Wheel, com.(guar.)
We July 1 Holders of rec. June 20a
Kelsey-Hayes Wheel, pref. (guar.)
'151 Aug. 1 *Holders of rec. June 22
Kennecott Conner Corp.(guar.)
$1.25 July 1 Holders of rec. May 31a
Ken-Red Tube & Lamp corn. A (gu.)--- •3714e July 1 *Holders of tee. June 21
Kermath Manufacturing (guar.)
*25e. July 1 *Holders of rec. June 15
Key Boller Equipment (guar-)
25c. July 10 Holders of rec. June 29
Kimberly-Clark Co.,corn.(guar.)
6214c July 1 Holders of rec. June 12a
Preferred (guar.)
July 1 *Holders of rec. June 12
King Phillip Mills (quar.)
*114 July 1 *Holders of rec. June 20
King Royalty Co., pref.(guar.)
2
July 1 Holders of rec. June 15
Kinney (0. R.) Co., Inc., new com.(qu.) 25e. July 1 Holders of tee. June 170
11
Kirby Lumber (guar.)
Sept.10 *Holders of rec. Aug. 31
Quarterly
•1M Dec. 10 *Holdere of tee. Nov.30
Kirsch Co.. common (guar.)
•30e. July 1 *Holders of rec. June 15
Preferred (guar.)
•45e. July 1 *Holders of rec. June 15
Knapp-Monarch Co., pref.(guar.)
8114c July 1 Holders of rec. June 15
Knox Hat, prior pref. (guar.)
$1.75 July 1 Holders of roe. June 150
Prior preference (guar.)
$1.75 Oct. 1 Holders of roe. Sept. 16c
Participating pref (guar.)
The Sept. 3 Holders of roe. Aug. lha
Participating pref. (guar.)
75e Dee. 2 Holders of roe. Nov. Me
Koppers Gas & Coke. pref.(guar.)
41.50 July 1 *Holders of rec. June 11
Kraft-Phenix Cheese Corp.. com.(an.). 3714c July 1 Holders of roe. June 10a
Preferred (guar.)
1.6234 July 1 Holders of rec. June 10a
Kresge (S. S.) Co. corn. (guar.)
40c. June 29 Holders of rec. June 10a
Preferred (guar.)
1M June 29 Holders of rec. June 10a
Kreuger & Toll. American shares
$1.34 July 1 Holders of rec. June 7a
Kuppenheimer (13.) & Co.. corn
July 1 Holders of rec. June 22a
$1
Laclede Steel (guar.)
50c. July 1 Holders of rec. June 22
Lake Erie Bolt az Nut corn. (guar.) --750. July 1 Holders of rec. June 22
Lakey Foundry & Mach.stock dividend. •e244 July 30 *Holders of roe. July 15
..234 Oct. 30 'Holders of rec. Oct. 15
Stock dividend
Lambert Co. (guar.)
July 1 Holders of rec. June 18a
$2
Land Bldg. Investing Corp.. prof
$3.50 July 15 Holders of rec. June 29
Landers, Frary & Clark (oust.)
•75e' June 30 *Holders of ree. June 19
Extra
*25e. June 30 *Holders of rec. June 19
Quarterly
•75o. Sept.30 *Holders of tee. Sept.20
Quarterly
•75e. Dee. 31 *Holders of roe. Dec. 21
Lane Bryant, Inc., com.(guar.)
50e. July I *Holders of rec. June 14
Lane Cotton Mills (guar.)
3714e. July 1 Holders of rec. June 21
Lane Drug Stores, Inc., cony. pf.(qu.)..50e. July 1 Holders of rec. June 15
Langendorl (Jolted Bakeries
Class A and B (qua?.)
*50e. July 15 *Holders of rec. June 30
Class A and B (guar.)
*50c. Oct. 15 *Holders of rec. Sept. 30
Class A and B (guar.)
Ja 15'30 *Holders of rec. Dec. 30
Lannon Monotype (guar.)
134 Aug. 31 Holders of rec. Aug. 21a
La Salle Extension University, pt. (qu.) 144 July 1 Holders of rec. June 20
Lawrence Portland Cement corn.(qu.).. *2
June 29 *Holders of roe. June 15
Lawyers Mtge. Co.(qu.) ($101) par)___. 314 June 30 Holders of rec. June 20
$20 par stock Causer.)
70e. June 30 Holders of rec. June 20
Lawyers Title & Guaranty (guar.)
30 July
Holders of roe. June 20a
Lawyers Westchester Mtge.& Title.___ $2 July
Holders of rec. June 18
Leath& Co.. pref.(guar.)
*873Ce July
*Holders of roe. June 15
Preferred (guar.)
*8714c Oct.
*Holders of rec. Sept. 15
Lehigh Portland Cement, corn. (qua?.). 6214e. Aug.
Holders of rec. July 13a
Preferred (guar.)
114 July
Holders of rec. June 140
Lehigh Valley Coal Corp. Prof. (quar.)_
75e. July
Holders of rec. June 12a
Lehigh Valley Coal Sales (guar.)
900. June 29 June 13 to June 29
Lessirurs, Inc). (guar.)
15e. July
Holders of roe. June 11
Extra
10c. July
Holders of rec. June II
Ley (Fred T.) az Co.. Inc.(qu.)(No. 1)
75e. July 5 Holders of rec. June 15
Liberty Baking pref.(guar.)
134 July 1 Holders of rec. June 21
Libby. McNeil & Libby pre/
•$3.50 July 1 *Holders of rec. June 14
Liggett & Myers Tobacco, pref. (quar.)_ 144 July 1 Holders of rec. June 10a
Lily-Tulip Cup, Prof. (guar.)
•2 1-3 July 1 *Holders of rec. June 15
Lincoln Hosiery. 1st pf. (qu.)
• M July I *Holders of rec. June 20
I
1.1neern Interstate 11,Mine (le
the July I Holders of ree June 20
Lincoln Nat. Corp.(No. 1) Passate,N.J.) *50c. July 1 *Holders of rec. June 13
Lindsay Light, pref.(guar.)
+.1% July 5 *Holders of rec. July 1
Link Belt Co.(guar.)
65e. Sept. 1 Holders of me. Aug.d15a
Lion Oil Refining (guar.)
*50e. July 27 *Holders of rec. June 28
Locomotive Firebox Co.(guar.)
•5003. July 1 *Holders of rec. June 18
Extra
*25c. July 1 *Holders of me. June 18
Loew's, Inc., common (guar.)
50c. June 29 Holders of rec. June 14e
Loew's London Theatres (Canada)
.com. 3
July 15 Holders of roe. June 29
Preference
334 July 15 Holders of rec. June 29
Loew's(Marcus) Theatres(Can.), pref.- 315 July 15 Holders of rec. June 29
Long Island Safe Deposit
4
July 1 Holders of rec. June 20
Loose-Wiles Biscuit Co., corn. (qua?.).. 65e. Aug. 1 Holders of rec. July 18a
First preferred (guar.)
114 July 1 Holders of roe. June 18a
Lord & Taylor, common (guar.)
234 July 1 Holders of rec. June 15a
Lord & Taylor. pref. (attar.)
2
Aug 1 Holders of roe. July 17
Lorillard (P.) Co., Prof.(guar.)
144 July 1 Holders of rec. June 15a
Los Angeles Invest. Securities
•40e. July 1 *Holders of tee. June 20
Louisiana 011Ref., pref.(glum)
144 Aug. 15 Holders of rec. Aug. la
Lowenstein (M.)& Sons, 1st pref.(qu.) '1.75 June 29 *Holders of roe. June 29
Ludlum Steel, com. (guar.)
50e July 1 Holders of rec. June 19a
Preferred (guar.)
31.6214 July 1 Holders of roe. June 19a
Lunkenheimer Co., pref. (qua?.)
'1)4 June 29 *Holders of rec. June 19
Preferred (guar.)
•114 Sept.30 *Holders of rec. Sept.20
Preferred (guar.)
•114 Dec. 31 *Holders of reo. Dee. 21
Lupton's(David) Sons. pref.(guar.)._
134 July 1 Holders of rec. June 15
Lyons-Magmus, Inc..(au.)(No. 1)
*3714c July 1 *Holders of rec. June 15
MacAndrews & Forbes, com. (quar.)___
65c. July 15 Holders of rec. June 29a
Preferred (guar.)
114 July 15 Holders of tee. June 29a
Mac Mart Stores, Inc.. prof.(qua?.)... *31.75 July 1 *Holders of roe. June 20
Macmillan Petroleum (guar.)
*50c. July 15 *Holders of rec. June 28
Mack Trucks, Inc., com.(guar.)
$1.50 June 29 Holders of rec. June I5a
Macy (It. II.) & Co., Inc., com.(extra)
$I July 1 Holders or rec. June 14a
Macy (R. H.) ar Co., com.(guar.)
50c. Aug. 15 Holders of roe. July 26a
Madison Square Garden Corp.(qua?.) '3754c July 15 *Holders of roe. July 5
Magma Copper Co. (guar.)
$1.25 July 15 Holders of rec. June 28a
Mager Car Corp., pref. (quar.)......*- •144 June 29 *Holders of rec. June 22
144 July 1 Holders of tee. June 20e
Mallinson (H. R.) prof. (guar.)
Manhattan Financial Corp., cl. A (qu.). 3714e July 1 Holders of roe. June 25
Class B (guar.)
10c. July 1 Holders of tee. June 25
Manhattan Shirt pref. (guar.)
134 July 1 Holders of rec. June 170
Mansfield Theatre. Ltd., Toronto corn
5
July 31 Holders of rec. June 29
Preference
334 July 31 Holders of rec. June 29
Mapes Consol. Mfg., com.(guar.)
50c. July 1 Holders of roe. June 14
Common (extra)
50e. July 1 Holders of roe. June 14
Mannty 011 Corp.(guar.)
50e. July 10 Holdersmf rec. June 20
Marlon Steam Shovel pref. (guar.)
1)4 July I Holders of roe. June 20
Marks Bros.(guar.)
•50c July 1 *Holders of rec. June 22
Martell Mills, pref. A (guar.)
1M July 1 Holders of roe. June 20
50c. July 1 Holders of rec. June 220
Marlin-Rockwell Corp. (quer.)
50e. July 1 Holders of rec. June 22a
Extra
es 1.1214 June 29 Holders of rec. June 14
Maryland Casualty (guar.)
e50e. July t Holders of roe. June 7a
Mathieson Alkali Wks., corn. (quar.)
144 July I Holders of roe. June 70
Preferred (guar.)
25e. July 1 Holders of roe. June 15
Maud Muller Candy (guar.)
$1
Sept. 3 Holders of rec. Aug. lba
May Dept. Stores Inc Mari
3714c July 1 Holders of rec. June 15a
Maytag Co.. corn.(guar.)
McAleer Mfg. Co.. cony. pf.(qu.)(No.1) *25c. July 1 Holders of rec. June:20
Aug. 1 Holders of rec. July 15a
$1
McCall Corporation (guar.)
McColl Frontenac Oil, pref. (quar.)---- 114 July 15 Holders of rec. June 30
McCord Radiator & Mfg. cl. A (go.).. •75e. July 1 Holders of ree. June 20
McCord Manufacturing pref. A (qtr.)._ •144 July 1 Holders of ree. June 20
•50e. July 1 Holders of roe. June 20
Debenture stock (guar.)
50e. July 1 Holders of rec. June 20a
McGraw-Mil Publishing, corn.(qu.)
McKee(Arthur 0.) az Co.. cl. A (guar.). 750.July 1 Holders of rec. June 20
July 1 Holders of rec. June 21a
McKeesport Tin Plate, eons. Caner.).... $1
•134 July 1 Holders of too. June 15
McLeod Bldg. Ltd., pref.(guar.)
Name of Company.
4219
Per
When
Cent. Payable.
Books Closed
Days Inclus(ve.
Miscellaneous (Conlinued).
MeQuay-Norris Mfg. (guar.)
50o. July 1 Holders of rec. June 22
Stock dividend
July 10 Holders of rec. June 22
Mead.Johnson & Co.. corn.(guar.)
•75o. July I *Holders of too. June 15
Mead Pulp & Paper (guar.)
*S1
July 15 *Holders of rec. July 1
eletio Sea Food, cone.(guar.)
July 1 Holders of rec. June 25
$2
Meech. az Miners Treetop.. corn. (qu.)._ *6214c June 29 Holders of rec. June 15
Merchant Calculating Machine,pref._ _ '334 July 15 Holders of rec. June 30
Merchants & Mfrs.Sec. Co.coin. A (qu.) *3734c July 1 *Holders of rec. June 15
Prior preferred (guar.)
$1.75 July 1 *Holders of rec. June 15
Mergenthaler Linotype (guar.)
$1.25 June 29 Holders of tee. June 5a
Extra
50e. June 29 Holders of roe. June 54
Merrimac Chemical (quar.)
$1.25 June 29 Holders of rec. June 15
Metal S. Mining Shares corn. Causer.)....
30e. July 1 Holders of rec. June 20
Preferred (quar.)
75e. July 1 Holders of tee. June 20
Metropolitan Industries, prof.((Mgr.).-- *11.50 Aug. I Holders of rec. July 20
Metropolitan Paving Brick, pref.(qu.).. 144 July 1 June 16 to June 30
Mexican Petroleum, com. (guar.)
July 20 Holders of roe. June 29
53
Preferred (guar.)
July 20 Holders of rec. June 29
52
Meyer-Blanker Co., corn. (guar.)
3114c July 1 Holders of rec. June 20
Preferred (guar.)
134 July 1 Holders of me. June 20
Michigan Steel (guar.)
6214e July 20 Holders of roe. July la
Mid-Continent Laundries (guar.)
*60c. July 15 *Holders of roe. July 1
Midland Steel Products com. Caner.)... $1
July I Holders of rec. June 226
Common (extra)
72e. July 1 Holflbrs of rec. June 22a
Preferred (guar.)
July 1 Holders of rec. June 22a
$2
Preferred (extra)
$1.50 July 1 Holders of rec. June 22a
Midvale Company (guar.)
750. July 1 Holders of rec. June 15
Milgrim (H.) dc Bros. pref.(guar.)
144 July 1 Holders of rec. June 14
Miller & Hart, pref. (guar.)
*873.5c July 1 *Holders of roe. June 15
Miller (I.) dr Sons, corn. (guar.)
50c. July 1 Holders of rec. June 15
Miller Wholesale Drug com.(guar-)
40e. July 1 Holders of rec. June 20
Mill Factors. cl. A az B (guar.)
*75c. July I *Holders of rec. June 20
Mills Alloy, Inc., class A (guar.)
*50c. July 1 *Holders of rec. June 20
Class B (No. 1)
*250. Ally 1 *Holders of roe. June 20
Minor, Inc. (guar.)(No. 1)
*25e. July 1 *Holders of rec. June 15
hilnneapolts-Honeywell Reg., corn
81.25 Aug. 16 *Holders of too. Aug. 3
•154 Aug. 15 *Holders of roe. Aug. 1
Preferred (guar-)
Preferred (guar.)
*14( Nov. 15 *Holders of roe. Nov. 1
Mitchell (J. S.) & Co., Ltd., pref. (qu.)_ 144 July 2 Holders of tee. June 15
Mitten Bank Securities Corp., corn
214 Aug. 15 Holders of rec. July 1
Preferred
3
Aug. 15 Holders of rec. July 1
Preferred (extra)
Aug. 15 Holders of rec. July 1
Mock. Judson Vohringer Co.,pf.
154 July 1 Holders of rec. June 15
Mohawk Carpet Mills.(quar.)
6214c. June 30 Holders of tee. June 10a
Extra
25c. June 30 Holders of rec. June 10a
Mohawk Rubber. pref. (guar.)
154 July 1 Holders of rec. June 15
Moloney Elec. Co., el. A (guar.)
$1
July 15 Holders of rec. July I
Monarch Mills. common
4
July 1 Holders of rec. June 26
Monarch Mortgage & Invest.(Toronto)
5
July 15 Holders of roe. June 30
Common
2
July 15 Holders of rec. June 30
Preferred (quar.)
Mongeau (P. E.) Ltd., Montreal, pref._ 314 July 10 Holders of rec. June 29
•450. July 1 *Holders of roe. June 20
Monighan Mfg.. class A (guar.)
Monolith Portland Cement, corn.& pref. *40e. July 1 *Holders of rec. June 14
Monroe Chemical, corn.(guar.)
*3714c July 1 *Holders of rec. June 15
Preferred (guar.)
•8734c July 1 *Holders of rec. June 15
Montgomery Ward & Co., corn.(qua?.). (12540 Aug. 14 Holders of rec. Aug. 3a
Class A (guar.)
*S1.75 Oct. 1 *Holders of rec. Sept.20
Monsanto Chemical Works (in stock)... '134 Aug, 1 *Holders of rec. July 20
Monsanto Chemical Works(guar.)
6214c July 1 Holders of rec. June 20
Montgomery Ward & Co.class A (lu.)-- •1% July 1 *Holders of rec. June 20
!Moody's Investors Service
Participating pref.(guar.)
75c. Aug. 15 Holders of tee. Aug. 1
Participating pref.(guar.)
750. Nov. 15 Holders of re*. Nov. 1
Morris (Philip) & Co.. Ltd.(guar.)
25e, July 15 Holders of roe. July 2a
Mortgage-Bond Co. (guar.)
June 29 Holders of rec. June 19
2
Mother Lode Coalition Mines
200. June 29 Holders of roe. June 134
Motor Products (guar.)
14 July 1 Holders of roe. June 201
Mountain & Gulf 011(guar.)
ne.July 15 *Holders of rec. June 29
Mountain Producers Corp. (guar.)
40e. July 1 Holders of me. June 15
Mount Vernon-Woodberry Mills, pint
*214 June 29 *Holders of roe. June 15
Muirheads Cafeteria, Ltd., com
100. July 2 Holders of rec. June 15
Preferred (guar.)
25e. July 2 Holders of rec. June 15
Muncie Gear Co., pref.. class A (guar.) •50e. July 1 *Holders of rec. June 15
Preferred, class A (guar-)
*50e. Oct. 1 *Holders of rec. Sept. 15
Preferred, clam A (guar-)
•50e. Jan 110 *Holders of roe. Dee. 15
Munsingwear. pref. (guar.)
'134 July 1 *Holders of rec. June 25
Murphy (0. C.) Co., pref. (guar.)
*2
July 2 *Holders of rec. June 21
Preferred (oust.)
Oct. 2 *Holders of rec. Sept.21
*2
Murray Corporation (qu.)(No. 1)
75°. July 15 Holders of rec. July la
Corn.(payable In corn. stock)
144 July 15 Holders of rec. July la
Murray-Ohio Corp.(guar.)
400. July 1 Holders of rec. June 20
Muskogee Co
June 15 *Holders of tee. June 6
•34
Myers Pump,corn.(guar.)
500. June 29 Holders of rec. June 15
Preferred (guar.)
114 June 29 Holders of res. June 15
Nachman Springfield Corp. (quar.).... •75e. July 1 *Holders of roe. June 15
Nashua Mfg., pref.(guar.)
141 July 1 Holders of rec. June 22
National Bancservice Corp.(guar.)
8I.25 July 1 Holders of rec. June 15
National Battery Co. pref. (guar.)
'550. July 1 *Holders of roe. June 7
Nat. Bellre-Hess, new corn.(guar.)
25e. July 15 Adder, of rec. July la
New common (guar.)
250. Oct. 15 Holders of rec. Oct. la
New common (guar.)
250. Jan. 15 Holders of rec. Jan.2'30a
Stock dividend (guar.)
July 15 Holders of rec. July la
Cl
Stock dividend (qua?.)
Oct. 15 Holders of rec. Oct. la
el
Stock dividend (guar.)
Ja.15'30 Holders of res. Jan.2'30a
el
National Biscuit, core. (quar.)
$1 50 July 15 Holders of roe. June 281
Common (extra)
50e. July 15 Holders of tee. June 28a
National Biscuit. com.(guar.)
51.50 Oct. 15 Holders of rec. Sept. 27a
Preferred (guar.)
144 Aug. 31 Holders of roe. Aug.415a
National Breweries, corn.(guar.)
$1
July 2 Holden; of me. June 15
Preferred (ewe.)
154 July 2 Holders of rec. June 15
National Candy common (guar.)
4334c July 1 Holders of rec. June 12a
First and second pref.(guar.)
Ili July 1 Holders of rec. June 120
National Cash Credit Corp. core.(qu.).200. July 2 Holders of rec. June 10
Corn.(stk. My.3-100ths sh. corn. stk.) (f) July 2 Holders of me. June 10
Preferred (guar.)
15e. July 2 Holders of rec. June 10
Preferred (extra)
20e. July 2 Holders of roe. June 10
Prof. (stk. div. 3-100ths sh. pf. stk.)
(j) July 2 Holders of rec. June 10
National Cash Register. corn. A (guar.)
The. July 15 Holders of tee. June 291
National Casket, pref. (quar.)
*11.75 June 29 *Holders of rec. June 14
Nat. Dairy Products.com.(quar.)
3714o July 1 Holders of roe. June as
Common (payable In common stk.).. fl
July 1 Holders of rec. June 3a
remmon (payable in common stock) (1
Oct. I Holders of rec. Sept. 30
Preferred A (guar.)
'134 July I *Holders of rec. June 3
National Distillers. Prof. (g1.1.)(No. 1).. *11.75 Aug. 1 *Holders of rec. July 156
NationalEnameling & Stye.. common_ $1
Aug. 1 Holders of rec. July la
National Erie Co., class A (au.)(No. 1). *50e. July 1 *Holders of rec. June 15
Nat. Fireproofing, pref. (guar.)
6230. July 16 Holders of rec. July 1
Preferred (quiet)
62.14c Oct. 15 Holders of roe. Oct. 1
National Food Products
Class B (Payable in class B stk.)
Oct. 15 Holders of res. Oct. 5
2
National Fuel Gas (guar.)
•250. July 15 *Holders of rec. June 29
National Grocers, preferred
July 1 *Holders of roe. June 20
•83
National Grocers (Toronto), let Pf.(qu.) •52
July 1 *Holders of roe. June 15
National Investors allot. certfs
•5215 July 1 *Holders of rec. June 10
National Lead common (guar.)
134 June 29 Holders of rec. June 14.
Preferred cis.% B (guar.)
134 Aug. 1 Holders of tee. July 19a
National 1.1corlee. Prof.(guar.)
154 June 29 Holders of rec. June 15
National Mfg.& Stores. 7%1st Pf.(1111.)• •144 July 1 *Holders of rec. June 15
National Refining, core.(guar.)
July 15 Holders of tee. July 1
2
Preferred (guar.)
2
July 1 Holders of rec. June 15
Nat. Rubber Machinery (quay.)
*50e. July 15 *Holders of rec. July 1
National Screen (guar.)
•400. July 1 *Holders of roe. June 20
National Short Term Securities
Common A (guar.)(No. 1)
I234 July 15 Holders of Tee. June 27
Common A (Payable In corn. A stock). II
July 15 Holders of nee. June 27
Preferred (guar.) No. 1
17 Me July 15 Holders of roe. June 27
National Standard Co.(guar.)
•75e. July 1 *Holders of rec. June 20
National Steel Car (guar.)
50e. July 2 Holders of roe. June 19
National Sugar Reg.((Mora
50e. July 1 Holders of roe. June 3
National SuP1OF of Del.. prof. Mu./
154 June 29 Holders of roe. June 194
4280
Name of Company.
•
When
Per
Cent. Payable.
Books Closed
Days Includes.
Miscellaneous (Confirmed).
$1.25 July 1 Holders of roe. June 180
National Surety Co.(quar.)
3744c July 1 Holders of roe. June 140
National Tea new common (guar.)
*$1.75 July 1 "Holders of rec. June 15
Nat. Theatre Supply pref.(quar.)
July 1 Holders of rec. June 22
2
Naumkeag Steam Cotton (guar.)
"51.31 July 1 *Holders of rec. June 15
Nell Corporation, 1st pref. (qu.)
50c. July 1 Holders of rec. June 20
Nelson (Herman) Co.(quar.)
750. June 29 Holders of rec. June 14.
Nevada Consol. copper (Quar.)
e50 July 15 Holders of roe. June 15
New Amsterdam Casualty (in stk.)
New Bedford Cotton Mills, pref.(qu.)-- "51k0 July 1 *Holders of roe. June 10
•27440 July 1 *Holders of rec. June 14
Newberry (J. J.) Co.common (quar.)
Newberry (J. J.) Realty, pref. A (qu.) - *$1.62 Aug. I *Holders of rec. July 15
"51.50 Aug. 1 *Holders of rec. July 15
Preferred B (quar.)
*1244c July 15 'Holders of rec. June 29
New Bradford Oil Co.(quar.)
New Haven Clock, corn.(quar.)(No. 1) •3744c July 1 *Holders of tee. June 20
*50c. Aug. 10 *Holders of rec. July 20
New Jersey Zinc (guar.)
*50c. July 10 "Holders of rec. June 20
Extra
*150 July 1 'Holders of rec. June 20
Newman Manufacturing
July 15 Holders of rec. June 28
$1
(quar.)
Newmont Mining
July 1 Holders of rec. June 15
New Orleans Cold Stor.& W'house, Ltd_ 5
75e. June 29 Holders of rec. June 20a
Newton Steel, corn.(guar.)
*$1.50 July 31 *Holders of rec. July 15
Preferred (quar.)
750 Aug 1 Holders of rec. July 9a
New York Air Brake, corn. (quar.)
3
July 15 Holders of rec. July 5
N.Y.Investors. Inc.. let pref.(quar.)
'25 July 1 'Holders of rec. June 20
N. Y.Petroleum, corn.t
5
July 1 Holders of rec. June 21
N.Y.T1tle & Mortgage (guar.)
1
July 1 Holders of rec. June 21
Extra
"750. July 2 *Holders of rec. June 15
Niagara Wire Weaving, pref. (quar.)
744c July 20 Holders of rec. June 29
Nipissing Mines (quar.)
•4340 July 1 *Holders of rec. June 20
Nichols Copper, class A (quar.)
'750- Nov. 1 *Holders of reo. Feb. 1
Class B
60c. July 2 Holders of rec. June la
Corp.(auar.)
Nickel Holdings
'14 June 29 *Holders of rec. June 19
-Pond, Pref. (quar.)
Niles-Bement
*50c. July 1 *Holders of rec. June 20
Noblitt Sparks Indust. (guar.)
6244c July 1 Holders of rec. July 29a
North American Car.corn.(quar.)
*144 July 1 *Holders of rec. June 10
North Amer. Provision, pref. (quar.)
"Holders of rec. June 30
"300.
American Trust Shares (No. 1)
No.
"3144e
*Holders of rec. June 30
Extra
North Cent'o Texas Oil, pf. ((mar.) -- $16244 July 1 Holders of rec. June 10
19e. Sept. 1
pref.(quar.) Northern Manufacturing,
190. Dee. 1
Preferred (guar.)
Northern Paper Mills common (qua?.)__ *50c. June 29 *Holders of rec. June 15
July 1 Holders of rec. June 7
$2
Northern Pipe Line
1% July 2 Holders of rec. June 15
North Star Oil & Ref., pref. (quar.)
corn.(qu.)(No.1) 500. July 1 Holders of rec. June 24
Novadel-Agene Corp.,
$1.75 July 1 Holders of rec. June 24
Preferred (quar.)
July 2 Holders of rec. June 21
$2
Ogilvie Flour Mills (quar.)
$1.25 July 15 Holders of rec. June 30
Olio Brass, class A .8.13 (quar.)
1% July 15 Holders of rec. June 30
Preferred (quar.)
July 1 *Holders of rec. June 20
"$2
Ohio Leather, 1st pref.(guar.)
"31.75 July 1 *Holders of rec. June 20
Second preferred (quar.)
1% July 1 June 16 to June 30
Ohio Seamless Tube. pref. (quar.)
14 July 1 Holders of rec. June 25
Olio Telephone Service, Pref. (quar.)_ _ _
750. July 1 Holders of rec. June 100
Oliver Farm Equip.. panic.stk.(guar.).
$1.50 July 1 Holders of rec. June 100
Series A prior pref. (quar.)
.3744c July 1 *Holders of rec. June 20
Oliver United Filters, B (quar.)
2
July 1 Holders of rec. June 140
Omnibus Corp., pref.(quar.)
*450. July 1 *Holders of rec. June 20
Ontario Mfg. common (quar.)
*150. July 1 *Holders of rec. June 20
Common (extra)
Orange Crush, Ltd., pref. A (quar.).. 134 July 2 Holders of rec. June.20
500. July 2 -Holders of rec. June 20
Preferred B (quar.)
July 1 Holders of rec. June 19a
2
Orpheum Circuit. pref. (quar.)
$1.50 July 15 Holders of rec. June 29a
corn. (quar.)
Otis Elevator.
1% July 15 Holders of rec. June 29a
Preferred (quar.)
1% Oct. 15 Holders of rec. Sept. 80a
Preferred (quar.)
144 • Fn15'30 Holders of rec. Dee. 214
Preferred (quer.)
ifj July 1 Holders of rec. June 19a
Otis Steel, prior preference (quar.)
400. July 1 Holders of rec. June 15
OvIngton's, participating pref
$1 July 1 Holders of rec. June 150
Owens Illinois Glass, corn. (quar.)
$3 July 1 Holders of rec. June 154
New pref. (covering two quarters)
*87440 Aug. 1 *Holders of rec. July 16
Pacific Coast Biscuit, pref. (quar.)
Wt.July 15 *Holders of rec. June 30
Pacific Equities. 100
•100. July 15'Holders of rec. June 30
Extra
•100. July 1 'Holders of rec. June 20
Pacific Factors Co.. corn. (quar.)
"400. July 1 *Holders of rec. June 20
Preferred (guar.)
.$1.50 July 1 "Holders of rec. June 20
Pacific Indemnity. corn.(quar.)
650. July 15 Holders of rec. June 30
Packard Electric Co. (quar.)
250. June 29 Holders of rec. June 124
Packard Motor Car (monthly)
25e. July 31 Holders of rec. July 120
Monthly
250. Aug. 31 Holders of rec. Aug. 12a
Monthly
$1.50 July 31 Holders of rec. July 120
Extra
•14 Aug. 15 *Holders of rec. Aug 8
Paepke Corp.. corn. (quar.)
•134 July 1 *Holders of rec. June 22
Preferred (quar.)
750. July 1 June 21 to July 1
Paragon Refining, class A (quar.)
June 30 Holders of rec. May 31
$4
Paragon Trading Corp.. class A
$3.50 June 30 Holders of rec. May 31
and C
Class B
60c. July 1 Holders of rec. June 21
Paramount Cal Mfg.(quar.)
Paramount Famous Lasky Corp.(qust.) 75c. June 29 Holders of rec. June 7"
*250. June 29 *June 19 to June 29
Parke, Davis & Co.(quar.)
•100. June 29 "June 19 to June 29
Special
75c. July 15 Holders of rec. June 290
Tilford, Inc. (quar.)
Park &
1
July 15 Holders of rec. June 290
Stock dividend
750. Oct. 14 Holders of rec. Sept. 30a
Quarterly
1
Oct. 14 Holders of rec. Sept. 300
Stock dividend
75c. Jan14 30 Holders of rec. Dec. 304
.
Quarterly
1
Jan14 30 Holders of rec. Dec. 304
.
Stock dividend
750. Apr14 3(1 Holders of rec. Mar. 294
.
Quarterly
1
Apr1e30 Holders of rec. Mar. 290
Stock dividend
2140. July 10 Holders of rec. June 14
Park blab Consol Mines Co.(quer./ --Parmelee Tramp. pref.(qu.)(No. 1)--- "$1.50 July 1 *Holders of rec. June 20
"500. July 1 *Holders of rec. June 13
Paterson Evening News
6244c. July 1 Holders of rec. June 25
shoe (guar.)
250. July 1 Holders of rec. June 15
Pender(D.) Grocery.class B (quar.)250. July 1 Holders of rec. June 15
Class B (extra)
134 July 1 Holders of rec. June 14
Penick & Ford, Ltd.. pref.(quar.)
$1.50 June 29 Holders of rec. June 19
Penney (J. C.) Co.. pref. (quar.)
July 2 Holders of rec. June 15
$2
Penn Investment Co.. cony. pref
$1.25 July 15 Holders of rec. June 29a
Pennsylvania Salt Mfg. (quar.)
•250. July 1 *Holders of rec. June 8
Peoples Drug Stores (quar.)
•37440 June 30 *Holders of rec. June 18
Perfection Stove (monthly)
1
.40 Julg. 31 *Holders of reo July 18
7c A u y 3
•3
3
73(
Monthly
*Holders of rec Aug. 16
Monthly
'374° Sept.30 *Holders of roc Sept DI
Monthly
Oct. 81 *Holders ol rem Oct. 17
Monthly
'37340
•37440 Nov.80 *Holders of eec Nov 18
Monthly
tee. Dec It
037440 Dec. 3 "Holders
Monthly
Holders of rec. June 20
50e. July
Perfect Circle Co., corn. (quar.)
Holders o rec. June 100
37%c July
Pet Milk Co., corn. (guar.)
Holders .1 lee. June In
134 July
Preferred (guar.)
Petroleum Industries, Inc., pref. (quar.) 750. July 1 Holders of rec. July 561
Holders of rec. June 25
July
- 1
Petroleum Royalties. pref.(monthly).
Holders of rec. June 25
44 July
Preferred (monthly)
750. July
Holders of rec. June 44
Phelps-Dodge Corp. new stk. (quar.)
Holders of rec. June 204
Products. pr. pf.(qu.) 51.6244 July
Philadelphia Dairy
June 21 to July I
Philadelphia Inquirer. pref.(au.)(No.1) 750. July
Holders of rec. July 155
$2.50 Aug.
Philadelphia Insulated wire
40c. July
Holders of rec. June 19a
Philippe (Louis), Inc.. class A (quar.).__
37440. July
Holders of rec. June 14,
Phillips Petroleum (quar.)
*Holders of rec. June 15
•14( July
pref. (quar.)
Pick (Albert) & Co..
3744c. July
Holders of rec. June 21
Pickrel Walnut Co. (quar.)
50c. July
Holders of rec. June 15
Pie Bakeries of Amer., el. A Pluar-/July
Holders of rec. June 15
154
Preferred (quar.)
'Holders of rec. June 21
*4
July
Piedmont Mfg
*3744c July
*Holders of rec. June 15
Pierce Governor (quar.)
*Holders of rec. June 26
.83
July
Pierce Petroleum, preferred
June 2 'Holders of rec. June 22
.$2
Pilgrim Mills (quar.)
Holders of rec. June 20
300. July
Pilot Radio & Tube. el. A (qu.)(No. 1).
"Holders of rec. June 10
*500. July
Pittsburgh Plate Glass (quar.)
*35c- July 1 'Holders of rec. June 24
Screw & Bolt, corn.(quar.)
Pittsburgh
*Holders of rec. June 24
•$1.
July
Pittsburgh Steel. Mtn.(quar.)
*Holders of rec. June 15
Pittsburgh Steel Foundry, prof. (quar.) *$1.25 July
*50e. June 1 *Holders of rec. June 12
Plymouth Rubber,corn.(quar.)
redlgo-Weber
[VoL. 128.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closet:
Daps inclusive.
Miscellaneous (Continued).
Polymet Mfg., corn. (quar.)
"6244e July 1 *Holders of rm. June 20
Porto Rican Amer.Tobacco class A (flu.) $1.75 July 10 Holders of rec. June 200
"43)(0 July 1 'Holders of rec. June 25
Potter Company, corn. (quar.)
Powdrell & Alexander, Inc., pref.(qu.)._ 11.75 July 1 Holders of rec. June 14
Prairie Pipe Line (quar.)
The. June 29 Holders of rec. May 31a
50e. June 29 Holders of rec. May 316
Extra
July 1 Holders of rec. June 15
Pratt & Lambert Co., corn. (quer.).
-*SI
Premier Gold Mining Co
fic. July 3 Holders of rec. June 13
Pressed Metals of Amer., pref.(quar.)
•141 July 1 *Holders of rec. June 12
•1% Oct. 1 *Holders of roc. Sept. 12
Preferred (quar.)
yi Jan1'30 *Holders of rec. Dec. 12
Preferred (quar.)
Pressed Steel Car, pref. (quar.)
154 June 29 Holders of roe. June la
Price Bros. Co., corn. (quar.)
45 July 2 Holders of rec. June 15
Preferred (quar.)
134 July 2 Holders of rec. June 15
Procter & Gamble, pref. (quar.)
July 15 Holders of rec. June 25a
2
Pro-phy-lac-tie Brush, corn.(guar.)._
50e. July 15 Holders of rec. June 250
Prosperity Co.class A & B (guar.)
The. July 1 Holders of rec. June 15
Class A & B (payable In class B stock)_ (P) July 1 Holders of rec. June 15
Provincial Paper, Ltd., pref.(quer.) _ _ '134 July 2 Holders of rec. June 15
Public Security Bond & Mtge.. pf. (au.) 13.4 July 1 Holders of rec. June 25
Pullman, Inc. (quar.)
Aug. 15 Holders of rec. July 246
$1
134 July 1 Holders of rec. June 10
Pure 011,534% Preferred (guar.)
I% July 1 Holders of rec. June 10
Six per cent preferred (quar.)
2
July 1 Holders of rec. June 10a
Eight per cent preferred (quar.)
*200. July 15 Holders of rec. July 1
Q. R.S. De Vry Corp.(au.)(No. 1)
*El
July 15'Holders of rec. July 1
Quaker Oats Co., corn.(guar.)
0144 Aug. 31 *Holders of rec. Aug. 1
Preferred (quar.)
500. June 29 Holders of rec. Juned18a
Railway & Express Co.(quar.)
*80c. July 1 *Holders of rec. June 15
Raybestos Co., corn. (quar.)
154 July 1 Holders of rec. June 170
Real Silk Hosiery Mills pref.(quar.).
350. July I Holders of rec. June 15
Reece Button Hole Mach.(quar.)
5c. July 1 Holders of rec. June 15
Folding Mach.(quar.)
Reece
Reis(Robert) & Co., 1st prof.(quar.)--- 154 July 1 Holders of roe. June 250
75e. July 1 [folders of rec. June 14
Reliance Mfg., corn.(quar.)
'3744c July 1 *Hollers of rec. June 20
Reliance Mfg. of Ill., corn. (quar.)
"1% July 1 *Holders of roe. June 20
Preferred (altar.)
•144 July 1 'Holders of rem June 20
Remington Arms 1st pref.(quar.)
154 July 1 Holders of rec. June 8a
Remington-Rand Co., lot pref.(quer.)
2
July 1 Holders of tee. June 8a
Second preferred (quar.)
Remington Typewriter common (quar.)- •51.25 July 1 *Holders of rec. June 8
154 July 1 Holders of rec. June 86
First preferred (quar.)
July 1 Holders of roe. June 8a
2
Second preferred (quar.)
Iteo Motor Car Co.(fluor.)
290. July 1 Holders of rec. June 100
20e. July 1 Holders of rec. June 10a
Extra
July 1 Holders of rec. June 10a
$1
Republic Brass, class A (quar.)
144 Aug. 1 Holders of rec. July 100
Preferred (quar.)
Republic Iron & Steel. pref. (quar.)---- 141 July 1 Holders of rec. June 120
July 1 Holders of rec. June 20
53
Reynolds Investing Co.. $6 pref. A
(qu) 600. July 1 Holders of rec. June I80
Reynolds(R.J.) Tob.,com.&conv.11
Richfield Oil new pref.(quar.)
04334c Aug. 1 *Holders of rec. July 5
1 Holders of roe. June 20
750
Richman Bros. new corn.(quar.)
'87340 July 15 *Holders of rec. June 29
Richmond Radiator, pref.(quar.)
• 51.6234 June 30 *Holders of roe. June 14
Rich's, Inc., prof.(quar.)(No. 1)
11
July 25 Holders of rec. July 50
Rio Grande 011
$1
Hold. of rec. Jan. 5 '30
Rio Grande 011
0)
el 44 Oct. 25 *Holders of tee. Oct 5
?Stook dividend
*60c. July 25'Holders of rec. July 15
Riverside Forge & Mach., corn. (quar.)
Riverside Foundry & Mach., cl. A (qu.). *50c. June 31r*Holders of rec. June 20
0134 July 1 *Holders of rec. June 21
Robinson & Co., let pref. (quar.)
•75c. July 3 *Holders of rec. June 20
Ross Gear & Tool (quar.)
25e. July 1 Holders of rec. June 140
Royal Baking Powder common (quer.).Preferred (quar.)
134 July 1 Holders of rec June 14,1
July 1 Holders of roe. June 20
Rubber Service Laboratories. prof. (qu.) 2
'2
July 1 "Holders of rec. June 15
Safety Car Heat & Luz. (quar.)
750. July 1 Holders of rec. June 200
Safeway Stores, Inc., corn. (quar.)
Seven per cent preferred (guar.)
154 July 1 Holders of rec. June 200
1% July 1 Holders of rec. June 20a
Six per cent preferred (quar.)
*3
July I *Holders of rec. June 20
St. Croix Paper preferred
500 Sept 20 Sept. 10 to Sept 20
St. Joseph Lead Co.(quar.)
25c Sent 20 Sept 10 to Sept 20
Extra
July 1 *Holders of roe. June 18
*2
St. Lords Nat. Stock Yards (quar.)
44 June 29 Holders of rec. June 156
St.Louls RockyMt.&Pac.Co..com.(qu.)
13.4 June 29 Holders of rec. June 150
Preferred (quar.)
'13( July 1 *Holders of rec. June 14
SE Maurice Valley Corp. pref.(guar.)
750. July 1 Holders of rec. June 10
St. Regis Paper, corn.(quar.)
154 July 1 Holders of rec. June 10
Preferred (quar.)
400. July 1 Holders of rec. Jun. 15
Sally Frocks, lee., COM.(No. 1)
•100. July 1 *Holders of rec. June 15
Salt Creek Consol. 011 (quar.)
Samson Tire & Rubber, corn.(No. D.-- 31%c Aug. 1 Holders of rec. July 15
Sangamo Electric Co.. corn. (quar.)---- *50c. July 1 *Holders of rec. June 10
•154 July 1 *Holders of rec. June 10
Preferred (guar.)
500. July 1 Holders of rec. June 15
Sarnia Bridge Co., Ltd.. class A (quar.)
savage Arms. 2d pref. (quar.)
'1% Aug. 15 'Holders of rec. Aug. 1
Schlessinger(B. F.) Co.. class A (War.). •37440 July 1 *Holders of rec. June 15
1 *Holders of rec. June 15
'154 July
Preferred (qua?.)
500. June 29 Holders of rec. June lb
Schletter & Zander, Inc., corn.(No. 1)....
2
July 1 Holders of rec. June 120
Schulte Retail Stores. prof. (qua?.)
Schulte-United 5e. to $1 Stores. Pfd.
(qu.) "51.75 July 1 "Holders of rec. June 20
.$1.75 Oct. 1 "Holders of rec. Sept. 20
Preferred (quar.)
Schulze Baking. pref.(Quar.)
154 July 1 Holders of rec. June 15
75e. July 1 Holders of rec. June 15
Convertible preference (quar.)
•350. June 2 *Holders of rec. June 150
Scott Paper Co.. corn. (quar.)
June 2 *Holders of rec. June 15a
Common (payable in common stock)__ *12
Corn. fin stk.subj. to atkhrs.'approv.) f2
Dec. 3
ScovIll Mfg.(quar.)
July 1 *Holders of rec. June 20
*51
•
Scruggs-Vandewoort & Barney Dry Gds.
3
Holders of rec. June 20
July
First preferred
Second preferred
3% July 1 Holders of roe. June 20
Scullin Steel. pref. (quar.)
75e. July 15 Holders of roe. June 29
Seaboard Dairy Products, corn. (quar.) _ *50o. July 1 *Holders of roe. June 20
'154 July 1 *Holders of rec. June 20
Preferred (quar.)
Seaboard Utility Shares
•12440 July 1 *Holders Of rec. June 15
Seagrove CorporationJuly 20 Holders of rec. June 29a
Quar.(300. cash or 244% in stock)._
Mears-Roebuck & Co.
II Aug. 1 Holders of rec. July 1150
Quarterly (payable In stock)
sl Nov. 1 Holders of tee. Oct. 156
Quarterly (payable in stock)
Second Gen. Amer. Investors pf.(qu.)._ •14( July 1 *Holders of rec. June 20
Second Internat. Securities Corp.
500. July 1 Holders of rec. June 15
Common A (quar.)
75c. July 1 Holders of roe. June 15
First preferred (quar.)
750. July 1 Holders of rec. June 15
Second preferred (quar.)
Second Nat. Investors, cony. pf.(qu.) *81.25 July 1 *Holders of rec. June 10
Second Standard Royalties, Ltd. (Tor)
July 1 Holders of rec. June 25
Preferred (monthly)
Security Management Co.
•$1.25 July 1 *Holders of rec. July 1
Class A First Investment Fund
Class A Second Investment Fund
•$2.50 July 1 "Holders of rec. July 1
50c. Aug. 1 Holders of rec. July 15
Seeman Brothers, Inc., corn, (quar.)...
•14( July 1 *Holders of rec. June 28
Sefton Manufacturing pref.(quar.)
2
July 1 Holders of rec. Julie 20
Selberling Rubber pref. (quar.)
Selected Industries, Inc., prior stock_ .$ 1.3734 July 1 Holders of rec. June 150
Separate Units. Inc. (guar.)
July 1 Holders of rec. June 10
SI
25e. July 1 Holders of rec. June 10
Extra
•250. July 1 *Holders of rec. June 15
Betsy Co. (quar.)(No. 1)
Shaffer Oil & Ref. pref. (quar.)
13.4 July 25 Holders of rec. June 29
Slater Co., class A (quar.)
;
050e. July 1 *Holders of rec. June 21
Shattuck (Frank G.) Co.(qua.)
50c. July 10 Holders of rec. June 200
Sheaffer(W A.) Pen Co. (quar.)
Sept. 19 'Holders of rec. Aug 27
*$1
Sheffield Steel, corn.(quar.)
.500. July 1 *Holders of rec. June 8
Common (payable in common stock).- *11
July 1 *Holders of rec. June 8
bily I oflohlen. pt roe apue to
Common (Payable In eutuutuu
Preferred (quar.)
•144 July 1 *Holders of rec. June 20
Common (payable In common steal. 'Cl
Oct
1 skieltlere of tee. *wt. du
Shell Transport & Trading, ord
•15 July 5
Shell Union Oil, corn.(quar.)
35e July 1 Holders of rec. June 40
Sherwin-Williams Co., corn.(qu.)(No.1) 400. June 30 Holders of rec. June 15
Common (extra)
50. June 30 Holders of rec. June 15
Preferred (qum.)
144 June 30 Holders of rec. June 15
Shreveport El Dorado Pipe Line (qu.)
.July 1 Holders of rec. June 200
(Melo(' Packing, corn. (quar.)
300. July 1 Holders of rec. June 20
JUNE 29 19291
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
• Name of CoStpany.
4281
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Corainued).
Union Mortgage Co., common
*2
July 1 'Holders of rec. June 12
SIgnode Steel Strapping. prof.(quar.)___ .624c July 15'Holders of rec. June 30
Preferred
'1)4 July 1 "Holders of rec. June 12
Simpson% Ltd., Toronto, preference-- 3
July 1 Holders of rec. June 154 Union Twist Drill, corn. (guar.)
•15c. June 29 *Holders of rec. June 20
Sinclair Consol.011 Corp. corn.(quar.)__
500. July 15 Holders of rec. June 15a
Common (quar.)
*150. Sept. 30 *Holders of rec. Sept.20
Common (extra)
25e. July 15 Holders of tee. June 15a
Preferred (guar.)
'1)4 June 29 *Holders of rec. June 20
Singer Manufacturing (guar.)
*24 June 29 *Holders of rec. June 10
Preferred (guar.)
'1)4 Sept. 30 *Holders of roe. Sept. 2/.0
Extra
vi4 June 29 *Holders of rec. June 10
Unit Corp. of Amer. pref.(guar.)
50c. July 1 Holders of rec. June 21]i
Sloss-Sheffield Steel & Iron,common-13 ividen d omitted
United Aircraft & Transport. pfd.(qu.).
75e. July 1 Holders of rec. June 10
Preferred (guar.)
14 July 1 Holders of rec. June 200 United Biscuit, corn. (guar.)
"40e. Sept. 1 *Holders of rec. Aug. 17
Smith (L. C.) & Corona Typewriter
Preferred (guar.)
•1
Aug. 1 Holders of rec. Juby 17
Common (guar.)
'750. July 1 *Holders of rec. June 20
United Business Pub. pref. (guar.)
4,154 July I Holders of rec. June 21
Preferred (quar.)
•14 July 1 *Holders of roe. June 20
United Carbon, Preferred
'34 July 1 Holders of ree. June 15
Sonatron Tube Co. common (guar.).
"374c July 1 "Holders of rec. June 20
United Cigar Stores of Am. corn.(au).. 250. July 1 Holders of rec. June 70
Seuthern Acid & Sulphur. pref. (guar.)._ '1)4 July 1 'Holders of rec. June 15
Unit. Cosmetic Shops, Inc.(qu.)(No. 1) *254. July 1 Holders of rec. J foe 15
S6uthern Ice, pref. A (quar.)
$1.75 July 1 Holders of rec. June 14a United Diversified Securities Corp.
Southland Royalty (quar.)
25e. July 15 Holders of rec. July 1
Participating preferred (guar.)
440. July 1 Holders of rec. June 20
South Penn 011 Co.(guar.)
*500. June 29 *Holders of rec. June 15
United Dyewood, pref. (guar.)
1)4 July 1 Holders of rec. June 150
South Porto Rico Sugar. corn.(guar.)._ _
50c. July 1 Holders of roe. June lija United Fruit (guar.)
Si.July 1 Holders of ree. June la
Preferred (guar.)
2
July 1 Holders of roe. June 10a United Piece Dye Wks.,pref.(quar.)... •14 July 1 Holders of reo. June
20
Southwest Dairy Products pref. (qtr.)._
14 July 1 Holders of rec. Jue
Preferred (guar.)
'134 Oct. 1 Holders of rec. Sept. 20
Southwestern Engineering, pref.(guar.). 'Mc. July I *Holders of rec. June10
22
Preferred (guar.)
'134 Jan2'30 *Holders of rm. Doe, 20
Southeastern Express
'34 July I *Holders of rec. June 14
United Porto Rican Sugar. pref.(quar.)_ '87%e July 1 Holders of ree. June 22 1
South West Pa. Pipe Lines (quar.)
July 1 Holders of rec. June 15
51
United Profit-Sharing.corn
60e. July 15 Holders of rec. June 15a
Spalding (A. G.)& Bros., corn.(guar.)
40e. July 15 Holders of rec. June 30a United Publishers common bluer.)
•$1.25 June 29 Holders of rec. June 19
Spang,Chalfant & Co.. pref.(quar.)_
14 July 1 Holders of rec. June 15a
Preferred (guar.)
•14 June 29 Holders of rec. June 19
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 14a United Reproducers. class A (guar.)
*56c. July 1 Holders of rec. June 15
Sparks-Withington Co. corn.(quar.)
750. June 29 Holders of roe. June 140 United Securities, pref. (guar.)
14 July a Holders of reo. June 21
Common (extra)
June 29 Holders of rec. June
51
Machinery, corn. (quar.).. 624c July 6 Holders of rec. June 18
Common (payable in corn, stock) __ _ _ e300 July 1 Holders of roe. June 14a United Shoe(guar.)
170
Preferred
3731c July 5 Holders of roc. June 18
Sparta Foundry, corn.(guar.)(No. 1).
75c. June 30 Holders of roe. June 15
United Verde Extension Mining (guar.). $1
Aug. I Holders of rec. July 2a
Common (extra)
25e. June 30 Holders of rec. June 15
United Wholesale Grocery, prof. A (au.) 183$ July 1 Holders of rec. June 250
Spencer Kellogg & Sons, Inc. (guar.)...
40c June 30 Holdere of ree. June 160 U.S. Bobbin & Shuttle corn. (quar.)...._ *75e. June 29 *Holders of rec. June 20
Quarterly
400 Fey% 30 Holders of roe. Sept.140
Preferred (guar.)
•11$ June 29'Holders of rec. June
Spicer Mfg., pref. A (guar.)
75e. July 15 Holders of rec. July to U.S. Cast Iron Plpe & Fdy.. corn. (qu.) 50e. July 20 Holders of rec. June 20
29a
Square D.Co., class A
"550. June 29 *Holders of rec. June 20
Common (guar.)
500. Oct. 21 Holders of reo. Sept.80a
Siandard Coma Tobacco, corn. (quar.). 25e. July 1 Holders of roe. June 170
Common (guar.)
50c. lan20'30 Holders of rec. Dec, 31a
Preferred
34 July 1 Holders of roe. June 17
First & second pref. (guar.)
30e. July 20 Holders of roe. June Ws
Standard Dredging, cony., pref. (qu.).. *500. July 1 *Holders of roe. June 15
First & second pref. (quar.)
30e. Oct. 21 Holders of reo. Sept. 300
Standard Holding Corp.(guar.)
374c July 1
June 15
First & second pref. (guar.)
30e Jan20'30 Holders of rec. Dee. 310
Standard Investing, corn. (qu.)(No. 1) I 14 July 10 Holders of roe. June 20
U.S. Distributing, old preferred
$3.50 July I Holders of rec. June 110
StandardMilling, corn. (quar.)
14 June 29 Holders of rec. June 1Sa
New preferred
33.50 July 1 Holders of roe. June ha
Preferred (quar.)
1)1 June 29 Holders of rec. June 18a 17.8. Gypsum,corn.(guar.)
"400. June 30 *Holders of rec. June 15
Standara National Corp.. corn. (guar.) _ •350. July 1 *Holders of rec. June.27
Preferred (guar.)
'134 June 30 *Holders of rec. June 15
Preferred (guar.)
•$1.75 July 1 *Holders of rec. June 27
U.S. Leather, prior preference (au.)-- $1.75 July
Holders of rec. June 100
Standard 011 (Kentucky)(guar.)
•40c. June 29 *Holders of rec. June 15
Class A parte. & cone. stock IOU.)
July
$1
Holders of rec. June 100
Standard 011 (Ohio). rem.(guar.)
"624e July 1 *Holders of roe. June 7
Class A partici. & cony. stock tau.)_
lot.
SI
Holders of roe. Sept. 100
Standard Screw, corn.(guar.)
$2
July dl Holders of rec. June 20
U.S. Lumber (guar.)
*Holders of rec. June 20
•$1.50 July
Common (extra)
July 15 Holders of rec. June
$1
U.S. Playing Card (guar.)
July
*Holders of rec. June 20
*51
Standard Steel Constr., pref. A (qu.) - •75c. July 1 *Holders of rec. June 20
15
U.S. Printing & Litho.. corn,(quiz.)... *51.50 July
*Holders of rec. June 20
Standard Steel Spring (guar.)
V$1
June 29 *Holders of rec. June 20
Second preferred (guar.)
•14 July
*Holders of rec. June 20
Standard Textile Products pref. A
81.75 July 1 Holders of rec. June 20
U.S. Realty & Invest.(Newark, N.J.)- 374c July
*Holders of roe. June 15
Preferred B
$1.25 July 1 Holders of rec. June 20
U.S. Rubber Reclaiming, prof. A (au).'37)4c July
'Holders of rec. June 20
Stanley Works, corn.(guar.)
*62)1c July I *Holders of rec. June 11
Prior preferred (guar.)
•50e. July
*Holders of rec. June 20
Common (guar.)
'50c. July I *Holders of rec. June 11
United States Shares Corp.
Six per cent preferred (guar.)
*374c Aug. 15 Holders of rec. Aug. 3
Bank stock trust shares, ser. C-3_4 $2.90 July
Holders of rec. June 1
State Title dr Mortgage Co.(guar.)
52.50 July 1 Holders of rec. June 17
U. B. Steel Corp., corn.(guar.)
14 June 2 Holders of roe, May 310
Steel Co.of Canada corn.& pref.(qu.)
43)4e Aug. 1 Holders of rec.
U.S.Tobacco, corn.(guar.)
Holders of rec. June 17a
75e. July
Steel & Tubes, Inc., class A (quar.)____$ 1.124 July 1 Holders of rec. July 6
June 19
Preferred (guar.)
Holders of rec. June 176
154 July
Stein (A.)& Co.,6
pref.(quar.)_.
'1% July 1 *Holders of rec. June 20
Universal Cooler, class A (au.)(No. I)., *124e July
*Holders of rec. June 15
Statham Radio(guar.)
'2)4 July 1
Preferred (guar.)
*35e. Sept. .
Quarterly _ _ _
...
'24 Oct
Universal Leaf Tobacco. pref. (quar.)
July
2
Holders of rec. June 230
Sterchl Bros. Stores,
-...... pref. es quar.).. •11i July 1 *Holders of roe. June 18
(Universal Pictures. 1st pref. (quiz.)
2
July
June 16 to July I
Sterling Motor Truck (guar.)
*50c July 1 "Holders of rec. June 20
Universal Products, core. (guar.)
•300. July
Holders of rec. June 15
Stewart-Warner Corp.
Upson Company, cl. A & B (quar.)
•413e. July 1 *Holders of rec. June 1
New $IO par stock (In stock)
e2
Aug. 16 Holders of rec. Aug. 6
Class A & B (extra)
•10e. July I *Holders of rec. June 1
New 510 par stock (In stock)
e2
Nov. 15 Holders of rms. Nov.
Preferred (quar.)
July
*Holders of rec. June 15
New $IO par stock (in stock)
e2
2
/15/30 Holders of roe. Feb.rteo Upressit Metal Cap Corp., prof.(guar.). '134 July
$1
Holders of rec. June 15
Stix Baer dr Fuller, corn.(guar.)
'37)4. Sept. *Holders of ree. Aug 16
Preferred (quar.)
Oct.
Holders of roe. Sept. 15
51
Common (quar.)
'3734. Dec.
"Holders of rec. Nov 18
Utah Copper Co.(guar.)
$4
June 2 Holders of rec. June 14a
Stone(H.0.)& Co.,common (guar.)
$1.25 July
Holden of rec. June 15
Utah Idaho Sugar-preferred dividend o milted
Preferred (guar.)
134 July
Holders of roe. June 15
Utica Knitting Mills pref. (quar.)
•14 July
*Holden of rec. June 20
Storkline Furniture common (guar.).
•25c July
*Holders of rec. June 20
Vanadium Alloys Steel, (quar.)
•750. June 2 *Holders of rec. June 20
fitroock (S.) Co. (guar.)
•75c July
*Holders of rte. June 16
Extra
*$2
July 1 "Holders of roe. June 20
Quarterly
•750 Oct.
*Holders Of ree. Sept. 16
Vapor Car Heating, pref.(guar.)
"I% Sept. 1 *Holders of rec. Sept. 2
Quarterly
•75o Dee. 2 *Holders Of roe. Dec. 10
Preferred (guar.)
*14 Dec. 1 *Holders or rec. Dec. 2
Studebaker Corp.
Vim!Biscuit, Pref. (quar.)
114 July
Holders of rec. June 22
Common (payable In corn. stock)
fl
Sept.
Holders of roe. Aug. 10, Vick Chemical (stock dividend).
el00 July 2 Holders of rec. July 15a
Common (Payable In corn. stock).
fl
Dec.
Holders of re% Noe. 9, Viking Oil Corp.,partle.pf.(qu.)(No. 1).
50e. July 1 Holders of roe. July 1
Studebaker Mail Order Co.. cl. A (au).. *50c. July
*Holders of roe. June 20
Vogt Mfg. Co. (guar.)
*50o. July
*Holders of roe. June 15
Suffolk Title & Guaranty (guar.)
•1.
July
*Holders of roe. June 30
Volcanic Oil& Gas (guar.)
*W.Sept. 10 *Holders of roe. Aug. 81
Sun-Glow Industries, corn.(No. 1)
50c. Aug.
Holders of rec. July 22
Extra
•50. Sept. 10 *Holders of tee. Aug. 81
SuPertest Petroleum corn. & ord.(qu.).. •20c. July
*Holders of rec. June 15
Quarterly
•35e. Dee. 10 *Holders of roe Nov.30
Preferred class A (quar.)
*111 July
*Holders of rec. June 15
Extra
Dee. 10 *Holders of roe. Nov.80
Preferred class B (quar.)
"37
July
*Holders of roe. June 15
Vulcan DetInning, pref.(guar.)
134 July 20 Holder* of rec. July 9a
Sweets Co. of America (guar.)
25e. Aug.
Holders of rec. July 15a
Preferred (acct. aceum. dividends).
- 544 July 20 Holders of ree. July 9e
Swift & Co. (guar.)
2
July
Holders of rec. June 10
Preferred A (guar.)
14 July 20 Holders of rec. July 9a
Syracuse Washing Machine (guar.)
*25c. July
*Holders of rec. June 22
Prof. A (acct. accum. dividends)
544 July 2 Holders of rec. July 9a
Sylvestre 011 common (guar.)
•150. July
*Holders of rec. June 15
Wagner Electric, pref. (guar.)
Holders of rec. June 20
14 July
Syracuse Washing Mach., corn.(guar.). •25e. July
*Holders of rec. June 22
Wahl Co., pref.(Acct.scrum.div 3
•Holders of rec. June 20
*14 July
Taggart Corp. pref. (guar.)
21.75 July
Holders of rec. June 15
Waitt & Bond, class I(quar.)
*Holders of rec. June 15
•30e. July
Taylor Milling Co. corn. (qu.)(No. 1). "62340 July
*Holders of rec. June 30
Waldorf System. corn. bluer.)
Holders of rec. June 204
374e. July
Temple Court, prof. (quar.)
'
*45e. July 15 *Holders of rec. June 30
Preferred (quar.)
Holders of rec. June 20
200. July
Texas Corporation (guar.)
750 July 1 Holders of rec. June 7o Walgreen Co., pref.
Holders of rec. June 20a
1.62)4 July
(guar.)
TOIS8 & Pacific Coal & 011 (in stock)
e2
June 80 Holders of rec. June k Waltham Watch,6%
Holders of rec. June 22
14 July
prof. (guar.)
Textile Banking (guar.)
"2
July 1 *Holders of rec. June 24
Preferred (quar.)
*Holders of rec. Sept. 21
'114 Oct.
Textile Products class A (quar.)
*14 July 1 *Holders of rec. June 20
Walworth Co., pref. (guar.)
"75e. June 2 *Holders of rec. June 19
Thirty-four East 31st St., Inc., prof
3 lAug. 1 July 16 to Aug. 1
Ward Baking Core. pref.(guar.)
Holders of rec. June 170
14 July
Class B (guar.)
'1)4 July 1 *Holders of rec. June 20
Warner Bros. Pict. (stock
Holders
Thompson (John IL) Co.(monthly)___
300.1 July 1 Holders of rec. June 22a Warner Co.. corn. (guar. dividend).... 0100 July 2 *Holders of rec. June 27a
of rec. June 29
(No. 1)
*500. July 15
Monthly
300.1Aug. 1 Holders of rec. July 23a
Preferred (guar.)(No. 1)
81.75 July 1 *Holders of rec. June 20
Monthly
300. Sept. 2 Holders of rec. Aug. 23s Warner-Quinlan Co.. corn.
500. July 2 Holders of rec. June 12
(guar.)
Thompson Products, class A (guar.)._
300.1July 1 Holders of rec. June 20
Warren Bros. Co., corn.(guar.)
July 1 Holders of rec. June 130
$1
Class A (extra)
300.1July 1 Holders of roe. June 20
First preferred (guar.) •
750. July 1 Holders of rec. June I80
Preferred (guar.)
14 !Sept. 1 Holders of rec.
Second preferred (quar.)
8740 July 1 Holders of rec. June 18a
Thompson's Spa, Inc., $6 pref.(quar.).. "81.50 July 1 *Holders of rec. Aug. 20
June 10
Waltham Watch prior pref. bluer.)
'134 July 1 "Holders of rec. June 22
Thompson Starrett Co., pref. (guar.)... 87401July 1 Holders of
Waukesha Motor (quar.)
•750. July I *Holders of rec. June 15
Tide Water Associated 011, pf. (guar.).- 14 July 1 Holders of roe. June 11
rec. June 17a Webster-Elsenlohr Co.. prof.(guar.)
154 July 1 Holders of rec. Juno 20a
Tlmeostat Controls Co., cL A (quar.)._ *50e. July I "Holders of rec. June 20
Weinberger Drug Stores. corn. (guar.)...
Mc. July 1 Holders of roe. June 20
Tide Water 011, corn.(guar.)
20e. June 29 Holders of rec. June 174 Welch Grape
Juice, corn. (in corn. stk.)_ "130 Aug. 1 *Holders of rec. July 15
Timken-Detroit Axle. rem.(guar.)
Mo. July 1 Holders of rec. June 20a Wellman
-Seaver-Morgan, pref. (guar.). 14 July 1 June 21 to July 1
Common (extra)
Sc. July 1 Holders of rec. June 20a 1Vesson 011dr Snowdrift,
50c. July 1 Holders of rec. June 15a
Inc., corn.(qu.)
'Mlle Standard Mining (guar.)
•200. June 29 *Holders of roe. June 17
West Point Manufacturing (quar.)
July 1 Holders of rec. June 15
52
Extra
•100. June 29 'Holders of rec. June 17
West Vs. Pulp & Paper corn.(quar,).... •50e. July 1 *Holders of rec. June 20
Tobacco Products Corp., cem.($20 par) 35e. July 15 Holders of rec. June 250
Western
Common (guar.) ($100 Par)
14 July 15 Holders of roe. June 230 Western Auto Supply Co.. 1st pref.(qu.) 14 July 1 Holders of rec. June 20
Electric (guar.)
June 29 *Holders of MC. June 24
*SI
Tooke Bros., Ltd., pref.(guar.)
1% July 15 Holders of rec. June 29
"astern Grocer, preferred
3%c July 1 *Holders of rec. June 20
Toronto General Trusts Corp. (guar.).- 3
July 2 June 25 to June 20
Western Grocers (Can.) pref. (guar.).
Torrington Co. (quar.)
- 134 July 15 Holders of rec. June 20
75e. July I Holders of rec. June 20
a °stern Reserve investing. Dr. (au.)-- 14 July 1 Holders of rea. June 15a
Extra
$1.25 July 1 Holders of rec. June 20
Panic. Prof. (quiz.)
14 July 1 Holders of rec. June 15a
Transue & Williams Steel Forg (guar.)
250. July 15 Holders of rec. June 29s Western Tablet
& Stationery. pref. (qu.) 14 July 1 Holders of rec. June 20
Traveler Shoe (quar.)
37%c July I Holders of roe. June 15
Westinghouse Air Brake (guar.)
Traymore,Ltd., prof.(quar.)
50c. July 31 Holders of rec. June 29a
111 July 1 Holders of roe. June 20
Westinghouse Elec. & Mfg., corn. (qu.). Si
July 31 Holders of rec. June 28a
Tr -Continental Corp.. ref. (guar.)._
1
July 1 Holders of roe. Juno 17
Preferred (guar.)
July 15 Holders of rec. June 28a
51
TrIco Products Corp. ?
guar.)
624c July 1 Holders of rec. June 14a Weston Electrical
nstrument.cLA(au.).
. 50c. July 1 Holders of rec. June I9a
Tr -National Trading Corp.. com.(No.1) 30e. July 8 Holders of rec.
June 21
Westmoreland Coal (guar.)
50e. July 1 June 22 to July 1
Preferred (quar.) (No. 1)
31.50 July 8 Holders
roe.
West Va. Pulp & Paper pref.(quiz.).... -•1
Trumbull-Cliffs Finance, pref. (guar.).- 14 July 1 Holders of rec. June 21
Aug. 15 "Holders of rec. Aug. 5
of
June 20
Preferred (quar I
'114 Nov. 15 "Holders of ree. Nov. 5
Truscon Steel, com. (guar.)
30e. July' 15 Holders of rec. June 26s Weetark Radio
Stores (quar.)
Tubise Artificial Silk class A & B (q11.).- •52.50 July 1 *Holders of rec.
*50c. July I *Holders of rec. June 20
June 20
Wheatsworth. Inc., corn. (au.) (No. 1). •25e. July 1 "Holders of roe. June 20
Tucketts Tobacco. corn. (quar.)
$1 July 15 Holders of rec. June 29
Wheeling Steel Corp.. prof. A (Quinn.) _ *52
Preferred (guar.)
July 1 *Holders of roe. June 12
14 July 15 Holders of rec. June 29
Preferred B (guar.)
52.50 July 1 *Holders of rec. June 12
Twenty-two West 77th St., Inc
$3
July 1 June 16 te July 1
whitaker Paper Co., corn. (guar.)
*51 25 July 1 *Holders of rec. June 20
244 North Bay Shore Drive, Inc., pref._ 3
July 1 June 16 to July I
Preferred (quar.)
•15$ July 1 *Holders of roe June 20
Ulen & Co.,8% pref
4
July 1 Holders of rec. June 20
White (S S) Dental Co., stock die
*e10
74% preferred
*Holders of rec. Aug. 15
34 July 1 Holders of rec. June
Subject to stockholders meeting Aug. 16,
Underwood Elliott Fisher Co. corn.(qu.) $1 June 29 Holders of roe. June 20
I2a White Eagle 011 & Refg. (guar.)
50e. July 20 Holders of roe. June 28a
Preferred and preferred B (gear.)
31.75 June 29 Holders of rec. June 12
White Motor Co , coin. (quar.)
25e, June 29 Holders of rec. June 12a
Union Carbide & Carbon (guar.)
650. July 1 Holders of rec. May 810 White Motor
Securities, pref. (guar.)._ 14 June 29 Holders of rec. June 12
Union Guarantee & Mortgage
14 July 1 Holders of roe. June 12
White Rock Mineral Spgs.. corn.(qu.)_
75c. July 1 Holders of rec. June 20a
Union Investment pref.(qu.)(No. 1).._ '75c. July 1 *Holders of ree. June 20
First preferred (quar.)
14 July 1 Holders of rec. June 20
Union Metal Mfg.(guar.)
50e July 1 Holders of roe. June 25 I
Second preferred
354 July I Holder, of roe. June 20
Extra
25e. July 1 Holders of rec. June 21
White Star Refg.(guar.)(No. 1)
'62340 July 1 *Holders of rec. June 20
Name of Compel's,.
[VOL. 128.
FINANCIAL CHRONICLE
4282
Per
When
Gml. Payable.
Books Closed
Days Inclusive.
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 June 21:
Miscellaneous (Concluded).
*40c. Aug. 1 'Holders of rec. July 15
Wieboldt Stores, Inc.(quar.)
62Hc July 1 Holders of rec. June 206
Wilcox-Rich Corp.. CI. A (quar.)
50c. July 15 Holders of rec. July la
Class B(No. 1)
July 15 Holders of ree. July la
5
Class B (Payable in class B stock)
June 15 *Holders of rec. June 10
*10
Willard(W. E.) & Co
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
2
July 1 Holders of rec. June 15
Will & Baumer Candle pref.(quar.)_
July 1 *Holders of rec. June 20
•2
FOR THE WEEK ENDED FRIDAY. JUNE 211929.
Williams Tool pref.(quar.)
1If July 1 Holders of rec. June 15a
-Overland Co., pref. (quar.)
Whys
8151 July 1 Holders of rec. June 12a
& Co.. pref.(acct. accum.div.)
Wilson
NATIONAL AND STATE BANKS-Average Figures.
"2M Aug. 1 'Holders of rec. July 15
Winsted Hosiery(War.)
Aug. 1 'Holders of rec. July 15
Extra
*30c. July 1 *Holders of rec. June 15
Wolverine Tube common (quar.)
Oth.Cash, Res. Dep., Dep.Other
150. July 1 *Holders of rec. June 15
Common (extra)
Orals.
Odd. Including N. Y. and Banksand
Loans.
lf July 1 June 21 to July 1
Wood (Alan) Steel Co., pref. (quar.) _
Bk. Notes Elsewhere. TruslCos. Deposits.
18
50e. July 1 Holders of rec. June
Wood Chemical Products, el. A (quar.) _
25e. July 1 Holders of rec. Juno 18
Class B (guar.)
S
$
s
$
$
Manhattan$
Woodley Petroleum -dividend deferred.
251,741,900 63,500 4,647,300 33,458,700 1,697,500 241,576,000
Bank of U.S
Woodruff & Edwards,Inc., Cl. A (qu.)_ - •50e. July 1 *Holders of rec. June 20
2,018,100
227,100
217,800
Bryant Park Bank 1,888,400
Woods, Manufacturing, Ltd., pref.(qu.) 15( July 2 Holders of rec. June 25
20,985,000
897,000
1,793,000
Chelsea Exch.Bk _ 22,530,000
*1 H June 29 *Holders of rec. June 24
Worcester Salt, corn. (quar.)
67,200 1,489,600 2,181,100 15,947,700
3,000
July 1 Holders of rec. June 206 Grace National__ 17,940,600 30,600
Wrigley (Wm.)Jr.. Co.(stock dividend) e5
194,800 104,600 3,292,100
86,700
3,901,100
25e. July 1 Holders of rec. June 206 Port Morris
Monthly
31,000 1,798,000 8,639,000 21244000 142,887,000
250. Aug. 1 Holders of roc. July 206 Public National 136,060,000
Monthly
Brooklyn
25c. Sept. 1 Holders of rec. Aug. 20
Monthly
23,220,000 95,000 289,000 1,677.000 480,000 19,283,000
Nassau National
25c. Oct. 1 Holders of rec. Sept.20
Monthly
61.000 8.000.000
568.000
Peonies National_ 8.200.000 5.000 101.000
25c. Nov. 1 Holders of rec. Oct. 19
Monthly
50c. Dec. 2 Holders of rec. Nov. 20
Monthly
20
Wurlitzer (Rudolph) Co pref.(guar.)._ •1H July 1 'Holders of rec. June
TRUST COMPANIES-Average Figures.
July 1 Holders of rec. June 106
Si
Yale & Towne Mfg.(quar.)
Oct. 1 Holders of rec. Sept. 100
Yale & Towne Mfg.(quar.)
Young (L. A.) Spring & Wire (quar.)- 50e. July 1 Holders of rec. June 15a
250. July 1 Holders of rec. June 15a
Res've Dep., Depos.Other
Extra
Oross
N. F. and Banks and
Cash.
Loans.
Youngstown Sheet & Tube,corn.(qu.)-- $1.25 July 1 Holders of rec. June 14a
1% July 1 Holders of rec. June 14
Elsewhere. Trust Cos. Deposits.
,
Preferred (quar.)
•From unofficial sources. t The New York Stook Exchange has ruled that stock
WIII not be quoted ex-dividend on this date and not until further notice I The
New York Curb Market Association has ruled that Mock 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 stock.
/Payable in common stock. o Payable in scrip. h On account of accumulated
dividends. .1 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; class B
one fortieth share class B stock.
Subject to stockholders meeting June 21.
k Mathieson Alkali common dividend payable either in cash or stock. Dividend
will be paid in cash unless company is notified to the contrary not later than June 17.
1 Amer. Cities Power & Light class A dividend is payable either 75c. cash or
in class B stock at rate of 1-32nd share of class B stock for each share class A stock.
Class B dividend is payable in class B stock.
m General Gas & Electric common A and B dividend Is 3754c. payable in common
A stock at rate of $25 per share unless written notice of stockholders election to take
cash is given prior to June 24.
Coty. Inc.. declared a stock dividend 016%. payable in quarterly Installments.
o British-Amer. Tob. dividend is 10 pence per share. Al! transfers received in
London on or before June 7 will be in time for payment of dividend to transferees.
p Prosperity Co. dividend is one-fiftieth share clam B stock.
g Payable in cash on common stock at rate of 1-32 ordinary share common for
each share convertible preferred.
r Rio Grande 011 stock 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 dividends are 1 t4 shares on each 100 shares, the first
134% having been declared payable April 25 with the intention to declare a second
134% Payable on or before Oct. 25.
a Unless notified to the contrary on or before July 10, Pacific Power & Light dividend will be applied to the purchase of common A stock or scrip.
Associated Gas & Electric class A dividend Is 1-40th share class A stock.
u Holland Furnace dividend 6254% cash or 2% in stock.
New York Stock Exchange rules Julius Kayser Co. be ex the stock dividend
au July 2.
to Less deduction for expenses of depositary.
s 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 18 of applying above dividend to purchase of additional coal. A stock at rate of
1-50th share for each share held.
r Electric Bond & Share dividend is 3-200ths of a share of common stock.
§Burma Corp. dividend is 7 annas and 2 anions per share less deduction for expenses of depositary.
:New York Stock Exchange rules Burrough Adding Machine be quoted ex the
stock dividend on Aug. 15.
Weekly Return of New York City Clearing House.
Beginning with Mar.31'28 the New York City Clearing House
Association discontinued giving out all statewents previously
issued and now makes only the barest kind of a report. The
new return shows nothing but the deposits, along wi.h
the capital and surplus. We give it below in full:
STATEMENT OF'THE MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JUNE 22 1929.
Clearing House
Members.
*Capital.
*Surplus & Net Demand
Deposits
Undivided
Profits.
Average.
Time
Deposits
Average.
ManhattanAmerican
Bk.of Europe & Tr_
Bronx County
Central-Hanover____
Empire
Federation
Fulton
Manufacturers
Unitedltates
BrooklenBrooklyn
Kings County
Bayonne, N. J.
-Mechanics
5
$
s
5
8
20,800 49,157,200
49,103,000 10,405,500 1,017,900
16,501,270
63,775
873,238
17,537,860
21,455,851
561,861 1,668,612
22,042,972
32,545,000 437,361,000
581,706,000 '41,328,000
77,263,200 '5,107,300 3,988,500 3,510,100 74,139,900
171,949 18,101,321
158,172 1,298,053
18,155,479
15,146,200
307,300
15,501,000 '2,022,800
393,854,000 3,164,000 51,003,000 1,816,000 352,634,000
55,706,290
3,300,000 7,751,020
70.500,114
118,518,500
28,413,603
113,734,000
25,944,827
3,417,900 19,633,100
1,680,304 2,395,191
9.225.494
284.148
194.800
104.600
3,292,100
'Includes amount with Federal Reserve Bank as follows: Central Hanover.
838,554,000; Empire, $3,380,800; Fulton, $1,901,600.
-In
Boston Clearing House Weekly Returns.
the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks
BOSTON CLEARING HOUSE MEMBERS.
June 26
1929.
Changesfrom
Previous Igeek
June 19
1929.
June 12
1929.
6
$
$
$
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,dIsets & investla. 1,143,932,000 +16,923,000 1,127,009,000 1,113,998,000
657,200,000 -3,968,000 661.168,000 651,438.000
Individual deposits
129,735,000 -5,570,000 138,305,000 131,079,000
Due to banks
+648,000 266,064,000 265,191,000
268,712,000
Time deposits
3,094,000
10,878,000
14,346.000 +3,468,000
United States deposits
26,965,000
29.693,000
-335.000
29,358,000
Clg. House
Exchanges for
77,565.000
84,098,000
81,314,000 -1,737,000
Due from other banks
79,109,000
80,442,000
79,123,000 -1,319,000
Res've in legal deposit's
8,084,000
7,830,000
+201,000
8,031,000
Cash in bank
327.000
778.000
-449.000
329.000
RIWVA arrats in P R ilk_
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending June 22, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
all
are 10% on demand deposits and 3% on time deposits,
"
the Federal Reserve Bank. "Cash in vaults
to be kept with
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
8
$
$
8
9,486,000
57,803,000
Bank of N.Y.& Trust CO..- 6,000.000 13,539.100
"
legal depositaries" and "Cash in vaults.
41.174,000
Bank of the Manhattan Co.- 22,250.000 42,559.300 171,383,000
54,543,000
Beginning with the return for the week ending May 14 1928,
Bank of America Nat'l Ass'n. 384,340,900 k38,719,500 148,014,000
a997,477,000 140,506,000
100,000.000 111,246,500
National City Bank
11,275,000 the Philadelphia Clearing House Association discontinued showChemical Bank & Trust Co..- 810,000,000 816,957,500 138,687,000
90,998.000
H0,000,000 1115,632000 5733,635,000
Guaranty Trust Co
above or b low
38,097,000 ing the reserves and whether reserves held are
Chat.Phen. Nat. Bk.& Tr.Co 13,500,000 15,698,000 151,837,000
48,657,000
Cent.Hanover Bank & Tr.Co. 121,000,000 179,117,700 345,398,000
will account for the queries at the end
31,791,000 requirements. This
169,598.000
Corn Exchange Bank Tr. Co- 12,100,000 122,294,700
7,920,000 of the tab13.
10,000,000 26,601,000 130,922,000
National Park Bank
8,977.000
10,000,000 95,735,400 257,912,000
First National Bank
38.612,000
m50.000000 m80.037800 351,800,000
Irving Trust Co
895.000
9,171,000
1,000,000 1,550,500
Continental Bank
64,275,000
61,000,000 79,908,400 c584,706,000
Chase National Bank
Week Ended June 22 1929.
983,000
24,581,000
500,000 3,869,100
Fifth Avenue Bank
June 8
June 15
Two Ciphers (00)
7,904,000
11,000.000 16,814,400 120,257,000
Seaboard National Bank
1929.
1929,
Trust
limbers of
omitted.
55,825,000
25,000,000 77,498.400 4356,830,000
Bankers Trust Co
Total.
P.R.System Companies
4,460,000
n8,000,000 n6,407,400 52,873,000
U. S. Mtge. & Trust Co
2,257,000
32,211,000
10,000,000 23,854,300
Title Guarantee & Trait CO-5
5,066,000
41,893,000
4,000,000 3.812,600
86,000,0
Fidelity Trust Co
67,250,0
7,500,0
67,250,0
59,750,0
2,378,000 Capital
17,500,000
3,000,000 4.160,400
Lawyers Trust Co
200,399,0
16,097.0 216,496,0 216,496,0 212,646,0
18,128,000 Surplus and profits
012,500.000 032,041,100 134,741,000
New York Trust Co
71,662,0 1,126,060,0 1,119,793,0 1,110.187,0
dints. di Invest. 1,054,398,0
23,101,000 Loans,
40,031,0
Farmers Loan & Trust Co.-- 10,000,000 23,212,700 e98,533,000
330,0
42,976,0
.
.
40,296,000 Exch. for Clear. House
30,000,000 28,625,000 1354,959,000
Equitable Trust Co
95,226.0
13,0 101,287,0 102,983,0
101,254,0
2.944,000 Due from banks
Com'l Nat. Bank & Tr. Co- 7,000,000 7,332,000 34,683,000
129,980,0 124,952.0
125,987,0
821,0 128,808,0
5,493,000 Bank deposits
30,274,000
Harriman Nat. Bank & Tr.Co 1,500,000 2.840,300
33,189,0 687,497,0 684,778,0 668,480,0
654,308,0
Individual deposits_ _
202,037,0
18,674,0 220,711,0 222,437,0 225,456,0
Time deposits
Clearing Non-Member.
52.684,0 1,035,018.0,1,037,195,0 1.016.889.0
982,332,0
5,596,000 Total deposits
3,688.000
817,200
500,000
5.649,0
Mechanics Tr. Co.. Bayonne_
8,135,0
4,891,01
4,891,0
Res. with legal dePos69,783,0
68,978,01 72,092,0
68,978,0
Res. with F. R. Bank_
7R1 437 000
044 Ion ono 070 RR2 100 A AR1 nRfl 000
Tntala
12,212.0
11,939.01 12,124,0
1,500,0
10,439,0
Cash in vault*
90 351.0 87 844.0
85,808,0
8,391,0
cash held.
79317,0
• As per official reports: National, Mar. 27 1929. State, Mar. 22 1929. Trust Total res. &
t
I
?
As of Reserverequired
companies Mar. 22 1929. g As of Mar. 30 1929. h As of May 3 1929.
21 1929. Excess reserve and cash
May 4 1929. f As of May 15 1929. k As of May 20 1929. 1 As of May
1
in vault
As of May 27 1929. a As of June 3 1929.
m
Includes deposits in foreign branches: (a) 8311.416,000: (h) 8117.880,000;
,
Cash In vault not COU01641 as reserve tor Federal Reeerve members
(c) 813,820.000: (d) $58,929,000; (e) 51.874,000; U)$140,005,000.
JUNE 29 19291
FINANCIAL CHRONICLE
4283
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,
June 27 and showing the condition
af the twelve Reserve banks at the close of business on Wednesday. In the first table
as a whole in comparison with the figures for the seven preceding weeks and with thosewe present the results for the system
of the
The second table shows the resources and liabilities separately for each of the twelve banks. corresponding week last year.
Accounts (third table following) gives details regarding transactions in Federal Reserve notes The Federal Reserve Agents'
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 4245, 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 JUNE 26 1929.
June 26 1929. June 19 1929. June 12 1929. June 5 1929. May 29 1020. May
22 1929. May 15 1929. May 8 1929. June 27 1928
RESOURCES.
$
Child with Federal Reserve agents
1,372,441,000 1,367,581,000 1,318,782.000 1.303,555,000 1,315,181,000 1,318.551,000
1.329.117.000 1,309.905,000 1,128,276,000
loll redemption fund with U. B. Tress_
71,589,000
69,938,000
66,118,000
67,988,000
66,969,000
61.196,000
65,071,000
62.060,000
63,482,000
Gold held exclusively agst. F. R. notes 1,444,030,0001 1,437,569,000 1,384,900,000 1,371,543,000
1.382,150,000 1,379,747,000 1.394,188,000 1,371,965.000 1,191,758,000
Gold settlement fund with F.It. Board... 644,038,000 637,598.000 691.678.000
Gold and gold certificates held by banks_ 807,446,0001 805,135,000 799,052,000 679 733,000 663.795.000 652.404.000 654.848,000 678,058,000 700,173,000
792,692,000 .777.836.000 1 809,751,000 789.087,000 790.924,000 691,379,000
Total gold reserves
2,895,514,000 2,880,302,000 2,875,630,000 2,843,968.000 .1,821,781,000 2,841,902,000 2,838,123,000
'
Reserves other than gold
177,040,000, 166,379,000 149,559,000 141,383,000 .146,177,000, 166,229,000 173,400,000 2,840,947,000 2,583.310.000
171,332,000 154,974.000
Total reserves
3,072,584,0003,046,680,000 3,025,189,000 2.985,351,0002.969,958.000 3,008.131,000 3,011,523,000
3,012,279.000 2,738,284,000
Ron-reserve cash
69,108,000, 74,841,000
83,604,000
79,385,000
82.473,0001 85,517,000
83,981.000
78,317,000
BIM discounted:
62,335,000
1
Secured by U. S. Govt. obligations
532,545,000 480,292,000 474,086,000 508,912,000 536,177,000 .502,558,000 512.837,000
Other bills discounted
484,202,000, 478,812,000 459,825,000 468,532,000 452.017,000 .401,868,000 401,762,000 525.814,000 701.618,000
436,208.000 330,256,000
Total bills discounted
1,016,747,000, 959,104.000 933,911,000 977.444.000 983,191,000, 904,426,000
914,599,000
allle bought in open market
82,839,000; 87,032,000 114,117.000 112,747,000 117,919,000, 137.986.000 146,107,000 962,022,000 1,031,874,000
IT.B. Government securities:
157.181.000 223,432,000
Bonds
42,738,0001 42,672,000
44,630,000
48,625.000
50,384,000, 50,386,000
50,400,000
57,979,000
50,407,000
Treasury notes
92,021,0001 83,014,000
97,244,000
85,295,000
84,965,000
91,839,000
90,610.000
84,495,000
87,584,000
Certificates of Indebtedness
14,768,000, 13,772,000
27,999,000
13,403,000
9.223,000
11.062,000
14,816,000
14,586,000
66,374,000
Total U. S. Government securitles___ 149,527.0001 139,458,000 169,873,000 147,328,000
144,572,0001 153,287,000 155,826,000 149.488,000 211,937,000
Other securities (see no(s)
13,315,000, 13,167,000
9.917,000
9,917,000
7,817,000
7,817,000
7,817.000
6,866,600
490,000
Foreign loans on gold
1
6,355,000
1
1
Total bills and securities ($ee note)___ _ 1,262,428,0001,198,761,000 1,227,818,000 1,247,436,00011,258,502,00
01,203,516,000 1,224,349,000 1,281,912.000 1,467,733.000
1
Gold held abroad (see note)
1
Due from foreign banks
729,000
730,000
729,000
727,0001
727.000
726,000
723,000
725,000
571,000
Uncollected items
676,603,000 812,097,000 746.312,000 723,705,0001 655,928,000, 691,828,000
847,343,000 657.596.000 626,380,000
Bank premises
58,614,000
58,613,000
58,613,000
58,595,000, 58,761,000
58.761,000
58,761,000
58,739.00(1
60,096,000
All other resources
7,441,000
7,602,000
8,486,000
8,119,000,
8,5 3,000
8,319,000.• ,
7,997,000
8,063.000
,
Total resources
5,147,477,000 5,199,325,000 5.150,751,000 5,103,318,000 5,034,892,000 5,056.798,000
5,235,041,000 5,097.565,000 4,963,462,000
LIABILITIES.
,
I
F. R. notes in actual circulation
1,658,496,000 1,649,187,000 1,644,216,000 1,647,435,0001.653.685.00011.830,554,000
1,648,658,000 1,663.678,000 1,604,635,000
Deposits:
2,343,813.00012,291,765,000
12,285,870.000 2,275,752,000
Member banks
-reserve account
2.328.232,000 2,321.343.000
2,319,887.000 2,330.033.0)0 2,344,709,000
Government
48.924,000
46,731,000
18,700,000
16,023.000', 15,366.000
19,291.000
13,678,000
28.635.000
11,274,000
Foreign banks (see no(S)
5,606,000
7,124,000
6,225,000
6,744,000,
8,085,000
6,362,000
6,106,000
7.238,000
8,703,000
Other deposits
21,312,000
23,052.000
23,058,000
21,668.000, 21.873,000, 23,106,000
25.837.000
23,303.000
17,114,000
Total deposits
2,419,655,000 2.368,672,0002,376,215,000 2,365,778.00012.331,194,00 2,324,511,000
2,365,508,000 2.389,214.000 2,381,800,000
0
Deferred availability items
625,737,000 739.228,000 688.296,000 649,782.000
655.232,000, 786,019,000 608.834,000 582,086,000
Capital pald In
158,607,000 158,412,000 157,931,000' 157,507.000 611,242,000
Surplus
251,398,000' 254,398,000 254,398,000 254,398,000 156,446,000 156,279.000, 156.296,000 156.179 000 140,318,000
254.398,000 254,398,000; 254,398.000 254,398.000 233,319,000
All other liabilities
30,584,000; 29,428,000
29,695,000
28,418.000
27,927.000
26,824,000
26.162.000
25.262,000
21,304,000
Total liabilities
5,147,477,000 5,199,325,000 5.150,751,000 5,103,318,000
'
5.034,892,000 5,056,798.000'5,235,041.000 5.097,565,000 4,963,462,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
71.0%1
71.6%
71.5%
70.8%
70.8%
71.6%
70.7%
70.0%
Ratio of total reserves to deposits and
64.9%
F. R. note liabilities combined
75.3%1
75.8%
75.2%
74.4%
74.5%
75.9%
75.1%
74.3%
Contingent liability on bills purchased
68.7%
for foreign correspondents
424,566,000 416,999.000 405,240,000 392,415.000 385.754,000
381,751,000 367,498.000 355,195,000 305,068,000
.m.
Distribution by MaturlHes$
1-15 days bills bought in open market _
3
40,728,000
36.927,000
62,241,000
56,415,000
54,291,000
73,110.000
75.980,000
80,073.000 103,443,000
I-15 days bills discounted
799,237,000 730,889,000 713,597,000 756,686,000 762,915,000
718.591,000 739,927,000 787,922,000 892,122,000
1-15 days U. S. certif. of Indebtedness_
4,975,0001
2,250,000
18,835,000
4,194,000
495,000
2.120.000
4,781,000
1-15 days municipal warrants
4.759,000
736,000
102,000
102,000
16-30 days bills bought in open market _
18,005,000: 22,594,000
23,974,000
27,290,000
31.848,000
31,118,000
33,176.000
16-30 days bills discounted
35,597,000
47,389,000
49,840,0001 62,339,000
51,665,000
50,478,000
52,052,000
45,644,000
47.440,000
16-30 days U. S. certif. of indebtedness_
43,286.000
36,139,000
9,000
293,000
35,000
16-30 days municipal warrants
4.000
102,000
1
102,000
91-60 days bills bought in open market
15,654,000, 17,945,000
16.653,000
17,909,000
19.505,000
21,621,000
25,732.000
51-60 days bills discounted
28,793,000
42,764.000
78,909,000' 81,554,000
84,307,000
84,847,000
84,852.000
71,402.000
68,185,000
31-00 days U. S. certif. of indebtedness_
72.492.000
48,934.000
51-60 days municipal warrants
617,000
205,060
102,000
51-90 days bills bought In open market _
102,000
101,000
6,527,000!
7,497,000
8,640.000
9,027,000
10,030,000
10,265.000
51-90 days bills discounted
9,108,00
23,651,000
9,1;02,000
52,665,000, 47.910,000
51.090.000
53,173,000
57,418.000
42,000,000
51-90 days U. H. certif. of indebtedness_
35.767,000
37.587.000
35,368,000
7,319,000
7066.000
12,000
51-90 dare municipal warrants
Over 90 days bills bought In open market
1.925.000
2,569,000
2.609,000
2,106,000
2,194.000
Over 90 days bills discounted
1.872,000
2,111,000
6,185,000
2.816,000
36,096,000
36,422,000
33,252,000
32,260,000
30.957,000
26,095,000
Over 90 days certif. of indebtedness..
23,280.060
20.735,000
19.311,000
2,474,000
4,456,000
9,152,000
9,205,000
8,435,000
Over 90 days municipal warrants
8,907,000
9,418,000
9.618.000
65,638,000
300,000
300,000
300,000
300,000
300.000
300,000
303,000
300.000
F. R. notes received from Comptroller__ 3,777,049,000 3,670,046,000
3,595,813,000 3,487,024,000
fir. R. uotee held by F. R. Agent
1,585,752,000 1,526,482,000 1,482,382,000 1,402.482,000 3,432,180,000 3,227,661,000 3,055,800.000 2.933.480.000 2,817,335,000
1,358,362,000 1,161,597,000 990.877.000 852.596,000 817,380,000
Issued to Federal Reserve Banks
2,191,297,000 2,143,564,000 2.113,431,0002.084,542.000
2,073,818,000 2,066,064,000 2,064,923,000 2,080.884,000 1,999,955,000
.0^
How Secured
By gold and gold certificates
368,025,000 372,045,000 371,145,000 372,895,000
372,895,000 376,295,000 378,295,000 378,295,000 355,376,000
Gold redemption fund
93,393,000
96,802,000
90,753,000 101,776,000
Geld fund-Federal Iteserve Board
80,710,000
92.059,000
88,624,000
911,023,000 898,734,000 856,884,000 828,834,000 100,092,000 102,211,000
By eligible paper
1,063,446,000 1,015,461,000 1.010,892,000 1,050,631,000 842,194,000 840,045,000 870,112,000 839,551,000 684,276,000
1,057,853,000 999,891.000 1,017,200,000 1,076,961,000 1,195,331,000
Total
2.435,887,5002,383.042,000 2,329.674.000 2,354,186,000
2.373,034,000 2.318.442.000 2,346,317,000 2,386,368.000 2,324,107,000
- •Revised figures.
-Beginning with the statement of Oct. 7 1925, two new Items were
NOTE.
added in order to show separately the amount of balances held
o foreign correspondents. In addition, the caption, -All miler earning wets,"
abroad and amounts due
previously made up of Federal Intermediate Credit Bank debentures.
Other securities," and the caption,"Total earning assets" to "Total bills
was changed so
and seculties." The latter item was adopted as a more accurate
?he discounts, aceeptanees and secoritlea acquired under the provision
description of the total of
of Sections 13 and 14 of the Federal Reserve Act, which, it was
Ibereln
stated, are the only Items included
WBEKI Y STATEMENT Olr RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS JUNE 26 1929
Two ciphers (0(5) omitted.
Total.
Boston, New York. Mita
react's! Reserve Bank ofCleveland Richmond Atlania 1C5tcago. Si. L011111. altntteep.IKon.C4iy.1 Dallas.
'
Sao Fray
RRSOURCES.
$
$
I
Gold with Federal Reserve Agents 1,372,441,0 76,471,0
$
255,861,0 115,146,0 154,445,0 37,132,0100,516,0 279,818,0
Gold resEn fund with 11. B. Treas.
71,589,0 4.907,0
17,719,0 9,736.0 5,351,0 4,055,01 3.196,0; 9,247,0 25,381,0 61,933,0 50,992,01 26,417,0 188,329.0
7.463,0 2,714,0 2,163,0, 1,933,0, 3,105,0
Gold held excl. aged. F. R. notes 1,444,030,0 81.378,0 273,580,0
'
(Jold settle't fund with F.R.Board 644.033,0 71,292,0 125,913,0 124,882,0 159,796,0 41,187,0 103,712,0 289,065,0 32,844,0 64,647.01 53,155,01 28,350,0 191,434,0
39,839,0 84,829,0 21,487,01 19.721,0 1 94,827,0
(told and gold ethi held by banks 807,446,0 24,739,0
28,854,0 20,101,0, 53,975.0, 30,362,0 52,838,0
512,574,0 29,781,0 47,470,0
16.378,0! 5,091,0'110,769,0 9,713.0 5,691.01 5,756,0, 11.190,01 28,294,0
cold gold reserves
2 895,514,0 177,409,0 912,067,0 194,502,0
292,095,0 79,052,0 128,524,0
Reserve other than gold
177,040,0 11.500,0
63,552,0 9.309,0 11,674,0 8.524,0 8,759,0 494,661.0 71,411,0 90,439,01112.886,0! 69,902,0 272,566,0
28,476,0 9.402,0
4,635,01 5,947,01 13,033,0
2,229.01
Total reserves
3 072,554,0 138,909,0 975,619.0 203,811,0
303.769,0 87,576,0 137,283,0 523,137,0
o
ion-reserve cash
69.108,0 7.177,0
24,288,0
1,582,0 3,549,0 4,667,0 5.758,0 8,066,0 80,813,0 92,668,0,117,521,01 75 849 0,285 599 0
Sills discounted:
4,138,0 1,201,0, 2,087.01 3,049,0i 3,
:
546 0
Sec. by U. 8. Govt. obligations 532,545,0 51,785,0 210,141,0 54,021,0
52,884,0
Other bills discounted
484,202,0 56,390,0 107,447,0 31,082,0 32,592,0 18,276,0 7.359,0 73,090,0 23,018,0 5,616,01 12,202,01 6.389,01 17,764,0
35,043,0 45,233,0 64,596,0 25,920,0 7,769,0, 27,912,0
10,931,0 39,287.0
Total bilisdibcounted
1,016,747,0 108.175,0 317,588,0 85.103,0
85.476,0 53,319.0 52,592,0
Bina bought In open market
82,839,0 8,465.0
14.165.0 9.156,0 6,889,0 3,398.0 7,031,0 137,686,0 48,938,0 13,385,01 40.114,0 17,320,0 .57,051,0
7,775,0
303,0 4640:0, 2,444,0 7,369,0; 13,450.0
23 40
:
U. EL Government securities:
Bonds
42,738,0
689,0
155,0
585,0
548,0 1,152,0
23,0 19,937,0 7,125,0
Treastury noes
92,021,0 1.524,0
7,813,0,
65,0
19,937,0 8,835,0 26.816,0
657,0 3,037,0 3,827,0 9,500.0 3,828,0
Certificates of Indebtedness
:
14,768,0 1.055,0
3,223,0, 11,337,0
4,975,0 7,035,0
11,0
24,0 1.120,0
539,0,
9,0,
Total U. B. Gov't securities
149.527,0 3,268,0
24,567,0 16,455,0 27,375,0
1,809,0 3,084,0 24,884.0 16,625,0 9,013,01
11,045,0 11.402.0
slals
[Tor.. 128.
FINANCIAL CHRONICLE•
4284
SESOLIRCKS (Concluded)
Two Ciphers
ornliled•
aim
Total.
Other securitien
Foreign loans on gold
New Yost.
Boston.
(.3erelatia
Phila.
Richmond
s
$
300,0
$
5,815,0
$
S
13,315,0
Chicago. St. Louis
Atlanta
.
s
s
s
s
3,850,0
San Fran.
Dallas
Minneap. Kan.CUp
$
$
s
$
600,0
1,250,0
1,500,0
82,503,0
362,135,0 111,014,0 119,740,0 58.526,0 62,757,0 170,345.0 65,866,0 28,592,0 44,058,0 36,984,0
52,0
24,0
24,0
18,0
29,0
100,0
28,0
34,0
74,0
70,0
222,0
58,917,0 65,858,0 46,283,0 20,040,0 82,614,0 28,798,0 13,565,0 37,862,0 22,706,0 36,129,0
196,388,0
3,969,0 2,110,0 4,140,0 1,922,0 3,719,0
16,087,0 1,762,0 6,535,0 3,395,0 2,744,0 8,529,0
394,0
420,0
195,0
612,0
363,0
620,0
501,0 2,011,0
189,0 1,110,0
931,0
Total blue and s3curitiee_....._ 1,262,428,0 119,908,0
54,0
729,0
Due from foreign banks
676,603,0 67,443,0
Uncollected items
58,614,0 3,702,0
Bank premises
95,0
7,441,0
•Ilother
LIARILITIF:S.
F. It. notes In actual circulation_
205.887,0 140,954,0 411.942,0
5,147,477,0 387,288,0 1,575,670,0 377,345,0 500,635,0 200,982,0 230,621,0 703,411,0 183,976,0 138,766,0
205,571.0 64,993,0 125,562,0 308,061,0 56,424,0 62,349,0 67.255,0 37,850,0 161,043,0
1,658,496,0 140.712,0 282,202.0 146,474,0
Deposits:
Member bank-reserve awl
Government
Foreign bank
Other deposits
2.343,813,0 143,173,0
48,924,0 4,625,0
493,0
5,606.0
75,0
21.312,0
Total deposits
Deferred availability Items
Capital paid in
Surplus.
All other liabilities
2,419,655,0 148,366,0
625.737.0 66,150.0
158,607,0 10,405,0
254,398,0 19,619,0
30,584,0 2,036.0
Total resources
Total liabilities
emoranda.
Reserve ratio (percent)
Contingent liability on bills purchased for foreign correapondls
F. R. notes on hand (notes rec'd
from F. R. Agent lees notes In
circulation
61,667,0 172,001,0
962,823,0 133,447,0 184,965,0 64,322.0 63,641,0 339,957,0 76,318.0 51,838,0 89,661,0
1,258,0 1,572,0 3,683,0 2,820,0
11,054,0 1,979,0 2.486,0 6,823,0 4,577,0 6,475,0 1,566,0
479,0
220,0
220,0
166,0
266,0
912,0
260,0
306,0
679.0
639,0
966,0
33,0 9,054,0
120,0
221,0
69,0
126.0 1,300,0 1,987,0
914,0
314,0
7,099,0
184,360,0
981,942,0 136,379,0 189,044,0 71,520,0 68,601,0 348,644,0 80,137,0 53,483,0 91,573,0 65,603,0 35,725,0
23,561,0
174,465,0 52,778,0 61.597,0 44,339,0 18,260,0 75,312,0 29,402,0 11,690,0 32,458,0 4,451,0 11,311,0
57,821,0 15,575,0 15,144,0 6,175,0 5,432,0 19,751,0 5,191.0 3.068.0 4,283.0
17,978,0
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 1,525,0
799,0
1,556,0 2,209,0 5,201,0 2,002,0 1,094,0 1,232,0
7,958,0 2,038,0 2,934,0
793,411.0 183,976,0 138,768,0 205,887,0 140,954.0 411,942,0
5.147,477,0 387.288,0 1.575,670,0 377,345,0 500,635,0 200,982,0 230,621,0
82.7
73.3
74.0
80.0
59.2
79.7
70.7
64.2
77.0
72.1
77.2
65.3
75.3
424,566,0 30,724,0
29,894,6
135,173,0 39,859,0 42.350,0 10,099,0 16,193,0 56,882,0 16,608,0 10,380,0 13,702.0 13,702.0
,...,., en, o 0, ,,,a o
001 nn, ll
Al
loo 0
II 7270
v-, nal: n
1.1 on1 n Al tme. n 1 n 090 0
n 990 n
1.1 5:29A
n 10 000 0
79 010 r
CLOSE OF BUSINESS JUNE 26 1929.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT
Federal Reserve Agent at-
New York.
Boston.
Total.
Phila.
Cleveland. Richmond
Atlanta. Chicago. St. Louis. Minneap. Kan.Cite.
San Fran,
Dallas.
F. R. notes Issued to F. R. Bank. 2,191,297,0
Collateral held as security for
F. P.notes issued to F. R. Bk.
Gold and gold certificates__ 368,025,0
93,393,0
Gold redemption fund
911,023,0
Gold fund-F.It. Board
1,063,446,0
Eligiblepaper
164,728,0
$
3
$
3
$
s
3
$
$
75,104,0 401,513,0
922,014,0 227,506,0 340,078,0 194,590,0 293,065,0 618,957,0 118,496,0 154,659,0 151,149,0 26,652,0 167,460.0
417,905,0 39,840,0 102,770,0 113,951,0 133.540,0 269,240,0 47,050.0 83,084.0 694)70,0
48,452,0 234,053,0
504,109,0 187.666,0 237,308,0 80,639,0 159.525,0 349,717.0 71,446,0 71,575,0 82,079,0
35.300,0
13,171,0
28,000.0
118,562,0
14,758,0
8,050.0 14,167,0
171,880,0 30,000.0 41.800,0 7,690,0 9,380,0
1,331,0 1,766,0 3,632,0 4,659,0
13,981,0 9,529.0 12,645,0 7.442,0 4,636,0 2,818,0
70,000,0 75,617,0 100,000,0 22,000,0 86,500,0 277,000,0 16,000,0 46,000.0 47,360,0 7,000,0
319,340,0 78,157,0 91,740,0 52.080,0 59,569,0 145,214.0 48,930.0 15,683.0 42,461,0 24,587,0
2 425 RR7 0
103 9230
575.201.0 193.303.0 246.185.0 89 212 (I Inn
$
$
5
Two Ciphers (00) omitted1(R.notes reed from Comptroller 3,777,049,0 279,918,0
F.R.notes held by F. R. Agent__ 1,585,752,0 115,190,0
Total collateral
and
$
ntr. 0 425 032 0
35,000,0
17,783,0
135,546,0
69.123,0
74 211 0 77 AlA n 93 453.0 51.004.0 257.452.0
Weekly Return for the Member Banks of the Federal Reserve System. of the resources
Following Is the weekly statement issued by the Federal Reserve Board, giving the principal items
are always a
liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures
given In
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board
the statement
immediately
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 4245
for a
also give the figures of New York and Chicago reporting member banksbills of week later. drafts sold with,
preceding which we
exchange or
loan figures exclude
other banks and
"Acceptances of
Beginning with the statement of Jan. 9 1929, the
bills sold with
and mortgage loans held by the bank. Previously acceptances of other banks and obligations are
endorsement," and include all real estate mortgagesthe banks
included mortgages in Investments. Loans secured by U. S. Government
endorsement were included with loans, and some of
Reserve are not any more subFederal
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the being given. The number of reporting
divided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total
have also been revised to exclude a bank In the San
banks is now omitted; in its Place the number of cities Included has been substituted. The figures a non-member bank. The figures are now given In
Francisco district, with loans and investments of $135.000,000 on Jan. 2, which recently merged with
round millions Instead of in thousands.
RESERVE DISTRICT AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL
BUSINESS ON JUNE 19 1929. (In millions of dollars.)
Federal Reserve
Dialla.
Total.
22,298
1,492
3
1,220
'
Clersland Richmond Adanto.
5
2,179
Chicago.
.91.
I
$
$
s
San Fran.
Dallas.
Louts. Minneap. Kan. City
$
$
s
$
672
647
3,311,
690
377
693
474
1,985
2,637
518
253
459
342
1,353
16,543
1,132
6,406
905
1,516
511
511
7,382
9,161
-total
Loans
485
648
3,179
3,228
471
434
696
820
191
321
148
363
1,238
1,399
232
286
87
165
123
335
101
241
431
922
On securities
All other
5,755
359
2,122
315
663
160
136
704
172
125
234
132
632
2,935
2,820
178
182
1,166
956
103
212
319
344
77
84
66
71
325
380
60
112
71
54
108
126
91
42
372
259
1,657
227
92
16
783
65
77
14
123
28
40
11
39
9
245
36
42
6
24
6
52
11
32
8
107
18
12,938
6,727
260
871
460
13
5,752
1,679
77
715
261
23
1,002
954
27
343
239
10
316
239
17
1,806
1,225
27
366
227
7
214
134
2
490
180
5
283
143
16
781
984
36
1,099
2,533
48
109
160
858
61
154
91
187
45
91
71
89
203
436
52
106
49
69
109
181
50
74
161
180
71
107
9:
nn
99
2:
123
28
11
34
8
57
071
lovestments-total
U. S. Government securities
Other securities
Reserve with F. It, Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
*Subject to correction.
Phila.
5
8,528
5
$
Loans and Investments-total
New York
Boston.
Condition of the Federal Reserve Bank of New York. of business June 26 1929,
The following shows the condition of the Federal Reserve Bank of New York at the
in comparison with the previous week and the corresponding date last year:
June 26 1929. June 19 1929. June 271928.
Resources (Concluded)-
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury..
255.861,000
17,719,000
255.861,000
13,207.000
175,744,000
18,656,000
Gold held exclusively eget. F. It. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
273,580,000
125,913.000
512,574,000
269,068,000
166,905,000
509,372,000
191,400,000
216,980,000
460,495,000
Total gold reserves
Reserves other than gold
012,067,000
63,552,000
945.345,000
55,505,000
975,619,000 1,000,850,000
30,091,000
24,288,000
902,605,000
20,316,000
210,141,000
107,447,000
152,343.000
99,313,000
291,638,000
81,441,000
Total bills discounted
Bills bought in open market
U.S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
317,588,000
14,165,000
251,656,000
11,964,000
373,079,000
36,859,000
155,000
19,437,000
4,975,000
2.043,000
10.932,000
2,561,000
4,409,000
13,976,000
16,369,000
24,567,000
5,815.000
15,536,000
5.815,000
Note)
June 26 1929. June 19 1929. June 271925,
S
$
$
222,000
196,388,000
16,087,000
931,000
223,000
235,112,000
16,087,000
811.000
217,000
166,739,080
16,563,000
1,160,000
871,875,000
30,730,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations__
Other bills discounted
Gold held abroad
Due from foreign banks (See
Uncollected items
Bank premises
All other resources
34,754,000
Total U.S. Government securities...
Other securities (lee nOte)
Foreign Loans on Gold
Total resources
1,575,670,000 1,568,145,000 1.552,292.000
Lia
Fe(I'l Reserve notes in acme]circulation
Deposits-Member bank, reserve acct...
Government
Foreign bank (See Note)
Other deposits
282,202,000
962.823,000
11,054,000
966,000
7,099,000
281,102,000
928,023,000
14,292,000
2,484,000
8.574,000
331,072,000
939,566,000
9,388,009
2,401,000
8,168,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilltlee
981,942,000
174,465,000
57,821,000
71,282,000
7,958,000
953,373,000
197,054,000
57,691,000
71,282.000
7,643,000
959,523,000
144,922,000
44,615,000
63,007.000
6,153,000
Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign comepondence
1,575,670,000 1.568,145,000 1,552.292,000
77.2%
81.1%
69,8%
127,606,000
88,808,000
135,174,000
362,135,000 284.971,000 441,692,000
Total bills and securities (See .Vote)
of belancse held abroad and amounts due to
-Binning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount Credit Danis debentures. was chanced to
NOTE.
caption "ail other earning awes. previously made up of Federal intermediate
total of the
foreign oorreePondents. In addition, the
amour to -row nuls and securities." The latter term WM adopted ass more acOuirate description of the
"Other securities." and the C81810171 "Total earning
Fede..ai itmeeve tat, which, it was stated, are the OM,Items Inettulml thsrsl' •
nitcountanceotancen and locurIties am] Oral .inder the Provisions of Sections 13 and 14 of he
- 1 LINE
29 1929.1
FINANCIAL CHRONICLE
Vaulters' Gazette,
Wan Street, Friday Night, June 28 1929.
Railroad and Miscellaneous Stocks.
-See page 4267.
Stock Exchange sales this week of shares notlin detailed list:
STOCKS.
Week Ended June 28.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. I.
Lowest. I Highest.
RailroadsPar. Shares
per share.
per share.
per shate.IS per share.
13 & 0 Ms full paid_ _ _
600,123%June 28 23%June 28' 123)4 June 12355 June
Can Par etfs 1st paid_ _1
200228 June 27 229 June 26 228
June 229
June
Canada Southern_.100
20 55 June 24 55 June 24 55
May 614 Feb
Caro Clinch & Ohio_100
50, 83%June 27 83June 27 82
51
May 9234 Feb
Cent RR of N
800 325 June 22336 June 22 305
Apr 360
Feb
50
Cleve & Pitts
40 75 June 22 7555June 26 7374 Apr 7934 Jan
50
Special
20 4355June 22 4355June 22 43% June 45% Jan
Ches & Ohio rights _ _
8,400 3034June 22 325.
2June 28 23
May 3234 June
C C C & St Louis _ _ _100
100 260 June 26260 June 26 248
May 260 June
100
Preferred
10 108 June 27 108 June 27 104
Atr 108
May
Detroit & Mack pref100
100 60 June 22 60 June 22 60
Mar 60
Mar
Nat Rys Men lot pf..100
300 5 June 24 515June 26 4% June 634 Jan
N 0 Tex & Mex__ _ _100
50 143%June 24 143)4June 24 130
Apr 156
may
Northern Central_ _ _50
801 84%June 27 845 June 27 8434 June 86% Feb
%
Wheeling & L E pf _ _100 1,000 75 June 24 85 June 28 70
Mar 89
Jan
Indus. & Miscell.
Air-Way El Appli_ _ _ • 4,000 40%June 2' 42 June 22 3734 May 48)4 May
Alleghany Corp
*245,000 34%June 25 37%June 28 27% Mar 37% Mar
Preferred
100 3,100 100%June 24 10134June 28 9934 Apr 10555 Feb
Receipts
4,900 100%June 22 100%June 24 100
May 10055 June
Alliance Realty
•
230 105 June 26 120 June 28 86
Mar 120 June
Am Comm'i Alcohol • 20,700 45 June 27 4755June 24 4354
May 55
May
Am & For Pow pf (6)_ _•
110 9554June 28 96 June 26 95
Feb 100
Feb
Am Hawaiian S S Co _10 4,700 33%June 26 3655June 28 2455 Mar 42
Apr
Am Rollmg Mill
25 29,500 113%June 22 12055June 24 10655 May 1213.4 May
American Stores
• 1,900 6555June 28 68 June 26 65 June 85
Apr
Amer Tel & Tel rights__ 364,800 4%June 22 7%June 28 3 May 774 June
Anaconda Wire & Cab •
700 69 June 24 70%June 22 62% June 864 May
Assoc Apparel Ind__ _ _* 8,500 5555June 28 584June 26 49% May 5854 June
Assoc Dry Gds 2d pf 100
200 9555June 28 954June 25 94
May 110
Jan
Auburn Automobile_ _• 27,80028555June 22345 June 28 221
May 28554 June
Bend's Aviation
•126,300 8455June 22 894June 24 78
May 934 June
Bohn Alumin Brass_ * 8,100116 June 24 125 June 26 1104 May 1364 May
Borg Warner Corp _ _ _10 57,000116 June 251224June 26 107
June 143% May
• 4,200 47 June 26 49%June 22 46
Bullard Co
June 534 May
Cavanagh-Dobbs Inc _•
300 23 June 28 234June 26 224 May 4
274 Feb
Celotex
• 2,600 5755June 26 60 June 27 52
MAY 79% Feb
100
Preferred
100 8555.1une 24 853jJune 24 854 June 934 Feb
Chesapeake Corp rts._ _
500 18%June 22 20 June 22 134 May 20 June
• 5,500 49 June 24 534June 26 49
City Ice & Fuel
June 624 Jan
Preferred
100
10 99 June 26 99 June 26 99
June 1054 Jan
Rights
10,000
%June 22
4June 22
34 June
4 June
• 1,200 47 June 24 4734June 24 47 June 50
Coca Cola class A
Feb
Col Gas & El pre( B.100
200 86
June25 86 June 25 86
June 86
June
Rights
310,600 4%June 24 534June 28 474 June 574 June
Col Graphophone rts
159,000 555June 24 734June 27 534 June 734 June
Coml Cred pf x-war_100
60 92%June 25 94 June 28 85
May 95 June
Consol Cigar pf (7)A00
940 98 June 26 98 June 26 89% June 100
Mar
Crosley Radio Corp _ _• 5,200 91 June 25 9834June 27 85% May 125
Feb
Crown Cork & Seal_ __• 1.100 4234June 26 44 June 25 4234 June 51
May
Curtis Publishing Co...*
900 122
June25 124 June 28 117
Mar 129
Mar
Preferred
•
200114%June 27 115 June 27 11555 Mar 121% May
Cushman's Sons pref
20111 June 27111 June 27 10834 Feb 115% Feb
Dominion Stores Ltd.* 12,600 40 June 24 5155June 28 40 June
5374 Apr
Duplan Silk
•
900 22 June 22 22 June 22 20% Mar 28% Jan
Eng.Pub.Serv.Pf (555)*
700 9634June 22 98%June 28 92% June 9934 Feb
.
Evans Auto Loading _ _5 3,300 60 June 27; 63 June 22 55
Mar 7334 Mar
Fairbanks Co pfd__ _ _25
50 14%June 22; 1555June 25 11
Apr 35
Jan
Fashion Park Mane---• 1,300 66 June 22 68 June 25 64% May 72% May
First Nat Pict lot p1100
100 11855June 25 116%June 2510434 Jan 116% June
Gen. Bronze
3,900 6355June 25 6574June 22 5555 May 6
934 June
Cen.G.& El. pf A (7) _•
220 103 June 25 10855June 22 103 June 116% Jan
Gen Motors deb (6).100
400 10755June 27 10756June 27 1074 June 110)4 Mar
Gen Pub Service
13,300 57 June 27. 59 June 27 57
June 59 June
Gen fly Signal pref_100
80104 June 24 104 June 24 99
Jan 105
Apr
Grand Stores pref,-100
100 107%June 24 107%June 24 107
Apr 116
Jan
Granite City Steel__
7,900 44 June 25 46 June 26 4374 June 4634
• 16,500 40 June 27, 4555June 24 3774 June 6855 June
Uayes Body
May
Houdaille-Hershey ci B* 29,600 4674June 24 4934June 27 3754 June
5234 May
Household Finance pref
600 50 June 28 5055June 27 50 June 5034 June
Ingersoll-Rand met100
20 111 June 24 111 June 24 111
Apr 115
June
Int Nickel of Can pf 100
200 121 June 28 121 June 28118
Jan 128
Mar
lot Tel & Tel rights__ _ _ 159,900 334June 22 5 June 28 234 May 5 June
Kendall Co pref
•
91 June 26 92%June 27 8955 Apr 96
Feb
Kimberley-Clark
• 5.900 4855june 22 5034June 28 4534 May 5034 May
Lehigh Valley Coal__ _• 9,500 2055June 28 24 June 24 19
Feb 2855 Apr
Preferred
50 1,100 39 5fJune 26 40 June 26 34% Mar 43 June
Link Belt Co
•
500 504June 22 51 4June 28 4974June 61
Feb
Loft Inc, rights
43,200
%June 22
%June 22
54 June
55 June
Ludlum Steel pref__ _•
200 110 June 24 114 June 28 9834 Mar 118
June
Manhattan Shirt pf 100
100 119 June 26 119 June 26 119
Mar 120
Jan
Mexican Petroleum__ _•
10210 June 25210 June 25 210 June
Apr
Mexican Seaboard, rts 51,600 2%June 22 354June 24 134 May 295
3% Juno
• 5.300103%June 24 107%June 26 85 June
Michigan Steel
Minn-Mal Pow Impl_ _* 9.800 3655June 26 39 June 28 3634 June 10834 June
40 June
• 2,500 97 June 28 99 June 25 97
Preferred
June 10015June
• 6,900 7255June 22 7934June 27
Morrell(J) & Co
7274 June 7934
Motor Meter el A Ws_• 1,100 173June 28 18 June 26 1655 June 19 June
June
Nat Air Transport- _ _• 17,400 38 June 28 3855June 221 36 June
4
8% May
Newport Co cl A- --50 19,100 5755June 24 7034June 24 43
Mar 7034 June
• 4,100 97 June 28 101 %June 22 93
Steel
Newton
May 11154 May
Oliver Farm Equip_ • 8,200 35 June 28 4155June 24 3434 May 64% Apr
• 6,400 53 June 28 5555June 55 4955 May 69% Apr
Cony panic
• 3,600 92%June 27 94%June 22 90 June 994
Preferred A
May
20 10734June 24 110 June 261106
Outlet Co pref
Jan 110
Apr
25 4,900 60 June 27 6354June 22 564 May 7934 May
Phelps
-Dodge
40,200 594June 25 6434June 27 504 Mar 654 Jan
Pirelli Co of Italy
120 98 Juno 25 9834June 25 924 Feb 100 June
Pitts Steel pref___- 100
Poore & Co class B._ _ _• 2,200 26 June 24 284June 28 26 June 284 June
Pub Ser of N J Pf (6)--*
300 95 June 27 95 June 27 95 June 96
Jan
• 5,500 794June 24 80 June 22 74
find Corp el B
Mar 824 Apr
• 2,900 52 June 28 5455Juno 27 52 June 5434 June
Ry & Express
Republic Brass cl A__ _*
200 99 June 27100 June 25 93% May111
May
_• 2,800 604May 24 694May 28 59
Ritter Dental M
May, 694 June
Sharon Steel Hoop _..• 31,500 4234June 22 504June 28 41
June 514 June
So Porto Rio Bug pf _100
40 1244June 28125 June 28 12455 June 135
Feb
Spalding Bros
• 5,500 58 June 28 6034June 27 5034 Apr 6355 May
Sparks Withington • 1,200241 June 22245 June 22 1704 Apr 275
May
W I
8,600 604June 24 62%June 27 59% June 6754 May
•
Spen Kellogg & Sons_ _• 1,500 38 June 22 3934June 28 3534 Apr 43
Feb
Spicer Mfg pref A,.._.•
600 4855June 25 4755JUne 28 4634 June, 5574 Mar
Sterling Sec A
36,700 253.4June 27 2734June 27 25% June; 2774 June
Preferred
18,500 1355June 27 1455June 28 133-4 June, 1434 June
Timken 1)et Axle._ _10 14,100 244June 28 2634June 24 2254 June, 31
May
100
200 6%June 26 63
U S Express
-June 26 2
Jani 10
Apr
Unit Aircraft & Transp* 331,700 12255June 27 14355June 24 7854 Apr 162
May
50 7,800 84 June 27 9255June 24 6855 Apr;10955 May
Preferred
United Business Pub.-.
100 36 June 24 36 June 24 35 June 36
June
•522,500 614June 26 68 June 28 5834 May 7534 May
United Corp
• 14,200 4646June 26 4734June 22 45
Preferred
May 4754 June
60 14 %June 24 1455June 241 634 Apr 21
United Dyewood__ _100
May
285,500 4655June 28 48%June 27 4655 June 48% June
'United Gas & Imp
Preferred
800 933June 27 94 June 28 9334 June 94 Juno
Unit Leaf Tob pref _100
,
20 122 June 24 122 June 24 12031 Jan 123% Mar
Va El & Pr pf (6)_ _ _100
90 100 June 26 100 June 26 9934 June 1014 Jan
Warner Bros Pict new
90,200 584June 22 6254June 26 5434 May 62% May
Westvaco Chlor Prod.* 4,200 66 June 28 724June 26 494 June 9455 May
Wilcox-Rich class A _• 9,900 4754June 28 50%June 24 37
Mar 81% May
* 15,000 48 June 22 51 55June 24 34
Class B
May 62
May
Woolworth Co new _10 60.100 8755June 24 9234June 28 85
May 944 May
• No par value.
4285
New York City Realty and Surety Companies.
(ni prices dollars per share.)
Bid
Alliance Ft'Ity
90
AmSurety new 115
Bond & SI G.
N ew($211par) 93
Horne Title Ins 295
Lawyers Mtge 162
Lawyers Title
& Guarantee 395
Ask
Bid
95 Lawyers West
125
cheat M & T 275
Ask
325
Bid
N. Y. Inv't'rs
let pref____
2d pref ....„
Bit
BR
97
96
tge Bond,.. 192 197 Westchester
310 -N Y Title &
Title & Tr _ 160
61
Mortgage-- 6312 6412
405
III S Casualty_ 107
180
112
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
101.
Rate.
Rept.15 1929
4 5f %
rose 15 1929 _
434%
Mar.15 1930., 534 %
Bid.
Asked.
900ss 0922n
9021a 992132
1002w 10021n
Maturity.
Sept.15 1930-32
Mar.151930-32
Dec.15 1930-32
Sept. 15 1929
Dec. 15 1029
Int
Rate.
Asked.
Bid.
9622,2
374%
34% 97
354% 9622ss'
44% 100
434% 100
I
97121
07,,
97222
100231
100232
New York City Banks and Trust Companies.
(Au prices dollars Per share
Banks-N.Y.
America
Miler Union.1
Bryant Park*
Bid
226
255
450
Ask
230
264
490
Banks-N.Y., Bid
Public
246
Seaboard
925
Seward
156
Trade.
308
204 US lot S25_. 194
350 Yorkville _
225
965 Yorktown._. 260
194
197
Central
320
Century
955
Chase
New
192
Chath Phenix
Nat Bk& T 872 876
Brooklyn.
72 Globe Each* _ 380
70
Rights
Chelsea Ex__ _ 104
108 Nassau
750
111
114 People's
Chemical
1200
Commercial_ _ 695 720 Prospect
170
93
90
Continental*
_ _ 203 207
Corn
Trust Cos.
Fifth Avenue_ 3300 3600
6225 6275
New York.
First
750
Banca Comle
Grace
Harriman.,.,1325 1400
Italians Tr_ 410
337
347 Bank of N Y
Lefeourt
245 255
& Trust Co_ 875
Liberty
Manhattan* . 822 830 Bankers Trust 164
National CRY 3
96 400 Bronx Co Tr . 525
172 Cent Hanover 395
Park
168
510
155 County
Penn Each_
145
632
140 Empire
Port Morris__ 121
Ask
250
940
161
318
197
235
Tr.006.-N .Y But
Ask
Equitable Tr. 620 628
Fidelity Trust 215 225
Rights
15
18
Fulton
600
Guaranty._
y825 832
Rights
92
94
Int'lGermanic 218 223
Interstate- _ __ 323 329
Rights
19
2012
Irving Trust
73
72
Lawyers Trust
705 Manufacturers 288 292
Murray 11111_ 295 305
185 Mutual(Westchester)
365 405
N Y Trust__ 317 322
Times Square_ 143 153
Title Gu & Tr 179
181
United States 4300 4700
Westchest'rTt 1000 1100
890
Brooklyn.
167 Brooklyn ____ 1125 1135
555 Kings Co_ _ _ _ 3275 3475
400 Midwood__-_ 310 330
530
840
'State banks. t New stock. z Ex-dividend.
o Restock div. y Ex-rights
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the Now York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. June 22 June 21 June 251.June 26 June 271June 28
First Liberty LoanHigh
34% bonds of 1923-47_ _(Low(Flrat 334)
Close
Total sales in 81.000 units__
Converted 4% bonds of High
1932-47 (First 4s)
Total sales in $1,000 units_ _ _
Converted 434% bonds{ High
of 1932-47 (First 4 54,0 LowClose
Total salts in 51,000 units _ _ _
Second converted 4 14% High
bonds of 1932-47(First LowSecond 44s)
lCloee
Total sates in 51,000 units_ __
Fourth Liberty Loan
{High
434% bonds of 1933-38- LOW(Fourth 44s)
Close
Total sales in 51,000 units__
Treasury
Malt
454s, 1947-52
Low_
Close
Total sates in 51.000 units..,
High
4s, 1944-1954
Low_
close
Total salts in 51,000 units__
High
34s, 1946-1958
Low_
Clew
Total sales in 51,000 unirs___
High
345, 1943-1947
Low_
Close
Total sales in $1,000 units__
{1 1g0
1
394s, 1940-1943
Lnw_
Clone
Total :aka In SI 000 units
1
___
96
06
96
206
-_-_
96232
96231
96 2
.2
173
99
__-____
__._
____
____
____
____
- --982°,,
98.2
21
982232
40
-------
51
9822.2
982232
98"32
1
-------
96
96
98
____
99"S2
99232
99 32
,
44
1072,,
107
107
15
10321,2
1032232
10312,2
23
100204
100 0,,
,
100203.
91
9611,1
9611,.
9611
.,
25
____
____
____
961032
96 32
,
9610.2
25
96"321
96'32
96233
7
96201,
98"32
96"32
109
9 -2.,
9
98223.2
99
16
-------
992.2
99
99 223
70
-------
9 -1..
9
982032
99
32
-----
-----------99"j! 99"32 9912
. 992212
997,
992.2
99'22
9912
.?
99n32 991212 99"31
09's,
104
123
60
III
107131 1071,3 1072232 1071.32
.,
1071,1 10712
., 10711
107
10711
107
, 10721o, 10721.2
33
151
4
5
, 104232 104132
10312,, 10321
: 104
104132
1031132 10322
, 1042
10301,2 103.2
.2 10410
81
227
37
2
,2 10111.2 1011
10022o 1012
..
10011
.2 10022,2 1011., 101'32
.
10011,, 101 32 101812 101 1!
25
85
150
110
9811.2
---- 972
---.,
97
____
96110
971.,
____
9611,1
220
961222 9 '; 962232
.
6-2
---96,232 961232 962232
---962'22
96"ss 964,
---251
So
225
_--
- -- 9912
.,
991..
99153I
125
1072132
107110
107.2,.
41
104'32
1033,,
10322o
14
- ---
9 -2;si
6
962.31
991121
21
Note.
-The abov.e table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 lot 4%s
9S2s32 to 98223216 4th 434s
99221 to 99232
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.84 5-16©
4.8434 for checks and 4.84 15-168j4.85 1-16 for cables.
Commercial
on banks, sight 4.84 1-16@4.8434: sixty days, 4.79% Q14.79 9-16: ninety
days, 4.77 7-16@4.7734: and documents for payment, 4.79034.79
9-16.
Cotton for payment. 4.83 7-16;and grain for payment, 4.83 7-16.
To-day's (Friday's) actual rates for Paris bankers' francs were
3.9134
3.91% for short. Amsterdam bankers' guilders were 40.11(4)40.14 for
short.
Exchange at Paris on London, 123.87 francs; week's range, 123.9S francs
high and 123.87 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualChecks.
Cables.
High for the week
4.8434
4.85 1-16
Low for the wek
4.84 25-32
4.8434
Parts Bankers' Francs
High for the week
3.91%
3.91%
Low for the week
3.91 1-32
3.9034
Amsterdam Bankers' Guilders
High for the week
40.15
40.1634
Low for the week
40.11
40.144
German Bankers' Marks
High for the week
23.85
23.8634
Low for the week
23.80
23.8234
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Pot sales during the week of •tocks not recorded Isere. see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 22.
Monday,
June 24.
Tuesday,
June 25.
1Vednesday,
June 26.
Thursday,
June 27.
Friday,
June 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Railroads
Shares
Per share
27,600 Atch Topeka & Santa Fe__100
7
226 2278
100
1,000 l'referred
4
*1023 103
3,900 Atlantic Coast Line RR- _100
189 189
100
96,700 Baltimore & Ohio
12412 12518
100
900 Preferred
76
76
50
5,100 Bangor & Aroostook
7614 7714
100
30 Preferred
*10712 108
100
700 Boston & Maine
*105 106
6,300 Bklyn-Nfanh Tran v t o _No par
4
6212 623
No Par
100 Preferred v t c
86
85
5
6,200 Brunswick Term & Ry Se0_100
25
24
400 Buffalo & Susquehanna_ _.100
70
65
5
100
30 Preferred
57
54
*
100
14,600 Canadian Pacific
2324 23414
40 Caro Clinch & Ohio elf,st'd100
96
*95
100
17,800 Chesapeake & Ohio
8
4
2233 2243
100
Preferred
100
8
2- ,565 Chicago & Alton
13 -174"1578 "fia; 1414 153 -1412
100
31,900 Preferred
17
1912
8 1958 20
3
4
193 19 4 1912 203
300 Chic & East Illinois KR...100
28
28
30
*20
30
20
30 •
*20
100
2,600 Preferred
49
5114
50
.48
50
54S
50
545
100
4,600 Chicago Great Western
1538 1614
4
8
157 163
8 15% 1614 153 16
100
6,300 Preferred
4 4214 43%
4 4214 423
4338 44 4 4212 433
3
4
3212 31, 3218 11,4001Chicago MIlw St Paul & Pao_
315 32% 32
4
313 325
32
3314 317 33
53
5112 5212 5112 5212 26,2001 Preferred new
4 5114 518 52
8 5118 523
5112 523
878 8618 87% 8612 8718 24,600 Chicago & North Western. 100
8312 8412 8418 8614 86
85
84
100
100 Preferred
134 134 5132 135 5132 135 *132 135 5132 135
*134 135
30,000 Chicago Rock Tel & Pacific _100
13212 133
13212 13412 133 134
4
1303 134
8
127 1273 127 131
100
600 7% preferred
,
106 10618 106 106 *10512 106 4 •l0512 10614 510512 10614
106
•1051.2
100
300 6% preferred
4
9918 9918 *983 99,
99
4
99
99
598
99
99
*98
99
100
Colorado & Southern
*114 116 •112 114 5112 11512 5112 116 5112 116 5112 116
100
73
10 First preferred
73 •70
73 •70
570
73
570
73
7014 7014 572
100
7112
Second preferred
7112 •70
7112 *7012 7112 570
68
7112 5
711* 570
'70
400 Consol RR of Cuba pref_100
5412 5412 5414 5412 55414 55
*5414 56
55
55
55414 53
100
100 Cuba RR. prel
,
*7212 77 2 57212 7712
,
77 2
7712
*7212 7712 57212 7712 *7212 20034 *7212 2014 198 20012 19734 200 13,100 Delaware & Hudson
100
198
199 20112 198
4
1973 200
4
4
1233 1233 124 12412 12212 12412 2,600 Delftware Lack & Western.100
4
4
1243 1243 12412 12412 124 124
1,600 Deny & Rio Or West pref_100
6812 6712 68
,
6812 68 2 68
60
8
4
683 687 566
8
677 68
Duluth So Shore & All....100
,
*212 312 *212 312 •212 3 2 5212 312
,
53% 3 2 *212 3
100
100 Preferred
5
*4
5
55
5s *4
5
*4
412 54
4
4
*4
100
8
3
4
8012 81% 7918 80 4 7914 803
8 7912 80 8 793 80% 804 817 110,800 Erie
3
100
13,200 First preferred
6312 6312 63% 64% 66
63
6314 5
63
64
64
4
633 633
4
100
6112 6312 3.200 Second preferred
60
60
60
5912 5912 60
5912 5912 597 597
4
3
4
4
8
11018 1103 11014 1103 2108 11038 1093 1103 109 109% 109 1093 13,900 Great Northern preferred 100
100
10614 10614 4,900 Pref certificates
4
1063 107 108,2 10612 108
106 10614 10614 10714 x106
100
1,000 Gulf Mobile& Northern
44
4 4412 4412 54312 4412 542
81 4312 443
447
541
43
43
100
Preferred
93
93
*90
93
*91
591
93
591
93
591
93
*91
4 912 *73
•73
Havana Electric Ity.--No Par
*914 9
4 9
*614 9
5614 9
*618 9
100
Preferred
71
*05
71
71' 565
64
5
*6012 71
73
570
73
570
100
40 Hocking Valley
460 470
450 450
5450 471 5450 471 *460 471 *445 471
100
3,400 Hudson & Manhattan
41
40
395 408 4012 4038 4012 41% 4012 41
4078 407
8
100
100 Preferred
73
•70
73
74
570
570
70
70
73
570
73
70
•
100
14012 14112 11,100 Illinois Central
4
8
138 1395 138 13912 139 1433 140 142
139 140
100
200 Preferred
138 145
144 144 •138 145
137 137
513618 140 *136 140
.
30 RR Sec Stock certificates_ _
•75% 77
7512 76t2 *7512 76
7512 75
,2 57518 77
57512 77
2,700 Interboro Rapid Tran v t 0.100
24
8
7
4
233 234 23 8 23% 233 2458 24
245
8
235 244 24
600 Int Rys of Cent America 100
4
4
5018 5012 493 493
48
48
48
547
48
*44
48
*44
No Dar
360 Certificates
43
4812 43
*4214 4812 *4214 4812 *4218 4812 542
100
7314 7314
50 Preferred
7412 75
4
4 733 74
7312 7114 7114 57112 733
571
100
Iowa Central
,2 •218 312 *218 312
312 *212 312 *2% 312 524 3
5218
19,000 Kansas City Southern_ ---100
04
7
x92
9214 94
4
9312 9412 923 94
4
94
8 933 94
947
100
200 Preferred
x6418 6418
65
64
6512 64% 64% 564
6512 5
64
•
6512 564
50
91
4 4,000 Lehigh Valley
8 8914 89,
89% 90% 89% 897
9112 90
8 90
8912 913
100
1,200 Louisville & Nashville
14312 143% 144
143 144
144 144
4
143 143 *143 1433 14312
50 Manhattan Elevated guar_100
68
68
*6214 68
56214 68
*6214 68
6212 68
6214 62 4 5
,
100
2,500 Modified guaranty
4 34% 35
35,
,
8 3512 3512 3512 3513 354 35 4 35
53512 357
100
Market Street Ry
4 5212 33
4
5
4 5212 3 4 5212 33
3
nl2 3 4 *212 354 *212 33
100
100 Prior preferred
527
2712
2712 527
26
26
26
2712 525
25
5
25
5
2712
100
212 2%
212 212 1,500 Minneapolis & St Louls
8 2%
25
2 14 5218 212 524 21
2
.
700 Minn Si Paul ASS Marle_100
43
43
43
4312 540
42
42
541
42
541
*4114 42
100
Preferred
80
*75
80
574
80
*75
574 2 80
80
*74
80
573
, 59
58
100
4.57t2 61
30 Leased lines
*5712 61
55712 61
,
45912 61 .
61
59
5734 254.100 Mo-Kan-Texas RR_ _--NO Par
7
55I4
4
523 55'
54
4 53
4918 513
5018 507
8 4918 51
100
10414 10414 3,300 Preferred
104 104
10414 104% 10418 105
4
510418 1043 10414 105
100
23,000 Missouri Pacific
4
8 923 95
893 904 9018 90% 894 925
9214 89% 92
91
100
7 136
5,500 Preferred
134 1347s 134
8
135% 135% 135 1353 135 135
135 136
50
70 Morris & Essex
*7712 82
57712 82
4
773 57712 82
4
773
*7712 78
57712 80
100
150 Nash Chart & St 1.ouis
221 221
221
221
220 225
220 225 5221 225 5
220 224 5
200 Nat Itys or Mexico 3d pref_100
218
2%
212
212 *2
212 *2
.2
,
214 2 4 4
24 214
5
100
207 20812 20712 21014 x2064 2088 176,800 New York Central
202 203
20212 206
20412 206
3,300 N Y Chic & St Louis Co.,..100
143'4 1441
144 144
144 145
4
1443 144% 144 145
4
1443 145
100
700 Preferred
4
4
4
4
1063 1063 106% 1063 10612 10612 5106 1063
4
4
1063 1063 107 107
50
1,150 N Y & Harlem
312 312
323 337 *315 330
325 334
313 327
289 315
100
Hartford
8
8
4
8
1103 1134 1103 1123 11012 1123 110% 1117 89,400 NY Nil dr
4 11312 11118 114
1123
2,500 Preferred
4
4
1223 1223 122 122
12112 123
8
8
1223 1227 12112 122% 12214 12214
.100
2,800 N Y Ontario & Western.
4 2312 25
243
2512 25 2512 24
3
3
25 8 25 s 2514 254 525
200 N Y Railways pref____No par
312
312 5____
312 312 5 __
37
4%
37a
4% *4
*4
100
N Y State Rye pref
*1218 18
•1218 •18
512% 18
•I218 18
•12% 18
51218 18
100
000 Norfolk Southern
3812
•36
37
37
3612 3612 39
3812 534
3812 534
*34
100
6,500 Norfolk dr Western
233 23612 234 234
2344 237
227 23312
22612 22612 22512 228
100
160 Preferred
86
4 8512 8512 58512
854 85,
_ 8514 86
585 _
85 5
100
10614 10818 107 107% 106 10612 11,000 Northern Pacific
2 104 105% 105 100
1053* 1061
100
104 104% 104 10434 8,300 Certificates
10318 105
2
10218 1027 102 10312 10112 103
100
Pacific Coast
40
520
40
520
40
520
40
*20
40
520
40
520
100
First preferred
*3712 41
•3712 41
41
*36
41
536
41
538
41
536
100
100 Second preferred
30
30
45
30
*30
30
*2712 30
52712 30
*2712 31
50
138.600 Pennsylvania
8438
,
8
8214 837
8 83% 8412 8318 8434 833 84 4 8312 32
8138 82
100
1,800 Peoria & Eastern
30
3114 525
26
30
520
520
30
520
30
520
100
4,300 Pere Marquette
175 176
175 176
1714 176
170 171
168 170
*163 169
100
90 Prior preferred
96
96
98
•96
07
97
96
06
96
06
97
96
45
100
100 Preferred
•9312 95
9312 9312 59312 95
*9312 95
k *9312 9412 *9312 95
50
54912 ___ ------ PkIla Rapid Transit
_
*50
50
Preferred
1
'
1'50 -*4912 -- 54012 ---- *4912 _
54912 -- 54912 - - *4912 -- 100
143 1437
8 9:500 Pittsburgh Jo West Va
140% 14314
8
8
4
5137 1373 •137 1373 137 1403 1403 142% 1113 113 *111 112
4
50
16,400 Reading
4
2
1113 114
4 110 113
11212 113% 111 1133
50
1.000 First preferred
,
54212 4418 *4212 4418 4313 43 2 4312 4312 2,000 Second preferred
45
*43
44
44
5()
s
435 44%
*4312 45
*4312 48
4
4412 443 54312 45
1 54312 45
100
100 Rutland RR prof
68
566
68
68
68,
66
5
68
65
5
68
•66
69
66
5
4
1173 118% 19,300 St Louis-San Francisco... 100
11712 118%
8
11712 1183 117% 119
117 117% 117 118
100
1,800 lst prof paid
94/2 05
95
L94 94 94 94 94 9434 *9334 94,2 9434 95,s *9212 93,2 8,100 St Louis Southwestern__ 100
9553 94
93% 94
ft 9112 93% 93% 93% 91
100
Preferred
*8814 90
*8814 00
00
*87
90
9212 *87
*87
9212
87
5
S per share 5 per share S per share
226 23112 23112 2347
22512 228
103 103
1028 10314
4
*1023 103
180 18912 190 191
188 190
n
12438 1253 12412 1258 12518 12612
4
7612 753 76
*76
76
76
3
,
77 2
4 7612 76 4 77
763
75
108 108
*10712 108 5100 105
105 106 *10412 105 *10512 106
8
8
6212 63% 6238 6312 627 633
86
*85
86
*85
86
585
8 2512 26
2612 2814 2512 267
66
65
70
*64
65 .70
5
52
52
52
52
56
552
8
231 2337 231 23318 23212 23314
96
05
91)
*95
96
•95
225 22614 226 22838 22814 23012
per share $ per share
4
,
23412 2363 232 235 2
103 103 x102 102
,
18912 190% 190 190 2
12514 126% 12518 1261s
76
7612 76
*76
7614 778 7614 7714
10712 10712 *10712 108
104 105 5104 105
8
8 623 63
8
625 633
85
85
86
585
8 2418 25
2412 253
6512 6512 *6512 69
56
552
56
552
2314 233% 231 232
05
984 95
*98
2284 23138 22014 2318
_
812
8
87 1114
1118 1212
14
11
29
29
29
29
53
4 53
8
515 523
1512 1512
1514 157
8i
4214 423
42% 43
y
• Bid and *Aired prices; no saies on this day. •Es-dividend.
PER SHARE
Range Since Jan. 1.
-share tole
On baste of 100
PER SHARE
Range for Preview
Year 1928
Lowest
Highest
Lowest
Highest
$ per share
195% Mar 26
99 May 18
169 Jan 2
11518May 27
75 June 13
64123lay 8
105 Apr 4
85 Apr 4
6018May 28
83 May 22
18 May 28
4
543 Jan 26
5112June 20
218 May 21
95 June 11
195 May 20
21312 Jan 18
8 June 28
11 June 27
28 May 20
49 'June 26
4May 28
123
38 June 11
2734May 28
4618May 28
8014May 28
134 Apr 24
115 May 27
10514 NIar 27
9812June 20
101 May 28
7014June 27
64 Apr 22
51 May 29
60 May 15
182 Mar 26
12014June 11
5514 Jan 2
238June 11
4 June 11
64 Mar 26
57 Mar 26
56 Mar 27
101 May 28
100 May 15
11NIay 27
323
9012June 6
7 Feb 18
55 Feb 16
375 Mar 26
3412May 28
70 June 25
13212May 27
13312NIay 31
75 Nifty 15
2212June 18
43 Apr 1
4018June 1
6912June 13
212June 20
78 Mar 26
6418June 28
4May 20
773
13812May 28
6(11g Apr 25
3112 Apr 8
214May 22
20 May 28
2 May 22
35 May 31
6814June 3
5712 Apr 10
4212 Mar 26
102 Apr 0
6212 Jan 4
120 Jan 2
7714June 3
186 Jan 29
4May 28
13
17812Nlar 26
12818 Mar 28
100 May 28
27712.1une 13
8
807 Jan 4
1145g Jan 3
2312June 28
312June 26
i4ismay 29
33 May 28
191 Jan 9
83 Feb 15
9512may 27
$ per share
2363
.jJune 27
8
1037 Jan 7
1915 Feb 4
133 Mar it
8012 Mar 20
7758June 27
1105
8May 20
4
1093 Jan 5
8
817 Feb 25
9253 Feb 1
4412 Jan 18
85 Mar 2
6812 Mar 4
8
2697 Feb 2
10112 Mar 14
23138June 27
216 Fel) 27
4
193 Feb 4
3
25 4 Feb 4
43 Feb 4
8
667 Feb 4
23% Feb 1
5
63 8 Jan 31
8
397 Feb 2
3
53 4 Feb 2
9414 Feb 5
145 Feb 5
1397 Jan 19
10814 Jan 25
8
1027 Feb 5
122 Mar 5
80 Jan 25
7212 Mar 5
70% Jan 2
81 Jan 2
20714 Feb 1
1334 Feb 1
4
773 Feb 21
2
17 Feb 4
718 Feb 4
8June 28
817
66 June 28
6312June 28
8
1157 Mar 4
112 Mar 4
59 Feb 4
103 Jan 3
1112 Apr 20
73 Apr 15
471 June 19
,
585 Jan 5
84 Jan 18
152 Feb 1
,
145 4 Feb 4
8018 Feb 21
8
583 Feb 25
59 Jan 26
5912 Jan 25
8014 Jan 2
414 Jan 18
8
987 Jan 12
7012 Jan 15
1024 Feb 2
15312 Feb 5
87 Jan 3
5718 Jan 11
43* Jan 22
394 Jan 4
35 Jan 19
4714 Feb 4
87 Jan 23
66 Jan 25
5734Junc 28
10712 Apr 25
9812May 20
8Nlay 20
1383
8
865 Jan 17
224 June 18
35 Jan 25
21014.1u0e 27
14512Juno 21
10914 Jan 4
379 Jan 18
114 June 21
123 June 26
32 Feb 4
978 Feb 21
41 Jan 30
4812 Feb 4
237 Juno 26
8714May 14
4
1143 Mar 5
$ per share
1823* Mar
10212 Jan
15718 Oct
4
1033 June
77 Nov
GI June
104 Dec
58 Feb
s
533 Jet
82
Jan
1412 Jan
3214 July
38 Sept
19512June
98 Sept
17512 June
per Mars
204 Nov
10812 Ape
19112May
5
125 8 Dee
85 • Apr
8414 Jai)
1153 May
4
91 Dee
773 May
4
953* May
4778 Sept
6412 Nov
63 Nov
253 Noy
10718 Mar
4
2183 Dec
Jar
Feb
Feb
Aug
Feb
Feb
2214 Mar
37 Mar
78 Juno
135 Dec
106 Feb
105 Dec
09 2 Dec
105 Aug
07 July
6912 Nov
6912 Dec
79 Dec
1634 Feb
1254 Dee
5013 Feb
3 Aug
, 4% June
485 June
50 June
4914 June
9312 Feb
91% Feb
43 Aug
99 Aug
7 Aug
51 Dec
340 July
5018 Dec
Oct
81
4
1313 Jan
1301g Jan
75 July
Jan
29
3612 Mar
-1854 May
,
263 MaY
4814 May
765 May
25 Dee
,
505 Dee
2 Mar
43 June
6612 Aug
8418 Feb
4
1393 Nov
75 Jan
Jan
40
34 Dm.
3812 Dec
171 May
40 June
7014 Dec
60 Dec
3012 June
10112June
4172 Feb
105 Feb
8212 Aug
17112 Aug
2 Feb
Feb
156
121 14 Oct
10412 Aug
168
Jan
2
543 June
112 Sept
24 Feb
514 Jai]
2312 Dec
32 June
175 June
8472 Oct
2
923 Feb
4
57 Mar
95 Nov
77 Apr
Apt
116
15912 May
96 May
64 May
7', May
545 May
612 May
2
523 Jan
87% May
7112 Jan
68 Dec
109 Feb
7614 Sept
12672 Dee
89 June
2045e MaY
512 Apr
2
196, Nov
146 May
110
Jan
605 Apr
4
823 De,
117 May
39 Mar
13 ma,
43 July
58 Nos
19812 Nov
90 June
118 Nov
96 May 27
20 Feb 16
32 Mar 27
2112 Jan 10
7212 mar 26
2512June 4
148 Jun 3
96 Jan 5
92 Mar 15
4912 Apr 18
4912 Apr 19
12552May 28
10112Nfay 27
4112 Apr 22
4353May 21
0318 Mar 21
10912Nlay 20
9214 Mar 26
82 May 27
87 June 14
112 Feb 2
43 Feb 28
50 Mar 2
46 Feb 28
4June 26
843
2
347 Feb 1
176 June 20
1.01 Mar 22
07 Jan 8
51 Apr 12
54) Jan 2
4
1483 Jan 10
1171s Feb 1
44 May 18
49$4 Feb 5
71 June 19
125 May 20
Ms Feb 2
4
1153 Feb 4
91 Apr 26
2
903 Feb
1912 May
40 Aug
2012 Aug
ti 17 June
8
25 Mar
124% Feb
Oct
98
02 Nov
50 Nov
50 Mar
12114 Feb
9414 Feb
4112 Nov
44 Jan
50 Feb
109 Feb
94 Dee
6712 Feb
uly
89
115 Nov
347 May
1
Jan
70
39 May
1
767 Dec
Cl Mae
154 No•
4
1018 Mar
4
1003 Mar
5652 Aug
5112 Oot
Oct
163
119*3 May
Apr
46
597g May
77 Dec
122 Met
101 Mal
1241s No%
,
le
120
8
55
772
37
68
918
2012
4012 Apt
8
595 Nov
9412 Ma,
150 May
8
1395 Nov
11118 Mal
105 May
126 May
85 ape
85 May
8755 June
94 JUDO
226 Apt
150 Apr
4
653 Apt
6114 Jan
012 Mat
7212 Dec
63% Jan
Jan
62
11134 Nov
4
1113 Nov
6172 Mat
109 Mal
17',June
7818 84191
473 Nov
731 Apr
9312 Ape
4
1483 MAY
147 May
8214 June
62 May
5218 Nov
6551 "iii "ii" May
New York Stock Record-Continued-Page Z
4287
P0 asies during the week of stocks not recorded
here. see second page preceding.
HIGII AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday, 1 Monday,
June 22.
June 24.
Tuesday, 1Wednesday,
June 25.
June 26.
Thursday, , Friday,
June 27. 1 June 28.
$ per share $ per share 5 per share $ per share 3 per
share 1$ per share
12
1212 1214 133
4 137 141
8
14
14
137 14
8
*12
1312
•19
2212 1814 1814
19
2014 2012 21
*1912 2012 *19
2012
13212 1327 133 134
8
1327 134
8
135 1357 1343 1357 1343 1357
8
81
4
8
8
14318 144
14418 145
1447 146
8
1455 147
8
14612 1477 148 1497
8
8
*94's 953 *9514 9512 9512 95'2 95
8
95
95
95
9512 9512
*111 11712 *111 11712 *111 115 *111 115 *Ill
115
115 116
160 165 *160 169 *155 167 *155 167 *155 167
*155 167
*1612 17
*16
18
*16
*16
18
18
*16
18
*16
18
*39
41
*37
41
*40
4018 40
40 •34
40
40 40
*9012 95
*91
93
*9014 92
*9012 94
*9012 94
*9012 94
232 23412 2313 234
23118 234% 23214 2343 233 23412 233 235
4
4
*81
813
4 8112 813
4 81% 815
* 815 815
8
8 3114 81% 8114 815*
*9412 ____ *95 ____ *9412 ____ *9414
*9414 ____
95
95
*9414 ____ *95
_ _ *943 _.... *943
4
4
*943 ____
4
95' 95
694 708 70% - .
72
71
7134 7012 72
71
718
4 70
71
02
92
917 917 *90
8
8
93
*90
93
91
91
9118 917
8412 8412 *80
85
*80
83
*82
83
*82
83
*82
83
442
43
4218 4312 4218 4314 424 433
8 4218 4414 425* 433
8
44
44
*41
44
*42
45
*41
45
4412 443
4 4214 425*
3412 343
4 348 3472 343 3518 3512 36 4 3514 36
4
,
347 354
59
59
5812 59
59
593
8 5912 6012 59% 60
5912 60
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Railroads (Con.)
Par
6,400 Seaboard Air Line
100
1,300 Preferred
100
22,700 Southern Pacific Co
100
11,300 Southern Railway
100
600 Preferred
100
Mobile & Ohio certits___100
300 Texas & Pacific
100
Third Avenue
100
300 Twin City Rapid Transit 100
Preferred
100
20,800 Union Pacific
100
1,400 Preferred
100
20 Vicksburg Shrev & Pao__,...100
Preferred
10
100
10,400 Wabaah
100
500 Preferred A
100
100
Preferred B
100
34,800 Western Maryland
100
500 Second preferred
100
4,100 Western Pacific
100
3,300
Preferred
100
PER WARR
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
I per share
12 June 15
1614June 14
124 Mar 25
138 May 27
93 June 14
104 Apr 4
155 May 28
133
4May 9
40 June 20
95 May 23
209 Mar 26
8114June 27
05 June 23
95 June 28
60 May 27
91 JUI13 27
79 May 24
32 2Mar 26
,
3812May 23
32 May 27
56 May 27
$ per share
21 4 Mar 5
,
2412 Mar 5
138% Feb 2
1583* Feb 1
99 Jan 3
1407 Jan 14
181 May 2
39 Feb 25
584 Jan 25
100 Jan 5
235 June 28
843* Mar 16
10014 Jan 5
103 Mar 7
813 Jan 5
8
1047^ Jan 7
91 Jan 8
54 Feb 4
5312 Feb 4
417 Mar 5
6412 Feb 4
PER MARS
Range for Presto=
Year 1928
Lowest
Highest
Per share $ per glare
1158 Mar 3012 Jan
17 Aug 38
Jan
1175* Feb 13114 Mal
13912 Feb 165 May
965 Sept 10214 Jan
8
100
Jan 15912 Jan
9912 Jan 1945* Oct
2818 Jan 464 May
324 Sept 56 May
945* Oct 107 Feb
18612 Feb 2247 Nov
8
8218 Oct 874 Jan
99 Aug 111
Jan
9914 Nov 10812 Mar
51
Feb 9614 May
8812 Feb 102 May
87 Feb 9912 May
313 Feb
545k May
3312 Feb 547 May
8
2814 Feb 8812 Dec
5212 Aug 624 Jan
Industrial & Miscellaneous
42
42
4112 43
*4112 42
413* 42
403 4114 403 435*
4
4
No pa
3812May 27 5478 Jan 22
84
84
*83
3814 NOT 85
85
8414 8414 8414 8414 8414 8414 *8414 84% 7,300 Abitibi Pow & Pan
Apr
500 Preferred
1110 79 Apr 10 8L.'58 Jan 7
•10934 114
115 11734 119 122
76 Nov 102% July
12134 12134 1213 1213 125 125
4
4
1,900 Abraham & Straus____No pa 101 May 28 159% Jan 3
•108 1093 *10812 1093 *10812 1093 •10812
4
4
90 June 142
Dee
1093
4
4.10812 1093 *10812 1093
4
4
I Preferred
100 106 June 4 112 Jan 2 109
*575 590
588 625
Oct 11412 June
650 665 *625 650 *625 650 x648 648
2,500 Adams Expreea
*8514 8512 85
160 389 Jan 16 750 Apr 23 195
8514 85
Jan 425 Dee
85
843 85
85
85. 8514 8512 1,9001 Preferred
*3019 32
100 8434J1,ne 26 96 Jan 3
93
30% 30 4 3014 31
Jan 9912 Mar
,
3012 3012 3014 3014 304 303
4 1,600 Adams Millis
2738May 1 357 Jan 15
38
No pa
39
8
38
3012 Dec 3312 Dec
39
33
38% 3812 39
3812 3812 374 3914 2,200:Advance Rurnely
100 27 May 31 1047
60
62
2May 1
60
11
Jan 65 Sept
6212 60
60
60
60
*59
5912 59
59
1,7001 Preferred
2
100 4012May 29 119 May 1
2
2
3 14 Jan 69% Sent
218
218 24
2
24
2
212
2
218 4,000 Ahumada Lead
47 Feb 20
2 May 22
1
15012 152
150 1537 150 1523 148 1517 1454 1495* x14318 146
23 Jan
4
8
8
4
5% Mar
21,800 Air Reduction, Inc____No par 954 Apr 10 1537
5 8 57
8June 24
7
s
59 June 993 Dee
57
5 4 54
8
5% 5 4
8
524 57
,
,
5%
534 6
1,900 Ajax Rubber, Inc
No par
412May 31
5% .5%
1114 Jan 2
712 Jul e
5% 5%
1438 Jan
58 5 4
5% 5%
,
55* 5 4
,
54 531 3,400 Alaska Juneau Gold Min..IC
12June 4 1014 Jan 8
17% 18
*1712 19
•17
1
Jan
*17
19
10 Nov
18
*17
19
•17
19
200 Albany Pert Wrap Pap_No pat
1', May 31 '25 Jan 3
30612 3083 305 308
4
22 4 Dec 3114 Jac
,
30112 318
319 324
320 327
320 328
14
Jan 7 328 June 28 146
•12118 122
1214 12112 12112 12112 *120 4 12114 1203 1203 *12013 12114 28,300 Allied Chemical & Dye_No Pa
Feb '2623 Noy
3
4
4
4
400 Preferred
100 12114 Apr 8 125 Apr 27 12012 June 127%
238 247% 2434 252
249 26412 25912 268
25912 259121 259 266
20,700 Allis-Chalmers Site
*512 812 55% 6
100 166 Mar 26 268 Juno 26 11512 Feb 200 M63'
6
6
Dec
* 8 6
55
53
7
*6
612
600 Amalgamated Leather_No Pori
5 May 31, 114 Jan 14
56
56
*56
60
94 Oct 16% Apr
*55
60
*55
60
554 5514 .55
5812
200 Preferred
5514June 271 73 Jan 17
69 Mar 90
Apr
2412 25
2412 243
4 2412 251, 247 25341 25
25
245 25
4,500 Amerada Core
par 2212May 251 423* Jan 3
13
1314 124 1212 *1214 1314 12
2718 Feb
437 Nov
124 12
2
12
1112 115*
1012May 22 235* Jan 15
*46
NO
473
4 45
453
4 4314 45
1538 Feb 26 Nov
4314 435* 4314 4314 4314 434 1,400 Amer Agricultural Chero....10O
2,600
Preferred
13134 1313 13012 131
100 4058May 29 703 Jan 11
4
4
12912 130
553 Feb 797 Nov
129 1307 1304 1354 135 1378,50
8
2
8
0 Amer Bank Note
*6012 65
10 110 Mar 26 137 June 28
*6012 63
6012 6012 6012 6012 *6212 6412 *6212 6412
74% Jan 159 Slay
130 Preferred
*15
50 60 Jan 3 653
1514 15
4June 14
15
*145 15
80
143 15
Oct 657 Jan
8
8
15
15
15
15
1,400 American Beet Sugar__No par
14%June 28 2012 Jan 16
*5112 54
51
5112 51
51
14% July
514 5114 5114 5114 5114 5114
2412 Aug
900 Preferred
100 46 Apr 24 604 Feb 5
5914 603
4 59
6012 5812 594 5814 593
36
Feb 6138 Sept
4 57
593
8 5814 59
11,300 Amer Bosch Magneto__No par 4012 Feb 14 7314May 2
555* 557
2 5512 553
15% Feb 44% NOT
5414 5414 5412 557
5514 5512 535 5514 3.700 Am Brake Shoe
4
•1153 122 *11534 122
& F__ __No par 45 Jan 16 02 Feb 4
120 120
12012 12012 .11712 122 *11712 122
397 July
8
49, J82
8
20 Preferred
100 120 June 25 12612 Mar 21 120 Dec 128 June
2912 30
294 3014 29
31
304 3114 2912 30
30
308 8,500 Amer Brown Boverl El_No par
*88
1518 Jan 7 343
88
85
4J05e 1
85
83
83
10% Apr 2614 May
4
845* 863 *84
85
83
84
400 P-eferred
493 Jan 7 104 June 12
100
14534 1467 1463 14912 1483 1535* 15012 15334 1503* 1537
2
4
2
4014 Apr 65% May
8 1515* 154 352,900 American Can
*139 140
25 10734 Feb 18 154 June 28
1395 1395* *139 140
8
7012 Jan 117% Nov
139 139 *139 140
139 139
700 Preferred
9872 987
100 139 Juno 19 192 Mar 28 1363 Jan 147
962 99
973 9812 98
4
4
9914 97
Apr
9812 9612 973
4 5,600 American Car ds Fdy__No par 92 May 27 10612 Jan
*117 1173 117 11712 114 11414 11412 11412 *11414
4
3
8814 July 11112 Jan
1163 *113 1163
4
4
500 Preferred
*76
100 114 JUDO 2' 120 Jan 29 1105 Aug 13712 Mae
8018 *80
8018 78
80
8
*75
79
80
80
500 American Chain pref
3 5612 .563 604 5912
*5514 56
56
100 71314May 31 8512 Mar 13
5612 55 4
71
Dec 105 June
4
60% 59
6014 17.600 American Chicle
No par 4634 Mar 26 603
4June 26
44
Dec 50% Dee
---- -___ _--- . ---Prior preferred
No par
Jan 2
Jan
Jan
-ii- -if - -55i3 i67; -55- ir- ---_ Amer Druggists Syndicate __10 10912 Jan 25 11414 Jan 30 107 Dee 114 May
;5612 31
9
31 II3- 31 If11
2
4
1012
1512 An1
0
*325 400 *325 400 *325 500 *325 475 *325 475 *325 475 1200 Amer Encaustic Tiling_No par 2334May 31 473* Feb 25
American Express
100 280 Feb 2 409 Apr 8 169
104 1044 10414 10534 1038 1043 10412 10812 1093 114% 1153
Jan 310 Pet
4
4
4 1202 227,900 Amer & For'n Power___NO
4
Dar 7514 Jan 4 1387 Feb 19
8
223 Feb 85 De
8
•105 1064 105 105
105 105 *101 106 1 105 4 106
,
105 105
1,600 Preferred
No par 10412 Apr 9 10812 Feb 14 104% June 110 SW
*9112 92
92
92
92
92
9112 923
4 9212 94
94
94
2,400 2(1 preferred
4614 712 47
8
No par 88 Apr 9 103 Feb 21
*612 71
81
Feb 100 Sept
*612 712 *612 712 •
612 712
American Hide & Leather.100
614 Apr 9 10 Jan 2
37
37
37
37
3612 361
814 Oct 15 4 Feb
,
3612 364 *33
36
3412 3412
5011 Preferred
*70
100 3014 Feb 6 42 June 3
73
70
70
31 Nov 67% Feb
7012 701
717 72
8
72
7212 7212 7212
SOO Amer Home Products__No par 64 June 3 855* Jan 24
4374 4412 44
4412 4312 441
4312 445* 433 4412 4314 44%13,400
59 Feb 86 NOT
American Ice
*923 93
No par 38 Mar 26 46 May 6
4
*923 93
4
9212 921
28
Jan 46% Aug
92
9412 9212 923
4 9412 9412 1,900 Preferred
100 8934May23 96 mar 6
644 653
644 6512 64
661
90
65 4 69
Jan gels May
,
6634 6812 663 698 72,700 Amer Internet
4
Corp_ __No pa
*484 5
*434 5
5
5
7014 Jan 18
43
4 5
4 4 43
,
4
4% 4% 1,400 Amer La France & Foamite_10 5212May 31
412June 10
*603 6312 603 60 4 *603 62
4
4
87s Jan 10
3
*603 65
514 Jan
4
3 15* Oct
60% 603
4 603 603
4
4
220'
12212 1233 1217 1233 12012 123
4
100 60 May 28 75 Feb 21
2
4
66
123 12472 123 12512 1235 1254 24.100 Preferred
Jan 8512 Oct
American Locomotive_No pa 10258 Feb 18 1267
114 114
113 115 *112 115 •11212 115 *113 115 *113 115
8June 12
3
87 Jun
115
Jan
500 Preferred
167 167
100 113 Jan 3 11914May 15 10314 Oct 134 Mar
165 165
1663 1663 167 17184 168 168 *167
4
1,300 Amer Machine Or Fdy __No par 14714June 3 1883 Jan 11
*110 112 *110 112 *110 112 •110 112 *110 112 *110 171
4
12912 Jun
1834 De,
112
Pre( (7) ex-warrants
108 May 221 11612 Jan 12 110 De 116
5812 594 593 61
4
60
65
64
6412 62
I,
6412 634 6414 25,900 Amer Metal Co Ltd_No
*11518 117
par 50 May 27 811 Feb 6
1154 11514 117 120 *117 125 *118 125 *118 125
4
39 Ma
63:. N.
1,0001 Preferred (6%)
72
72
100 1134May 21 135 Feb 6 109 Au
•72
74
.72
73
*72
11712 Ma.'
73
72
72
70
70
50 Amer Nat Gas pref____No par 67 Apr 4 9814
*412 5
*4
5
*412 5
Jan 7
96% De
5
9914 No:
5
*4
5
*4
5
1001American Piano
2518 2518 25
No par
4 June 13 177 Jan 31
2512 24
25
*234 25
12% Jut
25 Fe„
2272 24
.
1812 20
1,2301 Preferred
12612 129
12612 1293 12612 1297 1283 1333 13014 134
100 1812June 28 55 Jan 31
4
4
38
Dec 90
JaZ
133 1383 78,900'Am Power & Light__
4
.No par 8118 Jan 8 1383
997 100
100 100
10014 1001 • 4 100
4June 28
6214 Jar
983
100 100
95 Ma;
99
99% 1,200 Preferred
*7314 7412 *7312 7412 *7312 741 *733 7412 74
No par 9858June 19 105 Feb 28 10012 Dec 10714 M..:
4
74 2 7312 74
,
1,100 Preferred A
813 813 *814 8P4 8118 811
No par 70 May 31 80 Feb 13
4
4
81
704 No
813
7712 No:
81
8114 80% 81
2,000 Frei A stamped
No par 79 Mar 26 843* Feb 15
814 Deo 8614 No;
American Radiator
"4434 1E3- 44 iE1- "iiTs 45l 447e 1612
8
4
25
Jan
-i6i4 - 104,100 Am Rad & Stand &Wry No par 165 Mar 26 210 8May 15 1304 Jan 19.1g nee
47
*153 161%
4012May 28 525
3
Amer Itallwey Express_ -__100 1297s Jan 16 188
46 4 46 4 "ing8 47
,
4512 405* 45'8 16
,
3 1101a Jan 143- -13- i
- 45 16-1 "ill 16" 8
8
e
American Republics_..No par 4312May 31 643 May 2
63
63
63
6314 6234 627
2 63
6312 6312 644 62
4 Jan
5114 Feb 85
Apt
34
34
33 4 33 4 3314 3312 *334 3312 334 3314 3314 6312 2,400 American Safety Rasor_No par 61 June 12 743 Jan 31
,
,
4
56
Jan 747 Sept
8
3314 1,200 Amer Heating v t c
3
4
*4
No par 32% Feb 16 41% Mar 15
3
4
4,
.3 4 4
8
3
34 34
27% Nov 45 May
34 3 4
,
3% 3%
,
400 Amer Ship & Comm...No par
312May 28
8512 8512 84
.83
8312 8312 84
7 Feb 5
84
312 Aug
8512 8512 *8512 87
618 May
220
10412 106% 10712 10912 1075* 10852 108 109
80
106 108% 106% 10712 91,400 American ShipbuildIng_ ___100 8112June 13 94 Jan 24
Jan
Aro Smelting & Refining..100 9313 Jan 16 12414 Mar I 169 Sept 119
133 13312 4,133 13312 133 133
•
133 133
Feb 293 Dec
13314 13314 1334 13314
600 Preferred
•180 190 *180 140 *180 190 *180 190 *180 190 •180 190
100 130 May 31 138 Jan 4 131 Mar 142
Apr
American Snuff
*10712 110 *10712 110 *10712 110 *10712 110 *10712 110 •10712 110
100 17912June 5 206 Feb 1 141
Jan 210 Dee
Preferred
677
100 10712June 18 112 Jan 24 100
6712 68
8 674 693* 6712 683
67 4 694 67
,
Oct 120 Ante
4 6718 68
26,800 Amer Steel Foundries__No par 56 May 28 797
*11012 112 *11012 112
•11012 112
11012 1103
4
8 Feb 4
504 June 70% Jan
11212 1123 *111 11212
4
80 Preferred
7612 7812 7612 773* 7714 7814 774
100 110 June 17 114 Mar 13 109 June 120
77
78
76% 77 .
Feb
77 4 1,800 Amer Sugar Refining
,
•105 107 *105 107 *1053 107
100 7112 Apr 5 94% Jan 25
4
1053 106
4
105% 106
55
Feb 9312 Nag
105% 105 4
,
000 Preferred
37
38
38
100 104123ure 7 111 Feb 1 100
3812 39
38
3712 38
.38
Fob 11012 MAY
39
38
3912 3,100 Am Sum Tob
*2312 24% *2312 24% *2312 243
3514June 1 60 Jan 2
2312 2312 *2312 247 *234 24%
46
Feb 73 2 sem
2
,
100 Amer Telegraph & CabNo.. 10r
le. pa
215 21714 217 219
216 219
2185 222
17 Jan 2 32% Mar 25
1
22112 224
1714 Dec 32
Jan
221% 227%
170 17014 17014 17114 170 1703 17014 17412 17212 1724 1724 17214 158,400 Amer Telep & Teleg
100 19314 Jan 8 23812 Apr 23 172 July 211 May
4
17012 17012 170 170 4 170 1703 17012 1747 172 173% 171% 172% 3,800 American Tobacco com____50 160 Mar 26 18613 Jan 28 152 June 184% Dee
4
,
9.400 Common class B
11512 1153 11512 11512 11512 11512 *115 11614 115 115
50 1604 Mar 26 188 ilt728 152 June 184% Noy
4
115 115
1,100
Preferred
•
144 145 *144 146
100 115 Juno 20 12114 Jan 15 115% Sept 126
144 144
1433 144 *144 145 • 145 145
4
Ape
500 American Type Founders.
.100 13012 Jan 5 155 Jan 31 109% Aug 14214 Nov
10913 10913 •109 110 *109 110
•109 110
110 110 *109 110
20 Preferred
100 10714May 15 112 Apr 5 107 Nov 115 Mar
137% 13913 13512 139
13514 14012 140 145
139 1433 141 144
57,100 Arn Wat Wks A FJ
8
*100 1013 *100 101 •100 101 *100 1003 •100 101
No par 6714 Jan 8 14612June 20
4
52 June 7612 Nov
100 100
200 1st preferred
17% 17% 17% 18%
97 Jan 3 104 Jan 28
1 75* 1818 1712 1812 1712 18
98
Oct 106
167 175* 4,000 American Woolen
2
Ant
*4112 4212 42
4234 42
100 1612June 21 277 Jan 3
4312 413 42
8
41
14 ;My 32% Nov
42
3912 41
3,900
*1112 1212
1214 13
13
100 3912June 28 583 Jan 2
1312
1312 1312 1312 13% 1312 13% 3,000 Preferred
8
39 Aug 653 Noy
4
Am Writing Paper ctfig.No par
*4012 43
*4012 42
43
*4012
9 May 23 1514 Jan 21
4212 4212 4112 4318 *41
10, June
2
1912 Feb
43
400
Preferred certificate....100 3914May 29 46 Mar 2
*2812 2912 284 2912 27
3012 30 4 294 30
,
34 June 5314 Oct
288 2712 28
2.800 Amer Zino. Lead & Smelt.
..25 2414May 28 49% Mar 18
98
46
9612 9612 9612 * , 97
•
96
96 2
*961 97
63 Jar
8
9612, 9612 1.200 Preferred
67
Oct
4
25 9412June 19
11514 11712 1143 11812 11312 11512 11418 1163 114 11618 11412 116
40
4
Jf-n 1177 Oct
8
686,800 Anaconda Copper Min. new50 99 May 20 11114 Mar 19
44
4414 44% 4414 44% 4412 443
44
140 Mar 22
43
443
4 4312 4312 1,400 Anchor
Cap
No par 43 June 26 6294 Feb 21
110 *103 10312 103 103 *1023 112
•103
4
1023 1023 *103 112
48 Dec 543 Dec
4
4
200 Preferred
oJune 27 124 Mar I 10614 Dec 111 Dec
55
,
514 548 515 53
543 55
4
% 5414 56 s 54
8
5112 525 147.500 Andes Copper Mining No par 1023
8
No par 443
8May 28 688 Mar I
4 3212 33
32 4 32 4 3212 32% 3212 323
8
,
,
32 2 32 2 3158 3212 3.700 Archer.
,
364 Nov
,
50 Nov
Deals, hIld'Id_No par 29 May 28 4912 Mar
•110 1141 *110 11412 *110 11412 •110 11412 *110 11412 *110 11412
4
551,4 Feb 112% Nov
Preferred
100 114 Jan 4 115 Jan 11 112
88
88
88
88
88
88
88
88
*87
Oct 11514 Mac
884 •87
89
400 Armour & Co (Del) pref
100 854June 14 95 Jan 30
10% 11
103 10% 10 2 107
4
,
10% 11
8 10% 103
863 Jan 97% June
4 105* 108 8,400: Armour of Illinole
8
class A-25 10%May 31
53
57
5% 5%
1818 Jan 2
53
3
5% 57
1114 Jan 2312 Sept
%
57
, 54 5
53
4 58
9,000 Class B
..25
5387vfay 29 1014 Jan 2
7312 74
*73
7414 72% 72 4 72
72
,
72
72
6 2 Jan
,
13% May
*72
73
800 Preferred
- 100 7114June 15 86 Jan 24
21
,
21
21 4 2112 2112 2112 2112 2114 213
21
718 Jan 9112 June
4 2118 212
2,300,Arnold Constable Corp ); par
1914May 23 40% Jan 2
2612 2512 25
3 *2412 254 *24
2612 *24
2612 *24
3514 July
•
24
4 Apr
2512
200'Artioom Coro
v, par 24 June 21 30 Feb IS 2814 Dee 613 Mar
*9414 100
*9414 100
*9414 1013
4
•9414 100
44%
*94 4 100
,
*9414 100
Preferred
100 94 May 28 100 Jan a
99 Dee 114 Ma;
-ia-
• Bld and asked prices. no sales on this day. a Ez-cLyldencl.
y Ex-rights.
New York Stock Record-Continued -Page 3
4288
r.ee third page preceding
For sales during the week of atocka not recorded here.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 22.
Monday,
June 24.
Tuesday,
June 25.
Wednesday,
June 26.
Thursday,
June 27.
Friday,
June 28.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
I
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Iltghest
I
Lowest
PER SHARE
Ramat,for Preoloas
Year 1928
Loweat
Illohesi
per tame
share
Shares Indus. & StIscel. (Con.) Far $ per share I $ per share 1 per Jan 34 4 Apr
,
2512
Per share I $ per share $ per share $ per share $ per share
8
1.500 Art Metal Construction__ 10 2654June 20 307 Feb 4
2818 2812 2812
2712 27
.014 June 7512 Dee
28 .27
2712 27
.27
No par 43 May 22 7034 Jan 10
14,000 /inane Dry Goods
4912 5114 4912 5059
9912 Aug 11378 Apr
5114 514 494 5138 4934 51
100 90 June 15 107 Jan 15
First preferred
300
9118 914
,
94
9114 9114 .4.9113 93
*92
3712 Feb 53 8 Sept
*9112 97
25 4012May 31 4714 Apr 5
60 Associated 011
45
*4414. 45
45
8
*4414 45
44
44
3718 Feb 597 May
45
*44
4June 25
11,100 Atl O&WISS Line_No par 3218 Feb 16 673
4
8
8
4 65
663
4 6612 67 4 657 673
673
38 Feb 6514 Gel
3
65 4 668
4 65
4
100 458 Feb II 6112June 26
Preferred
4,900
50 Nov 6612 Dec
8 5818 6112 5959 594
*5512 5614 5512 564 56% 577
28
25 5312 Jan 29 7314J1,ne
154,800 Atlantic Refining
73
8 70
8
8 6984 703
4 697 707
,
70 8 7018 717
70
100 114 Apr 16 11752 Jan 11 11412 Sept 11814 Jan
Preferred
Jar 114 Dec
63
No par 90 Apr 15 115 Jan 2
3,100 Atlas Powder
4
2
102 1021- 1005 102
.
8 10.5 107 - 103 105 *10212 103
8
1057 1057
100 100 Mar 13 10612 Jan 14 102 July 11012 May
20 Preferred
101 101
,
17 8 June
101 101 *101 102 *101 102 *101 102
814 Jan
•10014 102
8
Iola Feb 25 157 Apr 26
No par
400 Atlas Tack
,
,
4
4 148 14 4 12 4 13
2
•137 143
8
*137 14
94 May
438 Jan
*124 1414 *124 14
512May 28 10 Jan 11
1,300 Austin, Nichols & Co_NO par
6
6
618 618
614 614
6
Jan
6
6
6
25 July 39
8
*618 65
100 Preferred non-voting. ___100 32 Mar 14 4218 Jan 14
3812 3712 37 2
,
3812 *34
*34
39
*34
39
Oct 75 May
*34
58
40
*36
54 May 14 65 Jan 8
3
Auer-tau Credit Anstalt
,
4
8
,
34 4 Noy
18 *5312 57'8 *5312 5718 *5312 537 *553 574 *55 4 57 8 8,500 Autosales Corp
612 Jan
*5312 57
No par 2218 Feb 15 354 Apr 8
8 3214 3212
,
25 Aug 41 Nov
323, 3312 3212 334 3214 32 2 3212 3312 3218 337
8
50 3614 Mar 4 437 Jan 23
700 Preferred
4
4112 4112 4112 z4114 41,
4112 *41
*39
41
Oct 5212 May
41
43
41
*39
100 Autostr Sat Razor"A"_No par 4214Jime 10 50 Jan '1
*4214 44
*43
4412 *4214 4212 *4214 44
June 285 Mar
43 43
44
*43
12,700 Baldwin Locomotive Wks_100 210 May 91 27i 12 Mar 22 235
252 256
250 254
248 256
245 249
,
244 248
Oct 124 4 Apr
4
2483 253
100 11412June 7 125 Apr 3 115
Preferred_
80
.
*11612 12114 11612 11612 11612 12114 11612 11612 11612 11612 11612 1163,
Nov 1111. Jan
130 Bamberger (L)& Co pref. 100 104 June 13 11012 Feb 1 10714
106 106
8 Jan 23
105 105 *105 10712 106 106
267 Aug 3514 Dee
8
*105 10712 *105 10712
No par 26 June 8 33 4
300 Barker Ilrothers
28
2759 274 2618 2618
25
28 .
*25
28
28
2
917 Dec 10112 June
28
*25
100 89 June 5 97 Jan 28
Preferred
8
8
8
*863 867 *864 867 .864 864
s
*863 88
2312 Aug 5212 Fet
8
*863 87
*864 88
7 Juno 13 2914 Jan 15
No par
200,Barnett Leather
1112
8 *9
113
.9
1112 1112 *10
1118
20 June 53 Noy
12
*9
10
10
25 3818 Feb 18 4918May 10
54,600,Barnsdall Corp class A
4112 42 2
,
,
20 Jure 51 18 Not
4038 414 404 4114 4018 40 4 4018 404 4059 42
25 35 Feb 16 49 Feb 2
Claes B
98 June 14012 Mar
No par 87 June 1 11384 Jan 25
300 Bayuk Cigars, Inc
6657-57- 96
-o8June 28 10584 Jan 29 1034 Dec 11032 Mar
;65- 100 -56- -5 '100 10012 ;57- 166- 10012 10012 ;66- 1100 993
1001 First preferred
9938 994
100 10012
1214 Mar 2412 Dee
1001210012 •100 10012
No par 20 Feb 7 2912June 18
2814 12,400 Beacon 011
8
2712 284 28
3
70 8 July 10114 Dec
2814 2712 2814 275 28
2814 2814 23
6001Beech Nut Packing_ _ ,,._20 73 May 28 1010 Jan 12
83
8212 83
8212 8212 82
81
Jan
12 Dec 22
x81
*8118 82
84
*81
Hern'way Co_ _No par I VA Feb 13 17 4 Apr 18
8 1112 114 1,300,13elding
4 1128 115
8
,
8
,
825 Sept 9212 May
,
,
8
*11 4 1214 11 4 11 4 11 4 11 4 115 113
,
81 Jan 29 847 Jan 3
600,Belgtan Nat Rya part pref._ _ _
82
,
Oct
,
53 4 Jan 102
3
,
,
*8214 82 8 8212 8212 8214 82 2 8218 8218 *8218 82 4 82
No par 75 4 Star 26 9312 Jan 3
12,000 Best & Co
8
907
8 89
9218 8914 907
,
8 90
514 June 88 8 Dec
,
9112 8918 91 8 8918 927
R218 Jan 31 11859 A pr 22
88
8
1087 11212 357,700,Bethlehem Steel Corp_ __100
10684 109
Apr
8
11618 June 125
10512 10814 105 1077 10734 110
,
106 4 108
2,500 Beth Steel Corp Pf (7%)-100 11559May 31 123 Jan 11
119 11912 118 11912 118 118
,
33 8 July 50 Sept
8
118 11812 118 119
118 118
5,400 Bloomingdale Bros___ _No par 4214 Jan 21 617 Apr 5 10912 Jan mi. July
,
8
497 50 4
,
4778 49 4 *4834 4912 4812 52
4518 47
44
44
June 3 111 Jan 16
100 104
10 Preferred
87 June 122 Der
105 105 *100 105 *105 110 *105 110 *105 110
*105 110
Blumenthal & Co pref____100 97 Feb 15 118 Jan 2
*95 102
*95 102
4
*843 102
,
*84 4 102
6514 Jan 8512 Dec
4
*848 102
84,
No par 7811 Mar 25 8912 Jan 12
* 4 102
200,Bon Aml class A
83
83
8
1211 Nov
*833 84
84
8512 84
64 Jan
*83
8512 *83
,
85
11 4 Jan 2
*83
6 Mar 26
No par
712 1,200 Booth Fisheries
718 718 *718
7
7
7
7
4114 Star 7218 Nov
7
7
4
,
,
64 64
100 45 Apr 10 633 Jan 18
1 let preferred
50
45
50 .
*45
49
*45
50
*45
50
*45
50
45
.
25 8318May 28 98 May 6
4
Jan
9512 923 9518 9212 9414 66,300 Borden Co new
8 8812 9112 93
897
89
,
8 4 Aug 23
,
89 4 90
,
8 4June 14 154 Feb 11
'Botany Cons Mills class A.50
10
.8
10
.*8
10
8
1012 *8
1012 *84 1012 *
*8
,
214 Feb 63 2 Oct
21,200 Briggs Manufaccuring_No par 30 May 31 6318 Jan 3
34
3314
3359 341
914 May
3418 35
35
118 Jan
678 Jan 28
,
3412 354 3414 35 2 34
8May 29
33
100
500 British Empire Steel
8 334
*33
3
3
312 31
12 Feb
214 Jan
,
312 3 2 *312 3 4
1312 Jan 28
3
*312 3 4 *359 3 4
100
,
6 4 Jan 14
200 2d preferred
8
67
8 *6
618 618 *614 67
618 618
8
4512 June 7512 Noy
67
8
8 *6
67
*6
3 5012 10,100 Brockway Mot Tr__--No Par 4212May 28 737 Jun 2
49 4
50
,
8 5112 5212 5018 51 8 5018 5118 50
8
515 517
100 106 Apr 30 145 Jan 2 110 June 150 Nov
100 Preferred 7%
110 110 •10514 110 *10514 120 *10514 130
*10514 110 *10514 110
100 300 Jan 2 346 June 18 20684 Jan 326 Nov
Brooklyn Edison Inc
*350 400
,
4June 21 139 June 2033 Nov
*325 350 *330 350 *325 350 *300 ____ .340 400
No par 170 Apr 9 2123
20,700 Bklyn Union Gas
8
206 20814 202 2077 20214 20912 20714 2103
44 Dec 5512 Apr
206 206
207 209
No par 3818 Apr 4 47 Jan 2
e
3,400 Brown Shoe Inc
•4412 44
4512 4412 45
Jan
4514 4612 45
46
4214 4212 44
100 117 Feb 7 11912 Fob 18 115 Nov 120
Preferred
2 11912
*1171
,
2712 Feb 62 4 Sera
•11712 11012 *11712 11912 *11712 119 *11712 11912 *11712 11912 393 417
8 6,800 Bruns-Balke-Collander.No par 3812May 27 5514 Jan 18
4
3918 3914
,
2412 Feb 48 4 May
8 3914 3912 3918 404 3959 40
,
394 393
10 2518Stay 28 42 4 Jan 5
2,600 Bucyrua-Erie Co
2918 2918 30
8 29
8
3012 294 307
,
33 8 Feb 545 MST
3018 3018 30
31
*30
8May 23 50 Feb 6
10 383
4059 414 3,000 Preferred
42
Apr
,
8 4212 42 4 4112 4214 41
4212 4112 423
*41
100 112 Jan 3 117 apt 25 11014 Mar 117
30 Preferred (7)
4
4
4
Oct
4
4
1128 1123 •1123 119 *1123 114 .1123 115
11312 Feb 127
4
4
*1123 116 *1123 116
Burns Brea new clAcomNo par 98 June 10 127 Jan 11
99
.97
99
*97
99
*97
99
,
*97
1578 Mar 43 8 June
99
*97
*99 100
,
par 22 8June 4 39 Jan 14
300 New class B cony_ ___No
29
*24
29
24 .24
24
,
24
24
29
•24
0754 Feb 110 4 June
7
*2418 29
100 9514June 27 10514 Jan
40 Preferred
9514 9514 967 97
4
*943 97
,
Jan 249 Dee
*94 4 97
4May 21 139
97 .9414 97
97
2,400 Burroughs Add Stach_No par 234 Jan 16 3298
315 315
302 30814 310 31814 318 318
50 June 88 De:
4
4
*3013 3013 302 303
No par 6512June 15 8018 Feb 2
600 Bush Terminal
8
,
12 5712 5812 *5712 5812 5812 58 2 *57, 58
8
*5812 6012 5812 58
100 10212June 28 11012 Mar 2 1047 Aug 115 May
170 Debenture
,
10412 x10212 103 4
Aug 11913)11M
10412 10412 104 10412 10412 10412 104 10412 10412 113 *2 115
180 Bush Term Bides pref._ _100 110 Mar 22 11812 Feb 19 111
1131
113
16a4 Sta)
804 Aug
11412 115 *115 11514 113 113
,
115 115
614May 28 12 8 Jan 4
800 Butte & Superior Mining_10
5 7
07
7
7
7
7
7
7
1214 Nov
418 Jan
714
714 *7
94 Jan 3
412May 28
*7
5
34 54 3,500 Butte Copper & Zinc
3
45, 4 4
4
8
4 47
43
5
5
.5712 Dec 6712
54
*5
5
28 June 6 41 Jan 2
100
2918 3014 1,000 Butterick Co
8
305 3059 .3014 32
31
31
32
314 *31
*31
2
4May 28' 1927 Jan 21 00(3 Jan 2063, Dee
10.000 Byers & Co (A M)__No Par 1223
8
4
138 1443 13812 1413 140 143
4
1388 141
,
14.2 14212 *135 140
100 105 Apr 3 12114 Jan 8 108 8 Apr 118 Dee
10 Preferred
112
11014 11014,,*11014 112 *11012 112 •l1012
65 Mar 122 Dee
•11014 112 *11012 112
par 10414 Mar 26 138 May 7
400 By-Products Coke____NO
12912 127 129
,
6812 June 82 8 Sept
5
Feb 27
4
3
4
1303 130 4 130 4 1303 *124 12912 *1263 12912 *127
754 7,700 California Packing- - --NO Par 7218 Mar 26 8159 Apr 3
7
7518 75
75
74 4 75 11
8
8 753 76
254 Mar 36 Scot
767
8 75
7414 747
25 25 Juno 17 30
50 California Petroleum
30
24
29 .
*24
30
*24
538 API
29
,
1 4 Mar
2712 2712 *24
4 Jan 22
30
178May 28
*24
10
700 Callahan Zinc-Lead
178
178
178 •17
8 2
178
_
*14 2
8 2
8 *17
17
178
8,500 Calumet & Arizona Mintng.20 12418May 28 135 May 51
8
8
4
8
128 1293 127 1293 1287 1287 127 129
129 132
2018 Jan 4714 Nov
130 130
,
25 26 8May 28 6178 Mar 1
4214 14,200 Calumet & Hecla
42
8 43 4312 4218 43
4
5472 Jan 864 Ma:
444 4314 4438 423 433
4 9084June 14
4312
13,900 Canada Dry Ginger Ale NO Par 78 Jan
8712 894 8814 89
89
5 88
8852 887
43 Dec 90 SW
87 18 110
8
867 87
par
too 36 June 21 4812 Jan 3
1,700 Cannon
37
*36
37
3612 3612 36
37
3
4
363 36 4 37
4
*363 37
308 June 20 33412June 17
MilleN s
2,000 Case Thresh Machine cto
320 320
325 325
323 326
33112 32612 329
325
328 329
100
Preferred ctfs
125 *118 125 *118 125
3814 Dec 394 Dee
4 Jan
*11814 125 *11814 125 *11814 125 *118
3318 1,400 Central Aguirre Asso_ _No par 30 June 10 483 Feb 30
32
32
,
2818 Mar 48 8 DOI
1
4 3112 3112 3112 3212 3112 3112 32
4
313 313
31,900 Central Alloy Steel__ No par 4012 Mar 26 5212
4678 46
47% 4618 47
46
Jun 1104 Ma)
8 4518 464 4518 46
4512 457
100 10554 Apr 2 11212 Jan 28 107
130 Preferred
311012 11112
11012
Oct
11 Aug 24
12 May 24 2012 Jan
*11012 11112 11012 11012 10912 11012 *1112 11012 •11012 11112 •1112 13 4
Mills_No par
Century Ribbon
,
14 •1112 13 4
,
*1112 15
*1112 15
77 Aug 92 May
*111 14
100 70 Apr 111 82 Jan 17
Preferred
*6914 70
*6914 70
*6914 70
*6914 70
*6914 70
5812 Jan 119 Nov
*6914 70
,
6,500 Cerro de Pasco Copper_No par 88 8MaY 28 120 Mar 1
9714 98
,
8 9835 100 8 98 100
997
,
3
2318 I)ec 64 8 Apr
4
, Jan 2
10014 10118 993 100 4 99
244 2335 234 2,900 Certaln-Teed Products_No par 1611 Apr 10 28 3 Jan 11
24
75 Nov 100 May
2412 241,, 2418 2412 2412 2412 2414 241z
100 4712 Apr 12 8112
300 7% preferred
7418
.60
73
73
73
7418 73
7418 *73
7012 Oct 8318 Dec
*73
73
4
73
par 568 Mar 28 9214 Jan 31
Certo Corp
512 Feb 24 Nov
Chandler Cleveland MotNo a
; 20 Jan 24 23 Jan 11
N
4
No par 2212 Jan 11 223 Jan 18
Certificates
8
14 Mar 377 Der
par 36 Mar 7 41 Jan 29
Preferred
37 Jan 9 40 Jan 14
No
N
Pref certificates
,
62 4 July 8118 Jan
NO Par 7512 Mar 26 10112June 6
2
94l 98'2 97 - 1- -56is -58I 30:500 Chesapeake Corp
2
9113 9413
Aug 17312 De,
2
88 161- -90.34 92
8,100 Chicago Pneumat Tool No par 2814 Mar 26 394May 11 111
36
,
5
3418 3412 36 8 3512 36 4 36
344 34
34
*3312 34
par 4818 Star 27 5614 Jan 11
5218 5114 5112 5114 5254 2,400 Preferred
52
8
8
297 Aug 43 Jan
,
,
51 8 51 8 515 52
52
51
*
Noo
N par 2812June 19 36 Jan 7
30 Chicago Yellow Cab
3212
3212 *29
*2912 3212 3112 3112 .29
45 Dec 5012 Or
32
*29
2818 31
*
10 3712June 25 50 Jan 2
1.600 Chickasha Cotton 011
40
38
8
383 '38
38
Apr 64 Doe
,
3712 37 4 38
*3712 38
37
,
37 4 38
8
No par 447 Mar 26 7314June 28
o
cop
4
8 7012 7318 715 7314 86,100 m ds c per
7012 727
1
8
373 Star 747 No.
,
8 66 4 71
693
4 66
661. 698
25 7114 Jan 8 12712 Mar 21
Chile
8
•725 100
,
•72 8 100
8
Jail
*725 100
8
*725 100
76 Dec 131
4
8 100
,
*72
,
*72 8 100
Christie-Brown tens °MY° par 99,4May 23 115 Feb
*85 115 .85 115
*85 115
*85 110
,
54 4 Jan 14011 Oet
*85 115
85 115
*
No par 66 Slay 31 135 Jan 2
7314 7514 118,400 Chrysler Corn
744
8 73
514 Jan 5414 Jour
741/3 75% 7418 755
4June 28 52 Jan 2
_Na par 483
76
7714 7412 77
50 City Stores class A__
4
x483 48 4
,
*4914 52
4
*483 51
*4914 51
*48 4 54
,
194June 27 27 Feb 4
*4914 54
207
8 7,200 New_.No par
1918 2014 20
100'i API
2138 2018 21
21
4
203 21
,
21
21
400 Cluett Peabody & Co. No par 56 May 28 72 4 Jan 3
5918
,
60 2 59
*59
Dec 12454 Mat
6012 *5912 60
59
*
60 60
6012
100 10512June 17 119 Jan 3
60
.
Preferred
__ 107 •____ 107 e___ 107
-107 *._ _ _ 107 *____ 107
▪
No par 12059June 1 140 Feb
8
1315 1324 7,400 Coca Cola Co
131 13218
,
Dec 111 4 Jan
8
,
12718 129 4 12812 1325 130 1324 130 13012 55
NO ear 48 May 29 7214 Mar /4 -44T8 Nov 109
5414 5514 10,200 Collins & Allman
56
8
Jan
537 67
90
,
,
,
5414 54 4 .53 4 5412 53 4 54
Preferred non-voting___100 03 Jan 3 10312 Feb 6
9554
4
955 *93
*93
,
95 4
5212 June 8412 Jan
,
95 4 *93
,
96 4 *93
100 56 May 27 784 Mar 8
*93
,
95 4 *93
8 6214 6412 19.600 Colorado Fuel & Iron
637
6512 63
,
79 June 134 4 Dee
,
8
627 6412 6212 64 4 64
,
62 8 64
29,400 Columbian Carbon v t eNo par 12 114 Mar 20 199 June 25
19114 195
,
191 1984 1913, 196
8912 Mar 14072 Dec
18514 199
8June 28
188 198
ISO 195
,
7934 83 8 221,000 Colum Gas & Elec.--No Par 5312 Star 28 833
80
,
8
8
7814 814 7814 804 787 80 4 7914
100 1037 Mar 21 108 May 24 106 June 11012 Jas
,
Preferred
79 4 81
1,600
8
8
10612 1064 *1057 1067 101112 107
61 Dec 8414 Nov
106 106
5514June 24 88% Jan 9
1064 106% 106 106
OraPhophone
8
8
8 603 6212 607 024 153.600- Columbia
3
,
,
.55 s 574 5514 574 55 8 584 595 6/7
21
Feb 71 Nov
,
62,300 Commercial Credit____No par 43 Star 26 62 8 Jan 2
50
504 49
4914
5014 4934 51
8June 18
23 Feb 27 Ma
,
50 8 49
25 24 May 27 2;3
,
4858 49 4 49
150 Preferred
*2512 26
25
26 4 25
,
2614 2614 *26
23 Feb 28 Dec
26
Jan 21 28 June 14
26
25 25
26
4
.
26,
200 Preferred B
4
273
4
273 *25
8
8 2718 27, *25
277
85 June 107 Nov
8
2714 2718 274 .27
27
360 1st preferred (6 i4 %)___100 9518 Apr 1 105 4 Jan 24
100 10012 101 101
100 101
,
65 4 Mar 140% NOT
100 100 2 101 101
,
100 100
Invest Trust___No par 1314 Jan 2 195 Feb 4
8
8
113114 16412 161l2 1637 164 1677 11,600 Comm preferred
,
Jan 109 May
163 4 165
99
100 10114 Mar 27 109 Feb 6
16312 1683 10z12 166
4
10 7%
,
10112 •10112 1048 •10112 104 4
4
10112
8
8
923 June 9812 Aug
99 Jan 28
,
100 92 May 31
3
4
Preferred (6)4)
*100 4 1043 •100 104 4 *100 4 10484 *92
06
*92
96
•92
96
96
8
*92
618 Aug 307 DOC
96
100 2714 Jan 7 624 Feb 4
*92
96
92
•
2,300 Warrants
52
5012 52
8 5012 5012 *49
4
4
4463 June 28 13778 June 250, No.
8 5018 513
51,
.50
51
48
4
431 4463 14,300 Commercial Solvents_No par 22514 Feb 18 246
6214 Jan 11018 Dee
June 15
4
4113 41184 41014 41014 40812 41912 417 441
Power_No par 10714 Jan 7
*409 410
5,000 Commonwealth
,
4
Gel
22518 22514 22212 225 4 2243 22818 22514 21014 2,000 Conde Nast Publica__ _No par 5918Jitne 3 93 Jan 19
Jan 84
48
22214 22612 22112 227
4
732
*73
75
68
6612 68
66
22 June 314 Apr
,
65 4 66
65
65
65
48,600 Congoleum-Nairn Inc_No Par 1912May 28 3514 Jan 28
2218 23
,
8 2012 2212 22 8 2312 224 233
67 Feb 8714 Dr,:
17 923 Feb 6
8
2012 207
No par 67 June
8
207 21
4 4,200 Congress Cigar
4
8 73
73 4 738 733
747
,
3 4 Mar
7512 74
4 72
4 Jan
112 Feb 7
4
12June 27
,
734 73 8 71, 71,
200 Conley Tin Foil stpd. No Par
4
3
*511
59
12
4
3
3
•8
4
3
,
•8
7912 Jan 100 Dee
4
5
3
*2
No par 7514June 28 9614 Jan 2
84
8
*3
8 7514 7612 1,600 Consolidated Clgar
4
7818 763 771
,
77% 777
8 78
8
, Oct 102 4 Al)?
94
100 84 June 5 96 Jan 7
8
777 777
8 7718 7718
980 Prior pref
89
8918 89
8912 89
89
,
87 4 89
23 July 294 Sept
89
3
89
*____ 86
2512 2,300 Consol Film Ind pref_NO Par 25 Mar 26 30 4 Apr 23
2512 2518 2512 25
8
Aug 17014 Ma
,
13178June 28 y74
264 *2618 264 253 2618 2512 125
*26
8
12512 12812 1273, 1317 350,200 Consolidated Gas(NY) No par 054 Mar 26 1001 Mar 25
12314
124
9714 Aug 105 MIS,
12314 12538 12212
8
,
123 4 125
No par 96121une 28
5 9812 z0612 9712 6,600 Preferred
,
,
97 4 97 4 07 8
,
4 97 4 98
98,
,
98 8 98
*98
$ per share
29
*28
4912 50
92
*90
4414 444
6614
65
59
*58
7218 7314
-96-
-aok,
1111,
En-dIv. and ex-rights. S Et dividend
• Bld and asked pr Coq: no ealei on tuts day. s
New York Stock Record-Continued----Page 4
4289
•
For sales during the week of stooks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sa/urday,
June 22.
Monday,
June 24.
Tuesday,
June 25.
Wednesday,
June 26.
Thursday,
June 27.
Friday,
June 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sue Jan. I.
-share lots
On basis of 100
Lowest
Highest
PER 8E1 111111
Range for Previous
Year 1928
Lowest
Highest
per share $ per share
per share S per share S per share Shares Indus. & Niece!. (Con.) Par $ per share $ per share $ per sP,ar.S Per share
Per share
212june 3
318 314
27
8 3
6 Jan 16
/
1
4
34 318
3
3 14
27
8 3
214 Aug
1112 Dee
5,900 Conitondated Textile No par
23
4 3
*1412 1512 *1412 16
/
1
14
/ 1412 144 1412 1412 15
1
4
12 May 24 2312 Jan 9
20 Nov 36
1438 1438
900 Container Corp A vot__No par
AM
7
7
8 Apr 20 111 Jan 2
/
4
7
7
No y
9
/ Oc
1
4
1914 Apr
*7
7
12
7
7 14
6
/ 7
1
4
1,400 Class B voting
74 712
82
/ 825
1
4
8 81
8214 8012 81
82
4June 26
2613 Apr 53 Jan
843
4 8312 84
12
8214 833
4 6,100 Continental Baking al ANo par 471g Jan 8 843
1318 1312 1318 1312 1212 1318
1258 13
125 13
8
818 Jan 8 143
4June 7
33 Apr
4
9 2 Dee
3
No par
1212 13
35,500 Class B
9534 95 4 95 4 9618 96
96
3
3
/ Jan
1
4
96
/ 96
1
4
9514 96
100 8812 Jan 2 100 June 6
73 Apr 96
*9514 963
4 1,900 Preferred
7012 7114 707 72
8
/ 7214 7612 76
1
4
60 Jan 19 8012 Mar 22
53 Dee 1284 Sept
7812 764 7812 7718 7814 91,100 Continental Can Ino_No
/
1
/
1
*125 128 *125 1253 125 125 *125 125 4 •125 128 *125 128
4
3
100 1243 Jan 7 126 Feb 14 123 Jan 128 Mar
4
10 Preferred
83 4 863
3
4 8412 87.
8418 86
8718 8514 8612 84
10 79 Mar 28 94 Jan 14
/
1
4
75 Feb 947 May
/ 86
1
4
2
85
18,600 Continental Ina
1738 1758 1712 183
8 174 17 4 15 8 173
3
10 Mar 2012 Nov
5
8 1418 153
4 145 153 94,900 Continental motors
8
4
-No par 1418June 27 2838 Jan 21
9788 9918 993 102
/
1
/ 1003 1028 1004 1027
1
4
4
8 98 1007
4
2June 26
64
/ Jan 94 Nov
1
4
/
1
4
4
8 9914 1017 07,900 Corn Products Refining-252& 82 Mar 26 1027
3
14112 *141 14212 141 141 .14138 14112
*14138 1411 *14138 14112 *14138
/
4
/
1
4
4
/
1
100 141 June 27 1443 Jan 19 13812 Jan 1464 Apr
50 Preferred
6014 614 5912 6112 5918 607
8 5914 603
/
1
4
62 Dec 89 Nov
/
1
4
/
1
4
4 59
No par 51 Mar 26 82 Jan 28
611 60
/
4
/ 6233 54.600 Coty Inc
1
4
31
*30
31
304 3018 *30
*30 • 31
5
2
*30
100 22 2 Jan 10 575 Apr 17
1212 Sept 27 Nov
31
30
30
300 Crex Carpet
*9412 997 *9412 997 *9412 997 *9412 997 *9412 997 *944 997
8
8
8
9612 Jan 10514 Oct
s
8
/
1
8
Crown WillPap let PLNO par 95 June 20 10114 Jan 18
*1834 19
*1812 20
20
*1812 20
/
1
8June 5 25 4 Jan 9
3
2314 Dec 264 Nov
2014 •1812 20
No par 185
*1812 20
400 Crown Zellerbach
8
97
9712 93 8 101
3
987 1003 1003 103
8
8
/ 100 1023 101 102
1
4
2June 26
6914 July 93 Feb
8
/ 30,300 Crucible Steel of Amerles_100 85 Mar 28 1037
1
4
*108 115 *108 115 *108 115
10914 10914 •109 114 *109 115
100 109 Jan 8 116 4 Feb 28 111 Dec 121 May
3
100 Preferred
13
/ 13
1
4
/ 133 14
1
4
4
1312 13 8 13 8 13
5
5
20
Oct 287 May
/ 1312 135
1
4
No par 1112May 31 2412 Jan 3
.
8 1312 1312 1,600 Cuba Co
,
212
212 3212 314
212 23
27
8 3
No par
17
8June 7
5 Jan 8
/
1
4
Oa July
7 May
/
1
4
4
2 4 3 I *25
3
8 2
/ 2,100 Cuba Cane Sugar
1
4
*65
8 7
7
7
73
4 4,900 Preferred
78 9
7
1
57
8June11
1872 Jan 3
13 4 Oct 32 8 Jan
3
8 4 83
3
100
4
7
712 818
1334 14
133 14
4
13
/ 1418 *13 4 14
1
4
3
3
15 2 Dee 2414 34151
1312 137
8 13
133
8 5,000 Cuban-American Sugar__ __10 11 Apr 24 17 Jan 3
*6312 657
8 64
65
/ 63 4 63 4 63 8 63 s 6314 6312 6314 63 4
1
4
3
93 4 Dec 108 Feb
5
100 6018June 14 95 Jan 3
3
7
330: Preferred
7
,
2
3
2
/ 278
1
4
258 2 4 *2
5 Nov
12
Jan
/ 27
1
4
8
2 June 21
6 Jan 2
/
1
4
3
258 23
4
2 4 27
3
8 4,000 Cuban Dom'can Bug-NO par
5138 5112 52
52- *51
5112 51
Jan 7814 Aug
50 4918May 27 677 Jan 15
2
54
5114 51
5184 1,100:Cudahy Packing
513 *51
4
163 8 166
3
/ 162 16612 1613 164
1
4
/
1
4
8
163 167
/
1
4
5312 Feb 192 Ma&
/ 16314 170 4 16212 165
1
4
3
57,900 Curtiss Aer dc Mot Co_No par 13518 Mar 26 17312 Feb 5
*221 235 *221 235 *221 235 *221 235 *221 235 *221 235
No par 2074 Ayr 17 22514 Jan 15 1443 Jan 230
4
!Cushman's Bons
*120 128 *120 128 *120 128 *120 128 *120 128
Jan 141
100 120 June 19 130 Mar 22 114
120 120
10: Preferred (7)
61
61
61
/ 617
1
4
10 5$12 mar 26 67 June 26
/
1
4
4
3
52 June 65 Nos
8 613 64 4 64
67
65
/ 6614 65
1
4
657
8 7,500:Cutler-Hammer Mfg
*86
88
*88
8912 88
49 July 83 Oct
88
*88
89
No par 63 Jan 3 91 June 28
87
/ 88
1
4
88
91
2,200 Cuyamel Fruit
49
493
4 483 50
8
/
4
343 Feb 68114 Nov
8
4878 493
8 49
No par 4272May 31 691 Jan 31
4 494 505
503
8 4918 525 20,900 Davison Chemical
8
35 8 355 *3512 36
5
8
36
Oct 494 Apr
*343 36
4
*348 36
4
5, 3512June 21 467 Jan 24
s
*343 36
4
*343 36
4
100 Debenham Securities
1193 119 4 *11984 120
4
3
119 4 1193 119 4 119 4 1193 120
3
3
100 116 Feb 26 128 Jan 4 11512 Feb IVA May
4
3
4
11912 11912
170 Deere & Co pref
•275 290 *283 290
28318 28514 *285 286
100 224 Jan 2 29014June27 16612 Jan 2244 Dee
288 29014 287 288
1,400 Detroit Edison
4512 4512 45
Apr
/
4
40
Jan 61
514 5258 15,000 Devoe & Reynolds A__No par 4312June 13 64, Feb 5
8
/ 464 451 4518 454 50
1
4
50
/ 52
1
4
/
1
*115
*115
115 115 •115
100 '112 Jan 7 11512 Jan 15 108
Jan 120 May
*115
.115
10 1st preferred
147 148
143 143
14014 143
100 130 Apr 2 1641 Jan 11 134
/ Jan 172 Nov
1
4
143 144
144 144
/
4
1403 1404
2
/
1
260 Diamond Match
10
10
9 8 10
7
10 . 972 10
834 Mar 26 10 Apr 26
/
1
4
8 June 1312 Jan
9 8 10
7
10
No par
x95
8 972 3,900 Dome Mines, Ltd
1083 109 4 10812 109
4
108 1083 10818 10914 10812 1093 109 1093
4
80 Mar 1204 Nov
No par 105 May 27 12618 Feb 4
3
4
4 4,800 Drug Inc
*6112 62
5812 57
/
1
4
6114 62
5718 605
8 57
5512 Jan 99 Nov
/ 59
1
4
57
/ 5712 5.700 Dunhill International-NO par 57 June 26 92 Jan 2
1
4
*99 10014 •99 100 8 *9914 993
8
99
/ Oct 11612 Mar
1
4
,
s
/
1
8
4 993 993 *994 9912 9914 9912
900 Duquesne Light hat pref-_100 4912 Jan 24 1007 Mar 5
*512 g
*512
312 512
5
5 June 27 1112 Mar 4
*512 6
5
5
3 A Ug
813 5
/47
518
400 Durham Hosiery Mills B. 50
*40
4078 •40
407 *40
8
407 *40
8
4078 *40
344 Oct4812 Jan
/
1
40
/ 40
1
4
100 86 Jan 2 45 Ayr 17
40
10 Preferred
172 172
173 174
176 177 4 1767 183
/
4
175 175
3
188 May 27 19412 Feb 2 163 Feb 1941 July
8
181 1843 11,300 Eastman Kodak Co_No par
2
*125 4 128 *12534 128
3
125 4 1253 125 4 125 4 *12614 128
3
3
/
1
4
100 125 4June 3 128 Mar 9 123 Aug 134 Apr
3
3
12614 12614
310 Preferred
*6112 62
613 62
4
6312 63
Jan 684 Nov
/
1
605 611
8
62
26
56 May 31 763 Feb 1
4
66
63 4 63
3
10,400 Eaton Axle & Spring---NO Pa
17214 17314 173 17512 176 183
181 187
18112 185
18212 18714.46.800 E 1 du Pont de!Nem
2 15534 Jan 22 19812 Feb 1
*1153 11618 *11534 116'5 *11534 1161 115 4 115 4 1153 1153 1153 1153
4
3
3
4
100 11534 Jan 21 119 Apr 5 114 July 12112 May
4
4
4
400 6% non-vot deb
/
4
/
1
4
121 Jan 99 Dee
/
4
25 95 Jan 2 1121 Jan 18
lEisenlohr & Bros
/
1
87 Nov 1004 Feb
100 9312 Jan 9 100 Jan 18
Preferred
14 275
.
58 .. 9 4 8 28
;i78.1 28 ;275* 28
1
2612May 28 39 Jan 10
/
1
4
3314 Aug 43 Nov
;2557 /14 ;2
8
- 28
200,Eitingon Sand
No Da
*93
96
•93
96
g
92
/ 95 .9213 96
1
4
/
1
4
/
4
*9312 96
•94
96
400: Preferred 6%
100 92 June 25 113 Jan 19 1011 Aug 1217 Nov
158 159 4 15812 1613 15914 1665 165 168
3
8
60 June 13612 Dee
165 16714 1623 1663 85,900,Electrie Autonte
4Mar 26 172 May 3
8
4
8
No Par 1263
•110 111 *110 111 *11013 111
110 110 *10914 111 '10914 111
201 Preferred
'
100 109 Jan 2 115 Apr 2 l08' Sept 11218 Dee
13
134 123 13
13
4
13
13
2
83 Aug
4
1314 133 1414 13
173 June
2
8
/ 13
1
4
/ 5.300:Electric Boat
1
4
No Par 1112June 12 183 Mar 19
8
8 70
7214 7312 705 733
714 69 4 73
/
1
283 Jan 493 Dec
4
3
72
/
1
4
2
78
77
/ 8114 256,200 Electric Pow .4 Lt
1
4
No par 43 Jan 8 8114June 28
*1023 1061 106 106
4
/
4
103 103 *103 10512 1045 10512 10453 105
8
1,2001 Preferred
No par 103 June 25 10914 Feb 13 105 Dec 11012 Mar
•13614 14012'1363 14012
14012 *13512 14012 13512 13512 14012 14012
4
12212 Jan 4 14012June 28 12014 Nov 1297 Apr
2
70 Certificates 50% paid
8218 8212 823 843
3
8
s 834 84 81 8312 8514 84
/
1
4
69 Feb 911 Dee
/
4
85
8412 8514 13,000 Elec Storage Battery _ _ _No par 77 Mar 26 92 Feb 4
6
une
9 Jan
318June 15
6 Jan 9
/
1
4
* 14 43
3
4 *314 3
/ *314 3
1
4
/ *314 3
1
4
lElk Horn Coal Corp_ _ _No par
/ *34 35
1
4
/
1
8
314 3 8
5
*812 10
*812 10
83
4 9
•81
9
3
153 Dee
2
*812 958 .8
5 May 31 2212 Feb 7
514 Feb
/ 912
1
4
200 Emerson-Brant claim A_No par
*69
70
68
69
687 687
8
2
743 Dec 85 Apr
4
s 6612 6812 673 68
4
67 673
4 1,700 Endicott-Johnson Corp__ _50 66,
2June 26 833 Jan 4
8
*1084 1197 *1081 a 1197 *10814 119 *10814 1197
/
1
8
/
1
4
5
/
1
8'10814 1197 *10814 1194
8
100 121 Feb 7 12414 Feb 28 1214 Jan 127 2 Dee
I Preferred
/
1
33 Feb 51 Nov
564 5712 564 5712 564 563
/
1
4 564 57
/ 57
1
41
62
5918 60
93.900,Engineers Publics fiery __No par 47 Mar 25 62 June 28
9012 Dec 10212 Oct
9418 9418 *95
9612 961 9618 *9514 96
/
4
96
9612 9612 9958 2,0001 Preferred
No par 90 Jan 12 10412 Jan 31
29
/ Oct 33 July
1
4
/
1
4
397 39
*39 4 39
3
/ 393 40
1
41
4
8
/ 393 39 4 393 40
1
4
/
1
4
3
4
393 393
4
N
4 6.400 Equitable Office Bldg-o par 314 Jan 4 41 May 1
43 Dec 79
Jan
51
513
4 51
/
1
4
51
52
52
51
51
511 511 5114 51141 1.200 Eureka Vacuum Clean_No par 44 Feb 1 54 Fel, 28
/
4
/
4
8
4
•25
25 4 25
3
25
2512 2512 25
3
193 July 145 Oct
/ 25 8 251g 2513 253 253 ,
1
4
5
4
130 Exchange Buffet Corp-No Par 2214 Jan 15 25 4June 28
4
Apr
•4012 42
4114 4114 42
324 Jan 54
/
1
No par 403
8May 28 513 Jan 21
4
42
/ *4112 42
1
4
*4212 424 423 437
/
1
4
1,700 Fairbanks Morse
Jan 1143 May
4
•10654 107 *1063 107 *10614 107 *10634 107 *10634 107 *1063 107
4
2
100 1063
4May 10 1107 Jan 9 104
4
I Preferred
*97 105
100 100
99 1027 103 1043 101 1044 2,800 Federal Light & Trao
42 Jan 71 Dee
*9712 100
8
4
/
1
15 6812 Jan 3 109 June 19
99 99
*0712 9912 9712 9712 •98
Jan 109 Apr
994 *98
9918 .98
98
9918
110
Preferred
No par 9712June 11 104 Feb 6
*230 250 *230 250 *230 250 *230 250 *225 250 *225 250
Apr 230 Dee
Federal Mining & Smelt'g_100 215 May 22 310 Feb 4 120
/
1
4
*100 10014 100 100
100 100 1'100 1004 100 100 *100 10014
914 Jan 102 Sept
4
500 Preferred
100 984 Mar 27 1003 Jan 7
•14
1412 •14
1412 14
14 i 1412 15
/ 15
1
4
/ 17
1
4
165 Aug 257 May
2
/ 165 1714 11,700 Federal Motor Truck_ _No par
1
4
1334June 20 2232 Feb 6
a
3
/
1
97
9912 97
9914 9713 1004 100 102
297
7514 June 107 Dec
1013 102
4
12
991 11,100 Fidel Phen Fire Ins N Y____10 9014 Mar 28 112 May 16
/
4
154 May
*10
/
1
114 Jan
1012 *1014 1012 1014 1014 *104 1012 .1014 1014 *1014 1012
60 Fifth Ave Bus
4
No par
952June 19 133 Mar 2
*6712 75
69
/ 70
1
4
70
7114 71
72
•70
73
1,900 Filene's Sons
/
1
4
• *6712 75
No Dar 66 May 29 98 Feb 25
101 101
101 101
*99 101
•99 • 101
99 99
99
99
- 210 Preferred
2June 18 107 Jan 23
100 983
Apr 78 Dee
/
1
4
6712 67
/ 67
1
4
68
664 673
/
1
$8
4 6714 684 68
/ 6712 685
1
4
7
69
8 8,400 First National Stores-No par • 62 Apr 18 74 2 Mar 16
1 1 Jan
4
9
91 . 8 8 918
/
4
7
137 Aug
g
812 9
8
/ 94
1
4
/
1
83
4 94
15,700 Flak Rubber
88 9
5
No par
7 June 14 204 Jan 23
/
1
4
/
1
45
•45
50
45
45
45
*4512 49
/
4
600 1s1 preferred stamped-100 4014June 27 7212 Jan 14
55 4 Oct 9112 Jan
3
4014: 4514 *411. 45
*45
463 463 *46
8
4
55
8
59
Oct 973 Jan
*46
59
*45
59
45
45
64
• 300 1st preferred cony
100 45 June 28 8212 Jan 25
8012 83
83
/ 84
1
4
/ 7912 823
1
4
8 8112 824 8114 821 • 8218 824 150,600 Fielschmann Co
/
1
/
1
/ Oct
1
4
2June 11
65 June 89
/
4
No par 651 Apr 30 873
/
4
*47
*46
48
*46
48
48
*46
46
4914 Nov 561 Nov
400 Florshelm Shoe al A
473
4 4658. 4612 46
No par 46 June 28 54 Jan 8
101 101
100 100
Dee
*97 101
*98 101
*95 10218 10014,
9812 Oct 100
600 Preferred 87
/
4
10014
100 974 Mar 18 1021 Jan 18
*65
/ 6714 *65
1
4
6712 66
6612 66
673
8 634 66
/ 643 651 3,700 Follansbee Bros
1
4
4
567 Dec 6912 Doe.
2
3
/
4
No par 5714May 28 73 4 Mar 19
/
1
4
484 4913 *4818 4912 *4814 4914 4814 4912 4812 51141 51
/
1
36
/ Oct 57 Deo
1
4
53 8 4.800 Foundation Co
,
No par 44 May 27 6952 Apr 30
8512 88
2
854 85 4 8514 86
/
1
3
88 4 89 4 8712 89
3
72 June 1195 SeC5
3
/ 8612 887 18,500 Fox Film class A
1
4
8
3
No par 80 4May 28 101 Jan 19
•1043 105 *1043 105 *10434 105 *10434 105 *1043 105 *1043 105
4
4
/
4
4
4
Franklin-Simon pref _
100 10134June 12 110 Jan 4 1061 Dec 113 Feb
463
4534 46 1 46
4 45 4 461 45
3
/
4
/ 4612 4512 46
1
4
43 Oct 1094 J80
455 473 10,000 Freeport Texas Co___No par 37 4June 1 547 Jan 25
8
4
s
3
*102 107 *102 106 *102 106 *102 106 *102 10514 *102 106
Fuller Co prior pref.---No Par 99 Mar 26 10712May 7 102 Mar 10972 Apr
4 26
2612 257 27
15 Mar 2813 Jan
4 2612 263
8
2612 263
255 263
8
/
1
4
4 25
/ 263
1
4
8 6,400 Gabriel Snubber A.
---No Par 20 Mar 25 33 Feb 5
1313 14
1732 Dec
1312 14
14
14 I *1314 14
714 June
14
144
143 16 4 8,300 Gardner Motor
4
5 1012 Mar 25 25 Jan 31
,
/ 85
1
4
/ 863
1
4
86
4 863 8912 90
60 Feb 101 Dee
/
1
4
8612 8714' 8518 8714 85
4
93
/ 56,100 Gen Amer Tank Car___No par 81 May 28 102 Jan 9
1
4
82
8058 811 8012 824 815 8358 10,800 General Mullah
/ Aar
1
4
/
4
68 June 94
8 8112 8112 81
8212 825
/
1
9
61 Mar 26 8712June 11
100
/
4
12712 12712 *123 130 *123 130 *123 130
12812 12812 *123 127
300 Preferred
100 1041:Mar 26 131 June 11 11012 June 1411 Apr
Oct 150 June
1311 13118 13118 13118 *129 131 *129 131 •129 131 *129 131
/
4
50 General Baking pre(__No par 130 Mar 28 140 Feb 5 132
44
4312 4412 *42
21 Feb 414 Nov
/
1
4318 44
2 43
43
43
'
'
1,700 General Cable
/
1
4
No par 37 Jan 9 81 Feb 28
92
92
914 92
/
1
/
1
4
95
58 Feb 38 Nov
*93
90
9112 90
95 95
91
3,400 Class A
No 1oo 81 Jar 8 12012 Feb 28
par
4
Oct 107
Oct
10412 10412 *103; 10512 *1033 10512'1033 10512 *1033 10512
*10412 106
4
200 Preferred
104 Apr 13 1074 Jan 21 102
4
7114 70
70
591a Nov
71
71
7012 7012 7018 71
71's 71
71
3,200 General Cigar Inc
75 Feb
/
1
4
No par 63 Jan 8 74 Feb 25
11712 119 *11712 120 *11712 120 *11712 120 *11712 120
*117 119
150 Preferred
100 11214 Jan 5 122 Jan 24 1144 Sept 130 Mar
29914 311
310 3175 3113 318
/
4
8
4
30312 306
300 306
315 324 137,400 General Electric
No par 219 Mar 20 324 June 28 124 Feb 2211 Dee
11
1118 11
1118 1114
*11
11
114 11
11 Sept 12 June
1118 11
1114 8,500; Special
4
10 11 Jan 3 113 Feb 4
8 80
80
80
354 Jan 74 Nov
80
/ 8018 807
1
4
805
8 80
1,000 General Gas dc Elec A __No par 70 Jan 7 90 Apr 3
80
/ 804 80
1
4
/
1
80
No
*964 105
/
1
*9614 100
Jan 80 Nov
*9614 100
37
*9614 105
*9614 105
*9614 100
Class
par 76 Jan 3 112 Apr 25
Oct 144 ant
•120 12112 120 120 *____ 121 *____ 120 *____ 120 *____ 120
e 4 (8)
10; Cla r 13
No par 11812May 27 135 Feb 14 121
/
1
4
Oct 1144 May
*102 104 '
5102 104 *102 104 .102 1033 •____ 104
101 101
20 Pref B (7)
No par 99 June 20 115 Feb IS 105
___'113
/
1
4
_ _•113
'113
7412 July 105 Oct
.113
___ .113
.-_ _ 4
___ •113
Gen Ice Cream Corp No par 797 Mar 9 112 June 17
8
72
/
1
4
7312 7418 723 - 4 7114 72
4 733
/ 72 - -58 7112 1
4
72
79 Dee 84 Nov
/
4
4 7l7s 5,300 General Mills
No vas 675aJune 1 891 Jan 18
*94
9512 9512 9512 .94
9512 *94
9812 Dec 10014 Dee
12
9512 *94
9558 *94
96
200 Preferred
100 95 June 11 100 Jan 4
7314 7418 7318 75 4 7418 761s 7414 75
3
/ 73
1
4
/ 743
1
4
4 737 753 348,300 General Motors Corn
733 Dec 9014 Nov
4
8
8
/
4
10 68
/
1
4May 31 911 Mar 21
12313 12312 12314 12312 123 12312 12314 12314 12314 12314 12312 12312 2,200 7% Preferred
/
4
/
4
100 12212May 28 1261 Jan 2 12312 Jan 1271 AR
*473 49
4
47
/ 4758 4713 4712 *46
1
4
/
1
4712 4612 4612
49 Aug 584 Jan
a
47
_No
900 Gen Outdoor Adv A_ No par 45 June 28 52 Jan 2
354 35 4 35
/
1
/ Jan
1
4
3
3513 3413 3412 3318 3412 33
2912 Atm 52
3314 8,600 Trust certificates__ _No par 32 Feb 14 41 Mar 12
3313 33
/
1
11518 1163 1144 1163 1144 11612 1161 11912 11614 1187s 11612 11914 38,400 Gen RY Signal
4
/
4
52
s
8414 June 123 .1.0
No par 9312 Mar 28 11912June 26
7412 75
Jul
/ 76
1
4
743 Vat 7418 75
4
773
4512 June 82
4 764 77
8
/ 7614 791 27,800,General Refractoriee
1
4
No par 68 Apr 10 8611 Feb 20
107 10914 10814 11138 10812 111
110 11014 108 110
10814 11032 15,800 Gillette Safety Razor-No par 101 June 11 1263 Jan 25
3
971s June 123 2 OM
4
3318 3318 *33
3412 33
333 34
4
32, 331
8
33 .33
/
1
4
34
2,700 Gimbel Bros
3412 Mar 59 June
No par 31 June 20 4812 Jan 28
*81
84
82
82
84
83
*81
813 813 .80
4
4
•81
83
200', Preferred
87 Mar 101 Juce
100 81 June 10 90 Jao 3
5612 gy1 57
/
4
3
5814 55 4 57
5612 6018 59
61
43,500'011dden Co
594 59
/
1
20
/ Jan 37 Dec
1
4
No par 384 Jan 2 61 June 28
/
1
103 10312 10278 103
103 103
10218 103 •10212 103
*102 103
190 Prior preferred
Jar 105 Sept
95
100 10118June 7 10613 Apr 22
/ 494 4914 50
1
4
/
1
/ 48
1
4
4814 48
4712 485
bk 4918 18
49
4712 8.900 Gobel (Adolf)
8 47
/
1
4212 Dec 624 Nov
No par 44 Jan 26 66 Feb 5
6214 6012 6118 6012 615 38,100 Gold Dust Corp v t45
4
4 603 6214 6012 6212 61
611 613
/
4
8
Jan 14314 Dee
le
No Pa
71
531May 27 82 Jan 19
/
4
/
4
,
/
4
8
787 814 7812 8214 7918 8114 86 4 811 7918 801 7912 817 28,100 Goodrich Co (B F)
8
/
1
68'siune 1091 Dee
4
4
No Pot 73 May 27 1053 Jan 2
112 112 •112 11.3 *112 2113100: Preferred
8
•1111 113 *1115 113 •112 113
/
4
,
100 111 June 14 11518 Feb 25 10913 Feb 116 4 Ma,
8
4
1'1_ /
8
4
8
122 1261 1223 1267 123 1265 124 12612 12153 1243 1223 ,261 81,500 Goodyear T le Rub__-.No par 112 Feb 21 1541 Mar IS
/
4
45'sjune 140 Dee
/
4
8
/
4
10118 1011 1014 1011 10114 10112 1015 1011 *101146102
/
4
/
4
102 102
1,500' let preferred
924 Mar 105 Dee
/
1
No pa 101 May 28 1044 Feb 23
/
1
• Bid and asked (glees: no sales on tha day, x Ex-dividend
4290
New York Stock Record-Continued-Page 5
Yoe sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 22.
Monday,
June 24.
Tuesday,
June 25.
Wednesday,
June 26.
Thursday,
June 27.
Friday,
June 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Shares Indus. & Mlacel. (Can.) Par
Gotham Silk Hosiery__No par
No par
2
4134 1114 4113 11-1- 407 407 -ii" 4112 41
42 -ii 42 --4:666 New
3
3
Preferred new
100
•..___ 97 0_ _
97 *____ 97 *____ 100 •____ 100
97
Preferred ex-warrants__.100
_94 *____ 9612 •____ 95
*-92 *____ 94 *____ 9612
12
NO par
*joi4 12 1034 1034 *10 1034 1034 1034 *1034 12 *11 1118
500 Gould Coupler A
8
8
4 305 3214 307 3112 35,100 Graham-Paige Motora_NO Par
3 3112 323
34% 3214 333
33% 34% 33
No par
600 Certificates
28
*2712 28
2712 2712 *26
*2712 29
28
28
29
29
79
7633 7712 8,200 Granby Cons M Sm & Pr_100
79
8
8 7712 7912 78
79% 783 787
7912 78
100
843 843
4
4 843 843 *8212 8412 1,700 Grand Stores
83
84
83
84
4
4
83
85
No par
24
2612 2433 257
255 2533 6,600 Grand Union Co
8
223 23 2 22% 2312 23 23
4
,
No par
3,100 Preferred
46
4512 463
4412 47
4412 4412 44
4 46
4412 4412 45
No par
1203 12214 122 12214 122 12214 1,600 Grant (W T)
4
8
119 11912 *1197 121 *119 121
28% 2812 2818 28% 2818 2933 2912 3014 2933 3014 2933 2973 37,700 Gt Nor Iron Ore Prop_No par
No par
9,700 Great Western Sugar
343 343
8
4
35% 343 35
4 3433 35
3518 3512 3518 35% 35
100
240 Preferred
113 11312 1137 1137 *11314 114
114 114
8
8
*113 114 *113 114
16112 16412 21,600 Greene Cananea Copper 100
1613 16412 158% 1643 15912 16218 15914 1623 160 162
4
4
4
Guantanamo Sugar___ _No Par
*23
4 3
*23
4 3
*23
4 3
*23
4 3
*2% 3
*25s 3
100
Preferred
*48
50
*48
50
*48
50
*48
50
*48
*48
50
50
100
4 63
60 6012 60
6414 7,700 Gulf States Steel
6514 6314 643
60 4 6012 59% 60
,
100
10 Preferred
•10212 107 *10212 10812 *10212 10812 *103 10812 103 103 "103 10812
25
70 Hackensack Water
2514 *25
2514 *25
2612 *25
2512 2512 *25
25 4
,
2514 *25
25
30 Preferred
*2712 29
29
29
*2712 29
2712 2712 *2712 2812
*2712 29
Preferred A
25
2712
*27
2712 *27
2712 *27
2712 *27
*27
2712 *27
27 2
,
No par
38
3612 353 3633 3518 36 8 14,800 Hahn Dept Stores
4
37
,
2
3753 367 3712 3614 37
100
9812 98 4 9812 9812 973* 9814 2,200 Preferred
,
4 984 99
4
99 2 983 993
,
99
100
220 Hamilton Watch pref
*10112 10214 *10112 10214 *10112 10214 *10112 10214 101 10112 *10112 10214
100
450 Hanna 1st pref class A
96
*9612 99
96
96
96
96
9618 98
96
96
96
10 Harbison-Walk Refrao_No par
*58
59
58
58
*____ 59
_ 59
50 Preferred
100
114 114 *11212 114 *11214 114 *11214 114
*11212 114 *11212 114
Hartman Corp claw A_No par
8
*2333 2433 *2333 2433 *2312 243 *23% 2412 *235 2412 *2358 2412
4
No par
2212 221s 227
8 2218 2233 2133 2214 3,400 Class B
*22
*2112 22
213 22
4
Hawaiian Pineapple
20
,
*633 6612 *6312 6412 *63 8 6412 •6312 6712 *6312 6412
4
*6412 67
400 Heime(G W)
25
10118 10118 *100 102
103 103 *101 102
102 102
*100 102
4
4 8,200 Hershey Chocolate___-No Par
903 933
90
91
89
90
90
90
91
92
9012 93
6,100 Preferred •
No par
9414 99
94
94
94
95
93
*94
96
96
94
96
100
1,000 Prior preferred
106 106
106 106
*10512 10638 *10512 10653 *106 10618 106 106
No par
243 2512 3,900,Hoe (R) & Co
4
25
2114 22
1934 193
4
3
4 203 20 4 21
218
4 21
1,900 Holland Furnace
No par
*3612 39
40 40
41
8
407 4133 4112 4153 407 4112 *40
500 Hollander & Son(A)
.17
1812 *17
No par
8
8 173 1733
1512 1512 1758 175
*15
18
18
IHomestake Mining
100
*7012 7112
72
*7112 72 2 *7112 7212 *71
*72
73
*7012 74
,
600 Househ Prod Inc
No par
*6518 6733
12
*6712 677
8 6514 6712 *6518 68
*6712 68
*66
68
2,900 Houston 011 of Tea tern otfs 100
81
*77
77
78
78'4 81
ns
79
ns
so
*78
82
6,800 Howe Sound
No par
26512 66
677
8 66% 67% 6612 6712 6712 68
6712 678 67
No par
8912 8814 8953 8818 8918 66,600 Hudson Motor Car
1
8612 8513 853 86
8512 85 8 85
7
471 15.500 Hupp Motor Car Corp____10
s 4813 4913 4712 4812 47
4832 4933 4712 4912 4714 483
4 3433 3514 3458 3512 17,300 Independent Oil & Gas_No par
4 3412 343
343 348 3412 343
4
348 35
No par
*2114 2212' 3,700 Indian Motocycle
2212 23
8 2212 23
2314 2112 223
22
4 2212 221
Preferred
82
100
82
82
83
83
50,200 Indian Refining
8
10
455
8 435 45
3 4178 44% 43
4218 427
4213 45
4412 45
8
10
433
8 4112 425 28,100 Certificates
4012 423
4 41
3 403 41
8
7
4133 42 3 4033 417
Preferred
100
92
No par
"9382 984 -941-4 - . 4 92 93 *90 92 *90 92 *90 14514 2,200 Industrial Rayon
9
73
700 Ingersoll Rand
14514
No par
1453 148 •140 146
4
146 146
144 145 *140 148
9112 4,000 Inland Steel
9012 9012 90
No par
s
8 913 9112 91
925
9014 91
893 90
4
4412 4614 4412 45% 4414 4512 4418 4412 4412 4512 6,500 Inspiration Cons Copper___20
4514 46
*87
3 9
600 Intercont'l Rubber_
4 9
4 *83
912 *9
No par
85
8 83
*6
9
94
,
9
No par
812 84 2,100 Internat. Agilcul
83
4 87
3
*612 10,4
9
9
93
8 93
8
1014 1014
100 Prior preferred
64
•__
100
68 68
*68
69
4,800 Int Business Maohines_NO par
8
1.58 4 202% 2027 210
7
8
200 20112 199 1993 198 198 *197 199
3,700 International Cement__No par
85
4
85
857 *833 8412 83
3
8312 84
8312 84
85
85
6514 92,000 Inter Comb Eng Corp _ _No par
615 6312 62
8
6212 6414 6218 6312 6112 63% 62% 64
101 1017
3 4,100 Preferred
100
4
101 10214 102 1023 10012 102
1003 101
4
10014 101
4
8
4
8
106 1093 1075 109 21063 10712 106 1077 105 1063 10512 10714 19,600 International Harvester No par
8
100
140 140 I 140 140 I 1,100 Preferred
140 140 •140 14014 140 140
*140 141
8' 9,800 International Match pref__35
82
837
7
82% 823
4 8212 83 8 28114 8212 8214 8312 8214 83
100
5
5 14
48 518 11,300 Int Mercantile Marine
3
4 3 512
,
514 5 8
4% 5 8
,
45
8 43
4
453 4612 4412 4514 33,200 Preferred
4
47
' 100
4
4
3
4312 44% 423 45 4 453 4712 46
4
4
4912 5014 5018 5114 5012 51% 513 5212 5212 5313 5112 523 211,800 Int Nickel of Canada_No Par
*50
70
70
70 .50
International Paper_....No par
*50
*50
70
*50
70
*50
70
200 Preferred (7%)
*85
90
8612 8612 *86
100
87
87
*86
90
89
89
1086
2812 3,800 Inter Pap & Pow el A__No par
283 287
4
8 2812 2812 28
283 29% 28% 283
4
4
28% 29
NO par
17
17% 3,500 Claw 13
17
17
1734 177
8 1712 1712 1714 18
•1712 18
1212 13
ar
1214 1212 11,300 Class C
1214 13
No puv
8 1234 13
1278 1313 1234 133
1,800 Preferred
8
8514 8514 847 85
89
*85
28512 86
87
87
863 87
4
1,500 Int Printing Ink Corp....No par
4712 48
48
48
48% 49
4414 50
50
*48
50
*48
120 Preferred
100
96
9612 *9512 971_ 49612 67t2 9512 9512 9512 9512
*95 4 96
3
30 International Salt
7012 7012 •71
*71
73
73
100
76
*70
76
*70
7012 71
2,400 International Silver
141 1423 142 14212 *135 138
8
100
139 143
*13512 139 *130 139
10 Preferred
100
*10914 11812 *110 11812 •10914 11812 10914 10911 10914 11812 *10914 11812
8
8
3 9512 997 351,400 Internat. Telep & Teleg__ _100
3 945 967
8914 8918 90% 89% 92% 92% 957
88
Stor_Ne par
703 72
4
4
terst
70% 70% 4,200 Inprer rred
703 72
te
esDPt
6912 7012 7118 72
70
*69
100
,
4
*120 130 •120 1283 •120 12712 *120 126 2*120 12614 *120 125
800 IntertyPe Corp
323 3314
4
4
*323 3312 *323 33
4
4
No Par
323 3312 *323 34
4
34
*33
500 Island Creek Coal
1
5212 513 514
5212 *52
4
4 52
*51
5214 5212 523 4,
53
*52
82
8212 8252 828, 82
823
4 1,700 Jewel Tea. Inc
82
No Par
8112 *80
82% 82% *80
Preferred
100
1
18214 18514 18312 18614 34,500 Johns-Manville
183 189
par
No 1w
179 185
8
1821 1833 21781- 184
4
121 121
340 Preferred
121 121
*12112 ____ 12112 12112 122 122
120 Jones & Laugh Steel pref_100
11812 11912
12014 12014 11814 120
121 121
4
4
1217 1217 121 121
Jones Bros Tea Inet____No par
26 *____ 26 •-__ _ 26 •____ 26
•____ 26 *__
_ 2
7
12,400 Jordan Motor Car
7
63
4 8
67
714
No par
714 714
2
7% 73
3
*714 7 4
Kan City P&L lit pf B_No par
110 *10734 110 *108 110 *10814 110 *10814 110
4
*10734 110 *1073
2512 2512 2512 2512 2512 1,100 Kaufmann Dept Stores-$12.50
*25
2512 *25
25
2512 25
*25
827 8312 1,200 Kayser (J) Co v t e___ _No par
8
82
83
8112 8112 *8133 8212 *8112 82
82
82
300 Keith-Albee-Orphsum_No par
3412 *3314 3414 *3212 3412 3412 35
*33
*305 33
8
*303 32
3
700, Preferred 7%
108 110
100
983 983 *10112 107 *10312 108 *10014 108
4
4
*9814 108
19,900 Kelly-SPringfield Tire_No par
4
8
8
8 157 1612 157 1614 153 1618 1512 16
1513 165
15 4 16
3
74
*73
100 8% preferred
73
73
72
100
72
72
72
74
*72
80
*72
100
82 *____ 82 *_..... 80 •__ __ 80
I 6% preferred
84 'P.__ _ 84
4912 20,2f
y
8 49
fetIgyesWheelnewNo Par
d
505
8 4914 507
8 4912 50% 50
8 4912 507
5018 507
Preferred
100
-35:800 Kelvinator Corp
8
par
-1151
15
1533 ..1. 15 8 -ii- Iii2 -iiii -ii115
No par
No
8
8 847 863* 84% 858 8418 85 124,600 Kennecott Copper
8
85% 863
8 8518 8714 845 853
393 4058 8,000 Kinney Co
4
3912 40
40
No par
38
3612 38's 3712 38
37
36
1201 Preferred
9812 100
98 8 100
,
100
*99 100% 10014 100% *100 1003* 99 100
323 22,000,Koleter Radio CorP----NO Par
4 32
8
4
3214 33% 313 3318 325 3314 318 323
33
32
4712 4712 8,100,Kraft Cheese
8
No par
487
8 473 48
4712 473
4 48
4712 48
48
47%
96
3001 Preferred
96
98
98
96
96
*663 100
100
4
*953 100
4
*953 100
4
8
10
4633 4714 463 4714 4612 4714 3,600 Kresge 03 131 Co
4712 464 47
•4718 47,
4 47
10 Preferred
100
•11214 11414 *11214 114 *11214 114 *11D4 114
*11214 11414 11214 11214
200 Kreage Dept Stores____No par
147
8
14% *14
*14
15
*14
15
*14
15
*14
15
15
*6812 70
Preferred
*6812 70
*6812 70
100
*6812 72
*6812 70
*6812 70
300 Kress Co
9214 9212
No par
*9212 9612 9314 9314 *93 100
97
*93
97
*94
357 61,000 Kreuger & Toll
8
8 35
8 3558 3614 3514 357
35 4 367
3
4 3512 363
36% 37
8658 85% 8618 8418 8512 13,900 Kroger Grocery i Blig_No pa
,
85
863
4 84 2 8512 85
85
85
250
Laclede Oas
100
.210 250 *210 250 *210 250 *210 250 *210 250 *210
30 Preferred
100 100
100
*100 101 *100 101 *100 101 *100 101 *100 101
7,500 Lago Oil & Tranaport_No Par
35
35
3314 36
3312 36
33
33
8
3312 3312 3314 337
1453 148 103,700 Lambert Co
4
13914 148
No par
138 14138 140 142
1403 14118 13912 141
4
1518 4,200 Lee Rubber & Tire.. No par
4
8 14
8 143 157
8
1512 147 147
8 14
1412 1514 1538 153
5012 50 2 2,600 Lehigh Portland Cement__ 50
,
5012 5012 5212 53
52
5114 *51
51
53
*51
240 Preferred 7%
100
*10812 10912 *10812 10912 10812 10912 108 10812 108 108 *10812 109
.Ir tv ,
2,500 Le s 1: nk
1s
5112 52
4
5114 503 52
No par
51
5118 52
4
513 52
52
52
Life
No par
8383 8312 8312 8312 2,500 Liggett & Myers Tobacco_ _ _25
82
-iF 12
*83
8312 "8212 83
8312 8314 8312 7,000
833
8 83
25
82
,
*8312 83 8 8112 8312 8118 82
PSerefeeerried
100
*110 133 *110 133 *110 133 *110 133 *110 133 *110 133
533 11,900 Llma Locom Works___No par
8
8
8 52
5118 543
4 543 545
503 55
4
5114 523
8
5018 51
4
8512 86% 863 8914 19,400,Liquld Carbonic
No par
85 4 8512 87
3
8418 85 4 8414 8614 85
3
5512 5612 5618 5712 15,100 Loew's Incorporated-No par
5
5418 5512 5458 5
*5518 55% 5413 55
500 Preferred
93
93
93
No par
9312 93
*93
9312 9312
92
*88
93
93
913 912 33,400 Lott Incorporated
3
No par
9111
93
5
918 9 8
918 953
9 4 9%
,
4
914 93
1,400 Long Bell Lumber A.- _Are par
25
8 2618 2618 25% 2553 25
*2612 273
26
2614 26 4 26
,
$ per share $ per share $ per share $ per share $ Per share $ Per share
-ic TE78
a Hz-divldend
•Bld sad asked !glom 98 mica on this day. b Ex-d1v. 75% in stock.
PER SHARE
Range Sitwe Jan. 1.
-share lots
On basis of 100
s Shillings
per share
5312 Mar 26
4078June 25
93 May 27
92 June 8
7 Feb 18
25 May 28
20 June 3
6218May 28
773 Jan 30
4
2018 Mar 26
41 Mar 26
11412 Apr 12
2514May 28
323 Mar 26
4
11212June 18
13618May 28
212May 28
48 June 13
5514June 12
10112June 3
25 Jan 7
27 Feb 18
26 Jan 31
333
4June 10
9512May 31
1003 Feb 15
4
91 Jan 14
54 Jan 3
112 Jan 14
23 8May 23
5
207
gMay 31
80 Feb 19
100 May 28
64 Feb 16
80 Feb 16
104 Jan 4
15 June 4
8May 23
347
1312May 27
7214 Feb 21
62 June 1
7012May 31
5618May 28
7518May 31
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
7812 Jan 2
3818May 28
813May 31
810une 1
67 June 8
14953 Jan 24
83 June 28
5412May 31
99 June 3
92 May 31
140 May 17
8514 Mar 26
4 June 17
3612 Feb 1
4012 Mar 26
5712 Jan 11
8514May 22
25 May 20
143
4May 22
1052 Jan 10
80 Apr 15
437
1May 21
95 June 5
5512 Jan 4
118 June 14
108 May 16
78 May 27
6912May 17
12714June 17
29 Jan 2
493
4May 16
82 June 26
12412 Jan 3
15212May 31
119 Jan 21
117 June 14
2413May 27
6 Mar 26
106 Feb 16
2434May 22
76 Mar 26
25 Apr 11
9412 A pr 11
11 Mar 26
70 June 3
85 Apr 12
4014May 27
10614 Apr 23
12 Mar 26
775
sMay 27
2712May 20
9312 Jan 2
2518May 27
32% Mar 26
25 Apr 20
441sMay 28
109 Jan 5
123
4May 29
6912June 17
9214June 28
33123Iay 27
7512May 27
23112May 4
100 Mar 8
26 May 31
12712 Jan 22
10 May 28
50 AIN 17
10113 Jan 3
4
503
41une 27
2914 Jan 7
8112 Mar 20
8114 Mar 26
13414June 7
423
4May 28
•7153 ar 28
4812May 27
9212June 19
7% Jan 19
25 June 23
a Et-rights.
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
per share per skim
$ per share
7412 Jan 23
70 Dec 93 Apr
60 Apr 11
10114 Jan 6 100 Dec 130 Apr
95 Dec 112 May
100 Jan 12
67 Dec 1252 Feb
,
14 May 6
1634 Feb 6114 Sept
54 Jan 2
2612 June 58 Sept
4912 Jan 11
3912 Feb 93 Dee
2
1027 Mar 20
2
6514 June 947 Oct
902 Mar 18
4
263 July 41% Oet
327 Jan 2
8
4612 Aug 62% Oct
54% Jan 4
4
144% Feb 5 1113 Dec 12512 Sept
2
1914 June 333 Oet
3914 Feb 1
Jan 38% Dee
31
44 Jan 25
11912 Feb 1 112% Feb 120 Jan
89% June 17714 Dec
19758 Mar 20
9% Jan
43 Dec
4
512 Jan 3
Jan
90 July 107
90 Jan 2
Jan 73% SW
51
79 Mar 5
109 Feb 14 1933 Nov 110 Apr
2
Jar
23 Jan 30
29 Fen 28
23 Jan 30 Dee
31 Mar 8
29 Jan 14
25% Jan 29 June
4
563 Jan 10
115 Jan 31
10552 Jan 8
99 Aug 104 Apr
993 Jan 23
4
59 May 97 Noy
6034 Mar 22
54 Dec 57% Oct
Jan
11812 Jan 29 110 June 120
2312 Aug 27% Feb
27 Jan 2
165 Aug 37% Dee
8
393 Jan 2
8
61 Dec 68 Nov
6612 Apr 18
Oct
11812 Jan 29 105 Dec 120
7212 Dec
4
8May 15
303 Jan
955
7014 Feb 89 Nov
993
4May 3
10618 Apr 17 10014 Aug 105 Apr
2
1514 Sept 307 Jan
2512June 28
4
40% Dee 493 Oct
51 Mar 9
2
18 Dec 367 Ain
22 Jan 2
Jan 80 Nov
67
8May 13
767
Oct
6412 Feb 84
7912 Jan 7
79 Dee 167 Apr
109 Apr 2
3
40% Feb 73 4 Nov
8212 Mar 21
93'2 Mar 15
75 Jan 99% Mar
29 Jan 84 Nov
82 Jan 28
21% Feb 38% Nov
393
8May 7
20
Oct 70 Apr
32% Jan 2
93 Nov 115 Apr
95 4 Feb 5
3
9 Feb 3952 July
52% Apr 10
8% Jan 3714 July
48% Apr 10
165 Jan 11 140 Dec 185 Nov
001
135 Jan 18 118 Dec 148
90 Feb 127 Nov
1535* Apr 24
46 Mar 80 Dec
96% Mar 20
18 Feb 48% Nov
6612 Mar 1
812 July 2134 Jan
1414 Jan 11
2
13 Feb 207 Ma,
177 Jan 28
2
485 Mar 85 Dee
2
8812 Jan 26
Jan 166% N••
210 June 28 114
g
Jan 947 Dee
56
102% Feb 4
4514 Feb 80 Dec
10312 Feb 15
121 Feb 16 103 Mar 110 Sept
2
80 Dee 977 Dec
1193
4May 3
145 Jan 18 13614 M s 147 MAY
2
85 Dec 1217 May
10212 Jan 4
h e May
32 Mar
4
714 Feb 15
44% Jan
84% June
51% Apr 23
73% Feb 26912 Dec
723 Jan 23
4
Oct 86% May
50
83 Apr 9
Jan
89 Dec 108
94% Jan 8
22 Dee 3412 Noy
35% Mar 19
14% Dec 19 Nov
2412 Mar 8
133 Dee
4
10% Nov
17% Apr 4
88 Dec 91 Dee
93 Jan 23
47114 Oct 60 Dee
63 Jan 23
106 Mar 4 100 Dec 100 Dee
4
4912 Mar 683 Jan
90 4 Feb 4
3
Jan
150 Mar 6 126 June 196
Jan
119 Jan 17 11214 Dec 131
997
8June 28
6112 Nov 90 Dee
9312 Jan 2
150 Jan 2 124% Nov 150 Deo
23 4 Sept 3812 Jaa
3
3812May 3
47
Oct 61 May
69 Mar 5
77% Mar 179 Nov
16214 Feb 6
12518 Feb 13 11958 Nov 12512 Nov
9814 June 202 Dee
242% Feb 2
123 May 15 118% Oct 122 Ayr
12214 Mar 11 119 Dee 12414 May
is Jan 21 25% Mar 4113 Oct
1912 Oct
812 Aug
1612 Jan 2
1124 Jan 22 108 Aug 114 Apr
Oct
2912 Dec 34
3718 Feb 6
62% Jan 92 Nov
925 Apr 24
8
1512 May 5112 Nov
46 Jan 4
75% May 160 Nov
138 Jan 5
1914 Dec 254 Nov
2:J7 Jan 2
8
55% Feb 95 Nov
94% Jan 9
58 Feb 101 Nov
100 Jan 14
693
4May 13
110 Jan 8 106 Mar 111 Nov
7
753 July 22 2 Apr
1914 Feb
1047s Mar 18
405
8June 28
87% Mar 100 Apr
1093 Mar 6
4
2
51% Aug 957 Nov
78% Jan 3
82 Dec 42 Nov
4June 12
503
Jan 2
9914 Dec 10114 Dee
993
4
4
gm Mar 4 065 Feb 913 Nov
116 June 7 110% June 118 Apr
13% Jan 2714 Feb
23 Jan 2
78 Aug
51% Feb
7312 Apr 28
87 Feb 124% Not
114 Jan C.
4
325 Deo 403 Oct
2
463 Mar
2
73% Mar 13214 Nov
12212 Jan 3
Jan 260 Feb
245 Mar 14 200
99 Nov 124% Jan
102 Jan 4
3912 Apr
273 Feb
8
383
8June 17
15714514-r 19
79'z Jan 136% Nov
2614 Oct
1714 Jan
25 Jan 14
284 NOV
42% June
85 Feb 6
,
1104May 9 10614 Deo 110 1 May
3
Jan &Ps 001
38
6812 Feb 4
2818 Aug 404 Nov
393 Jan 5
6
83% June 12212 Jan
105% Jan 28
.014 June 123.2 Jan
10318 Jan 29
Apr
134 Aug 147
13712 Mar
2
38 July 657 May
55 Mar 22
0312 Feb 13412 Nov
1137 Jan 3
8
494 June 77 May
8512 Feb 27
8
99% Mar 1108 AID
1103 Jan 31
4
19% Aug
514 Feb
1112 Apr 1
4
26
Jan 353 Feb
3212 Jan
New York Stock Record-Continued-Page 6
4291
For 'ales during the week of «to..ks not recorded hers,see sixth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 22.
Monday,
June 24.
Tuesday,
June 25.
Wednesday,
June 26.
Thursday,
June 27.
Friday,
June 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER MARE
Range Since Jan. 1.
On Oasts of 100-share tots
Lowest
if
i
PER SHARE
Ran ye for Prsotons
Year 1928
Lowest
Htga,ssi
per share $ Per Mare $ per share $ per shard
Shares Indus. & Miscel.(Con.) Par
4414 June 884 Sent
/
1
25 56 May 29, 745 Jan 5
48,600 Loom-Wiles Biscuit
100 11534June 20, 12112 Apr 2 11712 Aug 125 May
20 let preferred
2334 June 4678 Air
Lorillard
25 20 Mar 251 3112May 17
90,100
8612 Dec 114 Mar
100 8412May 8 9712May 17
1 Preferred
934 Feb 1934 Apr
No par 1212June 25 18 Jan 9
8,400,Louisiana 011
78 July 96 Apr
100 89 Feb 8 1001. Feb 21
350 Preferred
28 Feb 41 May
/
1
89,900; Louisville GI & El A....No par 3578May 31 484June 24
No par 6612 Mar 26 10034June 27
51,200,Ludlum Steel
44 Aug 5739 Apr
1,3001MacAndrews dx Forbes_No par 37 Apr 26 46 Jan 4
106 Oct 110 Nov
100 104 Jan 8 10734 Apr
20 Preferred
100 122 Jan 19 140 Max 28 10812 Mar 134 Mar
Mackay Companies
Oet
684 Jan 88
100 834 Jan 28 844 Jan 14
Preferred
83 Apr 110 Nov
/
1
4
No pox 91 Mar 26 114 Feb 5
15,400,Mack Trucks,Inc
No par 148 Mar 26 204 June 28 v134 Aug 382 Aug
23,900,Macy Co
1814 Dec 34 May
5,300; Madison So Garden_ _ _No par 1714June 12 24 Feb 28
43 Feb 75 Nov
/
1
4
No par 60 May 28 8212 Mar 21
MOO;Magma Copper
16 Jan 384 Nov
1,500;Mallison (H R) & Co--No par 244 Apr 9 398 Jan 15
874 Jan 110 Oct
100 9538 Mar 25 13513 Jan 18
701 Preferred
21 Nov 41 Jan
100 1212June 32 26 Jan 14
20.Manati Sugar
40 Nov 88 Jan
100 31 June 24 5012 Jan 10
1001 Preferred
82 June 40h Jan
No par 2458June 28 3838 Mar 9
900, Mandel Bros
2114 Sept 6638 June;
1,5001Manh Elea SuPPIY---.No par 25 June 13 3739 Jan 14
3184 Feb 43 May
25 2558May 29 355 Jan 4
3,500,Manhattan Shirt
1212 Feb 254 Apr
700,Maracaibo 011 Expl---No par 12 Feb 18 1812 Apr 18
33 Feb ANL Nov
/
4
No par 3318May 31 471 Jan 3
24,100, Marland 011
459, Mar 83 Nov
8918 Mar 26 8972May 20
No pa
2,700. Marlin-Rockwell
77 Dec 86 Dee
66 Feb 18 104 May 10
/
1
4
No pa
31,40064am:ion Motor Car
12 Mar 255k June
/
1
4
4June 10 18 Jan 2
73
700,Martin-Parry Corp___ _No pa
4214May 28 218 Feb 27 11734 June 190 Dee
50,100 Mathieson Alkali Workallo pa
100 120 Jan 28 125 Jan 2 115 Jan 130 Apr
10 Preferred
75 July 1134 No
25 7312May 31 1084 Jan 10
50,500 May Dept Stores
1712 Aug 304 Nov
19 May 31 25 Apr 4
No pa
2,200 Maytag Co
404 Aug 52 May
No par 3834June 27 454 Jan 3
2,000 Preferred
8912 Dec 101 May
No par 80 Apr 26 9018 Jan 10
300 Prior preferred
58 Feb 80 Dee
7114 Feb 16 10434June 7
No pa
900 McCall Corp
8
77 Feb 1097 Noy
20 McCrory Stores class A No par 9712June 11 113% Feb 5
8012 Mar 11934 Nov
No par 9718June 18 1154 Feb 6
800 Class B
100 107 June 11 120 Feb 7 109 Feb 1184 Now
400 Preferred
1914 Sept 2812 Mar
.3June 28 2312 Jan 5
157
1.000 McIntyre Porcupine Mime-*
6218 June 783 Nov
6,200 McKeesport Tin Plate_NO Par 6212 Mar 26 82 Jan 31
45 Nov 50 4 Dee
/
1
4
3
49 Jan 7 59 Mar 4
5,400 McKesson & Robbina_No pa
•
54 Nov 63% N.
ao 55 Mar 26 62 Feb 4
1.900 Preferred
607.3 Nov 70 Sept
5813'War 26 72 Jan 3
No par
1,100:Melville Shoe
41 Sept
4
2539 July
20 Mar 26 34% Jan
No par
21,7001Mengel Co(The)
2412 Dec 274 May
700 Metro-Goldwyn Pictures 90.27 24 Jan 10 27 Feb 25
434 Jan 73 Dec
6938 Jan 3
3614May 3
80.700,Mexican Seaboard 011..No par
1734 Jan 33 Dec
5412 Mar 20
3018 Jan
a
20,6001Mteml Copper
254 Feb 441g Nov
3978 Jan 3
304 Feb 1
No par
14,0001611d-Cont Petrol
121 Jan 4 10314 Feb 12018 Dee
100 12014 Jan 1
Preferred
254 Jan
3 8;300 Middle States Oil Corp
7 s May
3
518 Jan 3
4
3i2June 2
312 3's 312 314
1
3% 31 34 - 718
38 33
3E3 35g
54 May
14 Jan
312 Jan 3
214June
284
10
2% 2%
23g 212
234 3
*212
3,100 Certificates
24 27
214 3
200 Midland Steel Prod pref-100 225 Feb 1 275 Apr 3 193 June 295 Nov
*245 249 *240 249 *240 249 248 2481 *240 249 *240 250
1812 Aug 27 Jan
28% Mar 20
/
1
174June 2
No par
18
183 •1758 1814 17$4 18
1,700 Miller Rubber
194 1958 1918 1914 1878 19
3914 Aug 757k Dee
13014 Mar 1
70
707
8 6912 70
10,5001 Mohawk Carpet MIlle_No par 6012May 2
70
703
4 67
70
69
7178 6958 72
99 May 31 15674 Jan 2 11514 Dec 15613 Dee
/
1
4
/
1
3
106 1083 106 1087 10612 1081 106 109 4 1074 1094 97,3001 Mont Ward &CollICorpNo par
3
Mk 108
5. Feb 114 May
/
1
4
8 Jan 8
4 May 29
4
41
4
438
No par
4
414 3,100,Moon Motors
412 412
43
4 47
434 43
4
238 Aug439 May
312 318
612 Mar 4
3 Feb
3% 31
34 3 4 6,700,Mother Lode Coalltion_No Par
,
33* 339
318 33*
38 34
5
3
6034June 21
5 Mar 147 Deo
1212 Jan
54
54% 557
8
No par
55% 527 5412 23,200;Motion Picture
5514 58
538 58
5712 58
13 Mar 243* Sept
,
•17
14 4May 31 25 4 Jan 3
,
181
19
*173 19
4
1812 1812 1812 1812
No par
*1814 1812 •17
600,Moto Meter A
/
1
94 July 2184 Oat
9612June 4 216 Mar
17,800,Motor Products Corp-NO Par
4
110 11012 112 1133* 113% 1183 120 128% 129% 140 131 138
254 Jan 6114 Oct
8May 18
39 Mar 26 483
4414 451
44% 44% 4314 4414 7,000,Motor Wheel
No par
43 4312 424 423
4
4 423 4514
6914 June 9514 Oct
4214June 14 8178 Jan 4
4614 471
46
4958 7,500 Muffins Mfg Co
4614 47
47
4678 46
45
No par
46
46
98 Dec 10478 Nov
90 *---- 88 •____ 88 •____ 88
No par 88 June 12 10214 Jan 11
I Preferred
•_
90
4May 4
463 Mar 6214 Mar
4
504 Apr 6 813
No par
57
/
1
587
8 584 584 4,900 Munsingwear Inc
4 57% 591
6039 60% 60 6078 583 598
2112 Feb1244 Oct
8June 17
62 Mar 26 1007
93
94 39,800 Murray Body
No par
9214 94
9358 9439 9214 9414 91% 93% 9212 931
Ilk Nov
804 Fe
8
No par 8118June 11 1187 Jan 25
16,700:Nash Motors Co
8454 858i 833 8534 8414 85
4
7
8512 8574 844 85 2 8418 85
3316 Dee
74 Ja
3684 3739 3739 373* 13,900,National Acme stamped____10 2814 Jan 7 3912 Feb 28
3614 367g 36
3612 3658 38
3612 367
8
No par 4714June 12 71 Mar 1
4812 5012 4972 5032 50 50 8 48% 5014 485 493 16,500 Nat Bellaa Hess
7
49
48
9014 Jan 1181g Dee
Preferred
100 10234June 15 118 Jan 3
*-___ 106 •_ 106 *101 106 *____ 106 *105 106 *105 106
85 16612May 28 205 Jan 4 15912 July 1954 Nov
187 189
/ 187% 189% 18814 18939 187 19214 19,300,National Blaoult
1
4
189 18984 1874 190
100 14112May 17 144 Jan 26 1374 Feb 150 Apr
800, Preferred
*14112 142's 142 142 *1413* 14212 142 142 142 142 1 14139 14139
4714 Jan 10434 Dee
11714 11514 1167 11512 12212 x120 12212 69,200;Nat Cash Register A w 1 Ne Par 96 Jan 8 14104 Mar 20
8
1144 1157 11518 11712 115
755 132,500;151st Dairy Prod
No par 62183lay 22 7534June 26
3
7212 733
4 7214 73 4 7334 75 4 7312 75% 74
3
7214 73
1
4
*2812 291
1529
2912 28', 29
29
2918 29
800 Nat Department Stores No par 2818 Jan 4 373 Mar 5 217 Jan 824 Oat
*2918 298 29
91 Jan 102 MAY
/
1
100 9214 Feb 4 96 June 8
200, 1st preferred
*9418 96's 9418 9418 *9418 9618 *9418 964 *9414 9618 94% 9418
2914 June 5814 Jan
511
5018 5178 4912 513* 49% 5014 11,200,Nat Distill Prod ctfe___No per 33 Mar 26 58 June 17
50
4912 52
494 503
4
5139 June 711 Jan
10578 10678 106 10612 106 1063 12.800, Preferred temp cifs-No Par 6712 Feb 7 10712June 17
8
4
106 10814 106 1067 106 107
2314 Mar 5738 Nov
45
457g 1.600 Nat Enam & Stamping. 100 43 May 29 6214 Jan 9
49
4612 48 *46
*45
47
47
46
*4414 49
Jan
151 152
, 152 1527 152 15212 2,2001I National Lead
100 132 Jan 2 173 Mar 20 115 July 136
8
152 152 •150 152
152
*149
140 140
140 140 140 140
240; Preferred A
100 13814June 12 1414 Feb 1 139 Jan 14714 May
140 140 *140 141
*140 142
30j Preferred B
100 118 Jan 2 12339 Apr 24 1124 Mar 122 July
1184 1184 118 118 *118 120 *118 120 *118 120
15118 120
8
217 Jan 46% Dee
4
623 325,500,National Pr & Lt
/
4
No par 4214 Mar 26 6234June 28
56% 5814 5614 6039 61
4 561 57
8 5614 583
5618 583
14 July 40% Jan
812May 28 17 Jan 10
*8
81
...78 par
712 7 4 1,000;National Radiator
3
8
8
818 *712 81
8
814 814
36 Dec 9812 Jan
19
20
*1612 173
18
18
19
20 •19
No par 17 May 29 41 Jan 29
200, Preferred
*19
20
4
*19
844 June 146 Dee
121 12138 1,400'National Supply
12078 121
122 123 .120 122 *121 122
50 11134Mar 26 144 Jan 2
*12312 125
6 4% 8 17 AD: 1
4
.36
10 Preferred
100 114 )4 731 160414 7 19 114 Sept 119 Jan
*115 11512 115 115 *115 1151 *115 1151 •115 11512 *115 11512
/
1
10514 10614 *106 108
900 National Surety
1054 110 *105 1071 '10512 108
ao 101 June 14 155 Feb 1 1384 Dec 150 Nov
108 108
0160 Jan 390 Dee
661
6614 6614 6514 66
4 66
66% 663 2,700 National Tea Co
66 673
No par
67 68
1734 Jan 423, Dee
4658 477
4512 47
4812 4634 471
453* 467 43,800:Nevada ConsolCopper_No par 398 Jan 18 6278 Mar 21
4838 47
47
8
3978 Oct 50h Nov
45 45'3 4418 444 444 447
4612 4634 4614 4612 4539 46
No par 4112 Mar 25 49% Mar 4
8 4,8001N•Air Brake
47 Aug 6414 Jan
48
50
*47
51
50's 5014 5012 49 49
51 •47
1,100 New York Doak
100 40 May 28 5838 Feb 2
*47
95 Jan
85 Sep
86
871 *86
90
90 *86
*86
90 .86
300; Preferred
90
100 84 May 23 90 Apr 10
*85 89
9813 Oct 1054 May
*97
98
98 *97 98
977 978 *9712 99
4
98
20,14 Y Steam Prof(6)
98
----No par 96 June 17 103 Jan 10
*97
511014 111 *1101 111
8
11014 1101 11014 11014 11014 1101 '
/
4
30, let preferred (7)
/
4
*11014 112
No Par 11014June 17 1147 Feb 19 102 Jan 115 Apr
58% Jan 97 Nov
/
1
4
1413 1463 1445 1471 155,700 North American Co.. No pa
4
4
*
9039 Jan 7 14712June 28
1293* 13084 129 13139 13038 13812 13818 146
5212 5211 523 53
51 Sept 55% May
4
5212 53
5174 517 *5112 54t
54
50 5114June 18 5414 Jan 9
1,200, Preferred
*52
8
9934 Oct 1057 Feb
700;No Amer Edison pref....No par 991k Mar 27 1033* Ian 15
8
3
*10014 100 4 10014 10012 *16014 10034 10012 10039 10039 1005 10014 1001
1
694 Nov
6334 Jun
4818May 28 6414 Jan 12
5212 52% *52% 5314 544 54
/ 54
1
4
1,100,North German Lloyd
548 5439 53
*5212 53
48 Oct 55 May
4418 4418 *44
4512 44
49
*4412 4539
*44
45
60.Northwestern Telegraph---60 4312June 14 60 Mar 16
49
*44
74 Sept
24 Ma
614 Feb 4
*318 33
234June 27
1,2001Norwalk Tire & Rubber..
2
7,3 31
23
4 3
314
3
34 *3
-_10
314 314
*2114 25 *2114 25
3334 Jan 48 Sept
*2114 2112 2112 22
20 Preferred'
*2114 25
100 2018May 27 45 Jan 31
*2114 22
.
5
7
*3
7
*534 7
8 Dec 13 May
/
1
4
*5
7
8 Feb 8
*5
512May 16
*5
7
7
Nunnally Co (The).....No par
41 Jan
20
21
2014 Jun
20
2114 *20
20
20% 19118 195* 1,600 Oil Well Supply
21
25 'Minna 18 32 Jan 3
21
520
96
97 97
97 Jun 1104 Jan
9614 *97
97
984 9814 951
160 Preferred
100 92 May 31 1084 Jan 18
07 *96
*96
yh Feb 21 10% Feb 28
*814 9
838 8
81/4 93
74 Dec 1514 May
/
1
4
9 11
3
3,500 Omnibus Corp
812 81
9
-No par
8* 84
3
9
87
„. 87 *__ __ 87 e_ _
834 Dec 99% June
87 *---- 87 *.j
100 80 Mar 26 90 Feb 28
Preferred A
*____ 87
753* *74
4
*75
75
700 Oppenheim Collins& CoNo par 7214 Feb 8 849* Apr 13 673 Aug 8812 Jan
751
4 75
513 70 "
754 767
2 7
*75
76
*23
50 *23
50
18 May 70 Oat
23
50 *23
50 3
*23
50
50
Orpheum Circuit,Inc
*23
75
72
75
72
75 May 104 Nov
75
72
75
180 Preferred
75
771
*70
100 60 Apr 12 9534 Jan 2
72
*70
ao 276 Jan 7 365 June 28 14718 Feb 28514 Dee
5,200 Otis Elevator
340 340 34212 3424 345 345 347 35934 359 365
*342 347
4
140 Preferred
*12314 12412 *12314 12412 *12314 12412 12314 12314 *12314 12412 1218 1213
100 12134June 28 126 Jan 24 11914 Jan 12634 July
417 4441 4334 4539 4418 451 4412 4514 52,00010tis Steel
104 Jan 401g Nov
/
4
8
414 423* 4134 43
No par 37 May 29 483 Mar 15
100 100 •97 100 .97 100
8214 Jan 103 Nov
5
67 100
*9614 100
aJune 5 108 Feb 20
*9912 100
100 967
1001 Prior preferred
1582
85
85
85 *82
81 June 9918 Sept
85 *82
*82
*8312 85 *82
85
No par 03 June 20 9634 Jan 4
'Outlet Co
7914 80
8014 81
*80
81
81
81
79
79
•80 81
700 Owens Illinois Glass Co-25 78 May 28 84 May 18
4314 Feb 5818 Noy
8
664 677 654 674 654 6678 6618 6818 668 6812 x6713 71
51,200.Pacific Gas & OW
5
25 53 8 Jan 2 7158June 20
89% 87% 88
8712 8818 8758 89
8812 91
88% 893* 88
28,100 Pacific Ltg corp
No par 70 Jan 7 9114June 20 69 Dec 8538 June
*28
32
28
28 *28
32 .28 • 32
32 *28
25 Oct 3512 Nov
28
28
30,Pacific Mild
100 274June 3 37 Apr 17
11$ 11*
1
1
1
1
214 Apr
1
14
14
1 Sept
*1
1
11 11,900;Pacific 011
1 mar 6
14 Jan 10
No par
182 185 18018 18018 180 182
182 182
179 179
180 183
300,Pacific Telep & Taloa
100 159 Jan 3 200 Mar 14 1411 June 169 Dec
12714 1274 *12714 130 '12714 130
10 Preferred
*12714 130 *1274 130 *12714 130
4
100 1163 Jan 3 130 May 18 114 Oct 1254 May
3634 Feb 163 Dec
4
4
10 11612 Mar 28 15334May 15
1328 13414 13012 13414 13115 13312 13139 13314 1304 1323 12918 1321 54.800 Packard Motor Car
57 *54
54
54
57
5318 5412 53
1,200,Pan-Amer Petr & Trans----50 4014 Feb 18 63 May 4
3814 Feb 5514 Nov
53
58 *54
*56
4 5614 5739 5518 573* 5578 57 81,800, Class B
3734 Feb 58% Nov
/
1
5778 5914 57% 5938 56% 578
/
4
50 401 Feb 10 664May 6
*1334 1412 13% 133 •1334 157
14
14
16
1412 *14
1,100,Pan- Am West Petrol B_No par 1334June 27 174 Jan 3
4
154 July 28% Apr
*14
*984 10
10
10
.934 10
,
939 979 *9 8 10
1112 Feb 2184 May
500,Panhandle Prod k rel__No par
941 Feb 16 154 Jan 3
*93 10
4
•50
60 60
60
60 *50
*50
60
1560 65
200; Preferred
70 Feb 1064 May
100 4712 Feb 25 76 Jan 16
65
*60
/ 644 6813 6439 6614 643 66 2 76,700,Paramount Fain Lasky_Na par 5512 Jan 2 7134May 13
1
4
6339 64
/
1
4
8
,
4714 Oct 5838 Dee
8378 644 63 65
4
5439 5514 548 547 x5312 53% 2,100i Park k Tilford
No par 47 June 3 87 Jan 14
34 Mar 98 Nov
/
1
4
55 55 *5514 59% *5514 591
7
712 13,900'Park Utah C M
73
4 8
73
4 77
8
4 8
1
758 77
73
Aug 144 Jan
8
7 May 16 137 Feb 28
8
8
91 914
/
4
4
94 93
2 Feb 15 Nov
712 Mar 26 1478 Jan 9
No par
94 914
94 9% 11,200,Path° Exchange
918 94
94 102
197 20
8
1914 1914 1914 1912 21
194 203
/
1
*19
No par 134 Mar 20 30 Jan 9
84 Feb 34 Aug
4 3,0001 Class A
4
•183 20
8 37
37% 375
3739 3614 3684 3614 3612 5,600,Patina Mines & Enterpr___29 344 Jan 7 473 Mar 4
3712 38
237 Jan 62 Apr
4
4
38
38
Per share $ per share $ Per share I $ per share $ per share $ per share
65
8638 8514 6814
63 647
6278_ 637
6278 6312 6214 64
/
1
4
*116 11934 *116 11934 116 116 *116 11934 *116 119 *116 1193
4
2512 2812 2558 274 2412 2812
25
28
2512 2618 2514 26
94
.90
94
*90
94
*8914 94 *90
*9214 94
8
12
/ 1234 1258 1234 1212 1258 1212 1212 1212 1234 1212 127
1
4
*91- 92
9234 9012 91
92
92 *91
*9012 92
*9012 92
4334 468 44
4414 473*
46
4614 4714 4658 483
4 4518 47
97 994 98 10034 9858 100
9538 963* 943* 97
9378 95
397 398 *383 40
8
4
384 384 *383 393
4
4 385 3852 3834 40
*10714 ____ *10714 -- - 1074 10714 *10714 ____ *10714 ____ *10714 ___
*140 180 *140 170 *140 180 *140 180 *140 180 *140 fso
484
90 *84
90
90
90 *84
90 *84
*84
90 *84
97 998 9714 9912 99 10134
9718 98
99 1003* 98 99
4
172 17312 17212 1813 180 18338 18214 185 185 18912 18914 204
1752 1818 1812
18
1914 183 198
4
1752 19
4
173 18
8
6812
6914 x68
*69
6912 6812 698 685 6858 6812 6914 69
2678 2678 26
26
263g *2514 26
267
2634 26% *2518 27
9714 97% *9718 1037 *971 103%
9739 977
98
8
*9614 10378 98
124 1212 *1212 15 *1212 15 *1212 15
1212 1212 *1212 15
*3113 37 *3318 37 *3112 35
31
*3112 35
31
*3034 37
25 26
28
25 2514 *2439 25
*26
28 *26
2439 2458
2514 251
2514 254 2514 2518 *2512 27
2514 25% 25
2518
3014 3118 3012 3034 3014 3012 30
3014 2918 293 2939 293
4
1312 1312 *1312 1434 1312 1312 *1312 1412 1384 1434 133 133
4
3414 35
3414 357
3414 35 8 3418 35
351 3614 3412 36
3
7 8134 81
797 80
77
77
81
79
80 80
*76
80
*
/ 865 8812
1
4
8612 8738 8918 923
8 8639 87
4 894 908 864 897
812 812 *812 88
*818 8'2
812 84 *814 85*
812 839
5618 58% 5653 588
7
514 523
8 5112 5478 5314 557g 55 8 57
4
12312 12312 *12312 125
*12114 124 *12114 124 *12114 124 *12114 124
83
8214 84
8414
/
1
4
78
81's 783 8112 80 8338 82 84
4
2012 2078
201s 201
207s 2078 2039 21
*2012 208g 21
21
39
39
4
388 39
39
39
39
*39
3912 39
39
39
814 8139 818* 8118 82 82
82 82
84
*82
84 *82
99 99
99
98 98% 98
4
993 993* 99 99 *95 99
10112 10112 10154 1013* •10158 103 .1014 103
*10112 103 *10112 103
102 102
10214 10214 102 103 *10112 104
104 104
104 104
*112 1121 *10712 111 *107 111 *110 111 *107 11212 11212 115
16
16
17
17 *16
157 157
8
17 *16
s
*16
17 *16
7112 6912 6912
6912 7014 701 718k 71
3
7012 7012 69 4 701
4
514 5214 5112 5212 513 5212 5112 5212 5139 52
514 52
3
59 s 6014 6014 6014 5939 60
5913 60
60
60
60 60
61
60
*5912 6012 60 60
60 61
60
1558 60 *58
8
3
2434 2412 2714 25 4 263
4 2533 26% 247 26
24
23 23
2512 2538 25%
4 2514 2514 •25
*243 251 *2434 251± 2454 243
4
45
4614 454 47% 47% 50
4458 461
4339 4438 4514 47
4234 4314 4134 4338 42 . 404 42% 4312 4258 4334 42% 431g
33% 33% 3318 34
3314 3312
3313 34
333 34
4
337 34
8
•13141 and asked prices; no sales on WIZ day. s Ex-dividend. N Er-rights.
4292
New York Stock Record-Continued-Page 7
floe sales during the week of stoce• not recorded here. see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 22.
Monday,
June 24.
Tuesday,
June 25.
Wednesday,
June 26.
Thursday,
June 27.
Friday,
June 28.
Sales
for
the
Week.
Per share $ per share $ Per share $ per share $ per share
$ Per Share
1111g 113
1118 1232 1138 111 1112 12
4 1132 1112 1214 1278
/
4
533 547
4
3
5514 543 5512 5352 5514 55
8 53 8 553
8 54
5714
4
*107 108
108 109 *107 108 *108 109 908 109 *108 169
*612 83
a *612 83
8 *612 83
8 *7
83
8 *7
8 8 *7
3
83
8
1412 14
14
153a 15
3g 151a 155
14t
8 1414 15
14
143
4
59
*55
[
*55
59
*55
59
*55
59
*55
59
55
55
270 27038 2723 27514 *273 275
27414 2743 2744 27912 279 30412
4
4
*3112 33
*3112 32
*3112 33
*3112 33
3112 3112 *31
33
*180 185 *180 185
175 175 *170 180 *170 180 *170 180
*49
*49
50
50
*49
50
*49 50
*49
50
*49
50
51
5212 5212 503
8
*50
5214 *51
5212 51
51
5212
*51
2 18
19
1914 183 1912 1812 19
1814 18
8
/ 1812 18'
1
4
1812
1412 1418 1418 14
14
144 1414 147
/
1
g 1412 1412 1418 1418
*91
94 4 *91
3
943 *91
943 *91
4
93 *91
4
93
*91
93
377 38
2
3712 373
4 374 3712 37 2 3712 367 3712 37
3
8
373
8
2412 2412 *2414 25
*2414 25
*2414 26
2414 244 24
241
/
1
94 94
*94 100
4194 100
*94 100
94
9418 *94 100
3112 327
s
8 3112 313
s 313 3138 3112 317
/
1
4
4 3112 3212 3112 31
*84
883 *85
4
89 4 *84
85
*83
85
3
1583
87
*844 847
(4'
218
218
218 *2
2
2 18
2
2
2
2
2
2
397 40
8
3914 40
40
*39
39
39
39
39
*387 40
8
414 412
438 458
414 412
414 412
8
414 412
414 43
4378 4414 44
44
45
484 4472 4514 45
/
1
455
8
453
4 45
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus & MleceII. (Con.) Par
3,100 Peerless Motor Car
ao
17,600 Penick & Ford
No par
41) Preferred
100
Penn Coal & Coke
50
8,300 Penn-Dixie Cement____No par
100 Preferred
100
15,700 People's G L & C (Chio)___100
NO par
100 Pet Milk
100 Philadelphia Co (Pitteb).-50
5% preferred
50
400 8% preferred
50
10.800 PI)Ila de Read C & 1____No par
3,000 Philip Morris & Co., Ltd
10
Phillips Jones prof
100
11,700 Phillips Petroleum-__No par
400 Phoenix Hosiery
8
30 Preferred
100
3,100,Pierce-Arrow Class A.
-No-par
I Preferred
100
5,000 Pierce Oil Corporation
25
800 Preferred
100
2,800 Pierce Petrol'm
No par
3,200 Pillsbury Flour Mills-No par
Preferred
100
- .7 6211 ;ii" 6 2
2
64" "iiis if"
-.
6
64 64
653- 3,600 Pittsburgh Coal of Pa
100
653
4 64
4
*8312 893 *8312 90
200 Preferred
4
*8312 90
90
100
90
*8512 90
*88
90
100 Pitts Terminal Coal
243 243 *23
*24
4
25
24 4 *24
243 *243* 243 *24
4
25
100
4
3
4
60
*5212 60
90 Preferred
*58
59 4 60
3
*5212 60
*5212 57
100
*5212 57
*80
81
700 Porto Rican-Am Tob ol A.100
80
80
*80
813
4 80
14 8014 793 80
79
4
7912
33
33
3112 32
3112 3112 32
No par
32
31
3112 3112 3118 2,200 Class B
10318 10318 104 104
10314 10314 10312 10312.1023 10312 103 103
1,500 Postal Tel & Cable pref..__100
4
75
75 2 733 75s 73 8 743
3
4
5
No par
8 7318 7412 73
737
s 7318 747 40,300 Postum Co. Inc
s
*5612 57
5612 563g 55 4 563
3
8 5614 5614 553 565
25
8
8 58
5614 6,800 Prairie Oil& Gas
5,900 Prairie Pipe & Line
597 598 9912 90
2
59
/ 59
1
4
52 594 60
/
1
595 60
2
595 60
4
25
1734 18
1738 177
8
8 173 18
s
1714 175
* 4,600 Pressed Steel Car
No par
8 1714 175s 177 183
200 Preferred
*72
75
*72
75
*72
75
747 747
8
8 747 7478 ____ 75
8
100
*1838 19
1814 18% 1818 19
187s 187
8 184 1912 1818 1818 1,300 Producers & Refiners Corp-50
/
1
110 Preferred
4114 4114 *4132 42
43
403 4038 *4212 43
8
41
4114 42
50
20 pro-phy-lac-tic Brush_No par
53
*50
53
*51
53
50
50
*50
*50
521s *50
53
10314 10412 101 10412 10132 1044 10414 10912 1093 113
8
1113 1143 431,300 Pub Ser Corp of 51 J_No par
4
4
10518 10512 10518 1054 10514 10512 106 106
2,000 6% preferred
105 107
100
1053 106
4
400 7% preferred
111) 119
118 118
1173 1173 *1173 119
8
8
4
4
2
1173 1173 *1165 119
4
100
100 8% preferred
*146 15018 *146 150 *146 14814 *146 14814 *146 14812 14814 14814
100
800 Pub Sere Eleo & Gas pref_100
*10614 1063 10614 10612 1061g 10618 106 1063 *106 10612 *106 1063
4
4
8
83
8314 8414 831a 84
84
83 4 863
3
2 854 86
/
4
No par
/ 851 8612 60,700 Pullman, Inc
1
4
1,100 Punta Alegre Sugar
15
1538 1538 *15
16
1438 1538 147 14
15
ao
15
8
/ 15
1
4
27
2714 27
8
2618 263a 2618 273
8 264 2714 26,100 Pure 011 (The)
25
2714 263 27
190 8% preferred
112 113
*11112 113
1123 1123 112 113
4
4
11112 11112 112 112
100
5,300 Purity Bakeries
12214 123
12212 12312 122 124
124 124 4 12314 124
3
12214 124
Preferred
"8314 845* "
1- 853g 118 "8512
7"
83i4 - 7 "85iz 16 2 421,500 Radio Corp of Amer___No par
16 4
8
900 Preferred
543
8 5312 543
*5312 55
55 *54
533 5312 .5318 5312 *53
8
ao
31
313
/
4
4
4 311s 323
g 311 3311 3312 3414 323 344 3318 36 133,300 Radio Keltb-Orp ol A_Plo par
7612 76
773
2 79
7612 4,100 Real Silk Hosiery
10
79
793
8 78
793
8 7614 7752 77
160
98
*98
9812
Preferred
98
100
*97
98
99 99
*98
98
*9614 98
12
No par
8 1134 1212 1112 1218 115 121a *113 12
8
8
1214 7,300 Reis (Robt) & Co
113 123
4
300 First preferred
73 4 *69
3
. 72
0.
74
733
4 7118 714
7212 74
*73
73 4 *73
3
100
/
1
8 337 343
2
34
33 4 3514 344 3518 33 4 347
3
3
4 344 3512 112.800 Remington-Rand
No par
34
94
93
93
500 First preferred
93
94
93
92
92
93
100
*92
*9212 93
500 Second preferred
99
99 4 993 *9914 993
3
4
*96
9912 9614 9614 *9912 99 4 99
3
4
100
2314 2312 2312 8,700 Reo Motor Car
8 23 2314 23
10
2314 2312 231a 2314 23 233
4 9918 10114 2912 10138 61,110 Republic Iron & Steel._ _ _100
9412 977
9812 1013
9512 96
3 9614 98
100 Preferred
/
1
100
*10814 111 *10814 III *10814 110 1510812 110 *1084 10918 10912 10912
No par
712 7 4
3
3
*712 7 4 *712 7 4
3
3
72 712
712 734
7 4 7 4 2,100 Reynolds Spring
3
5312 53
7
533 54
8
534 544 5312 5412 5312 53 8 53
5318 14,000 Reynolds (RJ) Top elan 13.10
/
1
140 Class A
78
70 .70
76 .70
7014 76
10
70
7014 70
70l4 76
200 Rhine Westphalia Elec Pow_ _
4 6018 6014 *5912 8012
8
3
*60
607 *59 4 607 *6012 813
2
*5912 61
4114 413
4 4114 42 8 413 -4212 11,500 Richfield 011 of California_ _25
7
4
4158 4214 4112 42
413 42
4
2012 30
2914 293
297 13,900 Rlo Grande 011
,
4 283 30
4
/ 29
1
4
No par
2912 30
295 30
8
2 714 72
/ 15,300 Roselle Insurance Co new.. _ _10
1
4
7112 7212 6912 727
/ 6712 71
1
4
687 687
2
2 6712 68
327
8 3218 33
19,800 Royal Baking powder.. No par
33
32
4 313 327
3314 33 8 3214 333
7
4
s 32
100
/ 108 109
1
4
1,300 Preferred
4
105 109
5 _ _ _ 1093 10934 110 *106 110 *105 110
._
5312 5312 5338 5338 5218 5318 523* 537
8 5314 53313 52
/ 535
1
4
8 4,600 Royal Dutch Co(NY shares)
4
6512 6014 673 60
68,2 67
6814 67
22.000 St.
67
/ 6952 67
1
4
69
Le id
()
10
4
8
4
5,0 Seta
2
JosephwyPreferredStores
No 1 w
par
4
*16014 163
1617 1623 16112 1617 1603 164 I 1623 16432 162 162
8
9454 943 *94
4
9412 9412 95
5195
95 4 *941s 95
3
*9512 96
230 Preferred (7)
104 105
105 105 ,•104 105
1043 105
4
100
*10514 10512 105 105
8
4012 393 4018 1,600 Savage Arms Corp---No Dar
4014 404 407 5140
4
40
/ *40
1
4
40
40
40
2014 20
2018 20
2014 20
2014 20
2018 16,200 Schulte Retail Stores_No par
20
2018 20
Preferred.
95
*95
' 97 I 9712 974 *9712 98
1
100
4194
*9312 96
519312 100
/ 1412 1412 *1414 144 1,000 Seagrave Corp
1
4
No par
3
/
1
14's 144 •1418 14 4 144 1518 1412 )4
2
3
/
1
1597 1611 18112 16412 16034 184 4 163 1643 163 1664 1634 166 '64,700 Sears. Roebuck & Co__No par
8
/
4
No par
514 512
512 5 4. 512 51*
3
514 514
514
512
518 • ' 23,400 Seneca Copper
51
4
3
8
169 17114 9,800 Shattuck (F 0)
No par
16512 16812 16612 1693 168 1723 169 4 1727 17012 171
4
Shell Transport & Trading-0
3
1546 4 48
3
*4612 4712 *4612 4712 *4612 4712 *453 4612 *4612 47
8
s 263 27
2612 267 37,900 Shell Union 011
g
261 267
2612 267
a 2614 267
261 267
5,100 Shubert Theatre Corp_N° par
No
8 483 504 4712 484 4518 48
4
3
*
5012 51) 4' 1150 '5112 504 507
4
8
8
8
No par
9452 10212 100 4 10412 10114 1023 10112 1033 10118 1027 1014 1017 84,500 Simmons Co
3
10
3012 313
4 303 32
2
303 317 22,500 Simms Petrolem
4
8
3018 31
307 311a 30
8
31
3612 3714 127,300 Sinclair Cons 011 Corp_No par
3612 363
4 36
36 4 3512 36
3
3518 357
8 3518 37
Preferred
100
100
109 109 *109 10912 *109 10912 *109 10912 *109 10912 *109 10912
25
3814 39
3818 '39 2 3914 4038 3912 4012'18.700 Skelly Oil Co
393 403
4
8 3818 40
7
200 Sloss-Sheffield Steel & Iron 100
60
5814 5814
*58
*59
60
*59
60
59
59
100
*84
94
200 Preferred
86 8 • 863 *833 90
3
8
4
*854 8.63
8 867 867 *863 94
8
8
8
*1114 1214 *1112 12
No par
12
12
300 Snider Packing
*12
13
•12
13
*1112 12
No par
2 3,400
Preferred
4 5312 543, 5412 555
3
*5212 55
•52
53
53
5312 53 4 533
2 4,400 de Porte Rico SUg
No per
373 381s 3714 3712 3714 3714 371* 3712 37 13 3 4 3758 375
8
3
73
2
25
3
4 6414 62 4 6412 6414 667 71,100 Southern Calif Edison
623 63 8. 63
4
7
6512 6212 63 8 62
7
3
42
*3912 42
*40
700 Southern Dairies el A-No Par
40
*42
42
40
443
4 4214 4212 42
No par
11
10
/ 105
1
4
8
700 Class B
1114 1114 1118 1112 11
•1112 11% *1114 12
dpaldIng Bros let pref
100
*11212 113 *11212 113 *11212 113 *1124 113 *11214 113 *11212 113
20,000 Spent Chalfant&Co lneNo par
4
4114 42
8 4112 42
3914 4014 3914 417
393 403
3818 40
100
*93
95
10 Preferred
*93
95
95
*93
94
95
*93
95
*93
95
Spear & Co
8
7*
8
8
*7
8
*7
*7
*7
10
*7
8
20 Preferred
No °00
1er
*7312 75
*7312 75
*7312 75
75
7512 *7312 75
•7512 76
2,800 Spicer Mfg Co
No Par
54
*5112 517
8 5012 543g 5312 545* 52
50% 51
505* 503
/
4
8612 8412 8712 8412 8812 844 851 18,800 Spiegel-May-Stern CO.No par
*86
873
4 84, 8612 85
1914 5,200 Stand Comm Tobacco-No WV
1912 1912 19
19
19
19
19
*18
187
s 1814 19
4
8
8
118 121
1173 1253 117 11914 11614 12114 1171g 1193 x11614 1203 119,400 Standard Gas & El Co-No Par
4
50
1,900 Preferred
3 6312 6312 6312 64
6312 63 4 6312 6312 6312 633
3
64 64
:Standard Milling
100
*100 120 *100 130 *100 130 *100 132 *100 132 *100 132
Preferred
100
•98 100
*98 100
*98 100
*98 100
*98 105
4
98 100
3
8
7318 713 7212 713 7512 725 731 38,200,Standard 01101 Cal----NO Par
8
8
3
4
7312 7312 723 73 4 72
5 583 5878 116,000 Standard 01101 New Jersey _25
8
563
8 553 573
8
563
8 56
5614 5718 56
765 57
8
8
8 3912 3912 33,800 Standard Olio( New York -25
a
397
8 3918 3912 387 3912 387 395
8 39
3912 397
400 Stand Plate Glass Co_No par
5
5
5 I
5
5
5
514
512 *5
5
5
*5
100
120 'Preferred
*18
1812
18
18
*171g 18
*1718 18
*1712 18
*1618 18
100'Stand Ban Mfg Co_---No Par
*48
50
50
SO
*4812 50
*444 50
*4412 50
54412 45
1 Preferred
100
ta
58
Stanley Co of Amer-_--No Par
48 .36
18 .35
45 ;IC
.456- "41" '36
-Warn Sp Corp
10
8
733 46,900 Stewart
4
754 725 7378 73
/
1
73
7312 7212 .7414 7213 7512 74
Stromberg Carburetor-No Par
ii
773 - 4 7
ii
"
13
"iirs 11 "ii 16 " " - " 7712 79141 7,600 Studeb'r Corp (The---No per
14 -77I 78
110 Preferred
100
125 126
____ 126 126
126 126 41126
*125 126 *126
_
No per
218 215
21, 1,200,Subtoarine Boat
218 218
2
212 218
2
2
2
51l.
No par
/ 3,400 Sun 011
1
41
65
6518 8312 64
65
6318 637
8 64
65
63
64
64
100
210 Preferred
10014 10014
*103 10314 *10212 103 *10212 1027 10212 10212 100 102
g
No par3e
7
758 11:1,10018uperlor 011
75* 77
73
8 712
8
3
4
712 7 8
712 73
Ps 7 4
3
100
5014 53 1 39,700;Superlor Steel
5412 4918 53
547
8 53
51
51
53
53
5112
300 Sweets Co of America
50
14
14
14
*1312 1412 14
15
•143 1512 *14
4
15
*14
800 SY InIngton
No par
*7
712
*612 8
714 8
*612 8
*,
62 8
*612 8
No par
17 I 5,100 Clam A
17
1712 18
*1512 16
16
183
4 163 18
4
*15
16
500 Telautograpb Corp..._No per
184 183
/
1
41
183 19
4
19
19 4 5119
3
193
4 19
*19
19 4 *19
3
•Did cud a.dced prices: no gales on 11111 day. 5 Ex-dividend.
y Es-rights
PER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots
Lowest
$ DO share
1118J une 28
38 Jan 2
100 Apr 2
512May 27
14 June 26
55 June 28
208 Jan II
31I2June 27
15712 Apr 17
4812 Jan 15
505
8June 24
173
8May 28
134 Apr 30
8814 Jan 17
367
8June 27
24 June 28
9314May 22
2712 Mar 25
7212 Jan 2
2 June 11
30 Jan 8
414June 20
3918May 27
143 Jan 2
5412June 4
8312June 5
20 June 10
5212June 10
77 Jan 11
307
8June 19
10118May 27
623 Mar 28
4
55 May 28
535 Jan 14
8
15 May 27
73 May 29
18 May 28
3814 Feb 20
50 June 21
75 Mar 26
10312June 8
1173
8June 25
145 Apr 17
1055 Apr 3
2
78 May 27
14 8May 29
3
2314 Feb 18
Ill June 12
109 8May 28
3
6814 Feb 18
5318June 25
19 Mar 28
57 Jan 7
95 May 27
8 May 28
80 May 29
28 Mar 26
904 Jan 4
/
1
93 Mar 20
2214May 28
7914 Feb 8
1087 Jan 7
2
0 June 8
63 Mar 28
70 - Apr 24
53 Feb 28
393 Feb 16
4
25I4June 11
83 May 23
27 May 31
95 June 12
497 Feb 19
8
62 Jan 7
154I4May 28
93 Apr 4
102 Feb 18
3814 Mar 28
20 June 3
9012June 18
1412June 22
1394 Mar 26
/
1
4 May 28
12312 Jan 8
43 Jan 25
25 Feb IS
/
1
4
451sJune 28
75 Mar 28
181s Mar 26
3518June 26
1074May I
/
1
327 Mar 7
8
58I4June 28
85 June 20
104 Mar 28
/
1
33 Jan 3
34 Mar 28
53 Jan 4
52
3512 Feb 16
105sJune 3
11212May 28
34 May 28
89 Mar 19
8 May 20
73 May 20
45 Jan 7
774 Jan 15
18 May 27
803 Mar 26
4
62
/
1
4May 31
104 Mar 26
98 June 17
64 Feb 18
48 Feb 16
38 Mar 7
44 Jan 2
1512May 28
l Jan 26
11812 Jan 15
26 Apr 11
65 Apr 10
4624 Jan 11
7312May 31
123 May 13
2 June 21
57 Mar 26
100 Jan 3
7 Feb 18
34 May 31
1312May 23
412 Mar 12
1214 Mar II
18 June 17
Highest
PER SHARE
Range for Previous
Year 1928
Dotage;
Highest
per share $ per share $ per share
2212 Jan 11
1412 Sept 262 Mal
4
58 May
224 Jan 414 CIO
hot 115 M*
110 Jan 9 103
12 Jan 20
8 Aug 144 Jan
27 Jan 5
142 July 31 May
4
94 Jan 22
75 Sept 964 Apr
30412June 28 1511 Jan 217 Nov
/
4
4512 Jan 3
414 Dec 4514 Dee
18414June 20 145 Mar 1742 May
4
51 May 20
4512 Mar 49 Aug
54 Mar 18
511 Oct 57 Mar
/
4
34 Jan 8
8
273 June 39 4 Jan
8
2314 Feb 26
15 Mar 2512 May
96 May 1
85 Apr 99 May
47 Jan 3
3514 Feb 537 Nov
s
375 Jan 22
8
21
Oct 38 Ma7
100 Jan 8
94 Dec 10314 Feb
7
377 Jan 9
s
1812 Oct 308 Dee
s
5612 Oct 747 Del
3,
5 Apr
/
1
4
Mar
8731
112j sner
52iar 117
1614 Feb 50 Oct
5 Jan 1
/
1
4
84 Feb
85 Apr
8
83 Jan 1
/
1
4
32 Feb 58 Dec
/
1
4
/
1
4
15614 Jac 1
/
1
108
Jan 1444 Dee
8334 Jan
364 June 781 Dec
/
4
100 Jan
81 May 1007 Dec
2
34 Jan
/
1
4
26
Feb 38 Dec
781 Jau
/
4
634 Oct 82 Mar
95 4 Marl
3
53 4 July 853 Dee
3
4
5034 Jan
234 Aug 514 Des
/
1
/
1
18534m a;3
01 Ja
1005 Aug 106 Sept
8
613 July 1361* May
2
655 Jan
8
5912 Dec 644 D64
2May 21
617
253 Mar 22
8
18 June 8814 002
70 Aug 934 002
81 Mar 27
/
1
4
16 Feb 29 Nov
257 Jan 3
8
41 Feb 494 June
463 Mar 21
4
Feb
52 Nov 91
823 Jan 14
4
1143
4June 28
4112 Jan 834 Dec
8
10812 Feb 5 1033 Jan 115 May
Oct 12912 May
1247 Jan 3 117
2
15012 Mar 15 134
Jan 150 May
109 Jan 28 1084 Dec 11012 Apr
/
1
4
77
/ Oct 94 May
1
4
914 Jan 3
/
1
2114 Jan 14
8
1752 Dec 342 Jan
19 Feb 311 Noy
/
4
30 4May 9
3
118 Pao 25 108 Mar 119 June
1394 Feb 4
/
1
75 June 1393 Oct
2
105 July 1681 Oot
/
4
114 May 3
57 Jan 3
5412 Jag 80 May
484 Jan 4
/
1
341 Dec 514 Nov
/
4
/ Jan 604 Dee
1
4
843 Mar 4
2
24
10212 Feb 8
804 July 974 Dec
15 Dee
161 Feb I
/
4
54 Feb
1084 Feb 6
6114 Feb 8912 Dec
35 Feb 4
/
1
4
234 Jan 364 May
8714 Dee 98 June
96 Feb 4
Jan
101 Apr 15
884 Oot 100
311 Jan 3
/
4
2212 Jan 3814 002
494 June 9411 NOT
10212 Apr 23
11513 Feb 27 102 June 112 Feb
14 2 June
7
1214 Jan 16
81 Feb
4
64 Jan 2
; n1
49 Man 23
862 ma r 151
0 ju 8
J
96 May 9
4314 Jan 2
110 Juae 21
55 4 Jan 5
3
94 Jae 21
19514 Jan 4
97 Jan 16
108 Jan 18
511 Jan 24
/
4
414 Jan 8
1184 Jan 2
182
Jan14Apr 12
22
1
104 Mar 20
172
/
1
4June 26
553 Jan 10
4
311 Apr 2
/
4
7412 Jan 24
116 Jan 31
37I4June 5
45 Jan 2
111 Jan 29
4612May 6
125 Jan 19
112 Jan 18
16'a Fab 13
3Iame y 5
5832June 17
45
884 Jan 31
/
4
501June 14
15 Jan 12
/
1
4
117 Feb 6
524 Jan 3
97 Jan 17
4
143 Feb 4
804 Jan 2
4
663 Mar 1
2
1177 Feb 6
435s Jan 1 1
12414June 19
.
1874 Fel) 18
53 u 4
133
Jan 12
13
78May 1
2
112Mkl 16
45 4 Jan 2
3
958 Jan 21
31 Jan 18
&I May 3
138 Mar 21
45 May 20
77
116 iViay 20
Ml 10
1444u 14
Jan 6
982
126 June 25
6812 Jan 10
1064 Jan 8
12 Jan 3
73 4 Apr 9
1
2214 Apr 11
9 May 2
191
/
4May 2
2512 Mar 28
16614 Mar 195
Oct 61
50
2312 Feb 56
40 Dec
10412 Dec
444 Jan
37 Mar
171 Dec
95 Dee
10612 Dec
3814 Dec
35 4 Dec
3
115 Dec
10 Feb
821e Jan
2 , Jan
804 Feb
393 Jan
2
2314 Feb
/
1
544 June
5153 June
4
1818 Feb
173 Feb
3
1024 Jan
25 Feb
102 June
1044 Oat
11 Dec
81 Nov
324 Feb
4312 Jan
244 Jan
Jan
9
109 Jan
26 July
Oct
97
1014 Nov
764 Nov
/
1
234 Jan
6614 Sept
24
Oct
577 Jan
2
/
1
4
64 Dec
Jan
100
MILY
Dee
Nov
-:11 5* Dec
5
10412 Dee
84. Oct
7112 Dee
2011 Dec
/
4
97 Del
1064 Dee
51 Dee
8712 Apr
Apr
129
1712 June
1971 Nov
/
4
712. Out
14014 Out
574 Out
39 Nov
/
1
4
8514 Nov
1014 Nov
/
1
/
4
271 Nov
4614 Nov
Oot
110
624 Nov
134 Feb
123 Mar
Apr
20
Jan
60
493 May
s
5612 Nov
604 May
30
Apr
120
Apr
57 Dee
/
1
4
100 Aug
20 Feb
92 Feb
/
1
4
5152 Dec
91 Nov
4014 Nov
/
1
4
84 Dec
714 Ma7
1424 Dee
97 Nov 115 Dee
53 Feb 80 Nor
37 Feb 593 Nov
/
1
4
4
283 Feb 464 Dec
4
214 Jan
7 Feb
/
1
4
10
Feb
Jan 01
/
1
4
84 June 53 Dec
4
118
Out 1263 May
35 Dec OM Sept
44
67
12112
3
314
100
24
18
114
/
1
4
10
1514
Jan 99 Dee
Jan 874 Oes
Feb 127 June
64 Mar
Feb
Jan 77 Nov
Apr
Jan 110
144 Nov
Feb
2 Nov
Jan 687 sem
Feb 2312
7 May
Aug
1914 APT
Aug
Jan 225s May
4293
New York Stock Record-Concluded-Page
For sales during the week of stocks not recorded here. see eighth page preceding.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday,
June 22.
Monday,
June 24.
Tuesday,
June 25.
Wednesday,
June 26.
Thursday,
June 27.
Friday,
June 28.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lets
Lowest
Highest
PER SH A RB
Rangefor Precious
Year 1928
Lowest
Highest
$ pr share
16 Apr 9
572 Feb 21
7014May 31
1614 Jan 25
1314 Mar 26
1612 Mar 14
35 Mar 9
3414 Mar 26
10412 Feb 28
44 May 1
1712 Feb 8
84 June 18
2718 Feb 1
9018 Feb 25
7312 Feb 16
1414June 28
18 May 22
1314June 28
1314June 20
14 June 21
9 Feb 26
41 Feb 28
3824 Feb 18
1958June 4
443 Mar 28
4
91 Jan 7
125 Jan 5
24 June 1
7514May 22
46 Feb 20
12178 Jan 15
41 May 31
11412June 11
1518June 27
88 June 28
30 June 3
1095
8June 12
14 June 18
70121une 18
83 June 27
105
8May 29
9814 Feb 8
x29
7
3312 33% 33 8 32% 34
333 3414 33
33% 34
4
3283 9,400 0 S(just 1:on Pipe * Fdy-20 27 May 31
167
81une 8
17 8 17% 1738 173
3
173
8 2,200
1st preferred
s 1738 1712 1712 1712 1712 1712 x17
; 1858 Apr 18
No per
20
3
*20
20
*20
2014 20
20
3
2014 •20
2,800 Second pr derred---No oa
2014 219 4 19
1283 Mar 28
• ' 143
14
No Par
14% 1553 7,300 13 8 Distrib Corp
*1412 15
15
1512 15
4 1412 15% 15
100 7114 Mar 12
81 '81
*81
82
1
.
81
82
84
82 82
82
82
82
1,600 Preferred .
•33
3412 3312 34
*34
341 •34
3418 3414 348 38'2 2,800 U S Hoff Mach Corp-„NO Par 30 May 28
35
181 18414 179
17912 1811 14,300 13 8 imutstrial Alcobol____100 128 Jan 18
18314 18314 18114 18212 180 185
100 12414 Jan 8
I Peel ,,red.
4May 27
No par 193
2418
24
23 /3
18024 24
24
24
24
-14 2,100 1:1 S 1 eatn T
No par 38 May 28
403 4114 40
4118 4114 4014 41
*4112 42
4
'
4
2,800 Class -,,
403
4 393 40
100 91 May 14
*94
9414 *94
9414 94
9414 *94
9414 *94
400, Prior oreferred
9414 9314 94
81 Jan 8
8712 8512 8612 87
87
86% 871
89
88
87
88
89
16,900(38 Realty & Impt____No pa
100 42 Jan 8
2 503 538 27,000 United States Rubber
8
513 53 8 515 52% 5214 52% 5114 523
4
7
5012 531
100 73 May 28
82
763 777
4
8 783 77% 77% 7812 77
79 4 80% 797 8118 8,3001 tat preferred
3
4
5714 59
59
38,600,U 8 Smelting, Ref & M1n-50 48 May 27
4
8
5712 59% 575 5814 57% 6114 583 8012 58
4June 13
ha 513
5
3 533
4 53% 53%
3
3
8
53
5g 53% 535 53 8 *535 53 4
*535 54
8
600 Preferred
18012 1811 1793 1825 1793 185
4
1853 19014 1863 18918 18814 1913 547,900 United States Steel Corp-100 163 May 27
4
8
4
8
8
100 140 June 11
*14018 1405 140 14018 140 140
140 14014 3,500, Preferred
140 14018 140 140
8
No par 83 June 21
*8312 84
*8312 8412 .8312 84%
8312 84
8312 84
8312 8312 *
400 US Tobacco
100 136 Mar 6
*140 142 •140 141
13914 13914 •l3914 140 *13914 140 •13914 140
101 Preferred
1 264 Jan 2
5290 308 *290 310 .290 310
*290 305 *296 300 *290 308 ;
Utah Copper
35 Mar 26
44% 43
43% 4414 43
4512 4518 4718 135,300 Utilities Pow & 38 A__No pa
4414 4212 43% 43
614May 28
NO par
12,6001VE.dsco Bales
9
10
912 10
9 8 10
7
9% 912
912 9 8
5
912 93
4
per share $ Per share $ per share 3 Per share Shares Indus. & Hiscel. (Con.) Par
$ per share, 3 per share
1712 175
8 1712 1712 1714 1712 1714 1712 4,500 Tenn Copp & Chem_No par
1758 18
1712 18
25
6012 617
8 61
617 92,600 Texas Corporation
8
6012 61
6158 6052 613
61
4 6012 61
8
7238 72% 727
8
8 715 7238 7014 717 32,900 Texas Gulf Sulphur__NO Dar
72% 733
8 7212 7312 72
10
1712 175
8 1714 1818 1712 1712 11,800 Texas Pacific Coal & 011
8
4
175 173
1758 177
8
8 173 173
4
1
1714 163 163 15,600 Texas Pao Land Trust
8
4
8 1618 163
4 16
1714 1712 1652 1712 1652 167
No par
2318 2412 2318 2318 2318 2318 1,600 Thatcher Mfg
24
24
24
245
8
2418 24
No par
4112 42 •
*42
42
43
42
42
43
43
500 Preferred
*42
43
43
No par
35% 35
3514 3512 35
36
35
35
3,000 The Fair
3514 36
*3514 36
100
Preferred 7%
*107 110 *107 110 *107 110 1.107 109 *107 109 *107 109
25
*46
4612 *46
4612
46
•
46
400 Thompson (J R) Co
3
4812 4512 4512 4512 45 4 46
1958 1978 1912 197
8 1912 2018 195 197 20,400 Tidewater Assoc 011__No par
1958 20
193 20
8
8
4
100
8514 8114 853 853
85
85
8
8 86
86
2,400 Preferred
*
8512 85% 8518 86
100
*3484 3512 343 343
*34
35
700 Tide Water 011
4
4
4 3414 3412 3418 3418 343 35
100
*9412 9512 9418 9418 9312 9312 *9212 95
943 948
400 Preferred
4
4 9212 9212
4
96
1035 10712 10512 10812 108,400 Timken Roller Bearing_No par
8
983
4 9814 10012 9818 1013 10158 108
4
153 2143 153
2
58,800 Tobacco Products Corp _..20
1514 143 1518 1414 15
8 15
4
15
12 15% 15
20
1918 19 4 1834 1912 185 1918 1812 19
8
1812 19
1812 183 28,400 Claw A
4
1
*1312 14 •
*1312 16% 1312 1312 *1312 14
13
14
1318 1318
200 Dividend certificates A ____
Dividend certificates B
83 17
*1312 167 *1312 17
*13% 16% *1312 17
200
8
1312 1312 *13
Dividend certificates 0
•
1312 17
*1312 17
*1312 17
*13% 17
7
*1012 1034 *1312 17
13
1058 10%
1058 1078 10% 103
1012 105n 37,700 Transell 011 tern ctf__No par
4 1012 1034
Transmit & Williams St'l No par
*45
*45
50
50
*45
50
*431 50
•45
50
47 •45
56% 5718 5512 5712 5552 5714 55% 5612 553 56% 56
4
59% 15,000 Trice Products Corp-No Par
No par
*
20% 2014 2018 2018 20
700 Truax Truer Coal
2018 2018 *2012 22
20%
10
46
48
48
x47
167
4712 4712 4833 4812 1,2001Truscon Steel
47
4612 * 8 49
13914 140
141 144
22,7001 Under Elliott Fisher Co No par
13614 1403 136 13912 138 140
14114 145
4
100
*125 128 *125 126 •125
__
50 Preferred
*125 126
125 125 •125
4
*3112 313 *313 34
353 - - 9,900 Union Bag & Paper Cor9-100
4 37
38
3112 32
32
4
31
32
No par
10118 10314 10112 103% 10118 10312 159,100,UnlonCarbi&Carb
9618 98
97
963 102
4
99
25
4918 4912 4858 493
47% 478 13,2001Union 011 California
8
4
4814 473 4812 477 48
4 48
100
4
2,9001 Unlon Tank Car
*139 142
141% 1413 *135 14112 1413 148
140 140 *136 142
4
No par
45
45
45
5,900 United Biscuit
433 46
4
44
45
447 45
8
45
45
45
100
Preferred
*115 124 •115 123 *115 124 *115 124 *115 124 *115 124
10
15% 1512 20,500 United Cigar Stores
163
1614 163
4 1518 16
4 16
16% 1712 16% 17
100
90 .
88
88
88
90
90
90
92
1,500 Preferred
9214 9112 9112 90
4
42
423
4 4012 42% 413 413
43
4 6,200 United Electric Coal___No par
39% 3918 39% 39% 40
par
No i oe
112 117
6,400 United Fruit
1133 116
4
121 12212 118 11818 118 11912 117 118
1412 1414 1414 •14
1412 1418 1418 *14
1412 1412 *14
1414
300 United Paperboard
75
7618 75
7512 10,900 Universal Leaf Tobacco No par
4
73
7512 75
7313 7518 743 76
73
8312 84
84
83
83
140 Universal Pl2ture8 let pfd_ 100
83
83
84
83% 8312 *8312 85
11% 12
115 12
8
1218 1218 12
1112 11% 1183 12
1218
1,800 Universal Pirie & Bad-NO Par
100
*8312 95
Preferred
*8312 95
*8312 85
*8312 95
*8312 95
95
•8313
"2413
•72
8318
*3612
*7612
90
*148
11512
13%
44
90
)
5108
*45
"Zi
"ii
*71
72
73
72
72
72
72
90
85
891
84
867
92% 89
37
37
391 •35
3611 361 *35
*7612 811 *7612 811
8112 8112 *80
91
*91
93
9012 91
*87
901
•148
*148
*148
_
*148
11512 *11512 11552 *11512 1155 11558 115% 11588
8
121
113 1214 12
113
4
4
8
13% 125 13
077
2
4214 4214 *14218
4334 433
44
4 4312 431
*95
89 . 89
89 89
90
90
*80
51087 _
8
8
109 *10712 10912 *1077 109 ;
*45
*45
50
50
50
*45
*45
50
73
841
391
811
90
4
'693
4
8812
.37
*80
9014
•148
115 2 115%
-- -5:
140
113
4 188:
4212
*95
99
72
91
37
82
92
50
*45
72
92
39
82
91
100
3001 Preferred
No par
54,900 Vanadium Corp
No par
200 Van Itaalte
100
50 1st preferred
No par
2,100 Vick Chemical
Talk Machine -NO Par
100
1,600 7% prior preferred
2,3001Virg-Caro Chem
No 1p0oar
900 6% preferred
100
400 7% preferred
______ Virg Elec & Pow PI(7)100
Virg Iron Coal & Coke 91-100
Vtvadou (V)
No par
Preferred
100
100
1,120,Vulcan Detinning
100
10; Preferred
2001 Class A
100
66.100 Waldorf System
36 400 Walworth Co
No par
10 Ward Baking Class A NNN "pa
;
par
5,400' Class B
No par
1,6001 Preferred (100)
No par
86,800 Warner Bros PIcturee_No pa
i11553______'Victor
12
16"
79
7612 77
4
79
823
4 8212 893
78
793 *76
4
76
79
*101 105 *101 105 •101 105 . 101 105 *101 105
105 105
1
.
84
90
81
82
•74
78
•74
78
74% 76
*72
78
2988 297
3 283 2933 2812 293 2914 3033 3014 3112 31% 3333
4
45
45 2 4313 453
3
4 4312 44% 441 4684 44% 4618 4434 4512
5018 5012 *5012 52
*501 53
*50
53
*5018 53
*501 53
*97 10
3
97 10
3
10
10
107
8 10% 1083
1018
98 97
75
4
78
8212 •77
7312 7312 *73
7312 7312 7312 *733 75
116 1163 11614 11714 11612 11872 11712 1233 1185 122
2
4
119% 12112
8
52
5018 50% 95912 5214 5218 53
53
54% 5112 52% 53
1,71 Preferred
No par
Warner Quinlan
32% 3233 33% 11,200 Wa
3112 3112 3112 313
No pa
4 3112 31% 31% 3112 31
168 1723 167 171
169 1723 16,000 Warren Bros
4
161 1623 163 16834 16412 171
4
4
No pa
I First preferred
*4814 50
•
45
50
*4814 50
101
4814 4814
*49
50
60
1912 1818 19
1712 18
18
18
18
1712 1712 18
18% 3,400 Warren Fdry & Pipe__ _No Pa
9018 9078 9018 90% 9012 9012 •89
90
90
907
8
*
89
90
800 Webster Elsenlohr
25
90 100
*
90 100 •
*90 100
*90 100 '90 100
Preferred
100
•
90 100
36
38
39
8 38
3618 3612 36
4
3612 6,900 Wesson Oil& Snowdrift No par
373 373
4
4 373 393
62
63
6112 63
61
61% 2,900 Preferred
647
8 6314 6414 63 63
No pa
64
194 19512 194 197% 194 19612 12,400 Western Union Telegram _100
19514 1973 z193 195
4
196 197
4712 48% 24718 48
8 46% 477
8 4718 48
10,600 Wstnghse Air Brake_ _No pa
4714 473
4 4678 477
8
8
17218 17388 17214 17612 171 1767 176 1787 17712 1803 217953 1863 154,500 Westinghouse Elee drMfg-50
4
4
17212 17212 177 177 •177 178
170 170
169 169
*161 170
150 let preferred
50
41
4278 40% 42
41
8 40
4012 415
8 6,700 Weston Elea Instruml_No pa
*4018 40% 4014 407
353 *35
4
3512 *35
300 Class A
No pa
*35
3512
3512 3512 3512 3512 3512 *35
105 106 •105 106
105 105 •105 106
*10412 106 •10412 106
110 West Penn Elee cl A __No pa
106 10612 108 1084 10618 10612 10614 107
690 Preferred
100
1053 10618 10612 108
4
4 9712 9712 97
96% 963
4 963 983
4
130 Preferred (6)
100
983
*97
973
4
4
1514 16
2 684 11512 11512 11518 115% 115 115
11512 116
115 11514 21963 19
90 West Penn Power pref--100
10618 10618 10618 108% 106% 10818 10618 106%
100
*10612 108 •10012 108
5
0 6% Preferred
*49
53
*49
494 4918
*49
53
*491 51
53
200 West Dairy Prod el A--No Pa
*49
53
•
263 37
4
4
2612 2612 253 2614 2612 2612 26
*253 2614 1,700 Class B
4
No par
3312 3312 34
234
337 33 8 3312 34
8
7
34
3,200 Wbite Eagle01 & Refg _No pa
3312 3312 33
42
4212 4212 404 424 4214 4212 42
4114 4112 4118 42
Motor
No pa
4,800 White1
*4414 47 •45
*45 4 463
3
400 White Rock Min Sp etf
50
467 *44% 47
8
47
4 47
473 *45
4
21
21 3 21
21
2012 2034 1,500 White sewing Machine.No pa
20% 20% 2014 21
2114 21
*43
*43
45
42
4212 43 •
45
4212
4212 *42
4212 *42
200 Preferred
No va
21 •
20
21
2012 20
20
20% 2012 20
1,400 Wilcox 011 & Gas
'201 2112 *20
No pa
8
4 2214 23
223 2314 2212 2314 223 223
4
22 4 2312 23
3
2312 50,100 WIllys-Overland (The)
923 94 •
4
92
92
4
*913 96
4
93
96
93
*913 99
100
93
500 Preferred
•714 8
eg
812
*714 8
8
1,000 Wilson dr Co Inc
8
8
8
No par
*7% 8
18
1734 173
18
4 1712 1712 *1714 177 •1712 18
1 *1712 18
1,400 Class A
No par
8
*60
60
63
63 *6014 63
*
'60
63
60
400 Preferred
100
60
60% 6014 4
22112 22112 22012 223
4
224 228% 4,100 Woolworth (F W)Co
3
i 219 219 4 •217 2183 219 222
25
5012 5714 5612 63
497 50
8
62
663 42,800 worthIngton P & 88
100
4
*8014 51% *4914 50
8412 *8012 8412 8412 8412 •84
89%
82
7814 7814 *79
10(1
700 Preferred A
*
80
71
75
70
75
'7618 75
70
72
1.600 Preferred B
100
78
72
72
*
70
4
4
13012 13412 12812 13314 1333 14114 1303 14012 13012 13412 90,500 Wright Aeronautical___No par
128% 134
74
74
74
7312 7312 74
74
No par
7312 7312 4,400 Wrigley(Wm Jr)
72
7412 74
*7212 73
800 Yale & Towne
25
*7212 72% 7212 7212 7212 7212 7212 73
73
73
40 4 41% 41% 42% 41% 42% 54,500 Yellow Truck & Coach el 8_10
3
4 4012 42
42
4318 403 423
4
Preferred
094
94
100
94
9812 ;
9812 •
94
9812
9812 •
9812 •
1'94
9912 *94
2
8
8 64% 68% 677 69% 67% 6912 673 6812 8812 6912 33,300 Young Spring & Wire_No par
643
62
137% 13712 138 1413
8 4,700 Youngstown Sheet & T_No par
139 141
13812 1393 137 139
4
138 138
• Bid and asked prices: no sales on this day. s Ex-dMdend. y Ex-rights
$ per share $ per share Per ekree
101* Jan 197 Dee
2
20 8 Apr 29
7
4
6812 Apr 20
60 Feb 743 Nov
851 Apr 18
82% June 8212 Nov
2378 Mar 21
1218 Mar 2838 Nov
2412 Jan 17
20 June 30 4 API
3
2838May 2
22
Jan 3912 May
Oct 53% June
483 Jan 5
8
45
84
Jan 521k Dee
517 Jan 15
2
4
110 Jan 2 10412 Jan 1141 Oct
6614 June 7134 June
62 Jan 12
2312June 7
14 Feb 25 Sept
1g
817 Mar 913 Dee
8
4
90 Jan 2
195 Mar 411k Dee
8
40 June 7
97% Jan 17
8633 July 10012 Dec
150 Jan 3 11253 Mar 154 Nov
2218 Mar 18 ._-225
8Mar 18
---18 Feb 13
19 Aug 2533 Jan
20 Mar 28
19
Aug 24 June
1912 Jan 15
19 Den 28 Aug
13
14%May 8
633 June 14 NOV
1
538 Apr 18
4414 Dec 59i Feb
7
32 8 June 44 Sept
5
5912June 28
317 Jan 23
8
5514 Nov 637 Dee
*
615 Jan 3
7
145 June 27
133 June 93 8 Dee
125. Jan 5 119 Mar 126 Apr
30 Dec 49 4 Feb
2
43 Jan 14
1037
8June 27 -4234 Feb 58 NO;
5412 Apr 18
15014 Feb 20 110
Oct 128% May
Oct
3412 Apr 57
5312 Jan 14
Oet
126 Jan 24 11214 Mar 185
227 Aug
8
8438 Feb
271k Jan 11
7
164 Jan 2 103 8 Dec 11418 Apt
6814 Oct 8912 Dec
811e Feb 6
15812 Jan 31 13112 June 148 NOT
1612 Dec 27 2 Apt
7
263 Jan 22
8
8
857
2May 10
6033 June 871 NO,
Feb
93 Jan 2
9114 Nov 100
2214 Jan 2
15 8 June 35 2 001
5
7
87 8 Sept 106 4 Dee
7
10012 Jan 9
8
38 Dec 63 Nov
657 Mar 18
8
18 Nov
lela NOT
19 Jan 11
1914 Dee
20 June 18
188* Nov
1312 June 201 Jan
4
181* Apr 19
84 Apr 20
76
Oct90 8 Jan
3
41 Dec MN Jan
497 Jan 2
8
Oct
187 June 17 10258 June 138
7
127 Apr 3 118% Sept126 8 Nov
35% Jan 14
22
Jan 51 May
,
62
Jan 72 Apt
617 Jan 14
, Dec 10912 May
8
107 Feb 1 100
6114 Feb 93% Ma7
119% Feb 6
8314 Jan
85 Mar 18
27 Jun
8
55 July 10911 Jan
921k Jan 16
3912 Feb711k Nov
72 3Mar 20
7
51
Jan 68 Dec
58 Jan 3
19014June 26
5
144% Mar 1 1382 Jan 14714 Apr
86 June 120 Oct
3
109 4 Jan 30
143 May 3 127% Jan 139 June
Jan 273 Dec
353 Mar 19 139
2
2
28, Feb 45 4 May
3
49 Jan 30
11.319 Jan 21
69 Apr 23 82 Jan 16
60
Jan 11112 NOV
88 May 31 11612 Feb 8
75 Jan 40 2 Oat
7
27 Mar 12 37 June 27
437 Jan 78 Nov
8
60 Jan 2 83 Apr 24
58
Jan 88 Dee
82 Jan 4 109 May 15
4
52% Jan 1583 Nov
143 Feb 18 200 Mar 18
110 Mar 1 11553June 20 10112 Jan 112% Dec
4
12 June 203 Nov
4
9%May 29 243 Jan 26
8
445 Jan 6414 Nov
3614May 29 6512 Jan 26
8812 Jan 9912 Nov
8812May 29 97% Feb 4
1053
4June 8 10912 Apr 27 10612 Dec 1141, Apr
Oct 6228 Jan
47
45 Feb 27 48 Jan 29
3
11% June 25 * Jan
13 Jan 16 15 Jan 4
Jan
78 June 100
2212 June 74 Nov
91 Apr 27
50 Jan 16
74 June 99 Sept
91 Jan 4 110 Apr 25
4
19% June 4811 Nov
40 Jan 2 91 Apr 27
4
1912 Jan 281 Dec
8
2218 Mar 28 33 8June 28
2
1412 Aug 267 Sept
2318 Jan 8 4614June 26
70 Dec 123 Feb
43 Apr 13 8434 Jan 17
1514 Dec 29% Jan
814 Mar 26 2114 Jan 16
77 Dec 9712 Jan
71 Mar 25 8712 Jan 15
80% Aug 18914 Sept
97 Mar 26 134 Jan 21
51.14
6714 Dee
44 Apr 10 591 Jan 22
28 Feb 44 2 Oct
7
2812May 27 4278 Jan 2
,
4June 26 140 June 1921 Ape
139 Apr 16 I723
Apr
4914 Nov 61
48 Apr 24 53 Mar 27
13 June 367 Oct
8
1518 Mar 28 3414 Jan 3
72% Apr 22 1133 Feb 5 ---8
90 May 18 100 Mar 11
87 Nov 110
36 June 26 48 Mar 7
.,
61 June 28 7212Mar 9 10538 Dec 1088 Nov
Oct
17084 Jan 2 220 4Mar 9 13912 July 201
3
8
4218 June 57 e Jan
4314May 31 54% Mar 2
4June 28
8812 Jan 144 Nov
1371* Jan 15 1883
95 4 Jan 139 Nov
3
132 Jan 2 177 June 27
Me June
1218 Jan
22 Jan 28 4814May 1
30% Jan 401* may
33% Jan 7 5312 Apr 93
Apr
10212may 17 110 Feb 1 103 June 112
4
103 Mar 28 11114 Jan 17 10712 Oct 1161 Apr
9812 July 10438 Apr
9412May 27 102 Jan 17
113 Jan 8 117 Mar 18 11312 Oct 118 June
Jae
108 Apr 27 110% Jan 16 103 June 118
521k Dee 78
Apr
3
49 June 5 59 4 Feb 5
Apr
1
20 * Jan 49
2212June ill 3472 Feb 5
,
208 Feb 88 Nov
3014 Jan 10L 38 Feb 25
June
8014 Feb 48%
38 May 29 5312 Mar 2
497 Nov
8
34% Jan
43 Jan 2 54 Apr 19
,
3314 June 623 Dee
12 May 27 48 Jan 2
Dee
613 Aug 68
4
4114June 3 57% Jan 16
1714 Dec 22% Ne.
19% Jan 7 2928 Feb 6
173 Jan 83 Dee
4
20 June 12 35 Jan 3
8
92, Jan 804% Dee
92 June 25 103 Jan 3
Feb
11
Oct 16
13)9 Jan 23
7 May 21
Jan 35 Mar
16 May 22 27 Jan 21
22
1
57 May 22 79 Jan 23
6314 Oct 77 4 Feb
3
19218 /Oar 26 23214May 8 175% Feb 225 4 Nov
4June 28
28
Jan 56 Nov
43 Mar 25 683
4614 Jan 93 Nov
77 4 Apr 12 92% Jan 23
3
41
Jan 80 Nov
88 Apr 6 82 Jan 11
89 Feb 289 Nov
109 May 31 294 Feb 5
70 Mar 26 807 Jan 30
4
88
dy 84
Aug
4
7312May 4
6119 1.ov 841k Apr
613 Feb 11
3434May 28 5114 Apr 24
2753 Feb 578 Nov
Apr
83 Nov 96
80 Mar 8 9612May 10
5214 Mar 26 697
8June 25
45% Dec 563 Nov
4
105 Feb 19 1413
8June 21
8318 June 1154 Dec
Dec
4294
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan 1 1909 the Exchange In/Med of owning bonds teat (Mangos; and prices are now "and Olivetti" —except fen income nett defaulted bona..
•
BONDS
N. Y. STOCK EXCHANGE.
Week Ended June 28.
a.
U. S. Gevernment.
First Liberty Loan
3D
334% of 1932-1947
Cony 4% of 1932-47
3D
Cony 443% of 1932-47
D
20 cony 443% of 1932-47
ID
Fourth IAberty 1 11k
.0 441% of 1933-1938
AO
Treasury 433s
1947-1952 AO
1944-1954 JD
Treasury 4s
1946-1958 MS
Treasury 334s
Treasury 341s
1943-1947 3D
Treasury ”is June 15 1940-1943 3D
SS
Price
Friday
June 28.
8141
Week's
Range or
Las( Sale.
Ask Low
961h:Salo 96
99
Range
Since
Joel.
521
51
985741 99
Sale 981148 994, 159
991542 Mar'29 ---_
991032 Sale 9848 99144
107514, Sale 107
107111st
103".,Sale 1031411 10441
101 1011588 1001%110111 p
965%897
961541 9744
96548 Sale 96148 9655p
467
249
384
461
47
325
nd City Securities.
NY r 331% Corp st_Nov 1954 MN
334% Corporate st_May 1954 MN
43 regletered
1936 MN
48 registered
1956 MN
4% corporate stock
1957 MN
441% corporate stock_
1957 MN
434% corporate stock. ___1957 MN
1958 MN
4% rorpomte stock
4% corporate stock
1959 MN
443s corporate stock
.
1960 M
98
434s corporate stock
1964 MS
4 qs corporate stock
1966 AO
1972 AO
stock
443s corporate
1971 Jo
444e corporate stock
444s corporate stock
1963 MS
4418 corporate stock
1965 3D
4448 corporate stock July 1967
J 10214
New York State Canal 481_ __ 1960
48 Canal
Mar 1958 -S
8812 Jan'29
8812 Jan'29
9954 Mar'28
994 June'28
99 954 June'29
---- 10314 June'29
--_- 104 Mar'29
_-__ 9713 Jan'29
4
953 June'29
98 June'29
Rio" 99 Mar'29
101 May'29
101 June'29
107 10812 June'28
1023
4
1023
4
1035 Apr'29
8
10418 Feb'29
10114 May'29
10114 May'29
2
Foreign Govt. &Municipals.
1947 F A
Agri° Mtge Bank a t 136
Sinking fund 6s A_ _Apr 15 1948 A 0
Akersbue (Dept) extl En_ _ _ _1963 M N
Antioquia(Dept)col 78 A _ 1945 .1 J
External s t 78 ser B
19453 J
External s f 7s series C-1945 J .1
External s I 78 ser 13
1945.1 J
External s 175 let ser_ —1957 A 0
Exti sec e f 75 78 20 ser __1957 A 0
Extl sec s f 78 3d ser
1957 A 0
1958 J D
Antwerp(City) mit'58
Argentine Govt Pub Wks68_1960 A 0
Argentine Notion (Govt o1)—
Sink fund 68 of June 1925-1959 J 13
Eat! sloe of Oct 1925 _1959 A 0
Sink fund (Ss series A
1957 M S
External 6s aeries B._Dec 1958
0
Exti s t 6s ot May 1926 _ _1960 M N
External s I 6s (State Ry)..1960 M S
Exti 6s Sanitary Works__ _1961 F A
Ext 6e pub wks(May'27).1961 MN
Public Works extl 5519_ _1962 F A
Argentine Treasury fie E___..1945 M S
Australia 30-yr 5s_ _July 15 1955 J .1
External ris of 1927..
.Sept 1957 M S
Extl g 4148 of 1928
1956 M N
Austrian (Clovt) a f 78
1943 J D
8114 82
82
80
87 Sale
9114 Sale
92
91
9113 9212
91 Sale
89 Sale
87% Sale
8912
91 Sale
9914 Sale
983 Sale
4
99 Sale
994 Sale
9913 Sale
98 4 Sale
,
99 Sale
914 Sale
98 4 Sale
,
94% Sale
9078 921r
945 Sale
4
9412 Sale
8618 Sale
10312 Sale
81
81
8812
91
9112
92
9012
89
8712
8914
9012
983
4
8114
82
89
9214
92
9212
9112
8934
8778
8914
913
4
9914
2
19
15
13
4
11
3
4
29
26
99 3 50
,
983
4
99
9914 29
99
99% 62
987
, 9953 63
57
993
4 100
99
99 14 78
9914 48
9854
99% 45
9854
943
4
953
4 38
1
90%
90 4
,
101
94
95
9354
94% 85
86
865
8 90
10312 1035
8 18
Bavaria (Free State) 640_1945 F A 9614 Sale 9512
9613 10
Belgium 25-yr eat St 743s II-1945 3 D 11412 Sale 11414
1145
4 63
1941 F A 109 Sale 10818
20-yr s f 8s
10912 17
215-year external 641s._ _ _1949 M S 10418 10412 104
10413 43
Externals 168
19563 .1 100 Sale 9912 10018 133
External 30-years I 'Is__...1956 3 D 10714 Sale 10714
1075 130
4
Stabilization loan 78
1956 MN 10513 Sale 10512 105% 64
1945 M N 110 111 1101
Bergen (Norway) s 1 318
2
: 1101
15
-year sinking fund 69...._1949 A 0 9612 99
_
99 June'39
Berlin (Germany)is I 6 Ms.._ _1950 A 0 9614 975 96
4
9754 23
External sink fund 68_ _ ,..,19583 D 90 Sale 89
37
GO
Bogota(City) ext'l a f 80.___1945 A 0 101 Sale 10014 101
19
Bolivia (Republic of)801136_1947 M N 10012 Sale 10012 101
33
19583 J 85 Sale 8513
External sec 7s
16
86
1969 M 8 85
Externals f 7s
863 85
4
854 38
Bordeaux (City of) 15-yr Se_1934 M N 9912 Sale 9912 100
30
Brasil(U S of)external Se_ 1941 J D 1051z Sale 10512 10612 45
1926..1957 A 0 90 4 Sale 9012
External I f 6 Me of
,
9112 100
1957 A 0 903 Sale 9012
EU's I 6 Ms of 1927
4
9112 9'
7e (Central Railway) _ —1952 1 13 9714 Sale 9714
32
98
7419(coffee secur) E (fiat) 1952 A 0 104 10412 105
10512
6
Bremen (State of) esti 78_1935 M S 10018 Sale 10018 100 4 22
3
1957 M S 8813 Sale 8914
Brisbane (City) s 158
4
893
4
1958 F A 88
Sinking fund gold 5s •
8814 8818
7
893
4
Budapest (City) extl 5 f 68 _1962 3 D 79 Sale 79
52
80
Buenos Airee(CitY)°MIL
1955
3 994 100 100
100
5
1960 A 0 100 Sale 96
Litt s f 6s ser C-2
7
97
1960 A 0 96 Sale 9614
Exti s f 68 ser C-3
30
97
Buenos Aires (Prey) WI 68_1961 M S 925 Sale 92
8
9312 80
J 8312 Sale 831z
Bulgaria(Kingdom)s f 78_ _ _1967
3
8312
Stan l'oi'n s 1 7 Ma_Nov. 15'68 -- 88 Sale 88
48
80
Caldas Dept of(Colombia)7Ms'46 3 .1
95
12
97
Canada (Dominion Of) 58-1931 A 0 "ai" -6612 98%
9914 27
1929F A 9934 Sale 99%
10
-year 5)4e
995
4 52
1952 M N 100 4 Sale 1005
5e
,
8
10114 225
4,51936F A 963 Sale 9614
4
97 4 20
,
./ 10312 10414 10312 10312
Carlsbad (City) ii 8s_
1954
1
Cauca Val(Dept) Colom 7340'53 A 0 963 9814 98
8
4
9812
Central Agrlo Bank (Germany)
Farm Loan s I 79 Sept 15 1950 M 5 98 Sale 974
8
98
.1 8514 Sale 85
Farm Loan s t 6s_July 15 1960
853
8 22
Farm Loan s 1139.0et 15 1960 A 0 84 Sale 84
84% 47
Farm loan 68 ser A_APr 15'38 A 0 885 Sale 8812
8
83 4 46
,
Chile (Republic of)
-year external s f 78-1942 M H 102 Bale 100
20
29
102
External sinking fund 68..1960 A 0 92 Sale 91 4
,
9212 111
1961 F A 92 Sale 9154
External s f 6s
92 4 88
,
J 93 Sale 91%
1961
Sty ref extl s f 68
9212 95
Exti sinking fund ile
19615492 Sale 9214
,,
933 149
4
Extlelnking fund 6s
1962 M. 92 Sale 9113
5
92% 106
Chile Mtge Elk 6 Ms June BO 19673 D 9612 Sale 96 4
,
97 4 82
,
d f 634e of 1926_June 30 1961 J D 985 Sale 98
74
99
Guars 16a
Apr 30 1961 A _0 9214 sale 91
23, 202
4
Chinese(Hukuang Ry)511.... _ 1951 J 13 34
377 38
38
Christiania (Oslo) 30-yr s f Ss '154 M S 984 Sale 9814
3
9814
Cologne(City)Germany 6401950 M d 9212 927 92
93
8
19613 J 83 Sale 825
Colombia(Republic)(la
4
834 27
External s f 611 of 1928____1961 A 0 833 Sale 827
8
g
8313 26
Colombia Mtg Bank 01 8348.1947 A 0 80(2 sale 8012
81
8
Sinking fund 78 of 1926_194(1 Id N 86
8
874 8612
874
Sinking fund 78 of 1927_1947 F A
Sale 90
91
5
1962.1 D
Copenhagen (City).58
434e,„
27
9412
96
g
s
1953 M — 87 Sale 86%
8714 19
A 95 Sale 95
Cordoba (City) ext.i e f 7e___1957 F
96
6
External a I 75 Nov 15 1937 M N 95 Sale 94
95
3
Cordoba (Prov) Argentina 761942 J J 9914 10012 985
18
8
99
Costa Rica (Repub)exti 7s. 1951 M N 9412 Sale 9312
94% 15
S 100 Sale 9914
Cuba (Repub) EP of 1904_1944
100
5
101 1004 June'29
External 58 of 1914 ser A__1949 F A
External loan 441e ser C...1949 F A 9478
9312 June'29 _
Sinking fund 5345. Jan 15 1953 3 J 10112 Sale 100
10112 16
Cundinamarca(Dept) Columbia_
Exti s f 814t.
1959 MN 81 Sale 8012
814 22
C On the bags Of Ito u., the t sterling
U'll
tt,3
Prim
Friday
June 28.
Week's
Range or
Last Sale.
High
Bid
HUB No.
45k Low
Czechoslovakia(Rep of)135_ _1951 A 0 11018 Sale 1095s 11012 16
Sinking fund 8s ser B
96
9951's
12
1952 A 0 1013 110 1098
4
110
96
9955p Danish Cone Municip 85 A__1946 F A 109 10912 10914
10912 11
Series B s f Sis
9135n 1005p
2
1946 F A 10712 10914 1094 1098
4
99'419954g Denmark 20
-year ext168___ _1942 J J 1033 Sale 10318
s
1033
4 39
Exti g 5115
57
1955 F A 994 Sale 991
100
Extl g 4 Ms
987n 10017n
Apr. 161962 A 0 874 Sale 8714
55
88
,
105 111 41 Deutsche Bk Am part at 68_1932 M S 97 Sale 9613
145
97
10148106141 Dominican Rep Cust Ad 544s '42 M S 9312 96
3
94
94
let ser 554s of 1926
981441031%.
1940 A 0 924 95
92 June'29 _
2d series sink fund 544s.„1940 A 0 9238 947 9214
08:
95 9817p
9478 13
955p 9815a Dresden (City) external 78_1945 M N 99 Salo 99
7
9912
Dutch East Indies extl 68_1947
10212 Sale 10238 10213 37
40 year external Os
1962 M S 10212 Sale 10238 103
30
30-year external 5 Ms- -1953 M S 1013 104 1015
25
4 102
.1
30
-year external 5 Me
881 881s
:
6
1953 M N 1014 102 1015
4
10218
8812 8812 El Salvador (Repub)
J
8
4 110
110 Sale 1085
Estonia (Rep of) 7s
1967 J J 8153 84
815
g
8184 51
Finland (Republic) exti 618_1945 M S 9314 9313 9214
925
4 16
99
External sink fund 79__ _1950 M S 994 Sale 9914
95
997
8 20
Externals 1 6 Ms
10314 104
1956 51 S 9512 Sale 954
50
97
Eati sink fund 5418
1958 F A 88 Sale 87
1025 104
4
884 13
9713 974 Finnish Mun Loan 6418 A__1954 A 0 9512 97
9512 June'29
953 98
4
External 640 series B_ _ _1954 A 0 941 9612 945
8
945
8
98 1001s French Republic ext 7448_1941
D 11312 Sale 113
11378 130
99
99
External 7s 01 1924
1949 J
10953 Sale 108
1085 314
8
101 10114 German Republic ext'l 7s___1949 A 0 10513 Sale 105
154
106
9814 1011g Gras (Municipality) 85
1954 M N 9812 Sale 98%
£88
4 15
Gt Brit & Bei(UK of) 634s.19 F A 10214 Sale 10214 1028 145
37
4
0
10134 14'
-year cons'
- - 9 F A 9914 9134 9912 June'29
e4% hind loan E op 1960 „ _1990 M N c82
5
103% 103 8
4 82 4 1
84 c825
,
10312 MC%
e5% War Loan E opt 1929_1947 ,1
c963 99 c98 June'29
8
9912 10114 Greater Prague (City) 740_1952 MN 106 107 106
107
6
9912 10114 Greek Governments f sec 78_1964 M N 99 Salo 97
18
99
Sinking fund sec 415.
1968 F A 8412 Sale 8418
85
16
Haiti (Republic) s f 65
1952 A 0 98 Sale 98
3
9912
1946,A 0 93,4 9712 97
Hamburg (State) 68
9714 18
797 9013 Heidelberg(Germany)ext 734e 503 11 10014 103 1024 10212
g
2
AO
90
Hungarian MunIc Loan 71.4s 1045 J J 944 Sale 9312
9412 10
8413 8913
External f 7s__Sept 1 1948.1 J 8912 Sale 8912
6
907
8
91
96% Hungarian Land M lost 7343 111 M N 9212 Sale 9212
2
9253
S f 741s ser B
91
947
s
1961 M N 9212 Sale 9212
4
3
933
9111 957 Hungary (Kingd of) s f 7418,1944 F A 10012 Sale 997
a
8 10012 46
9012 9512 Irish Free State extls s f 56..1060 MN 9634 Sale 9613
961, 24
95
88
Italy (Kingdom of) ext'l 713_1950 ID 953 Sale 95
9534 117
Italian Cred Consortium 7s A1937 M S 94
865 96
8
9512 9414 9512 15
Ertl sec f 78 ser B
8714 93
1947M S 9212 94
94
9412 36
904 93
Italian Public Utility ext 75.1952.1 .1 94 Sale 928
4
94
7
98 4 1007 Japanese Govt loan 48._ _1931 J .1 9234 Sale 9234
,
8
Is
9318
30
-year s 6%e
1954 F A 10014 Sale 100
10014 21'
98 10118 Leipzig (Germany) s f 78_1947 F A 9812 99
ggi
!
98
6
981s 1003 Lower Anstalt'(Prey) 7)0_1950 J D 98 Sale 98
4
99
981 101
:
Lyons (City of) 15
-year 6s_ _1934 M N 9912 Sale 994 100
66
9812 100 4 Marmites(City of) 15-yr 68.1934 MN 9913 Sale 9912 100
3
71
9514 1004 Medellin (Colombia) 634s_ 19543_
2
81%
817 Sale 804
8
98 10054 Mexican Ingot Asstng 4448.1943
_
In
21
10
20
19
98 101
Mexico(US)exti 58 of 1899 '45
4914 Jan'28
98 100 4
,
Assenting Is 01 1899
1945
1
2912 34
294
29
4
94% 9714
Assenting Is large
_
„ 26 June'29
891s 9214
Assenting 48 of 1904
69
18
1112 1812
198
914 97
Assenting 48 of 1910 large........
19
20
91% 9612
Assenting 49 of 1910 small_ _ _ _
8
11
18
,
_ 175
8412 8814
Treats 68 of'13aseent(large)'33
27l, 40
21 Jun3'29
10114 10412
Small
21 Juns'211
Milan (City, Italy) ext'l 6418 '52 A 0 88 gide- 88
8812 58
9014 9612 Mlnite Ceram (State) Brasli—
1124 115 8
5
Esti f 6348
1958 M S 883 89
,
91 Jun 29
8
1074 110
Montevideo (City 0)73...„1952 J D 100 Sale 100
10012 13
10218 107
97% 100% Netherlands(is (flat prices)..1972 MS 10514 10512 105
10512 17
106% 109
30-year external 138
1954 A0
995 Apr'29
8
10418 10612 New So Wales (State) ext 501957 FA -171I14 9112 9114
92
17
109 11212
External s I 5e
Apr 1958 AO 9114 Sale 91
913
4 25
Norway 20
97 101
-year Intl Os... .1943 PA 10114 102 1013
8
10218 15
20
934 99
-year external 6e
1944 PA 1015 Sale 10138
43
8
102
857 92
8
30-year external 63
1952 A0 10112 Sale 10114
102
10
100 104
40
-years 1 5418
1965 3D 994 Salo 994 10014 45
External s f 58_ _ _ _Mar 15 1963 MS 95 Sale 94%
100 104
9514 41
85
95
Municipal Bank exti s f 56_1967 Jo 913 9214 91 14
9212 29
844 92
Nuremberg (City) 080 68.-1952 VA 86
7
8612
86'2 8612
Oslo (City) 30-years f 6s___1955 MN 10012 Sale 100
9814 101
4
10012
105 109
2
Sinking fund 540
1946 FA 957 983 99 June'29
4
I)014 9612 Panama (Rep) exti 5418...A953 3D 9814 1001310012 10012
2
1961
Ext.' sees 18148
9012 MSC
D
10112 Jan'29
Esti 3 t 5s 8er A_ _May 161963 MN 93 Sale 9212
94 102
9313 22
%
1013 1075 Pernambuco (State of) ext 7e '47 MS 9014 92
4
8
93%
8
917
994 10212 Peru (Republic of)
Exti s f sec 744ei (of 1926).1956 MS
854 9312
10714 Jan'29
93
Exti s f sec 78
86
1959 MS 10012 Sale 1004
10012 13
Nat Loanextlsf6a
7614 8312
1960 J
8554 69
85 Sale 85
99 102 8
Sfg6
,
1961 A0 857 Sale 8518
8578 47
Poland (Rep of) gold 68_ _1940 AO 77 Sale 76
94 100
777
8 11
944 10018
Stabilization loan a 1 78.....1947 A0 8578 Sale 85
85 5 229
8
Exti sink fund g 88
9114 94
1950 3' 95 Sale 95
74
97
80
90
Porto Alegre (City of) 8e
1961 J
10212 10412 10512 1053
6
4
854 9714
Exti guar sink Id 734a. _ _ _1966
J 9918 100
3
994
9918
9312 101
Queensland (State)exti 817, 1941 AO 107 Sale 107
24
109
981 101%
:
25
-year external 68
1947 PA 102 Sale 1014
20
102
991e 100 1 Rio Grande do Sul en's f 88_1946 AO 1054 10512 10514
,
8
10513
1005 105
8
Extl a I (le temp
54
1968 3D 87 Sale 8612
42
88
9614 99%
Ext.! a I 74 of 1926
1966 MN 96 Sale 96
3
96
10513 1074 Rio de Janeiro 25-yr s f 89
1946 A0 105 10612 105
8
105
Exti s 1 8348
97 102
1953 FA 92 Sale 92
924 204
Rome (City) mil 6448
1952 AO 894 Sale 891
8
89% 85
9212 99
Rotterdam (City) extl 68_1964 MN 1025 10312 102%
2
1035,
4
7812 883 Saarbrueeken (City) 6e
8
1953 3.1
864 June'29
-- 01
79
88
Sao Paulo(City)s f 8s_ _Mar 1952 MN 108 Sale 108
5
108
85
92%
Eni s f 6345 of 1927
1957 MN 94
5
0.5
94
95
San Paulo (State) exti s f 88.1936
.1 103 Sale 103
104
100 103
External see s 8s
1950ii 10312 Sale 10312 1033
4 12
9112 94
External s f 78 Water L'n_1956 MS 98 Sale 967
8
985
8 13
9112 9414
Extl f 68 21 int rota
1968 33 8612 Sale 854
9
864
914 94
Santa Fe (Pros' Arg Rep) 75 1942 MS 9553 964 9514
16
96
9113 94
Saxon State MP,Inst 75_ _1945 Jo 9713 Sale £712
9713
3
9118 94
1 g 641s
Dee 1946 3D 9013 Sale 9012
1
9012
,
9514 99 4 Seine, Dept of(France)exti 7e '42
J 10612 Sale 10612 107
24
97 100% Serbs, Croats & Slovenes As '62 MN 894 Sale 894
891z 39
94
Exti sec 79 ser B
1962 MN 7612 Sale 76
80
27
77
3474 44% Silesia (Prov of) ext 7s
/
1958 3D 7912 Bale 76
794 23
9814 10112 Silesian Landowners Assn 66_1947 VA 76
7813 77
2
7838
91. 975 Soissons (City of) esti
8
.1936 MN 9814 99
994
7
9918
91
Styria (Prey) extl 78
82
1946 FA 891x 89% 9014
1
9
014
Sweden 20
81% 91
-year 63
1939
D 10218 Sale 1024
31
103
External loan 61.4s
79
884
1954 MN 102 Sale 101%
10312 17
8612 9314 Swiss Confed'n 20-yr if 811 194033 1084 Sale 1074 108,
19
4
8r12 9514 Switzerland Govt ext 540_1949 A0 1023 Sale 1025
39
8
103
97
Tokyo City Si loan of 1912__1952 MS 7512 Sale75's
94
53
76
Extl s f 5 Ms guar
8514 891s
1961 A0 854 Sale 8513
39
86
Tolima (Dept of) exti 7s_ _ _ _1947 MN
934 98
___ 88
85 June'20 _
9712 Trondhjem (City) lot 5 Ms 1957 MN -9218 94
94
905 June'29
8
951 1003 Upper Austria (Pros') 7s
,
4
1945 3D 97 Sale 97
7
97
924 96
External if 6 Me__June 15 19573D 895 905 88%
1
887
4
99 10212 Uruguay (Republic) extl 84.1946 VA 10412 105 10412 106
6
100 102%
External s f 134
1960 MN 9653 Sale 963,
54
97
934 9912 Venetian Pros' Mtg Bank 78_1952 AO 9112 Sale 90
9112 12
Vienna (City of) extl s I 6s_ _1952 MN 8612 Sale 8612
973 107
4
87
66
Wersar (City) external 79_1958 FA 82 Sale 79
,
8212 37
80
8914 Yokohama (City) sell Os_ 19111
93 s 21
7
9112 93 93
High No. Low
961%
BONDS
N. Y. STOCK EXCHANGE,
Week Ended June 28.
Range
Since
Jan. 1.
Low
High
109 111
108 111
10872 111
10712 11012
102 1047
8
98% 101%
861s 90
96
99
9212 99
904 981,
904 97%
9814 101%
101% 103 4
,
10114 104
100% 10372
101 10313
108 111
8112 86%
97%
92
18
97 101
)4
9912
92
85
9418 9912
94% 954
s
1095 115
10512 109
104% 108
98 10212
1024 104%
99 11812
8
c823 8773
c96 100
104 107 2
,
9514 99
874
82
98 101
98
97 4
,
1007 10412
8
9158 100
8513 94
9212 9814
:
921 9412
994 10112
9714
95
,
944 97 4
9314 9612
9112 9512
9018 9512
90
9.04
95
9218
9814
9812
AO
1612
94
10214
10012
997
8
101
101
89%
25
25
26
16
17
15%
25
25
871s
35
34
22%
2314
2218
374
355
8
9012
90
100
9512
103 8
,
103 108
99 8 100%
5
901s 95
9012 945
4
100 10314
100 10314
100 1037g
98 8 10154
7
9312 97%
8814 95
8218 9013
99% 102%
95 10114
100 10212
1014 10111
92
9414
90
95
107 10712
99 103
9014
85
85
9012
8313
74
81
8834
93
99
10114 10612
974 102%
107 113
100 104%
105 106
92
86
994
95
105 10612
91
953
4
8718 9124
101% 10412
86
9113
1075 115
4
92% 9813
103 108
10114 10712
96% 102
854 9314
95
98
95 10018
874 95
10212 10812 .
88
96
76
814
76
80
75
8472
973 993
2
2
8934 94
10144 10414
10084 10514
l0734 1103
4
10012 10514
7412 783
4
85
90 2
,
874 92
9032 96 4
,
9434 984
857 8912
8
1044 109 8
,
961: 100
874 94
go, 9012
76
8614
92
98,4
4295
New York Bond Record -Continued-Page Z
i
BONDS
N. Y. STOCK EXCHANGE.
9
Week Ended June 28.
Price
Friday
June 28.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 28.
E3
t
Price
Friday
June 28.
Week's
Rings or
Lao Sale.
1
0.3
Range
Since
Jan. 1.
High No, Lots
Bid
High
Ask Lots
Ask Low
110
High No, Low
High Chic Milw & St P (Concluded)
4 13
903
4
3
9084 95 4
3
Gen 410 series CMay 1989• d 90 4 92 903
Railroad
100 May'28
100 10312
Registered
1943 J D 10018 103 10014 June'29
Ala Ot Sou let cons A
16 -.
91
8714
974 95
Gen 410 aeries E....May 1989 33 9118 92
93 May'29
94
94
93
1st cone 4e ear B
1943 J o 93
8
817 Feb'28 -1925 3D
83
Debentures 4e
Alb & Suet let guar 3He_ _1946 A0 81
8612
834 93 June'29
9114 195
89
4
8
1975 A 903 Sale 905
90
9212 Mar'29
9212 Chin Mllw St P & Pao 61
1998 AO
Alleg & West let e go 4e
8
735 345
6914 80
Jan 1 2000 A0 7112 Sale 7112
91
Cony ad1 56
1942 MS 9212 9312 9312 June'29
Alleg Val gen guar g 4e
95
2
73
8012
7314
72
7212
78
71
6
7212 7512 72
Chic & N'weat gang 334e_.1987 MN 7212 75
Ann Arbor let g 4s.._ _July 1995 Q
7712 Oct'28
Q
Registered
9014 94
Ateh Top d, S Fe--Gen g 0_1995 AO 9114 Sale 9012
9114 116
614
85 86 June'29
88
1987 MN 86
AO 8814 Sale 8814
92
1
General0
85
Registered
8814
84 84
Q F
84 Apr'29
84% 88
Registered
8614
91
14
87
Adjustment gold 4a _July 1995 Nov 85
86
86 May'29
88
14
90
Stpd 48 non-p Fed in tax '87 MN 86
8
8
833 S87
8818 40
Stamped
July 1995 MN 884 Sale 8612
6
99
99
99
MN
Gen 45(e end Fed Inc tax 1987 M N 9718 9912 99
804 85
85 May'92
Registered
103% 109 4
3
Gen be RNA Fed Inc tax _ _1987 MN 104 10518 10518 June'29 _
86
90
5
88
Cony gold 4e of 1909
1955• D -823 88 - 86
e
101
101 101
MN
Apr'29
Registered
91
85
7
86
Cony 46 of 1905
1955 3D 86 Sale 85
99 10014
9912 June'29 _ _
Sinking fund Be
1879-1929 AO 155
8
87
815 90
Cony g 46 Issue of 1910_ 1960 3D 85
85 June'29
10014 Oct'28
A0
127 Sale 12012 1273 2798 1084 1273
Registered
8
Cony deb 480
1948
8
-11 - 18
8
-91 4 1682
Sinking fund 56
1879-1929 A0 993 ---- 993 June'29
92
91
89
Rocky Mtn Div let 411_ _1965 ii 89
89 June'29
99 Mar'29
99 99
A0
Registered
93
86
86 Sale 86
-Con Short L let 4s_1968 J
Trans
20
86
3
9912
9912
4
994 1013
Sinking fund deb 5e
1933 ▪ N 9912
9512 100
974 Sale 97 . 974 48
Cal-Aris let & ref 410 A_I962 M
100 4 Jan'29
3
MN
100% 100 4
3
Registered
Atl Knoxy & Nor let g 5s
103 10314
1946• D 9918 _ _ _ 103 Apr'29
1930 3D ioiT8 Sale 10034 10118 37 10018 103
-year secured g 78
10
Atl & Charl A L 1st 4 He A 1944 J J 9618 _ _ _ 95 June'29
93
964
10718 39 1067 11114
8
8
101 104
-year secured g 6 He__ _1936 MS 1067 Sale 10678
I5
1st 30-yeane series 13_ _ _1944 J J 1015
8 _
10158 June'29
13 10018 105%
101
May 2037• D 9912 10112 10018
Atlantic City let cone 4s_ _1951 .1 1
85
let ref g 58
84
85 May'29
4 84
92 3
4
9012 973
May 2037 3D 92 Sale 92
Atl Coast Line let cone 0July'52 MS -ii5 893 885
1st & ref 4 Ha
8814 93
89
17
8
4
4
8612 8514
7
86
851s 89
.
-04 901 Chic R I & P Railway gen 4s 1988 J J 86
M S
Registered
9014 Jan'29
8814 Dec'28 _
• J
Registered
General unified 410
9912
94
1
9518
1964 J O 94 . 8 954
66192le 95
9312 154
1934 AO -65T8 Salee- 9234
L dr N Coil gold 48__Oct 1952 11 N 85
91
86
5
Refunding gold 46
8
865s
8714 865
3
AO
4
923 Jan'29 _ _
92 4 9234
Registered
Atl & Day let a 411
05
1
8
653
75
8
8
653 7012 653
1948 J
33
91
9518
86
1952 MS 9012 Sale 8912
62
2d 0
.1
Secured 4)4.aeries A
6712
62 Apr'29
1948 .1
62
1438 88
Ati & Yad let gear 43
el
Ch St I. & NO Mem Div 0_1951 3D 7818 8712 87 May'29
Si
83 81 June'29
1949 AO 82
7 102 105
8
Austin & N W let gu g 58_ _1941 ii
June 16 1951 J 1) 102 1037 10312 10312
96 10314
Gold Se
8
1025 96 May'29
107 Apr'28
•D
Registered
8
90
Balt & Ohlo let g 4e_
9314
June 15 1951 J O 765 _ _ -- 8412 Jan'28
9014 Sale 9014
9112 27
Gold 310.
July 1948
78 Apr'29
J D
78 1657
1
87
87
92
Registered
Registered
_July 1948 Q
9912 101
9512 99
20
-year cony 484e
Ch St L & P let cones 58_ _1932 A0 9812 100 100 Apr'29
9712 151
1933 MS 9612 Sale 9612
A0 -__- -- 1015 June'28
8
MS
98 June'28
Registered
Registered
1
97
1)7 16199 10212 Chic St PM & 0 eons 6e _ _1930• D 9912 10018 97
4
4 87
1003
Refund & gen 59 series A..1995 J o 10014 Sale 993
4
953 May'29 _ _
9594 97
4
J O
4
993 Dec'28
Cons es reduced to 3He. _ 1930 J O 953 Registered
8 - -14 97 June'29
S 975 98
0 10113 Sale 10112 1023
90 101
8 15 10112 1041.
1930
2
let gold 68
Debenture 5e
July 1948 A
_ 9712 June'29
975
M
9712 991x
1075 Sale 10714
38 10714 110
108
Ref & gen 6e uerlos C
19013
Stamped
6
96
891 10012
6
9018
PLE& W Va dye ref 48_194i MN 904 9012 9018
94
90
Chic T U & So East let 5e_ _1960 J O 9514 91 9514
1
8712
9212
85
994 10312
101 Sale 10012 10112 43
Bouthw Div let 58
1950 1
Dec 1 1960 MS 8512 srs 8712
Inc gu 58
8
9612
9614
9512 10014
19591 3 8012 Sale 797
9
8
805
Told, Cin ley let ref 4s
8
7812 854 Chic Un Stan let gu 4/0 A-1963• J 9512 96
10418 15 101 10412
-- 103
Ref A gen 58 eerles 13....2000 M
1963 J J 10238
99 103
8
997 10012 993
4 10012 64
let fe eerie 11
10212 30 100 1021:
99 Sale 99
1944 J O 10033 Sale 10014
Badger & Aroostook let 6e...19P
99 105
1
99
,
Guaranteed g 5e
115
9 112 1163
8
too ref 4e
19513
7812 Sale 7814
8e14
1963 ▪ 1 115 Sale 112
74
7812 15
lat guar 6 %series C
10114 Feb'29
10114 10114
Battle Crk & Stur 1s1 gu 0.-1989 3 D
6812 Feb'28
Chic & West Ind gentle Dec 1932 05 10012 _ _
8312 8914
4
4 27
833
Beecu Creek 1st gu g
1952 3 1 833 Sale 8312
96 June'29
Consol 50-year 48
10114 19 10014 105
.1 1
1962 SI S 10012 Sale 10014
Registered
95 Aug'28
1st ref 610 aeries A
_ 9912 June'29
N
2d guar g Be
9912 10112
97 June'28
1936• J 9312
Choc Okla & Gulf cone 51._.1952
93 Mar'29 _ _
96
9458
3
' 91
Beech Crk Ext late ZOO__ _1951 AO 7714
93
1937
80 Mar'29
"io- 80 CInH&l)2dgold4l4e
95 June'29
96
Belvidere Del cone gu 310_1943• J----- ---9412 9612
C I St L & C 1st g 48.A lig 2 1936 Q F 95
s
Oct'28
97
_
1944 • D
Big Sandy let 411 guar
85
85- 85 - 3Y.
5
6
Aug 2 1936 Q F
Registered
95 May'29
Bolivia Ry let Se
9538
1927 J J: _
81
Cin Leb A Nor let con gu0 1942 MN 9014
S 9414 6ife- 931
7
941 "-Li
Boston & Maine let Si A 0.1967
9111 99
100 July'28
_ 79 June'29
8
Boston N Y Air Line le 4s 1951 F k 775
8112 Clearfield M Mah 1st gu0-1943 33 9812
76
851 91 3D 8414 - 4 853
4
8534 29 "
853
Bruns & Wait let gu g 0_1938 3 3
142
1
92
92
9512
Ch
4
97
8
957 9812 97
si) 9012 Sale 9912 100 18 99 10012 Cleve Cie deb& St L gen 48..1993 J
994.
Buff Roch .1, PRO gen g 68-1937
97
1931
410
-year
20
105 105 June'29
10312 112
4
Consol 44.
1957 IN NI 863 Sale 8612
36
87
1993• D
8512 924
General 58 eerie B
5
4
8.
8
997
4
Burl C R & Nor let & cell 51 1934 A 01 9812 993 993
4
9912 1017
2
4
993
993 102
4
Ref at [met 6,aeries A_ _l929 33 9934 Sale 993
_ 1044 10412 10412 10 1027 10538
8
1941 ,12
Ref & !rapt be eer C
9
1 10118 18%
4
993
1962 A 0 10114 10512 10114
10114
Canada Sou cons gu 58 A_
98 10312
1963 ▪ .1 9912 Sale 99
Ref & impt 5e ser D
.▪ 1 9293 93 May'29
Canadian Nat 410.8ept is 1954 M $ 9312 Sale 9212
4
9312
93 9312
9212 90
8
Cairo Div let gold 41 ._ _1939
82
83
82
92
80
4
-year gold 4He...Feb 15 1930 F A 983 9914 983
6
4
9914 58
97114 99 4
CinW&MDiyletg4el99l• 3
3
86 June'29
88Iy
30
8
85
8
93
-year gold 4148
1967 .1 11 925 Sale 923
92
40
96
St L Div let con tr gg 411 19 0 MN 86
- 9
9218 Mar'29
9212
9218 9213
4
Gold 434e
92
1968 3 DI 9214 Sale 9214
95
Spr & Col Div let g 4.___1940 MS
Oct'28
90
95
4 10818 113
4 110
4
Canadian North deb e I 78_1949 J D 1093 Sale 1093
1940• J
W WVal Div let g 43
2 -oil! 9112 94
9112
6611212 11812
914
11338
1946• J 1 11314 Sale 11314
-year. f deb 010
36
Ref & impt 410 ear E-___1977 J J
8
5
100 8 104 1005 June'29
100% 10413
112 Apr'29
112 113
Registered
1934
CCC&Igenconsgtle
9712 ioor
97 Sale 95%
19' 954 911
97
10-yr gold 4.148..--Feb 15 1935 FA
1933 AO _100 9712 June'29
Cloy Ler & W con leg 5a
J 813 Sale 813
100
Oct'28
8
8
825
8
Canadian Pao Ry 4% deb stock _
5
80 8 86
1938 J J oiTs
Cleve & Mahon Val g 5e
9512 964 Apr'29
98
4
963 Sale 963
Col tr 4Ha
1946 M
4
66196 - 4
9812 41: 941
99
CI & Mar 19t gu g 410__1935
10034 Mar'28
_
Caro & Shaw let gold 0_1932 MS
9818 Mar'28
Cleve & P gen gu 434.ear B.1942 A0
7914 80',
97 May'29
1949 1
Caro Cent let cons,4e
8
797 May'29
80
-97- 97
1942 A0
Series B 310
• D 100 102 100 June'29 _ _ _ _
97
8
Caro Clinch &0 let 30-yr 68_1938
983
98 102
1942 .1 .1 ____ 100 98 May'29
&Nee A 410
854 May'29
1st & con g tis ear A_ Dee 16'52 J D 10812 Sale 10612 10812 14 106 109
8518 8518
1948 MN 8518 87
Settee C 310_
4
893 Jan'29
90
1981 J o -4
Cart & Ad letgua4s
873 May'29
90
89 4 8 4
3
4
873 87%
1950 P A 84
93
Serfee D 3He
1
9618
9412 58
4
993
Ceut Branch U P let g 0_1948• D
4
96
833 85 Mar'29
Cleve She Line let gu 430_1961 AO 9618 Sale 964
13 10512 109
8 106
Central of GA let ge_Nov 1946 FA 1511'2
10112 May'29
1011/ 10212 Cleve Union Term let 630_ _1972 AO 106 Sale 1057
Oct'28
107
AO
41 20
983
1945 MN 9818 1634 9818
98 103
Consol gold 0
Registered
N
1054 23 10114 1Jan'29!
664:
100
100 100
Registered
lets f 5eserB
1973 AO l057 Sale 102
9914 ioni/.
-year eeoured 6e _June 1929 3D
10
90 101
letef guar 4 Heeer C
1977 A0 ---- 9512 96 May'29
4
993 May'29
25
103
Ref d, gen 580 series B_19511 AO 10133 103 10114
4
992 low:
8412 8812 May'29
Ref & gen 58 series C
8
1959 AO 9814 Sale 9814
905
85
9812 45
19453 0 83
98ii 1014 Coal River Ry let gu 4e
37
9412 9734
96
Chatt Div put money g 42.1961 3D
87 Mar'29
87
Colo & South ref & ext 410_1935 M N 95 Sale 944
87
3
' ---_ 107 101
9812 Apr'29
1946
Jan'29 _ _ 101 101
Mao & Nor Div let g 5a
1948A 0
8812 91
Col & If V let ext g 4a
Mid On 4, All div pur m0 1947 • J
95 May'29
9112 9111
1955 F A
---- 9112 Mar'29
95 95
Col & Tol let ext 48
1946 ii
102 100 Apr'29 _
Mobtle Div let g 5.
88 Apr'29
90
88
995 10018 Conn & Paasum MY let 0_1943 A 0 ---8
1961 J J 76
9412 June'29
9412 9412Ceut New Eng let gu 4s
9412
783
7712 7812
5
4
1930 F A
7812 84
Consol Ry deb 4s
_ 9712 Apr'29 _
70
Central Ohio reorg Ist 4 He_ _1930 MS 9712
70
70
6734 75
97
Non-cony 48
1954 .1 3
9914
3
6714
72
99 June'29
Cent RR & Ilkg of Ga coilS. 1937 MN
07
95
Non-cony deb 4a____2&.1 1955 2 2 6714 Sale 6714
9914
103 106 108 June'29 _ _ _ _
1987 J
76 Nov'28
Central of N .1 gen gold 6e
1075 11118
8
Non-cony deb 4a---A&O 1955 A 0
Jan'29
1987 Q
8 107% 11 107 109 8
1075
Registered
_
75
73
5
Non-cony debenture 4e_ _ _1956 1 2 -_-_-_-_ -i6- 73
14
8114
1987 33
General 48
89 Feb'29
9314
79
89
19423 D 8114 Sale 79
Cuba Nor Ry let 510
89
1
1949 FA 8912 Sale 8918
8812
8
897 8812
90
Cent Pac let ref go g 48
30
8514 96
93
89
1952 J 2 87
Cuba RR let 50
-year 6e g
P A
5
9912
88 Sept'28
Registered
9914 106
9914
1936 .1 0 994 100
let ref 710 series A
_ 99 June'29
9214 93 June'29
Mtge guar gold 314e_Aug1929• D 99
99- 993;
904 98
1936 3 0 91
let lien & ref gis aer B
fW
88
Through Short L let pi0 1954 A0 88 88
2
91%
88
196(1 FA 997 Sale 997
8
8
98129714 9912 9714 June'29
97
Guaranteed g Si
100% 113
9918 103
Day & Mich let cone 410_1931 1
9
92
9412
92 Sale 8914
N
89
Del & Hudson let & ref 4.9...._1943
10214 June'29
11114 Mar'29
Charleston & Sava% let 78_.1936 J 2 11114
97 1041211114 113It
1935 AO
-year cony 56
30
9 WO 105
1023
10212
9 1015 10412
4
Ches & Onio letcon it 5s--1939 M N 10112 102 102
8
I5
1937 MN 102 Sale 10114
-year 510
1939 M__ N -10214 Dec'28
9 1001 10314
102
8
Registered
10
1930• D 102 Sale 101
-year secured 7e
1992 m 0 :018 954 9514
9512 16
9412 10014 D RR & Ridge Int gu g 0_1936 FA
General gold 414e
964 Aug'28
en 8
98 Mar'29
89' Sale 8878 90 77 88 9234
Registered
9214 98
Den & KG let cons g 48
1936
1930 F A oo- ilil- - 99
9014
e
9012 10
9012 93
994 96
-year eon,/ 410
20
9812 9978
1936
Consol gold 4 He
89.13 9412
1993 A 0 93 Sale 9234
N 924 Sale 9114
9212 63
934 88
Ref & impt 410
8
904 955 Den le 110 Weet gen fie_ Aug 1955
4
903 98
VA
89
45
864 933
9218 921
Registered
,
4
Ref & Impt be ear B Apr 1978 MN 8818 Sale 8712
---- --- 924 Mar'29
10314 June'29
39
J 27
3014 Apr'29
40
25
Craig Valley let ba_May l '40 2 .1
9934 10314 Des M & Ft D beau 46
1935
_ _ __
25 June'29
32
25
36
25
Potts Creek Branch let 0_1946 2 J ---- 16 8812 May'29
8811 8812
Temporary etre of depoeit
8612 8612 June'29
3
92 8 9258.
RA A Div 1st con g 0......1989 3 2 84
83
4
865 Dee Plaines Val let gen 430_1947 MS ____ 9812 9258 Feb'29
1989 2 2 8114 95
7814
8114 June'29
79
75
71
26 consolgold 49
75 Apr'29
1995
81
Del & Mac let lien g 4.
80
100 Mar'29
Warm Springs V let or 6a..1941 M ill
75 May'29
75
75
75
'00 1.00
1995• D 70
Gold 48
N
95
mem,Corp cony be May 161947 M N
9712
4
963 95
95
8
983 158
95 10014
96 1004 Detroit River Tunnel 410_1961
4 10018 10314
Chic a Alton RR ref g 38._ _1949 A 0 66 Sale 66
10018
10018
6612
6
8
707 Dui Missabe & Nor gen 5a. _1941 • 3 10018 __
66
Ott dep sttel Apr 1929int668 Sale 663
8
3
8
663
99 101%
5
6512 69
Dul & Iron Range let 5e__1937 A0 9614 ---- 99 May'29
Railway first lien 3He_ _ _ _1960 i--i 6614 67
78 May'29
811e
__ 75
663
6614
74
4 13
6614 71
g 5e___ _1937 1
Dul Sou Shore &
Certificates of depoelt
68 May'29 _
9312 94
67
71
East Ry Minn Nor Div let 48 '48 AO -8612 9414 9312 Feb'29
Chic Burl & Q-111 Div 310_1949 .1.2. 833 84 83
4
2
82
8418
97 100
%
86
East T Va & Oa Div g Se_ _1930 J J 9914 1004 9912 June'29
J J
Reentered
84 Apr'29
8
10312 10534
1956 MN 1033 10512 1044 June'29
84
84
Cone Ist gold 513
1949 2 1 893 903 89 June'29
Illinois Diesen 4e
9712 105
8
8
3
N 994 Sale 997
89
994
8
Elgin Joliet & East let g 68_ _1941
94
General0
1958 M 8 895 897 8958
8
8
90 3 24
3
893 9312 El Paso & W let foe
8
100 10514
1965 AO 9812 10014 100 15.1ay'29
IN S
9134 Sept'28
Registered
1977 F A. -155i4
9614
964
1st & ref 4 He eter Is
12 -ii
8 10112 15 100 104
8
9923 Erie let cense gold 79 ext 1930 M S 10112 1017 1013
1971 F A 10214 10419 0112 104
12 10118 106
let & ref be eerie.A
8218 21
8012 8578
let cons g 4e prior
1996 1 .1 82 Sale 8112
1934 A 0 10114 106
05 June'29
Chicago & East Ill let 6e
10114 106
8
_ 795 Mar'29 _ _
79% 8112
Registered
1996 • J
M N
4
8
7914 51
7714 34
1st college gen lien g 45.__ _1996 • J
CI & E III Ry (new co) eon 56_1951 MN 787 Sale 783
4
77
- - -14 76
743 8012.
4
783 851a
1982
101 103 104 June'29
Chic& Erle let gold be
8
903 108
7112 May'29
714 7358
1996 33
Registered
M
66
22
67
Chicago Great Wee let 4s_1959 J 1
66
1951 A 18112 10312 10112. 10112 11 1005 102
8
Penn coil trust gold 4e_
694
10 4 2-a:
. 7 10h - 093 June'29
6_9
8
10018 1133
7
81
Chic Ind & Loulliv-Re6s__1947
1 -- 2
-year cony0series A
50
1953 AO 8012 Sale 8012
4
7814 8412
4
1947 2 3
0018 June'29
Refunding gold 5s
100 108
8
3
80 4
Series B
3
4
1953 AO 8012 823 80 4
7V41 841y
4
8
8238 92
Refunding 0 Series 0-.1947 J 3 827 853 8238 June'29 _ _ _
Gen conv 48 series D
1953 A0 82
8
4
857 8014 June'29
793 82
1966 M N 9518 Sale 9518
9518
N 9418 Sale 923
95 10314
9112 97
Ref & impt 5e
let A gen 58 ear A
9412 165
1967
4
Erie &Jereey let s f 68
6 105 11112
106
let & gen 6e ear B___May 1966 3 J. 105 1054 10518 10512 14 103 110
1955 Ji 106 109 105
-year U.__ 106611I...!..f
_ 9012 8812 May'29
873
8 943
Genesee River let.f 511._1957
106 10714 107 June'29
Chic Ind & Sou 50
8
10612 112
3
94 Mar'29 _ _ _ _
94
8858 ____ 102
Erie & Pitts gu g 314. ear B 1940
94
Chin L 8& East let 4 Hs_ _1969, _ u
.
7
7
83
13818 8810.
80
Jan'29
1940 Ji 8833
Series C 310
4
863
Ch M & dt P gang0A_ ?day 19891 3 2 -8118 8212 82
IQ 2
80
Apr'29 _
80
Registered
1954 MN 1023 We 10V4 103 I 38 10112 105
4
Eat RR eels f 78
80
7213 714 June'29
71 10 75
Geu g 310 ear B__May 1986 e - 71
---
_
4296
BONDS
N, Y. STOCK EXCHANGE
Week Ended June 28.
Fla Cent & Pen let ext g 66_1930 J J
Ist consol gold 56
1943 J J
Florida East Coast 1s1 446_1959 J D
let & ref 56 series A
1974 MS
Fonda Johns & Glov lat 4 Ma 1952 MN
Fort SCUD Co let g 4440.-1941 J
Ft WA Den C lit g 5411
1981 J O
Frem Elk & Mo Val let 66_1933 AO
GH&SAM&P let 5a
1931 MN
28 extent, Se guar
1931 ▪ J
Only How & Rend let 5e
1933 AO
On & Ala Ry hit cons Si Oct 1945 J J
Oa Caro& Nor lit gu g 6a 1929 J J
Georgia Midland 1st 3e
1946 AO
.• 1
Or & I eat let gu g 446_1941
Grand Trunk of Can deb 82_1940 AO
15
-year a f Os
1936 MS
Grays Point Term lit 56_1947 J O
New York Bond Record-continued--Page 3
Price
Fridoe
June 28.
Week's
Range or
Last Sale
I;
g,
rota
Biel
HOD
Ask Low
Mgt No, Low
98 98
973 98 98 Apr'29
4
9112 963 9512 June'29
93% 9914
2
9112 94
91
96
92 June'29
118
80
61
88 Sale 68
70
33 Sale 33
2513 50
33
7
94
94
9514
94 Nov'29
5 10412 10714
10412 10g 106
-106
102 1037
100 104 102 June'29
8
9612 100
9912 100
9914
9914
9912
_ 9912 June'29
9612 100
92 100
92 gale 92
92
89
_874 86 June'29
3
85
94% 9914
59i4 loo
98 June'29
73% 78%
7314 74 May'29
-65i2 se 9732 933s 10 93% 97
1093 Sale 10934
4
111
15 10814 113
10314 Sale 10314 104
23 103 106
97
97
9418
97
Apr'29
Great Nor gen 76 series A___1936• J 108 Sale 108
10914 127
J
Registered
109 Apr'29
_
let & ref 44seeder A_.,.._1981 .1
9312 Sale 9312
2
9312
General 644e series B____1902 J J 10512 10612 10512 10612 12
General 03 series C
1973 j j 101 Sale 101
10148 16
General 444s sertes D
1978 J J 9414 95 94
94
3
General 4448 aeries E
933 Sale 93
4
1977 J
94
6
Green Bay & West deb ctfe A__ Feb 81
.
83 85
Oct'28
Feb 22
Debentures etre B
25
22 May'29
Greenbrier Ry let gu 4a____1940 MN 913
4 _
9114 Mar'29
Gulf Mob & Nor 1st 5446---1950 AO 100 1907 100
;
1
100
Jet M Be series C
1950 AO 96
99
97 June'29
Gulf & 81 let ref & ter g 66_61952 J J 101
____ 10412 Mar'29
Hocking Val 1st coos g 4446_1999 3, 95 Sale 9412
95
22
Registered
1999 J
_
10212 Mar'28
Housatonic Ry cone g 68__1937 MN
9 1- 97 June'29
- 4
5
H & T C 1st g be Int guar
1937 J J 100 ____ 102 June'29
Waco & N W div let 6a1930 MN
10014 Mar'29
Houston Belt & Term let 66_1937 J
984a
9812 99 983
4
5
Houston RAW Tex !Mg be_1933 MN 95
- 99 Mar'29
let guar 66 red
1933 M N 9612 -9812 9812 Feb'29
Stud & Manhat lit Si ser A.1957 F A 89 Sale 89
90
68
Adimtmentincome 68 Feb 1957 A 0 75 4 Sale 753,
3
47
78
22
293,
9114
108
99
108
99
. 8
067
102
10014
983
4
9812
97%
89
72%
- -16
28
10214
102
100
99
10216
98
4
.43
8912 92
90
9614
80
79
10012 Sale 10012 101
87 8712 9412 June'29
Ind Bloom & West let ext 4s 1940 * 0
Ind lii & Iowa let g 4e
1950 .1
Ind & Louisville let eu
1956• J
Ind Union Ry gen 55 eer A 1966 1 J
Gen & ref be series It
1965• J
Int & CBI Nor 1st tis ser A _1952ii
Adjustment 66 ser A July 1952
Stamped
.8t 5..serles B
1956
let g 52 series C
1958 J J
lot Rye Cent Amer let
1972 MN
N
lit roll tr 6% notes__ _1941
let lien & ref 8428
1947 FA
Iowa Central 1st gold Si.....1938 3D
Certificates of deposit
Refunding gold 45
1901 MS
James Frank & Clear 1st 42.1959 3D
Kan A & G R 1st gu g 52_ _ _ 1928• J
Han&Mletgug4s
1990 AO
85_ __ 91 Nov'28
88 95 89
89
2
____ 87
85 June'29
973 100 102 Mar'28
2
101 103 101 June'29
103 Sale 103
103
20
8712 Sale 87
8732 23
_
7712 Feb'28
_
93
93
__
93
1
____ 9312 94 June'29 _ -77% Sale 76
78
10
93 Sale 927
8
93
16
983 97
4
98
97
13
35
40
39
3912 24
35
38
373
4
38
7
1112 1312 12 I4June'29
_
81
86
92 May'29
_
_ _ 10014 Apr'29
_
98- - 82 JunC29
8112 8212
KC Ft BA M Ity vet g 46..1936 A
KCA M R&B let gu 66_1929 A
Kan City Sou let gold 3a...1950 A 0
Ref & Imp% 5e
Apr 1960
Kansas City Term lit
Kentucky Central gold 44..1987
Kentucky & Ind Term 4 he 1981
Stamped
1961
Plain
1961
Lake Ere & West let g 66-1937
3d gold Si
1941
Lake Sh & Mich Bog 3448 1997
D
Registered
1997
26
-year gold 4a
1931 M
MN
Registered
Leh Val Harbor Term gu 58_1954 FA
/al N V lit gu g 4442..1940 J
Leh 1
Leh'gh Val (Pa) cons g 4a_._2003 MN
MN
Registered
General cons 4345
2003 MN
MN
Registered
9114 Sale
99 _ _ _ _
7214 Sale
9812 Sale
8534 Sale
86
897
2
_
877
2
87, 9014
7214
73
17
9534
9812 24
8614 71
Wile
8834 May'29
95
Jan'29
87 June'29
91 May'29
9912 100 100
10012
8
9612 10312 98 June'29
8
763
4
767 80
763
4
7812 May'29
, 17
8
98 Sale 970
98
9934 Apr'28
193', 107 1013 June'29
4
2
9914
99,4 91
837
8
-iif 84
853
4
2 19
Jan'29
88
9512 9512 2
-9ii2 97
99 Nov'28
Lehi Valley RR gen 58 series 2003 M N
Leh V Term Ry let gu g 58_1941 A 0
A 0
Registered
_
Let.& NY let guar gold 41_1945 M *
Let & East lot 50-yr 55 gu_ .1986 A 0
Little Miami gen 48 series A 1962 M N
1935 A 0
LOD2 Dock consol g fle
Long leld let con gold 6e July 1931 Q J
let eonsol gold 411_ __ _July 1931 Q J
General gold 48
1938 3 13
1932 1 D
Gold 4a
1949 M 8
Unified gold 48
1934 J D
Debenture gold 58
1937 M N
30
-year p m deb 5s
,.__1949 M El
Guar ref gold 48
No: Hb 13 188 eon 101 56_ Oct '32 Q J
Lou & Jeff Rdge Co gd g 4a 1945 M 13
Louisville & Nasbville fai_. 1937 88 N
1940 J 1
Unified gold 45.
.1 1
Registered.
Pollateral trust gold 156
193, MPI_
10
-year sec 76_ _ May 16 1930 M N
lit refund 645 series A _.5003* 0
103 10938 103
10312
100 1023 1013
2
4 10212
___ ____ 1037 Feb'28
8
- _ 8912 90
Oct'28
____ 103 10412 June'29
__ 88
8612 Dee'28
101 104 10212 May'29
973 100
4
98 May'29
97 -_ _ 100 Feb'29
8212 92% 9212 June'29
9912 Dec.28
84
8712 83 June'29
9614 95
93
95
93
9738 9812 May'29
853, 87
857
8
857
8
9912 9812 May'29
91
8
8512 897 88
88
101
__ 101
101
9214 Sale 92
£212
9314 May'29
9912 99
98
99
1007 Sale 1003, 10153
8
10312 105 104
104
108 112%
109 109
98
92
10412 109%
1001e 104%
9714
92
92
97%
97
97
1041e
94
Illinois Central let gold 4e
1961 .11 J
J J
Registered
lit gold 3416
JJ
Registered
Extended let gold 3446_1961 A 0
lit gold as sterling
1901 01 13
1952 A 0
Collateral trust gold 48
M N
Registered
lit refunding 48
1955 M N
Puychased lines 340
1952 .1
J 1
Registered
Collateral trust gold 46_ _1953 Id N
M N
Registered
Refunding 55
1965 M N
16-year secured ft ;42
_1936
40
-year 446e
Aug1 1966 F A
g__Cairo Bridge gold 48
1950
Litchfield Div 1st gold 38_1951
Loulsv Div & Term g 3416 1953
Omaha Div 1st gold 3s_ ..1951
A
St Louis Div & Term g 32.1951
Gold 3348
1951
Registered
Springfield Dlv 1st 1 3348_1951
Western Lines let g 4a____1961
A
Registered
Ill Cent and Chic St L & NO
Joint let ref Is series A___1963
let & ref 44a series C____1983
Due Feb. 1.
Range
Since
Jan.1.
90 June'29
95 May'28
8312 79 June'29
84 Nov'28
_
8312 83% Apr'29
7118
8
711a
8814 893 887
8
8
, 5
883
87
Oct'28
8812 8914 89
7
8912
7714 80 80 May'29
87 Nov'28
8512 Sale 85
8512 22
9014 May'28
7
10018 104 101
1023
4
____ 10812 107 June'29
95 Sale 95
983
4 12
8,514 90 90 Mar'29
7318 June'29
7412 75
7612 8212 873, Mar'29
8
713, 747 7412 Mar'29
_ _ 78% Oct'28
7118- - 8 80 Mar'29
7912 813
787 Oct'28
4
_ - 88 Dec'28
80- - 9012 Apr'29
91
83
92 Apr'28
91
9112
12
11
3
15
5
2
2
17
22
1
30
1
9114
131;
nis 74%
863 93%
4
89
80
_
84
If
101
107
96
86
713
4
81
74
1067
4
III%
100%
90
7514
84%
7412
80
86'2
in
83 4
1
.
WA, 1612
100 10514
9418 9712
.8714 9311
.
8412 881
101 103
103 103
10014 10812
98
85
91
72
90
93
3712
373
4
1012
85
9914
8112
89
98
70
94%
86
8814
95
87
907
8
98
08
75%
75%
96%
- 7
1/1i6
9611
82
983
4
983
8
51
6112
20
92
10014
8412
BONDS
N. Y. STOCK EXCHANGE.
Week Ended June 28,
Price
Friday
June 28.
Bid
Range
Since
Jan.1.
Week's
Range or
Last Sale,
Ask Low
High No. Low
Louisville & Nash,(Concluded)
let& re( 56 series 13
2003 A 0
let & ref 4446 series C
2003 A 0
N 0& M let gold 66
1930
90
3
J
28 gold 68
Paducah & Mem Div 414_1946 F A
St Louis Div 2d gold 2._ _1980 M S
Mob& Montg lat g 44a 1940 M S
South Ry joint Monon 48_1952 J J
All Knoxv & Cln Div 46_1955 M N
Loulev Cln & Lex Div g 446'31 MN
Mahon Coal RR let 56
1934 J J
Manila RR (South Lines)46_1939 M N
let ext 45
1909 M N
Manitoba 8 W Colonisa'n 56 1934 3 D
1013
8
10012 1013 1015g
2
95
9012 97
9612
100 Sale 100
100
100 Apr'29
9934
9018 Mar'29
_
63 June'29
lior2 65
9814 100 Sept'28
8412
8412
65
88
89 June'29
89
90
9718 June'29
97
98
100 May'29
91
_
7712 74
74
74 12
6434 es 69 May'29
99 June'29
9912
Man 0 13 & N W let 34e_ _1941 3 .1
Mich Cent Dot & Bay City 66.'31 M S
Registered
Mich Air Line 42
1940 QM
J J
Registered
let gold 3446
1902 M N
1929 A 0
20
-year debenture 46
Registered
A 0
1940 A 0
MldofNJ 1st ext fte
Mil & Nor let ext 4401880)1934 J D
Cone ext 4426 (1884)._1934 J
MII Spar & N W let gu 4s 1947 M
Mllw & State Line let 346_1941 J
Minn & St Louis let cone 56_1934 M N
Temp Otte of deposit_ 1934 M N
lit & refunding gold 4s
1949 M
Ref dr ext 50-yr 55 aer A 1962 CLF
.
Certificates of deposit......
M St Pik S 3.1 con g 4e int 1111 38 J J
.
let cone be
19383
1st cone be gu as to int
1938 J J
10-year coll trust 640.--.1931 M S
let & ref 6s series A
1946 J J
25
1949M 13
-year 534e
let Chicago Terme t 46.-1941 MN
Mississippi Central let 6s. 1949 J J
Mo Kan & Tex let gold 4s 1990 J D
Mo-K-T RR pr lien baser A.1962 J J
40-year 45 series B
1962 J J
Prior lien 440 eer D
1978 3 J
Cum adjust be eer A .Jan 1967 A 0
Mo Pac let & ref ba ser A __Agee F A
General 41
1975 M 8
let & ref be merles V
1977 M 8
let & ref g be ser
1978 M N
Cony gold 6447
1949 MN
Mo Pac 3d 7e ext at 4% July 1936 M N
Mob & Bin prior lien g 56-1946 J
Small
3J
let M gold 46
1940 J J
1940 J
Small
Mobile & Ohio gen gold 4e. _1938 M S
Montgomery Div let g 66_1947 F A
Ref & inlet 446
1977 M S
Mob & Mar lit gu gold 4e__1991 M
Mont C let gu Be
1937 J
lit guar gold be
1937 J J
Morris & Essex let itu 3141 2000 3 0
-
85% 8612 8612 May'29
__ 100 100 June'29
_- 10034 Apr'28
9214 Apr'29
913
4
9218 July'28
80
82 June'29
9934 Mar'29
99
Oct'28
86
9112 94 Mar'29
89
9412 96 Feb'29
94 May'29
sof 8818 June'29
90 Apr'28
46
47
4634 June'29
43
46 June'29
46
2212 Sale 22
2212 12
18
18
18
21
3
_ 1912 19 June'29
84
85
se 84
3
90
90 Sale 90
9442
943 Sale 9412
2
9912 11
99 Sale 99
9712
9712 Sale 9712
90
8
8112 913 90
_ 9312 Jan'29
5
8414- -95
9512 95
57
83
8312 8512 8212
2
983 Sale 983
9914 78
4
8214 Sale 82
82 14 18
9012
9014 92
9012 13
10412 Sale 10412 10512 47
28
9712 Sale 963
98
4
105
7114 Sale 7114
72
9612 Sale 96
9612 57
963 Sale 9614
2
963
4 34
402
11312 Sale 10912 114
8912 9014 9014 June'29
99 101 100 Apr'29
---- 9912 99 Feb'29
1
85
---- 8912 85
_
85 May'29
85
3
91
8112 94
91
100 May'29
9618 _
1
2
923
2
_
93 6 923
- -7
813 Jun:3'29
8
Sii4 87
Apr'29
103 107% 106
95 100 1005 Apr'29
77%
1
4
773
76
78
Nash Chau & Si L 48 ger A 1978 F A
NF1a&8 lat gu g 58
1937 F A
Nat Ry of Mel pr lien 441 1967 J J
July 1914 coupon on
J J
Assent cash war rct No 4 on
1977
Guar 70
-year a f 48
Assent cash war rot NO 6011 - _
Nat RR Niex pr Ilen 4446 Oct'28 J
Assent cash war rot No 4 on .
let eonsol 45
1951 A0
Assent cash war rot, No 4 on
Naugatuck RR let g 4e
-1954
New England RR Cons W.1945 .1 3
19 53 3
Consol guar 46
N J June RR guar let 4e._ 1986 F A
NO& NE let ref & Imp 444eA'62 .1
New Orleans Term let 4a...1953 J
N 0Texas& Max n-c Inc 66_1936 A 0
1954* 0
let 55 series B
1958 F A
9 F
66
lit Si series 9'
lit 444e series
1st 694e series A
1954 A 0
N & C Bdge gen guar 446_1946 J
4213&MBletcoogfe._1936 A 0
N Y Cent RR cony deb 65. _1935 PA N
Registered
M N
Consol 48 series A
1998 F A
Ref & 1,01st 43488eries A 2013 A 0
Ref & impt 56 series C2013 A 0
Registered
A 0
9312
9912
78
99% NY Cent & Bud Ray M 334819973 3
Registered
1997 J
901e
Debenture gold 46
1934 M N
90%
96
Registered
MN
30-year debenture 46
90
1942 3 J
Lake Shore coil gold 34461998 F A
05
98
Registered
101
Mich Cent coil gold 814*. 1998 F A
100
elle
Registered
1998 F A
Chic & St I. 1st g 46_1937 A 0
7812 N
19
37
Registered
9912
25-year debenture 46
1931 M N
20 68 series A II C
10118 1001x
1931 MN
95% 99%
Refunding 5348 series A. _1974 A 0
Refunding 540 series B :FA J3
837 8814
8
m s
Ref 41114 aeries C
86
80
N V Connect let gu 4345 A 1953 F A
9212 10(1
kat guar Is series II
1963 F A
N V & Erie lit eat gold 48..1947 M N
3d est gold 4 14i
1013 10714
s
1933 M
4th ext gold 66
997 10312
8
1930 A 0
NY & Greens. 1. gu g M
1948 M N
N V & Harlem gold 314.,. 2000 M N
108
. -74
Registered.
M N
N V Lack & W lit a ref all 56'73 M N
lat & ref gu 444/ con_ _ 1973 M N
10212 11012
9734 10 114 NYLE&W let 7sext
1930 MS
N Y & Jersey let 6e. _
97 100
1932 F A
NV&NE Bost Term 48
00
94
1939 A 0
NVNH
11 n-e deb 48._ 1947 MB
Non-cone debenture 3348_1947 M
.
86- 9014
Non-cone debenture 3348 1954 A 0
95 .00
No')-conv debenture 42
99%
98
1955 J 3
Non-cony debenture 48
85% 913
1956 M N
4
Cons debenture 344e
931% 100
1968 3 .1
Cony debenture 6.
8412 90
1941 3 J
10018 10212
Registered
I J
02
0634
Collateral trust 6s
1940 A 0
031, 9314
Debenture 46..
1967 M N
let & tel 444e ser ot 1927 1987 3 D
9818 1003
8
Harlem R & Pt Chest let 4i 1904 M N
10012 iu3
103 1073
8
4
8
13
7
High
10111 1057
2
99
95
99% 101
100 10014
90% 9114
61
67%
(
84 Ii2
92
89
97
9912
100 100
7
73 8 75
77
69
98% 1001s
86% 8612
9912 100
-02% 93
•
89% May'29
99 May'29
18 July'28
4
1114 113 183 July'28
4
11
7. _ 1314 11
8712 Aug'28
ioi2 15 12
1212
3512 July'27
19
1818
1818 19
22 Apr'28
814 1014 10 June'29
82
82
__ 82
els 98% 99 May'29
82 May'29
8318 89
88 Mar'29
_
9112
9112 96
92%
9112
86
88% 85%
93%
93 Sale 93
94
94 Sale 93
4
9812 100% 98 Jun- '29
91
90
9012 91
3 103
101% Sale 1017
95
95
-644 166- 95 June'29
105
105 Sale 10112
Jan'29
108
8:512
i
S4' 857 8418
97
9512 Sale 9512
8
4 1033
I03% Sale 1023
106 Mar'28
SO% 853s
995*99% 993
4
933,
96
94
88
11i 4
1196
95
92
-1
463 15;
4
46
5314
1918 35
1558 22
16
1912
8914
63
99
90
94
9912
971 101
.
9712 102
88
9312
‘4.2 9312
95
99 8
,
2012 86
003 102
4
86%
NI
9412
89
.0i12 10712
9518 101%
77
70
95
9918
941 100
.
100% 114
99% 917
8
99 100
99 100
98
86
15
89
937
8
91
99 100
9712
9
0
837 87
8
106 106
100% 101
7112 8012
4914 90%
99 102
13
1
10
1
10
16
3
24
4
11
1
32
17
33
58
6-- 111 2
12
1812 2213
71,.113,
82
82
99%
14
82
8638
88
88
9112 9712
85% 91
90 100
901, 1001,
98 101
8812 98
10012 10512
9418 953
4
97
95
10214 108
106 106
8418 897
8
9512 10012
1013 10712
4
7614 82%
7614
7714 20
74% 7812
4
70
75
3
93 4 97%
63
94
957
95
96
Jan'29
95
90
95%
9018 May'29
9018 97
7414 813
4
7315 7514 78 June'29
73
7712 75 June'29
73% 75
74
793
4
75 June'29
7412 7.5
73 .78
713 75
2
73 Jurnail
9111 96
4
94
933 Sale 9314
2
901s 9013
9015 June'29
43
11614 98 3
,
98
2
973 Sale 97
10014 Sale 100
10012 33 100 10212
1048 Sale 10412 105,
8 99 10414 10714
12 10412 107
101
105 10512 105
91
____ 9312 923
9511
9
4
94
92 4 974
3
4
24%
4
923 Sale 923
99, 10212
4
9612 100 101 June'29
90
90
90 Apr'29
9812 Mar'28
973 ____ 100 Apr'29
4
ao 100
95 Mar'29
9012 93
943. 98
83 Mar'29
83
33
85% Apr'28
100
10012 Feb'29
1001 16/1. -1 2
96 100%
96Is ____ 26
Apr'29
1001g
104
Feb'28
- -192 102 2
96
97
92 June'29
DO Mar'28
78
84
1
7412
7412 167412
73
757 73 June'29
8
4
73
777
69% 75
6912 7012 7018 June'29
.
8418
4
74
79 Sale 78
79
8418
76
7812 Sale 78
8
79
4
72
6914 70
72
68% 7
5
1371 118 129
12714 Sale 1243
4
120
116 119
118 June'29
10413 165 104
1045, 43 102 10512
70% 79
7412 Sale 7412
76
vi
9212
57
8
877 Sale 877
88
8
1
87
9012
87
8812 89 .87
77 Sale
7412 78
943 Sale
4
4297
New York Bond Record-Continued-Page 4
N
ON OS
Y STorK FA('
HAN(1E
Week Ended June 28.
Piece
?ening
June 28.
Week' a
inangt
Lan Sale
tel too
Ntoe
N If O& W ref let g 48_june 1992 M
6414 Sale 6414
657
8
Reg 15.000 only- -June 1992 M
70
Apr'28
General 4a.
6934 60 June'29
l956J 13 _
N V Providence & Boston 4e 1942 A 0 55T4
9012 June'29
A 0
893 Jan'28
4
Segistered
N Y & Putnam tat con gu 46 1933 A 0 8018 9212 8512 June'29
NV Busy & West let ref 5E61937
J
7514 797 75 June'29
8
2d gold 4128 .
4
1937 F A -__ 793 843 Nov'28
4
7012 Sale 7012
1940 F A
General gold 58
7212
9912 Feb'29
Terminal let gold 58
1943 M N ____ 98
NV W-ches & B 1st ser 1 44s'46 J
82 Sale 8112
83
Nord Ry ext'l s fit tie
8
101
_ 1950 A 0 10012 Sale 1003
75
Norfolk South let & ref A 58 1961 F A
7518
7812 7518
1tr1olk & South Ist gold fo 1941 MN
9812 9912 99 Mar'29
Norfolk & Weal gen gold 66_1931 M N
Improvement & ex'(Is
l934 F A
New River ist gold 118
1932 A 0
51 & W It/ let cons g is 1996 A • 0
Registered
1996 A 0
.31v1 let lieu & gen a 4e .1944 J
• 10-yr rear tie
1929 M $
Poeals C A c lolut 15. .. 194I J
North Cent gen A ref fie A 1974 M 8
Gen & ref 4 1 6 ger A stpd 1975 M S
4
North Onto let guar 9 5g. 1945 A 0
North ParifIr prior lien 4e _ .1997 Q
Registered
1997 Q 3
Gen iten ry & Id g 3s.Jan 2047 Q F
Registered
.. Jan 2047 Q F
Ref & iuuipt 4 1
4seeries A 20473 1
Ref & Initit 66 series II _„2047 J
Ref & iunt,% 5,4 series C.
20473_
Ref & linpt 59'miles 13 _2047 J 1
Nor Pao Term Co let g 68 1933 1
Nor Ry or Calif guar g 58
i9344 A 0
Range
&nee
Jan
No. Low
NW
12
6414 74 4
1
eo
90
_
__ -_
7
-_ _
22
91
2
101 10214 10012 101
2
103
105 Mar'29
102 1/312 10112 June'29
905 Sale 9012
8
9118 15
87 June'29 89 Sale 89
8914
9
234
5
234
--9112 /154 9112 • 9112 11
1077 Jan'29
8
-66- 9684 97 Apr'29
_
924 96 Feb'29
/
1
851- Sale 85
.4
61
86
833 Sale .83 4
4
20
3
84
6412 Sale 6418
657
8 44
62 Mar'29
4
,, 953 96 June'29
7
1097 Sale 1097
4
8
11012 157
8
10112 Sale 10012 10112
1027 101 June'29
8
1008,
1093 Feb'29
4
98 1Cii12 99 Mar'29
North Wisconsin let 68. _1931
J
Og & L Chem ist en g 46..
J
Ohio Connecting ity let 45_194.4 NI S
rmio River RR let g 56. _ 19311 1 1,
General gold is
.
1937 A 1
Oregon RR dr !slay eon ir Is 1946 .1 I.
Ore Short Line let cons it fs 1946 J
1946 J 1
Guar stpd cone Se
1921. 3 0
Guar refunding 48
Oregon-Wash let & ref 4e 1961
Paolfie Coast Co 1st g 58._1946 1 I
Pao FOR of Mo let ext g 48_1938 F •
3d extended gold 68
1938 3 1
Paducah & 1118 let 6 412a..111653
Paris-Lyons-Med ER ext1 its 1958 F A
Sinking fund external 76 _1958 M S
Parts-Orleans RR e f 7s._ _ _1954 Nt S
Ext staking fund 514s. _ _1948 M s
Palings [iv let & ref a f 7s._1942 M
100 Sept'28 _744
/
1
75
2
3
955 Nov'28 --9912
_ 9918 Apr'29 __ _ _ 106 9914 May'29
_ 90
9014 June'29
100 70414 10112 June'29
10212 10412 10212 10212
2
9918 Sale 99
9914 89
8,514 Sale 8514
853
4 48
-75 7112 June'29 -.9i2 90
8
8914 June'29
964 99
/
1
965 June'29 -4
9212
_ 9112 June'29
_
993 Sale 993
4
4 10018 142
103 Sale 1023
4
103
30
103
/ Jan'28 -1
4
943 Sale 941
4
/
4
95
24
102 103 10212 10212
1
Pennsylvania RR eons g 444.1943 M N
Congo! gold 48
1948 M N
48 eterl stpd dollar_May 1 1948 M N
Congol sink fund 4 )4a
1960 1- •
General 4 Nis series A
1985
11
General 55 series 13
1968 J 0
10
-year secured is
1930 A 0
15
-year mewed 6126
1936 F A
F A
Reentered
40 year &toured gold 58_1964 M N
Pa Co Cu 344 eon ti A reg _1937 M $
Guar 312s
vast ger B 1941 F A
Guar 312s trust ctfs C____1942 J
Guar 3.148 trust Mfg 0_ .._1944 J 0
Guar 15 -year gold 48. _1931 A 0
-25
Guar 48 ear E trust ctfe___1952 M N
Secured gold 41
/
48
1963 MN
Pa Ohio & Del 1st & ref 4 tie A17 A 0
Peoria dr Eastern let cons 48.19411 A 0
Incon3e 40_
. Apr11 1990 Apr.
Peoria & Pekin Vu 1st 51.48.1974 F A
Pere Marquette let ear A 56 1956 J
let 48 series B
19563 J
9258 9312 94 May'29
9012 9214 92 June'29 90
91
91 June'29
98 Sale 98
9812 10
95 Sale 95
52
96
10314 Sale 10314
10312 23
1011 Sale 101
/
4
10114 84
107 Sale 10684
1081 83
/
4
112
Apr'28 -10212 Sate 10112 10212 65
90 June'29
8612 June'29 - _
8358 _
835 May'29
8
813 4 8712 87 May'29
9714 9712 971
/
4
9714
1
86
87
86 May'29
9512 Sale 951
/
4
96
109
9412 9412
9412
5
94
813 82
4
82
3
82
30
40
36
38
20
101 102 10112 10112
1
102 Sale 10114
102
31
864 88
/
1
8612 June'29
- 2
-24 8411744 88
/
1
/
1
4
-751 82
8
991 10112
/
4
798 85
5
100 105
754 90
/
1
84
9712 102
Ilk 10314
105 105
8.11 104
/
4
814
9214
87
89
/
1
4
94
8
13212 234
9112 95 9
5
1077g 10774
957 99
.
94
' .01.,
85
90
8354 89
6014 6712
62
631r
9412 987
4
109 1131,
11;012 105
101
1048s
I nug,
99
99
991
/
4
Stills Halt & Wash 1st g 40 1943 64 N 9054
- 90
90
10714 May'29
General 63 aeries 0
1974 F A
P01111ppine Ry let 30-yr a f 4s '37 J
34 Sale 33
34
Pine Creek registered 1st 66.1932 J 0 ____ 101 103 Mar'29
Pitts & W Va let 412s
94
94 June'29
1958 J D 92
/
1
P C C & St L gu 430 A
_1940 A 0 9712 9814 974 June'29
Series 0 43.4sguar
1942 A 0 9712 Sale 9712
9712
Series C 4125 guar
1942 MN 9712 ____ 9712 Apr'29
_ 9614 June'29
Series 04s guar
1945 MN 9614
Series E 3128 guar gold_1949 F A 9614 ____ 93 June'29
Series F 4s guar gold
1953 J D 9614 ____ 9614 May'29
Series 0 48 guar
1957 M N 9614 ___ 9614 June'29
Series 11 eon guar 4a
1960 F A 9614 ---_ 961 May'29
/
4
Series I eons guar 4326_1963 F A 9654 ____ 963
4
9654
4
Series J cons guar 4148._1964 M N 963 ___ 97
97
/
1
General M 58 sales A____1970 J 13 1034 ____ 10312 10312
102 June'29
Registered
J 13
Gen mtge guar 155 ser B___1975 A 0 HA" Sale 10212 10412
1134 Jan'28
A 0
/
1
Registered
10114 Apr'29
Pitts Melt & Y let Cu 68-1932 J
103 July'28
/
1
4
2d guar its
1934 JJ
/
1
4
_ 997
Pitte Sh & LE 1st g 54
194(1 w 0 99
8
99
/
1
4
let consul gold 56
1943 J
10014 Aug'28
991 Sept'28
1943 MN
/
4
Pitts Vs & Char 1st 48
Pith Y & Ash 1st 48 ear
/
4
D 9114 9214 911 Apr'29
let gen 58 series 13
1962 FA ---- 10312 10312 May'29
let gen 58 series C
1974
D
71
Providence &tour deb 48.-1957 MN
71
84 May'29
Providence Term ltt 48,__ _1956 M
Reading co Jersey Con eon 4s'51 A0 9018 Sale 901g
901s
94 July'28
So
/
1
4
Registered
Get, & ref 41.4s series A 1997
3 941 Sale 9418
/
4
96
Rioh & Meek let g Cs
194e MN
7818 61ay.
28
Riches Term It: 'et Cu 58. _1952 1
101
Feb'29
Rio Grande JUDO let Cu 58_1931. J
92 Sale 92
/
1
4
/
1
4
9258
Rio Grande Sou let gold 48_1940 J
6 May'28
Guar 45 (Jan 1922 coupon) •44i J
712 Apr'28
R10 Grande West let gold 48_19314 J J
8714 /7 2 8634
8878
-1let con & coll trust 48 A 1949 AO 8012 8274 80
824
/
1
II 1 Ark A Louts let 4 30_1934 M
9412 Sale 9312
9414
-Canada let gu g 48._ -1949 J
70
Rut
81
82 Nov'28
1941
1 80
Rutland 1st con g 414e
85
87 May'29
1
11
5
_
13
1
1
6
60
2
4
44
14
86
84 June'29
St Joe & Grand 1st let 48._1947 3J 84
041 Feb'29
/
4
St Lawr de Adir let g 58_ _1991. .1 1
_
1991 A 0
053 Nov'28 _
2d gold 66
4
100 fiii" 9612
St L & Cairo guar g 4s. ......1931 .1
9614 2
987
8 58
St L Ir Mt & S gen et n g 58_1931 A 0 9814 Sale 9818
1931 A 0 981 9812 10154 Dec'28
/
4
Stamped guar 56
1921- J
99 100 9812 June'29
/
1
4
Unified & ref gold 48
9312 53
1933 M N 923 Sale 9234
4
Rio & G Div 1st g 4a
98
5
/ 98
1
4
/
1
4
983
4
St L M Bridge 'Ter gu it 5s. _19311 A 0
8412 Sale 8412
-San Neun tir lien 48 A 11/5!1M
85
102
St 2.
_ _19: • m
8714 Sale 8654
(1011 M 4126 lertes N
8712 200
1950 J 1 984 Sale 9754
/
1
Prior Ben 68 series 13
99
/ 61
1
4
d ilue May. it Due June. 4 Due August
I 1:4
91
- 7178 83
ii
Range
- sWeee•
Price
4
.
Since
Fettle,
Ranges'
14
Jan I
4.
June 28.
WA Sale
- - -- --- -BM
High .V,. Lose
Ask Lou
High
7
99 102
8t Louts& San Fr Ry gen 68.1931 J .1 100 10012 10012 10012
1931 J / 9812 99
954 10012
11
973
4
99
General gold 58
10
St L Peor & N W let Cu 5s 1948 1 1 99 10314 10012 May'29 ---- 10012 10315
9512 971g
St Louie Sou let gu g 46. _ 1931 M S 9313..__. 9619 June'29 ---8114 89
St L S W 1st g 45 bond MN_.1989 NI N ---- 8414 84 June'29 - --7712
2
/
1
4
7718 82
2d g 4s Inc bond ctfa Nov 1989 J J 7718 Sale 77
9312 gip
!
1932.8 D 95 Sale 943
8
95
/ 177
1
4
Consul gold 48
/
4
9414 1011
/
1
4
let terminal & unifying 56.1952 1 J 95 Sale 9453
957s 25
16
89 4 9514
1
St Paul & K C Sh L. let 430_1941 F A 9214 Sale 92
9214
98 9814
1931 F A
98 May'29 -St Paul & Duluth let 58
1304 8818
/
1
1968 .1 0 __ ____ 8818 Mar'29 ---let consul gold 46
9718 Jan'28 ---St Paul E Or Trunk 1st 434$1947 1 J
941k 9812
4
/
1
St Paul Minn & Man con 48 1933.8 3 -551 -6'6'_944 May'29 ___ _
4
8
1933 J 3 ___ 1035 10212 June'29 -- 1011 1041,
let consul g 68
J 1
_ 103
Jan'29 ---- 103 103
__ __
Registered
9612 9914
3 ii 99 May'29
its reduced to gold 434s___1933 3 1 -i7i"
J J ---- --- 95 Dee'28
_
Registered
05
4
1937 3 G -___ 94
95
Mont ext Ist gold 48
89 4 895
5
4
_ 86
893 June'29 --4
Pacific eat guar 48 (sterling)'40.8 3
4 101 10514
/
4
St Paul Un Dep 1st & ref 55. 1972 .I 3 102 Sale 1011 102
18
867 91
8
88
S A & Ar Pass 1st gu g 4g... 1943 3 J 88 Sale 8778
Santa Fe Fred& Phen 181 55 1942 M S -------- 102 Apr'29 -- 1112 102
/
1
Say Fla & Welt let g So.__. 1934 A 0 ____ 1044 10212 May'29 --- 10212 106
9814 10012
1st gold 56
1934 A 0
9814 Apr'29
8812 90
/
1
4
8etoto v & N E 1st gu g 49_ _.1989 MN • 90
9112 90 June'29 ...72 * 74
7
Seaboard Air Line ist g U.__ 1950 A 0 634 64
/
1
731e Apr'29 ---1950 A 0 634 Sale 637
83 8 7514
7
/
1
Gold le stamped....
s
677
e
8
35e. 51
Tirt 19414 F A 44 Sale 4114
441 151
/
4
Adjustment Si,
.. 4112 434
/
1
43
10
Certificates of deposit_ ...._ --.9358 _ _ 42
8912 5212
5312 15
6212 60
/
1
4
1951, A0 8914 Rebinding 45
94
72
6914 80
let & cons tis series A ._ _.1945 M S 71 Sale 7014
M S -------- 75 Mar'29 -75
75
Registered
4
81
89
85
Atl & 119.'113(1-yr 1st g 4e_d1933 M 8 85 Sale 85
611 7114
/
4
Seaboard All Fla let go 6 A 1935 F A 62 Sale 6112
6212 66
.
6312 70
20
/
1
4
Series II_
1936 F A ____ 63
/ 6312
1
4
64
Seaboard & Roan let 58extd 1931 J 3 ____ 9712 98 Dec'28 -- -4
S & N Ala COLS gu g 5e
_______- 10018 May'29 ---- ino110454 107
:
19416 A A
Gen rolls guar 50-yr U._.1 934 F O ____ ____ 107 Mar'29 _
N
BONDS
r STOcK EXcii A 'Suit.
Week Ended June 28.
r
9078 17
8o Par roil 45(Cent Pac mili P49 J D 90 Sale 90
3 1) _____ 871 June'29 - --/
4
Registered
9412 9353
7
let 4 tie (Oregon Lineal A 1977 M 8 9358 93
/
1
4
89
/ laik
1
4
1934 J D 100 Sale 100
100
6
20
-year cony 58
10112 1054
------19611 M S 9014 Sale 9014
9184 45
Gold 4 Nis
1.021 106
/
4
93 1735
Gold 414s sr I
ay 11961) M N 9212 Sale 913
4
97
/ 991
1
4
. San Fran Term let 48._ _ _ 1950 A 0 87Ig 8814 87 4
20
3
88
A 0 --------83 May'29 --8412 891
/
4
Registered
70
Sn
So Pee of Cal 1st eon gu g 56.1937 MN 100 101 100 May'29 ---8914 941a So Pac Coast let gu g 48._ ..I937 J 1 ____ 9514 9514 Apr'29 --9111. 99
1956 1 .1 897 Sale 89
8
So Pac RR let ref 48
897g 88
9112 98
1 J
- 903 Mar'29 -4
Registered
9712 WI
Southern Ry let cons g 56_1994 J 1 iiiis gile 10412 10512 ii
10112 10474
J 3 --------105 Mar'29 Registered
ae 84
iii
Devel & gen 4seerles A_.19541 A 0 3
85
A 0 ___ ____ 8714 Sept'28 ___ _
Registered
10112 libt
19 A , 1171g Sale 117 8 1 19
5,
56
0
)
1 38 Salee
r evelop a gen 6%
u elo
)
23
Develop e: en6 .
114
1
1212 35
14914 991:
9914 1110
931s
911
/
4
9012
977
4
95
1031
/
4
1003
8
1063
4
95
Mem Dtv let g 58
1996 J 1
94
St Louis Div let g 48
1951 1 J
93 4
1
Fut Tenn reorg lien g 56_1938 NI S
10 Ili
Mob & Ohio coll tr 48_ _._19341 M S
10012
1081g Spokane Internat. 1st it 5s_ _ _ 1955 J .4
1037a Staten Island Ry let 431/3
1943 J 13
III
Sunbury & Lewiston let 4a_ _1936 J 3
Superior Short Line let be. _e1930 M s
liii 108
Term Assn of St L ling 4148.1939 A 0
89514 90
let cons gold 56
1944 F A
8412 8718
Gen refund e f g 4s
1953 J J
83 s 89
5
Texarkana & Ft8 let 514e A 1950 F A
84
85
Tex & N 0 corn gold 55
1943 J 1
96
/ 99e Texas & Pao let gold 5s
1
4
2000 1 n
85 s 92
3
2d inc58(Mar'2Rep on)Dee 2000 Mar
951g ail'',
1977 A 0
Gen & ref be eerier B
92
974
Gen & ref 56 series C
1979 A 0
811 87
/
4
La Div B I. let g 56
1931 1 3
36
45
Tex Pao-Mo Pao Ter 530_1964 NI S
100 103
TM& Ohio Cent ist fru 56.__1934 J 1
100 1047
8
Western Div let g 56
1935 A 0
96
917
8
General gold 58
1935 3 D
Toledo Peoria & West lat 46_1917 J J
90
95
Tol St L & W 50-yr g U.__.1950 A 0
107 108
Tol W VA 090 4126 A__ _1931 J 1
32
39
- 1st guar 434s merles B
1933 J 1
103 103
let guar 48 series C
1942 M S
94
96
Toronto Ham & Buff let g 49 1946 1 D
95 3 994
5
4
9614 1001 Ulster & Del 1st cons g 56...._1928 .1 D
/
4
97
/ 99 4
1
4
8
Certificates of deposit
941s 9611
let refunding g 46
1952 A 0
93
93
Union Pac let RR & Id get 461947 .1 1
94
14 9614
Registered
J .1
95
9612
let lien & ref 46
June 2008 M 8
95
9612
Gold 4S28
1967 J J
let lien & ref 5s
965 100
s
June 2001 M 8
4
964 99
/
1
/
1
4
40
-year gold 46
196e J D
10312 mg% U NJ FOR & Can gen 48.._ _ _1944 M 8
102 102
Utah & Nor 1st ext 48
1933 .1 1
10212 108
/ Vandalla cons g 46 series A 1955 F A
1
4
Cone s f 46 series It
1957 M N
Vera Crus & P assent 431s_ _1934 ..
10114 10114 Virginia Mid 56 aeries F
1931 M F
General 56
1934' NI N
/ Vs I. Southw'n let gu 55
1
4
99 100
/
1
4
2003 1 J
1st cons 50-year M
1952. A 0
Virginian By 1st 58 series A.1962 61 N
i.
14
Wabash RR let gold 544
1939 IN N
1031g 10312
38 gold 56
1939 F A
Ref & gen s f 534s ear A __ _1976 M 8
71
74
Debenture Bits registered. 1939 3 J
let Hen 50-yr g term 48. 1954 1 J
84
84
Dot & Chic ext 1st g be._1941 J J
90
9312
Des Moines 131v let g 46..1939 J J
997
k
92
Omaha 131v let g 33.4e__. _1941 A 0
Tot & Chic Dtv g 46
1941 M P
9914 102
Wabash By ref & gen 511B 1976 A 0
917 023
8
Ref & gen 4146 series C
8
1978 F A
10214
____
9814
91
104
86
____
Sale
103
103
1
8618 June'29 ____
9912
6
9912
90
/
1
4
91
10
70
75
70
31
6714
--------86 Nov'28
--------95 Apr'28 --98 100 99 Mar'29 _ - -95 Sale 95
95
4
9912 Sale 9912 100
6
8612 Sale 855
8612 47
8
100 4 10112 1005
3
8 1011 16
/
4
98 Mar'29 -- -ioi" 1/514 104 104
3
96
___ 95 May'29
964 Sale 96
/
1
9654 11
9612 Sale 9612
9712 87
991 Sale 99
/
4
/
1
4
997
8
7
101139 Sale 10014
4
10054
9712 9912 9912 Mar'29
99 10014 103 Apr'29
- _ 97
/ 99 May'29
1
4
12_ _
15 Nov'28
873 - 8 873 June'29 ____
4 8974
944 __ 98 Apr'29 ---/
1
9414
955 Apr'29
s
____ ____ 975g Mar'29
85
89
8612 June'29 ____
72
68
41
93
77
15
6712
65 May'29 __ -50 May'29
44
9218
9112 May'29
863
4 23
-it5T4 ifii4 8514
964 53
/
1
9612 Sale 96
___ 10712 10614 103 8
85 2
9;
6
64
2
8412 Sale 8412
____ 9312 9212 May'29 _
--------96 Nov'28
/
1
4
908 ____ 92 Apr'29 ____
4
_ 92 May'29 __ __
90 4
3
10 - - . 14
14
2
18
9814 99 10018 Mar'29
9812 997 99
8
99
2
____ 1027 9914 May'29 __ __
8
4
8912 90
89
8912
/
1
/
1
10112 Sale 1004 1014 28
100 4 10
3
100 4 Sale 10014
3
9133 June'29 __ -8
983 100
4
10312 Sale 10314 104
25
-fil8818 May'27 ____
-7i12
e 884 Nov'28 ____
/
1
100 101 10012 May'29
Jan'29
3
90 4 98
-firs 80 7818 June'29 .._
____ 90
9012 Mar'29 __ .._
95 Bale 95
955
8 27
87
875 87
8
88
6
77
80
50
Sale
Warren let ref gu g 332s__2000 F A ____ 80 4 83 Nov'28
3
81 4 9214 Wash Cent let gold 46
,
19411 Q M
8414 Mar'29 ___78
Wash Term let Cu 334s
87
1945 F A
8318 May'29
8118 87
93
let 40-rear guar 48
981
s
1945 F A
88 June'29
W Min WAN W 1st gu 58_ _1930 F A 97
99
97 Feb'29 _
"87 90's West Maryland 1st g 48....1952 A 0 7834 Sale 78
7912 22
let k ref 5328 series A.
1977 J 3 9812 Sale 96
9812
8
83
881, West N Y & Pa let g 5s
19373 I 100 10014 99 June'29
104s 1047
Gen gold 4s
8712
5
3
1943 A 0 8712 Sale 8712
Western Pac lat ser A56... 11144151 S 98 Sale 9618
98
24
951
17l West Shore let 45 guar
2361 1 3 85 Sale 84
8
8512
97 101
Registered
2361 3 J 83
87
/ 84 June'29
1
4
Wheeling tk Lake Erie166- Ext'n & hunt gold 56
1930 F A
9912 100 Sept'28 -92
/ 948
1
4
Refunding 4 Nis series A 1966 NI A
4
853 May'29
8
1.718 100
Refunding &series B
1966 M I
100 102 Feb'29
8311 6612
FOR let consol 46_
1949 M S 83 Sale 83
83
2
83
/ 814, Nlik & East 1st gu g 58
1
4
4
19423 1.4 667 Sale 655
8
8
667
8
3
9712 1011. NIB& 8 F ist gold 5a
1938,3 1.:
99 Apr'29
i
81314 917
s
7
8514 87 g
9312 9914
99 10112
8814 9712
89
/ 94
1
4
/
1
4
91
R7
83 83
1011 103
9514 9553
88
/ 9212
1
4
8
/
1
4
90 4 90
10412 110
1115 108
8318 89
ltlY'e
117
103
85
9614
9018
115
123
10614
89
100
9353
8714 8112
9999
45
,
98
9814 103
65
90
1004 10412
/
1
98
98
104 10938
95 95
96 10214
995
8
98
9714 100
11018 10614
96i2 10112
9917 103
.15 10011
87
95
95
/
1
4
97 s
8
8414
50
55
33
91 14
90
8514
92
10614
83
14
92
91
98
95
/
1
4
991
:
8812
85
85
621g
95 a
92
907
s
994
/
1
10914
8914
96
9 / 9439
21
4
9444
92
12
1711
1001a 1001s
9814 10052
9914 100
887 95 4
8
,
3
10014 104 ,4
10014 10314
97 10112
100 10414
leo' foil:
88
88
78 85 4
1
904 9014
94 4 10012
7
13414 9038
541k 841g
83
86
68
91
97
97
77
14 82
8
92 4 997
7
481 10118
4
88
911
/
4
95 100
831s 884
1118 88
8
/
1
4
.
-8538 90 4
1
102 102
3
39 4
8
6518 74
99 1004
/
1
4298
N
BONDS
Y STOCK EXCHANGE
Week Ended June 28.
New York Bond Record-Continued-Page 5
Price
Friday
June 28.
Week's
Range or
Last Sale
Bid
Ask Low
High No,
Winaton-Salem 13 B let 4s..1960 J J 85 88 85 June'29
W is Cent 50-yr let gen 46_ 1949 3, 7812 Sale 7678
7812 11
Sup & Dul div & term let 45'36 MN 8712 88% 86 June'29
.1
Wor & Con East 18t 4348___ _1943
9238 Dec'28
INDUSTRIALS
Abraham & Straus deb 530_1943
With warrants.
A 0 10912 Sale 107
10912 89
Adriatic Elec Co eat' 75_ _ _1952 A 0 96 Sale 96
96
Marna Express cob tr g 4a___1948 M S 86 87 86
86
Ajax Rubber lot I5-yr 5186_1936 J D 89% Bale 897
2
90
8
Alaska Gold M deb 65 A__ _ _1926 M
3
318 12
312
3%
Cony deb 66 series B
1926 M
31g
_ 3 Apr'29
3
Albany Pefor Wrap Pala 68_1048 A 0 9112 94 92
92
Allegheny Corp coll tr 5s_ _ _ _ 1944 F A 99 Sale 98
99 610
Coll & cony 5s
19493 D 99 Sale 98
99 471
Allis-Chalmers Mfg deb 55 1937 M N 9812 Bale 9814
63
99
2
Alpine-Montan Steel 1st 7s 1955 M S 94 95 94
94
AM Agri° Chem 1st ref 61734s 41 F A 105 Sale 105
10517 26
Amer Beet Sug cony deb 65_1935 F A 8514 8712 83 6
3
85%
1
American Chain deb 1 66_ 1933 A 0 9414 9512 9414
9412
6
Am Cot 011 debenture 5a----1931 MN 9818 98% 98%
7
9818
Am Cynamld deb 56
1942 A 0 94% Sale 94
9512 43
Amer Ice s f deb 5s
1953 D 11
9112 91
91% 19
Amer I G Chem cony 630-1949 M N 10214 Sale 10134 10212 405
Amer Internet Corp cony 5346'49 J
8 107 1005
1063 Sale 1021
4
Am Mach & Fdy sf Cs
1939 A 0 1031 10414 10414 May'29
4
American Natural Gas Corn
9
Deb 834s (with porch warr)'42 A 0 78 Sale 77
78
Aniline et R Ist 30-yr Es ser A '47 A 0 100 Sale 99% 10012 62
Amer Sugar Ref 15-yr 6s_ __ _1937 .1 .1 102 10312 10212 10318 29
8
Am Teiep & Teleg colt tr 46_.1929.1 .1 99% 100 993
4
99%
Convertible 4s
94%
_ 97 June'29
1936 M
51
20
-year cony 434s
98% _- - 16
1933 M
98
993
4
30
-year coil tr 56
66
19464 D 10114 Sale 10114 102
101 Feb'29
J D
Registered
35-yr s f deb 56
J 10214 Sale 10214 10212 135
1960
20
-year s 530
10512 202
1943 M N 10518 Sale 105
Cony deb 434e
1939.1 3 143 Sale 13012 14314 9523
Am Type Found deb 65
1940 A 0 10312 10512 103% 10318 16
Am Wat Wks & El col trbs_1934 A 0 96% Sale 96
96% 33
Deb g 6s ser A
10
1975 M N 10212 Sale 102% 103
Am Writ Pap 1st e (11)
19474 J 8312 Sale 8212
8378 49
Anaconda Cop Mln 1st 8s_ _ _1953 F A 104% Sale 104% 105 324
Registered
103 Apr'29 _ -15
-year cony deb 75
25
1938 F A 17414 Sale 173
178
Registered
200 Jan'29 - Anglo-Chilean 6 f deb 7s_ _ _ _1945 M N 9314 Sale 9312
9412 68
Antilht(Comp Azuc)7341). _ _1939 .1 J 5812 60 60
19
60
Ark de Mem Bridge & Ter 136.1964 M S 93
96 94 June'29
Armour 24 Co 1st 4345
64
1939 J D 8814 Sale 873
89
4
Armour & Coot Del 634e__.1943J . 88% Sale 88
88% 48
1
Associated 0116% gold notes 1935 M S 10114 1024 10114 10112
8
4
Atlanta(MS L 1st 56
1947.1 D 1011
10312 Dec'28
4
Atlantic Fruit 7s ctfs dep
1934 J D 12%
_ _ 15 Nov'28
Stamped ctfs of deposit
J
12% _ _ _ _ 12% May'29
Atl Gulf& WI SS L col tr 68_1959 J J 7212 Sale 70%
7214 23
Atlantic Refg deb Si
100% 62
1937.1 .1 10018 100% 100
Baldw Loco Works 1st 5a
1940 M N 10612 10712 10612 June'29
2
Baragua(Comp Az) 734s_ _1937 J .1 88 Sale 85
88
Batavian Pete gen deb 430_1942 .3 .1 913 Sale 91%
90
93
4
Belding-Hemingway 65
1936.1 J 9434 Sale 90
941
4 17
Bell Telep of Pa 56 series B 1948
32
s 103
J 10212 Sale 1023
1st & re/ 55 se-ries C
1960 A 0 10412 Sale 104% 10412 39
Berlin City Elm Co deb 6325 19514 D 917 Sale 91
9212 43
8
Berlin Elec El & Undg 830_1958 A 0 9014 Sale 9014
17
92
Beth Steel let & ref Si guar A '42 M N 993 Sale 99% 101
11
4
30-yr p m & imp s t 56
31
1936 J .3 97% Sale 97%
99
Cons 30
-year 68 series A..1948 F A 103 Sale 103
114
104
Cons 30
-year 5346 ser B---1953 F A 102 Sale 102
10212 104
Bing .14 Bing deb 634s
1950 m S 943 95 95
3
9512
4
Botany Cons Mills 61411
66% 15
1934 A 0 0612 Sale 64
Bowman-Blit Hotels 72
1934 M S 97
6
97
91 97
Wway & 7th Av 1st cons 156..1943 J D 6778 Salo Bra
7134 10
Brooklyn City RR 1st 62
1941 .1
1
,
83% 84% 83 4
833
4
Bklyn Edison Inc gen 52 A_ 1949 J .1 102 103 102
102% 17
General 65 series B
19304 J 99% Sale 99% 10014
7
Bklyn-Man R T sec 65
1968.1 .1 93 Sale 9112
941 618
Bklyn Qu Co & Sub con gtd 56'41 MN 70
2
70
71
71
let Si stamped
1941 .1 .1 75% 80 83 Jan'29
Brooklyn R Tr 1st cony g 48_2002 J .1
92 June'29
3-yr 7% secured notes__ _1921 .1 .1 105 _ __ 106% Nov'28
Bklyn Un El lst g 4-56
34
1950 F A 85 Sale 83%
85
Stamped guar 4-5e
5
1950 F A 8 % Sale 83
85
3
Bklyn Un Gas let cone g 62_1945 m N 103% 105 03% 1033
2
4
let lien & ref(Maeda) A
1947 61 N 11412 117 11512 116
Cony deb 5148
1938.1
02 June'29
400
Buff & Sulu) Iron lots f 56_1932 J D 9212
_ 9212 June'29
Bush Terminal 1st 46
1952 A 0
_ 8639 June'29
1955
J 88%-Comol Si
93
93 94 93
Bush Term Bldg@ Si gu tax-ex '60 A 0 98 100 9712
10
98
1945 MN 100% Sale 100
BY-Prod Coke let 5349 A
10014 12
Cal G & E Corp unit & ref56.1937 M
1
100
100 Sale 100
Cal Petroleum cony deba f Si 1939 F A 96 Sale 96
25
96
1938 MN 9812 99 99
Cony debit 5345
1
99
Camaguey Bug lots? g 78
1942 A 0 8112 Sale 8112
2
8112
Canada SS L 1st & gen 6s_ 1941 A 0 971 98% 9812
2
981z
4
Cent Dist Tel let 30-yr Si_ 1943J
will 10314 10114 10114
2
Cent Foundry 1st s f 6s May 1931 F A 95 97% 97% Apr'29
1941 MN 123 Sale 123
Central Steel 1st g sf8s
123
3
7512 Sale 7512
Certain-teed Prod ..321) A_ 1948 M
77
19
Cespedes Sugar Co 151 5 f 734e39 M
_
91% 9014 June'29
Chic City & Conn Rya 58 Jan 1927 A 0
84 7214 Apr'29
Ch0L & Coke 1st eu e 56_1937 J
100
100 1003 100
4
Chicago Rye 1st is
1927 F A 82% 8314 82%
8314 23
1947.1 J 9412 Sale 14%
Chile Copper Co deb as
E5
109
CM & E 1st M 4s A
1988 A 0 86 Salo 85%
8618 23
Clearfield Bit Coal 1st 46..... 1940 .1 .1 70
75 90 Dec'28
98
Colon 011 cony deb 86
1938 F A 98 Sale 97
13
Colo F 341Cogensf 56
1943.1 .1 9712 9914 9712
98
8
Col Indus 1st & coll reign _1934 F A 93
93
3
9312 93
COlumbia0&E deb 56 May_ 195'2 M N 9814 Sale 98
98% 70
Debenture 59
Apr 15 1952 A 0 9814 Sale 98
98% 23
.1 90
Columbus Gas 1st gold M___1932
95
1
98 45
Columbus Ry PAL let 430 1957.1 .1 9214 Sale 9214
67
93
Commercial Cable let g 46-.2397 Q J
_
- - 9712 Feb'29
Commercial Credits 16s____1934 M N 8714- - 98
98
1
£818 9712
19354
91
Col tr f 534% notes
2
91
1948 M
Comma Invest Tr deb 65
9178 13
91 Sale 91
1949 F A 95 Sale
4
95 206
Cony deb 534e
Computing-Tab-Rec s t 62_1941 J .1 104% Sale 104% 104% 43
_
Conn Ry & 1st & ref g 43as 1951 J .1 923 9612 95 May'29
8
19514 .1 93 94
93
Stamped guar 4142
9212
15
Consol Agrlcul Loan 630 196J D 8414 Sale 8414
843
4 45
Consolidated Hydro-Elec Works
93
92% Sale 9212
of Upper Wuertemberg 78.1956
D 67 Bale 67
6814 10
Cons C al ofMd 1st & ref 56_1950
Conaol Gas(N Y)deb 5345.._1945 F A 105 Sale 10414 105
92
ConsumereOasofChlcguSil936l 111
un 10012 June'29
Consumers Power let 6s.-1952 MN 10114 Sale 10114 102
1948 .1 D 8912 Bale 89
93
Container Corp let 62
6
15-yr deb 55 with warT....19434 D 7214 75 72
7212 15
1960 A 0
100 Apr'29
Copenhagen'Pelee est6a
101 June'29
Corn Prod Refs 1st 25-yr 515a'34 M N 101
1:1 9612 tile 9612
97
29
Crown Cork & Seal t 62_ _1947
9912 10
Crown-Willamette Pap 118
9912 Sale 98%
1951 .1
6112 10
Cuba Cane Sugar cony Th.__ 930 J J 13014 Sale 60
61% 33
Cony deben stamped 8%.1930J J 6138 Sale 61
10014 25
Cuban Am Sugar let coll 88_1931 M
10014 Sale 100
Range
Sims
Jan.1.
BONDS
N. V. STOCK EXCHANGE
Week Ended June 28.
Pries
Friday
June 28.
Weekr,
Range or
Last Sale.
Range
Since
Jan.1.
High
Ask Low
BM
High No, Low
High
85143 Cuban Dom Bug 1st 73.46___1944 MN 64 Sale 6378
59
65
55
9778
8414 Cumb T & T 1st & gen 56___1937
'3 9912 100 99%
1
99 103
9912
911: Cuyamel Fruit 1st 5f68 A_ __1940 AO 9712 98 98 June'29
9712 102
Denver Cons Tramw 1st 56_1933 A0
76 Dec'27
Den Gas& H L let& ref of g 58'51 MN -9/ 98 97%
11
98
06% 101
Stamped as to Pa tax
1951 MN 97 Sale 9612
2
97
96 101
10212 120
Deny Corp (1)0)1810 f 70_1942 MS 58
70 63 May'29
63
73
98
6112 63 June'29
94
Second stamped
62 70
8314 881 Detroit Edison 1st coll tr 58_1933
'3 9934
4
4
9£12 100
981 102
8
let & ref 5s series A.July 1940 MS
8974 10714
2
4 100 104%
1
10038
003
10039 10014
3% 4
Gen & ref 5s series A
1949 A0 i663 101
-4
10018 10414
let & ref fis settee B-JulY 1940 MS 105% Sale 10512 10728 10512 108%
3
8
____
92 98%
Gen & ref 551 ser B
1955 JD 101 10112 10034 June'29
10014 104%
98 110%
Series 0
1962 FA 101 10112 19118 10134 15 100% 10518
0
,
9
,
97% 1003 Det United let cons g 4545 1932 J .
4
20
9618 98
9612 Sale
Dodge Bros deb 88
98 101
1940 MN 10018 Sale 1011s. u7 . 9.
97 10578
0 4 10 4 178
0
;2
0;
Dold (Jacob) Pack let 65_ _...,1942 MN 83 8478 85 June'29
9034 96
85
88
10312 10612 Dominion Iron 34 Steel 58__.1939 MS 90 99
90
90
80 90 Donner Steel lst ref 76
1942 J J 10112
9811 10112
4
-Duke-Price Pow 18t (is ser A '66 MN 1023 Sale' 1923
9312 99
103
4
03
,
4 193
0
7
7 1013 10512
4
9914 Duquesne Light 1st 434s A _ _1967 AO 96% Sale
98
977
55
96% 10078
93% 961z East Cuba Sus 15-yrs t e 7541'37 MS 8112 Sale 98318
31 78
97
29
0
•8714 9215 Ed El Ill San 1st con g 4& _ _1939
'3 9312 94
9312 97
May'29
95% 11012 Ed Elea III 1st cons g 58
19953, 105% ____ 10539 105%
4 105% 11078
101 111 Edith Rockefeller McCormick
Trust coil tr 8% notes__ _ _1934
103% 1002
10014
9934 9938
993* June'29
Elec Pow Corn(Germany)6346'50
92 Sale 91
8712 98
29
93
75% 9638 Elk Horn Coal lst & ref 6345.1931
9212 64 94 June'29
90 95%
9814 102
Deb 7% notes(with warr'ta)'31
7512 76 76
3
8118
76
76
10112 10478 EQuit Gas Light lit con 5a_ _1932
98 93 Mar'29
99%
99% 10018
9
3
99 100
Federal Light & Tr lot 56_1942 M
-95 Bale
4
92% 96%
9178 97%
1st lien s f 5s stamped _ _ 1942
95 9412
95
94
4
9214 97%
let lien Be stamped
96 101
1942
104 Bale 1011
9
,8 104
99
13 101 104
101 104%
30
-year deb (is ear B
1954
9812 99
'2
963 101
8
101 101
Federated Metals s f 76
1939 JD 100 10012 10012 1001
1
9878 105
10114 4053 Fiat deb 76 (with warr)
8
1946 3, 137 Sale 1339 149
7
9138 13 130 171
104% 107%
Without stock punch warrant&
53
93 Sale
92% 103
12014 14314 Flak Rubber 1st s I 85
1941
108 Sale 10712 10818 26 10434 114%
102 10514 Frameric Ind & Deb 2.0-Yr 7348'42
'3 10412 Sale 104
1047 67 10115 10618
96
99% Francisco Sugar lots f 7312_ _1942 MN 98 9914 99
5
9712 109
99
101 1063 French Nat Mall BS Lines 71 1949 Jo 101% Bale 10138 101% 23 1(8139 1028*
4
77
85 Gannett Co deb 66
12
1943 PA 87
87
95
1
87
88 87
103 4 1051 Gas& El of Berg Co COOS e 581949 JD 99%
3
105 106
106 Mar'29
4
102 103 Gen Asphalt cony 1315
1939 A0 105 Sale 105
10 103 10912
105
160 268 Gen Cable lst 51 634s A___ _1947 34 98% Sale 9814
5 '96% 100
9814
196 200 Gen Electric deb g 334s
1942 FA 941 96 945 June'29 - - - 8
94 8 96
1
9312 100 Gen Elec(Germany)is Jan 15'45 J J 10118 Sale 198
0118 19:
0 18 14 100 10414
8
St deb 834s with Warr_ __ _1940 JO 122 12412 122
60
79%
122
3 11118 12514
94 10312
Without warets attach'd '40 JO 96 Sale
91% 9914
4
213-year s f deb 611
873 9278
1948 MN 91 Sale 91
53 88
9412
9I
88
92% Gan Mot Accept deb 66
1937 FA 100% Sale 10014 101
86 100 103%
100 10318 Gerd Petrol 1st 5 1 fa
FA 10014 Bale 10014 101
1940
99% 102
12
Good Hope Steel Al see 76_1945 AO 9512 Sale 95
9634 12
95 1001
8
Goodrich(B F)Co 1st6%8_19473'
Sale
33 20618
54 113; Goodyear Tire & Rub lit 56_1957 MN 106% Sale 1064 10712 102 91 10814
95
91%
9112
92%
67
77 Gotham 811k Hosiery deb 63_1936 Jo ,93 Sale 93
93 100
9739, 3
100 102% Gould Coupler 1st 0 f62
1940 FA 76
8878 81
78 76
76
4
106 107 CR Cons El Power(Japan)7o 1944 PA Or: Sale 9612
96
9912
9778 15
lst & gen f 6345
8312 99
oil 9512
1950 J J 91% Sale 9134
9212 31
8912 9312 Great Falls Power 1sts f M 1940 MN
10612 Apr'29
_ 10414 107
883 94% Gulf States Steel deb 5345.__1942 JD "ii" 98" 96
4
96
99
97
7
102% 10512 Hackensack Water lit 441_1952 J
8212 87%
84
8612 8212 June'29
104 10814 Hartford St fly let 411
1930 MS 96% 98 9818 Nov'28
Havana Elea consol g Si_ _ _1952 FA
9014 95
87
80
1
82
82
Deb 5.30 series of 1926
89
94
1951 MS -25- - 1- 69
59
7012
6
6912 17
Hoe(R)& Co 1st 632s ser A_1934 A0 92 Sale 85
98 104
83 90
92
11
97% 102 Holland-Amer Line 68(flat)_1947 MN 100% Sale 10018 101
11 100 103%
10212 1053 Hudson Coal lets f 58 ser A.1962 JD 75% Sale 7512
4
7412 85
29
78
100% 10414 Hudson Co Gas 1st g 55
1940 MN 99% 100 100 June'29 99 105
.1 1003 Sale 100
Humble Oil& Refining 6 yis..1932
94 100
101
4
118 100 10218
Deb gold as
6012 7414
99% 10112
1937 *0 100 Sale 993
4 100
96
9(312 100
Illinois Bell Telephone 58--1956 ID 10214 Sale 102% 10212 48 10114 113478
66
77% Illinois Steel deb 434s
1940 *0 9612 Sale 9814
937 100
8
963
4 28
9212 Raeder Steel Corp e I 75
83
1946 AO ____ 103 100 May'29
103 103%
Mtge 66
102 10512
1948 FA 8418 Sale 84
81
9214
85
19
997 103 Indiana Limestone lets 168 1941 MN 8912 Sale 8912
8
92
87
0012 21
9114 98% Ind Nat Gas & 011 M
1936 MN 10018- - 100% June'29
974 102
7812 Indiana Steel let Si
N 10118 gale 10118 1033
1952
63
4 23 10118 105
80
83 Ingersoll-Rand let Si Dec 31 1935 3
102 Sept'28
100 _
9212 9212 Inland Steel 1st 430
1978 A0 90 Sale 1893
9118 31
893 93
0118 10
4
4
MB 10118 101%
Inspiration Con Copper 630 1931
1 10034 102%
92I Interboro Metrop 434s
1956 *0
83
1912 1912
1912 May'29
912 20
'3 6514 Sale 8412
Interboro Rap Tran let 56._1966
93
83
44 6412 7912
88
'3 6512 Sale 64%
Stamped
102% 19614
64% 7912
66% 82
Registered
11412 118
76 Mar'29
76 7612
AO -58 gale 57
10
-year 66
1932
354 402
57 84
5818 29
10-year cony 7% notes_1932 MS 93 Sale 9218
92% 9618
99%
91
93
48
85
88 Int Agric Corp let 20-yr 56.._1932 MN 91
92 9112 June'29
9012 95
91
Stamped extended to 1942-- MN 78% 793 109 Jun0319
99%
763s 8112
1, 4
'2
4 72
97% 1043 Int Cement cony deb M
6
1948 MN 102' Sale
18
90 102 11812
100 102 Internet Match deb fa
1947 MN 95% Sale 95
93 4 99
3
9612 64
9914 103 Inter Mercan Marines 16s 1941 A 0 100 Sale 100
,
991 102
100
'19
95% 102 Internat Paper 68 ser A &B _1947
8712 9688
8812 Sale 8812
4
8812
9814 10314
Ref s f 65 ser A
1955M
88
97
90 Sale 8914
8912 33
8112 9712 bat Telep & Teleg deb g 4346 1952 .1 .1 92% Sale 91%
8918 9512
9212 57
Cony deb 4345
97 101%
1939 .1 .1 149 Sale 132% 149
53 10912 149
101% 10418 Kansas City Pow & Lt 55
1952 M
101 4 21 101 105%
101 Sale 101
3
let gold 434s series B
96
9812
1957 J J
98 10012
101
98 Mar'29
122 12412 Kansas Gas & Electric 65.-1952 M 8 10314 1043 10314 1041s 38 102 106
8
68 83 Keith (B F) Corp 1st 66
1946
90 97
8
9012
9012
9012 91
Kendall Co 5342 with warr 1948 MS 91% 9214 9112
90 100
90% 9638
92
10
66
7214 Keystone Telep Co 1st 56_1935 3, 8412 88 85 June'29
85
91
Kings County El & P g 56_1937 AO 10034 105 101
100 103
101
1 10012 10412
2718 8412
Purchase money fis
1997 A0 128 130 12812 June'29
12814 130
9313 9612 King')County Elev 1st g 48_1949 PA 80 Sale 80
80
85
3
80_
Stamped guar 4s
85
8914
1949 PA 7912 8014
79 82
Kings County Lighting 5s_._19543'
102 10514
9
10 8
1017 184: -1unei28
s 02 4 Ju lc 41
943 ifi3i
4
Finn & ref 6348
1954 3,
3 11418 11814
114
9912 Kinney(Gil)& Co 734% notea'36
O 10hII6 Bale 10418 10512 19 10418 10712
97
-.
9278 987 Kresge Found'u coil tr 6s_ 1938 JD 101 Sale 101
8
10114 11 101 104
9714 10012 Kreuger & Toll Eas with war_1959 M
97% 99
4
9834 386
98 Sale 973
98
98% Lackwanna Steel lit Si A _1950 MB 9912 Sale 96
913 10212
7
9912
95 99% Lace' Gall of St L ref&ext M.1934 *0 98 Sale 9712
9812 21
9738 10178
Col & ref /5146 series C.-1953 PA 10214 Sale 10214 1023
9012 93%
9 10012 1051
4
:
8712 8712 Lautaro Nitrate Co 6.9
1954
With warrants
94 9912
9918 496
99
9914
99 Sale 99
'3 9412 96 9712
Lehigh C & Nay u1494e A.1954
91
97
9712
93% 9914
9812 Lehigh Valley Coal lot g 56_1933 J J 98% Sale 983
91
7
4
9912
97% 101
181 40-yr eu hit red to 4% 1933
'3
9014 10514
96 97 Oct'28
lst & ref f 56
1934 FA 101
1041 106
s
101
_ 101
10 101 101
lat&rof f 56
95
99
1944 FA
88 May'29 93%
80
lit& ref 6 t 56
9214 99
1954 FA
93%
88
873 88 May'29 8
lst&rofsf 56
8118 8712
1964 FA --- 8712 88 May'29
88
88
lst,& ref s 56
1974 FA ____ 83% 88 Mar'29 _-9018
88
8914 97% Lex Ave & P F 1st gu g 66.._ _1993 MS - - 37% May'28 ____
3
65% 73 4 Liggett& Myers Tobacco 75_1949 AD 11614 11818 118
116
21 -lid- 12112
Si
104 106%
1951 FA 9912 Sale 9912 10014 401
98 2 103
7
99% 101% Loew's Inc deb 6s with warr_ 1941 *0 105 Sale 103
10514 31 103 123%
Without stock pun warrants AO 9614 9712 95%
95% 10012
101 104
96% 19
89 100% Lombard Elea 1st 719 with war '52 3D 99 Sale
9514 102
20
Without warrants
9112
D
72
98
_ 9434 99 4 9 90 9734
951
99 10012 Lorillard (P) Co 76
1944 AD ioi 116 108
9 10814 11312
108
9612 103
xis 91%
56
1961 PA 8014 Bale 79
8014 14
Deb 530
89%
95 100
84
1937 I, 86 Sale 8512
8812 19
99% 104
98% 10314 Louisville Gas & El(Hy)62_1952 MN 10014 Sale 100% 101
37
95
69
90
794 Louisville Ry let cons &L.-1930 .3
____ 9214 92 June'29
miler Austrian Hydro El Pow69
80
9eii 108 4 ' Last6)1s
87%
8
8414 29 81
1944 VA 841a Sale 8212
Low
85
2618
NIS
4299
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 28.
r
ttt r
0.
Price
Friday
June 28.
Week's
Range or
Last Sale.
Bid
Ask Low
High No
McCrory Stores Corp deb 5)413 41 J 0 97 Sale 96
33
97
Menet! Sugar 1st s f 73.s___1942 A 0 91 Sale 90
6
92
Mantua Ry (N Y)cons g 48_1090 A 0 5614 Sale 56
56 12 46
2d 4s
60 May'29
Manila Elec Ry Lt f 5s .j953 a
95% 997 9612 June'29
8
Marion Steam Shoves f 65 1947 A 0 89
2
89% 89
89
Mfrs Tr Co ctIs of partic In
A I Names & Son let 68_1943
D ____ 1043 100 June'29
4
Market St Ry 7s ser A April 1040 Q
86
865 88
8
9
877
8
Meridional El let 78
975 Sale 9714
8
23
98
Mar Ed 1st & ref Esser C
4 1003
4
11 n73
4 10
0 1003 10114 1003
.1
Metr West Side El(Chic) 48_1938 F A 7212 75
72 June'29
Mlag Mill Nisch 78 with war.1958 J D 933 Sale 93%
8
9312 11
Without warrants
J D 8412 8712 84
12
84
Midvale Steel & couv f 58.1936 M S 983 Sale 9814
8
67
9
Milw El Ry & Lt ref & ext 448'31 .1 J 9818 98% 973
4
3
983
4
Gene-.1 & ref be series A _ _1951 J D 100 103 100
6
100
1st as ref 50 series B
4
I) 993 Sale 98%
1961
99
38
Montana Power 1st be A__ _1943 .1
8
101
.1 1007 Sale 10018
27
Deb be series A
9812 61
1962 J D 9812 Sale 9814
igontecatini Min & AgricDeb is with warrants___ _1937 .1 J 1103 11114 11012 11012
4
1
Without warrants
.1 J 9712 Sale 9712
98
8
Montreal Tram 1st & ref 58_1941 ..1 .1 055 Sale 9512
8
3
95%
Gen & ref s f 58 series A _ _1955 A 0
95 June'29
Series B
-- 9514 May'29
1955 A 0 9312
Morris & Co 1st a f 4 SO_ _ _1939 .1 J 8313 Sale 83
5
8312
Mortgage-Bond Co 4e ser 2_ _ 1966 A 0 773 81
8112 Jan'29
4
10-25
-year be series 3
1932 .1 .1 95% 96% 951 June'29
Murray Body let 61.45
1934 j
9914 Sale 9918
9912 19
Mutual Fuel Gas let gu g 58_1947 M N 100 101 102 Mar'29
Mut Un Tel gtd (is ext at b% 1941 MN
98 Feb'29
Namm (A I) & Son-See Mfrs Tr
Nassau Elec guar gold 4s
1951 .1 .) 52
543 53
4
533
4 19
Nat Acme let s f 6s
10114
1942.3 D 100 1004 10114
7
Nat Dairy Prod deb 5%8_1948 F A 9612 Sale 9614
227
97
Nat Radiator deb 61.4e
22
58
1947 F A 43 Sale 40
Nat Starch 20-year deb Is. _1930
967 99'2 99 June'29
8
National Tube let s f 5s_ _ _1952 M N 99 103 103
1
103
Newark Coneol Gas cons 58_1948 J D 1004 ---- 10114
2
10114
New England Tel & Tel 5a A 1952 .1 D 1017 Sale 101%
10358 20
8
1st g 4 Hs series 13
1961 MN 9718 Sale 9718
973
4 13
New ON Pub Serv let Os A 1952 A 0 9114 Sale 91
9112 22
First & ref 5a series IL...1955 .1 D 90 Sale 893
4
903
4 21
N Y Dock 60-year 1st g 4s 1951 F A 81 Sale 8018
7
81
Serial5% notes
1938 A 0 8012 82
80
2
81
NY Edison 1st & ref 634a A_1941 A 0 111% Sale 11112 112
19
1st lien & ref 58 series 11_ _1944 A 0 101% Sale 101%
10112
8
N Y Gas El Lt 11 & Pr g 58_1948 J D 104% Sale 10418
10414 13
Purchase money gold 48_ _1949 F A
9112 92
9112
8
91%
N Y LE& W Dock& Imp bs 1943 J J 9718 99
9818 June'29
NY&QEIL&Pletg 5s 1930F A 9818 100 989 June'29
8
NY Rye let It E & ref 4s...._1942 J J 4714
56 Jan '29
Certificates of deposit
4714 _ _ _ _ 5614 Mar'29
30-year ad) Inc U.._ _Jan 1942 A 0
1
97
8 212 May'29
Certificates of deposit
3
1
9
Jan'29
-N Y Rye Corp Inc 65_ __Jan 1965 Apr 1012 11
10%
11
24
Prior lien 68 series A
1965.1 .1 76
7712 75 June'29
NY & Rtchm Gas let 13a A 1951 M N 105 Sale 10412 105
4
NY State Rys 1st cons 4%8_1962,M N 3812 Sale 3818
40
27
tat cone 6145 serhn B
1962 M N 4812 Sale
4812
3
N Y Steam 1st 25-yr Os ser A 1947 M N 103% Sale 103
104
9
NY Telep 1st & genii 4%9_1939 SI N 99 Sale 98
99
49
30-year deben s f 6s_ _Feb 1949,F A 110 Sale 109% 11014 30
20-year refunding gold 60.19411A 0 105% Sale 1043
4 1053
8 75
N Y Trap Rock 1st 65
1946J D
97 Sale 9612
97
70
Niagara Falls Power 1st be_ _1932 .1 .1 100 Sale 100
5
100
Ref & gen 6s
Jan 19321A 0 100 103 10114
4
1013
4
Marl Lock & 0 Pr let be A__1955 A 0 101 Sale 101
23
101
Norddeutsche Lloyd (Bremen)
20-year f tis
1947IM N 9112 Sale 9112
9214 81
Nor Amer Cem deb 6445 A..1940 M S 7112 Sale 71
12
72
No Am Edison deb be tier A_ _1957 M 8 9912 Sale 99
995s 59
Deb 6%is tier 13_ _ _ _Aug 15 1963 F A 1005 Sale 10014
8
1007
8 74
Nor Ohio'Frac & Light 68_1947 M
991
9912
9912 101
4
Nor States Pow 25-yr 55 A _ _1941 A 0 9912 Sale 99
100
46
1st & ref b-yr 68 series II_ _1941 A 0 105 Sale 105
10512 18
North W T 1st fd g 4.3414 gtd 1934
.1 96
98
96 June'29 __
Norweg Hydro-El Nit 5;45_1957 M N 90 Sale 90
91
28
Ohio Public Service 7 3-414 A 1946 A 0 111 Sale 11012 111
4
let as ref 75 series 11
1947 F A 11212 Sale 11212 11212
5
Ohio River Edison let fla
1948 J .1 106 Sale 10212 106
37
Old Ben Coal let Os
1944 F A 8712 Sale 8712
874 15
Ontario Power N F let 59_1943 F A 1003 Sale 10018
4
10034 11
Ontario Transmission let 50_1945 M N 977 99
8
9712
9712
1
Oriental Devel guar fle
1953 M S 935 Sale 9312
8
94 1 23
Exti deb 6%a hit ctfe
1958 M N 86 Sale 853
4
86
17
Oslo Oae & El Wks extl 55..1963 M S 883 Sale 8512
4
89
12
Otis Steel let M Os err A __ .1941 M S 101 Sale 10018
10114 29
Pacific Gas & El gen & ref Se 1942 .1 .1 100 Sale 995
8 10014 106
Pao Pow & Lt lit & ref 20-yr 5s'30 F A 993 Sale 99
4
993
4 10
Pacific Tel & Tel lat bs
1937
.1
9912 9978 100
s
1005
5
Ref mtge be series A
1952 M N 1023 Sale 10212 10234 17
4
Pan-Amer P & T cone f 68.1934 2sf N 107 Sale 107
108
79
1st lien cony 10-yr 7s
1930 F A 10412 Sale 10412 10112
8
Pan-Am Pet Co(ot Cal)conv 68'40 J D 93 Sale 93
94
13
Paramount-Wway lit 530_1951
J 9914 Sale 9812
9912 36
Paramount-Fam'a-Lasky 65.1947.1
07 Sale 97
9814 40
Park-Loa let leasehold 640.1953 .1 .1
_ 827 8512 June'29 ___ _
8
Pat& PasealcG & El cons 58 1049 M 8
9912 June'29 ____
Pathe Each deb 75 with warr 1937 M N
7012
72
9
Penn-Dixie Cement Os A .._ ._ 1941 al S Sie. gale 8512
86
14
Peon Gas & C let coils g 65_1943 A 0 110 11012 110 June'29
1947 M S 10114 1013 10112 102
Refunding gold 511
4
12
Philadelphia Co sec 5s ser A _ 1967 J D 975 Sale 967
8
975 148
Phila Klee Co let 4545
1967 M N 9618 Sale 9618
97
16
Phila & Reading C & 1 ref Cm.. 1973 .3 .1 8114 Sale 8114
8812
6
Cony deb as w I
1949 M 8 913 Sale 9114
4
93
182
Phillips Petrol deb 5415
1939 .1 D 88 Sale 88
8914 76
Pierce-Arrow Mot Car deb 8a1943 M
109 Sale 107
109
23
Pierce 011 deb s I 8s Dec 15 1931 .1 D 1053 10614 1053
4
4
106
21
Pillsbury Fl Mille 20-yr 65_1943 A 0 1045 105 10412 1015
8
8
4
Pirelli Co(Italy) cony 7s_._1952 M N 14414 154 143
14412 12
Pocah Con Collieries 1st f MI957 J
9412 ____ 9412
9412
2
Port Arthur Can & Dk 65 A.1953 F A 10014 10412 10412 June'29
lit M Se series B
1953 F A 10014 104 104 June'29 Portland Elec Pow 1st Os II_ _1947 M N 100 Sale 9912 101
23
Portland Gen Elec let Os......1935.1
99 Sale 99
99
2
Portland Ry lit & ref Ss_ 1930 NI N 955 Sale 955
8
953
1
Portland Ity L & P let ref Os. 1942 F A 0718 9812 97%
9718
1
1st lien & ref Os aeries 11_1947 M N 99% 101
9912
99%
1
1st lien & ref 7145 series A _1946 M N 106 10612 106
106
2
Porto Rican Am Tob cony Os 1942.1
981 99
4
983
4
983
4 44
POetal Teleg & Cable coil 58.1953.1
93 Sale 9214
933
63
Premed Steel Car cone g 58_ .1933 J j 90 Sale 90
91
25
Prod & Ref s f 80 (with war).1931
D 1104 ____ 111 Mar'29
Without warrants attached... _
D 106 110 10912 May'29
Pub fiery Corp N J deb 4140_1948 F A 253 Sale 22512 253
67
Pub Serv El & Gas 1st & ref 58'65 J D 10112 103 10112 10218 34
let & ref 4348
1967.1 D 9613 9712 9612
9718
6
Punta Alegre Sugar deb 78..1937J .1 75
75 June'29 __ _ _
80
1937 F A 9714 Sale 9718
Pure 011 If 514% notes
973
4 42
Purity ilakerles 5 f deb 5a...1948 J J 91 Sale 901e
02
9
1937 M N 9614 Sale 9'
Remington Arms Os
967
8 11
Rens Rand deb 514s with war '47 M N 927 Sale 9214
9312 48
s
July 1048 M 13 10318 ____ 103
Republic Brass 68
1031e 13
Repub I & 8 10-30-yr 585 L._ 1940 A 0 10014 10078 10014
10014
2
Ref & gen 554s aeries A __ _1953 1 .1 10012 102 100
10014 33
Range
Since
Jan. 1.
Low
92
90
56
585
4
9612
89
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 28.
.1 •
Price
Friday
June 28.
West',
Rome or
Lasi Bale.
t%
High
Bid
Ask Low
Mob No.
99% Reinelbe Union 7s with war.1946 J .1 10518 Sale 105
106
13
Without stk purch war..._1946 J J 96 Sale 9512
10012
96
25
Rhine-Main-Danube 75 A __1950 MS 10012 Sale 10018 101
1
68
8 15
1005
60% Rhine-Westphalia Elec Pow 78'50 1.1 N 10012 Sale 100
10412
91
Direct mtge Os
1925 let N 90 Sale 8912
36
Cone m Os of'28 with war.1953 FA 9212 Sale 92%
14
93
99%
Without warrants
9
8612
8612 Sale 8512
100 105
4
RD= Steel lets f 79
9314
8
1955 FA 913 Sale 9134
80
107
97% Rochester Gas as El is aer B_1946 MS 107 Sale 106
16
S 104 1053 10312 104
Gen mtge 554e series 0....1948
9814
12
93
4
_ 10014 997 Apr'29
993 103
4
1977 M S
8
_
Gen mtge 4;43 series D
72
90 Dec'28 -8014 Rocb & Pitts CA Ipm 58_1946 MN 56
9212 983e St Jos Ry Lt & Pr lst 58._ _ _1937 MN 945 . 5- 943
9434
4
8 94 4
4
84
99
9412 St Joseph Stk Yds let 4;0_1930 .1.3
Feb'29
64
4
97 100% St L Rock Mt& P 53 stmpd _1955 J J 64 Sale 64
__ 93% 92 June'29
97% 99% St Paul City Cable cone 5a.._1937
4 10412
San Antonio Pub Serv let 6s..1952 J J 104 Sale 1033
98 103
5
975
8 27
9714 10158 Saxon Pub Wks(Germany) 75'45 P A 96% Sale 9612
Gen ref guar 6545
22
1951 MN 92 Sale 91
92
98 104
8018 84
Schulco Co guar 6%s
83%
3
84
1946 J
97 101
Guar s f6 SO series B
8
8512
1946 AO 8018 Sale 8018
Sharon Steel HOOD s 1 5548-1948 MN 9612 sale 9514
9612 45
107 127
93% 77
2
983 Shell Pipe Lines I deb 58._ 1952 • N 933 Sale 92%
8
93
9614 82
94
99% Shell Union Oils I deb U.__ 1947 MN 94 Sale 94
8912
36
90
93% 9634 Shlnyetsu El Pow tat 6 Pis_ _1952 J o
4
7
81
9514 9814 Shubert Theatre 6s_June 15 1942 3D 773 7912 7754
4
83
1935 J J 9914 1023 1023 June'29 -4
88% Siemens & lialske 8 f 78
7,4 S 10514 sate 10414
Debaf6448
1951
1053 159
4
81% 8112
103
Apr'29
allot Ws 50% pd__'51 M S
Sf6
9518 9712
9758 98
97%
Sierra & San Fran Power 56_1949 FA
9814 102
9712
4
833 June'29 -Sileela Elec Corp era He_ _1946 P A 8518 92
4
102 104
Silesian-Am Sap coil trio....1941 FA 9618 Sale 9618
97 I
4
98
98
MN 9914 Sale 9914
99% 14
Simms Petrol 6% notes
1929
Sinclatr Cone 01115
10178 90
-year 713_1937 MS 101% Sale 101
50
64
9912 76
101 10214
let lien coll 65 series L. ...1930 58 S 9914 Sale 99
1st lien 654s series D
,
34
9312 97%
995
1938 ID 991 Sale 9914
947
94
40
821 Sincalir Crude 0115%s ser A..1938 JP .1 94% Sale 9418
.
9912 Sinclair Pipe Line et 55
1942 AO 93 Sale 93
98
9334 112
947
8
1003 1043 Skelly Oil deb 5%s
8
19
1939 MS 94% Sale 925
8
10012 10312 Smith (A 0) Corp let 6;4e_ _1933 MN 10114 Sale 10114
10114
5
1017 107
South Porto Rica Sugar 75_ _1941 J o 105 Sale 105
8
105%
9
3
97 10014 South BellTel& Tel 1st a f ba 1941 '.3 10014 1007 100 4
10112 17
8
89% 96% Southern Colo Power 65 A I947 J J 101 10112 101
1
101
893 9612 S'west Bell Tel let & ref 5a..1954 FA 10112 Sale 102
4
10212 109
97
8013 87% Spring Val Water 1st g 55_ _1943 MN 97
97
3
98
99
Standard Stilling 1st ba
16
1930 MN 98 Sale 98
90
80
11112 115
1st as ref 5545
25
14
100
1945 MS 100 Sale 99
101 105
Stand 011 of N J deb 5s Dec 15'46 FA 100% Sale 10012 101% 227
10312 10712 Stand 011 of N Y deb 4548_1951 JO 945 Sale 94%
955
8 4
8
AI
96
955 Sale 9312
94
8
11
Stevens Hotel let 65 series A..1945 J
33
98
80
9818 Sugar Estates (Oriente) 7s...1942 M S 7712 Sale 76
D
104 10412 June'29
98 10018 Syracuse Lighting let g Os-...195l
Tenn Coal Iron & RR con 58_1951 J J 983 1021 102
4
102
56
56
Tenn Cop & Chem deb 68 A.1941 AO 104% 106
56
68
Cony deb Os sec B
102 Sale 100T;102
1944 M
11
212 25e
D 104 Sale 10312 10414 47
Tennessee Elec Pow 1st 65_ _1947
2
3
10
14
57
1960 J J 5612 Sale 5612
2412 Third Ave let ref 4s
4214 121
Adj Inc 6s tax-ex N V Jan 1960 A0 40 Sale 40
75
87
101% 106
Third Ave Ity let g 55
921 90 June'29
1937 J J 91
Toll° Elec Pow 1st 7s
8
8
3818 54
9714 41
1955 MS 965 Sale 965
6% gold notes....July 15 1029• J 8914 Sale 993
4
4818 70
10012 11
103 I07%
9614 96% 96%
2
6% golo notes
1932 J
96%
Tokyo Elec Light Co, Ltd
971g 101
1st 65 dollar series
1093 1113
4
1953 Jo 8914 Sale 89
8
89 4 116
,
8
8
1043 10812 Toledo Tr LAP 514% notes 1930 J J 985 Sale 985
99
20
4
Transcont 011 634s with war 1938 J J 9612 Sale 9612
64
9612 101
97
Trenton G & El 1st g 0s......1949 MS 98 102 10012 Apr'29
100 103
N 90 4 94
92 June'29
3
10014 10318 Truax-Traer Coal cony 6 El_ 1943
10134 25
_1940 11 N 101 Sale 101
99% 10418 Trumbull Steel 1st s f 13s
Twenty-third St Ry ref 58_1962
.57 Sale 57
2
57
Tyrol llydro-Elee Pow 7%8_1955 MN 98 Sale 9612
10
90
94
98
Guarsecsf 7a
89
6
91
68
90
1952 P A 89
80
Ujigawa El Pow 5 f is
7
99 102
96
4
963
4
1945 MS 963 97
99 101% Union Elec Lt & Pr(MO)56_1932
99% Sale 99%
1
99%
99 10314
Ref & ext 5s
4
4
9
1933 MN 983 Sale 983
983
4
98% 1013 UnEL&P(111)Istg5%seerA_'54 JJ 10014 10012 10018 10012 12
4
8312 81 June'29
104 10812 Union Elev Ity (Chic) 59. _ _ _1945 A0
96 1053 Unlon 011 let lien s f 56
10114 10014 June'29
1931
4
30-yr 68 series A..__.May 1942 FA looje lo07 106% 1067
88
8
9212
6
8
let lien a f Se series C_ Feb 1935 AO 95% 9612 953
11018 11312
4
14
96
9912 993 June'29
109% 115% United Biscuit of Am deb 63_1942 154 N 96
4
9414 26
102 10712 United Drug 25-yr 5a
8
1953 MS 925 Sale 92%
United Rye St L let g 45
2
8713 91
1934
8012 Sale 8012
8012
94 102
United SS Co 15-yr 6a
74
97
1937 MN
9612 Sale 953
4
Un Steel Works Corp 644e A.1951 31) 8614 88
42
97 103
8618
88
J O 863 Sale 86
With stock Our warrants
92
20
89
977
8
8
D 8412 863 8412
Series C without warrants..
8518 90
89% 17
4
With stock our warrants... .20 893 Sale 843
88
9314
4
4
8514 31
100 10312 United Steel Wks of Burbach
Each-Dudelange of 7s_ _ _1951 AO 10212 Sale 10212 10412
3
99 10212
8914 83
887 Sale 88
97% 10012 US Rubber let & ref 55 ser A 1947
s
10-yr 71.4% secured notes_ 1930 FA 1003 Sale 100% 10)4 55
100 10314
4
3
433
10114 10552 11 8 Steel Corp(Coupon Apr 1963 M 1‘; 1083 Sale 10858 109
4
sf10-60-yrbelltegis_ _Apr 1963 MN
1075 June'29
8
10212 1095
8
Universal Pipe & Rad deb 6s 1936 J
8412
8412 Sale 8412
102% 105
12
89
8
92
1953 A0 887 Sale 887
8
9814 Unterelbe Pr & Lt 68
Utah Lt & Trac 1st & ref Us. _1944 AO 0014 Sale 893
4
97% 103
9158 35
33
97
669 1003 Utah Power & Lt 1st M
8
1944 P A
97 Sale 9614
4
8 1025s 10
8512 9512 Utica Elec L & P let s f g 58_1950 J J 10234 ____ 1025
9912 105
3
Utica Gas & Elec ref & ext 5s 1957 J J 103 Sale 103
103
Utilities Power & Light 5%8.1947 J
7012 44
90 3
4 70
903 Sale 90
4
22
85
82
97, Vertleutee Sugar 1st ref 78_ _1942 Jo 82 Sale 78
4
3
Victor Fuel 1st tif58
110 113
3118
3118 Sale 3118
1953 J
101 1053 Va Iron Coal & Coke Ist g bs 1949 MS 69
72 June'29
73
4
Va By & Pow let as ref 58..... 1934 J
99% 33
993 Sale 9958
8
96 100
9912 35
-alworth deb 63.4a (with war)'35 AO 96 Sale 96
95% 100% Vi
Without warrants
20
8114 94
83
85 Sale 85
9
89
let sink fund Os series A _ _ 1945 A 0 89 Sale 8812
9114 101
11
Warner Sugar Refits let 7s... 1911 J O 106 107 1053
4 106
88
94
Warner Sugar Cory tat 78.- - 1939 J J
68
10
75
106 109
70
70
Warner-Quinlan deb 63
10514 107
9412 35
1939 MS 94 Sale 91
Wash Water Power Sf Is...... 1939 J
102 106
99 10014 10014 June'29
119 15112 Westches Ltg g 58 Earned gt41 1950• D
103 101 June'28
West Penn Power Sec A 58_1946 MS 10012 Sale 10012 10114
9412 95
8
100 1053
let Os series E
1063 MS 10114 10158 10118
4
10112 15
It 5148'mice F
10112 105%
3
1953 AO 103 Sale 103
1033
8
1st eec Ss series0
9S12 10314
4
1956 3D 1003 101% 100 4
3
100- 4 10
3
West Va C ast.: let 6s
98 102
1950 • J
2514 20
2358 Sale 23
Western Electric deb 58
95% 99
1944 A0 10112 Sale 10114
1013
4 18
136
99, Western Union roll tr cur 56.1938 J J 10058 Sale 100
4
10012 11
Fund & real eet g 4%s__ _ _19511 MN
9612 10212
95 Sale 95
9614 10
106 10718
15-yoar 61.ls
1936 E A 1083 Sale 10714
4
1083
4
25
-year gold be
933 107
4
1951 Jo 101 Sale 10018
27
101
89
Westphalia Un El Pow 68. _1953 J J 83 Sale 8212
95
8312 15
8838 99
Wheeling Steel Corp let 514e 1948 J J 995 100
995
8
8
100,
8 30
I II 111
let & ref 434s series B......1953 AO 85 Sale 85
38
86
109 11218 White Eagle Oil & Ref deb 51037
172 253
With stock parch warrants__ MS 9918 993 991
9918 21
4
101 10512 White Sew Mach 68(with war)'36 • j
__ 98 102 May'29
9618 99%
Without warrants
83
8512 843
4
3
85
RR
75
1940 at N 87
Panic s f deb Os
871 88
88
1
10014 Wickwire Soon St'l let 75_ ,...19353
43 Sale 4118
4312 33
cm den Chase Nut Bank
89% 96
4318 Sale 439
4112
8
8
95 101
Wickwire Sri 81.1 Co 78_Jan 1935
437
4114
91
9114 9518
Ctf atm Chase Nat Bank
41
4112 Sale 401
46
102 10312 Willys-Overiand 5 f 6;48. _ _ _1933 leO S 10012 101 10012 101
4
10018 10314 Wilson & Co 1st 25-yr e f 68_1941 A0 100 Sale 100
10014 25
100 104
Winchester Repeat Arms 710'41 AO 10612 Sale 10612 1065
3
8
Youngstown Sheol & Tube 55 1978 J J 100 Sale ' 9912 100
100
Range
Since
Jan. 1.
Lo9:97212 H98 1
9
10
3
196
100
87
90
8518
91
105
19 ,
0 14
52
3
102
9358
93%
8912
110
9
6
107,2
0
-94 - - - -1
9 ;
8
69
94
99
77
10112 104
92
9712
9312 10018
8715 9434
837 101
8
8412 107
9 18 9114
0
9212 97
9858
94
947
8
83'i
9
75
912
10012
101
96
83%
10118
95
108
106
101
89
00
9618 199
99
101 10312
98 100
4
985 1013
8
4
9312 973
95
93
95l
997
4
9 k 1021
992
102 107
4
1003 10414
100 10412
191 10514
07 1 00
98 105
95,4 02
10014 103%
94
93
95 100
10512
63
10195
102
100
102%
SO
38
90
96
9512
9614
107
98
10312
115
107
107
66
648
4
9714
993
4
10012
96%
88
985
8
96
10012
9112
10012
10418
10012
I09 163
91
033'
62
57
9512 9912
9918 10112
8895
9092
973 18712
01 4 01%
10018 104
98
0 38
1943 10912
0 4 1191,2
955 197 8
9 78 9114
28 9
8012 8412
90 100
01
901:
84
83
92
84
843 893
4
4
10212 108
100 102
88
9234
%
107 10912
18432 103
06 4 90
98
89
8612 9112
105 101
92
4 0%
103 107
1 102087
91: 84990 2
736 :
03
8712 185
8
5
94
93
10534 107
67
8r4
9 14
94
00258
10112 104582
10000
IV% 12
12
100 10415
133
1253
134
4
100 10144
95
9914
107 111
99114 103%
79
90
98 102
85
8714
99
102
10572
130
.
1
107184 60
46 1
3
:0,, 11090378i9:::'
8°8,22
9:
:1
40.7
,
[Vol,. 128.
FINANCIAL CHRONICLE
4300
Outside Stock Exchanges
Exchange.
-Record of transactions at
the Boston Stock Exchange, June 22 to June 28,both inclusive, compiled from offi ial sales lists:
Boston Stock
Stocks-
Sales
Friday
Last 1Veek's Range for
Week.
Sale
of Prices
Par Price. Low. High. Shares.
Railroad100
season & Albany
. 100
'lesion Elevated
100
Preferred
hit preferred....100
Ini
Id preferred._
soston & Maine
Ser A let peel unstpd_100
Preferred stamped_ _100
Prior preferred stpd 100
•er let poi 011/41
100
SerB let pf stpd.
Ser C let pfd stpd_ _100
100
Fier D 1st pfd stpd
Boston & Providence...100
Chic Jet Ry & USY pi A100
East Mass St Ry Co._ _100
100
let prf
100
Preferred B
104,
Ad nommen%
100
Maine Central
100
Preferred
•
N•Nlik
Nor New Hampshire_ _100
loll
Old colony
Pennsylvania RR
175
175
7541 7545
96
10631 106
100
100
70
106
Milinineireadlan Cons Mln Co..21,
Arizona Commercial.._5
25
Calumet & Hecht
Copper Range Co......23
Rant Butte Cooper Min.IP
Franklin Mining Co____25
Hancock Consolidated__25
Island Creels Coal
1
Preferred
isle Royal CouPer
25
26
Keweenaw canner
25
Lake Copper Corp
25
La Salle Copper Co
Low.
High.
Jan
137 17255 June 182
604 7546 June 88% Jan
Jan
May 101
7 96
May
131 10255 June 116
Jan
Mar 108
124 ila)
Fell
Jan
Jan
Jar
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Jr.',
Feb
Jan
JON('
Feb
Fe),
June
5
50
64
27
10
25
40
9
69
65
202
454
317
439
25
2,100
5
172
3,366
Apr
68
Apr
85
10435 May
Apr
71
112
May
Apr
100
140 -May
168 June
June
99
17
June
5735 May
62 June
42
May
Jan
62
80 June
824 Mar
Apr
105
Apr
120
724 Mar
94
90
111/
814
129
111
157
199
10734
27
72
70
56 4
SO
84
113%
1,15
13955
8445
2,215
171.4 19
'50
124 1255
10
62
62
186
70
70
695
555 515
180
23
23%
8.969
214% 227
444 1535 289.149
610
154 164
243
99 101
5
103 103
335
924 93
1,061
5535 62
85
7
6
87
96
95
733
3755
36
150
636 646
10831 MY
,. 7,500
340
474
46
20
99
99
509
23
234
940
27
26
479
308 325
15,571
41% 51
14,948
10515 123
35
3635 3,183
50
21
21
10
17% 1734
296
1035 13
200
26
25
357
107% 111%
75
154 15%
260
4015 42
600
29% 3134
85
120 121
150
43
43
512
19
20
5
3955 3954
15
99
98
120
2555 25%
410
20
21%
175
62% 6335
14,443
47
50
80
92
92
143
12
124
232
10% 1036
424
125 135
1556 17% 4,332
226
81
81
59,690
18
15
186
10434 105
100
40
40
99
2% 334
536
6
4
215
40
40
231
500 600
5
924 924
334
994 100
917
1404 143
100
17% 17%
640
28
30
44
15
1.5
87
17
17
250
31
30
2054 2134 1,714
365
1244 125
140
75
78%
u,215
10%
8
102
19
1934
95
3445 35
95
164 104
48
5935 11,710
2,163
6234 65
500
31
31
215
41
41
300
8954 89%
365
41
41
Apr
17
1254 June
Mar
61
Apr
70
24 Jan
151-4 Jan
193Jan
2% 'Apr
154 June
Jan
95
1004 Jan
92
, Jan
554 June
6 June
May
94
May
34
Feb
4
99
Jr.,,
Apr
'45
Mar
97
12
Jan
22. Jan
Jan
280
Mar
28
Mar
100
35 June
1635 May
1734 Apr
104 June
Apr
20
100% June
12
Jan
39
Jan
294 May
110
Jan
42% June
18
May
Apr
37
97
Apr
254 June
20 June
4455 June
43
May
9055 Apr
10% Apr
10% June
125 June
13 June
Mar
76
111
June
10034 Feb
40 June
2% June
May
4
344 Feb
500 June
9255 June
s9854 May
140
Apr
14% June
28 June
15 June
17
Apr
28
Mar
20% June
12454 June
7034 Apr
8
Jan
17% June
294 May
104
Apr
Mar
25
604 June
30% June
39
Jan
88% June
4054 June
23% May
Jan
20
Jan
70
Jar,
75
645 June
26
May
23844 Apr
7% Apr
24
Jr."
1064 Apr
May
107
Jan
94
894 Jar,
735 June
Mar
120
474 Jan
8
May
11734 June
Jab
48
1024 Mar
24% June
27% June
Jar,
451
51 • June
123 June
444 Jab
Jan
27
20
Jan
173-4 Feb
3335 Jail
,
126 4 Jan
18% Feb
424 Apr
354 Feb
Feb
126
Jan
47
264 Mar
524 hill
Feb
105
3311 Jan
234 May
1024 Feb
50 June
9544 Feb
1352 Jan
Jab
13
Apr
16;
1741 June
8435 May
18 June
1124 Mar
Feb
48
545 Jun
Jan
6
4435 Apr
750 June
9841 Jan
104 4 Jan
Feb
156
1955 May
5755 Am
Jan
25
184 Mar
3645 Fell
Mar
26
1394 Jan
Jan
84
174 Feb
2444 Feb
355‘ Apr
11141
Feb
594 June
Jan
87
314 Jan
4534 Apr
Jan
95
44
Apr
70
70
85
85
low, 106
115
105
143
168
100
100
17
62
63
45
48
65
80
11134 110%
108
122
126
83% • g
115
143
Mineola oyou• 17%
Alr Investors Inc
12%
American Brick Co
Amer Cities Pr & Lt Corp_
orb
&leer & I ieb
5%
Omer Pneumatic Service 2
Preferred
.
-25 23
100 227
baler Tel & Tel
641
Rights
• 15%
amoskeag Mfg 1_0
• 99
Bigelow-Hartf Carpel
100
Preferred
IROW12 et Co
C
lIla Graph%
Rights
95
00u mental Seeurbarok lint,
Credit %Mance Corp CIA
36%
10
635
East Boston Land
‘• 1174
Eastern 8, loos Inc
• 47%
Preferrisi • . _
100
let preferred
Eastern Utility Inv Corp.. ......
dowoony grocery dtores.'
101 324
MAlson
Elec Shareholdings Corp_
49%
120
Preferred
Kneel Group Assoc. _
35%,
_100
Gals lions Elee_
GerCred&InvC25%Ist pt.
GeorginnInc(The)pfclA...20 10%
Ali:Orlin Co.
lillette Safety Railer Cy • 10956
Greenfield Tap & Die_ _25
GreifBrosCoopgeCorpcIA
-----Hathawaya Bakeries MusD
121
Preferred
Class A
1935
Hood Rubber
Hygrade Lamp Co
Preferred
10
Insurance Sec Inc
Insuranshares Corp CIA..
2134
international Corn
48
lot Hydro El Syst el A_ _
kidder Peab amp A pf 10C
Libby McNeill & Libby . If. 12
25 1031
Loewe Theatres
Ma•sachusetts Gas 00 100 135
17.%
Rights
Preferred
109 81
1531
Mass Utilities Ass. corn
Mergenthaler LInotype.100 105
-----Mtge Bk of Columbia _ _
io 2%
National Leather
Natl Service Co
5%
NewEngEquItyCorp
Rights
New Engl Pub Service._.'
New Engl Pub Serv pr pfd• 100
Rew.Eng Tel &Tel._100 14135
North Amer Aviation Inc
Yseine Mills
100
Plant (Thee G) 1st rd_Aoo 15
Reece But Hole MachCol0 17
Reliance ManagementCoro 31
dba•rm ut Ass'n Con Stk
21%
Swift & Co
100 125
rorrington CO
rower Mfg
935
.
1951
Traveller Shoe Co T C____
Tel-Continental Corp_
Preferred
6 5956
Union Twist Drill
United Shoe Mach Coro 2! 64%
2
, 31
Preferred._
S Brit Inv 83 pfd allot ett
US dr For See Corp 1st pf_
US & Int Per Corp pref.__ -----Utility Equities Corp
106
Preferred
Venezuelan Me Ofi r•orp lI
6851
Waldorf System Inc
• 32
Waltham Watch class B. •
100 80
Preferred
100 100
Prior preferred
50
Warren Bros
50 50
let preferred
35%
Westfield Mfg Co corn__
2
WhItenights, Inc
175
77
96
10614
101
Range Since Jan. 1.
115
105
143
168
1004
17%
65
64
484
68
80
113%
108
126
844
104
67
29
48
7855
100
16431
48%
35
155
106
69
32
48
8035
100
170
4845
36
2
815 100
1,980 66
284 2241
10 48
130 784
17 100
450 139
50 48
700 27
290
154
Jan 11154 Mar
Feb 774 Jan
Mar 3245 May
Jan
June 70
June 9535 Jan
Jan
Feb 102
Apr 170 June
Jan
June 52
Mar 3855 June
1734 Jan
June
70e
3
42
2145
3
154
134
1%
5155
105
21
4
1
114
770
3
4454
2335
3%
141
194
52
105
2254
44
155
1%
105 55e
245
110
328 37
1,845 20
1,139
3
2,960
85
14
30 50
100 105
405 20
3%
615
I
160
155
30
Feb
May
2
May
554 Jan
May 6055 Mar
May 32% Mar
5 Mal
June
Jan
Apr
4
May
334 Jan
Mar
May 66
Jan 10556 Jan
May
35
Mar
Pine
794 Mar
May
255 Mar
June
355 Mar
770
42%
22
Friday
Saes
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
MO.
255
14
1
60%
65e
67
344
855
50c
555
19%
22
50
46
550
84
24
146
80c
70c
55
250
644
254
6%
Sc
2
734
134
36
37
210
334
97e
400
1%
60
80c
1,775
75c
481
56
500
300
50
6456
15
256
714 20,645
150
50
15
2
405
1035
150
1335
1,287
39
725
3831
20
21c
945
34
830
I
145
25e
50e
41
20e
58
254
534
Sc
• 2
734
11
32
31
20e
3411
900
Amoskeag Mfg 6s_ _ _1948 8355 83
85
Chic Jet & U S Y 5s__1940
Ernesto Bred° Co 78..1954
95%
blast Macs Streit* RR-1946
56
4 4s series A
1948 01
61
58 ser 11
Fox New Eng Theatres
94
1913
6)4s
100
lot Hydro-Elee Syst 6s1944
ob 1943 8335 .8336
summit i h od, I
Lautaro Nitrate Co Ltd
99%
1954
68
9955
Lexington Telep Co 681944
98
Mass Gas Co 4 4s_ _1931
Miss River Pow Co 5s 1951 100
993-4
99
New Engl Tel & Tel 5s 1932
1944 10055 10014
Swift A co 5s
98
Western Tel & Tel is. _1932 93
8355 11,000
87
10,000
4,000
96
8255 June
83 June
85 June
Jan
90
Jan
89
9634 Feb
53
55
64
80
Mason Valley
5
Mass Consolidated
25 80e
Mayflower & Old Colony 25 75e
Aullawk
_ .25
Vet.; gundnIon Conner
25e
New River Co pref._ __100 6454
Minem
vow' Butte'11.
735
North Lake Mining Co._25
25
04lbway Mining
.4----- 1111.11. C.
25
93.4
P C Pocahontas Co
4nIncy
3655
4t Mary's Mineral Land 26
Shannon
10
1'IA11 Allf`N MinIng
345
''Lab Metal A Tunnel
• No par value
56
61
5,000
7,000
June
May
Apr
Jan
Jan
Jan
June
Jan
June
May
June
Feb
May
May
May
June
May
May
May
Jan
JuneMar
May
Mar
Apr
Mar
Mar
Feb
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Feb
2,000 94 June 1064 Jan
94
Apr 10055 Apr
100% 12,000 100
Jan
37,000 8355 June 98
86
9951
99%
98
100
99
10054
9941
2,000 9955
8,000 9955
1,000 96
6,000 97%
9,000 99
7,000 100
8.000 98
June
June
May
Apr
Apr
Mar
June
99%
99%
9956
102
1004
1.0345
100%
June
June
Jan
Jan
Jan
Mar
Feb
a Ex-d vklend
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange June 22 to June 28, both inclusive,
compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Stocks,
Abbott Laboratories
C.,(1111 •
Adams (J D) NI fg corn...•
Adams Royalty Co coin •
Ainsworth Mfg Corp cam
s I S ler Ntillaw• •
Inc NOD
•
Preferred
Mist Prudhoe. '44
•
A[toiler Bros co cony pfd •
•
Amer ColortyPe corn.
.me, Coinuiw Pow "A' •
•
Class B
4555
125
37
54163-4
4451
50
72%
3355
25
33
45
10051
37
1556
53
164
43
494
67%
38
40
22%
25%
10136
91%
10
11
26
Low.
High.
Mar 52
Feb 130
June 4356
June 25
Mar 5445
Mar 39
Mar 574
May 65
81
Jan
June 63
Jan 4955
31
May
May 34
Jr.,, 1113
June 96
June 3745
16
May
June 29
May
June
Feb
Jan
May
Jan
Feb
May
May
Jan
Feb
Mar
Feb
Mar
Jan
Mar
Feb
Jan
Apr 24
350 20
50 2645 May 30
31
June 571.1
2,850
5,250 454 Mar 58%
650 49 June 60
June 33
1,350 26
5,500 30 June 74%
34,000 13144 Jan 345
Mar 5255
100 41
May •5
50 69
Mar 54%
11,900 35
Apr 26
1,150 15
Mar 98
950 78
37,350 7555 May 98
May 3755
2,100 27
28
May
50 23
47,000 944 Mar 152
June 1034
750 101
Mar 41
1,940 29
1,400 2155 May 294
June 26
400 11
535 June 18
1,400
1,600 22 June 364
June 37
600 22
Apr 57
250 44
Apr 56
700 41
150 28 June 32
May 55
200 48
3,400 25% June 45
Apr
Apr
Feb
June
Feb
Jan
Feb
June
Jan
Jan
June
Jan
Jan
May
Jan
Mar
Jan
Feb
May
Jan
Jan
May
Jar
Jar
Jan
May
Mar7
June
Jan
1,050
46
2,050
130
300
38
100
1546
550
54
550
18
7.900
46
500
51
7351 19,400
600
3835
200
40
1,150
25
650
33
200
10246
100
9111
1115 2,550
1,800
11%
200
27
Amer Pub Utli part pt..l00
Amer Radio & Tel St 17orO• 10
American Service Co.eon.• 1141
Am States Pub ger A C011i.•
kiner Yvette co In,
214
20
Common
28% 2815
Preferred
.4, Metal We. Inc Cuul.• 33% 3356 35%
Appar Ind Int. corn • 5645 55% 58%
1.41,C itIVOlitOltOt Co
• 52% 5035 5215
26
2655
2635
Assoc Tel UM] Co cum...
3914, 48
4t1as Stores Corp coin _• 43
280 345
• 330
s',burn Auto Co rum
4211 42%
Backstay Welt Co corn. •
7955 7954 7955
oui.O.,” a hart vie ..
4855 54%
.
rastran 114.315111g CO man • 53
1856 19
latter Laundrleo Inv A •
87
ioatrire Creamery corn 50 8456 83
8934
864 85
Bend ix Aviation
28%
Bloke Mfg Co el A eons of• 28% 27
23
23
Blum's Inc corn
4.rg-Warrior Corti cow 11 11845 1154 12156
10155 102
100 102
7% preferred
38
Bonn Vivitone Corp prat • 3741 37
•Irach & Sone(E J) corn..• 2655 2435 264
12
1455
Bright Star Elee "A"
•
Clues B.
555 84
555
•
4rown Fence & Wire el A.• 244 234( 2435
(lima •
23
- * 2254 22
Brown Mfg Co
10
52
52
Bruce Co E L cornmon___• 544 5314 5435
Bulova Watch Co corn_ •
28
2835
48
' 345 preferred
55
55
Busier drotners.
2735 29
.20
Range Since Jan. 1.
39
4341
364
154
3434
1245
2934
46
49 1-4
36
3615
21
2336
9954
91%
10
1
25%
1,100 33
srnplt Wrent & Can FdY• 36
37
35
550 19
Canal Coney Cu cony pf.•
19% 2051
1,550 55
atitle & Co t A Nit corn .10 74
74
72
700 4534
ieCo Mfg Co Inc corn .• 47
4641 49
250 22
Cent Dairy Pr Corp A P1.*
30
30
250 94
Central III Pub Sent pref.'
96% 974
100 24
Cent Pub See (Del)
3554 3555
• 4545 454 45% 1,500 35
Class"A"
•
pre
300 94
01
96
Oentral S W 4,
96
•
100 100
Prior lien. pref
10045 10055
.1,900 7054
Common
•
8355 89
50 4555
Chain Belt Co corn
4655 4634
300 48
49
Cherry Burrell Corp corn •
48
14
1,150
Ohio City & C Ry par sh •
23( 3
251
150 18
24
23
Preferred
•
500 16
Certificates of deposit
------ 2235 23
29,200 18
2655 30
Chicago Corp corn
• 30
'Too.
7341 6856 7334 32,700 85
600 54
58%
ChicNS&Milw pfd
11)0 5835 55
Chicago Railways
245
750
455
44 455
Part certifs series 2.-100
55
300
Part certifs series 4_ -100
34
94
34
650 24
City Radio Stores corn...* 284 26
2855
64(
▪
1,450
alum
931
•
955 1055
150 55
564 67
ColemanLamp&Stoyecom • 57
2,775 209
260 275
,
..1011•mweaito K41600.100 272
,
rnorionw
45
Corp H• 46
46% 4,250 35
100 2355
2335 24
Community Tel Cocupart*
50 35
35
35
eons Seri, Co(The) elf deo
1,750 25
25
27
'0114.Mo:110n Ntuterial...• 25
• 42
41
42% 2,600 41
Preferred
7
450
95.1
8
851
rummers Co common
231
650
3
4
Warrants
300 39
43
44
Continental St Corpeom .•
100 45
46
46
Crane Co, o'moron ... 25
60 .112
115 115
100
Preferred
22,
5
22
22
Curtis Lighting Inc corn...*
450 2834
31
29
Curtis Mfg Co corn
47
Jan
May
2194 Jan
Feb
Mar 7954 Jae
Mar 8614 Fen
Apr 4355 Feb
Jan
Mar 98
Jan 40 May
Jan 454 May
Jan 9545 Jon
Jan 1034 Apr
Jan
Mar 90
June 5915 Jan
May 5815 Jan
344 Mar
Jan
31
Mar
Jan
May
Jan 26
Feb
34
Feb
Mar 7555 Feb
Jan
-Jan 65
7
Jan
44
Mar
May 31
May 3434
May 80
Jan 275
Jan 47
June 3554
Mar 35
June 38
June 55
1314
Mar
634
May
June 44
June 4894
Apr 119
May 235(
Juno 37
Mar
June
Feb
Feb
Feb
June
June
Feb
Mar
Feb
Feb
Jan
n
June
Mar
Jan
May
Jan
JpNE 29 19291
VINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par Price. Low. High Shares.
Davis indult Inc 'A•
De Meta Inc pref w w ___•
Dexter Co (The) com____•
Eddy Paper Corp (The)--•
iii iioueen.'ic 11111 eon). 10
Plee Research Lat• Inc_ •
Empire 0 It Flu 65 p1100
64% preferred
100
7% Preferred
8% preferred
100
Emp Pub Service A
Fabrics Finish Corp corn-•
•
Federated Pub $2 pfd
FedPubServCorp555%pfFits Sun Mons & Comm)Ds
& Dredge Co corn
•
"rote Ho-•0 & M
Gardner Denver Co com.•
Gen Box Corp pfd ......100
General Candy Corp cl A 5
814
28
26
1734 16
26
26
5515 5315
7
755
90%
93
93%
94
10615
29%
30
14
124
26%
90
90
9
274
17%
26
57
8
90%
93
94
1064
3234
14
26%
90
6715
23%
76
76
6
4554
4515
4535
45
26%
96
16
2414
7014
244
76%
76
6
48
48
48
48
2711
96
164
2511
23%
76
76
Range Since Jan. 1.
Low.
74 Mar
150
174 Jae
250 26
June 37% Feb
1,400 16
June 224 Mar
400 244 Jan 28
Jan
Jaii 57
8,850 30
June
2,850
Mar 224 Jar
7
250 904 June 91,34 Jan
50 92% June 97
Jan
100 93% June 9834 Mar
50 10615 June 11015 Jan
2,750 24
May 32% June
1,350 11
June
344 Jan
100 25
Jan 29
May
50 90 June 90
June
800
2,300
1,100
50
50
2,050
1,600
5,150
4,550
750
15
400
450
57
21
64
76
6
374
41
3714
3813.
26%
90
1515
24
Sprila, Hanover S• 47%
Certificates of deposit_ 474
. lase i•
47
Certificates of deposit-- 4715
Gen Water Wks& El A - _ _
2754
$7 preferred
• 96
(refine!. Barham Coln
• 16
Preferred -----• 2531
Gleaner Corn Harv orpCommon
11015 117
600 90
Onitiblatt Bros Inc coin • 32
29
1,100 28
32
rest Lakes Aircraft A • 2235 22% 25
4,950 154
Great Lakes D & D. _100
45 190
226 228
•GrelfBrosCoop'ge"A"com•
50 3914
3934 3934
•rte•b, 0 oboe
,
Common
• 140
13434 142% 21,850 119
GroundGrIppShoescom __• 40
8,300 3515
3814 42
-all Primo, (`.. 11.11
It
2854 274 2814 1,550 23
HammermIll Paper Co..
.10
250 40
40
40
aft( *net 1 I, 4 t.•
25
900 24
26
Hormel & Co(Geo) corn A • 5234 484 5215
650 3314
floUdallle-liershey con, t • 4815 46% 49
2,750 34
Class 11
• 47% 464 49
3,100 301(
Hussmann Ligonier com__• 27% 27
28
SOO 2615
Illinot• wire,
3015 30% 3054
300 304
Indep Pneu Tool v t c_-.• 56
55
58
150 54
Insuli UM Invest Inc_ . • 47% 4534 4715 28,950 30
$54 prior pref
232 240
43 125
Without warrants
8414 844 8414
100 8415
internal Par C., Ltd con, • 26
20
26
50 26
Iron Firma', Mfg co • te•
1,16
• 2734 28
24%
Jefferson Elec Co cony_ _•
High.
Apr 834
30
May
May
78'-4
June 70
June 10
June 73%
June 48
June 7315
June 48
June 2734
Apr 100
June 26
30
Mar
Feb
Jan
June
June
May
May
June
May
June
June
Jan
Fel,
Feb
Mar 126
Jan
Mar
36
Jan
Mar 32
Jan
Apr 275
Feb
Feb 42% Mar
Apr 171)34 Mar
Feb 42% Mar
Mar 3515 Jan
June 46
Jan
Mar 344 Jct.
Jan 574 Feb
Mar 59 %
Mar %9
Fb
June 28
June
May 41
Jan
Jan 58
May
Jan 53
Feb
Jan 250
Feb
June 8414 June
June 31
Jan
Jan 344 Feb
494 45
50
1.300 40
May 59
Mar
Stovi
99
9754 10015
95
Ma 131
1 70
Jan
.
Hats Drug Co corn
• 33% 28% 3414 6,000 28% June 344 June
armee 4witchno eon,
15
1315 15% 7,950
11.14 Ma
194 Jan
Preferred
100
72
50 69
72
Ma
74
Jan
Aria Rea now& t 1, A coo • 2034 20
750 19
21
42
Jun
Ky ULU Jr cum pref
50 514 514 514
150 5014 Feb 5215 Mar
eyetone 4t & 0 011O
434 424 463' 8,550 40
Mar 58
Jan
_Kimberly Clark Corpcom..•
494 494
2011 48% Jun
51
Jan
Much Co cony pref
•
22
22
50 22
Jun
32
Jan
Lane Drug COM v i c
•
164 16
16%
112
850
May 2915 Jan
Corn Preferred
• 20
20
22
500 20
Mar 32
Jan
Leath it Co
Common
18% 17% 1815
150 16
Jun
25% Mar
'emulative oieferfefi
40
40%
300 40
Apr 46
Jan
Warrants
3
3
May 11% Mar
2
50
MeNet.. & 111/1//
124 12
2.750 10% May
13
154 Jan
Lincoln Printing corn_ * 22/
5 21% 224 2,550 20
June 264 Feb
7% preferred
is 4314 43 43%
650 42
Jan 454 Jan
(lot, Oil Ref I h corn
3514 32% 3554 10.950 23
Mar 3815 May
Lynch thaw Mach Co. • 2454 23
2434
550 20
Mar 30
Jam.
McCord Radiator Mfg A.•
391( 394
50 38
Mar 44)4 Jan
MeQuay-Norris Mfg
•
67
67
50 5255 June 76
May
Mapes Cons Mfg Co corn • 39
39
39
150 37
Mar 42
Jan
MarkBrosThealnceonypt
•
22
200 18
224
Apr 3354 Jan
MaterialServCorp corn _10 294 2915 2935
150 2955 June 4215 Jan
Meadow MN Co corn. _ •
11
11
11% 2,000
91( June 2
934 Feb
%ler It Mfrs Sec
Part ',referred.
3.
22
21
223( 1,250 20 June 32
Jam
Mid Coot Lawnd Inc A--• 28
28
29
550 25
Apr 354 Feb
M sidle Weal Utilities .
203% 196 2064 30.050 157% May 2064 June
Preferred
10.
118 120
950 116
June 132
Feb
nom preferred
98% 9814 991( 1.700 98
Jan 1034 Felt
$6 Cum prior lien pref.• 1014 10115 102
150 90
Jan 104
Feb
Prior lien pref
100
12114 123
675 119 June 127
Jan
Midland Steel Prod corn _•
95
95
50 90 June 108
Jan
htoutan tioneewell !Ica
91
91
9834
450 554 Jae 9815 June
Minneap-Moline Pr Imp.* 38
37
1,350 36 June 45
3835
MO-Kan Pipe Line tioru..• 29% 2914 3234 2.750 2215 Jan 421( May
May
ktodine MIS
67
6434 69
3,250 48
Mar 72
May
Mohawk Robber
COm01011
44
454
950 44
•
June 60
Jab
tdonignan Mig Coro A
•
264 27
1,050 25
June 36
Jan
Mid:want, Chem Workil...• 150
149 150
1,400 104
Jan 160
May
Monroe Chem pref
• 3634 36
3634
200 36
Apr Si
Jan
• 16
Common
16
17
400 16 June 204 Jan
Morgan LIVI crape ewe •
20% 23%
700 20 June 6634 Jaw
Morrell & Co Ins...
73
• 78
78% 4,000 58% Apr 80
May
Muncie Gear elan' " •
"A
1834 20%
750 18
Mar 31
Jan
Muskegon Mot Specialties
Convertible cam It....• 26% 2514 27
2.950 33
May
.1114
Mi
Naen
Hurl unfilled own* 60
60
6214
750 60
Mar 7 1 44 Feb
•
National Battery Co pref.* 4434 444 45
150 40
May 60
Jan
Nat Klee power A art
3034 3154 1,450 27
• 31
Mar
National Leather corn...10
3
3
3% 1,050
3
Mar
5% Jan
Nat secur (i.e C.
Common
• 2951 29
29% 2,750 25
Feb 33
May
6% cum ul pref..... 100 10115 100 10134
1,250 97 June (1)5% let,
4at standard com
48
9,500 39
• 47% 44
Mar
54.
Feb
Nat Term Corp part pit).* 16
153( 16
75
144 May
1715 Feb
4215 44
clobbilts-fitarke Ind Oulu • 43
600 324 Mar N,
Feb
North American Cur sum.• 49% 4914 5014 3.35
40
Mar
70
Jan
North Amer 0 & El el A.
19
19%
55
• 1915
184 Jun
te
let
N & El Am Corp A corn__• 36
36
3634
900 36
May 36)4 May
NorthwestUtliprInpfd_.100 10014 10054 100%
50 98
Apr 103
Jan
Ontario Mfg Co corn._ • 384 3815 40
2,000 30
Mar 42
May
Pee Ptih ,ter COCIPA- aata• 264 24% 26)( 3,400 214 Fe,
26% June
PacificWestOliCorp
•
16% 1614
100 16% June 234 Mar
earlier Pon( rhe, llomortirl 48
48
48
300 44
Apr 57
Jai.
ParmeleeTransrertCo com• 24% 2415 24%
900 244 June 24% June
l'enn Gas & Elec "A"com•
20
204
600 20 June 24% Feb
People, Lt & Pr Co Acorns 4714 47
47%
550 464 May 58
Feb
Perfect Circle (The) Co..• 63% 591( 63%
5,400 45
Apr . 6335 June
P'nes Winterfront
Common new
65
67
6814 6,450 58
June 75
Apr
Polymet Mfg Corp cont * 6154 55
61% 1,300 50 June 6131 June
Poor It Co ciao it corn....
27% 25% 27%
1,610 324 Mar 34
Mar
Potter Co(The) cont.
•
34
34
50 27
Mar 44% may
• 1714
Process Corp corn
16
150 14
173(
June 33
Jan
265 265
Pub Mery of Nor III com100
18 205
Jan 265
June
Common
• 270
201% 285
165 205
Jan 285 June
Q-R-S-De Vry Corp (The)
391( 38% 40
New
1.650 32
May 4634 Apt
• 310 295 310
Quaker Oats Co cum
255 294
June 369
Fe.
Preferred
100 106
106 106
25 106
June 120
Jan
Rath Packing Co corn-10 3234 32
33% 3,100 32
June 334 June
•
65
ray Moon Mil I to
65
150 63
Mar 814 Apt
Real 811k1I081erYM111 110
76
76
50 76
=
June 7715 May
Keitenm MIS eorn .......10 2414 24
1,000 20
2434
Mar 304 Jae
I
4301
Friday
Sales
Last West's Range for
Sale
Week.
of Prices
Stocks (Concluded) Par Price. Low. High. Shares.
Range Sines Jan. 1.
Low.
High.
Richards(Elmer)Co pfd'
2215 2234
100 21
June 2834 Jan
-toes Gear It ow was • 49% aoy, 50
300 45
Jaa 37
Feb
Ruud Mfg Co corn
•
so 41 Mar 444 Mar
41
41
Ryan Car Co (The) corn 25
14
14
550
Jan 18
8
Jan
It "ion 11,1•0,..11
•
38
Jan 46
33
3355
800 as
Feb
4olly Frock& inch cam...• 27% 27
27% 3,000 27 June 3114 May
•
34
3S
33
100 354 Jan 464 Jan
Saunders class A corn....' 50
.50
450 50
Mar 73
56
Jan
Preferred
50 53
55
500 37
53
May 3134 May
•
Sheffield Steel corn
100 5814 Apr 90
654 67
Jan
SIgnode Steel Strap Co
Common
1435 15
100 11% June 20% Jan
•
27
Preferred
30
300 26% Apr 324 Jan
28%
Purchase warrants
114
115 June
154
415 Jan
.1.50
lllll
•aostr.a. rt,m,e CO •
33
•
294 33
10,150 274 Mar 4434 Feb
26
2S
28
SO Colo Pr Elee A com25
2,400 224 June 28 June
99 100
150 964 Apr 101
W Gas& El Co 7% pf 100 100
Jan
Southwest Lt&Pow pf.___* 924 89
924
500 87% Jan 95
Apr
Ste ,datd Dredge cony pi • 31% 304 3215 1,300 25
Mar
41
Feb
common
•
27
29
Mar 391
650 26
4 Mar
Standard Pub Serv "A" •
20
20
100 20 June 331; Feb
• 19
twinge Radio Cu
1614 19
2.850 1614 June 49
Jae
31)
N1.4..r ..ref
31
32
10
32
36
Ma
FPI,
500
Storkline Fur cony pfd._25
2215 June 30
5
23
23
Jan
riodeboaor Mall Or own
16
16
13, Jan
35
17
Feb
22
2335 23% 23%
300 23% Jun
711111
30
41,1,Ar Mal . 'OM NIM
,
•
5814
5754 5914 2,450 60
Mar 74
Jan
SutheriandPaperCo corn 10 17
17
750 14
May 21
1734
Jan
,eItI&CU......13$ 125
1,450 12415 Jun
12415 125
Jan
140
. It
;sift lutereationaj
34
31% 35
10,700 30% May 3715 Jan
con. Pr..(1 ,*orl, "ort
2415 25
25
2,200 21
284 Jan
Fe
-La Power Co pfd _100 93
Texas
93
93
50 93 June 100
Jan
Thompson (.1 R) com„.25 454 4515 46
May 62
300 43
Jan
TIme-O-St Controls "A2835 2911
29
850 20
Mar 394 Jae
12th St Store (The)pf"A"*
22
- 100 2114 May 26
22
Jan
•
itil U,,:(1 UI to., prof
3311 3214 3311 15.250 23
Mar 3714 Jan
United Dry Dke. Inc corn.•
164 17
550 15 June 23
Jan
United CM Co rota
•
22
24%
300 22 June 3914 /an
Rights
% June
15
100
54
15 June
United Lt & Pow cl A pt.'. 10414 994 104%
150 9635 Mar 10415 June
United Power,Gas dr Water
• 33
3S
Corp common
1,150 38
June 38% June
3854
tin [(Miro Corti part pi A • 22
/0
24
1.750 20
May 4244 1111(
69
6S% 71
0' Gypeum
451( Apr 7534 June
6,65
25% paid
1,500 42
6135
Max 06
6014 60
June
138 Lines Inc pref
174 17%
• 1715
950 174 Apr 1814 Apt
4 Radio It Telev 00re
2634 264 3134 3,350 2215 June 141
Feb
UniversalProdColnccom-•
41
41
100 39 June 55
Jan
tan Radii Prrelutill cuau•
1415 1515 2,600 14% May 56
1415
Jar
2514 26% 14.30
• 2534
l't It 11.11 Corp. COM
2114 let. 31
Feb
Cone. pref
10,100 25
Feb 314 June
• 3035 29% 31
Van Sickle!, Corp part cl A•
2715 30
760 2714 Jun
3615 Jan
Viking Pump Co corn...-. 16
15% 16
400 15
17
May
May
200 224 Jun
Preferred
Mae
32
2911 2934 30
Vogt Mfg common
31% 314
Apr 35
50 29
•
Feb
Wahl Co corn
•
_ .l
Warebel Corporation- •
Preferred__ .
Ward(Montg'y)&CocIA _ •
Waukesha Motor Co corn •
Wayne Pump Co corn ___•
Convertible preferred_ _•
Vileboldt Stores Inc
•
Westark Rad Ste ine.oom•
West Con Util Inc A...
0
West Pow Lt&Tel let ofA•
White Star Refg Co coin •
ililauan 011 -Matte oom•
-0
Jelnton Engine con prof •
Common
•
WolverinePortiandCem _10
Ausdrurt & Edward. InnPartlo class A
•
Wrigley(WmJ0Co corn __•
ratee-Amer Mach part pf•
fellow Cab Co Inc (Chic)•
tenni) Radio Corp coin •
2034
2015
2815
130%
175
• IS
364 36
4215
4014
42
2314
24
32
584
22
7311
7534
73
72
6
22
29
23%
2214
29
132
177
20
36%
44%
42
241(
32
6111
23
77
7534
6
1,500 1714 May 27
200 1615 Apr 26
200 28
May 36
900 13014 June 134
140 161
June 210
200 18 June 35
400 35
Mar 46
250 39 June 57
1,000 37
June 6514
650 2334 Mar 2434
900 314 Apr 3514
1.950 43
Mar 6111
2.000 20
Jan 29%
2,500 57
Mar 04
9,100 7034 May 76
50 6 Jan 8
Jan
Jan
7111/
Apr
Mar
Apr
Jan
Jan
Jan
Apr
Jan
June
Jas
Jan
May
Feb
21
73
2534
2914
3515
23
250
73
500
26% 3.350
1.900
304
19,15
39
21
723(
2114
281(
2815
June
Mar
Mar
June
May
2844
80%
324
86
624
71111
May
Apr
Jan
Feb
8415
8215
8215
74
604
254
2955
37
2.000
8454
82% 3.000
8214 5,000
74
1.000
62
26.000
8014
78
7734
60
4115
Mar
Feb
Ma
Feb
Feb
85
8815
844
78%
69
May
Mar
May
May
May
Mar 103
Jun
9914
June 100
Jun
96
June 99
Apr 9835
June 9714
Mar
June
Feb
Feb
Jan
Apr
Feb
Bond.
-
Chic City Ry etfeofdep.'27
' et m ctfe 50412i
lit ag° it ysor
den
9
2
2
56 series A
5s series B
1927
Com'wealth Edison
bat mtge 56 ser A _ _1953
Hires WestemPine 65
Holland Furnace deb 68'36
Northwestern Elev 5s_1941
Pettibone .Mulliken 60.1943
South Gas UM 614e A 1939
Stand Tel Co 515e "A" '43
9934
101
994
9934
8034
9534
9854
87
101
9934
99%
8014
9534
9815
87
1,000
2,000
2,000
5.000
6,000
2,000
1.000
9934
9954
994
8031
9594
9815
87
* No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, June 22 to June 28, both
inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
of Prices.
Sale
Week.
Par Price, Low. High. Shares.
Aimed Stores
511
•
534
American Milling new.
56
American Stores
• 6734 654
Bk No Am & Tr Co new WI
140
Bankers Securities pref__50
52
Bell Tel Co of Pa pref _ _100 11414 11434
Bornot Inc
10
Budd (E G) Mfg Co
* 19
16
Preferred
91
84
Budd Wheel Co
70
Preferred
95
Cambria Iron
50 40
40
Camden Fire Insurance_ _ _
31
3134
Central Properties common
834
Commonwealth Can Co_10
2254
Consol Traction of N J_100
494
Electric Storage Battery100 85
Fire Association
10 4615
Horn It liard(Phila)com_•
Horn & Hard (N Y)com_•
Insurance Co of N A__ _10 774
Lake Superior Corp _ __ _100 154
Lehigh Coal & Nay__ -50
Lehigh vat Coal Corp____
23
Lit Brothers
10
Manufact Cas Ins
59
Mlnehill & Schuyik Hay _50
North East Power Co__ •
Penn Cent L dr P cum pi&•
Pennroad Corp
Pennsylvania Insurance
140
Pennsylvania RR
50
Phila Dairy Prod pref____ ......
Piffle Electric of Pa
_25
...so. Vt.... 0...........?
On
22
Range Since Jan. 1.
Low.
5
3,355
53-4
63
448 50
69
3,400 6515
140
200 130
2.500 52
5314
748 114
11554
100
10
834
22
52.900 14
94
2,371 56%
70
900 34
95
40 94
40
120 3915
33
4,900 31
500
854
714
25
900 22
10 4715
4934
8215 8554
570 793-4
4615 47
1,500 46
210 210
30 197
53
5311
700 5154
77
7914 1,100 77
1434 1634 4,800 14
14954 154
2,000 146
23
23
200 23
19
20
300 19
59
6134 3,300 59
5415 544
10 5314
64
674
400 40
763-4 78%
40 764
18
2115 92,200 154
14014 14215 2,900 136
814 8454 41.300 73
884 91
121 8814
114 12214
600 8115
22
2212
A cilli
297,6
Apr
June
May
Apr
June
June
Jan
June
Jan
Jan
May
June
June
Mar
June
June
High.
834 Jan
63 May
97
Jan
Apr
149
6354 Jan
118
May
10
Feb
6634 Mar
94
June
10815 Mar
Apr
100
4115 Jan
424 Jan
Mar
11
32
Jan
61
Jan
June 923-4 June
June 5254 Mar
June 233
Feb
May 624 Jan
June 91
Jan
May 42
Jan
Mar 1694 May
June 2434 May
June 26
Jan
Feb 71
Jan
Jan 5434 May
Mar 75 June
June 81
Feb
May 26
Apr
Feb 175
Mar
Mar 8494 June
June 934 Jan
Apr 1224June
Ti,..,..
245.4
1....
Rates
Friday
for
Last Week's Rana
Week.
of Prices
Sale'
Stocks (Concluded) Par Price. Low. High Shares.
hiladelphia Inquirer
Preferred w 1
%Ha Rapid Transit_ _ _ _50
50
7% preferred
hlla Germ & Norris RR50
hiladelphla Traction_ _50
Certificates
%ha & Western Ry_ _50
51)
leading Hk.
t E Land Title new
10
tellance Insurance
breve El Dorado PipeL 25
*
lcott Paper Co
'entry Safety Control _
Ihcony-Palmyra Bridge__*
!ono-Belmont Devel._ _1
_1
Ihnopah Mining
4256
5036
4956
64
26
4234 43%
50
50
50
5034
4956 4934
127 127
5034 51
49
49
536 834
11254 11236
8334 64
19% 20
26
2734
5754 5934
2056 2134
45
47
%
%
3
3
Rights
(3 Bud w I.
Jnited Corporation
Inited Gas Improvem't___
234
Low.
700 4034
1,300 50
2,000 50
2,700 49%
5 127
700 4934
200 45
800
5
500 11234
600 8334
500 19%
800 25
41 48
3,735 1136
76 36
%
300
1.000
3
Bonds1995
ialt & Ohio 58
lonsolTracNJ 1s1 58 A932
jlec&Peoplestrctfs4s A945
Certificates of deposit
nter-StateRyscolltr4s 1943
Ceystone Tel 1st 5s._ _1935
stkeSupCorp 53 stped 1929
hlia Elec (Pa) 1st lien &
1960
ref. 55
1988
1st 68
1st lien & ref 534s. 1947
1st lien & ref 556s- -1953
hIlaElecPowCo 534s-1972
trawbridge&Cloth 58 1948
11
2134 31,800
434 4% 2,700
236 236 89,000
100%
7736
5356
51
4836
8234
85
1057
High.
Apr
May 50
June 53 May
Feb
Mar 54
June 5134 Mar
June 13234 Feb
June 6534 Jan
Feb
June 52
June
934 Jan
June 11234 June
June 8434 Jan
Jan
June 243
May 38% Jan
Mar
Jan 70
Feb 39 May
Jan 4934 Feb
136 Jan
May
Jan
4
May
May 3834
Mar 7534
Mar 47%
Mar 247
May 4834
May 95
June 4234
Jan 5356
June 2534
1
Jan
June 5234
Mar 45
834 June
334 June
156 May
Apr
May
June
June
June
May
Jan
Mar
Jan
June
Jan
May
28 May
4% June
2% June
100% 1,000 100% June 100% June
Apr 8434 Jan
77% 7,000 77
5
Apr 54% Jan
8,500 50
54
Mar 5134 Mar
5134 4,000 51
Jan
3,000 4456 May 50
47
8234 1,000 8234 June 88 May
Jan
Jan 65
25,000 45
65
102 102
10134103
10534 10534
10556 106
10334 104%
9956
98
93
94
1,000
18,100
4,000
11,000
13,000
10,000
5.000
10034
101
105
10156
102%
98
93
May
June
Feb
Mar
Mar
June
June
105
10534
107
10856
108
10056
99
Jan
Jan
Apr
Jan
Jan
Feb
Jan
•No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange June 22 to June 28, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Par Price. Low. High. Shares.
*
Arundel Corporation
Atlantic Coast Line com_50
Baltimore Brick pref
50
Baltimore Trust Co
Baltimore Tube pref___100
I Benesch & Sons new w 1_
.
.
Berliner-Joyce Aircraft_ _
•
Black & Decker corn
25
Preferred
Central Fire Insurance_ _10
50
Century Trust
Ches & Po Tel of Balt pf 100
Commercial Credit
*
25
Preferred
25
kreferred B
8 A % 1st preferred__100
Warrants
Consol Gas EL & Power_*
6% preferred ser D__100
536% pref wiser E__100
5% preferred ser A__100
Continental Trust
Hellen Tire & Rubber__ -_*
•
Eastern Rolling Mill
Scrip
25
Equitable Trust Co
50
Fidelity &Deposit
Finance Co of America A *
Finance Service corn A__10
10
Preferred
First Nat Bank w 1
42
75
199
65
2534
4934
180
11536
4934
2534
11
14236
10034
4%
3494
145
290
63
4036 42
192 193
75
73
199 200
85
8534
1534 1534
26
24
4934 50
2756 2756
33
33
178 180
11536 116
4936 51
2534 2634
2834 2734
100% 101
11
11
124 143
110 110
108 10634
10056 100%
255 255
4% 534
3234 34%
34
34
145 145
288 294
1234 1254
18
18
936 9%
52
53%
85
8534
Houston Oil pf v t c__ _100
18
18
Mfrs Finance corny t___25 18
25 1834 1836 19
151 preferred
25 1536 1534 1534
2d preferred
139% 144
Maryland Casualty Co 25
36
36
Maryland Mtge com
*
37
38
Certificates
50
32
Maryland & Penn RR_100 50
43
4634
Much & Miners TransP--*
2
2
Merch Mort & Credit Co__ __ __
25
2534
Monon W Penn P S pref _25 25
1034 11
10 11
Morris Plan Bank
12
12
Mtge Security 1st Ind_ _50 12
1354 1334
Mt V-Woodb Mills v t_100
78
78
100
Preferred
67
87
National Marine Bank_ _ _ -4931 4954
National Sash Weight pref_
5334 54
New Amsterdam Cas Co_10 54
54% 5434
New
8434 86
Northern Central Ry- _50
29
2934
10
Park Bank
Penns Water & Power-_-* 10434 97 10456
41
41
Southern Bank Sec Corp__
93
93
,Preferred
30
30
Stand Gas Equip pf w w 100
42
Un Porto Rican Bug corn.' 4134 41
9
9
9
United Rys & Electric__50
US Fidelity es Guar new.. 7034 7034 72
Fire w 1 8234 8134 6236
US Fidel es Cu Co
12
12
Wash Bait & Annap- -50
88
8834
West Md Miry Inc pref.*
53
53
50
Prior preferred
Rights
National Marine Bank--
4
Bonds
Baltimore City bonds:
1958
Conduit
1958
4s water loan
Black & Decker 8369__1937
Chas Cons G & E 6s_ _1943
Cons GEL & P 4%6_1935
Consol Coal ref 434s.._1934
Danville Traction 1st 58'38
95
95
180
97
97
80
43
434
95
95
180
97
97
80
45
1,186
201
100
35
50
175
1,295
1,219
20
1
16
17
413
347
190
11
50
4,443
122
45
362
28
785
3,898
1,020
102
207
125
35
50
523
Range Since Jan, 1.
Low.
3836
179
73
185
81
15
24
3134
27
32
178
11336
4034
24
2556
9834
11
88
100
104%
100
200
1
2734
28
124%
288
11
17
936
52
157 80
55 18
81 1834
36 15
409 127
100 31
320 34
105 25
722 43
2
8
150 25
70 1034
135 12
100 13
55 7336
7 87
350 49
251 5354
8 5354
39 8434
110 2856
1,508 8156
100 40
5 93
17 30
350 39
886
894
1,715 85
52 5834
8
155
15 86
80 52
624
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
400 3154
50 3534 3534 3534
lmon Traction
8134 8834 10,600 3934
hilted Corp temp ctfs_
47
47% 7,300 42
preference
Temp Ws
27,800 167
Jnited Gas Improvem1.50 23936 224 247
4736 44
4834 178,000 37
Common new
3,600 87
9334 9354 94
Preferred new
31% 42
300 3134
*
In Lt & Pr "A' corn
200 48
49
4994
J S Dairy Prod class A_ 5
500 19
rictory Insurance Co_ __10 1934 1934 1934
36
1
200
1
Varwlck Iron & Steel __10
1,500 42
44
47
V Jersey & SeashoreRR 50
15 35
3756 3754
fork Railways pref ___50
,
nrlr Pov 1,5 Re
[VOL.128.
FINANCIAL CHRONICLE
4302
4
6800 9434
200 9334
7,000 120
2,000 97
1,000 9834
2,000 80
5.000 43
Apr
Jan
June
Jan
Jan
Mar
June
Jan
Feb
May
June
Jan
Feb
May
May
May
June
Mar
Mar
May
June
Jan
Jan
Mar
Jan
Feb
June
Jan
May
May
June
High.
4334
200
75
200
75
1854
28
52
28
40
210
11754
62
2814
2756
10434
15
150
11154
110
103
300
534
35
3436
146
314
1334
75
1034
8034
Jan
Feb
Mar
May
Feb
Feb
June
May
Jan
Jan
Jan
Feb
Jan
June
June
Jan
Mar
June
Feb
May
Jan
Jan
May
June
Feb
May
Apr
Apr
Mar
Feb
Jan
May 9234 Jan
Feb
June 36
Feb
June 22
May 1934 Jan
May 18334 Jan
Jan 4634 Mar
June 37 June
May 60 June
June 4756 Jan
2 June
June
Feb
May 27
Jan
June 14
Jan
June 25
Jan 1636 Apr
Jan
June 82
Jan
June 80
May 5234 May
Jan
June 93
June 55% June
Jan
Apr 88
May 3234 Feb
May 10436 June
Apr
June 57
June 9734 May
Mar
June 48
Jan 52 May
May 1556 Jan
May 9434 Jan
Jan
Apr 87
Jan 12 June
Jan
June 98
Feb
June 54
June
7
June 97
June 9956
Mar 191
June 9834
June 9834
June 8434
June 47
MAY
Mar
Feb
may
May
Jan
Apr
Jan
Bonds (Concluded)
Fairmont Coal 1st 5s__1931
Houston 011534% notes'38
Md Elea Ry 1st 5s...1931
1st & ref 6348 ser A.1957
1932
Silica Gel 6%s
Southern Nat Corp 6s_1944
Iln Porto Rican Sugar1937
°A % notes
United Ry & E 1st 45_1949
1949
Income 48
Funding 58
1938
6% notes
1930
lst 8s
1949
Wash Bait & Annap 591941
West Md Dairy 88___ _1946
* No par value.
9654
97
93
88
108
98
58%
34
52
97
Range Sines Jan. 1
Low.
High.
9634 6,000 9834 Apr 9834 June
1,000 95 June 9934 Ayr
97
Mar 95% Feb
1,000 93
93
Apr 88%Pune
2,000 80
88
Mar
108% 4,000 10034 Jan 110
25,000 98 June 97 June
97
90
90
58% 5954
3334 35
51%
51
97
97
72
7254
73
76
10454 10456
5,000 90
31,000 5834
13,000 32
4,400 50
5,000 90
13,000 72
10,000 70
4,000 10456
June 97
June 65
May 43
Apr 63
Jan 97
June 8334
June 8356
June 108
Jan
Feb
Jan
Jan
June
Jan
Jan
Apr
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, June 22 to June 28, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
8956 71
570 60
•
Allegheny Steel tom
32
32
10 29
Aluminum Goods Mfg_ _ __
84
10 84
84
Amer Wind Glass Co pf 100
100 49
50
50
Animal Trap Co
3%
954
9
934 2,971
Arkansas Gas Corp corn..'
856 83.4 3.523
10
734
Preferred
894
414 8134
89
88
Armstrong Cork Co
* 88
1,187 38
40
25 39% 39
Blaw-Knox Co
10 19% 1694 2094 8,530 18
Carnegie Metals Co
1,115 1534
Clark (DL)Co corn
• 15% 1536 18
30 302
302 305
Colonial Trust Co
100 305
15
4
4% 4%
Consolidated Ice cora_.
-50
24
10 1956
24
Preferred
50
200 25
25
25
Crandall McKenzie & H_1,885
8
Devonian Oil
10 10
894 10
138
756
Dixie Gas & ULU com_ __*
1434 15
_140 1536
16
18
16
Donohoes, class A
10
94% 9494' 9454
pret_100
Follansbee Bros
Hachmeister Linn corn...'
Preferred
Harb-Walker Ref cons _ _•
.
Preferred
100
Independent Brew com _ _ 50
50
Preferred
Jones & Laugh Steel p1100
Koppers Gas & Coke pi.._
Lone Star Gas
25
McKinney Mfg Co com__*
National Erie "A"
Nat Fireproofing corn ._50
50
Preferred
Peoples Say & Trust..100
Pittsburgh Brewing pf _ _50
Pgh Investors Security __*
Pittsburgh Oil er Gas__ _ _5
Pittsburgh Plate Glass_100
Pittsburgh Steel Fdry corn*
Plymouth Oil Co
5
*
Pruett Schaffer prat
Reymers, Inc
RIchardson&Boynton pt..*
19
20
38
40
5854 59
112 112
1
1
3
3
121
121
99% 9936 100
88
83
85
11
11
11
2836 2834 2694
20
20
2056
3734 3594 3734
1180 180
794 755
2434 2434
334
334
334
65
8456 64
40
3734 40
23
25
2934 31
31
2234 2236
12
12
40
59
320 1894
595 38
525 52
10 110
1
100
114
845
10 12034
295 99%
6,371 87
20 11
525 2694
1,090 1034
1,005 28%
45 180
6
310
25 2136
3
814
625 84
145 33
1,355 2294
150 2934
100 22
10 12
High.
Feb 90
Mar • 40
Apr 88
Apr 50
Jan
934
Jan
894
Jan 73
June 4534
June 2094
June 20
June 325
May
5
Mar 26
Mar 29
Mar 1354
Jan 21
May 16%
June 9994
Mar
Feb
Jan
Apr
June
Jan
Apr
Feb
June
Feb
Jan
Feb
Feb
Jan
May
May
Jan
Jan
21
40
81
113
154
3
12136
10394
86
1854
2734
21
37%
170
8
34
436
75
40
3094
35
2734
20
May
May
Mar
June
Feb
Feb
Mar
Feb
June
Mar
Jan
June
June
May
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
June
June
Jan
Feb
Feb
Feb
Apr
June
Jan
June
June
Jan
Jan
June
Jan
June
Apr
Jan
Jan
May
June
Mar
June
80
29
41
Unlisted
Lone Star Gas w 1
Penna. Industries corn
Units
Pgh Screw & Bolt Corp--Ruud Manufacturing
Western Pub Sent v t e-Rights
Columbia Gas & Elee
Lone Star Gas
3
6c
2736
8056
2334
25
4394
78
29
48
92
49
50
6,500
175
725
60
65
150
40
700
190
53
840
3
4c
24
72
22
20
38
80
2456
4454
91
3134
May
536 Jan
June 25c Jan
Apr
May 28
Apr 8756 Feb
Jan
June 29
Apr
Feb 31
Jan 4934 Apr
Feb 82 June
Jan
June 35
May 5434 Mar
June 10034 Jan
Mar
Jan 80
3294
23
98
25%
4294
31;6
3
3
40
2756
79
2356
25
42
78
27
4794
91
46
35
23
98
2836
43
3234
7,832
20
402
1,970
125
9,678
3254
23
98
2336
41
2434
June 35
June 29
June 111
Mar 3094
Mar 4534
Apr 3234
5
634
Salt Creek Consol OU__ AO
1
San Toy Mining
Stand Steel Propeller
Stand Steel Springs
Suburban Electric Dev _ •
Un Steel Casting cons
•
United Engine & Fdy
Vanadium Alloy Steel
•
Waverly 011 Wks, cl A Westinghouse Air Brakes •
West Penn Rys, pref __100
•
Witherow Steel corn
594
654
80
100
434 May
534 June
June
Apr
Feb
Apr
May
June
534 June
654 Julie
•No Par Value. t New stock.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange June 22 to June 28, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares,
105
25
32%
234
6
114
9736
152
127
8554
4994
120
55
23
3336
1834
6834
Low.
38
7356
8254
24
120
18
50
91
14
bg
941
1,896
665
80
152
858
320
90
117
16
32
3736
81
22
90
15
46
8036
10
3
125 125
105 105
10536 105%
28
25
31
3234
32
32
234 334
856
6
114 114
9756 9894
142 155
12434 127
8556 8734
4954 60
119 120
80
80
4934 52
5534
55
23
23
3294 34
22
2354
1694 17
6854 6834
18034 18034
26
10
1
516
633
138
27
274
22
983
378
1,126
512
578
284
15
99
114
380
659
80
700
5
6
120
105
10534
20
29
32
2%
6
Alum Ind
• 3734 37
Amrad Corp
• 7356 86
Am Laundry Mach corn-25 8256 81
22
Amer Products pref
•
Amer Rolling Mill com _ _25 11734 118
17
Amer Thermos Bottle A_• 18
4836
50 50
Preferred
8034
Baldwin new pref
100 90
14
Buckeye Incubator
• 14
bg
•
Burger Bros
Carey (Philip) pref. _100
Champ Coated PaPsplpf100
Champ Fibre pref
100
*
Churngold Corp
Cin Adv Products
Cin Ball Crank pref
Cincinnati Car B
Preferred
100
CNO&TPpref
Cin Gas & Elec prig__ 100
Cin Gas Transportation100
C N & C Lt & Trac com100
100
Preferred
50
Cin Street Ry
50
Cin & Sub Tel
Chi Postal Term pref-100
City Ice & Fuel
•
Cooper Corp new prof_ _100
Crystal Tissue
Dan Cohen
100
Dow Drug corn
Eagle-Picher Lead com _ _20
•
Early &Daniel corn
Fenton United corn__ __100
Range Since Jan. 1.
High.
Apr 43
Apr 7394
Mar 96
June 30
May 120
May 18
May 50
June 10754
Jan 2756
556
May
Feb
June
June
Mar
June
June
June
June
11134 June
98% Apr
125 May
Apr
93
Jan
78
4434 May
May
118
79% may
4954 Jan
50 June
23 June
Apr
26
2054 May
16% June
6854 Juno
180 May
May
June
Jan
Jan
May
Jan
June
Jan
Mar
Jan
Jan
128
109 June
10894 Mar
Jan
37
3294 June
Jan
40
Apr
4
Apr
15
Jan
116
Jan
99
155 June
127 June
90 May
5556 Jan
Jan
130
8554 Feb
Jan
83
Jan
80
2354 June
34 June
404 Jan
2194 Jan
Feb
75
195 May
JUNE 29 19291
FINANCIAL CHRONICLE
P1116127owes
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price, Low, High. Shares
Range Sines Jan. 1.
Low.
High.
Fleischmann pref
100 129
12734 12934
Formica Insulation
• 6731 594 6734
Fyrtyter A
224 224
Gibson Art corn
• 46
45
46
Globe-Wernicke com-100
81
72
Goldsmith
29
294
Goodyear Tire 1st pref.100
102 102
Gruen Watch corn
*
47
48
Preferred
100
11434 11434
Hatfield-Campbell com_ •
1134 1134
Hobart Mfg
• 60
5934 60
Int Print Ink
*
50
52
Preferred
100
97
9734
Julian Kokenge
26
2634
Hahn participating
40
3934 3934
Kodel Elec & Mfg A
• 22
2074 25
Kroger corn
10 86
85
86
Lazarus prof
99
99
Lunkenheimer
•
3034 32
118 12934 Mar 12936
1,859 2634 Mar 6734
10 22 June 2834
120 45 .June 58
100 72 June 97
749 24
Jan 3634
5 102 June 104
15 47 June 60
17 11434 June 116
25 1136 June 1336
546 55 June 70
72 45 June 6334
163 9634 June 108
70 25
Mar 30
105 364 Jan 42
1,382 15
Jan 29
7 85 June 116
40 99
May 100
503 28 June 32
June
June
May
Feb
Jan
Jan
Mar
Feb
Apr
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
May
Jan
Manischewitz corn
100 47
McLarens Cons A* ,
.
Mead Pulp
Special pref
100 100
Moors Coney A
B
•
Nash (A)
100
Nat Recording Pump-_ ..• 2734
Newman Mfg
Ohio Bell Tel pref
100
Paragon Refining B
25
Voting trust certificates
Proctor & Gamble corn_ _20 379
100 1074
5% Preferred
Pure 0116% pref
100 10034
100 11134
8% Preferred
Rapid Electrotype
•
Richardson corn
100
Second National
100
United Milk Crate A
• 31
U S Playing Card
10 107
US Print & Litho com_100 10034
Preferred
100
US Shoe corn
•
Waco
* 27
Whitaker Paper pref_ _ _100
• No par value.
620
124
82
50
76
38
114
180
320
9
255
30
557
123
151
1
65
95
7
414
719
110
96
29
1,335
8
June
May
Jan
Jan
Apr
Mar
June
Feb
June
June
May
May
May
June
Jan
Jan
May
Mar
Jan
June
Jan
May
Mar
Jan
June
Jan
4634 47
19
19
65
65
90 100
27
27
6
6
185 187
27
28
2
634 2634
11234 113
2434 2534
2434 25
377 3794
106 108
100 1004
1113411134
65
65
48
48
24234 24276
31
27
1024 108
10034 102
100 101
4
4
2634 28
106 106
33
1634
65
90
26
6
150
2634
25
11134
21
20
279
10234
99
111
58
45
240
26
9734
8534
99
4
2634
102
Jan
Jan
May
Jan
May
May
Jan
May
June
Apr
May
May
Jan
Feb
Apr
Mar
Feb
May
May
June
June
Jan
May
June
June
Jan
50
2234
71
10834
31
10
192
3434
27
116
30
2934
390
108
1034
114
71
58
249
31
115
115
102
8
28
1074
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange June 22 to June 28, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Bank Stocks
Boatmen's Nat Bank __100
220
First National Bank _ _100 43734 436
Mercantile-Commerce _100 293
290
State National Bank _ _ _100
205
220
438
296
205
Trust Co. Stocks
Franklin-Amer Trust__100 252
252
Miscellaneous Stocks
A S Aloe Co common_ -20
Preferred
100
Alligator common
•
Bentley Chain Ste com_ •
•
Boyd-Welsh Shoe
Brown Shoe common__100
Preferred_ ..,.
-100
Burkart Mfg cornmon. •
Burkart :mg pref
•
Chicago Ry Equip corn _25
Coca-Cola Bottling Sec_ _1
Consolidated Coal
100
Consol Lead & Zinc A_
•
100
Como Mills Co
Elder Mfg A
100
Emerson Electric pref._100
Ely & Walker D 0com _ _25
Second preferred_ _ _ -100
Fred Medart Mfg com_ •
Fulton Iron Works corn_ _•
-Metallic
10
Granite BI
Hamilton-Brown Shoe __25
Hussman Refr corn
•
Iluttig S & D common_ •
•
IndeP Packing corn
International Shoe com__•
100
Preferred
•
Johnson-S & S Shoe
Key Boller Equipment_ _ _*
*
Knapp Monarch prof _
•
Common
Laclede-Chr CI Pr com _100
20
Laclede Steel Co
Landis Machine com--_25
•
Michigan-Davis
•
Moloney Electric A
Mo Portland Cement _ _ _25
National Candy corn
•
100
First preferred
_100
Second preferred _
Nicholas Beasley
5
•
Pedigo-Weber Shoe
•
Navel Walnut
Rice-Stix Dry Oda corn_ *
100
First preferred
Second preferred _ _ _ _100
Scruggs
-V-B DO 1st p1100
Scullin Steel prof
*
Southwest Bell Tel pref 100
Stix Baer & Fuller corn...*
St Louis Car Corn
10
Si Louis Pub fiery com_ •
•
Preferred A
Wagner Electric coin_ _ _ _15
100
Preferred
Street Ry. Bonds
City AC Suburban P El 59 34
E St Louis & Sub Co 55 '32
United Railways 48-1934
252
35
35
102
2634
21
374
4434 42
3534
102
2634
21
3734
4614
11734 11734
6
634
1434 1434
8034
31
28
7214
106
67
60
374
32
105
80
60
42
33
19
10334
94
3134
11734
34
4534
804
734 774
57
5734
20
20
1334 14
198 200
80
8034
99
99
3034 31
87
87
20
20
4
4
90e 90c
134 1434
264 28
17
17
11
11
71
7334
106 107
63
674
60
6134
37.4 3734
32
33
92 105
4934 51
704 80
25
25
5734 6034
4134 43
2974 3434
105 106
97
97
19
1934
274 2734
2234 224
1834 19
10334 10434
94
94
75
75
3134 3234
11634 11734
34
34
20
20
19
19
76
76
4434 4554
70534 1054
25
54
259
1
Range Since Jan. 1.
Low.
190
Feb 230
34234 Jan 443
285 June 310
190
Jan 215
48 215
435
20
760
182
100
1,996
1
66
135
100
150
10
340
12
174
5
445
5
50
50
200
39
1,013
5
2
1.302
6
1,989
143
4
22
30
362
3,343
20
888
680
11,811
55
68
270
55
110
639
34
10
55
418
217
287
75
45
38
2,176
10
89
89
4,000
054 954 2,000
804 8034 10,000
High.
Jan 252
May
June
May
May
June
3434 Apr 37
Apr
102 June 105
Mar
254 June 27
Mar
18 June 40
May
374 May 404 Jan
39
Apr 4674 June
117
Feb 1194 Apr
6 June 1034 Jan
1434 June 2034 Jan
7
Apr
9
Feb
37
Jan 5234 May
20 June 25
Mar
1034 Jan
1734 May
190
Mar 20031 Apr
72
Mar 814 June
June 106
99
Jan
274 June 3334 June
85 June 88
Jan
194 June 25
Apr
4 June
734 Jan
50c Mar 90c June
1336 June 24
Feb
22
Apr 3534 Feb
17 June 2234 Jan
11
June 15
Jan
63
Apr 7434 Mar
10434 June 110
Feb
54
Feb 6734 June
45
May 62 June
3734 June 40
Mar
23
Mar 33 June
60
Jan 105 June
49
June 57
Mar
4734 Jan 80 June
124 Jan 31
Apr
5234 Feb 63
Apr
414 June 554 Jan
1834 Jan 3434 June
105 June 110
Feb
96
Apr 99
Mar
19
June 22
Mar
264 June 3334 Jan
21
June 25
Jan
1834 June 2434 Jan
1034 June 110
Feb
94
June 100
Feb
75 June 80
Jan
3134 June 4234 Jan
11634 June 121
Mar
3234 Apr 4416 Jan
20 June 26
Feb
1734 June .24
Jan
74 June 80
Jan
37
May 50
Feb
10534 June 110
Jan
8834 June
9534 June
8034 Jan
91
96
85
Miscellaneous Bonds
93
92
2,000 92 June 9534
Moloney Electric 54s 1943 93
Nat'l Bearing Metals 6947 1044 10414 10436 11.000 1034 Jan 105
Serial
0834 0834
1,000 9734 Jan 100
-V-B 7s
Scruggs
9474 944 1,000 9434 June 101
1941
Scullin Steel 68
No par value.
•
Jan
Apr
Jan
Feb
May
Mar
Feb
-For this week's record of
Cleveland Stock Exchange.
transactions on the Cleveland Exchange see page 4271.
4303
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange,June 22 to June 28, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Associated Gas & Elec. •
Bank of Amer (CallO___25
Barnsdall Corp A
25
Bean Mfg Co
•
Boise Chica 011 A
1 235
Broadway Dept St pref_100
Buckeye Union 011 pref _ -1 60
Byron Jackson Co
• 364
California Bank
25 13234
Citizens Natl Bank__ __100
DougLas Aircraft corn---* 3534
Emsco Derrick & Eq com..• 34
Gilmore Oil
8 1334
Globe Grain & Mill com _25 2834
Goodyear Tire de Rub pf100 98
Goodyear Textile pref--100 98
Holly Development
1 850
25
Home Service corn
25
8% preferred
Hydraulic Brake Co COM 25
Internet Re-Insur Co_ --10 554
Jantzen Knit Mills corn__*
Jenkins Television
•
LA Gas & Elec pref___100
1
L A Investment CO
2.05
MacMillan Petro
25 393.4
1
Mascot 011
Merch Nat Tr & Say Bk_25
Monolith Portland
•
Mtge Guarantee Co- __100
Occidental Pete corn
1
3
55
55
100 53
148 153
100 148
4034 41
300 38
504 5134
200 49
225 255
1,600 170 90
90
100 90
47
61
51,150 25
364 3734
1,300 33
203 125
13034 133
575 585
88 505
3534 3814 3,100 2474
33
35
2,900 324
1314 1374
814 10
2834 284
500 2834
98
98
50 98
98
98
10
85e
858 1,800 854
20
20
100 20
2534 2534
524 2434
55
400 40
56
5031 5531
3,700 4834
300 42
433.4 44
974 10
974
600
103 10434
96 102
2.03
2.10 8,500
2
3974 4134
900 3434
1.55
2.75 7,700
1
216 218
81 205
1334 1434
400 1314
208 208
116 190
2.95 3.30 3,500
2.10
Pacific Clay Products_ _ -.•
Pacific Finance common_25
Preferred series D___25
Pacific Gas & Elec com__25
25
First preferred
Pacific Lighting corn
•
Pacific Public Service---•
Pacific Western Corp-.
10
Pickwick Corp
10
Republic Pete Co
Republic Supply CO
*
Richfield 011 common- _ _25
Preferred ex-warrants_25
Rio Grande oil com new_25
SanJoa L &P 7% pr pf.100
Seaboard Dairy A pref _100
Seaboard Nat Bank
25
Secur-First Nat Bk Cos_25
Signal Oil& GaS A
25
So Calif Edison corn._ _ _25
Original preferred _ _ _ _25
25
7% preferred
6% preferred
25
25
534% preferred
So Calif Gas6% pref._ _25
So Counties Gas 6% pf_100
Standard 011 of Calif
•
Transamerica Corp
25
Union Oil Associates_ _ _ _25
Union Oil Calif
25
Union Bank & Tr Co__100
31
31
400 31
Jan
110 111
350 6734 Jan
24
24
128 24 June
6534 6634
200 5474 Jan
2534 254
101 2534 Jan
8734 90
1,200 70
Jan
25
26
700 2334 June
1634 17
1,200 164.May
12
1234
400 12 June
4.00 4.50 1,000
4 June
6874 6834
115 60
Jan
4134 4234 3,400 40
Feb
2431
24
635 2331 May
2916 30
5,700 2734 June
113 113
103 111
June
9734 97
50 97 June
464 4634
10 42
Apr
12534 12834 2,450 126
Mar
36
400 3674 Feb
37
6234 6674 12,200 544 Jan
624 654 1,273 56
May
2814 2834
939 2874 June
254 2534 3,735 254 June
2414 2434 5,177 2434 June
2434
24
420 24 June
16 98 June
9754 9734
7134 7431 5,000 6474 Feb
13734 1404
800 125
Feb
474 49
4,300 45
Feb
4734 4934 5,300 46% Feb
285 290
72 255
Feb
110
8934
26
17
12
4.35
2934
113
464
1284
36
66
6514
2834
254
9734
73
138
47
4734
High.
May
June
Mar
Apr
Apr
June
May
Apr
Jan
Mar
Mar
June
Mar
June
May
5734
174
4834
5434
436
99
1.85
8634
142
600
45
4434
1534
3431
10131
June
June
Apr
Jan
June
May
June
May
June
Feb
June
Feb
June
Feb
Jan
1.1734 Apr
25
Jan
2634 Jan
6034 Mar
65
Apr
4874 Jan
17
Mar
108
Jan
2.55
Jan
4331 June
3.10
Jan
25334 Jan
1434 June
208 June
534 Jan
3634
12034
254
70
2734
8934
26
23
1254
934
68
4874
253.4
4234
11634
10034
48
14234
4834
674
70
2931
2634
25
2634
10134
8134
143
5331
54
298
May
June
May
May
Jan
Jan
Jan
Jan
May
May
May
Feb
Jan
Mar
Mar
Jan
Jan
Jan
June
Jan
June
June
Jan
June
Feb
June
Jan
Apr
Jan
Mar
June
Feb
Apr
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Mar
May
May
Apr
Apr
Apr
•No par value.
San Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond Exchange
June 22 to June 28, both inclusive, compiled from official
sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. Hig .Shares.
American Company
13131 13134 135
3,869
Anglo & Lon Par N Bank
___ __ 250 25034
135
Associated Ins Fund
974
93.4 974 3,940
Associated Oil
45
45
200
Atlas Imp Diesel En A
4934 4954 5034
730
Bank of California N A_
375 380
130
Bean Mfg
504 51
894
Byron Jackson Pump Co
3634
3634 3731 3,343
Bond & Share
19
600
1931
Consol Chem Ind pref A-- 274 274 284
450
California Copper
534
534 534 1,290
Calif Cotton Mills corn_
53
20
53
Calif Oregon Pow 7% pref.
108 108
5
California Packing Corp- _
7534 75
1,692
76
Caterpillar Tractor
8174
7934 8234 21,799
Clorox Chemical Co
4054 4074
225
Coast Co Gas & El 1st Prof. 98
98
62
98
Crown Zellerbach v 1 c__ -1874 20
1874
10,517
Preferred A
90
803
90
Douglas Aircraft
300
3574 3554 37
Emporium Corp
El Dorado Oil Works
Fageol Motors common...
Firemans Fund Ins
Foster & Klelser common
Golden State Milk Prod
Ot West Pow ser A 6% pith
Preferred
General Paint "A"
Haiku Pineapple Co corn__
Preferred
Hale Bros Stores Inc
Hawaiian Pineapple
Home Fire & Marine Ins_
Honolulu Cons 011
Hunt Bros Pack "A" com_
Illinois Pacific Glass "A"...
Jantzen Knit Mills
Koister Radio Corp
Langendorf United Bak A.
Leighton Ind B v t 0
Leslie Salt Co
Los Aug Gas & Elec pref.
Magnavox Co
Market St Ry prior pref._
Mercantile Amer
Nor Am Investment cornPreferred
534% preferred
North American 011
Natomas Co
Oliver Filter A
B
pacific Gas & Ewe corn_ _
int nraformi
Range Since Jan. 1.
Low.
13131
250
834
45
44
290
4534
31
1834
2634
5
53
104
73
71
3636
98
18
90
24
High.
June
June
June
Jan
May
Jan
Feb
Mar
May
Apr
June
June
June
Mar
Mar
May
Jan
May
June
Mar
15174 Mar
26934 Feb
31
May
46
Feb
6534 Jan
380 June
5534 May
434 May
2034 June
3034 May
1034 Feb
94 ' Jan
11534 Jan
8134 Feb
8734 May
504 Jan
99
Jan
2574 Jan
96
Jan
4431 May
2534 2634
525 2474 May
2574 2554
210 25% June
_____
4.30 4.30
250 4.15 June
10731 106 10734
520 10434 Mar
11
11
1134
1,410 1031 Mar
5454 5434 5534 2,561 52% Mar
85 100
10074 1004 10034
Mar
105
10454 10531
125 10454 June
30
30
100 2934 May
23
23
135 2034 May
__ _ _ _
10
10
40
9
Apr
2
225 2034 May
034 2034 2071
19
19%
763 19 June
64
65
460 59
Mar
43
43
135 39% May
4074 4034 4134
1,498 3534 Feb
2334 2334
475 22
Mar
3234 3234
103 .30 May
4434 4334 4431
540 41
May
3174
3134 3334
3.161 23
May
31
30
31
1,268 28
Feb
314 304 3134
636 25
Jan
9
9
9
30
7
Jan
3134
3134 3234 1,047 31
June
10331 10334
10 10231 May
4.40
3.55 4.65 25,200
3.55 June
27
27
300 27 June
9834 9831
100 9831 Apr
123
123 123
25 113
Jan
101 101
45 100
Feb
94
94
94
45 94
Jan
31
2854 324 6,560 20
Mar
23
23
135 22
May
36
36
225 3054 May
30
30
3134
670 28
May
6974 8531 6974 17,212 54
Jan
2AU
2AU MU
A 107 95&Z 'Pa..,
3714 Feb
2634 May
7.00 Jan
151
Feb
1374 May
6034 May
1024 Feb
10734 Apr
3274 Jan
2834 Feb
13
Jan
2354 Jan
244 Jan
66 June
464 Jan
4474 May
2334 Jan
47
Feb
4834 Jan
7976 Jan
3531 Mar
3234 Mar
1034 Feb
473.4 Jan
10814 Jan
134 Jan
36
Feb
10034 Jan
12334 June
10174 Jan
95
Mar
38
Jan
30
Apr
46
Feb
45
Feb
70 June
00
r.-
[VOL. 128.
FINANCIAL CHRONICLE
4304
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Far Price. Low. High. Shares.
Pacific Lighting Corp corn. 894 874 8916
9916 994 10114
6% preferred
1.05 1.15
Pacific Oil
180 181
181
Par Tel & Tel corn
794 834
Parafflne Cos Inc corn _ _ _ 83
13
13
Pion Whistle pref
24/6 2654
26
Pub Service A
31
31
Rainier Pulp & Paper
414 4234
42
Richfield Oil
244 24.4 2454
Preferred ex-war
314
314 31
Roos Bros corn
9716 974
Preferred
------ 11236 113
-J
S Lt & Power pr pref. _
100 101
6% prior preferred
17
17
-----B F Schlesinger A coin_ _
854 8534
Preferred
Range Since Jan. 1.
Low.
4,873 70
65 994
1.00
1.000
155 160
3,923 794
70 1254
5,714 204
740 294
2,823 39%
985 234
595 31
10 9714
315 11014
40 9834
229 issi
25 8234
Jan
June
May
Jan
June
Mar
Jan
May
Feb
May
June
June
June
Mar
Apr
June
High.
894
104
1.25
196
8874
144
264
35
4814
254
34
1004
118
1024
2114
90
June
Feb
Jan
Mar
Jan
Apr
June
Mar
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Concluded) Par. Price. Low. High Shares.
Range Blue
Low.
2,103 26
2654 2714
Shell Union Oil Corn
200 75
75
75
Sperry Flour Co corn
200 82
8334
82
82
Spring Valley Water
724 7134 744 13,492 643(
Standard 011 of Calif
Inyi 1914
125 494
Thomas Allec
109 18
1934 10%
Tidewater Assoc Oil corn._ -----13714 14054 16.572 125
138
Transamerica Corp
480 24
2854 304
Transcont Air Tramp Inc_
474
Union Oil Associates
4756
Union Oil of California_ _
Union Sugar corn
2234
West Amer Finance pref. _ -----Western Dairy Products A. 48
-----West Coast Bank Corp__
Yellow & Checker Cab Co_
464
474
19
4.55
48
234
4554
4956
494
22'6
4.60
48
2314
454
4,546
4,446
2,040
220
25
180
190
4414
4656
19
4.00
48
2231
43
Jan. 1.
High.
Feb 3114
June 984
Jan 92
Feb 8116
Jan 2034
Feb 23
Feb 143
Mar 3194
Apr
Jan
Jan
May
May
June
May
May
53%
5334
2834
64
57
30
53
Apr
Apr
Mar
Jan
Feb
Jan
Jan
Feb
Feb
June
May
June
May
June
New York Curb Market-Weekly and Yearly Record
for
In the following extensive list we furnish a complete record of the transactions oil the New York Curb Market
22) and ending the present Friday (June 28). It is compiled entirely from the dale
week beginning on Saturday last (June
which any dealing'.
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in
during the week covered.
occurred
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices
Par. Price. Low. High. Shares.
Week Ended June 28.
Stocks-
Indus. & Miscellaneous
Acetol Products corn A.. •
Acme Steel common__ _25
•
Acoustic Producta corn ..
Aeronautical Industries ....•
Warrants
Aero Supply Mfg el 11....-•
'
seri, cnderwriters
Agfa Ansco Corp coin. •
•
Ainsworth Mfg Co
50
Ala Oct Sou ord
50
Preference
•
Alexander Industries- _ -.
•
Alien & Fisher corn
Allied Aviation Industries
•
With stk pur war
Allied Pack corn
•
100
Prior preferred
Prior pref warrants
100
Senior piefen•ed
Senior pref warrants_ _ _ _
5
Allison Drug Sts class B_.
•
Alpha Port) Cement cum.
Aluminum Co common. •
50
Preferred
Range Since Jan. 1.
Low.
High.
May 23
Mar 130
19
June
184
June
5
June
1814
May
May 4814
Apr 4334
554
Am
May 161
May 167
23
Mar
June 364
Jan
Jan
Jan
June
June
June
Pen
Jan
June
Feb
Feb
Mar
Jan
1,800 13 June 1414
2
4 June
1,900
7 June 10
700
6 June 11
1,400
3
14 Jan
200
411
24 Apr
100
11
May
1
200
700 424 Mar 5434
Jan 294
300 148
300 10314 Jan 1084
June
Jan
Feb
Mar
June
June
Mar
Feb
June
June
700 10654 Apr 165
150 1554
* 155
Aluminum Ltd
II
•
June
300 28
3054 3034
Aluminum (100(1, Silo
100 3531 June 44
3734 3716
•
Aluminum IndustriesJune 474
400 35
100 3714 364 3734
American Arch Co
200 45 June 50
4534
45
Amer Bakeries class A _ _ _• 45
1534
1,700 1854 Jan
15
15
• 15
Amer Beverage Corp._ _.
100 1431 June 2214
15
15
Amer Brit & Cord Corp_ •
hm Brown Boyer'Eleo Corti
1.900
834 Jan 23
• 2034 2034 2236
Founders shares
100 1614 Mar 3414
•
24
24
Amer Chain corn
Jan 494
40
300 37
40
•
Amer Colortype corn
Amer Cyanamid °um el B20 5416 5034 5674 54,800 394 Slay 80
1,300 1254 June 29
134 154
- • 1334
Amer Dept Stor
June 114
25 85
85
85
lit preferred esC°rDloo
June
eh
,
'
May
Jan
Jan
Jan
Feb
125 3716 Jan 50
.
American Mfg com _ _ _100 454 454 454
25 11434 Apr .124
115 115
Amer NI eter
May 624
500 57
6234
60
Amer Milling Co new_ _25
500 z5934 June 6034
50 *594 *594 60
Amer Phenix Corp
200 42 June 554
43
43
Am Solvents & Chem pref•
334
Feb
8
34 34
500
34
6
Amer Thread pref
Amsterdam Trading CoMar 334
300 30
3116
31
American snares
1,400 2934 Mar 434
3814
35
• 37
Anchor Post Fence corn..
4534
Jan
4114 2,100 33
• 3934 39
Anglo-Cbile Nitrate Own.
414
44 June
44 44 1.000
Holding•
A nglo Norwegian
100 50 June 53
•
50
50
Angus Co $4 pref
1234
Feb
5
100
8
8
A pco Mossberg Co cl A.-25
300 3214 June 39
• 3214 3214 3214
Apex Electrical Mfg
4
• 4014 404 454 3,800 2234 Mar 554
Arcturus Radio Tube-75
Jan
375 61
68
66
•
corn_
Armstrong Cork
174 1.600 114 June 274
• 1614 14
Associated Dye & Print..
A980e Elee Industries-154
934 Apr
1134 104 1234 46,700
Amer dep ruts
144
Mar
200 10
1034 1214
Associated Laundries A. •
May 8554
300 19
• 214 2034 2116
Rayon com...
Associated
8714
May
600 64
100 6616 664 70
6% preferred
6254 2,400 494 May 9074
61
Atlantic Coast Fisheries_.• 62
2
Apr
1,500 The
34
434.
up
Atlantic Fruit & Sugar__ _•
8054
Feb
300 53
5414
54
• *54
Atlas Plywood.
1,200 4516 May 5414
4934
48
Portland Cement.- •
Atlas
June 49
100 49
49
49
Atlas Stores Corp
1.534
Jail
8
600
916
9
9
Automatic Regis Mech.. •
2,400 1914 Mar 2934
1934 2014
Cony prior partici__. • 2016
4,000 3234 Jan 894
70
aviation Corp of the Amer* 6714 59
164 174 28,800 164 June 23
Aviation (The) Corp corn.' 164
2,800 164 June '234
18
19
A via f li in Credit f'urn._ _ • 19
1,900 4214 June 494
• 424 4254 444
Aviation Semi? Corp
Apr 4314
1,400 32
344 30
Axton-Fisher Tub coin A 10
May
Jan
June
Slay
Jan
Jan
300 11714 Apr 137
130 130
Babeock&WIlcoxCo -100
64 June 224
500
' 634 714
•
Bahia Co corn.
900 694 May 8834
ts
Balabanlcons vie 25 7934 784 794
Mar 5334
500 34
5334
49
*
Ins Co
Bastian
Baumann (Ludwig)&Co
300 9234 Feb 100
95
93
Cone 7% let prof. -100
June 21
100 18
18
18
Baxter Laundries corn A. •
Jan 24
900 15
• 1634 . 1634 17
Salience Aircraft v 4 a__ .
1714
May
9
100
1114 114
Corn. •
Benson & Hedges
100 45 June 6054
45
45
*
Blauners common
Apr 454
100 38
394
• • 3914 30
Biaw-Knox Co
Apr 5654
7,100 39
4714 52
Mks(E W)Co eommon • 49
Feb 9734
200 80
8514 88
Blumenthal(3)& Co corn.*
3
134 June
100
114
114
cons. _10
Blyn Shoes Inc
Borin-Vivitone Corp
100 384 June 3834
384 3816
.. •
Cony. pref._
10 17134 June 17434
174 174
Boston & Albany RR....100 174
534
14 Jan
4
200
4
Bridgeport Mach corn.....'
Briggs & Stratton Corp..' 364 3414 364 9,900 3174 June 38
May 1254
7
100
74 734
•
Brill Corp class B
40 90
Jan 90
90
90
Brill Corp preferred. _100
200 18
274
•
May
184 184
SHIM bite corn
100 25
May 2814
26
26
•
Class A
com_-• 11974 1134 12134 14,800 8414 May 12116
Bristol-Myers Co
200 2934 Apr 324
3014 3014
Brit Amer Tob Ord bear_il
British Celanese-1034
44 Jan
531 734 2,200
Amer deposit reeelPts334 344
900 33 June 3434
•
Bruck Silk Mills Ltd.
June 22
12.800 16
1834 1634 22
Budd (Edward) Mfg new__
Jan
Jan
Jan
June
6
500
914 124
100 894
101
101
234
34 514 89,200
1,900 164
1634 18
416
900
44 5
1734 184 5,500 13
200 35
364
36
600 32
3634 3734
5514 534 5514 5,400 39
100 144
153 .153
20 144
150 153
150
1454 1534 3.900 13
1416
200 224
224 224
434
1734
414
185-4
36
134
4
7
6
44
289
14
13
14
4
734
7
9
6
214
214
3
3
154 14
434 44
288 2894
105 10616
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Conilnued) Par. Price. Low. High. Shares.
June
Mar
Feb
Jan
Mar
Mar
May
Jan
Jan
May
Apr
Jan
June
May
Ain
Feb
May
Fet
Jao
Jan
Feb
Jan
Jan
Jan
Juno
Jan
Jan
Mar
May
Fel
June
Feb
May
Apr
May
Jan
Feb
Feb
Jan
May
Jan
June
May
May
Mar
Mar
Jan
Mar
Mar
June
Feb
June
June
June
• 29
Bulova Watch corn
•
$3.50 cony pref
Burma Corp Al,,, den sets
4 11
Burroughs Add Mach new* 64
20 28
Butler Bros
•
Duna Clark Inc corn_
By-Products Coke new _ _• 3254
Cable Radio Tube v t c. _• 1514
Campbell Wyant & Cannon
• 3116
Foundry
Capital Admlnis class A...• 4754
ha 38
Preferred A
carnation hill Pend eon. 25 434
Casein Co of Amer. _100
• 8114
Caterpillar Traetor
celanese Corp of Am er4rn • 3116
Ifii,
nest preferred
100
New preferred
*
Celluloid Co 1st pref
736
. entrlfugal Pipe Corp. •
Chain Store stseke Inc • 3314
checker rat, Mfg corn_ • 754
im
Childs Co pref
3354
Cities Service 001111110n 0516
_ 101
..
Preferre4
9
10
Preferred B
City Machine & Tool com.• 2834
City Say Bank (Budapest).
10 45
Fire Ass of Phlla
*
Clark Lighter com A
Cleveland Tractor cons_ •
• 40
Cohn-Hall-Marx
Cohn & Rosenberg corn _ _• 424
Colgate Palmolive Peet. •
Colombian Syndicate
Columbia Graph sub rte... 60
• 3216
Columbia Pict con). ......
Consolidated i Permit... _ • 36
Coned Automatic
414
Merchandising v IC...•
• 244
$3.50 pref
Consol Cigar warrants_
COD801 Dairy Products...• 3714
Coned Film Indus corn..• 2134
•
Consol Gas Util ci A
• 2534
CI/11801 Instrument com...
• 16
Conrad Laundries
Cone Ret Stores Inc coin.• 2634
ContI nentalDiam ond Fibre* 35.4
Cooper-Beeem'r Corpcom• 404
$3 curn pref with war? • 4916
Copeland Products I ne-• 1834
Class A with war?
Corroon&Reynolds corn .._• 31
• 100
$6 cum pref A
Courtaids Ltd Am dep
R.ets for ord etk req. ..E1
crock Wheel El Mfg cam 100
Crowley Milner & Co corns 47
Curtiss Aeropl Eta Corp • 36
Curtiss Airports v t 0....' 1114
Curtiss Flying Sere Ine • 234
Curtiss-Reid Aircraft
pfd with st k nurch war 30 3334
2974
Curtiss-Wright Corp
3955
Convertible class A stock
1016
Warrants
•
Oases& Inc
Davis Drug Stores allot etta 1534
Dayton Airplane Engine.* 164
()sere & Co common_ .100
• 144
De Forest Radio v t c__ .
De Ilavilland Aircraft Co
9
Am dep rta newt pd reg.
Detroit Aircraft Corp w1.' 15
Dixon (Jos) Crucible_ _100
• 33
Doehler Die-Casting
Dominion Bridge
Donner Steel common. •
100
Prior preferred
• 36
Douglas Aircraft Inc
z80
Douglas Shoe prof
Dow Chemical common_ •
100 7254
Draper Corp
616
•
Dubilier Condenser Corp.
• 124
Durant Motors Inc
1734
Durant Motor of Canada__
Dus Co Inc class A v t e_ •
•
Class A
*
Eastern Rollins Still
Educational Pictures
8% cum pf with war_100
• 26
Eisler Electric coin
* 46
Eiec Shovel Coal pref
• 1334
a at)ice Finishing oum _
414
10
Fageol Motors corn
Fairchild Aviation class A • 21
ioo 8816
Fajardo Sugar
3
•
Fandango Corp own
Fansteel Products Inc....' 12
Fedders Mfg Inc class A..
eederated Metals tr cit. •
Ferro Enameling Co CIA.'
2316
Flat, Amer dep reeelpta___
-40(4:4N Y 10 28
Financial love
28
4711
415
60%
23
8
30
1516
3414
3516
37
4316
20754
7916
31
95
97
1054
74
3016
60
103
314
954
9
27
484
45
354
30
40
41
65
34
55
294
354
44
22
434
3116
204
30
25
16
2614
3514
4014
4834
13
31
100
1,500
29
100
4714
434 17,100
6416 15,900
100
28 •
100
8
900
324
1616 14,000
Range Since Jan. 1.
Low.
28
474
334
594
2534
654
30
124
High.
June 3234
June 50
14.11531
May . 67
June 444
1734
Feb
June 324
194
June
Mar
Jan
Jan
May
May
Jan
June
May
200 314
36
474 .5,500 3714
1.300 354
331.6
1,100 334
4456
21) 180
20714
900 69
824
1,500 31
334
100 95
95
300 891.1
97
100 100
10514
7
600
R
354 5.200 30
7514 54,600 464
150 9716
107
3391 223,200 274
2,400 9534
9614
84
704)
9
400 244
2814
300 484
494
200 45
46
354
200
4
1,700 30
32
600 3654
40
4316 1,300 40
500 63
6516
.34
1,400
1
5,400 55
61
3334 2.80() 28
3754 4,100 254
June
June
May
May
Jan
Mar
June
June
May
Jan
June
June
Jan
Mar
May
June
Jan
Apr
June
June
June
June
Feb
June
May
June
June
May
Mar
464
474
3814
41(74
267
88
5714
122
100
110
13
4034
94
109
32
994
954
3414
564
53
244
32
464
4314
4104
2
61
3814
441.4
Jan
June
June
June
Jan
May
Feb
A or
Feb
Mar
Jan
Jan
Mar
Jan
June
May
Jan
Jan
Feb
Mar
Jan
June
Apr
June
Jail
Jan
June
May
May
44
1754
414
3134
IS
294
23
la
25
'2554
3734
46
June
June
June
June
Jan
June
Feb
May
May
A pr
June
June
174
45
1334
Ail%
27
3034
35
21
3931
3954
494
5254
Jan
Jan
Feb
Feb
Apr
June
Mar
Mar
Feb
Apr
June
Apr
534 12.000
2,000
26
200
44
3914 9,500
1.800
224
3034 3.000
1.100
2434
1744 8,900
700
2614
2,000
36
30(3
4034
4934 1,300
1834
31
100
300
1,000
1,300
111.4 June 2134 Feb
June
June 31
30
Apr
Apr 102
97
604) 1814 June 2514
1314 1834
100 1274 Jan 330
32934 330
Mar 624
300 47
47
47
1,400 264 Jan 5234
33
35
1374
124 119.100
104 May
11
234 2554 27,500 1974 Mar 2934
Jan
June
Jan
Feb
May
Apr
35
304
3936
11
Mar
June
June
June
29
29
3514
954
2916
1594
15
551
1314
344 2,800
3034 46,800
3914 9.300
1,500
11
274
29
3534
94
3454 2,300 284
200 1514
16
1716 2,100 15
320 511
560
154 17,300 114
Apr
June
June
June
Apr 864 Jan
June (173.4 Mar
June 19 Juno
Feb
May 642
Slay 2634 Jan
9 June 104 May
700
916
9
154 Juno
154 42.600 15 June
15
Mar
200 1604 Jan 173
168 168
Jan
Mar 42
2,700 27
33
31
May 10514 June
200 9f)
1054 10554
Feb
32
Jan
200 21
284 284
10834 10874
50 984 Jan 10854 June
3514 3854 3,100 2434 Mar 4514 May
Jan
25 080 June 90
x80 z80
10 200
Jan 310 June
310 310
Jan 78 Juno
1,500 05
6834 68
June
4
1134 Jan
515 831 1,500
194 Jan
May
9
10
1334 36,700
100 1734 June 174 Juno
174 174
434 Jan
134 June
800
116
154
Jan
7
June
1
100
254 216
Jan 3534 Juno
200 27
334 334
60
254
46
12
414
20
8634
216
114
31
3311
60
23
27
75
2934 28,100
300
46
2,200
14
500
434
2114 2,800
40
8854
314 4,500
1,600
1214
300
314
500
35
400
60
23.900
20
1 sno
'29
60
60
2114
4554
10
4
20
79
254
104
28
27
58
26
2114
June s974
June 294
June 61
June 5534
OM
May
3414
May
Apr 12414
10
June
Mar 3034
June 50
June 39
June 7314
2914
May
June 2874
Jan
June
Jan
Jan
Jan
Feb
Jail
Mar
Jan
Jan
Mar
Apr
MAY
June
JUNE 29 19291
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Con)inued) Par. Price. Low.
High. Shares.
Range Since Jan. 1.
Priam/
batca
Last Week's Range for
Sale
of Prices
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
4305
Range Since Jan. 1.
Low.
High.
Low.
High.
Fireman's Fund Insur__100 108
10431 108
500 101
Mar 155
Feb McCord Rad & Mfg cl
Firestone Tire dr K ooni _10 269%
274 2751
200 22
Anr 31% Jan
269% 27955
1,400 2204 Feb 309
Apr
McLellan Stores class A-• 50
Fleischmann Royal corn..
4651 5351 8,000 42
June 59
34% 3251
Jan
Mead Johnson & Co corn.* 54
Fokker Air Corp of Amer.• 49% 4954 3431 171,200 32% June 35% June
54
54
100 53
June 59% Apr
52
10,200 18% Jan 6734 May
Mercantile Stores
Foltts-Fischer Inc com___•
100 96
95
96
200 95
2931 2851 33% 11,200 26% May 3851 Jan Merchants & Slfrs
June 1194 Jan
Ford Motor Co LtdSec cl A•
2054 23
800 20% June 23 June
Merritt Chapman & Scott• 29% 2855 30
A mer dep rcts ord reg_.C1
2,600 2451 Apr 32
154 154
16,000 154 June 2051 Jan
Stay
Mesabi Iron
Ford Motor of Can el A___• 4454 4451 16
155 1%
700
131 June
47
3
7,500 434 June 6951 Apr
Jan
Metal & Mining Shs Inc..5 20% 2035 22% 9,600 19
Class B
June 22% June
6751 6755
50 564 Apr 172
Metropol-Chatn Stores_ •
Apr
Foremost Dairy Prod com.•
74
77
1,200 70
12% 13
Mar 89
200 12
Feb
June 15% Apr Midland Royalty $2 pfd • 28%
Cony preference
23
2851
• 2151
1.500 28 June 30
2055 2151
600 204 June 23
June
111Mand Stcel Products •
Apr
Foremost Fabrics Corp. • 2655 25
9734 100
200 90
May 1064 Jan
27
1,600 25
May 30% May
Milgrim (H) & Bros corn.*
Foundation Co
15
17
400 15
Apr 205 Feb
Miller (I)& Sons corn
Foreign shares class A..
• 47
4655 4751
400 39
1351
1231 1351
Jan 534 May
400 12
June
1931 Mar
Minneapolis-Honeywell
Fox Theatres class A corn.
224 2151 23% 14,400 2151 May 35%
Regulator common_
Jan
Franklin GI H) Mfg coins 414 4151 4551
•
944 97,4 1.400 55% Jan 97% June
1,400 304 Mar 46% June Mirror (The) 7% pref..100
Freenman (Chas) Co
9155 914 9135
•
8
100 914 June 95
74 855 15,600
Jan
6% Mar 12% Jan
Mock. Judson Voehringer• 3434 3434 3451
300 28
Jan 4155 Apr
•
Monroe Chemical corn__ *
Garnewell Co corn
• 8051 78
17
1751
200 1651 Apr 27
81% 2,800 68% Mar 8331 May
Jan
MontecatIni M & AgrOarlock Packing corn__ • 264 254
2751 9,500 23
Apr 27% June
Warrants
General Alloys Co
•
2% 291
234
400
251 May
1051 14%
6% Feb
300 10% June 21% Jan
Moody's Invest partic pf_•
General Baking corn
yi
44
•
454
500 44 June 5234 Jan
7
64 74 16.500
,
6% May
10% Jan
Moore Drop Forge Cl A. •
Preferred
• 71% 7131 7251
65
66%
300 59
Mar 75
4,900 67% May 79% Jan
Jan
General Cable warrants
Moto Meter Gauge & En _• 29
29
314 3.400 2551 June 3551 Apr
30
29
30
200 17% Jan 47
Star
General Elec (Germany)
Nachmann-SpgfleldCorp_• 58 • 58
Stock purch warrants_
62
200 58
204 204
Apr 7651 Feb
200
May 249
June Nat Aviation Coro
Gen Eleo Co of Gt Britain
• 70
6731 71
7,800 62
Jan 88
May
Nat Baking Co common.
American deposit Ms.__
.°
5
12% 1255 1254 24,400 11% Jan
5
200
5
Mar
6
Jan
2055 Feb
General Fireproofing corn.
Nat Candy common
•
30
30%
39
300 24% June 305.1 June
38
39
600 3051 Jan 4134 June Nat Container Corp
Gen Indust Alcohol v t c.• 34%
com_• 27% 26
28
3,300 24% June 28
3355 344
1,500 3251 June 34% May
Gen Lau nd Mach corn
$2 cony pref
• 2834 274 28% 2,200 27% May 294 June
• 21% 21
22
1,800 21
May
June 27% Jan
Gen Printing Ink corn...
Nat Family Stores corn...' 35
35
3551 3,300 304 Jan
454 4551
48% Feb
100 4555 June 48% May
Gen') Realty dt Util com_• 20
Nat Food Products
19% 21
7.600 174 Apr 25
Feb
Pt with corn purch war 100
Class A with warr
•
2854 28%
100 2851 June 37
9331 93
93% 4,800 88
Jan
May 10051 Feb
Gilbert(A C) Co corn
Class B
•
951
935 951
•
400
951 June
19
1.800 18
22
13
Jan
Jan
2551 Jan
Nat Leather stamped.
Preference
..l0
2
2
100
2 June
454 50
1.600 4234 Jan 50
5 Jan
June Nat Mfrs & Stores
Gleaner Combine fiery__ •
•
22
22
100 2154 May 40% Jan
115 115
400 95
Feb 124% Jan
Nat Rubber Machinery.
Glen Alden Coal
3334 334 3554
• 124
1.600 29 11 May 4134 Jan
123 127
2,100 11834 June 139
Jan
Nat Sugar Raft
Globe Underwrit Exch._
• 43
41
43
90
2551 24% 2531 9,700 24% June 2735 June
3951 Apr 55% Jan
Nat Theatre Supply corn_• 22
Godschaux Sugars Inc_
1855 22% 14.800
7
80
80
Mar 2455 Apr
80
25 80 June 80
June Nat Toll Bridge corn A
Goldberg (S M)Stores
•
1451 154
300 1451 June 20
Mar
Nat Trade Journal Inc._ _• 16
Common
154 20
18
1,40
18
154 June 34% Jan
18
100 17
Apr
2331 Mar Nauhelm Pharmacies pf_.•
$7 pref stk our warr__ _• 80
15
100 10
15
80
80
May 32% Mar
10
80 June 88
Jan
Neill Corp common
Goldnran-SachsTrading__• 10355 1004 10454
• 2131
2155 21% 1.60
2051 Ma
31,600 1/3
2951 Jan
Feb 12134 Mar
Nelsner Bros common_ _100
Gold Seal Elec Co new..
145 15451
.• 22% 22
900 140 June 164
2331 17,20
17
Feb
May 2731 May
Preferred
Gorham Inc coin A
• 34
100 20054 1994 202
40 187
34
34
100 31% June 36
Jan 210
Feb
May
Nelson (Herman) Corp___ 5 2651 2651 2675
$3 cum pref with warr_ •
50
300 23
50
30
Apr 31
50
May
May 61 *June Neptune Meter cl A
Gorham SitS common_
•
18
18
6254 62
10
1755 Jun
50
62%
21
62 June 82
Feb
Apr Neve Drug Sts A ctf dep.. 20
Uotbam Knitbac
20
20
831
84 955
100 144 Slay 31% Jan
2,700
754 June 19% Feb
Gramophone Co LtdAmer den refs orri El
Newberry (J
•
76
76
784 79
400 7551 May 804 May
20
62% Jan 90 June New Haven J) Co
Grand Rapids Varnish
Clock corn..,
• 1051
2355 2351
1955 214 8,200 18% June 22
600 2355 June 25% May
June New Met & Ads Land__ 1
01 AU dt Pee Tea 1st
100
551
1164 11755
555
100
53.4 May
7 115
9% Mar
Jan 11751 Feb New Orl Gt Nor KR.
Non vot corn stock___ _• 377
..100
194 20
377 389
200 14
180 332
May
32
May 494
Feb
May
Greenfield Tap & Die eom • 16
N Y Hamburg Corp_ _50
41
16
200 385-1 May 52% NIar
4251
16
200 12
Jan
194 Feb
Griffith (I) NV) class A
N Y Investors
*
37
37
3831 3,400 3651 Apr 4851 Feb
151
155
100
13-4 Jar
451 Feb N Y Merchandise
Origsby-Grunow Co cotn_• 141
36
36
135 141
3155 Jun
36
1,600 120
47(4 Mar
Apr 183
Mar
Ground Gripper Shoe coin• 38% 3755
Niagara Share Corp
• 5751 5635 59
4,500 25
1,300 27
3931
68% June
Jan
43% Mar
$3 preferred
Niles-Beml-Pond corn.... 563-1 56% 644 5,200 36% Jan
3755 374
300 32
Ma
78
Jar
4251 Mar
Apr
Guardian Fire Assurance 1(1 61
Noma Electric Corp com.•
23% 2451
1.200 17
61
625
400 57
,
'
Ma
27% May
Apr 7035 May
North American A vlation_• 17
17
14
1755 15.800
Mar
24
Jall
Ifall(W F) Printing____10 274 2755
North Amer Cement
9
9
1,200
951
84 Apr
28
1,300 26
13
Apr 35
Jan
Jan
Ilandley-Page Ltd
Northam Warren Coro pr.•
3931 3935
200 39
Mar 4654 May
Am dep rcts panic pref_ _
Northwest Engineering
32
551
5
600 25
34
54 3,500
431 Jun
June 484 Feb
551 June Novadel-Agene COMMOD -• 32
happiness Candy St ol A •
_• 24
3
234 2451
3
600 20
1,400
3%
2 Jun
Feb 3154 Feb
5% Jan 011 Stocks Ltd
Hartman Tobacco corn _10
20
20
200 20
Jan 22
Jan
ilaygart Cory
Class A without warr__• 1374
• 63% 6055 64% 14,70(
13
1451 3,000 13
June
1951 Jan
46
Jan 82% Mar Orange Crush Co
liaseltlee Corp
•
• 5754
2355 244
5655 6431 4,900 41
700 23
May 29% Apr
Apr 6751 May Outbd Motors Corp corn B•
Helena Rub'stein Unicorn •
1255
11
1,800
18
11
1351
1954 2,100 1754 June
Apr
16
Apr
28% Jan
Ilercules Powder com
Cony pref el A
• 1854
•
18
116 116
1,40
18
1875
100 9651 Jan 130
June 214 May
Feb Overseas Securities
Preferred
•
118
50
55
118 118
300 50 June 59
10 115
May
Feb 1214 Jan
'Leyden Chemical
• 4151 3455 4151
1,300 1955 Feb 414 June Pacific
litres(Chas E) corn A....
4631 46%
2451 24%
100 42
100 2351 Jan 2551 Feb Packar Coast BISC pref_ •
Jan 49
May
Horn & Ilardart corn
d Motor new
• 53
27
264 2751 55,700 2551 June 29% May
53
53
100 52
May 6151 Feb Paramount Cab Mfg corn
Preferred
• 20
50 103
1554 20% 4,900 154 June 434 Jan
103 103
100 100
Apr 105
Jan Parke Davis & Co
liouse'd Finance part pf 50
48
494
300 44% may 584 Feb
49
1,900 45
Mar 5055 Jan Parmelee Transport com •
Huylees of Del DOM-. • 2351 2355 50
•
2451 26
244 Apr 254 Apr
70
400 2331 Apr 32
2355
Jan
7% preferred
Class
100 90
53
90
,
90
53
5
53 June 62% May
200 90 June 10051 Mar Penney B
Hygrade Food Prod corn.• 3451 34%
(J C) Co com
110
10935 1104
1,60 105
37
1,800 3451 May 4931 Jan
May 121
May
Imperial Chem IndustriesClam A preferred_ _100
974 99
29
97)5 June 1024 Feb
Am
Pennroad Corp corn v t c_• 2054
rctsord ehs reg 51
834
18
851 9
1,300
214 437,800 16
25
May
8% May
Apr
1135 Feb Peoples Drug Store Inc •
Imperial 'l'ob Canada_ _ _5
80
10
80
500
9% 9%
7451 Feb 94
955 June 114 Feb Pepperell Mfg
Jan
Imp Tob of G 13 R. Ire_ _ _ _
100
22% 22%
96
96
96
5
100 224 June 33%
Jun 11331 Feb
Indus Finance corn v Ic.10 30
Jan Perfect Circle Co corn _ _• 62
28% 30
60
64
3,50
1,200 27
45
61
AD
June 58% Jan Perryrnan Elec Co
June
7% cum prof
100 77
• 1751
16
76
77
175 76
2051 3,800 16
Jun
29% May
June 91
Jan
[Deur Coot North Amer.10 77
Philippe(Louis)Inc A corn • 2351
7634 78%
2831 2855
50
900 244 Apt 32
764 May 9055 Jan
May
Insurshares of Del corn A.
Common class B
• 284 27
21% 20
224 13.10(
1,200 2355 Apr 314 May
20
2851
May 2434 May
Insurance Securities. _10 2534 25
6,20
28
25 June 334 Jan
Int Mere Marine new....
Phil Morris Con Inc tom •
_ _ _• 25% 254 284 3,10
1.400
155
151
151 May
2551 June 2851 June
4% Juno
Internet Perfume corn_ •
Class A
25
15
154
400 14% June 244 Jan
9
400
851 Jan
9
10 June
Internal Products corn_•
Pick (Albert), Barth & Co
955
951 1051
500
8% June 14% Jan
$6 cum pref
Frei class A (panic Dr) • ido
80
1551
80
600 783-4 Apr 834
1551 15%
1,300 15
Mar 19
Jan
Inter Projector new
• 30
2551 3054 90,900 19% Apr 3051 Feb Piedmont A Nor Ky. _100
78
125 53% Jan 83% May
7851
JUDO Pierce Governor Co
Internet Safety Razor B.
• 2731 2734 28%
•
30
1,000 25
1,500 2551 June 3351 Jan
3151
Feb
46
Jan Pilot Radio dr Tube el A __•
International Shoe corn..
72
70% 72
1731
1,50
1751 184
1,800 17% May
60
18% June
Feb 744 Mar Pitney Bowes
Interstate Hosiery
Postage
224 204 22%
70
204 Jun
Investors Equity com
3251 Mar
Meter Co
• 54
50
• 2954 24
5451
2,40
2931 65,900 13% Mar 304 Apr
45
Mar 544 June Pitts & L Erie RR
Irving Air Chute corn
• 30
30
corn __50
32
2.600 21
142 195
350 135% Mar 15651 Feb
May 4151 May Pitts Plate Glass corn_
.25
644 6451
100 64
Jan 7654 Jan
Johnson Motor
Pitts Screw A Bolt
47% 47
• 2651
494
300 45
25
1.700 23
26%
Mar 3155 Apr
June 60
Nlar Pratt & Lambert Co
Karstadt(Rudolph) Am she 18
18
•
18%
700 184 June 244 Mar
7055 71
300 634 Jan 85
Feb
Kenneth Mfg common_ __• 1451
Procter & Gamble com__10
144 1531
1,000 1255 May
37451 376
75 281
Jan 382
17% May
May
Keystone Aircraft Coro..
Propper Silk Hosiery Inc.
• 46% 41
47% 28.700 31% Mar 50
•
28
300 28 June 43
28,51
Jan
Jan l'rudence Co 7% Pre(__100
Klein (D Emil) Co corn- •
24
2651
300 2351 May
101
101
50 9951 Apr 10451 Apr
2851 Jan
Kleinert (J B) Rub corn_ -* 4054 4031 4055
300 4055 May 41% May Prudential Investors com_• 254 2454 2551 17.200 234 June 28
May
Knott Corp common
Pvrene ManufacturIng....10
• 304 304 32%
200 30 Slay 37
sq
84 854
1,200
7
Apr
9% Jan
Feb Quaker Oats
Kobacker Stores corn_
•
60
60
100 41
309 309
100 309 June 323
Jan 7151 NIar Q R S Be Vrycommon_ _ _ ..• 309
Apr
Koister-Brandea, Ltd.
394 3934
100 38 June 42 June
Amer allaree
.C1
6
5
12,200
6
4
May
1255 Mar
Rainbow LuminousProd A• 34% 33
4,300 23% May 65
3651
Jan
Lackawanna Securities...• 3851 38,51 39%
Raybestos Co common. _25 88
1,000 37
8431 90
4,100 (39% Jan
May 45% Jan
9251 May
Lake Superior Corp__ ..100 15%
Certificates of deposit.
15
16
400 13
834 834
100 83% June 8936 June
May 41%
Lakey Foundry & Mech..% 2551
Reeves(Daniel) common.
254 264 3,300 20% May 35% Jan
• 37
37
800 36% Apr 45% Jan
37%
Jan
LaSalle Extens Univers ty_
Reliance Bronx & St'l com•
3
3
100
2251 23
3 June
1,00
22% Apr 244 May
3 June Reliance Manage
Lazarus(F & It) A Co corn•
ment__ _• 31% 30
3351 35
400 32% June 49
31% 4.00
30
June 3154 June
Mar
Lefcourt Realty
Iteoett I Inc
• 25% 2551 25%
5
100 23% June 39
2
2
10
650
Jan
Jan
5
Apr
Preferred
Republic Motor Tr v c__•
•
36
36
100 36
231 236
10
June 39
1%
Jan
655 Feb
Jan
Lehigh Coal & Nay
Reynolds Metals common •
.50 153
14935 155
2,900 149
39
40
60
Apr 172
8155 Jan 5251 Feb
Lehigh Valley Coal Sales__
Jan
Preferred
•
50
100 45
50
6855 6955
60
Feb 54% Mar Richman Bros
63
79
Jan
Lerner Stores Corp coo, . • 61
Mar
new
6351 64%
130
1,400 44
130 130
10 116
Feb 6531 June Richmond Radiato
May 130 Juno
Libby, McNeil & Libby.10 14
r cony_•
1251 14
900 11% May
9
9
10
8
15
May
19% Feb
Jan Rolls-Royce, Ltd
Libby Owens Sheet Glass26 185
182 197
1,400 148
June 22054 Fet
Lily-Tulip Cup Core
Amer dep rcts reg stk__ _
• 23
23
2451 5,300 18% Apr 2451 June
11
11
10
951 Ma
1555 Feb
Loews Inc stk our warts_ _
Roosevelt Field Inc
5
•
5
5
1055 1151
100
3,400 1051 June
5 June 14
18
Mar
London Tin Syndicate Am
Mar
Ruberold Co
100 724 7251 77
600 724 Jun 1084 Jan
dep rects ord reg____El
Russeks Fifth Ave
15%
1551 16
34
200 144 Apr 22% Nfar
34
34
200 34
May 35% May
Louisiana Land & Expior _I
935
851 951 8,900
8% June 1435 Fel. Sate-T-Stat Co common
_ •
30
800
17
Feb
37% Mar
MachIarr Stores corn
Certificates of deposit... 274 2751 32
•
40
41
800 35
29% 2,400 25
Apr 434 May Safety Car Mg &
Jun
35
Mantel Stores corn
Apr
• 3455
Ltg__100 20351 200 204
3455 3551
1,100 334 Apr 38% May
22 157
Jan 22935 Jan
Safeway Stores 2d ser warr_
655% pre( with warr
*
100 101
400 100
438 438
10 421
June 103
Jun 620
Mar St Regis Paper Co
Jan
Manhattan Rubber Mfg_25 4551
• 186
4551 4851
17255 13754 10.200 119
875 4551 June 54
AD 158% June
May
Manning Bowman & Co A*
7% cure preferred._.100
184 184
10331 10334
300 174 Jan 20% Jan
400 100
Fe
107
Jan
Schiff Co common
Class B
•
114 12
53
200 1151 June
53
400 52
May 79
13% Jan Schletter A Zander corn
Jan
Marlon Steam Shovel corn •
vtc
24
24
204 204
20
100 20 Jun
23% Apr 56% Jan
25% May
Nieves Consol Mfg
Cum cony pref
•
37
4051 41
37
10
200 4051 Jun
37
June 42
46
May
Jan Schulte Real Estate Co___•
Margarine Union, Ltd
1891 184 1951
800 1851 Jun
39% Jan
tin dep rcts for ord stkL1
Schulte-United Sc to $1 St• 1154
20
1131 114 1,200 1051 Jun
204
20
20
June 20% Feb
26
Jan
7\
pref part pd rcts_100
Co corn_ •
58
634 63%
58
100 6331 Jun
200 52
May
89
Jan
093-4 Jan Schutter-Johnson Candy A
Mavis Bottling Co of Am.
651
9
9
100
594k 5% 11,40
8
55 Jun
Apr 12
4
Feb
11
Mar 4econd Gen'l Amer by Co.
Mayflower Associates Inc • 7255
71 .73
3,90
60
Jun
73 June
Common
May Hosiery Mills pref_ •
• 2751 264 2751
32
34'
3,000 2354 Apr 35% Jan
601
32
June 38% Jan
nref with warrants_ _ 1064 1043-410634
400 10414 Apr 125
Jan
Sales
Friday
Last Week's Range for
Wee*.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Segal Lock & Hardware...'
Selberling Rubber com___*
Selected Industries cam...
Allot etre 181 paid
Prior preferred
Selfridge Provincial Amer_
Sentry Safety Control....'
Peryel Inc(new oo) v $0...'
•
Beton Leather corn
Sheafter(WA)Pen
Sherwin-Wms Co corn. .25
Siemans & Halske
Sikorsky Aviation corn ___•
Silica Gel Corp corn v t
Silver (Isaac) &Bros Corn.'
100
Preferred
Simmons Boardman Pub•
lishing $3 pref
Singer Manufacturing _100
Ll
Singer Mfg Ltd
Smith (A 0) Corp corn...*
flonatron Tube oommon...*
Southern Asbestos
•
South Coast Co corn
South'n Ice & Util corn A •
Common B
Sou Gra/ Stores cony el A.
Southern Dairy Prod__ _
Bpan I Gen Corp Ltd---E1
Bearer stock
Spiegel May Stern pref..100
•
Square D Co corn B
•
-Meyer Inc coin_
Stahl
198
31
36%
35%
1334
344
45
48
48
550 550
5% 634
193 198
31
30
3654
34
21 •
20
9
7
754 9
3454 3534
1334 14
334 334
334 334
84
84
45
45%
3954 3944
33
334
1593'
2754 2634
29
29
22% 2144
26
26
2834 2834
3%
54
30
97
59%
51%
64
61%
4834
58
13834
30
May
14
65% Jan
31% Feb
Jan
106
6334 Juno
3% Feb
28% May
2134 May
32% Jan
63% Jan
1054 May
Apr
680
684 Mar
48% Mar
Feb
86
Feb
128
5254
Ma
100 48
50 545 Jun 831
954
1,200
54 June
Feb 200
240 168
800 sag Mu 43%
1,100 30% Apr 49%
Mar 28
200 20
7 June 17%
500
734 June 27%
600
500 303' Mae 37%
May 21
800 12
7
3 MAY
100
354
344 June
2,200
100 84 June 98%
900 45 June 46%
Feb 53%
100 39
400 33 June
234 Mar
3,200
50 15934 June
May
2,100 24
Apr
1,800 28
9,000 1544 Mar
June
500 26
100 2834 Apr
aast 3674 4,200 3034 Mar
24% 9.800 19 June
19%
5,700 1334 June
133' 14
Mar
125 85
914
89
94 Jan
100
12
12
12
200 23% June
23% 234
Jan
200 29
314
31
June
123' 1614 6,400 12
1654
June
225 158
171 175
550 12454 June
12434 128
124
3354 30g 34% 17,100 29% Mar
4,600 1634 Mar
26
25% 25
Taggart Corp common...'
•
Thermoid Co cam
7% cum cony pref_100
corn.'
Third Nat Investors
Thompson Prod Inc el A •
Thompson Starrett Pref.-Ttetz (Leonard)
Timken-Detrolt Axle pf 100
Ttebnsan Realty & Collar•
Tobacco & Allied Stocks...*
Tobacco Products Exports*
Certfs of deposit
Todd ShitiYarde Corp....
*
Toddy Corp CI B v t 0- •
Transamerica Corp
Transcont Air Trans9----Lux Pict Screen
Trans
•
Class A common
•
Travel Air Co
Tri-Continental Corp corn•
6% cum pref with war100
Triplex Safety Glass
Am ruts for ord all
•
TYUns Park Stores
Tublze Artificial Silk cl 13.•
Tung-Sol Lamp Wks corn.'
•
Class•
•
$3 cum cony pre'
3344
434
160
27%
29
2234
2634
2854
5054 5454
29
3234
97
96
50
50
5854 6034
514 52
64
64
107 107
61%
60
4654 47
244 244
14
14
61
58
10
10
13734 140%
27% 3031
Jan
Jan
Jan
Apr
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
June
Feb
June
Jan
754
79%
98
3944
1734
934
46%
82%
120
•
•
28
10
•
•
Walt & Bond class A
Class B
Co common....'
Walgreen
Warrants
Walker(Hiram)Gooderham
& Worts new
Watson (John Warren)Co•
Wayne Pump common. •
Welboldt Stores com____•
Western Air Express..._10
Western Auto Supply eomA
•
West'n Tablet Os Stat'nerY
•
Whitenighta Inc cam-.
Wldlar Food Prod com -•
Williams(R C) Co Inc_ _
WII-Low Cafeterias oom •
•
Preferred
594
61%
8954
90
69
1734
5554
22
15
2754
25%
29%
25%
1554
32
23%
88%
62
18%
534
42%
67%
71%
244
25
28
4854
June 13341
May 80%
June 695
Jan 32
Feb 46
June 50
5144 May
744 June
26
Feb
Jan
46
Jan
92
3454 June
1534 May
Apr
70
3544 June
3934 Mar
May
5
944 June
June
1
2651 June
4634 June
8244 June
90
Jan
Ma
90
54% May
4744 May
Apr
87
May
81
Mar
56
1754 Apr
4344 Jan
Apr
47
Jan
16
15 Jun
Apr
15
703.4 Jan
May
24
2334 June
27 June
Rights
1%
'14 June
134 133,200
54
Pie
American Superpower
534 June 134
734
654 734 14,800
Associated 0& E deb rta-2%
134 June
1% 25( 64,900
2
Rights
9% June 34
2.000
15
12
Budd (E G) Mfg
475 47% June 102
Ford Motor of Canada-- 4734 4741 593(
9 June 11
9
1034 5,500
934
General American Invest__
634
6 June
6 ffif 654 1,800
64
Lone Star Gas
100 1754 June 1744
1744 1 1734
Marconi Wireless Tele8100 1434 June 1734
1634 1634
1654
Massachtsetts Gas
13% 14% 69,800 13% June 15%
Montgomery Ward & Co_
1444
1834 18% 183( 11,000 18)4 June 1854
Murray Corp
May 235
110 193
20544 205 20944
*
Penn:(J C) Co
34
54 June
Si
44
4i 28,700
Transcontinental OR
June
Apr
June
May
May
June
June
June
June
June
June
May
June
73
3834
35
United Corp
13%
7254
754
31
33
14%
7534
7%
3954
3554
500
3,700
100
4.800
1,700
11%
71%
534
27%
81%
617,200
20,800
2% 501.000
100
1
6% 1,200
200
8
5
4%
United Gas Co
United Gas Impt
Universal Pictures
Western Air Express
White Sewing Mach debs--
21h•
1
64
534
54
2%
1
6%
5
, %
Mar
May
Mar
May
Jan
June
June
May
June
May
May
5 June
1
June
,
2 1( June
234 May
8% May
1454 Jan
44% Apr
May
74
42 Juno
82% June
Apr
79
45
May
3%
54
154
54
454
344
Public Utilities
•
Allied Pow & Lt cons
$5 1st preferred
•
$3 preference
Amer Cities Pow & Lt Corp
50
Class A
•
Mass B
Am Com'with P oom 4.-•
•
Common B
Warrants
Amer & Foreign Pow ware_
Amer Gas & Elea oom____•
•
Preferred
Amer Lt & Traci oom_100
Amer Nat Gas corn v o •
Amer States Pub Sera Cl A
Amer Superpower Cons
Corn. B new
First preferred
Convertible preferred
Arizona Power Corn....100
Arkansas Pr & Lt pref...100
Assoc Gas dr Elea class AS
8254
74
8234 41,000
75
764 1,300
74
1,100
434 44
17,300 36%
48,900 2344
9,000 22
8,000 22
514
7,400
42,900 524
20,000 128
200 99
2,650 205
8%
200
500 26
Mar 71% June
50 June
Ma
Mar
Jan 31
May 3754 Jan
1154 Mar
June
Jan 1134 Feb
Jan 5114M June
Jun 10954 Jan
June
Mar 291
18% Jan
Jun
2754 June
Jun
55% 439,800 26
1,900 94%
97%
91% 2,500 89%
7,500 2344
58
20 100
105%
85% 31,900 4934
May 5535 June
June 10034 Feb
Jan
Apr 94
Jan 58 June
Apr
Feb 107
Jan 61% Mar
89% 67% 7154
48% 47% 50
2354 225( 24
25% 33%
31
654 834
754
9654 8034 9754
20654 189 214%
102% 101% 10254
27034 291
280
10% 104 10%
2754
26
26
46%
95
90
57% 54
10514
54
54
5454
50 113
115 116
Bell Te. of Pa 636% P1-100
600 48%
.57
673.4
Brazilian Tr Lt&Pow ord•
75(
734 844 12,300
8
1 11
Brooklyn City RR
74
900
7% 854
Certificates of deposit
buff Mat & East Pr oorn-• 10344 92% 104% 24,300 61%
28,300 4934
• 10344 9354 104
Class A
25 24% 2454 24% 2,600 24%
Preferred
Cent Atl States eery v t c_• 12
•
Central Pub Sery cl A_
Cent & Sweat UM_ _100
150%
Central States Elec
50%
New
6% pref with warr -100
83%
6% prof without warr.
Convertible preferred.... 258
127%
ConyProf new w I
69
Warrants
Mar Cities Ser P & L $8 pref. •
• 82
Jan Cleve El Ilium corn
11834
June Columbus Elea & Pow '
Jan Coin'w*Ith Edison Co_ _100 274
Com'selth Pow Corp 10.100 10034
Feb Commwealth & Sou Corp.. 28
10%
Warrants
Jan
Jan Connecticut Elec Service-.
Mar Cons GEL &T Balt oom.• 142
June Consol Gas Utll class A___• 30
June Cont'l G & E 7% pr p1_100
72% Feb
Jan
20
June
51
81% June
102% Mar
61% Feb
2044 Apr
Jan
n80
Mar
53
53 May
Mar
11
Mar
12
Apr
3
28% June
54% June
9154 June
130 June
95 June
7454 Feb
654 Feb
9534 Jan
10954 Feb
754 May
1854 Apr
62% Jan
5854 Mar
Mar
31
27% Mar
22 May
Feb
79
2754 June
2814 June
June
31
5734 5934
734 854
51
51
81%
64
96
9754
3634 3934
1634 1734
7334 7334
3744 39
43
43
754 744
954 944
154
134
2554 26%
4654 5054
8234 8634
10044 130
95
95
593-4 6134
5354 63%
8944 8944
91
83
7054
69
1754 1754
55%
51
56
54
24
22
1534
15
1536
15
7534 7534
2634 2734
2654
25
2954 30%
900
1,900
100
8,600
1,300
2,500
3,100
25
1,100
200
200
100
100
2,300
16,100
3,200
730
50
2.100
23,500
200
MOO
900
900
2,300
700
800
200
1.200
100
4,100
15,700
2,800
79%
24
25
10%
30
80
2534
18
32
200
1,800
200
5,900
1,600
72
22
2114
10%
28
June
June
May
June
Jan
8334
381,
88
18
35
June
Feb
Feb
June
Feb
2344
15
8634
6034
2334
15
89%
63
400
100
3,900
1,100
2334
15
7134
61
June
June
Mar
Mar
2634
26%
91%
65
Apr
Jan
May
Jan
1834
.534
1854
39
6734
68
3354
234
25
2654
1834
44
1934
554
19
4254
695-4
7344
3354
244
26
2834
1854
4834
4,900
1,200
600
700
1,300
5,700
100
1,600
700
1,300
400
2.500
167-4
53.4
1734
39
5654
504
30
2
2114
2654
17
44
May
June
Apr
June
Apr
Apr
June
Jun
May
June
June
June
23
14%
82
5345
7854
7344
3344
$8
29
41%
80
58
May
Jan
JaD
Jan
May
June
June
Jan
Feb
Feb
Mar
Mar
aag
1.
Hies.
Low.
Jan
June
Jan
Fels
Jan
6934 Feb
2,200 4334 41)
Feb 35% Mar
4,800 25
Mar
400 90
Feb 105
Apr
May 51
200 50
Jan 69)( Jar/
1,800 46
200 50 May 5854 Jan
Mar
25 64 June 69
10 105% May 110 June
3,500 4944 Jan 70 May
600 4644 June 55% Jan
344 Jan
2
May
900
June
100 14 June 14
500 56
June 76% Jan
954 Apr 144 Jan
800
Feb 143% May
7,300 125
9,100 2134 May 30% May
200 1854
18% 1834 19
800 4454
4654
45
45
260 805
324
305 325
33% 2854 38% 11.800 16
4,100 2414
44% 39% 48
3,900 4254
48
4544 50
Range Bincs Jas.
1634
754
1134
61%
4484
Winter (Beni) Inc coin- •
•
Winton Engine corn
•
Worth Inc class A
Zenith Radio
Zonite Products Corp cam•
Feb
43
654 May
160 June
Mar
30
Mar
31
22% May
3834 Feb
Apr
29
86;4 June
24% June
14% June
100
Jan
16% Feb
35% May
8534 May
35% May
Jan
176
13954 Jan
37% Jan
June
s26
4,000
54 Jan 24
104 13
13
2,400 4534 Apr 61
54
49
53
Jan 35%
30,600 30
34% 3434 35
Apr 10744
104 1044 4,500 104
.
104
Union Amer Investment.*
•
Union Tobacco corn
Union Twist Drill corn. _5
•
United Carbon v t
100
Preferred
•
United Chemicals $3 pref
United Dry DOCka tom--.*
100
pref
7% cum
•
On Piece Dye Wks
United Porto Rico Sug_ *
United Profit Shar corn_ •
100
Preferred
United Retail Chem B vto•
United Stores Corn Wm.*
Non-cum cony class A..'
•
$6 cum cony pref
100
V S Finishing corn
100
Preferred
•
0 E3Foll class B
a
VS & Foreign See com
86 first prof
•
418 Freight
.20
US Gypsum common..
•
US Lines cam
•
U 13 Radiator com
•
Common v t c
8 Rubber Bedsit/ling..*
•
Universal Aviation
Ctts of deposit
Universal Insurance_ _25
Utility Equities Corp----•
Utility & Ind Corp com__.
Preferred
High.
Low.
UM May
700
10
103'
May
100 39
40
40
9,300 183' Jan
1944 20
2,600 90 June
91
90
600 62 June
6336
62
334 Jan
300
334 334
Mar
9
19% 213' 18,400
18% 15,300 143 Jan
1754 17
100 223' Apr
24
24
Apr
800 48
5146 50% 5234
Mar
100 81
92
92
10 640 June
640 640
4744 2,300 2034 Jan
45
45
3554 38% 4,800 234 Jan
38
200 6134 Jun
7044 7054 72
100 105 June
105 108
6
dates
Friday
Last Week's Range for
Week.
of Prices
_Sale
Stocks (Concluded) Par. Fries. Low. High. Shares.
Range ante Jan. 1.
10
40
1954
90
Standard Investing can •
Standard Motor Constr.100
100
Standard Screw
Bland Steel Propeller corn'
•
Starrett Corp coin
Stein Cosmetics corn
Stein (A)& Co corn
Sterchi Bros Stores com-e
Sterling Securities allot etfa
•
Corn class A
20
Preference
Stetson (John B)com- •
Stinnes(Hugo)Corp
Strauss(Nathan)Inc com•
litrombert-Carl Tel Mfg *
•
Sluts Motor Car
•
Superheater Co
100
Swift & Co
16
Swift International
Byrne Wash Mach B eom-•
Vanadium Alloy SteelVan Camp Pack corn
7% preferred
Vick Financial Corp.Vogt Mfg Corp
[voL. 128.
FINANCIAL CHRONICLE
4306
100
Duke Power Co
East States Pow B com___•
Eiec Bond & Sh Co cow..'
•
Preferred
•
Elee Investors
Preferred
Elec Pow & Lt 2nd pf A..•
Option warrants
Emp Gas & Fuel 7% pf 100
100
8% Preferred
Empire Pow Corp part stk•
,
Engineers Pub Son war...
FederalWater Berl o I A..*
Fla Pow & Lt $7 cum Prof..'
10% 12% 2,500
4554 4554 3,000
200
8854
87
10,500
140 151
4754 6134 52,900
22
HO n1554
834 83% 1,100
6,60
238 258
119 129% 8,000
1,600
69
52
100
924 924
4,200
6934 82
85 nag 10,100
1,825
252 274
700
9934 10454
234 28 1199,600
934 104 511,100
1,800
130 136
120 143% 28,900
300
30
30
150
10334 10344
20044 206% 1,350
4,300
6254 64
108 124 287,000
101% 105% 3,700
185 209% 46,100
98
98% 1,100
400
10044 10044 10044
10.400
46% 57
57
500
9244 9334
400
10534 10644
56
5544 5844 4,400
4,800
3044 34
34
9,900
4654 48
48
900
100 100
204%
6354
124
102%
204%
General Pub E3erv com_ •
•
lziernat Util class A
•
Class B
•
Panic prof
Warrants
Henan Super Fewer
Warrants
K C Pub Serv pref v t c.. •
Long bdand Light com___•
100
7% preferred
Maroon,Internal marine
Cocumun Am deP rots...
MarconiWIrel Tot Can _ _1
Marconi Wireless Tel Loud.
Class B
Class B ctfs of deP
•
%winkle Nat Gas
•
M,ddle West Util
100
7% wet
•
16 preferred
Mohawk & Bud Pow oom•
•
1st preferred
•
2t1 preferred
Warr •"ta
Mtn States Pow 7% pf.100
•
Municipal Barrios
Nat Flee Pow clam A_ •
NI. Power &
pre
•
Nat Pub Sem cow claws A•
•
Common class B
New Engl Pow Assn corn.'
New Erg Pow Awn 6% pf.
New Erg Pub Ser corn •
N YTeiepSl4% Dref._1111
Nies Hudson Pr corn w 1_10
Class A opt warr
Class B opt warr w 1....
Nor Amer Util Sec corn..'
•
let, preferred
Northeast Power cam _ __•
4644
18%
93
644
19%
1154
7744
2534
74
18
14%
20334
11754
89%
67
2254
504
4454
184
92
654
1744
1054
11,600
57
47% 2.700
19% 14,200
300
93
300
734
2134 14,100
1234 2,400
38
38
7254 79
107341075'
June 116
May 70
June 1144
June 104
Mar 112
Apr 1095(
June 28%
June
Mar
Jan
Mar
June
June
Jan
914 June 19% Apr
Jan 48 May
35
Jan
Mar 90
80
June
735( Mar 151
3844 June 51% June
10344 Jan n155% June
8034 May 8754 Feb
June
Jan 258
97
June 1293 June
119
June
194 Jan 59
9254 June 9654 Jan
June
May 82
60
Mar 118% June
56
Jan 274 Jane
215
9954 Jun 104% June
2254 June 29 June
11% June
854 Jun
130 Jun 136 June
June
8814 Ap 160
June
30
2944 Jun
100% Jun 104% Jan
155
Jan
4254 Fe
73
Ma
101% June
7734 Jan
96% June
99% May
284 Jell
92% June
10594 June
Mar
89
Mar
23
4634 June
Jan
100
27
4134
1434
92
44
1114
634
Jan
210
7254 June
June
124
1094 Jan
209% June
Feb
101
Mar
103
57 June
984 Jaa
Jan
110
62 May
Jan
35
63% Feb
Mar
102
June
Jan 57
Jan
May 49
Mar 2214 Feb
Jan
June 100
Jan
11
Jan
2344 June
Jan
Jan
Jan
16
100 36 June 404 Jan
June
6.400 4,854 Apr 79
Mar
4 107 June 113
194 Mar
7% Feb
Jan
28
1054 Mat
17% Jun
9,00
17% 1844
300 18 June
18
18
1214 Ma
3,50
1334 15
8,300 15854 MaY
19434 208
250 115 Jun
11754 120
AD
150 97
98% 99
Ma
10,100 88
90
82
Jun
25 104
104 104
275 102 Jun
102 10434
60% 68% 14,100 234 Mar
June
10 98
98
98
1,500 20% May
22
2254
2254 Jae
18 June
May
20
June
206
Jan
123
1043' Feb
June
102
1104 Jan
Jan
110
88% June
103% Feb
3334 Mar
26 241,100
24
744 7% 24,00
May 374
200 80
3054 31
100 10634 Mar 110
10634 10636 1064
3,000 $234 Mar ga
2454 2354 254
100 29 June 32%
31
31
Mar 9234
20 84
924 9234 92%
ao 92 June 100
9244 9744
June 73
100 68
68
68
68
June 114
375 111
11144 11154 112
June 2554
22
24% 2254 2534 460,40
854
7 June
7% 120.900
7
754
2,600 60 June 70
65
60
64
Jan
2194 17% 2234 6,000 1354 Mar 26
9754
300 945(
95% 95%
Mat 7544
09
62% 69% 54.400 40
Feb
June
vet,
Feb
June
Feb
Jan
Jan
June
June
June
May
May
June
JUNE 291929.1
FINANCIAL CHRONICLE
Friday
Sates
Last 1Veek's Range for
Public Utilities(Cond.) Sale
of Prices.
Wea.
Par. Price. Low. High. Shares.
Nor States P Corp corn _100 19733 195% 20351
5,700
Preferred
100
108.53 10834
100
Ohio Pub Ser
pf A_ _100
107 107
10
Oklahoma Gas & El Pl.-iv% 107%
200
Pacific Gas & El let pref _25
25% 26
2.100
Penn-Ohio Ed corn
• 9734 91
97% 5.000
7% Prior preferred_101 10353 103% 103%
200
$6 preferred
92
9253
50
Option warrants
70
70
70
300
Warrants series B
40
30% 40
200
Pa Gas & Electric class A _•
20
20%
GOO
Penn Water & Power.' 103
93% 10434 4,700
Peoples Light & Pow CIA- - 4734 47
47% 2,70
Power Corp of Can corn *
100 100
100
Puget Sd P&L 6% Dref-100
98
98
7
Rochester Central Power_
3931 3834 4151 6,200
Rockland Light & Power
31
31
3333
800
Sierra Pacific, Elea com_100 59
54
59
1,800
Southeast Pow & Lt com_• 124
117
Warr'ta to our coat stk. 6754 83 12553 10,684
72%
7,500
Participating pref
•
8553 85%
200
$7 preferred
•
105%
200
South Calif Ed pref B___25 2534 2534 10534
25%
1,100
634% Preferred C___ _25 24
24
24% 4.300
Sou Cities Util CIA corn •
39
39
100
Sou Colo Power cl A____25 28
25% 28% 6,900
So'west Pr & Lt 7% pf_100
50
Standard G & E 7% pf_100 10934 102 104
107% 109%
300
Standard l'ow & Lt
26 83
78
83
3.600
Preferred
•
9951 9951
200
Swim-Amer Mao pref
9814 9754 9851
200
Tampa Electric Co
• 74
6734 7453 4,000
Union Nat Gas of Can • 44
44
44%
1,100
United Elec Bert warrants.
,
231
234 2% 7,500
American Shares W I _
1611 17
600
United Gas corn
• 2233 21% 24
14,800
United Gas Improvenft_50 241
223 247% 43,400
New
43% 4731 504,500
Preferred
92)4 94
2,800
United Lt & Pow corn A_ ..• 49% 3934 5234 392,300
Common class 11
61
61
200
6% cum let pref
10731 9914 110
4,900
Pref class B
5953 5911 59%
700
United Pub Serv Co corn _• 19
19
20%
600
UM Pow & Lt corn
•
27
28% 39,500
Class Fi Pro!
• 28% 28% 2834
3,500
Class B V Lc new
40
32)4 40
14,100
Western Power pref....l00
10411 10451
100
Former Standard Oil
Subsidiaries. Par
Anglo-Amer Oil(vet sh)_ LI
Vet stock ctfs of dep.__ _
Non-vothin shares.___ CI
Buckerl Pipe Line
50
Chesebrough Mfg
25
Continental Oil v t c____111
Cumberland Pipe Line_100
15
14
1434
69
2094
89
Galena Signal Oil
100
Common ars of dep__ _ _
Humble Oildr Refining_ _26 11513
Illinots Pipe Line
100 306
Imperial Oil(Canadal____• 27%
Indiana Pipe Line
ao 07
National Tranalt__12.51)
New York Transit new __
Northern Pipe Line_ _100
Ohio 011_
25
05
Penn Nies Fuel
23%
124
71%
Solar Refining
25 39%
South Penn Oil
25 5215
Southern Pipe Line
10 20%
Standard 011 (Indiana) _.25 55%
Standard Oil (Kansas)_25 21%
Standard 011 (KY)
10 3751
Standard 011(Neb)
25
Sairidard 011(0) coni___25 121%
Vacuum 011 new
llo%
Other Oil Stocks
Allen 011
1
enter Contr 011 Fields .1
Amer Maracaibo Co
Argo oil Corp
10
Arkaus Nat Gas Corp com•
Preferred
10
Class A
Atlantic Lobos 011 pre! ...•
34
3%
951
954
19%
Carib Syndicate new com _ _
351
Colon Oil
7
•
Consol Royallty 011
1
Cosden Oh Co
• 71
Creole Syndicate
•
8%
Crown Cent Petrol Corp_•
Darby Petroleum Corp_ _ _• 15%
Derby Oil& Ref Com_ __ _•
951
Gulf Oil Corp of Penna__25 17374
Homaokla Oil
Houston Gulf Gas
•
Intercontinental Petrol_ _10
International Petroleum _ •
New COMmon
•
Kirby Petroleum
•
Leonard 011 Develown't_25
•
Lion 011 Twig
Lone Star Gas Coro._ _ _25
New when issued
Magdalena Syndicate
_1
Marland Oil of Slexico
I
Mo Kansas Pipe Line
Mountain & Gulf 011
1
Mountain Prod CorP_10
Nat Fuel Gas new
•
New Bradford Oil
5
New Log Fuel On
•
N Y Petrol ROYaitY
Nor Cent Texas 011 Co_ •
4
1551
1%
2251
4
34%
8434
„
o
29%
74
16
31%
3)1
1754
Pacific Western 011
•
Panden 01 iCorp
•
PanetPee Oil of Venezuela •
Petroleum (Amer)
•
Plymouth 011
Reiter Folder 011 Corp
•
Richfield Oil pref
25
Root Refining Co pref..-.
Ryan Como)?arca
•
1653
154
6%
2634
Balt Creek Coneol 011-10
in
Bait Creek Producers
3%
1854
453
651
4307
Friday
Sates
Last Illect's Range for
Range Since Jan. 1.
Other Oil Stocks
Sale
oj Prices.
Week.
Low.
High.
(ConNuded)
Par. Price. Low. High Shares.
Law.
High.
1381.4 Jan 212% June Southland Royalty Co_
17% 17% 1853 2,900 1751 June 24
107)4 May 10931 Feb Tenon Oil& Land new _
Mar
w1
1554
15% 16
300 18% May 28
107
June 11034 Jan Transcont 0117% pre(.100
Jan
13453 13454
100 80
Mar 138
10753 June 11151 Feb Union Oil Associates. _ _25
June
4753 4753 4753
100 47
Jan 50
Feb
Venezuela Petroleum
6
333 4
2,000
351 May
25)4 June 2853 Jan Woodley Petroleum
53 Jan
451
453 431 1,800
453 June
53
Mar 1065; June
953 Mar
102
Feb 10834 Jan
Mining Stocks
89
Feb 97
Mar
Arizona Globe Copper...1
"Is
53
if 21,800
% June 470
30
Mar 81
June Carnegie Metals
10 19% 1651 21% 4,300 15% June 2194 Jan
16% Apr 50
June
June C del Consol Mining
1
331 331
200
254 May
20
June 2453 Jan 03instock Tun & Dr'ge_10e
4
Jan
1%
1
1% 3,900 50e Mar
81
May 11333 June Jan
7
7onsol. Copper
11
1134
1231
9% May
o,300
18
45
Apr 58% Fe,
Mar
Coiasol Min & Smelt
'15
350 350
10 350
June 510
9714 Jan 12233 Feb Consul Nev & Utah
Mar
3
500
It
Sc
Jan 24C
98
J:La
Jan 101% Apr
Cresson Como) M & M.1
1.1„
0
Ills
Ills 2,000
"14 Jan
133 Jan
31
Apr 49
Dolores Esperanza Corp 2
Jan
500 75c
)4
)4
Jan
136 Mar
26% June 34% June Evans Wallower Lead cony.
19
19
20)4 3,500 14% Mar 26% Fen
raueon Lead Mines
1
34
%. 5,100 100
Jan
4753 Apr 62% Feb
54e
Jan
First National Copper34
300 20c
34
Jan
1% Jan
71% Jan 138
June Bold Coin Mines
.56
96
)4 11,700 2Ic
Jan
233 Apr
2734 Jan 87% June ,10.den C,entr? MInes..._5
5%
4)5 514 20.200
454 June
83% Jun 100
Jan
May goldfield Con,
w
3-4
6,300 160
Jan 800 Mar
10416 Apr 10914 May
Heels 511:11ng
17% 1716 18
700 16
Jan 234 Max
2534 Mar 2653 Jan
HolilugerConsGold Mines5
5%
554 5%
1.700
6‘5. June
9% Jan
23% Apr 264 Jan
Bud Ray Min & Smelt___• 1734
16% 1753 8,500 1653 May
39
23
June 48
Feb
Mar Iron Cap Copper
10
454 5
900
8% Jan
22% May
953 Mar
2853 June Kerr Lake
5
1,1
715
200
71. Jan
102
151 Jan
June 111% Jan Kirkland Lake G 51
% 1
200 75c Mar
10714 June 111% Feb
2.1o1 Jan
Mason Valley Mines
5
114
133
153 1,700
49% Jan 83
1% Jan
253 Jan
June Mining Corp of Canacla 5
4
431
1,900
3% Jan
99% June 10551 Feb
654 Mar
Mohawk Stifling
55% 5353 5551
500 50
Apr 61% May
9534 May 9851 Feb
New Jeremy Z1DC new
79
78% 79
400 76% Mar 8734
Newmont Mining Corp_10 197
Jan
195% 200
3,600 18734 Feb 233% Mar
60 May
7944 Jan
New Quincy Mining
234
2.34
100
253
34
Mar 4494 June NIplasIng Mines
3%
5 214 214 211 1,300 233 June 3% June
May
154 June
Jan
4% Feb
Nomad& Mines, Ltd
• 58% 5311 59% 31,600 46% Mar
1654 June 23% Mar
6834 Jan
Ohio Copper
1
1%
111 2
16.200
153 May
2134 June 39
4% Jan
Premier Gold Mining....
Jan
13-6
13.4
1,100
13.4
114 June
155
Mar 247% June Red Warrior Mining
25ts Jan
1
III
1,300 110 Jan
37
May 47% June Roan Antelope C Nilo Ltd_
32c Mar
46
48
9,700 384 Jan 52 June
8734 May 94
June St Anthony Gold Min
)4
600
51
53 Slay
31
930 Mar
3034 Mar
52% June Shattuck Denn Mining.'
1714
17
18
2,300 la% May 28
32
Jan 65
Feb
June Sou Amer Gold & Plat_ _ _1
2)4
251 2%
234 :Ma
1,600
9914 June 110
254 len
June Standard Silver Lead _ _ _ _1
II
53
, 1,300
4 May 36c
53
Mar 65
Jan
June Teak Hugnes
1
8)5
853 853
1,100
8 June
17
May 21
10% Mar
Feb Tonopah Mining
1
336 3%
100
253 Apr
2134 May
4511 Jan
2813 June United Eastern Mtn
1
is 1,100
51
54 June
2534 June 52 June United Verde Extension 50e
lits Feb
18
18
1851 3,400 1513 Feb 28
27 June 40
Mar
June United Zinc Smelting_
54
"is
700
% Slay
10434 May 108% Feb
24 Jan
Unity Gold Mines
1
1
1
153
54 June
SOO
2% Apr
Utah Apex
5
353 354
3% June
200
851 Mar
Walker Mining
1
453
351 494 2,800
213 Jan
453 NI!',
Wenden Copper Mining_ _1
1%
1%
154 7,300
114 Jan
214 Jay
Yukon Gold Co
5
14% 15
%
9,600 1434 May
600
%
'111 May n114; Jan
18% Feb
14
14% 7,600 14
June 18
Bonds
Feb
1331 1434
700 13
June 17
Abbots Dairies 6s.......1942
Feb
68
100 100
69%
1.000 9854 Jan 100% May
700 67
Jan 74,
14 Jan
Abitibi P& P 5s A...1953 84
168 168
83% 9433 32,000 8253 May 8753 Jams
100 140% Jan 170% Slay
Alabama Power 453s_ _1967 9253 0254
20
21% 27.580 17% Jan 29
93% 22,030 00
May 95% Jan
Mar
let & ref te
1956 9854 98% 98%
69
70
1,000 98 June 103
100 62
Jan 75% Feb
Jan
Allied Pk hit ool tr 8a_1939 50
4751 50
24,000 46
Jan 67
F09
Certificates of deposit_
5
4755 4753 4753 6,000 45 June 55)4 Feb
5
100
5 June
691 Jan
Debenture Gs
1039
6
4753 48
6
10.000 4653 Ma v57
100
5
May
6%
Feb
Certificates of deposit
113% 11751 12,000 8953 Feb 12494 May
4754 48
2,000 4553 Jan 54
Mar
A uminum Co f deb 5s '62 101
May
306 308%
10053 101
68,000 100
200 285
Feb 10253 Jan
Jan
Aluminum Ltd 58_1948 9634
2853 27% 6,200 26% May 31054 May
9551 9651 28,000 9551 May 98% Artr
30% Ann
Amor Aggregates e8__1943
9553 97
98 100
3,000 98 Jun
600 81% Feb 931
11513 Jan
Amer Com'Ith l'r Cs '49_ _ _ 101
Apr
10091 10134 93,000 97
May 103% may
Amer 0 & El deb 58_2028
2253 23% 2.200 21% Mar 2554
9534 9454 9653 108,000 9353 Fe
9713 Jan
American Power & Light
Jan
1233 12%
400 1251 June
13
8s. without warr___2018
June
.54
103
54%
100 52
June 10651 Jan
June 63
Amer Roll Mil deb 58_1948 10314 9591 104 100.000 103
Jan
7154 7231
9551
9651 60,000 94
4,700 64% Jan 75% June
Mar
Amer Seating 68
1938
25% 2734
ssq 88% 3.000 87 May 97% May
1.600 23% June 44% Feb
97% Jan
Amer Sole & Chem 83.1036
104% 106
3,000 104
June 122
Jan
Appalachian El Pr 513_1956 96
39
40
95% 9631 83,000 8734 Feb 9954 Jan
700 38% Mar 50
Arkansas Pr & Lt. 6.4. _1956 95
5254 53% 2,200 40% Feb 60% Feb
94
9516 96,000 93
Mar 698
Jan
Arnold l'rint Wks 1st 68 '41
Apr
93
2034 20%
93
400 13
1,000 93
Slay
Feb
OS
2233 Apr
Jan
Asso Dye & Press 68....1938 77
55% 56% 53.600 54
69
77
45,000 69
May 63
June 94
Jan
Mar
Mot:related 0 & E 554s 1977
21% 2174 2.200 18
10511 103% 105% 91,000 98% Jan 131
Jan
22% Jan
Mar
Con deb 4559 wi war 1948 129
3633 37% 6,000 35% May
122%
96,000 9953 Jan 148
4551 Jan
Feb
Without warrants__ 1083-4 105% 130
4634 47
111)1 28,000 9454 Jan 12053 Feb
200 45% Feb
5054 May
Assoe'd Sim Hard
119 12151
63.0 1104 Feb 129 May Assoc'd Telep Util 891.'33 8633 8614 8714 28,000 8553 May 88 Feb
5540 '44 97
11353 117
97
3,200 105% Jan 13351 Mar Atlantic Fruit
97
5,000 97
June 9715 June
Inc 8s__1949 153-4
1511 15% 6.000 1551 June 22% Jan
Atlas Plywood 5536_1943
85
86
14,000 85
June 10354 Jan
Bates Valve Bag M...1942
With stock purch warm'. 106
37,000 102
Apr 11033 JIM
Beacon 01166, with warr'38 11534 105 107
14
1,200
115% 117 115,000 106
34
14 June
Ma 11834 June
75c
Apr Bel Tel of Canada 5a _1955
714
993.4 99% 99% 25,000 98
8.000
% May
Mar 10234 Jams
72c
Jab
1st 58 series B
351 4
1957
6,400
353 May
853 Jan
Berlin City Elec 61-4s.1959 997-4 99% 100% 32,000 9834 June 102% Feb
254
23.4
200
114 Feb
ty, Apr Boston Cons Gas deb 5s '47 9091 903-1 9134 56,000 90% June 94
Apr
953 9% 27,400
10014 101
1144 Jan
5,000 9953 June 103
953 June Boston & Maine RR
Jan
'33
834 814
900
100 101% 15,000 9854 Ayr 103
7% Mar
9
Mar Burmeister & Wain of Co- 100
Jan
933 10,60
6% May
9% June
penhagen 15-yr 6s__1940
153 2
40
1% May
9834 9814 12,000 9713 Jan 99% Jan
453 Apr Canada Cement 5535.19
47
98% 98%
1,000 97% Apr 10131 Jan
Canadian Nat Rya 76_1036
3
351 3,700
105)6 106
253 Feb
14,000 105
June 110
4% May Capital Adman 56 A..195
Jan
7
3 101
751 2,200
96% 101
6
145,000 96
May
June 101
16
Feb
Jan Carolina Pr & Lt 58_1958
633 7
200
651 May
9853 32,000 97
June 102% Jan
11 3-4 Feb
let & ref .5s new _ _ _ _1056 9734 97
83
76
22,300 45
18.000 97% June 99% Apr
June
76
June Cent States Elec 5's...1948 9753 9751 98
8
8% 14.000
46,000 82
8
May
May 9053 Jan
1154 Jan Cent States dr IA 194s '53 8453 8333 85
1%
151
700
8953 91
1% Feb
4,000 8954 June 9834 Jan
2% Am
Chic Pueum Tool 554s '42
14
16
3,500 14
98% 99% 8,000 9894 June 10113 Jan
May
26
Jan Chic Rya Sa ctf dep_1927
9% 10% 12,400
8231 82% 8351 19,000 77% Mar 8453 June
2
Jan
II
June Childs Co deb 55
17053 174%
1943 85
MOO 142% Jan 189
85
85
7,000 84
June 90
Cigar Stores RealtySlay
Jan
554H series A
_1949 93
334 4
2,400
9233 94
3% June
25,00
92% June 99% Jan
756 Jan Cincinnati St fly 53.-46.1
1531 1651 2,000 14% June
952
94
94
1.000 94
May 103
22
Jan Cities Service 56
Feb
1%
1966 87
134 11,900
87
114 June
87% 27,000 8654 AP
23.4
9091 Jan
Cities Service Gaa 5501942
4651 46%
500 4644 Mar 65% Slay
Jan Cities Serv Gas Pipe L 6143 8734 86% 8753 28,000 88% June 9253 Jan
22% 2353 16,600 22% June
9451 9453 14.000 9354 Jun
29
987.4 Jan
Apr Cities Berv P & L5)48.1952
153 191
300
134 May
92,000 93 June 9714 Jan
3% Jan Cloy Elec 111 Saner A_1954 943-4 9353 95
353 433 7,400
2% June
102 102
3,000 102
Jun 104% Feb
6% Mar Commerz uud Private
33% 3453
700 23% Mar 38% May
Bank 55311
82% 87
1937 8831 8551 8651 4,200 84
117
4,90
Jan 87 June
May 88
Jan
32% 35%
2,600 32% June 35% June Como!0 E L&P Balt58 series 1?
1965 10294 102% 102% 1,000 10253 Jun
10633 Mar
451s
1969
993.1 9931 11,000 99
34 May
Ala
10053 Apr
14 Jan
COMO! Textile Ss
154
1941
154
100
82
134 Feb
82
21,000 82 Jun
2% Mar Cont'l G & El 54
96
Jan
29% 33
1958 873-4
10,000 1514 Jan 42
8651 88 107,000 88
Mar 91% Jan
Slay
Continental Oil 5%6_1937 93
53
700
1
93
74 June
9334 10,000 93
Feb 961-1 Jan
154 Jan Cord Secur Corp 5* A.1942
14% 17% 10.600 14% June
2213
With warrants
31
3551 10.000 2434 A „r 3551 Fri.
84
84
1,000 84
June 103
June Cuba Co8% notes____1929
Jan
353 3% 2.200
9753 9714
May
1,000 96
5
Mar 9714 Feb
Jan Cuban Telephone 7536 1941
3% 3%
40
3
10654 10853 3,000 106% June 111
Mar
3% June Cudahy Pack deb 691.19
17
37
17%
400 16
9651 9653 16,000 9551 May 99,4 Jan
Feb 24% Mar
59
JAE;
10% 11
1945
2,300
844 Jan
9853 10,000 9634 June 101
11% May Deny & Salt L Ry 6s_1960 9831 98
Jae
70
70
74
15,000 70
June 91%
Detroit City Gm 69 11.1950
16% 1614 2,700
9834 9853 9855 14,000 97% May 10013 Jan
16
May
24
Mar
65 series A
Jan
114
1%
1947
1.000
1 54 June
103% 10451 5,000 10351 June 10653 Jan
31.4 Mar
Detroit Int Bdge 6 539_1952 86
63-4 6)4
1,200
86
534 June
86% 21,000 84
Apr 96
Jan
25year f deb 7s__1952 77
26% 2711 23,800 26% June 10% Jan
76
77
13,000 70
Mar 89% Feb
3453 Feb
Dixie Gulf Gas 6533_11137
22% 24%
900 22% May 30
With warrants
Jan
43.6
534 5,000
453 June
854 I .0 Electric Pow (Ger) 6538'53 7554 7553 78% 9,000 7151 June lig% Jan
2414 24%
89% 89% 6,000 80
100 2353 June 25% Apr
May 97
El P1/81) Nat Gaa 6549 A '18
Feb
244 2534
105 106)1 54,000 98
800 23
Mar 28
Apr 108% June
A of
Deb 6
_ _ Dec 1 1938
63.6
7)4 1,700
105% 108
22,000 99
6% June
ii
Jan
Jae
June
Empire 01 & Refg 61.4s '42 10553
8694 86.31 86% 20,000 86 June 110
9151 Apr
Europhltg&InvisearC 1967 87
3% 353
86
700
87
5,000 88
3% May
May 02
5% Jan
ma,
7
18
1950
20% 7.500 1744 May
96% 9614
2,000 95
June 100
2834 Jan
Mar
Fabrics Finishing 89..1939
88
88
1,000 86
Slay 10153 }el)
Range Since Jan. 1.
--
4
1-4
14
Bonds (Continued)
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Fairbanks Morse Co Ss '42
1933
Federal Sugar 6s
Federal Water Serv 53%s..
FinlandResidential Mtge
1961
Bank 6s
Firestone Cot Mills 58_1948
Flre.stone T&R Cal 58_1942
First Bohemian GI Wks30-yr is with warr_ _1957
Fisk Rubber 555s__1931
Florida Power az Lt,50.1954
Fonts-Fisher 63%s.__ _1939
Range Since Jan. 1.
Bonds (Concluded)
-
High.
Low.
9955
7,000
9455 9454
83% 8411 6.000
994 22,000
90
9434 Apr
8354 June
June
99
96)4 Jan
95% Jan
99% June
90%
934
23,000
86
86
9054 9151 15.000
93% 9455 38,000
Mar
85
9035 June
924 Mar
9154
94
95
9255
88
8755
83
9255
8735
8755
3,000
83
13,000
93
88%, 51,000
8755 2,000
83 June
89% Jan
8735 May
8755 June
Feb
88
Jan
98
92% Feb
99% Apr
Garlock Packing deb 6s '39 100% 984 1004
Gatineau Power bs_ _ _1956 92% 9255 9315
9751
1941 9715 97
is
90
89
Gelsenkirchen Min 65.1934 89
1952
Gen Amer Invest 5s
8231 8255
Without warrants
10331 104
Gen Indus Alcohol 64s '44 104
96
94
Gen Laund Mach 6558 1937 94
81
81
General Rayon 65 A..1948 81
General Vending Corp
6455
60
6s with warr Aug 15 1937
66
65
Georgia & Fla RR 6s__1946
Georgia Power ref bs_ _1967 96% 96% 9635
104 10555
Grand Trunk Ry 6558.1936 105
77
73
Guantanamo & W Ry 55'58 73
9815 100
1937
01101 Pa 158
Gulf
Sinking fund deb 54.1947 995.1 9931 10051
94
94
Gulf States Utl Ss.__ 1956 94
55,000
70,000
12,000
12,000
97%
923.4
964
874
98
1035
Laclede Gas 5555
Lehigh Pow Secur 8s 2026 102% 10235
Leonard Tints Inc 734s '46
100
Without warrants
Libby, McN & Libby be '42 904 904
9755
Lone Star Gas Corp 581942
10254
Long Island Lfg 6s _ _ _1945
90
Louisiana Pow & Lt as 1957 81
4,000 8251 June 864 Feb
May
39,000 100 June 106
June 10255 Jan
13,000 94
Jan
Apr 95
15,000 78
18,000 60
3,000 50
91.500 95
20,000 103
6,000 73
46,000 98%
68,000 9951
17.000 94
June 874 Feb
May
7055 Jan
May 9854 Jan
Jan
May 108
June 8551 Mar
Mar 10134 Jan
Jan
May 102
May 9951 Jan
98
103
jRD
103
Jac
gfi
96% Feb
95% Mar
9635 Jan
Feb
101
May
120
May
100
964 Feb
Jan
92
97%
97
Jan
Jan
Jan
Jan
Jan
Jan
Jan
82
Jan
104% June
79
1004
2,000 9735 June 101
60,000 102% Mar 108
Jan
Apr
Mar
Jan
Jan
May 102
1,000 99
100
Jan
9151 40,000 9055 June 94
Mar 994 Jan
5,000 96
9755
Feb
10351 14.000 10254 June 106
46,000 90 June 9655 Jan
92
101
Jan
1034 June
Feb
97
10454 Apr
994 Jan
Feb
107
Jan
99
100% Feb
92% Jan
101% Jan
Jan
101
113
June
10034
103
1004
1054
834
163
9835
110
10815
9751
9734
Jan
June
May
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
94
93% Jan
10834 Feb
Jan
92
10115 Jan
Feb
104
Feb
103
23,000
9715 98
oo 9055 14,000
9754 18,000
96
4,000
97
97
1,000
964 9655
9751
8931
96
97
96
Jan
June 101
Jan
June 93
June 10055 Feb
May 102% Feb
June 99% Feb
12,000
7,000
39,000
4,000
9,000
9355
91
93
96
99%
Mar 9855 Jan
Apr 96% Feb
May 98% Jan
Jan
June 106
Apr
Apr 100
9451 94%
Pao Gas & El 1st 448_1957
92
92
1948
Pacific Invest 50
95%
Pacific Western 011 6555 43 9554 95
9655 9634
Park & Tilford Cs_...i936
9955 9955
Parmelee Transport 68 1944
Penn-Ohio Edison 60 1950
100 101
100
warrants
Without
548 when Issued ___1959 9055 9054 9154
Penn Pow & Lt 55....._1953 99% 994 10055
9955 994
1952
1st ref 58 ser B
89
89
Peoples Lt & Pr 5s_ .....1079 89
1054 1054
1953
535s
Phila Electric
Phila Elea Pow 5558_1972 103% 10351 1044
99% 100
PM a Rapid Trans 6.4.1962
Phila Suburban Counties
96
96
Gas & El Ist&ref 4355'57 96
9955
99
1949
Pittsburgh Coal 6s
102 102
Pittsburgh Steel 65_ _ _1948
964
96
1939
Poor & Co 6s
9451 95
Potomac Edison 5., ..1956 95
9554 9555
Procter & Gamble 4348 '47
Queensboro 0 & E 544'52
Reliance Bronze & Steel
Corp 15-yr deb 6e..1944
104%
9655
97
107
83
94%
914
9955
10051 10054
99%
9915 9931
39,000 98% Apr 102
9,000 9055 June 9755
May 10234
6,000 99
4,000 994 June 10355
21,000 854 June 105
1,000 1015; May 106%
25,000 1024 Mar 1054
May 1034
3,000 97
Jan
Mar
Jan
Apr
Feb
Jan
Jan
Feb
Apr 98% Jan
6,000 96
May 1004 May
5,000 99
Jan
28,000 10054 Apr 103
May
June 100
11,000 96
Mar
14,000 9435 June 98
4,000 9335 May 9855 Feb
4,000 100
10,000
May 106
99% May
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Reliance Nlanage't 5.8_1954
With warrants
Remington Arms 5350.1930
Mob field 011555% notes'31
1944
65
Rochester Cent Pow 58 '53
1953
Ruhr Csas 6348
St Louis Coke & Gas 6s '47
an
, Ant Public Serv 58 1958
1955
Sauda Falls 5s
Schulte Real Estate 68 1935
With warrants
Without warrants
Scripps (li W)5154_ _1943
Shawinigan W & P45-54 '67
Shawsheen Stills 75___1031
Sheridan NVyom Coal 65'47
Snider Pack 6% notes_1932
Solvay-Ain Invest 5.s._1942
Southeast P 6c L 68___2025
Without warrants
Sou Calif Edison se__ _1951
1952
Refunding 531
1937
Sou Call I Gas 58
1957
5s
Southern Dairies Cs__ _1930
s'west (i & E 5s A_ _1957
S'west Pow St Lt 6s___2022
Staley (A E) Mfg 68_1942
Stand Pow & Lt 6s_..l957
,
Stinnes (Hugo) Corr76 Oct 1 '36 without warr
78 1946 without warr'nts
Strauss (Nathan) 6o..1938
Sun Maid Raisins 655s 1942
1939
Sun Oil 54s
Swift & Co 5 Oct 15 1932
9355 Mar
Jan
97
84% Jan
9255 Jan
92% Jan
9851 Jan
6,000 9815 June
9835 99
Manitoba Power 5558_1951
Mansfield Mining & Smeltg
Mar
2,000 96
10254 10215
1941
7s with warr
93% 9355 4,000 9115 May
7s without warrants.1941
May
56,000 102
102 103
Maas Gas Cos 555s. _1046
17,000 92% June
95
94
McCord Rad & Mfg 68 1943 94
Memphis Nat Gas 6s 1943
June
96
9655 5,000 96
96
With warrants
21,000 934 Mar
96% 97
Matron Edison 4555_ _1968
9651 9735 4.000 9615 Mar
Milwaukee Gas Lt 455s'67 97
6,000 87% June
Minn Pow & Lt 4555_1978 8931 894 91
99% 9955 99% 4,000 9635 Apr
Montreal L H az Pool 53'51
14,000 9954 Mar
99% 100
Morris & Co 73.4s...193() 100
Munson OS Lines 6555 '37
May
10415 113 166,000 97
112
With warrants
Mar
9751 9855 30,000 97
Narragansett Elea 55 A '57 9851
9,000 984 Apr
Nat Distillers Prod 6556'35 1024 102% 10235 6,000 9935 Slay
------ 9955 9935
Nat Food Prod 6s____1944
Mar
104 10455 27,000 102
Nat Power az Lt 68 A.2026 104
7835 7935 48,000 7855 June
Nat Public Service 58_1978 7854
May
120
2000,
130 140
Nat Rubber Mach 6s_1943 130
7,000 84 June
86
84
Nat Trade Journal 6s_1938 84
3,000 101% June
102 104
Nebraska Power 6s A.2022
8,000 9855 June
99% 100
Nelsner Realty deb Cs 1948
904 13,000 87% Apr
New EngG&ElAssn5s 1948 9051 89
26,000 8815 June
8855 91
1947 903%
5s
N Y & Foreign Invest
May
15,000 88
89
89
..1948 89
5555 A with warr.
Mar
102,000 90
N YP&L Corp let 446'67 904 90% 91
18,000 1044 Jan
Niagara Falls Pow 68_1950 105% 105% 10551 8,000 87
Apr
8855 8855
Nippon Rice Pow 655s 1953
3,000 9751 May
99% 99%
North Ind Pub Serv 581966
May
.1933 102% 101% 10255 21,000 10055 June
Nor Staten Pow 634%
17,000 93
98 100
North Texas Utilities 7535 98
Ohio Power bs ser B__1952
1956
434s series D
Otrio River Edison 55_1951
Osgood Co 6s with warr '38
Oswego River Pow 68_1931
lax
Jan
Jan
Apr 100% June
June 9715 Feb
June 10055 Jan
June 9151 Jan
Apr
9954 8,000 09
99
Hamburg Elec 75-.1935
Mar
24,000 82
84
Hamburg El h Ind 54s'38 834 83
May
6,000 93
9355 95
Hanover Cred Inst 65_1931
May
3,000 89
89
89
1949
654s
Harpeu Mining 6s_ __ _1949
61,000 854 May
4 91% 93%
3
91.
With warrants
14,000 824 May
8355 85
1930 85
Hood Rubber 75
May
16.000 88
74
75
10-yr cony 54s ____1936 75
June
34,000 76
7655 80
Houston Gulf Gas 6550 '43 7655
June
16,000 77
79
1943 77% 77
6s
2,000 87 June
88
87
Hung-Italian Bank 734563
Ill. Power & Light
8,000 91% June
9135 92
92
May 1957
Deb 555s
Apr
1.000 97
98% 9855
1954
53%s series B
10955 11114 155,000 102% Feb
Indep 011& Gas deb 60 1939 111
9735 59.000 9555 May
Ind'polisP & L Esi ser A '57 9755 97
17,000 9134 Mar
Int Pow Occur 7s ser E 1957 9531 9534 96
85
8611 25,000 83 May
Intemat Securities 58_1947 85
Interstate Nat Gas 68_1936
Apr
51,000 102
102 102
Without warrants
May
9254 11,000 89
89
Interstate Power 53_ _ _1957 89
9115 15,000 89% May
90
Interstate Pow deb 6s_1952 90
Apr
10,000 95
96
95
Invest Cool Am bs A.1947 95
Jan
2,000 78
79% 7955 80
Without warrants
92% 5,000 90 June
91
Iowa-Neb L & P So.. _1957 91
11,000 864 Feb
8735 88
laarco Hydro-Elec 78_1952
Italian Superpower 60_1963
Mar
76% 7655 7715 122,000 76
Without warrants
103% Mar
Jeddo Highland Coal as '41 10454 low, 104% 12,000
1936
Kehlnator Co 6s
10,000 67% June
6955 72
Without warrants
9555 9655 94,000 0555 June
Koppers GI & C deb 50_1947
[VoL. 128.
FINANCIAL CHRONICLE
4308
Feb
100% May
92
94
97
10035 100
99% 9935
87
87
834 83
8431 8454
92
92
101
101
804
96
894
98
8054
94
0155
06
89
8934
95
90
86
103
60
9955
99% 99
Low,
High.
June
94
99
Jan
1025.3 Jan
9955 May
8954 Jan
94
Jan
92
Jan
Feb
97
10231 Jan
33,000
9,000
10,000
94.000
90.000
37,000
12,000
1,000
1,000
92
97
9854
99
83
75%
8255
91%
98
June
May
Mar
May
Mar
May
May
Apr
Mar
1,000
98
8055 5,000
9455 9,000
18,000
92
6,000
96
9,000
89
91% 50,000
6,000
96
98
804
9254
904
94
89
874
9455
June 110
June 96%
9555
Jan
May 944
May
983%
June 93
May 1074
Apr 98%
Jan
Mar
Apr
Apr
Jan
Jan
Jan
Feb
1064
10254
102
95
9855
99
97%
107%
99
9951
Jan
Feb
Apr
Mar
May
Feb
Jan
Jan
Feb
Jan
94
97%
10055
9951
8755
8355
85
92
101
10174 1004 102
100
994 100
99% 9955 9955
92%
9255 92
9631 9755
99
98
92%
.92
1024 102 103
9851 9831
9851
98%
9755 97
86
103
60
Range Since Jan 1.
125,000 100
31,000 99
34,000 99
32.000 92
8,000 92
19,000 96
14,000 9134
5,000 994
10.000 9751
43,000 9455
Mar
Mar
June
Mar
Mar
Nlar
Apr
May
Jan
May
6,000 81
92
13,000 83%
87
3.000 103
104
5,000 48
60
9934 8,000 9974
99% 113,000 984
79%
Texas Cities Gas 5s _1948 7855 76
96
96%
Texas Power & Lt 5s__1956
96% 97
Thermold Co (1s w w 1939 97
100 105%
Union A in er Invest Os. I94b 102
56
United El Serv (Unes)789055 91
91
Without warrants
88%
,
United Industrial 655s 1941 8835 88
89
United Lt & Rya 5545_1952 8855 88
99%
98
1962 99
63 series A
73% 7355
Un 011 Producers 8.9 1931
108 108
United Rys (Hav) 743'35 108
United Steel Wks 648 1947
90
8855 87
With warrants
90
90
US Radiator .5s ser A _1938
US Rubber
99
99
Serial 655% notes_ _1929
9855 99
Serial 63.4% UOLD8-1930
98
98
Serial 63-4% notes_ _1931
9754 974
Serial 64% notes _1934
9555 9631
Serial 655% notes_ _1935
Serial 655% notes_ _1936 96% 96% 9834
Serial 655% notes__1937 98% 97% 9855
98
99%
Serial 655% notes__1940
91
Utilities Pr & Lt 5s_.. _1951. 9055 89
17,000
24,000
200
68,000
76
96
95
98
18,000 88
61,000 84
37.000 8655
14,000 98
2,000 070
6,000 108
June 94% Feb
Feb
June 91
June 14015 Jan
May 794 Jan
Jan
June 102
Mar 100% Mar
Mar
June 89
Mar 9935 Jan
June 10634 Mar
June 11635 Feb
Apr 924
Apr 914
Mar 9434
June 10155
Apr 79
May 110
Jan
Jan
Jan
Jan
Jan
Jan
82% May
90 June
June
91
9355 Jan
99
9834
08
964
9555
96%
9655
97
89
June
Jan
Jan
Jan
June
June
May
Jan
June
Jan
100
1004 Jan
1004 Jan
Jan
100
1003-4 Jan
5
100, Jan
100% Jan
Feb
102
5834 Feb
104% 10451 6,000 102
1937
Valvoline 011 7s
1,000 81
8435 8454
Van Camp Packing 65.1948
96%
9855 9851 8,00
Virginia Elec Pow 5s....1955
4,000 8755
90 , 91
Webster NIIIIs 6345.._1933 90
5550_1957 15256 136 154 307,000 1093%
Western Power
3,000 97
98% 100
WiCkwIre Open St 7155 '32
Wisconsin Cent Rys 551930 98% 9855 9855 44,000 9651
June
may
June
Apr
Jan
June
Jan
106
8755
10055
0636
154
100
9876
June
June
99
99
30,000
7.000
2,000
8,000
2,00(
1,00(
3,000
3,000
3,000
2,000
350,000
Foreign Government
and Municipalities
A g-lcul Mtg e Bk Rep ofCol
91
89
20-yr 7s____Jan 15 1947
92.55
90
20-yr 7s __Jan 15 1947
Bank of Prussia Landowners
Ass'n 6% notes____19311 96% 964 97
95% 95%
Baden (Germany) 7s _1951
Buenos Aires(Prov) 748'47 104% 10311 10415
101
10155
1952 101
75
Cauca Valley (Dept) Co8515 87
lomblaextis f 7s_ _ _ 1948 87
Cent Bk of German State&
Prov Banks Cs B._ _1951 83% 8315 834
.
84
84
1952
6s series A
Danish Cons Munic 5556'55 96% 964 9631
Danzig P az Waterway fla
82
82
1952
Extl 5 6548
Frankford (City)6556_1953 9051 904 91
German Cons Muni° is '47
1947
6s
Indus Nltgo Ilk of Finland
1st mtge col sf75. _1944
Llma (City) Peru,65581958
Nfaranchao(State)7s_ _1958
Medellin (Columbia)7s1951
Mendosa (Prov) Argentina
1951
7555
Montevideo (City) Cs 1959
NItg Bk of Bogota 78_1947
1947
7s new
Mtge Bank of Chile as 1931
Mtge Ilk of Denm'k 50 '72
Mtge Bk of Jugos(av 7s '57
Parana (State of) Bras 7559
Prima% (Free State)648'51
Extl Cs (of '27) Oct 15'52
Rumanian Mono Bud Ts'59
Russian Governments
1919
'
6 58
1919
648 Mts.
1935
Saarbrucken 75
Santiago (Chile) 70_ __1949
Switzerland Govt 5358 1929
97
8655
9655 97
87
86
6,000
12,000
7,000
13
98%
9954
85
May
9834
Jan
7,000
2,00(
19,000
79
May 8734 Feb
8234 May 874 Mar
Ng June 10151 Jan
3,000
16,000
81
Jan
8834 Slay
8615 Apr
964 Jan
9,000
2,50
9355 May
8355 May
9814 June
Jan
89
81
81
934 9331
8655
84
Jan
Jan
Mar
12,000 944 May 98
Jan
1,000 92% Mar 98
Apr 10415 June
77,000 100
June
47,000 9934 Mar 102
9935 9955 6,00
88.35 18.00
88
96%
9555
77%
89
89
Jan
Feb
Jan
Jan
June
June
Jan
1,000
1,00
9355
9555
89
89
964
95
774
86%
934
8614
8315
94
96%
90
90
97%
95%
7755
87
94
8754
84
5,000
15,000
7,000
3,000
5.20(
33,00
10,00
3,00
2,00
45,000
16,00
13
13
9951
9855
9931
13% 8,00
3,00
14
9955 11,000
1,30
9855
9954 22,000
07?4 May 102
Apr 93
88
Jan
Jan
Jan
94
9735 Feb
81
92
June
June
93
9355
87
87
96
95
75
84
89
83%
82%
Apr
Apr 99
May n9615 May
Feb
Apr 94
Jan
Apr 94
June 984 Feb
Jan
97
Mar
Mar 8251 Jae
June 9351 Jan
Feb
May 97
May 9015 Jan
June 8914 Feb
1955 Apr
1215 Feb
Apr
19
124 Jan
Feb
Ma 101
99
Jan
0))
Apr 100
99% Ma 1005-4 Jan
• No par value. I Corree Ion. in Listed on the Stock Exchange this week, where
for lash.
additional transactions wil be found. n Sold under the rule. o Sold
y Ill'
Option sales. i Ex-rights and bonus. w When Issued. x Ex-dividend.
rights. z Ex-stock dividend
"Under the rule" sales were made as follows:
Jan. 19
a Amer. Meter Co.. Jan. 15 at 128: c Danish Con. MUDIC. 514s, 1955.
Products. Mar,
at 105: D Educational Pictures pref., Feb. 6 at 100. u United Milk
Associates.
21, pref. at Si. r Allied Pack. 6s, 1939, April 2 at 59. y Mayflower
Slay 29, 200 at 65. z Investors Equity 5s. 1947. 37.000 at 98.
"Cash" sales were made as follows:
a Arkansas Power az Light let az ref. 58. Jan. 22 at 99.
class •: Mar.
-Option" sales were made as follows: a &butter-Johnson Candy;
100 at 6
week at 193: was
-Sales of Commonwealth Southern warrants last
f Correction.
high.
an error; week's range should have read 951 low and 114
last week was an error,
Sales of Associated Telephone Utilities 5153 at 94 reported
should have read 97.
JUNE 29 1929.]
FINANCIAL CHRONICLE
4309
Quotations of Sundry Securities
All bon I price* ar• and int•rest" except where marked
Public Utilities
Rollroad Equipments
Hocking valley tie
Equipment 65
Illinois Central 434, & 55..
Equipment fie
Equipment Ts A 6
Kanawha & Michigan fle
Kansas City Southern 5341
Louisville & Nashville
Equipment 6(46
Michigan Central Is & lie .
Mint) St PASS M 4341 & 51
Equipment 634e & 71___
Missouri Pacific 68 & 634..
Mobile& 01110 be
New York Central &Ns & 6e
Equipment fie
Equipment 7s
Norfolk & Western 410_ _
Northern Pacific 7s
Pacific Fruit Express 75_
Pennsylvania RR eq 58
_
Pittara & Lake Erie GM__
Reading Co 63.03 &
St Louis & San Francleco
Seaboard Air Line 5341 & 6r
Southern Pacific Co 6 NsEquipment is
Southern RI &Ns & 5s_
Equipment as
Toledo & Ohio Central 6i
Union Pacific 7e
Bld
5.20
5.50
5.15
5.50
5.30
5.50
5.25
5.50
5.25
5.75
5.75
5.75
5.60
5.25
5.25
5.50
5.30
5.15
5.40
5.40
5.15
5.25
5.15
5.20
8.00
5.15
5.40
5.20
5.50
5.50
5.30
tr-
orft
5.00
5.20
5.00
5.20
5.10
5.20
5.00
5.20
5.10
5.10
5.25
5.25
5.20
5.00
5.00
5.20
5.10
5.00
5.10
5.15
4.95
5.00
4.95
5.00
5.50
5.00
5.10
5.00
5.20
5.20
5.10
chain Store Stocks Par Bid
Ask Investment Trust Stocks
Par RIO
48*
Fishman (II NI) Stores corn_
18
•nd Bonds
par Bid
Ask
American Gee & Electric__ t 5205 210
Preferred
100 104
Basic Industry Shares _____
912 1014
6% preferred
5102 104
at Atl & Pee Tea vol com_t 5375 385
British Type Inveetore__
4
213 223
4
Amer Light & Trac nom_100 279 280
Preferred
100 115 118
Colonial Investor Shares ___
2934 3012
Preferred
100 11212 114
Floworth-Sns der Co. A...
12
Continental Securities Corp. 96 101
15
Amex Public UM corn
100
Knox Hat, new w 1
*030 140
Preferred
75
80
7% prior preferred
100
IS
Kobacket Stores corn
Credit Alliance A
560
61
36
37
Partic preferred
91
95
100
Cum prof 7%.
Crum & Forster Ineuran100 98 102
Appalachian El Pr pf _ 100 106 108
Lane Bryant Inc 7% pref -- 115 121
shares corn
105 110
Associated Gas & Elee
Leonard Fitzpatrick &
Preferred.
100 103
36 preferred
95
Muller Stores corn
*22
28
Deposited Bank Shares163 177
4
e
00Mw'Ith Pr Corp pref _IOU
9914 10014
Preferred 8% -------100 115 117
Diversified Trustee shs
2712 2814
Cast. Util. Sem corn
*37
38
Lerner Stores 634% pref.
Shares B
2412 2514
Cone. stock
14
*13
Without warrants
101 105
Eastern Bankers Corp tram_
25
General Pub Hero nom _ t *59
61
Lord & Taylor...... _100 350 370
Units
145 151
reel Public Utli $7 pref t •90
9212
First preferred 8%...
98 104
Equit Investors units
33
36
Mis duly pi Illy Pow pref.100 100 102
Second pref.8%.
_1(10 109 113
Cla.52 B
20
25
First mtge 5e 1951___J&J
98
Macklarr Stores pref
110 115
Federated Capital Corp
6912 73
941.
'ser) 5s 1947
MAN
McLellan Storm 6% pref 100 92
New units
96
57
National Pow & Light pref_t •106 108
6012
Melville Shoe Corp
First Holding & Tmd
11
13
$6 preferred
9812
*97
1st pref 6% with warr_100 100 104
First Investment, A met
42
46
North States Pow com_100 197 200
Mercantile Stores
Fixed Trust Shares class A. 23
7% Preferred
233
4
100 10712 110
Preferred
100 103
Class B
202e 213
Nor T stag Elea Co oom _100
8
1
3
Metropolitan Chain Stores..
Founders Holding
x83
Preferred
86
100
15
10
New preferred_
100 114 117
Corn class A
Ohio Pub Sem 7% prat 100 106 108
3
X8254 x85 4
Miller (I) & Sons com____t •46
48
Foundation Sec corn
1112
6% pref
912
97 100
Preferred 634% ._
100 93 100
General Trustee common_
23
28
Pacific Gas & El let pref _ _25 *2512 2612
Mock Judson & Voekinger pf 101 105
New unite
70
75
PUN;Sound Pow& IA 66 ri 1 598
Murphy ((SC) Co corn._..t *93
98
6% bonds.....
90
95
$5 preferred
*85
8% cum pref
German Cred &Inv25%pd
100 104 109
17
let & ref 5345 1949_ _J&D
19
100
99
Nat Family Stores Inc warm
3
Greenway Corp corn
South Cal Edison 8% pf _ _26 555
2514 2714
65
Nat Shirt StioDe. cum
510
13
Preferred (w w)
553 57 4
4
Stand Ok E 7% Pr pf_ _100 107 10912
,
Aeronautical Securities
Preferred 8%
? 75
82
Guardian Investment
10
32
Tenn Elect Power let pref 7% 102 105
Aeromarlue-Kierrim
5
3
5
Nedick's Ince=
*18
22
Preferred
32
6% c re'erred ------100
9612 9812 Aeronautical Industries_
21
23
Neisner Brea Inc com
•150 155
Guardian Investors
15
20
Toledo Edison 5% pref
Air Associates
91
93
12
14
Preferred 7%
100 200 204
6%
90 100
6% preferred
Air Investors coin
102 104
171, 19
Newberry 0.1) Co corn
*75
$3 units
78
42
50
Preferred
100 109 11014
7% Pref.
36
38
Preferred 7%
100 101 105
Harvard Financial
Vif Harm Pow Coro ere1_100 104 106
Warrants
11
9
N Y Merchandise corn __t *361 37
Incorporated Equities
5534 _
A irstocks Inc
59
61
Firer pref 7%
100 100 104
Incorporated Investors
Muter Term Securities
69
7112
Alexander Indus corn
1 1514 1512 Penney (J C) Co
I nsuranshare,s ser A
100 108 112
26
2712
8% participating pref.
*86
92
Peoples Drug Stores corn_ _t
Series 11 1928
Allis ChM Mfg, 55 May '37_
2112 23
4
9814 983 Amer Aeronautical
22
24
5)4% cum pre(
Series C
AIUn Cool Amer,59 May'52 100% 10114 American Airports Corp
100 112 115
2612 28
t 30
40
Plitgly-Wiggly Corp
538
45
Series F
Amer Rad,deb 434s, MAY'
3012 32
Amer Eagle Aircraft
941 96
47
13
5
Preferred 8%
100 103
Series 11
Am Roll Mill deb 55. Jan '48
2412 26
9014 Aviation Sec Co of NE
96
21
22
Reeves (Daniel) Preferred __
92 -97 - Inter Germanic Tr new _
An Vela Cop Min let cons 65
221 226
Bach Aircraft
212 3
Rogers Peet Co corn .__ _100 135 145
lot See Corp ct Am corn A
-59
62
Feb 1953 1043 1043 BellanertAircrait Corp, new
4
4
Safeway Stcres pref
95
96
Common II_
Batavian Pete 4 Sig__ _1942
31
34
___
913 921z Berliner-Joyce Aircraft A
4
24
26
Saunders(Clarence). 00111 B. 30
nen Tel of Can be A_Mar 55
3712
Allot etre
146 153
9912 10012 Central Airport
9
10
Schiff Cocorn
55212 53
6 % preferred
Bethlehem Steel
93
98
Cessna Aircraft new com
26
28
Corn eons. pre(
_ .100 1105 110
See 5% notee_June 16 '30
6% preferred
8914 9314
99
Preferred
9912
100 110
Shaffer Store corn w 1
22
Sea 5% notes_June lb '31
2212 Invest Co of Am corn _
42
45
9812 9912 Claude Neon TAghts
3712 3812 Silver (Isaac)
7312
7% preferred
& Bros corn_ t *70
See 6% notert_June 15 '32
93 98
.
9812 9912 Consolidated Aircraft
4212 43
7% curn cony pref__
109 113
Invest Fund of N J
Ooml I nveet Tr
75
.1 8
Consolidated instrument. _1 33
34
Southern Storage units
75
Investment Trust of N
5% notes
1278 133
May 1930
3
99 Crescent Aircraft
97
10
12
Stone Dept Storm
Invest Trust Associates_
Cud Pkg. deb 534e.Oct 1037
50
45
9614 963 Curtin Flying Service
4
2318 2314
8 Stores corn class A ..._ .
52
4
Joint Investors class A
Cunard HS Line!Ste Dec'29
56
59
983 9912 Curtiss-Robertson Airplane
4
Corn class B
81
E(I El III Bost
3
Convertible preferred_
112 118
Units
127 132
let preferred 7% _ _ .100 47
51
Keystone Inc Corp class A. 20
•Si% notes_ _ _Nov 1930
25
9814 100
Currier) Assets
30
35
Young(EdwInil)Drugunits _ 100 102
Class 13
Empire Gait & Fuel be
4
6
Curtiss Reid pref
31
3212
Massachusetts Investor.... 533a 5638
Juni 1930
9712 98's Fairchild °amines Engine.
55
65
Standard 011 Si
Pick Itub I Sis_ _Jan 1931
Mohawk Invest Corp
14712 15012
9212 9312 Fokker Aircraft
487 49
8
Anglo-Amer Olivet stock_SI O15
1518 Mutual Investment Trust.. 1214 )312
Gaul klot Accept.
Preferred
21
24
Non-voting stock
s
El •133 1412 NewEngland Invest Truet_
1% eerie notes__ Mar 30
9914 100 Great Laker Aircraft
25
26
Atlantic Rent corn new_25 57214 7212 NY & London klent units.. 71
5% serfs notes_ _ Mar '31
08
97
Haskelite Mfg
30
34
Borne Scrymeer Co
North Am Util Sec
38
25 *35
19
5% aerie notes _Mar '32
21
9612 9712 Heywood Starter Corp_
44
48
Buckeye Pipe Line Co
Preferred
681z
513 *68
5% eerie notes__ klar '33
97
95
95
961.. Kreider-Reisner Aircraft_
50
57
Cheeebrougli Mfg Cone 25 5162 168
North Amer Tr Shares
5% eerie notes_ Mar '34
103 1114
4
9412 953 Lockheed-Vega
4
16
18
Continental Oil • t a
It 52014 203 Oil Shares units
6% merle notes__ Mar '35
4
9412
Maddux Air Lines cum__ _
12
14
Cumberiend Pipe Line104
Old COloily Invest Tr corn..
67
70
5% eerie flutes_ Mar '36
933 9514 Mahoney-Ryan Aircraft.
4
23 26
Eureka Pipe Line
_ _ _100 56
4 1 % bonds._
,
60
Gulf Oil Corp of Pa deb be
Mohawk Aircraft
8 13 Galena Signal 011 eorn....10C 5 7 Pacific Investing Corp coin_ 82 -3
32
-g"
Dec 1937
983 9914 Mono Aircraft
4
8
Preferred old
104
Deb 5e
81
85
Preferred
80 85
Feb 1947
993 10014
4
Preferred
45
Preferred new
lor
Koppers Gas A Coke deb 58
81
90
Power & Lt Secs trust
78
Moth Aircraft Corp unite
23
26
Humble Oil & Refining_ _255 •114 116
Second Financial Invest_ _
0614
2714 2912
June 1947
06
Common _
10
12
Minnie Pipe Line
Meg Pet 4 Sic_ Feb IS '30-35
(Or 302 306
2nd Found Sb Corp units
102 106
9312 9912 National Air Trausport_
Imperial Oil_
Mar 011 Is. notes June 1530
• •271s 2712 SeeOnd Internet See Corp
52
50
New
9612 9712
111-2
Indiana Pipe Line Co._ __50 *96
Corn IS
98
Serial
25
22
notes June 1531
94
0512 Nat Aircraft Marie Corp_
14
15
International Petroleum
02212 2234
6% preferred
Serial 5% notes June 1532
45
46
93 0412 National Aviation
6412 65
National Transit Co_12.150 .23
9712
2312 Second Nat Investors
Mass Garr Cos,5 Sis Jar) 1946 102 1023 North Amer Aviation
96
4
19
1912 New York Transit Co
111
11
Pacific Mills 530_ __Feb '31
,haWintit Bk Inv_
13
36
38
97
98 Pollak Mfg
6
7
Northern Pipe 1-Ine Co_108. 53
Peoples (Jae I- & Coke 4)4s
55
4149
88
rrUilt1942 85
Scenic Airways common __ _
312 5
Ohio 011
21) *713 7214
8
Is 1952
Dec 1029 & 1030
89
92
9712 9912 Stearman Aircraft corn
• 135 145
Penn Men Fuel Co
Proat &(lamb, 4345 July '47
25 526
2712
13s
95
98 Stinson Aircraft corn
1952 240
1912 2014 Prairie 011 & Oas ____ _ _2F •551 56
_
Lose She! HG & Ir as Aug '29
Southern Bond & Share
995e 100 Swallow Airplane
8
10
Prairie Pipe Line
Swift A Co 5% notes
Corn & allotment Ws ____
25 5593 60
28
33
Travel Air Mfg New
56
5612 Solar
26Refing
40
*39
Oct 15 1932
50
983 9014
$3 met allotment ctfs_--- 47
4
S Air Transport
13
Southern Pipe t-ine Co.__ el *201 21
On NJ RR & Can 4sSept•29
Staudard Investing Corp__
33
35
0914 100
United Aircraft... __
151 12 15214 South Penn 011
glee Cent Sc
! 534% preferred w w
25 O521 521
Jan '31) 9812 9834
97 100
Preferred
9212 9312 S'west Pa Pipe Linea. _50 *60 6212
5% bonds w w
125
Universal Aviation
21
22
Standard 011 (Californian __t O721 73
Tobacco Stocks Par
State Bankers Financial
Warner Aircraft Engine now
2812 3012 Standard Oil (Indianal__ _25 *553 56
Amerleau cigar corn._ . _MU 120 130
8
Trustee Stand 011 Shs
Western Air Express, new.. 72
74
Standard Oil (Kansas)._ 25 5211 217g United Founders Corp corn.
Preferred
55
. -lot 105
Standard 011 (Kentucky) 10 *37
Brit eh-Amer Tetrad ord 11 530
38
S Shares class A
13 4 1514
3
Water Bemis.
Standard 011(Neb) _ _ _26 547
48
530
Class A 1
32 &Man Wet let 5556 A.A&O 93
133 1514
4
9413 Standard 011 of New ler _25 0581_ 563
Im Jerlal'lob of G B & Irerd *22
Class C 1
25
3438
4
Birm WW let 5 SieA'54.A&O 100 101
Standard 011 of New York.26 *3912 393
lot Cigar Machinery new100 110 120
Class C 2
s
let M Ss 1954 eer IS ..J&D 97
3618
98
Standard 011 (06101
Johnson Tin Poll & Met.100
55
Clam C 3
26 *120 122
65 City W(Chatt)534/r54AJ&D 100
273 309
,
4
103
Preferred..104 117 1173
Stand Cotrun'l class 13
Clam D
18
16
4
1814
let M Se 1954
JAI) 92
Swan & Finch
9. •10
1312 U S & Brit Internet al B.._
Union Cigar
5
6
16
__
City of New Castle Water
Union Tank Car Co
•8
Union Tobacco 0. corn _
Chase A
9
25 •145 147
3112 - 12
31
Os Dee 2 1941 58•3g ,AD A 93
.1_ FA l
Vacuum 011
Class A
Preferred
55
25 •115 117
4114 4414
_ .47
Clinton WW 1st
92
U S Flee L & Powr
4512 4712
Young 0 8) Co oom ___100 103 111
0011Pw'tb Wit let 5 SittA•47 98 100
Investment Trust Stocks
Preferred
S & Foreign Sec corn
100 104
59 61
Connellav W 5sOct2•39A&01 93
and Bonds
Preferred
IC iit l.A lot Wet be '62.J&J 90
88
90
92
ladue. & Miscell
let M fis 1942
J&J 97 100
Air-stocks Inc
59
American Hardware
135
61
Sugm ______
Huntington let 13(4 '54.11
28 •63
11&S 100 102
Amen internist Investors..t 104 109
Babcock & Wilcox
Caracas Sugar
100 125 130
Os
2
60
1954 92
Amer Brit & Cone corn__ __
14
Biles(E WI Co
*s483 349
16
8
Fajardo Sugar
Mid States WW Os'86 MAN 991z
90
100 85
6% Preferred
Preferred
84
87
Godchaux Sugars.Inc
Monm Coo W let 56•56AJ&D 91
60 *58
525
27
93
Amer Cit Pow & L
Childs Company pref _100 105
Preferred
Monm Val Wt Sis '50_J&J 95
85
100 80
Class B
97
Hercules Powder
Haytlan Corp Amer
Muncie WW 58 Oct2'39 A01 94
• •111 116
56
10
Amer Common Stks Corp
Preferred
12
Holly Sugar Corp com-1 *35
100 117 11912 St Joseph Water 581941A&O 94
39
Am & For Sh Corp units_
Phelps Dodge Corp
61
63 Shenango ValWat
Preferred
85
100 80
93
Common...
Si leer Manufacturing. _100 540 560 So Pitts Wet let 68•56Adr0 90
National Sugar Ref
43
100 41
55 1960 J&J 91
534% conv debe
Si later Mfg Ltd
1938
let M Se 1955
New NIquero Sugar
*512 615,
26
100 19
FAA
9412
Amer Founder, Corp corn
•10612 109
Savannah Sugar COM
rer H W W 6849 A.-P&L) 100 103
•115 120
Corn preferred
Railroad Equipments
108 ill
Preferred
let M 58 le56 net B _ _FAD 92
100 109 112
5% preferred
A tiantio Douai blue ei
45
48
5.60 5.30 Wichita Wet 1st 64'49_M&5 100
Sugar Estates Oriente p1 100 18
22
7% preferred
103
Equipment6 Ste__ ._
50
53
Vertlentee Sugar pf
5.40 5.10
1st M Sc 1956 ear B._ Fara
19f) 40
45
92
140th,
Balthuore A Ohio 6e_ _ _
753 80c
Rubber Stocks (Cleveland
5.60 5.30
Amer &(Senl Sec units
Equipment it Sis & Fle
71
74
5.20 5.00
Aetna Rubber common__ _ • •14I 1612
Chain Store Stocks
Class A
Buff Itnch .2 PItte equip lis
30
34
Falls Rubber corn
5.50 5.20 lierlaiol 9toree unas new
5
• *4
•100 108
Class B
Canadian Pacific 4 lis & Sc
11
13
5.40 5.10 Bickford's Inc units
Preferred
15
25 •12
56
50
Omer Internet Bonn le db
Central RR of N J 61
Faultless Rubber
5.50 5.20 uotrack ill Cl Inn corn
1 *311 32
76
_•
80
Amer & Scottish Invest
Chesapeake & Ohio Se
26
29
Firestone Tire A Rub com.11 *280
5.50 5.20
_
7% let preferred
101 100 105
Astor Financial class A
Equipmenrd Hs_
45
50
_
5.35 5.10 dialer (James) corn... _
6% Preferred
101 110
9
Class B
Roniument Se
10
14
5.20 5.00
7% preferred
Preferred
101 1081 109
101,
45
Atlantic & Pee corn
Chicago & North WMt 6e
251z _
General Tire & Rub cora. _2 260 285
5.50 5.20 Diamond Shoe. corn
40
44
Preferred
4414 4812
Eaulpment834s
Preferred
5.40 5.10
Preferred
10
9912
. .
100 104
atl dr Pac Intl Corp unite _
75
78
Chic II I & Pea 4345 & Se
Goorly'r T & Rot Can re 10 r1071 108
5.20 5.00 Edison Bros Stores corn__
,
4
20
2012 Bankers Financial Trim_
31
Enulpment 6e_
India Tire & Rubber
5.50 5.20
Preferred
49
53
94
98
Bankers Inventm't Am corn
Coloraao & souh
Mason Tire & Rubber tram_
t sern Sc
5.60 5.20 Epicure Food Stores
Bankers Sec Trot Ann corn
3014 33
Preferred
Delaware & Hudson al__
5.50 5.20 Fan Farmer Candy sn peel
1(.11.
530
33
Bankinstocks Holding Corp.
19
22
Miller Rubber preferred _101
Erie4i4e&6e
5.40 5.10 Per, 13at Shone. corn
60
64
.812 812 Bankshares Corp of U S ci
_
I
A
712 912 Mohawk Rubber _____ _10
EOUlement Se
5.60 5.20
4412 45
Prel 7% with warn
_100 90 100
Bankstocks Corp of Md el A
1712
Preferred
Great Northern 6e
l0
5.50 5.20 Feltman 4 Curme Shoe
7814 85
Class I)
8
10
4etherling Tire & Robber.. *37
Equipment Se
5 20 5.00
Stores A 7% pref.....100 50
40
65
Preferred
_
4
Pretarrnd
51
104
•Per share. 8 No par value. S Basis. d Purchaser also pays accrued dividend k Last sale.
n Nominal. x Ex-dividend. y Ex-rights. r Canadian quotation.
s Sale price'
•
gailroatt 3,ntelligenue
Investment aud
4310
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of June. The. table covers seven roads and shows
3.08% increase over the same week last year:
1929.
Third Week of June.
Increase.
1928.
$5,152,329 $5,139,538
4,137.000 3.819,000
285,372
273,640
319,491
295,637
564,700
490,720
3,562,678 3,580,145
366,766
335,876
Total (7 roads)
Net Increase (3.08%)
Decrease.
$12,791
318,000
$14.376,604 $13,946,288
Canadian National Railways
Canadian Pacific Ry
Minneapolis & St. Louis
Mobile & Ohio
St. Louis Southwestern
Southern Railway System
Western Maryland
$459,515
430,316
11,732
23,854
73,980
17,467
30,890
$29,199
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
1st
26
3d
4th
lot
2d
3d
4th
lot
2d
3d
4th
lot
2d
3d
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
Mar.(11
Mar.(11
Mar.(11
Mar. 9
(
Apr. ( 9
Apr.( 8
Apr.( 7
Apr. ( 8
May ( 8
May ( 8
May ( 8
May ( 8
June ( 8
June ( 8
June ( 7
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
Previous
Year.
Increase or
Decrease.
Per
Cent.
$
13,838,516
14.087.158
14.485,850
19,580,198
14,258,006
13,704.380
13,934,100
20,100,633
14,083.977
14,025,691
13,987,172
19,926,465
16,362,466
14,179,746
14.376.604
Week.
$
13,355,303
13,715,106
13,818,627
20.378.281
13,394.590
12,849,259
12,745,841
16.956,008
13.198.800
13,800,007
14,015,235
20,132,939
18,187,145
13,805,018
13.946.288
$
+453,213
+372,052
+667,023
-798,083
+863,418
+855,121
+ 1.178.259
+3.144,625
+885.177
+225,884
-28,063
-206,474
+175,321
+374,728
+430.316
3.38
2.70
4.82
3.93
6.45
6.65
9.33
18.51
6.71
1.64
0.20
1.03
1.07
2.70
3.08
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.
Length of Road.
Gross Earnings.
Mown.
1927.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
Inc.(+) or
Dec.(-).
$
456,520.897
455.681,258
504,233,099
473,428,231
509,746,395
501,576,771
512,145,231
556,908.120
554.440.941
616.710.737
530,909,223
484,848.952
1929.
486,201.495
474,780,516
516,134,027
513.076.026
486,722.646
468,532,117
530.643.758
497,885.380
518,569,718
516.448,211
508.811,786
558.743,013
584,421,630
579,954.887
503.940,776
458.680.736
1928.
457.347.810
458.487,931
505,249,550
474.784.902
$
-30,161,749
-12,850,859
-26.410.659
-24.437,149
-8,823,323
-14.871,440
+3,333,445
+ 165,107
-9,980,689
+36,755.850
+29,968,447
+26,188.216
+28.853,685
+18.292,585
+ 10,884,477
+38.291.124
1928.
1927.
Miles.
239.476
239.584
239.649
239,852
240,120
240,302
240,433
240,724
240,693
240,661
241,138
237,234
1929.
240,833
242,884
241,185
210,956
Miles,
238.608
238,731
238.729
238.904
239,079
239.066
238,906
239,205
239.205
239,802
239,982
236.094
1928
240.417
242,668
240,427
240.816
Inc. 1+) or Dec.(-).
Net Earnings.
.11onth
Per Cent,
1928.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
1927.
Amount.
93.990,640
108,120,729
131,840,275
110.907,453
128.780,393
127,284,367
137,412,487
173.922.684
180.359.111
216,522.015
157,140.516
133,743,748
1929.
117,730,186
126,368.848
139,639,086
136,821,960
99,549.436
107.579,051
135.874,542
113,818,315
126,940,076
129,111.754
125,700,631
164.087.125
178.647,780
181,084,281
127.243,825
87.551.700
1928.
94,151,973
108.987,455
132,122,686
110,884.575
-5.558,796
+541.678
-4,034,267
-2,910,862
+840,317
-1,827,387
+ 11.711,856
+9,835,559
+ 1,171.331
+35,437,734
+29.896,691
+46,192,048
-5.58
+0.50
-2.96
-2.56
+0.66
-1.41
+9.32
+5.99
+0.96
+ 19.56
+23.49
+52.74
+23,578,213
+17.381,393
+7.516,400
+25,937.045
+25.04
+15.05
+5.68
+23,39
Net Earnings Monthly to Latest Dates.-Tho table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Grossfrom Railway- -Net from
1929.
1929.
1928.
$
$
Akron Canton & Youngstown
188,700
285,715
322,023
May
760,737
From Jan I_ 1,649,661 1,324,533
Ann Arbor
157,920
488.439
534,188
May
725,541
From Jan 1.. 2.610,921 2.378.124
Atlantic City
276.472 -30,787
246,986
May
From Jan 1_ 1.093,154 1,160,018 -242,590
Atlantic Coast Line
6,864,168 6,575.738 2,001,712
May
From Jan L37,138,503 34,106,886 13,578,590
Baltimore & Ohio
21,755,886 19,786,221 6,308,908
May
From Jan 1_98,312,218 91,397,840 24,019,788
Bangor & Aroostook
649,125
582,753
May
From Jan 1_ 3,682,754 3,625,277
Belt Ry of Chicago
206,441
685,034
686,989
May
929,338
From Jan 1_ 3,340,532 3,256,621
Bessemer & Lake Erie
2,106,830 1,444,781 1,203,258
May
From Jan 1_ 5.427,349 4.067,891 1,688,403
Boston .8 Maine
May
6,528,350 6,370,011 1,645,037
From Jan 1_31,280,292 30,333,211 7,789,599
Brooklya ED Terminal
52,739
132,697
130,273
May
251.093
626.398
From Jan 1. 606,763
Railway- -Net after Taxes
1928.
1528.
99,272
426,282
158,807
651,152
86,458
359.271
128,553
595,875
129,980
587,052
102.353
472.837
-21,433 -71,097 -58,783
-332,205 -444,114 -508,955
1,850,240 1,400,051 1,249,066
9,147,765 10,318,373 6,487,793
5,164.093 5,282,321 4,354,317
19,046,436 18,871,636 14,643,500
*175,935 *253,077
*1,504,707 *1,483,989
226,858
990,659
144,342
654,523
176,009
740,653
594,582
462,831
1,042,337
1,395,156
530,332
303,543
1,570,425 1,326,835 1,277,558
7,523.761 6,240,917 6,049,498
51,095
250,665
44,784
211,031
42.526
207,643
-Grossfrom Railway -Net from Railway- -Net after Tares
.
9
1928.
1929.
1928.
1929.
1928.
$
Buff Rochester & Pitts
251,031
246,707
301,050
296,816
1,556,710 1,384,731
May
From Jan!. 7,133.155 6,909,311 1,342,938 1.406,878 1,132,628 1,226,266
Canadian National RysMI & St Lawrence
194,848
May
163.453 --41.374 --115,296 --50,034 --130,196
932.552 1,101,020 --112,167 --181,556 --191,510 --254,127
From Jan 1_
Central RIt of N J
800,078 1,126,789
May
4,971,492 5,237,912 1.354,074 1,702,294
From Jan L33,348,579 22,936.205 5,740,818 6,016,287 3,990.492 4,253,599
Chess St Ohio Lines
May
10,757,667 10,394,548 3,691,392 3,439,379 2,989,384 2,769,061
From Jan 1_51,592,997 49,537,790 16,519,837 14,183,630 13,038,617 10,833,992
Chicago & Alton
294.745
264,728
400,261
397,921
May
2,342,858 2,238,710
From Jan L11,598.159 11,230,905 2,541,903 2,103,417 1.094,469 1,575,308
Chicago Burl & Quincy
*1,559,921 *1,073,658
12,539,902 12,146,362
May
*14,469,882•11,916,360
From Jan L63,751,206 63,057,426
Chicago & Eastern Illinois
138,023
214,352
345,350
259,374
1.984,364 1,854,523
May
846,144
From Jan L10,137,984 9,822,974 1,968.065 1,483,306 1.343.144
Chicago Great Western
366,385 *135,334 .141,758
366,516
2,085,372 2,021,723
May
From Jan!. 9,961,622 9,618.084 1,734,585 1,783,187 *478,000 *614,379
Slilw St Paul-Fag
Chicago
14,263,998 13,921.243 3,061,543 3,111,639 2,270,229 2,286,566
Slay
From Jan 1_66,298,969 65.252.682 14,952,710 16,345,461 10,946.112 12.367,85.5
Chicago & North Western
.°2,120,551 *1,936,387
13,122,766 12.941,422
May
.2,220,434 *1,489,090
3
'
From Jan 1_58,490,072 57,399,129
Chicago St Paul Minn & 0
*60,974
*210,854
2,079,950 2,057,362
May
*706,383 *759,524
From Jan 1_10.217.028 10,537,503
Colorado & Southern
*62,104
*30,323
909,199
956,596
May
*379,497
*583,311
From Jan!. 4,750,295 4,658,166
Delaware .8 Hudson
764,741 1,147.524
853,741 1,235,174
__ ._ 3,570,022 3,706,805
May.
From Jan 1_16,536.321 15.885,481 3,103,572 2,825,252 2,1157,915 2,385,734
Delaware Lack & Western
May
7,325,752 7,087,875 2,084,886 1,918,548 1,483,753 1,402.734
From Jan 1_33,856,022 32,437,385 9,377,870 8,041,226 6.547.382 5,391.601
Detroit & Slackinac10,405
41,319
28,323
36,329
157,108
150,292
May
25,322
60,567
83,040
97,421
603,443
From Jan!. 597,477
Detroit Terminal
77,019
79,562
99,506
100,641
216,146
254,333
May
231.034
363,898
320,525
471,386
877.347
From Jan!. 1.247.782
Duluth & Iron Range
225,837
500,845
268,792
535,907
719,381
1,041,128
May
50,972 --443,027 --78.600 --562,645
From Jan!. 1,742,233 1,101,325
Erie Railroad
May
10,090,736 9.542.173 2,372,252 2.350,296 1.862,859 2,000,274
From Jan 1_46,301,912 43,105,715 10,187,243 8,223.134 7,971,147 6,410,734
Chicago & Erie
529,201
474,650
580,854
531,045
May
1,279,207 1,333,932
From Jan 1_ 6,500.489 5.878,559 2,968,270 2,150.487 2,686,717 1,892,219
NJ&NYRR22,006
10,853
25,912
14,968
140.083
135,765
May
29,940
36.519
49.502
57,075
644.676
From Jan 1_ 634,043
Florida East Coast
679,425
193,095
839,771
339.796
1,080,122 1.741,234
May
From Jan 1_ 7,795,838 7,994,130 3.572,550 3,059,148 2,854,701 2,305,298
Illinois Central System
"1,779,881 '1,711,117
14,623,413 14,380,066
May
'11.362,427.11,121,363
From Jan 1_74,749,789 73,774,119
Kansas Okla & Gulf
.58,123
146,982
68,885
166,692
237,755
312,328
May
327.141
607,092
381,190
707,227
From Jan!. 1.481,083 1,208,557
Lake Terminal
2.096
41,648
6,621
45,966
100,416
131,040
May
66,681
11,324
45,805
35,744
396,553
From Jan!. 423.394
Lehigh .8 New England
154.186
119,856
175,079
139,389
578,540
461,009
Slay
378,627
349,940
441,698
412,253
From Jan!. 1,938,356 2,164,443
Lehigh Valley
6,410,394 6,619,238 1,894.794 2,151,517 1,541,993 1,750.300
May
From Jan 1_29.064,229 28,111,742 7,081,221 5,620,261 5,524,7'57 4,239,388
& Nashville
Louisville
11,069.507 11.379,551 2,109,010 2.431,207 1,515,095 1,868,577
Slay
From Jan 1_54,138,296 56,302,432 10,172,049 11,373,030 7,282,039 8,483,429
Maine Central
*210,631
.250,571
1,592.681 1,607,851
May
•1,115.582 *1,110,697
From Jan 1_ 7,695.698 8,076,448
Midland Valley
77,378
73,970
93,852
89,136
292,728
266.963
May
485,628
488,645
669,257
569,001
From Jan 1_ 1,411,695 1,419,620
Minneapolis Ac St Louis
141,111
29,730
78,439
92.059
1.064,707 1,102.638
May
38,016
310,586
351,353
623,528
From Jan L 5,582,419 5,635,601
Mobile & Ohio
226,894
222,260
309,194
303,313
1,462,203 1,451,401
Slay
From Jan 1_ 7,176,209 7.184,037 1,592,420 1,559,166 1,165,038 1,144,458
'Monongahela Connecting
37,299
56,063
44,385
69,045
177,173
246,477
May
139,087
261,369
171,913
318,216
794,714
From Jan I_ 1,043,942
Montour
22,329
73,071
28,829
74,943
131,080
220,656
Slay
251,161
134.238
141,738
259,036
603,878
From Jan!, 846,487
ia u
Niw byrgh A: South Shore
42,095
53,078
56,455
304,385
60.699
182,450
May
115,015
118,382
180,607
816,062
196,319
775,427
From Jan 1_
New Orleans Gt Northern
47,541
55,214
63,424
72,550
274,562
271,903
314,219
303,064
401,457
391,504
From Jan!. 1,311,122 1,384,440
York Central
New
34,492,395 32,242,736 9,046,387 8,331,704 6,550,411 6,181,672
May
Fr'm Jan 1159,928,599 150527,170 37,509,919 34,368,512 25,894,266 23,619,556
C CC & St Louis
8,006,028 7,583,026 2,117,018 1,721,183 1,638,430 1,320,285
Slay
From Jan 1_37,641.183 36,125,144 9,267,934 8,297,168 6,991,868 6,248,509
Cincinnati Northern
90,678
69,928
111,618
94,414
354,573
310,005
May
400,591
291,223
516,305
400,450
From Jan!. 1,537.414 1,728,864
Pitts & Lake Erie
205,184
482,718
422,071
671,523
Slay ......3,032,301 2,649,168
From Jan 1_14,010,394 12,332,204 2,255,379 1,927,012 1,416,016 1,165,903
New York Chic & St L
909,315
4 815,799 4,452,559 1,368,792 1,219,942 1,080,773
May
From Jan 1_23.075.497 21,670,964 6,907,218 5,770,520 5,562,308 4,453,726
& Western
N Y Ontario
209,997
55,057
255,071
100,100
927,261 1.139,211
May
167,992
211,122
413,316
436,194
From Jan I. 4,395.024 4,380,002
N Y Susq & Western
491.842
434,808
May
From Jan 1_ 2,117,192 2,031,951
Norfolk Southern737,834
696,737
May
From Jan 1_ 3,481,387 3,811,329
123.177
557.148
160,676
422.061
92,124
401,339
131,325
275,255
156,946
867,425
188,261
1,079,538
105,763
611,769
130,069
833.616
JUNE 29 1929.1
FINANCIAL CHRONICLE
-Crossfrom:Ratiway- -Net from Railway -Net afro' Tares
-
1929.
1928.
1929.
1928.
1929.
1928.
$
Norfolk & Wester
May
9.874,189 8,985,631 4,454,512 3,426,581
From Jan 145,817,485 40,641,801 18,120,627 15,678,071 3,654,285 2,626,186
14.115.095 9.674,819
Northern Pacific
May
8,154,373T7.908,072 1,858,823 1,094,541
994.106
374.388
From Jan 1_36,519,09536.626,631 7,328,351 7,709.393
4,048.340 4.303,825
Pennsylvania RR System
Pennsylvania Company
May
59.953,652 55.168,338 18.015,036 15,127.255
2'r'm Jan 1272,723,310254135,775 73,562,558 60.439,594 14.589.847 11,823,709
59.491,567 46,8.58,850
Peoria & Pekin Union
May
148,404
161.422
35,175
42,928
18,098
25,816
From Jan 1_ 749,872
840,199
199,741
278,041
114,664
162,817
Pitts Shawmut & North
May
150,208
184,280
35,369
36,356
32,181
33,285
From Jan 1_ 770,027
774,128
304,464
170,662
189,469
155,362
Pittsburgh & West VaMay
441,231
351,305
191,652
149.403
144,105
101,691
From Jan 1 2,158,592 1.699,792 1.020.379
718,405
754,756
483,815
Reading CeMay
8,444,852 8,655.364 1.756.752
From Jan L40,320,157 39,259,317 8,807,337 2,356,065 1,422,735 1,861,125
8,495,261 7,022,421 6.379,602
Richmond Frederkberg & Pot
May
1,120,078 1,022,388
301,156
317,557
245.980
272.038
From Jan 1_ 5,624,150 4,936,116 3,858.776
3.435,624 1,834,871 1.223,655
Rutland
May
548.605
585.072
•102,176 *111,988
From Jan 1_ 2,489,109 2,807,375
*335,767 0400,030
St Louis-San Francisco
May
7.248,201 6,695,294 1.943,328
From Jan L33,018,674 32.153,225 9,010,402 1,818,348 1,544,715 1,469,240
8,958,167 7,002,879 7,119,355
St Louis Southwestern
May
1.439,414 1,385,169
540,791
433.002
481,928
388,832
From Jan 1_ 7.508.115 7,381,043 3,858,915
2,610.597 2,543,128 2,279,283
San Diego & Arizona
May
102,782
105,216
25,557
28,375
19,668
22,683
From Jan 1. 574,511 jj 536,302
171,096
138.031
141,655
107,851
Seaboard Air Line
May
5,142,430 4,770,977 1,534,985 1,228,957
905,462
From Jan 1_27,186,839 25,682,824 7,830.848 6,866,369 1.208,255
6,125,507 5,259,458
Soathern Pacific System
Texas & New Orleans
May
1,032,481
974,102 -19,079
104,059 -211,822
102,097
From Jan 1_ 4,607,470 4,611,402
112,232
273,250
98,312
258.658
Southern Ry System
May
16,104,846 16,019,901 4,872,377 4,475,577 3.577,583
3,394.937
From Jan 1.78,779,242 77,656,348 20,738.508 21,199,524
15,670,936 16,122,571
Southern Ry Co
May
11,916,609 12,070,203 3,305,681 3,309,078
From Jan 1.59,171,020 58.998,347 16,280,077 16,190,315 2,486,111 2,511,582
12,415,777 12,379,868
Ala Great Southern
May
886,274 •F883,801
264,829
272,560
194,390
201,266
From Jan L. 4,265,74914,113,064 1,234.104
1,061,247
907,659
772,383
Cin N 0& T P
May
2,127,716 1.901,530
708,358
607,647
598,755
485,903
From Jan 1. 9,422,201 8.826,221 1,529.493
2,587,958 1,137,276 2,067,813
Georgia So & Florida
May
388,593
369,887
89,302
8.619
68,005 -14,141
From Jan 1_ 1,907.922 1,934,190
305,518
170,897
187,873
58,795
New On & Northeast
May
488.999
470,940
150,693
180,479
105,175
117,657
From Jan 1_ 2,340.085 2.287,023
806,204
727,397
587,753
505,913
North Alabama
May
97,208
90,852
44.462
28,321
36,968
22,415
From Jan 1_ 528,765
457,909
229,078
138,867
191,028
105.605
Staten Island It T
May
270,744
272,702
91,881
83,559
74,881
60,558
From Jan I_ 1,178,115 1,230,413
313,858
336,932
224,847
233,923
Union RR (Penn)
May
1,132,564
895,135
450,850
225,843
411,128
186,343
From Jan 1- 4,084,459 3,675,129 3,128,017 3,203,825
796,718
366,285
Utah
May
103,939
89.362
29.134
864
21,258
-4,123
From Jan 1_ 920,933
694.616
376,374
196,239
309,170
159,714
Virginian
May
1,690,801 1,445,944
853.180
524,184
673,180
392,141
From Jan 1. 8,117,056 7,668,585 4,017.609 3,104.840
3,157,603 2,286,602
Wabash
May
6.464,191 5.800,211 1.485,167 1,336,278 1,214,947
1,088.659
From Jan 1_30,129,915 28,077,506 8,012,137
6,720,286 6,595.518 5,439,100
Western Pacific
May
1,407,041 1,297.095
*82,706 *-38,934
From Jan 1_ 6,477,268 5,692,236
*625.506 *-6.938
wheeling & Labe Erie
May
2,144,837 1,757,133
818.347
576.276
653,700
430,276
From Jan 1_ 8,871,303 7,443,934 2.906,614 2,098,379
2,203,216 1,458.142
• After rents. - Deficit.
4311
Atchison Topeka & Santa Fe Ry. System.
(induchis the Atchison, Topeka & Santa Fe Ry.-Gulf, Colorado &
& Santa Fe Ry. and Panhandle & Sante Fe Ry.)
-Month of May--.- -Jan. 1 to May 311929.
1928.
1929.
1928.
Railway operating revenues_20,175.246 18,694,405 98.509,463 91,160488
Railway operating expenses_15,147,129 15,548,721 71.260,463 72,121,059
Railway tax accruals
1,423,994 1.212,973 7,570,107 6,559,928
Other debits or credits
-200.981 -217.878
553.040--1.030.877
Net railway oper.income-- 3.403,140 1,714,830 19,125,852 11,448,662
Average miles operated
12,432
12,331
12.368
12,329
Barcelona Traction, Light & Power Co., Ltd.
-Month of May- -5 Mos. End. may 311929.
1928.
1929.
9128.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earnings from operation 7,960,299 7.005,665 42.924,003 39.116.518
Operating expenses
2,694,731 2,300,645 13.011.522 11.209.118
Net earnings
5,265,568 4,705,020 29.912.481 27.907.400
Boston & Maine Railroad Co.
Operating revenues
Operating expenses
-Month of May- -Jan. 1 to May 311929.
1928.
1929.
1928.
$
6,578.350 6,370,011 31,280,291 30,333,272
4,933.313 4,799,586 32,490,692 22,809,509
Net operating revenue-- 1,645,037 1,570.425 7,789.599 7,523.763
Taxes
318,100
292,731 1,544.771 1,466,961
Uncoil. ry. revenue
102
- 136
3,912
7.304
Equipment rents
-Dr
-194.262 -189.943 -936,543 -878,440
Joint facility rents
-Dr
-25.844 -25,674 -131,073 -99.839
Net ry. oper. income
1.106,727 1,061,940 5.173399 5.071,218
Net misc. oper.income
433
-107
13,107
17,248
Other income
97,605
113,228
532,336
564,519
Gross income
1,204,765 1,175,061 5,718,742 5,652.985
Deductions (rental, int.. &c.) 688,051
655.082 3.408.220 3362,975
Net Income
516,714
519,979 2,310,522 2399,610
Chicago Rock Island Lines.
-Month of May- -Jan. 1 to May 31.1929.
1928.
1929.
1928.
$
$
S
S
Freight revenue
8,734.917 8,157.588 44,381.
781 41,297,
802
Passenger revenue
1,564,837 1,592.159 8,101.616 8,077,529
Mail revenue
254,102
225.390 1,298,879 1,102.161
Express revenue
339,558
297.072 1,338,736 1,309,324
Other revenue
555,288
516.200 2.747,080 2.434,142
Total operating revenue__11,448,702 10,788,409 57,878,192 55,224,968
M.of W & 9
1,793,349 1.628.862 7.753,098 7.224,839
'
M.of E
2,394.966 2,231.391 11.545,808 10,765,337
Traffic
294,009
258,376 1,376,675 1,279,857
Transportation
4,218,048 4.031.831 21.693,326 20.325,761
Miscellaneous operations.... 164,462
88,825
794.291
428.961
General
373,494
343,044 1,884,684 1.784,584
Trans. for Inv.-Cr
124,894
62,210
265,992
466.215
Railway oper. expenses
9,113,434 8,540.119 44.761,890 42,372,125
Net rev, from ry. oper---_ 2,335,268 2.248,290 13,106,303 12.931.833
Railway tax accruals
Uncoil. railway revenue
700.000
661,403 3.591,631 3,288,280
4,409
4,310
15,597
29.678
Total ry. oper. income_..,_ 1,630,859 1,582,577 9,499,074 9,523375
Equip, rents
-Debit bal-.... 337,281
286,338 1.822,009 1,550.356
Joint facil. rents-Debit bal. 106,212
115.008
525.228
534,523
Net ry. oper. income
1,187,366 1,181,231 7,151,737 7.448.996
Non-operating income
81,213
73,410
477.758
421.167
Gross income
1,268.579 1.254,641 7,629.495 7,870,062
Rent for leased roads
12.917
12,953
64.682
65.631
Interest
971,580
974.176 4,863,146 4,920.829
Other deductions
10,332
16.274
94.684
91.784
Total deductions
994,829 1.003.403 5,064,515 5,074.229
Balance of Income
273.750
251.238 2,604.983 2.795,834
The Denver & Rio Grande Western RR. Co.
-Month of May- -Jan. 1 to May 311929.
1928.
1929.
1928.
$
$
$
the fol- Total revenues
$
2.561,309 2,406,486 12,730.611 12,184.808
lowing we show the monthly reports of STEAM
railroad Total expenses
1.961,619 2,006.174 9,334.736 9.579,551
companies received this week as issued by the
companies
Net revenues
themselves, where they embraces more facts than
599.689
400,311 3.395.874 2.605.257
are re- Railway tax accruals
165,000
185.000
865,000
925;008
quired in the reports to the Inter-State Commerc
2,227
e Com- Uncbllectible railway revs._ _
254
2,492
594
Hire ofequipment
-net
mission, such as fixed charges, &c., or where they
52.066
45.521
250.439
198,177
differ in Joint facility rents-net
27,052
25,510
125,055
127.615
some other respect from the reports to the Commissi
on.
Railway oper.income
511,580
286,088 2,903,878 2,005,455
Other income,net
30,525
59,322
133.438
85,939
Ann Arbor Railway Co.
Available for Interest
-Month of May- -Jan. 1 to May 31542.105
345,411 3,037,316 2,091,395
Interest and sinking fund.- _ 538.425
1929.
1928.
1929.
417,885 2,498,370 1.849.704
1928.
Operating revenues
Net income
534,188
488.439 2.610,920 2,378,124
3.680
72,474
538.946
241,691
Operating expenses
376,267
359,886 1.885379 1,782.249
Net railway oper.inc
105,739
79,187
449,490
Georgia & Florida Railroad.
341.394
Gross income
109,286
81,959
466,155
353,704
-Month of May
- 5 Mos. End May 31.
Net corporate income
71.725
38,230
1929.
277,786
1928.
133,590
1929.
1928.
$
$
$
Railway operating revenue_ _
108,159
646,995
643,593
Railway operating expenses.. 124,992
Bangor & Aroostock Railroad Co.
98,578
601,013
539,323
Net rev,from rail. operations 122,080
2,912
9,581
45,982
104,270
_Month of May- -Jan. 1 to May 31- Railway tax accruals
9,700
9,000
48.500
42.000
1929.
Uncollectible railway revenue
1928.
1929.
1928.
26
7
71
28
$
$
$
8
Gross operating revenues
_
582,753
649.125 3,682,754 3.625,277 Railway operating income_
6,814
574
2,589
()per. exPs.. incl. maint. &
61,241
Equipment rents-net bal_ _ _ Cr.9,237 Cr.5,752
depreciation
Cr.28,164 Cr.11,999
406,818
396,048 2,178,047 2,141,288 Joint facility rents
-net bal._
-677
-486
-4.480
-3,796
Net rev,from operations- - 175,935
253.077 1,504,707 1,483,989 Net railway operating inc.__
1,745
5,840
21,094
69,444
Other income-net
24.114
Non-operating income
7,766
42,579
55,410
1,067
1,344
7.912
7.633
Total income
200,049
Gross income
260,843 1,547,286 1,539,429
2,813
7,184
29,007
77,078
Deduct taxes
46,990
Deductions from income_ _ _ _
56,817
298,199
1,431
312.918
1,436
5,924
5,969
Total income (less taxes)-- 153,059
Surplus applic. to interest204,026 1,249,087 1,226.511
1,381
5.748
23,082
71,108
1)educt: Int.on funded debt77,727
79.023
390,181
396.074
Net income
15,030
10,873
59.422
12,107
Net income
75,332
125,003
858,906
830.437
Note.-Intereot chargeable to construction on $2,300,000 let
Rate of return on invest. at
mtge. 6%
bonds and $913,835 6% notes issued for Greenwood extension, less interest
Jan. 1, annual basis
5.05%
6.86%
8.27%
8.21% on unexpended balance of proceeds thereof deposited
or invested.
Other Monthly Steam Railroad Reports.
-In
[VOL. 128.
FINANCIAL CHRONICLE
4312
New York Ontario & Western Ry. Co.
Gulf Coast Lines.
-Month of May
1928.
1929.
Jan. 1 to May 31.
1928.
1929.
1.314,090 1.259,699 7,035.104 6,632.453
Operating revenues
922,234 4,943.206 4,718,711
949.697
Operating expenses
215.466 1,307.594 1,221.763
Net railway operating income 226.807
251.735 1.509,438 1,425,709
267,896
Gross income
430,446
479,546
51.873
55,127
Net corporate income
International-Great Northern RR. Co.
Jan. 1 to May 31.
-Month of May1928.
1929.
1928.
1929.
$
8
$
8
1.484,179 1,543,742 7,608,979 7,366,682
Operating revenues
1.204,997 1,230,131 6,162,497 6,100,012
Operating expenses
585.118
644,721
156,260
142,902
Net railway oper. income__ _
652,850
705,610
164.837
152,647
Gross income
17.978 Dr.25,172 Dr.69,667
6,618
*iNet corporate income
41Before adjustment bond interest.
-Month of May- -Jan. 1 to May 311928.
1929.
1928.
1929.
$
$
917,261 1.139,211 4,375,024 4,380,002
Operating revenues
884,140 3,938,830 3,966,686
827,161
Operating expenses
413,316
436,194
255,070
ry.oper- 100.100
Net revenue from
245,000
225,000
45,000
45,000
Railway tax accruals
323
72
73
42
Uncollectible railway rev_
Total railway oper. Inc_...
Equip. & it. facll.rents(net) _
55.057
59,090
209,997
62,123
211,122
259,465
167,992
239,040
Net operating income
Other income
4,032
30.389
147,874
29.608
48,342
153,193
71,047
148,678
Total income
Deductions
26,356
122,526
177,482
21,816
104,850
610,444
77,630
605,594
Net income
96,169
55.666
505.594
527,963
St. Louis Southwestern Railway Co.
International Railways of Central America.
-Month of May1928.
1929.
82%,680
440.554
Gross revenue
Oper. expenses & taxes
Inc. applic. to fixed chges_
387,126
s
Jan. 1 to May 31.
1928.
1929.
s
4
720,165 4,237,195 3.882.243
420,074 2,173,392 2,175.917
300,091 2.063,803 1,706,329
Maine Central Railroad Co.
- -Jan. 1 to May 31-Month of May
1928.
1929.
1928.
1929.
1,209,475 1,221.443
Freight revenue
234,275
213,307
Passenger revenue
Railway operating revenues_ 1,592,681 1,607,851 7.695,698 8,076,448
309,255
317.467
60.939
98,562
Surplus after charges
-Month of May-- -Jan. 1 to May 311928.
1929.
1928.
1929.
$
Railway operating revenues.. 1,985,413 1.91,420 10,467,073 10,190,855
Railway operating expenses_ 1.586,982 1,532,591 8,387,748 7.877,359
383,829 2.079.324 2.313,495
Net revenue from ry. oper_ 398,430
Railway tax accruals & un484,682
464:769
74.709
88,511
collectible ry revenues......
Railway operating income_
Other railway oper. income__
309,920
37,740
309,119 1,614,556 1,828,812
83,602
31,366
180,391
Total ry. oper. income---
272,179
277.753 1.434,164 1,745.210
Deductions from railway
operating income
62,969
Net railway oper. incomeNon-operating income
209.210
18,847
59,707
312,785
307,214
218,045 1,121.379 1,437,995
118,148
121,929
25,844
243,890 1,243,308 1.556,144
222,752 1,093,296 1,102,472
228,057
Gross income
Deductions from gross income 218,957
--Jan. 1 to May 31of May
453,671
-Month
150,012
21,137
9,100
Net income
1928.
1929.
1928.
1929.
$
2,124.571 1,908.937 8,800,727 8,476.295
Freight
Seaboard Air Line Railway Co.
933,490 1,054.352
161,740
141,507
Passenger revenue
-Month of May- -Jan. 1 to May 31801,732
882.666
178.847
208,379
All other revenue
1928.
1929.
1928.
1929.
2,474,457 2,249,526 10,616,884 10,332,380
Total revenues
1.424,580 1,445.644 Total operating revenues_ ___ 5,142,429 4,752,977 27,186.838 25,682,823
368,520
Maint. of way & struc. exps_ 357.894
3,607,445 3,544,021 19,355,991 18,816,356
481,862 2,273,738 2,300,362 Total operating expenses-456,344
Maintenance of equipment
216,948
219,156
43,649
48,324
Traffic expenses
1,534,984 1,226.956 7,830,847 6,866.386
3,933,167
Net revenue
772.599 3,936.281
Transportation expanses__- 776,611
321,494 1,705,341 1,606,938
361,891 Taxes & uncoil, railway revs. 326,730
358.188
73.414
77,628
General expenses
905,463 6,125,506 5.259,458
1,208,254
Operating income
1,716.803 1.740,045 8.211,945 8,258.014
Total expenses
Equip. & joint facility rents,
548,646
940,755
28,099
118,642
-Dr
net
509,480 2,404,938 2,074,366
757,654
Net railway revenues
654,373
770,980
141,505
Taxes & uncollec. ry. rev_ _ - _ 163,516
877,363 5,184,751 4,710,813
Net railway oper. income.- 1.089.611
649,390
465,681
206,857
78,913
Other income
367.974 1.633,957 1,419,993
594,137
Net after taxes-Cr
1,168,524 1,084,221 5,650,433 5,460,205
5,478 Gross income
3.798
3,122
10.448
-Dr
Hire of equipment
49.711 Int. & oth.fixed chgs.(excl.
53,898
12,468
17,006
Rentals of terminals-Dr.._ _
932,893 4.641,888 4.702,684
ofint,on adjust. bonds).. 927,561
352,383 1,576,260 1,364.803
566,682
Net after rents--Cr
757,520
151,326 1,008,545
240,962
128.401
Balance
267,877
21,259
35.819
-Net Cr
Other income
418.216 2,046,384 2,057,706
-Dr--- 418,204
int. on funded debt
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
+184.297
Net income
-44.573 -202,245 -564,501
Missouri-Kansas-Texas Lines.
-Month of May- -Jan. 1 to May 311928.
1929.
1928.
1929.
$
oper. (average)...__..3,188.57 3,188.54 3,188.57 3,188.54
Mileage
4.303,901 4,288,351 21,983,330 21,090,893
Operating revenues
3,273,063 3,082,749 15,752,695 14,919,793
Operating expenses
888,577 4.293.484 4,490,729
684,686
Availablefor interest
465,162 2,148,366 2,428,558
chgs.incl. adjust. bonds- 424,871
Int.
mg
423,414 2,145,118 2,062,171
259,814
Net income
Missouri Pacific Railroad Co.
-Month of May
1928.
1929.
10.913,252
Operating revenues
8,578.354
Operating expenses
open income__ - 1.423,353
Net railway
2,071,853
Gross income
491.958
Net corporate income
The New York New
Grass earnings
Net from railroad
Net after taxes
Net after rents
Fixed charges
Net after charges
Surplus
Jan. 1 to May 31.
1928.
1929.
10,099,628 54,506,110 51,368,360
7,999,316 41,651.796 39,901.338
1,313.901 8,009.157 7,284,130
1,652.010 10.215,267 8,796.858
340.384 3,145,513 2.266,360
Haven & Hartford Railroad Co.
-Month of May1928.
1929.
$
$
12,027,078 11,715,815
3,741,634 3,202,971
3.059.307 2,662,807
2,527,197 2,071,473
980.587 1,080,039
991,434
1,546,610
631,674
1.178,523
-Jan. 1 to May 311928.
1929.
$
i
55,524,694 54.271,204
17,470,640 14,416,738
13,907,100 11,326,637
11.358,188 8,678,403
5.011,443 5,605,082
6,346,745 3,073,321
4.526,733 1,281,771
-San Francisco Ry. Co.
St. Louis
Operated mileage
(Including Subsidiary Lines.)
-Month of May- -Jan. 1 to May 311928.
1929.
1928.
1929.
$
5,550
5,819
5,562
5,819
5.584,475 5,319.427 26,988,526 26,055,794
996,301 4,387,858 4.778,331
900,671
586,508 3.239,927 2,577,324
1,080.978
Total operating revenue--- 7,566,125 6,902,237 34.616,312 33,411,450
942,314 4.629,408 4,058,171
Maint. of way & structures.-- 1.082,609
Maintenance of equipment _ - 1.713.801 1,406,935 6,980,633 6,805,922
Transportation expenses.... _ _ 2,460.047 2.445,237 11,965.656 11,854,568
328.177 1,780,947 1,563.184
341.018
Other expenses
Freight revenue
Passenger revenue
Other revenue
Total operating expenses_ _ 5.597,477 5.122,664 25,356,646 24,281,870
Net railway oper.income_ - 1.585,737 1.427.816 7,451.824 7,343,300
Balance available for interest 1,722,321 2,010,351 8.148,386 9,044,157
360856 2.921,675 1,769.554
674.792
Surplus after all charges
Southern Pacific Lines
-Month of May- -Jan. 1 to May 311928.
1929.
1928.
1929.
13,562
13,614
13.634
13,618
Av e. miles of road operated.
evenues19,339,035 18,468,260 91.544,588 84,236,220
Freight
4.105,888 4,016.542 20,227.555 20,086.809
Passenger
374,843 2,363,928 1,793,710
684,887
Mall
764,654 3,193,144 2,817,314
841,917
Express
707,470 3,583,971 3,486,278
578,106
All other transportation
562.057 3,156,292 2,816,771
611,106
Incidental
134,433
147.899
24,840
27,412
Joint facilty-Cr
Dr115,688 Dr119,537 Dr582,992 Dr592,311
Joint facility
Ry. operating revenues_ -26,072,667 24,806,829 123634.383 114797,863
Expenses15,824,429
Maint. of way & structures- 3,275,560 3,483,643 16,092.215 21,353,219
Maintenance of equipment 4,807,487 4,392,761 22,772,998 3,130,328
638,628 3,160,447
669,227
Traffic
8,569.011 8.627.547 42.081,551 41,020.041
Transportation
415,617 2,219,054 1.946,800
456,701
Miscellaneous
924,689 4,792.450 4,844,089
982,488
General
Transportation for invest__ _ Cr107,834 Cr103,560 Cr546,627 Cr555,556
Ry. operating expenses....-18,652,643 18,370,769 90,572.089 87,581.209
Income
Net rev,from ry. operations- 7,420,024 6,436.051 33,062.294 27,216,654
1,886,932 1,510,853 8,955,794 8,164,176
Railway tax accruals
30,182
40,243
4,896
6,766
Uncollectible ry. revenues.... _
614,969 3,009.841 2,380,460
616,243
Equipment rents (net)
7,626 Cr268,462
7,942
17.339
Joint facility rent (net)
Net ry. operating income 4.892,741 4,297,390 21,048,788 16.910,299
Union Pacific System.
Freight
Passenger
Mail
Express
All other transportation
Incidental
-Month of May- -Jan. 1 to May 311928.
1929.
1928.
1929.
$
$
•
$
$
13,087,185 12,893,697 64,631,036 61,171,057
2,249,361 2,170,031 9,926,220 9,790,689
354,674 2,139,722 1,783.548
411,706
375.108 1,440,354 1,413.975
375,675
418.303 1,894,868 1,919,385
423,407
345,157 1,510,699 1,476,241
360,973
Railway oper. revenues.-16,908.305 16.556,970 81,542,899 77,554.895
Operating Expenses
Meta. of way & structures... 2.989,152 2,988,137 11,610,054 11,660.547
Maintenance of equipment.... 3,241,963 3.309,345 15,858,850 15.933,200
490,435 2.022.091 1,951,287
511,243
Traffic
4,793.102 4,805.459 24,675,743 23,516,175
Transportation
384,502 1,663,525 1.602.248
413,974
Miscellaneous operations_
697,796 3,442,358 3,371,971
710,199
General
9,081
2,230
3,006
Trans. for invest.-Cr
Railway oper. expenses-12,659,633 12,672,668 59.270,391 58,026,347
Income Items
4,248.672 3,884,302 22.272,508 19,528,548
Net rev,from ry. oper
1,348,536 1,293,242 6,734,651 6,373,460
Railway tax accruals
3,519
5,564
Cr.16
1,452
Uncollectible ry. revenue_
2,501,076 15,5.12,293 13,151,560
2,808.684
Railway oper. income
507.720 1,693,613 2,323,150
377.808
Equipment rents, net
419,719
378.983
80,274
81,742
Jc4nt facility rents
10,408,700
Net railway oper. income_ 2,439,134 2,003,082 13,459,697
9.785
9,857
9,784
9.857
AVE?. nines of road operated_
74.82%
72.69%
76.54%
Ratio of exps. to revenues_ _ _ 74.87%
JUNE
29 19291
FINANCIAL CHRONICLE
Texas & Pacific RR. Co.
Operating revenues
Operating expenses
Net railway oper. income
Gross income
Net corporate income
4313
Central Illinois Light Co.
-Month of MayJan. 1 to May 31.
1929.
1928.
1929.
1928.
S
$
i
S
3,914,503 4,463,432 19.122,055 20,329,388
2,778,686 2,826,944 13,449,344 13,755,690
667,023 1,058,147 3,295,264 4,117.107
794.593 1,095,911 3,663,969 4,342,048
469,700
855,582 2,231,912 3,158,825
(Subsidiary of Commonwealth Power Corp.)
-Month of May- 12 Mos. End. May 31.
1929.
1928.
1929.
1928.
$
$
Gross earnings
4117,586
37%,326 4.902,154 4.538,556
Operating expenses, including taxes and maintenance_ 243,265
231,608 2,882.524 2.729,585
Gross income
164,321
Fixed charges
-Month of May- -Jan. 1 to May 31Net income
1929.
1928.
1929.
1928.
Dividends on preferred stock
$
$
$
$
Provision for retirement reserve
6,464,191 5,800.211 30,829,915 28,077,506
4,979,024 4,463,932 22,817,778 21,357.219
Balance
893,427
777,932 4,921,037 3,895.237
1,049,618
907,343 5,667,888 4,542,766
Wabash Railway Co.
Operating revenues
Operating expenses
Net railway oper.inc
Gross income
Net corporate income
426,975
309,709 2,593.110 1.654,365
Western Maryland Railway Co.
144,717 2,019,629 1,808.970
361.723
373.978
1.657,905 1.434,992
406,606
411,149
312.300
276.800
938,999
747,042 •
Consolidated Gas Utilities Co.
(And Subsidiaries)
-Month of May- 12 Mos. End. May 31.
1929.
1928.
1929.
1928.
S
S
S
$
Gross earnings-all sources.. 275,289
240,500 1,609,740 1,339.587
Oper. expenses and gen. taxes 140,323
730,418
146,923
763,080
-Month of Mao- -Jan. 1 to May 311929.
1928.
1929.
1928.
$
IS
$
$
Operating revenues
1,545.016 1.509,126 7,480,000 7,723,771
Total operating expenses_ _ _ 1,086,317 1,066,532 5,203.473 5,400,528
Net earnings
134,965
93,577
879.322
576.507
Interest on funded debt
78,049
391,762
49,803
250,982
Net operating revenue458,699
442,594 2,276,527 2.323,243
Taxes
80,000
85,000
400.000
425,000
Balance avail, for reserves,
Fed,taxes and dividends
56,915
487.559
43,774
325,524
Operating income
378.699
357.594 1,876,527 1.898.243 Div. requir. on class A stock_
23,697
118.488
Equipment rents
54,189
295,732
27,950
201,067
Joint facility rents-Net__ -- -17,215 --15,216 -86,236 -79,782
Net ry. operating income.._ 416,673
370,328 2,086,023 2,019,528
Consumers Power Co.
Other income
10,792
7.672
74,689
55,033
(Subsidiary of Commonwealth Power Corp.)
Gross income
426.465
378,000 2,160,712 2,074,561
-Month of May- 12 Mos. End. May 31.
Fixed charges
248,380
251.838 1,245,025 1,262,162
1929.
1928.
1929.
1928.
Net income
178.085
126.162
915.687
812.399 Gross earnings
2.797,827 2,4,306 32.151,667 28.094,453
23
Oper. exp., incl. taxes &
maintenance
1.408,207 1,231,041 15,840,520 14,316,891
Wisconsin Central Railway Co.
-Month of May- -Jan. 1 to May 31Gross income
1,389.619 1,192,264 16,311.146 13,777,562
1929.
1928.
1929.
1928.
Fixed charges
2,877,513 2,619,371
$
S
Freight revenues
1.596,071 1,372,320 6.242,897 6.076.310
Net income
13,433,633 11.158.190
Passenger revenue
147,908
147,855
757,596
798,375 Dividends on preferred stock
3,643,281 3,442,147
All other revenue
144,971
118,014
512.546
479.648 Provision for retirement reserve
2,125,000 1,779.333
Total revenue
1,888.951 1,638,191 7,513.040 7,354.335
Balance
7,665,351 5,936,709
Maint. of way & struc. exp.. 212,775
296,509
936,285 1,040.895
Maint. of equip. expenses
311.665
304,875 1,407.418 1.439,144
Traffic expenses
37,754
34,157
168,009
165,800
Transportation expenses_ 663,957
669,410 3.251.317 3.334.752
Dallas Power & Light Co.
General expenses
64.457
64,174
303,223
307,818
(Electric Power 8: Light Corp. Subsidiary)
Total expenses
1,290.611 1,369,128 6,066,254 6,288,411
-Month of May- 12 Mos. End. May 31
Net railway revenue
598,340
269,062 1,446,785 1.065,923
1929.
1928.
1929.
1928.
Taxes & uncollec. revenues_
92,944
79,846
409,385
404.492
$
$
$
Gross earnings from operation 410,409
362,320 4,947,586 4.531.765
rev, after taxes--Cr_ 505,395
Net
189,216 1,037,400
184.227 2.245,220 2.255.562
661,430 Operating expenses & taxes__ 205,596
Hire of equipment
-Dr
54,177
53,260
287,792
298,096
Rental of terminals-Dr...._
52.407
Net earns, from operation_ 204.813
49,478
267,592
178.093 2.702,366 2.276.203
257.951
Other income
13,057
88,933
1.069
27.040
Net after rents-Cr
398,811
88,477
482,015
105,382
Other income (net)
26,081
Total income
t29,316 -127,318
217.870
179.162 2,791,299 2,303.243
58,477
Int. on funded debt-Dr....
176,632
Interest on bonds
173.430
862,680
58,125
844,866
697,500
58,125
697.500
Other interest and deductions
19,764
1,518
25.282
969
Net income
t196,097 -57.635 -507.983 --797,961
Balance
158.776
119.519 2.074,035 1,580,461
245.000
245.000
Electric Railway and Other Public Utility Earnings. Dividends on preferred stock
-Below we give the returns of ELECTRIC railway and
Balance
1,829,035 1,335,461
a
s
other public utility companies making monthly returns which
have reported this week:
Eastern Massachusetts Street Railway Co.
-Month of May- -Jan. 1 to May 311929.
1928.
1929.
1928.
Alabama Power Co.
Gross earnings from operations
Operating expenses, Incl. taxes and maintenance
Net earnings from operations
Other income
Total income
Interest on funded debt
Month of 12Mos.End.
May.
may 31.
S
S
1,524.391 17,550.076
522,667 6,477,368
1,001,724 11,072.708
75,854 1,084.592
1,077,578 12.157.300
3.982,848
Balance
Other deductions
8,174,452
433,374
Balance
Dividends on preferred stock
7.741.078
1.871.146
Balance for reserves, retirements, &c
Railway operating revenues_
Railway operating expenses.
720,540
460.195
731.743 3.752,014 3,919,918
514,013 2.265.664 2.392,562
260,345
31.258
217,730 1,486.350 1,527.356
168,923
152,425
18,556
Other income
229,087
17,471
199,174 1.317,427 1.374,930
16,586
89,743
94,999
Gross corporate income
Int. on fund. debt,rents, &c_
246,558
91,804
215,760 1,407,170 1,469.929
461,594
98.031
491.311
Avail,for deprec., divs., &c
Deprec.,equal.,deretirem'ts_
154.754
74.093
117,729
41,684
945.576
477,026
978,619
487.614
Net corp. bal. to P. & L
80.661
76,045
468,551
491,005
Taxes
5,869,932
American Water Works and Electric Co., Inc.
Illinois Power Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of May- 12 Mos. End. May 31.
-Month of May- 12 Mos. End. May 31
1929.
1928.
1929.
1928.
1929.
1928.
1929.
1928.
$
$
$
$
Gross earnings
$
4,369.930 4,156,844 52,007,417 49,600,816 Gross earnings
218,711
Oper. exp., maint. & taxes 2,215.739 2,145,513 26,270,525
191.800 2,819.609 2,660.463
26.143.416 Operating expenses,including
taxes and maintenance_ --. 150,096
Gross income
138,539 1.803,344 1,799,346
2,154.190 2,011,331 25,736,891 23.457.400
Less: Int. & amortization of
Gross income
68,615
discount of subsidiaries53,260 1,016,265
861,116
8,014,106 8,404,939 Fixed charges
Preferred dividends ofsubs.
382,536
396.961
5,151,602 4,921,658
Minority interests
30,029
43.845
Net income
633,729
464,155
Dividends on preferred stock
230,898
225.132
13,195.738 13.370.442 Provision for retirement reserve
150,000
150,000
Balance
12.541,153 10,086,957
Balance
Int. & amort. of disc. of Am
252,831
89,022
W. W.& Electric Co., Inc
1,310.722 1,265,483
Balance
11,230.431 87821,474
Kansas City Power & Light Co.
Res.for renewals,retirements
& depletion
-Month of May- -Jan. 1 to May 304.283,362 3,906,286
1929.
1928.
1929.
1928.
Net income
6,947.068 4,915.187
$
$
$
$
Gross earnings (all sources)_- 1,190.332 1.072.021 14,162,195 13,229,181
Oper. exps. (incl, mainten'ce,
Atlantic, Gulf & West Indies Steamship Lines
general & income taxes)___ 611,466
561.303 7,237,553 6.777.449
(And Subsidiary Steamship Companies).
Net earnings
578.865
510.718 6,924,641 6,451,732
-Month of April- 4 Mos. Ended Apr. 30 Interest charges
101,751
105,772 1.172,497 1.334,763
129.
1928.
1929.
1928.
$
$
$
Balance
3
477,114
404.946 5,752,143 5.116,955
Operating revenues
2,764,647 2,838,223 12,519,860 11.867.342 Amort. of disc. & prams_
15,429
15,429
185,149
185.143
Net revenue from operation
incl. depreciation
355,437
267,418 2,162,380 1,353,636
Balance
461,685
389.517 5,566.993 4,931,824
Gross income
451,242
336,527 2,520,743 1.631.797 Dividends 1st pref.stock20.000
20.000
240.000
782,767
Interest, rents & taxes
209,396
206,231
855,552
849.846
Surplus earns, avail, for
Net income
241,846
130,295 1,665,190
deprec.& COM.stk. dive_ 441,685
-781.951
369.517 5,326,993 4,149,057
[VoL. 128.
FINANCIAL CHRONICLE
4314
New Bedford Gas & Edison Light Co.
Interborough Rapid Transit Co.
-Month of May- 12 Mos. End. May 31
1928.
1929.
1928.
1929.
Gross rev, from all sources... 6,261,572 5,917,125 64,009,736 61,886.727
Expenditures for oper. and
maintaing the property.... 3,556,701 3,405,545 38,891,861 36,121,959
2,704.870 2.511.624 25,117.875 25,764.767
Taxes payable to city. State
and the United States__
192,693
233,392 2,204,008 2,992,033
-Month of
1929.
$
398,418
Gross revenues
237,902
Operating expenses & taxes
Gross income
Interest and amortization.-Depreciation
117,787
Net income
2.512,177 2.278,232 22,913,866 22,772,723
Available for charges
Rentals payable to city for
original subways
Rentals payable as interest on
Manhattan Ry. bonds.Div. rental at 7% on Manh.
Ity. stock not assenting to
"Plan of Readjustment
Miscellaneous rentals
Rent.contr. No.3(tentative)
222,450
221,800 2,435,163 2.436.183
1,657,653
150.686
25,380
20,786
69,685
488,988
25,127
279,189
268,051
69,685
261,910
422,994 4,709,643 4,634,836
2.023,188 1.855,237 18,204,223 18,137,887
Int, payable for use of borrowed money and stnkino
fund re-ulrementsInterest on I. R. T.:
First mortgage 5% bonds_
79 secured notes
6% ten-year notes
Int. on equip, trust certifs..Sinking fund on I. R. T. 1st
mortgage bonds
Other items
160,515
19,668
23,060
126,317 1.820,525 1,743,568
258,005
236,551
19,907
379,521
334,804
27,956
78,454
1.249,169 1,106,041
The Ohio Edison Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of May- 12 Mos. End. May 31
1928.
1929.
1928.
1929.
3
3
3
3
160,063 2,220,664 1,983,906
Gross earnings
180,227
87,242 1,064,806 1,069,052
91,439
Oper.exp.,incl. taxes St maint
Net income
744,961
154,181
134,250
649.387
72,821
914,854
169,892
163,457
155.000
88,787
1,155,857
188,011
967.845
Gross income
Fixed charges
456,530
Dividends on preferred stock
Provision for retirement reserve
Balance
699,407
192,345
48,552
2,850
190,973
12,058
693,883 7,676,803 7,615,367
194,307 2,121,343 2,144,860
518,826
530,087
47,485
127,437
57,375
8,137
194,934 2,126.479 2,158,312
72.891
84.894
6,854
1,146.187 1,145,602 12,596,982 12,637,695
Balance before deducting
700.635 5,607,241 5,500,192
877,001
5% Manh. Div. rental
Div. rental at 5% on Maah,
guarantee stock
modified
2,560,579
231.870
(payable if earned)
Bal. after deducting 5%
Mann. Div. rental (subj.
477,764 3,056,661 2,949,612
to readj.) (See note.)._ 645,130
-The above stated results from the subway and also from the
Note.
on the basis of the preferential deficits as computed
system operations are
by the company and are, consequently, considered to be only preliminary
and tentative because they are subject to such readjustment as may be
necessitated by the final adjudication of objections made by the Transit
Commission to certain items in theacconnting under the contract with the
city. Such adjudication may show that a portion of the "balance" on the
subway is payable to the city, with a corresponding change in that balance
on the system.
Louisiana Power & Light Co.
-12 Mos. End. May 31
-Month of May
1928.
1929.
1928.
1929.
3
266,353 4,415,533 3,118,449
Gross earnings from operation 394.768
160,150 2,289.823 1.780,678
Operating expenses & taxes__ 219,403
Net earns,from operation_
Other income
175.365
12.399
Total income
Interest on bonds
Other interest and deductions
187.764
52,083
7.718
127.336 2,267,273
504,996
33,333
249,313
19,888
Balance
Dividends on preferred stock
127,963
74,115 1,512,964
238.333
The Pittsburgh & West Virginia Ry. Co.
-Month of
1929.
S
Railway operating revenues. 441.230
Railway operating expenses- 249,578
191,652
149,403 1,020,379
718,403
233.562
4,701
164,830
3,921
1,109,996
37,623
780,607
58,976
Gross income
Deductions from gross inc.-
:
231 nt
2
1
1,147,619
117,668
839,583
119,260
145,510 1,029,951
720,323
215,038
Net income
Public Service Corporation of New Jersey.
-Month of May- 12 Mos. End. May 31.
1928.
1929.
1928.
1929.
11,530.577 9,914,752180,061,763119,220,663
Gross earnings
Oper. exp., maint., taxes &
7.923,815 7,360,485 90,941,828 85,316,388
depreciation
Net income from oper---. 3,606,761 2,554.266 39,127,935 33.904,274
62,802 2,398,239 1,417,161
56,534
Other net income
Total
Income deductions
Balance for diva. & surp
Mississippi Power & Light Co.
-Month of
1929.
$
Gross earnings from operation 286.443
Operating expenses & taxes-. 195,680
May- 12 Mos. End. May 31
1928.
1929.
1928.
$
229,496 3.515,122 2,771.970
162.967 2,320,411 1,780.357
Net earns,from operation_
Other income
90,763
12.814
66,529 1,194,711
153,672
7.983
Total income
Interest on bonds
Other interest and deductions
103,577
37,500
23,638
42,439
991,613
74,512 1,348,383
37,500
450,000
8,165
196,696
•
Balance
Dividends on preferred stock
28,847
702.687
150,000
552.687
Balance
3,663,296 2,617,069 41,526,174 35.321,436
1,334,647 1.404,962 15,845,018 18,454.330
2,328,748 1,212,107 25,681,156 16,867,105
Railway Express Agency.
-Month of March- 3 Mos. End. Mar. 31
1928.
1929.
1928.
1929.
$
$
$
$
Revenues23.832,065 65,743,101 63,758,638
24,641.163
Express domestic
2,546
2,632
869
887
Miscellaneous
Charges for transportation -.24,642,051 23.832,934 65.745,733 63,761.184
13.306.128 12.101,414 31,860,436 29.438,344
-Dr
Express privileges
Revenue from transport'n - _11,335,923 11,731420 33.884,207 34,322.840
837,817
818,823
297,042
Oper. other than transp'n_ 285.476
1,274,631
Balance
Nevada-California Electric Corp.
(And Subsidiary Co..)
- 12 Mos, End. May 31.
-Month of May
1928.
1929.
1928.
1929.
Total oper. revenues
ExpenseMaintenance
Traffic
Transportation
General
11.621,399 12,028.663 34,704,120 35.160,657
726.822 2.157,773 2,080,781
687.285
60,565
59,213
20.703
20.961
10,055.971 10,398,340 29.877,202 30,331,211
620.113 1,855,403 1,904,857
625,654
11.389.873 11,765,979 33,949,593 34,377.416
Operating expenses
783.240
754,527
262,583
231.526
Net operating revenue
4,964
5.657
1,845
2,333
Uncollect. rev, from transp._
503,005
466,136
162.222
139,274
Express taxes
282,734
275.270
98.516
89.919
Operating income
Southern Canada Power Co., Ltd.
-Month of May- 8 Mos. End. May 31.
19 8.
1929.
1928.
1929.
8
S
S
148.781 1,408,316 1,189,225
170,811
earnings
Gross
388.635
480.790
49,766
64.010
Operating expenses
Net earnings
106,771
509,428
205,046
01,550 5,418,981 5,367,322
247.750 2,495.895 2,339,864
Operating profits
-operating earnings (net)
Non
304.381
9,840
323,800 2,963.086 3,027,457
75,195
145,372
6,283
Total Income
Interest
314,221
123,844
330,084 3,108,458 3.102,653
123,309 1.473,565 1,419,151
Balance
Depreciation
190,377
58,578
206,775 1,634,892 1,683,502
592,181
624,874
54,878
Balance
Disc.& exp. on securities sold
(net Cr.)
MiscLadd.St deduct.
131,799
8,350
2,497
151,897 1,010,018 1,091,821
Net income
94,845
97,583
7,949
427 Dividends on preferred stock
63.705
-4,040
Provision for retirement reserve
Sur? avan. for redemption
o bonds, dividends,
125,946
139,907
976,141
May- -Jan. 1 to May 31.1928.
1929.
1928.
S
S
S
305 2,158,591 1,699,790
351.
981,386
201,902 1.138.212
Net rev, from ry. oper.....
Net ry. oper. inc. (net after
rentals)
Non-operating income
106,203 2,125,710 1,337,771
141.568
21,133
Gross operating earnings....
Oper.St gen.exp.& taxes _--
May- 12 Mos. End, May 31
1928.
1929.
1928.
8
8
8
324,292 4,487,682 4,319,420
197,974 2,667,156 2,575,851
996,904
99,015
927.626
800,590
Southern Indiana Gas & Electtic Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of May- 12 Mos, End. May 31
1928.
1929.
1928.
1929.
3
3•
$
it
252,472 3,287.802 3.071,177
283,121
Gross earnings
139,517 1.900.325 1.741,364
Oper. exp.,incl. taxes & maint 159,085
124,056
Gross income
Fixed charges
112,955
1,387.477
300,322
1,087,154 1,001,529
371,671
395,964
228,018
248.333
442,857
Balance
1,329,813
328,283
401.840
New York Westchester & Boston Railway Co.
The Tennessee Electric Power Co.
-Month of May- 5 Mos. End. May 31.
1928.
1929.
1928.
1929.
3
936,536
990,151
207,340
Railway operating revenue.. 223,109
619.369
627,037
132,681
operating expenses. 121.623
Railway
(And Subsidiary Companies).
(Subsidiary of Commonwealth Power Corp.)
-Month of May- 12 Mos. End. May 31.
1928.
1929.
1928.
1929.
$
S
S
8
13.811,266 12,834.132
Gross earnings
1,190,642 1,091,929
548,454 7,050.562 6,971.300
Oper.exp.. incl. taxes eunaint 590.169
317,166
95.319
101.485
23,974
74,658
17,813
363,114
105,629
77,511
897
56,845
1,622
257,484 - 221,847
7,158
3,632
78,409
58,467
261,116
229,005
Deductions: Rent
Bond & equip. tr. ctf. int.
Other deductions
24,417
88.423
102,939
12,939
86,728
98,163
104,637
435,294
518,789
64,699
433,643
495,168
Total deductions
Net income
215,779
137,370
197,832 1,058,722
797,605
139,364
993,512
764,506
-Net operating revenue
Taxes
Operating income
Non-operating income
Gross income
Gross income
Fixed charges (see note)
600,472
Net income
Dividends on first preferred stock
Provision for retirement reserve
543,474 6,760,704 5,862,832
2,147,626 2,186,666
4.613,077 3,676,165
1,336,970 1,304,949
962,964
1,041,364
2,234,742 1.408,251
Balance
preferred
Note.
-Includes dividends on Nashville Railway St Light Co.
stock not owned by the Tennessee Electric Power Co.
JUNE 29 1929.1
FINANCIAL CHRONICLE
Third Avenue Railway System
-Month of May- 12 Mos. End. May 31
1929.
1928.
1929.
1928.
Operating Revenue
'Transportation
Advertising
Rents
Sale of power
1.349.615 1.320,941 13.885,727 13,840,774
12,500
12,500
137,500
137,500
24.855
19,230
246,881
231.843
552
631
6,062
7.748
Total operating revenue.-- 1,387,522 1,353.303 14.276,172 14,217,866
Operating Expenses
Maintenance of Way
215,217
308,199 2.236,025 2,232,026
Maintenance of equipment
121,599
127,493 1,302,164 1.329,185
Depreciation
705 Cr105,064 Cr65.193 Cr99,952
Power Supply
80,636
79,637
929.485
903,701
Operation of cars
458.396
445,664 4.853.296 4,778.598
Injuries to persons & property 107.968
112,278 1,147,540 1,177,055
General & miscell. expenses
55.253
53,479
566,398
588,227
Total operating expenses... 1,039,778 1.021,687 10,969.717 10,908,843
Net operating revenue
347,744
331,615 3,306,455 3.309.023
Taxes
88.035
95,949
987.798 1.018.143
Operating income
259,708
235,666 2,318.656 2,290,880
Interest revenue
18,989
17.132
287,288
185,519
Gross income
278,698
252.799 2.525,944 2,476.399
Deductions
Interest on let mtge. bonds
42,756
42,756
470,323
470,323
Int. on let ref. mtge bonds
73.301
73,301
806.318
806,318
Int. on adj. mtge. bonds_
93.900
93,900 1,032,900 1,032.900
Track & terminal privileges
1,387
1,409
15,264
16,451
A(1secII. rent deductions
813
632
7,842
7,579
Amortiz,of debt disc. & exps.
1,474
1,474
16,217
21,217
Sinking fund accruals
2,790
2,790
39.690
60,698
Miscellaneous
28,586 Cr11.824 "404,202
137.985
Int. on series C bonds
2,164
2,164
23,804
23,804
Total deductions
247.146
206.604 2,807,565 2.547.278
Net income
31,551
46,194 --281,618 --70.870
''
"'to New-
velow‘witamewarat
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
No. of Co.
Stations in
Gross
Service.
Earnings.
April 30.
16,169,656 93,924,819
15,236,061 84,840,985
April 1929
Apr 1928
4 Mos. Ended
April 30 1929_ 16,169,656 370,591,530
April 30 1928
15,236,061 335,207,720
Operating
Expenses.
Operating
Revenues.
Operating
Interne.
63,302,002 30,622,817 22,551,833
54,907,137 29,933,828 22,016.568
245,984,781 124,606,749 92,095,483
218,951,019 116,256,701 84,723,663
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of
railroads, public utility and miscellaneous companies steam
have been published during the preceding month will which
on the first Saturday of each month. This index be given
will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue. of
June 1. The next will appear in that of July 6.
American Car & Foundry Co.
(30th Annual Report-Year Ended April 30 1929.)
The remarks of President W. H. Woodin,
consolidated balance sheet, income account,together with
&c., will be
found on a subsequent page.
4315
charges, adequate allowance for depreciation, Federal income taxes
and
the amount apportioned to minority interests.
For the year ending March 31 1929 regular dividends were paid on
first and second preferred stocks. Earnings for common shares for the
the
year were 81.15 per share.
The company ends the year in sound financial condition.
are in excess of eight times current liabilities. In addition Current assets
to an increase
in its cash of over $1,000,000. the company has acquired during the year
and is holding in its treasury over $1,000.000 of its 20
-year debenture
over and above the current sinking fund requirement. Inventories notes
have
been reduced $1,700,000 and have been conservatively valued, with all
obsolete materials written off.
The organization problems and readjustments resulting from
of the various companies which were apparent during the firstthe merging
year of the
company's operations, with their consequent effect on profits, continued
to evidence themselves during the first half of the fiscal year.
During the last 6 months, however, conditions materially improved,
with the result that profits for that period have markedly increased, to
the extent that ear
for the last quarter exceed 21,500,000 and for
e
the last half year $2,600,000.
Earnings for the corresponding periods of the preceding year were $737.000
and $1,430,000 respectively.
Many economies have been effected in the operations of the sales
administrative departments, and the manufacturing, warehousin and
clerical units have been placed on a more efficient operating basis. g and
Sales for each quarter of the year have shown consistent increases over
corresponding periods of the prior year, and the entire organization is
functioning more smoothly and harmoniously.
While much remains to be done, directors feel that definite progress has
been made during the last year, and view the future with increasing confidence.
The Roll Call of Remington Rand Inc.
-Under this heading the report
states: "Remington Rand Inc. has effected the purpose for which it was
organized, of consolidating under a single management the businesses which
had been built up over a period of many years of the following companies:
Remington Typewriter Co.
American Kardex Co.
Library Bureau.
Index Visible, Inc.
Baker-Vawter Co.
Powers Accounting Machine Corp.
Rand Co.
Accounting az Tabulating Machine Corp.
Dalton Adding Machine Co.
Remington Accounting Machine Corp.
Kalamazoo Loose Leaf Binder Co.
Remington-Noiseless Typewriter Corp.
Safe-Cabinet Co.
Lineatime Manufacturing Co., Inc.
Our usual comparative income account was published
in V. 128, p. 4018.
CONSOLIDATED BALANCE SHEET MARCH 31 (INCL SUB. COS.)
1929.
Assets
Properties
z14,985,185
Cash
4,550,471
Notes receivable- 282,395
Accounts receivable
y15,204,091
Inventories
15,574,098
Rental machines in
service &onhand
at deprec. values 1,599,206
Other assets
b701,139
Deferred charges__ 1,405,373
Good-will, patents, &c
17,818,886
1928.
1929,
1928.
Liabilities$
15.544,006 7% cum. let pref_16,254,500 16,247,830
3,370,609 8% cum.26 pref._ 3,211,590 3,173,525
x141,367 Common stock_ _217,675,591 17,661,518
20-yr. 534% deb__23,411,000 25,000,000
14,660,398 Int. of min. stock17,275,178 holders in cap.&
surp. of sub.cos. 851.652
876,235
Fore drafts pay_
193,939
1,513,275 Accts. payable... 1,053,997 1,623.863
1,184,393 Accrued charges_ 1,540,956 1,166,879
1,619,089 Accr.gen.tax.,kint. 851,522 1,069,498
Divs. payable.... 347,752
362,214
17,818,886 Res. Fed. inc.tax. 450,000
629,651
Sundry reserves.. 2,6S3.299 2,752,219
Initial surplus.... 1,855,606 1,855,606
Earned surplus... 2,053,380
514,821
Total
72,210,847 73,127,799 Total
72,210,847 73,127,799
a Represented by 1,334,043 no-par shares. b Including
Claims Commission, long-term notes receivable, insurance awards of Mixed
fund assets.
z After reserve of 225,000. y After reserve of $1,467,529. z After &c.
depredation of $11,072,474.
-The company is contingently liable for foreign drafts discounted
Note.
in the amount of $468,570.-V. 128. p. 4018.
"Shell" Transport & Trading Co., Ltd.
(Annual Report-Year Ended Dec. 31 1928.)
INCOME ACCOUNT YEAR ENDED DEC. 31
Interest received
Dividends received
Total income
Expenses
1928.
£185,331
5,306,742
1927.
£201.058
5,211,553
1927.
1926.
1925.
E221,453
£317.065
5,182,829 4,542,906
£5,492,073 £5,412.611 £5,404.282 £4,859.971
44,180
42,917
42,770
41.615
Profit
£5,447,893 £5,369,694 £5,361,512 £4,818,356
Prof. dividends (5%)_ 100.000
100,000
100,000
100.000
RESULTS FOR FISCAL YEARS ENDED APRIL 30.
2d prof. diva.(7%)
350,000
350,000
350,000
350.000
0 inary dividends
x1928-29. 4927-28. 4926-27.
4,996,901 4,913,568 4.913,568 4.367,438
x1925-26. .Rate paid
Earnings from all sources
(25%)
(25%)
(25%)
(224%)
after providing for tax $5,665,854 $6,590,956
y Renewals, repairs, &c.. 2,950,679 2,836,401 $7,837,528 $9,274,572
Balance
£992
£6,126 deff2,056
3,244.151
.C918
3,171,674 Brought in
236.612
230,486
232.542
231,624
Net earnings
22.715.174 $3,754.555 34,593,377 $6,102,898
Prof. divs.(7%)
2.100,000 2.100,000 2,100.000 2.100,000 Carried forward
£237,604
/236.612
£230,482
£232,542
Divs. on corn.(12%)
.... 3,600,000 3,600,000
a Com.stk.div.reserve_ _Cr2.984,825 Cr1,945,445 3,600.000 3,600,000
BALANCE SHEET DEC. 31.
AndsBalance
1928.
1927.
1926.
1925.
def$1106,623
8402,898
Previous surplus
40,138,673 40,138,674 41.245,296 40.842.399 Property (shares, &c.)- _ .C26,684,875 £26,843,216 £26,902,728 £23,929.707
Debtors and loans
121,908
137,442
119.383
100,081
Dividends due
Total surplus
5,293,512 4,829.309 4,637,854 4,159,859
240,138.673 340,138,674 $40,138,674 $41,245,29
6 Investments
She. coin. outst.(no par)
x6,627,101
2,748.031
600,000
5,183,088 7,452.312
600,000
600,000
600.000 Fixed dep. with bankers_
Earns. per share on com _
$1.02
50.000
$2.76
$4.16
$6.67 Cash
a tieing common stock dividends paid from reserve applicable
132,131
2,522,492
235,386
560,182
for that
purpose. x Consolidated statement, including company, its
wholly owned
Total
subsidiaries, American Car & Foundry Securities Corp. and
£38,859,530 537,080,492 .C37,078,439 £36,252,141
American Car &
Foundry Export Co. y Incl. renewals, replacements,repairs,
Liabilities
new pattterns, Capital
flasks, &c.
£26,987.607 £26,654,274 £26,654,274 £26,401,644
Reserve, &c
6,354,165 5,000,000 5,000.000 5,000.000
CONSOLIDATED BALANCE SHEET APRIL 30.
Creditors
35,194
35,355
45,331
57,095
Unclaimed dividends,...
1929.
1928.
77,224
69,849
63,946
22.589
1929.
1928.
Prof. dividend accrued._
Assets
25,000
25.000
25,000
25,000
$
2d pref. div. accrued_ _ _ _
Cost of prop'tles 72,422,334 72.421,281 Preferred stock- 30,000,000
145,833
145,833
145,833
145,833
30,000,000 Profit balance
Nlat'l on hand
10,537,910 7,979,167 Common stock_ 30,000,000 30,000,000
5,234.505 5.150,180 5,144,055 4,599,980
Accts. and notes
Accts. pay., &c_
receivable _
Total
18,135,211 14,325,761 Federal taxes__ 10.093,132 8,553,217
£38.859,530 £37,080,492 £37,078,439 £36,252,141
199,565
289,000
Stocks & bonds
Insur. reserve.- 1,500,000 1,500,000
of other comFor gen. overh'd
x The Investments, taken at market price or under on Dec.
panies (at coat
31 1928,
impts.&maint. 212,641
212,642 Include E442,027 Colonial Government railway and municipal stocks.
or less)
6,305,915 7,651.788 Reserve for dive.
£3,941,804 Treasury bonds, £2,205,463 Exchequer bonds, and
E. B. ctfs. of in£37,807
on corn, stock 5,869,720 8,854,555 foreign Government and municipal stocks.
-V. 128. p. 3531.
debtedness &
Res,for employ.
80,276
Liberty bonds 7,474,171 13,886,187 Diva.pay. July 1 1,425,000 1 84,798
,425.000
Cash
4,643,474 4,793.701 Surplus account 40,138,674 40,138,674
Brazilian Traction, Light & Power Co., Ltd.
Total
119.519,018 121,057,886 Total
119,519,018 121,057,886
(16th Annual Report-Year Ended Dec.31 1928).
-v.127,9. 3400.
STATISTICS OF COMBINED COMPANIES FOR CALENDAR YEARS,
Remington Rand Inc. (and Subsidiaries).
1928.
1927.
1926.
1925.
Miles of track
456.31
447.56
427.06
(Annual Report-Year Ended March 311929.)
424.81
Miles run
56,849,653 53,239.125 49,914,442 46,484,275
626,140.322 584,055,133 552,078,727 526,240,551
William F. Merrill, President and James H. Rand Jr., Passengers carried
K. w. hours sold
721,436,512 629.558,995 526,317.699 479,540.943
Chairman, report in brief:
Tot.consumers It. & pow
261,028
230,721
201,620
185,853
Gas sold (cu. meters)..... 96.127,420 91,590,612 81.571,030 71,019,515
The operations of the consolidated companies for the year resulted in
consumers
a
59,577
54,241
49,535
set profit of 22,927.766, after providing for all charges, including interest Gas oftelephones
44,136
No.
in oper.
99,155
86,053
83,677
81,752
1
FINANCIAL CHRONICLE
4316
COMBINED REVENUE STATEMENT OF PARENT CO. (BRAZILIAN
TRAC., LT. & POW. CO.) AND OPERATING SUBSIDIARIES.
1924.
1925.
1927.
1928.
Calendar Years12.31 cis.
Approx. value of mllreis_ 12.06 cts. 11.96 cts. 14.61 cts.
Gross earnings
$42.774,813 $38,319,989 $38,602,891 $31,243,759
24,869,330 22,054,624 21,700,727 17,489.445
Net earnings
38,061
112.993
50,876
145,933
Miscellaneous revenue
Total rev. of subs- -325,015,263 $22,105,500 $21,813,720 $17,527,506
4,391,087
4,084,242
:Bond int. & 0th. chgs
3,801.295 3.889.853
Reserve for depreciation
5,823,622 4,807.980
and sinking funds
6,156.699
6.829.974
Tot, charges of subs-310,631,269 $10.046,552 $9,907,864 $9,199,067
Balance, being gross rev.
of Brazil Trac., Light
& Power Co., Ltd_ - $14,383,994 $12,058,948 $11.905,856 $8,328,439
520,155
372,798
467,293
378,625
Int. on investments, &c_
Total
314.762.619 312.526,241 $12.278.654 $8.848.594
Deduct
-General & legal
293,308
233,257
278,572
341,015
exp. & admin. charges
600,000
600,000
54,392
529.277
Preferred divs. (6%) - x8,013,752(6)6,416.578(5)5,329,211 (4)4,263,266
Common dividends
300,000
300,000
300,000
300,000
Gen. amortiz'n reserves..
$8,709.159 $7,524,427 $6,462,468 $5,456,574
Total deductions
5,816,186 3,392,020
5.001,814
6.053.460
Balance, surplus
x Includes 2 dividends of 1U% each on shares of $100 par value and
2 dividends of 44 cents each on shares of no par value.
Note.
-Above earnings are given in Canadian currency.
CONSOL. BALAIVUE SHEET (CO. AND SUBS. CO.'S), DEC. 31.
[Includes Rio de Janeiro Tramway, Light & Power Co.Ltd.(and its subsidiary, Brazilian Tel. Co), Sao Paulo Tramway, Liglit & Power Co..
Ltd., Sao Paulo Elec. Co., Ltd. and Brazilian Hydr-Elec. Co., Ltd.]
1925.
1927.
1926.
1928.
$
8
Assets-8
$
Properties, Plant & equip., coast.
exp., at cost, incl. int, during
164,169,371 151,179,417 140,701.014 131,803,183
construction, &c
Cost of secur.& adv. to co.'s own.
or control, by sub. co.'s, incl,
premium paid on abs. or sub.
79,709,835 74,654,901 68,942,222 88,266,436
companies acquired
Rights, french., contracts, goodwill, discount on bonds, share
49,494,243 51,011,754 50,811,680 50.803,927
and bond issue expenses
Sinking fund investments
Rio de Janeiro Tramway,Light
dr Pow. Co., Ltd., 1st mtge.
8,364,956 7,674,858 7,017,529 6,389,891
bonds at cost
Sao Paulo Elec. Co., Ltd., 1st
365.962
473,858
588,347
707.100
mtge. bonds
Stores in hand and in transit, incl.
8,093,233 7.722,301 5,874,514 4,396,033
construction material
Sundry debtors de debit balances.. 4,350,818 4,767,957 4,355,734 5,762,628
4,602,365 4,441,607
Invest.(Gov't securities at cost)_ 5,495,368
238,470 3,425.817 3,371,602
8,427,432
Cash in hand and in banks
[VOL. 128.
cars in need of heavy repairs on June 1 totaled 101,059, or 4.5%,a decrease
of 1,110 compared with May 15, while freight cars in need of light repairs
totaled 43.575, or 2%, an increase of 2.127 compared with May 15.
Surplus Freight Cars.
-Class I railroads on June 15 had 249 201 surplus
freight cars in good repair and immediately available for service, the Car
Service Division of the American Railway Association announced June 26.
This was an increase of 6.790 cars compared with June 8, at which time
there were 242.411 cars. Surplus coal cars on June 15 totaled 74,792, an
increase of 4.674 cars within approximately a week while surplus box cars
totaled 126,581, an increase of 2,326 for the same period. Reports also
showed 26.932 surplus stock cars, a decrease of 423 cars over the number
reported on June 8, while surplus refrigerator cars totaled 14,549. an increase of 270 for the same period.
Freight cars on order on June 1 1929. by the railroads of this country
totaled 40,484 compared with 20,712 on the same date last year, according
to reports received June 27 from the carriers by the Car Service Division of
the American Railway Association. On May 1, this year,44,429 freight cars
were on order. Of the freight cars on order June 1 1929, reports showed
17.630 were box cars, an increase of 8,145 compared with the same date
last year. Coal cars for which orders have been placed number 19.111. an
increase of 14,523 compared with the number of such cars on order on
June 1, last year. Reductions, for the most part small, were reported in
the number of refrigerator and other kinds of freight cars on order this
year compared with one year ago, except stock cars which showed a slight
increase.
Locomotives on order on June I, this year, numbered 324 compared with
113 on the same day in 1928. New freight cars placed in service in the first
five months of 1929 totaled 26,041 of which box cars totaled 11,817; coal
cars 8,844; flat cars 1.892; refrigerator cars 2.751 and stock cars 673.
Sixty-four cars of other classes were also installed in service. New locomotives placed in service in the first five months of 1929 totaled 255.
Freight cars or locomotives leased or otherwise acquired are not included
in the above figures.
-Extension.
Allentown Terminal RR.
The company offers to extend its mortgage bonds dated July 10 1889
and maturing July 1 1929, so that they shall mature July 1 1954. If bonds
are deposited with Pennsylvania Co. for Insurances on Lives & Granting
Annuities on or before July 1 the Pennsylvania Co. will purchase at par
the bonds of bondholders who do not wish to accept the extensive offer.
V. 119. p. 1842: V. 128. p. 4150.
Baltimore 8c Ohio RR.-Stock Issue Taken.
Subscriptions to the recent $41,000,000 common stock offering took up
practically the entire issue according to officers of the company. The
offering closed on June 20.
A large proportion of smaller stockholders exercised their rights to the
issue. As was the case with the preceding offering of common stock of the
railroad most of the stock was subscribed for in full although subscribers
had the right to pay $50 immediately and $50 any time until Dec. 2.
New Officials.
-
The following appointments effective June 15 were announced: H. B.
,
Voorhees. formerly General Manager of western lines of B. & 0. at Cincinnati, to succeed F. C. Batchelder resigned as Vice-President and Executive representative at Chicago; C. W. Van Horn,formerly General Superintendent of transportation, Baltimore, to be General Manager of western
linos at Cincinnati. succeeding Mr. Voorhees; D. F. Stevens, formerly
General Superintendent of northwest district at Cleveland, to succeed
Mr. Van Horn; F. B. Mitchell. formerly General Superintendent of southwest district at Cincinnati, to succeed Mr. Stevens; R. B. Mann,formerly
Cincinnati to succeed Mr. Mitchell
328.812,357 297,838,004 286.104,734 275,391,263 Superintendent of transportation at transportation assistant at Pittsburgh.
Total
at Cincinnati; C. 11. Elkins,formerly
to succeed Mr. Mann; John Hewes. Jr.. ormerly Assistant Superintendent
Liabilities
of the Akron division, to succeed Mr. glkins.-V. 128, p. 3996.
Cap. stock-Brazil. Tree.. Light
-Authorized
dc Power Co.,Ltd.
Canadian National Ry.-Additional Bonds Offered.
137,081,950 109,309,200 106,588,300 106,587,900
$190,000,000; issued
-year 5%
784,400 7,279,100 10,000.000 10,000,000 Following the successful sale of $40,000,000 40
Auth.and issued.6% cum.pt.abs
of subsidiary companies
Shares
guaranteed bonds last week through a group headed by
held by Brazilian Trac., Light
5,100
5,400 Dillon, Read & Co., the same banking syndicate is offering
5,100
5,000
& Power Co., Ltd
Rio de Janeiro Tram., LUAU &
all or any part of an additional $20,000,000 issue at 99M
Co., Ltd.
First mtge. 30-yr.5% goldbds_ 25,000,000 25,000,000 25,000,000 25,000,000 and interest, the same as the first loan.
5% 50-yr.mtge.bonds--Wsued,
The offering group includes, in addition to Dillon, Read & Co. as man.C5,266,000($25,627,867).less
agers, the National City Co., Guaranty Company of New York, Bankers
redeemed for sinking fund,
Co. of New York, the Bank of Montreal, Canadian Bank of Commerce,
22,250,945 22,613,817 22,959,377 23,288,496 the Royal Bank of Canada, Dominion Securities Corp., Wood, Gundy &
£693,888 ($3,376,922)
Sao Paulo Tramway, Light &
Co., Inc. and A. E. Ames & Co.. Ltd. The bonds are unconditionally
Power Co., Ltd.
guaranteed by the Canadian Government, with principal and interest
4,276,000 8,000.000 6,000,000 8,000,000 payable in New York in United States gold coin, in Canada in Canadian
5% 1st mtge. debentures
5% Perpetual consol. deb.stock 3,999,996 3,999,996 3,999,996 3,999,996 currency, and in London in pounds sterling.
-5%
Sao Paulo Elec. Co., Ltd.
T 28,
V. 1he successful distribution of the $40,000,000 issue included orders from
a9,733.333 9,733,333 9,733,333 9,733,333 all over thenited S
-year 1st mtge. bonds
50
States and Canada, as well as from abroad. See also
U
Bond, deb. & share warrant cou2,249,987 1,891.971
826,421
1,180,130
pon outstanding
--An issue
Accr. charges on cum. pref.shares
Canadian Pacific Ry.-Equip. Trusts Offered.
1,241,915 1,329,567 1,396,016 1,400,130
& funded debt
5% equipment trust gold certificates is being
Sundry credit. & credit balances_ 8,911,083 8,510,017 7,031.478 7,719,380 of $30,000,000
294,525
276,734
295.716 offered at 994 and interest, yielding about 5.05%, by a
328,447
Insur.funds for injuries & damage
•Provislon for deprec. & renewals
,
the National City Co.and Guaranty
38,554,787 35,454,721 31,961,084 27,952,390 banking group headed by
(bal. aft. meet'g renew,to date)
12,526,845 11,355.121 10,237,743 9,173,090 Co. of New York, and including Bank of Montreal, Royal
Sinking fund reserves
3,560,000 3,260,000 2,960,000 Bank of Canada and Wood, Gundy & Co., Inc.
3,880,000
General amortization reserve
47,934,909 42.662,206. 38,437,934 34,227,690
General reserves
Dated July 1 1929; due July 1 1944. To be issued under Philadelphia
Profit and loss, balance Dec. 31,
be non-callable. Authorized and to be issued.
Bmz.Trac., Lt.& Pr. Co.,Ltd 9,947,367 8,893,907 7,892,094 6,075.908 plan. This issue will $1,000 VP. Dividend warrants payable J. &J,1.
145,412 $30,000,000. Denom.
145,412
145,412
145,412
Subsidiary companies
Principal and dividends payable at agency of the Bank of Montreal in
holder, in
328,812,356 297,838,004 286,104,734 275,391,283 New York. in United States gold coin, or, at the option of the
Total
principal office of the Bank of Montreal, in
•This reserve Includes provision for depreciation and renewals of physical assets Canadian currency at theBank Farmers Trust Co., trustee. Payment of
Montreal, Canada. City
subsidiary companies.
of companies owned or controlled by
Canadian Pacific
In addition there are bonds outstanding of companies owned or controlled by principal and dividends unconditionally guaranteed by
thereon.
the subsidiary companies, equivalent at $8.885,129, on which the yearly interest fly, Co. by endorsement
revenue of the subsidiary Data from Letter of E. W. Beatty, KC., Chairman and President.
charge, amounting to $344,731 is provided out of the
-V. 128, p. 724.
The 530.000,0005% equipment trust gold certificates are to be specifically
companies.
secured by the following new standard railway equipment,costing $44.238,066 delivered: 31 freight and passenger locomotives; 120 sleeping, baggage,
-ton steel sheathed
dining, mail and express and other passenger cars; 7.50080
cars
box cars; 1,411 stone, coal, ore and flat cars; 408 convertible ballast cars;
and miscellaneous service units; 300 freight and express refrigerator
200 steel sheathed automobile cars.
STEAM RAILROADS.
Title to this equipment is to be vested in the trustee and the equipment
-Nearly 6,000 shop workers of the Great Northern will be leased to the railway company.
Rail Wages Increased.
hour. This will
These certificates will not be callable for redemption, but tile equipment
By. have been awarded wage increases of 1 to 5 cents an
-"Wall Street News." June 25. trust agreement under which they are to be issued will provide that an
cost the railroad about $750,000 yearly.
employes of the Southern Sty. amount in United States gold coin equivalent to one-fifteenth of the princi-9,000
Southern Ry. Workers Get raise.
have been awarded pay increases of from 5 cents to 6 cents an hour. The pal amount of the certificates issued under the same agreement will be paid
-"Wall Street News," annually to the trustee, beginning July 11930. to be used, in the discretion
-cent raise 4,400.
-cent raise affects 4,600 and the 5
6
of the railway company, for the purchase of these certificates in the market
June 21.
principal amount thereof, or to
-Locomotives in need of repair on the if obtainable at a price not In excess of the Canada and (or) of the United
Locomotives in Need of Repairs.
the be invested in obligations of the Dominion of
class 1 railroads of this country on June 1 totaled 7.803, or 13.6% of the States of America maturing not later than July 1 1944, or for the purchase
carriers with
number on line, according to reports filed June 24 by the
was a of new standard equipment to be subject to the trust. railway, the main
Car Service Division of the American Railway Association. This 15, at
The company operates directly about 14,822 mile; of
May
decrease of 708 compared with the number in need of repair on of classified lines of which extend from St. John, New Brunswick, to Vancouver, Britwhich time there were 8,511. or 14.8%. Locomotives in need
through majority stock ownership, 5,065
4.241, or 7.4%, a decrease of 435 compared with ish Columbia. It also controls,
repairs on June 1 totaled
miles of railway located principally in the United States, which, together
May 15, while 3,562, or 6.2%. were in need of running repairs, a decrease with other lines worked and lines under construction, makes the total mileof 273 compared with May 15. Class 1 railroads on June 1 had 5,690 age of the system 20.805 miles. In addition, the company operates directly
serviceable locomotives in storage compared with 5,618 on May 15.
from Montreal, Canada, to Liverpool, England.
-Class 1 railroads on June 8 had 242,411 surplus its own steamship lines and Asiatic ports on the Pacific.
Surplus Freight Cars.
and between Vancouver
freight cars in good repair and immediately available for service, the Car
Earnings for Years Ended Dec. 31.
Service Division of the American Railway Association announced June 24.
1927.
1928.
This was an increase of 19.785 cars compared with May 31, at which time Gross
.
3229,102265,592
9.039.297 $201,145,752 $198,025,592
earnings
coal cars on June 8 totaled 70.116, an
there were 222.626 cars. Surplus
177,344,845 161.630,180 153,080.465
Increase of 5.962 cars within approximately a week, while surplus box cars Operating expenses
of 14,331 for the same period. Reports also
totaled 124,255. an increase
351,694.452 $39,515,572 $44,945,127
Net
showed 27.355 surplus stock cars, an increase of 300 cars over the number Other earnings
11.056,271
11,876,560
12,677,684
income
reported on May 31, while surplus refrigerator cars totaled 14,279, a decrease of 448 for the same period.
$51.392,132 $56,001,398
$64,372,136
Total income
-Class 1 railroads on June 1 had 144,634
Freight Cars in Need of Repair.
14,676,359
15,378,867
15,308.698
freight cars in need of repair or 6.5% of the number on line, according to Fixed charges
reports filed by the carriers with the Car Service Division of the American
$36.013.265 $41,325,039
[$49,063,438
Balance after charges
3.82
Railway Association. This was an increase of 1.017 cars over the number
3.34
4.20
reported on May 15, at which time there were 143,617, or 6.5%. Freight Times charges earned
GENERAL INVESTMENT NEWS
JUNE 291929.1
FINANCIAL CHRONICLE
Dividends have been paid on the ordinary stock since 1883 and since 1911
the rate has been 10% per annum. The equity junior to funded debt and
equipment issues is represented by over $117,000,000 of 4% preference stock
and by $300000,000 ordinary stock, together having at present quoted
prices an indicated market value of approximately $770,000,000.
Holders of ordinary stock of record May 2 1929, were given the right to
subscribe at $170 a share for 300,000 additional shares of ordinary stock in
proportion of one share of new for each ten shares held. This right to subscribe expired June 17 1929.
Application will be made to list those certificates on the New York Stock
Exchange.
-V. 128, p. 2800.
-Acquisition.
Castleman River RR.
The I.
-S. C. Commission on June 12 issued a certificate authorizing
John liersker and the Castleman River RR. to acquire and operate a line
of railroad formerly owned by the Castleman Valley RR.,extending from a
point about 4.5 miles south of Jennings, northerly to the MarylandPennsylvania State line. approximately 12.8 miles, all in Garrett County.
Md., and to operate the railroad and properties of the PennsylvaniaCastleman Valley RR., extending from a connection with the Castleman
Valley northerly to a connection with the Baltimore & Ohio RR. at Worth
Junction, approximately 1.2 miles, all in Somerset County, Pa.. by assignment of an existing lease between the Castleman Valley and the Pennsylvania-Castleman Valley.
The report of the Commission says in part:
By our report and certificate in operation of Northern Maryland & Tidewater RR.,821. 0.0.,301. we authorized the Castleman Valley to acquire
and operate the line of the Northern Maryland & Tidewater, which owned
the line of railroad in Garrett County, Md.,described above. The Castlemen Valley operated the line until May 27 1927. when a receiver was appointed by the District Court of the United States for the District of Maryland. Subsequently the line was sold to John liersker individually and as
agent for the majority stockholders of the Castleman Valley, the sale being
ratified by order of the court dated Aug. 1 1928. As Hersker was not prepared to assume operation of the line at that time, he arranged to have the
receiver continue operation. Hersker and his • associates organized the
Castleman River RR. under the laws of Maryland on Oct. 13 1928, and
authority is now sought by him as an individual and on behalf of the new
company to acquire and operate the line. Upon the granting of the anplication herein ilersker will transfer the properties to the Castleman River.
The Pennsylvania-Castleman Valley had been operated by the Castleman
Valley and the receiver under a lease between the carriers for a term of
10,_000 years from Oct. 17 1924, which lease was acquired by Hersker.
The record shows that the properties of the Castleman Valley were sold
to Hersker for 510,884 cash and recelpted bills for all State and county
taxes against the railroad due and unpaid up to the ratification of the sale.
The Castleman River proposes to issue in payment for the properties 3,000
shares of capital stock, consisting of 1,000 shares of common without par
value and 2.000 shares of preferred of the par value of $100 each.
Castleman Valley RR.
-Successor.
Bee Castleman River RR. above.
-V. 123. D. 2891.
Central RR. of New Jer8ey.-2% Extra Dividend.
-
The directors have declared an extra dividend of 2% and the regular
quarterly dividend of2%. The extra dividend is payable July 15 to holders
ofrecord July 5,and the regular dividend Aug. 15 to holders ofrecord Aug.5.
An extra distribution of 2% was also made on Jan. 15 of this year.
-V.128.
p. 3678.
Chesapeake & Ohio Ry.-Listing.The New York Stock Exchange has authorized the listing of an additional
Issue of $30,000,000 common stock (par $100) on notice of payment in full
and official issuance, making the total amount applied for $149,005,900
Proceeds will be used to provide the treasury of the company with funds
for the purpose of acquiring shares of the capital stocks of Pere Marquette
Ry., or for other corporate purposes. Company will presently acquire
226,300 shares of the capital stock of Pere Marquette Ry.(out of a total
.
of 686
20,750 shares outstanding) at an aggregate cost of approximately
$27
,,
319.
Earnings for 3 Months Ended March 31 1929.
Operating revenues
531.332,792
Operating expenses
21,240,727
Revenue and expenses
$10,092,064
Taxes
2,082,131
Uncollectible railway revenues
1,426
Railway operating income
$8.008,508
Hire of equipment
-credit balance
861.038
Rent for use of joint tracks, yards & terminal facilities (net)- 273,223
Net income from transportation operations
$8,596,323
Inc.from invest. & sources other than transpor. operations
596.192
Total income
$9,192,515
Interest on funded debt
2,234,048
Miscellaneous rents
105,263
Miscellaneous charges
34,157
4317
Chicago Rock Island & Pacific Ry.-New Line.
-
The new line between Liberal, Kan. and Amarillo, Tex., will be in operation July 15. The line is 153 miles long and cost about 59.000,000 to build.
Equipment Trust Issue.
The company has applied to the I.
-S. C. Commission for authority to
guarantee $9,450,000 of 43 % equipment trust certificates, to be used in
the acquisition of new equipment to the amount costing $12,618,101.14.
It is proposed to solicit bids from various bankers and dealers in railway
equipment trust obligations.
-V. 128, p. 2796.
,
5
Cleveland Cincinnati Chicago & St. Louis Ry.To Pay Bonds.
The refunding and improvement mortgage 6% bonds. series A. maturing
July 1 1929, will be paid on and after that date at the office of the company,
466 Lexington Ave., New York City.
-V. 128, p. 4150.
Colorado RR.
-Construction of Extension.
-
The I.
-S. C. Commission, June 14, issued a certificate authorizing the
Colorado RR. to construct an extension of its line of railroad in Lorimer
County, Colo.
The proposed acquisition of control of the company by lease of said
extension by the Colorado & Southern Railway was denied by the Commission without prejudice.
The Colorado RR. organized in Colorado, July 6 1906, is a subsidiary of
the Colorado & Southern Railway.
Delaware Lackawanna & Western RR.-Electrification.Details of the forthcoming electrification of the road are announced by
Public Service Electric St Gas Co. as follows:
The contract entered into with Public Service provides for the supply
for 2() years of all the power used by the company between Hoboken and
Maplewood, while the Jersey Central Power & Light Co. and the New
Jersey Power & Light Co. will supply the requirements beyond Maplewood.
Public Service will furnish alternating current electricity from its Marion
'power station over three cables to a substation to be built by the railroad
company at Bergen Junction, Jersey City; and from its recently constructed
West Orange switching station over two cables to a substation to be
near the Roseville Ave. station in Newark. In these sub-stationsbuilt
the
railroad company will use mercury-arc rectifiers to convert the electricity
to direct current for the supply to its overhead trolley system.
The company's engineers estimate that the power requirements to be
supplied by Public Service will be about 15.000 kilowatts of demand and
that during the year 35,000,000 kilowatt hours of electrical energy will be
used. The present plans are for electrification of the Morris and Essex
division from Hoboken to Dover by way of Morristown; the Montclair
Branch from Roseville Ave. to Montclair and the Passaic and Delaware
Branch from Summit to Gladstone. The contract also includes light and
power for the company's stations and shops and for the large terminal warehouse now being constructed at the Hoboken Terminal.
-17. 128. p. 2449.
Detroit Toledo 8c Ironton RR.
-Sale-Pennsylvania
RR. Reported as Purchaser.
C. D. Barney Ss Co., it was reported June 27, have purchased on behalf
of an undisclosed principal the stock of the Detroit Toledo & Ironton RR,
heretofore owned by Henry Ford and members of his family.
While officials of the Pennsylvania RR. declined to comment on the
foregoing, Press reports stated that the purchase was made in its behalf.
-V. 128. P. 3997.
DuluthMissabe & Northern Ry.-Bonds Called.
The company has called for redemption July 1 $455,000 gen. mtge.
gold bonds, due Jan. 1 1941, at 105 and int. Payment will be made at5%
the
New York Trust Co.. trustee, 100 Broadway,N.Y.city.
--.V. 128,P.3180.
Erie RR.
-Resumes Dividends On Preferred Stock.
-The
directors have declared two semi-annual divs. of $2 each on
the outstanding $47,904,400 4% 1st pref.stock($100 par) and
on the outstanding $16,000,000 4% 2nd pref. stock ($100
par), the first payable July 31 to holders of record July 15
and the second Dec. 31 to holders of record Dec. 16. The
last payment on both stocks was a semi-annual dividend of
2% paid in Feb. 1907 and April 1907 respectively.
-V. 128,
p. 2450.
Minneapolis & St. Louis RR.
-Timefor Deposits.
-
The committee for the refunding and extension mtge. 5% gold bonds
issued under deposit agreement, dated June 25 1928, has notofied the
holders ofcertificates of deposit that it has extended for a period commencing
June 25 1929 and ending Dec. 31 1929, the period within which the committee may distribute to holders of certificates of deposit under the agreement, new securities, stock or cash, pursuant to a plan of reorganization
or readjustment or sale, or may return the deposited bonds or the proceeds
thereof.
The committee urges
of bonds not yet deposited under the
Suzzlus carried to profit and loss
$6,819,046 agreement, promptly that holdersbonds
or communicate
deposit their
erns per share on common stock
$5.75 mittee in order that they may be advised of conditions with the comwhich show the
Comparative Consolidated Balance Sheet.
desirability of such deposit. Deposit may be made with Guaranty Trust
(Excluding stocks and bonds owned of the Chesapaake & Ohio Ry. Co. Co., 140 Broadway, New York, the depositary.
of Indiana and the Chesapake & Ohio Equipment Corp.)
Receiver's Certificates.
Mar 31 '29. Dec. 31 '28.
The I.
-S. C. Commission on June 19 authorized the company to issue
Mar. 31 '29. Dec.31 '28
Assets$
Liabilities$300,000 of receiver's certificates to extend or renew certificates of like
$
Cost et road &
Capital stock -- _119,009,292 119,009,292 principal amount which will mature in June and August 1929.
equipment_ - _379,054,409 377,373,549 Funded debt-230,600,000 226.787,024
The report of the Commission says in part:
Sec.. Will. cos.,
Equip, tr. oblig. 33,613,800 34,896,600
On June 1 1929 the District Court of the United States for the District
pledged: Stks. 33,966,256 11,213,999 Audit. vouchers
of Minnesota, Fourth Division, authorized the applicant to extend or
Bonds
8,047,502 2,180,002 & payrolls.... 8.771,448 8,665,476 renew for a ;period of not to exceed two years, at a rate of interest not
Sec., issued or
Matured in &
exceeding 8%, obligations issued to various banking firms, evidenced by
pledged: Bds_
23,776,000
dive. unpaid_ 3,759,932 3,651,997 receiver's certificates amounting to $300,000, or to issue new certificates
Other Invest.,
Sund.oth.accts. 1,157,703
878,368 in lieu of those outstanding, to be dated on or about the dates upon which
Pledged: lids.
385,000 Unrnat. int. &
the respective certificates now outstanding are to be retired. In view of
Miscell.Invest- 7,595,016 11.043,031
rents
1,949,429 2,384,312 the unusual condition prevailing in the money market and its effect upon
6,656,987 6,436,468 Taxes accrued__ 6.687,121 5,945,779 time loans and interest rates the court further authorized the applicant
Cash
to
Cash dep. to Pay
Accrued deprec.P1
sell the certificates at such
3,759,891 3,651.997 equipment_ 38,502,874 37,338,229 might be found expedient or price and upon such terms or conditions as
int. & dive
necessary.
514,189
427,702 Accr. depree.,rd.
Loans & bills roe
All the certificates which are to be extended or renewed were issued pur424,052
403,056
Various other acSundry accts.__ 5,209,485 5,016,619 suant to our order of Dec. 11 1928. Of those, certificates for
counts recele. 7.465,389 7,304,593 Approp. surplus 26,893,212 26,884,861 maturing June 22 1929, were delivered to the National Park $100,000,
Bank, of
Mat. & supplies 5,258,696 3,802,815 Prof.& loss, ba1.101.442,133 97,603.051 New York, and certificates aggregating $200,000. to mature Aug. 4 1929.
Sec. In treasury,
were delivered as follows: $15,000 to the Oskaloosa National Bank, Oska31,650,543 37,456,099
unpl.:Stks
loosa, Iowa: $35000 to the Fidelity Savings Bank, Marshalltown, Iowa
Bonds & notes 82,260,676 72,461,627
and $150,00 to the First National Bank in Minneapolis, Minn. These
Deterred assets_ 12,790,928 11,951,973
certificates bear interest at the rate of 5% or 6% per annum.
The applicant proposes to issue the new certificates direct to the holders
578,020,483 569,464,656 • Total
Total
578,020,483 569,464,656 of the outstanding certificates, or upon their order, or, if the holders of the
-V.128, P. 3678.
maturing certificates are unwilling to renew them, to issue the new certificates to others and apply the proceeds thereof in satisfaction of the indebtedness evidenced by the outstanding certificates. While it is stated
Chicago & Alton RR.
-Master's Report on. Mortgage In the
application that tho certificates will be sold or otherwise disposed
Foreclosures Taken Under Advisement.
of at par with such adlustment of interest as may be necessary, under the
Federal Judge George A. Carpenter at Chicago has taken under advise- provisions of the court s order of June 1 1929, the applicant may issue the
wont a report by the master in chancery. Herbert A. Lundahl, in connection certificates at such price and upon such terms and conditions as he may
find to be necessary or expedient, but will be expected not to avail himself
with properties foreclosure of two Chicago & Alton RR. mortgages,
totaling
$40,000,000, one of which has received no interest payment for seven years of the authority conferred in that order unless conditions require it.
according to the report and the other none'since It was placed on the road V. 128, p. 3341.
in 1912.
Missouri
-Kansas
-Texas RR.
-Seeks Road.
Current litigation centered in the claims of holders of the last two mortThe company has applied to the I.
gages as to which had the right to a first lien on the rolling stock of the road
-S. C. Commission for authority to
since the consolidation of 1906, a combination of the Chicago & Alton RR. acquire control by stock ownership of the Beaver, Meade & Englewood
RR., a 70
-mile line between Beaver and Hough, Okla. The company
and the Chicago & Alton Ry.
would purchase all of the road's outstanding stock of 5320.000 par value
The master's report deals with the rights of the holders of the first lien
3).s of 1950 and general mortgage 6s'of 1932 and recommends that the 33.is and its $320.000 of 7% bonds for which it is willing to pay $1.301,966.
The application is identical with a conflicting proposal of the Chicago
have bonafide claims to the first lien.
-V.128,P. 1550.
Rock Island & Pacific, which has also asked the Commission for authority
to acquire the line at this figure.
Chicago Indianapolis & Louisville Ry.-Final Value.
The Katy alleges that the
acquisition of the line would
-S. C. Commission has placed a final valuation of 527.320,000 on suppress existing competition Rock Island's carriers
The I.
between these
urges that it be
the owned and used properties of the company and $1,323,581 on the permitted to acquire the road, since it would result in and
substantial operating
owned but not used properties, as of June 30 1915.-V. 128. p. 3997.
economies.
-V. 128. p. 3821.
4318
FINANCIAL CHRONICLE
I Vol.. 128.
the Delaware River. has been withdrawn. It is probable another applicaNew Orleans Texas & Mexico Ry.-Time Extended.
Pursuant to authority of the I.
-S. C. Commission, the time within which tion in different form will be filed. The original application dealt only
with the part of the company's contemplated service in Pennsylvania
income bonds may be surrendered in exchange for a like principal amount and gave no details of the destination and route to be followed in New Jersey.
of 1st mtge. bonds, series B, of the company is extended to June 30 1930. New rules of the Commission permit of the filing of applications for lines
The right is reserved to terminate the period within which such exchange in inter-State traffic. Any authority granted by the Commission, however,
may be made at any time without further notice.
would cover only operations in Pennsylvania and application for the right
Holders of income bonds desiring to make the exchange should surrender
Jersey
their bonds, with all unmatured appurtenant coupons, to Irving Trust Co., to operate in New 4151. would have to be filed with Commission of that
State.
-V. 128. p.
60 Broadway, New York, N.
128, p. 2986.
Prince George & Chesterfield Ry.-Securities.New York Central RR.
-Construction and Abandonment.
The L-S. C. Commission June 19 authorized the company to Issue'
The I.
-S. C. Commission on June 12 issued a certificate authorizing (1)
the construction by the New York Central RR. of a line of railroad extend- 8450.000 of short-term promissory notes in respect of the construction or
ing from a point on its Putnam division about 4,500 feet south of the its railroad and $450,000 of let mtge. 25-year 6% gold bonds, series A. to
Briarcliff Manor station in a general southerly direction to a point on that be pledged as collateral security for said notes.
division about 1,300 feet south of the East View station, 4.612 miles,
Authority was also granted to the Seaboard Air Line Ry. to assume
and (2) upon the completion of that line permitting the abandonment by obligation and liability as indorser of the notes.
-V. 127, p. 3240.
the company of its existing line between those points, 6.03 miles lsuag, all
in Westchester County, N.Y.
-V. 128, p. 3503. 3509.
Seaboard Air Line Railway.
-Listing
-New
New York New Haven & Hartford RR.
Vice-
President.
Arthur P. Russell has been elected executive Vice-President.
-V. 128,
P. 3348.
The New York Stock Exchange has authorized the listing of $5,360,000.
Georgia Carolina & Northern Railway 1st mtge. gold bonds, extended to
July 1 1934, with interest at the rate of 6% per annum, on official notice
of the extension thereof.
Seaboard Problem is to Meet Debt Maturities, Says Chairman,
The problem of the company at the moment is not primarily that or
having earnings sufficient to meet fixed charges, but rather the necessity
of providing funds for the substantial debt maturities of the early future.
particularly those of 1930 and 1931. says Robert L. Nutt, Chairman or
the board, in a letter to holders of the road's common and preferred stocks
Northern Pacific Ry.-President Hoover Signs Bill Taking and 5% adjustment bonds
Mr. Nutt points out the danger that the encouraging increase in operating
Land Grant.
revenues being reported by the company may cause some holders of the
The New York "Times" June 26 had the following:
company's
to believe a
of this increase se
Adjustment of a long dispute between the Federal Government and the assures theadjustment bonds as to removecontinuation consummating the
road's
the need of
Northern Pacific, involving about 2.800,000 acres of land in Washington. beneficial programprosperity
reorganization plan. A careful.
Idaho and Montana and estimated to be worth 520,000.000 to 125,000,000, consideration of theproposed under the indicates, will show this to be a
is assured as a result of the action of President Hoover in signing a bill mistaken attitude. pertinent facts, he
that removes the areas affected from the operation of a grant made to the
"The company has reported an increase in gross operating revenues for
railroad in 1864.
The lands are included in forest reserves and the Government was anxious each month since and including Nov. 1928, as compared with the same
period 12 months previous," the letter states. "The increase amounted
to retain them in pursuance of its policy of conservation.
The Government resisted the claim of the road to the lands on the ground to $1,132,000 for the four months ended April 30 1929. and will be further
that the road had failed to live up to the obligations of the grant, which augmented by May figures. The pronounced and continued improvement
required it to complete its building program by July 4 1879. It contended Is distinctly encouraging as indicating that 1928 results are likely to prove
also that other lands had been improperly included in the Northern Pacific to have been the low point in the severe recession in revenues which chargrant. The whole controversy was made the subject of investigation by acterized 1927 and 1928 operations and that the company is now suba joint committee of Congress and the bill approved by the President stantially on the way back toward recovery of previous gross revenues.
As such revenues increase, a continuing larger proportion should flow
June 25 was passed on its recommendation.
The new law provides that the courts shall determine whether the rail- through to net income available for fixed charges."
retain title
Urging adjustment bondholders to facilitate consummation of the plan
road is entitled to compensation for the lands. Its effect is to
to the property in the government,and assures a "moneyJudgment" instead by depositing their securities promptly, Mr. Nutt says there can be no
,
„
of a "land judgment.
that the desirable method of solving the problem of early debt
Under the terms of the bill the railroad is prevented question
from obtaining other lands in lieu of those about to be subjected to litigation. maturities is to eliminate the adjustment bonds by exchanging them for
The measure declares a forfeiture of the right of the railroad to select other securities, to provide not less than 37,500,000 fromthe sale of common
other lands on the plea that the conditions of the Government grant have stock and to arrange for the extension of substantial debt maturities, all
of which are provided under the plan.
not been fulfilled.
-V.128, p.2983.
"The company," he adds, "has been able to arrange the extension of
-Operation of Line.
maturity of $13,229,208 principal debt not falling due from 1931 to 1935
Oregon 8c Northwestern RR.
The I.
-S. C. Commission June 12 issued a certificate authorizing the inclusive only conditional upon the consummation of the plan. The relief
Edward Hines Western Pine Co. to operate in interstate and foreign com- to be obtained by this extension is vital both from the standpoint of facilimerce a line of railroad under the name of Oregon & Northwestern RR. tating the financing of the considerable remaining maturities to be funded
The line extends from Burns to Seneca, about 50 miles, all in Harney during this period and of affording the company a better opportunity satisfactorily to develop the possibilities of its properties."
-V. 128. P. 4152.
and Grant counties, Oregon.
Norfolk & Western Ry.-Acquisition
and Operation.
-S. C. Commission on June 12 Issued a certificate authorizing the
The I.
company to acquire and operate the terminal properties owned by the
City of Norfolk. Va., at SewalLs Point, Va.-V. 128. p. 2265.
-Paying Agents.
Pere Marquette Railway.
Southern Pacific Co.
-President Shoup Denies AcquisiEffective upon the opening of business July 1 1929. J.P. Morgan & Co.,
23 Wall St., New York. will act as paying agents and as registrar of the tion of Key Route Lines in San Francisco Sought.Pres. Paul Shoup is quoted as follows: "There are no negotiations, didebt of this company, as follows:
principal and interest upon the funded
Pere Marquette Railway, 1st mtge., series A. 5% gold bonds and 1st rectly or indirectly, looking toward the acquisition of the Key Route
properties, either Interurban or street car or both, by the Southern Pacific.
mtge.. series B.4% gold onds
Pere Marquette RR..bLake Erie & Detroit River division coll, trust The partial duplication of interurban facilities across the San Francisco
Bay. including the two piers and two lines of ferry boats serving Oakland
ndenture 4%
bonds.
and Berkeley territories, have unquestionably resulted in duplication of
Earnings for 4 Months Ended April 30 1929.
Beyond that, the situation has been
$14,856.906 Investment and waste in operations. use of automobiles. Our Oakland,
Operating revenues
10,046.479 affected by the great growth in the
Operating expenses
Alameda and
972.559 and taxes." Berkeley electric lines do not earn their operating expense
Taxes
-V. 128. p. 4152.
1,978
Uncollectible railway revesspes
294.403
-debit balance
Hire of equipment
Texas & New Orleans RR.
-Control of Texas State RR.
168,982
tracks, yards and term. facilities (net)_ _
Rent for use of joint
The I.
-S. C. Commission June 17 authorized the acquisition by the
13,372,505 company of control, under lease, of the Texas State RR.
Net income from transportation operations
364.351
Income from invest. & sources other than transport. oper
The report of the Commission says in part:
The Governor of Texas has adivsed that the lease has been approved
$3,736,856 by the State Legislature, and the Railroad Commission of Texas desires
Total income
850,673 to be recorded as approving the application as filed.
Interest on funded debt
32,067
Miscellaneous rents
The Texas State RR. Is the property of the State of Texas. The line
18,314 extends from a connection with the International-Great Northern RR. at
Miscellaneous charges
Palestine to connections with the St. Louis-Southwestern By. and with a
32.834,901 branch line of the applicant at Rusk, a distance of 32.68 miles, and has
Net income from all sources
yard and side tracks aggregating 3.29 miles. Management of the railComparative Consolidated General Balance Sheet.
Texas State RR.
Liabilities-- Apr. 30'29. Dec. 31 '28. road is vested in the board of managers of themanagers and the applicant
AssetsApr.30 .29. Dec. 31 '28.
Under date of Jan. 1 1929, the board of
Capital stock-- 68,675,000 68,675,000 entered into a new agreement of lease subject to ratification by the Texas
Cost of road and
the premises. The agreement was
equipment_ _ -147,347,435 146,384,173 Funded debt.- - 60,159,000 60,159,000 legislature and our authorization inact effective on March 25 1929.
ratified and confirmed by legislative
Equipment trust
Securities, Mill.
thereafter
The
obligations _ 6,412,000 7,084,000 until new lease is for a term of 20 years from its date, andin writing.
co., pledged:
terminated by either party upon one year's prior notice
4,896,651 4,896,651 Audited vouchers
Stocks
Except as to duration and for the elimination of a provision relating to
_ _ 3,113,710 1,914,924
& Pay
Bonds
3,161,378 3,161,378
the use of certain labor for a short interval in improving and maintaining
int. ‘1,
87,313 Matured rollsMiscell. invest
91,160
with
308,184 1,715,781 the property, the teems of the agreement are practically Identical operdiva. unpaid__
Cash in treasury 3,163,900 3,591,327
those of tho original lease, which expired Nov. 5 1026. Net railway
Sundry other acDemand loans &
and the
1,844,134 1,875,443 ating revenue is to be divided equally between the lessor the first lessee,
counts
7,000,000 7,300,000
deposits
period
and any deficit is to be borne by the lessee. At the end of
Unmatured int.
Cash dep. to Pay
540,309 of three years there Is to be a settlement with respect to any net railway
180 & rents'1,160,931
int. & divs___
2,870
operating revenue for that period and thereafter uch settlements are to
3,105.521
2,504,967
2,386 Taxes accrued
8,753
Loans & bills rec.
be made annually as of Dec. 31.-V. 127. p. 3037.
Accrued deprec.
Various other acequipment.- _ 13,688.279 13,201,680
1,676,284
counts reedy_ 1,911,271
Texas State RR.
-Control.
-Mater.&swap-- 2,989,741 2,743,044 Sundry accounts 2,044,324 2,275,465
229,037
229,037
Appropr.surplus
&cur. in treas.,
See Texas & New Orleans RR. above.
-V. 121, p. 1567.
Profit and loss,
unpledged:
27,839,729 27,276,839
balance
499
1,199 •
Stocks
Wabash Ry.-Ready to Ask for Fifth Trunk line.
Bonds & notes 14,234,287 14,234.287
Plans for the organization of another trunk line from the Atlantic Coast
Deferred assets_ 3,769,204 3.374,923
including other Independent
to the West, centering around the Wabash and
188,577,850 187,452,446 railroads in the Eastern territory, will be flied with the Inter-State ComTotal
188,577,850 187,452,446
Total
merce Commission July 1, it was announced June 24, by Pres. William II.
-V. 128. p. 4152.
Williams.
-Number of Stockholders.
Pennsylvania RR.
.-S. C. Commission Denies Plea to Open Merger Issue.
The stockholders numbered 158,566 on June 1, comparing with 157,650
The I.
-S. C. Commission June 27 rejected the petition of the company
on May 1, increase 916, and with 142,602 on June 1 1928, an increase of
15,964. The gain in stockholders since the first of the year is 4,558. Average asking that hearings on the general consolidation of railroads be re-opened.
The company also asked that the four unification cases of the Baltimore
holding on June 1 was 71 shares, compared with 71.35 on May 1 and 70.02
& Ohio. Chesapeake & Ohio. "Nickel Plate," ad the Pittsburgh & West
on June 11928.
Virginia be grouped as one application, and treated as one consolidation
case. When the Commission refused to reopen its own case, no action
New Cold Storage Warehouse.
The company early this month announced through George Le Boutillier, was taken on the grouping petition of the Wabash. It is expected that
its Vice-President in New York City, that plans have been completed for a at an early date, the Commisislon will act on this half of the petition.
Each of the four roads, whose cases the Wabash asked to be made into
large cold storage warehouse at Jersey City, N. J., being the first unit in a
series of general warehouses which are to be constructed by the Pennsyl- one, filed answers opposing the plan. The "Nickel Plate," in its answer,
that the plans are being filed with the said that such a plan of the Wabash is dilatory and irregular and contrary
vania Dock & Warehouse Co., and
authorities at Jersey City for their approval. In this connection the railroad to the Inter-State Commerce Act.
The Baltimore & Ohio stated that until the plan which the Wabash Is
company intends to build piers immediately adjacent thereto-the whole
about to lay before the Commission to create one or more additional systems
project to be pushed forward during the present year.
in the East, is ready to be acted upon, the Commission is in no position
Withdraws Application to Operate to to grant any such grouping of unification cases. The Baltimore & Ohio
Bus Subsidiary
also stated that more than 50% of the Wabash stock is held by the PennsYl
New Jersey Line.
vania RR. or the Pennsylvania Co.
Application to the Pennsylvania General Transit Co.,a bus line subsidiary
Before
any such petition as the Wabash proP. S. Commission for the right to operate a bus line poses the the Commission grantsfrankly and fully its connection with th
to the Pennsylvania
road should state more
from the North Philadelphia Station to the Pennsylvania-Now Jersey Pennsylvania, it was argued.
-V.128. p. 3999.
State line on the Tacony-Parmyra Bridge now under construction across
JUNE 29 1929.]
FINANCIAL CHRONICLE
4319
Western Pacific RR.
-Proposed Construcen of Branch Line
Associated Gas & Electric Co.
-Dividend on Class A Stk.
The I.
-S. C. Commission on June 14 denied the company's application
The directors have declared the regular quarterly dividend on the class
for authority to construct a branch line of railroad in San Joaquin County,
"A" stock payable Aug. 11029. in class "A." stock at the rate of 1-40th of
Calif.. extending from a connection with its main line at or near the
sta- one share of class "A" stock for each share held of record at the close of
tion of Brack eastward about 3.5 miles.
business, June 29 1929.
On the basis of the current market price for the class "A"stock of about
New Vice-President.
3. F. Hogan has been elected Vice-President in charge of traffic with $53 per share, this dividend yields a return of about $5.30 per share per
annum.
headquarters at San Francisco.
-V. 128. p. 3999.
Scrip for fractional shares will not be delivered, but will be credited to
the
Wheeling & Lake Erie Ry.-Court Upholds Order Barring can stockholder's account until a full share has accumulated. Stockholders
purchase sufficient additional scrip to complete fun shares.
Taplin's Board.
Payment in stock will be made to all stockholders entitled thereto who do
not,on or beftwe July 15 1929, request payment in cash.
Common Pleas Judge George P. Baer at Cleveland June 25 denied
the
motion of the Taplin interests to dissolve an injunction
Rights-Table of Exchanges.
from placing their own set of officers in control of the %t preventing them
heeling &
Rights have been Issued to holders of class
Erie. The injunction was obtained by the Van Sweringen interests Lake
after -of the company on the basis of one right for A,class B and common stocks
the Taplln directors elected a now proposed slate of officers during a "rump
each share owned at the close
of business June 14 1929. Four rights are required to subscribe to one share
session" following the annual meeting of the road's directors.
Judge Baer, however, gave the Taplin group permission to institute and subscriptions will not be accepted for fractional shares. Rights will
quo warranty proceedings to determine whether their officers were legally expire July 23 1929.
In case payment is proposed to be made through the deposit of securities
elected. Attorneys for the Taplins announced the proceedings would
filed soon, either with the Appellate or Supreme Court. at which time be and rights are not available at the time of subscription, due bills calling
it
will be decided whether the present Van Sweringen-elected officers or the for delivery of the rights on or before July 6 1929 will be accepted. The
subscription price is $42 per share.
Taplin group will a.ssume control of the Wheeling & Lake Erie.
-V. 128.
Payment may be made either in cash or up to and including July
P. 3680.
through the deposit of securities at the amount given in the table 6 1929
below,
without adjustment of accrued dividends or interest, up to one-half of the
=cant of the subscription.
Payments may be made either in full at time of subscription or on the dePUBLIC UTILITIES.
ferred payment plan as follows: $10 with the subscription, $16 on Oct. 15
1929. $16 on Jan. 15 1930. The last payment may also be made on Oct. 15
American Cities Power & Light Corp.-Dividends.
1929. II payment is made on the deferred payment plan, securities will be
The directors on June 4 declared a quarterly dividend
the convertible
class A stock, optional dividend series, payable on Aug.on1929, to holders accepted for the initial payment.
1
Interest will be allowed on payments at 6% per annum from date of reof record July 5 as follows:
In class B stock at the rate of 1-32nd of one share of class B stock for ceipt to the date on which dividends commence to accrue on the class A
stock subscribed and paid for. Such interest will be paid by check promptly
each share of convertible class A stock, optional dividend series, so held;
or
at the option of the holder in cash at the rate of 75c. for each share of con- after dividends begin to accrue on the class A stock. Interest may be discontinuel in the case of deferred payment subscribers in default.
vertible class A stock, optional dividend series, so held.
Dividends will begin to accrue on the stock subscribed(hr on the dividend
The directors on June 4 declared a dividend of 2A %. Payable
in full date following completion of payment in full. Thus, in the case of payshares and (or) fractional scrip for class B stock payable Aug. 1 1929 to
ment in full at time of subscription, dividends will begin to accrue on Aug. 1
holders of record July 5.-V. 128. p. 4000.
1929; in the case of deferred payment subscriptions on Nov. 1 1929 or
Feb. 1 1930.
American Commonwealths Power Corp.
-Earnings.
- The Associated Electric Securities Co., Inc., calls th attention of stock
12 Mos. Ended May 31holders to the fact that payment for shares up to one-half of the amount o
1928.
1929.
Gross earnings
-all sources
the subscription may
$13,233,728
Otter. expenses. incl. maint. and general taxes_ _ _ _ 8,409,364 $20.157.758 at the amounts givenbe made until July 6 through the deposit of securities
11.967.356
in the following table. Interest at the rate of 6%
Interest charges-funded debt
-subsidiary cos.... 2,026,201
3.561,640 per annum will be allowed on all subscription payments from date of receipt.
TO BE DEPOSITED.
Balance
$2.798.172 84,628.762
StocksDividends-preferred stocks-subsidiary cos
Per Share. BondsPer $1,000.
861,009
1.518,103 Associated Gas & Eleetrio
Co.Empire Coke & Empire Gas &
Original series preferred
Bal. available-Amer. Commonwealths Power
Electric Co. Is, due 1941
$56
.1,020.
$7 and $6.50 preferred
Corp. and for reserves
•105 Empire Gas & El. Co.6s, due 1952_•1.100
$1;936.263 $3,110.659
16 preferred
-funded debt-Amer. Commonwealths
Int. Charges
102 Erie Lighting Co.. 5s due 1967- •1.050.
Binghamton
Power Corp
515,000
755.000 Broad River L.H.& P.Co.$6 of.. 105
Power Co.7% pref._ •110 Florida Public) Service Co.
Balance available for diva, and reserves
68. due 1955
•1,050•
$1,421,263 $2,355,659 Clarion River Power Co. participating preference
Ann. div. charges-1st pref. stock-American
10
Ellis due 1949
'l,05&
Eastern Utilities Inv. Co.$7 pref
Commonwealths Power Corp
•110
78, due 1934
.1,025534,996
534,996 Empire Gas & Electric
Annual div. charges
-2d pref. stock-American
Co.
Genesee Valley Power Corp.
0% preferred
Commonwealths Power Corp
*105 68. due 1959
1,060
95.977
95.977
7% preferred
110 Granville Electric & Gas Co. Is,
Bal. avail, for reserves. Fed. taxes and surplus... $790.291 $1.724.686
734.% Preferred
*103 due 1933
1,050
Note.
-The above statement for the 12 months ended May 31 1929 does Erie Lighting Co. preference
so Hornell Electric Co.Is, due 1943_ _ 1,040.
not include any income from the investment in American Commonwealths Florida Pub, tare. Co.7% pref._ *110 Indiana Gas Util. Co.5e, due 1946_•1,050.
Power System of Massachusetts, now earning approximately $1,0000.000 General Gas & Electric
Jefferson Elec. Co. 58, due 1933 *1,050In gross and $300,000 in not earnings. This organization has
$8 preferred
122
debt nor preferred stocks outstanding-therefore, the earningsno funded
$7 preferred
112 Lake Ontario Power Corp.
cluded will add approximately $300,000 to balance available for when inClass B common
110
534s, due 1929
1,010
reserves,
530 534s, due 1957
Dividend participations_
Federal taxes and surplus.
-V. 128. P. nos.
1,050•
Lockport Lt., Ht. & Power Co.
Lake Shore Gas Co.6;is,due 1950 *1,050
6% preferred
American Community Power Co.
*105 Lexington Water Power Co.
-Earnings.
7% preferred
*105 65, due 1968
1.010
Metropolitan Edison Co.
Earnings for 12 Months Ended Mar 31 1928.
534s. due 1953
1,020-•
Grose earnings-all sources
Common
250 Lockport Light, Heat de Power
$9,126.379
Operating expenses.incl. maintenance and local taxes
$7 preferred
*1.10
Co.5345. due 1954
5.137,561
*1050
Interest charges on funded debt of subsidiary companies
$6 preferred
106 Lock Haven Gas & Coke Co. 68.
1,590,655
Mohawk Valley Co.common
due 1944
80
.1,050
Balance
N.J. Pow.,k Lt. Co. $6 prat
106 Long Isl. Water Corp.5348.due'55.1.050
$2,398.162
Dividends on preferred stocks ofsubsidiary companies
699.637 N.Y.Central Elec. Corp.7% pref. •110 Manila Electric Co. Is, due 1940.._'1,060Northern Pennsylvania Pow.Co.Manila Electric RR. & Lighting
Bal. avail. for American Community Power Co.& for reserves-$1,698,526
preferred
$7
•110
Corp. Is, due 1953
*1,050
Annual Interest require. of $5,000,000sec. gold deb
$6 preferred '
105 Manila Suburban Rya.5e, due'46-'1,050
275.000
Rochester Central Power Corp.
Metropolitan Edison Co.
Balance available for dividends & reserves
Common
50 43.4s, due 1968
1.000.
Annual div. require. of 30.000 shares 1st pref.stock $6 div.series-$1,423,526
6% preferred
101 Is, due 1953
180,000
•1,050.
-V.128, P. 2268.
Rochester Gas & Electric Corp.
Municipal Gas & Electric Co.4348,
6% greferred
*105 due 1942
1,000
American Telephone & Telegraph Co.
7% preferred
.105 N.J. P.Sr L. Co.Is, due 1956-- -•1,050
-Listing.
The New York Stock Exchange has authorized the listing of $219,112.700
New York Central Electric Corp.
Bonds-year cony. 4)4% gold debenture bonds, due July 1 1939.
10
Per $1,000. 534s, due 1950
'I,050Associated Gas & Electric Co.
Stockholders of record, May 10, are entitled to subscribe for
N.Y.State Gas & Electric Corp.
534% coin.gold deb., 1977_ _ _•$1,050 514s,due 1962
at par in the proportion of $100 of bonds for each six shares of such bonds
.
•1,075.
The subscription privilege will expire on Monday July 1.stock held.
'
1,020 6s, due 1952
.1,100
The pro64 cony. C
ceeds of these bonds and the proceeds of all stock issued upon conversion
*1,010 Nor.Pa. Power Co. 58, due 1956...1.050
6% cony. D, Hand F
of such bonds will be used to retire about $75,000,000 of collateral trust
•1,000 Parr Shoals Power Co.Is. due 1952•1,050
634% cony. Band C
4% bonds of the company, due July 1 1929, and for other lawful corporate
•
1,050 Penn Public Service Corp.
Auburn Gas Co.Is, due 1930
purposes of the company.
1,010 58. due 1954..
*1.050 •
W.S. Barstow & Co.68. due 1942'l.040 6s, due 1947
*1,100
Comparative Balance Sheet.
Binghamton Light, Heat & Power
Plattsburgh G.dr E.Co.5s,due'39 1,050
AssetsCo. 58, due 1946
Mar.31 1929. Dec. 31 1928.
•1,050 Portsmouth (0.) Gas Co.6s,due'29 1,000
Stocks of associated companies
$1,498,924,142 81.498,895,557 Bolivar Richburg Electric Corp.
Richmond Light & RR.45, due'52 875
Stocks of other companies
6s, due 1937
91,863.691
•1,030 Ridgefield Electric Co.55, due 1932 1,010
91,663,691
Bonds & notes of,& advances to,assoc. cos- 236,017,669
Rochester Central Power. Cone
190.210,8Th Broad River Power Co.
Notes of, and advances to, other cos
55, due 1954
30,550,000
1.030 "A" 55 due 1953
8,550,000
950 .
Long lines plant and equipment
6348. due 1934
274,938,817
*1,030 Rochester Gas & Electric262,233,248
Office furniture and fixtures
1,308,379
4348, series "D." due 1977
1,285,059 Canadea Power Corp. Is. due 1958 1,050
1,020
Accounts receivable
18,792,747
1,050
534s,series"C," due 1948
16,913,065 Chasm Power Co. Is, due
•1,050
Temporary cash investments
65,964,913
1955_78 series"B," due 1946
122,880,924 Citizen's Light, Heat az Power Co.
'1,010
Cash
Is,due 1934
23,521.588
*1,050 Rochester Ry.& Lt. Co.Is, due'54 1,050.
20,695,267
Columbia Gas IA. Co. 78, due 1930 1,010 Sayre Electric Co. Is, due 1947_ _ _*1.050
Total
$2,241,681,951 $2,213,327,685 Columbia Ry., Gas & Electric
Seneca Power Corp.6s, due 1946...•1,050
LiabillttesCo.Is, due 1936
•1,050 Silver Creek Elec. Co.Is, due 1956•1,050
Capital stock
$1,358,693,105 11,347,561,463 Dansville Gas.& El.Co.Is,due'30 1,010 Spring Brook Water Co. (N. Y.)
Total bonds and debentures
380,078,006
58, due 1930
380,196,000 Delaware Gas Lt. Co. Is. due 1939 1,050
1,010
Notes (sold to trustee of pension fund)_ -- 8.409,911
Tracy Bevel. Corp. 68, due 1944_ .•1,020
8,409,911 Depew & Lancaster Light, Power
Dividends payable
ac Conduit Co. Is, due 1954_ _ _•1,050 Union Gas & Elec. Co.Is, due 1935•1.050
29,062,904
28,991,317
Accounts payable
12,094,301
Warren Lt. & Pow. Co.Is, due'31 1,020
10,806,868 Ptt Bois Electric & Traction Co.
Int. and taxes accrued not due
5s, due 1932
13,947,417
•1,050 Wayland L.& P. Co.Is, due 1959_*1,050
13,337.308
Reserves for depreciation and contingencies 108,636,448
York Haven'Water & Power Co.
106.619,402 Elmira Water, Light & RR. 58,
xSurplus (including capital stk. premiums)- 330,759,865
. 1956
due
ca11
1,050
5s, due 1951
317,405,415
1,050price.
Total
12.241,681,951 82,213.327,685
Coupon bonds should be deposited with The Chase National Bank of the
x Includes capital stock premiums of $55,027.713 as of Dec. 31
1928 City of New York, agency division, corner Pine and Nassau Ste. Preferred
and $55.530,23S as of March 311929.-V. 128. p. 2990.
and common stocks and registered bonds should be sent to Associated
Gas
Co. room
Broadway, N. Y. City. No adAmerican Water Work s& Electric Co., Inc.-Senzi- & Electric Securitiesdividends or2016. 61 will be
justment of accrued
interest
made.
-V. 128. p.4148.
.1nnual Dividend-Output.-
Associated Telephone Co.
-Merger.
Tho directors have declared the usual quarterly dividend of 25c. per
Consolidation of the Associated Telephone Co.,
share on the common stock and an additional dividend of 23i% Payable in of Covina, the Huntington Beach Telephone the Home Telephone Co.
Co., the Redondo Home
stock on the common stock, both payable Aug. 15 to holders
common
Telephone Co. the Laguna Beach Telephone Co.. and the Santa
of Bay
Monica
record July 26. By this action the additional common stock to be
Telephone Co.,all operating in Southern California.
'
been
in payment of the special 10% stock dividend declared payable Julyissued by the California Railroad Commission, Effective Oct.hasthese authorized
11 to will
1,
holders of record July I will receive these dividends.
be operated by the Associated Telephone Co. which has been companies
authorized
The directors have also declared the regular quarterly dividend of $1.50 to sell 106,312 shares of preferred stork and 126,638
shaees of common.
per share on the first preferred stock, paj'able Oct. 1 to holders of record The Commission denied the application of the parent
company to sell
Sept. 12.
15.762 additional shares of common.
-V. 123. p. 1630.
The power output of the electric subsidiariesfor the month of May totalled
Brooklyn-Manhattan Transit Corp.
-To Buy Cars.
163,037.089 k.w.h., a gain of 11% over the output of 146.983,455 k.w.h.
The company has accepted the Transit Commission's order
to
for the corresponding month of 1928.
120 new cars at a cost of approximately $2.250,000 within thepurchasenext 15
For the first five months of 1929 power output totalled 790,747,395 k.w.h. Months, it has been announced.
The company is expected to comply with.
as compared with 722,339,066 k.w.h. for the same period last year, a gain the order as rapidly as the manufacturers
will supply the equipment.
-V'._
of 9%.-V. 128. P. 4152.
128, p. 2625.3824.
1
4320
FINANCIAL CHRONICLE
(Vol,. 128.
id. Clifford, President of the Company.
from Letter
-Asks Service Board to Permit DataCapitalization of George (upon Completion of this Financing).
Brooklyn Union Gas Co.
Outstanding
$17,000,000 Sale to Koppers Group. Co. and the Brooklyn Coke 1st mtge. bonds series A 5% 5%,due 1950 (incl. this issue)___x$8,000,000
y1,000 shs
$6 dividend preferred stock (no par)
Representatives of the Brooklyn Union Gas
z150.000 shs.
& By-Products Corp. a subsidiaryof the Koppers Coke Co. appeared Common stock (no par)
on June 27. seeking permission to
x Additional bonds may be issued under the conservative restrictions
before the Public Service Co
,
oven owned by the gas company to the coke concern. contained in the indenture. 1 An increase in this amount in the near future
transfer a coke
which built it. The latter company is willing to pay the cost of the oven. is proposed. z Owned by El Paso Electric Co. (Del.), a subsidiary of
Engineers Public Service Co.
which was said to be about $17,000,000.
--Company furnishes the entire electric light and power service
Business.
An agreement made last Fall between the two companies provides that
Elizario,
company
La Tuna.
if the transfer is permitted the coke concern shall sell to the gasper 1,000 in El Paso, Fort Bliss, Canutllio, Vinton,Alto, FortYsleta, San McNary.
Hancock,
and gas for 25 years. The gas is to be sold at 36 cents for five Clint, Fabens, Tornlllo, Acala Alamo,
coke
feet delivered each day
Texas and the rural sections along its transSierra Blanca and Van Horn,
cubic feet for the first 25,000,000 cubic
the
miles
years and for each succeeding 5,000,000 cubic feet. the price is to run as mission lines which extend a distance of approximately 150Juarezalong
Traction
Rio Grande. It wholesales electric energy to the El Paso &
low as 30 cents per 1,000.
company 45 cents per Co. which does the entire electric light and power business in Juarez.
It was stated that it costs the Brooklyn Union
Las
to
1,000 cubic feet to manufacture gas and that the agreement would be an Mexico, and also to the Media Valley Electric Co., which serves
cost
Its financial advantage because the gas delivered to it would onlyto serve Cruces, Mesilla Park, Anthony, La Union,_Chamberino, Berlina, La Mesa.
Vado, Mesquite,Picacho, Dona Ana,Hill, Hatch and Rincon, Now Mexico.
additional 236 cents per 1,000 cubic feet to put it in condition
The company provides transportation service in El Paso and in conto the public.
M. M. Fertig, Asst. Corporation Counsel. apposed the transfer on the junction with the El Paso & Juarez Traction Co., an affiliated corporation,
ground that the Koppers company and affiliated companies controlled owns and operates two international toll bridges across the Rio Grande,
saw a possible burden to connecting El Paso and Juarez, Mexico.
company.
23%% of the stock of the gasover a long He also
period.
-V. 128. p. 1224.
The population served by the company and its affiliated companies is
consumers in a fixed contract
excess of
- in Property. 160,000.
-The transmission and distribution lines of the company extend
Queens Transit Corp.-Admitted to Curb.
Brooklyn &
shares over 420 miles. The transportation system includes 39 miles of equivalent
The New York Curb Exchange has admitted to trading 283,250
(no par value) and 800,000 shares of common stock (no par single track. 78 rail cars. 7 busses and one-half of the international toll
preferred stock
these properties
value), both securities when, as and if issued in accordance with joint agree- bridges. Electric energy is provided for the operation ofThe normal load
ment of the Coney Island & Brooklyn RR.,the Brooklyn City RR., Nassau by generating stations having a capacity of 42,500.h.p.
Queens County and Suburban RR. and Coney growth in the territory and additional loads now under contract make
Electric RR., Brooklyn
necessary a substantial addition to the power capacity which is being proIsland & Gravesend Co.
unifica- vided by a new station so advantageously located that it ultimately can
the plan
The company has been organized in accordance with Brooklyn of
City RR. be expanded to a total of 200,000 k.w.
Transit Corp. and
tion of the Brooklyn-Manhattan
-Proceeds from the sale of this issue of bonds will be used to
Purpose.
street surface lines as outlined in V. 128, p. 1224.
retire the present floating debt of the company and to finance the major
portion of the company's construction program,the principal items of which
California Oregon Power Co.-Earnings.
1928.
1929.
are the construction of the new power station with its connecting trans12 Mos. Endtd Apr.30$3,508,410 $2,975,892 mission system, installation of equipment in the present power station
Gross earnings
1,841.746 for the utilization of natural gas as fuel, and the construction of a new inter2,285,118
Net earnings
10,158 national bridge.
33,460
Other income
-Earnings of the company for the last two calendar years, and
Earnings.
$2,318.578 31.851.904 for the 12 months ending May 31 1929 were as follows:
Net earnings including other income
Cal. Year
12 Mos.End. Cal.Year
-V. 128, p. 3682.
1927.
1928.
May 31 '29.
- Gross earnings
-Securities Authorized.
$3,011,288 $2,898.858 82,730,583
California Water Service Co.
1,639,013
1.657,822
1,694,944
the California Railroad Commission Oper. °spa., maint. & local taxes_ _ _
The company has been authorized by
$170.000 69'
to issue 8510,000 1st mtge. 5% bonds, series A due 1958,finance capital
Net before Federal taxes, provision
cumulative preferred stock and $170,000 common stock to
81,316,344 $1,241,036 $1,091,570
for retirements, &c
-V. 128, p. 4000.
expenditures.
Ann.int.requirements on total funded
400,000
States Utilities Corp.(& Subs.).-Earnings.-- -debt,including this issue
Central
The above net earnings before Federal income taxes, provision for retireEarnings for 12 Months Ended March 31 1929.
$4,153,253 ments, &c. for the 12 months ended May 31 1929. were over 3.29 times
Total revenue
1,945,180 annual interest requirements on company's total funded debt, including
Operating expense
325.229 this issue. The balance of such net earnings remaining after deduction
xlVlaintenance
143,242 of such interest requirements was equivalent to over 30% of gross earnings.
Taxes (exclusive of income taxes)
-All of the common stock (except directors'
Management and Control.
890,676
Fixed charges
qualifying shares) is owned by El Paso Electric Co.(Delaware), a subsidiary
$848,925 of Engineers Public Service Co. Subject to the direction and control of
Net income
358,633 Its board of directors, the company is operated under the supervision of
Divs, on pref. stock of subsidiary company
-V. 120, p. 3313.
115,728 Stone & Webster. Inc.
y Net income of properties prior to acquisition
245
-Federal Light & Traction Co.-Listing.
y Minority interest in net income
The New York Stock Exchange has authorized the listing on or after
(par
Net income of Central States Util. Corp. & earnings applic. to
July 1 1929 of not exceeding 4,522 additional shares of common stock total
cora, stocks owned by it, before provisions for renewals & 8374,319 $15), on official notice of issuance as a stock dividend, making the
replacements & income taxes
amount applied for 456,697 shares of common stock.
a Maintenance charged to operations equals the bond indenture requireEarnings for Twelve Months Ended March 31 1929.
ments. y After allowing for proportionate part of provision for deprecia88,107,088
Gross earnings
tion and income taxes.
4.601.074
statement includes gross revenues of all subsidiary com- Operating expenses
The above
x188,000
net earnings, deductions are Federal income and profits taxes
panies for the entire year; but, in deriving
1.113,420
made for earnings prior to acquisition and for minority interests, so that Interest and discount
actually applicable to common stocks owned Dividends on preferred stock:
the final result is the amount
89.288
Springfield By. & Lt. Co.. and Springfield Gas & Electric Co.
at March 31 1929.-V. 128, p. 2626; V. 127, P. 2087.
104,823
Central Arkansas Public Service Corp
239
& Electric Co.-Earnings.
New Mexico Power Co
Colonial Gas
1928.
1929.
).2 Mos. Ended Mar.31$2,032,263
$2,180,642 $2,239,494
Available for surplus (before retirement reserve)
Revenue
$51.61
1,053,410 Earned per share on preferred stock
923,698
Operating expense
84.03
179,702 Earned per share on common (average outstanding)
163,274
'Maintenance
-V. 128, p. 3510.
97,381
96,141
Estimated. Settlements still open.
income tax)
Taxes (excl. of Federal
486,473
355.459
Fixed charges of subs. & cont. cos
Electric Corp.-Pref. Stock Authorized.
General Gas &
148,161
145,508
Fixed charges of holding company
The stockholders on June 26 approved a proposal to change the present
181,643
Other deductions
400,000 shares of cum. pref. stock class "A" into 400,000 shares of $8
cum.cony. pref.stock, no par value. See offering in V. 128, p.4002.
Net inc. bef. prov. for renew. & replace. & Fed.
$274.367
$314,917
income tax
Greater London & Counties Trust, Ltd.-Earnings.
x Maintenance charged to operations equals bond indenture requireEarnings for 12 Months Ended March 31 1929.
-V,128, p. 2627.
ments.
$10,453,748
Total revenue
6,555,049
- Oper. expense, maint. & taxes (excl. of income taxes)
-Initial Dividend.
Commonwealth & Southern Corp.
378.701
charges
The directors have declared aquarterly stock dividend of 1-80th of a Fixed
distributable Sept. 1 1929 to holders of common
share of common stock
$3.521,998
Net income
422,436
stock of record Aug. 1 1929.
Divs. on pref. stocks of subsidiary & controlled companies
369.085
Minority interest in net income
-The following directors and officers
Directors and Officers.
have been annouced:
A. L.
Net income of oper. co's, before deprec. & income taxes_-_ $2,730,478
168.079
Net income of The Greater London & Counties Trust, Ltd..--B. C. Cobb, C. E. Groesbeck. Geo. H. Howard,
Directors.
W. Martin, Sydney Z. Mitchell, R. P. Stevens and
Loomis. Thomas
$2,896,555
Total net income
L. K. Thorne.
-B. C. Cobb, Chairman; Thomas W. Martin, President; Jacob -V. 128. p. 3351.
Officers.
G. Kessler,
Hekma, Vice-President; F. P. Cummings. Vice-President; H.
Indianapolis Power & Light Corp.
Jr.,
1928.
1929.
Comptroller' E. E. Nelson, Secretary, Geo. Sprague,Del. Treasurer. office,
12 Months Ended March 31Transfer
St..
office, 7 West Tenth St. Wilmington,
$9,654,178 $8,872,579
Principal
N. Y. City. Registrar, Bankers Revenue expense
3,177,462
3,263,871
Agents of Co., 22nd floor, 20 Fine 4001.
Operating
716,874
-V. 128. p.
949,587
Trust Co., N. Y. City.
x Maintenance
602,154
713,001
income tax)
of
1.619,072
Consolidated Gas, Electric Light & Power Co. of Taxes(exclusive Federal
1,621,154
Fixed charges
780,000
Dividends on preferred stock of subsidiary
Baltimore.Directors From Voting Trust.
of a voting trust which
The company has announced the formation from the voting trustees
Net inc. bef. Fed. inc. tax & res, for renew. &
provides that certificate holders shall receive
83,106,565 31,977,217
replacements
rights to addiany cash dividend on the deposited stock and subscription
x Maintenance charged to operations equals bond indenture requiretional stock.
M. Cohn, ments.
-V.128, p. 2628.
The voting trustees are J. E. Aldred, C. E. F. Clarke, C.
-Merger.
Inland Utilities, Inc.
Henry J. Fuller and Herbert A. Wagner. minority interests from injuring
The plan is designed to prevent any small
Announcement was made June 21 of a consolidation of 11 public utilities
stockholders, and it is understood
the organized activities of the majoritybeing made operative prior to the in Pennsylvania, West Virginia, Maryland and Virginia. Inland Utilities,
Delaware and its outstanding capitalization conthrough commercial sources that it is
of current Inc., has been organized inconvertible 6% debentures 87,000 shares of no
acquisition of some gigantic plants that have been the basis
sists of 83.250,000 5
-year
-V. 128, p. 4153.
par participating class A stock ($1.70 cumulative dividend), and 340.000
reports.
shares of no par common stock.
The acquired properties are as follows: Mount Carmel Citizens Gas Co.,
Eastern New Jersey Power Co.-Earnings.
1928.
1929.
Ashland Gas Light Co., Mahoney city Water Co., Northern Cameria
Months Ended March 3112
$2,316.642 $2,074,173 Water Co., Galoton Eldred Water Co., Tunkhannock Water Co., Dallas
Re venue
831.399 Water Co. and the Shavertown Water Co., all in Pennsylvania; the Mont803,381
Operating expense
195,936 gomery Gas Co. and Boone County Utilities, Inc., in West Virginia. and
246,031
x Maintenance
152,395 the Inland Service Corp., which serves Martinsburg. W. Va.; Charlottes182.933
tax)
Taxes (exclusive of Federalincome
505,556 ville, Va., Fredericksburg, Va., and Hagerstown, Md.
566,315
charges
Fixed
The consolidated annual earnings of the acquired properties for 1928
renew. &
a gross revenue of 81,239,133. Net income before Federal income
Net inc. bef. Fed. inc. tax & res. for
$388,887 showedbut after operating expenses, interest, maintenance, depletion and
8517.981
taxes,
replacement
operations equals bond indenture require- depreciation was $501,721, or more than 2.5 times the annual interest
x Maintenance charged to
requirements on the debentures.
-V. 128, p. 2627.
ments.
services, the new company will continue its
In addition to its
gas in
-Stone & subsidiaries' service domestic
-Bonds Offered.
to a number of wholesale consumers, natural of the
El Paso (Tex.) Electric'Co.
particular being supplied under favorable contracts. The financing
and Blodget, Inc., Chase Securities Corp., Banc- company has been arranged by E. It. Diggs & Co.
Webster
an issue of
The Interstate Trust Co. has been appointed trustee for 1 1934, and
america-Blair Corp. and Brown Bros. & Co. are offering
6% gold debentures, due June
additional issue of $4,000,000 5% 1st mtge. gold bonds $3.250.000 5-year convertible of the particinating class "A" stock.
an
dated registrar for 500,000 shares been elected Vice-President and a director.
Dr. Edward R. Berry has
series A at 95 and int. to yield 5.40%. Bonds are
-V.128, p. 4154.
1925 and are due June 1 1950.
June 1
FINANCIAL CHRONICLE
Jurtig 291929.]
International Hydro-Electric System.
-Initial Div.
-
4321.
Lexington Telephone. Co.
-Listed.
-
The directors have declared an initial dividend of 50c. in cash or 1-50th
of a share in stock on the class A stock, payable July 15 to holders of record
June 25.-V. 128, p. 4154.
On March 26 1929, there were placed on the Boston Stock Exchange
temporary certificates for 95,000 shares class "A" stock (no par value).
On May 2, there were added to this amount 380,000 additional shares,
making the total number of shares so outstanding and listed,475,000 shares.
-V. 128, p. 4154.
There have been added to the Boston Stock Exchange. 52,500,009, 1st
mtge. 15
-year 6% gold bonds, series 1929, dated March 1 1929 and due
March 1 1944. See offering in V. 128, p. 1726.
stock on official notice
of issuance upon receipt by the corporation of full paid subscription warrants;(b) 50,176 shares of capital stock without par value on official notice
ofissuance and payment in full, making the total number of shares of capita
stock applied for 6,431,150. (See also V. 128, p. 3186.)-V. 128, p. 4003
3511, 3504.
Cumulative dividends payable Q.
-J. Preferred over the Common Stock
as to dividends and as to assets in liquidation. Entitled to a preference
over the common stock to the extent of $100 per share and dive, in involuntary liquidation, and in case of voluntary liquidation, to $105 per sbare
and dive. Red. in whole, or in part by lot, on 60 days' notice at $105
per share and dive. Fully paid and non-assessable. Taansfer offices:
Old Colony Trust Co., Boston, and Middle West Stock Transfer Co.,
Chicago, Registrars: Americcin Trust Co., Boston, and Illinois Merchants
Trust
Chicago. Dividends exempt from present normal Federal
tax.
incomeCo..
Convertible at any time through July 2 1934 by wzdtton request of the
holder, into three shares of common stock or one share of preferred stock,
$6 dividend series, unless called for redemption, and in that event to and
including the date fixed for redemption. After July 2 1984 the holders of
$6 convertible preferred stock shall only be entitled to receive in exchange
therefor, one share of preferred stock, $6 dividend series, for each share of
$6 convertible preferred stock held by them. During the five years ending
July 2 1934 no split-up of Now England Public Service Co. common s
shall be made after the present financing is completed. and no dividends
payable in stock shall be declared on the common steck of New Bngland
Public Service Co. except out of earned surplus.
Data from Letter of Walter S. Wyman, President of the Company.
Company.
-A Maine corporation. Owns all of the common stock of
the Public Service Co.of New Hampshire, Bradford Electric Light Co., Inc.,
Middlebury Electric Co., Windsor Electric Light Co.Swans Falls Co.
and Public Service Corp. of Vermont. In addition, the company owns
over 99M % of the common stock of the Central Maine Power Co. of the
Cumberland County Power & Light Co. and of the National Light, Heat &
Power Co. Through the latter company it controls over 99% of the
l
common stock of the Rutland Railway,
ht & Pow Co. and through
Power
ownership of the entire common stock, the win State Gas & Electric Co.
Berwick & Salmon Falls Electric Co., Vermont Hydro-Electric Corp. and
Pittsford Power Co.
The operating companies with their subsidiaries serve at retail a total
of 553 thriving industrial and farming communities having an estimated
combined population of 941,810 in the States of Maine, New Hampshire,
Vermont and New York. There are 106 additional communities served
by these companies under wholesale contracts with other utility companies.
Business.
-An important part of the vast water-power resources of
northern New England is controlled by the operating subsidiaries of the
company. Plants of its subsidiaries have a generating capacity of 204.501
k.w., of which over 69% is hydro-electric, while the ultimate output of the
water-power sites controlled, but as yet undeveloped is estimated to be
several times that of existing stations. The strategic location of these
properties offers advantageous possibilities for further development and
interconnection. During the year ended Dec. 31 1928, 69.16% of the
consolidated gross revenue was derived from the sale of electricity, 10.62%
from transportation services, 5.52% from manufactured gas, and 14.70%
from merchandise sales and miscellaneous sources.
CapitalizationAuthorized. Outstanding
Prior lien preferred stock (no par)
290
.
.000 she. 80.000 abs.
Preferred stock (no par)
-$7 dividend series- _{
46,821
dividend adjustment series
200,000 sha. { 1,783 she.
abs.$7
$6 dividend series
(x70.000she.
$6 convertible preferred stock (this issue)._.... 40,000 sha. 40,000 she.
Common stock (no par)
1,250,000 abs. 797.178 shs.
a Not including 40,000 shares reserved for conversion of 40,000 shares
$6 convertible preferred stock.
Earnings.
-Consolidated earnings statement of company and subsidiaries
for 12 months ended April 30 1929, including earnings of all compaalea
owned April 30 1929 as though they had been owned during all periods.
is as follows:
New England Public Service Co.-Pref. Stock Offered.
Public offering of 40,000 shares $6 convertible preferred
stock (no par value) is being made at $97 per share-to yield
International Telephone & Telegraph Corp.
-Listing. over 6.18% by Old Colony Corp., Tucker, Anthony & 0o.,
The New York Stock Exchange has authorized the listing of not exceeding Bonbright & Co., nc., Edward B. Smith & Co., Spencer
551,939 shares of additional common stock (no par), consisting of not ex- Trask & Co. and ttility Securities Co.
Gooding the following: (a) 501,763 shares of capital
Interstate Power Co. (Del.) & Subs.
-Earnings.
-
12 Months Ended March 31
1929.
1928.
Re venue
$6.140.194 $5,909,257
Orating expense
2,297,103
2,172,267
x Maintenance
475,991
451.694
Taxes (exclusive of Federal income tax)
302.487
338,076
Fixed charges
1,815,228
1,651,011
Dividends on preferred stock ofcontrolled company
2,569
2,604
y Net income accruing to minority interests
5.641
7.631
Net income bef. Fed.inc. tax & res. for renew. &
replacements
$1,205,585 $1,321.562
x Maintenance charged to operations equals bond indenture requirements.
y After allowing for proportionate part of provision for depreciation &
Federal income tax.
-V.128, p. 3186.
Kentucky Securities Co.
-Earnings.
-
Calendar YearsOperating revenue
Operating expenses
1928.
1927.
1926.
$2,211,975 $2,115,870 $1,956,072
1,031,668
1,003.151
933,398
Not operating revenue
Miscellaneous income
$1.180,307 $1,112,718 $1,022,674
107,348
102,565
108,305
Gross income
Taxes, rentals, &c
$1,287,654 $1,215,283 $1,130.979
248,066
251,063
241,551
Net income
Interest on bonds
$1,039,588
375,180
$954,220
366.775
$889,428
363,448
Net earnings before deprec., Fed.
taxes and holding company exp--- $664,408
$597.445
$525,980
x Combined comparative statement of operations of the operating companies, viz.: Lexington Utilities Co. Kentucky Traction & Terminal
Co., Lexington Ice Co. and Kentucky Coach Co.
-V. 127, p. 545.
Kentucky-Tennessee Light & Power Co.
-Acquisition.
All of the stock in the Dover Power Co. Inc., a light and power development in Stewart County, Tenn., furnishing service to Carlisle, Long Creek
and Dover, was taken over on June 8 by the Kentucky-Tennessee company.
The property, it is said, will be operated as heretofore and under the same
-V. 123. p. 324.
name.
Key System Tragsit Co.
-To Default Interest.
-
The company according to a San Francisco dispatch will default 3500,000
lamest due July 1 on first mortgage bonds, general and refunding mtge.
bends and notes of Key System Securities Co.
During the past two years the company is said to have earned leas than
half fixed charges, meeting maturing equipment trust notes and sinking
fund requirements on first mortgage bonds to the aggregate amount of
$509.000, as well as bond interest and needed improvements on property
through the sale of non-operative properties and the use of portion of the
depreciation fund, which practice cannot be continued.
Pres. A. J. Lundberg stated that the company has been hampered
through inflexible and inadequate financial structure, preventing such
substantial economies as the introduction of 100% one man car operation
in East Bay district.
The committee for readjustment to present a plan to security holders
1929.
early in July has named as follows: C. 0. G. Miller, Pres., Pacific Lighting Gross revenues
$20,409,721
Corp. and Chairman Key System Transit; Charles R. Blyth of Blyth Operat. expenses, maint., taxes (other than Fed.) and depree
11,793,047& Co.: Robert W. Cross of National City Co.; Edwin 0. Edgerton, former
Net earnings
President of State Railroad Commission; Bernard W. Ford of Bond &
$8.818,874
Goodwin & Tucker; A. J. Lundberg. partner, Barth & Co., and Pres. Key Int. on funded debt of subs., rentals, other int., amortiz., Fed.
taxes, &c., deductions
System; Alexander McAndrew, E. It. Rollins & Sons, and John D. McKee,
3.809.143.
Chairman of the Board of American Trust Co.
-V. 128. p. 2270.
Net income
Pref. & corn, diva, and proportion of undistributed net income $5.007.531
Laclede Gas & Electric Co.
-Earnings:
applicable to common stock ofsubsidiaries not owned
12 Months Ended Mar.311929.
1928.
1,928.598
Revenue
$9,276,661 $9,166,534
Balance applicable to stocks of company
Operating expense
3,684,229 3,449,963 Annual
$3,078,983
die% requirements on 80,000 shs. prior lien pref. stock.x Maintenance
452,23.5
442,761
560.000.
Taxes (exclusive of Federal & State income tax)._
927.657
887,844
Balance
Fixed charges
2,249,085
$2,518,923
2.205,324 Annual div.
Divs, on pref. stock of controlled company
requirements on 118.604 shares of pref. stock, $7
121,202
121,485
& 66 series & on 40,000 shs. $6 cony. pref.stock (this issue)- $1,000.228
y Minority interest in net income
505.580
592,358
Management.
-This corporation is a part of the Middle West Utilities
Net income before Fed. & State income tax &
system.
-V. 128, p. 4154.
reserve for renewals & replacements_____ _ - $1,336 673 51,466.798
a Maintenance charged to operations equals bond indenture requireNew York Telephone Co.
-New Directory.
ments. y After allowing for proportionate part of provision for depreciaApproximately 1,400,000 copies of the Summer issue of the Manhattan
tion and Federal and State income taxes -V. 128. p. 2628.
telephone directory are now being delivered in New York City. This
summer, for the first time, subscribers in Manhattan and the Bronx are
Lone Star Gas Corp.
-Stock Increase-Rights.
listed separately. and a book is being sent out for each area.
-The stockholders June 24 approved an increase in the authorized capitaliBoth the constantly shifting nature of and the rapid growth
zation from 2,000.000 shares of $25 par value to 7,000,000 shares of no par York's population, the most concentrated telephone population of New
in the
value, to be followed Ily an exchange of 2yi new glares for each share now world,are reflected in the new book. This time about 1,400.000
directories
held.
approximately 79,000 more than were delivered six months age-are being
The directors have resolved that the holder of every three shares of the placed in the hands of subscribers. An indication of the
old stock of the company be entitled to subscribe for one share of the new move about is seen in the fact that 212,141 changes in way New Yorkers
names, telephone
stock at $12.50 per share. Rights accrue to holders of record July 13. numbers or addresses were necessary before the approximately
500,000
Subscriptions are payable in 3 installments, as follows: $4.50 on Aug. 5; listings in the new book could be printed.
$4 on Oct. 15; $3.85 on Jan. 15. The latter payment includes adjustment
These changes, involving about 40% of the total number of listings in the
for interest. Warrants will be mailed shortly after July 5 and rights must 1,240 pages of the book, were caused by the removal of
subscribers to new
be exercised before Aug. 5. The stock purchased will not be issued until quarters, disconnection of telephones and
Jan. 15 1930 and it will not participate in any dividends prior to that date. one central office to another. This summertransfers of telephone lines from
the Manhatattan and the Bronx
Fractional warrants may be assembled until Dec. 31.-V. 128, P. 2628.
books combined have a total of 1.720 pages, compared with the 1,620
of the combiratIon book issued last December. It is estimated that pages
Louisville Gas & Electric Co.
issue of the Manhattan directory contains approximately 30,000 newthe now
-Earnings.
names.
-V. 128, p. 4154.
12 Months Ended April 30-1929.
1928.
Gross earnings
59.912,062 $9,219,244
New York Westchester & Boston RR.
Not earnings
-To Extend
5,115.455 4.731.570
Other income
359.501
204,427 Line-Fares.
United Engineers Sz Constructors, Inc., through it Dwight P. Robinson
Net earnings including other income
55.474,956 $4.935,997 Co. division, has received a contract
-V. 128, p. 3684.
for extending the main line of
company from Rye to Port Chester, N. Y., about 2 miles. The cost the
will.
Market Street Railway Co.
be approximately 21,000,000 and the line is expected to be completed about
-Earnings.
Nov. 15.
12 Months Ended April 301929.
1928.
The company recently
Gross earnings
$9,632,131 59,840.042 The new schedule makesannounced an increase in its fare from 5 to 25%.
the fare on the White Plains line 40 cents, an
Net earnings
1,352,807
1,508,600 Increase of 5 cents, while on the Rye line the present rate
Other income
23.276
28,102 he jumped to 53 cents. Fares between local stations, of 45 cents is to
according to the
schedule, will be increased from 7 to 10 cents.
Net earnings including other income
-V. 128. p. 3678, p. 2090.
$1.376.083 $1,536,702
-V. 128. p. 3684.
Mountain States Power Co.
-Earnings.
-
12 Months Ended April 30-Gross earnings
Net earnings
Other income
1928.
$3.048j72
$2,799.927
1.169,114
1.056,675
59,826
127,185
Net earnings including other income
$1.228.940 $1,183,860
Note -Tacoma and Puget Sound divisions sold Dec. 311927.
Net
earnings of Tacoma and Puget Sound divisions for the 8 months ended
included in other income.
Dec. 31 1927 are
-V. 128. P. 3684.
Niagara Hudson -Power Corp.-Governor Roosevelt Orders.
Inquiry Into Power Merger.
-
An investigation of the merger of the Buffalo
Corp., the Mohawk Hudson Power Corp. and Niagara & Eastern Power.
the Northeastern Power
Corp. into the Niagara Hudson Power Corp. was directed
June 21 by Gov.
Roosevelt. The chief object of the Governor is to determine whether
the
merger will mean an increase in the rates charged for gas and
electricity
to private COMiumers.
Gov. Roosevelt made a brief statement concerning the matter saying:
"I have ordered an investigation of this power merger from two different
angles, because I want to find out what it is all about. I have asked two
FINANCIAL CHRONICLE
4322
persons to look into this thing for me and I hope to receive a r eport within
a few days. See also V.128, p. 4154.
-Listing.
North American Co.
VOL. l2S
-Earnings.
San Diego Consol. Gas & Electric Co.
12 Mos. Ended Apr. 30-Gross earnings
Net earnings
Other income
1928.
1929.
57,124.320 $6,606,972
•3,409.170 3.110.797
4,095
3,362
The New York Stock Exchange has authorized the listing of 131,378
additional shares common stock (no par value) on official notice of issuance as a stock dividend of 5.407,591 shares applied for.
Net earnings including other income
-The directors have declared a regular quarterly dividend -V. 128, p. 3686.
Dividends.
(No. 102) of 234% on the common stock in common stock (at rate of 1-40th
quarof a share) payable Oct. 1 to holders of record Sept. 5. The regular
'Southern Colorado Power
• terly dividend of 134% has also been declared on the pref. stock, payable
12 Mos. Ended Apr. 30Oct. 1 to holders of record Sept. 5.
Gross earnings
Net earnings
•
Earningsfor 12 Months Ended March 31 (Parent Company Only).
•
1929.
1928.
Other income
$2,143.397 $1,381,919
Interest received and accrued
13,136,453 9,281,205
Net earnings, including other income
Dividends received
717,308 -V.128, p. 3686.
611.048
Other income
$15,890,898 $11,380,431
644.085
617,949
363,597
1,191,853
Total income
Expenses and taxes
Interest paid and accrued
$14,081,095 $10.372,749
Balance for dividends and surplus
-In accordance with the company's long established policy, a
Note.
arge portion of earnings available for dividends of its subsidiaries is retained in the surplus accounts and invested in the business. Resulting
additions to surplus of subsidiaries, together with the large additions to
reserves, permit financing a substantial part of their capital requirements
without issuing interest or dividend bearing securities.
Balance Sheet March 31 (Parent Company Only).
1928.
1929.
1929.
1928.
LiabilitiesAssets
30,333,900 30,335,750
Stocks & bonds-110,734,423 104,404.828 Pref. stock
Common stock _x51,369,620 46,274.580
Loans & adv. to
subsid. co's- 22,720,480 24,626,376 Div. pay.in Corn.
1,281,328 1,154,033
16,100.000 2,000,000 stock
• Call loans
1,605,855 2,328,111 Funds of subs. &
Cash
Mill. co's den.
Notes receivable 1,187,173
554,366
570,633
477,943 pay.of coup__
839.650
Accounts reedy.
Due to sub. co's 16,949,524 10,823,632
Office furniture As
3,514,285
1 Notes payable-1
miscell. prop.
1 903
4,253
Accts. payable-Div. payable on
455,006
456,009
pref. stock__
20,788
20,558
Divs. unclaimed
134.798
Res,for ins.liab.
554.782
Other reserves__ 1,097,808
Capital surplus_ 25,848,076 23,821,633
Tot.(each side)153,187,583 133.837,2591 Undivided prof. 25,256,875 16,191,704
x Represented by 5,136,962 shares without nominal or par value.
V. 128, p. 3685.
-Earns.
Northern Mexico Power & Develop. Co., Ltd.
1926.
1927.
1928.
Calendar YearsProfits from operations- $1,372.318 $1,215,821 $1,003,603
210,000
220.000
-259.874
Depreciation
36.172
34,566
33.699
Interest on bonds
5.000
5.000
8,500
Discount on bonds
32.500
90,816
75.140
Mexican taxes
49.049
Reserve for investmentBalance
Previous surplus
$995.103
1.094.235
$865,439
838.795
• $670.882
687,914
1925.
$789.054
200.000
41,872
7.213
54.000
$485.969
831,945
13.412,532 $3,114,892
-Earnings.
Co.
1928.
1929.
52.286,768 $2,280,281
994.954
1,101.874
10,439
9,199
$1,111.073 $1,005,393
-G. E. Barrett &
Southern Gas Co." Stock Offered.
Co., Inc., and R. E. Wilsey & Co., Inc., are offering 12,500
shares pref. stock,$7 cumulative dividend, series A (without
par value) at $95 per share and divs., to yield about 7.37%.
united Gas Co. will agree to exchange three shares of its
common stock for each share of this issue of Southern Gas
Co. pref. stock, $7 cumulative dividend, series A, at the
-year period
option of the holder at any time during the 3
ending June 1 1932. In the event of redemption the
privilege of exchange will expire 10 days prior to the date
of redemption.
Preferred as to assets and dividends over the common stock. Entitled
to cumulative dividends at the rate of $7 per share per annum payable
-F.. when and as declared, accruing from July 1 1929. Red. at any
Q.
time at the option of the company as a whole or in part at $102.50 and
diva, upon 30 days' notice. Dividends free of the present normal Federal
income tax. Company agrees to refund, upon timely and appropriate
tts fortaac or oe
s n ane taxes
f
nc er xy antigefuritiys year ci of i iii y ll ete h onf
allegrmnapro t et ce
=
gristle%
dollar of actual value of siech stock and all income taxes of any such State
or such district not exceeding in any year 6% of the dividends paid thereon.
Transfer agent, Chatham Phenix National Bank & Trust Co. Registrar,
Seaboard National Bank of the City of New York.
Data from Letter of 0. R. Seagraves, President of the Company.
-A Delaware corporation. Company and its controlled comCompany.
panies, produce, transport and distribute natural gas. Company supplies
gas for distribution in San Antonio and distributes directly to several large
customers outside the limits of San Antonio, and through its controlled
companies: (a) Southern Gas Utilities, Inc., distributes gas in New Brunsfels, Seguin, Hondo, D'Hanis. and other communities west and northeast
of San .Antonio and serves important industrial enterprises in this territory:
also supplies gas for distribution in Brownsville, San Benito and other
communities along the lower Rio Grande Valley: (b) Western Gas & Fuel
CO. supplies gas for distribution in Austin, the capital of Texas. An associated company has under construction a pipe line from the Pettus gas field
in south Texas which will connect with the San Antonio-Austin line controlled by this company thereby augmenting its supply of gas, enabling the
company to market additional gas and to supply the increasing demands of
its present customers. The population of the territory supplied is estimated
to be in excess of 450,000.
Company and its controlled companies have leases or gas purchase contracts covering over 70,000 acres of land in south Texas, 182 producing
wells in eight separate gas fields with total proven gas reserves estimated
at 100,000.000.000 cubic feet and over 498 miles of pipe lines with three
compressing stations aggregating 1.100 h.p.
EarnIngs.-The consolidated earnings of company and controlled companies for the 12 months ended April 30 1929 were as follows:
11,906,830
Gross revenues
647,644
Operating expenses, maintenance and local taxes
$2.089.338 51,704.234 $1,358,796 $1,317.914
•
Total surplus
Accr. pref. diva. paid__(7%)210,000(7%)210,000 (14)420.000 (21)630,000
Common dividends----(4%)400,000(4%)400.000 (14)100,000
$687,914
$838.796
$1,479.337 $1.094.234
Surplus
100,000
100.000
100,000
100,000
Shs.com.outst (par $100)
$2.75
$4.60
$6.55
$7.85
Earn'. per sh. on com_
Jonsolidated Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
$1,259,185
Net earnings
Liabilities5
$
$
5
Assets15,531,991 15,109,617 7% pref.stock--- 3,000,000 3,000.000 Balance available for div. requirements of Souther Gas Co. after
. Property
deducting all bond int., together with earns, accruing to minorCommon stock_ _10,000.000 10,000.000
Materials and sup490.000
ity stk.but before Fed, taxes, amortiz. charges and reserves
159,286 lst mtge. bonds__ 472,000
107,649
plies
756,503
for depreciation and depletion
36,478
30,527
Acc'ts payable-Accounts receive,
152,500 Annual dividend requirements on 12,500 shares preferred stock.
134.180 Divs. payable_ _ -- 152,500
hie, less reserve- 144,065
87,500
$7 cumulative dividend, series A (this issue)
17,500
17,500
649,741 Accr. bond int..
810,830
Cash
42,998 Coupons of predec.
41,676
The balance of 1756.503. as above, Is equivalent to over 8 times the
Deferred charges2.999 annual dividend requirements on this issue of preferred stock. For the
2.999
co. outstanding_
87,145 same period the balance, after reserves for Federal taxes, depreciation and
Deferred liabilities
10,000 depletion, amounted to $383,931, or over 4( times such dividend require10.000
Reserve
66,091 ments.
Res. for Mex. tax_
58,561
1,412,787 1,138,874
Deprec. reserve
Sinking Fund.
-Beginning Jan. 11930. and on tho first day of each year
1,479,337 1,094,234 thereafter the company will set aside from its surplus as a sinking fund, a
Totalleach side) 16,638,212 16,095,822 Surplus
of the above preferred shares and 3.781 of the above common sum equal to $3 per share on the maximum number of shares of preferred
-45
Note.
hares are held by the Montreal Trust Co. to be exchanged for prior lien stock.$7 cumulative dividend, series A,outstanding at any time durieg the
and 1st mtge. bonds of Mexican Northern Power Co., Ltd., not yet sur- previous year, for the purchase or redemption of such stock.
Purpose.
-This issue of 12.500 shares of preferred stock will be used to
-V. 128,p. 248.
rendered for exchange.
retire 7,495 shares of the par value of $100 each of preferred stock watch
-Earnings.
Northern States Power Co.
was issued to the former owners of the properties in exchange for Londe of
1928.
1929.
Southern Natural Gas Co., the predecessor company, and for heneral
12 Mos. Ended Apr.30$31.858.842 $30.388,751 corporate purposes.
Gross earnings
16.511.070 15,286,722
Net earnings
Authorized. Outstanding.
Capitalization132.467 1st (closed) mtge 6%7 sink,fund gold bonds__ - $3,000,000 x$2.183,500
724.425
Other income
0
y1.003,100
z
11-year
% sinking fund gold debentures
$17.235,495 $15.419,189 83 % gold notes,due March 1 1930
750.000
Net earnings including other income
750.000
50.000 shs. 12.500 shs.
-V.128, p. 3685.
Pref.stock $7 cum. div.,series A (no par)
a70,000 shs. 59.307 sits.
Common stock (no par value)
Called.
-Notes
Northwest Power Co.
x $816,500
by sinking fund. y $286,900 retired by sinking fund.
All of the outstanding 1st mtge. collateral trust 6% gold notes have been z Limited by retired
provisions of the trust agreement.
called for redemption July 1 at 104 and int. Payment will be made at
a Including 10,418 shares reserved for issuance against outstanding
the Chicago Trust Co., southeast corner Monroe and Clark Ste- Chicago, warrants.
Ill.
[Subsidiary companies' securities outstanding with public on April 30
1929. $2,229,500 principal amount of funded debt and 15,000 shares of
Oklahoma Gas & Electric Co.-Earnings.common stock.)
1928.
1929.
12Mos. Ended Apr.30Management.
-Company is controlled by Houston Gulf Gas Co. through
$13.195.193 111.584.899
Gross earnings
stock. liouston Gulf Gas Co. Is
ownership
6.272.518 5,303.729 one of the of over 93% of its common Gas Co. system.
Net earnings
-V.128, p. 2463.
principal units of the United
384.519
649.681
Other income
56.922,199 $5.688.247
Net earnings including other income
-Gas properties sold Nov. 30 1927. Gas department net earnings
Note.
the seven months ended Nov. 30 1927, are Included in other Income.
for
-V,128, p. 4004.
-Earnings.
Standard Gas & Electric Co.
12 Mos. Ended April 30Gross earnings
Net earnings
Other income
1929.
1928.
$148,871.940 5143353,114
70,922.975 63.544.771
2.081,042
2.999,981
-Dividend.
Pacific Public Service Co. (Del.).
573,922,956 $65,625,813
Net earnings including other income
of 32Hc.
The directors have declared the regular quarterly dividend holders of -V. 128, p. 3686.
share on the class A common stock, payable Aug. 1 1929 to
Per
of instructions to the conrecord July 10. This dividend in the absence
-Offering
-Notes Offered.
Standard Public Service Co.
trary from the individual stockholders received by the company on or
before July 10 will be applied to the purchase of additional class A common is being made of $500,000 one-year cony. 6% gold notes
of
stock or scrip certificates representing fractional shares at the price
by G. V. Grace & Co., Inc.of New York, and Lawrence
-V. 128. p. 4155.
$13 per share.
-New President.
Penn-Ohio Edison Co.
'
Regan & Co. of Chicago at 99 and interest, to yield over
B. C. Cobb has been elected President, succeeding R. P. Stevens who
ated
. June 11929:due June 11930. Denom.$1,000 and $500. Callable
esigned to become President of Niagara Hudson Power Corp. Other
officers elected were T. A. Kenney, Vice-President: H. G. Kessler, Comp- In whole or in part at any time on 30 days' notice at 100 plus int. Principal
-V. 128. p.4004.
and int. (J. & D. 1) payable at New York. Interest payable without deE. Nelson, Secretary.
troller. and E.
normal Federal
- duction forYork. trustee. income tax not in excess of 2%. Irving Trust
-Increase in Debt.
Pennsylvania Power & Light Co.
Co., New
The stockholders May 20 voted to increase the indebtedness of the comConvertible into class A participating shares of the company on the basis
$250,000,000.-V. 127. p. 1391.
pany from $180,000,000 to
of 29 shares for each $1,000 note.
-Incorporated in Delaware in 1927. Through its operating
Company.
-Earnings.
Philadelphia Company.
companies furnishes telephone or water service to 174 communities in
1928.
1929.
Apr.3012 llos. Ended
of 380.000 Water
$61.078.886 11 States, serving a combined estimated populationestimated population
$62.338.117
Gross earnings
29.517.855 26,343.554 service Is furnished to various communities with an 349 miles of mains
Net earnings
1,748.767 1.315.341 of 122,000. The water systems have approximately to 153 communities
Other income
and 21.031 customers. Telephone service is furnished
of 258.000: service
$331,266,622 $27,658,895 in eight States having a combined estimated population
earnings including other income
Net
is furnished to over 47,000 subscribers through 147 exchanges.
-V. 128, p. 3686.
5
JUNE 29 19291
EINANCIAL CHRONICLE
Security.
-These notes will be the direct obligation of company. They
will be leaned under a trust indenture which will provide that, in the event
that the company shall create any lien upon any capital stocks of its subsidiaries, these notes shall be secured by such lien equally with any securities
issued thereon.
CapitalizationAuthorized.
Issued.
6% convertible gold notes (this issue)
$500,000
$500.000
$7 series preferred shares (no par)
100,000 shs.
10,000 ells.
Class A participating shares (no par)
500,000 shs.
44,000 shs.
Common shares (no Par)
100,000 shs. 100,000 shs.
•Includes 59.050 shares reserved for bond conversions.
There are also outstanding $10,401,500 of funded debt and subsidiary
company securities, valuing no par stock at liquidation figure.
-The properties of the operating companies have been
Valuations.
recently appraised by independent engineers as having a net sound depredated valuation of over $13,000,000. Based on these appraisals.
after deduction of all prior securities, there is indicated a net valuation
of more than $5.000 for each 21,000 note of this issue.
Earnings.-Consolldated revenues of company and subsidiaries for the
year ended April 30 1929, after adjustment for estimated non-recurring
charges, &c.. are as follows:
Gross earnings (including non-operating income)
$2,022,162
Operating expenses, maintenance, taxes and prior charges
1,681,754
st
,
Balance
$340,408
Annual interest requirements on gold notes (this issue)
30,000
128, p. 4156.
United Gas Co.
-Issue Taken.
0. R. Seagraves, President of the Company announced June 25 that
practically all the rights to subscribe to 216.723 additional no par common
'
shares offered to stockholders on June 3, on the basis of one new share for
each 5 shares held, had been exercised. G.E.Barrett & Co. underwrote the
unexercised shares.
-V. 128, p. 4156.
United Gas Improvement Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 508.120
shares of cum. pref. stock ($5 dividend) without par value and 20,324,835
shares of common stock without par value.
-V. 128. P. 3686.
Utilities Power & Light Corp.(& Subs.).
-Earnings.
-
4323
made for accrued interest and to eliminate the issuance of certificates for
fractional shares.
Sinking Fund.
-The mortgage will provide for a fixed sinking fund payable monthly to the trustee, beginning in Dec. 1930. and for an additional
annual sinking fund payable out of income, as provided in the mortgage,
calculated to retire this entire issue prior to maturity. The company
may make deposits for the sinking fund in bonds at par, and-or cash, and
the trustee will use any cash thus deposited for the purchase of bonds at
not exceeding the then call price. In the event that bonds cannot be purchased at or less than the call price,the trustee will call bonds by lot through
publication of notice.
Purpose.
-Bonds are issued in connection with the acquisition of properties, to provide funds for development and extensions and for other corporate purposes.
Management.
-Company upon completion of developments under the
supervision of Brokaw, Dixon. Garner & McKee, will be managed by the
Union Management & Engineering Corp., a wholly owned subsidiary of
Union Utilities, Inc.
Western Union Telegraph Co.
-Canadian National to
Take Over Wire Lines.
The property of the company in the maritime provinces of Canada will
come into possession of the Canadian National Telegraphs July 1, it was
announced June 24 by John H. McTaggart of Toronto, General Superintendent of the latter company. The Western Union will continue te
maintain a cable connection.
-V. 128. p. 3188.
Wisconsin Public Service Corp.
-Earnings.
--12 Mos. Ended April 301929.
1928.
Gross earnings
$5,183,448 $4,739.841
Net earnings
2,285,542
1,923,858
Other income
13,660
8,539
Net earnings,including other income
-V.128, p. 3687.
$2.299,202 $1.932,397
Wisconsin Valley Electric Co.
-Earnings.
-
12 Mos. Ended April 30Gross earnings
Net earnings
Other income
1929.
1928.
51,728,224 51.649,104
646,418
778,033
23.988
13,477
12 Mos. End. March 311928.
1929.
1927.
Gross revenue ofoperating companies.$44.124,310 $28,255,087 $18,489,662
Net earnings,including other income
$670,406
$791.510
Operating exp., maint. & taxes
24,128,831 14.740,113 10,234,950 -V. 128. p. 3687.
Fixed charges
7,567,025 6.170,834 3,700,658
Other deduc., includ. dive. on stocks
ofsubs, earnings prior to acquisition
INDUSTRIAL AND MISCELLANEOUS.
and minority interest
3,947.463
3,039,737
1,575,432
Pullman Porters Open Union Fight.
-William Green. President of the
Net income of operating
$8,480,990 $4,304,403 $2,978,622 American Federation of Labor, to speak in New York
June 30 in drive to
Other net earnings U.P.& L. Corp..- 2.012.931
1,349,212
1,081.497 force company to recognize organization.
-N. Y."Times" June 24 p. 20.
-Senate commitee finds no illegal practices
Abandon Salt Creek Inquiry.
Total net income of U.P.& L. Corp.
-Wall Street Journal." June 26, p. 7.
on which to prosecute."
and earnings accruing to stocks
Garment Strike 0130.000 is Voted.
-131g majority favors it as the balloting
owned by it
$10.493,921 55.653,616 $4,060,119 closes.
-N. Y. "Times, June 23, Sec. 1. p. 25.
Deprec. & Federal income taxes
3,810,065
1,913.765
1,293,052
Matters Covered in "Chronicle" of June 22,-(a) England facing spinning
Deben. Int., amort., &c
1,719,747
855,143
strike duo to wage cut
-Employers post 12% slash affecting 200,000
weavers may quit. p. 4075; (b) Bituminous coal and beehive coke output
Net Inc. of U. P. & L. Corp. and
keeps ahead of 1928-Production of anthracite continues to decline. p.4078:
earnings accruing to stocks owned
Market value
shares on N. Y. Stock Exchange $70,921.426.by it
$4,964,108 $2,884,708 $2,767.067 (c)-Decrease in of listedof
month
187
$2,797,449,653: (d) Governor Emmerson of
-V. 1.28, p. 4157.
Illinois signs bill permitting Chicago Beard of Trade and Curb Exchange
to deal in securities without meeting requirements of "Blue Sky" Law,
Vermont-Hydro-Electric Corp.
-Bonds Called.
p. 4088;(e) Opening of Kansas City Stock Exchange, p.
All of the outstanding series B 1st mtge. 6% 30
-year gold bonds due of listings on San Francisco Stock Exchange. p. 4088;(g)4088; (f) Increase
President Hoover
July 1 1953 have been called for redemption July 1 at 107% and int. Pay- signs census and reapportionment bill, p.4094;(h) Charges
preferred against
ment will be made at the Seaboard National Bank, trustee, 59 Broadway, F. H. Warder formerly N. Y. S. Banking Supt.. as
result of failure of City
-V. 124, p. 3071.
N. Y. City.
Trust Co.
-Others arrested in connection with inquiry, p. 4095.
Wayne United Gas Co.
-Bonds Offered.
-P. W. Chapman & Co., Inc. are offering $1,500,000 1st mtge. 6.50%
sinking fund convertible gold bonds at 99 and int.
Aero Corp. of California.
-To Increase Stock.
-
The directors have voted to increase the outstanding no par common
stock of 164,000 shares to 328,000 shares, offering stockholders the right
to purchase one additional share for each share held at $2. Funds derived
Dated June 11929: due June 1 1944. Prin. and int. (J. & D.) payable from the issue will be used primarily to acquire
acreage
at Interstate Trust Co. New York, trustee. Denom. $1,000 and $500.c* in El Paso and to handle recent dealership with Pratt & at site of airport
Whitney Aircraft
Red. as a whole or in Part on any int, date, upon 30 days notice, to and Engine Co. as well as for further expansion
of company's subsidiary,
Incl. Dec. I
-1934, at 105 and int., the redemption premium decreasing yi% Standard Air Lines.
-V. 128. p. 4157.
during each year thereafter. Interest payable without deduction for that
portion of any Federal income tax not in excess of 2%. Refund of certain
Aircraft Finance Corp. of America.
-Foreign Subs.
Calif., Conn.. District of Columbia, Iowa, Kan., Ky. Md., Mass., Mich.,
Plans
Minn., N. H. Ore., Pa., Va. and Wash. tares, upon timely and proper Chile byfor the formation of foreign subsidiaries in Mexico City and in
the corporation are announced by A. 0. Hunsaker, Pres. of the
application as provided in the mortgage.
'
organization
Business.-Owens-Illinols Glass Co. and the Libbey-Owens Sheet Glass states that whose headquarters are in Los Angeles. Mr. Hunsaker also
Dr. Hugo A. Escobar, Latin-American economist, has been
Co. have together contracted to purchase from Wayne United Gas Co., selected as director
subject to the terms of the contract, at least 5.000.000 cubic feet of gas Finance Corp. Dr.of the Foreign Relations Department of the Aircraft
Escobar, who is
per day from its West Virginia acreage for a period extending beyond the phases of the corporation's foreign now engaged in building the initial
subsidiaries, assets that Col. Lindmaturity of these bonds. The above companies have also contracted to bergh's "good will" flight to
the American Embassy at Mexico City created
purchase from said acreage an additional 1.000.000 cubic feet of gas per day an extensive demand by Mexican
investment capital for American aircraft
provided they can take such amount without violating their other gas
purchase contracts and without improperly curtailing deliveries of gas stocks. He also says that similar interest is as intensive in South America,
from wells owned by the above companies which are affected by wells of and that unusual success has been achieved by the Pan American Aviation
System which links in aerial transportation America with its Southern
others on adjoining properties.
-V. 128, p. 2807.
Wayne United Gas Co., incorp. In West Virginia, owns in fee the gas neighbor.
rights in approximately 16,000 acres of land in Wayne County, W. Va..
Airway Electric Appliance Corp.
-Earnings.
and controls through lease the gas and oil rights in approximately 1,000
Period Ended May1929
-Month-1928
1929-5 Mos.-1928.
acres of land in Wayne and Mingo Counties, W. Va. Company also controls through lease the gas and oil rights in approximately 21,000 acres in Net profit after all chgs.
but before Fed. taxes- $175,690
$151,551
$813,498
$647,822
Morgan. Wolfe and Magoffin Counties, Ky.
V.
Wayne United Gas Co. also owns over 74% of the capital stock of Ohio - 128, D. 4006.
River Gas Co., which controls through lease the gas and oil rights in apAlabama By-Products Corp.
-Bonds Called.
proximately 6.000 acres of land in Lawrence County. Ohio, adjacent to
an of
the City of Ironton and to the proven shale Ras field of Boyd County. Ky. bonds, the outstanding 2 to 10-year 6i% collateral trust 1st lien gold
aggregating $230,000, have been called for redemption July 1 at
This financing will provide funds for the drilling of additional wells on the 102
and interest. Payment will be made at the Whitney-Central Trust
properties of Wayne United Gas Co. In West Virginia and Kentucky, and
-V. 126. p. 3758.
for gathering lines and pipe lines connecting the West Virginia acreage with & Savings Bank, trustee, New Orleans., La.
the contracted extension of the Owens, Libbey-Owens pipe line system.
Algoma Steel Corp.
-Earnings.•
CapitalizationPeriod End. May 31- 1929
Authorized.
-Month-1928.
1929-11 Mos.-1928.
Outstanding.
1st mtge.6.50% sig.rd.cony, gold bonds
$1.500.0110
$1,982,000 $1,889,000 $16,635,000 $12,496,000
$1,500,000 Gross earnings
5-yr.cony.7% secured gold notes.
a500.000
377,000
409.000
3,156.000
500,000 Net earnings
1,527,000
Common stock (no par)
6420,000 shs.
250.000 shs. -V. 128. p. 2093.
a Secured by deposit with the trustee of an equal principal amount of
Allen Manufacturing Co., Inc.
gen. mtge. 7% convertible gold bonds, due June 1 1939 b Includes
-Initial Dividends.
The directors have declared initial dividends of 75c. on the class A pref.
170.000 shares reserved for exercise of conversion privileges of
1st mtge.
and the general mortgage bonds.
stock and 33 1-3c. on the class B stock for the four-month period ended
-Brokaw. Dixon, Garner & McKee have estimated that June 30. Both dividends are payable July 1 to holders of record June 1.5.
Earnings.
V.
average annual earnings of Wayne United Gas Co. from less than 50% - 128, p. 1907.
of its acreage, for the first five years of full operation beginning Jan. 1
Allied Motors Industries, Inc.-- -Rights.
,
1930. will be as follows:
Preferred and common stockholders of record June 27 are offered the
Gross revenue
$468.580 right to subscribe to
units of American Cirrus Engines, Inc.. each unit
Oper.exp., maint.& taxes(not incl. Federal tax)
68,480 consisting of one share class A and
share class B at $21 a unit, in the
ratio of one
Bal. avail,for int.,deproc., depletion & Federal inc. tax
$4400.100 Rights expireunit for each four shares preferred or common stock held.
July 22 1929.-V. 128. p. 4158.
Maximum annual interest requirements of this issue
97,500
The above balance, $400,100, is over four times the maximum annual
Allied Products Corp.
-Earnings.
Interest requirements of this issue.
Period Ended May 31 1929Month.
5 Months.
Any earnings which may be lierived from more than 15,000 acres of the
company's properties in Kentucky, or from the Ohio River Gas Co., are Net income after depreciation, taxes and charges__ $111,340 x$500,955
x Equivalent to $5.70 a share on the 75,000 shame of no par common
not included in the above estimates.
-V. 128. p. 3514.
Gas Reserves.-IIrokaw, Dixon, Garner & McKee have reported upon stock outstanding.
the gas reserves of the company and have stated that "after extensive field
American Bondholders & Share Corp.
-Payment.
tests and a, careful study of well records, production records and geologic
The holders of the 4,5i7 series "A" debentures are notified that on and
0
,
data, we consider the gas reserves controlled by Wayne United Gas Co. after July 1 1929,$15, the first additional interest
disbursement for the year
and its subsidiary to be approximately 39,800.000,000 cubic feet, or more 1929, will be paid upon presentation of "Installment
than sufficient for the proposed amortization of the mortgage indebtedness security receipt series "AS at the office of Bankers No. 3 coupon, upon
"
Trust Co., New York
of Wayne United Gas Co. The above estimate of reserves is based about City.
-V. 128, p. 1558.
50% of the area and does not include any additional reserves that may be
contained in the balance of the property."
American Bosch Magneto Corp.
-Wins Suit.
-These first mortgage 6.50% sinking fund convertible gold
conversion.
Justice Crain of the New York Supreme Court Juno 20 filed a decision
bonds are convertible at the option of the holder thereof, at any time prior in the case of the corporation against Robert Bosch Magneto of New
York
to maturity or earlier redemption, into shares of the common stock, such City enjoining Robert Bosch Co. from using word "Bosch" or "Robert
first mortgage bonds being valued for such conversion at the principal Bosch" in selling or advertising of magnetos or other automobile
electris
amount thereof and such shares being valued on the basis of $12.50 per equipment.
share if such conversion is effected on or before June 1 1935: and $15 per
The American Bosch Magneto Corp. Is the successor of the former
share if thereafter and on or before June 1 1944. Proper adjustment will be Geranan-owned Bosch Magneto Co. of Springfield. The stock of this coma-
[VOL. 128.
FINANCIAL CHRONICLE
4324
pony was seized by the alien property custodian during the war and was
sold ter 34,150.000 to those who organized the present American Bosch
Magneto Corp. The founder of the old Bosch Magneto Co. was Robert
Bosch of Stuttgart, Germany. The alien property custodian seized the
stock as belonging to Robert Basch. an enemy alien, in 1921.-V. 128.
p. 4006.
American Cirrus Engines, Inc.-Stock Offered.
see under Allied Motor Industries, Inc., Great Lakes Aircraft Corp. and
-V. 128. p. 4158.
Van Sicklea Corp.
Balance Sheet April 30 1929 (After
Assets-Investments
$7,456,750
Cash in banks
660.456
Accounts receivable
19,280
Accrued lot. & dividends
38,170
Subscriptions to cap. stock._ _ 149,603
Bond & stock disc. & exp &c
300,214
Giving Effect to Present Financing).
Liabilities
Bank loans
$377,193
Accounts payable
3,149
Accrued Int. on Waded debt...
13,750
Debentures,aeries"A"
3,000,800
Deferred income
10,441
Common stock
4,250.225
Preferred stock
499,900
Surplus, paid-in &earned
429,815
-70% of Issue Taken.
American Common Stocks Corp.
Total
Total
58,624,473
The eorporation announced June 25 that stockholders have subscribed to -V. 128. p. 4158.
more than 70% of the recent offering of common stock on which rights were
Issued. Proceeds are to be used for additional investments in connection
American Toll Bridge Co.
-Earnings.
with the program of espansion, in which it is making substantial investEarnings for 12 Months Ended May 31 1929.
ments in securities of aviation companies.
formerly known as Motor and Bancstock, Inc., adopted a new Gross earnings
Company,
name because of the corporation's extension of trust activities -V. 128. Operating expenses,insurance, maintenance & taxes
Interest on 1st mortgage bonds
p. 3827.
Interest on 2d mortgage bonds
-Initial Dividend of $1.15
Asneriean Depositor Corp.
Declared on Corporate Trust Shares.
The corporation has announced the declaration of a regular distribution
of 35e. a share and an extra of 80c. a share on Corporate Trust Shares,
against the June 30 1929 eoupon, which covers the first six months of 1929.
The shares are currently quoted at about 1134. and this distribution of
$1.15 per share IS equal to a return of more than 10%. on the present price
-year period.
for the half
Corporate Trust shares are issued by the Equitable Trust Co. of New
York, as trustee, and represent a participating ownership in 28 leading
common steaks, such as American Telephone & Telegraph. Woolworth,
du Pont, American Tobacco, United States Steel, New York Central,
Standard 011 of New Jersey and others.
Units against which Corporate Trust shares are issued consist of four
shares of each of the 28 common stocks, in ratio of 2,000 Corporate Trust
Shares for each unit. A feature of the trust agreement Is a provision for
the sale of any additional stock created by stock dividends or split-up
ofshares eontained in the units. The proceeds of these sales are distributed
to holders of Corporate Trust Shares against semi-annual coupons, which
distributions also include cash dividends and the value of rights.
A cash reserve fund is provided to stabilize semi-annual distributions,
and holders of the shares receive interest on all monies in the reserve fund.
Corporate Trust Shares are being distributed by a national syndicate,
headed by Ross Benson & Co. of Salt Lake City and Los Angeles. and
Smith, Burr* & Co. of Chicago.
-Registrar.
American Express Co.
The Chase National Bank of New York has been appointed Registrar for
180.000 shares capital stock (par $100).-V. 128. p.3514.
-Earnings.
American Ice Co.
Period End. May 31Net earns, after interest,
taxes & deprec., but
before Federal taxes__
-V. 128, p. 3827.
-Month-1928.
1929
$521.358
1929-5 1l.,fos.-1928.
$404,112 $1,201,128
$906,179
-Listing.
American I. G. Chemical Corp.
The New York Stock.Exchange has authorized the listing of $30,000,000
of definitive engraved guaranteed 5Si% convertible debentures, due
May 1 1949, on official notice of issuance and in exchange for outstanding
-V. 128, p. 2809,
and listed interim receipts of The National City Co.
2995, 3827.
-Earnings.
American Insulator Corp.
Earnings for 3 Months Ended March 31 1929.
Net sales
Net earnings before interest, depreciation & Federal taxes
Interest on 1st mortgage bonds outstanding
-V.121, p. 842.
$217,549
57,125
4.550
American Radiator & Standard Sanitary Corp.-Divs.
The directors on June 21 declared the regular quarterly dividend of $1.75
per share on the 7% preferred stock payable Aug. 31 to holders of record
to
Aug. 15. An initial div. of $1.87 per share (covering period Feb. 25 on
May 31) was paid June 1. A quarterly dividend of 373-c. per share
the common stock was also declared payable Sept. 30 to holders of record
Sept. 11. An initial div. oflike amount was paid June 29.-V. 128. p.3189
-Debentures OfAmerican & Scottish Investment Co.
-George M.Forman & Co. are offering at 96 and int.,
fered.
$3,000,000 53/% gold debentures, series A (convertible).
Dated April 1 1929: due April 1 1939. Principal and int. payable at
National City Bank, New York. trustee, and at office or agency of the
company (Harris Trust & Savings Bank), Chicago. Interest payable
(A. & 0.) without deduction for any Federal income tax not exceeding 2%
per annum. Company will agree to reimburse to any resident holder of the
debentures, upon application as provided in the indenture, any personal
property or similar tax not exceeding 554 mills per dollar per annum, and
any State income tax not exceeding 6% per annum of the interest thereon,
which in any case may be legally assessed under any present or future law
paid by
of any State of the United States andthereof. such holder as a resident of
Denom. $1,000 and $500c..
such State by reason of his ownership
Red. in whole or in part upon 30 days' notice on any int. date at 105%
and interest.
-Each $1,000 debenture of series "A" will be conConversion Privilege.
shares
vertible at any time on or prior to April 1 1931 into 32 shares of corn.
1933,
stock thereafter and on or before April 1 1935, into 30 shares of corn.
stock thereafter and on or before April 1 1937. into 28 shares of corn.
of COM.
into 26
stock thereafter and on or before April 1
stock and thereafter to maturity into 24 shares of com. stock. $500 dabs.
indenture
of ser es "A" shall have proportionate conversion privilege. The in certain
will contain provisions designed to safeguard conversion rights
events including payment of dividends in common stock and issues of
common stock in addition to shares presently to be outstanding and shares
Issued upon conversion and upon exercise of presently outstanding options.
Data from Letter of Pres. Herman Hachmeister, Dated June-7 1929.
Company.-Incerp. Jan. 18 1928, in Delaware, among other things to
acquire, hold, sell, and underwrite investment securities, Including public
semunicipal
utility, real estate, industrial, railroad,.r.ganizationand government the
and conduct of
curities, both domestic and foreign. The
business follows the principles employed by successful English and Scottish
investment companies. The principal sources of revenue or income are
interest and dividends received from security holdings, capital profits or
on advantageous terms
gains resulting from sale of securities purchased other financial organizawith
because of the relationship of the companyunderwriting of security issues
in the
tions, and income from participation
therewith.
and extension of intermediate credit in connection
Authorized. Outstanding.
Critalizationdebentures
gold
$5.060,000 $3,000,000
Series"A," due 1939(convertible)
x5,000shs.
50,000 she.
Preferred stock (par $100)
200.000 shs.
Preferred stock (250 Par)
21,000.000 shs. a175,097 she.
Common stock ($25 Par)
x 6% series. y additional debs. may be issued as provided in the indenture. z 96.000 shares are reserved for conversion of 5.44% gold debentures series "A," presently to be outstanding and an additional 50.000
shares are reserved for the exercise of options held by bankers to purchase
said shares or
at any time prior to June 1 1934 treasury stock. any Part thereof at $30
per share. a Includes 3.488 shares
-Net income after interest, but before Federal income tax
Earnings.
from April 16 1928 (the date on which active operations began) to April
30 1929. amounted to $204,548. equivalent to approximately 9% on
$2,259,059, the average amount of capital stock outstanding during this
period.
Upon completion of this financing the company will have outstanding
in the form of capital stock and debenturai a total of $7,790.125 or over
three times the $2,259,059 average amount of capital stock outstanding
during the fiscal period ending April 30 1929.
Net profit
-V.128, P. 3515.
$8,624,471
61,173,466
386,406
315,000
166,709
8315;351
Anaconda Copper Mining Co.
-Dividend.
The directors have declared the regular quarterly dividend of $1.75 per
share on the outstanding 7.572.500 shares capital stock (par $59). payable
Aug. 19 to holders of record July 19. This is the first dividend since the
stock was increased. A dividend of like amount was paid February last,
when the annual rate was increased from $6 to $7.-V. 128, P. 4158.
Andes Copper Mining Co.
-Earnings.
Earnings for 3 Months Ended March 31 1929.
Total pounds copper produced
Total pounds copper sold
Gross receipts
Netincome
Earns per share on 3,577.495 shares capital stock
V. 128. p. 2996.
44,744,692
45,131,081
$8.080.699
3,814,503
$1.07
Anglo-Persian Oil Co., Ltd.-Earnings.9 Mos.End.
12 Mos. End. Mar. 31
Dec. 31 '28.
1927.
1926.
1928.
Net profit after depree..
interest, &c
£2,832,958 £3,112,529 £4,635.443 £4,383,232
40,595
Expense bonus
Extra depreciation
450,293
201,051
453,267
228,100
Reserve
1,300,000
1,800,000
600,000
800,000
Discount on deb.stock....
56,250
Period-
Net profits
£1,975,656 £1,859.262 £2,844,555 £2,355,132
let preferred dividends_ 420,000
560,000
560,000
560,000
2d preferred dividends.. _
236.250
315,000
315,000
315,000
Common dividends
1,258,593
1,006,875
1,678.125
1,566,250
Balance
Previous surplus
Pay, made on acct. of
excess prof. duty
£60,813 def£22,613
2.224,266
2,246,879
£291,430 del/86,11S
1,955.449
21041.567
Dr.513,434
Profit & loss surplus__ £1,771,645 £2,224,266 £2,246.879 /1.955.449
Comparative Balance Sheet.
Dec.31'28. Mar'31'28.
Dec. 31'28. Mar.31'28.
LtaWitttesAssets-1st pref. shares...77,000,000 7,000,000
Concess. shs. in &
adv. to assoc.
2nd pref. shares-y3,500,000 3,600,000
cos.,&c
25,218,171 25,043,841 Ordinary shares-y13,425.000 13,425,000
x Prop. acct
4,953,989 5,455,527 Deb.stock
5,125,000 4,000,000
Stock of stores &
Secured notes..--- 723,900
725,300
53,92$
1,047,505 1,097,783 Interest aver
15,684
roster., &c
1,508,906 1.491,995
Dep. by ass. cos
Stka. of crude oil,
products, &c._ - 3,693,318 3,243,739 Credit balances.- 3,252,138 3,166,697
Debit balances... 4,451,197 4,591,505 Employ pens. &
lnsur.fund
2,487,109
Govt.securities... 2,784,881 3,927,841
2,196,176 1,668,582 Reserves
6,108,128 5,508,128
Cash
Profit & loss Burp- 3,686.488 3.668.641
Tot.(each side)_44,345,248 45,026.801
x After deducting depreciation. y Par value £1.-V. 128. P. 1400.
Atlantic Beach Bridge Corp.
-Earnings.
Earnings for 12 Months Ended April 30 1929.
Gross income from tolls
Operating expenses,insurance, maintenance & taxes
Interest on let mortgage bonds
Net profit
-V. 124. p. 510.
$155.042
43,391
35,627
976,023
-Listing.
Atlantic Refining Co.
The New York Stock Exchange has authorized the listing of 133,333
additional shares of common stock (par $25) on official notice of issuance
and payment in full upon subscription by employees, making the total
amount applied for 2,800,000 shares.
Gross Sales and Crude Oil Production (Company and Subsidiaries).
Product Sales
-Crude SalesTotal Sales
Sides
Sales Value
Sales
•
(Inc. Pkgs.).
Value
Value.•
.
Yr.
$
Galons.
Gallons.
Gallons.
$
$
1923- 923,621,459 113,819,693 102,543,672 3,348,770 1,026,165,131 116,168,465.
1924_1,001,330,391 117,760,123 159,605,555 4,473,962 1,160,935,946 122,234,085
1925_1,044,005,583 131,767,928 105,630,428 3,892,956 1,149,636,01.1 135,660,884
1926_1,139.660,339 154,763,771 102,843,337 4.025,196 1,242,503,676 168.788.967
1927..1,120,087.028 130.687,285 218,378,030 5.453.235 1.338,485,058 136,140,520
1928-1,216,455,180 141,682,603 309,627,794 6,295,174 1,628,082,974 147,977,777
Total
6 yrs..6,445,159,980 790,481,403 998,628,816 26,489,293 7,443,788.706 816,970,696
Crude Oil Production (42
-Gal. Barrels).
-Year 1923, 3.375.453; 1924,
4,072.285; 1925,2,628,476; 1926.2.572,905; 1927,6,249,387; 1928.9,634.949
-V. 128. p. 3190.
-Auburn Automobile Co.
-Listing.
The New York Stock Exchange has authorized the listing of 3,348 additional shares of common stock (no par value) on official notice of Issue as a
stock dividend, making the total amount applied for 170.708 shares.
Comparative Consolidated Balance Sheet.
Feb. 28'29. Nov.30'28.
Feb.28'29. Nov.30'28.
AssetsLiabilities$
$
8
Cash & ctf. of dep. 1,212.966 1.364,543 Accounts payable. 1,718,9U
870.677
1,300,000 2,800,000 Dealers'deposits_ 121,804
Call loans
68,069
63,074 Advs. on contr ts_ 193,427
Marketable semi'. 334,000
Acels receivable- 2,525,768 1,660,288 Salaries. wages and
Time drafts on Cu,commissions ___ 369,856
286,765
526,013 Interest accrued._
962,555
tomers
17,303
38,247
127,097
120,414 State & local taxes
Notes receivable
90,746
70,883
17,027
7,785 Fed. Income tax_ 314.440
Accrued Interest280,180
Inventories
5,528,182 3,453,580 Stinary accruals__
10,714
19,795
Cash sur, value of
3-yr.6% gold notes 950,000
950,000
life Insurance
27,271
Lycoming 1st M.
Prepaid insurance_
81,180
96,834 7% gold bonds__ 664,500
664,500
Other derd charges
8,031
Reserve for contln.
182,918
23,344
24,321
Investments
& deferred inc._
71,227
Sinking fund cash.
15,706
21,698 Capital stock
x7,657,153 6,123,912
Unamortized disc't
549,528
Capital surplus_._ 539,335
on funded debt.
43,847
44,574 Earned surplus.... 3.465,483 3,133,429
Fixed assets (net). 5,845,447 4,851,133 Minority stockholdGood-will, patents
era' int. in capital
& development.
1
I
WK.* Sc surplus;
858,688
. 855,288
Capital stock_ _
80,789
59,966
Capital surplus..
796,821
924,326
Earned surplus_
18,052,423 15,934,258
Total
Total
18.052,423 15,034,258
x Represented by 160,11 no par shares.
-V.128. P. 4007.
JUNE 29 1929.1
FINANCIAL CHRONICLE
4325
stantially the entire assets and business of Borden's Dairy Co.: 475 shares
in part payment to Oregon Milk Co. for its business. plant and other assets
connected therewith located at Albany. Oregon; 1.749 shares in full payDue to a typographical error in our issue of June 22, we reported the ment for the assets and business of Des Plaines Dairy Co. and 355 shares in
company as having operated at a deficit of $197,235 for the fiscal year full payment for the assets and business of Arlington Heights Dairy Co.
ended April 30 1929. The net earnings for the year amounted to $197,235
Pro Forma Consolidated Balance Sheet Dec. 311928.
which is about 9M % on the net worth of the company as shown by the
Assets
previous annual report
-in comparison with a loss of $1,586 for the same Property, plant &equipment $80,253,204 Mortgagee
$999,787
operations in the preceding year-and equals about $4.65 per share on the Cash
14,455,119 Notes & accounts receivable 13,325,240
outstanding preferred stock
Receivables
12,935,509 Income taxes (estimated).,1,770,108
No dividends on the preferred stock have been declared since the pay- Marketable securities
3,025,963
10,719,566 Other items
ment on Feb. 1 1927. Payments to preferred stock sinking fund were Inventories
112,371
13,742,365 Deferred credits
$512.336 in arrears at March 1 1929.-V. 128. p. 4159.
Capital stock
77,870,900
Prepaid items and miscell.
64,003 Res. for ins., conting., &e...11,751,786
assets
-Dividend.Bank & Insurance Shares, Inc.
Surplus
30,313,609
Trade marks, patents &goodA semi-annual dividend of 35c. per share will be paid July 1 1929 on
will
7,000,000
Deposited Bank Shama, Series B-1. Coupons are payable at the Pennserylvania Co.for Insurances on Lives and Granting Annuities, Philadelphia.
9139,169,767
Total
$139,169,767
Total
-V. 128, P. 1401The above balance sheet is after giving effect to the acquisition of the
properties and businesses of F. X. Baumert &Co., Inc., Baumert Co.,
Barnsdall Corporation.
-Extra Dividend.Ltd., W. A. Lawrence & Son,Inc., which are included on basis ef figures as
The directors have declared an extra dividend of 25c. and the regular of June 30 1928; Jersey Ice Cream Co. on basis of figures as of Aug. 3 1928:
quarterly of 50c. on the class A voting and class B non-voting capital stock, South Chicago Ice Cream Co. on basis of figures as of Aug. 15 1928.; Furnas
both payable Aug.6 to holders of record July 8.-V. 128, p. 2996.
Ice Cream Co. (Indianapolis), the Furnas Ice Cream Co. (Terre Haute),
the Furnas Ice Cream Co.(Akron), the Pumas Ice Cream Co. (Columbus),
(John) Bean Mfg. Co.
-To Change Name.Fort Wayne Pumas Ice Cream Co., South Bend Furnas Ice Cream Co., the
The stockholders will vote July 18 on changing the name of the company City Dairies Co. (St. Louis), Schneider-Holmes Co. and Consumers Ice &
to Food Machinery Corp.
-V. 128. D. 3516.
Creamery Co., all on basis of figures as of Sept. 30 1928; Risdon Creamery,
Gable Creamery Co., Belle Isle Creamery Co., Chateau Cheese Co.. Ltd.;
Benjamin Electric Mfg. Co.
-Annual Report.Moyneur Co-operative Creamery, Ltd., and Laurentian Dairy, Ltd., all
Period Ended March 311929-12 Mos.-1928 15 Mos.'27. on basis of figures as of Oct. 31 1928; Moores & Ross, Inc. and Racine Pure
Profits for period
3562,611
$44.711
$557.417 Milk Co. on basis of figures as of Nov. 30 1928; Schmitt Brothers, Walker
Depreciation
178,463
156,622
180,797 Gordon Laboratory Co., the Purity Ice Cream and Dairy Co., Dairy Dale
Interest including bond interest
143,750
186,683 Co., Sharpless-Hendler Ice Cream Co., the Springfield Dairy Products
148,908
Co., and A. H. Barber & Co., all on basis of figures as of Dec. 311928, and
Net income
$235,241 loss$255,662
$189.937 certain assets of Marshfield Milk Co. on basis of figures as of Dec. 31 1928;
Previous surplus
655.297 and properties and business of Hammond Dairy Co. and Terre Haute
493,617
765,562
Refund of Fed. inc.taxes Az int.(prior
Pure Milk & Ice Cream Co. on basis of figures as of Feb. 28 1929. The net
48,316
years)
3.026 assets acquired from the afore-mentioned companies include certain property
Discount 1st mtge. gold bonds
valuations based on appraisals (partially completed) and are subject to
63
Life insurance dividends
4.857. audit of the books of the companies, now in progress.
-V. 128, p. 4008.
Austin, Nichols & Co.; Inc.
-Correction-Company Reports Surplus of $197,235 for Fiscal Year Ended April 30 1929.
- Total surplus
Federal taxes (prior years)
Corn. & disc. let pref. stock (prop.)- Tax on bonds(2%)
1st preferred dim. paid & accrued..
Transferred to conting. reserves
$728,858
2,418
3,881
Profit St loss surplus
-V.127. p. 111.
$692,559
$558,279
22,689
5,259
36,714
$493,617
Borg-Warner Corp.
-Listing.--
$853,117
32,880
4,856
1,793
48,026
$765,562
The New York Stock Exchange has authorized the listing of 394,530
additional common shares (par $10) on officia‘ notice of issuance, as a stock
dividend, making the total amount applied for 1.138.929 shares.
Earnings for 3 Months..Ended March 311929.
Net oper. profit, after deduc. of factory, admin. & sell. exp- $2.218,129
Other earnings-interest, discounts, rentals, &C
141.902
30,000
Total income
Depreciation-plants & equipment
Interest-financing charges
Federal income tax
Berliner-Joyce Aircraft Corp.
-Listed.The Baltimore Stock Exchange has authorized the listing of 40,000
ock
share•s (no par value)
"A"common stock.
Balance Sheet, April 30 1929.
AssetsLiabuutesCash in banks & on hand
$504,512 Accts. pay.for mats.,ex Ps. &c. 360,051
Inventory of materials. Ste
32.325 Accr.sal.. wages & ground rent
646
Land, building in process of
Cl. A stk.(37,918 shs. no pan _ 648,024
construction, mach'y, &c
107,893 Class B (40.000 abs. no par)_ _
400
Deposits, advances, &c
656
Prepaid insurance & taxes- _ 2,389
Shop drawings, designs, goodwill, &c
18,337
Organization expenses
2,573
Engineering, experimental &
manufacturing costs, &c....._
27,133
Selling, adm. & gen. exp., &c.
13.201
Total
--V. 128, p. 4008.
8709,021
Total
Net income for period-all companies
$1,851.993
Consolidated Balanee Sheet March 311929.
AssetsLiabilities
Cash
$1,318,095 Notes payable
$200,000
Call loans-secured
2,303,947 Accts. pay. dr accrued exp__ 9,615,126
Customers' accounts ree
4,432,333 Prov. for Federal income tax_
858,488
Other accounts receivable_ _ _
396,287 Bonds outstanding180,000
Inventories
5,034,418 Preferred stock
3,500,000
Ins. prem. dr other prepaid
Common stock
5,969,060
charges
204,195 Minority interest
10,322
Stocks, bonds dr notes of other
Surplus
11,868,484
companies,.9c
896,455 Dividends since Jas. 1
Dr.728,158
Property, plant dr equipment x9,523,637
Goodwill dr patents
423,954
$709,021
Total
$24,533,322
Total
x After depreciation of $3,872,985.-V. 128, p.3688.
Bethlehem Steel Corp.
-Subscriptions.Subscriptions to the new stock under the offering of one share at $85
for every three shares held were sent in by just a slight fraction under 100%
of the holders, it is announced.
-V. 128, p. 3688.
Biltmore Mfg. Co., Cincinnati.
-Stock Offered.Stanley Ashbrook & Co., Cincinnati, are offering 6,500 shares
(no par) common stock, at $23 per share.
$2,360,031
226,481
24.155
257,402
Bowman
$24,533,322
Biltmore Hotels Corp.
-Earnings.-
'
Earnings for Four Months Ended April 30 1929.
Gross income from hotel operations
$44,719,174
Net income before interest, depreciation, amortization of leaseholds, note discount and expense and Federal income taxes
1,157,730
Interest on funded debt
140,770
t -V. 128, p. 2996.
•
Capital{- ationAuthorized.
Issued.
Common stock(no par value)
20.000 shs.
13,500 shs.
Briggs & Stratton Co.
-Development of New Lock.
Dividends, $1.60 per share payable Q-J. Company has no bonded
The development of a new cylindrical padlock for the McKinney HardIndebtedness or preferred stock:. Tax free in Ohio. Transfer agent and
ware Co. of Pittsburgh, sales of which are expected to reach 100,000 dozen
registrar, Provident Savings'Bank & Trust Co.
' annually, has been announced by the company. The lock, a product of the
Data from Letter of Albert W. Connor, Pres. of the Company.
Business t% History.
-Company was originally incorp. in Ohio in October company's engineering laboratory, is entirely new in design and has several
1916, as the Cincinnati Auto Specialty Co. with a small capital. Several features never before employed, according to Pres. Stephen Briggs. All
,
years later the business of the Warner Auto Top Co. was acquired. In necessary tools and machinery for production have been installed in the
1928 the company acquired from the John Hauck Brewing Co. through a company s factory. Production has begun at the rate of 1;500 dozen a week.
It is reported that the company plans to list its shares on the New York
lease with an option of purchase, building and property at 1749-1755
-V. 128, p. 3830.
Central Ave., one-half block wast of the new Central Parkway. The Stock Exchange.
building is of fireproof construction and contains approximately 45,000
square foot with a potential 90.000 square feet for future expansion of the
British-American Tin Corp.
-British Tin Companies in
business. In February 1929, the name was changed to the Biltmore World-Wide
Producers' Association.Manufacturing Co.
A partial list of the British companies which have endorsed the moveThe company manufactures a complete line of automobile seat covers ,
under the well known trade name of 'Biltmore covers.
In the past six ment of a world-wide producers' association is as follows:
months they introduced an entirely new fabric for automobile seat covers,
Representing Malaya, Burma and Siam.
-Malayan Tin Dredging Co.,
developed and manufactured for them by the Dupont Company. This Southern Malayan Tin Dredging Co.; Southern Perak Tin Dredging Co.,
fabric is known as "Aero Cloth' and the trade mark "Aero Cloth" is the represented by Sir Ernest Birch, K.C.M.G.
Rantan Tin Dredging Co.; Taiping Tin Dredging, Ltd.; Batang Padang
property of the "Biltmore Manufacturing Co.
They also manufacture "Biltmore" adjustable furniture slip covers, also Tin Dredging, Ltd.: Batu Caves Tin Dredging, Ltd.; Kiang River Tin
a product well known in the automobile accessory business called "Stik- Dredging Co.; Mambau Tin, Ltd.; North Taiping Dredging, Ltd.• Putch
Tin Dredging, Ltd.; South Taiping Dredging, Ltd.; Murat Tin. Ltd.:
'
The," used extensively in the repair of automobile tops.
Purpose.
-Of the 6,500 shares above offered. 3,500 shares have been Freda Tin, Ltd., represented by Henry Waugh and A. A. Henggeler.
.
Tavoy Group and Kemper Malaya Tin Dredging Co.. represented by
purchased from the company, the proceeds of which will be used to provide
additional working capital. The proceeds from the remaining 3,000 shares Sir William Henry.
are to provide funds for the partial purchase of an interest owned by a
Representing the Australian Alluvial Group.-Kundang Tin Dredging;
retiring official.
Changkat Tin Dredging; Jalapang Tin Dredging; Kula Kemper Tin
Earninps.-The net profits after all charges including depreciation and Dredging; Kampen Lanjb Tin Dredging; Kramat Tin Dredging: Manta
Federal income taxes, but adjusted to eliminate $15,000 each year for the Newer Tin Dredging; Serendah Tin Dredging Cos.and Larut Tinfields,
three year period in a retiring official's compensation and reduction of Ltd.; Rawang Tin, Ltd.; Kampar Malaya Tin Dredging Co., and Taierng
$5,000 each year for the three year period in another official's compensation Tin Dredging Co., represented by J. Malcolm Newman.
are as follows: 1926, $34,899; 1927. $26.142; 1928, $38,359.
Hongkong Tin Dredging; Kamunting Tin Dredging; Panguga River
Earnings for 1928 as above Swore at the rate of $2.84 per share on the Tin Dredging companies, represented by E. J. Byrne.
total 13,500 shares.
Societe Detains de Hints, represented by Robert Thierry Mieg.
The sales of the company for the first four months of 1929 show an inSiamese Tin Syndicate, Ltd.; Bangrin TM Dredging Co.; Consolidated
crease of over 67% over the same period in 1928.
'
Tin Mines of Burma, represented by Sir Flynt K. Butler.
Listing.
-Application will be made by the company to list this stock on
Representing Nigerian Interests.-Naraguta Extended Tin MIMS, Ltd.:
the Cincinnati Stock Exchange.
Naraguta ICarama Tin Areas, Ltd.; Naraguta Korot Areas, Ltd.; Naraguta
Nigeria Tin Mines, Ltd.; represented by Sir Edwin A. Speed, Chairman of
Black & Decker Mfg. Co.
-Larger Dividend.Nigerian Chamber of Mines.
The directors have declared a quarterly dividend of 40 cents'per share
Ropp Tin, Ltd., represented by Sir Edmund Davis.
on the common stock, no par value, payable July 1 to holders of record
Associated Tin Mines of Nigeria and Jugs Tin Areas, Ltd., represented
June 21. Previously, quarterly dividends of 30 cents per share were paid by the Honorable Lionel Holland.
on this issue.
Northern Nigeria (Bauchi), Ltd.; Mongu Nigeria Tin Mines, Ltd.:
This is the third instance in the last year that the dividend has been Junction Tin Mines, Ltd.; Anglo Bauchi Tin Dredging Co., represented
increased, the rate now being double that existing a year ago.
-V. 128, by G. Temple Harris. Compare also V. 128. p. 4160.
p. 4008.
Bonwit Teller & Co.
-Stock Increase.-
Brockway Motor Truck Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 25.000 additional shares of common stock (no par value) upon official notice of issue
and payment in full for cash, making the total amount applied for 264,891
shares.
Under date of May 15 directors authorized the issue and sale of 25,000
Borden Company.
-Listing.shares of common stock for cash at $50 per share, and the payment in
The New York Stock Exchange has authorized the listing of additional connection therewith of an underwriting commission of $5 per share. The
shares of capital stock (par $25) on official notice of issuance, as follows: proceeds derived from the sale ofsuch stock will be used for general corporate
8,100 shares in full payment for the assets and business of Mutual Dairy purposes. Directors at a meeting held on June 19 took appropriate action
Association; 3,500 shares in full payment for the assets and business of to allocate, with respect to each of the 25.000 shares of common stock,
Plainfield Milk & Cream Co.; 3,000 shares in full payment for the assets and $45 to capital. The stockholders have no preemptive right with respect
business of Peerless Creamery Co.; 2,830 shares in full payment for sub- to these additional 25,000 shares of common stock.
The company has filed a notice with the Secretary of State at Albany
of an increase in its capital stock from 26,000 shares of $100 each. to 360,000
shares no par.
-V. 128, p. 4159.
4326
FINANCIAL CHRONICLE
[Vol.. 128.
For 20 years the company required its salesmen and demonstrators
Consolidated Balance Sheet Dec. 31 1928.
(After giving effect to the issuance of an additional 25,000 shares of common) to make the cold water-glass test before retail and wholesale grocers and
the American housewife, also in department stores, in cooking and demonAssets
Liabilities
strating schools, and before bakers and chefs.
-V. 121, p. 79.
Cash
21,792,117 Notes & accept. pay
$2,016,412
Notes & accts. rec.-net
2,843,722 Accounts payable
790,869
Ltd.
-Bonds Called.Canadian Salt
130,000
Inventories
5,484.077 Federal taxes
All of the outstanding 6% 1st mtge. sinking fund bonds, series A, and
Co.,
Mated. notes & Recta
166,876 534% 1st mtge. sinking fund bonds, series B, have been called for redemp277,642 Sundry accruals
Invest. & current accts.
Serial gold notes
100,000 tion Aug. 31. Series A will be redeemed at 105 and int. and series B at
AIM. companies
200,000 103 and int. Payment will be made at the Bank of Montreal, Montreal,
50,000 let Mtge bonds,6% serial_ _ _
Land, builds., mach.,&c.,net 1,636,937 Res. for gen. contIng
500,000 Quebec; or at the holder's option at the offices of the Bank in the cities of
Good will and trade name__
1 Res. for possible addi Fed.
Toronto or Windsor, Ont.; Halifax, Nova Scotia: St. John, New Brunswick:
Deferred charges
98,742 taxes, prior years
25,000 Winnipeg, Manitoba; Vancouver, British Columbia.
-V.127, p. 3095.
Deferred income
17,699
Preferred 7% stock
2,549,500
Canadian Vickers, Ltd.
-Earnings.Common stock
2,777,455
1928.
Years Ended February1929.
Surplus
2,909,427 Net profits from operations after making provision
$568,884
for income taxes
$465,285
Total
212,183,237 Total
212,183,237 Bond interest
95.835
165,000
113.178
Other interest
New Directors.
170,922
175.000
J. M. Hoyt, C. K. Woodbridge, C. M. Finney, Ernest Stauffen, Jr. and Depreciation
P. J. Ebbett have been elected directors. A..1 Buck and W. N. Brock$188,949
Net income
$125,284
way have retired from the Board, which has been increased to 10 from 7.Dividends
59,500
119,000
T. 128, p. 3355.
$129,449
Balance, surplus
$6,284
Brush Moore Newspapers, Inc.
-Earnings.
-x Includes profit from other sources amounting to 527,974.-V. 127,
3 Mos. Ended March 311929.
1928.
1•
otal net revenue
S561,383 1: 111.
5633.063
income before int. on funded debt, deprec.
Net
Canadian Wineries Ltd.
-Initial Dividend.and Federal income taxes
107.124
163,109
The directors have declare an initial dividend of 12;ic. on the 100,000
-V. 126, p. 114J.
shares of no par common stock outstanding, payable July 15 to holders of
record July 1.-V. 126, p. 2652.
-Earnings.
Burma Corporation Ltd.
9 Months Ended March 31x1929. '
1928.
-Bonds Called.
Canton 'Co. of Baltimore.
Gross revenues
$13,112,260 $11,803,671
The company has called for redemption July 1 certain outstanding 53 %
Net income after taxes, deprec.& capital expend_ _ 3,176.398
2,414,599
debenture bonds, aggregating 5400,000, at 102 and interest.
x Estimated.
15
-year gold
The directors have declared a final dividend of4 % and a bonus of 1 4%, Payment will be made at the Mercantile Trust Co., trustee, N. E. corner
Calvert and Redwood Sts.. Baltimore, Md.-V 128, p. 4009.
making 10% for the year 1928.-V. 128, p.1911.
Burroughs Adding Machine Co.
--Stock Ruling.
The committee on securities of the New York Stock Exchange has ruled
that the common stock be not quoted ex the 100% stock dividend until
Aug. 5.-V. 128, p. 4008.
Cable Radio Tube Corp.
-Earnings,
-New Vice-Presidents.
• CeCo Manufacturing Co., Inc.
The company has announced the election of three new Vice-Presidents,
viz.: N. 0, Williams, Chief Engineer; John E. Ferguson, Plant Engineer.
-V. 128, p. 3689.
and Edward T. Maharin, Sales Director.
Cespedes Sugar Co.(Compania Azucarera Cespedes).
The corporation, it is stated, has a cash balance of more than $1.000,000 -Bonds Called.
and net earnings since the first of April have been in excess of the annual
1st mtge. 7;' 0
,
The
for
dividend of $2 a share on the 200,000 shares of no par value stock out- sinkingcompany has called 105 redemption Sept. 1 577,500made at J. & W.
fund gold bonds at
and in
Payment will be
standing. Beginning Sept. 1 production will be increased to 25,000 tubes Seligman & Co., fiscal agents, 54 Wall St., N.Y. City.
-V. 128, p. 406.
daily and on this basis it is figured that earnings for the succeeding four
months will be at the annual rate of $1,000,000.
Chace Mills of Fall River.
-Liquidating Dividend.
It is stated that officials are discussing the advisability of declaring an
Initial quarterly dividend of 50 cents a share on the company's stock, ofThe following (in substance) is taken from the "Providence Journal"
June 22:
covering the three months ended June 30. Final decision in this matter
A partial payment to stockholders of the Chace Mills of$6 a share was anwill be reached some time next month.
-V. 128, p. 4009.
nounced yesterday, while the United Merchants and Manufacturers, Inc.,
the Loring organization which acquired the Chace recently, declared a
Calaveras Cement Co.
-Preferred Stock Offered.
-Dean regular quarterly dividend of $1.50 per share on preferred and convertible
Witter & Co. and Wm. Cavalier & Co. are offering at 107
stock, payable July 1 to stockholders of record June 21.
is in partial liquidation and
The $6 dividend to Chace
and div. to yield 6.51% 7,500 shares 7% cumulative pre- payable July 1 to holden of stockholders 25. An additional payment is
is
record June
ferred stock. Each share of preferred stock constituting to be made in the near future. What the additional dividend will be has not
been
the
be in
the present offering will carry one share of common stook. tion. estimated, butthe payment will of thefull liquidation of the corporaChace will be closed and stock
After July
transfer books
The present offering does not represent any additional will not thereafter1be transferable.
-V. 128, 13• 1735.
financing by the company.
•
Champion Shoe Machinery Co.
-Notes Called.
-
Redeemable as a whole or in part at $110 and div. on any city. date at
-year 6% sinking fund gold notes,
All of the
21,000,000 10
any time on 60 days' notice. Dividends payable Q.
-J. Non-voting except dated Aug. 1 outstanding been called for redemption Aug. I at
and Wt.
in the event, and only so long as, accumulated pref. dividends shall be Payment will1927, haveat the Mercantile-Commerce Bank &104
Trust Co.,
be made
delinquent and remain unpaid for two years. In the event of liquidation or trustee, northeast corner 8th and Locust Sts., St. Louis, Mo.-V. 125.
dissolution, preferred as to assets up to $100 per share plus all accrued and p. 1197.
unpaid dividends. Louis J. Amoroso (Calaveras Cement Co.) transfer
agent; the Bank of California, N. A.. registrar. Exempt under present
-Quarterly Earnings.
Chicago Yellow Cab Co., Inc.
laws from normal Federal income tax and California personal property tax.
1926.
1927.
1928.
3 Mos.End. Mar.31- 1929.
CapitalizationAuthorized. Outstanding.
Net profits after deprec.,
7% cumulative preferred stock ($100 par)
30.000 shs. 21,915 shs.
$555,375
$601.940
$664,419
$505,783
Federal taxes, &c____
Common stock (no par)
180,000 shs. 123,830 shs.
Earns. per sh.on 400,910
Tho company has no funded debt.
$1.50
shs. com.stk.(no par)
$1.66
$1.26
Data from Letter of William Wallace Mein, Pres. of the Company.
-V. 128. p. 2636.
Company.-Incorp. in Delaware in Jan. 1925. and commenced operations
9
-Chairman John
-Quarterly Earnings.
Chile Copper Co.
In June 1926. Manufactures a high-grade quality of cement sold under the
trade name of "Calaveras." Company is now one of the three largest D. Ryan says:
producers of cement in Northern California and distributes its product in
During the first three months there were treated 3,229,638 tons of ore,
California from the Tehachapi north, in Southern Oregon and in Western averadng 1.622% copper. The production for the first three months
,
Nevada. It has developed a substantial and growing dealer business was 93,485,659 lbs., a monthly average of 31,161,886 lbs.
throughout this territory. Company's plant, the latest design of "wet
The Chile Copper Co. and Chile Exploration Co. had available at May 31
process" type and is equipped with the most modern Allis Chalmers mach- 1929, 516.256,600. cash and call loans, as against $6,369,603 in cash and
inery throughout. and with properties represents an investment of $2,294,- marketable securities on Dec. 311928.
572. It has a daily capacity of 3,300 barrels.
Consolidated Income Account for Quarter Ended Mar. 31.
Earnings.
-Net earnings, after deduction of all charges including de'Chile Copper Co. and Chile Exploration Co.]
preciation, depletion and provision for Federal income tax, have averaged
1926.
1929.
1928.1927.
in excess of $315,000 per annum for the two years and 10 months' period
55,024.112
( ar
p
of the company's operation. Similar net earnings for the year ended Dec. 31 Total sales (pounds--- 93,485,659 50,762,062 67,583,554 87,902,333
Gross receipts
$16,830.199 $7.377,585 $8,962,180
1928, were $636,361, or over four times the dividend requirements on the
2,825,852
3,172.766
3.137,445
9,453,691
now outstanding shares of preferred stock. Net earnings for the first throe x Net profits
months of 1929 were $214,762. or more than 5M times the,preferred div. Sims. of cap. stk. outat'd'g
4,391,329
4,415,499
4,415,489
4,415,498
requirements for this period.
On the basis of present capitalization net earnings on preferred and Earns, per sh. on cap.
stock
expenses .1 d charges,s,
$2an
4$0
common shares for the periods shown below were as follows:
amor-x Aft ducting all
After deducting
lch
nI
Pref. Shares. Corn. Shs. tization discount on 6% convertible bonds,iaccgedng depreciation,
Federal
Annual aver.(2 yrs. 10 mos.ofoperation)
$14.41
$1.31 accrued bond Interest-V. 128, p. 2985.
12 months ended Dec. 31 1928
29.03
3.90
First 3 months 1929
9.80
1.42
City Mfg. Co., New Bedford.
-Offer Refused.
Earnings as shown above for the calendar year ended Dec. 31 1928, and
An offer of $60 per share for the remaining meets of the corporation
for the first three months of 1929, were particularly favorable owing to an made by J. Murray Howe, has been refused according to a Boston despatch.
unusually large volume of business made available to the company through Prei 2 usly 3 r1.11owe offered $50 per share, and this also was refused.v. vio, p M .
8 . 83
Its contract with the East Bay Municipal Utility District, and earnings at
this rate are not expected to continue. In the opinion of the management.
City Stores Co.
-Listing.
however, net earnings for the calendar year 1929 will be substantially in
The Now York Smock Exchange has authorized the listing of 93,337
excess of the,average annual earnings of the company to date
Listing.
-Company will make application in due course to list both pref. additional shares of common stock on official notice of issuance. in exchange
for acquired properties, making the total amount applied for 1.060,558
stock and corn, stock on the San Francisco Stock Exchange.
shares.
Directors on June 10 1929 authorized the issuance of92,337 sharescommon
Calumet & Arizona Mining Co.
-Output.
stock as full consideration for certain assets, viz., merchandise, fixtures.
output (Pounds)1929.
1928.
1927.
1926.
January
10,519,040 11,477,020 9.268,400 10,802,120 equipment, accounts receivable and good-will of the Goerke Co., operating
11,105,040 10,616,480 7.746.920 9,562.400 a department store in Newark, N. J., and 7or like assets, excepting merFebruary
March
11.776,600 10,671,620 12,303.000 11,301.560 chandise. of the Goerke-Kirch Co., operating a department store in
April
12,082,700 10,652,740 8.740,694 11,144,300 Elizabeth, N. J.; such assets to be acquired directly or through ate&
13,463.000 11.299.360 10.396,080 12,354.190 ownership. The merchandise of the Goerke-Kirch Co. is to be acquired
May
irote.-ProductIon includes that of New Cornelia Copper Co. prior to and paid for in cash by City Stores Co.
a
These assets are to be used by City Stores Co., or a subsidiary, to concoosolidation.-V. 128, P. 3355.
tinue the operation of a department store on the premises at Newark, N. J..
-Desist Order.
now occupied by the Goerke Co., and a department store in Elizabeth,
Calumet Baking Powder Co.
The Federal Trade Commission has ordered the company to stop use N. J., on the premises now occupied by the Goorke-Kirch Co. Long
by its salesmen and demonstrators of the so-called "water-glass test," term leases of such premises will be executed by City Stores Co. or a
which is a demonstration of alleged superiority of Calumet Baking Powder subsidiary.
received
It Ls the intention of City Stores Co. to credit the consideration
AS compared to other competing powders.
Use of this test was held to be unfair competition under the Federal for these additional shares to capital account.
Trade Commission Act.
A. S. Cronheina, Treasurer and Assistant Secretary, will resign these
Text of the Commission's order shows that the company is ordered offices on Aug. 1. Otto Marx resigned from the board of directors on May
specifically to cease and desist from:
15 last -V. 128, p. 3689.
Making the water-glass test with Calumet Baking Powder in comparison
. Columbia River Longview Bridge Co.
-Half Completed.
with any other baking powder.
Within seven months after letting of the contract all concrete work for
Making the water-glass test with another manufacturer's baking powder
ibis 86,000.000 1Polumbia River Longview Bridge at Longview, Wash.,
or suggesting that such test be made with another manufacturer's baking
has just been completed, establishing what la said to be a record in aubpowder.
Making any assertion, claim or statement that the water-glass test aqueous construction of the kind, according to a progress report received by
In any way demonstrates or determines the carbon dioxide gas strength J. & W. Seligman & Co., underwriters of the project.
The report indicates that construction work is now almost at the half-.
or leavening efficiency of any baking powder.
Making any assertion, claim or statement that doughs or batters or way point, despite the fact that unusual difficulty and extreme hazards
powders are used will function in the baking attended the erection of the piers in the swift-moving waters of the Columlike mixtures in which baking
bia River.
as the foam mixtures function in the water-glass test.
JUNE 29 1929.1
FINANCIAL CHRONICLE
4327
Erection of the steel superstructure is to begin immediately. This wilt erties and assets of the Prudential Refining Corp., and 2,317,266.35 shares
consist of seven steel spans, one of which will be more than 1,01/11 feet long. (no par value) as full payment in connection with the acquisition of the
Because of the great height of the bridge, new methods of construction are properties and assets, subject to its liabilities, of the Continental Oil Co.,
being developed and unusual devices provided to safeguard the workers.
of Maine, making the total amount applied for 4,777.029 shares.
The bridge will be the highest in the world over navigable water except the
The Continental Oil Co. (of Maine) had 3,822,082 shares capital stock
Hudson River Bridge now under construction in New York. The deck of as of March 31 1929.
the spans will be 195 feet above the water, which is 65 feet higher than the
1929.
Pro-Forma Balance Sheet March 31 .
deck of the Brooklyn bridge, and the top of the towers will be about 300 Marland-Prudential-Continental Oil Companies
-(After giving effect te
feet above the water.
-V.128, p.3518.
acquisition.)
Liabilities
Commercial Credit Co., Baltimore.
-Earnings, &c.
- Assets
$127,927,159 ,
Net properties, bookvalue__2118,398,794 Capital stock
A. E. Duncan, Chairman of the board, says in part:
x18,436.740
Net investments & advances_ 14,702,483 Capital surplus
The company and its affiliations are experiencing the largest and most Unadj.debits & sundry assets 4,798,829 Minority interests
755,333
satisfactory year in their existence. Their consolidated volume for the Cash
13,534,631 Fund. dt.& long-term. oblig_ 35,756,900
5 months ended May 31 1929, was 4191,782,567, and for the 12 months Govt.secure.& call loans_ _
1,314,000
8,427,733 Purchase obligations
ended May 31 1929 (incl. Kernsley, •Millbourn & Co.. Ltd.) was Notes receivable
1,276.206
789,586 Mortgages payable
$354,974,261.
391,151
8,747,919 Unadjusted credits
Accounts receivable
Their consolidated volume and net income for April and May 1929 were, Inventories, crude & refined
897,663
Reserve for contingenciesrespectively, the largest of any months in their history, although neither
1,586,684
22,915.639 Notes payable
products
April nor May is usually among the best months as to net income. Consoli- Material and supplies
5,917,117
3,425,351 Accounts payable
dated net income, applicable to outstanding common stock of company, Interest receivable
1,664,003
94,721 Miscellaneous liabilities
for April 1929, was at the annual rate of $5.29 per share, as against $3.68 Miscell. demand items
87,271
per share for April 1928; and for May 1929, was at the annual rate of $6.19
per share, as against $4.86 for May 1928.
2195,922,956
$195,922,956
Total
Total
For the 5 months ended May 31 1929 (the first three of which are usually
x Represents surplus of combined companies, after giving effect to adjust
the poorest of any year), consolidated net income on the average common
stock outstanding was at the annual rate of $4.31 per share, as against ments.
$2.72 for the same period in 1928. Consolidated net income on the average
Trading in New Stock Resumed After a Temporary Susoutstanding common stock for the 12 months ended May 31 1929. was at
the annual rate of $4.60 per share, as against $4.01 for the calendar year pension.
1928.
Confusion caused by the listing of the stock of the Continental Oil Co.
This satisfactory showing has been made in spite of the substantially (of Del.) the new name for Marland Oil Co. led to the temporary susincreased cost of money during recent months, which, however, has been pension of trading in the issue by New York Stock Exchange Thursday
'
more than offset by increased volume and improved operating efficiency (June 27). However, trading was resumed in the stock June 28. The
of the organization. This increase and the future outlook have again made new company was confused with the old Continental Oil Co. (of Maine)
it necessary to provide promptly for additional resources to care for same. selling on the New York Curb Exchange at around $21 a share.
The company has continued to diversify its business, as shown by the
-Acquisition by Marland.
considerable increase in outstandings, especially in installment paper coverContinental Oil Co. (Me.).
ing the sale of miscellaneous articles (other than motor cars), such as time
See Continental Oil Co.(Del.) above.
and labor-saving machinery, Diesel engines, refrigerators, oil burners,
3,822,082 shares capital stock outstanding as of
The company
radios, &c. The organization should have no difficulty in obtaining indefi- March 31 1928. had
nitely an ample volume of desirable business, and in handling same
Earnings for 3 Months Ended March 31 1929.
efficiently and profitably, even if there should be a slowing up in general
$11.694,979
Gross earnings
business.
10,376,979
The assets of company and its affiliations continue to be very liquid and Operating & administrative expense
in first-class condition, with a minillnum at this season of past due receiv$1.318,001
Net earnings
ables and repossessions. On May 311929, there were $95,366,556 of motor
112.321
retail paper outstanding in the United States and Canada, of which only Miscellaneous income
$109,893 was over two months past due on original terms of sale. Also,
81,430,322
Greeks income
there were only 365 repossessed cars in company possession, carried at
272,518
,
$123.119 depreciated value, and only 1,014 repossessed cars in possession Int., discount & non-operating income charges
1,070.113
of dealers liable therefor, representing $349.626 in current receivables. On Depreciation
295,938
miscellaneous installment and other receivables of 843,893,206, only Depletion lease-bonus costs
454,085
Intangible drilling costs
$255,467 were more than 2 months past due.
105.726
These figeres are rather astounding, and not only show the present Amortiz, cancelled and surrendered leases
operating efficiency of the organization, but especially the increasing
5768.05$
Net deficit to surplus
tendency on the part of the individual to properly protect his credit by
promptly meeting his current obligations. This has largely resulted from
Comparative Consolidated Balance Sheet.
the training he has received through systematic budgeting of his expenses
Mar.3129 Dec. 31'28.
Mar 31'29. Dec. 31'28.
encouraged by installment buying.
Assets
The directors desire to simplify the capital structure of the company and
Net prop. accountz60,913,106 57,147,701 Capital stk. outst _38,220,820 36,452,420
its affiliations by ultimately having outstanding with the public only the
30,695,454 29,856.439
874,757 Surplus
class A convertible stock and common stock, Dependent upon the conver- Invest. anti. co's_ _ 821,742
790,406 Capital & surplus.
sion prices, approximately 1,000.000 shares of the proposed increase of Miscell. investmls 858,407
429,841
minority interest -737,922
854,008
1,800,000 shares of common stock must be authorized to provide for the Adv. affIl. co's_ __ 725,66 1
37,364 10-year 534% sole
Miscell. advances_
42,384
possible conversion of the 1,000,000 shares of class A convertible stock.
11,400,000 11,700.000
debentures
Deferred charges &
The directors also desire at an opportune time, but not immediately, to
unadj debits. _ _ 1,632,384 1.730,683 Sapulpa Pet. Co.
use the greater portion of the class A convertible stock and (or) common
462,900
634%
stock for the purpose of retiring all or a substantial part of the various out- Cash & call loans__ 6,881,807 5,900,033 Contin'l gold bonds 429,900
Oil Bldg.
694,229
standing issues of preferred stock of the company and of its eff liations Marketable wear. 445,540
630,000
10-year notet__ _ 630,000
596,975
($7,000,000 of which carry an 8% dividend rate).either through an equitable Notes receivable__ 604,238 3,831,243
Property purchase
offer to exchange or through the redemption thereof. The retirement or Accounts receiv_ _ _ 4,064,788
1,000,000
contracts
these high dividend rate preferred stocks will substantially reduce the fixed Crude oil & refined
10,184,084 10,228,244 Contracts My•!mu
products
charges of the company, and thereby be of direct benefit to its common
223,861
oil production_ _ 388,651
1578,708
Materials & supp 1.901,806
stockholders.
32,654 Res.for annuities &
The directors further recommend the proposed changes so that the com- Other current assets '23,459
585,972
contingencies__ _ 659,258
pany may,from time to time, promptly increase its capital resources withNotes pay'le(prop.
out the usual delay of several weeks, as well as expense incident thereto,
775,000
1,000,000
purchases)
through having to first amend its Charter and offer now common stock to
Accounts payable_ 3,042,170 2,285.712
common stockholders. During financial and market conditions which have
889,538
Accrued liabilities_ 995,328
prevailed in recent months, this handicap and delay has been quite a
5,310
Total (each side)_89,099,504 84,297,004 Other curr. liabil.
disadvantage to the company, and especially to the holders of its common
After reserves of 470,709,440.-V. 128, p. 4162.
stock.
Earnings Fine Months Ended May 31.
-Earnings.
Copeland Products Inc.
1929.
1928
MorUh.
5 Months.
Gross receivables purchased
$191,782,567 $102692.051
Period Ended May 31 1929$79,044 x$242,477
Net income applicable to capital stock of consoliNetincome after taxes, depreciation and reserves__
-Y. 128.
dated companies, after Federal taxes
2.293,255
1.339.504
x Equivalent to $2.37 per share on class A stock outstanding.
Divs. paid & accrued on pref. stks. of affil. cos_ .._ _
107.561
99,750 p. 3519.
Net inc. applic. to cap. stk. of Com'l Credit Co.. $2,185,694 $1,239,754
-Extra Dividend.
Corn Products Refining Co.
Divs. paid & accrued on its 634 & 7% 1st pf.stks.
333,301
333,287
The directors have declared an extra dividend of 50c. per share and a
DIVA. paid Si accrued on g% cl. Ti pref. steels
133.333
133,333 quarterly dividend of 75c. per share on the common stock and the regular
Dividends paid and accrued on common stock
quarterly dividend of $1.75 per share on the preferred stock, the common
(annual rate $2 for 1929 and $1 for 1928)
861,710
280,470 dividend payable July 20 and the preferred on July 15, all to holders of
record July 5. An extra div idend of $1 was paid Jan. 19 last and 50c. a
Net credit from operations
5857,350
5492.662 share was paid July 20 1928.-V. 128, P. 3193.
-V. 128, p. 4010.
•
.
Commercial Investment Trust, Inc.
-Capital Increase.
The Commercial Investment Trust Corp. has announced that an increase from $16000,000 to $20,000,000 in the capital of its principal
operating subsidiary, Commercial Investment Trust, Inc., which is organized under the New York banking law. has been approved by the
New York State Banking Department. This increase, necessitated by
expanding business, consists of common stock paid up and entirely owned
-V. 120. p. 2152.
by Commercial Investment Trust Corp.
-Acquisition.
Continental Can Co., Inc.
The company has acquired the Federal Can Co. of Nashville, Tenn.,
-V. 128, p. 3193.
manufacturing a general line of cans.
-Earnings.
-Continental Clay Products Corp.
Earnings for Three Months Ended March 31 1929.
Net sales
$243,863
Net earns., before int, on bonds, deprec., amortiz. of bond discount
and expense, and Federal income taxes
31,972
Interest on list mortgage bonds
18.870
-V. 126, p. 419.
-To Increase Div.
Continental Investment Co.
-Rights.
The directors are reported to have declared their intention of increasing
the annual dividend on the common stock from 15c. to 30c. a share beginning with the Oct. 1 dividend. The regular quarterly dividend has been
declared payable July 1 to holders of record June 20. Subject to the
approval of the Corporation Commission of California. common stockholders of record July 10 will be offered rights to purchase 2 additional
shares of common stock at $4 a share for each three shares now held.
V. 128, P. 2636.
Continental Oil Co. of Del. (Formerly Marland Oil
Co.).--Listing, &c.
The New York Stock Exchange has authorized the listing of 2,357.269
shares of capital stock on official notice of issuance of certificates beorin ;
the corporate title "Continental Oil Co.," in exchange for certificates bear"now outstanding, with authority
ing the corporate title "Marland Oil
Co..
to add: 32.125 shares on official notice of issuance, in the exercise of outstanding warrants of the Marland Oil Co., issued in connection with company's 10-year 8% sinking fund participating gold bonds, and 342 6-20
share.; on official notice of issuanoe in exchange for 3.428 shares of capital
stock of the Marland Refining Co. (par $5), and 26 6-20 shares on official
notice of Issuance in exchange for 525 shares of the capital stock of the Kay
County Gas Co. (par $1).
The Exchange also authorized the listing of 70.000 additional shares
,ti i
,.
,
to be issued as fin I payment in con le tion wit o ti
-Stock Offering, &c.Cornstalk Products Co. Inc.
A private offering of 3,665 units, each consisting of 1 share class A stock
(no par) and 3 shares common stock'(no par), was made recently at $12$
per unit by Wilfred E. Boughton & Co., Inc., Now York.
Authorized. To Be Outseg.
Capitalization16,600 shs.
511,060 abs.
Class A stock
250,000 shs. 124,500 shs.
Common stock
$7 per share
The class A stock carries preferential dividends at the rate of
per annum,is callable on any dividend date after Jan. 1 1931 at $110 and any
diva.; is convertible into common stock at any time prior to call at the rate
of one share of common for each share of class A. Both classes of stock
have equal voting rights and are without par valise.
The board of directors authorized the sale of a total of 16,600 units of'
stock, and of this amount 12,935 units have been privately subscribed.
The remainder of 3.665 units is included in the present offering. The proceeds will be applied directly to placing the company on a profitable production basis. There are no sales problems and virtually no sales expense,
as the demand for the output of the company has already been established
and is many times in excess of any probable production facilities of the
company for several years to come.
The company is the first organization successfully to utilize cornstalks
as a substitute for wood pulp in the manufacture of paper. This corporation owns 42 patents and patent applications. It has developed the procusses covered by these patents: first, through extensive laboratory work;
second, through the establishment of a pilot plant, and third, through extensive practical work in the gathering and handling of the raw material,
and it is now on a commercial production basis.
The widespread publicity which this company and its product have enjoyed during the time since the perfected material was first used commercially has resulted in demands from every part of the United States front
newspaper, magazine and book pulishers, printers, paper houses and paper
manufacturers. Since Cornstalks Products Co. now has a monopoly,
it is apparent that for at least several years to come the demand will be
many times greater than the supply.
While it seems definitely assured that the earnings of the company will
be large, no accurate estimate can be reached inasmuch as new economies
and new sources of profit are constantly being discovered.
The most conservative estimate of future production costs will show that
cornstalk pulp will enjoy an advantage over wood pulp of at least 25%.
Credit Foncier -International, Inc.
-Stocks Offered.
Credit Foncier International, Inc., is offering 20,000 units
consisting of one share of its 7% cumulative 1st pref. stock
($50 par) and one share of (no par) common stock at $60
per unit
4328
FINANCIAL CHRONICLE
Pref. stock dividends are cumulative and are payable semi-annually
J. &J. Prof. stock is preferred as to assets up to par value plus accrued
dividends upon involuntary dissolution. Each share of stock of all classes
has equal voting rights. The pref. stock, in the discretion of the directors,
may be recalled at the price of 110%, plus divs., by giving 60 days' notice
on any div. date. Directors may authorize the issuance of additional shares
of pref. stock, paying the same on different rates of dividends. Registrar.
Irving Trust Co., New York.
Capitalization.
7% cumulative 1st preferred shares (850 par)
20.000
cumulative 2d preferred shares ($80 par)
abs.8%
1,250 sits.
shares(no par)
80,000 abs.
The company is the owner of the whole of the stock of the following
European companies: The Credit Fonder Franco-Americain, a Paris mortgage company; the Rentex Immobiliere, a Paris real estate company, and
42% of the stock of the Creditul Ipotecar Roman, a Bucarest mortgage
company. It therefore has sufficient foreign offices and connections to
enable it to take advantage or all international market changes and to
develop a foreign market for its mortgages and securities.
The net proceeds of this issue will be invested in selected first mortgages
on improved income-producing properties against which the company will
market reasonable bond issues carrying lower fixed interest rates than do
the present shares.
John Calvin Brown. President, states that "mortgages cannot be for
more than 60% of the value of land and buildings.
- All capital secured
by the company will be invested and reinvested in the same class of first
mortgages, and these mortgages will be held in portfolio or resold at profit
and relavested in similar mortgages. The company will establish a special
reserve operating sinking fund into which it will pay 5% of its net annual
profits after payment of dividends until such sinking fund shall amount
to a minimum total equal to 10% of the par value of its outstanding stocks
and bonds. Dividend requirements on the pref. stock will be exceeded by
Interest rates earned on loans purchased.
Preferred Dividend.
-Directors at their semi-annual meeting authorized
the payment of the July dividend a( the rate of 7% per annum on outstanding preferred stock.
The board of directors consists of John McE. Bowman, Pres. of the
Bowman Blltmore Hotels Corp.; William Wrigley Jr., Pres. William
Wrigley Jr. Co.; John Calvin Brown, Pres. and Pres. of Credit Fonder
Franco-Americian (Paris). Rente Immobillere (Paris), and Vice-Pres..
Creditul Ipoticar Roman (Bucarest); Hon. Charles J. Vopicka, U. S.
Minister to Roumania, Bulgaria and Servia (1913-1920), director, People's
Stockyards National Bank & Trust Co., Chicago; Gaston Liebert, Vice
President, and French Consul
-General in New York (1916-23) and French
Minister to Cuba (1925-26).-V. 128. P. 734.
when in their opinion, a sufficient number of shares of each of the companies have been deposited.
It is expected that if the plan is declared effective there will be many
economies made possible in the operation of the companies, and in addition
the research work of the manufacturing companies may be concentrated
in one or two of the factories and very greatly expanded.
If the plan is declared effective the company will have a complete line
of aeroplanes and motors, excellent distributing agencies, and dealer
organizations, and the ownership of many of the country's finest airports.
All of the existing organizations and their personnel will be kept intact,
and all of the present types of military and naval motors and planes will be
continued and developed.
The meeting's of the boards of directors of the various other companies
will be called in the near future, and it is expected that the formal notice
to the stockholders of all of the companies will be sent out within the next
two weeks.
Upon its formation the Curtis Wright Corp. and its subsidiaries will
have tangible assets in excess of $70,000,000. In view of the fact that the
companies involved are in strong liquid position no new financing is immediately contemplated. The company will have no funded or other debt.
Listed on Curb.
-The New York Curb Exchange has admitted to trading
the class A and common stocks and warrants on a when issued basis.
Officers.
-Charles Lawrence, President of Wright Aeronautical Corp..
will be a Vice-President of the new Curtiss-Wright Corp. Glenn H.
Curtiss will become a member of the Technical Committee. C. M. Keys,
will head the new combine as President.
Bankers Endorse Plans.
-The plans for the formation of the new holding
company, it is stated, have received the informal approval of the bankers
for some of the constituent companies. The bankers include Hayden.
Stone & Co., on the Wright side, and 0. M. Keys & Co. for the CurtissKeys Group, associated with the Bancamerica-Blair Corp., James C.
Willson & Co.. Dominick & Dominick and G. M.
-P. Murphy & Co.
Detroit Gasket & Mfg. Co.
-Offering of Stock.-Offering
of 57,500 shares of common stock is being made at 320 a
share by Wm. L. Davis & Co.
The company, which is the largest manufacturer of non-metallic gaskete
In the United States, has outstanding 143,750 shares of common stock is
the only capital liability.
The company has reported profits in each of the five years since its Incorporation and, to increase its capacity to meet rapidly increasing demand
for its product, acquired the Springman Paper nsaducts Co. of Detroit
last year. Net earnings for 1928, after deduction of all charges Including
Federal taxes, were 8250,294, equal to $1.74 a share on the outstanding
Crocker Wheeler Electric Manufacturing Co.-Divs.- common stock issue.
Rapid expansion is reported in the net thus far in 1929 with the balance
The directors have declared the regular quarterly dividend of 81.75 on
the preferred stock, payable July 15 to holders of record July 5. The after all charges including taxes for the first five months amounting to
directors have also declared a dividend of $2 on account of accumulated 8206.873 or 81.43 a share, at an annual rate of $3.43 a share. The board oi
dividends on the preferred stock, payable Aug. 1 to holders of record July directors has declared its intention of placing the isfille ea a $1.20 annnat
2. This reduces accumulations on the preferred stock to 10%.-V. 128. dividend basis.
Aipplication will be made to list the shares on the Detroit Stock Exchange.
Diamond Crystal Salt Co.
-New Control.- •
Crown Cork & Seal Co., Inc.
-Earnings.
-
See Postum Co.. Inc. below.
-V. 126, p. 1513.
Earnings for Quarter Ended March 31 1929.
Net sales
Other income
Total income
Costs and expenses
Depreciation
Interest, amortization, &c
Profit before Federal taxes
--V. 128. p. 3194.
i2,103,429
25,777
8123,225
Curtiss Aeroplane Export Corp.
-New Holding Co.
Formed-Proposed Exchange of Stock.
See Curtiss Wright Corp. below.
-V. 126, p. 1987.
Curtiss Aeroplane & Motor Co., Inc.
-New Holding
Co. Formed-Proposed Exchange of Stock.
See Curtiss Wright Corp. below.
-V. 128, p. 2999.
Curtiss Airports Corp.
-New Holding Co. Formed-Proposed Exchange of Stock.
See Curtiss Wright Corp. below.
-V. 128, p.4162.
Curtiss Caproni Corp.
-New Holding Co. Formed
Proposed Exchange of Stock.
See Curtiss Wright Corp. below.
-V. 128, 12.• 735.
Curtiss Flying Service Inc.
-New Holding Co. Formed
Proposed Exchange of Stock.
-V. 128, I). 2631.
See Curtiss Wright Corp. below.
Curtiss-Robertson Airplane Mfg. Co.
-New Holding
Co. Formed-Proposed Exchange of Stock.
-V. 128, p. 2999.
See Curtiss Wright Corp. below.
-New Holding Company Formed
Curtiss Wright Corp.
Offers to Exchange Stock for Stock of Other Existing Airplane
-The following statement by C. M. Keys,
Companies.
Pres. of Curtiss Aeroplane & Motor Co., and Richard F.
Hoyt, Chairman of the Board of the Wright Aeronautical
Corp. was given out June 27:
The boards of directors of the Wright Aeronautical Corp. and Keystone
Aircraft Corp. June 27 voted to recommend to stockholders a plan which
has been approved by the directors of the Curtis Aeroplane & Motor Co.
for the formation of a holding company.
The name of the holding company will be Curtis Wright Corporation.
It will have an authorized capitalization of 12.000,000 shares of no par
value stock, of which 2,000.000 shares shall be A stock entitled to preferential payment of 82 per share annually, and which will be convertible
share for share into common stock and callable by the company at 840 Per
share. The remaining shares will be common stock. Both classes of
stock will be entitled to vote.
The stockholders of the following companies will be given an opportunity
to exchange stocks now held by them for stocks of the holding company at
the following rates of exchange:
No. Shs. New Holding
Co. Stk. for each Sh. of
Old Company Stk.
A
Common
Shares.
Shares.
1
3
Wright Aeronautical Corp
1
4
Curtis Aeroplane & Motor Co., Inc
5-12
Curtis Airports Corp
5-6
Curtis Flying Service, Inc
1.3
Curtis Aeroplane Export Corp
5-12
Curtis-Capreni Corp
Curtiss-Robertson Airplane Mfg. Co. (New stock
2
after present preferred has been retired)
1
Keystone Aircraft Corp
1
New York Air Terminals, Inc
2-5
New York 3c Suburban Air Lines
In addition, the holders of Wright Aeronautical Corp. stock will receive
,
warrants granting the right to purchase 1 share of new holding company
stock for each 2 shares of Wright Aeronautical Corp. stock at the price of
830 per share for the new stock at any time within three years after the plan
is declared in effect.
It is anticipated that an offer will be made to the stockholders of both
Travel Air Manufacturing Co. and Moth Aircraft Corp., but time has not
permitted the working out of the final details of their participation.
A committee will shortly be formed which will call for the deposit of the
stocks of the companies named above under a Man whereby negotiable
certificates of deposit will be issued to the depositing stockholders. Under
the plan the committee will have the right to declare the plan operative
Dome Mines, Ltd.
-Value of Production.
-
Month ofMay 1929. April 1929. Mar. 1929. Feb. 1929.
$316.143
$2.129,206 Output (value of)
$809,512
$353,354
$361,767
1,757,891 -V. 128, p. 3357.
123,700
124,390
(E. I.) du Pont de Nemours & Co.
-Acquires Remaining
Interest in Lazote Plant in West Virginia.
According to dispatches from Wilmington, Del., the board of directors
has authorized the issuance of 10,713 additional shares of common stoCk,
all of which will be used for the acquisition of the entire minority interest
in Lazote, Inc. The Lazote plant is located at Belle, W. Va.-V. 128, P.
3690.
Durant Motors, Inc.(& Subs.).-Earnings.
Period Ended Dec. 31-xYear1928.4 Mos.1927.
Gross profit (after deduct, all rnanuf. exp. except
pro-v. for deprec. and incl. profit from freight,
3c.c.. equalization)
$9,193,882 81,320,220
Operating expenses
6,043,851
1,449,535
Other deductions less other income
615,234
101,9713
Provision for depreciation
1,890,490
580,211
Net profit
Profit from sale of securities
8644,3071°888811,495
333,408
Total profit
Loss, operations and (or) disposition of Locomobile
Co. of America & C.B.Shepard Co
Loss,sale of plants and properties
U. S. & Canadian Fed.income taxes (sub. cos.) _ - _
Shares of minority Int, in net profit of sub. cos__ .. _
1,000,361
592,560
109,759
257,470
8977.716 loss$811.495
787,722
14,232
26,832
Net loss, Durant Motors, Inc
$982,435 $1,639,980
x Including results from operations of Durant Motors of Canada, Ltd.,
and subsidiary companies. •
Consolidated Deficit Account for the Year and 4 Months Ended Dec. 31 1928.
Deficit
-Aug. 31 1927
$9,813,064
Loss 4 mos. ended Dec. 31 1927
i.639,98(
Loss year ended Dec.31 1928
982,43
Adjust. book values of prop, and plants, &c., of Adams Axle
Co.. American Plate Glass Corp.& Durant Motor Co. of N.J.
to sound appraised values as at Dec. 31 1928
4,395.437
Provision for contingencies
1110,000
Deprec. on excess of appraised values of prop, over cost values
82,155
Divs, paid to minority int. (Durant Motors of Canada, Ltd.)-58,725
Net change in minority int. In subs, for the period
443
Total deficit_
817.122,237
Amt.of acct. written off in prior years for which stock of Durant
Motors, Inc. was received during period
2.590.507
Excess value of net assets acquired from Hayes-Hunt Corp.,
June 30 1928, through reissue of treasury stock over amount
at which such treasury stock was carried
989,685
Adjust, to put treasury !stock acquired during period and not
reissued, on basis of issue price
426,095
b
Price allow, nobodies purch. in prior period
148,779
Adjust, of invest, in affil. cos, not controlled to book values
shown by statements of such companies
107:59
19 718
8
Deficits of subs. Dec. 311928. disposed of at that date
Capital surplus arising from exchange of common stock for
preferred stock-sub. company
8,530
Sundry adjustments (net) prior period
2,873
Consolidated deficit Dec. 31 1928
812,828,454
Condensed Consolidated Balance Sheet Dec. 311928.
AssetsLiabilUie,s$811,500
Cash, certif. of deposit and
Notes payable
85,050,918 Accounts pay. for purch ,
call loans
2,329,238
B-L drafts against car ship'ts
184,299
expenses, acc
Notes .5, trade accept. roc
810,155 Dealers & customers deposits
95.9e4
Accounts receivable
2,062,366 Accrued taxes, payroll, int,
399,756
Inventories
7,837,030
&ti
138,016
Other assets
1,115,928 Fed. inc. tax-1928 (est.)-- Cash on deposit with trustees
Unclaimed dividends(Durant
179,917
for redempt. of bonds _Motors of Canada, Ltd.).33.689
Land, build., mach., equip.,
Mortgage bonds, sub. cos__ 4,161,500
60,009
:17,422,370 Real estate mortgage
tools, dies, fiat., .his
632,495
424,501 Reserve for contingencies. &c.
Deferred charges
42,126
12,828,454 Deferred income
Deficit
6% cum. prof. stock of sub. &
hit. of com, stock of subs.
4,484,641
in hand of public
y34.724.625
847,915.938 Capital stock
Total (each side)
1,763.798 no par
After depreciation of 87,055,175. y Represented by
shares.
-V. 128, p. 408.
JUNE 29 192
9.1
FINANCIAL CHRONICLE
Eastman Kodak Co.
-X-Rays in Industry.
-
A brief survey of the theory and use of X-rays in industry, is included in a
booklet just prepared by the Eastman Kodak Co. entitled "X-rays in
Industry." The publication has the intention of suggesting some of the
industrial applications of X-rays in inspecting the internal construction of
opaque materials.. Copies sent on request.
New Plant Starts in Tennessee.-
donatruction of a plant for the manufacture of cellulose acetate at Kingsport Tenn. by the Tennessee Eastman Corp., subsidiary of the Eastman
Xodak Co.;is beginning this week. Four buildings will be erected adjacent
to the company's present plant which distills wood waste into a* number
of chemical industrial projects, including acetic acid and acetic anhydridge,
which are ingredients of cellulose acetate.
The four new buildings are to be completed in November and production
is expected to commence early next year when the cellulose acetate plant
at Kingsport gets into full production.
-V. 128, p. 3195.
Electrical Products Corp. of Colorado.
-Sales &c._
The company reports sales for the first five months of this year of$244,781
as compared with $117,718 for the similar period of 1928, an increase of
107%.
Hirsch, Lilienthal & Co. in an analysis, stated that the company has
signed contracts with three of the Standard Oil Companies in its territory,
'
and Montgomery. Ward St Co., Sears-Roebuck & Co., F. W. Woolworth
&
Goodyear Tire & Rubber Co., Mohawk Tire Co. and The May
Co.
Co., 128, P. 4163.
-‘T.
Electrical Products
cers, &c.
Corp., Seattle, Wash.
-New
Offi-
W. P. Jeffries, R. F. Ingold, Paul Howse and Alton E. Allen have
been elected directors. Hamilton G. Rolfe has been elected President;
G. K. Comstock Vice-Pros., and Managing Director; R. F'. Ingold, VicePres.;P. D.MacBride. Sec.and Andrew Stems.Treasurer.
-V.128,p.4163.
Electric Household Utilities Corp.
-Dividend, &c.
The directors have declared a stock dividend of 1 % and the
quarterly dividend of 25c., both payable July 20 to holders of record regular
July 5.
A similar stock dividend was paid April 25 last.
J. II. Briggs has been elected a director, succeeding E. F. Carry, deceased. Richard G. Chamberlain has been elected Vice-President in
charge of western division.
-V. 128, p. 2098.
Elgin National Watch Co.
-Official Resigns.
-
J. R. Perry has resigned as Secretary and Treasurer. effective July
1.
His successor has not been announced.
-V. 128. p. 3358.
Equity Investors Inc.
-Stock Offer.
-The Parker Corp.,
Boston is offering voting trust certificates representing
common stock at 842.50 per share.
This company has agreed to make application to list these
certificates
on the Boston Stock Exchange.
Dividends payable quarterly. Exempt from normal Federal and Massachusetts State income tax.
Data from Letter of George Putnam, Pres. of Equity Investors
Inc.
Company.
-Organized under the laws of Massachusetts.
Capilalizattan.-Autherized 310,000 shares (no par) common stock, of
which thero are now being sold up to 250,000 shares.
Equity Investors Inc. will receive not less than $40.50 per
the sale of this issue. Arrangements are being made for the share from
to raise additional funds through the issuance of collateral corporation
trust bonds
carrying stock purchase warrants giving a right to buy authorized
but
unissued stock of this company at a pride greater than the
offering price
of this issue.
Purpose.
-It is planned to invest principally in the common stock
trust certificates of Incorporated Investors, which obtains its capitalvoting
solely from the sale of stock, and to utilize borrowed funds throughfunds
short and long term obligations to increase the earnings applicable both
to
common shares, and to make temporary investments in call loans and the
investments legal for Massachusetts savings banks.
Afftlation.-Through related management and through the purpose of
its organization, this corporation is closely affiliated with
Incorporated
.Investors.
Incorporated Investors -This company was organized in the latter
of 1925 to provide at small cost to the individual investor a practical part
of investing in the leading common stocks of this country. No means
made to win trading profits in the market, but the management has effort is
adhered
to the policy of buying into the strongest and most prosperous
companies
with the object of profiting through continuous ownership.
Voting Trustees.
-To insure continuity of the present
Equity Investors Ins., the voting power of the capital stock management of
has been placed
in a voting trust for the lives of the voting trustees who are William A.
Parker. George Putnam and Ivan C. Patterson
Officers and Directors.-Tho following are the officers and constitute the
board of directors of Equity Investors Inc.: George Putnam.
Patterson, Vice-Pros.; William A. Parker. Treas.; G. L. Pres.: Ivan 0.
Ludcke, Asst.
Treas.; B. Loring Young, Clerk.
Ethyl Gasoline Corp.
-Network of Laboratories.--
Organization of a national network of laboratories, linking the .
oil and
automotive industries in a new and close working association with
chemistry
and engineering, is announced by the corporation, owned jointly by
General
Moors and the Standard Oil Co. of New Jersey.
This development, it is declared, substitutes science for empiricism in
determining gasoline quality, and accompanies an advance
"without
parallel In the history of oil marketing:*
The system em races a chemical laboratory at Yonkers, N. Y., devoted
to fundamental scientific research in motor fuels; a technical laboratory
in Detroit to aid automobile manufacturers in solving problems of construction and a group of knock testing laboratories located at
various
geographical centers.
More than 50 leading oil refining companies in the United States and
Canada are co-operating with knock-testing laboratories already functioning in Omaha, New Orleans, Yonkers and Detroit. At these laboratories,
each of which serves a large contiguous area, samples of base gasolines and
of _gasolines mixed with Ethyl fluid are examined.
Heading the system is the laboratory at Yonkers, under the direction
of Dr. Graham Edgar, former head of the Department of Chemistry in
the
University of Virginia. The work at Yonkers continues the research formerly conducted in the General Motors laboratory at Dayton. Ohio, which,
after 33,000 compounds had been tried out over a period of seven years
resulted in the discovery of Ethyl fluid.
The Yonkers laboratory deals chiefly with the problems of finding new
anti-knock compounds, testing possible known substitutes, and seeking
improvement in the present blend of Ethly fluid. It is also a clearing
house for tests on gasolines, both base stock and mixed Ethyl
gasoline
submitted by refiners.
Through the new chain of laboratories, Ethyl fluid, the chief constituent
of which is tetraethyl lead, and which when mixed with ordinary gasoline
forms Ethyl asoline, is brought under inspection and control.
The expressed aim of the Ethyl Gasoline Corp. is to insure to automobilists the highest degree of efficiency in anti-knock motor fuel. Some
large refiners are spending large BUMS on gasoline research in an effort to
meet the demand for anti-knock fuel suitable to high compression motors
-V.128, p. 2470.
Exchange Buffet Corp.
-Earnings.
-
Years End. Apr.30Walla
Deduct-Depreciation
Interest
Prey. for Fed. inc. tax
1929.
$685,502
103,428
1,104
72,576
1928.
$594,854
97,670
535
62,300
1927.
$565.822
93,511
266
67.720
1926.
$551,427
97,675
10,661
49,816
Net income
Dividends
Ratedo
8508,393
375,000
($1.50)
$434,349
375,000
($1.50)
$404,325
375,000
($1.50)
$393,275
375,000
($1.50)
Balance, surplus
Earns. per sh. on 250,000
abs. cap.stk.(no par)-
$133,393
$59,349
$29,325
$18.275
$2.03
$1.73
$1.62
$1.57
Gross
4329
Balance Sheet April 30.
AnalLiabilities-1927.
1928.
1929.
1928.
Good-will & leasea Capital stock_ __24,189,780 $4,169,780
holds
82,287,704 $2,314,731 Empl. subscrip___
12,991
9,311
Equip,and fixtures 1,475,399 1,276,686 Federal tax reserve
72,090
62,354
Mortgage bonds
591,780
604,020 Accounts payable. 392,060
318,382
Empl. subscrip _
41,776
62,960 Prepaid rents, &c_
639
Inventories
123,981
131,285 Surplus
393,088
280,719
Accts. receivable__
3,947
2,466
Cash
143,366
376,874
Call loans
300,000
Deferred charges
72,712
75,524
Total
$5,040,646 $4,844,546
Total
$5,040,646 $4,844.646
a Represented by 250,000 shares of no par val .-V. 128, p. 4163.
Fairbanks Company (& Subs.).
-Earnings.
Earnings for Four Months Ended April 30 1929.
Gross profit from operations
Selling and general expenses
Reserve for bad debts
Interest on gold notes
Depreciation charged off
Estimated reserve for Federal income taxes
Net profit
Operating deficit at beginning of period
$338,934
141,356
2,518
25,000
42,189
18,300
$109,572
3,492,168
Operating deficit at end of period
Surplus arising from apprec. of property to appraised value
$3.382,596
1,482,415
Deficit at end of period
$1,900,181
Earnings per share on 10,000 shares 1st preferred stock
$10.96
Comparative Balance Sheet.
AssetsApr. 3029 Mar.31'28
LiabilitiesApr. 30'29 Mc:x.31'28
Cash
$892,097 $695,079 8% cum. 1st pref.$1,000,000 $1,000,000
Serial notes much_
32,000
32,0008% cum. pref.-- 2,000,000 2,000,000
Notes& accts. rec_ 237,177
184,559 Common stock....1,500,000 1,500,000
Inventory
730,907
641,437 Stock Fairbanks of
Prepaid expenses_
16,486
Cuba
36,601
500
500
Land bldgs. maSerial gold notes 1,250,000 1,250,000
chinery, &c_ ___ 2,618,708 2,605,961 Accounts payable_
78,288
8.5,093
1st pref. sink. fund 165,135
165.135 Credit balance
Contracts & goodcustomers
2,081
6,503
will
400,000
400,000 Prov. for foreign
Deficit
1,900,180 2,101,958
taxes
4,851
3,646
Fed. taxes (prior
Years) and other
contingencies_ _ _ 188,527
188,620
Res. for deprec
918,892
798,607
Accrued Interest on
gold notes
31,250
25,000
Res. for Fed. taxes
Tot.(each side)_36,992,689 $6,862,730 -current year
18,300
4,800
-V. 128, p. 3195.
Federal Screw Works.
-Earnings.
-
Period End. May 31- 1929
-Month-1928.
Net profit after all chgs.
but before Fed. taxes_
$125,561
$26,281
-V. 128, P. 3000.
1929-5 Mos.-1928.
$546,658
$181 502
.
Federated Capital Corp.
-Increases Stock Dividend.
-
The stock dividend on the common stock has been increased from 234%
to 4% per annum, and is payable Aug. 31 to holders of record Aug. 15.
This stock dividend is in addition to the regular 6% dividend on the pref.
stock and 15% on the common stock, both of which are payable on Aug. 31
to holders of record Aug. 15.-V. 128, p. 4011.
Fidelity-Phenix Fire Insurance Co.
-Increase in Stock.
. The stockholders voted June 21 to increase the authorized capital
stock (par $10) from 1,000,000 shares to 1,500,000 shares.
-V. 128. P.
1405, 567.
Financial Investing Co. of N. Y., Ltd.
-Balance Sheet
May 31 1929.Assets
Liabilities
Investments at cost
$4,932,924 Secured 5% gold bonds
61,344,000
Cash in banks
55,059 Notes payable, banks, sem_
280,000
Accrued Int. & dive. receiv_ _ _
42,278 Due brokers
14,968
Due from brokers
132,703 Accrued int, on bonds & notes
12,646
Bond discount and expenses_
73,900 Federal income tax, 1928._ _
16,211
Subscriptions receivable
161,655 Res.for Fed.income tax, 1929
24,032
Common stock
2,067,296
Cap. surplus & uncUy. prof
1,639,375
Total
$5,398,519
Total
$6,398,519
-V. 128. p. 4012, 3692.
First National Stores, Inc.
-Balance Sheet.
Pro Forma Consolidated Balance Sheet as of April 11929.
[After giving effect to the acquisition of the assets, subject to the disclosed
liabilities, of the Economy Grocery Co. and the issue of 147,000 shares
of common stock in payment therefor and after the sale of 5,000 shares
of common stock to trustees for 6175,000 in cash.]
Assets-Liabilities
Cash
$1,814,225 Notes payable
8732,575
U. S. treasury certificates _
302,178 ACcept, pay, under letters of
Accounts receivable
430,227
credits
214,386
Notes receivable
10,041 Res, for com, stock div. payInventories
9,782,874
able to sellers
108,945
Miscellaneous securities
91,840 Trade accounts payable
2,679,829
First Nat'l Stores, Inc. secur_
103,600 Officers & employ &c ace, pay
18 .
4 317
Miscellaneous advances
126,259 Employees'investment ctfs,_
448,320
Deferred charges
428,848 Store managers' cash bonds__
61,885
Land & bldg.improvemls,&c 7,201,630 Provision for Federal taxes__
515,396
Good-will
1 Funded debt
1,617,300
Reserves
750,649
7% 1st pref. stock
5,000,000
Common stock
x4,742,889
Total (each side)
$20,291,525 Earned surplus
3,237,138
x Represented by 780.616 no par shares.
-V. 128, p. 4164.
Fleischmann Co.
-Senator King Hits Food Merger
Urges Anti
-Trust Action Against Consolidation.
-
A special dispatch to the New York "Times" dated Washington, June
22.
had the following:
Calling attention to reports of the $500.000,000 food products merger
under auspices of J. P. Morgan & Co., Senator King made the general
assertion to-day that the Attorney-General should take prompt action to
enforce the anti-trust laws.
He added that neither Federal nor State anti-trust laws had
forced,with the result that monopolies, trusts and combinations in been enrestraint
of trade had increased progressively.
"Combinations are being formed to control food products," he asserted.
"A Wall Street paper announces that the Postum Co., Inc., and the General
Foods Co. were establishing a more perfect union, and we are advised of a
huge merger of corporations engaged in the manufacturing and
of foodstuffs and related products to be announced by the housedistribution
of Morgan.
"This giant organization will have an enormous capital
operations undoubtedly will be progressively enlarged. Aand its field of
few years
a corporation with 61,000,000,000 capital was projected to control ago
the
baking and bread-production interests of the United States.
"It is obvious that, if the Federal Government and the various States
do not enforce their laws against monopolies and trusts and giant combinations, most serious consequences will result, jeopardizing not only the economic but the political freedom of the American people.
"In my opinion the Attorney-General of the United States should take
prompt action to enforce the Federal Anti
-Trust laws. It is important
that there be competition in our industrial and business activities. The
present monopolistic situation will result in the maintenance of high piles
levels to the serious injury of the consuming public.
4330
"It has been suggested that other similar mergers will be formed for
the control of agricultural products because of the belief that under the
farm relief bill there will be increasing surpluses. The outstanding purpose of the so-called farm relief law is to sustain prices of farm products
by caring for surpluses. This is to be done by the Federal Farm Board
by the use of enormous appropriations which will be at its disposal.
"These accumulations will inevitably depress the market for raw food
products and eventuate in their sale by the Farm Board. This situation
may have prompted the Morgan merger and may lead to the formation of
additional organizations of giant proportions to control agricultural products.
"The profit in sight between wholesale purchases of enormous masses
of agricultural merchandise at prices which the purchaser will be able to
fix for himself and their resale to the consuming public, is difficult to
express in figures, but that it will assume large proportions, there can be
no doubt.
"It would be a strange irony if the farm relief bill should lead to increased
monopolies in food products to tho disadvantage of the farmer and the
serious injury of the public. The farm relief bill, in my opinion, will
prove a sad disappointment to the farmer and of no benefit to the country.
• "The evils resulting from monopolies and from combinations and trusts
in restraint of trade have been recognized wherever they existed. Congress
passed the Sherman anti-trust and Clayton acts to meet the evils of monopoly. Most,if not all, of the States enacted measures to prevent intrastate
trusts and organizations from restricting competition and increasing prices.
Unfortunately neither Federal laws nor State laws have been enforced,
'
anti the result has baen the progressive growth of monopolies and trusts
anel combinations ie restraint of trade.
"In my opinion, the most important question which demands solution
at the hands of the American people is that relating to trusts and monopolies. Huge financial institutions are merging and consolidating, and in
every field of industry giant organizations and consolidations are taking
place, as a result of which the natural laws of trade and commerce and
supply and demand are set at naught: and substantially all of the commodities, whether raw or finished, necessary for the welfare of the people.
are controlled by monopolies and trusts.
"Mass production is facilitating this centralization, and thousands of
smaller units of production are being destroyed and individual initiative
and indeed individualism are subjected to the crushing hand of monopolistic
organizations.
"It is certain that if the present economic and industrial movements now
controlling the economic and indeed the political life of the country are not
Checked, within a few years the very form of our government will be changed
and our economic and business relations will undergo the most radical
Changes.
"Profound sociologists and students of pelitical economy foresee the rise
of socialism when industries are owned and controlled by a limited number
of integrated organizations. Already there are growing signs or discontent
and resentment over the aggregation of corporations and monopolistic
organizations.
'Fear is entering into the heart of the working people as well as the small
business man and those who constitute the very best part of our social
structure. The credits of the country will soon be controlled by huge
financial institutions. The key industries of the country are now controlled by a limited number of organizations.
"Thousands of persons who have built up business institutions and
manufacturing plants aro thrust aside by the growth of monopolies
and find no pniche in which they can find a place in our economic or industrial life."
considerably in excess of interest and amortization requirements of the first
mortgage loan. Lease has been assigned to the trustee as additional security
for the bondholders.
Certificates of Deposit Listed.
-Initial Dividend.Foremost Fabrics Corp.
•
The directors have declared an initial quarterly dividend of 50 cents per
share on the outstanding 100,000 shares capital stock, payable July 15 to
holders of record July 6.-V. 128, p. 2099.
-Initial Dividend.
Foundation Co. of Canada, Ltd.
The directors have declared an initial quarterly dividend of 25c. per share
on the common stock, payable Aug. 15 to holders of record July 15.
Simplifies Capital Structure.
Announcement has been made by the company that arrangements for
converting the stock of the company, as approved by the shareholders,
have now been completed and that certificates of new common stock are
now available at the office of the Montreal Trust Co. At the shareholders'
meeting held on May 22 approval was given to convert all the capital stock
of the company into common stock without par on the following bases:
Each share UN par value first preferred stock to receive 6 shares new
common stock.
Each share of 81011 par value second preferred stock to receive 6 shares
new common stock.
Each share $25 par value common stock to receive 4 shares new common
stock.
As the directors have indicated their intention to place the new common
stock on a dividend basis at the'rate of $1 per share per annum, the first
quarterly dividend to be paid on Aug. 15 to shareholders of record July 31.
it is important that shareholders exchange their old certificates for new before that date.
Earningsfor Year Edned April 30 1929.
$227.76i)
Operating profits
9,597
Reserve for retirement of 1st pref. stock
Balance
Preferred dividend
Tax reserve
8218,163
49,175
18.928
• Net profit
a Sinking fund reserve
Previous surplus
-Earnings.
(H. H.) Franklin Mfg. Co.
Marked increase in the earnings of the company for the first 5 months
of the current year is shown in a statement which shows a net profit of
$1,046,109 after all adjustments and provisions for Federal texas as compared with profits of $230.257 in the same period of last year. Earnings
per share on the common stock after adjustments, taxes and preferred
dividends was $2.85.
In the month of May alone, which was the largest month in the history
of the company in shipments and retail delivery of air-cooled cars, the
common stock earned $1.02 net a share compared with common stock
earnings of 9734c. a share in the entire first quarter and 63c. a share in
the 12 months of last year.
Earnings this year to June 1 were sufficient after all charges to meet
dividend requirements for the entire year on the basis of 50c. a share per
quarter on the common and $1.75 quarterly on the preferred.
Retail shipments for the first 5Si months already exceed the total of
1928 with every indication that the six month period to June 30 will show
-V. 128. p. 4012.
shipments of approximately 9,000 cars.
•
The New York Stock Exchange has authorized the listing of certificates
of deposit for 4,500,000 shares of common stock of Fleischmann Co. and of
certificates of deposit for 100,000 shame of pref. stock and 800,000 shares of
common stock of Royal Baking ‘'o. on official notice of issuance in exchange for outstanding stock certificates.
The certificates of deposit, represent, respectively, the entire outstanding
amount of the common stock of Fleischmann and the entire outstanding
amount of the preferred stock and common stock of Royal Baking and are
to be issued by J. P. Morgan & Co., as depositary, pursuant to the terms of
the plan and agreement dated June 19 1929. Compare V. 128, p. 4164.
$150,060
40,000
159,669
8349.729
Profit and ickss. balance
$2.50
Earned per share on new no par common stock outstanding_ _ _
x For redemption of 1st pref. stock previously charged to surplus ac-V. 128, p. 3692.
eount, and now written back being no longer required.
-Bonds Of(The) Forrest Hotel, Hattiesburg, Miss.
-An issue of $250,000 6% 1st (closed) mtge. real
fered.
estato serial gold bonds was recently offered by Waldheim
Platt & Co. and Northwestern Trust Co., St. Louis, Mo. at
100 and interest.
Dated Dec. 31 1928; to mature serially, J. & J. from July 1 1930-Jan. 1
1939. The Boatmen's /rational Bank of St. Louis (trustee). Red, at the
option of the maker, on any int. date, on 60 days' notice, at 103 and int.
Federal income tax, not in ecxess of 2%. payable at the source.
• The Forrest Hotel, now under construction, will be 9 stories In height and
contain 133 guest rooms, all with private bath. Located on the mezzanine floor will be banquet rooms, lounge, writing space, and other hotel
service facilities. On the first floor will be located the coffee shop, main
dining room, and a private dining room. The hotel will also contain a
drug store, barber shop, telegraph station, cigar stand and convention hall.
The building will contain 762,700 cubic ft. It is expected that the hotel
will be ready for occupancy about Sept. 11929.
-These bonds are the obligation of the Forrest Hotel Corp..
Security.
organized in Mississippi, and is owned and controlled by several hundred of
the leading business and professional men of Hattiesburg. The loan is
directly secured by a first closed mortgage on land fronting 50 feet 10 inches
-story
on West Pine St. by 153.12 ft. on Forrest St.. together with the 9
building now under construction, including equipment and furnishings.
The hotel has been leased to the Maybar Hotel Co.for a period of 20 years
at a net rental of$40.000 a year. The lease provides for the payment by the
operating company of taxes, repairs and operating charges. The rental is
I Vol,. 128.
FINANCIAL CHRONICLE
-Earnings.
Freeport Texas Co.
Period End. May 31- 1929-3 Mos.-1928. 1929-6 Mos.-1929.
$3.703,810 $3,481,174 $6.813,792 $5,894,851
Gross sales
4,044,919
4.245,818
2.291,871
2,179,500
Cost of sales
399.190
425,300
179,253
231,491
General exp., &c
Net profit
Other income
$1.292,819 $1,010,050 $2,142,674 $1,450,742
65,398
69,226
31.599
28,737
Total income
Depreciation
Tax reserve
$1,321,556 $1,041,649 $2.211,900 $1,516,140
94,376
76,019
53,045
27,380
• 150,333
262,362
122.333
157,894
$1,136,482
Net income
729,844
Dividends
(81)
Amount per share_ _ _ _
Balance, surplus
Earned per share
-V. 128, p. 2638.
8866,271 $1,873,519 81,271,431
2,554 454
1.459,688
1,277.227
($2)
($1i)
($1.75
$406,638 def$410,956
$1.19
$1.55
$413,831 dfS1.283,023
$1.74
$2.56
-Earnings.
Garlock Packing Co.
The company reports a net profit for four months ended April 30 1929
of 8321,196 after all charges, non-recurring reorganization expense and
Federal tax.
-V. 128, p. 2471.
-Obituary.
General Electric Co.
Oliver Ames, senior member of the board of directors, died at his home
In North Easton, Mass. He had been a member of the board since 1893.
-V. 128, p. 4164.
-DividendGeneral Electric Co., Ltd., Great Britain.
Earnings.
The directors have declared a dividend of 10% less tax on the common
stock.
Profit for the year ended March 31 1929 was £1,084,077, before depre
elation, pension fund and interest on debenture stock, against .C1,057,867
In the preceding year.
-V. 126. p. 3128.
-New Director.
General Outdoor Advertising Co., Inc.
-V.
C. 0.. Bridwell, generaf sales manager, has been lected a director
128, p. 4164.
-Listing.
General Public Servicp Corp.
The New York Stock Exchange has authorized the listing of 595.772shares
common stock (no par value), 21 shares on official notice of issuance in
exchange for 6% pref. stock of Public Service Investment Co. in connection
with the liquidation thereof, 17 873 shares on official notice of issuance on
account of payment of stock dividend or in exchange for scrip so issued, and
227 shares on official notice of issuance in exchange for scrip, making the
total amount.of said common stock applied for 613.893 shares.
-The following is a list of the investments on March 31
Investments.
1929 and shows the market values as of that date:
Mkt. Value..
Class
Shares.
$218,150
5,000 Allgemeine Elektricitaeti-Gesellschaft-Conunon
. 889,371
Common
American Gas & Electric Co
6,045
768,300
Common
7,800 American Power & Light Co
1.181,075
Class A Corn.
11,900 American Superpower Corp
784,000
& Telegraph Co_ _Capital
3,500 American Telephone
5,000 Bohemian Discount Bank & Society of
69,200
Capital
Credit, Prague, Czechoslovakia
558,750
10,000 Buffalo Niagara & East. Pow. Corp_ .Class A
30,000
- Common
5,000 Cape Breton Electric Co., Ltd
357,750
135 Central Union Trust Co. of New York_Capital
426,000
3,000 Columbia Gas & Electric Corp_ __ ,_ _ _ _Common
650,644
Common
11,218 Columbus Electric & Power Co
260,000
Capital
1,000 Commercial Solvents Corp
1,101,938
Capital
4,500 Commonwealth Edison Co
1,110,550
Common
•
Power Corp
8,350 Commonwealth
661,500
6,300 Consolidated Gas Co. of New York_ _ _ _Conunon
168,250
Common
2,000 Corn Products Refining Co
892,500
Capital
3,500 Detroit Edison Co.(The)
205,100
Capital
5,000 Deutsche Bank
534,000
Capital
3,000 Duke Power Co
358,000
Common
2,000 Eastman Kodak Co
1,260,341
Common
15,162 Electric Bond & Share Ce
813,222
Common
7,618 Electric Investors, Inc
748,200
Common
11,600 Electric Power & Light Corp
Option warrants 219,375
5,000 Electric Power & Light Corp
783,469
Common
15,250 Engineers Public Service Co
270,000
300 First National Bank of Chicago (The)_ -Capital
325,000
of City of N.Y.(The)_ _Capital
50 First Nat. Bk.
145,500
Common
2,000 Fleischmann Co. (The)
183,540
Common
3,000 I. 0. Farbenindustrie
595,000
Conunon
2,500 General Electric Co
212,500
Common
2,500 General Motors Corp
90,000
Common
2,000 General Stockyards Corp
50,000
Preferred
500 General Stockyards Corp
148,125
Capital
1,250 Grant Company (W. T.)
50,000
(H-27)
2,000 Insuransharea Trust Certificates
222,500
(B-28)
10,000 Insuranshares Trust Certificates
258,876
Common
2,448 International Harvester Co
892,125
3,250 International Telephone & Tel. Corp.-Capital
3,50))
Common
3,500
1st Mtge. 13ds.6% 60,300
8100,500 Jacksonville Traction Co
10-yr. Notes 5%
.
98 880
$247,200 Jacksonville Traction Co
872,810
Common
5.133 Middle West Utilities Co
422,000
Common
8,000 National l'ower & Light Co
185,000
Capital
1,000 New York Central Lift. Co.(The)
969,816
Common
9,508 North American Company (The)
Class A Common 499,950
3,333 Northern States Power Co
68,490
Common
6,649 Northern Texas Electric Co
372.880
Common
6,655 Pacific Gas & Electric Co
240,100
245 Philadelphia National Bank (The)__ _ _Capital
384,598
Common
1,516 Public Service Co. of Nor. Illinois
488,750
Common
6,000 Southeastern Power & Light Co
886,250
Common
15.000 Southern California Edison Co
45,000
Rights
15,000 Southern California Edison Co
600,750
Common
8.750 Standard Gail & Electric Co
1.085.832
Capital
16,452 Tampa Electric Co
348.800
Capital
1,600 Union Carbide & Carbon Corp
288,838
Common
6,450 United Corporation (The)
843.750
5,000 United Gas Improvement Co.(The)_ -.Common
111,600
Capital
800 United Fruit Co
183.750
Common
1,000 United States Steel Corp
$150,000 Wayss & Freytag A. G.and Polensid &
150,000
Zoellner (Nordsuodbahn A. G.)
411,500
Common
2.000 Woolworth Company,F. W
$28,053,15
Total
The largest investment in any one company amounted to 4.47% of •
-V. 128. P. 3521, 2640.
total assets based on market values.
JUNE 291929.]
FINANCIAL CHRONICLE
General Printing Ink Corp.
-Initial Dividends.
-
The directors have declared initial quarterly dividends of $1.50 on the
$6 preferred stock and 62%c, on the common stock, both payable July 1
to holders of record June 24.-V. 128, P. 2639. •
4331
-Dividend-Increase In Stock.
Hudson's Bay Co.
-
The trade departrnenrhas declared a final dividend on the common stock
of 734%, lass tax, making 15% for the year, after transfer of E75,000 to
dividend equalization reserved. The land department has declared a dividend of 10%, tax free.
General Spring Bumper Corp.
-Deposits:
The stockholders have
Deposits of the capital stock under the plan and agreement which pro- 000,000 by the creation approved an increase in the capital stock to £3,of 1,000,000 new El common shares, of which
poses combining the businesses of Honda:lle-Hershey Corp. and General 500,000 are being offered to shareholders at .C4 each in the ratio of one new
plan,umPer Ceito , to aotal nn uneemn ntufficrntyo
a rr ;1gni w tn anao amou et
3
e t
share for each share held.
e the
e
-V. 128, p. 4166.
ortheClaire
President of both companies.
• Hudson Gardens Apartments, Bronx, N. Y.
-Certifi°"While July 1 1929 was the time limit set for deposit, with provision
-The Prudence Co., Inc., is offering $650,000
for extension, deposits have been made in such a satisfactory manner that cates Offered.
the minimum amount necessary to make the plan effective has already 53/2% guaranteed Prudence-certificates.
been deposited, Mr. Barnes stated. "Depositaries under the plan will
Legal for trust funds in State of New York. Interest payable Jan. 1
for the present continue to receive deposits of stock, however."
The plan to combine the businesses of Houdaille-Hershey Corp. and and July 1.
The purchase of one of these certificates makes the holder the owner of a
General Spring Bumper Corp. was announced late in May. Under its participation equal to the amount of his subscription in a first mortgage
terms stockholders of General Spring Bumper Corp. will receive in ex- made by the Fairfield Gardens, Inc., on the property described below.
change for their shares capital stock of Houdaille-Hershey Corp. on the
-story and basement fireproof
lien on the land and 7
The mortgage is a
basis of one share of Houdaille-Hershey class A for each share of General apartment house at first
corner of Spuyten Duyvil Parkway and
the
Spring Bumper class A and one share of Houdaille-Hershey -class B for West 230th St., throughsoutheast
to the proposed Fairfield Avenue. It occupies a
each share of General Spring Bumper class B.
-V. 128, p. 3692.
large plot which will have three street frontages, and has a land area of
approximately 90,000 sq. ft. Hudson Gardens is in the centre of a highGlidden Company.
-Earnings.
class restricted residential area on very high ground facing towards the
Period End. May 31- 1929
-Month-1928.
1929-5 Mos.-1928.
Hudson River and the Palisades, and commanding an extensive view in all
Net income after charges
directions.
and Federal taxes_ _ _ _
$338.079
$262,594 $1.632.121
$970.134
The building is of steel, concrete, brick and stone fireproof construction
-V. 128, p. 4165.
and contains 99 apartments divided into suites of 3, 4 and 6 rooms. There
is also a very attractive pent house apartment consisting of 9 rooms. The
Goldman Sachs Trading Corp.
-Acquires Stock.
It was announced June 26 that a substantial block of shares of capital building is equipped with 4 electric passenger elevators.
It
stock of The Foreman National Bank of Chicago has been acquired by the over is conservatively estimated that the total annual rentalincome will be
$150.000.
corporation. This purchase it is stated was made possible by.the recent
issuance of rights to subscribe to additional shares by the Foreman bank and
Hudson-Harlem Valley Corp.
-Julian
-Stocks Offered.
marks the entry of the Goldman, Sachs & Co. interests into the Chicago
E. Gray & Co. are offering 10,000 units,each unit consisting
banking field.
The Foreman family is retaining its present stock holdings in the bank. orone share of class A participating preference stock (par
Waddill Catchings, President of the Goldman Sachs Trading Corp. and
a partner in the firm of Goldman,Sachs & Co., will become a member of the $50) and M share of common stock, at $65 per unit.
board of directors of the Foreman Bank.
Transfer agent, Fidelity Trust Co. of New York; Registrar. City Bank
The Foreman Securities Co., the stock of which is held wholly for the Farmers Trust Co. Class A participating preference stock is preferred
benefit of the stockholders of The Foreman National Bank, has recently over the common stock as to dividends in any year, non-cumulative in any
event, to the extent of $3.per share, and after the common stock shall have
greatly enlarged the scope of its activities.
-V. 128. P. 3836.
received $2 per share in any such year the class A participating preference
Gold Seal Electrical Co., Inc.
-New Directors.
stock participates share for share with the common stock in any additional
David Graham and James L. Ryan have been elected directors.
-V. dividends, whether payable in cash, stock or otherwise, declared in any
such year. Dividends exempt from normal Federal income tax. Class A
128, p. 4165.
participating preference stock is preferred over the common stock as to
Goodyear Tire & Rubber Co., Akron, 0.
-Vice- assets upon liquidation or dissolution to the extent of $50 per share and
participates share for share with the common stock in any surplus remaining
President Resigns.
after distribution to the common stock of $50 per share. Dividend,
Clifford F. Stone has resigned as Vice-President -V. 128, p. 3521.
liquidation and dissolution rights of both class A participating preference
stock and common stock are subject to the rights of any 7% cumulative
Gosnold Mills of New Bedford.
-New Plan.
certain proceedings, all voting
stock outstanding. Except
Tentative plans for refinancing the company, clarmined at a private preferredvested in the common stock. in
conference June 25 between Charles L. Harding, rePrhsenting the common power is
stockholders' voting trustees, and members of the preferred stockholders' Data from Letter of Henry E. Freund, President of the Corporation
Outstanding.
committee, provide for writing down present preferred capital by half
Authorized.
Capitalization- •
and reduction of present outstanding common to 3,300 shares of no-par, 7% cumul. pref.stock (par $100)
x2,712 sirs.
2,750 shs.
half of which will go to present common stockholders and half to present Class A particip. pref. stock (par $50)
10,000 shs.
40,000 shs.
Common stock (no par value)
preferred stockholders.
y20,000 shs. :15,091 shs.
A new issue of $412,000 in seven-year 7% convertible notes is provided
x 10,091 shares of common stock and all the shares of 7% cumulative
for, to ho issued at par to raise money for reducing present outstanding preferred stock to be presently outstanding were issued for cash or in exbank loans. With these notes will go 8.250 shares of new no-par common, change for stock of constituent companies, negotiations for acquiring conin the ratio of two shares with each $100 note. Notes are to follow bank trol of which have been completed. y 1,000 shares reserved for exercise
loans, present or subsequent, but are to precede all else, and provide for a of options.
sinking fund to be added to annually out of earnings.
Company.
-Organized in New York to acquire shares of banks and trust
Plan requires the approval of the present Gosnold directors, which is be- companies, title companies, mortgage, companies and other financial
lieved to be assured, and will then be submitted to stockholders. Present institutions located in the Hudson and Harlem Valleys in Westchester.
capitalization is all $100 par shares, $1,650,000 being 6% pref. and $1,650.- Putnhm, Dutchess, Rockland and Orange Counties, New York, territory
000 coramon.-V. 127, p. 556.
contained In or adjoining the metropolitan area of the City of New York.
Assels.-Upon completion of this financing the company will have a
Grand Rapids Metalcraft Corp.
paid in capital in excess of $1.000,000, and the total resources of the com-Dividend.
The directors have declared a quarterly dividend of 25c. per share on pany, including those of constituent companies, negotiations for acquiring
the no par value common stock, payable July 15 to holders of record July 3. control of which have been completed, will be in excess of $2,500,000.
A similar dividend was paid April 15. Previously the company paid Negotiations are under way for the acquisition of substantial interests in
additional institutions.
quarterly dividends of 12Y4c. per share.
-V. 128. P. 3837.
Management.
-Under the supervision and control of the board of direcGreat Lakes Aircraft Corp.
-Rights.
tors, the operations of the company will be administered by an executive
Class A stockholders of record June 27 are offered the right to subscribe committee chosen from the board. The executive committee is composed
to units of American Cirrus Engines, Inc., each unit consisting of one chiefly of men who, as executives and directors of successful and old estabshare class A and
share class B at $21 a unit, in the ratio of one unit lished financial institutions located in the territory in which the company
for each four shares class A stock held. Bigots expire July 22 1929.- intends to operate, have been closely identified with its growth.
V, 128, p. 4165.
Directors.-liandin F. Andrus, William F. Bleakley, L. H.Paul Chapin,
Clark E. Dixon, Richard Edie, Jr., Mark Eisner, Henry F. Freund,Frederic
Guardian Investment Trust.
-Stock Dividend.
W. Frost. David M. Goodrich. Julian E. Gray, W. Hunt Hall, Albert
The trustees have declared a stock dividend of 1% on the common stock. Helier, Edwin 0. Holler, Hon. Seabury C. Mastick, Frederick I. Pumley.
The regular quarterly dividends of 373(c. per share were declared on the 0. A. Runk, Leland Ryder, Willis H. Ryder, Leslie Sutherland, Carll
convertible and the non-convertible preferred stocks.
-V. 127, p. 417.
Tucker.
There will be no fees paid for management, the executive committee
Hathaway Bakeries, Inc.-Earnings--D'rector.
For tho four weeks' period ended May 18 1929. the company reports having agreed to serve without compensation.
net earnings at the annual rate of $465,300, comparing with net earnings
Hunt's, Ltd.
-Business Increases
-New Stores.
of $388,955 for 1928 and $277,829 for 1927.
•
Sala; for May were 207 in excess of those for May last year and increase
Sales for the period were at the annual rate of $7.851,741, compared
in sales for the year to date has been at the same rate. Profits are likewise
with sales for 1928 of $7.145,970 and for 1927 of $6,972,744.
In this four weeks' period the ratio of net operating profit to total net showing an upward trend,it is announced.
The company has in operation 26 stores and tea rooms of which 23 are
sales was 6.13%. while for the previous 12 periods of four weeks each,
comprising all but one period of a full year's operation, the average ratio located in Toronto and two in Hamilton, while the initial store in Ottawa
was opened on June 15 last. A third store will be opened in Hamilton in a
was 5.59%.
The above figures include the sales and profits of the recently acquired few days' time and in two weeks a new store will be opened in the Beach
district in Toronto, while another one will be ready for business on Sept. 1
Weide units.
Lyman B. Frazier has been elected a director. At a special meeting of on College St. at Dovercourt in the same citx.-V. 128. p. 2472.
stockholders it was voted to set the number of directors at 9.-V. 128, P.
-Merger.
Hygrade Food Products Corp.
1407.
Samuel Slotkin, President, announced June 26 thaethe company would
Household Finance Corp.
-Listing.
take over the five packing plants of the Allied Packers, Inc., in Chicago,
The New York Stock Exchange has authorized the listing of 180,000 Wheeling, W. Va.; Topeka, Ran.; Buffalo and Detroit. These plants, with
shares of partic. pref. stock (par $50).
nine already operated by the Hygrade Corporation, will continue the
manufacture of prepared meats.
Earnings for 3 Months Ended March 31 1929.*
-V. 127. P. 2965.
Interest on installment notes receivable
$2,028.530
Improved Products Corp.
-New President.
Operating expenses
- 977,751
F. E. Moskovics has been elected President.
-V. 128, p. 3198.
Net income from operations
$1,050.779
Incorporated Investors.
-2% Stock Dividend, &c.
Other income credits
23,145
The directors have declared a 29' stock dividend, an extra cash dividend
Gross income
$1,073,924 of 5 cents per share and a regular dividend of 25 cents per share, all payable
Income charges
70,637 July 15 to holders of record June 22. On May 1 last, a 50% stock dividend
-V.128, p. 3838.
Federal income tax
126,990 was paid.
Am :.
azes
Net income
$876,297
•Includes Chattel Loan Society of New York, Inc.. and Household Small
Loan Co.
Comparative Consolidated Balance Sheet.
x.lfar.31'29 ylke.3128
'xMar.
3129 yDec.3128
AssetsLiabilities
$
$
1,674,396 1,908.968 Notes payable_ _
Cash
154.755
159,755
Loans to bankers_ _ 397,959 1,380,348 Empl.thrift acct._ 255,165
220,688
Divs. payable.... 486,221
Installment notes
397,403
24,052,506 15,510.502 Sundry accts. pay_
receivable
65,029
34.480
notes and
Fed. Income tax__ 369,299
Sundry
323,031
22,581 Purch. money oblig 2.430.333
accts. receivable 149,919
Res, for coating__ 150.622
Notes receiv., sale
150,923
Partle. pref. stock_ 8.907,500 6,950,000
of cap, stock to
192,807 Com,CiA811 A stocka1.941.375
employ.(secured) 177.011
5,450
5,450 Com.class B rat _1:10.057.450 9,770,775
Investments
208,252 Surplus
:301,862
Fixed assets
1,941.969 1.230.233
8.381
617
Advertising ramp..
Total
26,759,720 19,237.289
Total
26,759.720 19,237,289
x Includes Chattel Loan Society of New York. Inc., and Household
Small Loan Co. y Includes Chattel Loan Society of New York. Inc.
sr After depredation of $66,476.
a Represented by 77,655 no par shares. b Represented by 402,298 no
-V. 128, p. 3838.
par shares.
Independence Indemnity Co.
-Capital Increased.
The directors have voted to recommend to the stockholders that the
authorized capital be increased to $5.000.000. The first step will be to
reduce the par value of the present 250,000 shares of stock from $10 to
$5 and then to immediately increase the authorized capital to 1.000,000
shares of $5 par.
The revamping of the capital structure of company follows out the plan
heretofore pursued by Corroon & Reynolds, Inc., with the companies
under their management. The additional authorized shares will enable
the company to give rights to its stockholders from time to time as it
needs additional capital for the expansion of its business.
-V. 128, p. 411.
Indian Motorcycle Co.
-New President.
J. RuIsel Waite of Charleston, S. C., has been elected President,suceeeding Louis E. Bauer, resigned.
-V.128, p. 1240.
Indiana Pipe Line Co.
-Capital Distribution-Dividend.
The company has ordered a distribution of $20 a share from the capital
stock reduction account, which will be paid upon surrender of the old $50
par certificates in exchange for three new $10 par shares for each $50 par
share held. At a special meeting of stockholders on June 25 the capital
stock of the company was reduced from $5,000,000 to $3,000.000 and the
par value of the stock from $50 to $10 a share.
An extra dividend of $3 and the regular quarterly of $1 a share have been
declared on the old $50 par value stock, payable Aug. 15 to holders of record
July 26. After July 26 no transfer of stock having a par value of $511 a
4332
FINANCIAL CHRONICLE
[Vol.. 128.
share will be made and no further dividends will be paid on this stock, except those already declared.
The company believes that the cash distribution of $20 a shay emn ..onnection with the reduction in the capital stock constitutes a return of capital
and is not therefore subject to Federal income taxes -V.128. P. 3522.
Island Creek Coal Co.
-Coal Output.
Output (Tons)Jan.
Feb.
March.
April.
May.
1929
531,941 517,350 462,740 452,881 552,867
1928
414,169 378,612 363.672 388,151 458,355
-V. 128. p. 2820.
Industrial Finance Corp.
-Expansion.
Meeting the rapid growth throughout the Dominion of Canada of the
corporation's consumer-credit banking facilities, the establishment of an
Edmonton office as the ninth Canadian Contract Purchase Corp. branch
was announced last week by the directors of the Industrial Finance Corp..
the parent company. Canadian branches of the Contract corporation are
now functioning at Toronto, Calgary, Quebec, Halifax, Regina, Montreal.
St. John, Edmonton and Windsor, with headquarters at Windsor.
Commenting on the expansion of the corporation in the United States.
President Arthur J. Morris, declared that while offices of the General
Contract Purchase Corp. were operating in co-operation with the Morris
Plan Banks wherever the latter's credit records and trade facilities were
available, its operations are constantly being expanded under the new
national regional program of the Industrial Finance Corp.
"Under this new regional system, it is planned to extend the General
Contract Purchase Corp.'s activities until it embraces every territory of
installment selling," Mr. Morris said.
The corporation's operating agreements with the General Electric Co.,
the Radio Corp. of America, Johns Manville, and other national manufacturers means that even now its financing is going into the most active
articles in the installment field.
Mr. Morris stated that the corporation was constantly increasing the
list of commodities covered by its operations which now include service on
automobiles, electric refrigerators and household appliances.
-V. 128.
P. 3361.
Jantzen Knitting Mills (Ore.).
-Sales.
The company reports $3.373,272 sales for the first nine months of the
fiscal year ended Aug. 31 1929 as compared with $2,507,802 for the same
period last year.
-V.128. p. 4167.
Keystone Aircraft Corp.
-New
Holding Co. Formed
-
Proposed Exchange of Stock.
-
See Curtiss Wright Corp. below.
-V. 128. p. 3695.
Knott Corporation.
-Dividend.
The directors June 20, declared the regular quarterly dividend of 60
cents per share on the common stock payable July 15, to holders of record
July 5. The dividend will be paid in cash or at the option of the stockholder,
in stock at the rate of 1-50th of a share for each share held which is valued
on the basis of $30 a share. For the convenience of stockholders who wish
to avail thehiselves of the stock dividend the corporation has sent.out a
form of notice which is to be signed and returned before July 5. In making
payment of the stock dividend no scrip certificates for fractional shares
will be issued but the equivalent thereof will be paid to stockholders in cash
at a rate based on the bid price for the stock on the New York Curb Market
at the close of business on July 5 1929.-V. 128. p.413.
Knudsen Creamery Co.
-Bonds Offered.
-G. Brashears
& Co. and Cahn McCabe & Co., Los Angeles, recently
'
-year 63/2% sinking fund convertible
Insull Utility Investments, Inc.
-Stock Offered.
- offered $300,000 10
Utility Securities Corp., New York and Chicago, is offering debentures at 99 and int. to yield 6.65%.
Dated May
250,000 shs. common stock of no par value (price on appli- deduction for 1929: due May 11939. Interest payable M.& N. without
normal Federal income tax not exceeding 2%. Company
cation). Stock is listed on the Chicago Stock Exchange.
agrees to refund California personal property tax not exceeding two mills
Exempt from personal property tax in Illinois. Transfer agent, Continental Illinois Bank & Trust Co., Chicago; Registrar, Central Trust Co.
of Illinois, Chicago.
Data from Letter of Samuel Insull, Chicago, June 20.
Company.
-Organized in Illinois Dec. 27 1928, to carry on an investment
business and to acquire, hold, sell and underwriter securities of all kinds.
Company now owns, among other securities, substantial blocks of stock
of the Commonwealth Edison Co., Peoples Gas Light & Coke Co., Middle
West Utilities Co. and Public Service Co. of Northern Illinois, and also
owns the entire capital stock of Insult Son & Co., Inc.
At the conclusion of the present financing the value of the securities and
other assets owned by the company or to be acquired by it under existing
contracts, based upon present market values, will be in excess of $51.000,000.
Purpose.
-The proceeds from the sale of the stock now offered will be
used to discharge indebtedness incurred and toward acquiring securities
of public utility companies in accordance with contracts already entered
Into.
CapitalizationAuthorized.
Outstanding.
$5.50 prior pref.stock (no par)
250,000 shs:
60,000 shs.
Preferred stock (no par)
250,000 she.
a40,000 shs.
Common stock (no par)(Inc. this issue) _3,000,000 shs.
b1,864,200 shs.
5% gold debentures,series A
$6,000,000
a Annual dividends will be payable for the first year at $2 per share, for
the next year at $3 per share, for the next year at $4 per share, for the next
year at $5 per share, and thereafter at $6 per share. b This figure includes
the shares necessary to satisfy the common stock purchase warrants attached to the outstanding debentures and prior preferred stock and also
the 250,000 shares of common stock now being offered, but does not include
200,000 shares of common stock which may hereafter be issued to satisfy
an option given the preferred stockholders.
Earnings.
-Following is a statement of estimated net earnings for the
calendar year 1929:
Net income after deducting all expenses & taxes
$2.819,103
Annual interest requirements on $6,000,000 debentures
300,000
Per annum. Den'om. $1,000 and $500. Red., all or part, on any int.
tee,u9on 30 days' notice at 103M.. Los Angeles Investment Trust Co..
drus
tate
Convertible at any time at the option of the holder until May 1 1931
into class A stock at $25 per share; until May 1 1933 at $30 Per share:
until May 1 1939 at $35 per share.
Sinking Fund.
-Annual sinking fund will commence May 1 1930 and
ret l e 500t ao t3mcn ire issue through purchase in the open market or
calir by 1% tflohe t
Class A Stock Offered.
-The same bankers offered at
$21 per share, 15,000 shares class A $1.50 cumulative
common stock (without par value).
Entitled to preferential cumulative dividends at the annual rate of $1.50
per share before any dividends shall be paid upon class B stock and whenever
dividends of $1.50 per share shall be paid upon the class B stock, both
classes of stock will Von share equally in further dividend disbursements.
Dividends payable Q7
1
Entitled in liquidation or dissolution, whether
voluntary or involuntary, to $25 per share and dive, before any distribution
F.
to class B stock. After $25 has been paid on the B stock, both classes
of stock share alike. Exempt from the California personal property tax
and Federal normal income tax. Transfer agent, Los Angeles Investment
Trust Co. Registrar, Security-First National Bank of Los Angeles.
CapitalizationIssued.
Authorized.
10
-year 6 % convertible gold debentures
$300,000
$300,000
Class A $1.50 cumulative (no par) common stock_*42,000 shs. 15,000 shs
Class B $1.50(non-cum.(no par) common stock
20,000 sha. 20,000 Os.
*12,000 shares reserved for conversion of debentures.
Company.
-A Delaware corporation. Has been organized to acquire
the assets and business of Knudsen Laboratories, Inc., since 1920 successfully engaged in the manufacture and the wholesale and retail distribution of dairy products throughout southern California. Company's plants
are located in Los Angeles, Santa Maria and Visalia, Calif.; distributing
stations are operated at San Diego, San Bernardino and Santa Barbara.
Knudsen products are well established in the trade and enjoy an enviable
repuration for uniformity of purity and quality.
$2,519,103
Sales and Earnings.
-Since 1920 the business has shown a consistent
Ann. city. requirem'ts on the $5.50 prior pref. stock & the first
increase in its volume and profits. Total sales in 1920 amounted to $66,845
year's dividend requirements on the preferred stock
410,000 and they have risen until, for the year ending Dec. 311928. they amounted
The above statement of earnings does not reflect in any way the value to $1,626,648. The profits of the company for the year 1928,after allowing
of stock rights on stocks now owned or to be presently acquired under con- liberal depreciation charges, interest on the present issue of debentured.
tracts already made. Based on existing market prices of such stocks is and after Federal income tax, competed at 12%. amounted to $83,365.
estimated that the rights received and to be received during 1929 will This figure is at the rate of $5.59 per share on the class A stock to be
presently outstanding, and amounts to $2.39 per share on the combined
have a value of approximate ly 32,000,000.
Officers.-Saswel Insull, Pres.; Martin J. Insult, Vice-Pros.; Samuel A and B stocks. Earnings for the first three months of 1929 indicate
Insull, Jr., Vice-Pros.; P. J. McErtroe, Sec. and Treas.; John F: O'Keefe. that the company is earning at the annual rate of $7.65 per share on the
-V. 128.
.Asst. Sec. & Asst. Treas. The President and the two Vice-Presidents have A stock and $3.28 per share on the combined A and B stocks.
agreed to serve the company through the years 1929 and 1930 without P. 3695.
compensation.
Kraft
-Phenix Cheese Corp.
-Listing.
Threetors.-Britton I. Budd, Walter S. Brewster, Edward J. Doyle.
Louis A. Ferguson, John F. Gilchrist, John H. Gulick, Martin J. Insull,
The New York Stock Exchange has authorized the listing of 10,000 shares
Samuel Instill, Samuel Insull, Jr., . J. McEnroe, George F. Mitchell, of common stock (no par) in full payment for the business and assets of
Stuyvesant Peabody, Marshall E. gampsell, H. L. Stuart, Waldo F. Tobey. Cloverleaf Creameries, Inc.; 18,750 shares of common stock in full payment for the entire capital stock of Ward Dry Milk Co.; 5,000 shares of
-F.128, p. 4166. 1565.
common stock on official notice of issuance to, and payment in full from.
employees making the total amount applied for 923,179 shares of common
International Germanic Trust Co.
-New Director.
- stock.
-V.128, p. 2821.
Frank P.Andruss has been elected a director, succeeding Marcus Daly.
V. 128, p. 1408.
Lackawanna Securities Co.
-Dividend.
payable Sept. 3
declared dividend
International Co. for Chemical Enterprises (I. G. toThe directors haveAug. 15. aA similar of $3 per share,
holders of record
dividend was paid Sept. 1 1928
Chemie), Basle, Switzerland.
-V. 128. p. 741.
-German Dye Trust Rights.
- and on March last a dividend of $1 per share was paid.
According to cable advices received by the New York & Hanseatic Corp..
Laconia Car Co.
-To Shut Down Car Plant.
shareholders of I. G. Farbenindustrie (the German Dye Trust) will have
The directors according to a Boston dispatch
decided to close the
the right to subscribe to one share of Swiss Francs 500. par value of Inter- company's car building department and liquidate have
the assets incident to that
national Co. for Chemical Enterprises (I. G. Chemie, Basle), the new part of its business. Commenting
step, Pres. W. II. Rays is quoted
Swiss holding company of the German Corp., for every RM. 6,000. corn. as follows: "This action is taken on this
placing by the Boston &
stock now held at 150%, i.e., Swiss Francs 750. per share (approximately Maine of an order for 1,000 40 following the outside of New England.
-ton box cars
Laconia Car Co. car-building facilities have been idle for some time,and it
Holders of I. G. Farbenindustrie debentures will have the right to one had been the hope
Maine was in the market for
Swiss share for every RM. 12,000 now held. Proportionate subscription further box cars it that when the Boston &
would have an opportunity to figure. But since no
rights are given to stockholders in certain subsidiaries and affiliated corpo- opportunity was given the Lcaonia company, and since it has been largely
rations. Al rights will expire on Oct. 19.
dependent upon the Boston & Maine, directors were reluctantly forced to
An annual dividend of 12% on the stock of the new Swiss Holding Co. take this action. The closing of
brings to an end a New
has been guaranteed by I. G. Farbenindustrie up to 1938. In case this England industry that has been inthis department
business for nearly 100 years.
guaranty is then withdrawn,shares of the Swiss company may be exchanged
The Laconia Car Co. hopes further to develop its boat-building business
for shares of the German company on a share-for-share basis.
-V. 128, p. 121.
which will enable it to use some of its plant facilities."
International Mercantile Marine Co.- Plan Approved.
-New Directors.
Lake of the Woods Milling Co.
The new capitalization plan of the company was approved by the stockGeorge W. Allan, K. C., of Winnipeg, and J. W.Pyke of Montreal have
holders June 24. The new financing plan which lowers the company's been elected directors.
-V. 128, p. 1410.
capitalization from $120,000,000 to $30,000,000 was accepted on the first
-New Directors and President.
Lake Superior Corp.
ballot.
Sir Frederick Williams-Taylor, Sir William E. &avert, F. E. Meredith,
P. A. S. Franklin, President of the company and Chairman of the Board
of Directors congratulated the stockholders on their support of the measure K.0.,and Frank B.Common, R.C., have been elected directors, two to fill
and announced that on and after June 24,the existing shareholders registered existing vacancies and two to succeed J. M. Gemmell and J. D..Jones, who
insigmd.odFrant B 2 ommo5
p d.- . 1
. p 19ni.K.C., has been elected President, succeedon the company's books would be able to receive through J. P. Morgan reg
R7,
& Co. the new no par stock in exchange for the old preferred and common
stock held by them. The exchange of stock as provided in the recapitalizaLakey Foundry & Machine Co.
-Stock Dividend.
tion plan accepted by the stockholders is as follows:
The directors here declared the regular quarterly dividend of 50c. Per
(a)For each share of the present preferred stock with par value surrendered
share and an extra dividend of 21.6% in stock payable July 30 to holders
together with any and all rights and claims to any and all accrued diva.
thereon (which rights and claims shall be completely waived by and in of record July 15. Like amounts were paid on April 30 and Jae. 30 of this
-V. 128, p. 2102.
consideration of the surrender and exchange of stock and the payment to year.
be made) one share of the new stock will be issued in exchange and $20 in
Lessings, Inc.
-Earnings.
cash paid therefor.
Five Months Ended May 311929.
(b) For each five shares of the present common stock with par value Net income after
2
$1 9 125
14,8
$38,837
surrendered, one share of the new stock without par value will be issued in 'Shares common deprec., depletion & Federal taxes
34,534
33,434
stock outstanding (par $5)
exchange therefor.
Earnings per share
$1.16
In effecting such exchange no certificates for fractional shares of
stock will be issued, but warrants will be given for such fractional share -V. 128. p. 3695.
interests and, upon the delivery of such fractional interest warrants, which I
0 ,
$ 4
Leverich Towers (Brookhold Construction o., In cl)1
combined call for a full share, a certificate for such full share of the new
Brooklyn, N. Y.
-Sale Authorized.
stock will be issued therefor. (See plan in V. 128. p. 3362.)
The sale of the Leverich Towers Hotel, at Clark and Willow Streets,
G. Bowie Chipman has been elected a director succeeding Donald G.
Geddes, resegned.-V. 128, p. 4166.
Brooklyn, was authorized June 25 by Judge Robert A. Inch in Brooklyn
JUNE 29 1929.1.
FINANCIAL CHRONICLE
Federal Court by a grant to holders of a $500,000 second mortgage on the
building to enter foreclosure proceedings in the Supreme Court.
The American Bond and Mortgage Co., which owns about 60% of the
bonds into which the mortgage was divided is now at liberty to fix a date
for the sale of the hotel at public auction.
The hotel has an assessed valuation of $5,250,000. Three mortgages
are held against it. The first mortgage of $2,500,000 is held by the American Bond & Mortgage Co., and the second mortgage of $500,000 is said
to be under its control. A third mortgage of $500,000. which would be nullified by foreclosure of the second mortgage,is held by a group of bondholders.
During the past year the hotel has been under the management of Milton
Hertz, receiver in equity, and has made $200,000 above operating costs
In that period, according to Mr. Hertz -V.126, p. 3938.
Libbey-Owens Sheet Glass Co.
-Proposed Changes.
-
The directors have voted to increase the annual dividend rate on the
present outstanding stock from $2 to $4, to split the stock 4 for 1 and to
change it from $25 par value to no par value.
A special meeting of the stockholders will be held early in July to vote
on the aforementioned recommendations and on changing the name to
Libbey Owens Glass Co.
-V.128, p. 900.
4333
Michigan Steel Corp.
-Earnings.
The company reports for the five months ended May 31 1929, net income
of $1,003,160 after Federal taxes. &c., equivalent to $4.55 a share on the
220,000 no par common shares outstanding. Earnings for May alone exceeded $243,000.-V. 128, p. 3007.
Midland Steel Products Co.
-To Expand.
-
The company has approved plans for an important expansion of productive capacity for its 4
-wheel mechanical brakes. President E. J. %tiles
announced. The program, which will be started immediately, calls for an
expenditure of $500,000 and an increase of 150% in the output of brakes.
Of the amount appropriated for expansion. $80,000 will be used for additions to the plant and $420,000 for new equipment. The company inaugurated its 4
-wheel brake in the Autumn of 1927 and it is now being used
on a number of popular makes of cars. The expansion program is based
upon increasing demand, according to President ICulas.-V. 128, p. 4169.
Mississippi Shipping Co.
-Purchases Fleet.
-
At noon on June 21, the United States Shipping Board delivered to the
company the SS. "Bibbco," 7,800 deadweight tons, first of the 12 steamships of the Gulf Brazil River Plate Line which were purchased from the
Lima Locomotive Works, Inc.
-New Director.
George Upham Harris has been elected a director, succeeding John F. Board, under guarantee of operation for five years in the present services
between the Gulf and the East coast of South America. Delivery on behalf
Harris, resigned.
-V. 128, p. 900.
of the Board was made by director A. G. Malone of the Gulf district, to
N. 0. Pedrick, President of the purchasing company.
Lincoln Printing Co.
-Increased Dividend.
The directors have declared a quarterly dividend of 40c. on the common ofThe Mississippi Shipping Co. have been managing operators of this line
steamers for the Shipping Board, and under the present policy of the
stock, payable Aug. 1 to holders of record July 22. This compares with a Board
in disposing of its established fleets they are the first in the Gulf to
previous quarterly dividend of 35c.
-V. 18, p. 2821.
acquire ownership of any of the services. The fiampa Inter-Ocean Co., also
of New Orleans, have just been announced as purchasers of the Gulf West
Link Belt Co.
-Earnings.
Mediterranean Line of eight steamships for which they have been managing
Five Months Ended May 311929.
1928.
operators. Thus the ownership of 20 large cargo-carriers will be
Net profit after deprec., taxes & other charges_
$1,268,511 $1,069,163 New Orleans as rapidly as delivery can be made, which will be at fixed in
Earns, per share on 709,186 shs. corn.stk.(no par).
$1.63
41.35 ately two-week intervals with completion of present voyages andapproximnecessary
alBased on present capitalization.
-V. 128, p. 4169.
repairs.
Mandel Bros., Inc.
-Passes Dividend.
-
Despite the favorable showing of the company, for the Spring season of
1929 which has so far exceeded the anticipation of the management, the
board of directors has deemed it advisable at this time to pass the quarterly
dividend. This is being done in order to build up the surplus account of the
company and it is felt that the interest of the stockholders will be best
served by this measure.
-V.128, p. 2281.
Manhattan Shirt Co.
-Balance Sheet May 31.1929.
1928.
1929.
AnnaLiabilities
$
$
Land. bldgeMa511..
Preferred stock- _ 385,200
&c., less depree_ 1,356,664 1,362,077 Common stock --- 7,090,173
Trade name, goodNotes & accts. Pay•
will & patterns_ 5,000,000 5,000,000 & accrued sects_ 1,247,934
Investments
332,668
127,971 Applied to retiring
Cash
599,829
1,073,687
preferred stock_ 1,400,000
Notes & accounts
Reserve for Federal
receivable
2,074,359 2,027,865
taxes
139,863
Inventories
3,969,017 4,749,979 Profit and loss__ _ _ 3,655,267
Deferred charges_ 112,042
98,767
1928,.
Missouri State Life Ins. Co.
-Reports $29,086,145 Gain.
The company reports a gain of $29,086.145 in paid-for business, ordinary
and group, for the first five months of 1929. The total amount of paid-for
business reported during this five-month period is $141,978,142. as against
5112,386.301 for the corresponding months in 1928. During May 1929
paid for business amounted to 526,472.447. being a gain over May 1928
of $2.247,675. These figures include both ordinary and group.
-V. 128.
p. 4016.
(Robert) Mitchell Co., Ltd.
-Rights, &c.
-
To provide additional funds for the expansion of its business. the directors
at a meeting June 21 decided to offer to the shareholders 20,000 of the
recently authorized 50,000 additional common shares (without par value)
at $37 per share on a basis of two shares of new stock for each five
1,103,876 held at the close of business on July 4. The s Thscription price shares
of the
new stock will be payable at the offices of Montreal Trust Co. 511
1,400,000 d'Armes, Montreal. or 61 Yonge St., Toronto, Canada, as follows: Place
or $18.50 per share, upon subscription on
219,751 or $18.50 per share, on or before Aug. 30. or before July 31, and 50%.
Payments should be made by
3,460,588 draft or check payable to the order of Montreal Trust Co. in current funds.
President Allen M. Mitchell, in a letter to the stockholders, June 21.
says:
Total
13,918,437 13,966,488
Total
13,918,437 13,966,488
In the annual report for the
Our usual comparative income statement for the 6 months ended May 31 large amount of business carriedlast fiscal year, mention was made of the
over into 1929 and of prospects of largely
was published in V. 128, p. 4169.
increased earnings.
These expectations have been fully realized For the first four months
Manitoba Power Co., Ltd.
-Dividend.
of the current year earnings have been 70% in excess of the corresponding
The directors have declared a dividend of $1 per share on the common period for 1928, while
stock, payable Aug. 1 to holders of record July 10. The company paid $2 of work completed. orders received to date continue to exceed the amount
In addition prospects for future business in your
on.Jan. 16 1928, $1 on Aug. 1 1928 and $1.50 on Feb. 1 this year.
-V. 127. company's products are very promising.
P..3714.
Directors at a meeting held June 1 declared a dividend of 25c. per share
for the quarter
Manning Maxwell & Moore Inc.
-Decreased Dividend.
- record Sept. 30.ending Sept. 30 1929, payable Oct. 15 to shareholders of
The directors have declared a quarterly dividend of 1% on the capital
Howard Murray, 0.B.E., Vice-President of Aldred & Co., Ltd., has
stock compared with
% previously. The dividend Is payable July 2 been elected a director.
-V. 128. p 3843.
togholders of record June 30.-V. 125, p. 2819.
692,100
7,090,173
Manufacturers Casualty Insurance Co.
-Rights.
-
Mobile Bay Bridge Co.
-Earnings.
-
Earnings for 12 Months Ended April 30 1929.
Thu stockholders of record June 7 are being offered the right to subscribe to preferred and common stocks of the Manufacturers Investment Gross income from tolls
$248,657
Co., which was organized recently in Delaware by some of the directors Operating expenses, insurance, maintenance and taxes
46,210
of the Insurance company. The new company will have no legal affilia- Interest on first mortgage bonds
99,400
tion with the Insurance company, but they will have some officers and Interest on second mortgage bonds
89.600
directors in common. The purpose of the Manufacturers Investment Co.
Balance
Is to invest in bonds and stocks and to participate in underwriting syndi513,446
cates. The Insurance company stockholders have the right to subscribe -V. 122, p. 1620.
to stock in the now company at $25 a unit, consisting of two shares of pref.
stock at $11.25 a share stated capital and one share of common stock of
Modine Mfg. Co.
-To Launch Sales Campaign.
$2.50 stated capital, until June 25.
The company is reported to be concentrating its cabinet heater division
In a separate plant preparatory to increasing operations in connection with a
Manufacturers Finance Co.
-Earnings.
nation-wide sales campaign to be launched in the near future. Business
5 Months Ended May 31
in this division has grown to more than $1,000,000 annually without special
-1929.
1928.
profits
8195.434
5189,982 sales effort by the company. A. B. Modine, President, expects that with a
Earns, applicable to common stock
47,923
42,472 concentrated drive behind sales, the volume will be doubled this year.
This recent product has been tested extensively for all house and office
1
7 8.
- 12 P. 901.
heating requirements and models have been developed to suit all possible
Marchant Calculating Machine Co.
-Earnings.
conditions.
--V. 128, p. 4170.
Earnings for Year Ended Dec. 31 1928.
Net sales
Mortgage & Securities Co., New Orleans.-Stk. Changes.
$1,950.366
Cost ofsales
An amendment to the company's charter provides that the capital stock
635,824
of the corporation shall consist of 50,000 shares, of which 4,000 shares
Gross profit on sales
81,314.542 shall be preferred stock (par $100); 34,000 shares shall be preferred stock
Income from repairs, service and rentals
54,320 (without par value) and shall be designated as "class B preferred"; and
12.000 shares shall be common stock without par value.
Total income
One of the purposes of the amendment is to change the shares of common
51.368.861
Selling expenses
817.216 stock with a par value of $100 per share, heretofore issued or authorized
General and administrative expenses
133,815 to be issued into an equal number of shares of common stock without par
deductions (net)
Other
43,767 value. At the time of the adoption of this amendment 12,000 shares of
Provision for Federal taxes
46.666 common stock with par value had been authorized to be issued; 8,000
shares thereof were issued and outstanding, and the remaining 4,000
Net profit
$327,396 shares were authorized, so as to be available to the holders of the preferred
Earnings per share on 168.112 shares common stock (par 510).
$1.84 stock, if they exercised the privilege of conversion granted them. All of
the shares of common stock issued and outstanding at the time of the
Balance Sheet Dec. 31.
adoption of this amendment, as well as those authorized but not issued,
1927.
1928.
AssetsLiabilities1928.
1927.
$66,323 Current liabilities- $158.758 $185,958 are changed from shares with a par value of $100 per share, into an equal
Cash
$73,648
number of shares of common stock without par value, and the officers in
132,015 Mortgages
Receivables
329,575
207,000 whom is vested the power to issue stock certificates.
are authorized to Wile
523,289 Reserve for stock
Inventories
655.207
certificates of the new common stock without par value, in lieu of the stock
Other assets
19,035
participation_
50,000
certificates representing the present common stock with par value, when
604,684 Deferred Income__
Fixed assets
639,179
1,612
and as such certificates are surrendered by the holders thereof. It is
950,264 Preferred stock___ 248,961
820,294
Patents
248,961
9,730 Common stock.„:1,681,124 71,406,614 stated that the actual value of the shares of common stock now outstand12,905
Deterred
ing is less than their par value and is
Surplus
409,388
197,742 amount of the consideration for which$25 per share, and accordingly, the
shares of common stock having no
par value are allotted to take the place of outstanding shares of common
Total
52,549,843 $2,286,305 Total
$2,549,843 82,286,305 stock having a par
value is stated to be $25 per share.
x Par $10.
y Par
128. p. 3007.
The shares of the class B preferred stock may be issued from time to
time for such consideration as may be fixed from time to time by the direcMarland Oil Co.(Del.)
-Name Changed.
tors, full power in that
company's name has been changed to Continental Oil Co. (Del.) and all shares so issued,respect being conferred upon the board, and any
The
the full consideration for which, as fixed by the
effective June 26 1929. See also V. 128. p. 4169.
board of directors, has been paid or delivered, shall be deemed fully paid
and non-assessable.
Marmon Motor Car Co.
-Earnings.
The corporation, through its
Net earnings of the company for the quarter ended May 31 amounted Its common stockholders, at officers, shall immediately offer to each of
to $1,238,638 after all charges except Federal taxes. G. M. Williams, class B preferred stock to the$25 per share, the right to subscribe to the
extent of 3 shares of class B
President of the company, announced June 21 this earning performance
each share of common stock held. Each stockholder preferred stock
In the first quarter of the company's fiscal year is in excess of the regular for days from the date of such notice within which to acceptshall be given
10
or reject such
common stock dividends for the entire year, the net result of operations right to purchase such class 13
preferred stock. The price of $25 per share.
for the quarter closely approaches the net earnings of the company for the received for such stock, shall be allotted in
the proportion of $20 per share
entire fiscal year ended Feb. 28 1929 which were $1,447.920 before Federal to the capital stock, and $5 per share
to surplus for each share paid. Such
taxes.
portion, if
Shipments of Marmon and Roosevelt automobiles during the quarter have been any, of the 24,000 shares of class B preferred stock as shall not
subscribed for by the common stockholders within the time
totaled 14,847 units representing an increase of more than 115% over the provided, may be offered for sale to
their persons by the directors at the
corresponding quarter last year.
-V. 128, p. 3842.
price aforesaid, or at such other price as they may see fit. The common
stockholders shall have the preemptive right to subscribe for the remainMathieson Alkali Works, Inc.
-Listing.
ing 10,000 shares of class B preferred stock, if. when
their issuance
The New York Stock Exchange has authorized the listing of 1.800 addi- Is authorized by the directors for such consideration and as directors
as the
tional shares of common stock (no par value) on official notice of issue all a fix, and reasonable opportunity to so subscribe shall be afforded tomay
the
stock dividend, making the total applied for 594,303shares.
-V.128.P.3696. holders of the common stock.
-V.128, p. 901.
4334
FINANCIAL CHRONICLE
--Earnings.
Motor Products Corp.
The corporation reports net income after all charges for the first quarter
$6.86 per share on the common stock
et 1929 of $932,474, equivalent to net income
of $2,643,749 for the year
outstanding. This compares with
of 1928 and $482,879 for the year 1927. The company reports that earnings
for the first six months of this year will be about $9.10 per share on the common stock, the preferred stock having been redeemed on May 18 1929.
-V. 128, p. 3525.
Municipal Securities Corp. of Chicago.-Pref. Stock
-An issue of $100,000 7% cumulative 1st preferred
Offered.
stock is being offered at par ($100) by the Hanchett Bond
Co., Chicago.
Preferred as to dividends at the rate of 7% per annum and preferred as to
assets up to $190 per share plus divs. in case of voluntary or involuntary
-J. Red. after five years from date of
liquidation. Dividends payable Q.
issue on 30 days' notice on any div. date at 103.50 per share plus dividends.
Company.-Incerp. in Illinois in 1915 and has been continuously owned
and operated by the Hanchett Bond Co. Inc. of Chicago and associates.
The business is to purchase the obligations issued by various municipalities
for street improvement purposes, to deposit such securities with a trustee
and issue against them its collateral trust bonds secured by the deposit of
such securities.
The deposited securities are payable from taxes and represent a tax
lien on valuable city property ahead of all mortgages or other encumbrances
save general taxes. They are as a rule issued in odd denoms. payable
in installments over periods of from one to 10 years with annual interest,
and payable in full at any time at the option of the property owner.
These securities not being convenient for the average investor, are
deposited as above outlined and collateral trust bonds issued against them
in even denoms. with coupons payable at stated periods in the city of
Chicago. Since its organization, the company has issued $11,335,000 of its
collateral trust bonds, of which amount $6.047,600 have been rotiredfrom
proceeds of maturing collateral, leaving outstanding atthe present time
$5,287,400, maturing serially from 1929 to 1939 to be retired from maturing
collateral deposited as security.
The company was organized in 1915 with a capital of $25,000, increased
In 1916 to $50,000, which represents the total cash invested. Since 1916
the capital has been gradually increased entirely through the reinvestment
of earnings until on Jan. 1 1929 the company had paid-in capital of$375,090
and a surplus account of $35,000. making a total of $410,000 of invested
capital and surplus.
-The fact that the company has increased its capital and
Earnings.
surplus from $50.000 to over $413,000 in 12 years from 1916 to 1928,shows
average net earnings applicable to first pref. stock for the entire period of
approximately $30,000 per annum, which is more than four times the
annual dividend requirements on the $100,000 of 7% first pref. stock to be
issued. Earnings applicable to cont. stock after allowing for dividends on
$100,000 of first pref. and $75,000 of second pref. stock during the past
12 years, were more than 15% per annum on the average amount of corn.
stock outstanding.
-To provide additional working capital to care for the steadily
Purpose.
increasing business of the company.
-All of the $75,000 second pref. stock and 98% of the corn.
Control.
stock is owned by The Hanchett Bond Co.and associates.
-Dividend No. 2.
Nassau Management Corp.
The directors have declared a second dividend of 50c. per share (equivalent to 1%)on the capital stock, payable July 1 to holders of record June
28.-V. 128, p. 3008.
-To Increase Stock.
National Belles Hess Co., Inc.
The stockholders will vote July 25 on increasing the authorized common
stock from 1,009,000 shares to ..500,000 shares, no par value. See also
V. 128. p. 4170.
[VOL. 128.
National Securities Corp. starts business with a capital in excess of $5.000,000 and has no management contracts except that certain of its officers,
who will receive no salary for their services and advice, will receive special
warrants entitling them to purchase at any time and from time to time
after March 1 1930 and on or before March 1 1933 not exceeding 200,009
shares of common stock of the corporation.
Organized under the laws of Delaware, the corporation has broad powers
which include underwriting of securities, participating in syndicates and
underwritings, and buying, holding,selling and trading of stocks and securities of all kinds, affording to all stockholders an opportunity to participate
in the income, profits and benefits from the investment of the corporation's
funds in a manner which is not ordin wily available to an individual investor.
Its authorized capitalization consists of 200,000 shares of preference participating no par stock, of which 100,000 shares are outstanding, and 600,000
shares of no par common stock, 100,000 shares of which are outstanding.
The corporation,it is announced, has established an active trading department including bank and insurance company stocks, and has organized a
complete statistical department which will enable it to render a comprehensive and dependable investment service. The business of the corporation and its investment policy will be administered by its officers under the
supervision and direction of its board of directors. The diversified interests
and individual achievements of the directorate, says Mr. Grab, assures the
corporation of practical and aggressive management.
The board is composed of the following members: A. E. Lefcourt, chairman, the Lefcourt Normandie National Bank; Louis Bachmann, Pres. L.
Bachmann & Co.; Glover Beardsley, of Otis Elevator Co.; John David,
Pres., John David, Inc.; Maurice Ficus, Pres., Runkel Bros., Inc.; Oscar
F. Grab, Executive Vice-President, the Lefcourt Normandie National
Bank; Louis Haas, Vice-President, the Lefcourt Normandie National
Bank; Anthony J. Drexel Biddle, Jr., member advisory board. Chase
National Bank; Abner Jackson, Vice-Pres., the Lefcourt Normandie
National Bank; George P. Kennedy, Pres., the Lefceurt Normandie National Bank; Benjamin Lissberger, Pros., the Federated Metals Corp. of
America; George K. O'Donnel, Pres., Consolidated Dairy Products Co.:
Franklin A. Ryan, of International Mercantile Marine; L. 0. Schmidt.
Sec. & Treas., Louis K. Liggett Drug Co.. and Franklin Simon. Pres.,
Franklin Simon & Co.
-V. 128, p. 4171.
Oliver Farm Equipment Co.--Listing.The New York Stock Exchange has authorized the listing of 1.300 shares
(no par) convertible participating stock on official notice of issue in connection with the purchase of a minority interest in Hart
-Parr Alberta Ltd.,
making the total amount of convertible stock applied for 522,740 shares.
The Exchange has also authorized the listing of additional shares of
common stock as follows: (a) 15,000 shares on official notice of issue from
time to time (on or before April 30 1930) to, and payment In full by,certain
executive officers and certain employees of the corporation, and (b) 1,300
shares on official notice of issue from time to time on conversion of the
additional 1,300 shares of convertible stock, making the total applied for
1,234,784 shares.
Pro Forma Consolidated Balance Sheet, Dec. 31 1928.
(The following is a pro forma consolidated balance sheet of Oliver Farm
Equipment Co.and its subsidiaries prepared on the basis of the consolidated
balance sheets of the predecessor companies and their allied companies as of
Dec.311928. adjusted to give effect to the recent financing and transactions
incidental thereto.)
Assets
ItaMitties82,138,985
Cash & cash resources
$9,075,634 Accounts payable
467,312
Notes & accts. receivable _
14,074,494 Accrued items
331,413
9,149,497 Reserve for Income taxes-Inventories
Land, buildings & equipment 9,612,892 Reserve for insurance,&c____
208,813
4,000
Instal. contr. on real est. sold
421,357 Sub. co. stk., held by others_
139,748,940
146,381 Capital stock & surplus
Investments
Prepaid lot., insurance, &c...
99,941
1
Patents, &c
Deferred charges
319,288
Total
842,899,483 Total
$42,899.46a
-Acquisition.
National Dairy Products Corp.
x Allocation of capital stk. & surplus: Prior pref. stock (no par) authBryant & Chapman Co. of Hartford, It is stated, will be merged with the orized, 300,000 shs. To be presently outstanding, 200,000 shs. of series A at
National Diary Products Co. While negotiations are not yet consummated, stated value of $100 per share, $20,000,000; Convert. particip. stk. (no
the impression prevails that the final basis of exchange will be five Bryant Par), authorized, 750,000 shs: to be presently outstanding, 500,000 shs. at
-V.128, p. 4170.
stated value of $10 per share, $5,000,000, Corn:stock (no par), authorized,
& Chapman shares for four National Dairy shares.
2,000,000 shs.; to be presently outstanding, 350,000 shs. at stated value of
-To Retire No,tes $10 per share, $3,500,000; surplus allocated to capital account, $1,500,000;
National Distillers Products Corp.
surplus at organization, $9,748,940; total, $39,748,940.
and Preferred Stock.
assumes: (a) Exercise of the warrants
-The foregoing
Note.
-year outstanding at Dec. 31 balance sheet purchase of 17,970 shs. of coin, stock
As previously announced, it is expected that the outstanding 10
1928, for the
634% guaranteed gold notes and the entire outstanding issue of preferred of the Nichols & Shepard Co. (b) Conversion of the entire issue of cum.pref.
near future from the proceeds of the sale of stock of Hart
stock will be retired in the very
-Parr Co. into corn, stock of that company and exercise of the
several of its subsidiary companies to the United Molasses Co. Ltd. of warrants outstanding at Dec. 311928. for the purchase of 380 shs. of corn.
London, Eng.
-Parr Co. and (c) Redemption on Feb. 1 1929, of the 6% cony.
stock of Hart
When this has been accomplished the remaining proceeds from this sale notes and redemption of the entire issue of 7% cum. pref. stock of Nichols
together with Its large investment in the capital stock of the American & Shepard Co.
-V. 128, p. 3846.
Medicinal Spirits Corp. its 100% ownership of the Henry H. Shufeldt Co.
and other miscellaneous assets are estimated to leave National Distillers
-A new issue
-Notes Offered.
Oneida Community, Ltd.
Products Corp. with an asset book investment of more than $8.500,000,
represented by 168.000 shares of outstanding common stock and against of $2,000,000 10-year 06% sinking fund gold notes (with
which there will be no funded debt or preferred stock.
common stock purchase warrants) is being offered at 100 and
Income and profits from these assets should be approximately $500,000
yearly without giving effect to any earnings to be derived from the manu- interest, by a syndicate composed of the First Trust & Deof medicinal spirits which it is expected will be initiated by the posit Co., Syracuse, N.Y., The Marine Trust Co.of Buffalo,
facture
American Medicinal Spirits Corp. before the end of this year.
Tee management retards the sale of the iniustrIal alcohol and molasses N. Y., the Utica Trust & Deposit Co., Utica, N.Y., and the
businesses of the corporation upon the terms arranged and the application of Mohawk Valley Investing Corp., Utica, N. Y.
the proceeds to the extent necessary for the retirement of the outstanding
due July 1
Dated July
Interest payable J. & J. In N. Y
notes and preferred stock as being distinctly beneficial from the standpoint City at office 11929; National 1939. or Utica, N. Y., at the office of
of Chase
Bank,
-V. 128.
of the holders of voting trust certificates for the common stock.
the Utica Trust & Deposit Co.. trustee, without deduction for Federal
p. 4171.
income taxes now or hereafter deductible at the source, not in excess of
part on
2%. Denom.
-Stockholders following prices$1,000 and $500.:s. Red.all orany date60 days notice at
National Fire Insurance Co. of Hartford.
thereafter to and
and
On July 1 1930, and
Charter incl. July 11932. at int.: on any date thereafter, to and incl. July 1 1934.
102;
Approve Reduction in Par Value of Stock-Also Accept
at 101ii; on any date thereafter, to and incl. July 1 1936, at 101; and on
Amendments Granted by Connecticut Legislature.
any date thereafter, to and incl. July 1 1938, at 100%; and at 100 on any
The stockholders have voted to accept the charter amendments recently date thereafter to maturity.
granted the company by the Connecticut Legislature and to change the Data from Letter of Plerrepont B. Noyes, President of the Company.
$100 to $10 per share. Subscriptions to new
par value of its stock from
Company.-Ineorp. In 1880. Succeeded to the businesses of the Oneida
stock of the company, recently offered to stockholders, must be paid in
organifull on or before July 17. Future issues of stock will be left to the discre- Community, which was established in 1848. For many years theago the
zation had a varied line of manufactures. Twenty-eight years
tion of the board of directors.
Holders of the old $100 par certificates are asked to present them to Oneida Community, Ltd., initiated an intensive and very successful adverthe Phoenix State Bank & Trust Co. of liartford, to be exchanged for tising and merchandising campaign to develop its silverware business which
was founded in 1877. '
Community Plate Is a household word throughthe new certificates.
Following the meeting of the stockholders, the board of directors met out the country and is sold in every city in the United States and Canada.
of $5 per share, payable July 1 The Community also manufactures the well known Tudor Plate silverware.
and declared the usual quarterly dividend
The main plants of the company are at Sherrill and Oneida, N. Y. The
to stockholders of record June 24. This dividend applies only to stock
company also has modern plants in Niagara Falls, Ont., and Sheffield, Eng.
-V. 128, p. 3844.
now issued and outstanding.
Oneida Community, Ltd.. Is purchas ng the assets of the Wm. A. Rogers,
Ltd., its subsidiaries, and Canadian Wm. A. Rogers, Ltd. These com-New Director.
National Surety Co.
-V. 128, panies manufacture silver-plated ware, hollowware and cutlery, and sell
Smith has been elected a director.
Former Governor Alfred E.
1881
Wm. A. Rogers,
these under the trade names Heirloom Plate,
p. 3201.
Rogers Al" and "Simeon L. & Geo. H. Rogers." Their factories are located at Niagara Falls, N. Y.; Toronto, Can.; Northampton, Mass.;
National Trade Journals, Inc.-Earnings, &c.
In a letter just sent to its stockholders the company reports earnings for Hartford and Wallingford, Conn.
-To provide part of the purchase price of the Wm. A.
Purpose of Issue.
the first 5 months of 1929, available for dividends, of $182,994. or the
equivalent of $1.66 a share. The directors have determined to take no Rogers, Ltd., and its subsidiaries, and Canadian Wm, A. Rogers, Ltd.,
of
dividend action at this time,in view of the cash requirements of the corpora- which are being acquired by Oneida Community, Ltd. The acquisitionfor
tion for the development of its publications. It was felt that the interest of the assets of the Rogers companies will be effected without allowance or
good will built up over a period of many years of successful operation,
-V. 128, p. 3008.
the stockholders will be best served by this measure.
for the valuable trade name or trademarks of the Rogers companies.
-There will be paid by the company to the trustee on the
Sinking Fund.
-Stock Dividend.
Neisner Bros., Inc.
The directors have declared a 60% stock dividend on the common stock, first day of July in each year from 1930 to 1938. both inclusive, a sufficient
sum to retire through purchase or redemption in each year at least $200,000
3844.
payable Aug. 5 to holders of record July 20.-V. 128, p.
of notes. at the above redemption prices.
-Organized.
Provisions of Issue.
-Without the consent in writing of the holders of
Normandie National Securities Corp.
of any
Headed by A. E. Lefcourt as chairman of the board of directors and Oscar 66% of the notes outstanding, no mortgage, lien, or encumbrance real or
as president, announcement is made of the formation of the Nor- kind whatsoever shall be created or placed upon the rpoperty, except
F. Grab
affiliated Personal, or any part thereof, of the Oneida Community, Ltd.,
mandie National Securities Corp. which is sponsored by interests
purchase money mortgages on property acquired subsequent to the date
with the Lefcourt Normandie National Bank.
that the
This corporation, which formally opened its new quarters in the Let of this issue, until these notes and interest are paid in full; except
exist, and
court Building at 521 Fifth Ave. this week, according to'its founders will company may purchase any property where mortgages already
mortgage. Also
only company affiliated with a bank outside of the Wall Street may refund or extend any such purchiuso money or other issued except for
be the
section in New York which will conduct a general investment banking until these notes are paid in full no other notes shall be
one year from
business comprising underwriting of security issues and syndicate parti- ordinary business purposes and then maturing in less than
cipations on as large ass caie as its present plans call for. The Normandie the dates of issue.
JUNE 29 1929.1
4335
FINANCIAL CHRONICLE
Stock Purchase Warrants.
-With each note of this issue there will be
delivered a warrant entitling the holder thereof to purchase the common
stock of Oneida Community, Ltd., in the ratio of 10 shares of stock for
each 61.000 note at the following prices: On July 1 1930, and any date
thereafter, to and incl. July 1 1935, whether or not the note shall have
been recalled or redeemed, at the rate of $40 per share, subject to the
provisions of the indenture under which the notes are issued, respecting
the recapitalization of the company, or its consolidation or merger with or
the sale of all or substantially all of its property to any other corporation.
The warrants are non-detachable until July 1. 1930 and expire on July 1 1935.
Capitalization (Upon Completion of Present Financing Program).
10
-year 63 % sinking fund gold notes (with common stock
purchase warrants)
$2,000,000
7% cumulative panic. pref. stock (par $25)
107,388 shares
Common stock (par $25)
*200,788 shares
* 20,000 shares of common stock will be reserved for issue against the
warrants attached to the $2,000,000 10
-year 6%% sink ng fund gold
notes due 1939.
Earnings.
-The combined net earnings of the Oneida Community, Ltd.,
incl. British Oneida Community, Ltd., Wm. A. Rogers. Ltd., and its
subsidiaries, and the Canadian Wm. A. Rogers, Ltd., after all charges,
incl. provisions for depreciation, deduction of int. on gold notes presently
to be issued, and Federal income taxes at the present rate, and after elimination of (1) income on assets not to be acquired, (2) special development
expenses and executive salaries and expenses of the businesses to be acquired
which will now be discontinued, incl. interest on obligations to be liquidated (averaging $59.875 per year) have been as follows:
Profits as
Federal
Net
Above before
Profit as
Interest
Taxes at
Years Ended
Int. on Notes on Gold
Defined
Present
Jan. 31.
ct Fed. Tax.
Above.
Notes.
Rate.
1925
$681,088
$903.964
$138.000
692,375
1926
831,513
1,074,901
130,000
113.388
1927
703,763
130,000
95.967
929,730
1928
1,037,833
130,009
141,522
1,309,356
1929
115.733
848.712
1,894,446
130,000
The average annual earnings available for interest amounted to $1,062,479. equivalent to 8.17 times the interest requirements on the gold notes
presently to be outstanding.
Consolidated Balance Sheet Jan. 31 1929 (After Present Financing).
LiabiltifsAssets
'
Cash
$655,697 Accounts payable
$175,135
10,496 Employees' loan notes
Marketable securities
36,970
146,677 Accrued wages, bonus & int
153,196
Trade acceptances receiv____
53,046 Dividends declared
106,455
Notes receivable
Accts. reftiv., less reserves- - 1,609,873 Res. for income taxes
128,103
4,677,386 6,
-4% 10-year notes
Inventories
2,000.000
321,575 7% cum.[Artie. pref. stock
Miscell. invest. & see. adv_ _ _
2,684.700
4,954,343 Common stock
Property account
5,019,700
1 Capital surplus
Goodwill. trademarks & pats_
270,462
227,012 Earned surplus
Deferred charges
2,081,415
Philadelphia Inquirer Co.
-Listed.
The Philadelphia Stock Exchange has admitted to the list 109,000 shires
of its $3 cumulative dividend convertible preference stock (no par value) and
40,000 shares of the common stock (no par value)
.-V. 128, p. 1922, 3846
-Comparative Bal. Sheet.Pierce Arrow Motor Car Co.
.
Apr 30'29. Dec.31 T.8.
Apr. 30'29. Dec.31 '28.
Liabilities
Assets$S
i •
$
Property account _ 6,919,701 6,606,323 6% pref.stock__ _ _ 8,000,000 8,000,000
1
1 Class A stk. (197,
Pats.,goodwill,&c.
197,250
250 shs., no par) 197,250
Inv. in Plerce-Arr.
Finance Corp_ _ 569,488 1,264,986 Class B stk. (230,
230,125
125 shs., no par) 230,125
4,852,875 3,621,006
Inventories
1,852,580 1,092,901
867,512 Surplus
Notes & sects' rec_ 1,600,707
2.671,200 2,755,200
172.309 8% gold debena _
Misc. inv. & dep
352,000 f L6204
358: 5
2 000
Cash
1,887,054 2,781,497 Fur. mon. obligs
Deferred charges
95,511
69,903 Accounts payable-1
Accr, payrolls, int.I2,622,182 4
1 1,022,980
-taxes, &c
1 105,6i
Customers' depos_
Total
15,025,337 15,383,567
--V. 128. p. 4172.
Total
15,925,337 15,383,567
Pittsburgh & Lehigh Dock Co.
-Bonds Called.
The company has called for redemption July 1 $35,000 1st mtge. 6%
sinking fund gold bonds, due 1932 at 101% and int. Payment will be mad*
at the Girard Trust Co., trustee, Philadelphia, Pa.
-V. 118, p. 2960.
Plaza Hotel, Corpus Christi, Texas.
-Bonds Offered.
The canal Bank & Trust Co. of New Orleans is offering
$450,000 1st mtge. 6% serial gold bonds, at prices to yield
Dated June 11928: due serially June 1 1938-1943, incl. Denom. $1,000
and $500 c*. Principal and int.(J. & D.) payable at Canal Bank & Trust
Co., New Orleans, La., corporate trustee, without deduction for State
taxes or normal Federal income rax not to exceed 2%. Red. as a whole,
or in part in the reverse order of their issuance, on any int, date at 102%
and int. C. F. Niebergall, New Orleans, La., individual trustee.
Security.
-These bonds are the direct obligation of the Corpus Christi
Properties Co. and are secured by a first closed mc rtgage on a plot on
ground in Corpus Christi owned in fee simple, measuring 100 feet front on
Broadway, with a depth and front of 140 feet on Leopard St. A modern
reinforced concrete frame, brick with terra cotta trim, 14 story, fireproof
hotel building has recently been completed thereon, having 209 guest rooms.
attractive lobby with mezzanine, roof garden and coffee shop. The hotel
was formerly opened for business May 4 1929.
Valuation -The property securing this issue has been valued is follows:
Land, 100 feet front by 140 feet depth
$130,000
14
-story hotel and tunnel, actual cost
671,000
Furniture and fixtures,securing lease
150,000
Total
$12,656,138
Total
$12,656,138
Total security
$951,000
Note.
-The above balance sheet is after giving effect as at that date to
The ground has been appraised by the Clarkson Loan & Realty Ce. of
(1) the issue and sale of 28,684 shares of common stock and other transactions in capital stock since Jan. 31 1929. (2) the issue and sale of $2,000,- Corpus Christi at $140,000. On the basis of the above values these bonds
000 6 % 10
-year sinking fund gold notes and (3) the application of the are outstanding at less than 47%% of the total security.
-The hotel is leased to the Corpus Christi Plaza
Lease and Guarantees.
proceeds from the foregoing to (a) the acquisition of the assets (except
certain outside investments), subject to the liabilities other than bonded Hotel Co., Inc., for a period of 25 years from May 1 1929 at an annual
debts. of Wm. A. Rogers, Ltd., and subsidiaries and Canadian W. A. rental of $50,000, plus one-third of the net profits from operation, the lessee
Rogers. Ltd. and (b) the liquidation of bank loans of these companies.- assuming all taxes, insurance and maintenance. As security for the lease,
the operating company has installed furniture and equipment in the hotel,
V. 128, p. 4171, 4017.
'
free of lien, having a value in excess of $150,000.
Under the terms of said lease the annual net income is estimated at $77.740
Osgood Company.
-Earnings.•
which is over 2 2-3 times the greatest annual interest requirement on this
Earnings for Four Months Ended April 30 1929.
Issue.
Net sales
$952.628
s
The prompt and faithful performance of
Net profit after $23,590 interest on debentures
78,318 bondholders are concerned) is guaranteedthe above lease (insofar as the
individually and collectively
-V. 126, p. 3940.
by F. A. Smith, J. H. Smith, A. J. McKenzie. J. W. Young and A. C.
White. These guarantors are represented as having a combined net worth
Outboard Motors Corp.
-Sales
-Earnings.
5,085,000.
The company reports sales for the month of May of $692,622, compared ofIn addition to the guarantee of the lease the
first regularly maturing
with sales of $3,675,582 for the full year of 1928.
Net profits for the month of May, after all charges including income 6180,000 of bonds are guaranteed as to principal and interest by the abeve
named persons individually and collectively.
taxes. amounted to $108,923. For the month of April net earnings were
$52,749. and for the full year of 1928 net earnings were $308,867.-V.
Porto Rican American Tobacco Co.
-Listing.
128, p. 3527.
The New York Stock Exchange has authorized the listing of $1,360,000,
15
-year secured 6% convertible coupon bonds, due Jan. 1 1942.
Pacific Air Transport Co.
-Receives Offer.
The Exchange has also authorized the listing of 50 000 additional shares
See United Aircraft & Transport Corp. below
common B stock without par value, on official notice of issuance in exchange for stock of Waitt at Bond, Inc., making the total amount applied
-Extra Dividend.
Pacific Finance Corp.
shares.
The directors have declared an extra dividend of 1% in stock, and the for 200,0003 1929, the board
On June
of
regular quarterly dividend of 75 cents, both payable July 2 to holders of contract entered into on behalfdirectors adopted a resolution confirming a
of the company, by its President, for the
record June 20.-V. 128, p. 3367.
purchase of 150,000 shares of class B common stock in Waitt & Bond, Inc.
-Purchases Fi-e Air from certain stockholders of Waitt & Bond, Inc., on the basis of $1.200,000
Pan American-Grace Airways, Inc.
in cash, the 811111 of $125,000 payable in
each
Liners.
-The company has announced the purchase of five for one-half of the sum and 50,000 shares one and two years' notes corn.
of this company's class Btri-motored Ford air liners for regular mail and passenger stock, the 50,000 shares of class B common stock to be an original issue from
-V. 128. p. 3528.
service on its air route between Talara, Peru and Santiago, the company's authorized but unissued stock.
Chile.
Each of these now ships. it is stated, is powered with three Pratt &
Whitney Wasp -motors, aggregating 1,275 h.p., any two of which motors
are sufficient to take offor land the plane,and any one of which will maintain
It in flight when in the air.
The air liners provide ample accommodation for 12 passengers, are
equipped with special mail and baggage compartments, full plumbing
facilities, running water and complete radio equipment. They possess a
high speed of 140 miles r•er hour, a cruising speed of 115 miles per hour,
a stalling speed of 60 miles per hour, a span over-all of 77 feet 10 inches,
a length of 49 feet 10 inches, a ceiling of 20,000 feet and a fuel capacity
of 565 gallons. A licensed radio operator will form one of the crew of
three which each plane will carry.
Secured at a cost of roughly stated at $500,000, these now ships are
designed to supplement the Grace Lino mail and passenger service on
the west coast of South America. and will enable travelers to buy combined airplane and steamship tickets and thus make any desired combination of those two means of travel. This addition to the air fleets
-motored planes in operation
of the company will bring the total of multi
to 58, a number which, it is stated, constitutes the largest privately owned
-V. 128. p. 3202.
flying unit in the world.
-Acquisition.
Paraffine Companies, Inc.
-A-Lap Co. manufacturer of floor
The company has acquired Cott
coverings through an exchange of stock on the basis of 6.12 Paraffine corn.
shares.for 37.205 Cott-A-Lap shares. Cott-A-Lap orierates in New Jersey
-V.128,
and has been Eastern trade representative for Paraffine Cos, Inc.
p. 3528.
-Acquires Filling Stations.
Paragon Refining Co.
-
Postum Co. Inc.
-Name Changed-Acquisition.
-
The stockholders, Juno 27, approved the recommendation of directors to
change the name of the company to General Foods Corp.
The company, it is announced, has acquired the Diamond Crystal Salt
Co. of St. Clair, Mich., makers of "Diamond Crystal" and "Shaker" salt.
The Diamond Crystal Salt Co. was incorporated in 1888 in Michigan and
operates a plant at St. Clair with a capacity of 4.500 barrels of salt daily.
The salt is produced from 12 wells and additional property owned by the
company ensures a plentiful supply.
Tne outstanding capital stock of the company consists of $1,000,000 7%
cumulative preferred stock (par $10) and $1,300,000 common stock, (par
$10). The stock has been closely held. At the end of 1927 there were 500
holders of the preferred and 50 holders of the common, which has exclusive
voting power. Company has no funded debt. The balance sheet as of
Dec. 311928, shows total assets of $3.304,152, and profit and loss surplus
of$582.612. Goodwill was carried at $1. Working capital totaled $824,617.
-V. 128, p. 4018.
Pratt & Whitney Aircraft Co.
-Orders.
Company, subsidiary of the United Aircraft & Transport Corp.. is
reported to have more than $9,000,000 of orders on hand.
-V.128, p. 2648.
Professional Bldg., Kansas City, Mo.-Bonds Offered.Greenebaum Sons Securities Corp., N. Y.City (and Greenebaum Sons Investment Co., Chicago), are offering a new
issue of $1,200,000 1st mtge. 63.% building and leasehold
serial gold bonds at par and interest.
These bonds are secured by leasehold estate and improvements, dated
July 1 1929, and maturing semi-annually in amounts of $15,000 on Jan. 1
1932 to $816,500 on July 1 1941. The bonds are redeemable in whole or
in part on any interest payment date upon 60 days' notice at a premium of
• 2% in addition to principal and accrued int., and the borrower agrees to
-Acquisition.
(J. C.) Penney Co., Inc.
pay the Federal normal income tax up to
The company has purchased six stores of Barnett & Co. in Northwest up to 5 mills of the principal amount. 2% and to refund any State taxes
Nebraska, said to be doing a combined annual business of more than
These bands will be secured by a closed first mortgage on
98 year
$500,000. The stores are situated in Alliance, Ileiningford, Rushville, leasehold estate covering approximately 11,180 sq.ft. of land and a 16-story
a
Gordon, Lewellan and Chappelle.-V. 128, p.4017.
and basement store and office building of fire-proof construction now being
erected. The entire earnings of the property comprise additional security
Perfect Circle Co.
-Earnings.
for the first mortgage.
Month. 5 Months.
Period Ended May 31 1929
The proceeds of this issue, will be used to complete the building now
$102,977
Net profit after charges, deproc. & Federal taxes_ _
6404,562 under construction. The trustee provides for monthly deposits in advance
$0.63
Rants, per share on 162,500 shs. com.stk.(no par)
$2.49 to meet interest and principal payments promptly.
-v. 127, p. 1540.
The company has acquired 18 filling stations formerly operated by the
Cadillac Petroleum Co., a bulk station in Detroit and 35 retail filling
stations of the Innian Oil Products Co. in Cleveland.
-V. 128. p. 2284.
Philadelphia Co. for Guaranteeing Mortgages.Dividend.
-
Public Utility Investing Corp.
-Capital Increase.
-
The authorized capital stock has been increased from 35,000 shares to
40,000 shares, no par value.
-V. 127. p. 1689.
The directors have declared a dividend of 50 cents per share on the new
Prudential Investors, Inc.
-Earnings.
$20 par value stock, payable June 29 to holders of record June 20. The
-for-1. Prior to this change in
The company reports a profit for four months ended June 3 1929, of
shares were recently split up 5
capitalization, 6365,060 aft,r charges and Federal taxes. it is said, would show profit in
--V.
the $100 par stock received quarterly dividends of $2.50 per share.
' excess of 61,000,000.
128, p. 2823, 1069.
4336
FINANCIAL CHRONICLE
Balance Sheet June 3 1929.
Awls
$146,712 Common stock
Gash
.
Gash loaned on collateral__ _ 8,600.000 Accounts payable
Domestic common stocks__ __ 7.387,466 Res. for Federal taxes
3,028,276 Capital surplus
Foreign stocks
2,515 Earned surplus
Invest. in sub. cos
Total
$19,164,969
Total
-V. 128, p. 3203.
x Represented by 750,000 no par shares.
[VOL. 128.
Sandusky Bay Bridge Co.
-Earnings.
-Earnings for 4 Months Ended May 311929.
x$6,000,000
2,515 Gross income from tolls
Net income from operations
46,494
12,750,000 Interest on 1st mtge. bonds
365,960 -V. 125, p. 3495.
$19,164,969
$43,928
29.762
24.917
Sayers & Scoville Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 31§% on the common
and the regular quarterly dividends of 1%% on both common and preferred stocks, all payable July 1 to holders of record June 25.-V. 127, P•
Son Corp.
-Organized.
Quayle &
Incorporation papers were recently filed at Albany by this corporation, 1690.
which has been organized to take over the business of the old steel engravSears, Roebuck & Co.
-Listing.
hag company of Quayle & Son, Inc. The authorized capital of the comThe New York Stock Exchange has authorized the listing of (a) 100,000
pany is $727,500 of preferred stock and 100,000 shares of common stock.
It is understood that the future activity of the company will be devoted shares capital stock on official notice of issuance to the Treasurer of the
to the designing and engraving of documents of monetary value, stock, company to be held in trust; (b) 87.846-shares on official notice of issue as a
stock dividend and up to a maximum of 6,620 additional shares as may be
bonds, postage stamps and paper money.
The following board of directors has been elected: Oliver A. Quayle, required in the cash adjustment of fractions of shares resulting from the
W. B. Scarborough, E. P. Farley, Oliver A. Quayle Jr., Paul M. Hahn, stock dividend, making the total amount applied for 4,565,000 shares.
The stockholders Feb. 25 1929 authorized any or all of the unissued stock
R. K. Quayle Jr., and M. D. Reilly.
The principal office of the company is located at 149 Broadway, New of the company as may be determined from time to time by the directors
to be issued to or held in trust by the Treasurer of the company for such
York City.
employees who may from
time be
-Stock Dividend.
- mittee, board of directors,time toPresidentselected by the executive comRepublic Supply Co. of California.
or the
of the company, and who may
The directors have declared a stock dividend of 100%. Stockholders desire to subscribe therefor in such proportion, at such price, not less,
recently authorized an increase in tho no-par shares to 200,000 from 100.000. however, than $100 per share. and payable in installments or at one time,
The stock dividend will bring shares outstanding to 200,000.-V. 127, 13• as the executive committee may from time to time determine; but no officer
of the company shall have the right to subscribe for any of the-stock.
•
2549.
V. 128, v. 3849.
-Notes
Richfield Oil Co. of California.
Servel, Inc.
-Earnings.
The company has called for redemption July 23 all of the outstanding
The company reports for the five months ended May 31 1929, net Income
3
-year convertible 5;i% gold notes at 101 and int. Payment will be made
-V. 128. p. 2649.
at the Security-First National Bank, Sixth and Spring Sta., Los Angeles, of $523,692 after all charges but before Federal taxes.
Calif., or at the Chase National Bank, New York City.
Sharon Steel Hoop Co.-Dividend.
Notes called for redemption may at any time up to and including July 13
be converted at the option of the holders or registered owners into common
The directors have declared a dividend of 50 cents a share on the 375,000
-V. 128, p. 3700.
stock in accordance with the terms of the indenture.
shares common stock (no par value), payable July 25 to stock of record
July 5. This is at the same rate paid on the old shares of $50 par value
each, the stock having been changed to no par on April 10 last. See also
-Earnings.
Rio Tinto Co., Ltd.
1926.
V. 128, p. 3700.
1927.
1928.
£847,082 £1,016,840 E1,191.045
profit
x Net
481,154
153,449
151,539
Shenango Machine Co.
-To Dissolve.
Balance from previous year
The stockholders will vote July 9 on approving the sale of real estate and
£998,621 £1,170,289 £1,672,199 personal property and on considering the dissolution of the company.
Total surplus
81,250
81,250
81,250
y Preferred dividends
937.500
937,600
750,000
y Ordinary dividends
Shell Union Oil Corp.-Pref. Stock Sold.
-Lee, Rig500,000
Reserve fund
£153,449
£151,539
£167,371
Balance carried forward
x After interest, income taxes, pension fund and other deductions.
-V.128, p. 2824.
y Includes final dividends recommended by directors.
-Sale.
(Wm. A.) Rogers, Ltd.
-V.128, p. 4173, 4019.
See Oneida Community, Ltd., above.
Royal Baking Powder Co.-Ctfs. of Deposit Listed.
-V. 128, p. 4173.
See Fleischmann Co. above.
-Gets $3,000,000 Credit.
Ruhr Chemical Corp.
Mon, Read Sz Co. announce that they have completed arrangements
for extending a credit of $3,000,000 to Corporation which will run for six
years and bear interest at the rate of 8%. A German banking group headed
by the A. Schaafhausenscher Bankverein will participate in the credit.
.The proceeds of the credit to the corporation will be used to double its
plant capacity. The company has the only plant in Germany combining
the Concordia. Linde and Casale processes for turning gas into nitrogen
-V. 126, p. 2981.
products for fertilizers.
ginson & Co., Guaranty Co. of New York, the National
City Co., Hayden, Stone & Co., Dominick & Dominick,
and Clark, Dodge & Co. have sold at 98 and div. to yield
over 5.60% 0,000,000 532% cumul. cony, preferred stock
(par $100).
Cumulative dividends payable Q.
-J. First quarterly dividend payable
Oct. 11929. Callable on 30 days' notice as a whole at any time or in part
for sinking fund on any quarterly dividend date after June 30 1935 at $105
per share and divs. If called for redemption, holders shall be entitled to
convert at the then prevailing rate at any time up to and including the date
set for redemption. Lee, Higginson & Co., transfer agent; Guaranty Trust
Co. of New York, registrar.
Convertible at its par value into common stock at the rate of $30 per share
at any time on or before July 1 1932, and at the rate of $35 per share at any
time thereafter and on or before July 11935. with provisions for the protection of the conversion right in the event of the issue of additional shares of
common stock either as a stock dividend or at a price less than the then
prevailing conversion rate.
Data from Letter of President J. C. van Eck, New York, June 24.
Business.
-Corporation, organized in 1922 as a consolidation of substantially the entire Royal Dutch-Shell and Union Oil Co. of Del. interests in
the Mid-Continent and California fields, with additions since that time
including new refineries and pipe lines and extension of its distributing
system, is, through its subsidiary companies, one of the largest producing.
refining and marketing companies in the oll.industry of the United States.
capital stock
-Knight, Dy- ofIt.owns the entirePetroleum of the Shell Oil Co. (formerly Shell Co.
-Stock Offered.
St. Louis Aviation Corp.
California), Shell
Corp. (formerly Roxana Petroleum Corp.),
sart & Gamble, Oliver J. Anderson & Co., James C. Willson Shell Pipe Line Corp. (formerly Ozark Pipe Line Co.), New Orleans RefinShell Eastern Petroleum Products, Inc.
and Paul Brown & Co., St. Louis, are offering 150,000 ing Co., Inc.,the capital stock of Wolverine Petroleum(organized in 1929).
& Co.
two-thirds of
Corp., and through
shares capital stock (no par value) at $23.50 per share.
the Shell Petroleum Corp. one-half of the common stock of the Comar
Transfer Agent, Franklin-American Trust Co., St. Louis. Registrar. Oil Co.
Through its subsidiary companies, corporation owns and operates oil
..ercantile-Commerce Bank & Trust Co., St. Louis.
properties having a net daily production of approximately 124,000 barrels,
Data from Letter of Harold M. Bixby, President of the Corporation. and in 1928 a net annual production of 47,788,000 barrels; has refineries in
-Corporation has been organized in Delaware. with broad California, In the Houston and New Orleans districts on the Gulf Coast.
Business.
powers, by a group of business men closely associated with aviation, to In the Mid-Continent field, at Wood River near St. Louis and at East
acquire, hold, buy, sell and trade in securities of aviation companies; to Chicago, with a combined capacity of 240,000 barrels of crude petroleum
deal in aviation securities to the end that it may acquire, for more or less a day and with a total intake of 53,536,000 barrels during the past year:
permanent investment,securities of those companies which in the judgment owns or controls trunk and main pipe lines aggregating 3,085 miles, and has
concrete and steel
of the management seem to have prospects of becoming the leaders in their 28,000,000 barrels. storage capacity together amounting to more than
Sales in 1928 were in excess of $179,000,000.
respective fields; to enter into such underwritings as appear to it to be sound,
Purpose.
-Proceeds of this issue will reimburse the treasury for expendieither alone or as a member of a syndicate or otherwise; to develop such new tures in the
purchase of New Orleans Refining Co., Inc.. And acquisition of
aviation projects as in the opinion of its technical advisers merit assistance, assets of New
Refining
and in general to further the development of commercial aviation. St. Louis Shell Eastern England OilProducts,Co. and other property now owned by
Petroleum
Inc., operating on the Atlantic seaAviation Corp., however,is not limited to aviation investments exclusively. board, will
provide funds for additions to and development of the corpora-Upon completion of this financing the corporation will
Capitalization.
tion's properties, more particularly its marketing facilities, and for general
have no funded debt and the capitalization will be as follows:
Authorized. Outstanding. corporate purposes.
*500.000 shs. 150,000 shs.
stock (no par)
Capitalization Outstanding (Corporation and Subsidiary Companies).
Ilp• Of this amount 50.000 shares are under option at $25 per share and
-year 5% sinking fund gold debentures, due May 1 1947----S48,220,000
50,000 shares at $30 per share, until June 1 1932. These options are held 20
on the board of directors and others Shell Pipe Line Corp. 5% sinking fund gold debentures, due
by the underwriters who are represented
Nov. 1 1952, guaranteed by Shell Union Oil Corp
29,187,000
identified with the management.
,
6
40,000,000
Management.
-The management will be in the control of a board of 53 % cumulative convertible pref. stock (this issue)
13,062,336 shs.
directors which will include many prominent men in the aviation industry, Common stock (no par value)
-For the 7 years since organization consolidated net sales,
Earnings.
also well-known bankers and business men of St. Louis and elsewhere desirous of furthering its development. The board of directors will function consolidated net profits after provision for depletion, depreciation, drilling
through an executive committee, which will have active charge of operations charges and Federal income taxes, available for dividends, and the ratio of
of consolidated
and will have available to it the services of the Research Department C. on the total net profits available for dividends to the dividend requirement
5%% cumulative convertible pref. stock to be outstanding
National Aviation Corp. and a technical committee composed of P. D.
Chairman,and Thomas G. Lanphier,Philip R.Love, Russell Nicholas upon completion of this financing, were:
Ball,
Canso!. Net Profits, after Cons.Net Profits
Oliver Parks and William B. Robertson. The Board of Directors will
Calendar
Consolidated
Times Div.
Federal Taxes, Aavailable an
is ssus
Include:
YearsNet Sales.
for Dividends,
P. D. C. Ball
L. W.Baldwin
*Oliver J. Anderson
William H. Bixby
1922
$45,735,301
$9,596,350
4.3
*Harold M. Bixby
Morgan Belmont
Benj. G. Chapman, Jr.
1923
74,274,425
16,859.156
7.6
L. Ray Carter
W.F. Bradshaw
1925
24
18,562,738
J. Cheever Cowdin
93,244,775
8.4
Stanley Clarke
L. Wade Childress
1925
111.351.392
Thomas B. Eastland
20,415.960
9.2
*Thomas N. Dysart
Paul M. Davis
1926
Frank Hayden
149,438.691
31,518,965
14.3
Russell E. Gardner, Jr.
James L. Ford, Jr.
Andrew W. Johnson
1927
140.325,812
11,344,914
5.1
Richard F. Hoyt
Harrison Hobiltzelle
1928
179.195,391
Leonard Kennedy
20,395,021
9.2
Albert M. Keller
Harold M. Kauffman
Average per yr_ 113,366,541
James M. Kurn
8.3
18,384.729
*Harry Hall Knight
Clement M. Keys
Philip R. Love
Thomas G. Lamphier
For the year ended Dec. 31 1928 consolidated net profits, after Feder!
Harry H. Langenberg
James Q. Newton
Edward 0. McDonnell
Income taxes, available for dividends, were $20.395,021, or more than 9.X
Walter S. Marvin
Jansen Noyes
Sheldon II. Noble
times the $2,200,000 annual dividend requirement on total 53470 cum.
Russell Nicholas
John A. Prescott
Albert T. Perkins
cony. pref. stock to be outstanding upon completion of this financing. For
Oliver Parks
Walter W. Smith
William B. Robertson
the 7 years since organization such average annual consolidated not profits
Earle H. Reynolds
Hillsman Taylor
S. L. Swartz
available for dividends, were $18,384,729 or more than 8.3 times this reMark C. Steinberg
Ell T. Watson
Harry B. Wallace
quirement. For the 6 months ended June 30 1929 consolidated net profit*.
F. W. A. Vesper
*James C. Willson
partly estimated, are in excess of those for the corresponding period of 1928.
Williams
J. Gates
Recent Acquisitions.
•
-Negotiations were commenced during the latter
* Members of Executive Committee. list this stock on the New York part of 1928 for acquisition of certain assets of the New England Oil Refining
Listing.-Applleation will be made to
Co.owning large distributing facilities in the New England States,and these
Ourb Exchange.
negotiations were successfully concluded at the beginning of 1929. A new
company, Shell Eastern Petroleum Products,
-New Plant.
has been formed to take
Samson Tire & Rubber Corp.
company's new over these assets and other property. This Inc.. company will introduce
new
President A. Schleicher states that operations in the
Angeles have been started on schedule. It will have a capa- "Shell" products to the markets of the Atlantic seaboard. Negotiation,
plant at Los
branches were completed during 1928 for the acquisition of a substantial interest te
city of 6.000 tires and 10,000 tubes a day. He also said that new
established throughout the East and South are booking a gratifying amount The Fllntkote Co.
Listing.
-Application will be made to list this stock on the New Yu*
as a further part of its expansion program the comof new business, and
-V. 128. v. 4173. Stock Exchange.
pany has just established another branch in Kansas City.
-Increased
St. Croix Paper Co. Woodland, Me.
The directors have declared a quarterly dividend of $2 per share on
tho common stock, payable July 15 to holders of record July 6. This
places the stock on an $8 annual basis as compared with a previous annual
dividend rate of $7.-V. 128, P. 4019.
J
Pipits]
JUNE 29 19291
FINANCIAL CHRONICLE
4337,
Como,. Balance Sheet as at March 31 1929 (Giving Effect to This
Financing). permit them to examine its books and other records to determine the real
Liabilities
value of common stock owed by them. The three stockholders have deProperty accounts
$446,169,177 534% cum. pref. stock
$40,000,000 clined to accept the exchange offer made by Warner Bros. pictures
Advances to associated cos__
808,702 Common (no par value)__ _x233,131,509 Werner Bros. common and declared the real value of their Stanley stock of
is
Inventories
44,302,671 Shell Union 011 Corp. 5s____ 48,274,500 being concealed to force the exchange.
-V. 128, p. 3532.
Accounts rec., less reserves_ 19,063,904 Shell Pipe Line Corp. 55____ 29,304,000
Notes receivable
1,785,787 Min.int. In subs,at book val 1,392,893
State Title 8c Mortgage Co.
-Loans Approved.Cash and short-term and
Property puchase obligations
544,004
The Mortgage Loan Committee has approved 14 first mortgage loans,
demand loans
52,909,196 Accounts payable
16,687,312 secured by properties in Nassau and Queens counties, aggregating $128,500.
Deferred charges
9,703,352 Sundry accruals, Including
-V.128, p. 4174.
interest on debentures..
4,072,867
Tax reserves
Sterling Securities Corp.
y3,859,956
-Listing.Depletion, deprec., &c., res_ 148,811,029
The New York Stock Exchange has authorized
Special reserve
15,000,000 shares preference stock ($20 par) and 600,000 shares the listing of mom
class A common stock
Total (each side)
$574,742,790 Surplus
33,664,716 (no par).
x Represented by 13,053 she. (no par value). Subsequently to March 31
Income Statement from March 30 1928 to May 31 1929.
1929. 8.627 additional she, have been Issued in respect of property acquisiMar. 30 Dec. 31 '28
tions, bringing the total shares now outstanding to $13,062,336 she.
to
to
y The adequacy of the provision for Federal taxes is subject to final interTotal.
Dec. 31 '28. May 31 '29.
pretation of the laws and regulations as affecting the companies.
-V. 128. Income-Dividends
$324,992
$182,116
$142,878
p. 3701.
Interest
549,245
357,521
191.724
Profit on sale of securities
1,166,849
403,546
763,303
Simpsons, Ltd.
-Bonds Offered.
-The new financing in
connection with the change in control of the Simpson organization will involve the public financing of $20,000,000, of
which $10,000,000 1st mtge & coil trust 6% gold bonds wcre
offered June 25 by Wood, Gundy & Co., Inc., for public
subscription at 100 and interest. It is understood that $10,000,000
% preference shares will also be offered within
the course of a few days.
Dated July 2 1929; due July 2 1949. Principal and int. (J.
& J.)
at holder's option, in United States gold coin at the agency of the payable,
Canadian
Bank of Commerce, New York; or in Canadian gold coin at any
in Canada of the Royal Bank of Canada or the Canadian Bank branch
merce (Yukon Territory excepted); or in Sterling at tho Royal of ComCanada, London, Eng.,at the fixed rate of $4.86 2-3 to £1 sterling. Bank of
c5$1,000, $500 and $100, and 011,000 or authorized multiples Denom.
thereof.
Red. all or part, at any time on 60 days' notice, at following prices and
at 105 if rod, on or before July 2 1934; thereafter at 104 if red, on or int.,
before
July 2 1939; thereafter at 103 if red, on or before July 2 1944;and thereafter
at 1132. Montreal Trust Co. trustee.
Sinking Fund.
-The trust
will provide for annual cum.sinking fund.
commencing Jan. 2 1931, for the exclusive retirement of bonds of series
A,
equal to 2% of all the issued bonds of series A.
Legal investment for Life Insurance Companies in Canada
under the
Insurance Act, 1917, Canada.
Data from Letter of Pres. C. L. Burton, Toronto, June
22.
Company.-Simpsons, Ltd. (now company), has been incorp.
under the
laws of the Dominion of Canada and will acquire from the
present company
of the same name all of the outstanding common shares
Simpson Co. Ltd., of Toronto, which, in turn, owns all of of The Robert
of The John Murphy Co. Ltd., Montreal (to be known as the issued shares
Robert Simpson,
Montreal, Ltd.); The Robert Simpson Western. Ltd., Regina;
The Robert
Simpson Easter, Ltd., Toronto and Halifax; Keens Mfg. Co.
and Thompson Mfg. Co. Ltd., Toronto. The new companyLtd., Toronto.
therefore, will
control the operations of two of the oldest established department
al
in Canada, as well as a mail order business estending over the whole stores
Dominion.
The new company will acquire direct title to substantial
properties now
owned by The Robert Simpson Co. Ltd., and its subsidiary
including the new addition to the Toronto store, the 11-story companies,
warehouse on
Mutual St., Toronto, and all fixed properties of such
subsidiary companies
In Montreal, Regina and Halifax.
The business of The Robert Simpson Co. Ltd., was established
in 1872 and
was lncorp. under its present name in 1896. The
has enjoyed steady and continuous develpment Robert Simpson Co. Ltd.,
and dividends have been
paid on its common shares continuously during the past 30
years.
Earnings.
-For the six fiscal years ended Jan. 30 1929, combined annual
not earnings of the businesses to be owned or controlled by Simpsons,
(new company) after providing for interest and dividends on bonds Ltd.
and
preference shares of The Robert Simpson Co. Ltd. and available
for interest
on this issue of bonds and depreciation, were as follows:
1924. $1,899,200; 1925. $2,043,055; 1926. $2,013,350; 1927.
$2,599,706;
1928. $2.762,812; 1929, $2,958.817. Annual interest on this issue
of bonds
requires $600,000.
Purpose -This issue and the proposed new issue of $10.000,00
0
shares will be used to provide part of the consideration for acquiring pref.
from
Simpsons, Ltd. (old company), all the common
Simpson Co. Ltd., and to enable Simpsons, Ltd.(oldshare .of The Robert
company), to retire its
$5,024,800 sinking fund collateral trust gold bonds and it
$7,000,000
preference shares.
CapitalizationAuthorized. Outstanding.
Subsidiary companies: First mortgage bonds
Closed
$1,675,460
Preference shares
38,500,000
3.350,000
Simpsons, Ltd.: 1st mtge. & coll. tr. bonds
20,000,000 10.000,000
63. % cum. preference shares
20,000,000 10.000,000
Class A shares, voting (no par)
200,000 she. 120,000 she.
Class B shares, voting (no par)
200,000 abs. 120,000 abs.
Directors.
-On completion of organization, the board of
directors will
include: II. II. Fudger, Chairman; C. L. Burton. Pres.;
Pros.; J. II. Gundy, Alfred J. Mitchell, Sir HerbertD. H. Gibson, ViceS. Holt, Strachan
Johnston, K. C., 11. II. Bishop, II. E. Snell.
Pro Forma Consolidated Balance Sheet Jan. 30 1929.
Assets
Liabilities
Merchandise on hand
$8,369,315 Accounts payable
Accounts receivable
3,124,940 Res. for govt. taxes, accr. int. $1,465,966
Payments in adv. of receipt of
&c
goods, &c
507,071 Res. for bonuses di empl's. 2,286,433
Prepaid charges
848,020 savings fund
429,015
Sinking fund
38 Accr, city. on Prof. shares- ___
50,230
Land,bldgs.& equip
21,469,090 let mtge. bds. of Robert
Simpson Co
6% cum. pref. shs. Robt. 1,675,496
Simpson Co
3,350,000
6% 1st mtge. & coll. bonds 10,000,000
Capital & surplus
115,061,314
Total
$34,318,475
Total
$34,318,474
x
% ctun. prof. shares to be issued. 810,000,000; 120.000
class A
shares and 120.000 class B shares of no par value to be Issued, $5,061,314.V. 128, p. 4020.
Sinclair Consol. Oil Corp.
-Tenders.
-
Total income
Deductions
-Expenses
United States income tax accrued
$2,041,085
115,696
192,863
$943.183 51.097,902
69,717
45,979
83,673
109,190
Net profit
Balance at beginning
51,732.526
3789.794
Total
Dividends on preference stock
$1,732,526
639,242
$789,794 $1,343,254
389,272
249,970
$942,733
$400.521
Balance at end
$1,093,284
$400,521 11.093.284
Balance Sheet as of May 31 1929.
Liabilities
$725,269 Securities purhc. not delivered $210,638
6,850,000 Accounts payable (expenses).
4,553
25 Dividends unclaimed
937
41,029 Res. for pref. dividend
150,000
16,118 Reserve for expenses
10,873
Reserve for Federal tax
172.670
100,800 Capital
x13,600,000
11,197,227 Paid-in surplus, net
3,687.890
375 Earned surplus
1,093,284
Total
$18,930,845
Total
$18,930,845
x Represented by: Preference stock, 500,000 shares; common
A stock.
600.000 shares; common B stock, 297,297 shares.
Securities in Portfolio as of Close of Business Map 31 1929.
Cost Value Market Val.
Industrialsper Block, per Block.
900 Aluminum Co. of America
$170,775
$226.350
3,500 American Can Co
368,825
469.875
3,000 American Cyanamid Co., B
137,704
118,860
3.000 American Cyanamid Co., rights
41.132
19.500
6.600 American Radiator & Standard Sanitary
238,375
284,592
4,500 American Smelting & Refining
421.550
436,500
500 Babcock & Wilcox
62,325
61,250
1,020 Commercial Solvents Corp
239,150
335.070
500 Deere & Co
300,620 _
269,500
1,500 du Pont de Nemours
170.222
237,000
2,000 General Electric Co
331,912
534,500
2,500 General Railway Signal Co
260,325
263.750
2,575 Gillette Safety Razor
282,607
270,040
2.000 Goodyear Tire & Rubber
273,500
230,000
2,000 Grant (W. T.) Co
240,000
238.500
3,000 International Harvester Co
202,782
283,500
4,000 International Match Co., preferred
349,625
320,000
8,000 Mathieson Alkali Works
297,637
362.000
2.400 Montgomery Ward & Co
367,250
245,088
3,000 National Cash Register, A
268,602
322.110
2,000 National Dairy Products Co
129,687
127.500
2,000 Otis Elevator Co
339,558
660,000
1,400 Peoples Drug Co
116,305
108.500
2,000 Pittsburgh Plate Glass
141,795
134,000
2.500 Radio Corp. of America
129.415
217.500
2,500 Safeway Storm, Inc
351,895
395,625
2,000 Shattuck (F. G.) Co
226,480
299,000
150 Swift & Co
20,146
19,050
1,800 Underwood-Elliott Fisher
210,637
211,500
6,000 Union Carbide & Carbon
322.268
486,720
1,000 United Aircraft & Transport
112,750
113,500
5,000 United Biscuit of America
250,715
205,000
3,000 U. S. Industrial Alcohol Co
429,475
473.250
3.500 Walgreen
227,175
294,000
3,000 Westinghouse Air Brake
145,954
131,610
Assets
Cash in banks
Cash on call
Cash In office
Interest receivable
Dividends receivable
Investements (at cost):
Bonds
Stocks
Prepaid expense
1,500
2,000
6.000
2,500
1,000
4,000
3,000
3,000
2,000
10,000
Public Utilities
American Light & Traction Co
Cleveland Electric Illuminating Co
Columbia Gas & Electric
Consolidated Gas (Baltimore)
Detroit Edison
Electric Bond & Share
International Tel. & Tel
International Tel. & Tel. rights
United Gas Improvement Co
United Light & Power Co., A
Railroads
1,000 Atchison Topeka & Santa Fe
300 Atlantic Coast Line
2,000 Missouri Pacific, common
1,000 Missouri Pacific, preferred
1.100 New York Central
1.000 Union Pacific
Bonds
100,000 Interborough Rapid Transit 7s, 1932
Summary.
Industrials
Utilities
Railroads
Bonds
$8-79,180 59.404,740
$347.721
130,000
271,155
244,400
206,092
156.125
164,837
286,800
295,262
$353,250
129,000
454,500
234,675
255,500
389,480
243.360
9,000
396.000
358.700
$2,102,394 $2,823,465
203,900
55.575
143,887
118,750
191.177
202,362
224.000
55.050
180,500
135.000
215,181
223.250
$915,652 51.032.981
100,800
93,500
58,179,180 19.404.740
2,102,394
2,823,465
915,652
1,032,981
100,800
93,500
The Chase National Bank, trustee, N. Y. City, will until
bids for the sale to it of let lion coll, gold bonds, series A, July 8 receive
1937 to an amount sufficient to exhaust $750,000 at a price due March 15
not exceeding
par and interest. If the tenders so accepted are not sufficient to
the moneys available additional purchases, at a price not exceeding exhaust
par
mt., may be made to and including Aug. 14 1929.-V. 128. p.3368. and
Total
--v. 128, p. 4174.
Minority stockholders against the company asking that it be compelled
to
Grace and Co.; Herbert L. Pratt,
Board of the Standard Oil Co. of N.Y.; Eliot Wadsworth Chairman of the
,former Asst. Sec_
811,298.026 513.354,686
Stone & Webster, Inc.
-Public to Participate-Privately
Standard Brands, Inc.
-New Name Chosen for Pleisch- Owned Organization with World-Wide Engineering, Securities
mann-Royal-Gillett Combination.
and Operating Activities to Become $100,000,000 Corporati
on.
Standard Brands, Inc., is the name selected for the new
company re- -Stone & Webster, Inc., for 40 years a privately
sulting from the consolidation of the Fleischmann Co., the Royal
owned
Baking organization, whose activities
Powder Co. and the E. W. Gillett Co., Ltd. It is a holding
have been world-wide in
company
into which shares of the companies named will be turned. The three
com- engineering and construction, securities and the operation of
panies will retain their identities, at least for the present, and
willoperate public utility and industrial propertie
as separate units.
s, will shortly
$57,500,000 of capital funds and permit a broad public add
Standard Screw Co.
-Dividend Date Correction.
participation in its extensive enterprises. The business
The extra dividend of $1 per share, declared on the common stock
will
last continue under the
week is payable July 15 (not July 1 as previously reported) to holders
same management with added advanof
record June 20. The regular quarterly of $2 per share on the common tages, according to
Charles A.Stone, Chairman of the Board,
stock, and the regular semi-annual of $3 per share on the pref. stock
are of a substantial public ownershi
payable July 1 to holders of record June 20 as stated last week.
p and the position
See V.
128, p.4174.
$160,000,000 corporation. The announcement further of a
states:
The board of directors will be enlarged to include
Stanley Co. of America.
-Suit.
W. Cameron Forbes,
Mandamus suit has been filed in Superior Court of Wilmington by three former Governor General of the Philippines; Joseph P. Grace. Chairman of
the Board of W. R.
, 4338
FINANCIAL CHRONICLE
[vol.. 128.
paid on Jan. 1 1928, while in each of the preceding four quarters
retary of the Treasury; Albert H. Wiggin, Chairman of the Board of the share was dividend of 25c. per share was paid on the common stock.
an extra
Chase National Bank.
V. 128, p. 2108.
As a privately-owned enterprise the Stone & Webster organization has
representing about 10% of the installed central station
built power stations
-Bids for Pacific
United Aircraft & Transport Corp.
capacity of this country. supplying 20.000,000 persons with electric light
and power. Under Stone & Webster operation, or supervision are 60 publlc Air Stock.
Canada and the West Indies, the
utility properties in the United States,
This corporation, holding company for several aviation manufacturing
market value of whose securities exceeds $500,000.000. Expert reports and
companies, has offered 3 shares of its common stock for
appraisals have been made on properties having a total value of transportation
each share of the Class A and B stock of Pacific Air Transport Co., the
$6.800,000,000.
offer is effective until August I.
Stone & Webster, Inc.. is the evolution of a partnership formed in 1889
United Aircraft owns 3,2)0 shares of Pacific Air Transport Class A
and incorporated in 1920 as a Massachusetts Corporation and now being stlek out of 4,500 shares outstanding and 370 shares out of 500 shares
reincorporated under the Delaware laws. Its original purpose was to serve of Class B outstanding. The shares of both issues have a par value of $100.
In a reporting and consulting capacity and later engineering and construc- The Pacific company operates mail, passenger and express services between
tion work was undertaken, particularly in the field of electrical enterprises. Seattle and Los Angeles.
-V. 128, P. 3533, 3851.
In thne the firm assumed the supervision and later the acquisition of properties. and the issue and the distribution of securities, especially of public
-Listing.
United Carbon Co.
& Co..
utilities. In 1926 the securities division was combined with Blodget
The New York Stock Exchange has authorized the listing of temporary
to form Stone & Webster and Blodget, Inc. In 1928 the Stone & Webster
engineering and construction business of voting trust certificates for 237,572 shares of common stock (no par value).
Engineering Corp. took over the
Stone & Webster, Inc., together with a substantial interest in the construc- with further authority to add to the list additional voting trust certificates
of issue from time to
tion and financing business of Ulen & Co.,doing primarily a foreign business. for 100.000 shares of common stock on official noticeoutstanding purchase
- time of shares of common stock upon the exercise of
Recently the engineering and construction business of McClellan and Junkers
under
fold was taken over from the North American Co. by the Stone & Webster warrants for common stock and the deposit of the shares so issued
the voting trust agreement.
-V. 128, p. 3851.
Engineering Corp.
is to
Following are the companies, the majority or all the stock of which
United Merchants & Manufacturers, Inc. (of Del.).
be owned by Stone & Webster, Inc.; Stone & Webster Engineering Corp.;
Stone 8r Webster & Blodget, Inc.: Stone & Webster Service Corp.; Stone & Acquisition, &c.
Webster Associates Corp.: Stone & Webster Investment Corp. and Stone &
-V. 128. p. 2652.
See Chace Mills of Fall River above.
Webster Realty Corp.
The construction activities of the organization include power stations
-Name Changed.
U. S. Cast Iron Pipe & Foundry Co.
with an aggregate of over 4,000,000 horse power ofsteam and hydro-electric
-V. 128. p. 2845.
See United States Pipe & Foundry Co. below.
capacity, and other structures involving an expenditure of over $1.000.000,000 in the past 25 years. Uncompleted portion of work now in process
-Balance Sheet.
United States El. Lt. & Pow. Shs., Inc.
is in excess of $100,000,000. These undertakings include the constructing
Liabilities- Mar. 31 '29. Nov. 30'28.
Mar. 31 '29. Nov. 30'28.
Assetsof steam power stations, as the Long Beach Stations for the Southern Calix Tr. Ws."A".$29,477,004 $29,281,764
Trustee assetsfornia Edison Co. and the Edgar Station for the Edison Electric Illuminat525.259
149,427
ing Co. of Boston, and also the Building of nationally-known hydro-electric Secur. (at cost)_$29,477,004 $29,281,764 Div. payable-. • 289,759
181,132
706,382 Reserve
419,187
plants as Big Creek, Keokuk and Conowingo, the largest single hydro- Cash
1.000 Capital stock (10
1,000
Cash In bank_ _
electric power installation in the country.
1,000
1,000
she. no par)._
power stations, industrial plants,
-electric
In addition steam and hydro
office buildings, hotels and other structures have been designed and erected
829,897,190 $29,989,147
Total
$29,897,190 $29,989,147
Total
the largest corporations in the country; Allied Chemical & Dye
for many of
x Represented by 960.000 shares no par value as ef March 31 1929 and
Corp.: American Radiator Co.: American Sugar Refining Co.: Bethlehem
Steel Co.; Carnegie Steel Co.; Commercial Cables Co.; Crane Co.; Curtiss 955,000 shares Nov. 30 1928.-V. 128, p. 3851.
Rubber Co.: Firs National Bank. Boston;
Airports Corp.; Firestone Tire dr
-Extra Dividend.
United States Finishing Co.
Ford Motor Co.; General Electric Co.; General Motors Corp.; B. F.
The directors have declared an extra dividend of 1% and the regular
Goodrich Co.; Insurance Co. of North America; Jefferson Hospital, Philadelphia; Lever Bros. Co.; Philadelphia Electric Co.; Massachussetts In- quarterly dividend of 1St%on the common stock, both payable July 15
stitute of Technology; Philadelphia & Reading Coal & Iron Co.; Pittsburgh to holders of record June 27. The directors have also declared the regular
Plate Glass Co.; Union Carbide & Carbon Corp.; Union Electric Light & quarterly dividend of 1 % on the preferred stock, payable July 1 to holdPower Co., St. Louis; Vacuum Oil Co.; Victor Talking Machine Co.; ers of record June 27.-V. 128, p. 3534.
Western Union Telegraph Co.; United States Rubber Co.; Westinghouse
--Listing.
U. S. Industrial Alcohol Co.
Electric & Manufacturing Co.. and Youngstown Sheet & Tube Co.
The investment securities business is carried on by Stone & Webster and
The New York Stock Exchange has authorized the listing of 51,000
which has developed into one of the largest investment additional shares of common stock (no par value), on official notice of
Blodget. Inc.,
securities houses in the country. It originates and underwrites security issuance for the acquisition of certain assets and property 0'the Kentucky
Issues and distributes them both at wholesale and retail. It deals not only Alcohol Corp., making the total amount applied for 371,000 shares.
All of said stock when issued will be full paid and non-assessable and
in domestic and foreign government, municipal and corporation bonds,
but also in preferred and common stocks of railroad, utility and industrial no personal liability will attach to stockholders.
The plants to be acquired are as follows: (1) Westwego Plant, located
and other companies. Due to its di:se affiliation with Stone & Webster,
Inc.,t
on property consisting of 22 acres at Westwego, La.. title in foe to be
benefits from the practical experience and world-wide contacts gaine
through the construction and operation of properties of various types and acquired by this company. It has a fermenting capacity of 110.000
clients include banks,insurance companies and other institutions, as well as gallons of molasses a day, and has storage capacity for 15,000,000 gallons
trustees and individual investors. Offices are maintained in New York, of molasses. 1.500,000 gallons of fuel oil, and 1,000,000 gallons of finished
Boston, Chicago and Philadelphia, with branches in other cities and re- alcohol. (2) Peoria plant, which is part of the Atlas Distillery, consisting
of a bonded warehouse and denaturing plant. They have a storage capacity
presentation in Europe.
The operation of public service companies in the United States, Canada of 2.500,000 gallons of alcohol in tanks. The real estate consists of 234
are supervised in developing proper and uniform acres, the fee to be acquired by this company. (3) Louisville plant, conand the West Indies
accounting, sound engineering, economical financing, the benefits of large- sisting of a bonded warehouse and denaturing plant on property of approxiscale purchasing systematic corporate records and compilation and study mately 13 acres, the fee to be acquired by this company. It has a storage
of operation.
capacity of 625,000 gallons.
of accurate statintics
Among the companies so supervised are the following: Blackstone Valley
Earnings for Three Months Ended March 311929.
$9,413.320
Gas & Electric Co.; Columbus Electric dr Power Co.; Edison Electric Net sales
7,641,488
Illuminating Co. of Brockton; Fall River Gas Works Co.: Galveston- ('Oat of sales_
299,146
Houston Electric Co.; Haverhill Gas Light Co.; Jamaica 1)111311c Service, Depreciation
504,407
Ltd.; Northern Texas Electric Co.: Sierra Pacific Electric Co.; Southern Ice General and selling expense
91,391
Co.; Tampa Electric Co.; Chicago, Wilmington & Franklin Coal Co.; Deductions from income
also the following constituent companies of Engineers Public Service Co.;
$876.894
Baton Rouge Electric Co.; El Paso Electric Co.; Gulf States Utilities Co.;
Operating profit
207.497
Key West Electric Co.; Ponce Electric Co.; Puget Sound Power & Light Miscellaneous income
Co.; Savannah Electric & Power Co.; Virginia Electric & Power Co., and
$1.084,391
Western Public Service Co.
Total income
130,127
The capital and surplus of Stone & Webster, Inc. will be increased by a Reserve for Federal taxes
total of $57,500,000 and the authorized capitalization will be 1,500,000
$954.264
shares. There will be offered to the pub!' 400.000 shares at $100 per
Net earnings
$2.98
share. In addition the present large stockholders• who have been responsible Earnings per share on 320,000 shares common stock outstanding
for the success of the business and their associates. are at the same time
Comparative Consolidated Balance Sheet.
Increasing their interest to the extent of $17,500.000 or 175,000 new shares.
Mar.31'29 Dee.31'28
Afar,3129 Dec. 31 '28
The management of the company expects to make application to the New
8
LiabilitiesAssetsYork Stock Exchange for the listing of its shares.
3,096,961 4,744,731 Accounts payable_ 2,454,253 1,441,093
A. Stone, Chairman of the Board, and Edwin S. Cash
In addition to Charles
470,106
Fed.Inc. tax pay__ 475,233
Webster, President, the directorate of Stone & Webster, Inc. also includes Accts. & notes rec. 6,475,781 4,801,417 Corn. div. payable
480,000
the following who have long been identified with the business: Henry (3. Mdse., mat'ls,sup.
and containers 5,603,889 4,181,507 MIscell. accruals__ 655,565
Bradlee, Vice-Pros, and Treas.; Henry B. Sawyer. Vice-Pros.; F. Higginson
Reserve for deprec. 6,973,812 6.708,611
Cabot. Jr., Vice-Pres, and also Pres. of Stone & Webster Associates Corp.; Plant & equipm't_26,099,007 25,996,172 Common stock...17,200,000 17,200,000
Harry H.Xunt, Vice-Pres, and also Pres. of Stone & Webster Service Corp.; Investments, outside cos., at cost
450,586 Earned surplus...15,168,479 14,214,218
George 0. Muhlfeld, Vice-Pres, and also Pres. of Stone & Webster En- Prepaid Insurance, 495,353
gineering Corp.: Bayard F. Pope, Vice-Pres, and also Pres. of Stone &
Tot.(each side) 42.927,342 40,514.025
339,614
1,156,349
taxes, Om
Vice-Pres, and also
Webster and Blodget, Inc.: Edwin S. Webster, Jr.,
Pres. of Stone & Webster Investment Corp.: Russel Robb and Whitney -V. 128, p. 4175.
Stone.
--Listing.
United States Pipe & Foundry Co.
-There have been placed on the Boston Stock Exchange list
Listing.
The New York Stock Exchange has authorized the listing of 600,000
temporary certificates for 595.540 shares,(no par) out of an authorized issue
with authority to add thereto 863.441 shares of 1st preferred stock (no par value). 180,000 shares of 2nd pref.
of 1,500,000 shares Capital stock
(par $20) on
additional shares on notice of issuance and payment of the same. Chase stock (no par value) and 600,000 shares of common stock the corporate
official notice of the issuance of such certificates bearing
-The New England Trust Co., Boston. and
Transfer Agents.
title "United States Pipe & Foundry Co. in exchange for present outNational Bank, New York.
-The First National Bank, Boston, and Central Hanover standing temporary certificates bearing the corporate title "United States
Registrars.
Cast Iron Pipe & Foundry Co."
Bank & Trust Co., New York.
Certificate of change of name will be filed in the office of the Secretary of
the State of New Jersey on July 11929. The change of name from United
-Earnings.
Inc.
Sweets Co. of America,
& Foundry Co. to United States Pipe dr Foundry Co.
States Cast Iron
The company reports profit for May after all charges accept Federal does not and willPipe any way affect the corporate identity of the corporanot in
taxes of $13,640.-V. 128. p. 2825.
tion, or its rights, privileges, powers and obligations, of whatsoever nature
-V. 128, p. 2845.
--Listing.
Texas Pacific Coal 8c Oil Co.
-Group Insurance Plan.
The New York Stock Exchange has authorized the listing of 21.6301
United States Rubber Co.
divishares additional capital stock on official notice of issuance as a stock
At the end of the third year of its operation, the company's group insurdend, making the total number applied for, including this issue, 887,552 ance plan shows 27.284 employees carrying a total of $38,926,000 insurance.
-V.128. p. 3370.
shares.
During the operation of the plan, a total of $390,000 has been paid on
253 death claims, and $59,500 on 28 total disability claims, a total ef
-Contract.
Thompson Products, Inc.
Inter- $449,500.
The company has received an order totaling $500,000 from the
The plan is operated on a contributory basis, the employees paying a
exhaust
•
national Harvester Co. covering its requirements of intake and tractors proportion of the premium, and the company underwriting the remainder
:
for the rest of ails year. The valves are to be used on
valves
Among salaried employees eligible to insurance, 9,804 or 92.8% are carry
-V. 128, p. 4174.
and other farm machinery.
ing insurance. Among wage employees, 17,4801 or 89.1% of the eligibles,
-V. 128. p. 3534.
are insured.
-Dividend.
Transamerica Corporation.
in stock and the regular
-Stock Subscribed.
The directors have declared a dividend of 1%payable July 25 to stock
United States Steel Corp.
cash dividend of $1 per share, both
quarterly
Following the regular monthly meeting of the board of directors' of the
of record July 5.-V. 128. p. 2482.
corporation held Juno 25, it was officially announced that the new common
stock offering to stockholders had been entirely subscribed. The right lc
-Rights.
Transcontinental Oil Co.
for subscription to its subscribe expired June 21.
The company has determined to authorize and offercommon stock of the
The additional issue which has now been fully subscribed amounted te
common stockholders of record July 23. additional be issued to each such $101.660,500 of common stock divided into 1,016.605 shares. A statewarrants to
corn any pursuant to stock subscriptionto purchase at the price of $9 Per ment issued by the directors said:
stocEholder entitling such stockholder
"It was announced to-day at the offices of the United States Steel Corp
shares of
the
share one share of additional common stock in respect of eacl2 two
that the subscription response by stockholders for coAnmon stock under
common stock held. Rights expire Aug. 19.-V. 128, p.4175.
offering of April 16 1929, was completely successful.
as of May 1 for subThe offering was open to stockholders of record
-25c. Extra Dividend.
stock then held
Union Metal Mfg. Co.
share and the scription at the rate of I share for each 7 shares of common
dividend
The directors have declared an extra share on of 25c. per stock, both at the price of $140 a share, payable in full on June 21, or in two installment&
the common
would participate
dividend of 50c. per
regular quarterly
have been on, respectively, June 21 and Oct. 1 next. Stock paid for
payable July 1 to holders of record June 25. Like amounts
in dividends payable after July 1.
;paid quarterly since and incl. April 2 1928. An extra dividend of 20c• Per
JUNE 29 19291
FINANCIAL CHRONICLE
•
4339
With the new stock fully subscribed for the way is now clear for the
corrron to go ahead with Its plan to wipe out its funded debt.—V. 128.
p
—The Brookmire Economic Service, Inc., which has been in business
for more than 25 years, has arranged to extend its activities on an intensive
scale into Canada. Robert J. Rousso, for 17 years prominent in insurance
Vacuum Oil Co.—Acquisition Sought.—
and financial circles in Montreal, has become associated with the organiThe company is reported to be negotiating for the purchase of a large
Interest in the Lubrite Refining Co. It is stated that the purchase is zation as regional manager for Quebec and the Maritline Provinces and,
intended as an expansion program. It is also stated that the company may will make his headquarters in Montreal. He is also Vice-Consul for Brazil
have obtained control of the Lubrite Refining Co. which operates approxi- in Montreal and Acting Consul in the Dominion. Brookmire research
mately 186 stations in St. Louis and has a refinery situated about a half work has been extended to cover the study
of Canadian securities and semile south of that city, with a capacity of about 4,000 barrels daily. It is
engag°. in the refinery field as well as lubricating oils while the Vacuum curity markets, as well as Canadian business trends. The Brookmire
e
organization in this country has 20 branch offices. In March 1928 it estabOil Co. is almost entirely confined to lubricating oils.—V. 128. p. 4175.
•
lished an auxiliary research office in San Francisco and carries out its
Van Sicklen Corp.—Rights.—
Class A participating stockholders of record June 27 are offered the right Pacific Coast activities through that office, which is equipped for all matters
to subscribe to units of American Cirrus Engines, Inc., each unit consist- of investment supervision, and serves the branches in LOS Angeles, Porting of one share class A and )1 share class 13 at $21 a unit, in the ratio of land, Spokane and Seattle.
one unit for each four shares class A pas ticipating stock held. Rights
—Another old New York Stock Exchange firm, White & Blackwell.
expire July 22 1929.—V. 128. p. 4175.
whose business was founded in 1854, will merge next Monday with Rutter &
Vick Chemical Co.—Stock Ruling.—
Co.; 14 Wall Street,it was announced to-day The merger marks a forward
The committee on securities of the New York Stock Exchange has
that the capital stock be not quoted ex the 400% stock dividend ruled step by the Rutter & Co. organization in rounding out its investment seruntil
Aug. 5.—V. 128, p. 4026.
vice. Leonard D. White, Jr., whose father and uncle preceded him as
helpers of his Stock Exchange membership, will become floor member of
15 Vulcan Detinning Co.—Dividends.—
Rutter & Co.. a firm organized Jan. 1 1919, by J. Wood Rutter on his
The diectors have declared the following dividends, payable Oct. 19 to
return from war service. Other members will include Rutherford Hopkins,
holders of records Oct. 9:
A current quarterly dividend of 1)1% on the pref. stock.
Robert D. White, Hugh D. Marshall, Philip L. Gill and J. Halsey Downer.
A current quarterly dividend of 154% on the pref. stock A.
The firm of Rutter & Co. has specialized in government, municipal, railroad
A dividend of 4% on account of div. arrearages on pref. stock.
and public utility bonds. During the last year or two, considerable attenA div. of 4% on account of div. arrearages on pref. stock A.
—V. 128, p. 3370.
Mon has been given to insurance stocks, of which the firm underwrote.
among others, the issues of Seaboard Surety Co. and Seaboard Fire &
Waitt & Bond, Inc.—New Interests.—
Marine Insurance Co.
See Porto Rican American Tobacco Co. above.—V. 128, p. 1752.
—The Fourth National Co.. Atlanta, Ga., which is owned by the stockWarner Bros. Pictures, Inc.—Listing.—
The New York Stock Exchange has authorized the listing of 1.365,062 holders of the Fourth National Bank of that city, have opened a branch
shares of common stock (no par value) as follows: 1,357.062 shares to give office in Columbus, Ga., under the management of J. A. Massengale
effect to the splitting of each share of common stock into two shares, upon The new office is located with the Fourth National
Bank of Columbus
official notice of issue (a) of one share with respect to each share outstandingrat the close of business June 27 1929. (b) on conversion of pref. stock which is affiliated with the Fourth National Bank of Atlanta.
after June 27 1929, and or (c) upon consolidation of fractional scrip: 8,000
—Hemphill, Noyes & Co., members of the New York Stock Exchange,
shares upon official notice of issue to replace stock borrowed for delivery
against acquisition of 1,000 shares of common stock (the outstanding announce the opening of an office in Hagerstown, Md., under the manminority interest) of Stanley-Mark-Strand Corp., making the total amount agement of Henry C. Triesler. The new office will be connected with the
of common stock applied for 2:714,124 shares.
ilemphill-Noyes private wire system which embraces New York and 42
Consolidated Balance Sheet March 2 1929.
'other cities throughout the country.
(After giving effect to issuance for cash on March 20 1929, of 163,687 add'l
—G. M.
shares of cons,stock and applic. of proceeds thereof in liquidation of notes
-P. Murphy & Co., members New York Stock Exchange. anpayable to banks and others and in reduction of accounts payable and nounce the opening of a London office at South Sea House,37 Threadneedle
after giving effect to issuance of 27,952,119 shares com. stock of Warner St., E.C.2, ujuler the management
of Gerald C. Maxwell. The firm's
Bros. Pictures, Inc., in exchange for 83.856.4 shares of com. stock of
headquarters are in New York, with branches in Philadelphia, Washington
Stanley Co. of America.)
and Richmond.
Assets—
Liabilities—
Total fixed assets
189,645,676 Notes payable
—Otis & Co., Cleveland, announce that Chapin S. Newhard is their
81.799,810
Cash
2,763,278 Purchase money obligations700,061
Call loan
600,000 Accounts pay.& sundry seer_ 5,784,617 representative in their newly opened offices in St. Louis with offices at 506
Olive Street. Associated with him will be E. R.Joslyn, G. F. Newhard, Jr..
Notes receivable
1,222,442 Due to affiliated companies—
156,464
Film customers accounts roc_ 1,012,364 Royalties payable to outside
and Frank II. DeCamp. Telephone Central 4690.
Sundry accounts receivable,810,055
producers & participants_
271.629
—Anderson & Fox, members of the New York Stock Exchange,announce
Inventories
7,874,595 Res. for Federal income tax__
923,500
Deposits to secure contracts,
Advance pay, of film service_
546,647 the opening of an office in the Beverly-Wilshire Hotel, Beverly Hills, Calif.
sinking fund deposits, &c.. 1,439,742 Construction accts. payable__
365,030 Thefirm also has offices in New York,San Francisco, Oakland,Los Angeles.
Mortgages receivable
770,833 Mortgages & bonds
43,743,221 Portland and Hollywood.
Invest. in & adv. to MM.co's 10,636,877 Purchase money oblig. maturShares in bldg. & loan ass'ns _
—John B. Shofer, formerly with Sutherlin, Barry & Co., has been made
679,583 ing serially after 1
526,373
Miscellaneous
486,959 Prop, of capital and surplus
year_head of the newly organized municipal trading dept. of Woolfolk, Waters
Deferred charges
3,415,428
of sub. companies applic.to
& Co., whose offices are located in the Hibernia Bank Building, New
Coed,Ill
1,899,389
minority stockholders
4,540,450 Orleans, La.
1,176,547.689 shares ccapItal
stock
x57,140,739
—Herbert Lawrence Company of New York announces the opening of a
Surplus
•
6,758,682 Bank and Insurance Stock
Trading Dept.,under the management of Ernest
Total
S. Cole. Associated with their trading department will be Frank A. Don$123,257,224
Total
$123,257,224
x Represented by 364,657 no par shares of preferred stock and by
ovan.
1,176.548 no par shares of common stock.—V. 128, p. 4176.
—Phelps, Ells & McKee, Members of the New York Stock Exchange,
Wellman-Seaver-Morgan Co.—Resumes Pref.Dividend.— announce that James A. Reilly, formerly with Campbell. Starring & Co..
The directors have declared a regular quarterly dividend of 1)1% on will manage their uptown New York
branch office at 51 East 42nd Street.
the preferred stock, payable July 1 to holders of record June 20. This is
—An analysis of The Postum Co., Inc., with special reference to its
the first dividend on the issue since April 1 1928.—V. 125, p. 2403.
recent acquisition of the Birdseye Quick Freezing Process, has been prepared
Winton Engine Co.—Earnings.—
by Abbott. Hoppin & Co., members New York Stock Exchange.
The company reports for the five months ended May 31 net profit of
$300300 after interest, depreciation and taxes, equal, after preferred div:
—Lynch & Co., members of the New York Curb Market,at 33 Broadway.
requirements, to $4.04 a share on the 65.000 common shares. May net New York,
are distributing an analysis of the Grand Rapids Varnish Corp..
profit was $81,925 after depreciation, interest and taxes.—V. 128,
P. common stock, traded on the New York Curb Market.
3853, 3536.
—The advertising and publicity department of the National City Bank
Woodley Petroleum Co., Shreveport, La.—Defers Div.
of New York, the National City Company and the City Bank Farmers
Announcement has been made that the directors on June 8
defer further payments of dividends, thus, failing to authorize voted to Trust Co. has taken new space at 95 Broad St.
payment
of the dividend that has been paid quarterly, electing to use available cash
to
liquidate current bank loans shown in the last annual report. These
—Lilley Blizzard & Co.of Philadelphia, have issued for distribution their
loans
were made in order to pay the purchase price of certain producing prop- quarterly booklet, containing
bid and asked prices on over 2,000 issues of
erties acquired last year in Texas.
public utility and industrial bonds.
"There has recently been a re-adjustment of crude oil prices in the
In which the company has oil production, ranging from 10c. per areas
—Hornblower & Weeks announce that Charles F. Durning, manager of
increase in the Smackover Field to 30c. per barrel increase in Centralbarrel
Texas. These increases in price will aid current earnings," Secretary West the Pittsburgh office of Hornblower & Weeks, has resigned as of the close
J. R. of business
Pope says.
Thursday. June 27.
IMA regular quarterly dividend of 15 cents per share was paid on March
31
—Middleton. Worthington & Co., Inc., of Cleveland. Ohio have issued
ast.—V 128, p. 265.4
for distribution to investors. circulars on the Sun-Glow Industries.
Worthington Ball Co.—Initial Dividend.—
Inc..
common stock.
The directors have declared an initial dividend of 50c. per share on
class B common stock, payable July 15 to holders of record June the
29 —
—H.Bentz & Co., members of the New York Hide Exchange, have preV. 125, P. 3216.
pared for distribution a descriptive booklet on the subject of executing orders
Wright Aeronautical Corp.—New Holding Co. Formed— in hide futures.
Proposed Exchange of Stock.—
See Curtiss Wright Corp. below.—V. 128. p. 3536.
CURRENT NOTICES.
—The announcement June 25 of the partnership of erouse &
Co. of
Detroit, dealers in bonds and stocks, is of general interest. The
partnership consists of Charles B.Crouse and Harry W. Kerr as general partners,
together with Stevens Woodruff and John Owen 3d as special pa
tners.
The company has recently purchased a seat on the Detroit Stock Exchange
and are opening their offices at 1817 Penobscot Building, Charles B.Crouse
has been in the investment banking business in Detroit for a great
many
years. being formerly with the bond department of the Detroit Trust Co.,
later Vice-President of the Bank of Detroit in charge of bond department
and more recently with Livingstone, Crouse & Co. He is a former President of the Bond Men's Club of Detroit and has been actively identified
with the affairs of the Investment Bankers Association. Harry W. Kerr
has been connected with the Detroit & Security Trust Co. for a number of
years, recently resigning his position as Trust Officer of that institution.
The company plans to transact a general investment business in bonds and
stocks.
—Kar1J.HeInzelman announces the organization of K. J. Ileinzelman
& Co., members of the Chicago Stock Exchange, with offices at 120 South
La Salle St,. Chicago. Mr. Heizelman was for 10 years a member of the
firm of Howe, Snow & Co.. in charge of their Western office in Chicago.
—Daniel Willard, President of the B. & 0. RR. Co., has been elected a
member of the board of trustees of the Mutual Life Insurance Co. of New
York.
—T. Bayne Denegre has recently been appointed Manager of
the Municipal Bond Rept. of Moore, Hyams & Co.. 610 Common St., New Orleans.
—W.S. Aagaard & Co.. 208 So. La Salle St., Chicago, are
now issuing
a weekly bulletin devoted exclusively to aviation news,stocks
and markets
•
—II. S. Polhemus,formerly Vice-President of W.H.
Tobias & Co., Inc.
will make his office with Lewis & Stoehr, 43 Exchange Pl.,
this city.
—MWett, Roe & Co., 120 Broadway, New York City, are
distributing
a report on International Combustion Engineering Corporation.
—O. J. McCaughy, formerly with Henry L. Doherty & Co.. is
now
associated with Edward D. Jones & Co. of St. LOUIS.
—Mendes. Bell & Whitney, Inc., have issued for distribution a descriptive circular on Merlin Products Corp. common stock.
—The Equitable Trust Co. of New York has been appointed New York
registrar for the stock of Sudbury Rand Mines. Ltd.
—J. R. Schmeltzer & Co. have prepared an analysis of Commercial
Credit Co.
—Prince & Whitely are distributing an analysis of Western Union Telegraph Co.
4340
FINANCIAL CHRONICLE
[VOL. 128.
illeports and Documents.
PUBLISHED AS
AMERICAN CAR AND FOUNDRY COMPANY
THIRTIETH ANNUAL REPORT—YEAR ENDED APRIL 30, 1929.
•
CONSOLIDATED BALANCE SHEET
To the Stockholders:
with Statement of Consolidated Net Earnings,
For the fiscal year ended April 30, 1929, the net earnings
Surplus and Working Capital,
and of its wholly-owned subsidiaries,
of your Company
APRIL 30, 1929.
n and
American Car and Foundry Securities Corporatio
ASSETS.
American Car and Foundry Export Company, were sub$72,422,334.41
Property and Plant Account
47.096,683.50
stantially in excess of the amount (s2,100,000) necessary Current Assets
Materials on Hand, inventoried at cost or
on
for the payment of the regular Seven Per Cent dividend
less, and not in excess of present market
$10,537,910.48
Prices
the three hundred thousand par-value Preferred shares out9,211,861.43
Accounts Receivable
8,923,350.23
Notes Receivable
standing, but were insufficient for the payment, addition7.474,171.91
U. S. Government Securities
ally, in full of the usual dividend of Six Dollars per share for
Stocks and Bonds of other Companies at
cost or less, and not In excess of present
the year on the six hundred thousand no-par-value Common
6,305,915.49
market value
4,643,473.96
Cash in Banks and on Hand
shares. To supply the amount required for the full payment
$119,519,017.91
of such dividend on the Common shares, recourse was had
to the adequate Reserve heretofore set up and carried to
LIABILITIES.
meet such a contingency.
Capital Stock—
of the fiscal year just ended, Preferred, authorized and outstanding (300,000 shares— $30.000.000.00
During the earlier months
par value $100.00 per share)
Common, authorized and outstanding (600,000 shares—
there continued the same dearth of equipment buying by
30,000,000.00
no
as had prevailed during the preceding year— Currentpar value)
11,717,697.00
the railroads
Liabilities
Accounts Payable, not due; and Pay Rolls (paid May 10,
the letter accomwhich conditions were commented on in
$10,093,132.27
1929)
199,564.73
Provision for Federal Taxes
panying the report covering the Company's operations for
Div deed No. 121 on Preferred Capital
525,000.00
Stock (payable July 1, 1929)
its fiscal year ended April 30, 1928. The later months of
Dividend No. 107 on Common Capital
900,000.09
the year, however, witnessed some improvement in such
Stock (payable July 1, 1929)
—and the Management is glad to report that your Reserve Accounts
conditions
7.662.64734
$1,500,000.00
For Insurance
Company entered upon its fiscal year now current with
For General Overhauling, Improvements
212,641.86
equipment orders on its books in number appreciably in
and Maintenance
For Dividends on Common Capital Stock,
excess of that which it had at the corresponding period of
to be paid when and as declared by
5,869,729.33
Board of Directors
the preceding year.
For Improving Working Conditions of
80,276.15
Employees
The Company's financial condition, shown by the an40,138,673.57
nexed Consolidated Balance Sheet (to which the usual Cer- Surplus Account
tificate of Audit is attached) continues sound, healthy and
$119,519,017.91
liquid.
The Company is fully prepared to meet any increased deNET EARNINGS.
mand upon its productive facilities that may be caused by a STATEMENT OF CONSOLIDATED
for the thirtieth fiscal year ended
resumption by the railroads of buying activity upon an ex- Earnings from all sourcesdeducting Repairs, Renewals, &c.,
April 30, 1929—before
as noted hereunder—and after making provision for Fedtensive scale. On the other hand,its resources are such that
$5.665,853.74
eral
continuation of the Lem Taxes ($199,564.73)
it is prepared to meet a possible further
Renewals, Replacements, Repairs, New Patterns,
2,950,679.46
Flasks,&c
conditions with respect to equipment buying that unfortu92,715,174.28
Net Earnings
prevailed for several years past—the Managenately have
ment being entirely confident that, for the reasons stated in
the letter accompanying the report of operations for the preSTATEMENT OF CONSOLIDATED SURPLUS.
ceding fiscal year, such conditions cannot, in the nature of
$40,138,673.57
Consolidated Surplus, April 30. 1928
2,715,174.28
things, be lasting.
Add: Net Earnings for the year
$42,853,847.85
Fortunately, the Company's earning capacity is not enDividends:
tirely dependent upon its manufacture and sale of railroad Less: Preferred Capital Stock,7%
$2,100,000.00
On
3,600,000.00
On Common Capital Stock
equipment. Unceasing care has been given, and is being
the manufacture and
$5,700,000.00
given, to the extension of its business in
Stock Dividends paid from
2.715.174.28
sale of miscellaneous products. That branch of its activi- Less: Common
2,984,825.72
Reserve applicable for that purpose
now one of very considerable magnitude and produces
ties is
$40,138,673.57
30, 1929
Consolidated Surplus, April
a substantial proportion of its earnings.
The Management is glad to report that during the year
just closed progress has been made in the development of
STATEMENT OF CONSOLIDATED WORKING
the business of the manufacture and sale of motor buses,
CAPITAL.
and motor-driven rail cars—a field of activity
motor trucks
$27.717,392.91
entered upon during the fiscal year ended April 30, 1926, Consolidated Working Capital, April 30, 1928
2,715,174.28
by the organization of American Car and Foundry Motors Add: Net Earnings for the year ended April 30, 1929
$30,432,567.19
Company and the acquisition of a controlling interest in
1,053.75
the then newly-organized The Brill Corporation. In the Less: Expended for additions to plants during year
$30,431,513.44
letter announcing the entering into that field, it was said
that "there remained to be worked out many problems in Less: Dividends:
$2,100,000.00
On Preferred Capital Stock,7%
the co-ordination of automotive service with that of steam
3,600,000.00
On Common Capital Stock
and electric roads, as well as in the further development of
$5,700,000.00
thereto." Such problems were many and
equipment adapted
great—and diligent attention has been given to their work- Less: Common Stock Dividends paid from 2,984,825.72 2,715,174.28
Reserve applfeable for that purpose
all
ing out; and while they have not by any mean0beenand
Consolidated Net Working Capital, Excluding Reserves,
progress that has been made,
solved, nevertheless the
$27,716,339.16
Apr1130, 1929
is making, in the direction of their successful solution gives
of the undertaking.
every assurance of the validity
The Management during the year just closed has lir d in
Esq., President,
full measure the support of the loyal and efficient co-opera- W. H. Woodin, and Foundry Company, New York:
American Car
for
tion of all members of the Company's organization—and
Dear Sir—We have made an audit of the books aild accounts of American
such support it again expresses its thanks and appreciation.
Securities Corof the Supreme Car and Foundry Company, American Car and Iroundry for the fiscal
It would seem that the recent decision
and Foundry Export Company
have a favor- poration and American Carand in accordance therewith, we certify that.
Court in the (so-called)"O'Fallon Case" should
year ended April 30, 1929,
able effect upon the general railroad situation, and that, as in eur opinion, the foregoing statements of income and the Balance Sheet
interest are true exhibits of the results of the operation of these Companies for said
one of its results, there should be a stimulation of the
period, and of their condition as of April 30. 1929.
of the railroads in the acquiring of new equipment.
THE AUDIT COMPANY OF NEW YORK,
By order of the Board,
ERNEST WM,BELL, Vice-President.
Respectfully submitted,
H. I. LUNDQUIST. Secretary.
W. H. WOODIN, President.
New York, June 20, 1929.
June 25, 1929.
JUNE 29 1929.1
FINANCIAL CHRONICLE
4341
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
liquidation. Later came active covering. The notices were
promptly stopped. On the 25th inst. futures closed unchanged to 1 point higher with sales of 112,200 tons. European hedge selling and Wall St. liquidation caused a setback after an early rise of 3 to 4 points. Moreover 100 July
Friday Night, June 28, 1929.
notices appeared. They hurt. Europe sold to some extent.
COFFEE on the spot was dull; Santos 4s, 23 to 23%c.; Prompt rams were 1 13-16c. Private London cables reported
Rio 7s, 1640.; Victoria 7-8s, 16%e. and Robustas, 203 e. the sale of 40,000 tons by the Cuban pool to the United
%
.
n the 24th inst. cost and freight offers were irregular and Kingdom and Continent for July-Aug. shipment at &s. 9d.
lower. Santos Bourbon 3s for prompt shipment were or about 1.69c. f.o.b. London was somewhat steadier than
.85 to 23%$3.; 3-4s, 223 to 22.65c.- 3-5s, 21.90 to 22.10c.; New York. The sale abroad was at about equal to 1
s at 213 to 22.10c.; 5-6s at 20% to 20.90c.; Bourbon c. & f. With refined 5c. officially some resale was to 27-32e.
be had
separations 6s at 19.200.; 6-7s at 18.55c.; 7-8s at 15.30c. to at 4.823,c. as against 4.80c. previously. On
the 25th inst.
16.350.• part Bourbon or flat bean 3-5s at 21 to•22c.; 4-55 50,000 bags of Porto Rico and 20,000 of Cuban sold at
at 203 .; 5s at 20%c.; 6s at 193'c.; Bourbon 3s shipped 1 27-32e. July shipment c.& f. or 3.610. duty paid.
4
from Rio at 22.400.; Santos peaberry 4s at 22.40c.• 4-5s at
Futures on the 26th inst. ended 3 to 6 points
21.15 to 22.10c.• 5s at 21.850.; rain-damaged but(14 Santos with sales of 77,950 tons. London declined. Twonet lower
4s at 17.35e. b) 18.05c.; 5-6s at 16.95c.; 7-8s at 15.55c.; July notices were not promptly stopped. Cuban hundred.
Rio 7s at 15.35c.; 7-8s at 15.05c. to 15.100.; Victoria 7s at sold. This explains the weakness here. Moderateinterests
sales of
14.60c.; 7-8s at 14.30 to 143
'c. On later *dates prices were prompt Cuban were made at 1 1-13-16c. London sold at
,
enerally unchanged.
8s, 7%d.for prompt shipment. Washington wired that the
Cost and freight offers on the 27th inst. were as follows: Senate Fmance Committee had begun hearings on the sugar
ompt shipment Bourbon 2-3s, 223c.; 3s, 23c.- 3-4s, 22% schedule of the proposed Hawley tariff bill. The trade is
%
to 22.65c.; 3-5s, 21.50 to 22.30c.• 4-5s, 21.05 to 22.650.; expecting considerable difference of opinion on the sugar
'
s, 21% to 21.55c.; 5-6s, 20%c.• 6-7s at 203c.; Bourbon tariff. Since the Senate will not reconvene until the latter
'
eparations 6s, 19.35 to 19.60e.; 6-7s at 183jc.; 7-8s, 15.30 part of August and the House
until
to 18%0.; part Bourbon or flat bean 3-5s, 21 to 22c.; 5s, definite action is expected for some late in September no
time. Refined with0%e.;6s, 19%c.;Santos peaberry 3s,22.650.;rain-damaged drawals were good on the 26th. Buyers requirements for
ut dry Santos 4s, 18.05c.;4
-5s, 19.20o.;5-6s,15.95 to 17.05c. 30 days or more have it is said been supplied and tnere was
s, 18.90e.• 7-8s, 15.55c.; Rio 7s, 15.30e.; 7-8s, 15.10c.; little expectation of'much business at the advanced quotation
uitoria 7-8s, 14%c.• fair to good Cucuta, 22 to 22%c.• of 50.
olombian, Ocana 24i to 22c.; Bucaramanga, natural, 22q some for some time. Resale was 4.80 to 4.82%e. There was
switching of July to later monthsat
to 233.c.• washed 24 to 243,c.; Honda, Tolima and Giradot ferences. Some 20,000 bags Cuba sold slightly widening difat 13-16e. for July
to 243c.; Medellin 25 to 253c.; Manizales 24 to 243.c.; shipment. London reported two cargoes1for July-August
Mexican washed 25 to 253.e.; Surinam 22 to 23c.; East shipment at 8s.
8%d. and a few parcels were said to have
India, Ankola 283, to 34c.• Mandheling 34 to 37e.; Genuine been sold yesterday for prompt
shipment at 8s. 7%d.
ava 32 to 33%c.; Robust:a, washed, 20Ne.; Mocha 27 to Havana cabled that there is a
possibility
28c.; Harrar 26 to 26%c.• Guatemala, prime, 26 to 263c.; a Cuban government agency as sole sellerof re-establishing
of sugar for the
good, 24% to 25c.; Bourbon, 23 to 2
340.
Island, according to intimations from President Machado.
Futures on the 24th inst. ended 10 points lower to 8 higher
Receipts at United States Atlantic
the
"th combined sales of 21,000 bags. July was being liqui- were 52,387 tons, against 81,895 in theports for weekweek
previous
and
ated on the eve of notice day, June 26th Europe sold, 53,672 same week last year; melting, 66,710 tons, against
oston supposedly bought. No big issuance of notice was 68,377 in previous week and 54,300 last year; importers'
xpeeted. Some doubt whether Brazil can get a loan on the stocks, 389,520 tons, against 384,520
in previous week and
asis of present prices. Futures on the 25th inst. advanced 375,232 last year; refiners'
10 to 21 points for Rio and 8 to 12 on Santos; Rio sales 35,000 327,735 in previous week and stocks, 308,412 tons, against
169,022 last year; total stocks,
ags; Santos 22,000. Brazilian and Hamburg cables were 697,932 tons,
igher. Brazil bought Santos futures here to a moderate last year. F.against 712,255 in previous week and 544,254
O. Licht's
xtent. Later it bought again; also outsiders bought. A estimate. June weather monthly report made no change in
cable from Rio the exchange here said: "Rio Centro growing crop. Warm conditions were favorable for the
pecial
weather partly needed. His estie Cafe estimates coffee exportable through Rio de Janeiro mate as of May 30 stated
rop 1929-30, at 3,500,000 bags." Futures on the 26th inst. Russia, were estimated at that sowings in Europe, excluding
1,866,000 hectares, compared with
ere 1 to 5 points net higher on Santos and 2 points lower to actual harvest of 1,859,955
hectares the previous year.
higher on Rio with combined sales of 25,000 bags. The
Receipts at
bsence of notices on first notice day had a bracing effect. against 27,383Cuban ports for the week were 50,278 tons,
in the
'antes cables were unchanged while Rio was unchanged to tons, against 55,974 same week last year; exports 66,318
in same week last year; stock (con100 reis higher. Brazilian terminal markets were steadier. sumption deducted), 1,371,317,
against 1,180,591 last year;
n the 27th inst.futures were4 points lower to 5 points higher centrals grinding
none.
"th sales of 24,000 bags in all about equally divided be- Atlantic ports, 13,447 toOf the exports, 27,758 went to
New Orleans; 5,019 to interior
ween Rio and Santos. Europe sold Brazilian cables were
United States; 2,896 to Savannah, 3,372 to Galveston and
teady but had little influence.
The holidays in Brazil, scheduled for Saturday, June 29th 13,826 to Europe. One report on Cuban figures for the week
nd Monday, July 1st have been shortened, according to ended June 22 said: Arrivals, 40,244 tons; exports, 54,069
res from Rio de Janeiro, i. e., June 29th to a half-holiday, tons; stocks, 1,268,959 tons. The exports were divided as
hile the holiday in the Rio market on July 1st will probably follows: New York, 8,307 tons; Philadelphia, 5,000 tons;
e cancelled. To-day futures ended 5 to 12 points lower on Boston, 5,000; New Orleans, 15,747 tons; Savannah, 2,851;
autos with sales of 10,500 bags and 6 to 13 lower on Rio Galveston, 7,028; Norfolk, 3,786; Interior United States,
ith sales of 7,000 bags. Final prices for the week are 6 1,246; Canada, 269; Belgium, 1,371; New Zealand, 3,464
oints lower to 2 points higher on Rio, the latter on Dec.,and tons. The following -ixras the position of sugar in Cuba
points lower to 1 point higher on Santos the latter on July. on June 15 according to official statement by the Cuban
Export Corporation: Stock of 1926-27 crop, 7,953 tons;
Rio coffee prices closed as follows:
total crop, 1928-29, 5,157,575 tons; exports, crop 1928-29
pot unofficial_ -16 I Sept
i4.46@ nom I March- _ -13.68g
_ to United
States, 2,193,401 tons; to other countries, 547,785
15.000 nom I Dec
uly
May
14.0014
13
.40@ nom
tons; consumption Jan. 1 to June 15 1929, 70,734 tons;
gantos coffee prices closed as follows:
I Sept
pot unofficial
20.870 nom I March_ - _19.58@ nom stock in Cuba, June 15 1929, 2,353,608 tons. Total sales
.55@
I Dec
ulY
May
20.050
to countries outside of the United States to June 15 1929,
19.250
COCOA to-day closed at 10.370. for July, 10.60e.for Sep- 835,357 tons, against 799,676 last year to same date.
Wireless advices from Berlin said: "Plans are under way
ber and 10.45c.for December, or 1 to 3 points lower. For
.
he week prices show a decline of 3 points on July, while to create a German sugar cartel with the purpose of maintaining prices. At a recent meeting in Prague, Germany,
tiler months are unchanged to 4 points nigher.
General Director Koehler, representing the German sugar
SUGAR.
-Prompt Cuban was firm early in the week at industry, declared that Germany and Czechoslovakia
must
13-16e.; later at 2c. with 1%c. bid; 15,000 bags of Cuba combine for protection. He believed that those
two counto June sold at 1.68c. f.o.b. a point better than 1 25-32c. tries should lead a direct campaign against the foreign cane
ater on the 24th, 98,000 bags of Cuba, 12,600 tons of sugar industry, particularly that of Java, which, it was deorto Rico and 1,000 tons of St. Croix sold at 1 13-16e. clared, flourishes only because of low wages." In Washing.& f. and 3.58c. delivered; also 3,000 tons Philippines at ton William M.Jardine, Secretary of Agriculture in the Cool.58e. late July and early August. Refined was Sc. Futures idge Administration, told the committee that he regarded the
n the 24th inst. closed 2 to 4 points higher with sales of House duty of 2.40e. a pound on Cuban raw sugar as
03,800 tons. One hundred and fifty July notices were the present rate of 1.76c. a fair tariff. He appearedagainst
in the
ssued on the 24th inst. Early on that day there was heavy interest of beet sugar producers. He said it was sound
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper, immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
4342
public policy to maintain a reasonable amount of sugar
production in this country, contending that a higher tariff
would permit an expansion of a crop of which there was no
surplus and no prospects of a surplus from domestic production.
On the 27th inst. futures ended 6 to 7 points higher with
sales of 72,900 tons. The rise was due to Havana cables
stating that President Machado in a speech before the
House of Representatives had advocated a sole government
selling agency and restriction of crops. Cuba evoked various
comments. One was to the effect that a restriction in next
year's output would in no way affect the present prospects
for a carryover of 500,000 to 600,000 tons and that a smaller
Cuban crop would be offset by larger cane and beet sugar
production elsewhere. President Machado's plan if adopted
would mean buying up the present crop surplus which
would then become part of the invisible supply. It also seems
to contemplate a restriction of the crop. An official White
House statement to-day indicated the approval of President
Hoover of efforts seeking to devise a plan with respect to
the tariff on sugar that would both protect the domestic
producing industries and the consuming public. The text
of this statement is as follows: "The President, has had
sliding scales of sugar duties submitted to him by members
of the committee, the objects of which were to protect
consumers as well as producers. He has not expressed himself on them but would, of course, be glad to see any arrangement which would effect this dual purpose." Some call it in a
sense a political market market hinging on news from
Washington about the tariff and from Havana about retrictive marketing. To-day prompt Cuban was 1% to 2c.
bid and asked. London reported buyers at 8s. 103.cl. and
sellers at 8s. 113d. There were rumors that something
had been done at the bid price. It was reported after last
night's close that the Cuban Syndicate had made sales to
Europe of two cargoes at 8s. 9d. for July-Aug. shipment,
equivalent to 1.690. f.o.b. A sale of 1,000 tons of Philippines
was made at 3.67c. for Aug. shipment. Futures ended 2 to 4
points higher to-day with sales of 121,800 tons. Final prices
show an advance for the week of 5 to 10 points.
Closing quotations follow:
2.021 2.03 May
Spot unofficial1 H I Dec
2.05
- Jan
1.800
July
March-_-- 2.10
1.910
Sept
2.160 ---
LARD on the spot was firm at 12.35 to 12.45c. for prime
westernrlater 12.40 to 12.50c.; refined Continent, 12%c.;
South America, 133%c.; Brazil, 143'e. On the 25th inst.
futures were two to five points higher for the government
pig survey report for the year 1929 indicated a decrease of
about 8% from that of 1928. The decrease in 11 corn belt
States was about 6%, but all other areas showed greater
decreases, the greatest being in the Southern States. This
survey was made in co-operation with the Post Office Department through the rural mail carriers. A decrease of
8% in the spring pig crop for the United States would be
equivalent to about 4,300,000 pigs, and a decrease of 6%
in the corn belt would be equivalent to 2,500,000 pigs._
Such decreases would indicate that the spring pig crop of
this year in the corn belt is the smallest since 1925. Hog
markets on the 25th inst. were steady with total western
receipts 109,600 against 90,900 a week previously and
110,800 last year. On the 26th inst. futures declined three
to eight points with hogs lower. The demand for ribs was
very small. Western hog receipts were 112,100 against
96,100 a week ago and 104,300 last year. Liverpool lard
was unchanged to 6d. higher. Cash lard showed little
change. On the 27th inst. futures closed three to five points
lower with hogs down 10c. Chicago receipts were 27,000.
To-day prices ended unchanged to three points higher with
hogs up and packers and warehouse interests buying. The
western run of hogs was small. Final prices on lard show a
decline for the week of three points on September while other
months are unchanged.
DAILY CLOSING PRICES
Sat.
11.87
July
12.25
September
12.37
October
OF LARD FUTURES
Wed.
Tues.
Mon.
11.85
11.92
11.90
12.22
12.30
12.27
12.35
12.42
12.42
IN CHICAGO.
Fri.
Thurs.
11.85
11.82
12.17
12.17
12.32
12.32
PORK steady; mess,$31,50;family., $36;fat back, $28.50
to $31. Ribs, 12.75c. Beef quiet; mess, $26; packet, $25
to $27; family, $28 to $29.50; extra India mess, $42 to $45;
No. 1 canned corned beef, $3.10; No. 2, six pounds, South
America,$16.75; pickled tongues,$75 to $80 per barrel. Cut
meats firm; pickled hams, 10 to 20 lbs., 223 to 23c.; pickled
bellies, 6 to 12 lbs. 183% to 204c.; bellies, clear, dry salted
/
boxed, 18 to 20 lbs., 1638c.; 14 to 16 lbs., 16%e. Butter,
lower grades to high scoring, 38 to 443/gc. Cheese, flats,
24 to 293/Ic.; daisies, 233% to 28c. Eggs, medium to extra,
27 to 393'ie.; closely selected, 33 to 34*.
-Linseed higher at 10.70c. for raw oil in carlots
OILS.
cooperage basis; single barrels, 11.5c. Contract deliveries
were fajr but consumers were not inclined to take additional
quantities. The flaxseed crop report which is expected early
next week is awaited with much interest. To-day trade was
quiet, but prices were firm at 10.7c. for carlots and 11.10.
for smaller quantities. Seed markets were 2 to Sc. higher
here, despite showers in the Northwest. Buenos Aires at
noon was 13/g to 23/gc. higher. Argentine exports this week
were 764,000 bushels, against 1,570,000 last year; since
Jan. 1 48,714,000, against 43,661,000 last year. Shipments
to the United States this week were 232,000 bushels; on
. 1'
FINANCIAL •CHRONICLE
passage to United States, 1,043,000, against 870,000 last
week and 881,000 last year. The visible supply was 4,528,000, against 4,331,000 last week and 6,496,000 last year.
Cocoanut, Manila, coast tanks, 63(c.; spot New York,
tanks, 6%c.; corn, crude, barrels, tanks, f.o.b. mill, 8c.;
olive, Den., $1.35 to $1.40; China wood, New York drums,
carlots, spot, 143/g to 150.- Pacific Coast tanks, futures,
13% to 1330.• soya bean, ianks, coast, 93%c.; edible, olive
/
oil, $2.25 to $2.30; lard, prime, 15c.; extra strained, winter,
New York, 13c.• cod, Newfoundland, 62c. Turpentine,
503% to 563%e. Rosin, $8 to $9.75. Cottonseed oil sales
to-day, including switches, 1,600 barrels. Prices closed as
follows:
Spot
July
Aug
9.55
Sept
9.58§ 9.65 Oct
9.68
9.75 Nov
9.68§ 9.71 Dec
9.75 Jan
9.72
9.60 9.69 Feb
0 9.70
9.68
0
9.75 - _
9.750 9.85
-Gasoline was in better demand and
PETROLEUM.
firmer. Consumption is increasing and many expect it to
reach a new high record in a few weeks. Big refiners quote
10e. for U. S. Motor in tank cars at refineries and 11c.
delivered to nearby trade. Bunker oil consumption has
also increased. Grade C $1.05 at refineries and $1.10 f.a.s.
New York harbor. Heating oils have not changed much.
Diesel oil was steady at $2to$2.10localrefineries. Kerosene
of late was steadier, but offerings are still free of 41-43 gra4
vity at 7%c.in tank cars at refineries and 83 c.in tank cars
delivered to nearby trade. Lubricating oils were steady with
the export demand fair. Bright stocks were in good demand and cylinder oils were active. Mineral spirits and V.
M. & P. naphtha were steady with a good demand.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
-On the 24th inst. prices ended unchanged
RUBBER.
to 10 points lower. July was sold and Dec. and Jan. bought.
At one time prices were 10 to 30 points higher. London advanced 1-16d. and Singapore was unchanged to 1-16d.
higher. The London stock decreased 510 tons to 30,617
tons. Liverpool's stock decreased 218 tons to 4,515 tons.
New York's sales on the 24th inst. were 469 contracts or
1,172 long tons. On the 25th inst. New York with lower
cables and more liquidation ended 10 to 20 points lower.
The sales were 436 contracts or 1,090 long tons. July liquidation was a feature, but it was pretty well taken. Sellers of
July switched to distant months. London fell 1-16 to %d.,
and Singapore 3-16 to %d. That had its effect on the
decline. Manufacturers bought actual rubber more freely.
July on that day ended at 20.10c.; Sept., 20.70c.; Oct.,
20.90c.; Dec., 21.30c.• Jan., 21.60c; Mar., 21.90 to 22c.
Outside prices: Ribbed smoked spot and June 203/g to
/
/
203%c.; July, 203% to 203c.; July-Sept., 2034 to 205 ae.;
213/go.;
-Dec., 213.i to 21%e.• spot, first latex crepe, 21% to
Oct.
/
2130.; thin pale latex, 22 221,4c.; clean thin brown crepe,
%
18 to 183/sc.;spooky crepe, 173 to 177/gc.; rolled brown crepe,
14 to 145jc.; No. 2, amber, 183 to 183/Ic.; No. 3, 18 to
4
4
183%c.; No. 4, 173 to 180.- Pares, upriver fine spot, 213
to 22%c.; coarse, 12 to 12ke. London on the 25th inst.
ended with spot, 10 7-16d.;July, 103/Id.; July-Sept., 10 9-16d;
-March, 11 1-16d. Singapore,
-Dee., 10 13-16d.; Jan.
Oct.
/
-Dec., 103gd.
July 97/gd.; July-Sept., 10d.; Oct.
Some maintain crude rubber consumption by the United
States alone during 1929 will attain a minimum figure of
500,000 tons, while consumption of the commodity by the
rest of the world is proceeding at an equally large rate of
increase over last year, according to dispatches from London
quoting the foremost authorities in the industry to members
of the Rubber Exchange at the end of the week. Consumption outside of the United States last year, according to
Government figures, totalled 242,032 tons which this year
will be increased to between 275,000 and 280,000 tons, and
if these estimates prove correct, world consumption of rubber
this year will attain the unheard of total of approximately
800,000 tons. The London authorities claim that present
prices (between 203/g and 213/g cents per pound spot New
York) favor a world production of 765,000 tons, but that
an 800,000 world production will only be attained in the
event that the New York basis rises to between 25 and 26e.
New York advanced on the 27th inst. 10 to 50 points July
leading on a big trade demand. The sales were over 20,000
tons. Spot rubber also advanced. New York ended on
the 27th inst. with July, 20.70e.; September, 21.30c.;
December, 21.80c.; January, 22e. Outside prices: Smoked
4
spot, June and July 203/g to 203 c.; July-September, 21 to
/
21%c.;October-December, 2158 to 21*. Spot, first latex
crepe, 213 to 220.; thin pale latex, 22 to 223%c.; clean, thin
%
4
brown crepe, 1S3/2 to 183 c.; specky crepe, 183% to 183/gc.;
rolled brown crepe,14 to 14 Wic.; No.2amber, 183/g to 19*.;
,
%
No. 3, 185 to 18%c.; No.4, 18% to 185/gc. Pares, upriver
4
fine, spot, 213 to 223jc. London on the 27th inst. closed
% to 3-16d. higher with spot and July, 10 11-16d.; JulySeptember, 10 13,16d. Singapore, July, 10d.; July-Sept.,
10 3-16d. To-day prices ended unchanged to 30 points
lower with sales of 539 lots, July closing at 20.500.; September, 21.10e. and December,21.60 to 21.70e. The announcement of a cut of 2%% on all passenger car casings and tubes
purchased by dealers between May 1 and Oct. 31 1929
caused considerable selling by trade interests, professionals
and commission houses. But large uptown trade interests
and outsiders took the offerings quite readily and prices
advanced towards the close. Cables were firm. Singapore
closed 3-16d. to %d. net higher; No. 3 Amber crepe spot,
Juin! 29 1929.1
FINANCIAL CHRONICLE
811-16d. or 3-16d net higher. Final prices here show an
advance for the week of 20 to 30 points.
HIDES.
-Futures on the 24th inst. ended 15 points down
to 5 points higher with sales of 280,000 lbs. August was
the most active. Recent sales included 4,000 Argentine
frigorifico steers at 17 15-16c.; also 38,500 at 17% to
17 15-16c. City packer hides were steady. Recent sales
included 1,400 native steers at 173'2c., 1,4(X) butt brands
at 163c.and approximately 5,500 Colorados at 16c. Packers
later asked Mc. above these prices. Country hides were in
slightly better demand also. Common dry hides were a
little more active and prices were 'steady. &vanillas,
211 2c.; Santa Marta, 22c. On the 24th inst. futures here
/
closed with August 18.80 to 18.90e.;September,19 to 19.10e.;
December, 19.80 to 19.91c. On the 26th inst. New York
closed 10 points lower to 45 points higher with sales of
880,000 lbs., with Chicago prices rising and demand here
better. A sale was reported of 7,000 heavy native steers
in Chicago at 18c. an advance of Me: Futures closed on
the 26th inst. with August 18.70 to 18.90c.; September,
19.15c.• December, 19.85c. On the 27th inst. prices fell;
sales, '
200,000 lbs. The ending hero on that day was with
August 18.50 to 18.80e.; September, 18.95 to 19.20c., and
December, 19.70 to 19.75c. In Chicago light native cows
were offered freely at 173/2c. and dull. New York City calfskins 5-7s, 1.80 to 1.90c.; 7-9s, 2.35c.; 9-12s, 2.350.
OCEAN FREIGHTS.
-Rates late last week were lower.
4343
Futures on the Exchange to-day closed at 17.750. for July,
17.20 to 17.450. for September and 17.05 to 17.10c. for
December.
TIN was quiet though prices were higher on the 26th inst.
Straits and other named brands sales amounted to 100 to
150 tons. Transactions on the local exchange on the 26th
were only 35 tons. Spot Straits sold at 44Mc. and later at
443 c. July sold at 443 0. On the exchange July closed at
%
/
44c. and August at 44.25c. In London on the 26th inst.
spot standard advanced 7s. 6d. to £200 17s. 6d.• futures
up 10s. to £204 7s. 6d.• sales, 50 tons spot and 500 futures.
'
Spot Straits rose 7s. ' to £204 7s. 6d.• Eastern c. f.
6d.
London dropped 15s. to £206 10s. on miles of 150 tons.
At the second session in London spot standard advanced
7s. 6d.; futures rose 5s.; sales for the day 750 tons. The
announcement last week of the formation of the BritishAmerican Tin Corporation with headquarters in London
for the stabilizing of the price of tin at higher prices gave a
firmer tone to the distant futures here. The corporation
will engage in the mining, smelting and marketing of tin
and other metals. The object is understood to be the stabilization of tin at around £265 a ton or the equivalent of
about 57Me. a pound, compared with the present level of
around 45e. On the 27th inst. trading was small with sales
of prompt at 44.45c.; August at 443/sc.; September at 45.10c.;
October at 45.35c. and November at 45Mc. In London
on the 27th inst. spot advanced 2s. 6d. to '£201; futures
off 2s. 6d. to £204 5s.; sales 70 tons spot and 180 futures.
CHARTERS included: Grain. 35,000 quarters
July, to Antwerp-Rotterdam, 10c.; Hamburg-Bre Montreal. second half Spot Straits up 7s. 6d. to £204 15s. Eastern c. i. f. LonJuly 1-10, to Bremen, barley. 11c.; 35,000 qrs. Newmen, 11c.; New York,
York prompt to Black don up £1 10s. to £208 on sales of 225 tons. At the second
Sea. 13c. Sugar: Cuba to U. K.
-Continent, July, 17s.; Santo Domingo,
July 15-25, 16s. 9d. to U. K.
-Continent; Cuba, first half July, to U. K.- session standard advanced 5s.; sales, 265 tons for the day.
ontinent, 17s.; north side Cuba to U. K.
-Continent, first half July, 17s.: New York on the 27th inst. ended with July 44e. and Sepuba. first half August. to U. K.
-Continent, 17s. Lumber: 1,000
rds, Campbeliton. June, to Garston, 60s.; Gulf. July, to Plate, stand- tember 44.65c. to 44.80c. To-day prices ended with July
145s.:
00 standards. Pugwash, west coast Britain-east coast Ireland, prompt, 44.10 to 44.15c. September 44.65c.
and December 45.20e.
58.; four Leningrad cargoes, Grimsby, 51s.; Hull. 51s. and 508.; Berwick,
2s. fkl., and Boston dock, 57s. 6d. Sulphur: Gulf, prompt. to Marseilles, with sales of 25 ions.
.75. Petroleum: American Gulf to north of Hatteras,35c.. July. Tank: Clean, North States, August
-Demand fell off somewhat from that of last
LEAD.
-September, to French
irty, July 10 loading, Tulare to Campana. 29s.; thereafter Atlantic, 25s.; week though
three consecuthe tone wasfirm. World production of 164,606
Ave same or Cartagena to name, same rate; six Venezuela to Port Arthur
trips. 25c., July'to start; United States Gulf to north of Hatteras, 29c., tons for May was a new high record and compares with 162,October: prompt, consecutive, United States Gulf to north of Hatteras, 545 tons in April and 148,006
tons in May last year, Prices
down to Nov. 30, 30c.; prompt, Curacao, Aruba. Venezuela, Colombia,
United States Gulf, consecutive trips to Feb. 15 down
Dec. 1 1929, at were 6.80e. East St. Louis and 7c. New York. In London
30c., and then down to Feb. 15 at from 25c. to 35c.; fuel to crude, Curacao, on the 26th inst. spot was £23 15s.
or
and futures £23 10s., a
June-July. to U. K.
-Continent, 16s. 6d.; clean, delivery Feb.
is. Time: Delivery late June Norfolk, redelivery Bordeaux.18 months, decline of 2s. 6d.; sales 200 tons spot and 550 futures.
Hamburg,
$1.30; North Pacific, July 10-30, redelivery U. K.
Business has latterly been rather slow at 6.80 to 7c. the
-Continent, $1.2734;
West Indies prompt round, $1.35; prompt West Indies round, $1.90;
two
end a half to four months Canadian trade, prompt,$2.25; Hampton Roads, latter New York. In London on the 27th inst. spot fell 2s.
.edelivery U. K.
-Continent via Gulf, £1,400. Scrap iron, Cuba. July, to 6d. to £23 12s. 6d.; futures still £23 10s.; sales 200 tons spot
Rotterdam. Danzig range, $4.75.
and 900 futures. At the second London session no changes;
COAL.
-Anthracite was quiet. Canada it is said is to sales 200 tons of futures.
'import 100,000 tons of Russian anthracite at about $3.50
ZINC was in only moderate demand at best. Prices were
.aid down Canada. Canada and England have also taken firm, however, at 6.70 to
6.80c. East St. Louis. June and
Tiore or less patented fuel from the Continent. But trade July were the most wanted.
There were some inquiries for
s slow in both New England and Canada at this time. September, but producers do not
care to sell that far ahead.
ennsylvania anthracite of course still has a big place in In London on the 26th inst. spot
advanced is. 3d. to £26
he trade of the country. It has not been shoved aside. 3s. 9d.; futures off is. 3d. to
£25 13s. 9d.; sales, 100 tons
This is simply a dull time. Soft coal has been in moderate spot and 300 futures.
Latterly business has been dull at
demand. Prices in this section are irregular. The Lake 6.70 to 6.80c. In London
on the 27th inst. spot was £26
Erie market was reported brisk.
3s. 9d.; futures off 2s. 6d. to £25 us. 3d.; sales, 100 tons
TOBACCO has been quiet here. Some demand prevailed spot and 325 futures.
'or Connecticut shade grown, but it was nothing beyond the
STEEL met with a fair demand for equipment material
ally routine call. The demand as a matter of fact was un- for railroads. For bridge material the demand has
atisfactory. A committee of manufacturers is in Washing- off very noticeably. Steel rails and track accessoriesfallen
have
on to oppose the increase in the tariff. The United States sold on a fair scale. Youngstown reported tonnage releases
enate Finance Committee is said to have given the com- of sheets and strips as large for this time of the year. Also,
'ttee a hearing and seemed to agree that their protest was that a number of tinplate manufacturers are still maintainin
g
mailed. Sumatra of a grade suitable to make a 5
-cent cigar a high production, though mostly at the expense of
lls well enough. But there is no real activity anywhere. logs. In other eases, operations have been cut to a ratebackmore
he Wisconsin Legislature passed a resolution to the effect nearly corresponding with decreasing demands. Specificaat to increasee the duty on Sumatra tobacco would ad- tions on tinplate and automobile material as a rule are
much
ersely effect the consumption of cigars. Some of the trade smaller; in the case of autos 50% smaller. There
ant a decrease. Edgerton, Wis., advices to the U. S. mand for agricultural implements. Yet awards is less deof fabriobacco Journal said: "The transplanting of the 1929 cated steel last week are said to have been
60,000 tons.
isconsin crop has been begun here on a limited scale. A
PIG IRON has been more quiet recently. Alabama iron
eriod of very dry weather and threatened frost recently
ceounts for the slow start. There isan abundance of healthy has sold at $15 for the third quarter, a decline of 50e. from
obacco seedings. There is a good Porto Rico crop ready for the official price. But the unofficial price has been as low as
uyers. Oxford N. C. weather was good. Rotterdam cabled $15 for several weeks. At Philadelphia some 1,297 tons have
une 21st: "Prices high at Java sale to-day." Internal arrived from Calcutta. Local business has been slow.
evenue Bureau returns for May show an increase in total Reports from 29 foundries in the Philadelphia Federal
igar consumption of approximately 31,000,000 over the Reserve district indicate total stocks of pig iron on June 1st
orresponding period of last year. The total for the period of 3,863 tons,an increase of 7.6% from April but a decrease of
as 572,412,549 as against 541,500,682. The gain in April 18.4 from the amount held at this time a year ago. Total
production in May decreased slightly from April, but was
as close to 92,000,000.
9.6% over May 1928. Birmingham wired that home conCOPPER trade has been slow. Curtailment of output is sumers of pig iron have been buying iron for delivery during
ot general. Export demand is disappointing. Prices were the third quarter, but not large tonnages. The $15 No. 2
8 to 18.30e. for home and domestic account. Domestic foundry price base is an inducement, but apparently melters
onsumers, however, are said to be unwilling to pay over feel confident that when the iron is needed there will be no
7,90e. In London on the 26th inst. spot standard dropped difficulty in getting it. Shipments of
iron have increased
Os. to £73 18s. 9d.; futures off 6s. 3d. to £73 8s. 9d.; salos somewhat.
tons spot and 500 futures. Electrolytic £83 15s. for spot
00
WOOL.
-A government report on June 22 said: "Only
nd £84 15s. for futures. At the second London session a few
tandard spot was £63 16s. 3d.; futures £73 8s. 9d.; sales small wool houses transacted what is considered more than a
volume
tons for the day. On the 27th inst. sales of standard months and of business during the past week. Texas 12
opper futures were 150,000 lbs. at the Exchange here, all the original French combing 64s. and finer wools both in
October, with 100,000 lbs. sold at 17.10c. and the rest at sales. Pricesbags and graded comprised the bulk of the
on these
7.200. Prices were 5 to 10 points lower than at the close steady. A few sales lines were slightly lower to about
n the 26th inst. In London spot standard on the 27th strictly combing wools were closed on Ohio 64s and finer
st. fell 8s. 9d. and futures 6s. 3d.; sales 50 tons spot and of the previous week. with prices off a little from the level
00 futures. Electrolytic was unchanged. At the second but sales were scattered Inquiries were received on mediums
and small
sion prices advanced 2s. 6d. with sales for the day 450 tons. on some offerings. Imports of with prices slightly easier
raw wool at Boston, New
V
York and Philadelphia during the week ended June 8 ac- I
cording to Department of Commerce figures were: Carpet
wool 1,886,270 lbs., $450,802; clothing wool 310,346 lbs.,
actual weight, 214,290 lbs., clean content, $118,377; combing wool 1,104,036 lbs., actual weight, 598,867 lbs. clean
content,$435,180; mohair 161,097 lbs actual weight,$67,256.
Boston wired June 26: "Manufacturers continue to manifest more than passing interest in the new lines of graded
Western grown wools. Sales have been reported on all grades
of strictly combing wools. Moderate quantities of 58-60s
and finer grades of clothing wool have been sold at prices
recently quoted. The 64s and finer strictly combing wools
are selling at about 95c. scoured basis and the 58-60s strictly
combing wools are bringing about the same price. The
56s strictly combing wools are selling in the range of 86-90s
scoured basis. At Brisbane on June 24 the offerings will be
58,000 bales. Sales began with an average selection. French
demand; but Germany and Japan were quiet. Compared
with close of the May series prices were generally 734%
lower. At Brisbane on June 26 an average selection met
with a good demand from Yorkshire, Germany and France.
There was more bidding by Japanese buyers and good clearance. Prices were 73i% above levels at the opening sale.
SILK to-day ended 3 points lower to 1 point higher on
new, with sales of 370 bales and 1 point lower to 2 higher on
old, with sales of 20 bales. New contracts closed with July
4.79 to 4.86c.; September, 4.76 to 4.78c.; December, 4.76
to 4.78c. Old contracts, July, 4.82 to 4.86e.; September,
4.76 to 4.79c., and December, 4.76 to 4.780.
destinations. In the corresponding week last year total
exports were 58,517 bales. For the season to date aggregate
exports have been 7,729,180 bales, against 7,224,240 bales
in the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
GerJune 28 1929. Great
- Britain. France. many.
Exports from
Galveston
Houston
New Orleans_ _
Savannah
Charleston
Wilmington Norfolk
New York
Los Angeles--
COTTON
Friday Night, June 28 1929.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
13,090 bales, against 18,466 bales last week and 17,318
bales the previous week, making the total receipts since
Aug. 1 1928, 8,974,983 bales, against 8,227,656 bales for
the same period of 1927-28, showing an increase since
Aug. 1 1928 of 747,327 bales.
Receipts at-
Sat.
Mon.
887
502
Galveston
Texas City
340
190
Houston
436
448
New Orleans
7
202
Mobile
75
108
Savannah
921
1,220
Charleston
Wilmington
5
37
Norfolk
New York50
Boston
Baltimore
--__
Philadelphia_ _ _ _
Totals this week-
2,817
2,815
Total.
Fri.
•
427 3,715
86
932
881
582
-___
582
396 1,628
200
127
375
543 2,595
309
593
266
274
5
2
SO
8
787
11
173
308
112
104 2,306
26
15
20
70
8
198
52
18
50
34
----------------50
60
733
733
94
Wed. Thurs.
Tues.
1,696
2.051
1,440
1928-29.
Galveston
Texas City
Houston- - - Corpus Christi_
Port Arthur, &c-New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
Totals
1927-28.
This Since Aug This Since Aug
Week. 1 1928. Week. 1 1927.
Stock.
1929.
1928.
3,715 2,775,515 8.392 2,230,285 127,902 176,863
10,423
4,958
98,251
905
582 179,886
1,628 2.845,398 5,719 2.523,055 234,989 283,600
--- 176.344
____ 258,123
4,344
17,060-__-2.5951,587.323 8,436 1.518,463 136,872 215,469
598
4,185
19,952
274 288.404 1,264 292,796
12,684
12,950
613
674
__
51
186
27.935
22.424
787 377.090 2,854 658,720
2,306 172,566
5,505
__
lo 125,904
196 232,280
129
-_-51,268
50
3,471
60
61,222
733
105
94
942 268,020
1,224
---473 131.906
1,349 222,725
534
---3,942
50
8,138
191
72,018
276
156
----
13,090 8,974,983 30,851 8,227,656
14.353
16,928
7,654
46,475
21.144
42,425
22
82,938
3,614
1,370
4,476
168.078
2,052
1.083
4,451
791,916 892.005
In order that comparison may be madp with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24.
3,233
3,395
9,021
5,190
8,392
3,715
Galveston-244
4,725
13,629
2,581
5.719
1,628
Houston
7,328
4.389
14,852
13,850
8,430
2,595
New Orleans1,241
467
740
685
1,264
274
Mobile
4,510
586
7,689
6,836
2.854
787
Savannah__ _ _
Brunswick _
523
2,169
2,471
2,505
942
2,306
Charleston,.- 1.054
308
54
404
473
70
Wilmington _ _
1,762
1,078
2,481
1,439
1.349
196
Norfolk
19
N'port N., &c
1,869
1,817 ' 1,399
3,353
1,422
1,519
All others,._ -21,783
18,514
53,126
36.843
30.851
13,090
Tot, this week
Since Aug. 1-- 8.974.9838,227,656 12550654 9,456.366 9.091,015 6.612,908
*Beginning with the season of 1926. Houston figures include movement o
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
The exports for the week ending this evening reach a
total of 77,781 bales, of which 5,091 were to Great Britain,
671 to France, 8,620 to Germany, 15,023 to Italy, 21,329
to Russia, 18,071 to Japan /Ind China, and 8,976 to other
200
2,137
25
898
1,020
Total 1928___
Total 1927._ _
671
163
7,737
15.526
671
Italy.
Japan&
Russia. China. Other.
1.425
8,620 15,023 21,329 18,071
8,976 77,781
1,900
3,659
5.164
6,925
14;ini
4:ioo
-100
4,292
3,179
9.175
1,915 10,414 14,262 17.100 4,650 2,439 58,517
6,430 26,200 3,575 21,850 25,628 12,081 111,100
Exported to
From
Aug. 1 1928 to
'Japan&
I GerGreat
June 28 1929
Exportsfrom- Britain. France) many. 1 Italy. I Russia.IChina.1 Other.
Galveston__ -Houston
Texas City__
Corpus Christ
Port Arthur_ _
Lake Charles_
New Orleans_
Mobile
Pensacola ___ Savannah
Gulfport
Charleston_
Wilmington _ Norfolk
Newport News
New York_ _ _
Boston
Baltimore,.
Philadelphia
Los Angeles_ _
San Diego_ _ _
San Francisco
Seattle
Total
Total.
7.899 22,991
10,914
650 31,744
2,181
427 3,033
4,200
750
563
200
1,425
1,975
1.939
1,655
1,265
1,586
100
100
650
5,091
Total
390,124 315,396
408,657 293,429
35,150 12,068
48,405 41,940
943 2,430
_
1,296
405,562 98,ai4
88,790 2,159
4,770
75
163,399
598
777
80,058
38,800
76,958 1,238
127
24,332 3,658
1,738
2,666
82
67.891 14,149
6,652 1,948
250
10,524
Total.
584,374217.172 32,447 582,191 394,855 2,516,359
553,394 222,153 106,807 478,261 173,198 2,231,999
10,335 11,281 112,08
_41,633' 1,616
90,833 21,824 4,904 55.038 27,781 288,523
17.060
3,946
8,977
330
1,151
226,009 137,269 133,250171,149 109,836 1,279,719
19,300 4,670 198,918
78,979 5,018,
100
12,950
1,400
905,
5,775
12,100 4,097 300,030
117,097 3,282
598
1,150 10.274 141.737
82,197 1,2811
3,400 102,842
9,842 50,000.
8,366 2,527 '121,098
28,201 3,874'
129
2
97.889
6,735
30,518 14,115
7.648
141.,48659i
1,450
4,427
283
"Roo
1
95,161 1,078 221,284
38.705 e:iio
13,498
600
4.298
.
348
17:376
7,383
• .___ 18,248 ____ 18.248
1,866
1,830,8561788,990 1,888,795690,981 277,40 147483 777,312 7,729,180
7,224,240
Total 1927-28 1,390,59 865.862 2,105,848657.505 350,198 1003150 851,282 10590,089
Total 1926-27 2,543,830 005785 2,884.015759,889412,388 1766809 1217393
-It has never been our practice to Include In the above
-Exports to Canada.
Note.
virtually all the
table reports of cotton shipments to Canada, the reason being that
get returns
cotton destined to the Dominion comes overland and It is Impossible to districts on
concerning the same from week to week, while reports from the customs however, of
In coming to hand. In view,
the Canadian border are always very slow
that for the
the numerous inquiries we are receiving regarding the matter, we will saybeen 18,470
month of May the exports to the Dominion the present season have were 17,728
exports
bales. In the corresponding month of the preceding season the
exported.
bales. For the ten months ended May 31 1929 there were 245,589 bales
1927-28.
as against 203.916 bales for the corresponding ten months of
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:
2,271 13,090
The following table shows the week's total receipts, the
total since Aug. 1 1928 and stocks to-night, compared with
last year:
Receipts to
June 28.
[Vol.. 128.
FINANCIAL CHRONICLE
4344
On Shipboard Not Cleared for
Leaving
Other CoastGerTotal, Stock.
Britain. France. many. Foreign wise.
3,900 3,500 4.000 13.000 3,500 27,900 100,002
106 8,762 128,110
932 3,552
958
3,214
22,224 2
200
200
13,722
630
630
12,952
7,000
5;e66
1:4611
45.225
1,250
1,250
408,939
500 15,000
500 1,500 11,500
1,000
Great
June 28 at
Galveston
New Orleans_ _
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports*.._
Total 1929._ 9,514 4,958 6,432 34,902
Total 1928-- 14,427 10,547 18,488 33,998
Total 1927-- 13,494 9,785 19,670 63.087
•Estimalled. .
4,936 60,742 731.174
2,200 77,660 814,345
4,886 110,922 1,112.901
Speculation in cotton for future delivery was more active
and prices have advanced. Prices rose on the 25th inst.
when It was estimated that July notices here for 160,000
bales had been promptly stopped and that July, hitherto
the fag end of the market, was leading the rise. The
advance was 22 to 27 points. The notices, it is understood,
came back to the issuers. Besides the bullish features of
the notices, the weather was bad. There was too much
rain. It amounted to 1 to 4 inches in the Eastern belt.
The forecast, too, was not promising. Weevil reports were
persistent. That fact excites apprehension. July, it is
true, had fallen to 58 points under October and 83 under
December. But the week began on a rally. On the 24th
prices advanced 10 to 15 points, even if the cables were
better. July liquidation had apparently spent its force.
Spot people and Wall Street bought. The technical position
Rains
'Was better. July liquidation has been on a big scale.
12
of 2 to 2/ inches occurred in South Carolina and Arkansas
with other and unneeded rain elsewhere. Spot people were
already buying July a day before the notices fell due on a
scale that attracted attention. It was pointed out that the
continued heavy consumption of American cotton and the
light receipts from interior lead people to expect some
increase in the estimates of the consumption of American
for the year and also to a reduction perhaps of the carryover figures at the season's end. Curtailment by mills in
July and August is ot taken as meaning extensive shutdowns for lack of trade.
On the 26th inst. prices advanced 10 to 20 points, the
latter on July. They fell mainly owing to a favorable
favorweekly report whose summary said: "Week mostly
JUNE 29 1929.]
FINANCIAL CHRONICLE
4345
able for cotton. Temperatures averaged near normal quite
The official quotation for middling upland cotton in the
generally with rainfall light to moderate in most sections. New York market each day for the past
week has been:
There was too much moisture in local areas of Atlantic
June 22 to June 28Set. Mon. Tues. Wed. Thurs. Fri.
18.30 18.30 18.45 18.55 18.50 18.65
States, especially in northern North Carolina, while showers Middling upland
would benefit the crops on some upland or gulf sections.
FUTURES.
-The highest, lowest and closing prices at
However, temperatures were generally favorable and cotton New York for the past week have been as follows:
as a general rule made good to excellent progress east of
Saturday, Monday, Tuesday, Wednesday, Thursday,
Friday,
the Mississippi. At the same time, much cultivation was
June 22.
June 24.
June 25.
June 26.
June 27.
June 28.
accomplished. There are still many complaints of irregular
'
stands and spotted conditions as to growth as well as favor- July
Range.. 17.94-18.05 17.90-18.07 17.90-18.15 18.14-18.31 18.03-18.24 18.18-18.2E
Closing. 17.94-17.96 17.94-17.96 18.10-18.12 18.21able weather for weevil activity in South. In Louisiana
18.1318.28Aug.
growth was good, but weevil activity was favored. In
Range..
18.30
Closing- 18.0618.10- 18.28
Arkansas progress was good to excellent, except in west
18.30- 18.30
18.40
.
Sept.central portions, where it is still too wet. Fields are clean
RangeClosing- 18.1818.2618.46- 18.40
in most parts and the plants grew rapidly but are very
18.4518.53irregular in size, with some squares forming to central
Range- 18.44-18.45 18.43-18.53 18.49-18.70 18.61-18.75 18.67-18.70 18.67-18.74
closing_ 18.44-18.48
18.69- 18.59
districts. In Oklahoma week was mostly fair and warm,
18.6618.74Oct.(new)
with showers in all sections. Progress of cotton was very
Range- 18.38-18.45 18.39-18.49 18.48-18.69 18.51-18.76 18.53-18.64 18.54-18.6E
Closing- 18.38-18.39 18.43-18.46 18.64-18.66 18.52-18.53 18.59-18.60 18.66good, with condition very good in West, but spotted and Non.
generally rather poor in East. In Texas, while cotton is
Range...
Closing. 18.48- - - 18.55
18.76
18.65
18.72still spotted, it averages fairly good and weekly progress Nov. (new)
18.78under favorable temperatures was very good. Cultivation
Range....
Closing. 18.4818.55- 18.76
18-65- 18.72
18.78advanced satisfactorily, plants are fruiting fairly well in Dee.South, while picking has extended to extreme South." July
Range- 18.58-18.66 18.61-18.72 18.74-18.94 18.76-18.99 18.79-18.90 18.80-18.9E
Closing..
lost only half its early rise and ended 10 points net higher. Jan.(1930) 18.58-18.59 18.67-18.69 18.87-18.88 18.78-18.79 18.85-18.86 18.89New crop months closed 10 to 12 points net lower despite
Range- 18.61-18.68 18.63-18.75 18.80-18.96 18.79-19.02 18.81-18.94 18.81-18.91
Closing. 18.61-18.62 18.7018.91-18.93 18.81-18.82 18.87-18.88 18.921 to 4 inches of rain ever large tracts of the East belt, Feb.Range-.
which is weevil weather. The new crop months seem to
Closing_ 18.68 -18.7718.98 -.18.8718.9418.98have become "long" en the transferring of July for weeks Mar.
Range__ 18.74-18.81 18.78-18.89 18.91-19.11 18.92-19.16 18.95-19.05 18.97-19.01
past to escape the July notices on June 25th.
ciosIng. 18.75-18.78 18.84-19.06-19.07 18.94-19.0219.05On the 27th inst. new crop months rose 10 to 13 points April
Range..
on renewed rains, firm cables, covering and trade buying.
Closing- 18.8018.90- - - 19.12
19.00
19.08
19.10July declined 18 points on notices and liquidation. July May
Range._ 18.86-18.91 18.91-18.99 19.05-19.22 19.07-19.31 19.06-19.17 19.10-19.E
was to some the fly in the amber. Those notices for some
r9....4e. 12 115-111 RR 181 05-15 07 10 15- 07- 1a - IR ..-10
10
10
6,000 bales made it so. More liquidation followed in their
Range of future prices at New York for week ending
wake. That sent down its price nearly $1 in the early trading. The discount on July under new October suffered a June 28 1929 and since trading began on each option:
change. About 31 points the day before, it plunged down to Option for
Range for West.
Range Since Beginning of Option.
54 points, an increase of 23 points in brief trading. The
June 1929_
17.12 Sept. 18 1928 21.28 Mar. 9 1929
dullness of spot cotton may also have had some effect. July 1929_
17.90 June 24 18.31 June 27 17.90
24
20.95 Mar. 9 1929
The better grades of old cotton are doubtless scarce. But Aug. 1929.. 18.30 June 27 18.30 June 27 18.30 June 27 1929 20.53 Mar. 6 1929
June
1929
1929
they are less wanted. Not a few buyers, it seems, make Sept. 1929_ 18.38 June 22 18.76 June 18.08 Nov. 5 1928 20.63 Mar. 8 1929
Oct.
26 18.22 June 1 1929 20.72 Mar. 15 1929
the lower grades do. There is no active demand for the Nov. 1929
18.40 June 1 1929 20.38 Mar. 13 1929
1929_ 18.58 June 22 18.99 June
new crop. Not a few contend that the crop is making good Dec. 1930_ 18.61 June 22 19.02 June 26 18.40 June 1 1929 20.70 Mar. 15 1929
Jan.
26 18.44 June 1 1929 20.66 Mar. 15 1929
progress, save for small sections here and there. The Feb. 1930_
Mar.
rainfall over the belt for the week ending June 25th showed Apr. 1930_ 18.74 June 22 19.16 June 26 18.53 May 23 1929 20.25 Apr. 1 1929
1930
that at 14 stations it was above normal, and at 27 stations May 1930-- 18.86 June 22 19.31 June 26 18.85 June 1 1929 19.39 June 4 1929
it was below normal. As to temperatures for the same time
THE VISIBLE SUPPLY OF COTTON to-night,as made
over the same territory at 27 stations they were above up by cable and telegraph, is as
follows. Foreign stocks as
normal and at 7 stations below it. Manchester was dull well as afloat are this week's returns, and
consequently
and Worth Street was only fairly active at best, and more all foreign figures are brought down to Thursday evening.
generally quiet.
But to make the total the complete figures for to-night
To-day prices advanced 2 to 15 points, the latter on July. (Friday) we add the item of exports from the United States,
Rains continued over the central and eastern belt. Their including in it the exports of Friday only.
effect, It is feared, will be harmful, but the market gave the
June 281929.
1928.
1927.
1926.
Stock
bales 824,000 758,000 1,292,000 834,000
matter little heed. July was rather scarce and happened Stock at Liverpool
at London
to be wanted by trade and speculative shorts. It made a Stock at Manchester
95,000
72.000
volt-face from being the weakest month on Thursday. It
Total Great Britain
919,000 830.000 1,444,000 926,000
became the strongest to-day. The trading fell off sharply. tock at Hamburg
at
313,000 422,000 623.000 161.000
There is a disposition to await further developments. The tock at Bremen
tock
Havre
184,000 211,000 243,000 150,000
"Commercial and Financial Chronicle" stated the increase tock at Rotterdam
10,000
11,000
15,000
2.000
tack at Barcelona
52,000 103.000 118,000
78.000
in the acreage this year at 4.14%, or, in other words, 14,- tock at Genoa
27,000
44.000
35,000
22,000
888,000 against 46,946,000, the Government estimate of the tock at Ghent
planted area last year. Clement Curtis & Co. stated the tock at Antwerp
Total Continental stocks
increase at 4%, and the condition of the crop 72, and J. W.
586,000 791,000 1.034.000 413.000
Jay & Co. 3.3% increase, with the condition 72.7%. It was
Total European stocks
1.505,000 1,621.000 2,478,000 1.339.000
India cotton afloat for Europe
116,000 163,000
a sluggish market, awaiting further developments. Nobody American cotton
71.000
76,000
afloat for Europe 178,000
was Inclined to take the aggressive at the week end, and Egypt,Brazil,&c..afloatforEurope 124.000 273,000 251.000 236,000
102,000 127.000 150,000
Stock In Alexandria,
285,000 281,000 363,000 235,000
with the July 4th holiday so near at hand. Spot markets Stock In Bombay, Egypt
India
1,172,000 1,192,000 669,000 658,000
were 15 points higher. Spinners' takings, according to one Stock in U. S. ports
4791,916 a892,005a1,223,823 632,156
in U. S.
computation, fell off. The into-sight figures, according to Stock exports interior towns.. a303,805 a437,961 a471,669 987,093
U. S.
to-day
1.545
the same report, continued relatively high. Final prices
Total visible supply
4.475,721 4.961.966 5.654,492 4,314,792
show a rise for the week of 16 to 2e points. Spot cotton
Of the above, totals of American and other descriptions are as follows:
closed at 18.65c. for middling, an advance since last Friday
American
-1928. 1927.
1926.
Liverpool stock
bales_ 458,000 521,000 955,000 489,000
of 20 points.
Staple Premiums
60% of average of
six markets Quoting
for deliveries on
July 5 1929.
15-16
Inch.
.26
.26
.26
.31
.31
.29
.25
.25
.25
.24
.22
.22
.22
.22
.22
.21
.21
1-inch &
longer.
.83
.83
.88
.92
.92
.85
.76
.79
.79
.78
.66
66
.68
.66
.66
.6e
.64
Manchester stock
Differences between grades established
for delivery on contract July 5 1929.
Figured from the June 27 average quotations of the ten markets designated by
the Secretary of Agriculture.
Middling Fair
White
. on
:1
Strict Good Middling.
do
Good Middling
do
51
Strict Middling
do
88
Middling
do
Basis
Strict Low Middlingdo
.73 off
Low Middling
do
1 60
Good Middling
Extra Mite
.51 on
Strict Middling
do do
.38
Middling
do do
even
Strict Low Middling.-- do do
73 off
Low Middling
do do
1 60
Good Middling
Spotted
.29 on
Strict Middling
do
.01 off
Middling
do
73
Strict Good MiddlIng___Yellow Tinged
04 off
Good Middling
do do
45
Strict Middling
do do
.92
Good Middling
Light Yellow Stained.1.08 off
Good Middling
Yellow Stained
1.42 off
Good Middling
Gray
.69 off
Strict Middling
do
1.68
Mid.
de
do
MM.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
Total American
East Indian, Brazttolc.Liverpool stock
London stock
Manchester sto,
k
Continental stock
Indian afloat for Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
64,000
52,000 129,000
506,000 734,000 984,000
178,000 273,000 251.000
a791.916 a892,005a1,223,823
a303,805 a437,961 a471,669
78.000
339.000
236,000
632,156
987.093
1.545
2,301,721 2,909,966 4,014,492 2.762,794
366.000
237,000
337,000
345,000
31.000
20,000
80,000
57,000
116,000 163,000
124.000 102,000
285.000 281.000
1 172.000 1.192,000
23.000
50,000
71,000
127.000
363.000
669,000
14,000
74.000
76.000
150,000
235.000
658,000
Total East India, &c
Total American
2.174,000 2,052.000 1,640,000 1,552.000
2.301.721 2,909,966 4,014,492 2.762,794
Total visible supply
Middling uplands. Liverpool...-4,475.721 4,961.966 5,654.492 4,314.794
10.33d. 12.49d.
7.11d.
9.264.
Middling uplands, New York
18.65c.
22.894.
17.10c.
18.25c.
Egypt, good Sakel, Liverpool
17.301. 22.55d. 18.00d. 17.254.
Peruvian. rough good.
Liverpool._
Broach, fine, Liverpool
Tinnevelly. good. Liverpool
14.50d.
8.604.
14.254.
10.864.
9.754.
11.004.
8.354.
11.754.
8.806.
16.004.
8.054.
8.604.
Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
Continental imports for past week have been 83,000 bales.
[Vol.. 128.
FINANCIAL CHRONICLE
4346
the
The above figures for 1929 show a decrease from last the week last year, and that for the season to date ago
weeek of 208,189 bales, a loss of 486,245 from 1928, an aggregate net overland exhibits an increase over a year
thicrease of 1,178,771 bales from 1927, and a gain of of 47,865 bales.
-----1928-29----- -1927-28
140,927 bales over 1926.
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
-that is,
TOWNS the movement
AT THE INTERIOR
13.090 8,974,983 30,851 8,227,656
Receipts at ports to June 28
561,404
609,269
2,253
1,324
the receipts for the week and since Aug. 1, the shipments for Net overland to June 28
5,086,000
the week and the stocks to-night, and the same items for the Southern consumption to June 28_116,000 5,338,000 115,000
130.414 14.922,252 148,104 13,875,060
corresponding periods of the previous year, is set out in
Total mIrketed
68,212
49.454 *25,279
*20.770
Interior stocks in excess
detail below:
mill takings
Excess of Southern
Movement to June 28 1929. I
over consumption to June 1_
Movement to June 29 1928.
Ship-Stocks
Receipts.
Ship- Stocks
June
s
ments. June ,
29.
eeek.
28. 1 Week. Season. 17Y n
Season. Week.
Week.
93,651,
20,4071
78,226;
58,782
78.659,
37,123
52,2771
49,464
32,342
109,734
48,704
125,938
35,636
4,980
50,863
128,554
283,082,
51,2911
68,417
39,506
98,326
153.894
36,085
160,418,
41,315'
37,200
18,150
27,888
372.843
29.279
5,505
4,994
8,225
5,713
4,607
3,569
6,027
1.683
1,000
6,817
1,218
688 9,303
686
1
1,577
200 1,591
1,4711 16,729
3,069, 37,463
443
50,
280 2,245
9.034
__
564 12,728
1,2581 18.843
925
,
32
1,2651 33,950
581, 1,272
243; 11,926
2271 . 1,773
142, 5,585.
2,788' 2,827
7211 9,930
564 743,936
278 5,309
175 772,765
3,000 227,026 4,000 30,115 3,297 323,528
7.893 84,383 5.3351,483.945
2,750 1.797,785
57,691
149
671
216
5 54,788
26,612
120
358
36
48,609
8
29,974
41
23 2,554
35,565
20
298 100,863
529 2,950
144 144,281,
75.470
18
88
77
91,166
72
29,779
100
14,921
_
266
37,665
1,932
43,113
58,774
985
65,834
28
62 90,603
490 2,411
200 146,541
.
Total. 56 towns 11,2675,962,948 29.177303,805 18.6845,481,874
•Includes the combined totals of 15 towns in Oklahoma.
4,165 20,740
6.678 30,879
11.039114.149
636
230
448
398
182 10,823
720. 19.990
8 1,091
436
408 3,892
2,113
716 4,576
Ala.,Birming'm
Eufaula _ _
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_ _ _
Little Reek_ _
New port _ _ _
Pine Bluff__ _
Walnut Ridge
Ga.. Albany _ _ _
Athen.s
Atlanta
Augusta.. _
Columbus __ _
Macon
Rome
La., Shreveport
Miss.,Clark'dale
Columbus_
Greenwood_
Meridian_ _
Natchez _ _ _ _
VicksburgYazoo City_ _
Mo.,St. Louis_
N.C.,Greensb'o
Oklahoma
15 towns*.....
S.C.,Greenville
Tenn.,Memphis
Texas, Abilene_
Austin
Brenham....
Dallas
Paris
Robstown_ _San Antonio_
Texarkana _ _
Waco
684
32
195
2
15
3
67
7
---_
518
700
300
156
10
5
19
237
19
1,562
174
55,634
15,352
58,113
57,689
88,025
28,707
57,050
57,663
33.272
118,939
47,798
142,734
39,114
3,712
29,515
134,366
249.383
52,946
53,804
35,946
145,674
146,617
31,305
190,650
49,839
33,825
24,935
39,343
472.019
26,602
1,068
2,014
6,423
3,238
4,995
2,269
3,450
338
850
4,946
295
-551.1 4.140
334
66
1.543
550 4.740
1,641 12,718
2.168 40,549
300 8,295
373 2,319
1,500 12.555
1,086: 9.451
655, 5.922
243
- 90
1,324 11,221
764
156'
1,183
312
59
124 1,683
1,655 13,140
376 10,951
1,322
5
15
41
849
247
506
625
212
184
208
12
34
414
7
60
22
214
40
7
-522
3,050
24
306
11
109
4
13
14.
17
2.587
84
993
207
710
472
286
254
527
1
99
367
*1,320
468.194
122,825
Came into sight during week _ _ _109,644
- 15,439,900
13,941,952
North.spinn's'takings to June 28 _ 19,052 1,369.265
13.078 1.388.044
Total in sight June 28
Receipts.
Towns.
----
* Decrease.
Movement into sight in previous years:
Bales.
19,033,190
16,114,689
14,722,109
Since Aug. 1Bales.
130,954 1926
106,273 1925
82.758 1924
Week-July 2
1927
-July 3
1926
-July 4
1925
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
18.75
18.70
18.65
18.75
18.55
18.55
Galveston
18.76
16.67
18.67
18.72
18.52
New Orleans__ - 18.52
18.25
18.15
18.15
18.15
18.00
18.00
Mobile
18.53
18.38
18.46
18:36
18.21
18.11
Savannah
18.63
18 56
18.50
18.56
18.38
18.35
Norfolk
18.80
18.65
18.80
18.60
18.60
18.60
Baltimore
18.69
18.63
18.56
18.69
18.56
18.56
Augusta
17.90
17.85
17.75
17.90
17.45
17.45
Memphis
18.65
18.60
18.50
18.60
18.40
18.30
Houston
17.70
17.70
17.70
17.60
17.45
Little Stock..... 17.45
18.30
18.25
18.15
18.00
17.80
17.80
Dallas
18.30
18.25
18.15
18.00
17.80
Fort Worth_
Week Ending
June 28.
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
42.040437,961
Saturday,
June 22.
Monday,
June 24.
Friday,
Tuesday, Wednesday, Thursday,
June 27.
June 26.
June 24.
June 28.
18.26-18.27 18.25,18.26 18.47 Bid 18.42-18.43 18.41 ---- 18.51-18.52
July
August- - September
18.54-18.55
October _ - 18.31-18.32 18.37-18.39 18.56-18.57 18.42-18.43 18.48-18.49
November
18.60-18.61 18.66-18.68 18.7148.73
December 18.49-18.50 18.58-18.59 18.76-18.77
18.52 ---- 18.62 Bid 18.80-18.81 18.64- Bid 18.68-18.69 18.73-18.74
January
February
18.91-18.92
March_ _ _ 18.64 ---- 18.72 Bid 18.93 ---- 18.79 Bld 18.87-18.88
April
Bld 19.00 Bid 19.87 Bid 18.96 Bid 19.00 bid
18.77
---May
Tone
Steady
Steady
Quiet
Quiet
Quiet
Quiet
Spot
Steady
Steady
Steady
Steady
Steady
Steady
Options __
The above total shows that the interior stocks have
during the week 20,770 bales and are to-night
34,156 bales less than at the same time last year. The
receipts at all tie towns have been 7,417 bales less than the
same week last year.
-The Government isINDIAN WHEAT FORECAST.
NEW YORK QUOTATIONS FOR 32 YEARS.
season
The quotations for middling upland at New York on sued as of May 30 its fourth wheat forecast for theplanted
of 1928-29. This report shows that the area now
June 28 for each of the past 32 years have been as follows:
9.904. is 31,855,000 acres, as against 32,128,000 acres planted a
12.50c. 1905
11.85c. 1913
18.65c. 1921
1929
10.85c.
11.65c. 1904
38.75c. 1912
23.00c. 1920
1928
yield is 8,410,000 tons, as com13.35c. year ago, and the estimated
14.80c. 1903
34.35c. 1911
17.05c. 1919
1927
9.25c. pared with 7,855,000 tons last year. We give below a sum14.95e. 1902
31.90c. 1910
18.50c. 1918
1926
8 81c. mary of the report:
12.00e. 1901
27.15c. 1909
24.60c. 1917
1925
9.75c.
11.60c. 1900
13.10c. 1908
decreased
1924
1923
1922
30.05c. 1910
28.55c. 1915
22.10c. 1914
6.06e.
6.38c.
13.15c. 1899
10.80c. 1898
9.55c. 1907
13.25c. 1906
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
dosed on same days.
Spot Market
Closed.
Futures
Market
Closed.
Saturday--- Wet,15 pts.decl- Barely steady..
Monday....- Quiet,unchanged __ Steady
Tuesday --- Quiet, 15 pts. adv.__ Steady
Wednesday_ Steady,10 pta. adv _ Steady
Thursday -- Quiet,5 pls. decline_ Steady
Steady, 16 pts. adv_ Steady
Friday
Spot. Contr'ct Total.
700
700
300
100
300
100
2.594
2,594
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
June 28-ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston. &c
Between interior towns
Inland, &c.,from South
-1927 28
-1928-29Since
• Since
Week. Aug. 1.
Week. Aug. 1.
2.788 369,570
655 458.535
1.
84,244
250 242,576
165
5,67314,064
100
31,357
44.563
372
-428
3,827 221,828
3,404 248.772
4,863 619,996
3,875 394,978
10.982 1.434.839
10,745 1,301,317
118.394
21,320
685.856
517
336
7.639
88.254
22.853
628,806
- 9,658 825,570
Total to be deducted
Leaving total net overland * _ 1,324 609,269
*Including movement by rail to Canada.
8,492
739,913
2,253
561,404
937
379
8.342
The foregoing shows the week's net overland movement
this year has been 1,324 bales, against 2,253 bales for
(1) AREA (IN ACRES).
1928-29
(May 1929)
11,263,000
7,183,000
3,315.000
2,428,000
1,212,000
1,066,000
123,000
51,000
31,000
1,882,000
1,020,000
1,095,000
1,101,000
82,000
3,000
SALES.
100 3,694
3,594
177.387 488.200 665,587
Total_
Since Aug. 1
This forecast is based on reports received from Provinces and States
The
which comprise a little over 98% of the total wheat acreage of India. areas
returns, therefore, cover practically all the important wheat-growing
in India. The final memorandum on the wheat crop will be published.
as usual,in the second week of August.
with
The total area is now returned at 31,855,000 acres, as compared The
32.128000 acres (revised) at this time last year, or a decrease of 1%• (re
8.410,000 tons, as against 7,855,000tons
total yield is now estimated at
viserl) at this time last year, or an increase of 7%.
As reported in the third forecast, in April last, the condition of the crop
Is on the whole fair.
The detailed figures are as follows:
Provinces and SlatesPunjab (a)
United Provinces (a)
Central Provinces and Berar (a)
Bombay (a)
Bihar and Orissa
North-West Frontier Province
Bengal
Delhi
,
Ajmer-Merwara
Cenjral India
•
Gwallor
Ra1Putana
Hyderabad
Baroda
Mysore
31,855,000
Total
b Revised.
(2) YIELD.
1927-28
1928-29
(May 1929) (May 1928)
(Tons)
(Tons)
2,791,000
3,389,000
2,397.000
2,516,000
1+1 Inc. or
1927-28
(may 1928)(-)Decrease.
10,282,000
7,589,000
(6)3,786,000
(6)2,380,000
1,199,000
981,000
107,000
47,000
39.000
(8)2,016,000
1,445,000
1,135,000
1,034,000
85,000
3,000
+981,000
-408,000
--471,000
+48,000
0
+13,00
+85,000
+16,000
+4,000
-8,000
-134,000
-425,000
-40,000
00
+67.0
-3,000
(8)32,128,000
-273.008
a Including Indian States.
1.70071M and statesPunjab (a)
United Provinces (a)
Central Provinces and
535,000 (6)619,000
519,000 (16596,000
418,000
513,000
224,000
224,000
22,000
32,000
19,000
8,000
15,000
8,000
230,000 (8)268,000
147,000
193,000
237,000
192,000
81,000
62.000
21,000
8,000
(c)
1,000
-84,000
-77,000
+95.000
8,410,000 (8)7,855,000
+555.000
Bentz (a)
Bombay (a)
Bihar and Orissa
North-West Frontier Prey..
Bengal
Delhi
Aimer-Merwara
Central India
Gwalior
11.10Putana
Hyderabad
Baroda
Mysore
Total
-Inc.(+) or -Yield per Acre
Dec.(-). 1928-29 1927-28
(Tons)
(Lim)
(tbs.)
608
670
+578,000
708
785
+119,000
a Including Indian States.
b Revised.
+10,000
-11,000
-7,000
-38,000
+46,000
-45,000
-19,000
-13,000
c 500 tons..
362
479
948
471
583
351
578
274
424
393
126
219
448
366
561
781
511
461
906
862
298
228
468
175
553
373
591
548
.1
NE
29 19291
FINANCIAL CHRONICLE
4347
EGYPT ALTERS COTTON PLAN.
-A special cable
The above statement shows: (1) That the total receipts
the New York "Times"from Cairo,Egypt,on June 25 said:to
from the plantations since Aug. 1 1928 are 8,973,199 bales;
A sensation was caused in the cotton market here
to-day by a reversal by in 1927-28 were ,8271,5
the Government of an earlier decision to sell its
07 bales, and in 1926-27 were 12,210,stopk of cotton and make
further purchases of the new crop.
796 bales. (2) That, although the receipts at the outports the
It was officially announced that the Government had
decided to postpone past week were 13,090
further sales indefinitely owing to the low
bales, the actual movement from
immediately dropped another $2, which has prices prevailing. Staples plantations was nil bales,
greatly
stocks at interior towns
interests that have been clamoring for Government perturbed cotton
action to save the having decreased 20,770 bales during
situation.
the week. Last year
receipts from the plantations for the
ACTIVITY IN THE COTTON SPINNING INDUSTRY bales and for 1927 they were 5,512 bales. week were 5,572
FOR MAY.
-Persons interested in this report will
in our department headed "Indications of Business find it
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Activity," on earlier pages.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
WEATHER REPORTS BY TELEGRAPH.
-Reports to since Aug. 1 for the last two seasons from all sources from
us by telegraph this evening denote that within the last
few which statistics are obtainable; also the takings or amounts
days there has been a little too much rain in some section gone out of sight for the like period:
s
of the cotton belt. This rain has retarded cultivation
and
Cotton Takingi,
1928-29.
1927-28.
promoted activity of boll weevil. Except in such
Week and Season.
sections,
however, cotton has made good progress. Temper
Week.
Season.
.
Week.
Season.
atures
have averaged near normal.
Visible supply June 21
4,683,910
5,177.736
Visible supply Aug. 1
4,175,480
4.961.754
Texas.
-Cotton in this State averages fairly good and
America
the Bombayn in sight to June 28_ ____ 109,644 15,439,900 122.825 13.941,952
receipts to June 27_ _
49,000 3
week's progress has been very good. Cultivation
.180
.000
34.000 3.331.000
has ad- Other India ship'ts to June 27..
6,000
638.000
19,000
627.500
Alexandria receipts to June 26__
vanced satisfactorily. Plants are fruiting fairly
400 1.600,800
1,200 1,281.860
well in Other supply to June 26.* b. _
5,000
588,000
15.000
585.000
the South.
Total supply
4.853,954 25.622,180 5,369.761 24.729.066
Mobile, Ala.
-Excessive rains in cotton districts retarded
Deduct
Visible supply June 28
4,475.721 4,475,721 4,961.966 4.961.966
cultivation and gave grass a new start. Slight damage
by
Total takings to June 28_a
washouts. Conditions favor boll weevils.
378,233 21,146,459 407.795 19,767.100
Of which American
270,833 15,279,659 272.595 14,411,740
Memphis, Tenn.
Of which other
-There has. been no rain and the con107,400 5.866.800 135,200 5.355.360
dition of cotton plant continues good.
*Embraces receipts in Europe from Brazil, Smyrna, West
Indies, ate
a This total
Rain. Rainfall. --Thermometer
1 day 0.02 in. high 94 low 74 mean
1 day 0.10 in. high 98 low 66 mean 84
1 day 1.78 In. high 100 low 64 mean 82
82
2 days 0.78 in. high 92 low 72 mean 82
1 day 0.02 in. high 94 low 74 mean 84
dry
high 98 low
mean 82
dry
high 106
83
1 day 0.54 in.
86 low 58 mean 72
dry
high100 low 60 mean 80
dry
high 100 low 66 mean 83
dry
high 98 low 66 mean
1 day
1.54 in. high 94 low 66 moan 82
80
1 day
1.56 in. high 94 low 66 mean 80
3 days 1.54 in. high 96 low 64 mean
80
dry*
high 96 low 68 mean
1 day 0.16 in. high 96 low 66 mean 82
81
dry
high 98 low 60 mean 79
3 days 2.59 in. high 96 low
,__ A day 0.44 in. high 102 low 60 mean 78
59 mean 81
4 days 2.02 in. high 87 low 57 mean
3 days 1.10 in. high 98 low 61 mean 72
80
1 day 0.40 in. high 94 low
2 days 1.70 in. high 94 low 59 mean 77
66 mean
2 days 2.13 in. high 89 low 65 mean 80
1 day* 0.16 in. high 98 low 65 mean 77
3 days 1.50 in. high 100 low 68 mean 82
84
6 days 3.81 in. high 94 low 67 mean 81
4 days 1.59 in.
mean 82
4 days
0.2 in. high 97 low 67 mean 82
3 days 2.29 in. high 100 low 69 mean 85
1 day 1.07 in. high 98 low 67 mean 83
2 days 0.09 in. high 91 low 70 mean 81
5 days 9.58 in. high 97 low 70
79
5 days 3.09 in. high 93 low 66 mean 80
mean
5 days 3.79 in. high 97 low 68 mean 83
5 days 3.64 In. high 97 low 69 mean
4 days 2.02 in. high 94 low 69 mean 83
6 days 1.45 in. high 97 low 69 mean 82
83
4 days 0.64 in. high 92 low 69 mean 80
3 days 0.64 In. high 96 low 65 mean 81
6 days 2.08 in. high 96 low 70 mean 83
6 days 2.89 in. high 99 low 69 mean 84
4 days 1.07 in. high 91 low 71 mean 81
5 days 4.47 in. high 98 low 66 mean 82
5 days 1.33 in. high 94 low 68 mean 81
4 days 1.03 In. high 92 low 72 mean 82
5 days 1.95 in. high 92 low 66
77
5 days 2.46 in. high 92 low 68 mean 80
mean
5 days 1.58 In. high 95 low 65 mean 80
dry
high 91 low 64 mean 78
Galveston,Tex
Abilene.'rex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches,Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Ardmore, Okla
Altus. Okla
Muskogee. Okla
Oklahoma City, Okla
Brinkley, 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. C
Greenwood, S. 0
Columbia,S. C
Conway, S. 0
Charlotte, N. C
Newborn, N.C
Weldon N. C
Memphis, Tenn
sa
The following statement we have also receive
graph, showing the height of rivers at the points d by telenamed at
8 a. m. of the dates given:
June 28 1929. June 29 1928.
Feet.
Feet.
18.0
13.6
2 1.9
34.9
14.0
31.0
10.8
22.2
46.3
45.2
New Orleans
Memphis.__
Nashville
Shreveport
Vicksburg
Receipts at Ports.
1929.
I
INDIA COTTON MOVEMENT FROM ALL PORTS The receipts of India cotton at Bombay and the shipme.
nts
from all India ports for the *eek and for the season from
Aug. 1, as cabled,for three years, have been as follows:
1928.
1927.
Stocks at Interior Towns.
1929.
1928.
1927.
1929.
1928.
1927.
22..
29.
07.088 76,637185.888 781.667 887.1701.036,360
78,0411 88.473 168.766 752,959 863,788 984.188
Apr.
6-- 59,884 80.232 140.928 711.349 835,361 922,735
12.. 48,659 73,019131,290 079.205
889,925
19.. 57,351 72.882 102,397 646.881 803.203 1,541,773
773,381
26._ 56.917 92,378 86,136 615.322 737.026 824.698
M4Y
3.. 31.241109.891103.689 564.846 691.224 784,478
10.. 40.133110.912 89.089 612.890 649.289 742.667
17__ 27.09o. 84,323 73.651 481.152 620.320 710,044
24._ 31.129 59.759 67.486 440.703 587,760 656.451
81.. 30.429 54.183 68.264 418.598 558.886 613.917
June
7.. 24,368 37.809 66.037 381.20: 523.060 575.095
14_ 17,318 38,902 39,460 352,656 493.693 534,914
21-- 18.466 26,447 45,396 324,57., 463,240 503,000
as
1.2 non :in 551 38.843 303.8051 437.961 4,1.669
18.274
16.615
26,027
25.368
61.805
40,861
43,060
59.006
79.47f
98,791
88.198
60.161
765 64,089
68,977
55,354
27.199
2.319 25.309
68,471
47,278
41,028
13.891
26.738
NI1
Nil
NI1
N11
17,211
11.275
13,481
5 A 17
2.083
9.636
N11
5.572
1926-27.
Since
Aug. 1.
Week.
Since
Aug. 1.
49.0003.180.000 34,000 3,331,000 45,000 3.027,000
For the Week.
Exports
from
-
Since August 1.
Great Conti- Japan&
Great
Britain. nen.. China. Total. Britain.
I
Bombay
1928-29 _ _
1927-28 1926-27 _ _
Other India
1928
-29_ _
1927-28 _ _
1926-27._
Total all
1928-29._
1927-28__
1926-27._
12,000 110001 29,000
12,000 25,000 37,000
21,000 34.000 55,000
Conti- 1Japan & I
eons.
China. I Total.
65.000 764,000,1,637,000 2,466,000
86.500 644,00011,221,000 1.951,000
18,000 361,0001,541.000 1,920.000
6.000
6,000 107,000 531,0001
16,000 25,000 19,000 108,500 519,000,
7,000 34.000 1000 42,000 406.000,
__I 638,000
I 627,500
448.000
4,000 18.000 13,000 35.000 172,000 1,295,000 1,837,000
3,000 28,000 25.000 56,000 194,500 1,163,000 1,221,0003,104,000
1,000 28,000 34,000 63,000: 60.000 767,000 1,541.0002.578,500
2.368.000
According to the foregoing, Bombay appears to show
increase compared with last year in the week's receipts an
of
15,000 bales. Exports from all India ports record a decrease
of 21,000 bales during the week, and since Aug. 1 show
an increase of 525,500 bales.
MANCHESTER MARKET.
-Our report received
cable to-night from Manchester states that the market by
in
both yarns and cloths is 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:
1929.
32 Cop
Twist.
Mar.-
June
14
64.230 47,561 124.71'1
49.333 65.091 116,594
1927-28.
Since
Week. I AU . 1.- Week.
Bombay
Receiptsfrom Plantationt
Mar.
1928-29.
June 27.
Receipts at
-
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
RECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each-The folweek from
the plantations. The figures.do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
West
Ended
embraces since Aug. 1 the total estimate
Southern mills. 5.338.000 bales in 1928,29, and 5,086.00 d consumption by
takings not being available-and the aggregate amounts 0 bales in 1927-28
and foreign spinners, 15.808,459 bales in 1928-29 and taken by Northern
14,681.1
1927-28, of which 9,941,659 bales and 9,325,740 bales American00 bales in
.
It Estimated.
1928.
84 Lbs. Shirt- Canon
Wigs, Common !Iftrldep 32. cos
to Finest.
UpPds. Twist.
am
Lb.. Shirt- Cotton
Mos. Common Middre
to P400.
d
a
.d
131401854 13 4
11554016% 13 4
11134 01514 13 8
15%016% 13 2
151401634 13 2
US 616 13 0
e. d.
@13 7
013 7
d
d
d.
11.10 1534017
10.96 15Si6:017
013 6
013 4
013 4
013 0
10.73
10.89
10.69
10.23
14,‘01544 12.7
1440164 12 7
1440154 12 7
1440154 12 7
144(41541 12 7
613
013
613
013
(413
1
1
1
1
1
10.02
10.08
10.26
10.11
10.20
164017%
16 @1734
16 (4174
16 01734
3
3
3
3
014 5
ey.,14 5
0414 5
@145
11.60
10.08
11.71
11.46
11.47
1440154 12 7 013 1
1434(4154 12 7 013 1
1440154 12 7 0,13 1
144e 154 12 7
13 1
10.27
10.33
10.25
10.33
16 0174 14 3
16 (51734 14 2
164 @1734 14 3
1634a1834 14 6
4414 5
@144
014 5
0150
11.45
11.39
11.65
12.49
s. d
s.d.
014 0
4141
1534(417 13 7 014 1
15%017% 14
014 2
15;(017% 14 0 @142
16 1§174 14 1 4143
1634617% 14 2 @144
136
136
14
14
14
14
a.
10.96
10.413
10.91
11.11
11.26
11.61
ALEXANDRIA RECEIPTS AND SHIPM
-We
now receive weekly cable of the movements ENTS.
Alexandria, Egypt. The following are the of cotton at
receipt and
shipments for the past week and for the correspondingsweek
of the previous two years:
Alexandria, Egypt.
June 26.
Receipts (cantors)
This week
Since Aug. 1
1928-29.
1927-28.
1926-27.
2.000
8,066.814
6,000
6,065,352
21,000
8,588.599
FINANCIAL CHRONICLE
4348
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
228,242
3,000 177.554 6,250 154,926 5.250 182,932
To Liverpool
____
____ 162,840
174.491
To Manchester,&c
472,769 3,750 392,108 6,000 392,254
6,000
To Continent and India
179.102 4,250113,807 11.750147.936
To America
9,000 1,003,916 14,250 823,681 23,000 951,364
Total exports
750 lbs.
-A canter is 99 lbs. Egyptian ba es weigh about June 26 were
. Note.
the week ending
This statement shovre hat the receipts for000 bales.
foreign shipments 9
2,000 canters and the
This Since
Week. Aug. 1.
;export (hales)-
[VOL. 128.
BREADSTUFFS
New York, Friday Night, June 28 1929.
readily
Flour was steady but quiet. Prices, however,
the movements of the wheat market. Prices
responded to
The
later declined with trade still slow and uninteresting.
on the 27th were 32,000 bbls. to Europe. The
clearances
00 in May
output in Nay was 9,335,000 bbls. against 8,712,0
-Shipments in detail:
SHIPPING NEWS.
e is 623,000 bbls. over last year. Flour
Bales. last year, the increas
a barrel
-June 19-0akman,833.. .June 23- 1,975 prices to-day were advanced on an average 10c.
GALVESTON-To Bremen
Seydlitz„ 1,142
1,141 on the strength of wheat.
To Rotterdam-June 19--Oakman,1,141
-150
150
pointing
To Copenhagen-June 19-Stureholm,150
150
Wheat advanced with Canada's crop reports bad,
-June 19-Stureholm,
To Gothenburg
50
of 200,000,000 bushels as comTo Oslo-June 19-Stureholm,50
to a decrease on the yield
June 24To Barcelona-June 21-Mar Blanco. 2,925___
5,708
from the American
Monfiere,2,783
500 pared with last year; also some reports
-Mar Blanco,500
June 21
To Malaga1,517
, 1,517
unfavorable, the weather being
--Texas Meru
To China-June 26
200 Spring wheat belt were
-Colorado Springs,200
-June 15
4c. net
To London
2,775 too dry. On the 22nd inst. prices advanced 2 to 21
-Texas Meru,2.775
To Japan-June 26
1,900
To Genoa-June 24-Monflere, 1,900 925
6,925 at Chicago and 2% to 43c. at Winnipeg on insufficient
To Murmansk-June 25-Weissesseedi, in Salle,671
671
bad
-De
-To Havre-June 21
NEW ORLEANS
-Hamelin.
rains in the American and Canadian Northwest and
-West Gambo,250---June 24
-June20
To Bremen
800
the Southwest. The Texas Chamber of
550
4.064 crop reports from
To Genoa-June 21-Monfiere,4,246; Liberty Bell,818
14.404
the Texas crop had been cut 20% by
To Murmansk-June 21-AdolfLeonhardt,14.404
550 Commerce said that
a,550
To Barcelona-June 21-Prus
855
principal producing sections of northIn the
--Hameln,855
-June24
To Hamburg
100 hot winds.
-Chester Valley,100
-June24
To Trieste
25 central Oklahoma the yield, it was declared in some private
-June 25--Polyblus,25
To Belfast
100
g.
-Brynhild, 100
To Gothenburg-June 25
6.425 reports, had been reduced 25 to 30% by premature ripenin
-Hawaii Mani,6 425
-June 25
To Japan
2,750
in one case put at
-Hawaii Meru, 2,750
To China-June 25
835 The probable yield of Oklahoma was
CHARLESTON-To Bremen-June 20-Peseiden, 835
751
55,000,000 on June 1st. ForTo Hamburg-June 20-Peseiden, 751
204 45,000,000 bushels as against
-June 20-Peseiden, 204
To Ghent
the 24th inst.
223
20-Peseiden, 223
eign crop news was generally favorable. Oii
To Rotterdam-June
166
-Darien. 166
-June 20
To Liverpool
854 prices advanced 1 to 11 3c. net at Chicago and 2% to 2%c.
,(
-June 20-Darian.854
To Manchester
..June 27
Spring
-To Japan-June 20-Yokuuye,765...
LOS ANGELES
1.425 at Winnipeg on bad crop reports from Winter and
Rake Marti,660
-June 22-Peseiden, 159-June 25- 1,150 belts of America and Canada. That meant lack of rain in
Bremen
SAVANNAH-To
Magmeric, 1.000
115
est and too much of late
-June 25-Magmeric, 115
To Hamburg
644 the American and Canadian Northw
-June 26-Darian,644
To Liverpool
252
wheat belt. The Northwest
or the Winter
-June 26-Darian,252
To Manchester
650 in the Southwest,
-Bellflower.650
-To Manchester-June 24
NORFOLK
100 and Canada had some needed rain, but not enough. Some
-Lubeck, 100
To Bremen-June 25
163
,7
-June 21-Caledonia, 156; Samaria
-To Liverpool
NEW YORK
100 damage was reported in the Dakotas. Bad reports came
To Rotterdam-June 21-Nieuw Amsterdam, 100
100
the Winter
To Genoa-June 21-Cares,100
100 from Kansas, Oklahoma and other sections of
-America, 100
To Bremen-June 25
100
tninghelm, 100
crop of these two States
-June 25-Dret
To Gothenburg
678 wheat belt. One said that the
-Texas Marts. 678
HOUSTON-To Japan-June 22
1,389
loss and that in some sections the crop
-West Cohas, 1,389
To Manchester-June 27
2.501 showed serious
-Texas Maru,2,501
To China-June 22
748 would be about 33 1/3% smaller than estimated a few
-West Cohas, 748
-June 27
To Liverpool
1,939
of
-Endicott, 1,939
To Bremen-June 26
3,659 weeks ago. The opinion was hazarded that the crop
-Cripple Creek,3.659
To Genoa-June 27
4,200
-Ada 0,4,200
To Genoa-June 27
exceed the final total
WILMINGTONWinter wheat on July 1st would not
77,781
an
Total
of 579,000,000 bushels last ye. The total North Americ
ent rates for cotton from crop was also privately estimated at about 250,000,000
-Curr
COTTON FREIGHTS.
are
for fair and
New York, as furnished by Lambert & Burrowes, Inc.,
bushels less than last year. The forecast was
cents per
as follows, quotations being inRich Stand-pound: High Band- somewhat warmer weather. No export business in hard
StandHigh
Density. ard.
Density. ard.
Density. ard.
foreign advices indicated that
.50c. .65c. Shanghai .685je. .835(6. Winters was reported though
Liverpool ,45c. .800. Oslo
Mc. .750.
had
Stockholm .80c. .75c. Bombay
.80c.
Manchester .45c.
consumers abroad were showing more interest and
.800.
.450.
Bremen
.50c. .65c.
Antwerp .45e. .80c. Trieste
.80c.
.85c. Hamburg .45c.
.50c.
.460. Flume
of Argentine wheat in the last two days, owing
.31c.
Havre
bought freely
.75c. .90c.
.45c. .800. Piraeus
Rotterdam .45c. .80c. Lisbon
in the
.90c.
.750.
.110c. .760. Salonica
.85c. Oporto
.50c.
to its relative cheapness. Receipts of old wheat
Genoa
.850.
.50c.
Barcelona .30c. .450. Venice
were large for this time of the year. The United
.785(0.
Southwest
.635(0.
Japan
-By cable from Liverpool we have the fol- States visible supply deereased last week 1,283,000 bushels
LIVERPOOL.
at that port:
lowing statement of the week's sales, stocks, &c., 21. June 28. against 2,705,000 last year. The total is now 92,149,000
June 7. June 14. June
31,000 bushels against 41,065,000 a year ago. Liverpool closed
43,000
41,000
58,000
Sales of the week
17,000
25,000
26,000
44,000
n
Of which America
2,000 strong at a net advance of 3% to 3%d., while the Buenos
2.000
16.0001,000
Sales for export
59,000
60,000
62,000
65,000
/
ed
up 3% to 414c. World's
Forward
911.000 882.000 845,000 824,000 Aires market on the second call was
Total stocks
955,000 523,000 483,000 958,000
Of which American
week were 17,578,000 bushels, and the
30,000 shipments for the
38,000
29,000
55,000
Total imports
a de10,000
13 000
5,000
20.000
Of which American
quantity on passage 58,304,000, the latter showing
127 000 131 000 131 000 128,000
afloat
Amount
20,000 crease of about 3,000,000 bushels for the week. The total
29 000
32 000
31 000
Of which American
futures amount in sight was 92,149,000 bushels. The total North
The tone of the Liverpool market for spots and
of the past week and the daily closing prices of American visible supply was 179,692,000 bushels, a net
each day
spot cotton have been as follows:
decrease for the week of 2,636,000 bushels.
and 2 to
Tueday, Wednesday, Thursday, Friday,
On the 25th inst. prices declined 1%c. in Chicago
Saturday, Monday,
Spot.
n
.21Ac. in Winnipeg owing to reports of rains in Wester
Market,
Quiet.
Quiet.
More
Quiet.
Quiet.
12:15.1 MOderate
t of further showers. Liverpool closed
Canada and a forecas
demand.
demand.
P. M.
freely of Plate
10.336. unchanged to %d. lower. Europe bought
I0.386
I0.356.
10.186.
10.16d.
10.20d.
.Uprds
Mid
no export demand appeared
wheat overnight. Practically
4,000
5,000
7,000
8,000
6,000
5,000
Sales.
for either American or Canadian wheat. Rising temperaQuiet
Quiet
Steady
Steady
Steady
Quiet
.
Futures.1
to 4 pts. to 4 DU. 2 to 3 pts. tures were indicated. Bradstreet's world's visible supply
9 tp 10 pts. 5 to 7 pts. 3 to 5 pts 3advance, 3 decline.
Market
decline.
advance,
decline,
decline,
opened
for the week showed a decrease of 9,695,000 bushels against
Q't but'try Steady Barely sty Q't but sty Q't but st'7 a decrease last year of 8,526,000 bushels. Weather conQuiet
Market. I
t o 4 1010 11 pts 2pts.ad.tol 2pta.adv.to 1 to 4 ins.
7 Dts. unch'd
4
pts. adv. advance. pt decline. 2 pin. decl. decline.
decline.
ditions were very favorable for harvesting and maturing of
P. M.
below: the hard Winter wheat crop, and if dry weather prevails it
Prices of futures at Liverpool for each day are given
is believed that the receipts of new wheat will increase
Fri.
Thurs.
Wee.
Mon. I Tues.
Sat.
have refused to
June 22
; 4.00 sharply in short order. Foreign buyers
12.1512.30 12.15 4.0012.15 4.11 12.15, 4.0012.15 4.0012.15
to
m• follow the recent advance in price and Manitoba sales have
p.m p.m.IJ• m• P. m•P• m• .m.'D. m.D. m.P. m.D.
June 28. p.m.
d.
d.
d.
d. d.
d.
been moderate. Argentine wheat was still at a good
d. d. 1 d.
d. d.
d.
9.98 also
9.98
9.85 9.81 9.81 9.83, 9.91 9.95 9.98 9.92 10.00 9.98 9.91
June
an wheat.
9.94 9.91
9.93
9.85 9.81 9.81 9.83 9.91 9.95 9.94 9.92 9.94 9.911 9.90 discount under Americ
July
while
9.86 9.82 9.82 9.84' 9.92 9.98 9.93 9.90 9.92 9.90 9.90
/
August
On the 26th ink. prices declined 14c. at Chicago,
9.96
9.85 9:82 9.82 9.84' 9.92
September
9.88
9.82 9.80 9.81 9.84 9.91 9.95 9.91 9.88 9.90 948 9.87 Winnipeg was 14c. lower to %c. higher. Early prices at
/
October
9.89 9.87
_ - 9.81 9.78 9.79 9.82 9.90 9.94, 9.90 9.87 9.90 9.88; 9.89
November_ - _
na had
9.88
9.82 9.80 9.81! 9.84 9.92 9.95' 9.92 9.88 9.91 9.891 9.90 Chicago were about 2c. lower. A rumor that Argenti
9.81 9.82 9.85 9.9 9.96 9.92
anuary(1930)- -- -- 9.83 9.81 9.82 9.85, 9.9 9.95 9.92 9.88 9.92 9.901 9.91 or was about to prohibit exports of wheat caused a rally of
9.83
ebruary
9.96 9.94 9.94
reports.
9.88 9.88 9.87, 9.90, 9.97 10.0CN 9.97.9.92 9.97 9.95 9.95
Marcb
9.93
about 3c. The Dakotas sent unfavorable crop
9.89 9.87 9.88 9.911 9.98 10.01 9.98 9.94
1
April
, .
.
9.89 9.88 9.89 9.92,-9.99 .
also rather bad. OfferMay
est were
9.87 9.88 9.91' 9.98 10.01 9.98 9.93 9.97 9.95' 9.95 Advices from the gbuthw
June
9.88
4349
FINANCIAL CHRONICLE
JUNE 29 1929.]
jugs increased on the advance and prices declined sharply.
There were fairly good rains in Canada over night and
indications pointed to further scattered showers and comparatively cool weather. Little or no rain fell in the American Northwest, but the forecast was for unsettled weather.
Crop news from Australia was unfavorable, however.
On the 27th inst. needed rains fell in the American and
Canadian Northwest and prices dropped 2 to 2%c. Winnipeg ended 2e. lower. Bad crop reports from Canada were
largely ignored. It is true that Liverpool ended 1%d. higher
on dry weather in Argentina and Australia as well as a
better demand.. On the other hand, in the Southwest the
weather was very favorable for harvesting and threshing,
which promise to be general by the end of this week. Some
of the crop returns are disappointing as compared with the
early expectations, but they are better than some expected
last week. By the first part of next week there may be a
liberal movement of new Wheat under way. Important export demand was lacking. The "Modern Miller" said today: "Kansas reports indicate a decline in condition of
Winter wheat, but favorable advices come from Western
sections and State as a whole is still having a prospect of
good crop. Oklahoma fields falling below early expectations. Nebraska promises very good. Spotted conditions
prevail in Indiana and adjoining territory in Illinois. Other
portions of Illinois as well as Indiana and Ohio show promising condition. Cutting is starting in most States. Complaints of dry weather and wheat heading short come from
the Northwest.
To-day prices ended 2%c. higher on the strength of Winnipeg, which advanced 3% to 4%c. Taking the Canadian
pool condition report as a basis and allowing for a 10%
increase in acreage, the Spring wheat crop in the Western
privinces of Canada was figured at 315,000,000 bushels
against 500,000,000 last year. The free press report which
is due to
-morrow is also expected to be bullish. Australia
sent advices to the effect that prospects are only for a half
crop unless rains come soon. And reports were still being
neceived of smaller yields in the Southwest. Canada,
Minnesota and North Dakota had rains. Export sales were
estimated at 400,000 bushels. Argentine exports for the
week were 6,022,000 bushels, indicating world's shipments
this week of 14,643,000 bushels. Final prices show an advance for the week of 1% to 2%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
was a fair shipping demand. The weather was favorable
for the new crop, but numerous reports state that the crop
is late. December was in good demand. On the 27th inst.
prices fell % to 1%c. net on scattered liquidation. The
crop news was not good, but the weather was better; that
is, dry and warm. Country offerings to arrive increased
Somewhat. Shipping demand was not at all stimulating.
To-day prices advanced % to 1%c. with wheat higher
2nd showery weather in some sections. The weather generally was good, however. There was a fair cash demand
and country offerings were light. The cash basis was firm.
Final prices show an advance for the week of % to 1%c.,
the latter on July.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri.
109% 108% 107% 108% 107% 109%
No.2 yellow
DAILY CLOSING PRICES Or CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
92$
9334 92% 92% 92% 91
July
9334 9334 9334 94% 93
94
September
91% 92
9014 91
90
90
December
Oats were quiet, and with good weather declined moderately. On the 22nd inst. prices closed % to %c. higher,
with other grain up. But the trading in oats lacked striking features. Speculation was inclined to be slow. All
eyes were on other grain. On the 24th inst. prices ended
practically unchanged. Early in the day they were % to
%c. higher. The United States visible supply decreased last
week 355,000 bushels against 878,000 last year. 'The total
was 7,550,000 bualels against 4,281,000 a year ago. A few
offerings of new oats appeared. No keen demand appeared
for old oats. The weather early in the week was favorable.
,c
On the 25th inst. prices declined 1 3 to %c. Crop reports
were generally good. The weather was excellent for maturing the crop. Country offerings of new oats increased
slightly. Consumptive demand was rather slow. On the
26th inst. prices ended unchanged to %c. lower, with a
light trade. Shipping demand was light. Receipts were
small. Crop reports, however, were generally favorable.
On the 27th inst. prices ended % to 7
/ lower, with crop
(3c.
reports generally favorable. Recent weather conditions
have been excellent for maturing the grain. Cash demand
rather lagged. To-day prices ended % to %c. higher in
response to the advance in wheat. Shorts covered. Crop
advices cut both ways. The cash market was steady, but
there was only a moderate cash demand. Final prices show
a decline for the week, however, of % to le.
Sat. Mon. Tues. Wed. Thurs. Fri.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
140% 145 143% 143% 141% 143%
No.2red
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
57
57
57 57
5634 5634
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
DAILY CLOSING PRIORS OF OATS FUTURES IN CHICAGO:
Sat. Mon. Tues. Wed. Thurs. Fri.
July
114 1145, 11i5
110 111%
Sat. Mon. Tues. Wed. Thurs. Fri.
September
July
1183
44% 44% 44% 44
43% 43
1
December
1234 123g 1214 1241 September
44% 44% 44% 44% 43% 42
December
46
47
46% 46% 46
47
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
124 126% 124% 124% 12434 1263(
50
October
49% 49
122 124% 122% 122% 122% 125% July
50% 51% 50
October
52%
December
51% 51% 51
121 123% 121 121% 121% 124
52% 53
December
493-4 4934 4934 50%
50% 51
Indian corn advanced partly in sympathy and partly beRye responded, to the advance in wheat all the more
cause of rains and lateness of the crop. On the 22nd inst. readily because the rye crop outlook in the Northwest is
prices closed % to 1c. higher, partly in sympathy with the unfavorable. On the 22nd inst. prices ended 134 to 1%c.
rise in wheat. But liquidation in corn was heavy. That higher, largely because of the upward pull of wheat. Rye
caused unsettled prices. Fluctuations were irregular. The had no export trade to stimulate it. A certain amount of
weather was both good and bad. The tone was therefore covering was done. But speculation on the whole was disuncertain. On the 24th inst. prices ended unchanged to 14c. tinctly uneventful. On the 24th inst. prices, echoing the
/
lower after an early advance of 1 to 1%c. Crop reports are firmness of corn, closed % to 1%c. higher. At one time they
conflicting; some good and some not so good. The stand were 1% to 2c. higher. Numerous bad crop reports from
seems to be late. The crop needs excellent weather to catch the Northwest appeared. But there was no stirring demand
up. The weather was bad and the forecast was also some- and no mention of export business. On the 25th inst. prices
what so. Illinois is very late and some doubt whether it declined % to lc. in answer partly to the drop in wheat.
can get through in good shape. The United States visible Crop reports from the Northwest continued to be unfavorsupply increased last week 330,000 bushels against a de- able but no aggressive demand appeared from any source
crease in the same week last year of 1,948,000 bushels. The —least of all from exporters. On the 26th inst. prices were
total is 12,058,000 bushels against 18,376,000 last year. unchanged to %c. lower. The Northwest sent unfavorable
Country offerings were fairly large. Shipping demand was crop reports. The action of wheat largely influenced rye.
On the 27th inst. prices fell % to lc. with wheat. Unnot brisk. On the 25th inst. prices ended unchanged to 1%c.
higher, the latter for December. December was the leader. favorable crop reports still came from the Northwest, but
There was a decrease in the pig census of 8% in 11 corn buying power was small. There was no export business.
To-day prices advanced 1% to 2%c. In sympathy with
States. That was greater than had been expected. Good
wheat. Some unfavorable crop reports were received.
of December was noticed. Rains fell in parts of the There were good rains in some
buying
parts of the belt, but they
Central West. A better cash demand prevailed. Country attracted little attention. Export trade lagged. Final
prices show an advance for the week of 1% to 3%c.
offerings were smaller.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
On the 26th inst. prices, like those of wheat, declined
Sat. Mon. Tues. Wed. Thurs. Fri
early then rallied and finally reacted and closed at an July
486% 88
91
93
advance of % to %c. Country offerings were small. There September
December
96
97
96
96% 95% 98
IN Mg
814 814 8111 et
Closing quotations were as follows:
GRAIN
Oats. New York56%
No.2 white
55%
No. 3 white
Rye. New York
99%
10934
10634 Barley, New York
73%
Malting
FLOUR
Spring pat.high protein.$6.40 ®166.90 Rye flour. patents
$6.35@S6.60
_--. 6.050 6.40 Semolina No. 2, pound
334
Swim!, patents
2.700 2.75
Clears, first spring__ 5 60@ 5.90 Oats goods
2.7060 2.75
Soft winter straights_ 5.500 5.90 Corn flour
Hard winter straights- 5 65@ 6.15 Barley goods
Coarse
3.60
Hard winter patents- - 6.15% 6.65
Fancy pearl Nos 1.2.
5.00% 5.50
Hard winter clears
3and 4.
6.50@ 7.00
Fancy Minn. patents.. 8 05(4 8.60
8.150 8.85
City mills
Wneat, Nev York
No 2 red, fob
No 2 hard winter,f.o.b
Corn. New York
No. 2 Yellow
No.3 yellow
1.4334
1.25%
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:
Receipts at-
Wheal.
Flour.
Corn.
Oats.
Barley.
Rye.
bbls.198lb8 bush.60155.bush. 56153.bush. 32105.bush.481bs. bush.581b8.
12,000
99,000
480,000
448,000 1,835,000
217,000
Chicago
79,000
285,000 229,000
234,000
1,368.000
Minneapolis
65,000
23,000 202,000
38,000
1,164,000
Duluth
4,000
98,000 127,000
209,000
22,000
44,000
Milwaukee
3,000
62,000
43,000
23,000
Toledo
3,000
13,000
9,000
46,000
Detroit
280,000
564,000
9,000
Indianapolis
2,000
527,000
598,000 1,090,000
129,000
St. Louis
45,000
101,000
713,000
31,000
47,000
Peoria
62,000
792,000
1,431,000
Kansas City_
64,000
375,000
249,000
Omaha
•
9,000
198,000
75,000
St.Joseph _
2,000
67,000
758,000
Wichita
2,000
44,000
117,000
44,000
Sioux City_
Tot. wk.'29
Same week '28
Same week '27
437,000
401,000
432,000
6,266,000 6,284,000
2,887,000 4,003,000
4,154,000 6,128,000
2,050,000
1,447,000
2,443,000
709,000
571,000
670,000
163,000
136,000
217,000
Since Aug.122,314,000 57,424,000 251,198,000 134,121,00090,309,000 25,340,000
1928
22,112,000 29,917.000290,034,000145,888,00068,849,00035,103,000
1927
91 SIA7nnn,slo2c14080212.763.000 135 588.00020.966.000 29.818.000
1095
Flour.
I
Corn.
1Vheal.
Oafs.
Barley.
I
Total June 22 1929
92,149,000 12,058,000 7.550,000 6,592,000 5,349,000
Total June 15 1929._ _93,432,000 11,728,000 7,905,000 6,644,000 5,412,000
Total June 23 1928_ _ _41.065,000 18,376,000 4,281,000 2,530.000
921.000
Note.
-Bonded grain not included above: Oats, New York, 202,000 bushels:
Philadelphia, 3,000; Baltimore, 5,000; Buffalo, 263,000; Duluth, 17,000; total,
490,000 bushels, against 214,000 bushels in 1928. Barley, New York, 476,000
bushels; Boston, 3,000; Philadelphia, 22,000; Baltimore, 125,000: Buffalo, 1,955,000:
Duluth, 108,000; on Lakes, 928,000: total, 3,617,000 bushels, against 886,000
bushels in 1928. Wheat, New York, 3,804,000 bushels; Boston, 1,275,000; Philadelphia, 3,235,000; Baltimore. 3,650,000; Buffalo, 8,610,000; Buffalo afloat, 1,782,000; Duluth, 154,000; Canal, 1,359,000; total, 23,869,000 bushels, against 12.831,000 bushels in 1928.
Canadian
6,271,000
1,462,000
Montreal
315,000 1,023,000
5,216,000 1,616,000 3,396,000
Ft. William & Pt. Arthur_42,926,000
2,902,000
Other Canadian
14,477,000
308,000
832.000
9,850,000
Total June 22 1929_ _ _63,674,000
9,389,000
Total June 15 1929._..,65,51l.000
3.943,000
Total June 23 1928.,..60,396,000
Summary
American
' 92,149,000 12,058,000 7,550,000
9,580,000
Canadian
63,674,000
The exports from the several seaboard ports for the week
ending Saturday, June 22 1929, are shown in the annexed
statement:
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
56,000
217,000
82,000
75,000
93,000
3.665,000
56,000
Total week 1929_ _ 5,574,000
A 173 052
uraztIr ,o913
af•nn.
38,000
"
38,000
13.000
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
20,000
9,000 585,000
63,633
2,000
3,000
10,000
3,000
162,000
2,000
3,000
32,000
1.000
104,000
8,000
731,000
14,000
274,000 664,000
221,633
189.504
765,000
496.000
283,000 1,421,000
500.330 1.237.803
The destination of these exports for the week and since
July 1 1928 is as below:
Flour.
Exports for Week
Since
Week
arut Since
June 22 July 1
July Ito1928.
1929.
Wheat.
Week
June 22
1929.
Since
July1
1928.
Corn.
Week
June 22
1929.
Since
July 1
1928.
bush. 56 lbs bush. 32155. bush.4815 bush.5610s.
5551.
B51s.
9,828,110
United Kingdom- 79,126 3,490,582 1,365,000 74,281,726
17,732,962
121,507 5,257,534 4,169,000205,317,959
Continent
266,000
507,000
5,000
40,000
339.000
So.& Cent. Amer- 8,000
91.000
33,000 1,028,000
7,000 488,000
West Indies
20,000
1,000
---Brit. No. Am. Col.
2,250
3,627,733
Other countries___ 6,000 1,354,904
38,000 28,857,322
221,633 10,931,020 5,574,000 283,745,418
Total 1929
13,000 10,336,285
'TM al 1093
150.504 11.170.856 5,173,082 240,190,958
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 22, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush,
bush,
bush,
61,000
4,000
68,000
5,000
14,000
92,000
173,000
86,000
73,000
270,000
2,000
73,000
60,000
430,000
113,000
611,000
111,000
152,000
735,000
Rye.
bush.
59,000
4,000
6,000
2.000
Barley.
bush.
73,000
27,000
199,000
41,000
39,000
2.000
2,239,000 5,251.000
2,151,000 6,690,000
2,112,000 1,800,0®
6,592,000 5,349,000
2,239,000 5,251,000
Total June 22 1929___155,823,000 12,058,000 17,130,000 8,831,000 10,600.000
Total June 15 1929_158,943,000 11,728,000 17,294,000 8,795,000 12,102,000
Total June 23 1928_101,461,000 18,376,000 8,224,000 4,642,000 1,929,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, June 21, and since July 1 1928 and 1927,
are shown in the following:
Wheat.
Exports.
1928-29.
Week
June 21.
Since
July 1.
Corn.
1927-28,
Since
July 1.
1928-29.
Week
June 21,
Since
July 1.
1927-28.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.Bushels.
Bushels.
North Amer. 8,953,000533,947,000470,868,
115,000 33,556,000 15,475,000
Black Sea_ _ _
32,000 2,632,000 9,512,000
1,827,000 21,716,000
Bushels. Argentina_ _ _ 4,808,000 208,140,000172,243,000 6,705,000 243,641,000 268,997,000
Australia _
1,384,000 109,633,000 73,983,000,
26,000 India
1,112,000 10,888,000
0th. countr's 664,000 43,724,000 32,272,000, 314,000 29,075,000 27,337,000
Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
27,000
84,000 290,000
335,000 1,140,000
1,000
20,000
71.0001
30,000
26,000
10,000
5,000
108,000
12,000
3,000
2,000
72,000,
18,000
167,
39,000
76,000
631,000 996,000 308,000
62,000
55,000 4,550,000
1,000
12,000
19,0001
173,000
770,000 1,312,000 334,000
Tot. wk.'29 495,0001 6,112,000
Since Jan.1'29 12.944.0001_85,167.000 14,698,000 10,360,09015,195,000 2,677,000
115,000
890,0 i i 1,285,000, 793,000
Week 1928... 381,0001 6,315,000
Since Jan.1'2811,350,000176,124,000 8,334.000 10,905,00014,072.0001 9.249.000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Bushels. Bushels.
1,330,000
Corn.
Oats.
Rye.
Barley
bush,
bush,
bush.
bush.
1,911,000 1,228,000
187,000
332,000
502, I
60,000
39,
107.000
7,000
7.000
14,000
37,000
9,000
3,000
4,664,000 2,280,000 2,820,000
493,000
322,000
747,000
522,000
175,000
126,000 1,909,000
69,000
976,000
138,000 1,809,000
994,000 2,698,000
158,000
172,000
271,000
361,000
9,000
41,000
1,851,000
22,000
21,000
26,000
4,000
322,000
3,000
60,000
50,000
23,000
• 272,000
139,000
14,000
590,000
483,000
96,000
16,000
38,000
Rye.
New York Philadelphia _
_Baltimore....
N'port News_
Norfolk
New Orleans.
Galveston _
Montreal
Boston
Exports frets-
Wheal.
bush,
3,231.000
318,000
1,285.000
175,000
13,914,000
614,000
17,897,000
26,551,000
353,000
2,370,000
15,054,000
2,278,000
781.000
5,000
181,000
4,518,000
271,000
64,000
United StatesBuffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 22, follow:
Receipts Cl-
[VOL. 128.
FINANCIAL CHRONICLE
4350
7,000
19,000
Total
15,841,000899,188,000 769,766.000 7.134,000308,099000333,525,000
WEATHER BULLETIN FOR THE WEEK ENDED
JUNE 25.
-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the influence of the weather for the week ended June 25, follows:
The first part of the week was abnormally cool in the far West and
Northwest, with several first-order stations reporting temperatures only
slightly above freezing and with killing frosts in exposed localities. The
latter part of the period was warmer in these sections, and elsewhere ternperaturzs were mostly moderately high, with day-to-day changes unimportant. Precipitation was generally of a local character, although heavy
rains fell in the central trans-Mississippi States, and locally in the East,
until near the close of the week when showers became more general over
the eastern half of the country.
Chart I shows that the weekly mean temperatures were above normal
In nearly all sections east of the Mississippi River, and decidedly so from
the upper Ohl-) Valley eastward and northward where the plus departures
ranged generally from 4 deg. to as much as 11 deg. In the South nearnormal warmth prevailed, with most sections having temperatures from
1 deg.. to 3 deg. above the seasonal average. It was excessively warm in
Califcrnia and some adjoining sections, but was abnormally cool from
Kansas and eastern Colorado northward and northwestward where the
temperatures averaged from 6 degrees to as much as 10 degrees below normal over a considerable section.
Chart II shows that rainfall was locally heavy to excessive in the middle
Atlantic area and in parts of the Southeast, but in general the weekly
cotals were light to moderate east of the Mississippi River. Rain was heavy
to excessive over much of the central trans-Mississippi area, including
tonsiderable portions of Missouri, Kansas, Arkansas, and Oklahoma as
well as southeastern Nebraska. Elsewhere west of the Mississippi River
rainfall was generally light, with a large area of the Southwest and the
Central-Western States receiving no precipitation during the week.
While rain is needed in a few local areas, particularly in parts of the
Northeast and in some Appalachian Mountain sections, the weather of
the week east of the Mississippi River was mostly excellent for tha growth
of crops, and at the same tifne was generally favorable for field work. A few
local areas in the Atlantic States had too much rain, and some uplands
of the South need more moisture, but in general the warmer weather, with
local showers, was excellent for the advancement of crops.
Ia the trans-Mississippi States conditions, as affecting farm operations,
varied whiely. There was again too much rain, excessive and damaging
in many localities, over a considerable area, particularly In Missouri and
eastern Kansas. At the same time, droughty conditions now prevail over
parts of the northern Great Plains, especially in the principal spring wheat
sections of South Dakota, and to a kw extent over some other spring
wheat areas, while it was too cool for good growth of warm-weather crops
over the Northwest. Otherwise, conditions were fairly favorable, with both
o w advance
sa w
crops and farming a eslioas m
ho
ra extenrinturgsfagery ee as
far north as the
k
Kansas River Basin v Kansas, to central Illinois, and in the East was
in
well along as far north as Maryland. East of the Mississippi River conditions were favorable for harvest, but were unfavorable in Missouri and
eastern Kansas.
In the far western area there was some frost damage in the interior of
the north, with killing frost in the eastern Great Basin. High temperatures
and much sunshine were favorable for peaches and apricots in California
but the hot weather was detrimental to citrus and newly-planted avocados
in the south. Rain is still needed for ranges in parts of the Southwest.
SMALL GRAINS.
-Winter wheat made generally very good to excellent progress in the Ohio Valley and is turning to the northern part; some
cutting was done locally, while harvest advanced rapidly in lower valley
districts. Condition and progress were fair to very good in the upper Mississippi Valley, but only poor to fair condition was reported in Missouri
where harvest has begun to the Missouri River. Wheat was heading well
in Nebraska, with the soil moisture mostly sufficient. In eastern Kansas
harvest has begun north to the Kansas River Basin and was expected to
begin in a week or 10 days rather generally over the State; unfavorable
weather prevailed. Over the Southwest mostly excellent weather for harvesting was reported and rapid advance was made in this work, with
gathering nearly finished in southern and central Oklahoma and well advanced in Texas. In the East harvest was well under way to Maryland:
rapid ripening was reported from Oregon.
JUNE 29 1929.]
FINANCIAL CHRONICLE
Continued dryness in northeastern South Dakota caused much
ing to spring wheat and the crop was heading short; progress was sufferbetter
in North Dakota, ranging from very good to excellent, but there were
reports of heading short in many sections. Spring wheat was mostly fair
elsewhere, with the crop well rooted in Minnesota. Oat harvest was favored in the Southwest, with gathering well along in many sections, but
in the Ohio Valley and Iowa there were reports of short heads and need
of rain rather badly in places; elsewhere oats did well. Rye is heading
in northern parts, with the crop turning in North Dakota.
is rather
badly needed for flax in the Dakotas, but the early-planted Raba did well;
crop
barley also needs moisture in many areas.
CORN.—Excellent growing weather prevailed in nearly all corn sections
east of the Mississippi River, and progress of the crop
generally good
to excellent. While cultivation made good advance was most sections,
in
there are still complaints of weedy fields in some interior valley districts,
and plants are very irregular in some areas, especially in Illinois
some corn is still being seeded in the south. In Iowa progress was where
fair to
very
tt: es eral
i wcet trn
anr nortft vester gpoqta no poor rin ing f
v i g i witnn
lns rttnn in thle sottr-centralfand in t
d sou
fields are generally clean,except in the Southwest. Corn needs more warmth
and sunshine in the central Great Plains, but in the southern Plains,,Including Oklahoma, growth was very good.
COTTON.—The weather of the week was mostly favorable for cotton,
the
temperature averaging near normal quite generally, with rainfall
light to
moderate in most sections. There was too much moisture in local
areas
of the Atlantic States, especially in northern North Carolina, while
would be beneficial on some uplands of the east Gulf sections, showers
peratures were generally favorable, and cotton, as a general but temrule, made
good to excellent progress east of the Mississippi River;
much cultivation was accomplished. There are still at the same time
of irregular stands and spotted condition as to growth, many complaints
as well as favorable
weather for weevil activity in the south.
In Louisiana growth was good, but weevil activity was favored.
In
Arkansas progress was good to excellent, except in
tion where it is still too wet; fields are clean in most the west-central porparts and plants grew
rapidly, but are very irregular in size, with some squares forming
to central
districts. In Oklahoma the week
fair
showers in all sections; progress of was mostly very and warm, though with
cotton
good, with
dition very good in the west, but spotted was generally rathergeneral conand
poor in the
east: early plants were forming
In Texas. while
sPotted, it averages fairly good, squares. weekly progress, cotton is still
and the
under favorable
temperature conditions, was very good, with cultivation advancing
factorily; plants are fruiting fairly well in the south, while picking satisis extending in the extreme south.
4351
novel weavings and stylings, were encouraged to place a
larger'volume of business than would have originally been
the case. Prices showed but little change from these quoted
at the opening of the Spring lines last November. Considerable interest was displayed in sheen goods, or domestic
Orientals, and judging from the amount of orders received
for this class of merchandise, buyers now consider them
out of the experimental stage and expect them to be one
of the most popular and best selling numbers this coming
Fall. Elsewhere in the textile markets, both sales and
sentiment has showed improvement. For instance, the
woolen and worsted divisions has continued to enjoy an
exceptional distribution of tropical worsteds and manufacturers of women's coats are now putting the finishing
touches oh their Fall lines prior to their showing next week.
The latter have been pushed ahead somewhat in anticipation of a likely strike among garment workers. The Summer
season has also proved a profitable one in the silk section,
where manufacturers for the most part have liquidated
their Summer stocks profitably. Producers are now showing their Fall lines, and although there seems to be a
goodly sprinkling of novelties, the darker hued and more
conventionally patterned prints are expected to be included
among the most popular numbers this coming Fall.
DOMESTIC COWON GOODS.—As a result of continued
warm weather, accompanied by expanding sales in retail
channels, which have been - rapidly depleting stocks of
Summer merchandise, confidence throughout the markets
for domestic Cotton goods has been even more pronounced
The Weather Bureau furnishes the following resume than
it was a week ago. Furthermore, prices seemed to be
of the conditions in the different States:
oil a firiner, basis, as there has.been 'a decided scarcity of
Virginia—Richmond: Fair weather most of week, with
close; temperatures high. Favorable for crop growth and showers at concessionary offerings. Retailers are now - at the height
farm work.
Wheat harvest about finished. Corn and tobacco
rain in some localities. Potato and truck crops good; good; cotton needs of their season, and with few exceptions geerally managpastures and meadows
dried during week, but benefited by late showers. Fruit
continues promising, ing to hold their merchandise at stable levels. This coming
North Carolina.—Raleigh: Mostly favorable for crop
growth and cul- week will inaugurate the wildly heralded curtailm
tivation, though too much rain in most of north for
ent-plans'
tobacco, cotton, and
peanuts; tobacco badly damaged in
among mills. It is estimated that the week's production
some hail. Progress of cotton fair tosome sections by heavy rains and
good. Corn, truck, and sweet po- will be cut by at least
tatoes doing well. Fruits fairly good.
75% of normal, although it is believed
South Carolina—Columbia: Best growing week of
season. Old corn that the average will be slightly higher in a number of
mostly laid by; intermediate corn healthy. but small,
and forage and eases. Plans for the furthera
late corn planting continues. Small grain threshing,
nce of such practices should
tobacco curing, and
potato digging progressing. Progress of cotton
very good; condition help this division of the textile markets materially through
good, with rather small plants and irregular stands
generally, but the better co-operation, the
early undamaged; crop setting blood' and bolls freely.
elimination of concessions and the
Georgia.—Atlanta: Rains irregularly
d;
favorable. Growth of cotton excellent; distributeandwarmth generally establishment of business on a more stable basis which will
squares
bloom beginning include a livable
to form in north and bolls developing well in south;
margin of profit. It has been noted
vated; weather still favoring increase in weevil and crop mostly well culti- recently
fleas. Old corn oaring
that cotton goods generally are becoming more
nicely and being laid by; progress of late-planted very
good.
popular with consumers and are apparently making up
Florida.—Jacksonville: Progress and condition of cotton
very good;
the
early setting bolls in central; too much rain in
much
to excellent. Cane good progress; peanuts advanced. of belt. Corn good loss which in years past had been conceded to the popucontinued. Setting sweet potatoes continued. Citrus Tobacco harvesting larity of silks and rayons. This sudden
groves good;satsumas
change in the
dropping some in west.
public's ideas concerning these cloths IS attributed to
Alabama—Montgomery: Averaged slightly warm;
the
beneficial for most crops. Corn, potatoes, sweets, local showers. Rains better and fast colors which are now
truck, pastures, and
coming more generally
minor crops mostly doing well. Progress of cotton fair
to excellent; con- into use, and to the persistent
dition mostly fair to good, but stands spotted, varying from
attempts on the part of
good: weevil activity favored locally in south and central; very poor to manufacturers to style fabrics-a
chopping latettractively. This is attested
planted continues in north; bolls appearing in extreme
to by the spurt in the demand for cotton dresses which
Mississippi.—Vicksburg: Condition and cultivation south.
of
generally very good, but growth on uplands of central cotton and corn have become very popular
and south rather
this season. Current business,
slow; needing rain in many localities, but mostly
Cotton squaring freely throughout. Progress of fairly good elsewhere. in general, is of such proportions that coupled with
gardens and pastures
the
mostly fair.
coming curtailment program, factors all along the
Louisiana—New Orleans: Rains rather frequent in south,
line are
but more viewing the coming
needed in north for pastures, corn, and gardens. Progress
season decidedly more hopefully. Print
of cotton good;
condition fair to good; crop blooming generally
cloths 28-inch .64x60's construction are.quoted at
and other crops generally well cultivated. and bolls appearing. Cotton
514c., and
/
27-inch 64x60's at 47
Texas.—Houston: Rains at about half of reporting stations.
A,c. Gray goods 39-inch 68x72's conProgress
and condition of pastures, truck, rice, fruit, and
though truck and corn injured locally by dryness. corn fair to good, al- struction are quoted at Sc., and 39-inch 80x80's at 10c.
Iiarvesting and threshing wheat, oats, and barley progressed rapidly and this
WOOLEN GOODS.—The call for tropical worsted suitings
except in northern Panhandle. Progress of cotton work well advanced,
very
spotted, but averaging fairly good; replanting, cultivatio good: condition continues a feature of
the markets for woolens and worstn, and chopping
made good progress and crop mostly clean; fruiting
fairly
picking extending in extreme south and squares forming, well in south; eds. Stocks of spot merchandise have been pretty well
except in northwest.
depleted and,it is reported that several of the mills
Oklahonta—Oklahoma City: Mostly hot and
have
rains in all sections. Harvesting winter wheat clear weather, but good been booking business which will extend into
and oats progressed satisthe
factorily and nearly finished in south and central
season. The popularity of these Summery fabrics in next
and begun in extreme
north; yield and quality of grain below
retail
generally very good: fields mostly clean, expectation. Progress of corn channels has exceeded expectations, as
but condition spotted, ranging
sales volumes have
front poor to excellent; early tasseling. Progress of
cotton generally very surpassed previous seasons. Many new ideas in stylings
good cultivation good in west and fair in east: early
forming squares' and designs are now
condition generally very good in west, but spotted
actually being worn by men for the
and generally rather
poor in east.
first time, and judging from their reception
Arkansas.—Little Rock: Progress of cotton good
, next year
to excellent, except should
in west-central where still too wet; chopping about
witness another gratifying volume of distribution.
completed and crop
clean in most portions; stands usually good to excellent,
but plants irregular In primary circles, preparations are
in size; growing rapidly and some squares appearing
under way for the
in central and south.
Corn fair to excellent except in southeast where
too dry. Generally favor- coining Winter. Several manufacturers, predicting a sucable for wheat and oat harvests.
cessful season for novelties, are preparin
Tennessee.—Nashville: Planting corn
g their goods to
ress excellent. Progress and condition completed; condition and prog- meet such requests
cotton
. However, the majority maintain that
and plowing progressing well. Condition of winter very good; chopping
of
wheat fair; harvesting sales will consist largely
progreashr; satisfactorily. Winter oats fairly good, while
of blue and gray shades. The
spring oats damaged in some sections by lack of rain.
imminence of a possible strike among garment
workers in
Kentucky.—Louisville: Warm, with light to moderate showers,
decidedly the New York field does not seem
favorable. Wheat harvest advanced rapidly in west and
to be causing much discommencing in turbance
central. Good progress in cutting alfalfa and clover;
among leading factors.
dition of corn very goad and growth and cultivatio curing well. Conn excellent: earliest
laid by. Tobacco making excellent start;cultivation
FOREIGN DR V GOODS.
clean and stands mostly
--Ideal Summer weather has
even.
stimulated a better consumption of
certain types of linens.
This in turn has resulted in a reductio
n of retailers' stocks
THE DRY GOODS TRADE
and has encouraged a somewhat
better sentiment in primary
channels even though the demand for
New York, Friday Night, June 28 1929.
these cloths such as
knickers and suitings has failed
The success attending the Fall openings of
to equal expectations.
rugs and Burlaps have
carpetings, even surpassing the most optimistic
continued reactionary, although a slightly
featured the markets for textiles this week. expectations, better undertone was noticeable for the future shipmen
The number owing to reports
ts
of weather damage to the jute crop.
of buyers attending the initial showings were
Spots
very large and afloats, on the other
and the volume of orders placed were of such
hand, have been priced at the lowproportions est levels for many seasons,
as to suggest the war-time boom period. Through
chiefly owing to expectations of
out the an increased acreage report
week an exceptional amount of business was received
next month and also to the
and a belief that the sixty-hour week
number of the leading manufacturers claimed
which becomes effective at
that they had the Calcutta mills on
July 1st will cause further price
booked the largest initial all business in years.
Buyers, recessions. Light weights are quoted
besides being greatly intrigued by the many
at 6.05c., and heavies
attractive and at 8.10c.
[Vol.. 128.
FINANCIAL CHRONICLE
4352
Rate. Maturity. Amount. Price. Basis.
Name.
Page,
38,000
3559-_Dumas S. D., Ark
4.64
431 1930-1939 100.000 100.53
3384_ _Dunkirk, N. Y
4.85
60,000 101.66
1932-1959
3718--Durham Co., No. Caro--5
50,000
1930-1934
3559--Du Page S. D.No.36,111.5
1,000,000 100.75 ---5
3056-Dyer County, Tenn
4.60
30,000 101.32
4% 1934-1948
3559- _Dyersville, la
5.00
75.000 100.00
1-40 yrs.
MUNICIPAL BOND SALES IN MAY.
3877__Eastland Ind. S. D.,Tex_5
69.300
1931-1939
3384-East St. Louis, Ill. (31ss.)6
. We present herewith our detailed list of the municipal bond 3877-East Stanwood S. P.
13,000 100.00 5.00
5
Wash
issues put out during the month of May, which the crowded 3559__Elbow Lake 8. D., Minn_4
5,000
1939-1943
749.000 100.36
4.43
1935
434
condition of our columns prevented our publishing at the 3056__Elizabeth, N. J
4.48
53,000 100.21
1931-1959
3058__Elizabeth, N. J
usual time.
8,000 100.27
4.47
1930-1949
Ind
3719__Elkhart County,
4.44
434 1930-1948 145,000 100.51
The review of the month's sales was given on page 3873 3559-Elkhart County, Ind
4.99
8,000 100.01
1930-1937
5
8. Since then several belated 4191- _Elkins S. D., Calif
of the "Chronicle" of June
75.000 101.12 4.89
1934-1948
received, changing the total for the 3877__Ellery S. D. No.4,N.Y..5
4.46
May returns have been
3559__Elmira, N. Y.(2 iss.)-_ -436 1931-1942 525,000 100.31
la
month to $184,866,818. The number of municipalities 3384_ _Emerson,Ind. S. D., 1a__4)4 1930-1941 140,000 100.03 4.49
14,000
3877__Emerson
5.00
issuing bonds in May was 450 and the number of separate 3559__Enon S. D., La
20,000 100.00
20 years
5
•
.
4
434 1930-1959 7,909,000 100.01 - 2
3719_ _Erie County, N. Y
issues 598.
4.
1934-1948 400.000 100.80
4
Rate. Maturity. Amount. Price. Basis. 3719_ _Essex County, N.Y
Name.
Page.
5.19 3223_ _Evansville Sch. City,Ind.434 1944-1948 240,000 104.60 4 37
100.43
5A 1931-1943 $230,030
3716-Abbeville Co. S. C
5.00 3223__Evansville Sch. City, Ind.4 A 1944-1948 182,000
1930-1969 100,000 100
5
4039-Abilene. Texas
30,000 100.00
434 1940-1944 d200,000 100 20 4.71 3719_ _Fairfax, Minn.(4 iss.).... 5A 1930-1944
3222_ -Adair Co., Iowa
36,500 100.30
5.00 3719__Fairfield, Ohio
50,000 100.00
1933-1942
5
3382-Alken Co.,8. C
3,500
534 1930-1943
4% 1933-1948 3,600,000 100.006 4.69 3719_ _Fairfield, Ohio
(State of)
3716-Alabama
5.00
r30,000 100.00
5 10-20 years
1,400,000 100.006 4.69 3719_ _Fayetteville, Tenn
436 1950-1955
3716__Alabama (State of)
5.00
12,500 100.00
5 10-20 years
3719__Fayetteville, Tenn
ameda Co. Livermore
3874-Al
1930-1949 160,000 101.90 4.78 3719-_Flathead Co. S. D. No.
5
11. S. D. Calif
6.00
d3,500 100.00
6
1930-1934
58, Mont
3874-Alameda Co. Centerville
4.81
78,000 101.25
5
1934-1948
15,000 100.12 4.98 3559__Fort Thomas, Ky
1930-1944
5
S. D., Calif
4.34
5.00 3719__Fort Wayne S. D. Ind 4A 1930-1949 140,000 101.43
10.000 100.00
5
3222__Alba Ind. S. D. Tex
87,000 100.30 --5
4.18 3559__Fostoria, Ohio (2 iss.)
100.76
3222- _Albany Co., N.Y.(2 iss.).4 A 1930-1959 1.765.000 100.00
5.00
55,000 100.00
4.50 3719__Frankfort R. D. W., Va.-5
50.000
1959
434
3557-Alden, Pa
1930-1939 169,074 100.80 3.57 3224_ _Franklin Co.,0.(13 iss.)_5
25,000 104.00
1931-1948
4
3716-Algona, Iowa
8,000 100.00
4.50
Twp.S. D.,Ind.4 A 1930-1938
-Allegheny Co.,Pa.(3 iss.)4 A 1930-1959 5.100,000 100.61 4.195 3224_ _Franklin Md
3382_
4.42
931-1959 250,000 101.06
1
3384_ Frederick,
27,100
••
3382_ _Alma, Neb
:
....
200,000 100 t1 1 .
4:65 3384- Freeborn Co., Minn
1932-1954 300,000 100.00 4
3382_ _Altoona, Pa
98
1930-1943 125,000 100
6
4.90 3384__Gralion, Ohio
1930-1934 250,000 100.28
5
3716„Amityville, N. Y
5.16
44,000 100.45
5A 1930-1943
3224__Gates, N.Y
60,000
3222__Anderson Co., Tex. City_53‘ 1930-1949
5.23
38,290 100.16
5A 1930-1939
.V7 3877__Geauga County, Ohio
4
-4A 1930-1949 100,000 100.25
3875__Ann Arbor, Mich
5.20
4.74 3719__Georgetown Co.,S. Caro_436 1930-1953 r105.000 100.38
84,000 100.01
4% 1929-1948
4.61
3875-Ann Arbor, Mich
1930-1949 111.600 103.18
3384__Gibson Co., Ind
3875__Arapahoe Co. S. D. No.
5.00
1939-1949 r50,000 100.00
5
3719__Glasgow, Mont
22,000
5
Colo
35,
4.47
50,000 100.31
15 years
434
56,786 100.00 IA 3385__Golden, Colo
10 yrs.
436
3382-Arkansas Co., Kan
50.000 103.84 5.21
534 1935-1947
Co., Tex
3877__Goliad
.Arkansas City, Kan.(3 is3382.
20.000
4.00 3559_ _Goodman. Miss
1930-1949
6
34,379 100.00
10 yrs.
4
sues)
4.50
40,000 100.00
6.00 3877-Grand Junction,Colo____4 A 1030-1944
1-10 yrs. d33,648 100.00
6
3557-Astoria, Ore
4.75
82,000 100.00
4.63 3224_.Grandview Heights,Ohlo.4 A 1930-1939
4A 1930-1959 1,000,000 101.41
_Austin, Tex.(4 issues)
305593.00
22,500
1930-1949 600,000 102 08 4.73 3719_ -Grand View hr. D., Ida-6
5
3558-.Avenue S. D., Calif
35,000 100.14 Kiii
6
4.40 3877__Granite, Okla
1932-1956
100.38
434 1930-1945 1,000,000
3558-Baltlmore Co., Md
29,300 100.00 4.50
436 1930.1939
4042_ _Grant Co., Ind
3717__Bartlesville S. D., Okla.
5.71
50,000 100.27
---- 3559_ _ Grant H.S. D., Calif..._5% 1932-1941
431 1934-1940 140,000
(2 issues)
S. D.
3719__Grays Harbor Co.
3717- -Bartlesvllle S. D., Okla.
436 1931-1952 175,000
No. 5, Wash
60,000
1944-1953
5
(2 issues)
6.00
2,000 100
1930.1933
6
14,098 100.28 'Ka 3877-Green Twp., Ohio
536 1930-1939
3717--Bay Village, Ohio
4.50
23,000 100.00
6.00 3385__Greene Co., Ind
434 1930-1938
50,000 100
1932-1951
6
4040_ _Beaver, Okla
4% 1930-1938 180,000 100.000 4.74
4.50 3385__Greenlee Co., Ariz
38,000 100.00
1930-1949
436
3717--Beech Grove, Ind
80,000 101.46 4.43
- 3878__Guthrie Center S.D.,lowalA 1931-1948
13,700
1-10 yrs.
4A
3875-Benton Co., Ind
6.00
1930-1938 900,000 100.00
6
3719_ _Hackensack, N. J
35,000
3222_13111ings, 3/10
4.59
99.31
4.55 3719__Ilagerstown, Md
434 1960-1969 300,000
436 1930-1967 750,000 101.77
3717-Binghamton, N. Y
5.00
150,000 100.00
5
4.80 3224__Hale Co., Tex
1930-1939 260.000 100.57
5
-Birmingham, Ala
3382
4.86
56,000 100.73
1930-1939
-- 3385-11amllton, Ohio
5
95
18,000
.
3875--Boaz Ala
6
1941-1950 r50,000
--- - 3719-Hamlin, Tex
9,000 95
1930-1939
3875- _Boaz, Ala
3719__Hamtramck S. D., Mich.
165,000
3382-_Boling,S. D.,Texas
4.49
436 1943-1944 122,000 100.04
(4 issues)
1.715,000
4A 1930-1974
3876-Boston, Mass
5.12
30,000 101.67
3224__Harbor Beach, Mich---5A 1933-1962
1930-1949 340,000
4
3876-Boston, Mass
4.89 3385_ _Harrison Twp. S. D.
75,000 101.00
1931-1948
5
3717-Bradford S. D., Ill
4.83
55,000 101.84
1931-1959
5
No. 1, Mich
536 1950-1959 r38,000
43,065 101.43 ---6
5.05 3720_ _Hastings, Mich
5.000 100.00
1939
5
3717._Bridgeport, Ohio
50,000 100.25
536
4.49 4043_ _Hattiesburg, Miss
25,000 101.06
3055-Bridgeport S. D., Pa_---4A 1934-1954 129,000
50,000 100.33
1934-1943
5
Co.,Tenn
3878__Haywood
1930-1949
3558-Bradford, Pa
1930-1939 165,000
4.44 3224_ _ Hempfield Twp.S.D.,Pa.5
87,000 100.31
Ut 1931-1949
3558__Bronxville, N. Y
5.00 3385-Hempstead and N. Hemp75.000 100.00
4.40
3717--13rownsvllle S. D..Tex-- _5
stead S. D. No.2,N.Y-4A 1933-1967 900,000 101.43
6.00
1930-1939 r100,000 100.00
5
3382__Buhl S. D.,Idaho
38,985 100.00 8.00
1929-1938
6
3560__Henry Co., Ind
100.000
--3876-Burns. Ore. (2 issues)
200,000
Co., Ky
4%
4043--Henderson
70,000
1950.1959
6
3558-Burnsville, S. 0
9,000 100.50 -5.00 3224-Henry Twp. S. D., Ind-4A 1931-1936
10,000 100.00
1949
3558-_Burnstad S. D., N. Dak_5
3720-Hermosa S. D. No. 10,
3,000
5
1930-1939
3558-Bryon. III
10,000 100.00
So. Dak
1,750,000
1934
5
3558-Camden. N. J
536 1931-1934 500.000 100.00 135
20,000 107.00 4.27 3385-11111side Twp., N J
1932-1951
5
3558-Camden. Ark
1931-1934 1,000,000 100.00 6.00
6
5.10 3385- _Hillside Twp., N J
53,853 100.72
-5A 1931-1940
3383__Canton, Ohio (5 issues)
90.00 8.27
r90.000
1933-1936
6
16,000 100.00 6.00 3385_ _Hollywood, Fla
6
1933-1934
Twp.,111
3876__Carmi
4A 1930-1934 250,000 100.26 4.40
6.00 3720-Holyoke, Mass
515,000 100.00
1934-1959
6
4.23
3558-Carteret Co., N.0
52,000 100.14
4% 1930-1949
3720_.Hopkinton, Mass
65,000
1930-1939
6
---3222-Catlin Twp.,Ill
25,000 100.11
434
92.000 101.45 4.54 3720- _Houston, Pa
431 1930-1944
.Cedar County, Iowa
4.28
10.000 101.04
3558.
4A 1930-1939
4.87 3224-Hudson, Mass
101.38
30,000
1930-1959
5
5.42
3718-Centreville, Ind
45,000 100.88
534
4192-Hyrum, Utah
75,000 100.00
4.22
3876--Chaska S. D., Minn
434 1944.1953 893,000 103.57
97,000 103.33 4.63 3385- _Indianapolis, Ind
5
1936-1946
.Chattanooga. Tenn
3383.
1930-1937 128,800 100.76
4.95 3224- _Ionia Co., Mich
1932-1959 100,000 100.60
3383-Cheatham Co., Tenn. .5
1930-1943 102,426 100.81 Iiii
4.22 3560--Irondequoit, N.Y.(2iss.)5
104
4.48
4041_ _Cheltenham Twp..Pa_ -4A 1944-1959 100,000
80,000 100.26
3385-Irvington, N.31934-1983
3876-Chesnee S. D. No. 99.
5.25
15,000 100.00
5.55 3560-Islip. Gt. Fire Dist., N.Y.1$ 1930-1949
24,000 105.67
1949
6
S.0
32,000 100.18 -....
1-10 yrs.
4
3.91 3878__Jefferson Co.,Ind
1931-1958 550,000 101.00
4
3718-Chester, Pa
1,900 100.18 -1-10 yrs.
4
4.48 3878__Jefferson Co., Ind
96.57
1936-1947 8,933.000
-4
3222_-Chicago, 111. (10 issues)
25,500 100.03 ---7
0
4.72 3560- _Jefferson Co., Okla
4g 1934-1948 100,000 100.04
3876- _Chickasaw Co.,Iowa
7,200
4.41 3720__Jeunings Co., Ind
434 1930-1939
1930-1949 300,000 100.57
4.49
3223_ -Claremont,S. D.,N.IL-43
1932-1944 105,000 100.09
3720- _Johnstown Co., lowa__--4
35.000
Ark
4.72
3876-Clarksville,
40,000 100.15
5.12 3225_ Kalamazoo, Mich
43( 1930-1939
23,726 100.52
1930-1938
5g
3718-Clermont Co., Ohio
6.00 3560-Kalamazoo Twp. S. D.
20,000 100.00
1930
6
3718-Cleveland Co.. N.0
65,000
4A
No. 2, Mich
5.00
1930-1939 278,000 100.00
6
5.50
3223__Cliffside Park, N. J
536 1934-1939 rd135.000 100.00
35.600 101.83 4.61 3560-Kearney, Neb
1930-1939
5
3718-Clinton Co.. Ind
3878--Kempsville Magisterial R.
105,000 100.21
1-5 yrs.
836
3558„Clinton Co., Mich
1934-1957 293,000
5
D., Va
7,500 101.60 4.77
1931-1941
5
3876__Clinton, Wis
10,767.000
5.50 3225__Kentucky (State of)
6,844 100.00
5A 1929-1938
3383-Coldwater, Ohio
3385-Klowa Co. S. D. No. 8,
12,000
19,500 100.94
3383-Columbia Twp..S. D.,0.5A 1930-1939 250,000 101.04
5% 1934-1948
Okla
4.38
4A 1931-1950
3718-Columbus, Ohio
72,500 100.00 ---- 3385-Klowa Co. B. D. No. 8,
1,700 100.94
3383-Columbus, Ohio (3 issues)
1934-1948
5
Okla
3558--Comanche Co. S. D. No.
5.00 3560- Mows Co. S. D. No. 112,
6,500 100.00
1934-1946
5
5.000 100.04 ---16, Okla
1934-1943
Okla
--99.77
50,000
3718-Conway, Ark
3878--Kirkwood S. D., Mo..__4% 1930-1949 100,000
15,000 100.10
3718-Coopertown S. D. Tenn.P31
434 1930-1939 221.000
3560__Knox Co.. Ind
Christie B. D.,
3383-Corpus
434 1938-1968 800.000 98.85 4.51
100,000 100.10 -- 3560__Knoxville, Tenn
7,990 100.00 4.50
Tex
434 1930-1939
97.00 ---- 3720-Kosciusko Co.,Ind
200.000
5
4.62
50.000 99.40
1930-1939
3558-Cottle Co., Tex
4
3388- _La Crosse, Wis
25,000 100.00 4.75
1931-1949
3558-Crook Co. S. D. No. 16,
43
4.99 3386_ Lake City, Iowa
28,000 100.05
1940-1954
6.01
Wyo
1930-1937 165,000 96.00
5
Colo
7.00 3386_ Lamar,
4,000 100.00
18 mos.
7
16.800
3382- _Crosby, N. Dak
6
5.50 3225_ Lancaster, Ohio
55,000 100.00
5A
3383Culberson Co., Tex
4% 1931-1949 390,000 100.82 4.17
5.50 3560- Lancaster 8. D., Pa
100.00
20,000
5A 1930-1959
3558-Culberson Co.,Tex
1930-1939 177,312 100.64 ---- 3580-L'Anse Grise D. D. No.
5
5.81
9,000 101.75
3383__Cuyahoga Co., Ohio
1930-1954
8
11. La
12,500
1934-1958
4.24
50,000 100.17
3223„Dakota Con. S. D., Ga.-6
4% 1939-1959
3386-Lansdowne,Pa
5.49
Co. S. D. No.40,
100.03
3558--Dakota
534 1938-1948 d90,000
45,000 100.00 --- 3560_ Laramie, NVyo
Mimi
43,778 100.22 4,46
434 1930-1939
3879--Las Vegas, Nev
5.17
3383.-Dallas Twp. S. D. No. 1,
1931-1939 230,000 100.43
4.69 3386__Laurens Co., So. Caro-5
4% 1930-1959 1,250,000 100.59
Tex
1930-1939 137.000 100.74
Ind.(2 iss.)4
4A 1939-1940 350,000 101.02 4.38 3720--Lawrence Co.,Y
74:62
3718.-Dane County, Wis
434 1930-1949 125,000 101.11
3386- Lawrence, N.
35,000 101.07
3876-Danville,Ky. (4 138.1.-5
20.000 100.39 5.45 3388-Lebanon Center Village
1932-1951
60.000 99.10 4.62
3718--Davidson Co., No. Caro-534
Fire Dist., N. H1929-1948
4.15
e Baca Co. S. D., No.
3876-D
10 1934-1959 700.000 101.27
40,000 100.10 5.49 3560- Lehigh Co.,Pa
1932-1947
5
4.76
20, N. M
1930-1949 100,000 100.00
4.14 3225- _Lewis Co., Wash
1930-1959 600,000 101.13
5.10
3383...Delaware County,Pa_
1930-1969 369,000 101.83
5.25 3561-Linden, N. J
00
1944-1959 r199,593 100
5.07
-5
102.04
-Denton County, Tex
98,000
3877_
4.50 3561- Linden, N. J
a 1930-1982
50.000 100.00
1929-1948
4
4.74
36,000 100.07
3383__De Pere, Wis
4A 1930-1939
3225-Little Falls, N. Y
3876-Deschutes Co. S D. No.
39.700 103.38 4.75 3721-Little Traverse Twp.8.D.
5% 1932-1947
5.00
r28,000 100.00
2. Ore
1930-1938
4.68
5
. Mich
1930-1938 125,000 101.56
5.50
5
25.000 100.00
3223_-Des Moines, la
534 1930-1949
5.00 3721__Linneus, Mo
50,000 100.00
1950-1969
4.30
Ind. S. D., Tex 5
234.000 100.06
3223_Dim1tt
1930-1942
4.75 3058- Lockport, N. Y
5
5-15 years d10,000 105.01
4.30
3383-Dolores, Colo
5 13 3058- Lockport, N. Y
434 1943-1959 298.000 100.06
13,530 100.56 :
1930-1938
4.89
40.084 100.08
1930-1939
3223-Dover,Ohio
4.90
3561- Lockport, N.Y
8,800
1930-1940
4
5,000 100.00
3877-Du Bois Co.. Ind
40 1934-1944 d190,000 100.35 1 isf 3121- _Loganton, Pa
3384__Dubuque County. la
4.54 3386-Long Hooch, Calif
434 1933-1938 400,000 100.38
1,085,000 102.35
3223__Durham, N. C. (6 iss.) 4 4 1930-1968
at anti Txtg Ptilartm
til
4.98
21/
JUNE 29 1929.]
FINANCIAL CHRONICLE
4353
Page.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name
Rate. Maturity. Amount. Price.
3561-Los Angeles Co., Calif.
3862_ _Portland, Ore _
6
1930-19a/ d40.000 102.85
(2 issues)
5
1929
731,500 100.09 3.90 3388__Port Jervis, N. Y
434 1931-1969 600,000 101.66
3386--Los Angeles Co. Acquis.
3881-Portland S. D. Tex
15,000 100.00
Impt. that. No.3,Cal-635 1934-1953 175,534 100.43 6.45 335_
$.Portsmouth, Ohio_ _ _ _ _4% 1031-1960 330,000 102.19
3561-Los Angeles Co. Sanitary
3228--Pottawattomie Co.„lowa.435 1932-1940 130,000 100.00
Dist. No. 8, Calif
5% 1930-1969 400.000
3388_ _Prospect Park S.D,
Pa__434 1934-1959
72,000 100.57
3561.-Los Angeles Co. S.D.,Ca1.5
1930-1955
12.900 100.10 4.98 3388Prowers Co. S. D.No. 14,
3721--Los Angeles Co. Impt.
Colo
431 1935-1956 120,000
Dist. No. 145, Calif....-7
1939-1948
75,900
3562-Pulaski Co. D.D. No. 1.
3721 .LosAngeles Co., Long
Ark
39.000 100.00
Beach H.S. D.,Calif_ _5
1930-1959 850,000 102.53 4.75 3881_ _Putnam Co., N. Y
435 1930-1949 360,000 100.36
3721--Los Angeles Co., Long
3563„raker City, Ohio
5
1930-1938
4.500 100.22
Beach S. D., Calif_-__5
1930-1959 300.000 102.54 4.75 3723._ uincy, Mass. (4 issues) _434 1930-1944
675.000 100.43
4044....Louisiana (State of)
5
1938
589,000
5.00
1932-1959 500,000 104.60
3225_ _Lowell, Mass.(3 issues)_ _434 1930-1959 385,000 100.00 4.21 3388-- aleigh Twp. S. D., N.C.5
100.13
3563-Beddell Gray. D. D.No.6
3721_ _Layalsock Twp.S. D..Pa4% 1930-1952
50,000
4.48
La
6
1930-1939
15.000 101.78
3226_ _Lucas Co., Ohio ______ 534 1930-1939 315,980 100.20 4.98 3563__Rho
102.66
30.000
4044_ _Lucas Co., Ohio (2 ism.)._ 5% 1930-1939 380,040 102.28 5.01 3228__Rich me S. D., Tex
land Co., Wis
435 1935-1936
46,000 100.00
3561-Lumberton, No. Caro- 5.34 1931-1970
65,000 100.55 5.21 3563__Richland Co. S. C
451 1934-1952 300,000 100.35
3878__Lyndhurst. Ohio
5% 1930-1939 241,600 100.66 5.61 3563--Richland Co.8. D.No.4,
3721- _McClain Co. S. D. No.48,
Mont
2,000 100.00
Okla
5
1932-1936
2,400 100.00 5.00 3881-Richland Co.S. D.No.716
3879-_McNalry Co., Tenn
5%
20 years
121.000 101.66 5.37
Mont
•
1,500 100.00
3878--Macon, Miss.(2 issues)-534
55,000 101.81
3723--Robeson Co. N. C
531 1930-1938
3721- _Madison Co.,Ind.(2 iss.) 4%
25.000 100.08
10 yrs.
23,400 100.00 4.50 3563-Rockville Centre, N. Y.
3561--Mahaska Co., Iowa
4% 1940-1944 d150.000 100.55 4.65
(2 issues)
4.60 1930-1949
3386--Maine (State of)
90,000 100.17
4
1935-1944
4.22
534 1930-1939 108,803 100.12
3721-Malden, Mass.(3 issues)_41 1930-1959 1,000,000 100.26 4.20 3881--Rocky River, Ohio
150,000
3723- _Roselle, N. J
6
3226_ _Malone S. D., N. Y
1930-1939 939,000 100.05
4
, 1930-1959 600,000 100.83 4.66 3723__Roselle. N. J
551 1931-1959 107,000 100.60
3059-Malverne, N.Y.(2iss.)_ _4. 0 1931-1949
52,000 100.008 4.89 3389-Runnels Co.Rd.D.No.3,
3387--Malvorne Co. Dist., Ark_6
25,000 103.85
Tex
5
1930-1939 138.000
3561--Mamaroneck, N. Y.
3881- _Runnels Co., R. D.No.3.
(2 issues)
431 1930-1974 480,000 100.80 4.41
Tex
5
3561--Manteno, Ill
1930-1939
91.000 100
6
8,000
1935
3723Rush Co., Ind_
_ _ _ 434 1930-1939
3226--Maple Heights, Ohio---531 1930-1939
10,094 100.00
22,318 100.09 5.48 4047_ _Rush Twp. S. D., Ohio _5
__3561-Marathon Co., Wis
1930-1941
12,000 100
434 1940-1942 350,000 100.94 4.40 3563-St. Anne 8:1)., Ill
5
3721_ _ Marblehead. Mass
1932-1944
65,000 100.67
431 1930-1934
45,000 100.08 4.49 3563_ _St. Clair Co., Ala
6
3226-Maricopa Co. S. D. No.
1934
r50,000 100.00
3724_ _St. Ignace, Mich
5
1929-1940
68, Ariz
38,000 100.00
5
20 years
30,000 100.05 4.99 3060_ _St. Joseph S. D., Mo._ _ -4
1930-1949 250,000 96.16
3561- -Maricopa Co. S. D. No.
3060_ _St. Paul, Minn
431 1930-1959 450,000 100.19
7, Ariz
53.4 1932-1942
17,500 100.04 5.24 3723_ _Saginaw, Mich
431 1930-1934
3561-Maricopa Co. S. D. No.
35,000 100.00
3881- _Saginaw Co.,
534 1931-1935
45, Ariz
69,000 100.38
5
1940-1949
35,000 100.10 4.99 3389- _Salem, Ohio Mich
435
3721- _Marion Co., hid
25,000 100.00
5
1930-1939 r350.000 102.40 4.48 3389- _Saline Co., Neb
3721_ _Marion Co., Ind
1930
50,000
434 1930-1939
18,300 100.00 4.50 3389__Salisbury, Md
434 1931-1944
3721_ _Marion Co., Ind
30.000 89.63
5
1930-1939 150,000 102.81
4.39
3226_ _Marion Co., Ind
5
1930-1949 400,000 104.00 4.49 3389--Sand Springs S. D.No.19,
Okla
5
3387_ -Marion Co., Tenn
1934-1954
84,000 100.03
6
1934-1944
75,000
3724- _Sanilac St. Clair & Lapeer
1561- _Marlon, N. Caro
551 1933-1952
15,000 100.74 5.68
Cos., Mich
3561- _Marion S. D., la
534 1930-1939 200,000 100.32
4.35 1943-1945
25.000 100.14 4.48 3229_ _Scotia, N. Y
534 1929-1938
i721 Marshall Co.,Ind
34.000 100.29
431 1930-1939
3,600 100.00 4.50 4048_ _Scott County, Tenn
1226_ -Marshall Co., Tenn
5
1931-1944 250,000 100.00
451 1-30 years 190,000 99.10. 4.83 3563__San Diego Co.,
S. D.,
1561_ _Marshall Co., Miss
551 1930-1954 100,000 100.00 5.75
Calif
1721_ _ Martin Co., N. Caro- -.5,1 1932-1959
534
15,000 100.14
50,000 101.23 5.08 3563_ _San Diego Co.S. D„ Cal_534 1932-1946
3721_ _ Martinsville, Ill
1931-1949
32.000 100.13
1-10 years
38,000 102.71
3563 _Sandusky,Ohio
3561. -Maysville, Ky
5
1930-1938
40.750 100.00
54
r60.000 100.18
3563 _Sanford,
3387-Maywood,N.J
531
77,000 100.91
6
1930-1937 327,000 100.00 6.00 3724__Sarcoxie,No. Caro
3387_ _Maywood, N.J
5
5,000 100.00
534 1931-1949
84.000 100.00 5.50 3563--Scarsdale Mo D. No. 1,
S.
3879-Medina Co., Ohio
5341929-1933
59,666
N.Y.(2 issues)
3879._Medina Co., Ohio
434 1934-1969 530,500 102.30
1929-1938
38,520
3724-Schenectady,1g.Y.(5iss.)4.35 1930-1949 1,035,000 100.19
3561_ _Meridian S. D. la
32,000 101.68
3563 -Seattle, Wash
3387-Miami Co. 8. D. No. 14.
5
1940-1959 900.000 96.90
3562- _Seattle, Wash
Kan
434 1935-1949 400.000 97.81
5
1930-1949
80,000 100.75 4.91 3563-Seneca Co.,Ohio
3879-Middletown, Ohio
534 1-10 yrs.
42,209 100.00
5
1930-1939
50,000 100.18 4.96 3229__Shaker Heights, Ohio_ - _ -5
3879-Middletown, Ohio
1930-1939 653.470 100.19
5
1930-1938
18,000 100.26 4.94 3224__Shaker Heights,
3722__Midland, Mich
5
1930-1949 140,000 100.19
1931-1945 103,500 100.79 --_- 3563-..Shannon Corn. Ohio
3226--Midland, Tex. (4 iss.)_ _ _534
8. D. No.
260,000 101.03
203.
'
3387--Millen, óa
534
20,000 100.00
6
1929-1938 100,000 100.00 6.00 3381--Sharon Ill D.
S.
Pa
3561_ _Minot, No. Dak
434
1959
425,000 102.00
531 3-20 years 300,000 100.00 5.25 3229__Sharewoodt Wis.
3561- _Mobile. Ala
5
1930-1939 175,000 100.28 4.94 3563 SharonCherry (3 iss.) 4% 1930-1949 246,000 100.00
Valley and
3879--Mondamin, Iowa
451
20 yrs.
18,000 100.00 4.75
Roseboom S. D. No. 1,
3879..Monroe S. D. No. 1, N.Y.5
1930-1947
35,000 100.72 4.91
N. Y
434 1930-1959 125,000 100.09
--Monroe, Mich
3722•
414 1930-1947
18,000 100.00 4.25 3724
-Sheboygan Falls, Wis _..5
3561--Monroe, Wis
1929-1948
25.000 102.43
431
10,000
3563__ShelbyvilleSch.City,Ind.451 1934-1949
3562-Montgomery. Ala
75,000 103.14
5
30 years 350.000 102.61
4.83 3724„Shelby and Sterling Twp.
3387..Moon Twp.S. D.,Pa- _ - _4
1939-1953
30,000 100.68 4.45
8..D. No. 1.
3387--Moore Co., Tenn
1930-1939
20,000 100.42 5.66 4048--Shen.ingo Twp.Mich__ _ _434 1932-1959 140.000 100.00
3387-Morris Co., N.J•
1930-1934
12,000 100
434 1930-1946 1,156,000 100.84 4.39 3389-Sidney, N. Y S. D.,Pa5
3227- _Mount Airy. N. Caro.-- _5
5
1930-1949
53.000 101.19
1932-1944
35,000 100.60 5.42 3229__Southampton, N. Y
3387-Mount Calm, Tex
5
1930-1939 150,000 102.07
6
40,000 100.00 6.00 3389-_South Canon, Colo
3562- _Mount Lebanon Twp.
5
1931-1937
7.500 100.00
3229 _SouthOrange and MapleS. D., Pa
434 1934-1959
67,000 101.19 4.40
wood S. 1)., N. J
3722--Mount Pleasant S. 1.).
4.34 1931-1959 967.000 101.83
3389-South River,N. J
No. 9, N. Y
6
1930-1938 122,000 102.40
431 1933-1959
102.39
3387--Mount Vernon, N. Y. _434 1930-1949 440.000 100.28 4.56 3562__Sparta, Wis
5
1930-1934
.._
10.000 100.00
200,000
4.22 3882--Springfield
.3387--Mount Vernon, N. Y___ _5
1932-1939 949,000 100
1930-1934 190,000 100.29 4.90 3724„Statesville, Twp., N. J ...6
No. Caro. (2
3387_ _Mountain City, Tenn_
-- 1934-1949
40,000
Issues)
3387-Multnomah Co. 8. D.
534 1931-1956 320,000 100.94
3882-Stockbridge Twp. S. D.,
No. 3, Ore
5
1940-1949
25,000 101.67 4.86
No. 1, Mich
3722- _Muskegon Heights S. D.,
431 1931-1959 100.000 100.00
3382__Stockton, Calif
Mich
5
1937-1942 240,000 103.68
434 1931-1948 345,000 100.00 4.50 3564.-Stor
ey Co., Iowa
3862--Neosho S. D. Mo
45" 1940-1944 4300.000 100.48
5
1930-1949 140,000 •
3564__Suff
3880- _Newington, Conn
4.70 1930-1949
434 1930-1967 150.000 101.24 4.39 3230__Sto ern, N. Y
50.000 100.58
we Twp., Pa
3562-.New Mexico (State of).--534 1934-1936 750.000
434
1949
200.000 100.64
100
5.50 3882_81 ly Joint Con. 8. D.
p
3562-.New Mexico (State of)_ _ _6
1937
250,000 100.11
5.98
3388--Newton, Mass
27.000 100.05
431 1930-1939
50,000 100.00 4.25 3060__Svrissvale
3388--Newton, Mass
4% 1935-1949 250.000 102.17
4
1930-1959
90,000 100.00 4.00 3060-Syracuse,S. D..Pa
3227--New York. N.Y
4
1930-1969 920,000 100.11
1932 51,991,000 101.412 4.80 3060__Syracuse, N. Y
N. Y
3227- _New York, N Y
434 1930-1949 580,000 100.11
_53j
1932
5.000 102.00 4.80 3564__Tacoma, Wash
3227--New York, N.Y
434 1931-1937
531
80,000
1932
1,000 101.50 4.80 3724--Tangipahoa Parish
3227-Now York, N . Y
8. D.
531
1932
1,000 101.75 4.80
No. 1.
3227_ _New York, N.Y
534 1-20 Yrs.
551
30.000 100.11
1.000 101.80 4.80 3564--Tarboro, La Caro
No.
3227-New York, N. Y
534 1930-1959 115,000 100.26
1199332
2
.1,000 101.85 4.80 3724-Tenafly, N.
3880__Noble Co., Ind
6
1931-1937 950.000 100.00
5
1930-1940
11.620 101.76 4.65 3724-Terrell, Tex J •
3880-Noble Co., Ind _
5
25,000 100.00
1930-1940
10,620 101.31
4.73 3230_ _Three Oak, Mich
3880--Noble Co., Ind
5
15,000
1930-1950
37,100 102.00 4.75 3389-Tillamook Co. H. S.
3388-Norman Co.,S. D.No.59.
D.
5
5_15 yrs.
No. 3, Ore
Minn
4
60,000 100.35
20 yrs
19,000 100.00 4.00 3389__Tinicum Twp., Pa
3722--Normandy Con. S. D.,
431
1959
30,000 100.01
3725--Tipton Co.,'Penn
Mo
534 1930-1949 100.000 101.08
451 1933-1949
80,000 101.11
4.64 3725--Todd Co., Ky
3227-North Bergen Twp., N.J-6
1935-1951 100,000
5
1935
1,996,000 100.00 6.00 3230--Toledo, Ohio (13 issues).._43
3562-.North Hempstead S. D.
4 1930-1955 270.000 100.43
4049--Tonasket
No. 2, N. Y
431 1935-1954
45,000 100
60,000 100.77 4.69 3564--TonawandS. D., Wash ..5
a,N.Y
3562--North Hempstead Great
5
1935-1959
25,000 102.10
3882.
.Townsend, Mont
Neck W. D., N. Y._._4.40 1935-1954 250,000 100.77
534
1949
r25,000 100.00
4.38 3724-Transylvania Co. N.Car-5
3228--Northampton, Pa
1930-1959 r278,000 100.00
1934-1940
23,000
3722.-Northampton,Mass
6
13
4 1930-1039 220,000 100.005 4.49 3564.-Tremont Twp.,Ill
50,000
100.41
4.16 3882-Trezevant, Tenn
3388--North Canine, N. Y
534
5
1930-1940
60,000
42,000 100.41
4.92 3882- _Turkey Ind. S. D., Tex_ _6
3722--Northumberland Co.,Pa-435 1930-1939 200,000
85,000 100.00
100.90 4.31 3564-Tusten and Cochecton S.
3388--O'Fallon, Ill
10,000
3722-Oak Park, Mich
5
1931-1955 100,000 100.52
1930-1939 144,000 100.72 1766 3230. D. No. 1, N. Y
-Ty Ty Cph.8. D., Ga..-6
3228-Ohlo Co,Ind
1939-1957
25,000
Bi 1930-1939
6,940 100.00 4.25 3882-Uver Merlon Twp.
880--Oakland Co ,Mich
S. D..
3
1,580,000 100.07
3562--Oneco Twp., Ill
431 1934-1959 200,000
531 1931-1940
30,000
3230
.Palm Beach. Fla
-Urbana Park Dist.. 111_ 43.5 1943-1949
3722.
5
1932-1949 450,000 100.00
50.000
3722-Parma, Ohio
1930-1939 296,000 100.64 1766 3564-Valley Co. S. D No. 23,
5.35
3228-Paterson, N. J
Mont
6
4
10 yrs.
1930-1969 1,165.000 100.72 4.43 3564-Vall
21,387 100.00
ey Co. B. D. No. 24,
3228-Paterson, N.J
1930-1954 1,019,000 100.09 4.49
Mont
3228-Paterson, N.J
6
1934-1939
1930-1960 100,000 102.00 4.32 3230-Vall
100.00
ey Stream, N. Y._ _ 4.70 1931-1949 rd12.000 100.53
3728-Pelham Manor,N.Y.---4
1934-1967
135,000
68.000 100.16 4.48 3564-Van Buren Co., Mich
4046-Pendlet3n, Ore
-534 1930-1939
5
52,000 100.78
10,000 101.23
3725.-Vanderburgh Co.. Ind.- 2
3388-_Pescaders S. D., Mich--5
(
1930-1944
15.000 100.00 1766
Issues)
4046-Peters Trip., S. D. Pa- A% 1934-1944
434
40,300 100.00
55,000 100.37
8723-Ph1ladelph1a S. D.,Pa_ - _4
1939-1958 2,000.000 100.00 4.70 4049--Vanderburgh Co., Ind--434 1931-1947
80,000 100.51
3562-Pewankee. Wis.(2 issues) 5
4.00 3230-Van Wert,Ohio
431
25 yrs. •
1930-1949
50,000 100.00
47,000 100.47
4.95 3564--Vermont (State of)
3562-Phoenix, Ariz
6
351
2,800,000
106,000
3230-Vineland, N. J. (2 iss.)-(3
3388__Pike Co., Ind'
-.434 1929-1948
1930-1944
78.000 100.00
53,735
3230-Vineland,N.J
3723-Pickens Co.8.0
534 1930-1943 120.000 100.00
5
300,000 100.05
3564- Volusia Co., Fla
3723-Pierce Co. S. D. No. 321.
36,000 100.00
3389-Waddington S. D. No. 1,
Wash
5
30,000 100.00 5.00
N. Y
3388__Plymouth, Pa
5
1930-1959 100.000 100 42
1930-1934
50,000 100.003
3564-Wallis Ind.
3388.-Plymouth Co., Iowa - _ _ _
1942-1969
50,000 100.00
1931-1940 170.000 100.05 -.- 3725-Walworth S. D., Tex 5
4.74
3228__Polk Co., Iowa
Co., Wit
435 1934-1936 290,000 100.00
4
1935-1944 150,000 100.60 4.43 3725--Warwick
8. D. No. 12,
3388_Pontiac Twp.S. D.No.1,
N. Y
Mich
4% 1931-1959
60,000 102.07 4.92 3389-Washburn S.D.,N Dak-4.80 1931-1959 250,000 100.27
5
1949
65,000 100.00
,
.54
Basis.
5.58
4.38
4.55
4.50
4.47
__-4.35
4.97
4.18
4.62
5.62
4.50
4.71
6.00
1721
4.58
5.22
5.885
5.69
5.00
4.50
5.00
4.90
6.00
5.00
4.38
4.23
4.25
5.88
4.5()
4.54
4.99
5.19
5.16
5.00
5.49
5.48
5.00
1766
4.31
4.37
5.25
4.70
5.50
4.96
4.911
5.25
4.37
4.50
4.74
4.68
4.36
4.50
5.00
4.85
4.57
5.00
4.56
5.39
5.00
6.00.
5.20
4.754.80.
4.67
4.60.
4.46.
1755
4.22
4.22
5.23
5.22
6.00
5.43
4.49
5.12
4.65.
5.004.82
5.50
5.00
6.00
4.93
6.00
6.00
4.64
5.09
4.50
4.43
4.75
6.00
5.50
4.96
5.00
4.50
4.76
5.00-
•
4354
FINANCIAL CHRONICLE
I
[Vol,. 12R.
Rate. Maturity, Amount. Price. Basis. DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN MAY.
Name.
Page.
Rate. Maturity. Amount. Price. Basis.
I Page
3564--Washlta Co. Con. S. D.
Name.
17.500
1932-1948
No. 7, Okla
1930-1949 118.118 96.03 --5
, 3390-Bowmanville, Ont
39,257
18.000 95.75
53-i 1929-1932
5
3230--Wayne Co., Mich
.. apreol, Out
4.88 , 3726-_Coaticook, Que
39,510 100.68
5
1931-1944
27.000 97.87 ..0
(2
20 Yrs.
5
3564...Wayne. Mich. issues) _ -5
7,200 104.51 ---- 1 3726-Kingston, Ont
5.12
99,900 98.41
1949
3220...Welcome S. D.,S. Caro_
5
60,000 102.25 4.48 i 3565-Kitchener, Ont
233.228 95.95 434
3565-West8ide Con.S.D. Ia__43( 1930-1949
1969 10,459.000 91.37 5.00
434
3230-West Allis, Wis.(5 1ss.)-434 1940-1949 247.000 100.34 4.47 3231- _Montreal, Que
2,560.000
434 1934-1949 d30,000 100.00 4.50 3390- _Nova Scotia (Prov.of)
Hazelton, Pa
1959
3390.-West
-5
1959 25.000.000 99.15 5.06
3725--West Lafayette City,Ind.43- 1935-1944 125,000 100.56 4.43 3231-_Ontario Prov.o
535 1930-1969 100,000 102.17 5.31 3 31- _Ontario Prov.o
Monroe, La
1959 10,000.000 99.15 5.06
40 9..
5
15,000 102.10 -- - 3726--Port Arthur, Ont
466.000 95.90
4% 1930-1944
30 yrs.
3565.-Wmouth, Mass
5
5.00 3390_ - Renfrew Co., Ont
20,000 100.00
30.000 97.06 1.135
10 inst.
• 3725_1Ite Oak Township, Ill_5
5
20.000 95.00
3725- _West Virginia (State of) 434 1932-1945 4,500,000 100.07 4.49 3726-St. Fulgence, Que
5
20-30 yrs.10,274,000 97.77 5.21
3725-Whitman Co. S. D. No.
3726--Toronto,Can. 13 issues)-5
22,000 100.00 5.50 • Total amount of debs. sold during May
5
*59,305,246
202, Wash
58.000 100.32 -_-,,
3883__Willard, Ohio (3 issues)__5( 1930-1939
17,169 100.00 6.00
1930-1933
CANADIAN SALES FOR PREVIOUS MONTHS.
3390--Williams Co., Ohio (3 iss.)6
4% 1934-1959 250,000 101.10 4.10 Page.
3390..-Williams rt Pa
Rate. Maturity. Amount. Price. Basis.
Name.
1930-1939 140,000 100.62 5.86 3231_ _Edmonton. Alta. (April)_5
5.35
6
3231...Willoaic ,0 lo
1944-1959 649,358 95.54
4.58
80,000 95.47 5.30
3230--Winston-Salem, N.C..- A31 1930-1958 1,800.000 101.81
1959
h, B. C.(Aprll)---5
43,844 100.07 5.24 3229__Saanic Sask. (Aprll)
sg • 1930-1939
27,000 104.22 ---3390- _WWoughby, Ohio
20 inst.
6
98,56 4.62 3231-Wilke,
44 1930-1959 349.000
3390-Winchester, Va
d12,000 100.00 4.50
4% 5-20 yrs.
3565-W1nslow, Neb
3883--Yamhill Co.8.1). No.40,'
65,000 100.00 5.00
1939-1945
5
Ore
Total bond sales for May (450 municipalities
5184.866,818.
-Suit Filed
coveting 598 separate issues)
Brazoria County Road District No. 5, Tex.
d Subject to call in and during the earlier years and to mature in the later to Force Bond Approval.
-A group of taxpayers has entered
year. k Not including $56.122,000 temporary loans. r Refunding bonds.
a motion for leave to file a mandamus petition to require
V And other considerations.
Claude Pollard to approve a $455,000 issue
We have also learned of the following additional sales of Attorney-General
of bonds that was voted in 1924, according to the Dallas
previous months:
Basis. "News" of June 15. The motion is said to have been entered
Rate. Maturity. Amount. Price.
Name.
Page.
3054-..Albany Co. S. D. No. 1,
Court on June 14.
43i 10-20 yrs. $250,000 100.00 4.75 in the Supreme
Wyo
93,850 100.00 6.00
2-6 yrs.
6
3222...,Allen Park, Mich
-On June 20, Governor
Adjourns.
S. D.,
3054__Aransas Pass hid.
75,000 102.66 ---- Emmerson signed 31 bills that had been passed by the
534
Tex
17,000 100.00 ---3716Avon,Ill. (Feb.)
Legislature, which adjourned sine die, according to the
1930-1939 199,383
3055-_Beechwood, Ohio (4 iss.)_5
1930-1949 113,500 100.50 4.93 Chicago "Tribune" of June 21. The newspaper goes on as
5
3222_Benson, Minn
8,000 100.00 5.60
5.60 1930-1933
Tvrp., Pa
3558--Big Beaver
45,000 100.00 4.25 follows:
43‘ 1929-1948
3558.-Brookville, Pa
of
60,000 100.17 4.44
The Chicago Board of Trade Bill, exempting the new security marketon
43-s 1929-1934
3222-Butler, Pa
it
that exchange from the provisions of the "blue sky" law and Boston Stock
3055.-Carbon Co. El. 13. No.36.
and
3,000 100.00 6.00 an equality in that respect with the New York. Chicago
5-10 yrs.
6
Mont (March)
534 1931-1940 100,000
Exchanges, was one of them: and the $12,030.000 appropriation for the
2864_ _ Charleston Twp.,111
22,000 100.77 5.68 University of Illinois was another.
5% 1941-1951
3055__Cherryville, N. C
1934-1944 dl1,000 100.50 4.92
The Governor announced that in view of the fact that no referendum
5
3558-Clarke Co., Iowa
175,000
clause was attached to the $27,000,000 Chicago sanitary district bond bill
4%
3056--Clark Co., Wls
of education, be
1tf 1930-1938 r20,260 100.00 4.75 and the $35,000,000 tax increase for the Chicago board signature. Mrs.
3223-ClarksvWe, Ind
17,000
would allow those measures to become law without his
3056-Columbia, Tenn
15.000 101.10 5.38 Rena Eirod's woman jury bill was signed also. Four bills were vetoed,
5% 1930-1954
3718-Cooksville, Ohio
72,000 106.00 -- among them the reappropriation of $30.000 for permanent improvement
3876-Corning, Ohio (Jan.)___ _534 1930-1953
5.00 at the Southern Illinois State Normal University.
1939-1944 d14,000 100
,
5
3876...Cortez, Colo10-15 yrs. d13,000 100.00 5.00
5
3558__Cortez, Colo
-Changes in List of Investments Legal
oga Co., Ohio (7
3876_-Cuyak
Massachusetts.
43( 1929-1937 177,312 100.64 4.84
iss.)
-Roy A. Hovey, State Bank Commis50,000 102.57 4.55 for Savings Banks.
1948
-592-Cynthlana, Ky.(Jan.)- 4g
45,000 100.00 4.50 sioner, has issued a bulletin dated June 21, showing the
43 1931-1942
3393__Dallas S. Two., Ind
3223-Dearborn Twp., Mich.
list:
21.450 100.55 5.38 following changes in the savings bank
5% 1930-1939
(2 issues)
40,000 100.00
3056-De Baca Co.. N. M
ADDED TO LIST
83,000 100.12
3719-.,East Peoria H. S. 13., 111_434 1938-1945
Public Funds
4.83056_Ecorse Twp.S. D., Mich.
(Little Rock, Ark.
157.,750 103.19 4.79 Greenwich Conn
30 yrs.
5
(2 issues, March)
Toledo, Ohio.
Houston, Texas.
70,000
1934-1943
5
3559-Forrest Twp ,Ill
Jacksonville, Fin.
3877-Franklln Co. 8. D. No.2.
Railroad Equipment Trust Certificates
6.75
50.000 95
1931-1955
6
Fla
D. Serially 434s, 1944.
13,000 100.03 4.48 Western Fruit Express Co. Set-.
3224__Gibson Co.. Ind _1930-1939
8,000 100.07 4.49
1930-1939
1
Bonds Considered Legal by Public Utilities Departmont3224 Gibson Co., Ind
3385-Goldthwaite Ind. S. D.,
June 21 carried the following
40,000 100.00 5.00 The Boston "Transcript" of
1930-1969
5
Tex. (March)
of Public
20,000
list of obligations that the State Department
3385-Grayson. Ky
125,000 100.48
3058-Greenfleld, Tenn
be considered legal investments for
155,000 100.42 17.45 Utilities has found may
3560-Henderson Co. N. C_......534 1932-1947
1932-1944 r195,000 100.42 5.43 savings banks:
3560-Henderson Co., N.0-..-.53
3224-Holmes Co. S. I). No. 8.
The State department of public utilities to-day furnished Bank Com15,000 96.70 6.32 missioner Roy A. Hovey with a list of street railway, gas electric and water
1932-1956
6
Fla
3560-_Humptireys Co.R.D.No.
whose bonds may be considered legal investments for Massa1930-1954 100,000 100.50 5.94 companies
6
4, Miss
chusetts savings banks in compliance with the law.
12.500
which
3720-Klowa S. D. Okla •
The list included the securities of the Boston Elevated Railway, onhereby
434 1935-1949 101.000 101.06 4.38 the public utilities department made the following comment: "We
3225-Kokomo S. D., Ind
in
3560-La Grange Co.,Ind.(3 Iscertifyand transmit the following street railway company Incorporated
29.200 100.00 4.50
4% 1930-1939
sues)
which appears from the returns filed with this deparr425,000 102.82 _ --- this Commonwealth. Dec. 311028, to have annually earned and properly
5
3058.-Lake Co.. Ind
ment for the year ended
in
1931-1945 410,000
5
3386-Leon Co., Fla
paid, without impairment of assets or capital stock, an amount dividends
3225-Lochmoor Village, Mich.
equal to 3% on all outstanding stock in each of the five preceding years
186,300
534 1930-1934
8 issues)
Boston Elevated Railway."
..Los Angeles Co. Impt. D.
3225..
of gas. electric and water companies follow:
The list
2.865 101.11 6.80
1931-1940
7
No. 25, Calif
Milford Electric Light & Power Co.
Boston Consolidated Gas Co.
50,000
1949
5
3058-McNairy Co., Tenn
New Bedford Gas & Edison Light Co.
Charlestown Gas & Electric Co.
12,000
3058-Madison Rural 8.D..Ohio -- 1930-1939
Dedham & Hyde Park Gas & Elec- New England Power Co.
10,000 101.53
1930-1939
3226-Martinsville S. D., Ind- _5
aOld Colony Gas Co.
tric Light Co.
50,000 100.00 1.80
Co.
3561-Miami,Okla (2issues)___534
698,000 100.07 --- Eastern Massachusetts Electric Co. Pittsfield Electric
3226-Michigan (State of)
Light & Power Co.
Quincy
1,484,000 100.11 ---- aEdison Electric Illuminating Co. of SpencerElectric
3226-Michigan (State of) (2 iss)Gas Co.
Brockton.
3227--Montguagon Two. S. D.
Turners Falls Power & Electric Co.
90.000 100.00 4.75 Fall River Electric Light Co.
No. 2, Mich.(March)_43i 1938-1959
Webster and Southbridge Gas &
Greenfield Gas Light Co.
1931-1968 155,000
3387-Mount Ephraim, N. J.._6
Electric Co.
5.07 bHaverhill Electric Co.
80.000 102.01
3562--Northampton Co., N.0_5% 1932-1959
Weymouth Light & Power Co.
20,000 100.13 4.48 bLawrence Gas & Eipctric Co.
3228--North Versailles Twp.,Pa.434 1933-1949
aHingham Water Co.
Light Co.
27,000 100.00 4.50 Leominster Gas
534 1932-1949
3562-0ologah S. D. Okla
aMilford Water Co.
Malden & Melrose Gas Light Co.
2691__Putnam City Con. S. D.
Hudson Gas Co.
30,000 100.02
No. 1, Okla.(2 issues)_ .._ 1932-1946 100,000 100.20 5.98 Marlborough- companies who provide for depreciation entirely out of
1935-1954
a Indicates
3388-Red Bluff S. 13., Callf 6
for depreciation partly out of
27.000
1930-1947
surplus. b Indicates companies who provide include depreciation in their
3723__Richfleld Springs, N.Y 5
listed above
66,000
3060-Springfield. Tenn__' ____43( 1930-1939 300,000 102.21 4.35 surplus. All other companies
1948-1957
operating expenses.
1440-_Steuben Co., N.Y.(Feb.)434
gas, electric and
10.000 100.00
1930-1939
The department also submitted the following list of
3061-Tipton Co.. Ind
19.735 100.00 5.00 street railway companies whose tecurities, prima facie, comply with the
1930-1934
.._..5
3564__Troy. Ohio (6 Issues)
as a legal investment for savings banks:
requirements
3061- _Union Twp., N.J (inel in
1,000,000
1934
of Abing- aLowell Gas Light Co.
6
total)
5.00 Electric Light & Power Co.,
32,000 100
bLynn Gas & Electric Co.
1949
ton and Rockland.
3882-Upham S. D. N. Dak.--5
10,000
Malden Electric Co.
Twp.,, Ill- -534
Adams Gas Light Co.
3725-Wards Grove,
Marlboro Electric Co.
Carroll Par. Pt. D.
Amesbury Electric Light Co.
3564_-West
78,000 100.00 5.75 aAmherst Gas Co.
North Adams Gas Light Co.
1930-1949
,
i
53
La.(2 issues)
Northampton Electric Light Co.
12.000 100.00 -- Arlington Gas Light Co.
3061__White Cloud, Mich
Northampton Gas Light Co.
d6.000 100.00 5.00 Athol Gas & Electric Light Co.
1930-1950
8. D.,S. Dak.5
3565-White Rock
22,500 100.02 5.49 Attleboro Gas Light Co.._ Corp.
North Attleboro Gas Light Co.
3231-Yukon. Okla. (2 issues)_534 1932-1951
Pittsfield Coal-Gas Co.
for April. Beverly Gas & Electric Light Co.
Plymouth Electric Light Co.
All of the above sales (except as indicated) are
Brockton Gas Light Co.
total sales (not Cambridge Electric Light Co.
Randolph & Holbrook Power & EleeThese additional April issues will make the
trio Co.
9.
Central Massachusetts Electric Co.
including temporary loans) for that month $91,500,76
Co.of Salem Electric Lighting Co.
for previous Citizens Gas,Electric & Power
Salem Gas Light Co.
Nantucket.
The following items included in our totals
Southern Berkshire Power & Electric
We give the Clinton Gas Light Co.
months should be eliminated from the same.
Co.
for aEasthampton Gas Co Co. Co. of Springfield Gas Light Co.
number of the issue of our paper in which reasons
Electric Illuminating
page
°Edison
Suburban Gas & Electric Co.
Boston.
eliminations may be found.
these
Taunton Gas Light Co.
Works Co.
Rate. Maturity. Amount. Price. Basis, bFall River Gas& Electric Light Co. Union Light & Power Co.(Franklin).
Name.
Page.
Fitchburg Gas
25,000
°United Electric Light Co., (Spring32 2.._Benson, Minn. (April).
Gardner Electric Light Co.
field).
3385-Goldthwaito Ind.'S. D.,
Gloucester Electric Co.
50,000
Ware Electric Co.
Texas (March)
Gloucester Gas Light Co.
West Boston Gras Co.
3224-Hardeman Co. R. D. No.
Greenfield Electric Light & Power
100,000
Williamstown Gas Co.
3, Texas (March)
Co.
Winchendon Electric Light & Power
3224„Harmon Co.S. D.No. 11,
-- aHaverhill'Cias Light Co.
21,000
Co.
Okla. (February)
Electric Light & Power
Leominster
Worcester Gas Light Co.
Co. S. D. No.
3879-Maricopa
Co.
11,000
Electric Co.
83, Ariz. (Apr.) •
aThe Lowell Electric Light Corpora- Worcester Suburban
18,000
Boston Elevated Railway Co.
-Omsk,Wash.(February)3722
Corp.
40.000
.
Street Railway Co.
(Apr)
Springfield
3881-SedroWooley,Wash.
20,000
3565--West Salem. Ore.(March) -
NEWS ITEMS
Jural 29 1929.1
FINANCIAL CHRONICLE
The following companies,
bank law for a period of threeprima fade, have complied with the savings
years,
from
appear not to have had either bondsbutnotes the returns to the department
or
outstanding on Dec. 31 1928:
Attleboro Steam & Electric Co.
Southeastern Massachusetts Power
Cambridge Gas Light Co.
& Electric Co.
Cape & Vineyard Electric Co.
aWorcester Electric Light Co.
Middlesex County Electric Co.
a Indicates companies who provide for depreci
ation out of surplus.
Indicates companies who provide for depreci
ation partly out of surplus.
All other companies listed above include
depreciation in their operating
expenses.
Mississippi.-Speeial Legislative Session Conven
es.
June 25, the extraordinary session of the State Legisl -On
called by Governor Bilbo for road legislation exclusature,
ively,
met for the first day of the session and adjounred
after the
expiration of an hour which was devoted to prepar
plans, according to the Jackson "News" of June ation of
26.
New Jersey.
-Seventeen Laws Take Effect on July 4.
-In
conformity with the constitutional provision
as the effective date, unless otherwise specified fixing July 4
by
enactments, seventeen laws will become operat legislative
ive
day. Ten are Senate and seven are House measu on that
following is a list of the new laws,as published in res. The
"Evening News" of June 14: Senate measu the Newark
res becoming
effective July 4 are as follows.:
Senator Prall, authori
zing the State Department of Agriculture
to adopt a
common seal.
Senator Reed. eliminating primary election
s in municipalities having
managers.
Senator Yates, enabling veterans in the
conventions of their respective organizations public employ to attend state
without loss of pay or vacation
allowance.
Senator Yates, providing that school childre
n
high school in another district may not be withdrof one district attending
awn
district without approval by the state commissioner to be sent to a third
of education.
Senator Wolber, regulating the time of publication of
certain proposed
ordinances.
Senator Abell, giving the commissioner of labor
safety of theaters, grandstands and motion picture supervision as to the
houses in municipalities
having no local building supervision.
Senator Chandless, amending the county police pension
act of 1928.
Senator Davis, two measures, regulating banks
in conformity with
recommendations of the Davis investigating
committee and regulating trust
companies in conformity with recommendati
ons
Senator Stiles, fixing minimum and maximumof the same committee.
penalties for violations
of the pharmacy act.
House measures effective July 4 follows:
Mr. Stein, permitting convicted persons to seek
review of judgment in
cases where suspended sentence has been impose
d.
Mr. Stein, permitting supplementary proceedings
to be conducted before
a master in chancery.
Mr. Kautz, regulating the purchase by insurance
companies of the stock
of corporations that have not paid a dividend for five
years.
Mr. Altman, permittLig police magistrates
in second class cities to
designate attorneys as substitutes.
Mr. Leap, amending the law to control the overflow
by tide of lands of
meadow companies.
Mr. Weber, authorizing counties to provide for
Mr. Hulsenbeck, increasing from $500 to $1.000 electrical inspections.
may spend for certain purposes without advertising the amount counties
for bids.
4355
House Law,insofar as it affects the
with the provisions of Article XII. ofCity of New York,is not in accordance
the Constit
cation of a law under which the city is alreadyution. A repeal or modifigoverned is legislation for
the City of New York quite as much as the passage
Corporation Counsel Hilly, after conferring withof a new law."
Mayor Walker, stated
that the decision created no hiatus because the
Tenement House Law ane
the Building Code were still in force.
Increased Salaries Proposed for 27,00 City Emplo
As the result of action taken on June 0 in an yees.
26
meeting of the Board of Estimate, the salaries executive
of 28,000
city employees who now earn less than $3,00
various city Departments, exclusive of polic0 a year in the
employees of the Department of Education, emen, firemen,
are scheduled to be raised $100 to $240 a or day laborers,
The
creases, it is said, are to become effective year. Sept.inas of
and the sum required to meet them is reported to be 1,
approximately $4,30(),000. The increases were
by Budget Director Charles L. Kohler and recommended
approved by
the Board on June 27.
Rio de Janeiro, State of (United States of Brazil
).
$6,000,000 Loan Oversubscribed.
-E. H. Rollins &
associated with the Bancamerica-Blair Corp., Blyth Sons,
&
and J. G. White & Co., Inc., all of New York, offere Co.,
June 28 a $6,000,000 issue of 63/i% external sinking d on
gold bonds (of 1929) of the State of Rio de Janeir fund
o, at
91.50 and accrued interest, yielding 7.20% to
maturity.
The bonds, according ,to the bankers, were oversu
and the books closed. The securities are datedbscribed
Jan. 1
1929, coupon in $1,000 denomination, and
on Jan. 1 1959. Interest payable on Jan. 1 are payable
The following information has been taken fromand July 1.
the official
offering circular:
Principal and interest payable in United States
gold coin, without deduction for present or future Brazilian taxes
of any nature whatsoever,
either at the principal office or the agency
of
Bank of America N. A., paying agents, in E. B. Rollins & Sons, or the
the
the City of New York, or at the offices of E. Borough of Manhattan.
City of Boston. Mass., or the City of Chicag H. Rollins & Sons in the
o, Ill. Redeemable (otherwise than through the sinking fund) at the
but not in part, on any int. payment date option of the State. as a whole,
on 60 days' notice. at 100 and
accrued int. Grace National Bank of New York,registra
r and authenticate.
ing agent. A cumulative semi-annual sinking fund
is provided to commence operation July 1 1931. calculated to
maturity through semi-annual drawings at 100redeem the entire issue by
and accrued interest.
Further information regarding this loan may be
in our department of "Current Events and Discus found
sions on
a preceding page.
Texas.
-House Approves Four-Cent Gasoline
-The
Dallas "News" of June 22 reports that the HouseTax.
of Representatives had finally passed, after prolonged
discussion, a
4
-cent occupation tax on gasoline by a vote of 84
previous day. It is also stated that the measu to 16 on the
New York City.
re was sub-Supreme Court Adjudges New Housing stituted for
Law Unconstitutional.
-In a lengthy opinion handed down on introduced. an excise tax of 4 cents that had previously been
The newspaper report continues:
June 25, Richard P. Lydon, Supreme Court Justice,
Before acting
ruled
on the bill, the house adopte
that the Multiple Dwellings Law was unconstitutional, on ments, includingfinallyby Mr. Montgomery requiring d several amendone
dealers to secure
the ground that it was special legislation and not a genera licenses and to furnish an initial bond of $10.000.
An amendment by Representatives Chastain
law, and was not passed on an emergency message from l the tax 3 cents instead of 4 cents was tabled. 64 and Ray Holder making
to 39.
the
Representative W.E. Pope succeed
Governor and by a two-thirds vote of both House
ment which will have gasoline that ed in securing adoption of an
s of
State Legislature. It is reported that an appeal from the tinguish it from the other. Gasolin is exempt from the tax coloredamendto disthis airplanes, and by municipalities e used in agriculture, motorboats, and
decision will be immediately presented to the
is exempt.
Common
Division. The following regarding the decision Appellate file reports carriers and other transportation agencies will be required to
appeared in amendment with the comptroller of all gasoline transported, under an
the New York "World" of June 26:
offered by Representative Bowen Pope and
adopted. Another
amendment by Represe
ntative Jack Keller, which will prevent
That the proper housing of New Yorkers is the
retroactive
firmed yesterday by Supreme Court Justice Richard city's business was af- action in collecting the new tax from back shortages, likewise was adopte
P.Lydon.
d.
Several amendments tending to apporti
In an exhaustive opinion that the Multiple Dwellings Law, who declared
on
enacted by the to be used on lateral roads were voted down. part of the tax to counties
State Legislature, but affecting the property of thousa
nds of city dwellers
As passed by the House, the bill retains
was unconstitutional.
practically the same occupation
tax machinery as the present gasoline
Justice Lydon pointed out in his opinion
tax. Tte TilIctson Bill was an
peal the provisions of the Greater New Yorkthat the law purported to re- tax, and claims were made that at least 20% more could be collect excise
Charter the Zoning Law and that system. The Montgo
ed under
the Tenement House Law, and that under Article
XII. of the State Con- Tillotson by a vote of 66 tomery Bill was substituted for the one by Mr.
stitution every city had power to adopt local laws
51.
relating to the "regulation of the conduct of its inhabitants and the protect
ion of their property.
safety and health.
"Much could be said," Justice Lydon said concern
ing the law. "to prove
that it does not materially improve conditions
ABERDEEN, Brown County, S. Dak.citizens of New York City. But whether the of health or safety of the
BOND
-Both
exists only in the imaginations of its advocat improvement is actual, or sealed and open bids will be received until 9 a. m. onOFFERING.
law intends to protect the safety and •health es, the fact remains that the W. Kohlhoff, City Auditor, for the purchase of an issueJuly 15. by Lydia
of the citizens of the City of annual water distribution
of $145.01
New York."
bonds. Int, rate is not to exceed 5%.00 semiJune 11929. Due serially in from 1 to 19
Dated
Justice Lydon's decision came at the end of protrac
Yi years after
4
ing the bill both before and after Gov. Roosevelt ted argument concern- will be sold subject to the legal approval of Junell, Dorseydate. The bonds
, Oakley & Drissigned it April 19. It coll, of Minneapolis.
passed by a bare majority both Houses of the
Legislature. Property owners, architects and lawyers have since added their
ADAMS COUNTY (P. 0. Decatur),
voices in protest.
Ind.
-BOND AWARD POSTMayor Walker refused yesterday to comment on
PONED.
-Ed Ashbau
ment House Commissioner Deegan, intrusted with the decision and Tene- 454% bonds aggrega cher. County Treasurer, states that the following
ting $19,700 are to be sold on July 9
enforcing the Multiple
Dwellings Law, said that he must discuss the
instead of on
situation with the Mayor June 25 as previously advertised-V. 128. p. 4189.
and with Corporation Counsel Hilly. Although the
Corporation Counsel $10.660 township road construction bonds.
was technically supposed to defend the law, he appeare
9,040 township road construction bonds.
d in Supreme Court
against it.
Both issues are dated June 15 1929. Due on May
and Nov. 15.from 1930
Justice Lydon's decision temporarily restrains
Commissioner Deegan to 1939, hicl. Interest payable on May and Nov. 15.
from enforcing the law pending trial of the test case
brought against it by
ADAMS COUNTY (P. 0. Corning),
Ernest N. Adler, a property owner. Thd decision
Iowa.
-BOND SALE.
dismissed the motion of $450.000 issue of
-The
Commissioner Dewan to dismiss the suit.
annual primary road bonds offered for sale on
June 26V. 128, p. 4039
Adler brought his suit to have the law declared
-was warded to
unconstitutional into as 5s, at par. Due $45,000 from the White-Phillips Co. of Davenport,
court after Commissioner Deegan ordered him to obey
May 1 1935 to 1944, incl. Optiona
certain provisions after May 1 1935.
l
of the law with regard to his property at Nos. 400 and
402 East 93rd Street.
ALDEN TOWNSHIP SCHOOL DISTR
Affects Only New York City.
ICT (P. 0. Alden), Hardin
County, Iowa.
-BOND SALE,
Besides holding that the law infringed on
-The $3,000 Issue
Justice Lydon pointed out that out of all the rights belonging to the city, school bonds offered for sale on June 15-V. 128, p. of 5% semi-annual
4040
cities of
-was awarded
New York alone. The law applies to cities of more the State it affected to Mr. Henry E. Lander.
than 800.000 popu: tion, and New York is toe only
ALHA
This was the principal ground forcity that comes anywhere near that size. Angeles MBRA CITY SCHOOL DISTRICT (P. 0. Los Angeles), Los
the contention of its
County, Calif.
-The $247.000 issue a 5%
the Justice pointed out.
unconstitutionality. semi-annual school bonds -BOND SALE.
offered for sale on June 17-V. 128.
Justice Lydon characterized provisions of
was jointly awarded to the
p. 3875
Detroit Co. of New
this fact as "effort to circumvent" the real the law tending to glees over National Co. of
substance of the law. One
San Francisco, for a premium of York, and the American
these efforts which the Justice cited was the
$4,488 equal to 101.81,
of
provision of the law which a basis of about 4.80%. Dated June 1 1929. Due from
allowed the legislature of any other city except
those of 800.000 to adopt 1949. incl. According to the San Francisco "Chronicle" June 1 1930 to
certain provisions of the law.
of June 19. The
other bidders at this sale were:
Wm.Cavalier
Should any village, the Justice pointed out,
pass a local law embodying Paris Co. and Bank of Italy, $3.576: R. H. & Co.. $3,777; Anglo London
Moulton
the provisions of the Multiple Dwellings Law it
would constitute a repeal Trust & Savings Bank, Los Angeles. $2,790: and the& Co. and Security
of the Tenement House Law as it affects such village,
National City Co.
and Weeden dz Co.. $2.679.
The Justice termed the provision "futile" unless the which is 'prohibited.
ALLEGANY COUNTY (P. 0.
also was declared unconstitutional. In that case, Tenement House Law
Belmont), N. Y.
the Justice held, the The $250.000 highway
provision was "meaningless," because then
bonds offered on June 21-v. -BOND SALE.
the village in question
128, p. 3875
-were
have the right to regulate its housing completely.
would awarded to the Bankers Company of New York.
as 450,
basis of about 4.49%. The
bonds are dated March 1 1929. at 100.009, a
Lacked Requisite Majority.
March 1 1943 to 1947. incl.
Due $50.000.
Justice Lydon held the law unconstitutional because
The following bids were also
it
received:
out an emergency message of the Governor and without was passed withBidder
a two-thirds ma- Rooseve jority of both branches of the Legislature.
Ira. Rate. Rate Bid.
lt dc Son and George B. Gibbon &
s Co
Referring to the repeal of the Tenement House Law
43
Batchel
100.839
effected by the Multi- Manufa der. Wack & Co
43
ple Dwellings Law, Justice Lydon said: "This repeal
cturers & Traders-Peoples Trust
100.79
of the Tenement Dewey,
Co
4i1
Bacon & Co
100.31
4
100.31
BOND PROPOSALS AND NEGOTIATIONS
.
FINANCIAL CHRONICLE
4356
L vol.. 128.
-At a
-BOND ELECTION.
BLISSFIELD, Lenawee County, Mich.
County, Ohio
will pas on a proposal to
AKRON LITY SCHOOL D. i isICT, Summit
0 special election to be held on July 28, the voters
the erection of a filtration plant.
-The tollowing issues of 5% bonds aggregating $500,00
bonds to finance
BOND SALE.
-were awarded to Stranahan, Harris Issue $48,000
AL SCHOOL
offered on June 24-V. 128, p. 4039
jointly, at 101.33,
BOLIVAR, GENESEE AND CLARKSVILLE CENTR
-BOND
& Oat's,Inc. of Toledo, and Emanuel & Co. of New York,
, N. Y.
DISTRICT NO. 1 (P. 0. Bolivar), Allegany County
a basis of about 4.84%.
1930 to 1949 incl. SALE.
of Bolivar,of Bolivar,recently purchased at 100.16.
-The State Bank
$300,000 school building bonds. Due $15,000. Oct. 1
ing $499,200:
g property for school the following coupon or registered bonds aggregat
200.000 bonds issued for the purpose of acquirin inclusive.
, March 1 1930 to 1.955.
sites. Due $10,000, October 1 1930 to 1949 The purchasers are $494,000 bonds,series A. Due $19,000
1930 to
5,200 bonds, series B. Due on March 1, as follows: 31,000,
All of the above bonds are dated July 1 1929. yield 5.50 to 4.60%.
1933, incl.; and $1,200, 1934.
for public investment at prices to
reoffering the bonds
bonds are dated March 1 1929 and were offered unsucAll of the above
An official tabulation of the bonds submitted follows: Rate. Premium. cessfully on June 14-V. 128, p. 4190.
Int.
Bidder-The
-TEMPORARY LOAN.
BOSTON, Suffolk County, Mass.
Otis & Co., Cleveland; Arthur Sinclair,
$6,450
-was
123. p. 4190
5%
Wallace & Co
$3.000,000 temporary loan offered on June 24-V. interest rate basis
5%%
s_
of Boston, on an
awarded to the First National Bank
The First Citizens Corporation. columbu
dated June 26 1929. Due
'(Bid on $300,000 only.)
at 5.52%, plus a premium of $23. The loan Is7, both payments in 1929.
4 and $1,000,000 on Oct.
Hayden, Miller & Co.. Cleveland; Harris,
ul
95 $2,000.000 on Oct.
-The above-mentioned bank was the successf
TEMPORARY LOAN.
Forbes & Co.; National CityCo3
5,285
payable
on June 26 for a $2,000,000 loan, dated July 1 1929 and in 1929,
& Co., Chicago
bidder
Halsey, Stuart
; Northern
on Oct. 7. both maturities
Continental Illinois Co., Chicago
5.457 $1.000,000 on Oct. 4 and $1,000,000
5%
Trust Co
4,195 also at 5.62%. is a list of the other bids for the $3,000,000 award:5.577
The following
Tillotson & Wolcott Co., Cleveland
395
Int. Rate.
5
2a,0001
4%% on $
Bidderon 300.0001
Detroit5%
Grafton Co
.68
.
5
York; The
Bankers Company of New
5,790 Shavrmut Corp. (plus $9)
5.82
5%
Bros.
Co.; Eldredge & Co., New York
939 Salomon Br.& Hutzler
5.85
5% on $300,000
h & Co., Toledo
Corp. (plus $11.)
Braun, Boswort
629 Old Colony
5% on 200,000
-Sealed'
-BOND OFFERING.
BRAINTREE, Norfolk County, Mass.
er, for the'
C. W. McNear & Co., Chicago.; Fed. Seem%
bids will be received until 3 p. m. on July by the Town Treasur
,Cleveland_
The H' errick Co.
Corp.,Chicago;
1,204 'purchase of $90,000 school building bonds, to bear a coupon rate of 44%
on $300.000
.
Estabrook & Co., New York
802 payable semi-annually. The bonds are dated July 15 1929. Due serially
on 200,000
from 1930 to 1944 inclusive.
Stranahan, Harris & Oatis; Emanuel &
6,650
NG.
5%
-BOND OFFERI
New York
BRONXVILLE, Westchester County, N. Y.
until 8 p. m.
Financial Statement.
Sealed bids will be received by Jerry C. Leary, Village Clerk, coupon or
.
e
2, for
(As officially reported.)
(daylight saving time) on July bonds. the purchas of $36,000 to exceed
$402,460,450
Rate of interest is not
ed street improvement
Assessed valuation (1929)
9.004,500 register
of 1-10th or ji of 1%. The bonds are dated
multiples
Total bonded debt (including this issue)
335,000 6% and is to be in $1.000 denominations, and mature $3,000 on July 1,
Sinking Fund
8,669,500 July 1 1929, are inincl. Prin. and semi-annual int. gold at the Gramatan
to 1941.
Net debt
check for $720, payable'
of other municipal from 1930
ons
National Bank & Trust Co., Bronxville. A certified
The above statement does not include obligati
to be approved
city.
within
to the Village, must accompany each proposal. Legality
corporations which have taxing powerPresent the
(estimated). 250,000.
ter of New York.
by Clay, Dillon & Vandewa
Population, 1920 Census, 208,435;
-BOND OFFERIowa.
-TEMPORARY LOAN.
BUCHANAN COUNTY (P.O. Independence)
ARLINGTON, Middlesex County, Mass.purchased a $200.000 tem16, by the County Treasurer, for the
The First National Bank of Boston, recently The loan is dated June 27 ING -Bids will be received until July primary road bonds. Int. rate is not
of annual
of 5.42%.
purchase of a $300,000 issue
porary loan on a discount basis
16 1930, and $50,000 to exceed 5%. Dated Aug. 1 1929. Due $30,000 from May 1 1935 to 1944,
1929. Due 5100,000, Dec. 10 1929. $50.000. May
by thesubmitted:
May 11935. Blank bonds are to be furnished
on June 20 1930. The following bids were also
Discount Basis. incl. Optional after & Cutter of Chicago will furnish the legal approval.
purchase. Chapman
Ruttier5.435
AGE DISTRICT
Bank of Commerce & Trust Co
5.47er
BUCKEYE WATER CONSERVATION AND DRAIN
-We have been informed that the.
Salomon Bros. & Hutzler
.o
5 49 z (P. 0. Phoenix), Ariz.
-BOND SALE.
F. S. Mosely & Co
nual water bonds unsuccessfully offered on.
$270,000 issue a 5% semi-an
Menotomy Trust Co
has since been purchased by the Citizens Bank
-BOND OFFER- Dec. 31-V. 128, p. 141on), Ohio.
ASHATABULA COUNTY (P. 0. Jeffers County Commissioners, will of Phoenix. Due from 1939 to 1958. incl.
of
-The.
-W. W. Howes, Clerk of the Board standard time) on July 15. for
ING.
-ADDITIONAL DETAILS.
BURNS, Harvey County, Ore.
n
received sealed bids until 1 p. m. (Eksterment bonds. Dated Oct. 11928. two issues of 6% coupon bonds awarded to Ferris & Hardgrove of Portland
the purchase of $16,500 5% road improve as follows: $500, Oct. 1 1929, on May 29-V. 128, p. 3876
-were purchased at a price of 95, a basis of
Denom. $1,000, one bond for $500. Due
incl. Interest payable on about 6.68% to maturity. The issues are divided as follows:
and $1,000. April and Oct. 1 1930 to 1937, payable to the Board of 575.000 street improvement bonds. Due in 10 years and optional after 1 yr.
$500,
optional after 1 yr.
April and Oct. 1. A certified check foreach proposal.
25,000 street intersection bonds. Due in 10 years and June & Dec. 1.
on
County Commissioners, must accompany
Denom. $1,000. Dated June 1 1929. Int. payable
Financial Statement.
0,000
$155,00
-TEMPORARY LOAN.CAMBRIDGE, Middlesex County Mass.
True valuation approximate
149,000,000 The City Treasurer awarded a $1,00000 temporary loan on June 27 toAssessed valuation
16,500 Salomon Bros. & Hutzler of Boston, Boston. on a discount basis of 5.49%,
This issue
portion and general
m of $7.00. The loan is payable on Nov. 29 1929.
Total bonded debt, including township's
2,961.765 plus a premiu
S CALLED.
Utah.
assessments, this issue included
110,724
CARBON COUNTY (P. 0. Price),us that-BOND
the county will redeem,
fund
Sinking
Elizabeth Hadley, County Clerk, informs
road bonds, numbered
Population, 65,000. Tax rate, 5.282 mills.
on July 1 an issue of 5125.000 5% semi-annual dated July 1 1919, and.
-BOND SALE.
, N. J.
on July 1 1939,
ATLANTIC HIGHLANDS, Monmouth County offered on June 25-V. from 1 to 125, inclusive payable
and int. is payable at the Naed road bonds
edeemable on or afterJuly 1 1929. Prin.
ceases on and
-The $17,000 5% coupon or register
to the Atlantic Highlands National Bank, at tional Bank of Commerce in New York City. Interest
-were awarded
128. p. 3875
1 1929. Due $1,000, after said July 1.
dated June
,par, the only bidder. The bonds are
ICT NO. 18 (P. 0. EncampJune 1 1931 to 1947, incl.
CARBON,COUNTY SCHOOL DISTR $25,000 Issue of 534% school
-Ryan, Suther- ment), Wyo.-BONDS NOT SOLD.
-The
-BOND SALE.
AVON LAKE, Lorain County, Ohio.
bidders on June 10 for $25,775.75 building bonds offered on June 20-V. 128, p. 3718-was not sold as all
ul
$1,000, 1935.
land & Co. of Detroit, were the successf at par, plus a premium of $229.00,
the issue
were rejected. Dated July 11929. Due as follows:
6% road bonds, offering to take 5.80%. The bonds are dated June 1 1929. the bidsand $2,000, 1950 to 1954, all incl.
equal to 100.88.a basis of about 1930; 33,000, 1931; $2.000, 1932; $3,000, to 1949
e), Caddo County,
Due on Oct. 1,as follows: $2,000. and 1936; $2,000, 1937; 53,000, 1938:
CARNEGIE SCHOOL DISTRICT (P. 0. Carnegi
recently been.
-A $25,000 issue of school bonds has544s.
1933; 32,000, 1934; $3,000, 1935
-BOND SALE.
Okla.
and $2,775.75, 1939.
by the Farmers National Bank, of Carnegie. as
-BOND purchased
Buren County, Mich.
-BOND OFFERING.
Iowa.
BANGOR SCHOOL DISTRICT, Van offered on June 14-V. 128. p.
CARROLL COUNTY (P. 0. Carroll),
the purschool
-The $85,000 couponNuveen bonds of Chicago. as 5s, at par, plus a Bids will be received until July 19, by the County Treasurer, for
SALE.
& Co.
Int. rate is not
-were awarded to John 100.49, a basis of about 4.95%. The bonds chase of a $200,000 Issue of annual primary road bonds. May 1 1935 to
4040
from
to
Premium of $420.00 equal Feb 1, as follows $2,000. 1930 to 1932 incl.; to exceed 5%. Dated Aug. 1 1929. Due $20,000 are to be furnished
1935. Blank bonds
bonds mature annually on
legal'
to 1944 incl.; $5,000. 1945 to 1951., 1944, Inel. Optional after May 1
1933 to 1939 incl.; 54,000, 1940 in $1,000 denominations. Interest by the purchaser. Chapman & Cutter, of Chicago, will furnish the
53.000.
The bonds are
incl.: and $3.000, 1952. (January and July).
approval.
-The
-BOND SALE.
payable semi-annually
Crawford County, Iowa.
CHARTER OAK,
ed: sale on.
The following bids were also submitt
Premium. two Issues of 5% coupon bonds aggregating $10,000, offered for
City,
6
Bidder6 80
$153..00 June 24-V. 128, p. 4041-were awarded to Chas. Smith, of Dow
The issues are described as follows:
Security Trust Co
Detroit &
for a premium of $90, equal to 100.90.
$500.
Union Trust Co. (Detroit)
12.00 $6,000 improvement fund and $4,000 grading fund bonds. Denom.
from 1 to 17 years. Int. payable on May &
Bank of Detroit
- Dated May 1 1929. Due in
, Wis.-BOND OFFERING.
0.
BARRON COUNTY (P. until Barron) by F. S. Woodward, County Nov. 1.
-Sealed
June 29,
-BOND OFFERING.
County, Minn.
CHISHOLM, St. Louis
Sealed bids will be received $85,000 issue of4%% semi-annual road bonds
by H. L. Cawley, Village
bids will be received until 8 p. m. on July 15,
Clerk,for the purchase of an
-The following Recorder, for the purchase of a $712,000 issue of village bonds. The
-BIDS.
, Mich.
BATTLE CREEK, Calhoun County for the $300,000 bonds awarded bidders are requested to submit bids for bonds bearing interest at 5% and
on June 17
Is a list of the other bids received l Bank, of Battle Creek, at 100.733-V. propositions on any other interest rates not exceeding 6%. Due as follows:
11941. and $22,000
as 4%s to the Central Nationa
$30,000 on July 1 1930 and Jan. & July 1 1931 to July
Premium. on Jan. 1 1942. A $20,000 certified check, payable to the Village, must
128, p. 4189.
Bidder$1.890.00 accompany the bid.
1,850.00
Halsey, Stuart & Co
-$2,952.700 BONDS SOLD
Detroit and Security Trust Co
CINCINNATI, Hamilton County, Ohio.
256.00
First National Co. of Detroit. Trust Co., Detroit
City Auditor,states that In addition
TO SINKING FUND.-lienry Urner,bidding during 1928 and reported in
Braun, Bosworth & Co.; Union
at competitive
2,437.80 to various bonds sold
also sold $2.952,700 bonds
At 5% the bids were:
columns as the awards took place, the city
3,708.00 ourbig that period to the Sinking Fund.
Otis & Co
Trust & Savings Bank
2,415.00 du?
Harris
-BOND OFCounty, Pa.
3 420 00
Federal Securities CorpCreek
CLARION SCHOOL DISTRICT, Clarion sealed bids until 8 p.
-J. P. Kerr, Secretary, will receive
2-- 1,140.00 FERING.
Old Natl. Bank, Battle
$150,000. 5‘7,
& Savings Bank, $150,000, 4%%; $180,000. 4%7; 330.00 (eastern standard time) on July 11, for the purchase of $71,000 5% bonds.
Harris Trust
$2,000,
$120,000, 5%;
$1,000. Due Oct. 1. as follows:incl.; 19311
Old National Bank, Battle Creek,
$5.000.
to 1946,
-We Dated Oct. 1 1928. Denom.
-BOND SALE.
Bemidji), Minn.
$3,000, 1933 to 1942, incl.; 34.000, 1943
and
BELTRAMI COUNTY (P. 0.
A certified check for $1,000. payable
ng portion of the $142,792.57 19471932;
2.57 remaini
to 1949,Incl.; and $6,000, 1950.
are now informed that the $112,79was awarded on Mar. 8 to John Nuveen to the School District, must accompany each proposal. These bonds were
530,000
drainage bonds of whichat par
-has since been purchased
128. p. 2685
as 431s on June 6-V. 128. P. 3718.
6s,
& Co. of Chicago, as company-V. exercise of their option on the bonds. offeredright is reserved to reject any or all bids. Sale of bonds subject to
on the
The
subject
by the above named
Holmes the approval of Pennsylvania Department of Internal Affairs; also
RURAL SCHOOL DISTRICT,the Board
Smith, Shaw and McClay. Attorneys of Pittsburgh.
BERLIN TOWNSHIP
.-Fred G. Miller, Clerk of purchase to opinion of Reed, the issue.
-BOND OFFERING
of
County, Ohio.
bids until 12 M.on July 5. for the Denoms. Pa., as to validity
0. Cliffside), Bergen
of Education. will receive sealed
ment bonds. Dated April 11929.
CLIFFSIDE PARK SCHOOL DISTRICT (P.
of $38,000 5% school improve and Sept. 1 1930 to 1948, incl. Interest County, N. J.
-John F. Kelly, District Clerk, will
-BOND OFFERING.
51.000, March
on July 1, for the.
the bonds
$1,000. Due
1. A certified check for 10% of
sealed bids until 8 p. m. (daylight saving time)
payable on April and October Education, must accompany each proposal. receive e of $325.000 5. 53', 5 , 5% or 6%, coupon or registered school
for, payable to the Board of present a bid or bids for said bonds based purchas Dated July 1 1929. Denom. $1,000. Due on July 1, as follows:
bid
d in the adver- bonds. 1930 to 1932, hid.* and 310,000. 1933 to 1963, Incl. Prin, and
Anyone desiring to do so may
different rate of interest than specifie
upon their bearing a however, that where a fractional interest rate is bid $5,000. nual int. payable In gold at the Cliffside Park Title Guarantee &
'
semi-an
provided,
be awarded than will produce
tisement,
of 1 per cent, or multiples thereof.
Trust Co., Cllffside Park. No more bonds to above. Enclose a certified.
such fraction shall be one-quarter
m of $1,000 over the amount stated
NO. 3 (P. 0. AlbuY SCHOOL DISTRICT will be received until a premiu 2% of the bonds bid for, payable to the Board of Education.
BERNADILLO COUNT
check for
--Sealed bids
of New York.
-BOND OFFERING.
er, for the Legality to be approved by Hawkins, Delafield & Longfellow,
querque), N. M.
H. T. Gardner. County Treasur
-ADDITIONAL DE10 a. m. on June 28 by Mrs.
bonds. Int. rate is not to exceed 6%•
Y (P. 0. Clinton), Iowa.
school
CLINTON COUNT
road bonds awarded
purchase of a $15,000 issue of 1 1929. Due 51.000 from June 1 1932 to TAILS.
-The $300,000 issue of coupon annual primary
Denom. $1,000. Dated June nual In, payable at the office of the State to the White-Phillips Co. of Davenport, at a price of 100.4013-V. 128.
1946, incl. Prin. and semi-anin New York City.
giving a basis of about 4.93%. Due $30.000
-bears Interest at 5%,
p. 4190
Treasurer or at Kountze Bros.
M- from May 1 1935 to 1944. incl. Optional after May 1 1935.
Mo.-BOND SALE NOT CONSU
-The
-BOND SALE.
BILLINGS, Christian Countyissue of 5%% water bonds to the Presrt), Ind.
$35,000
CLINTON COUNTY (P. 0. Frankfo
-The sale of the
-was not conMATED.
improvement bonds offered on Juno
. 128. p. 4040
$35,600 5% Center Township road
Wright, Snider Co. of Kansas City-V not successful.
cott,
bonds was
summated as the election on the
Ra
co.!a
JUNE 29 19291
FINANCIAL CHRONICLE
21-V. 128, P. 4041-were award
Frankfort, at par, plus a premi ed to the Citizens Loan & Trust Co., of
about 4.68%. The bonds are um of $522.00, equal to 101.512, a basis of
dated May 15 1929. Due
1930; $1,780. Jan. and
15 1931 to 1939, incl.; and $1,780, July 15
1940. An official list ofJulyother
the
bids received follows: $1,780. Jan. 15
BidderInland Investment Co., Indian
Premium.
apolis
J. F. Wild Investment Co. Indian
$446.50
Merchants National Bank, Muncie apolis
Meyer-Kiser Bank, Indianapolis
53561..8000
City Securities Corp., Indianapolis
538.00
Fletcher American Co., Indianapolis
371.00
Thomas D. Sheerin & Co., Indianapolis
463.00
475.00
COATESVILLE, Chester County,
-BOND SALE.
-The $75,000
% street improvement bonds offere Pa.
d on June 26-V. 128, p. 4041-wer
awarded to the Sinking Fund Commission
e
, at a price of 100.25 No
bid was received. The bonds are dated
June 1 1929. Due $3,000. from other
,
to 1954 inclusive.
1930
4357
EASTCHESTER (P. 0.
BONDS OFFERED FOR IN Tuckahoe), Westchester County, N. Y.Bros. and the Manufacturers & Traders-Peoples Trust
Co., jointly, the former
and the latter of Buffalo, are
offering for public investment of New York
bonds, priced to yield from 5.50
$235.000
to 4.60%, according to maturity. 5%
bonds, the offering notice says, are
The
a
and trust funds in New York State. legal investment for savings banks
These securities were awarded on
June 19 at 100.179, a basis of about
4.97%-V. 128, p. 4191.
EASTON, Talbot County, Md.BOND OFFERING.
-Rich
borough, Town Clerk, will receiv
e sealed bids until 12 m. on ard Golds
the purchase of 540.000 5% sanita
July 2, for
ry
July 1 1929. Denom. $1,000. Coupo sewer construction bonds. Dated
n bonds, due $1.000 on July 1,
1930 to 1949, incl. Int, payabl
from
e semi-annually. A certified check
31.000 is required.
for
The taxable basis of the town is approx
imately $4,350,000; the bonded
indebtedness permitted by law is
10% of the taxable basis. The bonde
indebtedness,including the propos
d
ed issue as herein set forth will be
$289,000
COLUMBIA SCHOOL DISTRICT
ECORSE, Mich.
-BON
(P. 0. Columbia) Richland
County, S. C.
-The following issues of bonds ag-BONDS VOTED.
gregating $275.000 offered D SALE.
on June 18-V. 128, p. 4042-were
the voters authorized the issuance -At a special election held on June 18, to the Detroit &
awarded
of
Security Trust Co.
ments, by a vote of 230 to 73. It $500,000 in bonds for school improve- premi
of 33.740, equal to 101.36. a of Detroit. as 5%s, at par, plus
is
when and where the Board determinesstated that the money will be spent $125,0um Storm
basis of about
00
sewer extension bonds. Due 55.000 5.12%:
as best.
. 1932 to 1956. incl
100,000 municipal building bonds.
COLUMBUS, Franklin Count
Due $4.000, 1932 to 1956, incl.
y,
-NOTE OFFERING.
50,000 Fire house bonds. Due
S. Wilkens, City Clerk, will n2ceiv Ohio.
-Howard
$2,000, 1932 to 1956, incl.
e
All of the above bonds are dated
dard time) on July 1, for the purchasealed bids until 7 p. in. (eastern stanJuly 1 1929.
se of $260,000 promissory notes. dated
July 16 1929. denoms. $5,000
EDDYSTON
,
and hit, payable at the office of due and payable on Jan. 15 1931. Prin. BONDS OFFE E SCHOOL DISTRICT, Delaware County, Pa.
-W. W. Johnson Sr., Secretary
York. Int. payable on Jan. the agency of the City of Columbus,in New rectors. receiv RED,
ed sealed bids until,7 p. m. on June of the Board of DiThe notes are to bear intere 15 1930, July 15 1930, and on Jan. 15 1931.
28 for the purchase of
the highest and best bidder st at the rate of 4%%. They will be sold to $80,000 434% coupon school bonds. Dated June 1 1929. Denom.$1,000
Due on June 11959. The bonds are
for not Ices than par and accrued interes
certified check for 1% of the
issued subject to the favorable opinio .
t. A
n
must accompany each proposnotes bid for, payable to the City Treasurer. of Townsend, Elliott & Munson of Philadelphia as to their validity.
al.
ELKHART COUNTY (P. 0. Goshe
Any one desiring to do so may presen
n), Ind.
t a bid or bids for these notes based $157.00
-BOND SALE.
upon their bearing a different rate
0
of interest than specified in the adver- awarded as % coupon bonds offered on June 19-V. 128. p. 4042-The
tisement, provided, however, that where
-were
stated
a fractional rate Is bid such frac- $149,000 highway below:
tion shall be 1.4.' of 1% or multiples
improvement bonds sold
thereof.
Transcripts oi proceedings will be furnished
par and accrued int. The bonds to the State Bank, Goshen, at
'
are
successful bidders and sufficient time allowed within ten days from
as follows: $3,725, May and Nov. dated June 15 1929. Due
15 1930-to 1947. incl.; and
examination of such transcript by bidder's the time of said award for the
$7,450. May and Nov. 15 1948.
attorney, and bids may be made
8.000 Roy C. Bullard et al, township
subject to approval of same.
City National Bank, Goshen, at improvement bonds sold to the
CONWAY COUNTY (P. 0. Morril
equal to 10028. a basis of aboutpar, plus a premium of $22.60.
ton),
-BOND SALE.
-The
$117,000 issue of court house bonds offered Ark.
4.44%
May 15 1929. Due as follows: $200. . The bonds are dated
for
P• 4041-was awarded to Rogers Caldwell & Co. sale on June 27-V. 128,
July 15 1930: $200, May
and Nov. 15 1931 to 1949, incl.: and
of New York. at par.
$200, Jan. 15 1950.
COOK COUNTY (P. 0. Chicago),
EMPORIA SCHOOL DISTRICT
111.
-The following Kan.
(P. 0. Emporia) Lyons Count
6% note issues. aggregating $2,650,000, -NOTE SALE.
-BOND SALE.
y,
offered on June 25-V. 128. p.
-The $100,000 issue of 431% coupo
4041-were awarded to a syndicate
n or regist
Co. Harris Trust & Savings Bank, composed of the Continental Illinois school bonds offered for sale on June 29-V. 128. p. 4191-was award ered
ed to
Batik, all of Chicago; the Detroit and the First Union Trust & Savings the Commerce Trust Co. of Kansas City, for a $50 premium,
equal to
National Republic Co., Foreman Co. of New York: Northern Trust Co.. 100.05,a basis of about 4.74%. Dated July 1 1929. Due $5,000from
July 1
of Chicago, and the Chicago Trust Trust & Savings Bank, the State Bank 1930 to 1949 incl.
The following is an official list of the
Co.. all of Chicago, at a price of 99.11:
$1,650,000 series 1929-0 corporate fund
other bids:
Names of Oler
notes,
optional on and after May 1 1030. payable Jan. 1 1931, but Halsey. Stuart &BiddersPrice Bid.
Co., Chicago
1,000,000 series 1929-D highway fund
Prescott, Wright, Snider
$99,896
on and after May 11930 notes, duo Jan. 11931. but optional and Branch-Middlekauff Co., H. C.,l
Co., Wichita(Par,accrued int. & a
The notes are to be payable in .
disc. ofChicago. Denom. will be made to suit Fidelity National Company, K. 0.,_Par,
469
the purchaser. Legality
accrued int. & a disc. of_ 1,180
City Bank, K.C
and Holland M.Cassidy,to be approved by Schuyler, Weinfeld & Parker, Guara
Par,accrued int. & a
all of
provisions of an Act entitled: Chicago. These notes are issued under the /Monnntee Title & Trust Co., Virichita _ Par,accrued int. & a disc. of.. 1,250
disc. of..
"An Act concerning the anticipation
e° Investment Co.,Topeka
taxes and obligations in respect
Par,accrued int. & a disc. of_ 1,550
of
thereof in counties having more
1,999
ESCAMBIA COUNTY SPECIAL TAX
500.000 population." approved May
than
22 1929.
SCHOOL DISTRICT NO. 10
(P. 0. Pensacola), Fla.
The notes were re-offered
-BONDS NOT SOLD.
-The 530.000 issues of
to optional date; 6% thereafor public investment at 100.25 to yield 5.68% 6% semi-anual school bonds offered for sale on June
fter. The
that the entire offering had been dispospurchasers announced on June 28, was not sold as no bids were received. Dated July18-V. 128, P. 3719
1 1929. Due $1,000
from June 30 1930 to 1959, incl.
ed of.
COTTLE COUNTY,
(P.O.Paducah),Tex.
ESSEX COUNTY (P. 0. Salem),
-BONDS REGISTERED.
$150,000 issue of 5% court house bonds
- Cape
Mass.
-TEMPORARY LOAN.
unsuccessfully offered for
Ann National Bank recently
-The
May 17-V. 128, p. 3558-was regist
ered on June 17 by the State sale on loan on a discount basis of 5.32% purchased a $10,000 Bass River bridge
troller.
. The loan
Comp- payable on
May 1 1930. Other bidders were: is dated June 25 1929 and is
COULEE NICHOLAS GRAVITY
Udder(P. 0. Breaux Bridge) St. Martin DRAINAGE DISTRICT NO. 5 Bank of Commerce & Trust Co
Discount Basis.
Parish, La.
-BOND OFFERING.- F. S. Moseley & Co
Sealed bids will be received until July
5.395%
of Commissioners. L. Chase Willis, for 16 by the Secretary of the Board *Merchants National Bank
5.50%
the purchase of a $55.000 issue of Beverl
(Salem)
drainage bonds.
y Trust Co
5.51%
* Plus $3.86.
5.75%
CRAWFORD COUNTY (P. 0.
The $300,000 issue of annual primar Denison), lowa.-BOND SALE.
EVERETT, Middlesex County,
y road bonds offered for sale on Mass.
-BOND SALE.
24-V. 128, p. 4041-was awarded to
-An issue of
June 182.000 434% water mains and macad
am was recently sold
port, as 55, for a premium of $302, Giaspell, Velth & Duncan of Daven- of Commerce & Trust Co.,
equal to 100.1006, a basis of
at a price of par. The bonds areto the Bank
4.98%. Due $30,000 from May 1
1935 to 1944, incl. Optional afterabout 1929. Due annually from 1930 to 1944, incl. The accept dated July 1
1 1935.
May the only one received.
ed tender was
DAVIESS COUNTY (P. 0. Washi
EVERETT, Middlesex County,
ngton), Ind.
-BOND SALE.The $12,280 5% coupon road bonds offere
Mass.
-TEMPORARY LOAN.
F. S. Moseley & Co. of Boston, were
d on May 30-V. 128. P.
were awarded to the Meyer-Kiser
the successful bidders on June 26 for
Bank, of Indianapolis, at par, 3383
a
premium of $174.00. equal to
plus a $300.000 temporary loan, offering to discount it on a
are dated May 15 1929. Duo101.41, a basis of about 4.72%. The bonds premium of $2.00. The loan is dated June 27 1929. due5.50% basia,plus a
$614, M. & N. 15 1930 to 1939,
5100,00000 Dec.27
1929, and $200.000 on Jan. 29 1930.
following bids were also submitted:
incl. The
BidderEVERETT,Snohomish County, Wash.
-BOND SALE.
Inland Investment Co
-The $800,000
Premium. issue of coupon wattr bonds offered for
sale
Thomas D. Sheerin & Co
$154.00 was awarded to the State of Washington on June 24-V. 128. p. 3877
J. F. Wild Investment Co
133.00 1929. Due serially from 1931 to 1959. , as 434s, at par.. Dated July 1
City Securities Corp
125.00
FAIR
Union Trust Co
123.00 Smith VIEW, Cuyahoga County, Ohio.
-BOND OFFERING.
131.00 time) . Village Clerk, will receive sealed bids until 12 M. (eastern -J, W.
DEER PARK (P. 0. Cincinnati),
on July 15, for the purchase
standard
Hamilton County, Ohio.
OFFERING.
-W. A. Julien, Village Clerk,
-BOND improvement bonds. Dated April of 54.300 6% special assessment street
1 1929. Due on Oct. 1. as follow
will receive sealed bids until 3400, 1930 to
7 p. in. on July 15, for the purchase
s:
1934,
Dated July 10 1929. Denom. $600. of $3,000 6%coupon judgment bonds. and $500, 1939. A incl.; $500, 1935; $400. 1936; M00, 1937; $400, 1938;
A certified check for 5% of the bondsDue $600, Sept. 1 1930 to 1934, incl. to the Village Treasucertified check for 5% of the bonds bid for, payable
rer, must accompany each proposal.
bid for, Payable to the Villag
accompany each proposal.
All of said bonds to draw interes from
e must
t
the date thereof at the rate
6% per annum, payable semi-annuall
of
DELAWARE, Tuscarawas Count
y, Ohio.
as evidenced by the coupons theret y on the first day of April and Oct.
-BOND SALE.
$26,000 6% special assessment street
o attached; said bonds and intere
-The coupons attach
improvemen
st
20-V. 128, p. 3718
-were awarded to N. S. Hill t bonds*offered on June River, Ohio, ed to be payable at The First National Bank of Rocky
& Co. of Cincinnati, at
provided, however, that any bidder
par, plus a Premium of $780.00, equal to
desiri
presen
The bonds are to be dated not later than 103, a basis of about 5.40%. differet a bid or bids for such bonds, based upon said ng so to do, may
bonds
as follows: $2,000, 1931; and $3,000, 1932 June 1 1929. Due on April 1, that nt rate of interest than herein specified, but provided, bearing a
to 1939, incl.
where a fractignal interest rate
is bid, such fraction shall be however,
The following bide were also submit
or multiples ther,of.
j of 1%
ted:
BidderBOND
-J. W.Smith, Village Clerk, will
Seasongood & Mayer, Cincinnati
Premium. until 12 OFFERING.
receive sealed bids
m.(Eastern standard time) on July 15
Title Guarantee & Trust Co., Cincinnati
$755.00 6% special
for the purchase of
Davies-Bertram Co., Cincinnati
741.00 Due on Oct.assessment street improvement bonds. Dated July 510.500
1 1920.
1
First National Bank, Delaware
696.80 Principal and as follows: $1,500. 1930. and $1,000, 1931 to 1939 inclus
ive.
interest (A. & 0. 1) payable at the
W. L. Slayton & Co.. Toledo
606.
6 00 Rocky River.
51.00
First National Bank of
A certified check for 5% of the
Mist-Citizens Corp., Columbus
bonds bid for, payable to
the Village Treasurer, must accom
Breed, Elliott & jlarrb3on, Cincinnati
pany each proposal.
572.00
Blanchet, Bowman St Wood, Tmerio
520.00
FRANKLIN COUN
Anal, Goetz & Moerlein, Cincin
291.20 -Fred L. Donnally, TY (P. 0. Columbus), Ohio.
-BOND OFFERING.
Clerk of the Board of County
Guardian Trust Co., Cleveland nati
275.00 receive sealed bids
Commissioners,
(for 53426
Ryan, Sutherland & Co., Toledo
107.00 the purchase of theuntil 10 a. in. (eastern standard time) on July 10,will
(for 534s)
for
following issues of 5% bonds aggreg
J. A. Morris, Delaware
102.00 $66,650 road improvemen
t bonds. Due as follows:$3,650 ating $249,494:
DONALDSONVILLE, Ascension
. April and 54.000,
October 1 1930: $3.000. April and
Parish, La.
$4,000, October 1 1931 to 1935. •
-LIGHT PLANT SALE
VOTED.
-The property taxpayers
hid.; and $3,009
82.34
proposed sale of the local electric on Juno 18 gave their approval of the 50,722 road improvemen. April and October 1 1936 to 1939. Incl.
t bonds. Due as
light and water plant to the
Power & Light Co. by a vote of 202
October 1 1930; $2.000, April andfollows: $2,722. April and $3.000,
Louisiana
"for" to 56 "against".
$3,000. October Ti 1931 to 1939,
incl.
DULUTH, St. Louis County Minn
48,961 road improvement bonds.
.-BOND SALE.
issue of coupon or retisteredhying
-The $100,000
26,933 road improvement bonds. Due April and Oct. 1 1930 to 1939,Inc.1
field bonds offered for
Due as follows: $933, April and
June 24-V. 128, p. 3877
sale on
-was award
October 1 1930; $1.000. April and
51,000;
Chicago as 4I4s, at a price of 101.05 ed to H. M. Byliesby & Co., of
October 1 1931 and 1932: and
$1,000, April and
May 11929. Due $10,000 from May5, a basis of about 4.53%. Dated
25,200 road improvement$2,000, October 1. from 1933 to 1939. Incl.
11910 to 1939. incl.
bonds. Due as follows:$1.200.
April and $2,000.
October 11930; 31.000.
EARLY COUNTY CONSOLIDATED
SCHOOL DISTRICT
incl.; and $1,000, April April and $2.000, October 1 1931 to 1934,
Blakely) Ga.-BOND OFFERING.
(P. 0.
-Seal
12,600 road extension bonds. and October 1 1935 to 1939. incl.
noon on July 6, by Theo. White, District ed bids will be received until
Due
Secret
October 11930; $500, April as follows: $100, April and $1.000
$25,000 issue of 5%% school bonds. Denom ary, for the purchase of a
and $500, April and Octobe and $1.000, Oct. 1 1931 to 1935, Inel
Jan. 1 1934 to 1958, incl. Prin. and int. (J. $1.000. Due $1.000 from
& J.) payable in gold at the
9,810 road improvement bonds. r 1 1936 to 1939, incl.
National Park Bank in New York City.
Duo on October 1. as follows: MP,
A certified check for 1%
1930: and $1.000, 1931 to
bid is required.
of the
8,618 road improvement bonds. 1939, incl.
Due
EASLEY SCHOOL DISTRICT NO.
$500. 1931 and 1932: and 51.000October 1, as follows: $618, 1930;
13 (P. 0. Easley), Picke
. 1933 to 1939. incl.
County, S. C.
-MATURITY.
All of the above bonds are dated
ns
-The $90,000 issue
534% school
that was awarded to Morris Mather & Co. of Chicag of
bonds interest payable at the office of theAugust 11929. Prin. and semi-annual
County Treasurer. A certified check
V. 128, p. 4191-is due as follows: $2,000. 1931; o at a price of 101.05- for 107 of the bonds bid for is required.
$3,000
Said bonds will be prepared, signed, record
1933 to 1949. all incl., giving a basis of about 5.38% . 1932 and $5,000.
ed and ready for delivery
.
the day of the date thereof. The
interest and principal when due shall on
be
4358
FINANCIAL CHRONICLE
[Tor,. 12S.
terms of the Town of Hampton
Notice is hereby given that pursuant to the
y 11921, issued in pursuance of proin County. Ohio, in the
payable at the °nice of the Treasurer of Frankl bonds based upon their 5% Street Railway Bonds dated Febuar Laws of 1919 of Votes passed at a
ire
or bids for said
City of Columbus, Ohio. A bid than specified in this advtertisement may visions of Chapter 270 of New Hampsh1920, and of Act of New Hampshire
g December 20
bearing a different rate of interest
following bonds will be called
s, provided, however, special Town Meetin
ted to the Board of County Commissioner n shall be 34' of 1% legislature approved February 23 1921, the
be presen
such fractio
on August 1 1929:
76.
that where a fractional interest rate is bid
47,50,57, 59. 67. 72, 73,74.andpre2,3, 7. 11.21, 22.23, 34,38,43,45, coupons attached, should be
or multiples thereof.
in the matter of authorizing.
The said bonds, with all unmatured
ration
A complete transcript of all proceedings had
will be furnished the successful bidder sented for payment at the office of American Trust Company (Corpo
advertising and awarding said bonds
, Massachusetts, on or after August
on the acceptance of bonds
at the time of the award, and bids conditioneddings by the attorney of the Department). 50 State Street, Boston
bid upon only upon the approval of said procee reasonable time will be al- 11929.
a
TON, NEW HAMPSHIRE
TOWN OF HAMP
bidder will be accepted and considered, and
examination of said transcript before
-The Board of Selectmen
By
lowed the successful bidder for the of this advertisement or any bids made
WILLIAM BROWN,Town Clerk
requiring compliance with the terms
-The $75,000
-BOND SALE.
nder.
thereu
HAMLET, Richmond County, N. C.
-BOND
for sale on June 18-V
ia County, Pa.
Issue of 5% semi-annual funding bonds offered & Co., of Toledo, for a
FRANKLIN (P. 0. Johnstown), Cambr
, Borough Secretary, will receive sealed 128. p. 4013
d to Ryan, Sutherland
-was awarde
-Thomas W. Walker
OFFERING.
July 3, for the purchase of
um of $339. equal to 100.45.
bids until 730 p. m.(eastern standard time) on
Dated May 1 1929. Denom. premi
-M. J.
-BOND OFFERING.
175.000 5% municipal building bonds. 0, 1931: 210,008. 1932 to 1935,
HAMTRAMCK, Wayne County, Mich. until 4 p. m on July 2, for
:
bids
11,000. Due on May 1, as followsed$20.00 for $500 is required.
Grajewski, City Clerk, will receive sealed
bonds. Rate of interest Is not to
0. 1936. A certifi check
sewer
incl.: and $15,00
- the purchase of $24,681.81 public
in from 1 to 5 years. The
-BOND OFFERING.
6%. The bonds are to mature seriallythe bonds and securing legal
FOREST CITY, Winnebago County, Iowa.
of printing
ld, City Clerk, until 2 P. m• exceed
Sealed bids will be received by J. 0. Bergfa of playground and recreation successful bidder is to pay the cost , payable to the City Treasurer, must
opinion. A certified check for $1,000
on July 1, for the purchase of a $6,000 issue
accompany each proposal.
center bonds.
-The
-BOND SALE-A $27,500
0. Sidney) lowa.-BOND SALE. 25HAMMON, Roger Mills County, Okla.
FREMONT COUNTY (P. y road bonds offered for sale on June
bonds has recently been purchased at par by the
$200,000 issue of annual primar Glaspell, Veith & Duncan, of Davenport, issue of 6% water worksHammon.
First National Bank, of
-was awarded Co
V. 128, p. 4042
to 1944 and optional after
-The
-BOND SALE.
Findlay), Ohio.
as 5s, at par. Due 120,000 from May 11 1935
HANCOCK COUNTY (P. 0.
-were awarded
on June 24-V. 128 p. 3878
May 1 1935.
at
County 57.850 bridge bonds offeredCo.,of Findlay, as5, par, plus a premium
(P. 0. Galt), Sacramento
GALT SANITARY DISTRICTd bids were received until 10 a. m. on to the Ohio Bank & Savingsa basis of about 5.24%. The bonds are dated
-Seale
of $5.00, equal to 100.06,
incl.
-BONDS OFFERED.
Calif.
: $850, 1930; and 11,000, 1931 to 1937.
of the Board of Directors, for the purJune 26, by Albert Oster. Secretary sewer bonds. Denom. $500. Dated May 1 1929. Due as followsreceived:
issue of 534%
The following bids were also
Int. Rate. Premium.
chase of a $45,000
to 1959. incl. Prin. and int.
Bidder4
1.
20. 0
$3 01
Jan. 1 1929. Due $1,500 from Jan. 1 1930y Treasurer.
534%
Breed, Elliott & Harrison, Cincinnati
(J. & J.) payable at the office of the Count
5)4%
& Co., Toledo
(P. 0.
UNION HIGH SCHOOL DISTRICT 0 issue R. L. Durfee
issue of
-A 29.800
GARDEN GROVE
-BOND SALE.
-The $35,00
-BOND SALE.
HARRIS, Osceola County, Iowa. sed by Geo. M. Bechtel & Co., of
Santa Ana) Orange County, Calif. sale on June 18-V. 128. p. 3877
y been purcha
for
0(5% coupon school bonds offered aly Co.,of San Francisco,for a premium funding bonds has recentl
was awarded to the National Bankit about 4.97%. Due $2,000 from 1930 Davenport.
-The
-BOND SALE.
Ind.
01 1103. equal to 100.294, a basis of only other bidder was the American
HARRISON COUNTY (P. 0. Corydon),June 17-V. 128, p. 4043
The
offered on
to 1946 and $1,000 in 1947. premium.
$12.000 434% improvement bondsthe only bidder, at a price of par. The
National Co., offering an $18
d to a local investor,
semi-ahnually on May and Nov. 15.
No. were awarde
SCHOOL DISTRICT
bonds are dated June 17 1929. Due
GARFIELD COUNTY CONSOLIDATED -The $8.000 issue of 6% from 1930 to 1941 incl.
-BOND SALE.
102 (P. 0. Pomeroy), Wash.
-BOND
on June 8-V. 128. p. 3877
, Howard County, Ind.
school building bonds offered for saleacker, of Pomeroy. Denom.
HARRISON SCHOOL TOWNSHIPd by the Township Advisory Board.
coupon
-Sealed bids will be receive
was awarded at par to Williams & Crurnp 18 1939 and optional after 1 OFFERING.
5% school building
se of $6,000
June
Due
8800. Dated June 18 1929. Dec. on The only other bid was an offer of until 9:30 a. m. on July 16, for the purcha Due $1,000. July 1 1930 to 1935
1.
year. Int, payable on June &
bonds. Dated July 11929. Denom.$500.
Int, payable semi-annually,
Inc
par on 534,3, by the State of Washington.
-The
SCHOOL DISTRICT NO. 2 (P. 0.
-BOND SALE.
ton), Ind.
HARRISON UNION FREE y, N. Y.
-The $200.000
GIBSON COUNTY (P. 0. Prince
-BOND SALE.
Count
$93,000 offered on June 25following issues of 434% bonds aggregating Watts, of Princeton. at par, Harrison), Westchester bonds offered on June 24- V. 128. p. 4043
E.
coupon or reilstered school
York, as 434s, at
V. 128. p. 4191-were awarded to Edwyn a basis of about 4.48% •
& Co. of New
were awarded to Carl II. Pforzheimer
Due
plus a premium of $125.00 equal to 100.13
ction bonds. Due semi-annually 100.23, a basis of about 4.70%. The bonds aro dated July 1 1929.
$24,000 Charles Clem et al, road constru
110.000, July 1 1930 to 1919 incl.
from 1930 to 1940, incl.
-The
ction bonds. Due semi-annually
-BOND ELECTION.
road
18,500 Orville Sharpe et al,incl. constru
HATTIESBURG, Forrest County, Miss.
for special
from 1930 to 19.10,
Due city Commission has recently published an ordinance calling ed issuance
bonds.
to pass upon a propos
W. Crawford et al, road construction
17,000 Theodore
July 15 1939, incl.; and $850. election to be held on July 16 in order and sewer extensions and improve1850. July 15 1930; 1850. Jan. and
of $750,000 in bonds for waterworks
Jan. 15 1940.
$625.
et al, road construction bonds. Denom. incl.: ments.
12.500 Vivian Emerson
-The $250,000
and July 15 1931 to 1939,
s.-BOND SA LE.
Due $625, July 15 1930: $625, Jan.
HATTIESBURG,Forrest County,Mis
on June 20-V.
for
and $625. Jan. 15 1940.
semi-annual street bonds offeredBanksale
of Hattiesburg,for a
al
al, road construction bonds. Denom. issue of 5)4%
-was awarded to the First Nation
12,000 George W. Johnson et15 1930; $600, Jan. and July 15 1931 to 128, p. 4192
4.
$600. Due $600 July
premium of $360. equal to 100.14
1939, incl; $600, Jan. 15 1940.
OL DISTRICT No. 28 (P. 0.
ction bonds. Denom. $450.
constru
HEMPSTEAD UNION FREE SCHO-BOND SALE.
-The $155.000
9,000 harry Pittard et al. road
to 1939.
and July 15 1931
N. Y.
Due $450. July 15 1930; $450, Jan.
Long Beach), Nassau County,
-were awarded
on June 20-V. 128, p. 4043 basis of about
incl.: $450. Jan. 15 1940. May 15 1929.
coupon school bonds offered
at 100.429, a
York, as 534s,
All of the above bonds are dated
to Rapp & Lockwood, of New July 1 1929. Due $5,000, August 1, from
The bonds are dated
-BOND OFFERING.
y, Ore.
GLADSTONE, Clackamas Count on July 9. by Paul C. Fischer, 5.48%. 1969, inclusive.
to
p. m.
Sealed bids will be received until 8 $29,101.19 issue of improvement bonds 1939
sers are re-offering the bonds for
BOND SALE FOR 155,000. The purcha. The bonds, the offering notice
City Recorder, for the purchase of a Dated Jan. 15 1929. The purchaser
prices to yield 4.75%
$101.19.
Denom. $500. one bond forlegal approval of Teal, Winfree. McCulloch & public investment at ment for savings banks and trust funds in New York
invest
says, are a legal
the obligations:
will be furnished with the
issued under the "Bancroft Act." A State. The following is a list of the other bids submitted for
Rate Bid,
Int. Rate.
Shuler, of Portland. The bonds are
Is required.
00 76
102.10
Biddercertified check for 5% of the bid,
-The Farson, Son & Co
-BOND SALE.
Georg
rd County, Conn.
GLASTONBURY, Hartfo aggregating $125,000 offered on Juno 25
B Gibbons & Co
100.026
534%
following issues of 434% bonds d to Estabrook & Co. of Boston, at 98.86, Fairservis & Co
-were awarde
-BOND OFFERING.
-V. 128, p. 4042
Pleasant), Iowa.
HENRY COUNTY (P.O. Mt.
a basis of about 4.68%:
incl.
by the County Treasurer, for the pur1930 to 1949.
until July 25,
school bonds. Due $4,000. May 1 follows: $4,000, 1930 to 1939. Bids will be receivedissue of annual primary road bonds. Int. rate is not
180,000
1, as
chase of a $200,000
45,000 school bonds. Due on May
Due $20.000 from 1935 to 1944 and
to exceed 5%. Dated Aug. 11929.bonds aro to be furnLshed by the purincl.; and $5,000, 1940.
1 1935. Blank
May 11929. Other bidders were:
Both issues are dated
Rate Bid. optional after May& Cutler. of Chicago, will furnish the legal approval.
Bidder98.15 chaser. Chapman
-We are informed by
-BOND CALL.
Eldredge & Co., Boston
96.91
HIALEAH, Dade County, Fla.
wishes to take up a portion of its
G. L. Austin & Co., Hartford
A. P. Walter, City Clerk, that the city particularly desirous of securing
-BONDS REGISbonds and is
es), Tex.
GONZALES COUNTY (P. 0. eGonzal bonds aggregating $120,000. 6% general improvement of these bonds are asked to communicate with
s
-Two issues of 534 %bridg repair June 18. The bonds mature early maturities. Holder
TERED.
said bonds.
Comptroller on
above clerk for the purpose of redeeming
the
were registered by the State
above named city clerk informs us
A further communication from the for any 6% bonds in the maturities
in 20 years.
offers a firm price of 96
-The that the city
-BOND SALE.
County, Colo.
inclusive.
GRAND JUNCTION, Mesa
paving bonds offered for sale on Juno 17- from 1929 to 1932,
Hillsdale County, Mich.$75,000 Issue of 6% semi-annual the Now Mexico Construction Co., at a
HILLSDALE SCHOOL DISTRICT, offered on Juno 20-V. 128.
-was awarded to
V. 128. p. 4042
Dated July 11929. Due in 1949 and BOND SALE.
-The $285,000 school bonds
6.24%
premium of
price of 98, a basis of aboutother bidders were the United States National
local banks, as 4%s, at par, plus a are dated
-were awarded to
p. 4043
4.73%. The bonds
optional at any time. The . both of Denver.
Incl.; $6,000,
$570.00. equal to 100.20. a basis of about
& Co
to 1932,
Co. and J. H. Goode
-The Aug. 11929. Duo on Aug. 1, as follows: $5.000, 1930 , 1939 to 1941, incl.:
-BOND SALE.
an), Tex.
GRAYSON COUNTY (P. 0. Sherm
incl.: $7,000. 1936 to 1938, incl.; 28,000
bonds unsuccessfully offered for sale 1933 to 1935, to 1944, Incl.: 510.000, 1945 to 1917, incl.; 511.000, 1948
00 Issue of 43(% coupon road
sed at 19.000, 1942
$300,0
0. 1954 to 1956, incl.;
-has since been jointly purcha
p. 4042
sale on June 11.-V. 128,Planters Bank, and the Commercial National to 1950, incl.; 312,000. 1951 to 1953, incl.; $13.00
par by the Merchants & Denom. 11,000. Dated Sept. 1 1927. Duo and $14.000, 1957 to 1959, incl.
-BOND OFFERING.Wash.
Bank, both of Sherman.
Prin. and in (M. & S.) payable at the
HOGINAM, Grays Harbor County,
from Sept. 1 1952 to 1958, incl. York City.
Clerk, until 7:30 p. in. on July 15,
Sealed bids will be received by the City
revenue bonds.
rd National Bank in New
Seaboa
red for the purchase of a $600,000 issue of water
-On June 19, the State Comptroller registe
y,
BONDS REGISTERED.
(P. 0. Hollis) Harmon Count
bonds, of which the above bonds
HOLLIS SCHOOL DISTRICT bids will be received until 10 a. m. on
na issue of $1,074.000 4% serial road
-Sealed
-BOND OFFERING.
Okla.
are a portion.
Board of Education, for the purchase
-BOND SALE- July 2, by A. F. Wilson. Clerk of the
ire County, Mass.
Dated May 15 1929.
GREAT BARRINGTON,BerkshBoston, was the successrul bidder on of a 568,000 issue of 5% semi-annual school bonds. $2,000 in 1954.
of
of Due on May 15, as follows: $3.000, 1932 to 1953 and
The Merchants National Bank.
of pavement bonds, bearing a coupon rate
on May 21.-V. 128, p.3878.
offered
June 26 for a $23.000 issue The purchasers bid par for the bonds, which
(These are the bonds unsuccessfully
y.
434% payable seml-annuall
), Suffolk County, N. Y.
from 1930 to 1934 inclusive.
HUNTINGTON (P. 0. Huntingtons, Town Supervisor, will receive
are dated July 1 1929 and payable
W. Hawkin
-The
-Richard
-BOND SALE.
(P. 0. Bloomfield), Ind. offered on Juno 24- BOND OFFERING. m. (daylight saving time) on July 5 for the purchase
GREENE COUNTY
sealed bids until 2 p.
ating $62,700
t is to be
following issues of 434% bonds aggreg City Security Corporation, Indian- of 533.000 coupon or registered water bonds. Rate of interes to exceed
1-10 of 1 7 , and is not
-were awarded to the
V. 128, p. 4042
named by bidder In a multiple of ) or Denom. $1.000. Due on July 1
15 6%. The bonds are dated July 11929.
apolis, at par:
Principal and
on Twp. road bonds. Due $1,250, July
$25,000 Fred E. Dyer, Jeffers July 15 1931 to 1939 incl.; and 21.250. as follows: 52.000. 1934 to 1948 incl., and $3,000. 1949. Station Bank.
the Huntington
1930: 11,250. Jan. and
semi-annual interest payable in gold at
payable to the above40
Jan. 15 19.
, July 15 Huntington Station. A certified check for $500. l. Legality to be apTwp, road bonds. Due 21,010
20,200 Roy M. Sullivan, Center July 15 1931 to 1939 incl.. and $1.010. mentioned official,- must accompany each proposa
York.
1930: $1,010. January and
proved by Clay 43 lion & Vandewater of New
110
J
-BOND OFFERy, Ohio.
Twp. road bonds. Due 1575, July 15
HUNTSBURG TOWNSHIP,Geauga,Count
11,500 Charles N. Worth, Wright 1931 to 1939 incl., and $575. Jan. 15
will receive scaled bids until 1
-A. D. Williams. Clerk-Treasurer
ING.
1930: 5575, Jan. and July 15
improvement bonds.
road
15 p. m.on July 12. for the purchase of 29.5005)4% as follows: $1,000, 1930
1940.
on Twp. road bonds. Due $300, July
$500. Due Oct. 1.
.000 Claude Robertson, Stockt 15 1931 to 1939 incl., and $300, Jan. 15 Dated July 1 1929. Denom.1938. Int. payable semi-annually. A certo 1937, incl.; and $1,500.
$300, Jan. and July
1930:
e to the above-mentioned
tified check for 5% of the bonds bid for, payabl
1940.
June 15 1929.
official, must accompany each proposal.
All of the above bonds are dated
bid based upon said bonds
-NOTE OFFERING.
Any one desiring to do so may present a
notice, provided
Hill) N. C.
GREENE COUNTY (P. 0. Snowof County Commissioners, will offer bearing a diffesent rate of interest than specified in the
fraction shall
to the Board
rate of interest is bid, such
E. E. Edwards. Clerk
1, a 550.000 issue of notes, for however, that when a fractional .
on July
for sale at the County Courthouse 11929. Due on Jan. 11930.
and sale of
of 1% or multiple thereof
be
authorizing the issuance
invited. Dated July
which bids are
A transcript of the proceedings
-The
bidder and the delivery of said
-BOND CALL.
H.
Rockingham County, N. ld" of June 27.
bonds will be furnished the successful
said
HAMPTON,
Boston "Hera
following notice.appeared in the
24
JuNn 29 1929.1
FINANCIAL CHRONICLE
4359
bonds will be made
and conditional bidsat the office of the Clerk-Treasurer of said Town
will not be received nor cons
ship.
JOHNSON COUNTY (P.
idered.
ILLINOIS, State of (P.
25.680 4%% George H.Stin 0. Franklin), Ind.
-BOND SALE.
-The
e
composed of the First Nati0. Springfield).
-BOND SALE.
-A syndicate bonds offered on June 18-V.et al, Clark Township highway improvement
onal Bank, Halsey. Stua
& Co.. White. Weld
128. p. 4043
-were awarded to the Farm
Trust Co. of Franklin, at
rt & Co., Hall
&
ers
par. plus a premium of $16.
& Hutzler, all of New Co., R. W. Pressprich & Co., and Salomongarten a basis of abou
equal to 100.281,
t 4.45%.
Bros.
June 22, for 33.000,0 York, submitted the accepted tender of
May and Nov. 15 1930 toThe bonds are dated June 18 1929. Due $284
96.9
1939. inclusive.
,
Interest cost basis of 00 4% water way bonds. The price paid figur49 on
abou
es an
JONES COUNTY (P. 0.
in $1,000 denoms due t 4.83%. The bonds are dated Jan.
Anamosa), Ia.-BOND OFF
11920. are will
$1,000,000 on Jan. 1 from
payable on Jan. and
ERING.
-Bids
1932 to 1934 incl. Int. $235be received until July 17 by the County Treasure
July 1. The purchasers are
.000 issue of annual primary
r for the purchase of a
public investment price
reoffering the bonds
road bond
d to yield 4.90 to 4.65%
according to maturity. for 5%. Dated Aug. 1 1929. Due on May 1s. Int, rate is not to exceed
INDIANAPOLIS Mari
as follows: 323.000, 1935
1943. and $28.000 in 1944. Opti
on County, Ind.
to
onal after May 1 1935.
Sterling R. Holt City
-BOND OFF
KEARNY (P. 0. Arlingto
(central standard,time Controller, will receive sealed bids untilERING.n), Hudson Cou
) on July 1, for the purchase
11 a. in. FER/NO.gating 3950,000:
-BOND OFof 43. % bonds aggre- 8 p. in. William B. Ross, Town Clerk, will nty, N. J.
receive sealed bids until
(daylight saving
$530,000 City Hospital
bonds, issue No. 1. Due
coupon or registered 4H time) on July 10 for the purchase of the followin
or 5%
$18.000, 1931
on July 1,
g
420,000 Municipal Judgto 1958 inclusive; and $26,000 1959. as follows: $1.269,000 water bonds. Due bonds, aggregating $1,817,000:
ment Fund
July 11929. Due 321, ing Bonds of 1929, issue No. 1. Date
1936. incl.; $35,000.on June 15 as follows: $25,000. 1931 to
1937 to 1967. Incl.. and
d
600. January 1, from
Principal and semi-annual
Prin. and semi-ann. int. paya
$34,000.
ble at the Kearny National 1968.
office of the City Treasure interest (January and July1931 to 1950, incl.
or at the Irvi
1) paya
Bank.
of the bonds in each issue r. A certified check for 2%% of theble at the
548,000 improvement ng Trust Co., New York.
bonds. Due on June 15 as
bid for its required.
par value
follows: $20.
to 1945, incl.; $25,000,
INDIANAPOLIS, Marion
1946 to 1954, incL, and $23, 000, 1931
Prin. and semi-ann.
County, Ind.
000. 1955.
ling R. Holt. City Cont
roller, will receive -BOND OFFERING.
Trust Co., Harrison,int. payable at the West Hudson County
-SterJuly 18. for the
or at the Bankers Trust Co.,
sealed bids until
New York.
Both issues are dated June
Issue 1929. Thepurchase of $40,000 44% sanitary district 11 a. m. on
15 1929. Denom. $1.000
bonds are dated July
bonds, first are to be awarded
$1.000, Jan. 1 1931
No more bonds
18 1929. Denom.
than will prod
to
certified check for 3% 1970. incl. Int. payable on Jan. and$500. Due of each issue. A certified chec uce a premium of $1,000 over the amount
2%
the sanitary district of of the bonds bid for, payable to the July 1. A town, must accompany each k forosal of the bonds bid for, payable to the
prop
Trea
official notice reads: Indianapolis, must accompany each prop surer of have been sold on June 26 (V. 128. . These bonds were scheduled to
osal. The be furnished with the
p. 4043). The successful bidd
"Each bidder shall
opinion
stat
City that the bonds are bind of Hawkins, Delaffeld & Longfellow ofer will
satisfied with the legal e in his bid that he has taken legal advi
N.Y.
ing and legal obligations
ce and in bonds will be prepared
ity of the bonds as respe
the presentation of
of said town. The
cts all
under the supervision of the
Chemical Bank & Trust
legality of the stepshis bid, and that his bid is conditiosteps taken up to Co., N. Y. City, which will certi
ned only as to the of the offic
fy
"Said bonds shall thereafter taken.
ials and the seal impresseas to the genuineness of the signatures
be negotiable as inland bills
d thereon.
payable at the
of exchange and shall be
KENT, Portage Cou
city of Indianapoffice of the Treasurer of Marion County, Indi
-BOND OFFERING.
olis, Ind., or at one of the
ana, in the City Auditor, will rece nty, Ohio.
-Frank Bech
city. Said bonds
authorized depositories
ive
of said chase of $5,414.10 65' sealed bids until 12 m. on July 15, for the tle,
city of Indianap shall not in any respect be a corporate
purroad impr
olis
of the sanitary distr . Ind., but shall be and constitute obligation of the Denoma. $500. except bond No. 1 ovement bonds. Dated July 1 1929.
an
which is
ict
bonds and interest therof Indianapolis as a special taxing distrindebtedness follows: $414.10, 1930; $500, 1931 to 1940 for $414.10. Due Sept. 1. as
ict, and said April and Oct. 1.
eon
levied upon all property shall be payable only out of a special
A certified check for $500inclusive. Interest payable on
, payable to the City Trea
which terms shall be recitin said sanitary district, as provided tax to be must accompany each proposal.
surer.
ed
purpose for which they are on the face of said bonds, together by law.
KENYON INDEPENDE
with the
"Said bonds shall be issueissued.
NT School District No.
Goodhue County, Min
91. (P. 0.Kenyon),
d and offered for sale unde
the provisions of an act
-BOND OFFERING.
r and purs
received until July 1. by n.
of the general assembly
-Sealed bids will be
entitled An Act
the Clerk of the
of the State of uant to
approved March 9 Concerning the Department of Public Sanitati Indiana, purchase of an $8,000 issue of school bonds. Board of Education, for the
1917. and all acts amen
on,' &c.,
thereto, including an act
datory thereof and supp
KEOKUK COUNTY (P.
0.Sigourney), lowa.Public Sanitation in Citie entitled 'An Act Concerning Depa lemental Bids will be received
BOND OFFERING.
by John B. Slat
rtments
s of the First-Class,'
approved March 7 1923of for the purchase of an issue of $122 e, County Treasurer, until July 23.
." rate is not to exce
,000
INDIANAPOLIS, Marion
ed 5%. Dated Aug. 1 annual primary road bonds. let,
County, Ind.
The $600,000 temporar
1929. Due on May 1, as
-TEMPORARY LOAN.
y
follows:
- 312.000. 1935 to 1943 and $14.000 In 1944. Opti
awarded to the Indiana loan offered on June 27-V. 128.
onal after May 1 1935
p. 4192
National Bank, of Indi
-was Blank bonds are to be furnishe
The loan is payable on
anapolis, at 6%. at par. Chicago, will furnish the legal d by the purchaser. Chapman & Cutler. .
Nov. 15 1929.
of
approval.
IOWA, State of (P.
KEYSTONE INDEPE
ING.
-BO
-The following is 0. Des Moines).
a detailed tabulation NDS VOTED AND PEND- stone), Benton CountyNDENT SCHOOL DISTRICT (P. 0. Keyvoted by the various coun
, Iowa.
of the bonds that
-MATURITY BASIS.
Issue
-The $45.000
issues contemplated by ties during the present year and also have been 454s of school bonds that was awarded to
Mr. Logan Hines, of Vinton,
"Register" of June 26: different counties, as it appeared in the those bond 32.0 . at a price of 100.77-V. 128. p. 4044
-is due on June 1. as follo as
00. 1932 and 1933; $1,0
Des Moines
ws:
Bonds Voted Preciously.
32.000. 1939 and 1940; 38.000, 1934; $2,000, 1935 to 1937: $3,000.
00, 1941; $2,0
1938:
Sixty-one counties
xMontgomery
May 31
$66,5
450,000 34.000. 1947 and $3,000. 1948 and 1949. 00. 1942; 33.000. 1943 to 1946:
Bonds Voted This Year. 35,657 Carroll
Basis of about 4.67
June 4
660.000
KIRON SCHOOL DIS
%•
Cass
Story
TRICT (P. 0. Kiron),
June 6 1,500,000 lowa.-BON
Apr. 8 31,300,000 Hami
Shelby
D OFFERING.
Crawford County,
lton
-Sealed
June 12 1,350.000 July 8. by
Apr. 11
800,000 xPottawattam
Audubon
the Secretary of the Boar bids will be received until 8 p. m. on
ie___June 12 1,000.000 55,000 issue
Apr. 17
d of Education, for the
750,000 xFranklin
of school bond
Adams
purchase
June 12
Apr. 24
650.000 from June 1 1938 to 1947 s. Denom. $500. Dated June 1 1929. Due of a
450,000 Hardin
:Page
, incl.
$500
May 1
June 14 1.300,000
550,000 xBremer
Dallas
KIT
June 14
May 9 1,500,000 Gran
400.000 char SAP COUNTY SCHOOL DISTRICT
:Fremont
dy
NO. 29 (P. 0. Port Ord), Wash.
June 20 1.230,000
May 9
-BONDS NOT SOLD.
415,000
Boone
-The $6,500 Issue of not
5% send-annual school
May 15 1,300,000
to exceed
Taylor
Total
not sold as the only bid bonds offered on June 17-V. 128,
May 16
-was
750,000
Total votql by 78 counties $29,330,000 that the bonds will agai received for the bonds was rejected. p. 4044
xMahaska
May 22
It is reported
$95,865.657
n be advertised as a new
800,000
Marton
election is being arranged
May 22 1,300,000
KLAMATH FALLS, Kla
.
xClarke
Bond Elections Called.
math County, Ore.
May 22
250,000
$50,000 issue of 5% coupon
-BOND SALE.
Guthrie
-The
June 27
May 22 1,200,000 xAispanoose
airport bond
$350,000 128. p. 3225
Madison
Crawford
-was awarded to the Comm s offered for sale on June 10-V.
June 28
May 24 1,500.000 'Mus
1,200.000 par and accrued inter
erce Mortgage Secur
'Dubuque
catine
July 1
May 27
800,000 1945 to 1949. incl. est. Dated July 1 1929. Due $10.000ities Co., at
900,000
'Linn
from July 1
July 3
May 27 1,700,000 gDelaware
500,000
Ringgold
xVan Duren
KNOXVILLE Knox Cou
July 8
May 27
780,000
375,000
nty, Ten -BOND
Webster
July 10
May 27 1,900,000 Emmet
OFFERING.
850,000 bids will be received by John C. Borden, n.
-Sealed
Union
Director
July 2, for the purchase
May 28
550,000
of a 3365,000 issue of of Finance, until 10 a. m.
Total
'Black Hawk
Improvement,
May 31 1,000,000
434
Total voted & submitted_ $4.480.000 Due on June series H. bonds. Denom. 31,000. % coupon or registered
Voting a second issue.
3100,345,657
Dated June
1, as
all incl. Prin. and follows: $36,000. 1931 to 1935: $37.000„ 1936 1 1929.
IOWA COUNTY
int. (J.
does not restrict the price & D.) payable in gold In New York. to 1940.
$200,000 issue of annu (P. 0. Marenggo), Iowa.
The law
at which these bonds may
-BOND SAL -The
al primary road bonds
% interest basis is not exce
be sold, provided a
V. 128, p. 3720
offered for sale on E.
-wa
eded.
Stuart & Co., both s jointly awarded to A. B. Leach & Co., June 20.- City, will furnish the legal approval.Magslich & Mitchell. of New York
of Chicago, as 5s, for
ant
100.272. a basis of about
a premium of $545 Halsey, required bidding forms. A $7,000 certiThese attorneys will furnish the
4.95%. Due $20,000
fied check, payable to the
,
incl. Optional after May
from May! 1935 equal to Treasurer, is required.
City
11935.
to 1944,
KOSSUTH COUNTY
JACKSON COUNTY (P.
PI is will be received by (P. 0. Algona), Iowa.
-BO
0. Independence),
/NO.
the County -Treasurer, until ND OFFERING.
-Sealed bids will be
July 24, for the purreceived until noon on Mo.-BOND OFFER- chase of an issue of *100.000 annual prim
Sturges, County
July
ary road
read and bridgeTreasurer, for the purchase of an issue of 15, by Harry A. to exceed 5%. Dated Aug. 11929. Due $30,000 bonds. Int, rate is not
bonds.
from
Opti
as follows: 380.000, 1934 Denom. 31.000. Dated July$1,500.000 4%% purchaser.onal after May 1 1935. Blank bonds are to May 1 1935 to 1944
be furnished
to
Legal approval of Chapma
1945 and $105,000. 1946 to 1937; 390.000, 1938 to 1941: 15 1929. Due nished.
n & Cutler of Chicago, will by the
3100,000
1949. all incl. Prin.
be furat the Commerce Trust Co.
and int. (J. & J.) , 1942
in Kansas City. or the
payable
LA CEWOOD, Cuyaho
New York City. The coun
Guaranty
ga
-BOND OFFERING.
forms. Benj. II. Charles, ty treasurer will furnish the requ Trust Co. in Kauffman, Director of Fina County, Ohio,'
-A.I.
ired bidding standard time
nce, will
of St. Louis, will furn
A $15,000 certified check
) on July 8, for the receive sealed bide until 12 m.(eastern
must accompany the bid.ish the legal approval. bonds
purchase of the following
aggregating 349,283:
issues of 5%
JACKSON COUNTY (P.
39.970 special assessme
0. Independence),
The 3500,000 issue of 434%
Mo.-PR/CE
as follows' $970,nt paving improvement bonds. Due
semi
1930
n June 17 by the Commerce -annual hospital bonds that was PA/e/.8.015 special assessment : and $1,000, 1931 to 1939. incl. October 1,
purchase
premium of $363, equal to Trust Co. of Kansas City, was awarded d
$515. 1930; $2,000, paving bonds. Due October 1, as follows:
for
one 11929. Due on June 100.0726. a basis of about 4.48
$2,000, 1935 and 19361931: 3500, 1932: 32.000. 1933:
%. Dated
11949.
7.940 special assessment ; $3500 1937; and $2.000, 1938 and$500, 1934;
JAMESTOWN SCHOOL DIS
1939.
resurfacing street bonds.
TRICT (P. 0.
follows: $1,240, 1930
arish, La.
-BOND OFFERING.
Arcadia), Bienville
; $1,000, 1931: $2,000, Due October 1, as
-Sealed bids will
32.000, 1931.
uly 2 by E. H. Fisher, Secr
1932; $1,000, 1933:
be received until
etary of the Parish Scho
7.080 speoial assessme
age of a 210,000 issue
ol Board, for the
nt pavi
of school bonds.
mir1930: $500. 1931: $2,0 ng bonds. Due October 1, as follows: $580
JASPER COUNTY ROA
00. 1932; $500. 1933 and
,
3500. 1936:
1934: $2,0
ONDS REOISTERED.-AnD DISTRICT NO. 2 (P. 0. Jasper),
4,300 special asst.52.000, 1937; 5500, 1938: and 52.000. 1939. 00, 1935;
Tex
stor
egistered on June 19 by theissue of $150.000 5%% serial road bond .Oct. 1. as follows:m water and sanitary sewer const. bonds.
s was
State Comptroller. (A
nds was invalidated
simi
$500, 1937: $400 $400. 1930 to 1934. id.; 5500, 1935; $400, Due
by the Attorney-General duri lar issue of road
2330.)
1936;
ng April
-V. 128, 5,875 special assessme, 1938: and 3500 1939.
nt resur
JASPER, Walker Cou
follows: $1,000, 1930 to facing street bonds. Due October 1, as
nty, Ala.
1933, incl.: and $1.375.
-BOND SALE.
4,045 special assessme
f coupon refunding bonds
1934.
nt wate
offered for sale on June -The $18,000 issue
follows: $545, 1930: $1.0 r main const bonds. Due Oct. 1, as
as awarded at public
17-V. 128. P. on
00, 1931; $500, 1932:
1934.
% bonds. Dated Julyauction to Ward, Sterne & Co., of Birmingh
and $1,000, 1933 and
11929. Due $1,000 from
am, as
3,258 special assessme
July 1 1933 to 1950.
nt pavi
JEFFERSON COUNTY
Incl.
$258, 1930: $300. 1931 ng bonds. Due October 1, as follo
ws:
to 1938, incl.
he 3250.000 issue of cour (P. 0. Birmingham), Ala.
All
-BOND SALE.
- (Apr of the above bonds are dated August ; and $600. 1939.
one 11-V. 128, p. 3878 t house construction bonds offered for
il and
1 1929. Prin
Birmingham, at par. -was awarded at public auction to Marx sale on A certified October 1) payable at the office of the above cipal and Interest
check for 5% of the
Dated Jan. 1 1925.
& Co.,
mentioned official.
bonds bid for
100,000 in 1950 and 1951 and
Due on Jan. 1, as foll
awarded
250.000 in 1952.
ows: interest to the highest and best bidder for is required. Bonds are to be
not less than pax and
to date of' delivery.
JEFFERSON COUNTY
accrued
(P. 0. Monticello),
0.
-Sealed bids will be rece
Fla.
LAN
ived by Clyde H. :Paula, -BOND OFFER- coup CASTER, Erie County, N. Y.
County Commissioners, until
-BOND SALE.
-The following
noon on July 17, for Clerk of the Board V. on or re3istered bonds aggregating
ue of *100.0005% coupon road bond
128.
$47,060 offered on
-were awarded to the
s. Denom.$1,0the purchase of an as 534s.p. 4193
25. Due on Nov. 1, as follows:
Citizens National Bank, June 2400. Dated Nov.
at 100.547, a
of Lancaster
1949 and $24.000 in 1950. Prin518,000, 1947; 314,000. 1948; $44, 1 319.000 St. John St, basis of about 5.60%:
improvement bonds. Due
. and int. (M. & N.)
000
ational Bank of Commerce in
payable at the
$2.000, 1930 to 1938
on July 1. as follows:
of Monticello. Caldwell Now York, or at the Farmers & Merchant
10.000 municipal building , incl., and 31,000. 1939.
& Ray
s
I approval. These bonds are apar mond. of New York will furnish
10.000 equipment bonds. bonds. Due $1,000, July 1 1930 to 1939
Due on July 1, as follows:
. Incl.
certified check for 1% of the bid, t of an authorized issue of 31.320.0the
Incl.. and $1.0
$2,000. 1930 to 1933.
00.
payable to the above boar
8,000 fire apparatus 00, 1934 to 1935.
d, is required.
JEFFERSON COUNTY WAT
bonds. Due $1,000. July
"
All of the above bonds are
ER DISTRICT No. 2
1 1930 to 1937. incl.
-BOND OFFERING.
dated July 1 1929.
(P.O. Marrero)
-Sealed bids
LANE COUNTY SCHOOL
Lila President, until July 17. for will be received by Leo A. Marrero,
DISTRICT NO.
-BOND OFFERI
nd 534% water bonds. Denom. the purchase of a $350,000 issue of Ore.
-Sealed bids will be 69(P.O. Junction City);
$1.000. Dated May
District Clerk, until 2 NG.
received
on May 1 1930 to 1949. A 31.0
1 1929. Due of semi
p. in. on June 29, for the p trchaseby S. Morgensen,
00 certified check must acco
-annual school bonds.
of a 336.000 issue
mpany the $500. Date
Int,
d June 15 1929. Due rate is not to exceed 65'. Denom.
on June 15, as follows:
' 1933: 54,000, 1934; 53.500.
$3,500, 1930 to
1935 to 1938 and $4,000
in 1939.
4360
E
FINANCIAL CHRONICL
[Vor,. 128.
CT NO. 1 (P. 0.
FREE SCHOOL DISTRIND SALE.
-The
Y.
-BO
MAMARONECK UNION
-The
-BOND SALE. - Mamaroneck), Westchester County, N. bonds offered on June 20.
(P. 0. Lapeer), Mich
. series A,school
LAPEER COUNTY ent bonds offered on June 21-V. 128. p. 4044
$200,000 coupon or registered to George B. Gibbons dt.Co. and Roosevelt
ium
4.87%.
-were awarded
350,000 534% improvemBosworth & Co. of Toledo, at par, plus a prem
. V. 128, p. 3878 Now York, as 4.90s, at 100.237, a basis of abouts. Due
were awarded to Braun, The bonds mature serially in from 1 to 10 years
& Son, both of
in $1,000 denomination 1946 to
- The bonds are dated July 1 1929 and are
of $384 equal to 100.768.
; and $10,000,
OFFERING.
, incl.
-BOND
0. LaPorte), Ind.
ws: $5,000, 1934 to 1945
LAPORTE COUNTY (P. surer, will receive sealed bids until 2 p. m. on July 1, as follo
Trea
bonds.
, Ariz.
Lyman A. Ohming, County of $17,000 5% highway improvementJuly 15 1959, incl.
DISTRICT (P. 0. Phoenix) July
hase
$850,
SCHOOL
on July 16, for the purc
MARICOPA COUNTY led bids will be received until 2 p. m. on
1929. Denom. $850. Due
-Sea
The bonds are dated July 15 1931 to 1939,incl.; and $850,Jan. 15,1940. -BOND OFFERING.
for the purchase
s,
15
of the Board of Supervisoras follows:
1930;$850,January and Julyand July 15.
12. by C. L. Walmsley, Clerk
$101,000.
- of three issues of school bonds aggregating
Interest payable on January
$1,000 and $500. Due
-BOND SALE.
(P. 0. Bedford), Ind. ,000, offered on $75,000 school district No. 14 bonds. Denom.s were previously offered
LAWRENCE COUNTY on bonds, aggregating $137
(These bond
coup
$7,500 from 1934 to 1943. ).
The two issues of 434% -were awarded as follows:
Meron May 4-V. 128. p. 2334 Denom. $1,000. Due $2,000 from
June 26-V. 128, p. 4193 iam road construction bonds sold to the $133,
44 bonds.
ium of
20,000 school district No.
$122,000 Bedford and Will
of Muncie at par plus a prem
$1,000 from
1939 to 1948, incl.
chants National Bank of about 4.73%. Due semi-annually on
bonds. Denom. $1,000. Due
6,000 school district No. 25
equal to 100.10, a basis from 1 to 10 years. First maturity.
the
ble
1939 to 1944, incl.
15 and July 15 in
int. (J. & J.) payaNewat
Jan.
Prin. and
York
ndianapolis
Int. rate is not to exceed 6%. at the Bankers Trust Co. is
Jan. 15 1930.
ty Treasurer or
sold to the Meyer-Kiser Bank
15,000 road impt. bonds ium of $46, equal to 100.30. basis of about office of the Coun check for 5% of the bid is required
1939 lad. City. A certified
at par plus a prem
15 and July 15 from 1930 to
-The
-BOND S,4L E.
4.685%. Due $750. Jan. . The following bids were received:
County, Ohio.
on
$15,000
MA'IETTA. Washington
issues are dated June 15 1929
.000
owners portion, offered
$122
Both
Prem. $22,000 street imprcvemant bonds, property the First-Citizens Corp. of
Prem.
p. 3731-were awarded to $39.60, equsl to 100.18, a
$3.00 June 2
Bidder$101.50
ium of
Indianapolis
18.25 Columbus, as 534s, at par, plus a prem
133.00
11929. Due on Oct. 1
City Security Corp.,Bank, Muncie
40.00 basis of about 5.20%. The bonds are dated Apr. 00. 1938 and 1939. An
Merchants National Co., Indianapolis
11.00 as folb •-s: $2,000. 1930 to 1937 Ind., and $3,0
as D. Sheerin &
78.80
Thom
Co., Indianapolis
46.00 off! isl list of the other bids received follows:
Int. Rate. Prem.
,
Fletcher Sayings & Trust napolis
119.80
536
BidderMeyer-Kiser Bank, India
(P. 0. Level'
Wood, Toledo
NT SCHOOL DISTRICT led bids will planchet, Bowman &Gat's, Toledo
-Sea
LEVELLAND INDEPENDE -BOND OFFERING.
is &
Harr
Stranahan, Ha
ty, Tex.
193.70
land), Hockley Coun by L. N. Graham, Secretary of the Board of Ed- Ryan. Sutherland & Co., Toledo
534
be received until July 1, of a $50,000 issue of 536% semi-annual school
S. Hill & Co., Cincinnatit Co., Cincinnati
for the purchase
.
178.00
years
ucation,
The Title Guarantee & Trus
11929. Due serially in 40
264.00
bonds. Dated July
6
od & Mayer, Cincinnati
-The two
.
-BONDS NOT SOLDJune 18-V. Reasongo , Roth & Irving Co., Cincinnati
116.60
County, Ala.
534
The Well
LINDEN, Marengo
egating $30.000 offered on
ison, Cincinnati
6.60
531
s of 6% coupon bonds, aggr bids were rejected as unsatisfactory. The Breed, Elliott & HarrCo., Cincinnati
issue
te sale The Davies-Bertram
not sold as the
-were
of at priva
128,p.4044
bonds may now be disposed follows.:
-BOND OFFERING.
Mayor informs us that the
. Indianapolis), Ind. bids until 10 a. m. on
divided as
The issues are
MARION COUNTY(P.O
or they may be re-advertised. s A bonds. Due in 20 years. Optional on Harry Dunn, County Auditor, will receive sealed s aggregating $196,300:
, serie
31.000.
$16,500 general obligation
of the following bond issue
July 8. for the purchase bonds. Dated June 1 1929. Denom.
30 days' notice. bonds. Due in 10 years. Optional as above.
k for
8100,000431% bridge June 1 1930 to 1939, incl. A certified chec
July 1.
13,500 water. series B
Due $10,000,
d of County ComInt payable on Jan. and
for, payable to the Boar
Denoros. to suit purchaser.
OFFERING.
3% of the bonds bidred.
Rapids), lowa.-BONDfor the purchase
r
missioners, is requi Dated June 1 1929. The bonds mature
LINN CITY (P. 0. Ceda ty Treasurer until July 18
the Coun
bond
Bids will be received by annual primary roads bond. Dated Aug. 1 1929.
96,300 434% road y on s. and November 15.
May
the office
semi-annuall
of a $200,000 issue ofed 5%. Due $20010 from May 1 1935 to 1944 incl.
of both issues payable at
and semi-annual interest
is not to exce
furnished by the purbe
Principal
Int. rate
1935. Blank bonds are to sh legal approval.
r.
of the County Treasure
Optional after May 1
Treasurer, will receive
of Chicago will furni
-0. E. Robinson, County
chaser. Chapman & Cutler
BOND OFFERING. m. on July 10, for the purchase of $91.900 435%
-Lloyd C.
Denom.
-BOND OFFERING.
mbiana County, Ohio. bids until 12 m. on July 3, for sealed bids until 10 a. construction bonds. Dated June 15. 1929. Interest
LISBON,Colu
N. White et al,road
receive sealed
to 1939, incl.
Binsley, Village Clerk, will 534% improvement bonds, consisting of $51.- $919. Due $4,595, May and November 15 1930
1, as follows: $5.718.42.
the purchase of $64,266.42
ble semi-annually.
bonds maturing on Oct.
-The
ND SALE.
218.42 special assessment 00, 1932: $5,500, 1933 and 1934: $6.000, 1935: Paya
0. Indianapolis), Incl.-BO
re
$5,500, 1931: $6,0
$13,048 Village's portion
1930;
, and
MARION COUNTY (P. offered on June 21-V. 128, p. 4044-we
1937: and $6,000, 1938 :81,500. 1931 ant 1932:82,000.
bonds
premium
$5,500, 1936 and 1, as follows:$1,548. 1930
345.200 534 garage Se-urities Corp. of Indianapllis at oar, plus aare dated
bonds
bonds due on Oct.
00. 1937. All of the bonds are awarded to the City
incl.: and $2,0
t 4.56%. The
1933: $1,500, 1934 to 1936 ble semi-annually on April and Oct. 1. Sepa- of $927 equal to 102.05, a basis1of abou 1939 incl.
to
Int. paya
dated July 11929.made for the assessment portion and the Village portion June 11929. Due $4.520. June 1930
-The $7,000
bids must be
bid for, payable to the Village
Dak.-BOND SALE. ed for sale on
rate
County, N.
for 5% of the bonds
MARION, La Mout., electric light and power bonds offer
bonds. A certified checkeach proposal. Bids may be submitted based upon
ual
local investors. Duo
Clerk, must accompany rent rate of interest than 534%, provided that tho issue of 5% semi-ann 3879
-was awarded at par to
a diffe
June 20-V. 128. n.
.
said bonds bearing rate shall be one-fourth of 1% or multiples thereof.
, 1°33, 1935, 1937, and 1939
$1,400 In 1(131
fractional interest
o.-BONDS OFCuyahoga County, Ohl
-The two issues of
-BOND SALE.
ty, Ark.
MAYFIELD HEIGHTS, Village Clerk, received sealed bids until 10
LONOKE, Lonoke Couning $123,800, offered for sale on May 13-V.
-Ina L. Granger, ) on June 28, for the purchase of $16,551.54
FERED.
s, aggregat
5% coupon bond awarded as follows:
ern standard time
s. Due one bond an-were
n Trust Co. of Little a. m. (east assessment street improvement bond and interest (Jan. and
128, p. 3225
ipal
special
bonds to the American-Souther
$68,000 waterworksprice of 95.54, a basis of about 5.56%. Due from Jan. 6% y on July 1, from 1931 to 1940 Incl. Princ h Euclid. Legality to be
nuall
. Sout
Rock, at a
-nyth Euclid Bank
ble at the S.
of Little Rock, July 1) paya Squire, Sande& & Dempsey. Cleveland.
1 1932 to 1948. incl.
s based upon
1 bonds to the Union Trust Co.
approved by
present a bid for said bond e, provided,
58.800 sewer district No. a basis of about 5.59%. Due from Jan. 1 1932
b'dder desiring to do Fel may
specified abov
Any
at a price of 95.30,
rent rate of interest than such fraction shall be onebearing a diffe
. Int. payable theirver, that where a fractional rate is bid,
to 1948, incl.
bids are received based
to $1,000. Dated April 1 1929
howe
will bo
or multiples thereof. If
Denoms. range from $100
Quarter of one per cent interest than specified above, the bondspar and
and July 1.
on Jan.
rate of
in County, upon a differenthighest responsible bidder offering not less than for less
Elyria), Lora
OOL DISTRICT (P. 0.on school bonds offered on awarded to the
interest. No bids pted.
rate of
LORAIN SCH E.
.000 coup
based upon the lowest day of delivery will be acce
-BOND SAL -The $115 ded to W.L. Slayton & Co. of Toledo, accrued interest
to the
Ohio.
-were awar
par and accrued interest
June 18-V. 128, p. 3564 ium of $428. equal to 100.37, a basis of about than s to be delivered to the buyer at Toledo.
typo-NOTE
lotte), N. C.
as 5s, at par, plus a prem scheduled sale of these bonds, due to a School Bond
the
128,
COUNTY (P. 0. Char
ing Torain
4.94%. The notice of
MECKLENBURG 00 issue of notes offered for sale on June 21-V. at
erroneously posted under the head
as 6s,
-The $1.200,0
graphical error, was s are dated April 1 1929. Due as follows: $3,000. SALE.
Trust Co. of Charlotte,
s awarded to the American
$4,000. April and Oct. 1 P. 4194
ict. The bond
-wa
Distr
Oct. 1 1930 to 1942 incl.; and
on Dec. 16 1929.
April 1 and $4,000, An official tabulation of the bids received follows:
-The 3120.000
Prem. par. Due
-BOND SALE.
Int. Rate.
County, Ore.
1943 to 1945 incl.
MEDFORD, Jacksonairport bench; offered for sale on June 25-V. 128.
$747.50
BidderColumbus
50 issue of 5% semi-annual par to the State of Oregon. Dated July 1 1929.
218.
V
First Citizens' Corp..
Toledo
-was awarded at
428.00 p. 4194
5 v
to 1940 incl.
Ryan, Sutherland & Co., do
759.00 Due $12,000 from July 1 1931
Co., Tole
-The following
*W. L. Slayton & , Toledo
-BOND SALE.
Mass.
497.03
534
FORD, Middlesex County,$250.000, offered on June 27-V. 128,
Breed & Bosworth
MED
771.00 Issues of coupon bonds, aggregating
t Co.. Cleveland
at 100.144,
531
Guardian Trus
k & Co. of Boston as 4345
-were awarded to Estabroo
Otis & Co.. Cleveland .. Chicago
1,485.00 P. 4194of about 4.46%:
Securities Corp
534'g
000 July 1 1930
$20,
Federal
1,231.00 a basis original street construction bonds. Due
54'7
Herrick & Co.. Cleveland Co., Detroit
195.50 $200,000 to 1939 inclusive.
634%
Detroit & Security Trust do
1930 to 1934 inclusive.
233.00
bonds. Due $10,000 July 1 wing bids were also received:
%
Harris, Tole
5
Stranahan &
50,000 sidewalk
nnati
9. The follo Interest Rates,
Rate Bid.
184.00
534%
Both issues are dated July 1192
Seasongood & Mayer, Cinci
Cincinnati
100.064
4345
BidderBreed, Elliott & Harrison,
100 023
*Successful bidder.
Curtis & Sanger
-BONDS AUTHOR- Merchants National Bank
el.r115‘% • 100:052
County, Calif.
100,67
ANGELES, Los Angeles
a recommendation with Eldredge & Co
LOS
Committee field
-On June 18 the Finance sale of 32,200,000 in harbor bonds, the E. H. Rollins & Sons
IZED.
434
.
rizing the
100.099
°
%
ley & Co
the City Council, autho $15,000,000 that was voted by the people in 1923
F. S. Mose
& Co
last portion of a series of
CT NO. 8 (P. 0. R. L. Day
DISTRICT (P. 0. Merkel),
SANITATION DISTRI
NDENT SCHOOL$12,000 issue of 5% serial school
coupon
MERKEL INDEPE
LOS ANGELES COUNTY PAID.
-A
-The $400,000 issue of the 530-BOND SALE.
-PRICE
Los Angeles), Calif. to R. R. Moulton & Co., and associates, as101.08. Taylor County, Tex. d at par by the State of Texas.
tered
bonds has been purchase -On June .18 the State Comptroller regis
sewer bonds awarded purchased for a premium of $4,320, equal to
BONDS REGISTERED.
V. 128, p. 3561-was 7.
The other the above issue of bonds.
0.00'
, incl.
-The
a basis of about
$10,000 from 1930 to 1969
-BONDS NOT SOLD. bonds
Dated June 1 1929. °Due
County, Fla.
c improvement
MIAMI BEACH, Dade
6% semi-annual publi as all the bids were
bidders were as follows:and American National Co.
sold
, Whee- $255,000 issue of not to exceedp. 4045
Sr Co., Inc.
-was not
Heller, Bruce & Co.,
s Co., Inc., Morris Mather
offered on June 26-V. 128, 1931 to 1946 incl.
Stranahan, Parris & Oati Kennedy Co.
r J.
-D. 13.
Cavalier & Co., rejected. Due on July 1 from
lock & Co.. and the Elme
-BOND OFFERING. on July
Citizens National Co., Wm.
), Ohio.
0. Troy
California Securities Co.,
MIAMI COUNTY (P.
sealed bide until 10 a. m.
R. Stoats Co.
Co., and Redfield, Van Kessler, County Auditor, will receive coupon bridge construction bonds.
and Wm.
Co., Banks, Huntley &
$48,000 5%
$5,000.
American Investment
10, for the purchase .ofDerma. $1,000. Due Feb. 1, as follows: & A. 1)
Evera & Co.
d August 1 1929
Prin. and int. (F.
lebourne), Tyler County, Date to 1938, incl.; and 34.000, 1939 and 1040. tho par value of the bonds
5% of
D DISTRICT (P. 0. Midd issue of 5% coupon road 1931
check for
McELROY ROA
-The $200,000 not sold as there were no payable in Troy. A certified e-mentioned official, must accompany each
SOLD.
abov
s
W. Va.-BONDS NOT
bid for, payable to the
22-V. 128, p. 3721-wa
, incl.
bonds offered on JuneJune 11929. Due from June 1 1931 to 1960
proposal.
-BOND
k) N. J.
bids received. Dated
OFsealed
(P. 0. New Brunswic
.-CERTIFICATEtor,
MIDDLESEX COUNTY ey, County Treasurer, will receive of th
(P. 0. Ashley), N. Dak
Audi
McINTOSH COUNTY be received by G. A. Dietz, County ficates OFFERING.
-Arthur J. Hanl time) on July 5. for the purchaao
-Sealed bids will the purchase of a $20,000 issue of certi accom
p. m. (standard
FERING.
tered bonds aggr
bids until 2:30
2, for
or 434% coupon or regis
until 10 a. m. on July m. $1,000. A certified check for 2% must
following issues of 43i 434
follows
of indebtedness. Deno
Due on July 1, as
gating $722,000:
E.- $385,000 road improvement bonds, series 34.000, 1945 to 1949, incl.
the bid.
pany
-BOND SAL
follows
nt Clemens), Mich. ssful bidders on
incl.; and 321,
. Mou
$20,000, 1931 to 1944 s, series 5. Due on July 1, as
were the succe
MACOMB COUNTY (P.O
incl.
ol bond
par, plus
Oatis, Inc. of Toledo,
250,000 Vocational Scho1950 incl.; and $10,000, 1951 to 1959, 00, 1931
Stranahan. Harris & issue of drain bonds. The purchasers paid 101.10.
of
18.000, 1931 to
follows: $2,0
June 15 for a $74.000 for the bonds as 531s, equal to a price
s, series 20. Due'July 1, as
53,000 bridge bondand 31.000, 1955 to 1959. incl.
follows
a premium of $814.000 serially.
Due July 1, as
1954, incl.;
obligations mature
ND SALE.
. extension bonds. 1936 to 1959. incl.
The
-BO
Bldg
.
34,000 County; Record 1935, incl.; and $1.000,
Bid
. Mount Clemens), Mich
25Denom. $1,000.
1931 to
MACOMB COUNTY (P.Ont District No. 95 bonds offered on June nt
$2.000.
-anon
, of Mou
Assessme
dated July 1. 1929. ipal and semi
The $135,500 Road re warded to the Citizens' SavingslBank 08. The
All of the above bonds are
County. Princ ed official. No mor
-we
$113, equa to 100. except to be on forms furnished by the above-mention
V. 128, p. 4193
th
plus a premium of
in $1,000 denom. payable interest payable at the office of the uce a premium of $1,000 over
Clemens, as 534s. at par,
1929. Coupon bonds
'
Int.
will prod
bonds are dated July 1 $500. Due in from 2 to 10 years.
bonds to be awarded than
No. 1 which is for
bond
May and Nov. 1.
RII B..88
Rti114.40
and 434%
JUNE 291929.1
FINANCIAL CHRONICLE
4361
amount of each issue. The bonds will be prepared under the supervision of
NAMPA HIGHWAY DISTRICT(P.O. Nampa),Canyon County,Ida.
the United States Mortgage Trust Co.,
Y., which will certify
-We are informed by H. D. Bowker Secretarygenuineness of the signatures of the officials and the seal impressedas to the -BONDS CALLED.
N.
thereon.
A.certified check for 2% of the par value of the bonds bid for, payable to the Treasurer of the District that he is calling for payment as of July 1 1929.
bonds numbered 1 to 50, incl., of the $500,000 issue of
County Treasurer, must accompany each proposal. Caldwell & Raymond Dated
% road bonds.
July 1 1929, due on July 1 1939, and optional after July 1 1929
of New York, will pass on the validity of the bonds.
Denom. $1,000.
Financial Statement.
NASHVILLE, Davidson County,
Assessed valuation taxable real estate 1929
-BOND SALE.
-The five
$176,389,921 Issues of coupon bonds aggregating_$7 Tenn.
Assessed valuation taxable personal property 1929
95,000, offered for sale on June
27,161,189 V. 128, p. 3880
-were awarded to Eldredge & Co., of New York.for a21premium of $628, equal to 100.07, a basis of about 4.67%. The issues were
Total assessed valuation
$203,551,110 divided as follows:
Tot, bonded debt now outstanding (excl. of these issues)
5.564.300 $300.000 fire hall and equipment bonds, as
Sinking fund (as of Jan. 1 1929)
434s. Due from Aug. 1 1930
471,284
to 1949, incl.
Population (1920 census), 162.334; present estimated population over
175,000 water works extension bonds, as Ois. Due from Aug. 1 1930
200,000.
to 1969, incl.
MIDDLETOWN, Orange County, N. Y.
-BOND SALE.
250,000 lateral sanitary sewer bonds, as 43is. Due from Aug. 1 1930
000 sewage disposal bonds offered on June 26(V. 128. p. 3879) -The $210,to 1969, incl.
were awarded
to Roosevelt & Son and George B. Gibbons & Co., both of New
50,000 light extension bonds as 454s. Due from Aug. 1 1930 to 1959,incl.
jointly as 4.70s. at 100.169, as basis of about 4.67%. The bonds are York,
20,000 sanitation equipment bonds as 45is. Due from Aug. 1 1930 to
dated
May 1 1929. Due $7,000 M
May 1 1930 to 1959 inclusive.
1939, incl.
1111
MIDLAND, Midland County, Tex.
The following is an oMcial tabulation of the bidders and their bids:
-BONDS REGISTERED.
-The
four issues of 534% coupon bonds aggregating $260,000, that were sold
,
BidderInterest Rate.
Total Bid.
National City Co., and J. W. Jokes & Co.
on May 1-V. 128, p. 3227
-were registered on June 20, by the State
5%
$808,427.55
Comptroller.
Bankers Trust Co.of N. Y.,and Estabrook
5%
MILL SCHOOL DISTRICT (P. 0. Ventura), Ventura County, Lehman
814,628.55
Bros., Kean, Taylor & Co., and
Calif.
-BOND OFFERING.
-Sealed bids will be received up to 11
J C
on July 2 by L. E. Hallowell, County Clerk, for the purchase of a a. m. Ames, Bradford &Co5%
805,168.05
Emerich & Co., Emanual & Co.,the
$15,000
issue of 5% school bonds. Denom. $1,000 Dated Aug.
Detroit Co.,and Little, Wooten & Co-_
5%
$1,000 from Atm 1 1930 to 1944, incl. Prin. and int. (F. & 1 1929. Due
812.411.00
A. 1) payable Guaranty Co. of N. Y
5%
809,556.45
at the County Treasury. A certified check for 2% par of the bid,
Sons%
to the above County Clerk, is required. The following statementpayable E. H. Rollins &
795,692.50
accom- Bancamerica-Blair Corp., and CommercejFire Bonds 5%
panies the official offering notice:
798,180.00
Union Co
lAll other 4f4%
Mill School District of Ventura County was established in 1877.
These Eldridge & Co. *
I Fire Bds
%
bonds were authorized by an election held within the District,
795,628.00
tAll other
at which 14 votes were for and one against the issue and sale. May 211929,
%
The
* Awarded to Eldridge & Co.
estimated population of the district for 1920 is 500. The assessedpresent
valuation of taxable property is $3,267,991. The total bonded
NATCHEZ, Adams County, Miss.
-OFFERING DETAILS.
-In conindebtedness,
including this issue, is $38.000.
nection with the offering on July 9 of the $47,500 issue of 514% refunding
-V.128, p.4194
-we are now informed that the bonds are described
MILTON SCHOOL DISTRICT NO. 2 (P. 0. Abbeville), Vermilion bonds.
as follows: Denom. $1,000, one
Parish, La'.
-BONDS NOT SOLD.
-The $15,000 issue of 5% semi-annual Sept. 15, as follows: $3,500, for $500. Dated Sept. 15 1929. Due on
1930; $3.000, 1931 to 1934: $4,000,
school bonds offered on June 20-V. 128. p. 3879-was not sold as
there 1937 and $5,000, 1938 to 1941, all incl. Prin. and semi-annual int. 1935 to
were no bids received.
payable
at the City Bank & Trust Co. of Natchez. A certified check for 5% of the
MINOA, Onondaga County, N. Y.
-BOND SALE.
-The $50.000 bonds bid for is required.
coupon or registered street improvement bonds offered on June
20NAVASOTA, Grimes County, Tex.-B6NDS NOT SOLD.
V. 128, p. 4045-were awarded to George B. Gibbons & Co. of
-The
as 5.70s. at par, plus a premium of $89.70 equal to 100.179,New York, $130.000 issue of 5% semi-annual school bonds offered on June 14-V. 128,
a basis of p. 3880
-was not sold as all the bids were rejected. Dated May 10 1929.
about 5.68%. The bonds are dated July 1 1929. Due on July
1. as Due serially up to 1969.
follows: $2,000 1930 to 1939, incl., and $3,000, 1940 to 1949,
incl. The
following bids were also submitted:
NEWARK, New Castle County, Del.
-BOND OFFERING.
-Frank
BidderInt. Rate.
Price Bid. Collins, President of the Town Council, will receive sealed bids until 7 p. m.
Dewey, Bacon & Co
$50,090.00 (eastern standard time) on July 25, for the purchase of all or any part
Edmund, Seymour & Co
of 565.000434% bonds. Dated August 1 1929. Coupon bonds in $1.000
5.80
50,050.00
Manufacturers & Traders-Peoples Trust Co
6.00
50.309.50 denominations, registerable as to principal. The bonds are callable at the
Parson, Son & Co
6.00%
50.183.50 Town Council. at par and accrued interest, on any interest period after
years from
date of
MISSISSIPPI COUNTY RURAL SPECIAL SCHOOL DISTRICT five August 1. thecertified issue. Interest payable in gold on February
and
A
check for 3% of the bonds bid for, payable
NO. 1 (P. 0. Whitton), Ark.
-BOND MGR.
-The $40,000
the Town
semi-annual school bonds offered at public auction on June issue of 6% toThe bonds Council, must accompany each proposal.
were authorized to be issued by an Act of the General Assembly
15-V. 128,
-was awarded to M. W. EI.Uns & Co. of 1Attle Rock.
P. 3879
of the State of Delaware.approved April 29 1929, and by a referendum vote
of the tax-payers of the Town of Newark, held on June 22 1929.
MONROE COUNTY (P. 0. Bloomington), Ind.
-BONDS OFFERED.
-Marion Burch, County Treasurer, received sealed bids until 2 p. m.
NEW HARMONY, Posey County, Ind.
on
-BOND OFFERING.
-John
June 29, for the purchase of the following 434% bonds aggregating
Rutledge, Jr., Town Clerk, will receive sealed bids until 8 p. m on July 5,
$13,600 Weeks Duvall et al, township improvement bonds. Due $27.780: for the purchase
,
on May
of $16,000 434% highway improvement bonds. Dated
and Nov. 15. from 1930 to 1939. incl.
June 15 1929. Denom. $500. Due 5500, July 1 1930; $500. January and
9,200 Alexander Oliver et al, township improvement bonds. Due on July 1 1931 to 1945, incl.;
and $500, January 1 1946. Interest payable on
May and Nov. 15 1930 to 1939, incl.
January and July 1.
4,980 Fred Coffey et al, township improvement bonds. Due on May
and Nov. 15 1930 to 1939, incl.
NEW ORLEANS,Orleans Parish, La.
-CERTIFICATES OFFERING.
All of the above bonds are dated June 4 1929. A certified check for 3% -Sealed bids will be received until 11 a. m. on July 8. by T. S. Walmsby,
of the bonds bid for is required.
Commissioner of Public Finance, for the purchase of two issues of 43.4%
certificates, aggregating $2,149.600, dividend as follows: $2,020,000 perMONROE COUNTY (P. 0. Monroe), Mich.
-BOND SALE.
-The
$294,900 road assessment district bonds offered on June 24-V. 128. p. manent paving and $129,600 temporary surfacing certificates.
(This supplements the offering report given in V. 128, p. 4194.)
4194
-were awarded to Braun, Bosworth & Co. of Toledo, and the First
NEW PORT RICHEY, Pasco County, Fla.
National Bank of Monroe, jointly. The bonds were sold as follows:
-BOND SALE.
-The
$149.200 as 5348, at 100.11.
$80,000 issue of 6% semi-annual refunding bonds unsuccessfully offered
for sale on Dec. 4.-V. 128. p. 1096
97,600 as 534s, at 100.84.
-has since been sold to the BrownCrammer Co ,of Orlando, at a price of 90, a basis of about 6.92%. Dated
48,100 as 534s, at 100.75.
Oct. 1 1928 and due on Oct. 1 1948.
MONROE, Monroe County, Mich.
-BOND ELECTION.
-At an
NIAGARA, Marinette County, Wis.-BOND OFFERING.Sealed
election to be hold on July 23, the voters will pass on a proposal to issue
$370,000 bonds to finance the construction of an improved water system, bids will be received by Roy Brown, Village Clerk, until 4 p. m. (to be
opened at 8 p. m.) on July 1, for the purchase of a $25,000 issue of 5%
MONTGOMERY COUNTY (P. 0. Dayton), Ohlo.--BOND OFFER- annual water and sewer extension
bonds. Dated July 1 1929. Due from
ING.
-F A. Kilmer, Clerk of the Board of County Commissioners, will Mar. 1 1930 to 1944,
receive sealed bids until 10 a. m.on July 3,for the purchase of $226,500 6% Village Treasurer. A incl. Prin. and int. is payable at the office of the
certified check for 5% is required.
Riverside Sewer District bonds. Dated July 10 1928. Denoms. 51,000
and $500. Due Oct. 1, as follows: $15,500. 1930: $15,000, 1931 to 1934
NISKAYUNA WATER DISTRICT NO. 3, Schenectady County,
incl.; $15.500, 1935:515,000, 1936 to 1939 incl.:$15,500, 1940;and $15,000, N. Y.
-BOND SALE.
-The $133,000 coupon or registered water bonds
1941 to 1944, incl. Principal and semi-annual interest payable at the offered on June 27 (V. 128, p. 4195) were awarded to George B. Gibbons
office of the County Treasurer. A certified check for $2,500 is required. & Co. of New York as 55is at 100.534, a basis of about 5.43%. The bonds
are dated July 1 1929. Due $7,000 July 1 1931 to 1949 inclusive.
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND SALE.
The $697,000 434% road bonds offered on June 25-V. 128, p. 4045
NOBLE
-BOND AWARD POST- POA ED. COUNTY (P. 0. Albion), Ind.
were awarded to the National City Co., of New York, at 97.659, a
-W. C. Harder. County Treasurer, states that due to an aror In
about 4.66% The bonds are dated July 11929. Due as follows: basis of the advertisement, the sale of $10,480 5% road improvement bonds
$4,000,
and 1940; $6,000, 1941; 510,000, 1942 to 1945, incl.; $20,000, 1946 to scheduled for June 26-V. 128. p. 4195 has been indefinitely postponed.
1939
1951, incl.: 530,000, 1952 to 1967. incl.; and $43,000. 1968.
NORTH CAROLINA, State of (P. 0. Raleigh).
-NOTE SALE.
A bid of 96.83 was submitted by a group composed of Nelson, Cook
According to newspaper reports, a
Co., Townsend, Scott & Co. and Baker, Watts & Co. all of Baltimte. & recently been purchased by the Page $4,000,000 issue of 53.;% notes has
Trust Co. of Aberdeen. Dated June
The purchasers are reoffering the bonds for public investment at par 25 1929. Due in 4 months.
and interest. yielding 4.50%. The offering notice says:
NORTHEAST TAMPA SPECIAL ROAD AND BRIDGE DISTRICT
These bonds, issued for road purposes, are direct general obligations of
the county, payable from unlimited taxes on all taxable property therein. (P.0.Tampa), Hillsborough County, Fla.
-ADDITIONAL DETAILS.
According to official reports, the actual value of taxable property is esti- -The $26,000 issue of refinancing bands awarded to the Brown-Crummer
mated to be $150,000,000 and is assessed at $95,032,537. The not bonded Co.. of Wichita-V. 128, p. 4194
-bears interest at 6%,and was sold at a
debt including this issue, is $4,260,610, and the population, according to price of 95, a basis of about 6.55%. Dated Mar. 15 1929. Due from Mar.
the 1920 United States census, was 34,921, and is presently estimated to be 15 1932 to 1953, incl.
55,000.
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT No. 4
(P. 0. Port Washington), Nassau County, N. Y.
MOUNT STERLING, Madison County, Ohio.
-BONDS OFFERED
-BOND OFFERING.
J. J. Kalklosch, Village Clerk, will receive sealed bids until 12 m. on July 8 FOR INVESTMENT.
-Batchelder, Wack & Co. of New York, are offering
for the purchase of $2.217.61 53.4% property owners' share of paving for public investment at prices to yield 6.00 to 4.90% according to maturity
5205.000 53 % coupon or registered school bonds. The bonds are dated
bonds. Dated July 8 1929. Due on April 1 as follows: $217.61,
and $250. 1931 to 1938 Inclusive. Interest payable on April and 1930: June 11929. Due annually on June 1, as follows: 550,000, 1930 to 1932,
A certified chock for 5% of the bonds bid for. Payable to the VillageOct. 1. inclusive; and $55.000, 1933. This issue was awarded to the above-menTreas- tioned concern
urer. must accompany each proposal.
on June 19 at 100,06,a basis of abut 5.74%.-V. 128, P.
Anyone desiring to do so may present a bid for such bonds based upon 4192.
their bearing a different rate of interest than specified above, provided
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 6
however, that where a fractional interest rate is bid, such fraction shall
be (P. 0. Manhasset), Nassau County, N. Y.
-BOND OFFERING.one-quarter of one per cent or multiples thereof.
George H. Oestreich, District Clerk, will receive sealed bids until 8:15 p. m.
MUNCIE, Delaware County, Ind.
(daylight saving time) on July 9, for the purchase of $218.500 43.4, 4;i or
-BOND OFFERING.
-John B. .5% coupon
Lupton, City Comptroller, will receive sealed bids until 10 a. m. on
or registered scnool bonds. Dated July 1 1929.
for the putehase of $25,000 434% coupon or registered refunding July 1, $1,000. one bond for $500. Due on July 1 as follows: $2,500, 1932:Denom.
bonds. 1933: 510,000.
$3,000,
Dated Juno 15 1929. Denom. $500. Due $5,000, July 1 1932 to
1934 to 1953, incl.. and $13.000, 1954. Principal and semi1936
incl. Prin. and semi-annual int. payable at the office of the above-men- annual interest payable in gold at the First National Bank & Trust Co..
tioned official. A certified chock for 234% of the par value of the bonds Manhasset. A certified check for 2% of the bonds bid for, payable to the
District, must accompany each proposal. Legality to be approved
bid for is required.
by
Hawkins. Delafield & Longfellow of New York.
MURFREESBORO, Rutherford County, Tenn.
-BONDS VOTED.NORTH OLMSTEAD,Cuyahoga County, Ohio.
At the special election held on June 19 (V. 128. p. 3562) the voters gave
-NO BIDS.
-E. M.
their approval of the proposed $300,000 funding and water system bonds Christman. Village Clerk, reports that no bids were recalvel on June 18
by a majority of about 3 to 1
% improvement bonds offered for sale.
The City Recorder advises us that the bonds for the $8,910.42
p. 4046. The bands are to be sold privately. the Clerk says. -V. 128,
will be offered for sale about Oct. 1.
MURRAY SCHOOL DISTRICT (P. 0. Murray) Calloway County,
NORWALK FIRST TAXING DISTRICT, Conn.
-BOND SALE.Ky.-ADDITIONAL DETAILS.
-The 545.000 issue of 5Yi% school bonds R. L. Day & Co. of Boston were the successful bidders on June 25 for
that was purchased by the First National Bank of Murray-V. 128, p. $350.000 coupon or registered water refunding bonds at 100.06, a basis of
about 4.57%, taking 5179.000 bonds as 434s and 5171,000 bonds as Ois.
-was awarded at par and is due $3.000 from 1930 to 1944, Incl.
4194
The 4349' bonds mature on July 1 as follows: $9.000. 1950 to 1968. incl..
MUSKEGON HEIGHTS, Mich.
-BOND ELECTION.
-A special and $8,000. 1969. The 43 % bonds mature 59,000 annually on July 1
election is to be held on July 24, on which date the voters will be
did from 1931 to 1949 incl. All of the bonds are dated July 1 1929. Prin and
to
approve the issuance of $185,000 bonds to provide funds to build
askedand int. (Jan. & July I) payable at the Equitable Trust Co.,
addition to the present sewage disposal plant and lay storm sewers in three gality to be approved by Ropes, Gray, Boyden & l'erkins New York. Leof Boston. The
sections of the city
bonds are being reoffered for public investment priced to yield 5.00 to
4.25%.
4362
FINANCIAL CHRONICLE
[Vou 128.
-The
-BOND
PIERCE COUNTY (P. 0. Tacoma), Wash. sale on SALE.
an assessed valuar
June 24-V.
offered for
according to maturity. The district, it is stated, reports
$150,000 issue of airport. series B bonds of
Washington, as43.4s, at par.
a net debt of $107,753.
tion of 315,167,342, and
128, p. 3881-was warded to the State
-BOND ELECTION.
-The
-BOND SALE.
OKLAHOMA CITY, Oklahoma County, Okla.
POLK COUNTY (P. O. Columbus), N. C.
of passing
the
-On July 30. a special election will be held for for apurpose l airport. $85,000 issue of 534% funding bonds offered for sale on May 7-V. 128.
municipa
t Savings Bank & Trust Co., of
proposal to issue $425,000 in bonds
judgment on a
-was awarded to the Providen
P. 3059
NO. 1 (P. 0. Os- Cincinnati. Donom. $1,000. Dated May 15 1929. Due as follows:
OSSINING UNION FREE SCHOOL DISTRICT
-Percy H. 32,000, 1932 to 1943; 53,000. 1944 to 1951: 34.000, 1952 to .954 and $5,000,
-BOND OFFERING.
-sitting), Westchester County, N. Y.
t 1955 to 1959, all incl. Prin, and semi-annual int, payable in gold at the
8:30 p. m. (dayligh
Dowden, District Clerk, will receive sealed bids until coupon or registered
in New York.
saving time) on July 2, for the purchase of $340,000 The bonds are dated Chase National Bank
Kay County,
school bonds. Rate of interest Is not to exceed 6%.
PONCA CITY SCHOOL DISTRICT (P.O.Ponca City),
1,
m.
$1,000 denominations, and mature annually on July
-Sealed bids will be received until 7:30 p.the
July 1 1929. are in
-BOND OFFERING.
incl.; $25,000, Okla.
as follows: $10,000, 1930 and 1931; $15,000, 1932 to 1938, semi-annual on July 2, byJessie Bradley Esco. Clerk of the Board of Education, for and
Prin. and
to 1943, incl.; and $30,000, 1944 to 1946, incl. & Trust Co., Ossining. Purchase of a $27.000 issue of school bonds. Due $6,000 in 1935
1939
1943 and 1952. The bonds that are due in 1935.
interest payable in gold at the First National Bank
Frank L. Hallock, District Treas- 1941, $5,000 in 1942,
A certified check for $6,800, payable to Legality to be approved by Clay, 1941 to 1943, bear interest at 5% and those maturing in 1952, bear inaccompany each proposal.
urer. must
o.
no bids on June terest at 4)17
Dillon & Vandewater, New York. This district received
-BOND SALE.
-V. 128, p. 4046.
PORT ALLEN, West Baton Rouge Parish, La.
for sale on
11 for a $750,000 issue of 434% bonds offered for sale. given in tho foreThe two issues of coupon bonds aggregating $83.000, offered
condition of the district was
A statement of the financial
re awarded to the Mortgage Securities Co. of
Juno 19-V. 128, p. 3881-we
mentioned reference.
514s, for a premium of $62 equal to 100.074, a basis of
New
-BOND OFFERINCL-Fred M. aboutOrleans, as issues are divided as follows:
OSWEGO, Oswego County, N. Y.
5.49%. The
ain, will receive sealed bids until 2 p. in. on July 12. $60,000 sewerage system bonds. Due from June 1 1930 to 1944 incl.
Riley, City Chamberl
incl.
Bidders to state rate of interest
for the purchase of $100,000 water bonds. and is not to exceed 5%. The
23,000 sewerage district No. 1 bonds. Due from June 1 1930 to 1936
which is to be in multiples of % of 1%
-BOND SALE.
PORT CHESTER, Westchester County, N. Y.
1 1929. Denom. $1,000. Prin. and semibonds are to be dated August
Co., New York. The The $90,000 assessment refunding bonds offered on June 21-V. 128, p.
annual int. payable at the Chemical Bank & Trust
as 5%s,at 100.069,
of the U. S. States Mtge.
-were awarded to Barr Bros. & Co. of New York, only one received.
bonds will be prepared under the supervision to the genuiness of the sig- 4046
The accepted tender was the
& Trust Co.. New York, which will certify as thereon. A certified chock a basis of about 5.24%. 1 1929. Due 330,000, July 1 1930 to 1932 incl.
natures of the officials and the seal impressedCity Chamberlain. must ac- The bonds are dated July the same date for the purchase of the following
No bids were received on
bid for, payable to the
•for 2% of the bonds
ing $373,000.
$5,000 annually on
company each proposal. The bonds, which mature as to their validity issues of bonds aggregat
1 1930 to 1938
August 1, from 1930 to 1949. incl., will be passed upon
121.000 County Road No. 58 bonds. Due 312,00, July
New York.
incl.: and 313,000, July 1 1939.
by Caldwell & Raymond of
July 1 1930 to 1944
Financial &element.
75,000 Public Park bonds, issue No. 4. Due 3.5.000,
$1.167.000
Inclusive.
Outstanding bonds, exclusive of this issue
1 1930 to 1933 incl.
92,000
42,000 Drainage Dist. asst. bonds. Due $6.000, July1930 to 1936 incl.
Water bonds, included in the above
1
18,789,997
estate, incl. special franchises
35,000 Sewer Dist. asst. bonds. Due $5,000, July
Assessed val. of real
Dist. bonds. D ue $3,000. July 1 1930 to
24,000 Bulkley Brook Drain.
Population (1920 census), 23,626.
1937 inclusive.
Due $2,000; July 1 1930
-BOND OFFERING.
20,000 Lower Willett Ave. Drain. Dtht. bonds.
OTTAWA HILLS, Lucas County, Ohio.
G. Smith, Village Clerk, until 12 in.
to 1939 inclusive.
Sealed bids will be received by Charles
ion bands.
construct
33,000. July 1 1930 to
15.000 Davenport Ave. paving asst. bonds. Due
July 1, for the purchase of $27,869.03 6% drainage
-on
1930; $6,000. 1931 to
1934 inclusive.
The bonds mature on Sept. 1, as follows: $4,869.03, S. 1) payable at the
&
Due $1,000, July 1 1930 to
(M.
8,000 Oak St. macadamizing asst. bonds.
1933, incl.; and $5,000. 1934. Prin. and int.
A certified check for 2%
1937 inclusive.
Commerical Savings Bank & Trust Co., Tiffin.
1 1930 to 1936
r, must accompany
7,000 Oak St. macadamizing bonds. Duo $1,000, July
of the bonds bid for, payable to the Village Treasure
Inclusive.
each proposal.
July 1
and Martin Place sower asst. bonds. Due $1,000.
6,000 Dock St.
Pittsburgh), Allegheny
OVEFtBROOK SCHOOL DISTRICT (P. O. % coupon school bonds
1930 to 1935 inclusive.
1 1930 to 1935
-The $75,000 4%
-BOND SALE.
County, Pa.
6,000 Spring St.sewer dist, asst. bonds. Due 31,000, July
-were awarded to the Mellon National
offered on June 24-V. 128. p. 3880
Inclusive.
equal to 103.17.
31,000, July 1 1930
Bank, of Pittsburgh, at par, plus a premium of $237.75,follows: $10,000,
5,000 Davenport Ave. sewer dirt. asst. bonds. Due
on May 1, as
basis of about 4.27%. The bonds mature1954 and 1959.
.a
to 1934 inclusive.
and 520,000.
bonds. Due $1,000, July 1 1930 to 1932
1939 and 1944; $15,000, 1949;
4,000 Davenport Ave. paving
nclusive.
The following bids were also submitted:
Premium.
July 1 1930 to
5,000 South Main St. sewer dist. bonds. Due $1,000,
Bidder$202.50
1934 inclusive.
Prescott, Lyon & Co., Pittsburgh
200.00
S REGISTERED.
Co., Pittsburgh
-BOND
J. H. Holmes Ss
PORT NECHES, Jefferson County, Tex.
-The $20,000 The two issues of 514% bonds that were awarded to the Mercantile Trust &
-BOND SALE.
OXFORD, Butler County, Ohio.
436-were registered by the State
-were
-V. 128 p.
128. p. 3722
of Dallas
.sewage disposal plant bonds offered on June 11-V. 514s, at par, plus a Savings Bank, June 20. The issues aggregate $125,000 as follows: $70,000
ti, as
.awarded to Bohmer, Reinhardt & Co.. Cincinna are dated April 1 1929. Comptroller on
The bonds
water and $55.000 sewerage system bonds.
,premium of $52.00 equal to 100.26. to 1939, inclusive.
-The fol-BOND SALE.
Ohio.
Due $1,000, April and October 1 1930
PORTSMOUTH, Scioto County, ing 3335,143.26, offered on June 27
-The $33,000 issue of lowing issues of coupon bonds, aggregat
-BOND SALE.
OZARK, Dale County, Ala.
awarded to Stranahan, Harris & Ostia, Inc., of
- -V. 128, p. 3881-were
of
on May 20-V. 128, P. 3388
um
6% coupon funding bonds offered for sale uring Co. of Chattanooga, at abo o .96%: par plus a premium of $1,005, equal to 100.29, a basis
Tolut 4as 5 at
s
ed
was awarded to the Southern Clay Manufactfollows: $1,000, 1932 to 1954,
Dated May 11929. Duo on May 1, as
elimination bonds.
par.
$140,000.00 grade crossing nt street. alley and sewer bonds. Due June 1.
and $2,000, 1955 to 1959 all incl.
80.143.26 special assessme 6, 1931; and $8.000, 1932 to 1940 incl.
OFFERING.--LBids
as follows: $8.143.2
PAGE COUNTY (P. 0. Clarinda), lowa.-BOND for the purchase of
r,
(10,000.00 water works extension bonds.
will be received until July 17, by the County Treasure rate is not to exceed
sewer bonds. Due June 1, as
55,000.00 City's portion street, alley and
annual primary road bonds. Int,
1933; 56,000, 1934;
a $235.000 issue of
$23,000, la3a to 1943
follows: $5,000, 1931;$6,000, 1932:55,000.
938; 55,000,
5%. Dated Aug. 1 1929. Duo on May 1 as follows:
$5.000, 1935: 56,000. 1936; 35,000, 1937; 36,000.1
and 528.000 in 1944. Optional after May 1 1935.
and 50,000, 1940.
1939;
-A $50,000 Issue of
11929.
County, Ky.-BOND SALE.
PARIS, Bourbon
All of the above bonds are dated June
& Co., of Cin531% funding bonds has been purchased at par by Magnusto 1959, incl.
-BOND OFFERING.
1950
POSEY COUNTY(P.O. Mount Vernon), Ind.
cinnati. Due $2,000, from 1940 to 1949 and $3,000,
r, will receive sealed bids until 2 p. -The $68,000 Casey J. Martin, County Treasure
-BOND SALE.
Ohio.
of 434% bonds aggregat
following issues
PARMA, Cuyahoga County,
- on July 10, for the purchase of the
on June 24-V. 128, To• 3880
Assessment street improvement bonds offered 54s, at par, plus a premium ing $35.200:
Denom.
et al., Smith Township highway impt. bonds.
were awarded to Otis ac Co., of Cleveland, as
5.46%. The bonds are dated 313.000 D. C. Alcorn$650, July 15 1930; $650. Jan. and July 15 1931 to
of about
of $146.00 equal to 100.214. a basisas follows: $6,000. 1930 and 1931; and
WO. Due
Due on October 1.
and $650, January 15 1940.
July 1 1929.
1939, inch;
highway impt. bonds. Donom.
of the other bids submitted follows:
$7,000, 1932 to 1939, incl. A list
7,000 A.L.Johnson et al., Harmony Twp.
Premium.
Int. Rate.
Jan. and July 15 1931 to
Bidder$SW. Due $350, July 15 1930; $350,
$131.00
5%70
January 15 1940.
& Co
W. L. Slayton
1939, inci; and $350.
71.00
5)4%
impt. bonds. Donom.
• Seasengood & Mayer
8,200 Thomas Alexander et al., Lynn Twp. highway and July 15 1931 to
347.00
53 7
Jan.
Ryan, Sutherland & Co
$410. Due 3410, July 15 1930; 3410,
192.00
63
-Guardian Trust Co
1939. incl; and $410. Jan. 15 1040.highwayiimpt. bonds. Denom.
344.00
6
Well, Roth & Irving Co
7,000 James alcCasland et al., Black Two.
272.00
6%
and July 15 1931 to
Breed, Elliott & Harrison
3350. Due $350, July' 15 1930: $350, Jan.
DISTRICT (P. 0. Hilton), Monroe
1939.; and 3350. January 15 1940.30 1929. Interest payable on
PARMA UNION FREE SCHOOL -Lynn Paxson, Clerk of the Board
bonds are dated July
All of the above
-BOND OFFERING.
• County, N. Y.
7 p. m.on July 8,for the purchase January and July 15.
of Education, will receive sealed bids until
-CERTIFICATES OFschool bonds. Rate of interest is not to
Y.
POTSDAM, St. Lawrence County, N. received sealed bids until
of $210,000 coupon or registered
1%. The bonds are
of 1-20th of
exceed 5% and is to be in a multipleDue on Nov. 1, as follows: $2,0001 FERED.
-James E. Lenney, District Clerk, for the purchase of $5,_0_00
Denom. $1,000.
time) on Juno 28,
standard
dated May 1 1929.
1939 incl.; $4,000. 1940 to 1944. incl.: 7:30 p. in. (eastern
are dated June 1 1929.
1930 to 1934, incl.; $3,000, 1935 to 1950 to 1954, incl.; $9,000, 1955 to 5% certificates of indebtedness. The certificates
1939. incl. Principal and
$6.000. 1915 to 1949, incl.; $3.090,
denom. $500. due 3500. October 1 1930 to
to 1964, incl. Principal and semi-annual interest payable at the office of the Village Treasurer.
1959, incl.; and $10.000, 1960
A certified check for 34,200, payable
Bluffs), Iowa.
interest payable in gold in Hilton.
r, must accompany each proposal.
POTTAWATTAMIE COUNTY (P. 0. Council
County Treasurer, until
to M. G. Newcomb, District Treasure & Washburn, of New York.
Hoyt,
BOND OPFF:RINO.-Bids will be received by the
Legallty to be approved by Reed,
issue of annual primary road bonds.
-At the July IS, for the purchase of a $275,000
-BONDS VOTED.
Due on May 1, as
Calif.
PASADENA, Los Angeles County, p. 3562) the voters approved the Int. rate is not to exceed 5%. Dated Aug. 1 1929.
in 1944. Optional after
.special election held on June IS (V. 128. bonds for dam construction and follows: $27,000 from 1935 to 1943 and $32,000
dollars in
by the purchaser. Chapman
Blank bonds to be furnished
proposed issuance of 310.000.000
was reported to have been an over- May 1 1935. Chicago, will furnish the legal approval.
.aqueduct water purposes by what
& Cutler, of
-BOND OFFERING whelming majority.
POUGHKEEPSIE, Dutchess County, N. Y. bids until 12 in. (dayDISTRICT NO. Si (P. 0.
will receive sealed
PATTAWATTOMIE COUNTY SCHOOL
bids will be received George A. Deel, City Treasures.the purchase of $180,000 4% 4).i_or 5%
-Scaled
-BOND OFFERING.
time) on July S for
Tecumseh), Okla.
July 1 1929. Venom.
Ralph C. Steinman. District Clerk, for the light saving
until 10 a. in. on July 2, byschool bonds. Due 310,000 from 1932 to 1936 coupon or registered reunding bonds. Dared and 1931: $15,000, 1932:
1930
purchase of a $50,000 issue of of the bid is required.
(31,000. Due on July 1 as follows: $5,000. 1943. incl.: $.5,000, 1944, and
inci.• $15,000, 1936 to
certified check for 2%
incl. A
1933 to 1935,
-The $5.000. 1945. Prin. and seml-ann. int. payable In gold at the FaIlkIlI
'
-BONDS NOT SOLD.
315.000,
Trust
PENSACOLA, Escambia eounty, Fla. June 24-V. 128. p. 4195
- National Bank & Trues Co. Poughkeepsie. The Chemical Bank &certify
offered on
$200,000 issue of 5% funding bonds
1928. Duo on Co., New York, will supervi;se the preparation of the bonds and will
Dec. 1
as there were no bids received. Dated from 1944 to 1953.
officials and the seal impressed
was not sold
and $5,000
as to the genuineness of the signatures of the
bid for, payable to the city,
Dec. 1, as follows: $10,000, 1929 to 1943
thereon. A certified check for 2% of the bonds be approved by Hawkins,
to
.all inclusive.
-BOND must accompany each proposal. Legality
Ohio.
Cuyahoga County,
New York.
PEPPER PIKE (P. 0. Cleveland)
sealed bids Delafield & Longfellow of
-Maud G. Nycamp, Village Clerk, will receive of $55,540
-The following
OFFERING.
-BOND SALE.
on July 10,for the purchase
REVERE, Suffolk County, Mass.
until 12 m.(to be opened at 8 p. m.) improvement bonds. Dated June 1 45 % coupon bonds, aggregating $180,000, offered on June 26-V. 128,
nt street
Co. of Boston
5% coupon special assessmebond for $540. Duo on October 1. as follows: p. 4196
-were awarded to the Bank of Commerce & Trust
1929. Denote. 31.000, one
$6,000. 1934; 35,000, at a price of par:
55,000, 1931;$6,000, 1932; 35.000. 1933;
1 1930 to 1939 incl.
$5,540, 1930;
and $6,000, 1938 and 1939. Prin. and 390.000 road construction bonds, Duo $9,000 July
as follows: $4,000. 1930 to
1935; 36,000, 1936; $5,000, 1937;
50,000 water main bonds. Due on July 1incl.
the Chagrin Falls Banking Co., Chagrin
semi-annual interest payable at of the par value of tho bonds bid for, pay1934 incl., and $3,000, 1935 to 191438,000 July 1 1930 to 1934 incl.
check for 5%
Falls. A certified
40,000 macadam and sidewalk bonds. Due
each proposal.
.able to the Village, must accompany
All of the above bonds are dated July 11929.
-Will Hadley, City
-The
-BOND OFFERING.
-BOND SALE.
PHILADELPHIA, Pa.
time)
Standard
RAMSEY COUNTY (P. 0. St. Paul), Minn. bonds offered for sale
receive sealed bids until 11 a. m. (Eastern registered and
series G.
Controller, will
00 43i or 4%%
$1.000,000 issue of coupon road and bridge, to a syndicate composed of the
on July 22, for the purchase of $9,350,0
-was awarded
1944. Interest on Juno 24-V. 128. p. 4057
First Union
1929 and due on July 16
• coupon bonds!, dated July 10 certified check for 5% of the bonds bid for is Detroit Co., of New York. the Northern Trust Co. and theCo., of Minthe Minnesota
payable on Jan. and July 1. A
Trust & Savings Bank, both of Chicago, and Due on July 1 from 1930 to
required.
the bonds,
-The neapolis, as follows: $441,000 of
bonds, due from July
-BOND SALE.
, S. C.
PICKENS COUNTY (P. 0. Pickens)ement bonds offered for sale on 1940. as 43s and the remaining $559,000 as 434%
According to newsreimburs
National
to 1049, at par, giving a basis of about 4.59%.
-3300.000 issue of coupon highway
W. L. Slayton & Co. of Toledo 11341reports there were two bids submitted for the Issue by the 434%s,
to
.June 25 (V. 128, p. 4046) was awarded 100.062, a basis of about 5.24%. paper
and $453,000 as
to
City Company, one at par for $547,000 as 43gs,
.as 51is for a :premium of 3186, equal1937 to 1943,inclusive.
1
Dated July 1 1929. Duo from Feb.
JUNE 29 19291
FINANCIAL CHRONICLE
.trui the other at 101.5663 for the entire issue as 43js.
The Detroit Company bid 101.55 for all of the bonds as 431s.
The following is a complete official list of the bidders and
their bids:
NameInterest Rate.
Premium.
The Detroit Co., Chicago Northern 43170 on $441.000,
Trust Co., Chicago, First Union,19:30 to 1940, incl.
None
Trust Co., Chicago, and the Min- 4M% on $559,000,
nesota Co., Minneapolis
1941 to 1949, incl.
4%% on $547,000,
The National City Co., Chicago
1930 to 1942, incl.
$1,933.00
4M% on $453,000.
1943 to 1949. incl.
National City Co., Chicago
431%
15,633.00
The Detroit Co.. Chicago, Northern
Trust Co., Chicago, First Union
Trust Co., Chicago, and the Minnesota Co., Minneapolis
4M%
15,500.00
Bankers Co. of New York, Guaranty
Co. of New York, First Minneapolis
Trust Co., inneapolis, and First
St. Paul do., St. Paul
%
14.190.00
Continental Illinois Co., and Ames,
Emerich & Co
431%
13,070.00
4%% on $724.000,1
Wells-Dickey Co. Eldredge & Co., 1930 to 1945,
incl.
10.00
and White-Weld & Co
45% on $276,0,
00
Halsey Stuart & Co., Inc., and Bane- 1946 to 1949. incl.
america-Blair Corp
431%
11.000.00
Wells-Dickey Co. Eldredge & Co.,
and White-Weld & Co
431%
8,500.00
Chase Securities Corp., Guardian
Detroit Co., Inc., Federal Securities
Corp., and First Wisconsin Co
431%
8,190.00
Stranahan, Harris & Oatis, Inc.,
Chicago, and Emanuel & Co., New
York City
431%
6,310.00
R.L. Day & Co.,and Geo. B.Gibbons
& CO. and Kalman & Co
431%
5.588.00
* Successful bid.
4363
states that these bonds are issued for general improvement
purposes and
are legal, it is stated, for savings banks in New York,
Massachusetts and
Connecticut.
The financial statement of St. Paul as officially reported
on
May 31 1929 shows a valuation for purposes of taxation
and a total bonded debt including this Issue of $40,120,0 of $571.113,335
00.
The official tabulation of the bids is as follows:
BidderRate. Prem.
Stranahan, Harris & Oatis, Inc., and Emanuel Amount.
& Co
$1.000,000 43.4% 28,310
Wells-Dickey Co.; Eldredge & Co., and White,
Weld & Co
4,900
National City Co.; First Union Trust Co., and 1,000,000 434%
Northern Trust Co
3.499
E quitable Trust Co.of New York; First National 1.000,000 434%
Co. of Detroit. and Hannahs, Bailin & Lee....
3,390
Halsey. Stuart St Co. and Bancamerica-Blair 1,000,000 43.4%
Corp
1,000,000 4)4%
3,200
Lane, Piper & Jaffray; E. H. Rollins & Sons;
the Detroit Co., and Stone, Webster &
Biodget
2,800
Arthur Sinclair. Wallace & Co.: R.W.Pressprich 1,000,000 4 M%
& Co., and the Minnesota Co
1,000,000 434% •2,200
R. L. Day & Co.; Geo. B. Gibbons & Co.:
Dewey, Bacon & Co., and Kalman & Co
1.979
Bankers Co.of New York: Guaranty Co. of New 1,000.000 434%
York; First Minneapolis Trust Co., and First
St.Paul Co
1,000,000 434%
1,790
Roosevelt & Son
1,290
Chase Securities Corp.; Barr Bros. & Co., and 1,000,000 434%
Guardian Detroit Co
1,000,000 434%
690
*Successful bidder.
SALEM, Clarion County, Pa.
-BOND OFFERING.
-J. P.
Secretary of the Board Township Supervisors, will receive sealed Brothers.
bids
8 p. m. on July 11,for the purchase of 512.000 4%% bonds. Dated until
1929. Denominations 8500. A certified check for $500, payable July 1
Board of Township Supervisors, must accompany each proposal. to the
of the bonds subject to the approval of the Department of Internal Sale of
Affairs.
SALEM, Marion County, Ore.
-BONDS NOT SOLD.
-The $100,000
Issue of 434% semi-annual sanitary sewer bonds offered on June
17-V. 128.
ROCKPORT SCHOOL DISTRICT (P. 0. Mt. Vernon),
-was not sold as all the bids were rejected. Dated June 11929.
Skagit p. 4048
Due
County, Wash.
-BOND SALE.
$5.000 from 1930 to 1949, incl. The bids were as follows:
-The $5,000 issue of
school bonds offered for sale on June 15-V. 128. P.coupon or registered
Bidder3723
-was awarded
Price Bid.
to the State of Washington as 53.s at par. No other bids were
Freeman, Smith & Camp Co
received.
Peirce. Fair & Co
ROCKY RIVER, Cuyahoga County, Ohio.
$94 51
94..38
-BOND OFFERING.
Frank Mitchell, Village Clerk, will receive sealed bids
SALLIS CONSOLIDATED SCHOOL DISTRICT (P. 0. Kosciusk
until 12 m.(eastern
o),
:standard time) on July 15, for the purchase of $12,000
-BOND OFFERING.
grade crossing Attala County, Miss.
6%
-Sealed bids will be received
elimination bonds. Dated July 1 1929. Denom.$1,000.
Due October 1, by G. J. Thornton, Chancery Clerk, until July 1 for the purchase of a $20,as follows: $1,000, 1930 to 1937, incl; and $2,000, 1938
and 1939. PrIncipal 000 issue of school bonds.
and Int. (April and October 1), payable at the First
National Bank, Rocky
SAN BERNARDINO HIGH SCHOOL DISTRICT (P. 0.
River. A certified check for 5% of the bonds
San BerVillage Treasurer, must accompany each proposal.bid for, payable to the nardino), San Bernardino County, Calif.
-BOND SALE.
-The $95,000
issue of 43.4% school bonds unsuccessfully offered for sale on
All of said bonds to draw interest from the date thereof
-has since been purchased at par by an unknownMar. 4six (6) per cent per annum, payable semi-annually on theat the rate of V. 128, p. 1718
investor.
first
April and October as evidenced by the coupons thereto attached: days of Dated Mar. 11929. Due from Mar. 1 1930 to 1936. incl.
provided,
however, that any bidder desiring to do so,
SANTA MARIA
such bonds, based upon said bonds bearing amay present a bid or bids for Barbara County,SCHOOL DISTRICT (P.O. Santa Barbara), Santa
different
Calif.
-BOND OFFERING.
-Sealed bids will be reherein specified, but, provided, however, that where rate of interest than ceived by the
County Clerk, until July 1. for the purchase of a $50,000
bid such fraction shall bo one quarter of one per cent or a fractional rate is issue of 5%
school bonds.
multiples thereof.
Due $2,000 from 1930 to 1954, incl.
ROPESVILLE INDEPENDENT SCHOOL DISTRIC
SEA ISLE CITY, Cape May County, N. J.
T (P. 0. Ropes-NO BIDS.
villa) Hockley County, Tex.
-There were
-ADDITIONAL DETAILS.
-The $10,000 no bids received on June 12 for the following 6% coupon or registered
issue of school equipment and repair bonds purchased
at par by the State bonds offered for sale.
-V. 128, p. 3724.
;inking fund-V. 128. p. 4196
-bears interest at 5% and is due in 1949. $40,000 reconstruction bonds. Due $2.000. June 1 1930
to
becoming optional after 1939.
23,000 school bonds. Duo June 1, as follows; 81.000. 1930 1949. incl.
to 1946, lad.;
and $2.000. 1947 to 1949. incl.
ROSEAU COUNTY (P. 0. Roseau), Minn.
-BONDS NOT SOLD.
The bonds arc dated June 1 1929.
The 5100,000 issue of semi-annual drainage funding bonds
offered on
June 22-V. 128, p. 4047
-was not sold, as there were no bids received.
SELMA, Dallas County, Ala.
-BOND SALE.
-The $69,000 issue of
BONDS RE
-OFFERED.
-Sealed bids will again be received by Edgar 0. 6% coupon improvement bonds offered for sale on June 20-V. 128. p.
Wold, County Auditor, until 1:30 p. m. on July 16 for the
-was
purchase of the 4048 for awarded as follows: $31,000 to the Selma National Bank of
above bonds. Int. rate is not to exceed 6%. Due on July 1
a premium of $235, equal to 100.758: $23,000 to Ward.
as follows: Selma,
$8,000, 1934 to 1938, and $10,000, 1939 to 1944 incl. A 82,500 certified & Co. of Birmingham,for a premium of $240. equal to 100.774 and Sterile
$15,000
check must accompany the bid.
to the City National Bank, of Selma,at par. Denote. $1,000. Dated
July 1
1929. Int. payable on Jan. & July 1.
ROYAL OAK, Oakland County, Mich.
-BOND SALE.
-The $350,000
coupon bonds offered on June 24-V. 128. 4196
SHAKER HEIGHTS (P. 0. Cleveland), Cuyahoga County,
-were awarded as follows:
$0,000 special assessment bonds sold to the Union Trust
-The $339.360 street improvement bonds offered Ohio.
Co.. of Detroit. BOND SALE.
on June
as 531s. at par, plus a premium of $277.00
-were awarded to the Guardian Trust
to 100.09, a 20-V. 128. p. 4048
basis of about 5.48%. Due serially in from 1 equal years.
land, as 531s, at par, plus a premium of $1,122, equal to Co. of Cleveto 10
100.36, a basis
50,000 general obligation bonds sold to A. C. Allyn &
of about 5.180
4. The
as 5s, at par, plus a premium of $256.00 equal Co.. of Chicago. follows $33.360, 1930; bonds are dated June 1 1929. Due on Oct. 1, as
and $34,000, 1931 to 1939, incl.
of about 4.95%. The bonds mature serially to 100.53, a basis
in from 3 to 20
SHAWNEE, Pottawattomie County, Okla.
years.
-CITY MANAGER
PLAN RATIFIED.
All of the above bonds are dated July 11929.
-At a special election held on June 18
their approval of the proposed adoption of the city manager the voters gave
form of governRYE, Westchester County, N. Y.
ment by a majority of nearly 10 to 1, according to the "Daily Oklahoma
-The following
coupon or registered bonds aggregating -BOND SALE.
n"
$503,000 offered on June 20.- of June 20. The new charter containing the city manager
Y. 128, p. 4047
clause, it is
-were awarded to Harris, Forbes 3: Co. and th3 ai kers reported, has already been
signed.
Company of New York. jointly, as 431s, paying
$503.447.(7 aqua tt
100.089, a basis of about 4.74%.
SHERRODSVILLE RURAL SCHOOL DISTRICT, Carroll County,
$380,000 highway bonds. Due on July 1. as follows:
Ohio.
-BOND OFFERING.
-Fester J. Herron, Clerk of the Board of
310,000, 1931; 115.000. 1932; 120.000. 1933 to $15,100: 1V3i. E lu ation, will receive sealed bids until 12 m. on July 6. for
the
:114„ :-..0
319,000. 1944 to 1949. incl.
o
6,0000 5% school building equipment bonds. Dated May purchase
15 1929.
123,000 public improvement bonds. Due on July I, as
De oni. $1,000. Due $1,000. April and Oct. 1. from 1930
ronows: ,3000,
to 1937, incl.
1930; $14.000, 1931; $5,000, 1932 to 1943.
crest payable semi-annually. A certified check payable to the Board
1.;
1944 to 1949, incl.
ef Education for 10% of the bonds bid for is required.
The above bonds are dated July 1 1929. The following
Any one
ix ;noir1U lit open their desiring to do so may present a bld or bids for said bonds based
of the other bids received.:
bearing a different rate of interest than specified in
Biddertisement, provided, however, that where a fractional interest the adverInt.Rate.
Roosevelt & Son and George B. Gibbons
Pr.;eBia. such fraction shall
rate is bid
& Co. - 4.90%
be % of 1%,or multiples thereof.
:n- 047
5
Stranahan Harris & Oatis, Inc., A. B. Lead; it
SHOSHONE, Lincoln County, Idaho.
Co., H.
Allen & Co..and Batchelder, Wack &
-NOTE SALE
.-A $10,000
issue of 6% tax anticipation notes has recently been purchased
Co
5.00%
4,458.70 Lincoln County National Bank, of Shoshone. Dated June 10 1929.by the
Dewey, Bacon Co
3.704.20
Lehman Bros. and the Manufacturers & Traders 5.20%
SOLVAY, Onondaga County, N. Y.
-BOND OFFERIN -James
Peoples Trust Co.,Jointly
B. Conway, Village Clerk, will receive sealed bids until 8 p. G.
5.25%
5.660.87 standard
m. (eastern
time), on July 9, for the purchase of 527,000 coupon or registered
ST. JOSEPH, Berrien County, Mich.
-BOND SALE.
State Street refunding bridge bonds offered on June 10-V.-The 330.000 bonds. Rate of interest Is not to exceed 5% and is to be in a multiple of
128, p. 3881
- itof 1-10th of 1%. The bonds are dated Juty 1 1929. Denom.
were awarded to the Bank of Detroit, of Detroit. as
51,000.
July_l, as follows. $2,000, 1930 to 1932, incl., and 53,000, 1933 to
premium of $171.00, equal to 100.57, a basis of about 5318, at par, plus a
are dated July 1 1929 and mature as follows: $3,000,5.13%. The bonds 1939, incl. Prin. and semi-annual int. payable in gold at the Solvay Bank,
Sept. 1, from 1930 Solvay. A certified check for 5600, payable
to 1939, both Incl.
to the Village, is required.
Legality to be approved by Clay. Dillon & Vandewater
of New Yoric..
eses
ST.JOSEPH COUNTY(P.O.South Rend),I nd.
-BOND OFFERING.
SOMERVILLE, Butler County, Ohio.
-George A. Saints, County 'freastirer, will receive sealed bids
-BOND
until 10 Baker, Village Clerk, will recei;e sealed bids until OFFERING.-Jehn C.
a. m. on July 9, for the purchase of the following issues of
12 ni. on July 24, fir
5% bonds ag- the purchase of 53,000 6% street improvement
gregating $382,700:
bonds. Dated July 1 1929.
Denom. 5500. The bonds mature serially
$86,000 Charles Belmont et al, road impt. bonds. Due
$8,,600. May 15 Payable each year. Int. payable on April in from 1 to 6 years, one boed
1930 to 1939, incl. Denom. $800.
and Oct. 1. A certified cheek
for 5% of the bonds bid
77,900 W. 0. Ponader et al, road impt. bonds.
Duo $7,790. May 15 company each proposal. for, payable to the Village Treasurer, must ac1930 to 1939, incl. Denom. $779.
OM • '
"al
73,000 11. L. New, road improvement bonds. Due
SOUTH EUCLID, Cuyahoga County, Ohio.
$7,300, May 15
-BOND
1930 to 1939, incl.
-The
$142,000 6% special assessment street improvement bonds SALE.
offeredon June
50.000 George F. Laing et al, road impt. bonds. Due
17-V. 128, p. 4048
-were awarded to David Robison
$2.500, July 15
1930: 32,500, Jan. and July 15 1931,incl.: and
the only bidders, at par, plus a premium of $200.00. & Co. of Toledo,
equal to 100.14, a
47,000 John Rotieh et al, road impt. bonds. Due $2,500. Jan. 15 1940. basis of about 5.97%.
$4,700, May 15 1930
The issue is dated May 11929. Due on Oct.
to 1939, incl. Denoni. $470.
1. as
follows: $14,000. 1930 to 1937, Md.; and $15,000,
1938 and 1939.
21,000 Bert Lowe et al. road impt. bonds. Due $1,050,
July 15 1930;
SOUTH LANGHORNE SCHOOL DISTRICT,
$1,010, Jan. and July 15 1931 to 1939, incl.; and
Bucks County Pa.
51,050, Jan. -BOND SAL.E.-The $30.000 5% coupon
15 1940.
school bonds offered on June 26
(V. 128. p. 4048) were awarded
19,000 A. F. Palmer et al, road lmpt. bonds. Due 3950,
July 15 1930: 104.60, a basis of about 4.65%. to A. B. Leach & Co. of Philadelphia at
3950, Jan. and July 15 1931 to 1939. Incl.; and
The bonds are dated July
$950.
8,800 Joseph Beelller et, al, road impt. bonds. Due $440. Jan 15 1910, follows: 58.000. 1939: $10.000. 1949. and $12,000. 1959.11929. Due as
The following
$440, Jan. and July 15 1931 to 1939, incl.; and $440, July 15 1930; bids were also submitted:
i (CrAll of the above bonds are dated Juno 15 1929. Interest Jan. 15 1940.
Rate Bid.
payable semi- M. M. Freeman & Co
annually.
103.57
E. H. Rollins & Sons
101.311
ST. PAUL, Ramsey County, Minn.
-BOND SALE.
-The $1,000,000 Edmund Seymour & Co
100.439
Issue of coupon or registered general improvement bonds offered for
SPEEDWAY, Ind.
sale
-BOND OFFERING.
on Juno 25-V. 128, p. 4047-was awarded jointly to Stranahan,
-Ovid It.
Harris will receive sealed bids until 5 p. m. on July 9 for the Mann, Town Clerk,
Oatis, Inc., of Toledo, and Emanuel & Co., of New York, as
purchase of 337.000
100.63. a basis of about 4.45%. Dated June 11929. Due 43.4s, at a 431% bonds, dated July 8 1929 and in $500 denominations. The bonds
price of
from June mature as follows: $1,000. July 1 1930;31,000,tan.
and July 1 1931 to 1948.
11910 to 1959 incl.
BONDS OFFERED FOR INVESTMENT.
-The above bends are now incl. Prin. and int. (J. & J. 1) payable at the Speedway State Bank.
Right is reserved to t eject any and all bids. Each bidder shall
being offered for public subscription by the successful bidders at
state the
yield from 4.50 to 4.30%, according to maturity. The offeringprices to full amount of cash which will be paid by the bidder for the bonds proposed
circular to be purchased. Said bonds shall be sealed in an envelope
marked 'Bid
L.
4364
FINANCIAL CHRONICLE
for town of Speedway bonds," and must beaccompanied by an affadivit
of non-collusion as provided by law. A legal opinion as to the validity of
said bonds will be furnished by competent legal counsel in the city of Indianapolis, Indiana.
-The
-BOND SALE.
SPRING VALLEY, Rockland County, N. Y.
, $35,000 coupon or registered street improvement bonds offered on June
-were awarded to the Manufacturers & Traders
20-V. 128, P. 3724
Peoples Trust Co. of Buffalo, as 5%s, at 100.419. a basis of about 5.43%•
The bonds are dated June 1 1929. Due on June 1, as follows: $2,000, 1930
to 1944. incl.; and $1,000, 1945 to 1949, incl.
-TEMPORARY LOAN.
STAMFORD, Fairfield County, Conn.
The First Stamford National Bank was the successful bidder on June 20
for a $100,000 temporary loan, offering to discount it on a 5.77% basis.
The loan is payable in about 4 months. No other bid was received.
-BOND OFFERING.
STARK COUNTY (P. 0. Canton), Ohio.
Edith G. Coke, Clerk of the Board of County Commissioners will receive
sealed bids until 10 a. an. on July 8,for the purchase of 8109,500 5% Edge..
field Sewer District No. 3 bonds. Dated July 1 1929. Denom. $1,000,
one bond for $500. Due on Oct. 1, as follows: $11,500, 1930; $12,000,
1931 to 1938, incl.; and $13,000, 1937 and 1938. Prin. and semi-annual
int payable at the County Treasury. A certified check for $500, payable
to the County Treasurer, must accompany each proposal.
STEUBENVILLE CITY SCHOOL DISTRICT, Jefferson County,
-Alex Smith, Clerk of the Board of Education,
-BOND OFFERING.
Ohio.
will receive sealed bids until 7:30 p. an. (eastern standard time) on July
of 880.000 school bonds, to bear a coupon rate of 5%.
15,for the purchase
Denom.$4,000. Due $4,000, Sept. 1 1930 to 1949, incl. A certified chock
for $1,000 is required.
STEVENS POINT, Portage County, Wis.-BOND OFFERING.
Sealed bids will be received until noon on July 10. by W. J. Pierce, City
Treasurer, for the purchase of a $50.000 issue of 4%% coupon storm sewer
July
construction bonds. Denom. $1,000. Dated July 1 1929. Due onPrin.
1, as follows: $3;000, 1934 to 1943 and $4,000, 1944 to 1948, all incl.
in (J. & J.) payable at the office of the City Treasurer.
and
STONEYCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Johns-BOND SALE.-Tte
town, R. F. D. No. 7), Cambria County, Pa.
815.000 5% coupon school bonds offered on June 15-V. 128. p. 3724
& Co.. of New York. at 101.25, a basis
were awarded to Edmund Seymour
May 1
of about 4.88%. The bonds ate dated May 1 1929. Due 85.000 on at par.
in 1939, 1944 and 1949. Prescott, Lyon & Co., Pittsburgh, offered
plus a premium of $27.50 for the issue.
-The
-BOND SALE.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
20 V• 128 P•
812,300 4 % road Improvement bonds offered on June plus a premium
at pax,
-were awarded to the Sullivan State Bank,
4048
July
of $1.00. The bonds are dated July 1 1929. Due as follows: 3615.1940.
15 1930;$615, Jan. and July 15 1931 to 1939. incl.; and $615. Jan. 15
-The fol-BOND SALE.
SUMMIT COUNTY (P. 0. Akron), Ohio.
Feb. 4-V. 128,
lowing issues of bonds aggregating $226.300 offered onas 4%s,at 100.12,
of Toledo,
-were awarded to W.L. Slayton & Co.
p.437
a basis of about 4.70%:
to
$64.000 road Improvement bonds. Due Oct. 1 as follows. $11,000, 1929
1931, incl.. 310,000, 1932, $11,000, 1933, and $10,000, 1934.
certificate redemption bonds. Due Oct. 1 as follows. $5,000, 1929
50,500
to 1937, incl., and $5,500. 1938.
to
36,500 road improvement bonds. Due Oct. 1 as follows. 36,000, 1929
1933, inc., and 36,500, 1934.
21.000 road improvement bonds. Due Oct. 1 as follows. 34,000, 1929.
53,000. 1930. 51,000, 1931,$3,000, 1932,$4,000, 1933 and $3,000.
•
liquidating debt, as the amount to be raised from general taxation is reduced as these assessments are paid.
-NO BIDS.
-There were
TIPTON COUNTY (P. 0. Tipton), Ind.
no bids received on June 3 for the $4,520.80 6% ditch improvement bonds
-V. 128, p. 3389. The bonds are dated June
scheduled to have been sold.
1 1929. Due $904.16, June 1 1930 to 1934, incl.
TUJUNGA ACQUISTION AND IMPROVEMENT DISTRICT NO. 1
-A
-BOND SALE.
(P. 0. Tujunga), Los Angeles County, Calif.
$67,426.69 issue of 7% street widening bonds has been purchased by the
Municipal Bond Co., of Los Angeles. Denom $1,000 and $200. Dated
Apr. 24 1929. Due from 1934 to 1949, incl.
Financial Statement.
$418076:006000:0000
Assessed valuation
Appraised valuation
67,426.69
Bonded debt
TUSCARAWAS TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
Dalton, R. F. D. No. 2), Stark County, Ohio.
George W. Wampler, Clerk of the Board of Education, will receive sealed
bids until 12 an. on July 5, for the purchase of $28,000 5% school bonds.
Dated Sept. 1 1929. Denom. $1,000. Due on Sept. 1, as follows. 51.000.
1930 to 1934 incl.; 32,000, 1935; 31,000. 1936 to 1940 incl.• $2,000. 1911;
$1,000. 1942 to 1946 incl.; $2,000, 1947; $1,000. 1948 to 1952'incl.; and $2.000. 1953. Prin. and semi-annual int. payable in Dalton. A certified
check for 32.000 is required. These bonds were authorized to be sold at the
general election held on Nov. 6 1928. Of 937 votes cast, 532 favored the
measure and 405 disapproved of it.
-On June 28, two
-BONDS NOT SOLD.
TYLER,Smith County, Tex.
issues of bonds aggregating $205,000 were offered without success as all
the bids were rejected. The issues are divided as follows: $175,000 sewer
improvement bonds. Due serially in 40 years; and $30,000 sub-fire station
bonds, due serially in 30 years.
-Bids
-BOND OFFERING.
UNION COUNTY (P. 0. Creston), Iowa.
will be received by the County Treasurer until July 16 for the purchase
of a $200,000 issue of annual primary road bonds. Int, rate is not to
exceed 5%. Dated Aug. 1 1929. Due 820.000 from May 1 1935 to
1944 incl. Optional after May 1 1935. Blank bonds are to be furnished
by the purchaser, Chapman & Cutler of Chicago will furnish the legal
approval.
-William B.
-BOND OFFERING.
UTICA, Oneida County, N. Y.
Pugh. City Clerk, will receive sealed bids until 12 an. (daylight saving time)
on July 8, for the purchase of the following issues of coupon and registered
bonds aggregating $812,463.77. Rate of interest is not to exceed 43.4%
and is to be stated in a multiple of 1-20th of 1%;
$200,000 public improvement, school building and equipment bonds.
Dated July 1 1929. D ue 310,000, July 1 1930 to 1949, incl.
206,000 deferred assessment bonds. Dated May 10 1929. Due on May
10, as follows: $31,000, 1930; and $35.000. 1931 to 1935, incl.
100,000 public improvement, storm water sewer bonds. Dated July 1
1929. Due $5,000, July 1 1930 to 1949, incl.
70,000 public improvement, bridge removal bonds. Dated July 1 1929.
Due $3,500, July 1 1930 to 1949, incl.
60,000 public improvement, creeks and culverts bonds. Dated July 1
1929. Due $3,000, July 1 1930 to 1949, incl.
60,000 public improvement, intercepting sewer bonds. Dated July 1
1929. Due $3,000. July 1 1930 to 1949, incl.
40,000 publlc improvement bonds. Dated July 1 1929. Due $4,000.
July 1 1930 to 1949. incl.
33.000 public improvement, fire station bonds. Dated July 1 1929.
Due on July 1, as follows: $1,000, 1930; and $2,000, 1931 to 1946.
incl.
28,463.77 delinquent tax bonds. Dated May 1 1929. Due on May 1,
as follows: $4,463.77, 1930; and 36,000. 1931 to 1934, incl.
15,000 public improvement, voting machines bonds. Dated July 1
1929. Due $1,000, July 11930 to 1944. incl.
Bids may also be submitted for the entire offering to bear a coupon rate
of 43%. No split interest rates will be considered. Interest on the deferred assessment bonds paYable annually, on all other issues payable semiannually. A certified check for 316,249.98, payable to the City Comptroller, must accompany each proposal. Legality is to be approved by clay.
Dillon & Vandewater. New York.
-On
-BOND ELECTION
VAN ZANDT COUNTY (P. 0.Troup),Tex.
July 27. the people will vote on a bond issue of 31.500.000 for highway conand improvements, according to an order of the county comstruction
missioners. It is reported that, of the above total, $701,000 would eb
used to pay the county's highway indebtedness, 3299.000 for constructing
lateral roads to connect with state highways, and $500,000 to hard-surface
state designated roads in the county, the latter sum to be matched by state
funds.
-The
-BOND SALE.
WABASH COUNTY (P. 0. Wabash), Ind.
310.000 43. % Lagro Township highway improvement bonds offered on
-were awarded to a local investor at par,-plus
18-V. 128, p. 4049
June
a premium of $32.50 equal to 100.32, a basis of about 4.44%. The bonds
are dated June 15 1929. Due as follows: $500, July 15 1930; 8500, Jan.
and July 15 1931 to 1939 incl.; and $500. Jan. 15 1940. The County Treasurer, in forwarding the above report, makes no mention as to the disposition
of the $14,500 road bonds offered at the same time.
-TEMPORARY LOAN.WALTHAM Middlesex County, Mass.
The First National Bank of Boston, recently purchased a 8300,000 temporary loan on a discount basis of 5.52%, plus a premium of $11. The
loan is dated June 21 1929 and Is payable on Feb. 10 1930. Other bidders
17.500 certificate redemption bonds. Due Oct. 1 as follows. $2,000, 1929
to 1936,incl.. $1.000, 1937. and $500. 1938.
1929 to 1934. Incl.
12.000 road improvement bonds. Due 32.000 Oct. 1 follows. 5.500,1929.
8,500 certificate redemption bonds. Due Oct. 1 as
$2.000, 1932. 31.000, 1933 and 1934, and
$1,000. 1930 and 1931.
$2.000. 1935.
6,500 road improvement bonds. Due Oct. 1 as follows. 31,000, 1930 to
1934. incl. and 31,500. 1935.
Due Oct. 1 as follows. 81.100,
'
5.100 certificate redemption bonds.
1929. and $1.000, 1930 to 1933, incl.
4.700 road improvement bonds. Due Oct. 1 as follows. 31.000, 1929
to 1932, incl.. and $700, 1933.
Dated Feb. 1 1929.
-H. W.
-BOND OFFERING.
SYRACUSE, Onandaga County, N. Y.
Osborn. City Comptroller. will receive sealed bids until 1 p. an. (Eastern
July 9, for the purchase of the following issues of coupon
standard time) on
rate
or registered bonds aggregating $3,890,000. Bidders are to state the all
of interest in multiples of % of 1%. not exceeding 5% per annum, and
the same rate of interest.
of the bonds of each issue shall bear
31.600.000 local improvement bonds. Due 5160.000. Aug.'1 1930 to 1939
incl.
1,560,000 general improvement bonds. Due 3156,000, Aug. 1 1930 to
1939 incl.
360,000 street reimpt. bonds. Due $36,000, Aug. 1 1930 to 1939 incl.
320,000 sewer bonds. Due $32,000. Aug. 1 1930 to 1939 incl.
50,000 sidewalk bonds. Due 810,000, Aug. 1 1930 to 1934 incl.
Prin.
All of the above bonds are dated Aug. 1 1929. Denom. $1,000. York.
and semi-annual int. payable in gold at the Equitable Trust Co., New
at less than par and accrued interest will be considered. A certified
No bid
d official,
check for 2% of the bonds bid for, payable to the above-mentione
&
must accompany each proposal. Legality to be approved by Caldwell
York, whose favorable opinion will be furnished to the
Raymond of New
purchaser.
Financial Statement.
5354,075,006
Assessed valuation taxable property
500.000.000
Actual valuation taxable property (est.)
342.879,817
valuation real property
Assessed
11.091,024
Assessed valuation special franchises
34.107.631
Bonded debt, including above Issues
5,858,500
above (exempt debt)
Water bonds, included in
4,785.000
Local improvement bonds, included in above (exempt debt)
623,261
Temporary debt
Population (census 1925); 187.062.
,SALE.-Tho 31.000.000
-BOND
TACOMA, Pierce County, Wash. bonds offered for sale on June 25
issue of electric light and power,series B syndicate composed of Halsey.
-was awarded to a
-V. 128, p. 4197
& Union Trust Co. of
Stuart & Co. of Chicago, the Old National Bank of Seattle as 5s, at a
Spokane, and Drumheller, Ehrlichman & White
Due from
price of 98.03, a basis of about 5.56%. Dated July 1 1929.
Jan. 1 1932 to July 1 1936.
-Bids
TAMA COUNTY (P. 0. Toledo), lowa.-BOND OFFERING.
the County Treasurer, for the
will be received until 10 a. m. on July 3, by road bonds. Denom. $1,000.
of an issue of 8193.0005% county
purchase
1932 to 1935:
Dated July 1 1929. Due on May 1, as follows: 35.000, 1940: 310.000.
$10,000, 1936:820,000, 1937 and 1938:$10.000. 1939:85.000.
88.000. 1943; and 385,000 in 1944. Int. payable on
1941; 35.000. 1942:
the open bids are in. PurM.& N. 1. Sealed bids will be opened after all
approving opinion of Chapman &
chaser is .to furnish the bonds and thefor $5,790. payable to the county
certified check
Cutler of Chicago. A
Treasurer, must accompany the bid.
County, N. J.TEANECK TOWNSHIP (P. 0. Teaneck), Bergen
associated with M. F.
.-B.J. Van Ingen & Co. of New York,& Co. of Newark, reBOND SALE
Schlater & Co. also of New York and H. B. Hand
improvement bonds at private
cently purchased a $301,000 issue of 6% Donom. 81,000. Due June 15
sale. The bonds are dated June 151929. $162.000, 1934; $29,000. 1935:
incl.;
follows: 810.000, 1931 to 1933320,000. 1938. Prin. and semi-annual
as
$31.000. 1936; 329,000, 1937; and
Trust Co., New York. Coupon
int. (J. & D. 15) payable at the Fidelity to principal only or as to both
bonds of $1,000 denom., registerable as Reed, Hoyt St Washburn. New
opinion by
principal and interest. Legal
bonds for investment at prices
York. The purchasers are reoffering the
to yield 5.25%.
Officially Reported).
Financial Statement (as
$45.500.000
Actual value (estimated)
20.511.648
Assessed valuation, 1929
5,447.000
issue)
Total bonded debt (including this1929 estimated, 16.500.
*
census). 4.912;
Population (1920
above are general obligation
* Included in the total bonded debt given further payable from assessare
bonds to the amount of $4,938,000 which These bonds constitute a selfbenefitted.
ments on property especially
Discount Basis.
Bidder
Salomon Bros. & Hutzler (Plus $3)
5.585%
Bank of Commerce & Trust Co
5.67%
National Shawmut Bank
Union Market National Bank
8. N. Bond & Co.(plus 2.4)
55 189
6 7614
f
Blake Bros. & Co
-BOND SALE.
WAPELLO COUNTY (P. 0. Ottumwa), Iowa.
The 3173,000 issue of annual primary road bonds offered for sale on June
Glaspell, Veith & Duncan. of Daven22-V. 128, p.3725- was awarded to
port. as 5s, for a premium of $478, equal to 100.276, a basis of about 4.95%1
Due from May 1 1935 to 1944. Optional after May
Dated July 5 1929.
1935.
Other bidders and their bids were as follows:
Prem.
Bidders$170
White Phillips Co.. Davenport
255
A B. Leach & Co.. Chicago
270
Blythe & Co
467
Davenport
Geo. M. Bechtel & Co.,
477
Carleton D. Beh & Co., Des Moines
-Della B.
-BOND OFFERING.
WARREN, Trumbull County, Ohio.
July 5, for the
King, City Auditor, will receive sealed bids until 1 p. m.on $189,977.96:
purchase of the following issues of 414% bonds aggregating
payable on
3169,850.00 street paving bonds. Dated April 1 1929. Int. and $9,000.
April and Oct. 1. Due as follows: $8,850, April 1
Oct. 1 1930; 19.000, April 1 and 39.000. Oct. 1 1931 to 1938
incl.; and 88.000. April and Oct. 1 1939.
16,161.47 sidewalk and sewer improvement bonds. Dated Sept. 1 1928.
Int. payable on March and Sept. 1. Due as follows: $2,161.47.
Mar. 1 and $2,000, Sept. 1 1930; $2,000, March and Sept. 1
1931 to 1933 incl.
sewer improvement bonds. Dated April 11929. Due $1.966.40
3.966.49
March
March 1 and $2,000, Sept. 1 1930. Int. payable on
and Sept. 1.
int. payable at the office of the Sinking Fund
Prin. and semi-annual
must
Trustees. A certified check for $500, payable to the City Treasurer,
accompany each proposal.
-The $250,000 43.4%
-BOND SALE.
WARWICK, Kent County, R. 1.
-were awarded
coupon water bonds offered on June 25-V. 128, p. 4197 basis of about
to the Guaranty Co. of New York, New York, at 97.179. a 1930 to 1970
$5„000, May 1
4.70%. The bonds are dated May 11929. Due
offered
incl. No bids were submitted for the $585,000 414% water bonds
$250,000
on the same date. The following tenders were received for the
Issue.
Rate Bid.
Bidder97.179
.
A uaru nty Cy o eN
Grth ar perro sc f o ew York
97.06
92.00
Harris, Forbes & Co
JUNE 29 1929.]
FINANCIAL CHRONICLE
WASHINGTON COUNTY (P. 0. Washing
-BOND
OFFERING.
-Bids will be received until July 24, ton), Iowa.
for the purchase of a $240,000 issue of annual by the County Treasurer.
primary road bonds. Int.
rate is not to exceed 5%. Dated Aug.
1
1935 to 1044, incl. Optional after May 1929. Due $24,000 from May 1
1 1935.
furnished by the purchaser. The legal approval ofBlank bonds are to be
Chapman & Cutler of
Chicago, will be furnished.
4365
8,480 R. A. Paige et al. road bonds. Denom. $424.
Due $424. May
and November 15 1930 to 1939, incl.
Both issues are dated June 15 1929. Interest'payable
on May and
November 15.
WILKINSBURG, Allegheny County, Pa.
-BOND SALE.
-The
$380.000 414% coupon borough bonds offered on
3883
-were awarded to the National City Co., of June 24-V. 128, p.
a basis of about 4.44%. The bonds are dated July New York, at 100.859,
as follows: $10,000, 1934 to 1949, incl.; $15,000, 1 1929. Due on July 1,
1950;
1952: $25,000, 1953 to 1956. incl.: $30,000. 1957; and $5,000, 1951 and
$65.000. 1958.
The following bids were also submitted:
BidderPremium.
B. M. Vockel & Co., Pittsburgh
Prescott, Lyon & Co., Pittsburgh
$
1'212..00
0 60
Mellon National Bank, Pittsburgh
2,998.20
WILLOWICK, Lake County, Ohio.
-BOND
C. Dettman, Village Clerk, will receive sealed
standard time) on July 5, for the purchase of bids until 12 m. (eastern
the following issues of 8%
bonds aggregating $35,000:
319,600 street improvement bonds, property
owners' portion. Due on
Oct. 1. as follows: $600, 1930 and 31,000,
15,400 sewerage construction bonds. Due on 1931 to 1949, incl.
October 1, as follows:
33.000, 1930 to 1933, incl.; and $3,400, 1934.
All of the above bonds are dated July 1
(April and Oct. I), payable at the Clevelan1929. Principal and Interest
d Trust Co., Willoughby. A
certified check for $1,000 is required.
Any bidder desiring to do so may present a bid
upon their bearing a lower rate of interest than for such bonds based
provided, however, that where a fractional interest hereinabove specified,
rate is bid such fraction
shall be one-fourth of 1%,or multiples thereof.
upon a lower rate of interest than herein specified If bids are received based
to the highest bidder offering not less than par, the bonds will be awarded
and accrued interest based
upon the lowest rate of interest.
WASHINGTON SUBURBAN SANITARY DISTRICT,
Md.-BOND
OFFERING.
-Sealed bids will be received by J.
man of the Suburban Sanitary Commission, until Howard Duckett, Chair3
office. 804 Tower Bldg., 14th. and K Ste., N. W. p. m. on July 10 at his
Washington, D. C., for
the purchase of $300,000
% water bonds,
dated July 1 1929. Due in 50 years, optional series T. The bonds are
check for 33,000 is required. Proposals to be in 30 years. A certified
submitted on forms to be
issued by the District.
WAUSHARA COUNTY (P. 0. Wautoma), Wis.-BOND
OFFERING.
-Sealed bids will be received by J. J. Johnson, County
Clerk, until 2 p. m.
on July 13, for the purchase of an issue of $178,000
Denom. $1,000. Dated March 1 1929. Due on 414% highway bonds.
March I, as follows:
$38,000, 1935: $90,000, 1936 and $50.000 in 1937. Prin.
and
payable at the office of the County Treasurer. Chapmanint.(M.& S.)
& Cutler, of
Chicago, will furnish the legal approval. A certified
check for 1% of the
bid, payable to the County Treasurer, is required.
WAUWATOSA, Milwaukee County, Wis.-B
Sealed bids will be received by the City Clerk, until OND OFFERING.
of two issues of 4149' bonds aggregating $400,000 July 2,for the purchase
,
3300,000 school, 16th series bonds. Due $15,000 as follows:
from Mar. 15 1930 to
1949, incl.
100,000 sewer,20th series bonds. Due $5,000 from
Mar. 15 1930 to 1949
Incl.
Denom. $1.000. Dated June 15 1929. Prin. and int.
(M&S) payable at
the:First National Bank of Wauwatosa
A proposal to furnish the blank bonds or at the Wauwatosa State Bank.
may carry weight in the determination free of charge to the municitiality
of the award. No certified check
isoecessary.
WINONA, Winona County, Minn.
of water works bonds offered for sale -BOND SALE -The $15,000 issue
WAYNE COUNTY (P. 0. Corydon), Iowa.
on June 24-V. 128. p. 4198
-BOND SALE.
-The awarded at par to local banks. Dated July 11929. Due $10,000 -was
$300.000 issue of coupon primary road bonds offering for
in 1947
sale on June 21- and $5,000 in 1948.
V. 128, p. 3725
-was awarded to A. B. Leach & Co., of Chicago, as 5s,
for a premium of $215. equal to 100.071, a basis
WORCESTER COUNTY (P.O. Snow Hill),
of about 4.99%. Due
Md.-BOND OFFERING.
$30,000 from May 1 1935 to 1944, incl. Optional after
-Roger W. Lankford. Clerk of the Board
May 1 1935.
receive sealed bids until 2 p. m. on July of County Commissioners, will
WEBSTER COUNTY (P. 0. Fort Dodge), Iowa.
9 for the purchase of $300,000
-BOND
ING.
-Bids will be received until July 23, by the County TreasurerOFFER- 434% public school bonds. Dated July 1 1929. Denom. $1,000.
Due
,for the on July 1 as follows: $5,000,
purchase of a 3200,000 issue of annual primary road bonds.
1932 and 1933; $8,000, 1934; $13,000, 1935
Int. rate is to 1939 incl.: $14.000.
not to exceed 59'. Dated Aug. 1 1929. Due
1940 and 1941: $15,000. 1942:
1944,incl. Optional after May 1 1935. Blank$20,000 from May 1 1935 to 1948 incl., and $20,000, 1949 to 1951 incl. A certified 319,000, 1943 to
bonds are
check for $500 is
the purchaser. Chapman & Cutler, of Chicago, will to be furnished by required.
•
furnish the legal
approval.
YAKIMA, Yakima County, Wash.
-BOND SALE.
-The 580,000
WELLSTON, Jackson County, Ohio.
-BOND
-The $8.000 issue of coupon refunding bonds offered for sale on June 20-V. 128, p.
6% fire apparatus bonds offered on June 21-V.128. SALE.
-was awarded to the city sinking fund, as 4l,fs,
p.
-were awarded 3883
for a $25 premium.
to Blankchet, Bowman & Wood of Toledo,at par, plus 4197
a premium of $7.20 equal to 100.031, a basis of about 4.24%. Dated July 1 1929. Due from
equal to 100.09, a basis of about 5.99%. The bonds are
dated May 11929. 1931 to 1949 incl. Denom.$1,000. Int, payable on Jan. & July 1.
Due $800, May 1 1931 to 1940 incl.
YORK SPRINGS SCHOOL DISTRICT,
Adams County, Pa.
WESTCHESTER COUNTY (P. 0. White Plains),
-Sealed bids will be received by A.
N. Y.
-CER- BOND OFFERING.
TIFICATES OF INDEBTEDNESS SOLD.
-The Guaranty Company of tary of the Board of Directors, until 2 p. m. (standardT. Bennett, Secretime) on July 17.
New York, and R. W. Pressprich & Co., both of New
York, Jointly, pur- for the purchase of 310.000 414% school bonds. Denom. $500. Due
chased a $2,092,000 issue of certificates of indebtedness
$500. May 1 1940 to 1959.
5.903, at a price of par. The certificates are dated on June 25, as A certified check for 10% incl. optional on any interest payment date.
July 2 1929 and
of the
mature on June 5 1930.
Education, must accompany eachbonds bid for, payable to the Board of
proposal.
WESTFIELD, Hampden County Mass.-BOND SALE.
YPSILANTI SCHOOL DISTRICT, Washten
-The followaw County, Mich.
ing issues of coupon bonds aggregating $419,000 offered on
BOND OFFERING.
-Arnold Wiard, Secretary of the Board of Educatio
June
n,
128, p. 4049
-were awarded to F.S. Moseley & Co. of Boston, at 21-V. will receive sealed bids until 6 p.
m. (eatorn standard time) on
100.14, the purchase of
a basis of about 4.47%.:
$347,000 school bonds, to bear a coupon rateJuly 1. for
of 4149'.
The bonds are dated July 1 1929. Due serially
$300,000 4%% High School bonds. Dated December
from 1932 to 1949, incl.
15 1928. Due
Acertified check for $3,000 is required.
320,000, December 15 1929 to 1943, inclusive.
Canfield, Paddock & Stone, of Detroit. Legality to be approved by Miller,
85,000414% macadam bonds. Dated June 1 1929. Due
$17,000,
June 1 1930 to 1934 inclusive.
ZANESVILLE, Muskingum County,
-BOND SALE.
34,000 4%% sewer bonds. Dated June 1 1929. Due on June
-The
$90,000 5% storm and sanitary sewer bondsOhio.
offered on June 26-V.
follows: $2,000, 1930 to 1943, inclusive; and $1,000, 1944 to 1. as p. 4198
-were awarded to the First
1949,
-Citizens Corp. of Columbus, at 128,
inclusive.
par,
plus a premium of 3685.00, equal to 100.76, a
basis of about 4.88%. The
'
All of the above bonds are in $1,000 denominations. No other bid
was bonds are dated June 1 1929. Due $6,000, Dec. 1 1930 to 1944 incl.
received.
WESTFIELD, Union County, N. J.
-NO BIDS.
-Charles Clark,
Town Clerk, states
were received on June 24 for the following
507 bonds aggregatithat no bids offered
ng $401,000
for sale.
-V. 128, p. 4049:CANADA, its Provinces and Municipalities.
$264,000 assessment bonds. Due July 1 as follows: $25,000,
1930 to 1937
incl. and $32,000, 1938 and 1939.
DUNDAS, Ont.-BOND OFFERING.
-Sealed
137,000 public improvement bonds. Due July 1 as follows:
addressed to J. S.
38,000, 1931 Fry, Town Treasurer, will be received until Julybidsfor
to 1935 incl.; 39,000, 1936 to 1938 incl., and $10,000,
3.
the
1939 to 3110.000 high school bonds and $25,000 public school bonds. purchase of
1945 incl.
Moth issues
are to bear Interest at the rate of 5% payable semi-annu
All of the above bonds are dated July 11929. Denom. 31.000. Prin. mature in
ally, and are to
20 years.
and semi-annual int. payable at the Westfield Trust Co., Westfield.
ST. EMMEN, Que.-BOND OFFERIN -A,
WEYMOUTH, Norfolk County, Mass.
G.
Plourde, Secretary-BOND SALE.
-An issue of Treasurer,
$18,000 4,14% Fire Station bonds was purchased at par by Wise. Hobbs of 318,000 will receive sealed bids until 10 a. m.on July 3. for the purchase
514% school bonds. Dated June 11929. Payable in
and Arnold, of Boston. The obligations are dated June 1 1929.
20 Years
Due at Metabetchouan and Quebec.
annually from 1930 to 1938, both inclusive. This report corrects
the one
given In
-V. 128. p. 4196, under the heading, South Weymouth,
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-BONDS
Maas. AND
SOLD
AUTHORIZED.
-The following is a list of
WHITE DEER INDEPENDENT SCHOOL DISTRICT (P.
0. White sold and a list of the debentures authorized to be the debentures reported
Deer), Tex.
-BOND SALE CORRECTION.
sold by the Local Govern-We are now informed that ment Board from June
8 to June
the $35,000 issue of 5% semi-annual school bonds purchased by the
White- "Monetary Times" of Toronto: 15, as given in the June 21 Issue of the
Phillips Co., of Davenport, was awarded to them at a discount
DEBENTURES SOLD.
and not a premium for that amount, as reported in V. 128. of $1.015
-years
p. 4197. to Kern Agencies, Ltd.; -School districts: Govan 320,000, 6%. 20
Tho discount is equal to a price of 97.10, a basis of about 5.62%.
53% per cent., 15
Tolstoi,
-years to WaterDue man-Waterbury Manufacturing $3,500,
serially in from 1 to 10 years.
Co.; Camuck, $3,700. 7%, 15
-year to H.
M. Turner & Co.; and Shortgrass, $3,000,
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-years to H. M.
614 per cent.. 15
-BOND OFFER- Turner & Co.
INV.-Eugene E. Glassley, County Treasurer, will receive
sealed
DEBENTURE AUTHCRIZED.--School districts:
until 10 a. m. on July 0, for the purchase of the following issues of bids
Leggett, $2,500, not
414% exceeding 7%.. 10
-years; Bird's Hill. $8,500, not exceeding 6%.
bonds aggregating $19,520:
15
-years:
Oasis. 37.900. not exceeding 7%.15
$11,040 Rdmond Jones et al road bonds. Denom. $552. Due
-years: Canoe Lake, 54.800,
$552, ing 7%, 15
-years; and Rocanville, $2,500, not exceeding 6%. not exceedMay and November 15 1930 to 1919, inclusive.
-years.
10
Town of Unity. $2.500, 6%, 10
-years.
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TREASURY DEPARTMENT
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Office of
Washington. D. C., May 20. 1929.
Whereas, by satisfactory evidence presented to
the undersigned. it has been made to appear that
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