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1 financial
rThe
Pilinutrt314 lirtintrie
VOL. 128.
SATURDAY,JUNE 8 1929.
NO. 3337.
$1.1258 Corn and oats have enjoyed a similar, re/
.
covery. July corn at Chicago which last Friday Was
/
4c,
/
PUBLISHED WEEKLY
down to 7938c. the present week sold up to 913
/
with the close yesterday at 9014c., and the September
Terms of Subscription—Payable in Advance
12 Mos. 6 MOs option which last week sold at 803
Including Postage—
/ has the present
4c.
$6600
Within Continental United States except Alaska
$10.00
11.50
6.75 week sold up to 9278c., with the close yesterday at
In Dominion of Canada
/
13 50
7.75
Other foreign countries. U. S. Possessions and territories
/
The following publications are also issued. For the Bank and Quota- 91y
2c. July oats, as against 3914c. last Friday, the
tion Record the subscription price is $6.09 per year; for all the others is
$5.00 per year each.
present week have been up to 45c. with the close yesMONTHLY PUBLICATIONS—
COMPENDIUMS—
/
terday at 4438c., while September oats, which last
RANK AND QUOTATION RECORD
Poetic Umixs—(semi-annually)
MONTHLY EARNINGS RECORD
IRAILWAY & INDUISTRIAL--(fOUr a ye/IX)
/
Friday were down to 401 8c., this week touched
STATE AND MoNicirsu—(semi-annually)
2c.
the close yesterday at 43y
441 8c., with
/
Terms of Advertising
Transient display matter per agate line
45 cents
doubt the downward movement last week was
No
Contract and Card rates
On request
at the present time, when the country
CHICAGO OFFICE—In charge of Fred. H. Gray. Western Representative, overdone and
205 South La Salle Street. Telephone State 0613.
is on the eve of raising another large crop of wheat,
LONDON Orrice—Edwards dic Smith. 1 Drapers' Gardens. London. E. C.
it behooves the farmer, above everything else, not to
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
get panic stricken. The National City Bank in its
WILLIAM B.DANA COMPANY. monthly bulletin just issued, utters a word of warnPublished every Saturday morning by
President and Editor. Jacob Seibert; Business Manager. William D. Riggs;
Treas., William Dana Seibert;See.. Herbert D.Seibert. Addresses of all, Office of Co. ing which the agricultural classes should not fail to
heed. The bank, in discussing the state of agriculThe Financial Situation.
ture, says: "Without attempting to make a predicA sharp recovery has occurred in grain prices the tion, we venture the opinion that the decline of
present week, and is perhaps the week's most im- wheat prices in the last month has been too precipiportant development. Coming after the great slump tate. The new crop is not yet made, and much of it
in grain prices during May, and particularly in has two full months of weather hazards to pass.
wheat, it cannot be viewed with any except the Allowing that it makes an average crop, it is to be
highest feeling of satisfaction. The ostensible rea- considered that the world crop of 1928 was approxison for the recovery, however, must be a matter for mately 350,000,00Q bushels larger than the average
regret. The basis for the sharp upward movement of the three years next preceding. In view of these
has been the argument in speculative circles that the figures, an increase of 100,000,000 bushels in the
Federal Farm Board provided in the Farm Relief carryover need not be regarded seriously, for apparmeasure under consideration by Congress would, as ently consumption is increasing at a good rate."
soon as the measure got on the statute books, proThe thought here conveyed can not be too strongly
ceed at once to buy 100,000,000 to 200,000,000 bushels emphasized. The new Winter wheat crop in this
of wheat. The effect of the suggestion on the market country may be regarded as practically assured, and
was magical. Prices shot up with a rapidity that apparently it will be just as bounteous as the Winter
matched the plunge downward of the previous week. wheat crop of last year.. On the other hand, howIf anything of the kind is in prospect—if the pro- ever, the Spring wheat crop is only just going into
posed Farm Board is to be an ever-present agency, the ground.. Last year's Spring wheat production
at one time appearing in the market as a buyer of in the United States was 323,785,000 bushels, but
100,000,000 bushels or more, and at another time the product two years before, in -1926, was only.
dumping wheat upon the market in equally huge 203,607,000 bushels. Not alone that, but the Canafashion, then Congress will have created a Govern- dian wheat production consists almost entirely of
ment instrumentality for promoting speculation of the Spring variety, and the Dominion crop last seaa kind and on a scale never before witnessed—an son was 500,613,000 bushels. Adverse weather coninstrumentality, too, possessing portentous powers ditions, if they very seriously affect the crop in the
of mischief to which no parallel can be found.
United States, could not fail seriously to affect
For the moment the important fact is that grain adversely also the huge Spring wheat crop of the
prices the present week have been rising, where Dominion, and accordingly that crop, too, might be
previously they were tumbling in startling fashion. substantially reduced from the large total of 1928.
On Friday of last week the May option for wheat in We do not mean to say that anything of the kind
/
1
4
Chicago sold as low as 93 c., the July option will happen,for obviously one would have to possess
dropped to 96c., and the September option to $1.0014 the gift of prophecy in order to speak with certainty
/
.
In the recovery this week the July option has sold as on that point, but it is a possibility, and the farmer
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high as $1.1014 while the September option touched should not blot that fact out of his mind. Any set$1.15. After some reaction the July option closed back for the crop, even a partial setback, would comyesterday at 41.08% and the September option at pletely alter the aspect of things.
financial Tixtranicle
3728
FINANCIAL CHRONICLE
[VoL. 128.
On the other hand, the appearance of the U. S. market this handling and buying of crop surpluses
Government in the market as a buyer on a large will be! The grain markets instead of responding
scale might bring on the very disaster which it is to natural influences, will move up and down accordthe intention to avert--might intensify the distress ing to rumors or reports of what the Farm Loan
of the agricultural classes which every one wants to Board is doing or intends to do. Sometimes the
see relieved. If the new Federal Farm Board, reports will be true, being based on official advices
through its various agencies, undertook to take off promulgated by the Farm Board itself. More often
the market 100,000,000 bushels to 200,000,000 bushels they will be false and be set afloat to influence the
of the existing wheat surplus, the immediate effect course of prices. And what a benefit it will be to
doubtless would be to bring about a substantial rise have advance knowledge and inside information!
in prices. But that very fact would lead very Is it not remarkable that in this stage of the world's
quickly to the undoing of the farmer. The Spring advance and progress, level headed men should lend
wheat crop, as already noted, is just going into the their efforts to setting afloat so objectionable and
ground. Canada has been steadily enlarging its so visionary an undertaking?
acreage for many years and could extend this area
In all the discussions of the subject that have
almost indefinitely. Should now the price be arti- come to our notice not a single one has given conficially raised, through operations in the United sideration to the fact that we have in the Dominion
States, would not the effect be to lead to immediate of Canada a next door neighbor who is as vitally
further additions to acreage, making the situation interested as we are in the level of wheat values and
worse than before? Would not our own Spring that in any policy we may pursue we cannot leave
wheat farmers be tempted to add a little to their him out of the account. The Dominion is a wheat
own wheat acreage? The whole scheme of farm producer second only to the United States, having
relief, through Government intervention, is a most in 1928 raised a wheat crop in excess of half a billion
fantastic one and full of peril—peril, too, that bushels. If this country maintains an artificially
might seriously impair the industrial and economic high level of prices, we will simply be making it
situation of the entire country.
easier for the Canadian wheat producer to market
The conferees on the Farm Relief bill agreed on his wheat, while ours will be left on our hands unWednesday to eliminate the provision for export sold. As a matter of fact, that is what has been
debentures, and for this there is occasion for feeling happening during the past ten or eleven months.
grateful. But if under the other provisions of the In this period we have passed through a Presidential
measure the Farm Loan Board is to appear in the campaign in which both the great political parties
market as a wholesale buyer of wheat, with the have been loud in promises to the agricultural
intention of storing up the wheat thus acquired, then classes. Accordingly, our farmers have had their
our last state may easily become worse than our eyes steadily fixed on Washington and instead of
first. Advices in that regard from Washington are disposing of their surplus wheat they have been
not at all assuring. It is evidently the purpose to waiting for the kind father at Washington to step
get the new scheme in working order with the utmost into the breach and hold the surplus for him until
speed. A telegraphic dispatch from Washington the time shall arrive when he can get some fancy
to the New York "Times," under date of June 5, in price for it. Not so the Canadian wheat raiser. He
announcing the action of the conferees in expunging has gone right ahead sending his wheat to market
the debenture provision, went on to say: "Known and has not troubled himself much about the price.
officially as the Agricultural Marketing Act, the His single purpose has been to get his surplus off his
farm bill agreed upon by the Senate and House hands. As a consequence he is to-day in a position
conferees will give the stabilization corporations where he can look on with relative unconcern, his
a double function, as proposed by the Senate. They surplus having been marketed, while ours must have
will buy and dispose of crop surpluses and act as the bolstering support of a Government revolving
marketing agencies for co-operative organizations. fund of $500,000,000.
Advisory Councils, which would suggest the necesThe figures of the past season's export shipments
sity of setting up stabilization corporations for from Canada and the corresponding export shipmajor commodities, are retained in the bill. For ments from the United States speak eloquently of
administrative purposes $1,500,000 is provided in the folly of the course to which this country has
addition to $500,000,000 to carry out the purposes become wedded. But first let us show how the size
of the Farm Board, which can spend the fund as it of the Canadian crop has been growing and how it
sees fit. Hopes are expressed that the Senate will will continue to grow if we persist in holding our
dispose of the conference report by the end of this crop awaiting higher prices. We have said that the
week or the first part of next. [The House adopted 1928 crop of the Dominion exceeded 500,000,000
the conference report unanimously yedterday.] Soon bushels. The actual total was 500,613,000 bushels.
afterwards a bill appropriating all or part of the In 1927 the Canadian crop was no more than 440,$500,000,000 will be rushed through both houses."
025,000 bushels; in 1926 it was only 407,136,000
In the foregoing we see revealed the underlying bushels, and in 1925 but 395,475,000 bushels. In
purpose of the whole scheme. Some of the news- tabular form the figures are as follows:
paper accounts speak of an immediate appropriation
CANADIAN WHEAT PRODUCTION.
of $200,000,000 out of the total revolving fund of
1926.
1925.
1927.
$500,000,000. Whatever the immediate amount, the
Bushels.
Bushels.
Bushels.
Bushels.
407,136,000
440,025,000
395,475,000
intent is plain and that is to go into the market and 500,613,000
buy huge quantities of wheat and to store it in wareNow turn to the figures of exports. Complete
houses, or somewhere else, until some future date, data are available only up to the end of April and
when it is hoped that the accumulated supplies can we present them in the tabular statement we now
be disposed of to advantage. Where will all this introduce. This statement shows first the exports
lead to? And what a speculative influence in the shipments for the ten months from Canada and then
JUNE 81929.]
FINANCIAL CHRONICLE
3729
4
1
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the exports for the same ten months from the United certificates bearing only 3 %. We should not fail
to heed the lesson which the change teaches.
States.
EXPORTS OF WHEAT AND WHEAT FLOUR.
The Federal Reserve statements this week reveal
—July 1 to April 301927-28.
1928-29.
no new or striking features. Brokers' loans show a
Bushels.
Bushels.
From Canada—
further slight reduction, but so small as to be really
210,520,169
317,170,828
Wheat
inconsequential. And the end of the contraction has
32,686,206
44,613,778
Flour in wheat equivalent
evidently been reached for the time being, thus re243,206,375
361,784,606
Total from Canada
peating past experience in that respect and going
From United States—
136,126,000 to show that the contraction in the loans can be
86,788,000
Wheat
51,232,000
49,833,000
Flour In wheat equivalent
carried just so far and no further. This week's re187,358,000 duction is only $4,000,000, but it follows $232,000,000
136,621,000,
Total from United States
Let the reader note well the result. The Canadian decrease last week and $45,000,000 decrease the
exports of wheat and flour (taking flour at its previous week, making a contraction for the three
equivalent in wheat) have increased from 243,206,375 weeks combined of $281,000,000. But after this
bushels last season to 361,784,606 bushels the present decreace the grand total of these loans on securities
season, while the exports from the United States to brokers and dealers by the reporting member
have actually fallen from 187,358,000 bushels to banks in New York City still stands at $5,284,000,000
136,621,000 bushels. If this has been the result (June 5 1929), at which figure comparison is with
while the country was without a Farm Loan Board, $4,563,000,000 on June 6 1928, when the total had
what may we not expect when this Farm Loan already been inordinately swollen.
Board gets to work with a revolving fund of $500,This week's changes in the different categories of
000,000 at its disposal? Are we not repeating the the loans are somewhat more important than the
folly which marked the Stevenson rubber restriction changes in the grand totals, and yet not very much
plan and which in the end had to be ingloriously so. Loans made by the reporting member banks for
abandoned, because it enabled other countries to in- their own account increased during the week from
crease their production and thus to thrive at the ;773,000,000 to $837,000,000, while loans made for
expense of the home producers?
account of out-of-town banks were reduced from
$1,540,000,000 to $1,513,000,000, and the much disThe Secretary of the Treasury on Thursday eve- cussed loans "for account of others" from $2,975,.
ning announced a new offering of Treasury certifi- 000,000 to $2,934,000,000.
cates of indebtedness for $400,000,000, and the noteThe Stock Exchange's own statement regarding
worthy thing about the offering is the high rate of these brokers' loans has also appeared the present
interest which.these certificates, running for nine week. Being for the even month,it comes down only
4
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months, are to bear. The rate is 5 %. This is to the close of business on Friday of last week. The
Reserve rediscount rate of. totals in this statement are always larger than those
higher than he Federal
5%. It is in fact the highest rate which the Treas- in the weekly returns of the Federal Reserve Bank,
ury has been obliged to offer for eight years, or because, as previously explained, the Stock Exsince 1921. In March the Secretary put out an change statement is more comprehensive. The Stock
offering of $475,000,000 of certificates, also running Exchange total for May 31 is $6,665,137,925, and at
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for nine months, bearing only 434%, which itself this figure comparison is with $6,774,930,395 on
was a very unusual figure. It cannot be said that April 30 and $6,804,457,408 on March 30, when the
the further advance has come as a surprise. The total reached its maximum. In brief, then, there
truth is, the condition of the money market made was a contraction of $109,792,470 in May following
the advance necessary and inevitable.
$29,527,013 decrease in April, making a shrinkage
The significance of this high rate should not fail for the two months combined of $139,319,483. This
to be recognized. We are told in Washington ad- is far less than the shrinkage shown in the weArly
vices that the Treasury felt impelled to raise the figures of the Federal Reserve Banks. In that case,
rate because of its experience with the $475,000,000 if we compare the total for this week with that for
offering of certificates in March bearing 434% and March 20, when the high total for these figures was
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which brought subscriptions of no more than $523,- reached, a contraction of no less than $509,000,000
000,000, the oversubscription being far below that appears. The fact, however, that the Stock Exwhich had been expected and for the further reason change figures are merely for the end of the month,
that these March certificates now sell on a price and hence do not show either the high or the low
basis yielding in excess of 5%.
extremes for the month, naturally tends to level
But what has brought about the conditions that the differences in their case.
are responsible for the high rates which the Treasury
Reverting to the weekly returns of the Federal
now finds itself compelled to pay? The trouble goes Reserve Banks, it is found that member bank borright back to the Summer of 1927, when the Federal rowing at the Federal Reserve Banks, while still
Reserve Banks inaugurated their easy money policy very large, is somewhat smaller this week than it
and flooded the country with unneeded Reserve was last week, being $977,444,000 June 5 against
credit, thereby laying the basis for the gigantic spec- $988,194,000 May ;9. At the New York Federal Reulation in the stock market which it has not been serve Bank, however, the amount of this borrowing
possible to control since then. The country is now increased $15,517,000. In other words, the decrease
paying the penalty in a hundred different ways for for the twelve Reserve institutions combined octhat mistaken policy, then so breezily entered upon. curred outside of New York. There was an increase
In December 1927 the Treasury was able to dispose also (of $5,700,000) at Atlanta, but at Philadelphia
of $250,000,000 certificates running for a year and borrowing diminished $10,200,000 and at Chicago
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bearing only 314% interest, and in November 1927 $9,300,000. There has been much talk during the
success with a seven months issue of week of a change in Reserve policy in the matter of
it had great
3730
FINANCIAL CHRONICLE
[Vol.. 128.
the purchase of acceptances in the open market. brokers 131 with $2,987,156 of liabilities. ManufacWe were told that the Reserve Banks contemplated turing defaults increased last month both in the
resuming their purchases of bills. David Lawrence number and the amount involved. The increase was
in his correspondence published in the "Sun" of this mainly in the large lumber manufacturing division.
city gave currency to that view. There is, however, More failures also appeared for the classes embracno evidence of any change in this week's Reserve ing manufacturers of iron; clothing; furs, hats and
statement, inasmuch as the acceptance holdings gloves; chemicals and drugs; bakers; printing and
show a further diminution in the total this week engraving; leather goods including shoes; tobacco,
from $117,919,000 to $112,747,000. Holdings of Gov- and earthenware including glass, while the class covernment securities have slightly increased during the ering manufacturers of woolen goods showed three
week,rising from $144,572,000 to $147,328,000. Alto- defaults against none a year ago. There was some
gether, total bill and security holdings at $1,247,- reduction in the number of failures last month in
436,000 June 5 compare with $1,258,502,000 on machinery lines.
May 29 and with $1,459,514,000 on June 6 1928. It
In the large trading division, which embraces two
remains to say that while the acceptance holdings thirds of all commercial failures, ten of the fourteen
of the twelve Reserve institutions were reduced leading classes show fewer failures last month than
$5,172,000 during the week, on the other hand their were reported a year ago, and these fourteen classifiholdings for foreign correspondents increased $6,- cations cover practically eighty per cent. of all trad661,000 during the week. And much the same thing ing defaults. The important grocery division shows
has been going on for a long time. Between May 1 quite a reduction in the number of insolvencies last
and June 5 the acceptance holdings of the twelve month, although liabilities were higher than they
Reserve institutions were reduced from $170,421,000 were a year ago. Also, in the larger clothing class,
to $112,747,000, but during the same period their trading failures last month were quite notably lower
holdings of acceptances for foreign correspondents as to number, and slightly reduced in the indebtedincreased from $349,257,000 to $392,415,000.
flees reported. Other important trading divisions in
which defaults were less numerous this year include
Mercantile insolvencies in the United States in general stores, dealers in dry goods, shoes, hardware,
May were again less numerous, but an unusual num- drugs, jewelry, books and papers, and tobacco. The
ber of the larger defaults during the month added only.large divisions showing an increase, were hotels
materially to the amount of indebtedness involved. and restaurants, paints and oils and furs, hats and
There were 1,897 commercial failures in the United gloves.
States last month, according to the records of R. G.
As to liabilities. the trading classes other than
for
Dun & Co., with total liabilities of $4,215,865. These those mentioned above, there was quite a reduction
figures compare with 2,021 similar defaults in April last month for general stores, and a somewhat
for $35,269,702 of indebtedness, and 2,008 in May a smaller amount this year for the divisions embracing
year ago for $36,116,990. Some reduction in the hotels and restaurants as well as for dry goods,
number of these insolvencies is quite usual from though the losses continue quite heavy, while for the
month to month as the year advances, during the sections embracing furniture, hardware, and furs,
period up to October, and there has been less irregu- hats and gloves, there was a considerable increase
larity in this respect, for the first five months of the in liabilities last month over the amount reported a
.
current year, than in some of the earlier correspond- year ago.
ing periods. Mercantile defaults in May made quite
It is in these heavy losses due to the unusual
a drop, considering the small increase in April, and number of the larger defaults, that the insolvency
were fewer in number than for any month since No- statement for the month just closed makes rather an
veznber. They also show a decline of 5.5 per cent. unfavorable showing. There were 72 of the larger
from those reported a year ago.
failures last month with total liabilities of $20,065,The May liabilities were in excess of $40,000,000 962. These include insolvencies for which the infor the second time in any month this year, the debtedness in each instance was $100,000 or more. A
amount in January also having been very heavy. year ago the corresponding figures were 57 for $14,Conditions respecting failures are generally the least 538,404. There has been only one previous record for
fhvorable of the year in the opening month. In 1928 May where the number of the larger defaults has
there were six months in which the defaulted in- been as high as that shown for this year, and that
debtedness exceeded $40,000,000. For the five was May 1922. The increase applies to both the
months of this year to date, the 10,405 commercial manufacturing and trading divisions, though it is
failures reported in the United States show a small especially marked for the classification first mendecline as compared with the 10,881 defaults that tioned. The average, too, for the remaining liabilioccurred during the corresponding period a year ago, ties for each of the other 1,825 defaults reported last
while the liabilities involved this year of $200,754,175 month of $11,600, was higher than for the correspondcompare with $211,621,333,in the first five months of ing month of each year back to May 1924.
1928.
The stock market this week reversed its course.
The improvement as regards the number of failures for May this year is mainly in the division em- After the very extensive break during the most of
bracing trading concerns. There were 515 defaults the month of May, it has been strong and higher the
last month for.manufacturing classes involving $18,- present week. There has been no special reason for
953,812 of liabilities; 1,266 trading defaults for $18,- this outside of the fact that an impression has been
191,399, and 116 of agents and brokers with $4,070,- gaining ground that the Federal Reserve Board
654 of indebtedness. In May of last year insolven- means to relax its efforts to prevent any further
ciOs in manufacturing lines numbered 470 owing $14,- diverting of bank credit into speculative channels,
229,730; in the trading division there were 1,407 for feeling that its purpose is being achieved by the
$18,900,104 of indebtedness, and for agents and reduction that has occurred in the total of brokers'
JUNE 8 1929.]
FINANCIAL CHRONICLE
loans during more recent weeks. Nothing, however,
has actually occurred to indicate that efforts at
restriction are being modified or abandoned.
Call loan rates on the Stock Exchange, on the
other hand, have given no occasion for new alarm.
Perhaps also a favorable interpretation has been
given to the sharp recovery in grain prices that has
occurred the present week following the break of
last week. The successful outcome of the work done
for the settlement of the German Reparations question by the Committee of Experts has likewise not
been without influence, for certainly it is an event
of no small moment. The continued great industrial
activity in the United States is an ever-present favoring factor. Then also the situation of the railroads
has of course been greatly improved by the decision
of the U. S. Supreme Court in the O'Fallon case
regarding the valuation of the properties of the carriers. Trading has been moderately large in volume.
Sales on the New York Stock Exchange on Saturday
last were 1,533,770 shares; on Monday they were
3,018,210 shares; on Tuesday 3,414,210 shares; on
Wednesday 3,343,860 shares; on Thursday 2,928,200
shares, and on Friday 3,078,150 shares. On the New
York Curb Market the sales were 742,800 shares on
Saturday; 1,077,900 shares on Monday; 2,023,100
shares on Tuesday; 1,994,700 on Wednesday;
2,187,100 on Thursday, and 2,180,700 shares on Friday. There was some irregularity in the course of
prices from day to day, there being occasional downward reactions, but the general trend of values was
all the time upward, with the result that a substantial portion of previous losses was recovered.
While prices are higher all around, the largest net
gains for the week are found in the case of the public
utilities.
International Harvester closed yesterday at 104%
against 94% on Friday of last week; Sears Roebuck
& Co. closed at 155% against 144; Montgomery Ward
& Co. at 110% against 1021 8; Woolworth at 2203
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%
against 214; Safeway Stores at 163% against 158 ;
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Western Union Tel. at bid 188% against 1853
%;
American Tel. & Tel. at 209% against 206%; Int.
Tel. & Tel. new at 83 against 811 ; Westinghouse
/
Elec. & Mfg. at 155 against 150%; United Aircraft &
Transport at bid 115% against 113%; American
Can at 136% against 134¼; United States Industrial Alcohol at 169% against 1573 Commercial
%;
Solvents at 402 against 328%; Corn Products at
92% against 88; Shattuck Co. at 163
/ against
1
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149%, and Columbia Graphophone at 71/ against
78
70%.
Allied Chemical & Dye closed yesterday at 285
against 275 on Friday of last week; Davison Chem/
1
4
ical at 4718 against 4314; Union Carbide & Carbon
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at 86% against 8118; E. I. du Pont de Nemours at
/
165 against 158; Radio Corporation at 84 against
87; General Electric at 281 against 266; National
Cash Register at 1091 8 against 107%; Wright Aero/
nautical at 118 against 1123 International Nickel
%;
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at 471 8 against 451 8; A. M. Byers at 133% against
130%;American & Foreign Power at 10614 against
/
103%; Brooklyn Union Gas at 176% against 172;
Consol. Gas of N. Y. at 113% against 110%; Co%;
lumbia Gas & Elec. at 77 against 753 Public Service
Corp. of N. J. at 91% against 89%; Timkin Roller
Bearing at 88 against 85%; Warner Bros. Pictures
at 116 against 110%; Mack Trucks at 95 against
9214; Yellow Truck & Coach at 40 against 3612;
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National Dairy Products at 66% against 6334;
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3731
Johns-Manville at 168 against 162; National Bellas
/
Hess at 5114 against 51%; Associated Dry Goods at
44% against 43; Commonwealth Power at 191
against 18178; Lambert Co. at 135% against 132%;
/
Texas Gulf Sulphur at 72% against 715s; Kolster
/
Radio at 29 against 25%. A few stocks have actually
established new high records for the year, among
them being the following:
STOCKS MAKING NEW HIGH FOR YEAP.
Federal Light & Traction
Railroads—
General Asphalt
Atch. Topeka Ss Santa Fe
0
Kinney Company
Bangor dc Aroostook
McCall Corporation
Erie
North AmeriCan
Hocking Valley
Otis Elevator
N. Y. N. Haven & Hartford
Pacific Lighting
Norfolk & Western
Shattuck (F. G.)
Industrial and Miscellaneous—
Simms Petroleum
Air Reduction
Southern Dairies Class A
American Brown Boveri Electric
Standard Gas & Electric
Amer. Water Works & Electric
Tidewater Associated Oil
Chesapeake Corporation
Tide Water 011
Columbia Gas & Electric
Trico Products
Commercial Solvents
Union Carbide & Carbon
Commonwealth Power
Van Raalte
Continental Baking Class A
Youngstown Sheet & Tube
Detroit Edison
The copper stocks have not been laggards in
the rise. Anaconda Copper closed yesterday at 125
/
1
4
with rights against 122 with rights on Friday of
Kennecott Copper at 83 against 813
%;
last week;
Greene-Cananea at 147 against 139; Calumet &
/
1
4
/
Hecla at 4218 against 40; Andes Copper at 51
against 47%; Inspiration Copper at 44 against 41;
Calumet & Arizona at 128 against 126%; Granby
Consol. Copper at 73% against 68%; American
/
Smelting & Ref. at 9878 against 97, and U. S. Smelt/
1
4
ing & Ref. at 54 against 52 . In the oil group
Simms Petroleum closed yesterday at 33% against
/
29% last Friday; Skelly Oil at 4178. against 39%;
/
Atlantic Refining at 68% against 6378; Pan American B at 60% against 58%; Phillips Petroleum at
39 against 38%; Texas Corp. at 62% against 62;
/
1
4
/
/
1
4
Richfield Oil at 43 against 4178; Itarland Oil at
34% against 33%; Standard Oil of N. J. at 59
/
against 57; Standard Oil of N. Y. at 401 8 against
/
1
4
3p4 and Pure Oil at 28 against 27%.
/
1
,
The steel group has moved with the rest of the
market. U. S. Steel closed yesterday- at 173%
against 166 on Friday of last week; Bethlehem Steel
/
1
4
at 99% against 96 ; Republic Iron & Steel at 90
against 88%; Ludlum Steel at 89 against 84%, and
/
1
4
/
Youngstown Steel & Tube at 13018 against 126 .
The motor group has been strong. General Motors
closed yesterday at 72% against 70 on Friday of
/
last week; Nash Motors at 83% against 8318; Chrysler at 73 against 683 Packard Motors at 135%
%;
/
1
4
against 135%; Hudson Motor Car at 82% against
78
77/, and Hupp Motor at 43 against 40/. Among
14
the rubber stocks Goodyear Tire & Rubber closed at
117% against 115; B. F. Goodrich at 76 against
73%,and U. S. Rubber at 481 8 against 47%, and the
/
preferred at 77 against 78%.
The railroad stocks, strange as it may seem,.show
advances only in the case of a few of the more prominent issues. Pennsylvania RR. closed yesterday at
78% against 77% on Friday of last week; New York
Central closed at 194 against 195%; Del. & Hudson
at 192 against 194; Baltimore & Ohio at 120%
/
1
4
against 12178; New Haven at 107% against 106%;
/
Union Pacific at 226 against 223%; Canadian Pacific at 224 against 223%; Atchison at 214 against
224; Southern Pacific at 130 against 130%; Mis/
1
4
souri Pacific at 89% against 901 4; Kansas City
/
Southern at 84 against 84; St. Louis Southwestern
at 87 against 89%; St. Louis-San Francisco at 115
against 115; Missouri-Kansas-Texas at 48% against
3732
FINANCIAL CHRONICLE
/
.
49%; Rock Island at 1221 2 against 121½; Great
Northern at 108 against 108%; Chic., Mil., St. Paul
& Pac. pref. at 50% against 497/s; and Northern
Pacific at 102 against 103.
European stock exchanges were firm and active
in the early part of this week, with buying interest
stimulated by further assurances of a definite settlement of the reparations problem at the Experts'
gathering in Paris. The buying flagged later on all
marke83 and some reaction occurred, but quotations
and sentiment alike appeared much improved toward
the close of the week as against the previous week.
The British investing public apparently concluded
Monday that the Labor victory and the impending
change of Government holds no grounds for pessimism. The Stock Exchange was cheerful at the opening and continued to advance all day. Gilt-edged
:securities were especially in demand and home rails
also were firmer. The industrial list moved quietly,
with spurts.here and there among the gramophones
and in Swedish Match shares. Among the acknowledged factors in the improvement at London was a
feeling of relief at the prolonged reaction in New
York, which it was assumed would ease the international money strain. In Tuesday's market at London
British funds were again strong, but home rails
moved more uncertainly. The industrial shares
were generally higher, with further notable strength
in the Swedish group and some of the gramophones.
The Stock Exchange was quiet Wednesday, many
members and traders leaving for the Derby. Leading shares opened strong, but reacted later with the
gilt-edged list joining in a moderate decline. Some
of the industrials continued to advance and AngloAmerican issues also were higher on reports of improvement at New York. Business slackened further
Thursday, with British funds showing additional
ease. Rhodesian copper shares, however,showed fair
gains. Trading was again quiet in yesterday's final
session of the week, the giltedged list showing little
movement, although industrials were generally
lower.
The Paris Bourse was inactive during the opening
session, Monday, but the small number of transactions resulted generally in gains. The result of the
British elections was contrasted by traders with the
favorable trend of the reparations discussions and
there was, accordingly, no disposition to sell. Most
of the remaining doubts as to the success of the reparations conference were removed Tuesday, and the
Bourse registered immediate improvement, with
rentes and banks particularly firm. The entire list
rallied substantially at Paris Wednesday, with important gains in the banks, electrical shares, rails,
coppers, motors and chemicals. A good deal of public interest was displayed in this session, with buying orders appearing in a steady stream. After further firmness at the opening Thursday, the Bourse
sagged somewhat. Although many stocks maintained all their previous gains,some of them lost part
of their increases. The upward tendency was resumed in yesterday's trading. The Berlin Boerse
continued its pronounced advance of the previous
week in the opening session Monday. Agreement at
Paris on the new scheme of reparations brought a
flood of buying orders into the Berlin market and
stocks advanced further. This tendency was continued Tuesday, with a conspicuous growth reported
In the volume of foreign buying. Electric issues were
[VOL. 128.
especially in demand, with Siemens & Halske and
A.E.G. the leaders. The advance at Berlin finally
began to lose its momentum,Wednesday, with profittaking apparent in some sections of the market.
Prices were fairly well maintained, however, and
further advances were registered by bank shares.
The uneven tendency developed into weakness Thursday, with realization selling by the general public
extending throughout the list. Declines, however,
were moderate as compared. with the wide upswing
of the previous ten days. In yesterday's market
come additional moderate declines took place, but
the general tone remained cheerful.
A new and definite settlement of the problem of
German reparations payments, which has vexed the
whole world for the past ten years, was formally
agreed upon by the Experts' Committee in Paris
Tuesday, after almost four months of arduous toil
and trying negotiations. All obstacles that remained
After the accord of last week on the number and
amount of annuities finally yielded to the persuasive
efforts of the chairman, Owen D. Young, and the apparent desire of all delegates for a successful termination of the discussions. Thus the way has been
prepared for that "final liquidation of the World
War" which Aristide Briand, Foreign Minister of
France, predicted as the outcome of the meeting.
Two steps that are likely to be taken in the near future as a result of the new scheme of payments are
the partial or complete evacuation of the Rhineland
and the ratification of the Mellon-Berenger accord
on the French debt to the United States. The entire
conference was arranged partially as a result of a
demand by Chancellor Mueller of Germany last September for prompt evacuation of the occupied German territory. A joint communication of the German and Allied governments stated at the time that
"the necessity for a definite and complete settlement
of the reparation problem" was realized. It has long
been understood, moreover, that Premier Poincare
of France would make all efforts for ratification of
the Mellon-Berenger debt accord immediately upon
settlement of the reparations problem. Bills for such
ratification have been before the French Parliament
since early this year, but their passage has been held
in abeyance. It is now confidently expected that
both these problems will move on toward settlement,
removing two more of the prominent sources of international friction left over from the World War.
The chief difficulties between the German and the
creditor experts that remained for discussion this
week were the question of the redemption by Germany of the depreciated marks put in circulation in
Belgium, and details of payments of the last 21
annuities. Germany had requested that the debts of
the successor States to the Austro-Hungarian Empire and Poland, on account of German state property of which they became the virtual possessors
through the alteration of their frontiers, should be
used as a cover for the last 21 annuities under the
new plan. To this the experts found themselves unable to agree because of the political aspects involved.
The greater portion of the profits of the new international settlement bank will, however, be applied to
these final 21 annuities. The question of the German
marks left in Belgium was a more difficult one to
settle. It was finally agreed Tuesday that the two
countries should enter into separate negotiations on
this point, all the experts promising the Belgians
JUNE 8 1929.]
FINANCIAL CHRONICLE
that until the Belgian claim is settled, the new
scheme of reparations payments will not go into
operation. With this point out of the way,a plenary
session was called by the chairman. An official communication was thereafter issued saying:"An agreement on all the substantial points having been
reached, the committee will now undertake a prompt
and complete report in expectation that it may be
ready for signature before the end of the week."
Actual operation of the new scheme will not be possible until it has been accepted by all the governments concerned, but no difficulty is looked for in
this respect.
Publication of the full text of the accord now
reached will not take place until the plan is in the
hands of the respective governments, and this, it is
believed, may take some days. It is understood,
however, that the plan follows closely the outlines
contained in press dispatches from time to time. The
new scheme, with all final adjustments, was again
summarized in a report of June 1 to the New York
"Times," which is reprinted on a subsequent page
in our department of Current Events and Discussions.
A wave of satisfaction was produced in all countries by the announcement of the agreement, Tuesday. President Hoover promptly sent a message of
congratulation to Mr. Young and his associates, saying: "I have heard with great satisfaction of the
successful conclusion of the arduous work of the experts'committee. It is a most important step toward
the restoration of international confidence and of
national stability. You and Messrs. Morgan, Perkins and Lamont have given generously of your time
and strength, and I send you all my sincere congratulations on the notable achievement of the committee." Universal praise was accorded Mr. Young for
his patient and able guidance of the negotiations.
On this point the London Times remarked Wednesday that the success of the meeting "owes much to the
persistent patience and tireless tact of the chairman,
Mr. Owen D. Young, one of the authors of the Dawes
Plan, who has once more demonstrated the value of
that unofficial American assistance which has proved
so useful to Europe during the past few years. Mr.
Young will sail back to America with his prestige enhanced by the settlement—already christened with
his name—which marks yet another milestone on
the long road to reconstruction."
With the settlement of the reparations problem
assured, officials in Europe and America alike began to ponder the next steps in putting the plan into
operation. In Washington the possibility was raised
Tuesday of a general conference of the powers for
final acceptance of the new report. Acceptance by
the United States is involved because of this country's 2 per cent share of reparations under the
/
1
4
Dawes Plan. The Administration agreed some weeks
ago to scale the payments down and extend them
over a longer period, but only to the same extent that
this is done by the other governments concerned.
Any alteration of the Dawes Plan requires the agreement of the United States Government, but no difficulty is expected as President Hoover has already
given his assent to the changes proposed. In Europe
generally it was believed that a political conference,
presumably headed by the foreign ministers of the
countries concerned, will be called in July, both to
sanction the Experts' report and to arrange such
details as could not be handled by the Experts.
3733
The report drawn up by the Experts for submission
to the interested governments was completed yesterday and signed at a plenary session held last evening. Several of the Experts had already left the
conference before completion of the report, but not
before agreement on a new scheme was assured.
J. Pierpont Morgan sailed from France last Saturday and arrived in New York yesterday, while Sir
Josiah Stamp departed for London Thursday. In
both instances, the Experts' report was initialed by
the alternates for these Experts. Decision was
taken to refer to the new plan officially as the
"Young Plan." The conference was officially adjourned sine die after the signing of the report,
Mr. Young remarking that the results achieved
"have been accomplished, not by governments but
by business people working in the open and making
their activities known through the modern press
with its wonderful facilities for world-wide communications."
A change of government took place in Great Britain this week as a result of the general elections of
May 30, in which the Labor Party returned more
members than either the Conservatives or the Liberals to the new House of Commons. With a
preponderance of Labor representation assured
Tuesday, Prime Minister Stanley Baldwin, the
Conservative leader, proceeded to Windsor Castle
and handed his resignation to King George. James
Ramsay MacDonald, as the leader of the Labor
Party, was summoned for an audience with the King
on the following day and invited to form the next
Government, which he promptly agreed to do. A
tentative list of the new Cabinet members was submitted for the approval of King George and
was published in England. The new Prime Minister will not take office officially until he receives, some time to-day, the seals of office which
were turned in by the retiring Ministry yesterday.
With only four seats yet to be decided, the standing
of the parties in the new House, which convenes
June 25, is as follows: Labor, 288; Conservatives,
258; Liberals, 58; Independents, 7. In the popular
,roting, however, the Conservatives were the favorites.
The ballots so far counted total 22,390,703, of which
the Conservatives received 8,561,579, the Laborites
7,306,477, the Liberals 5,220,577 and independents
302,070. Election of the greater number of Labor
members is accounted for by the many three-cornered
fights made for seats.
Prime Minister MacDonald will not have a majority in the House of Commons and his position, therefore, will again be insecure. As on the former occasion when he held this office, the Liberals will be
able to combine with the Conservatives to defeat him
whenever a matter of sufficient importance may seem
to warrant this step. Since the party has a fairly
able record of nine months in office in 1924, it is not
believed, however, that a combination against Mr.
MacDonald is likely to occur within two years. It
is considered certain in England that the new Prime
Minister will respect the principle of continuity in
the foreign relations of the Empire and no startling
changes are looked for. One development freely predicted in Labor circles is an attempt by the new Government to settle pending issues with the United
States and to cultivate better relations with Washington. In his campaign speeches, Mr. MacDonald
blamed the Conservative Government for not arrang-
3734
. FINANCIAL CHRONICLE
ing the cruiser issue with the United States and condemned the Tory version of British rights on the seas
in time of war. He has indicated in his writings that
he favors a wider interpretation of the principle of
freedom of the seas. There is also expectation in
some quarters that the Labor Government will recognize the Russian Soviet, a similar step having been
taken when Labor came to power in 1924.
In domestic policy, it is believed that Prime Minister MacDonald's greatest departure from previous
practice will be in his handling of the persistent unemployment problem. This was perhaps the greatest
single issue in the pre-election campaign, all three
parties making sweeping promises of Government
action to foster greater employment at home and
emigration to the Dominions. London dispatches of
Thursday indicated that J. H. Thomas,leader of the
British Railway Workers, would be given the post
of Lord Privy Seal in the new Government, with the
added charge of solving the unemployment problem.
The magnitude of the problem to be faced by the incoming Labor Government is indicated by the fact
that the number of persons registered in the Unemployment Exchange on May 27 was 1,132,300, or
27,636 more than on May 13. Of the more recent
total, 779,700 were wholly unemployed, 273,500 were
temporarily out of work, and 79,100 had only casual
employment. These three problems at home and
abroad -are the specific ones confronting the new
Government. The general objects of the Labor Party,
as proclaimed in the last three elections, are: socialization of the land and the means of production, democratic Control of industry, international peace and
disarmament, arbitration of disputes through a
federation of nations, progressive self-government
for the native races under the Crown, and international labor legislation for raising the standard of
social and economic life of workers throughout the
world.
The new Cabinet, which is to take over the Government of Great Britain to-day with Mr. MacDonald as Prime Minister, was completed and announced
yesterday. The list includes the first woman to
hold a Cabinet post in England: Miss Margaret
Bondlield, who will be Minister of Labor. The
Cabinet list is as follows:
Chancellor of the Exchequer—Philip Snowden.
ForeignTSecretary—Arthur Henderson.
First Lord of the Admiralty—Albert V. Alexander.
Secretary for the Dominions—Sidney Webb.
Secretary for India—Wedgwood Berm.
Lord Privy Seal—J. H.Thomas.
Lord President of the Council—Lord Parmoor.
Lord Chancellor—Sir John Sankey.
Secretary for Scotland—W. Adamson.
Home Affairs—John R. Clynes.
Air Secretary—Lord Thomson.
Secretary of War—Tom Shaw.
First Commissioner of Public Works—George Lansbury.
Minister of Health—A. Greenwood.
Minister of Labor—Miss Margaret Bondfield.
Minister of Agriculture—Noel Buxton.
President of the Board of Education—Sir C. Trevelyan.
President of the Board of Trade—William Graham.
Premier MacDonald apparently will take no second portfolio in the
Cabinet.
The following were appointed to Ministries outside of the Cabinet:
Chancellor of the Duchy of Lancaster—Sir Oswald Moseley.
Attorney-General—W. Jowitt.
Solicitor General—J. B. Melville, K.C.
Minister of Pensions—F. G. Roberts.
Minister of Transport—Herbert Morrison.
Parliamentary Undersecretary for Scotland—Tom Johnston.
Postmaster-General—H. B. Lees-Smith.
Paymaster-General(without salary)—Lord Arnold.
Broad and unmistakable suggestions were made in
Washington over the last week-end that President
Hoover will continue with unabated vigor his efforts
to secure an international agreement for the reduction of naval armaments. The President's Memorial
[VoL. 128.
Day address calling for general adherence by all
nations to the terms of the Kellogg-Briand treaty renouncing war as an instrument of national policy
brought out much favorable comment both here and
abroad,it was said. Encouraged by this reception of
his views, the President, a dispatch to the New York
Times said,"has put the administrative machinery in
high gear with a view to turning out an international
agreement for cutting down big navies in the shortest
possible time." The impression was recorded in the
dispatch that "the President's activities are directed
toward obtaining some definite statement of a reduction policy from the chief naval nations prior to the
time when the Government may prepare its naval
budget for the fiscal year beginning July 1 1930."
That time is about August 1, next.
Another development over the week-end was a
statement on Mr. Hoover's speech issued by Secretary of State Stimson,in which attention was called
to another aspect of the same question. In addition
to the considerations advanced by Mr. Hoover, the
Secretary said, "We do not always realize the immense material burden which is imposed upon the
nations of the world today by the cost of the modern
ships of war. That cost is mounting with every fresh
discovery in warfare. A modern capital ship costs
between thirty-five and forty millions of dollars—
several times the cost of the battleship of a few
years ago. Even the modern 10,000 ton cruiser costs
more than double the original cost of the Library of
Congress. I have in my possession a memorandum
from the Director of the Budget showing the cost of
the program recommended by the Navy Department
in case the policy of naval reduction which the President advocates is not adopted. That memorandum
shows that the authorized and contemplated naval
program for the construction of new ships alone
amounts to $1,170,800,000. In addition to this enormous sum for new construction there will also be required very large increases in the already large naval
budget to cover the operating cost of these new ships.
When it is borne in mind that the -foregoing figures
involve the construction program of only one nation
and that if it proceeds other nations will be impelled
to follow suit, the burdex of unproductive expenditure which will be imposed upon the economic world
during the next fifteen years can be to a certain extent realized."
•
The question of ratification by the Chamber of
Deputies of the French debt accords with England
and the United States again occupied the Paris
Government this week, Premier Poincare making a
formal proposal that full debate be begun by the
Chamber on June 25. InterpellatiOns on these matters had been set down for June 4, but the Premier
asked for postponement to June 25 which was subsequently voted by the Chamber by 321 votes to 249.
,A promise was made by M. Poincare that the Chamber itself would, in the forthcoming debate, decide
whether the ratification would be dope by decree or
by the vote of the Chamber. From some points of
view, he said, ratification by decree would have more
authority, but he gave assurances that nothing would
be done without giving the Foreign Affairs Commission and the Chamber full liberty to express their
opinion. "The debate was disturbed and excited," a
Paris dispatch to the New York "Times" reported.
"Both the size of the Opposition vote and frequent
interruptions of the Premier's speech indicated that
Jura: 8 1929.]
FINANCIAL CHRONICLE
3735
4
51 @5 5-16% on
it is going to be no easy task, even with the report of short bills are now 53.j.% against
for long bills against
the Reparations Experts in its hands,for the Govern- Friday of last week and 5 5-16%
on call in Lonment to push the debt accords through to ratifica- 5/% the previous Friday. Monday
39%. At Paris open market
don yesterday was
tion."
in Switzeralnd at
The French Government, through Ambassador discounts remain at 3%%, and
4.%.
3v
Cla,udel, has already assured the United States Government that ratification of the Mellon-Berenger acThe Bank of England statement for the week
cord may be expected before August 1, the date di
for war stocks falls ended June 5 shows a further gain in bullion of
which a $400,000,000 payment
due. If the accord is ratified, this payment will be £581,190, which brings the total up to £163,851,130
merged with the general French war debt to the as compared with £164,079,965 for the corresponding
United States and the payments spread out over the week of 1928. Circulation increased £1,470,000, but
long period of payments provided in the Mellon- owing to the gain in gold, reserves fell only £889,000.
Berenger agreement. Ratification of the agreement Loans on Government securities rose £3,075,000,
by the United States Congress is also necessary for while those on other securities dropped £3,359,000.
adapplication of the schedule of payments. Heretofore The subdivisions of the latter, "discounts and
enger pay- vances" and "securities," fell £1,936,000 and £1,France has been making the Mellon-Ber
ments, quite as though the accord were ratified and 423,000 respectively. The bank rate remains unA
in full effect. With the approach of the payment changed at 51 %. Public deposits decreased £16,the war stocks bill, the question of ratifica- 729,000 and other deposits increased £14,674,000.
date for
tion becomes acute. The possible recess of the Con- Other deposits is composed of the items "bankers'
gress may delay the necessary exchange of ratifica- accounts" and "other accounts," each of which
tions, and provision against such a contingency is rose, the former £13,997,000 and the latter £677,000.
hoped for by the passage of resolutions deferring the The proportion of reserves to liabilities is now
date of payment to May 1, 1930. The House consid- 54.25%, last week it was 54.46%; a year ago it
ered this resolution Wednesday, but deferred action was 40.43%. Below we show a comparative statethereon until later in the session.
ment of the items for the last five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1926.
1927.
1928.
1929.
June 10.
June 9.
June 8.
June 6.
June 5.
Uncertainty regarding the political situation in
Venezuela was relieved last Saturday when Dr. Juan Circulation
a361,576,000 135,661,000 137,333,090 140,379,910 148,026.195
8.511,000 8,852,000 12,549.965 9,774,648 8,953,595
Bautista Perez was sworn in as the nation's chief Public deposits
106,292,485 100,273,000 102,389,238 108,214,031 112,428,046
Other deposits
executive. Some doubt as to the succession was Bankers' accounts 70,346,971
Other accounts_
created early in May when General Juan Vicente Governm't securities 35,945,514 36.187,000 52,585,975 39,455,328 39.876.733
43,106.855
years as President of Other securities.— 27,215,003 52,578,000 45,605,940 68,002,121 70,500,917
Gomez rounded out twenty
6.215,102
Venezuela and declined to accept the nomination of Dint. & advances 20,999,901
Securities
48,167,000 34,527,601 28,353,257 28.795.000
the Congress for a further term of seven years. Gen- Reserve notes & coin 62,274,000 164,079.965 152,110,691 148,983,167 157,071.195
Coln and bullion...163,851,130
has long ruled the country with a strong Proportion of reserve
eral Gomez
24.03%
233i%
30.04%
40.43%
54.25%
to
5%
hand, and at first it was thought his refusal was only Bankliabilities
5%
4 Yi%
4
534%
rate
a political gesture.• The Congress accordingly sent a a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
commission to Maracay to persuade the General, but note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
he repeated his refusal. A third refusal resulted
when the Congress later went to Maracay in a body
In its statement for the week ending June 1 the
to offer General Gomez its unanimous nomination.
Bank of France reports another gain in gold and
On this occasion, however, General Gomez tempered
bullion, this time of 6,156,019 francs, raising the
his resignation by offering to assume command of
total of the item to 36,596,432,580 francs and
the Venezuelan army and to suggest the name of a
establishing a new high for the year. Due to an
man for president who would work closely with him
increase of 1,663,000,000 francs in note, circulation
and carry out his policies. This offer was accepted
the item now amounts to 64,316,907,140 francs, as
by Congress and the necessary constitutional amendcompared with 62,653,907,140 francs last week and
ments were passed. General Gomez thereafter
62,863,907,140 francs two weeks ago. French comnamed Dr. Perez as President, and the latter asmercial bills discounted dropped 1,013,000,000 francs,
sumed his post June 1. It is mit believed that the
credit balances abroad declined 88,000,000 francs,
change will alter the political situation to any exwhereas bills bought abroad showed a gain of 1,tent, as General Gomez took the precaution of havfrancs. Credit current accounts declined
ing his appointment as commander of the army 000,000
0 francs, while advances against securities
proceed from the Congress rather than from the 901,000,00
122,000,000 francs. Below we furnish a
President as heretofore. In a Caracas dispatch of gained
n of the various items of the Bank's
May 30 to the New York "Herald Tribune" it is cempariso
for three weeks past:
remarked that these developments "do not in any return BANK OF FRANCE'S COMPARATIVE STATEMENT.
&arm as of
Changes
way mean the end of General Gomez's regime."
June 1 1929. May 25 1929. May 18 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
36,534,411.502
Gold holdings- —.Ina. 6356,019 36,596,432.580 36,599.276,561
7,941.968.140
Credit bals. abed_Deo. 88.000,000 7,805,029,776 7,893,029.776
French commercial
7,085,010,136 6.097,010,136
bills discounted-Dec.1013000,000 6,072,010,136
1.000,000 18,388,469,101 18,387,469,101 18,369,469,101
Bills bought abed_Inc.
Adv.agst.securs—Inc. 122,000,000 2,443,483,040 2,321,483,040 2,367,483.040
Note circulation—Inc. 1663000.000 64,316,907,140 62,653,007,140 62,863.907,140
18,630,468,542
Cred. curr. accts__Dec. 901,000,000 18,607,468,542 19,508,468,542
The Imperial Bank of India on June 6 reduced
its discount rate from 6%, the figure in effeet since
May 9, to 5%. There have been no changes this
week in the rediscount rates of any of the central
A
banks of Europe. Rates continue at 71 % in GerA
many; at 7% in Italy; at 51 % in Great Britain,
The Bank of Germany in its statement for the
Holland, Norway and Spain; 5% in Denmark;4
last week of May, shows a further decline in gold
%
in Sweden; 4% in Belgium, and 3 2 in France and
Switzerland. London open market discounts for and bullion, this time 67,000 marks. This decreases
3736
FINANCIAL CHRONICLE
the total of the item to 1,764,529,000 marks, as
compared with 2,040,784,000 marks last year and
1,815,555,000 marks in 1927. Notes in circulation
rose 600,190,000 marks, raising the total to 4,606,388,000 marks, as against 4,486,906,000 marks the
corresponding week last year and 3,719,199,000
marks two years ago. Deposits abroad remained
unchanged. Reserve in foreign currency increased
152,692,000 marks, raising its total to 299,147,000
marks. Silver and other coin fell off 46,064,000
marks; notes on other German banks declined
23,374,000 marks, while investments remained unchanged. Bills of exchange and checks rose 483,140,000 marks; advances, 157,597,000 marks, and
other liabilities also increased, namely 7,125,000
marks, while a decline of 130,788,000 marks was
shown in other assets and of 14,179,000 marks in
other daily maturing obligations. Below we give
a comparative statement of the various items of
the Bank's return for three years past:
[Vol,. 128.
quotation for thirty days to four months was
and the rate for five and six months 834
,@83'%.
Since then the rates have been 83@83'% for all
dates from 30 days to six months for each and every
day. Commercial paper has remained dull and
inactive. Nominally rates for names of choice
character maturing in four to six months remain at
6%, while names less well known are 631%, with
New England mill paper quoted at 64%.
The market for prime bank acceptances improved
to a very considerable extent on Monday with bills
less plentiful than they were during the previous
week. On Tuesday and Wednesday the market
continued to improve and the demand increased all
around but again reverted to dullness during the
rest of the week. The posted rates of the American
Acceptance Council continued all through the week
at 5%% bid and 532% asked for bills running 30
days, and also for 60 and 90 days, and at 53 % bid
4
and 53'% asked for 120, 150 and 180 days. The
Acceptance Council no longer gives the rate for call.
loans secured by acceptances, the rates varying
widely. Open market rates for acceptances have
also continued unchanged as below.
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
May 30 1929. May 311928. Map 311927.
Assets—
Reichsmark:.
Rfechstnarks. Reichsmarks. Reichsmark..
Gold and bullion
Dec.
67,000 1.764,529,000 2,040,784,000 1.815.555.000
Of which depot].abr'd. Unchanged
59,257.000
85,626,000
69,128,000
Reerve In for'n cur% _ _Inc. 152,692,000 299,147,000 274.051,000
78.553.000
Bills ofexch.& checks.Ino. 483,140.000 3,004.819.000 2,469,399.000 2,421.341.000
SPOT DELIVERY
Silver and other coin—Dee. 46,064,000 108,100,000
75.960.000
97.531.000
—180 Days— —150 Dan— —120 Dayt—Notes on oth.Ger. bks.Dec. 23,374,000
,
7,582,000
1.025,000
8,568.000
BM. Asked.
SW Asked.
Bid. Asked.
Advances
Inc. 157.597,000 254,776.000
42,992,000
71,841,000 Prime eligible bills
5)(
634
554
Investments •
534
534
534
Unchanged
92,899,000
94,004,000
92,889,000
Other assets
Dec. 130,788,000 458,895,000 686,721,000 444,293,000
—90Days— —60Days— —30Days—
Llablitttes—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Notes in circulation_Ino. 600,190,000 4,806,388.000 4,486,906,000 3,719,199,000 Preime eligible bills
534
534
534
534
534
534
0th. daily mat. oblig_Dee. 14,179,000 628,170,000 581,523,000 699,839,000
FOR DELIVERY WITHIN THIRTY DAYS.
Other liabilities
Inc. 7.125,000 307,573.000 197,938,000 245,152,000
Eligible members banks
5)( bid
Eligible non-member banks
534 bid
The New York market has been quiet this week
There have been no changes this week in the rewith rates showing little change from previous dealings. Commercial demand for funds is relatively discount rates of the Federal Reserve Banks. The
moderate at this season and this factor, coupled with following is the schedule of rates now in effect for
a substantial repayment of Stock Exchange loans in the various classes of paper at the different Reserve
the last two weeks, has made it possible for the banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
money market to swing along on a fairly even basis.
AND MATURITIES OF ELIGIBLE PAPER.
Renewals of call loans, Monday,were arranged at 6%,
Rate in
but new loans were subsequently arranged on a 7%
Federal Reserve Bank.
Effect on
Date
Previous
June 7
Established.
Rate.
basis, when the market was tightened by with- Boston
5
July 19 1928
434
New York
drawals of about $20,000,000. The official rate for Philadelphia
5
July 13 1928
434
5
July 28 1928
434
Cleveland
call money thereafter remained at 7% all week, both Richmond
5
Aug. 1 1928
414
5
July 13 1928
44
Atlanta
5
July 14 1928
renewals and new loans ruling at this figure. De- Chicago
434
5
July 11 1928
414
5
July 19 1928
mand and supply were very evenly balanced on the St. Louis
414
Minneapolis
S
May 14 1929
434
Kansas City
5
May 6 1929
434
first three days of the week, but heavier offerings Dallas
5
Mar. 2 1929
414
5
May 20 1929
414
on Thursday overflowed into the unofficial or "street" San Francisco
market, where business was done at
Funds
Sterling exchange this week has ruled within narrow
were available in the outside market Friday at 6%. limits and while reasonabl
y steady, has been on the
Withdrawals were nomimal on all • days excepting whole fractionally lower. The
range this week has
Monday. Time money was very quiet at 83.1 and been from 4.84 13-32 to 4.84%
for bankers' sight,
83/2%. • Several reports on brokers' loans against compared with 4.84 13-32
to 4.84 11-16 last week.
- stock and bond collateral were issued this week. The range for cable transfers
has been from 4.84 27-32
The monthly compilation .of the New York Stock to 4.48 31-32, compared with
4.84 27-32 to 4.85 1-16
Exchange showed a decline in the total of such loans the previous week. The comparative ease in
sterling
for May of $109,792,470. The weekly report of he this week is nothing more
than a prolongation of
New York Federal Reserve Bank for the week ended the unsatisfactory interpretation given
by the market
Wednesday night registered a decline of $4,000,000. to the success of the Labor Party in the elections
Gold movements at the Port of New York for the in England on May 30. This factor, it will
be
week ended Wednesday night consisted of imports recalled, caused the slump in sterling and most of
of $1,710,000 and exports of $105,000.
the other foreign exchanges on Friday of last week.
Dealing in detail with the call loan rates on the How great an influence the outcome of the British
Stock•Exchange from day to day, renewals on Mon- elections has on exchange aside from
any commercial
day were at 6%, but for new loans there was an ad- or money market reasons may be gauged from the
vance to 7%, and this:7% rate has been the only fact that London dispatches state that Lloyds is
figure since then, all loans having been negotiated asking a high premium for insurance against another
at that figure, including renewals. : In the time loan general election within the next nine months, albranch of,the collateral loan market; there has been though Premier McDonald has said that it is his
a further slight easing of rates. On Monday the wish to avoid a general election for two years. So
JUNE 8 1929.]
FINANCIAL CHRONICLE
far as the New York money market is concerned, the
lower rates for call money and the reduced requirements of Stock Exchange houses during the past
few weeks have greatly lessened the pressure on
sterling. Although the cost of time money against
Stock Exchange collateral is lower than a week ago,
it is ,nevertheless still sufficiently high to prove
/
%
attractive to foreign funds. So, too, is the 51 8
rate on the new offering of Treasury certificates.
While last week foreign funds were believed to
have been called home in large volume in order to
meet month-end settlements, traders say that this
week there has been a reversal of the flow of foreign
funds toward the New York security markets, so
that this may account in some measure for the
current weakness in sterling. It is evident that
neither'the success of the Bank of England in building
up a strong reserve position nor the factor of seasonal
tourist requirements is able to counteract the in.
fluence of the New York money market, and now
with the uncertainty resulting from the British
elections, the underlying tone of sterling is regarded
by bankers as anything but satisfactory.
In view of the prevailing rates for sterling during
the past few weeks, the market showed no surprise
at the announcement that $1,000,000 in gold was
being shipped to the United States from London
early in the week. This gold, which has been engaged for Brown Brothers & Co., was bought from
the Bank of England. The feeling seems to be
more general in banking circles that there will be
no immediate change in the official discount rate
of either the Bank of England or the Federal Reserve
Bank of New York. On Thursday of this week the
spokesman for the New York Reserve Bank said
respecting the rediscount rate that there was no
announcement to make. Certainly the tension in
the London money market has been appreciably
relaxed in the last few days.. That the Bank of
England is able to secure when it wishes the bulk
of the South African gold arrivals auctioned in the
open market is reassuring to London. The much
brighter prospects resulting from the reparations
settlement are also regarded in both London and
New York as a factor contributing to more confident
sentiment. The sterling-mark quotations as well
as the sterling-dollar rates are such as to threaten
the British gold stock were the market entirely free
to operate, but it is well known that the Reichsbank
and the Federal Reserve Bank are both so averse
to withdrawals of gold from London that the private
banks in Germany as well as the commercial banks
in New York hesitate to engage shipments, ai they
wish to co-operate with the central bank policies.
This week the Bank of England shows an increase
in gold holdings of £581,190, the total standing at
£163,851,130. This compares with bullion holdings
on June 7 a year ago of £164,079,965. The increase
in gold stock this week is largely accounted for by the
acquisition of £500,000 sovereigns announced by the
Bank on Monday. The £279,000 taken in the open
market by the Bank of England on Tuesday was
approximately canceled by the £200,000 shipped to
the United States. The Bank's present gold stock
is now approximately £14,000,000 above the Cunliffe
minimum regarded as necessary to cover the consolidated note circulation. This gain has all been recorded since Feb. 7, the date on which the Bank of
England rediscount rate was raised to 5%. While
the gain has been appreciable, it is by no means suf-
3737
ficient to remove the apprehension which London
banking authorities undoubtedly feel regarding the
future, especially with respect to the autumn drain.
On Monday the Bank of England received £500,000
in sovereigns from abroad and sold £3,241 in gold
bars. On Tuesday the Bank of England bought
£278,800 in gold bars. On Thursday the Bank sold
£10,000 in gold bars. On Friday the Bank bought
£4,139 in gold bars and exported £10,000 in sovereigns. London dispatches on Tuesday stated that
bullion brokers and the discount market were mystified as to the identity of the buyer of the balance of
£850,000 gold on offer. As noted above, the report
of the Bank of England indicated that only £278,000
was taken by the Bank, thus upsetting calculations of
brokers who had credited the Bank with taking
£800,000. The remainder of approximately £500,000 was taken for an unknown destination. At the
Port of New York the gold movement for the week
May 30-June 5 inclusive, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$1,710,000, of which $1,530,000 came from Argentina and $180,000 from other points in Latin America.
Exports consisted of $105,000 to Mexico. There was
no change in gold earmarked for foreign account.
Canadian exchange remained at a discount, ranging
this week from % to 13-16 of 1%. Canadian business
continues prosperous and flourishing and there is a
large demand for credit in Canada. Exchange continues weak, however, owing to the unfavorable
commodity trade balance of Canada with respect to
the United States, to the drain upon Canadian investment funds attracted to New York and London securities, and at present to the unfavorable situation
in wheat.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in a dull half-session.
Bankers' sight was 4.84 7-16@4.84 9-16, cable trans8
gers 4.843/@4.84 15-16. On Monday the market
was quiet. The range was 4.84 7-16@4.84 9-16 for
bankers'sight and 4.843/s@)4.84 15-16 for cable transfers. On Tuesday the market was dull and inclined
to ease. Bankers' sight was 4.84 7-16 CO 4.84 9-16,
cable transfers, 4.84%@4.84 15-16. On Wednesday
the market was steady. The range was 4.84 15-32(4)
4.845 for bankers' sight and 4.84%@4.84 31-32
%
for cable transfers. On Thursday the market continued steady. Bankers 'sight was 4.84M@4.84%;
cable transfers, 4.84 15-16@4.84 31-32. On Friday
the range was 4.84 13-32@)4.84 9-16 for bankers'
sight and 4.84 27-32(4)4.84 15-16 for cable transfers.
/
Closing quotations on Friday were 4.841 2 for demand
and 4.847 for cable transfers. Commercial sight
A
3
bills finished at 4.84%; GO-day bills at 4.79%;90-dity
5
bills at 4.77%; documents for payment (60 days) at
3
4.79%; 7-day grain bills at 4.83 17-32. Cotton andgrain for payment closed at 4.84%.
The Continental exchanges have been irregular
and inclined for the most part to reflect the easier
trend of sterling. The cessation of June 1 requirements, which were a factor giving firmness to exchange last week, has been reflected in the irregularity
and slightly weaker tone of most of the European
currencies. German marks, however, are an exception. Marks are strong and in considerable demand at most centers. The favorable outcome of
the reparations negotiations is largely responsible
for the improved position of the mark. The Reichsbank continues to add to its holdings of foreign ex-
3738
FINANCIAL CHRONICLE
[Vol,. 128.
change, which gives it a claim on gold at a number The lower guilder quotations are relative,
of course.
of points, especially on London. As noted above in Despite day-to-day fluctuations, the guilder
must
the discussion of sterling exchange, and several times be considered firm. The latest statement
of the
during the past few weeks, the Reichsbank is averse Bank of the Netherlands shows a cause
for relative
to exercising its exchange claims for gold, as gold im- firmness in the guilder in addition
to the seasonal
ports would interfere with its policy of firming up factors which are active at this time.
Guilders
credit. However, money rates in Berlin are fraction- have been fluctuating for several
weeks on either
ally lower than they were last week. The interest side of gold parity of 40.2. The Netherland
s Bank
level is now in the neighborhood of 9%. This slight continues to contract its
discounts of inland bills
reduction in the interest level is due to the flow of and its loans. The contraction
amounts to approxiforeign funds to the short-term money markets of mately $15,000,000 since the
first of the year.
Germany. It is believed that Germany will be a Meanwhile, the Bank increases its holdings
of foreign
large borrower of short-term funds for some time to bills and balances abroad. The money
situation is
come. At present the market is particularly at- comparatively easy, with monthly money
ranging
tractive to French, Dutch and other nearby funds. in the neighborhood of 53 %. Were it not
4
for the •
Despite the high money rates in New York, the Ger- pull of the German money rates, guilders
would
man short-term market is also taking funds from this be much stronger at this time. Spanish
pesetas
side and hence there is a corresponding demand for continue irregular. The currency is sold in nearly
marks here.
all European markets, especially in Amsterdam and
French francs are steady. They have ruled frac- Zurich. There appears to be no supporting operationally lower this week than last, but this reflects tions from either private or public sources.
only a nominal moving about of the peg of exchange
Bankers' sight on Amsterdam finished on Friday
to harmonize with average levels of European coun- at 40.123.1, against 40.16 on Friday
of last week;
tries with respect to sterling. The position of the cable transfers at 40.143, against
40.18; and comBank of France is sufficiently strong to enable it to mercial sight bills at 40.09,
against 40.12. Swiss
maintain the franc rate at whatever level it desires. francs closed at 19.24 for
bankers' sight bills and
Its chief object is to prevent any drain upon its gold, at 19.25 for cable
transfers, in comparison with
especially to Berlin. This week its gold holdings 19.24 and 19.25 a week
earlier. Copenhagen checks
show an increase of 6,000,000 francs, the total stand- finished at 26.623/
and cable transfers at 26.64,
ing at 36,596,000,000 francs, a new high level. The against 26.623/ and
2
26.64. Checks on Sweden
Bank's holdings of sight balances abroad and nego- closed at 26.73 and cable
transfers at 26.743/, against
2
tiable bills abroad are slightly reduced from a ;week 26.723/ and 26.74, while
2
checks on Norway finished
ago, being 81,000,000 francs less, but the total stands at 26.
633/i and cable transfers at 26.65, against
at 26,192,000,000 francs. This week the Bank shows 26.633/ and 26.65.
2
Spanish pesetas closed at
a ratio of reserves to liabilities of 44.13, compared 14.24 for checks and
14.25 for cable transfers, which
with 44.53 on May 24. The legal requirement is compares with 14.09
and 14.10 a week earlier.
35%. The reduction is due very largely to an increase in the circulation.
The South American exchanges have been dull
The London check rate on Paris closed at 124.04 on and inclined
to ease. Argentine exchange has been
Friday of this week, against 124.04 on Friday of especially
weak and this accounts for recent shiplast week. In New York sight bills on the French ments of
gold both to New York and London. As
center finished at 3.90 11-16, against 3.903 on stated
4
here last week, $6,000,000 is known to be
Friday a week ago; cable transfers at 3.90 15-16, en route to
New York from Buenos Aires. An
against 3.91, and commercial sight bills at 3.90 7-16, additional
$3,000,000 has been engaged by Strupp
against 3.9031. Antwerp belgas finished at 13.8431 & Co. Of
this total of approximately $10,000,000,
for checks and 13.89 for cable transfers, against 13.89 $1,530,000
was reported as having arrived during
and 13.893 on Friday of last week. Final quota- the week. The
4
remainder is on the water. Brazilian
tions for Berlin marks were 23.84 for checks and 23.85 exchange has been
slightly weaker during the past
for cable transfers, in comparison with 23.83 and few days owing in
part to the fact that there was
23.84 a week earlier. Italian lire closed at 5.23 for a run on two Rio
banks due to false rumors. There
bankers' sight bills and at 5.231 for cable transfers, is considerable
4
nervousness in business circles in
as against 5.23% and 5,23% on Friday of last week. Brazil. A dispatch
from Sao Paulo on Saturday
Austrian schillings closed at 14.10 on Friday of this last stated that
evidently a number of people, with
week, against 14.10 on,Friday of last week. Ex- or without ulterior motives,
are spreading false
change on Czechoslovakia finished at 2.963t, against reports with regard
to the financial position of
2.961 3; on Bucharest at 0.503/2, against 0.503/2; on many good firms and
/
banks. It is believed that
Poland at 11.23, against 11.23, and on Finland at many of these disquieting rumors
originate in
2.513 , against 2.513 . Greek exchange closed at disaffected political quarters.
4
4
The unsatisfactory
1.293,4 and at 1.293/2 for cable transfers, against state of the coffee trade is largely responsible
for
1.293', and 1.293/.
2
the unfavorable condition of business and exchange.
Argentine paper pesos closed on Friday at 41.91 for
• The exchanges on the countries neutral during checks, as compared with 41.95 on Friday of last
the war have been steady, although for the most week; and at 41.96 for cable transfers, against 42.00.
part they fell off slightly early in the week, as during Brazilian milreis finished at 11.85 for checks and
last week they were inclined to firmness, under the 11.88 for cable transfers, against 11.87 and
11.90.
,influence of June 1 requirements. Some part of the Chilean exchange closed at 12 1-16 for checks and
comparative weakness in the neutral currencies is 123/i for cable transfers, against 12.10 and 12.15,
due to the pull of Berlin money rates on the sur- and Peru at 3.99 for checks and at 4.00 for cable
rounding - countries. • This is especially true of the transfers, against 3.99 and 4.00.
guilder. There is a demand for marks at Amsterdam.
JUND 8 1929.]
FINANCIAL CHRONICLE
The Far Eastern exchanges have been dull, irregular, and decidedly weaker. The silver currencies
have been noticeably weak owing to the lower prevailing prices of silver. The money strain at Calcutta and Bombay is greatly reduced, with the
result that the Imperial Bank of India has reduced
its rediscount rate to 5% from 6%. The latter rate
had been in effect only since May 8. Explanation
of the weaknegs shown in Japanese yen for the past
few days is to be found in the internal credit situation of Japan. For eighteen months or more there
has been an official ban on the export of gold.
This measure was taken as a matter of protection
after the series of misfortunes which the country
suffered during the past ten years. There have
been three major crises: The panic in commodity
markets in 1920, the great earthquake of 1923,
and the financial panic of 1927. Since 1927 large
financial institutions have found themselves unable
to employ their surplus funds at any price at home.
Consequently, there has been and continues to be,
an export of capital to foreign security markets and
a, corresponding weakness in yen exchange. The
impossibility of moving metal to correct this pressure
owing to the official ban aggravates the weakness
in exchange. The Japanese Foreign Minister stated
recently that the Government has no intention of
removing the ban while the currency is so far below
parity. Closing quotations for yen checks Friday
were 44@44 1-16, against 44 5-16@44M on Friday
of last week. Hong Kong closed at 473 (648 1-16,
A
against 48 3-16@48M; Shanghai at 57 9-16@.57%,
against 583 ; Manila at 50, against 50; Singapore at
4
4
561 3@563 ., against 561 4@56Y Bombay at 36 3-16,
/
/
1
.;
against 363't,and Calcutta at 36 3-16, against 363i.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BAN1J3 TO TREASURY UNDER TARIFF ACT OF 1922.
JUNE 1 1929 TO JUNE 7 1929, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers to New York.
Value in United States Money,
June 1.
June 3.
June 4.
June b.
June 8.
EUROPE3
140450
Austria, «chilling
.138891
Belgium, belga
007197
Bulgaria, ley
Czechoslovakia, krone .
.266302
Denmark, krone
England, pound ster4.848895
ng
.025151
Finland. markka
039084
France. franc
Germany, reichsmark 238347
012927
Greece, drachma
401740
Holland. guilder
174323
Hungary. Pengo
Italy..ilra
.052324
Norway, krone
.266363
Poland. zloty
.111955
Portugal, escudo
.044920
Rumania,leu
005941
Spain, peseta
140327
Sweden, krona
267285
Switzerland, franc.- - .192466
Yugoslavia, dinar.-- .017577
ASIAChinaChefoo tael
.607083
Hankow tael...... .599375
Shanghai tael
582946
Tientsin tadl
610833
Hong Kong dollar__ .480089
Mexican dollar- - _ _ .424375
Tientsin or Peiyang
.422500
dollar
.419166
Yuan dollar
.360550
India, rupee
440913
Japan. yen
Singapore(8.S.)dollar. .560583
NORTH AMER..991862
Canada. dollar
.999937
Cuba. peso
478733
Mexico. peso
Newfoundland. dollar. .989112
SOUTH AMER.Argentina, peso (gold) .953280
118463
Brazil, milreis
120251
Chile, peso
977437
Uruguay, peso
963900
Colombia, peso
$
.140468
.138871
.007207
.029611
.286340
s
s
3
4.848766
.025161
.039077
.238367
.012923
.401520
.174303
.052317
.366382
.111790
.044920
.005936
.139863
.267282
.192474
.017576
.597708
.594843
.578303
.612708
.478660
.420937
.140436 .140461
.138839 .138820
.007227 .007217
.029607 .029613
.266301 .266312
..
4.8484684.84S854
.025151 .025160
.039085 .039087
.238598 .238411
.012926 .012920
.401505 .401578
.174253 .174263
.052320 .052319
.366381 .266375
.111830 .112122
.044960 .044980
.005934 .005934
.137935 .138109
.267267 .267271
.192475 .192472
.017571 .017566
June 7.
$
.140488
.138832
.007215
.029609
.266330
.140490
.138844
.007220
.029605
.266330
4.849008
.025151
.039091
.238439
.012924
.401502
.174293
.052317
.266398
.112155
.044740
.005941
.139243
.267322
.192477
.017566
.848619
.025146
.039089
.238436
.012917
.401395
.174284
.052318
.266390
.111881
.044760
.005935
.141036
.267316
.192477
.017584
.596875
.589531
.571875
.607083
.474642
.425937
.594791
.587500
.571785
.605416
.475446
.418593
.594583 .595416
.587658 .588281
.570982 .574821
.604791 .605625
.475714 .475714
.417500 .417812
.417083 .425416
.413750 .422083
.360443 .360338
.437350 .438083
.560583 .559750
.415825
.412291
.360246
.436833
.559750
.414166
.410833
.360246
.438708
.559583
.414583
.411250
.360271
.439694
559583
.991843
.999875
.478000
.989206
.991799
.999937
.478300
.989275
.991997 .992482
.999718 .999812
.478375 .478400
.989337 .989875
.992630
.999578
.478300
.990031
.953011
.118459
.120252
.976937
.963900
.952898
.118490
.120259
.974735
.963900
.952656
.118468
.120362
.972293
.963900
.952635
.118495
.120360
.969720
.963900
.952682
.118490
.120364
.970714
.963900
3739
Owing to a marked disinclination ,on the part of
two or three leading institutions among the. New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been.
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
June 1.
June 3,
Tuesday, Wednesd'y, Thursday, Friday,
June 4.
June 5.
June 6.
June 7.
Aggregate
for Wee.t.
S
S
$
$
3
I
$
151.000,000 147.000,000 141.000.000 145,000,000 153.000,000 149,000,000 Cr. 891.000.000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
June 6 1929.
Banks of
Gold.
Silver.
.
England-163,851,130
France a..292,771,460
Germany b 85.263,600
Spain
102,416.000
Italy
55,434,000
Netherl'ds. 36.419,000
Nat. Belg_ 27.523,000
Switzeri'd_ 19,845,000
Sweden___ 13.012,000
Denmark
9,595,000
Norway __ 8,156,000
I
I
_
I
I
June 7 1928.
I
Total.
.Gold.
SOlver.
Total.
£
£
I
£
163,851,130 164,079,965
164,079,963
(d)
292,771,460 147,137,677 13,717,826 160,855,503
c994,600 86,258,200 97,757,150'
994,600 98,751,750
28.796.000131.212,000 104,315,000 28,262,000132,577,000
55.434.000 48,276,000
48,276,000
1,744,000 38,163,000 36,262,000 2,085,000 38,347,000
1,270,000 28,793,000 22,053,000 1,248,000 23,301,000
1,587,000 21,432,000 17,598,000 2,422,000 20,020,000
13,012,000 12,862,000
12.862,000
443,000 10,038,000 10,105,000
623,000 10,728,000
8,156,000 8.171,000
8,171,000
Total week814,286,190 34,834,600849,120.790668.616,792 49,352,426717,969,213
Prey. week 808,449,152 34,633,600843.082,752670,380,225 49,106,426719,480.651
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £2,961,350. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
The Reparations Agreement at Paris.
The announcement on Wednesday that the experts
at Paris had at last reached an agreement regarding
the terms of a reparations settlement came as welcome news to the financial and business world. For
nearly four months the experts have stuck to their
'task, undeterred by difficulties and discouragements
which on more than one occasion have seemed to
presage a rupture of the negotiations. Their work
has been exceedingly laborious-far more laborious,
probably, than the general public realizes. Again
and again elaborate calculations and carefully
phrased proposals have had to be scrapped because
some unexpected difficulty has emerged, and the
whole process gone over again in the effort to find a
working formula or rule of procedure. A. very large
part of the credit for the successful outcome of the
prolonged discussions is due to Owen D. Young,
,chairman of the conference, whose hopefulness, uniform good temper, and diplomatic skill have gone far
to keep the conference from breaking down, but Mr.
Young's abilities as chairman would have gone for
nothing if his associates had not shown a generous
willingness to co-operate, and to them, as well as to
him, warm commendation is due. For Dr. Schacht,
leader of the German delegation, the agreement is a
great triumph, and his dogged persistence in holding
out for what he believed to be the only fair treatment
of Germany commanded the respect of his associates,
notwithstanding that acceptance of his demands undoubtedly involved far greater concessions than the
3740
FINANCIAL CHRONICLE
{Vol,. 128.
•
delegates from the creditor countries expected to
make when the conference convened.
Until the full text of the experts' report is made
public, the precise details of the plan that has been
agreed upon will not be known,and it is possible that
the report itself, when it is published, together with
last minute changes that may be found necessary,
may alter somewhat the summary statements given
out through the press. According to newspaper dispatches from Paris, however (we rely for the present
purpose upon dispatches to the New York "Times"
and "Herald Tribune" and an extended summary
cabled on Tuesday to the Associated Press),the total
indemnity to be paid by Germany, over a period of
thirty-seven years, has been fixed at about 36,885,000,000 marks (approximately $8,778,630,000). For
the first year, which dates from April 1, the annuity
will be made up of 1,200,000,000 marks payable under
the Dawes plan until Sept. 1, and 742,000,000 marks
for the remaining seven months until March 31, 1930.
Thereafter the annuities, for years beginning April
1, rise from 1,708,000,000 marks in the second annuity year to 1,995,000,000 marks in the tenth year.
From the tenth to the thirty-seventh year the annuities continue to rise to a maximum of 2,400,000,000
marks, the average for the whole period of thirtyseven years being 2,050,000,000 marks. Of this average annuity, 1,988,000,000 marks will be for reparations and the war debt payments to the United
,States, and 61,000,000 marks for the service of the
Dawes plan loan of $200,000,000, which is a preferred
claim. 660,000,000 marks of the annuity will be unconditional, in that payment may not be deferred
and the benefit of a moratorium may not be claimed.
660,000,000 marks, accordingly, represents the
amount which may be commercialized, the amount
corresponding to the interest and amortization of
the German railway bonds provided for by the Dawes
plan.
Following the period of thirty-seven years, Germany will continue to pay for twenty-one years whatever amounts are required to meet the remaining
obligations of the Allied countries to the United
States on account of their war debts, together with
the remaining American claims for expenses of the
army of occupation. It is expected that these
twenty-one annuities will be provided, in whole or
in large part, by allocating to this account 80% of
the profits of the proposed international bank. The
capital of the bank, $100,000,000,.is to be made up
from a deposit of some 200,000,000 marks in the
hands of the Agent General for Reparation Payments, and the remainder from German and Allied
deposits, the larger part of the German deposits, it
would seem, to bear interest. In case the American
war debt claims are reduced, Germany is to receive
two-thirds of the profits of the bank, and the remaining one-third will be divided among the creditor
countries. Upon the organization of the bank the
functions of the Agent General and the Reparations
Commission are to cease, and all matters incident to
the receipt and disbursement of reparation payments
will be handled by the bank.
The other provisions of the agreement, it is stated,
include a reduction of the "recovery" taxes imposed
by the creditor countries on imported German goods;
the return of the German railways to German control, subject to the obligations of the bond issue already mentioned; a possible moratorium of two years
on the conditional or protected part (1,390,000,000
marks) of the first thirty-seven years' annuities if
the financial condition of the Reich requires it, and
the progressive commercialization, if practicable, of
the unconditional portion of the annuities for the
same period. The demand of Belgium for thirtyseven annuities, of 25,000,000 marks each, in settlement of its claim to compensation for the depreciated
German marks left by the Germans in Belgium at
the close of the war (a demand which for several
days threatened to wreck the conference notwithstanding the support of the Belgian contention by
the French delegates) has been disposed of by an
agreement between the German and Belgian Governments to take up the matter in direct negotiations,
and a settlement by the Governments directly concerned of the financial obligations of the succession
States because of German and Austrian property
taken over during or after the war is also proposed.
The outstanding feature of the whole plan, of
course, is the very large reduction which it proposes
in the total amount which Germany is to pay. The
original demands of the Allied countries, as filed
with the Reparations Commission, aggregated some
$125,000,000,000. This preposterous sum was eventually reduced by the Commission to 132,000,000,000
gold marks, or about $33,000,000,000. The Dawes
plan did not undertake to determine the maximum,
but limited itself to fixing a scale of annual payments
which reached, in the fifth or present year, 2,500,000,000 gold marks. The total agreed upon at Paris
is not very much more than one-fourth of the amount
fixed by the Reparations Commission, and the average annuity is cut down from 2,500,000,000 to 2,050,000,000 marks.
It is not yet clear, from the summaries of the report that have been issued, precisely what the organization and powers of the proposed international
bank are to be. An Associated Press dispatch from
Paris on Wednesday, however, would seem to indicate that some modifications have been made in the
scheme as originally announced. According to this
dispatch, it will be left "for experience to determine
whether the bank's primary function as a substitute
for the Reparations Commission and for the Agent
General can be safely and profitably extended."
"The bank may, and probably will, discount paper
to the extent of its possibilities. It will receive de
posits other than reparations payments, but it will
never become a competitor of the central banks and
will never develop into the super-bank which some
people have forecast." On the other hand, "Its relations with the central banks of Europe will probably resemble somewhat that of the American Federal Reserve to member banks, although the scope of
its action will be much narrower." If, as these statements seem to indicate, there is to be no direct connection between the proposed bank and the Federal
Reserve system (and Secretary of State Stimson's
emphatic announcement a few weeks ago seems to
make such connection improbable), the bank will
have been shorn of one peculiarly objectionable feature as far as this country is concerned; but if the
bank is to stand in a similar relation to the central
banks of issue in Europe that the Federal Reserve
banks occupy in relation to other banks in the United
States, it may easily acquire all the characteristics
of a super-bank, and become a power for mischief as
well as for good. The bank scheme will deserve the
most careful scrutiny when the details of its organization are made known. .
Jurna 8 1929.]
FINANCIAL CHRONICLE
3741'
change, and because the commerce of the world has
adopted the "goldstandard" this Americau gold
dollar exchanges equably for the gold coinage of
every other country maintaining this "gold standard." Gold having two uses, that of coinage and
that in the arts and industries, and because of the
qualities of pure gold, that metal is sought for by
all peoples and has therefore an intrinsic value.
But such is the normal demand for gold for coinage,
and for the arts, that it is found to appear in such
quantities as to preclude more than a minimum
fluctuation in total quantity; and experience shows
(because of certain credit devices as will appear)
that there is never a serious lack of natural gold
for the coinage purposes of all peoples.
This gold dollar has several functions and uses.
But first, it now takes the place of all other forms
of money used or in use in this country. It is our
unit of value. In the ancient days of barter it was
necessary to have something with which to measure
value and with which to pay remainders. Shells and
skins were used. In more modern times, times
within our own national history, hides, tobacco, and
split coins of other nations were used. And now in
one brief comprehensive sentence the use of metals
for money is coeval with the advance of commerce
and civilization—culminating, for us, in the use of
the "gold dollar" and the adoption of the "gold standard." This dollar functions as a measure of value, a
medium of exchange, a standard of value and a comThe So-Called Purchasing Power of the Dollar. mon denominator of value. From measuring values
In one of the skirmish debates in the, House at by virtue of exchanging ratably for all things else
Washington, a Representative asked for caution in in commerce it becomes a standard of values, and
investigation of the workings of the Federal Reserve passes naturally into a denominator of values, a
Board in the matter of the control of credit, but name for values.
Independent of this naming of values by a bit of
naively hoped that'something would be done to regulate "the purchasing power of our American dol- fixed gold, all articles and products of trade have
lar!" It is inevitable that in any great discussion of relative values according to supply and demand—
credit a "money question" should appear. There hence price. Price is named in dollars. Purchasing
still lingers in certain minds the idea that by some power of the dollar or dollars depends upon price.
method, legislative or other, the so-called "purchas- If, for example, all the gold stock of the world were
ing power" of a dollar can be stabilized. It ought coined into dollars and put in a pile, and all articles
not to be necessary to say that "price" stabilization and products of use were put into another pile, and a
is the object sought, and that since price can never few men owned the dollars and the vast majority
be stabilized, this pet phrase has really no meaning of men owned the articles and products, call them
whatever. In view of what is likely to come in any bushels, the dollar men would be poor and the
general overhauling of credit it may not be amiss bushel men rich. The dollar men could only buy
to examine again this American "dollar." It will from the bushel men at the price the bushel men
not be denied, we presume, that this dollar is gold, would set—quantity and quality, not dollars, makes
since under the act affirming the use of the "gold price. Dollars merely serve the demands of trade
standard" the Government undertakes to maintain and exchange in naming price.
the parity of the silver dollar and to provide for the
Supply and demand depend not upon the number
protection in gold of all our currency—National of dollars or the so-called "purchasing power"—
bank notes, Treasury notes, Federal Reserve notes, price-naming power—of these dollars, but upon
and all other forms.
natural laws in a physical world and upon the enerNow this gold dollar is made of a fixed quantity gies, ambitions, tastes, wants and needs of(manof gold, of a fixed weight and fineness, coined for kind. More than this, the coined dollar circulates,
convenience by the Government for the use of the it buys not once but a thousand times, as powerful
people. This coinage adds nothing to its intrinsic (as serviceable) the last time as the first. It has
value, takes nothing away. The same quantity of nothing to do with the real value of wheat and corn,
gold uncoined is as powerful in purchasing power, iron and steel, lumber and building, goods and clothand for shipment overseas gold bars, of the same ing—these have values in relation to each other,
weight and fineness, are preferably used to avoid according to supply and demand (and just as often
abrasion. As a matter of fact, the gold dollar is no demand as supply), and the dollar acts as a servant
longer minted, though it remains the unit for all to name price and price is a universal solvent for all
other gold coins. This, then, is the "American dol- values—when, as; and if, denominated in fixed or
lar!" It is not one thing to-day, another to-morrow; gold dollars. We pasts by the quantitative and qualiit is a fixed weight of gold of specific fineness, and tative theories of money to say that if there were in
though the world's gold stock changes, and almost the world a lack of sufficient gold for we as money
Imperceptibly, the American gold dollar does not the need is obviated by the device of credit dating
It remains for the Governments concerned in the
reparations payments to act upon the report which
the experts signed on Friday. It seems hardly possible that the plan will be rejected, offering as it does
a settlement as advantageous as could practically be
made,and enabling the creditor Governmentsto know
exactly what receipts may be looked for overa considerable period of years. The disturbingfactors are the
recent change of Government.in Great Britain, and
the announced opposition of the Nationalists in Germany, but the MacDonald Government, however it
may be constituted, will be favorable to reconciliation with Germany, and the German Nationalists,
while a powerful party, do not control a majority of
the Reichstag. The first reaction of France is reported to have been favorable, there has been no suggestion of oppositiotf from Italy, and the smaller
States of eastern Europe, together with Belgium,
are likely to follow the lead of their more powerful
neighbons. American approval, apparently, is not
required, since the agreement, although it links together the war debts and reparations at a number of
points, does not disturb the debt settlements. All
things considered, the outlook is hopeful for a definitive adjustment of one of the largest, most complicated, and most irritating of international controversies. The United States May well be grateful that
some of its citizens have had an opportunity to make
a worthy contribution to this great undertaking.
•
3742
FINANCIAL CHRONICLE
[Vora. 128.
from the days when notes, promises to pay, were forbidding the first-born in every family from buyburned.upon the bricks of Babylon to the present ing and selling stocks on the Exchange, for it is
hour—!Made feasible for use in terms of money by manifest from the recent ups and downs of the "marthe advent in mediaeval times of banks, dealers in ket" that only those of the utmost wit and intellimoney and credits. So great has credit grown that gence have a ghost of a show to succeed in this
it has come to supplant for the uses of commerce all perilous adventure. Such a law, and is there anyforms of money everywhere. Thus the common de- thing law may not do, would settle the discount
nominator of value is the chief function of the gold rate, establish a golden mean for brokers' loans and
dollar which names the quantity of credit in exist- relieve the banks from many of the impossible disence and the price-value of the multitudinous prod- criminatory practices• they are now being loudly
ucts of man's work in the world. Thus in the evolu- called upon to perform.
tion of credit and money the former circulates freely
Science, it would seem, can save this or any other
in bank notes, in the checks and drafts of banks, and day. Science is far and away from the ignoble pasin the bonds of nations—billions on billions without sion for money making. But it proposes to control
the use of a gold dollar, or gold coinage, which to a man himself by the simple device of intelligence
large extent goes into retirement. Now if these gold tests. Astro-physical science, pure as gold unaldollars have a purchasing power, so do these credit loyed, looks with disdain upon.the antics of the getdollars in equal degree. And since the gold dollar, rich-quick in the speculative domain, but it hesiunit of value, measure of value and medium of ex- tates not to prove the Einstein theory of "relativity"
change, and common denominator of value, naming by the study of the corona in eclipses of the sun and
price, is the nearest thing in the experience of metal photography of the "island universes" that lie milcoinage to an unchangeable value in itself (its own lions of light years out beyond the Milky Way.
intrinsic value as related to all other intrinsic values Nothing is too far or too large, too small or too near,
in things) the commerce of the world has come to for its yearning investigation. In the investigating
accept gold as the one "standard of value." (The. field of human activity it has but one rival, and that
war brought into use the American gold dollars more is the Senate of the United States. It is no wonder,
than ever before, and thus it is used more than other therefore, that in this era of perpetual prosperity of
coinages to denominate international credits, not the "richest country of the earth" it should come
because it buys more or less in trade.)
forth from its cloister-like laboratory in a renowned
With gold enough (if properly distributed, we university with a proof that "psychology" is wrong
have not space for that), credit is the problem of when it asserts that older brothers and sisters have
world finance. Credit in which and by which to less intelligence than younger brothers and sisters
. buy and sell, credit of a denominational fixity, be- in the same family. Perhaps this asserted fact, if
cause expressed in gold under the gold standard. we could delve deep enough into English history, was
Credit thus becomes a friend—money a servant. the reason for the ancient law of primogeniture
Money is the servant of credit and trade. Credit which our new Republic so glibly discarded. The
buys and sells, money is intermediary. But credit older brother, being wanting in intelligence, was
must be based on gold, for gold has an intrinsic given the property because he needed it!
value, a reality as a remainder. As long as credit
Dr. Harold Ellis Jones, director of research at the
issues freely, credit named in gold dollars, it does Institute of Child Welfare at the University of
not make any material difference whether the gold California, and Hsiao Hung Hsiao, graduate stucontents value of the gold dollar changes or not, its dent, we are told, "have just completed a survey
so-called purchasing power remains unchanged and which tentatively disproves" the contentions of reit, and credit named in dollars, buys as much as cent "psychological experiments." Elder brothers
ever it did or will according to the relative prices and sisters may therefore take hope, it is not yet
of all commerce and industry. Purchasing power in scientifically proved that they really have less intellithe sense in which it is popularly used is a misnomer gence than their younger brothers and sisters. Dr.
and a myth. Credit does affect trade and price, Jones in a summary of his report, we are informed,
money does not. We have practically ceased to use says: "Two recent studies have indicated that the
money save in small transactions. Our pending elder children in a family are inferior in intelligence
problem is credit—that it may issue freely out of to the younger children. In one case, however, this
trade transactions sufficient for each day's needs.
difference is probably due to an error in the measuring scale, and in the other case it may be attributed
Science and Intelligence.
to errors in selection, such as that a superior sample
While financiers, business men, and the news- of the younger children was used." . . . "In the
papers are discussing the duties of the Federal Re- data we have reported, care was taken to maintain
serve Board with reference to the credits of the an adequate sample at all ages, and the material
country and examining the powers of the Federal was statistically treated so as to eliminate the influReserve and member banks with reference to the ence of certain errors of measurement. When this
proper apportionment of brokers' loans and com- was done, no reliable difference was found between
mercial loans, science in one of our universities is the intelligence of the earlier and later born. The
making some investigations as to the relative intelli- results apply not only to children, but also for adult
gence of older and younger brothers and sisters pairs of brothers and sisters." . . . "I have
which might disclose a means of relief for over- pointed out, however, that in a more detailed
speculation on the stock market once certain laws analysis certain differences might be revealed if we
and principles are established. It is related that take into account the age of the mother in the various
recent psychological experiments tend to show "that cases, and the influence of prenatal and early postelder brothers and sisters are less intelligent than natal factors."
In other words, having first accurately measured
, their younger brothers and sisters." Now if this
can be proved, how easy it would be to pass a law the intelligence, so that you know what it is by
1929.]
FINANCIAL CHRONICLE
3743
quantity and quality, you can compare the older Give no one the privileges of the floor but the intellibrothers with the younger brothers, and discover gent brothers and sisters. Brush the weaker elder
the difference, if any. But if you yourself have not brothers and sisters aside—the old fools who will
intelligence enough to select the right inch-rule, you gamble through sheer ignorance—and let the ,.
can never be sure. And even when you are most youngers have the right of way. Of course this does '
sure, it may be the "prenatal and early postnatal not work out right, for the youngers are the one who —
factors" which are the cause of the difference and singe their wings and keep the ticker far behind the
not the mere order of birth. We are inclined to let sales. But it is scientific. The unintelligent old
the matter rest on the first experiments of Dr. Jones men who have seen boom follow boom somehow wait
and to believe that the youngsters are not inherently for the intelligent young fledglings to bite and catch smarter than their elders. It does not sound right— them with impunity. It is a queer world! Very,
though there may lurk somewhere in the momentous very queer! As older brothers and sisters are less
investigation a reason for the independence of "flam- intelligent, so older generations must be. All our
ing youth" and the modern propensity for "living difficulties arise out of the progressive ignorance
one's own life" that was not vouchsafed to the elder of our ancestors. We of to-day were born to "set
children of the family. But what is society to do the world right." With superior intelligence we
with these tremendous facts? There mitt be older measure all other intelligences. There is a bare
brothers and sisters before there can be younger. chance to make a mistake in measurements, and even
And if they are forever to be "less intelligent" the in choosing our yardsticks. But as long as we are
only hope for humanity is in bringing forth so many backed up by "science" we need feel no alarm.
"younger brothers and sisters" as to make negligible
the influence of the weaker older brothers and sisters
Public Utility Earnings During Apri'.
—which is an equation in relativity which might
Gross earnings of public utility enterprises in April,
puzzle an Einstein. At best it is hard on the indi- exclusive of telephone and telegraph companies, as reported
viduals—for it is not recorded that in the same to the Department of Commerce by 95 companies or systems
operating gas, electric light, heat, power, traction and water
family one can choose the order of birth.
services and comprising practically all of the important
But in how many ways in life this knowledge organizations in the United States, were $190,000,000, as
would help us! Take Presidential appointments, compared with $195,000,000 in March and $181,143,683
with which Mr. Hoover is now wrestling. For in- in April 1928. Gross earnings consist in general of gross
telligence, the safety of democracy, always choose operating revenues, while net earnings in general represent
expenses and taxes, or
from among the younger brothers and sisters. In the gross, less operating some cases the figuresthe nearest
for earlier
comparable figures. In
the old days, the prewar days, the pre-science days, years do not cover exactly the same subsidiaries, owing to
age and experience, the "post-natal factors" near acquisitions, consolidations, &c., but these differences are
and far, counted for something. The saying "live not believed to be great in the aggregate. This summary
and learn" was not then in disrepute. The anti. presents gross and net public utility earnings by months from
1926, the figures for the latest months being subject
reactionaries and modern progressives were not yet January
to revision.
PUBLIC UTILITY EARNINGS.
born and no one was subjected to the tape-line of
an intelligence test. Now we have not only the
1927.
1926.
1928.
1929.
"intelligentsia" but we have the super-intelligences Gross Earnings—
$
$
•
$
$
177,473,781
191,702,022
196.573.107
203.000.000
anuary
to prove it. But who will measure these measurers fFebruary
165,658,704
177,612,648
187,383,731
194.000,000
167,642,439
179,564,670
187,726.994
195,000,000
Warch
of intelligence? Evidently they made mistakes, for tprll
166,927,022
176,467,300
181,143,083
190,000,000
Dr. Jones has caught them at it. So, though the Total(4 months).— 677,701,946 725,346,640 752,827.515 782,000,000
President is now said to reveal the indorsers for high Way
171,255,699
180,255,407
159,135,618
157,744,715
167,975,072
178,696,556
rune
places, who will measure their intelligence fitness? fuly
161,638,462
173,645,919
-•
153,245,315
162,647,420
173,952,469
153,188,101
•
August
There is room here for a new and prolific bureau. 3eptember
179,346,145
159,519,246
169,413,885
190,795,668
177,734,493
170,733,069
And, in fact, this intelligence test idea is creeping October
198,032,715
182,077,497
178,000,649
November
202,000 000
194,985,134
188,146,705
December
into our common schools—and (if carried out ac1,995,415,364 2,113,074,302 2,229,552,394
Total (year)
cording to the psychologists whom Dr. Jones now
Na Earnings—
79,013,279
73.746,891
92,000,000
66,974,941
irrelevantly discredits) may reverse the grades and January
86,000,000
74.296,576
66.907,757
61,555,164
February
65,412,739
72.811,146
85,000,000
60,696,920
put the unintelligent "older brother" pupils where March
64,907,729
68,971,324
83,000,000
59,471,359
April
they belong at the foot of the class. And being a Total(4 months)-- 248,698,384 270,975,116 295,092,325 346,000,000
machine-blessed age we have the mechanism to lay May
67,732.911
61,194,779
54,993,907
67,537.149
59,167,096
55,699,751
on the mind, which we may expect will show us how June
62,260,333
53,980,280
49,238,806
July
61,809,794
53.551,164
49,844,522
August
new ideas ,on old heads, heads that are September
to graft
68,235.698
61.897,207
56,930,481
73,670,561
65,259,727
60,878,181
innately "less intelligent." Nature works in mys- October
81.363,806
135,844,729
70,214,468
November
91,000,000
78.937,417
73,023,848
December
terious ways these wonders to perform. One would
868,702,577
775,177,254
715,152.609
not expect the first child to be so far behind the last Total (year)
in common sense and we presume health also. PerTaylor,Ewart & Co.Inc., Investment Bankers, Chicago,
haps the solution lies in the parents refusing to bear
Suspend.
the older brothers and sisters. It is said the uninOn June 1, the investment banking firm of Taylor, Ewart
telligent are more prolific than the intelligent, and & Co. Inc., with main office at 112 West Adams St., Chicago,
that democracy is threatened with ignorant rule. announced suspension of business. According to the Chicago
was the first failure of a La Salle
Now if the intelligent younger brothers and sisters "Tribune" of June 2, itand resulted from the recent decline
years
way be brought into the world without St. firm in several and the stagnation of the bond market.
can in some
in the stock markets
any elder brothers and sisters we can save the ReThe suspension of business, it is stated in the Chicago
public. It is worth trying. And science may no "Tribune" was caused by New York and Chicago banks
doubt find a way. And the world's troubles and calling on the firm to reduce approsimately $4,000,000 of
loans, which it was unable to do owing to the frozen conthe hardships of individuals will all disappear.
dition of its assets, which were estimated at $6,000,000.
And so, coming back to our first thought, why The company's troubles were briefly explained in the
worry about brokers'loans and the Stock Exchange? following announcement.
3744
FINANCIAL CHRONICLE
It is true that Taylor, Ewart & Co. is temporarily at least in financial
difficulties. However, the assets of the company are such that, with the
Co-operation of the banks, there should be no loss to any firm or individual.
The firm was established in 1911. With its head office in
Chicago, it maintains branches in New York, Boston,
Houston, Kansas City, Mo.; Louisville, Milwaukee, Minneapolis, New Orleans, Philadelphia, Pittsburgh, San
Francisco and St. Louis. B. F. Taylor is Chairman of the
Board,C.B.Ewart,President(New York), and L. R.Billett
Secretary and Treasurer.
The organization (the Chicago paper said) is„reputed to
have distributed more than $50,000,000 of securities. It
has an authorized capitalization of $2,200,000, with $183,000
of preferred and $900,000 of common stock outstanding.
Mr. Billett explained that "the suspension of the company's business resulted from the calling of its loans by the
New York and Chicago banks. We were unable to meet
these obligations because of assets being tied up in securities.
Naturally, the banks started selling our collateral, but we
[VoL: 128.
believe if the liquidation is orderly there will be no loss to
any one outside the firm. I cannot say whether there will be
a receivership."
In a subsequent edition of the Chicago "Tribune"(June 4)
'
it was stated that receivership proceedings for the firm
appeared to be averted the previous day when the principal
creditors indicated their desire to await a more favorable.
market for the liquidation of the company's collateral.
Attorneys representing the firm, it was said, stated that this
method will lessen the chances of loss to creditors and
customers. Preparations for the application of a friendly
receiver, which were under way earlier in the day, were
abandoned.
In conclusion the last mentioned paper said:
Examination of ourt records in New York has disclosed that a suit
for $2,850,000, which was filed against the firm last year by the Central
System Corp., now known as the First Mortgage Co. of America, is still
pending. The bill charges that Taylor, Ewart & Co., failed to perform a
Contract which obligated the defendant concern to purchase $3,500,000 of
first mortgage collateral 53i% series "A" bonds and 30,000 common
shares from the complainant corporation.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. ever. Fluctuations of 5 to 8 cents a day have attended
Friday Night, June 7, 1929.
hectic wheat markets at Chicago which after a time caused
After a week of more seasonable conditions last week the noteworthy advances in Liverpool. Export businesss has
weather this week relapsed into cool and wet conditions which increased. Canada has complained of dry weather. Aronce more retarded trade and delayed progress of the crops. gentina, it seems, would be the better for more rain. But
This is true more especially of the West and the South, par- the outstanding factor is the matter of relief for the farmer
ticularly the Southwest: Corn planting is backward because who has been over-producing and seems disinclined to adopt
of prolonged rains in portions of the belt, and there are now heroic curtailment of production to cure the evil of unduly
fears of new rains in the Ohio Valley. There are signs of low prices. Corn has advanced nearly 10 cents in response
the weather clearing up in the Southwest. The cotton crop to the rise in wheat and because of excessive rains in the
is backward, especially in Texas and Oklahoma. Yet Southwest which have delayed seeding. The start of the
despite all drawbacks the aggregate trade in this country is crop is therefore late. Chicago's stock is only about half
larger than that of a year ago. This is no new condition. as large as that of a year ago. Other grain has risen very
But it is gratifying to notice that it is still maintained. A noticeably. Flour has also advanced. Provisions have adrise in car loadings is taken as indicating a more or less vanced partly in the hope of farm relief measures helping
notable activity in productive industry. In this respect the hog products as well as grain. Lard has advanced about
figures of the second quarter of 1929 may make no very 35 points. Sugar has declined markedly as in any event no
unfavorable comparison, after all, with the high record increase in the duty seems likely for some months to come
totals of the first quarter. Indeed it is suggested that the and tired holders have let go. There are emphatic protests
first six months of the present year may show unique results against an increase in sugar tariff both in this country and
in the matter of factory output. All that the country needs Cuba.
now is a period of reasonably clear and warm weather.
Coffee has declined 20 to 45 points as New York and
There is a large output of steel and pig iron. Yet crude European interests have sold rather heavily while Brazilian
steel is scarce. The high production of automobiles is taken markets have given no effective support. Coffee stocks
to point clearly to the very large output of small cars.. The are steadily increasing in the interior of Brazil and some
output of automobiles in May while estimated at 6% smaller look for a very large crop. Meanwhile the Defense Comthan that of April is put at 36% larger than in May, last mittee, it is stated, refuses to lower prices as it does not beyear. tune, from present indications, is expected to show lieve a decline would stimulate exports. Cotton advanced
no very great decline as compared with May, and not 40 to 45 points largely in sympathy with a sharp rise in wheat
impossibly will show a notable gain over June last year.
and some advance in stocks. But another very potent
Coarse yarn cotton cloths advanced %c on most print factor was continued cold wet weather in the Southwest.
cloth constructions, but the business was on only a moderate In parts of Texas the fields are becoming grassy and there
scale. It is noticeable, however, that the mills are disin- are complaints of numerous weevil. The weather has been
clined to enter into contracts very far ahead at the present better in the matter of lessened rainfall in much of the rest
level of prices. Sheetings were in fair demand and firmer, of the belt, but the night temperatures there, as elsewhere,
though not generally changed in price. The higher grades have been too low. Everywhere the crying need is of dry
of cotton cloths were steady but quiet. In some parts of or warmer weather, or both. Buying by Wall Street and
the country for an exception the weather was more seasonable the West has at times been a large factor in the cotton
and this stimulated sales of finished cotton goods. But in trading. The weevil emergence from Mar. 1 to May 31
the primary markets new business was small. Woolens in Texas is said to have been 73i% against half of 1% in
and worsteds have been slow of sale. An active demand the same time last year. Spot cotton has advanced with
prevailed for broad silks, especially for printed fabrics. Raw futures and even short staple has,it seems,sold more readily.
silk was firm but met with only a moderate demand here. A Rubber decline 10 points, with London and Singapore prices
decline in silver has militated against Manchester, Eng- off. But the consumption of crude rubber in May is said
land's trade in cotton goods with the Far East. Manufac- to have approximated such a weighty total as 50,000 tons
turing furniture business is quiet. There is a big decrease which was larger than many had expected. For five months
foreshadowed in building, owing partly to money conditions. of the year the total is stated at 226,000 tons or over 50,000,
The output of bricks and lumber is smaller than that of a tons more in a like period of last year.
year ago. The number of failures shows little change but
The stock market on the 4th inst. on transactions of some
liabilities have been increased by recent suspensions.
3,400,000 shares advanced 2 to 9 points or more in some
Wheat has filled a big place in the speculative world of the cases, though less in others with call money easy enough at
United States this week rising nearly 12 cents owing to pro- 7%, and the thorny German reparation question at last
posals to devote $200,000,000 of a government revolving settled on the basis of an ultimate ,800,000,000, with all
fund of $500,000,000 to the stabilizing of the price of wheat the immense potentialities of the settlement for the benefit
or in other words to prevent any further decline and per- of world commerce. Wheat was up 5 to 6o and corn 4 to 5c,
haps it is suggested advance the price in some manner not on proposals to devote $200,000,000 to purchase the wheat
yet altogether clear. Of the determination of the govern- surplus. Cotton rose 50 to 57 points from the early low in
ment to "do something for the farmer" through the agency response to all this and with an oversold condition. Also
of the Farm Relief Board there seems to be no doubt what- gold was engaged in London to come to New York. Month-.
JUNE 8 1929.]
FINANCIAL CHRONICLE
3745
, an increase of 9.0% over the
end settlements had gone through with unwonted smoothness. amounted to $112,198,650
last year.
Stock market shorts were almost as nervous as Chicago, and corresponding period
June 3d here was the coldest June day on record. It was
New York shorts in grain and cotton. Curiously enough
with 44 degrees at 5 a. m. the coldest in 22 years. At Flagstaff,
bonds lagged; it was a strange sort of anti-climax even
32 degrees. On May 31st it was 90 degrees
money easier for a couple of weeks. To-day stocks were Arizona it was
notably in here. On June 3d the Central West was shivering in airregular with sharp reactions here and there
In Detroit it was down to 40
Commonwealth Power and Radio. On the other hand, sudden drop to 47 degrees.
34, at Des
rising 40 points reached 402, Water degrees, at Marquette, Michigan, 38, at Duluth
Commercial Solvents
Moines 46, at Minneapolis 42 and at Cincinnati 46. A
Works and Air Reduction rose nearly 8 points and there were
the Northeast accentuated the low ternother noticeable advances. Federal Light, Detroit Edison, chill wind from
stocks, eratures in many sections. Nebraska had floods and a
Curtiss Aero, Shattuck and Allis Chalmers, Electric
inst. threatening to send many streams
Steel stocks especially U. S. Steel and Bethlehem acted well. heavy rain on the 2d
reported in Boston
of over 30%, railroad out of their banks. Snow flurries were
Despite a gain in net April earnings
and the vicinity and light to heavy frosts occurred in Midstocks were sluggish. The big rise in grain this week has,
Mass. At Lexington, Mass., a ground readof course, been of no small importance. The settlement of dlesex County,
ing of the thermometer gave 29 degrees. At Concord, Maas.,
the Reparation question though one of the toss showing
was 35 degrees. In many localities
factors is, of course, as already intimated •one of supreme the official minimum
crops were endangered and farmers and market gardeners
moment. Bonds to-day were dull.
in the fields to protect them from frost.
It is said that at least 85% of cotton mills producing print worked all night
On the 5th inst. it was 55 to 69 degrees with a little rain
and most medium weight convertibles will
cloths, sheetings
was 54 to 72, Chicago 54 to 56; Cincinnati
be closed during the Fourth of July week, according to at night. Boston 56 to 58; Detroit 52 to 64; Kansas City
Cleveland
statements in the cotton goods markets. Further curtail- 54 to 76;
Milwaukee 44 to 54; St. Paul 52 to 78, Montreal
ment is expected according to some and it is intimated that 60 to 72;
52 to 66; Omaha 54 to 76; Philadelphia 56 to 72; Portland,
it may amount to an average of four weeks before Oct. 1 in
San Francisco 54 to 62; Seattle 54 to 66; St.
those mills where production has been running ahead of Me., 48 to 66;
Louis 60 to 74; Winnipeg 48 to 80. To-day temperatures
demand.
degrees and the forecast was for showers
Fall River, Mass., wired that with the purchase of the here were 57 to 78 had 56 to 70 degrees; Chicago 50 to
Corp., the property comes into to-morrow. Boston
Chace Mills by the Arkwright
80; Cleveland 52 to 76; Detroit 48 to
possession of Homer Loring and his associates and will be 80; Cincinnati 60 to
Milwaukee 44 to 80; Philadelphia
in conjunction with the Arkwright Mills. It is 78; Kansas City 60 to 72;
operated
plant 58 to 76; San Francisco 54 to 64; Seattle 50 to 58; St. Louis
believed production will begin at the Chace Mills
Paul 48 to 80.
within the next two months,as considerable preliminary work 64 to 72 and St.
Greenville, S. C., wired that the
already has been done.
first week of July will be a holiday period for thousands of
Monthly Indexes of Protextile operatives in the Piedmont section of South Carolina, Department of Commerce
duction, Stocks and Unfilled Orders.
plans having been announced by many mills to curtail during
that time. The Victor Mills will close for the week beginning
The 'United States Department of Commerce issued as
June 29 and resume operations the following Monday. The follows on June 1 its monthly indexes of production, stocks
mills headed by James P. Gossett, will also close the first and unfilled orders:
week in July. The Mills Mill will shut down the first week
production.—The general index of industrial production during April,
the prein July. The Woodside group of mills will shut down for after allowance for seasonal conditions, showed gains over both the comcorresponding period of 1928, according to
days, according to the present plans, beginning ceding month and the Reserve Board. The principal increases over April
only three
putation of the Federal
Wednesday night July 3 and continuing until the following 1928 in manufacturing occurred in the output of automobiles, rubber tires,
year were
metals. Declines
Monday morning. Notices have been posted in the Clinton textiles, tobacco and non-ferrousleather and shoes. from lastproduction,
Mineral
the output of
that the mill will be shut registered only infor seasonal conditions, was larger than for either the
Mill at Clinton, S. C., announcing
after adjustment
down for the week of July 1. Greenville wired June 4 that preceding month or a year ago.
Commodity Stocks.—Stocks of commodities held at the end of April were
the employees of Wareshoals Manufacturing Co. at Ware- greater than a year ago, but showed a decline in the preceding month.
shoals walked out on strike on Monday. Reports from The increase over last year was due to raw materials, which mote than offset
Wareshoals were that the entire plant will shut down because a decline in stocks of manufactured goods.
Unfilled Orders.—The general index of unfilled orders showed gains over
of the walkout, but the cause of the strike was not given. both the previous month and April 1928. Forward business for textiles
Greenville, S. C., wired that all operatives of Mills Co. and lumber was larger than in March, while unfilled orders for iron and steel
As compared with a
there walked out on strike last Friday, demanding a 20% and transportation equipment declined. showed larger unfilled year ago.
orders in
data are available
wage increase, abolishment of the efficiency system and no all groups for which relative increase over last year occurred in unfilled
April. The greatest
n against any workers who join the American orders for lumber.
discriminatio
Federation of Labor. Spartanburg, S. C., wired that more
April
April
March
than 4,000 operatives remain idle in the following four plants
Index Numbers, 1923-1925=100.
1928.
1929.
1929.
of this State: Anderson Cotton Mills, Aragon-Baldwins
Production—
Whitmire Mills, the Mill's Mill and the Wareshoals Mill. Raw materials:
95
98
88
Animal products
Efforts will be made to bring the mill offcials and the 2,000
57
59
72
Crops
96
ao
86
striking workers of the Wareshoals Manufacturing Co. into
Forestry
109
121
118
Reserve Board)
conference. Spartanburg wired June 6 that two spinning Industrial (compiled by Federal
105
114
107
Minerals
110
123
120
rooms and three weave rooms at the Brandon Mills, which Total manufactures (actuated)
122
135
132
Iron and steel
101
120
116
operate day and night, were closed last night as a group of
Textiles
98
102
96
Food
118
125
125
14 dissatisfied spinners objected to some extra work. At Paperproducts
and printing
8395
Anderson, S. C., on June 6, 1,500 workers out on strike at Lumber
108
iii
163
Automobile,
97
96
98
Leather and shoes
the Anderson Cotton Mills since April 4 agreed to return to
111
122
brick and glass
109
153
127
work when an agreement was reached with the 300 weavers, Cement, metals
Non-ferrous
160147
who started the strike. There will be a temporary allotment Petroleum refining
134
la
152
Rubber tires
120
142
126
Tobacco manufactures
among the weavers until a final settleof looms'with bonuses
Commodes Stocks—
123
126
133
ment can be reached.
Total
125
132
142
119
Montgomery, Ward & Co.'s sales for May were $19,- Raw materials goods
118
121
Manufactured
Unfilled Orders—
879,804, an increase of 25.2% over May 1928. Sales for Total
77
86
85
71
83
82
Textiles
the first five months of this year were $100,853,901, an in- Iron and steel
82
92
93
73
80
81
crease of 30.3% over the corresponding period last year. Transportation equipment
70
83
81
Sears, Roebuck & Co.'s sales for May were $35,125,915, Lumber
increase of 45.1% over May 1928. Sales for the first
an
five months of this year were $156,980,732, an increase of
Monthly Indexes of Federal Reserve Board.
30.4% over the corresponding period last year. Aggregate
store organizations for May and for the
The monthly indexes of the Federal Reserve Board, coversales by 19 chain
first five months of this year show increases of 23.5% and ing production, employment and trade, issued about the
13.2% respectively over sales by the same chains in the corre- first of each month In advance of publication of the indexes
sponding periods of last year. F. W. Woolworth & Co.'s in the Federal Reserve Bulletin, were made available as
sales for May amounted to $28,578,234, an increase of 24.2% follows on June 3. The terms "adjusted" and "unadjusted'
over May 1928. Sales for the first five months of this year refer to adjustment for seasonal variations.
3746
FINANCIAL CHRONICLE
(Monthly average 1923-25=100)
Apr. Mar. Apr.
1929 1929 1928
Apr. Mar. Apr.
1929 1929 1928
Industrial Prot:flex
Budding ontractsadjustedAdjusted
135 104 135
Total
•122 119 109 Unadjusted
156 118 157
Manufactures
•123 120 110
Wholesale distrUntMinerals
•115 107 105
lion, adjusted
Manufactures, adTotal
*100
96
92
lusted*96
Groceries
91
93
Iron and steel
135 132 122 Meats
*123 122 112
Textiles
120 116 101 Dry goods
*90
88
78
Food products
102
96
98 Men's
*88
98
77
Paper and printing___ •I23 125 118 Shoes clothing
.95
95
94
Lumber
(a)
89
95 Hardware
*97
92
86
Automobiles
167 163 108 Drugs
*116 108 111
Leather and shoes__- 97
-98
97 Furniture
*100
93
87
Cement, brick, glass_ 127 rI35 111
Nonferrous metals__ 137 rI29 109
Wholesale distribuPetroleum refining__ 166 160 147
lion, unadjusted.
Rubber tires
*161 152 134 Total
*96 101
88
Tobacco man'factures 142 126 120 Groceries
*91
89
88
Minerals, adjusted.
*115 117 105
Meats
Bituminous
100 r89
91 Dry goods
*80
92
70
Anthracite
95 r77 107 Men's clothing
*85 136
75
Petroleum
133 134 120 Shoes
*100 110
99
Copper
141 135 103 Hardware
599
95
88
Zinc
119 112 113 Drugs
*119 119 113
Lead
r122 r112 100 Furniture
•101 105
88
Wives
106 r93
89
Dept.store sales
Freight car loadings,
105 r113 103
Adjusted
adjusted104 110 102
Unadjusted
Total
111 103 104
Dept. Store stocks
Grant
98 103 108 Adjusted
100 799 7101
Livestock
90
81
89 Unadjusted
104 r102 r106
Coal
102
89
99
Mail order house
Forest products
94
87
87
saks-Merchandise I. 0. 1.,
(b) 142 117
Adjusted
and miscellaneous_ 114 111 108 Unadjusted
(5) 156 115
r Revised. •Preliminary. a Not available. b Computation of index discontinued, basic data available having become unsuitable.
FACTORY EMPLOYMENT AND PAYROLLS. •
(Unadjusted 1919=100) .
Employment.
I
Total
Iron and steel
Textiles, group
Fabrics
'
Products
Lumber
Railroad vehicles
.Automobiles
Paper and printing
Foods,&c
Leather. esc
Stone, clay. glass
Tobacco. Sto
Chemicals. dtc
Mar.
1929,
April
1928.
April Mar.
1929. 1929.
94.2
96.3
91.7
93.0
89.9
87.2
72.8
167.0
108.3
83.6
78.4
107.2
76.1
80.5
93.8
94.3
92.7
93.2
91.3
85.9
71.4
166.6
108.9
84.9
80.2
101.7
76.8
80.8
89.3
84.2
90.0
91.0
88.7
87.0
72.0
133.8
105.9
82.8
79.8
109.1
76.0
76.7
113.5
110.3
102.5
104.8
99.7
99.2
86.6
218.9
153.0
100.0
77.1
132.6
79.6
114.9
112.9
107.9
105.9
105.3
106.8
97.2
84.3
213.6
155.5
100.9
80.0
124.6
78.0
114.1
102.6
92.2
94.7
95.5
93.8
98.3
81.2
171.8
146.7
96.5
75.3
134.6
73.8
108.8
Merchandise and miscellaneous car loadings increased more than usual,
and this bank's index reached the highest level since June 1927: other car
loadings also increased, whereas usually there is an 11% decline from March.
Exports declined more than usual, but imports, instead of showing the decline which generally occurs, increased, and this bank's index rose sharply.
Department store sales declined somewhat from the high level of March,
partly due to unfavorable weather conditions, and partly to the early date
of Easter this year, but remained above the level of a year ago. In 140
centers outside of New York City, bank debits declined more than usual
from March to April.
(Computed Trend of Past Years Equals 100%; Adjusted for Seasonal Variations.)
April
1928.
Primary Distribution
Car loadings, merchandise and miscellaneous_ __
.
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trade
Distribution to Consumer
Department store sales, 2nd District
Chain grocery sales
Other chain store sales
Mall order sales
Life insurance paid for
Advertising
General Business ActioUrBank debits, outside oi New York City
Bank debits, New York Cis,
Velocity of bank deposits,outside of N.Y.City_
Velocity of bank deposits, New York City
Biases sold on N. Y. Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts, 36 States
Vew corporations formed in N.Y. State
jeneral price level
jomposite index of wages
Jost of living
•Preliminary.
Railroad Revenue Freight Still in Excess of 1,000,000
Cars a Week.
Loading of revenue freight for the week ended May 25
totaled 1,061,416 cars the Car Service Division of the American Railway Association announced on June 5. This was
an increase of 15,237 ears over the preceding week the present
year, Grain and Grain Products, Coal, Coke, Ore and Miscellaneous Freight showing increases, but Live Stock,
Forest Products and Merchandise Less than Car Load.
Freight showing small reductions. Compared with the
corresponding week of last year, loading of revenue freight
for the week was an increase of 40,013 cars and it was also
an increase of 34,627 cars above the corresponding week in
1927. The details are set out as follows:
April
1928.
New York Federal Reser vp Bank's Indexes of Business
Activity.
"Business activity, in spite of some irregularity, continued
at a high level in April," says the Federal Reserve Bank of
New York, in presenting, in its June 1 Monthly Review, its
indexes of business activity. The Bank further says:
Fen/. March. April
1929.
1929. 1929.
104
95
87
98
89
93
103
104
105
117
91
100
103
87
110
110
90
101
106
102
*100
*123
91
104
99
102
98
96
99
97
101
103
99
102
104
98
107
96
102
106
107
99
101
94
94
119
102
97
112
162
116
164
306
87
104
96
102
133
110
175
221
169
112
187
125
210
313
87
106
99
102 •
108
119
179
225
170
113
194
128
216
338
84
106
100
101
91
109
180
227
171
109
170
121
195
304
as
101
112
121
112
179
226
171
of the industrial -march,'=said Vico-President Thomas J.
Vernia. "There is still some uneasiness about the credit
situation. But the complete come-back which began in
April and continued through May, indicates the decline
early in the year was due somewhat to severe weather and
not entirely to a tight money market." The survey continues as follows:
Residential construction is the only important field in which the decline continues. Because of this slowing up,the total value of new building
of all types has fallen off approximately ten per cent so far as compared
with the same period last year.
Prospects for the remainder of the year are bright. Commercial and
industrial construction, as well as public works and utilities projects, have
shown more activity than last year. There is nothing to indicate any
let-down. In all probability, activity in this type of construction will
bring the totals for the year close to, if not as high, as the 1928 totals.
Ncw England states showed a decrease in May from the same period
last year, as did the east central and midwest states. In all other sections,
substantial increases are reported, the northwest chalking the largest relative gain.
.
Residential projects lead in valuation of contracts awarded in all regions
except the northwest and southeast. Public works and utilities rank
second, with commercial, industrial, educational, social and recreational,
hospitals and institutions following.
Upward trends in building activities were revealed in reports from New
York, Chicago, Detriot, Los Angeles, Houston, Minneapolis, San Antonio,
Seattle, Milwaukee, Baltimore, Washington and several other cities.
Based on preliminary reports, construction volume for the month of May
reached a total of approximately $662,000.000. This is slightly under
May of 1928.
Payrolls.
April
1929,
Miscellaneous freight loading for the week totaled 415,939 cars, an increase of 19.556 cars above the corresponding week last year and 29,470 cars
over the same week in 1927.
Coal loading totaled 163,337 cars, an increase of 420 cars over the same
week in 1928 but 2,373 cars under the same period two years ago.
Live stock loading amounted to 25,425 cars, a decrease of 725 cars under
the same week in 1928 and 2,916 cars below the same week in 1927. In
the Western districts alone, live stock loading totaled 20,065 cars, a decrease of 12 alrs below the same week in 1928.
Grain and grain products loading amounted to 39,320 cars, an increase of
404 cars above the same week in 1928, but 426 cars below the same week in
1927. In the Western districts alone, grain and grain products loading
totaled 25,232 cars, a decrease of 306 cars below the same week in 1928.
Loading of merchandise less than carload lot freight totaled 262,144 cars,
an increase of 2,380 cars above the same week in 1928 and 597 cars over the
same week in 1927.
Forest products loading amounted to 69,291 cars, 782 cars above the
same week in 1928, but 2,717 cars under the same week in 1927.
Ore loading amounted to 73,485 cars, 14,634 cars above the same week
in 1928 and 11,010 cars over the same week two years ago.
Coke loading totaled 12,475 cars, 2,562 cars above the same week last
year, and 1,982 cars over the corresponding week two years ago.
All districts except the Southern reported increases in the totalloading
of all commodities compared with the same week in 1928, while all, except
the Pocahontas and Southern districts, reported increases compared with
the same week in 1927.
Loading of revenue freight in 1929 compared with the two previous
years follows:
1927.
1929.
1928.
Four weeks in Jenuary
3,756,660
3,570,978 3,448.895
Four weeks in February
3,590,742 3,801,918
3,767,758
Five weeks in March
4.807,944 4,752,559 4,982,547
Four weeks in April
3,983,978 3,740,307 3,875,589
Four weeks in May
4,205,709
4.005.155 4,108,472
Total
20,336,367
19,537,658 20,525,186
Dun's Price Index.
Monthly comparisons of Dun's index number of wholesale
] rices based on the per capita consumption of each of the
any commodities included in the compilation follow:
1
1
1
I
I
readstuffs
Feat
airy and garden
ther food
lothing
etals
Miscellaneous
Total
Building Again on the Increase According to the
Indiana Limestone Company.
Two and three quarters 'oillion dollars has been spent for
construction in the first five months of 1929, according to a
survey made on June 6 by the Indiana Limestone company.
This figure is based on reports from several hundred cities
and towns. "The building industry is again in the vanguard
[VOL. 128.
June 1 '29. May 1 '29. June 1 '28. June 1 '27. June 1 '26.
$32.227
929.709
$29.871
939.273
$33.933
23.238
23.503
20.076
21.885
19.039
23.194
21.208
21.145
21.113
21.882
20.154
19.227
19.277
19.737
19.974
34.567
34.500
33.049
34.684
38.269
29.027
21.297
22.308
21.308
20.735
37.345
36.829
37.473
36.780
36.442
8185.85e
9189.036
5195.891
$187.221
5188.072
Annalist's Weekly Index of Wholesale Commodity
Prices.
"The Annalist" weekly index of wholesale commodity
prices is 143.9, a gain of 1.2 points over last week (142.7),
but a drop of 5.5 points from last year (149.4). "The
Annalist's" advices also state:
FINANCIAL CHRONICLE
JUNE 8 1929.]
3747
indications of larger May 1 farm stocks than in 1928, and continued hea7ii
supplies relative to prospective feeding requirements.
The farm price of wheat declined approximately 10% from April 15 to
May 15, accompanied by indications of a relatively large carry-over of
wheat in the United States and prospects of a winter wheat crop larger than
last year.
The decline in the farm price of potatoes which set in during March and
April was terminated by a 7% advance from April 15 to May 15. Potato
prices advanced approximately 24% during this period in the North Atlantic
States, about 18% in the Far West and 6% in the South Central States,
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES. but these advances were partially offset by a 4% price decline in the South
(1913=100.)
Atlantic States and a 3% decline in the North Central Division.
The gain over last week is almost wholly accounted for by higher prices
in the farm products group, which rose from 135.8 for last week to 138.5
this week. The spectacular reversal of wheat prices from $1.24 to $1.32.q.:
4
3
the gain of 73 cents in corn prices, 2. cents for oats, 531 cents for rye,
25 cents for steers, and finally the rise in cotton prices contributed to the
upward turn of the farm products group. The turn in prices, while impressive compared with last week, barely makes up for the declines of the last
five weeks. The index for the farm products group a year ago was 151.9,
against 138.5 this week.
June 4 1929 May 28 1929 June 5 1928.
Slight Decline in Farm Real Estate Values in Year
Ended March 1 1929.
Although farm real estate values generally continued
downward during the year ended March 1 1929, the declines
generally were comparatively slight and in a number of
1101
1.49 7
1120
All enrnmnrilliwa
States represented the smallest annual losses in value recorded in recent years, according to preliminary estimates
compiled by the Bureau of Agricultural Economics, United
Chain Store Sales Rise to New High Levels.
States Department of Agriculture. The estimates are based
Sales of 27 leading chain store companies for the month upon reports made by co-operating farmers and farm real
of May amounted to 1,832,594, an increase of $14,895,659, estate dealers throughout the country. In making this
or 22.2%, over the corresponding month last year, according known May 29 the Department says:
-month period values per acre of all farm lands with imDuring the I2
to a compilation of Merrill, Lynch & Co. of this city. The
for the United States as a whole showed a decline of
provements
M. H. Fishman Co., Neisner Bros., Inc., Lerner Stores Co. slightly lessaveraged This represented the smallest annual loss shown
than 1%.
and the Walgreen Co. led all others in point of percentage in the national average since the price peak of 1920 was passed, and repretrend which set
gain with increases of 166.4%, 60.3%, 53.6% and 51.1%, sents a continuation of a downward prevailing before in at that time. In
the war the national
comparison with the average values
respectively. F. W. Woolworth & Co. led all others in figure on March 1 1929 was 16% above the three years 1912-1914. On
point of dollar gain with an increase of $5,577,709, or 24.2%. March 1 1928 the corresponding figure was 17% above pre-war; in 1927
above. At the 1920 "peak" the figure
Sales of these same 27 chain store companies for the five 19% above, and in 1926 24%The current average for the country as a
above pre-war.
months ended May 31 1929 totaled $349,277,702, an in- reached 70% approximately the same level of values as prevailed in 1917.
whole represents
crease of $50,161,523, or 16.7%, over the same period in
State and regional averages during the year showed few of the sharp
declines frequently recorded in preceding years. This was particularly
1928. A comparative table shows:
States, the East North Central and West North
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
138.5
144.8
148.6
163.4
128.3
153.1
135.2
130.7
135.8
144.4
148.6
163.4
128.2
153.1
135.2
130.5
151.9
153.6
153.7
159.0
120.7
154.5
135.2
115.8
First Five Months
Month 0 I
.1 0
192 .
P.C.
P.C.
1928.
1929.
1929.
Incr.
Incr.
$
$
$
F. W. Woolworth----28.575,234 22,997,525 24.2 112,198,650 102,880,060 9.0
12,344,743 11,339,766 8.8 55,072,693 50.956,030 8.0
S. S. Kresge
5,088.969 4.096.002 24.2 21,496,938 16,925,068 27.0
W.T.Grant
Walgreen Co
3,746,188 2,478.820 51.1 17,105.412 11,653,575 46.7
'3,260,588 2.972,126 9.7 15,688.789 14,449,479 8.5
McCrory Stores
Daniel Reeves
2.556.773 2,379.432 7.4 14.995.131 13,985,550 7.2
Melville Shoe
2,318,275 1,902,909 21.8 10,093.801 8.200,784 23.0
2,197,615 1.839.089 19.5 x9.144,423 x7,990,617 14.4
H.C.Bohaek
J.J. Newberry
2,151,351 1,497,465 43.6 8,487,706 5.822,998 45.7
G.R. Kinney
1,779,369 1,671,847 6.4 7,520,578 6,732,526 11.7
F.& W.Grand
1,687,577 1,153.153 46.3 7.259.411 5.154,479 40.8
1,664,820 1,191,944 39.6 7,218.551 5.012.678 44.0
McLellan Stores
981,148 53.6 6,180,405 3,922,541 57.5
Lerner Stores
1,507,885
1,363,000 1,085,000 25.6 5,162,154 3,878,864 32.8
Western Auto
1,240,576 9.6 6.612,256 6,070,902 8.9
1,359,798
Waldorf System
971,445 40.0 5.320.703 4.245.528 25.3
1,359,665
Metropolitan Chain
1,318.057 1,277.886 3.1 6.293,541 5.750.670 9.4
David Pander
1,312,256 1,262,556 3.9 6,368,431 5,917.680 7.6
Jewel Tea
972,984 30.1 5,860,766 4.271,049 37.2
1,265,400
Peoples Drug
896.122 33.0 5.227,550 3,884,745 34.5
1,192.137
G. C. Murphy
714,714 60.3 4,493,678 2,895,508 55.2
1,145,723
Neisner Bros
784.079 28.9 4,271,981 2,959.553 44.3
1,010,917
Mangel Stores
448,368 26.2 2,553,522 2,094,087 21.9
536.037
I. Silver & Bro
317.664 14.2 1,856,954 1,649,584 12.5
Federal Bake Shop__ _ 362,804
273,456 24.5 1,427,490 1,104,655 29.2
340,434
Edison Bros
892,650
523,826 70.0
129,167 49.0
Morrison Elec. Supply 192,598
473,538
183,143 158.5
81,692 166.4
164,381
M. H. Fishman
true of the Corn Belt
Centre sections on the average showing decreases of approximately 1%,
which represents the smallest annual loss in values recorded there in the last
nine years. Values in the Southern States also declined only slightly
than in
during the last year, making a comparison generally more favorable
average
the years immediately preceding. In the Northeastern States
only nominally. In the Mountain
values tended to ease somewhat, but
well to
and Pacific States average values almost without exception held up
last year's levels.
Bureau's annual
The value estimates for 1929 were made as a part of the
report on all
survey of conditions in the farm land market. A complete
will be issued at a later date.
Phases of the farm real estate situation
-AVERAGE VALUE PER ACRE AS OF MARCH 1
FARM REAL ESTATE
COM1929 IN PERCENTAGE OF THE PRE-WAR AVERAGE. WITH
PARISONS.
1912-1914=100%.)
(Average value in
State and
State and
1929. 1928. 1927. 1920.
1929. 1928. 1927. 1920. Division.
Division.
%
%
%
%
%
%
%
%
129 130 134 200
Kentucky
122 124 124 142
Maine
125 127 130 200
New Hampshire 111 112 112 129 Tennessee
143 14.5 145 177
123 123 125 150 Alabama
Vermont
218
122 123 128 .
131 131 131 140 Mississippi
Massaehusetts
134 134 133 130
Rhode Island_
129 130 133 199
So. Cent
E.
139 139 138 137
Connecticut
New England 126 127 127 140
132 132 135 198
Louisiana
Total
81,832,594 66,936,935 22.2 349,277,702 299,116,179 16.7
litS 139 141 174
105 106 108 133 Texas
New York
127 127 128 166
Oklahoma
x Seventeen weeks.
New Jersey...... 127 127 128 130
14.5 147 150 222
Pennsylvania.. 110 111 112 140 Arkansas
W. So. Cent_ 136 137 139 177
Middle Atian. 109 110 111 136
Farm Price Index on May 15 Two Points Lower Than on
April 15.
At 136% of the pre-war level, the index of the general
level of farm price on May 15 was 2 points lower than on
April 15 and 12 points lower than May a year ago, reports
the Bureau of Agricultural Economics, United States Department of Agriculture. The decline was due to lower
prices of all grades of all grains, flaxseed, cotton and cottonseed, hay, hogs, sheep, lambs, wool, and dairy products,
which were only partly offset by advances in farm prices of
fruits and vegetables, beef cattle, poultry and poultry
products. Under date of May 28 the Bureau added:
By groups, from April 15 to May 15, grains were down 7 points; cotton
and cottonseed down 4 points; dairy products down 3 points; fruits and
vegetables up 9 points, and poultry and poultry products up 7 points.
Meat animals were unchanged.
The advance in the farm price of hogs which extended through the first
four months of 1929 was terminated by a 2% decline from April 15 to
May 15. Nevertheless, at $9.96 per 100 pounds on May 15, the farm
price is still about 13% higher than a year ago. The farm price decline
since April 15 has been accompanied by an increase in receipts at 7 primary markets. The heaviest May 1 stocks of lard on record have apparently been an additional weakening factor influencing the downward
movement of hog prices. The corn-hog ratio declined from April 15 to
May 15, dropping from 11.7 to 11.6 for the United States and from 14.2
to 13.6 for Iowa.
At $9.72 per hundred weight on May 15, the fartn price of beef cattle
was approximately 2% higher than OD April 15, and nearly 7% higher
than a year ago.
The farm price of lambs on May 15 was about 2% lower than a year ago,
the lower prices being attributed to the large increase in market supplies.
Receipts at 7 primary markets during the 4-week period ending May 18
were approximately 13% larger than during the corresponding period
last year.
The farm price of corn declined 1% from April 15 to May 15, the decline
being fairly general over the country. The decline was accompanied by
111 ill 111 139
Delaware
70 126
71
72
123 124 126 166 Montana
Maryland
94 176
95
96
136 137 138 189 Wyoming
Virginia
82 141
32
82
West Virginia._ 108 109 110 154 Colorado
108 108 144
North Carolina_ 171 174 178 223 New Mexico_ _ _ 109 122 123 165
123
South Carolina_ 110 110 113 230 Arizona
127 127 128 167
101 102 104 217 Utah
Georgia
99 135
99
99
174 176 183 178 Nevada
Florida
116 116 117 172
-Idaho
133 134 137 198
South Atlantic
Mountain..___ 101 101 101 151
99 159
96
94
Ohio
87 161
84
83
Indiana
99 160 Washington.... 119 110 111 140
96
95
Illinois
1116 106 106 130
124 125 127 154 Oregon
Michigan
189 161 162 167
119 120 122 171 California
Wisconsin
142 142 143 158
Pacific
E. No.Cent.- 100 101 104 161
138 140 145 213
Minnesota
116 117 121 213
Iowa
99 167
96
95
Missouri
99 100 145
North Dakota.- 98
97 181
96
95
South Dakota
116 117 119 179
Nebraska
113 113 113 151
Kansas
-116 117 119 170
W. No. Cent. 112 113 115 184 United States
-The 1929 figures are preliminary, subject to correction.
Note.
Production of Electric Power in the United States in
April Increased Approximately 15% over Same
Month Last Year.
According to the Division of Power Resources, Geological
Survey, the production of electric power by public utility
power plants in the United States amounted to approximately 7,874,191,000 k.w.h., an increase of about 15%
over the corresponding period a year ago when output totaled
around 6,845,000,000 k.w.h. Of the total for March last,
4,594,451,000 k.w.h. were produced by fuels and 3,279,740,000 k.w.h. by water power. The "Survey" further shows:
4748
FINANCIAL CHRONICLE
-PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Total by Fuel and Water Power.
February
1929.
Divisions
-
March
1929.
Change in Output
from Previous Yr.
April.
1929.
New England
528.319,000 556,713.000 537,222,000
Middle Atlantic__ _ 1,914,765,000 1,978.998,000 1,970,288,000
East North Central_ 1,849.103,000 1,973,433,000 1,933.854,000
West North Central. 428,273,000 435,213,000 431,315,000
South Atlantic
904,642,000 1,071,737,000 1.044,229,000
East South Central_ 289,549,000 293,635,000 277,731,000
West South Central. 361,583,000 371,963,000 376,360,000
Mountain
287,302,000 322,407,000 319,717,000
Pacific
865,094,000 979,915,000 983,475,000
Total for U.S
7,428,630,000 7,984,014,000 7,874,191,000
Mar.'29. Apr.'29.
+11%
+3%
+13%
+6%
+24%
-2%
+25%
+5%
+9%
+19%
+11%
+18%
+12%
+25%
+11%
+30%
+3%
+11%
+10% +15%
The average production of electricity by public-utility power plants in
April was 262,473,000 kilowatt-hours a day, an increase of about 2% over
the daily rate for March.
The total output of electricity in April of this year was 1,000,000,000
k.w.h. greater than in April 1928,an increase of 15%. The total production
of electricity during the first 4 months of this year was 31,528,000,000
k.w.h., an increase of12% over the outputfor thesame period in 1928.which
In turn was but 7% greater than the output in 1927. These figures indicate
that industry in general during the first 4 months of the year has been
maintained at a higher rate of activity than during the similar period for
1928.
The production of electricity by the use of water power has recovered
from its slump of the last few months and has about returned to normal, as
the output by the use of water power In March and April was 39 and 42%
respectively of the total. The average daily output of electricity by the use
of water power in April exceeded all records of output by the use of water
power. This improvement is due to the increase in precipitation In the past
few months.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1928 AND 1929.
1928.a
January- -- February.- _
March
April
May
June
July
August
September..
October _ _
November..
December-
1929.
7,265,000,000
6,868,000,000
7,241,000,000
6,845.000.000
7,118,000,000
6,998,000,000
7,142.000,000
7,510.000,000
7,276,000,000
7,922,000,000
7,753,000.000
7,912.000,000
8,241,000,000
7,429,000,000
7,984.000,000
7,874,000,000
Increase Inerease
1929
1928
Over
Over
1927.
1928.
13%
8%
10%
15%
..
.
.
.
.
.
6%
611%
6%
6%
8%
8%
10%
12%
10%
14%
13%
10%
Produced by
Water Power.
1928.
1929.
38%
38%
39%
43%
45%
44%
43%
40%
38%
36%
36%
35%
33%
33%
39%
42%
--.....
--
Total
37 aro we (141(1
10%
40%
a Final revision. b Part of increase is due to February 1928. being one day
onger than February 1927.
The quantities given in the tablts are based on the operation of all power
plants producing 10,000 k.w.h. or more per month, engaged in generating
electricity for public use, including Central Stations arid Electric-Railway
Plants. Reports are received from plants representing over 95% of the total
capacity. The output of these plants which do not submit reports Is
estimated; therefore the figures of output and fuel consumption as reported
in the accompanying tables are on a 100% basis.
lThe coal Division, Bureau of Mines, Department of Commerce, cooperated in the preparation of these reports].
[Vor.. 128.
If these features continue as the shipping centers move northward
the potato season will be more orderly than in 1928, there will be
less overloading of markets, and a smoother shifting from early
potatoes to the late crop supply may be expected. Liberal supplies
of berries, cantaloupes, cabbage, and lettuce are expected during June,
but plantings of watermelons, tomatoes, and onions for the early
summer period have been reduced. Early peaches and summer apples
are expected to be in lighter supply than last year.
Moderate Recession in Business Activity During April
in Boston Federal Reserve District from High
Level of First Three Months of Year.
The Federal Reserve Bank of Boston reports in its June 1
Monthly Review that "there was a moderate recession during April In New England business activity from the unusually high level which had been maintained throughout
the first three months of 1929, although the rate of activity
in April was the highest for the month on record." Continuing the Bank says:
The general business situation in New England, as measured by physical
volume, during April continued to reflect a distinct slowing up in certain
lines of industry, and the declines which took place in March from February
in carloadings (merchandise and miscellaneous), in residential building,
and in boot and shoe production continued more intensively in April. Furthermore, there was a decided decrease in the volume of contracts awarded
for commercial and industrial building in April from March, and production
of fine cotton goods was curtailed considerably. On the other hand, the
principal sustaining influences were electric power production, cotton consumption, wool consumption, and silk machinery activity, all of which
showed increases from March during April, when allowances were made
for customary seasonal changes. Activity in the New England textile
industry has increased during recent weeks, and whereas this industry was
lagging behind other New England industries earlier in the year, it has
recently shown a steady improvement. During each of the first four
months of 1929, the average daily amount of raw cotton consumed by New
England mills was larger than in the corresponding month a year ago, but
was substantially less than in these same months in 1927. During the
period January through April, New England mills consumed more raw
wool than in the corresponding periods of the past five years, the volume
amounting to about 14% more in 1929 than in 1928. Silk machinery
activity, on the other hand, was at a substantially lower level during
February, March, and April this year than had prevailed during these
months a year ago. Boot and shoe production in New England declined
by considerably more than the usual seasonal amount between March and
April, but the cumulative volume during the first four months this year
exceeded that of the corresponding period a year ago. The total volume
of new building contracts awarded in New England in the first four months
of this year was about 12% less than in the same period a year ago, and,
although commercial and industrial building was considerably above the
volume reported last year, there were substantial declines in residential
building during each of the first four months this year. Sales of New
England department stores in April were slightly ahead of April 1928 and
preliminary reports on May trade also indicitte a gain over a year ago.
Money tates in New England generally were higher on May 25 than on
January 30, although toward the latter part of May rates are usually
lower than during the first quarter of the year.
General Activity in Cleveland Federal Reserve District
-Conditions in Rubber and Tire
Greater Than Year Ago
Farming Season Delayed by Unusual Weather Conditions.
Industry.
Farm work this spring has been greatly handicapped by
"The middle of the second quarter of the year finds busiunusual weather conditions, and although this may not re- ness in the Fourth(Cleveland)District on a level comparable
sult in 'a short or unproductive season it may cause some with the first quarter of this year and in advance of the same
shift in crop acreages, says the Bureau of Agricultural Eco- time of 1928. There are a few spots which are weak, such as
nomics, U. S. Department of Agriculture in its June report coal, clothing, and paper, but the general activity is greater
on the agricultural situation. The Bureau's advices State: than a year ago." The foregoing is from the June Monthly
Winter grain, grass and fruit growth were given an early start by Business Review of
the Cleveland Federal Reserve Bank,
the warm weather during latter March, but this has been followed by
two months of unusually cold, rainy weather which has held up farm which also says:
This Bank's index of car loadings as shown on the chart below Is
work and now leaves the later crops perhaps ten days behind normal
about 8 points above the general level of last year. Slight declines
schedule.
are noticed for the last three weeks, caused by a falling-off of grain,
Ordinarily there is ample time in advance of haying and wheat
harvest in June to put corn, potatoes, cotton, and the other tilled livestock, miscellaneous, and less than carload lot freight.
Heavy automotive demand has kept steel mills and parts manucrops in good growing conditions, but cultivation this year will tread
close on the heels of harvest, the bureau says. As harvest time facturers operating at capacity. Rubber and tire manufacturers are
approaches, the wheat situation also looms large in the agricultural also producing at record levels, and employment in the industry is 14%
ahead of last year. Building in this District, while showing a decline
picture.
Last year at this time the wheat fields were struggling to make up in April, was 20% ahead of last year for the first half of May. Agrithe damage done by a hard winter, and east of the Mississippi River culture, though somewhat retarded by the excessive rains, is well
a large acreage had been abandoned. This year the grain came ahead of last year, particularly the fall-sown crops. Sales of all
through in better shape than usual. The rains have given it a heavy wholesale lines, except shoes, expperienced gains in April. Department
root and top growth, although a dense growth of straw does not store sales increased 3.7% over last year and were 2.7% greater in
always result in large yields of grain. The surplus of wheat in ex- the first four months than in the corresponding period of 1928.
porting countries, as of July 1, is roughly estimated by the Bureau
The Bank has the following to say regarding wholesale
as likely to be around 125,000,000 bushels more than a year ago, and retail
trade:
.
with most of the increase in the United States. Stocks, however, are
Retail Trade.
moving quite rapidly and for the season ahead it is believed to be
Retail trade, as reflected in sales of 63 leading department stores
hardly probable that the world will have general yields of wheat as
in the District, exceeded the volume of last April by 3.7%. Gains
large as in the last two years.
were reported in all cities but Columbus and Wheeling. Sales for
The hay situation also looks rather different from last season. At
this time a year ago, meadows throughout the eastern States showed the first four months were in advance of 1928 by 2.7%.
The principal changes in departmental sales from a year ago were:
such winter damage that it was thought western hay would have
to be shipped east in large volume to meet the deficit, though grass millinery, -91; hosiery, +21; Women's coats, -57; women's dresses,
+7.0; sports wear, +37.3; men's clothing, -7.9; furniture, +25-9
later developed into about an average crop. This spring the rains
have given meadows a long start, and if June proves favorable, an floor coverings +15.5; house furnishings, +19.6; and silverware and
ample hay crop is expected. Present reports' indicate heavy yields jewelry, +6.6%.
The wearing apparel trade showed a loss of about 6% in April.
of alfalfa and early clover, although the bad weather has interfered
This was partly caused by the cool weather of the past few weeks
with haying operations.
The main facts in the early potato situation just now are the re- which, of course, retards spring buying.
Retail furniture sales as reported by 47 retail furniture stores in
duction of fully one-fourth in acreage, the early start of the, shipping
season, and the lighter yields indicated from the first reports. This this District were 13% ahead of April, 1928.
means a lighter production strung out over a longer time, thus giving
Wholesale Trade.
the earlier sections a chance to get out of the way of fshipping sections
Sales of all reporting wholesale lines in the Fourth District, except
next in line.
shoes, evidenced more than seasonal gains during April. Hardware
•
JUNE 8 1929.]
FINANCIAL CHRONICLE
sales increased 15.3% over April a year ago and 3.9% for the year-todate. Dollar volume of dry goods sales was 13.7% ahead of April, 1928.
Drug sales were 2.5% larger than last year. Collections were
larger in all lines, but shoes, and the percentage of outstanding
accounts on April 1 collected during the month was higher for all
branches of the wholesale trade.
We also quote from the Review the following relative
to the rubber and tire industry:
Rubber and Tires.
Production in the rubber and tire industry has progressed to even
higher levels than were noted last month. The April employment
index of tire and tube manufacturers as compiled by the Ohio State
University Bureau of Business Research advanced from 139 to 144%
and is 14% higher than in April, 1928. This increase was experienced
by 13 of the 18 reporting rubber concerns in the Akron territory.
With automobile production continuing at record levels, and replacement demand seasonally high, factories have been taxed to the limit.
Tire production for the first three months of 1929 was 10% above the
level of a year ago and the preliminary figure for April (including
solids) for the United States was 5,921,000 units as compared with
4,676,000 units in April a year ago, an increase of 26.6%.
Production has been exceeding shipments recently and stocks in
hands of dealers and manufacturers are larger than last year.
Imports of rubber into the United States during April were 54,171
tons compared with 37,240 in April, 1928. For the first four months
they amounted to 224,838 tons against 153,822 tons ¶or the corresponding period of 1928. Consumption was 47,521 tons in April,
44,730 tons in March and 32,772 tons in April last year. Stocks afloat,
showing rubber consigned but not docked, were considerably larger
than a year ago, being 55,408 tons in April and only 33,986 tons last
year.
The Rubber Institute formed less than two years ago "for the
purpose of placing the industry on a sounder footing" is dissolving
and transferring its activities to the Rubber Association of America,
Inc., art older and larger organization. The reason given for the
dissolution of the Institute, an organization representing an annual
business of over $1,000,000,000, or 80% of the industry, was the overlapping of functions of the two organizations.
Prices of crude rubber declined markedly in April, averaging only
20.76 cents per pound as compared with 24.22 cents in March. A year
ago the April price averaged 17.96 cents, the lowest monthly price for
several years. May prices stiffened somewhat, quotations at Akron
for the first latex (spot) being 214 cents on May 8, 24q cents on
May 18 and 2314 cents on May 23.
Raw cotton prices have remained rather steady at about 20 cents a
pound even though the demand has been heavy since the first of the
year.
1928, and collections increased 6.3% over those in March, and were
8.1% greater than in April last year. The ratio of collections during
April to accounts receivable and due at the beginning of the month,
for 33 firms, was 33.3%; for March this ratio was 32.3%, and for April
last year 33.4%. For April the ratio of collections against regular
accounts, for 33 firms, was 35.7%, and the ratio of collections against
installment accounts, for 8 firms was 15.9%.
Whelesale Trade.
The volume of wholesale trade in the sixth district during April, as
reflected in sales figures reported confidentially to the Federal Reserve
Bank by 121 wholesale firms in eight different lines, increased slightly
over the preceding month and was greater than in the same month
last year. Stocks of merchandise on hand at the end of April, reported by some of these firms, were smaller than a month or a year
earlier. Accounts receivable at the end of April increased slightly over
March, but were smaller than a year ago, and collections averaged
of
better than in March or in April 1928. Percentage comparisons
figures for all lines combined are shown in the table:
Sustained Volume of Trade in Dallas Federal Reserve
-New Construction Work Breaks All
District
Records.
A sustained volume of trade in both wholesale and retail
channels of distribution, the continuance of a low business.
mortality rate, a further improvement in agricultural conditions, and a record breaking volume of construction work
were developments of major importance in the ousiness and
industrial situation of the Eleventh (Dallas) Federal Reserve
District during the past month. According to the June 1
Monthly Business Review of the Federal Reserve Bank of
Dallas. Reporting further the Review says:
Unfavorable Weather Conditions in Atlanta Federal Reserve
District-Gains in Wholesale and Retail Trade.
Conditions in the Federal Reserve District of Atlanta, are
thus summarized in the May 31 number of the Monthly Review Issued by the Atlanta Federal Reserve Bank:
Weather conditions in some parts of the sixth (Atlanta) district
during March and April were unfavorable, excessive rains have
delayed farm work and low temperatures have hindered growth. According to reports of the United States Department of Agriculture,
prospects for peaches in the district generally, and for citrus fruits in
Florida, are lower than at this time last year.
Retail trade in April was in somewhat larger volume than in the
same month last year, although slightly less than in March. Wholesale trade increased over March and was greater than in April, 1928.
Stocks of both retail and wholesale firms were smaller than a year
ago, and collections during April reported by department stores and
by wholesale dealers were greater than in March or in April last
year. The volume of debits to individual accounts at 26 cities in the
district declined slightly in April compared with March, but was greater
than in April, 1928. Savings deposits averaged 4% less than a year
ago. Building permits issued at 20 cities of the district in April were
greater than in March, and averaged less than 1% smaller than for
April, 1928. The consumption of cotton in April was about the same
as in March, and was 20% greater than in April last year, and
production of cotton cloth and yarn by reporting mills in the sixth
district was in greater volume than for either of those periods. Production of coal in Alabama averaged greater, but in Tennessee smaller,
than a year ago. Alabama production of pig iron was less than in
March but greater than in April, 1928. There was an increase of
less than three millions of dollars in total loans by thirty weekly
reporting member banks in the larger cities of the district in the four
weeks period between April 10 and May 8, and on this date loans were
more than nine millions greater than a year ago. Investments of
these banks in United States government and other securities on
May 8 were also a little more than nine millions greater than on the
corresponding report date last year, and total loans and investments
show an increase over that date of 185 millions. Discounts by the
Federal Reserve Bank of Atlanta for member banks increased nearly
17 millions between) April 10 and May 8, and were over 25% millions
greater than on the same report date last year. Holdings of bills
bought in the open market and of United States securities declined
compared with both of these report dates.
Department store sales in principal cities reflected a seasonal decline of
of the corresponding
9% from the heavy March volume but exceeded those
month a year ago by 2%. The distribution of merchanduse in wholesale
was in
channels, while showing the usual decline at this season of the year.
reports
a substantially larger volume than in April. 1928. Nevertheless,
confining purchases largely to immediate needs.
indicate that merchants are
a month
While the number of commercial failures was slightly higher than
earlier, the indebtedness involved in these defaults not only showed a further
corresponding
decline from the previous month but was smaller than in any
month in several years.
rains afAlthough high winds, sand storms, dry weather, and torrential in
some
developments
fected adversely in varying degrees agricultural
favorable progress with
sections of the district, farmers generally have made
heavy general rains toward the
planting operations and farm work. The
which prevailed
middle of May offset the bad effects of the drying winds
ground in practically all
earlier in the month and left a good season in the
through the summer. The
sections of the district to sustain growing crops
and present
wheat crop which had begun to deteriorate was greatly benefited
yields. The physical condition of liveIndications point toward satisfactory
Range vegetation
stock and ranges has also evidenced an improvement.
prices of
has made excellent growth and livestock are getting fat. Range
earlier in the year.
livestock have again turned upward following the slump
broke all previous records.
New construction wotk commenced in April
The valuation of building permits issued at principal cities totaled $19,442.the previous high record.
938 as compared to $16,134,114 in March, 1928,
greater than
The April volume was 124% larger than in March, and 186%
reflected a subIn April, 1928. The production and shipments of cement
month and the corresponding month
stantial gain over both the previous
new orders received
last year. The production of lumber increased but
showed a decline.
and a heavy
The past month witnessed a further withdrawal of deposits
and time
demand for credit. The daily average of combined net demand
$949,031,000 during March to
deposits of member banks declined from
of 8892.128,000
$924,644,000 in April and compared with actual deposits
banks rose
on May 9 1928. Federal Reserve Bank loans to member
on May 4,
from 814,328,235 on March 31 to a high point of $25,060,593
While loans
but had receded to $22,112,269 at the middle of May.
steady since the
to Reserve City banks have remained comparatively noticeable upward
shown a
middle of April, the loans to country banks have
connection with the financing
trend due largely to the demand for funds in
industries.
of operations in the livestock and agricultural
Reviewing wholesale and retail trade the Bank says:
Retail Trade.
Merchandise distribution at retail in the sixth Federal Reserve
District during April, reflected in figures reported confidentially by
department stores located throughout the district, was in somewhat
smaller volume than in March, but averaged somewhat greater than
in April last year. Stocks of merchandise increased slightly over
those for March, but were smaller than a year ago, and the rate of
turnover for April was slightly greater than for April, 1928.
April sales by 45 reporting department stores averaged 1.3% greater
than in April last year, increases at Atlanta and Nashville slightly
more than offsetting decreases from other points. Sales for the first
four months of the year averaged about the same as during the same
larger than for March, but
period last year. Stocks averaged 1.6%
Accounts receivable decreased
were 4.8% smaller than a year ago.
3.2% greater than for April
2.4% compared with March, but were
3749
Surveying wholesale and retail trade the Bank says:
in wholesale channels
While the volume of merchandise distribution
previous month, it showed a
reflected a seasonal decline as compared to the
last year. Sales during the
substantial gain over the corresponding month
linos except groceries and dry
first four months of the year in all reporting
period of 1928. Reports, however, disgoods were larger than in the same
trade due to the fact that
close considerable irregularity in some lines of
outlook in some sections of
adverse weather had affected the agricultural
the policy of buying on a
the district. Retailers generally are continuing
to make purchases in excess
conservative basis and are showing no disposition
likewise shown a tendency
of well defined requirements. Wholesalers have
to reduce the volume of stocks on hand.
seasonal decline of 8.3%
Tho sales of reporting dry goods firms reflected a
larger than those in the
as compared to the previous month but were 13.8%
Developments in the dry goods trade
corresponding month last year.
In the opening
this year have been in marked contrast to those a year ago.
exceedingly heavy and in
months of 1928 the demand for merchandise was
during the current
subsequent months it showed a marked decline, whereas,
to improve. During
year business has been generally steady with a tendency below those of the
the first four months of the year sales fell only 4.1%
during the first half
same period a year ago. Reports indicate that buying
a substantial
of May was generally satisfactory. Collections in April showed
Improvement over the previous month.
a seasonal decline
While the distribution of farm implements showed
of 7.9% as compared to March, it exceeded that of April, 1928, by 63.0%•
implements
In this connection it should be remembered that the buying of
was also heavy in the latter month. Late reports indicate that numerous
recent rains.
orders for harvesting machinery are being received since the
Prices are reported to be generally steady.
The sales of reporting drug firms were 2.4% less than in the Previous
somewhat
month but 7.5% larger than a year ago. Business appeared to be in others.
but slow
spotty, sales being generally good in some sections
same basis as in the previous
Collections were maintained on about the
month.
the past
The demand for hardware at wholesale was well sustained during
than in March and
month. Sales of reporting firms were slightly larger
3750
FINANCIAL CHRONICLE
[vol.. 128.
showed a gain of 8. % as compared to the corresponding month last year.
6
• WEEKLY COMPARISON FOR 203 IDENTICAL MILLS
-1929.
The comparison with a year ago is more impressive by reason of the fact (All mills whose reports
of production, orders and shipments are complete forth.
that business in April, 1928, was very active. Collections reflected a sublast 4 weeks.)
stantial improvement during the past month.
Week EndedMay 25.
May 18.
May 11.
May 4.
Sales of reporting wholesale grocery firms were 1.0% larger than those in Production (feet)
176,401,976 191,780,752 195,060,269 191,951,927
187.910,638 197,456,103 191,185,344 193,156,484
the previous month and were 0.9% less than in the same month of 1928. Orders (feet)
Rail
83.360,525 81.913,332 73.742,201 82,617,880
Business was reported to be generally good in some sections but slow in
Domestic cargo
60,648.462 66,853.646 63.592,834 69,013,196
Export
others. Prices remained generally steady. Collections showed some
32,180,292
37,021,740
33,776,932 24,615,946
imLocal
11,721,359
provement.
11,667,385
20.073,377
16,909.462
Retail Trade.
The distribution of merchandise at retail was well sustained during
April. Sales of reporting department stores in larger cities reflected
a
seasonal decline of 9.0% as compared to the previous month but were
2.1% larger than in the corresponding month last year. The volume of
trade during the first four months of 1929 exceeded that of the same period
of 1928 by 1.1%. Among the departments showing a large increase in sales
as compared to a year ago were: Linens; neckwear and scarfs;
handkerchiefs;
sills and muslin underwear; women's suits; misses' dresses; waists, blouses,
sweaters, and bathing suits; men's clothing; domestic floor coverings; and
draperies, curtains and upholstery.
Stocks on hand at the close of April were 1.7% greater than those a month
earlier but were 2.6% less than a year ago. The rate of stock turnover
during the first four months of 1929 was 1.00 as compared to 0.94 in 1928
The ratio of April collections to accounts receivable on April 1 was
37.1%
as compared to 37.0% in March and 36.3% in April, 1928.
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
130 hosiery mills in the Philadelphia Federal Reserve District from data collected by the Bureau of the Census:
Women's
Boys'
Misses
Full- Seam- Full- Seamand
InTotal, fashion. less, fashion. less. Chit'Its' fonts'
Hosiery knit during month____
+0.5 -20.7 -7.0 +0.4
+8.1 -1.1 +17.4
lget shipments
during month
-1.6 -15.6 -12.2 -0.2 +14.6 -5.3 +6.2
Stock on hand at
end of month,
finished and in
the gray
+2.5 -13.
, +9.0 +6.8 -1.1 -8.7 -9.3
Orders booked
during month_ +16.9 -8.4 +8.3 +25.8 -8.1 -16.5 +102.6
Cancellations
during month_ +33.4 -38.3 -16.7 +38.8 +14.9 +112.3 +65.3
Unfilled orders at
end of month_ -0.5 -26.6 -I-15.1 -0.3 4-15.8 -11.2 +0.7
Athletic.
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
1,782,000 kw.
554,539,000 kwh
204,192,000 kwh
227,953.000 kwh
122,394 000 kwh
454,341,000 kwh
85,017,000 kwh
9,248,000 kwh
75,769,000 kwh.
276,293,000 kwh.
5,327,000 kwh.
52,590,000 kwh.
218,376,000 kwh.
93,031,000 kwh.
+1.6
+0.0
+3:1
-0.5
-12.0
+1.1
+4.7
-3.6
-5.5
+7.7
+2.1
198,363,230
82.367,278
65,065.397
30,857,178
20,073,377
793,745,358
239,277,022
318,881,341
235,586,995
209,756,824
86,130,971
73,774,889
32,941,502
16,909,462
803,052,046
248,899,989
320,768,199
233,383,858
Orders on
Hand Begin', Week
Orders
Apr. 27'29. Received.
Cancellations.
Shipments.
Unfilled
Orders
Week Ended
Apr.27'29.
Washington & Oregon
(84 Mills)Feet.
Feet.
California
119,498,853 27,127,930
Atlantic Coast
139,779.508 27,149,611
Miscellaneous
4,878,186
896,500
Peet.
Feet.
Feet.
94,921 26,878,245 119,653,617
638,577 32,013.475 134,277,067
None
None
5,774,686
Total Wash. & Oregon 264,156,547 55,174,041
733,498 58,891.720 259,705,370
None
658,000
833,397
50,000 5,824,652 15,966,867
14,000 2,025,000 10,220,199
R94 Canes
one
19A
64,000 8,507,652 27,020,463
707 405 A7 200 279 956 795622
+43.6
+41.2
-2.1
-20.4
+48.4
-31.1
Change
Change
from
from
Mar. 1929. Apr. 1928.
-0.1%
-0.6
-
Total Brit. Columbia_ 26,668,036 8,924,079
Total sales of electricity also increased about 3% in the month and
exceeded that of a year ago by nearly 25%. Production of electric
power
by twelve central stations of this district was a trifle smaller than in
March,
but approximately 26% larger than in April 1928. Details are given
in
the accompanying table:
April,
207,163.499
84,211,618
75,496,562
35,787,934
11,667,385
780,409,300
235,959,037
309,270,582
235,179,681
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and
shipments are complete for 1928
and 1929 to date.)
Average 21
Average 21
Week Ended
Weeks Ended
Weeks EndeP
May 25 '29.
May 25 '29.
May 26 '28.
Production (feet)
112,276,912
109,187,492
114,875,782
Orders (feet)
131,631,431
116,360,563
125,731,245
Shipments (feet)
117.164.107
113,697,401
117,577,579
DOMESTIC CARGO DISTRIBUTION WEEK ENDED
MAY 18'29(102 Mills).
Total dnrnaole rartrn ono
Increase in Consumption by Industries of Electric
Power in Philadelphia Federal Reserve District.
The Federal Reserve Bank of Philadelphia reports that
consumption of electrical energy by industries increased
almost 8% from March to April and was 22% ahead of a
year before. Continuing, the Bank says:
Electric Power.
Philadelphia Federal Reserve District
12 Systems.
193,105,796
82,063,344
68,483,435
30,837,658
11,721,359
768,945,298
235,554,199
298,989,626
234,401,473
E'rit. Cot.(20 211ills)
California
1,091,397
400,000
Atlantic Coast
15,566,440 6,275,079
Miscellaneous
10,010,199 2,249.000
PERCENTAGE CHANGES FROM MARCH 1928 TO APRIL 1929.
Men's
Shipments (feet)
Rail
Domestic cargo
Export
Local
Unfilled orders (feet)
Rail
Domestic cargo
Export
+7.2%
+25.9
+61.5
-9.2
+72 4
+24.5
+2.7
+6.7
+2.2
+18.8
-0.4
+10.9
+22.0
+70.2
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 207 mills show that for the week ended May 25
production was exceeded by orders and shipments to the
extent of 6.57% and 8.87% respectively. The Association's
statement follows:
WEEKLY REPORT OF PRODUCTION. ORDERS, AND SHIPMENTS.
207 Mills report for week ended May 25 1929.
(All mills reporting production, orders and shipments.)
Feet.
Production
178,943,112 (100%)
Orders
190,704,536 (6.57% over production)
Shipments
194,826,154 (8.87% over production)
Consumption of Crude Rubber in May in American
Plants 50,000 Tons.
Consumption of crude rubber in American manufacturing
plants during the month of May rose to approximately
50,000 tons for the industry, according to word from Akron
and other rubber manufacturing centers to members of the
Rubber Exchange of New York. The Exchange says:
This consumption figure for the month just ended is several thousand
tons higher than the trade had figured earlier in the month,and would
bring
the total crude consumed for the five months of the year to 226,800 tons, or
nearly 53,000 tons ahead of the consumption for the same period of
1928,
and also establish a new monthly record.
Requirements of crude rubber for the year to date, compared with the
monthly results of the two preceding years, have been as follows:
1927.
1928.
1929.
Tons.
January
February
March
April
May
31,518
30,137
36,141
35,871
34,592
Tons.
Tons.
34.403
43,002
33,702
41.594
35.688
44,730
32,772
47,521
, 37,333 estimated50,000
For five months
168,259
173,898
226,847
The larger demand for tires for both original equipment
on new ears
and for "replacement business" with tire dealers accounts,
of course, for
this year's record use of the commodity, but the trend
toward heavier tires
and a larger rubber content is another large factor.
It has been figured
that one additional pound of crude rubber in a tiro in
this country would
mean an additional absorption of over 30.000 tons annually,
Canadian Pulp and Paper Exports for April Valued at
$13,269,297-Increase of $868,828 Over Total for
April of Last Year.
From the Montreal "Gazette" of May 22 we take the
following:
Pulp and paper exports in April
were valued at $13,269,297, according
to the report issued by the Canadian Pulp and Paper Association. This
was an increase of $868,828 over the total
for April 1928.
Wood-pulp exports were
valued at $3,155,350 and exports of paper
at $10,113,947, as compared with $3,013,864 and $9,386.605 respectively
In
April 1928.
For the various grades of pulp and paper details are as follows:
Pulp-
Mechanical
Sulphite, bleached
Sulphite, unbleached
Sulphate
Screenings
Payer
Newsprint
Wrapping
Book (mtg.)
April 1929Tons.
$
April 1928
Tons.
$
11,763
342,652
18,146
14,174
10,531
2,924
1,424,190
708,957
16,060
14,939
627.837
9,459
51,714
2,075
751,641
560,786
43,508
57,538
3,155,350
56,609
3,013,884
162,381
714
4,276
1,763
9,747,536
79,392
33,799
14,735
238,485
140,011
689
9,068,390
70,699
14,076
407,891
1,250.038
20,595
2,336
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY Writing (owts)
108
773
All other
OPERATING CAPACITY (270 IDENTICAL MILLS).
226,142
(All mills reporting production for 1928 and 1929 to date.)
10.113,947
9,386,605
Feet.
Actual production week ended May 25
For the first four months of the year the total value
205,128,283
of the exports of
Average weekly production 21 weeks ended May
195,491,942 pulp and paper amounted to $63,062,391 which was an increase of$1,387,789
25
Average weekly production during 1928
200.688,600 over the total for the corresponding months of 1928.
Average weekly production last three years
Wood-pulp exports for the four months were valued
202,844,000
at $14,013,625 and
x Weekly operating capacity
274,098,393 exports of paper at $49,018,766, as compared with $14,591,245 and $47.x Weekly operating capacity is based on average hourly production for the
twelve 083,348 respectively in the four months 1928.
months last preceding mIll check and the normal number of operating hoUrs
Quantities and values for the four months of 1929 and 1928 were as
per
week.
follows:
JUNE 8 1929.]
Four Months, 1929.
Tons.
51,551
1,403,197
87,486
6,707,548
59,351
2,966,742
46,173
2,767,300
8,751
168,838
PulpMechanical
Sulphite, bleached
Sulphite, unbleached
Sulphate
Screenings
253,312
Paper
Newsprint
Wrapping
Book (owls.)
Writing (cats.)
All other
Four Months, 1928.
Tons.
1,473,313
54,385
6,311,996
83,712
3,525,024
69,370
3,114,191
52,688
166,721
8,520
14,013,625
268,675
14,591,245
776,064 46,949,419
5,206
568,324
27,667
226,386
3,005
25,287
1,279,350
697,051 45,030,742
620,902
5,666
19,335
156,517
1,633
14,728
1,260,459
49,048,766
47,083,348
Pulpwood exports in the first four months of 1929 amounted to 399,972
cords, valued at $3,575,602 which was a considerable decline from the
537.459 cords, valued at $4,770,423, exported in the first four months of
1928.
May Silk Imports Increase-Deliveries to American
Mills Lower-Stocks Slightly Higher.
According to the Silk Association of America, Inc., imports of raw silk in May amounted to 49,894 bales, an increase of 2,132 bales as compared with the preceding month.
The current figure, however, represents a decrease of 3,078
bales as compared with May 1928. Approximate deliveries
to American mills in May 1929 totaled 49,121 bales, a decrease of 4,734 bales as compared with the preceding month,
but is an increase of 2,754 bales over the figure for the month
of May 1928. Stocks of row silk on June 1 1929 amounted to
39,898 bales, as against 42,088 bales a year ago and 39,125
bales on May 1 last. The Association's statement follows:
RAW SILK IN STORAGE JUNE 1 1929.
(As reported by the principal warehouses in New York City and Hoboken.)
(Figures in Bates.)
European. Japan. AU Other.
Total.
Stocks May 1 1929
773
33.344
5,008
39,125
Imports month of May 1929x
1,404
41,786
6,704
49,894
Total amount available during May __ _
Stocks June 1 1929 z
Approximate deliveries to American mills
during May y
2,177
844
1,333
75,130
33,000
42,130
11,712
6,054
5.658
89,019
39,898
Darin/ the Month.z
Storage at End of Months
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
1928.
1927.
1929.
1928.
1927.
58,384
43.278
48,103
47.762
49,894
48,408
44,828
50,520
36,555
52,972
45,090
38.670
62,930
47,286
48.857
48,134
44,128
48,456
83,991
38,600
46,486
49,264
42.809
47,856
59,819
52,475
51.207
36,650
44,828
49,943
46,993
45,218
39,125
39,898
47.528
41,677
40,186
35.483
42.088
41,127
38.886
50,975
50,464
49,381
49,806
48.908
62,627
43,758
33,116
31.749
35,527
37.024
43,841
56,618
58,986
62.396
52,969
63,546
566.373
47.198
552,441
46,037
44:707
46,768
247,421
49,484
Approximate Deliveries
to American Mills.y
44,235
Approximate Amount in Trans&
Between Japan & New York,
End of Month.
1029.
January
February
March
April
May
June
July
August
September
October
November
December
1928.
1927.
1929.
1928.
1927.
57,349
46,228
49.878
53.855
49,121
52,420
50.679
52.011
41,258
46.367
46.051
40,931
50.821
47.797
49,940
47,709
45,026
48,307
42,860
49,242
47.853
45,486
41,312
41,039
47,042
50,107
47,827
46,947
43,357
31,000
30,000
29,000
30.700
28,000
25,000
23.500
19,200
28.500
24,000
17,600
32,300
27,500
25,600
31,200
22.800
42,500
17,701
19,000
21,706
25,000
22,900
26,601
29,006
28,409
21.600
18,500
26.960
33,500
571,010
47.584
551,379
45.948
256,431
Total
Average monthly-- 51,286
_
-
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
April 1929.
Total finished yds.billed during month
District 1
2
3
5
8
29,740
26:842
24,22.5
I Imports at New York during current month and at Pacific ports previous to
the time allowed in transit across the Continent (covered by Manifests 105 to 129.
Inclusive). y Includes re-exports. z Includes 242 bales held at railroad terminals
at end of month. Stocks in warehouses include National Raw Silk Exchange
certified stocks, 3,745 bales.
White
Goods.
Dyed
Goods.
Printed
Goods.
7'otal.
13,655,858 16,857,817 16,539,044 53,921,652
783,167 4,326,713 19,846,265
4.269,461
12,275,198
8,040,455 4,234,743
7,612,004
5,822,291 1,789,713
3,051,704
3,051,704
34.839,769 23,665,440 20,865,757 96,706,823
Total
Total gray yardage of finishing orders
received
13,075,799 16,684,771 13,529,929 45,453,600
District 1
6,126,575 5,925,616 4.645,996 20,537.446
2
12,779,882
8,657,439 4,122.443
3
5,507,777 3,009,319
8,517.096
5
3,180,565
3,180.565
8
36,548,155 29,742,149 18,175,925 90,468,589
Total
No. of cases finished goods shipped to
customers
29,296
5,930
6,371
4,670
District 1
14,125
2,845
907
2
6,956
4,832
2,124
3
4,675
4,675
5
1,978
1,978
Total
No. of eases of finished goods held in
storage at end of month
District 1
2
3
5
8
Total
Petal average % of capacity operated
District 1
2
3
5
8
20,260
9,402
4,670
57,030
3,115
3.011
1,074
1,947
759
3,953
1,031
2,756
17,063
8,266
6,885
1,947
759
9.906
4,984
White ct Dyed
ComMned.
65
61
71
73
133
2.756
34,920
115
129
__
___
___
73
77
71
73
133
67
120
74
3.8
3.3
3.4
8.6
11.2
Average for all districts
Total average work ahead at end of
month expressed in days
District 1
2
3
5
8
21.2
16.4
___
___
___
7.2
5.0
3.4
8.6
11.2
20.6
6.4
Printed
Goods.
Total.
4.2
Average for all districts
49,121
SUMMARY.
It1170718
3751
FINANCIAL CHRONICLE
March 1919.
totalfinished yds. billed during month
District 1
2
3
5
8
Total
Total gray yardage of finishing orders
received
District 1
2
3
5
8
White
Goods.
Dyed
Goods.
15,343,518 17.145,405 16.502.869 55.319.014
868.096 4.078.474 19.554,964
5,146,685
13.769,219
8.653.760 5.115,459
6,897.527
5,121,380 1.776.147
2.954,099
2,954,099
. 05.107 20.581,343 98.494.823
37,219,442 24 9
16.726,771
6.871,045
8.385,040
5.987.911
2.849.685
14,749,181 16.578.458 50,734,546
5,728.929 3.011,040 21,009.150
12.334,610
3,939,570
7.953.628
1,965,717
2.849,685
40.820.452 25.383.397 19.589.498 94.871.622
Total
No. of eases finished goods shipped to
customers
33,427
4,907
6.145
7,002
District 1
17,746
4,000
1,095
2
7,936
5,126
2.810
3
4,025
4,025
5
1,978
1,978
8
Total
No of cases of finished goods held In
storage at end of month
District 1
2
3
5
Total
Petal average % of capacity operated
District 1
2
3
5
8
Average for all districts
rotal average work ahead at end of
month expressed in days
District 1
2
3
5
8
Average for all districts
22,131
10,050
4.907
65.112
2,622
3,489
1.062
1,808
675
3.964
1.004
2,883
16.504
9.830
6,681
1.808
675
4,968
9,656
White dt Dyed
Combined.
69
63
73
89
117
2,883
35.478
119
131
77
79
73
89
117
70
122
77
3.7
2.8
3.0
7.0
11.3
21.5
13.2
7.1
5.4
3.0
7.0
11.8
3.9
20.5
6.3
Report of Finishers of Cotton Fabrics for April.
The National Association of Finishers of Cotton Fabrics,
at the request of the Federal Reserve Board, arranges for Review of Meat Packing Industry by Federal Reserve
Bank of Chicago-Increased Production-Decline
a monthly survey within the industry. The results of the
in Employment.
inquiries are herewith presented in tabular form. The
In its review of the meat packing industry the Federal
Secretary of the Association makes the following statement
Reserve Bank of Chicago states that slaughtering establishconcerning the tabulation:
The figures on the attached memorandum are compiled from the reports ments in the United States produced a larger quantity of
of 28 plants, most of which are representative plants, doing a variety of
edible products during April than in the preceding month
work, and we believe it is well within the facts to state that these figures
or a year ago. Employment for the last payroll of the period
represent a cross-section of the industry.
Note.
-(1) Many plants were unable to give details under the respective showed a decline of 1.1% in number of workers, but an
headings of white goods, dyed goods and printed goods, and reported their
increase of 1.7% in hours worked and of 2.3% in total amount
totals only; therefore, the column headed "total" does not always represent
over corresponding figures for March. The Bank in its
the total of the subdivisions, but is a correct total for the district.
(2) Owing to the changing character of business and the necessary changes Monthly Business Conditions Report June 1 likewise states:
in equipment at various finishing plants, it is impracticable to give average
Percentage of capacity operated in respect to white goods as distinguished
from dyed goods. Many of the machines used in a finishing plant are available for both conversions, therefore the percentage of capacity operated
and the work ahead is shown for white goods and dyed goods combined.
Trade in domestic markets remained rather quiet for beef, veal, lamb.
and lard,and continued fair for fresh pork: demand for salt pork and smoked
meats was a little slow during the first two weeks and then improved after
mid-month. Sales billed to domestic and foreign customers by 61 meat
packing companies in the United States totaled 1.5% less in value during
3752
April than in the preceding month and exceeded those of last April by 9.3%.
Domestic demand averaged fair at the beginning of May, some improvement being shown over early April. Inventories at packing plants and coldstorage warehouses in the United States declined on May 1 from a month
previous but were above a year ago and the 1924-28 average for May.
Stocks of lard and dry salt pork increased over April 1; those of frozen pork
and pickled pork were less than on the corresponding date of 1928, while
holdings of pickled beef fell below the five-year average.
Reports direct to this Bank by representative concerns recorded an increase in shipments for export over March. Demand for meats improved
during April in the United Kingdom; European purchases of lard were
moderate, and Continental demand for other packing-house products remained rather quiet. Lard prices continued slightly below Chicago parity;
other quotations were about in line with those of the United States. May 1
consignment inventories, already landed or in transit to European countries,
were indicated as heavier than on April 1.
-Industry Focuses
Petroleum and Its Products
Attention on Conservation Conference Opening
Monday.
The attention of the entire petroleum Industry is focused
on Colorado Springs, Col., where leaders already are gathering for the conference on conservation, which opens Monday, June 10. Secretary Wilbur is to deliver the opening
address and set the keynote of the meeting, which has been
called at the invitation .of President Hoover and will Include representatives of the Governors of the oil-producing
States, and leaders of the industry. The American Petroleum Institution, which brought the question of conservation to an issue, will be represented by an impressive group
headed by E. B. Reeser.
The plan which the conference will work on will be a
method of bringing about an inter-State compact which will
make possible the conservation of natural resources without
Infringing upon the Sherman Anti-Trust Laws, which
brought the original plan to a halt.
Aside from the A.P.I. delegation, there will be groups
representing the Independent 011 Producers' Association of
Tulsa; the Southern Oklahoma Oil and Gas Association
of Ardmore; Rocky Mountain Oil and Gas Association of
Casper; California 011 and Gas Association of Los Angeles;
Mid-Continent Oil and Gas Association of Tulsa; Okmulgee
011 and Gas Association of Okmulgee, Okla.; and the Oklahoma-Kansas Division, Mid-Continent Royalty Owners' Association of Tulsa. All of these groups will present addresses on the subject.
The Directors of the A.P.I., in their acceptance of the
Invitation to attend the conference, expressed the desirability of a commission, possibly in the form of an interState board operating under an inter-State compact, to en-'
force uniform conservation laws in the important oil and
gas producing States.
Only a decrease in imports of crude oil for the week ending June 1 prevented a total supply in excess of the record
of the previous week. Last week a new high in domestic
production was reached with a daily average of 2,711,650
barrels, representing a gain of 21,300 barrels daily over the
previous week. Imports, however, fell off 142,143 barrels,
which brought the total new supply to 2,950,364 barrels,
compared with 3,071,207 barrels the previous week.
It is emphasized that this record production was achieved
In the face of drastic conservation steps which have already
been taken in the State of California and in other individual
fields throughout the oil producing territory.
Prices for crude remain unchanged this week, with firmness ruling all quotations.
Prices of Typical Crudes per Barrel at Wells.
gravities, where A.P I. degrees are not shown.)
$4.10 Smackover, Ark., 24 and over
Bradford, Pa
1.75 Smackover. Ark., below 24
Corning, Ohio
1.35 El Dorado, Ark., 34
Cabell, W. Vs
1,45 Urania, La
Illinois
1.53 Salt Creek, Wyo., 37
Western Kentucky
1.23 Sunburst, Mont
Mideontinent, Oklahoma, 37
.80 Artesia, N. Me:
Corsicana, Tex., heavy
.87 Santa Fe Springs, Calif., 33
Hutchinson, Tex., 35
1.00 Midway-Sunset. Calif., 22
Luling, Tex
1.20 Huntington, Calif., 26
SpindletoP, Tex., grade A
1.05 Ventura, Calif.. 30
Spindietop, Tex., below 25
.65 Petrone, Canada
Winkler, Tex
8.90
.75
1.14
9
.0
1.23
1.65
1.08
1.36
.80
1.09
1.18
1.90
-SUN OIL CO. SURPRISES TRADE WITH CUT
REFINED PRODUCTS
-MARKET GENERALLY FIRM.
IN TANK WAGON PRICES LOCALLY
The Sun Oil Company announced a reduction, effective
Friday, June 7, in tank wagon and service station prices in
New York City of 2c. a gallon, making it 17c., and the same
cut in Westchester, making it 19c. These prices include
the State tax. It is questionable whether other companies
will meet this cut, as it is generally understood that the
Sun 011 Company has but one company-owned station here.
Also effective to-day, the Standard Oil Company of New
York advanced the retail price of gasoline lc. a gallon
throughout New York State outside of New York City,
[VOL. 128.
FINANCIAL CHRONICLE
making the new price 19c., including tax. Thursday, June 6,
the Standard 011 Co. of Ohio advanced Red Crown gasoline
lc. to 21c. a gallon in Hamilton County.
There has been a general continued steadiness in bulk
gasoline demand throughout this week, but not of such a
nature as to bring about further advances at refineries. In
fact, there exists a peculiar situation, with the market ranging from 9 to 10c. a gallon, and with conflicting opinions as
to the real market. However, as those holding at 10c. are
experiencing little difficulty in moving their stocks it would
seem as though that would constitute the quotable market
price. Others, however, despite this fact, are selling at 90.
and in fractions up to 10c., with the champion of each quotation insisting that his is the correct market price.
Domestic heating oils are well-sustained as quoted prices,
with a considerable amount of new business being placed.
Bunker fuel oil is steady and in good demand. There Is a
consistent movement in Diesel oil which is proving satisfactory to holders.
There has been the expected seasonal decline in consumption of kerosene, but there have as yet been no announcement of price recessions. There has come about a more
active export demand in the Gulf kerosene market which
proved welcome.
-Sun Oil Co. announced reduction in tank wagon and service
June 7
station prices in New York City of 2c. a gallon to 17c.; in 'Westchester
County of 2c. a gallon to 19c. Both prices include tax.
-Standard Oil Co. of New York announces advance of lc. a
June 7
gallon retail throughout New York State outside of New York City, making
price 19c., including tax.
June 6-Standard Oil Co. of Ohio advanced Red Crown gasoline lc. to
21c. a gallon in Hamilton County.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
.0814 North Louisiana-New York (Bayonne) .10 Arkansas
om1
.0818 OklahNorth Texas
West Texas
0611 California
Chicago
m g Los Angeles, export 0714
New Orleans
0718 Gulf Coast, export- .0834 Pennsylvania
Gasoline, Senlee Station, Tax Included.
New York
18 Minneapolis
.19 Cincinnati
16 New Orleans
Atlanta
.21 Denver
188 Philadelphia
.22 Detroit
Baltimore
18 San Francisco
Boston
.20 Houston
.24 Spokane
Buffalo
.15 Jacksonville
179 St. Louis
.15 Kansas City
Chicago
Kerosene,41.43 Water White, Tankcar Lots, F.O.B. Refinery.
0534 New Orleans
New York (Bayonne).0818 I Chicago
North Texas
0534 I Los Angeles, export .0534 Tulsa
Fuel Oil, 19.23 Degree, F.O.B. Refinery or Terminal.
.851 Gulf Coast
Now York (Bayonne) 1.051 Los Angeles
.951 Chicago
Diesel
2.001 New Orleans
Degree, F.O.B. Refinery or Terminal.
Gas oil, 32.36
,
.031 Tulsa
New York (Bayonne).05341 Chicago
.0718
.0618
07
.0934
182
195
21
.215
205
169
.0718
0634
75
55
.03
Natural Gasoline Output in April Increased Approximately 33,700,000 Barrels over the Corresponding
-Stocks Continue to Increase.
Month in 1928
Bureau of Mines, Department of ComAccording to the
merce, the output of natural gasoline amounted to 179,100,000 barrels in the month of April, an increase of 33,700,000
barrels as compared with the same month last year, but was
2,500,000 barrels below the figure for the month of March
1929. Stocks on hand increased from 41,802,000 barrels at
March 31 1929, to 48,976,000 barrels at April 30 1929. The
Bureau further shows:
OUTPUT OF NATURAL OAOLINE APRIL 1929 (THOUSANDS OF GALS.)
Mocks End
of Month.
Production.
Apr.
1929.
Mar.
1929.
Apr.
1929.
1928.
Apr.
1929.
Mar.
1929.
Appalachian
Illinois. Kentucky, &c
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
8.200 9,300
1,200 1,200
57,000 57.000
3,000 2,900
33,400 33,900
4,700 5,100
2,700 2,700
4,000 3,700
64,900 65,800
39,800 9,300 3,117 2,779
325
301
5,000 1,300
216.600 50,400 24,394 20,104
11,800 3,200 1,340 1,086
128,300 26,700 16,863 14,221
928
942
19,800 5,000
371
306
10,500 2,800
592
495
14,200 3,700
238,900 43,000 1,218 1,396
Total United States
Daily average
179.100 181.600
5,970 5,860
684,900 145.400 48,976 41,802
5,710 4,850
Crude Oil Output in Upited States Again Increases.
The American Petroleum Institute estimates that the daily
average gross crude production in the 'United States, for the
week ended June 1 1929 was 2,711,650 barrels, as compared
with 2,690,350 barrels for the preceding week, an increase
of 21,300 barrels. Compared with the output for the week
ended June 2 1928, of 2,365,400 barrels per day, the current
figure shows an increase of 346,250 barrels daily. The daily
average production east of California for the week ended
June 1 1929 was 1,921,450 barrels, as compared with 1,921,350 barrels for the preceding week, an increase of 100 barrels.
The following estimates of daily average gross production,
by districts; are for the weeks shown below.
JUNE 8 1929.]
FINANCIAL CHRONICLE
3753
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
tor, Department of the interior, Northcutt Ely, Executive Assistant
Weeks EndedJune 1 '29. May25'29. May 1S'20. June 2'28 to Secretary of Interior; William
Atherton Du Puy, Executive AsOklahoma
691,150
686,850
672,150
599,700, sistant to Secretary of
Interior, in charge of publicity of conference.
Kansas
118,150
116,850
115,150 107,950,
Panhandle Texas
76,200
63,800
62,300
65,200
The meeting will also be attended by representatives of
North Texas
83,950
83,900
84,800
75,000
West Central Texas
52,650
52,800
51,300
54,550 the States of Arkansas, California, Kansas, Montana, New
West Texas
365,550
370,200
363,900
293,950
East Central Texas
' 19,500
19,800
19,400
22,200 Mexico, Oklahoma, Pennsylvania, Texas, Utah and WyomSouthwest Texas
78,350
70,900
78,800
22,550 ing, and by representatives
of various oil and gas assoNorth Louisiana
35,150
35,400
35,350
42,700
Arkansas
71,450
71.550
71,200
107,050 ciations.
Coastal Texas
125,100
127,800
130,150 112,400
Coastal Louisiana
18,500
19,700
18,750
19,450
Eastern
115,750
115,000
144,250
112,000 Appointment of Legal Committee By American
Petroleum
Wyoming
52,650
52,000
49,900
70,050
Montana
11,750
11,450
11,050
10,700
Institute To Be Advisers To General Committee Named
Colorado
7,300
7,600
7,450
7.050
New Mexico
To Represent Institute At President Hoover's Oil Con2,600
2,450
2,450
2,100
.Callfornia
790,200
769,000
755,200
640,800
Total
2,711,650 2,690,350 2,643,550 2,365,400
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended June 1 1929, was 1587,800 barrels, as compared with
1,585,350 barrels for the preceding week, an- increase of 2,450 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy oil,
was 1,539.000 barrels, as compared with 1,536,550 barrels, an increase of
2,450 barrels.
The production figures of certain pools In the various districts for the
current week,compared with the previous week,in barrels of 42 gals..follow
-IVeek Ended-Week Ended
OklahomaJune 1. May 25.
North LouisianaJune 1. may 25.
Allen Dome
23,
850 23,800
Bowlegs
37,600 37,000
BrLstow-Slick
19,
400 19,450
Burbank
300 20.450
20,
Cromwell
8, 00 8,200
Earlsboro
59,150 61,650
Little River
79,
000 77,900
Logan County
14,150 13,000
Maud
28,
650 29,750
Mission
44,150 45,150
St. Louis
87,
950 91,800
%aright
12,
550 12,600
Seminole
36,
350 36,650
Tonkawa
10,
250 10,100
KansasSedgwlek County
32,150 30,650
Panhandle Texas
Carson County
900 6,600
6,
40,
Gray County
600 29,450
Hutchinson County.... 26,
000 25,100
North Texas
Archer County
17,100 16,950
Wilbarger County
26,
500 26,350
West Central Texas
Brown County
7,
800 7,950
Shackelford County
13,100 13,250
West Taw
Crane & Upton Countlea 47,
400 47,500
Howard Co anty
44,
42,400
Pecos County
101,
400 106,500
Reagan County
142,
700 144,300
Winkler County
18,
400 18,400
East Central Texas
Corsicana-Powell
8,
200 8,300
Southwest Texas
Laredo DLstrict
11,600 11,600
Luling
11,850 12,000
Salt Flat
47,900 48,900
IlaynesvIlle
Urania
Arkansas
Champagnolle
Smackover (light)
Smackover (heavy)
Coastal Texas
Hull
Pierce Junction
Spindletop
West Columbia
Coastal Louisiana
East Hackberry
Old Hackberry
Sulphur Dome
Sweet Lake
Vinton
Wyoming
Salt Creek
5,300
5,850
5,300
5,850
•
9,100 8,700
15,800 19,300
26,650 27,500
6.300 6,600
K. R. Kingsbury, President, Standard Oil Co. of Cal., San
Francisco,
G. Legh-Jones, President, Shell Co. of Calif., San Francisco.
L. P. St. Clair, Vice-President, Union Oil Co. of Cal., Los
Angeles.
W. C. Franklin, Vice-President, Tidal Oil Company, Tulsa.
B. H. Stephens, Vice-President, Magnolia Petroleum Co., Dallas.
W. N. Davis, Vice-President, Phillips Petroleum Co., Bartlesville,
W. S. Fitzpatrick, Chr. of Board, Prairie Oil & Gas Co., Independence.
Roy B. Jones, President, Panhandle Prod. & Ref. Co., Wichita
Falls.
W. M. Irish, President, Atlantic Refining Co., Philadelphia.
F. R. Coates Vice-President, Henry L. Doherty & Co., New York.
Henry M. !Awes, President, Pure Oil Company, Chicago.
W. C. Teagle, President, Standard Oil Co. of N. J., New York.
Axtell J. Byles, President, Tide Water Associated Oil Co., New
York.
E. 3. Sadler, President, Creole Petroleum Co., New York.
R. G. Stewart, President, Pan-American Pet. & Trans. Co., New
York.
Richard Airey, President, Asiatic Petroleum Co., New York.
C. F. Meyer, President, Standard Oil Co. of N. Y., New York,
A. E. Watts Vice-President, Sinclair Cons. Oil Corp., New York.
\V. S. Farish, President, Humble Oil & Ref. Co., Houston.
J. Edgar Pew, Vice-President, Sun Oil Company, Dallas.
•
President Reeser. _
\V. R. Boyd, Jr., Executive Vice-President, American Petroleum
Institute, New York.
2,450
2,700
2,100
500
3,800
2,100
3,300
3,000
500
3,900
32,200 32,100
• 6,850
6,850
9,500
27,600
41,500
23,500
3,500
177,000
64,000
5,800
201.000
40,000
13,000
60,000
28,400
42,300
23,500
3,500
178,000
64,000
5,800
180,000
41,000
13,000
57,000
California
Dominguez
Elwood-Goleta
Huntington Beach
Inglewood
Kettleman Hills
Long Beach
Midway-Sunset
Rosecrane
Santa Fe Springs
Seal Beach
Torrance
Ventura Avenue
C. B. Ames, The Texas Co., New York.
J. C. Denton, Mid-Continent Petroleum Corps., Tulsa, Okla.
Hines H. Baker, Humble Oil & Refining Co., Houston, Texas.
Paul H. Gregg, Union Oil Company of California, Los Angeles, Cal.
J. H. Brennan, Barnsdall pi' co., Los Angeles, Cal.
Felix T. Smith, Standard Oil Company of California, San Francisco.
8,350 8.350
6.050 6.100
48,800 48,800
Montana
Sunburst
servation Conferpnce At Colorado Springs.
President E. B. Reeser of the American Petroleum Institute announced on June 5 the appointment of a legal committee, its members to be advisors to the general committee
named May 28 to represent the Institute at the confermice
on conservation of oil and gas called by President Hoover
for June 10 at Colorado Springs, Col. Members of the legal
• committee follow:
9,500
Program of Oil Conservation Conference To Be Held At
Colorado Springs At Instance of President Hoover.
Secretary Wilbur, of the Department of the Interior, announced on June 4 the program for the opening sessions of
the conference on oil conservation to be held at Colorado
Springs, Colorado, which will convene' June 10. The conference will be held in the Little Theatre of the Broadmoor
Hotel beginning at 10:30 in the morning, and Mark L. Requa,
of California, will preside. Secretary Wilbur will make the
opening address. Other addresses before the morning session will be made by: Mark L. Requa, George Otis Smith,
the Governors, or chairmen of delegations from California,
Texas, Oklahoma, and Wyoming. This session will be broadcasted. Addresses at the afternoon session will be made by
the Governors, or chairmen of delegations from New Mexico,
Kansas, Colorado, Utah, Montana, Arkansas, Louisiana,
Pennsylvania, and Idaho.
At the morning meeting of June 11 addresses will be made
by representatives of the American Petroleum Institute;
Independent Oil Producers Association, Tulsa; Southern
Oklahoma Oil and Gas Association, Ardmore; Rocky Mountain Oil and Gas Association, Casper; California 011 and
Gas Association, Los Angeles; Mid-Continent Oil and Gas
Association, Tulsa, Oklahoma; Okmulgee Oil and •Gas Association, Okmulgee, Oklahoma; Oklahoma-Kansas Division,
Mid-Continent Royalty Owners Association, Tulsa. The proposed conference was referred to in our .issue of June 1,
Page 3601.
Acceptances of invitations to attend the conference on oil
conservation at Colorado Springs, Secretary Wilbur announces, have been received from most of those interested.
Acceptance is practically unanimous. The indications are
that from 200 to 300 delegates will attend. Among those
already listed to be present are the following, according to
an announcement June 6 by the Department of the Interior:
R. C..Holmes, President of The Texas Co., New York,
is Chairman of the general committee. The members are:
Reference to the appointment of the General Committee
was made in our issue of June 1, page 3601.
Oil Companies in Kettleman Hills, California, Agree To Post-
pone Drilling Until Jan., 1931, At Request of Secretary
of Interior.
The President's oil conservation policy has borne fruit in
a significant agreement covering the Middle Dome of Kettleman Hills in California. According to an announcement by
the Department of the Interior on June 5, which says:
This paper duly signed by six of the operating oil companies is
the result of several weeks' negotiations carried on at Los Angeles
under instructions of Secretary- of the Interior Wilbur by the Director of the Geological Survey, Geo. Otis Smith. The request of the
Secretary of the Interior for a postponement of drilling activity in
this portion of the highly promising Kettleman Hills area was acceded
to by all of the oil companies interested in permits on the Government
lands which make up about one-fourth of the total area of this
Middle Dome.
The companies to this agreement, which was signed yesterday by
the Secretary of the. Interior, are: The Pacific Western Oil Company: the Shell Oil Company; the Bolsa Chica Oil Corporation; the
Marland Oil Company of California; the Associated Oil Company,
and the Petroleum Securities Company.
The area outlined under this agreement as possible oil land is
about 36 square miles, of which one-half is owned by the Standard
Oil Company of California, which has joined its large holdings with
the Government lands in this program of deferred development.
Secretary Wilbur has received this promise from the Standard Company. The remaining nine square miles is owned by several interests' most of which have -agreed to a similar suspension of drilling
activity until January 1, 1931.
The northern limit of this geologic unit lies within two miles of
the deep well of the General Petroleum Corporation which struck a
heavy flow of oil and gas last April. This discovery together with
that at the Milham Exploration Company's well last October assures
the highly productive character of at least one horizon on the North
Dome, and this promise of oil and gas in large volume is believed
to extend over the Middle and South Domes.
Taken together the three domes qf Kettleman Hills are believed
Representatives of the Federal Oil Conservation Board, Mark L. to constitute what is potentially the largest oil field in California and
Requa, George Otis Smith, Director, Geological Survey, and Chair- the efforts of the Administration have been directed to securing
man, Technical and Advisory Committee, Federal Oil Conservation full cooperation of the oil companies in its orderly and sane develBoard; E. S. Rochester, Secretary; Federal Oil Conservation Board. opment so that waste may be prevented and the minimum of oil be
Representatives of the Interior Department: E. C. Finney, Solid; lost through being left in the ground. Besides it will permit a delay
oil bill recently passed by the Legislature. The bill is a conservation measure. It prohibits the unreasonable waste of natural gas
which escapes in connection with the production of crude oil. The
blowing, release or escape of natural gas into the air is held prima
facie evidence of unreasonable waste. The State oil and gas supervisor is empowered to correct such abuses.
The new law goes into effect immediately. It is estimated by oil
men that it may result in cutting production in California as much
as 200,000 barrels a day by curbing drilling activities. That amount
is the estimated cut made by the latest curtailment order issued by
F. C. Van Deisne, State oil umpire.
Better Sentiment in Non-Ferrous Metals-Slight Improvement in Foreign Demand for Copper.
While actual volume of business in non-ferrous metals
showed but slight improvement in the past week, sentiment
has been better and opinion among producers is that major
buying movements will develop this month, "Engineering
and Mining" Journal reports, adding:
A slight improvement in foreign demand for copper has resulted from the
virtual settlement of the reparations question. Most of the demand came
from England. Another favorable development has been the strength of copper shares on the stock exchanges, which is taken to indicate that Wall
Street believes present prices will be maintained. Demand in the domestic
market continues of a desulatory character, with the custom smelters taking
lithe business. Primary producers continue out of the market. The price
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD.
(Figures In Short Tons.)
1929.
May
AprIl
March ______
February
January
Total 5 mos. 1929_
1928.
December
November
October_
Peptember
August
July
June
May
April
March
February
January
Total In 1928
1927.
December
November
October _____
September
August
July
June
May
April
March
February
January
Total In 1927
Stocks at
Total
Shipments. End el Ms.
Produaton.
Domestic
Shipments.
56,958
54.653
55,471
48,154
49,709
56,814
56.558
58.287
51,057
47,877
1,106
1,469
1.862
1.895
2.055
57,720
58,027
58,129
52,952
49.732
264,945
268,173
8,387
276,560
45.441
46.562
46,068
47,815
44.416
42,210
44,468
45,225
44,759
41,529
41,290
42,163
----
Exports.
51,692
49,786
52,106
45,862
49,951
53,148
51,582
52,956
50.263
55,642
50.888
51,002
619,595
579,608
35,270
614,878
52,347
49,217
50,185
47,735
49,012
47,627
49,718
51,296
51,626
56,546
51.341
56.898
46.483
44,374
46.602
44,038
49.739
43,359
43,122
45,560
44,821
48,107
43.555
45.884
4.433
1,748
1,637
4,007
4.009
4,803
4,784
4,898
1.876
5,098
4,760
2,989
613,548
549,644
45,040
50,591
50,260
50,259
49,361
52,157
50,890
50.825
53,422
53,493
55.881
50,042
52,414
33,826
34,588
37,982
40,420
45,418
594.884
W03300 4.4.U0.30.3WW...
,
0NO... t4W00.0.=00
,
Month of-
.0WOM00071-.1
,
Gov. Young of California Signs Oil Conservation Bill.
Under date of May 31 the "Sun" announced the following
from San Francisco:
C. C. Young, Governor of California, today signed the emergency
Metal sold not yet delivered, at the end of May 1929 amounted to 35,273
short tons; total retort capacity at May 31 was 119,786 tons; the number of
idle retorts available with 60 days, 46,601; the average number of retorts
operating during May, 73,485; the number of retorts operating at the end
of the month, 73,231. A comparative table shows:
0706,
54n
7c176—eiwi
.4,04VVVVVV.4,V
The operators requested that the increase commence as of July 1
and extend for a period of six months. When proration first went
into effect in this pool more thdt two years ago, the allowable output
was placed at 30,000 bbls. daily. On May 10 last the allowable output of the pool was increased from 87,500 bbls. to 100,000 bbls. daily.
The Yates Pool was discovered by the Mid-Kansas Oil & Gas Co.,
a subsidiary of the Ohio Oil Co., and the Transcontinental Oil Co., in
October, 1926. These companies, which operate jointly in the field,
have approximately one-half of its credited potential output which was
last estimated at 4,856,967 bbls. daily. The field is generally recognized
as the biggest single known source of crude supply in the country
and its productive area covers slightly more than 17,000 acres.
One of the principal reasons for holding down the output of this
field has been the lack of pipe line outlets. However, within the past
year, a number of lines have been completed into the field, and at
present its pipe line outlet is 95,500 bbls. daily, of which the Illinois
Pipe Line Co. is running 45,000 bbls. daily, the Humble Pipe Line Co.
28,500 bbls., the Shell Pipe Line Co. 12,500 bbls., and the Gulf Pipe
Line Co. 9,500 bbls.
Production of Slab Zinc in May Again Exceeded by
Shipments
-Stocks Lower.
According to statistics compiled by the American Zinc
Institute, Inc., shipments again exceeded production of slab
zinc during the month of May. The total output amounted
to 56,958 short tons, as compared with 54,653 (tons in the
preceding month and 53,422 tons in May 1928. Shipments
for the month of May 1929 were 57,720 short tons, of which
1,106 tons were exported, and compares with 52,956 tons
in the corresponding month last year and 58,027 tons in
April 1929. Stocks at May 31 1929 totaled 33,826 short
tons, the lowest since Feb. 28 1927, when the total was
32,938 tons. The current figure also compares with 34,588
tons at April 30 last and 45,225 tons at May 311928. The
Institute also released the following statistics:
*0i00310003400,40l0310-4
30% Increase in Oil Output, Yates Pool (Pecos County, Tex.)
Sought.
The oil operators in the Yates Pool, Pecos County, at a
meeting June 3 at Houston, Tex., unanimously adopted a
resolution asking the Texas Railroad Commission to approve
an increase in the allowable output of the pool from 100,000
bbls. daily to 130,000 bbls. Houston advices to the "Wall
Street News" in stating this added:
day June 1 to $5.50 a day. This is the second reduction of 25 cents a day
in wages since the price of copper declined.
Leading copper mining companies in Arizona have reduced miners'
wages 5%, effective June 1. This is equivalent to roughly 25 cents a day
and is the second decrease of 5% since price of copper declined.
03030'.403-440030,000
Justice Wendell Phillips Stafford, of the Supreme Court of the District of Columbia issued today a rule ordering Secretary Wilbur to
appear on June ' and show cause why an injunction should not be
17
issued in a suit by Ethel M. McLennan, of Sacramento, Calif., challenging the cancellation of her application for an oil prospecting permit.
In her suit, which named Secretary Wilbur as defendant, the Sacramento woman maintained she was duly qualified under the lease act
to hold a prospecting permit and argued that the Interior Secretary
had exceeded his authority in directing that her application be rejected.
The Interior Department on March 12 ordered that all pending applications for permits to prospect for oil and gas on government land
be returned. Department officials at the time held the leasing act gave
the department permission to grant permits, but that it was a matter
of discretion with the Secretary when and how such permits are granted.
Secretary Wilbur and the legal staff at the Interior Department assert
that the clause covering the granting of leases to prospect is permissive and not mandatory. The Clennan suit directly questions that
phase of the department's policy.
The cancellation of applications for permits to prospect on government land has been the backbone of the conservation policy of the
Administration. All applications for such permits on hand March 12
have been canoelled and land offices have been instructed not to receive
any more.
Interior Department officials believe that if the Secretary is restrained front snoh action, the conservation of oil and gas on government land would be impossible. If the government should lose the
suit, department officials said 5,000 applications which have been cancelled would be open to reinstatement.
Copper Miners' Wages Reduced.
The following is from the Wall Street "Journal. of June 3:
'
Anaconda Copper Mining Co. has reduced wages of miners 25 cents a
WWW00.4p2WWW?0
115. 0301 10.....41#40
43
Sent To Test Legality of Secretary Wilbur's Order for Cancellation of Applications for Permits for Oil Prospecting.
Under date of June 3 Associated Press advices from Washington said:
of copper held at 18 cents, delivered Connecticut, Copper Exporters, Inc..
maintains its c.i.f. price at 18.30 cents a pound,usual European destinations.
Most sellers of lead have done a somewhat improved business, but the •
market cannot be said to have been active. Prices in the East are unchanged
at the 7 cents, New York, basis. In the Middle West prices ranged from 6.75
to 6.80 cents, St. Louis basis.
Sales of zinc have been almost negligible during the week, with prices
practically unchanged.
Volume of sales and the price range in tin have both been small.
1
in tapping the great reservoir until both gas and oil are needed.
Since early in April, a representative committee has been at work
seeking some plan for postponing production on the North Dome
that will be acceptable to all. The Middle Dome agreement, however, has now been effected and this should point the way for the
other domes. The majority interests in the Kettleman Hills are
wholly in accord with the Government's position of making this great
oil and gas field an example of orderly development and rational
production. It has been hoped that some such co-operative plan can
be worked out, and this is expected unless a small minority blocks
the way.
vol.. 128.
FINANCIAL CHRONICLE
5401-.r
104.WW.
1A:-.V..4.-.000a10WOOR
WWW.SWOW0.0000
...0 00.00Nap.0000.4
,
3754
----
Record Pig Iron Output Established in May.
A new record in pig iron production for all time was made in
May, says the "Iron Age" of June 6. With complete data
from every active furnace, the daily output was 125,745
gross tons, exceeding the best previous daily rate of 124,764
tons in May 1923, by almost 1,000 tons. The total output
for the month has never been equalled. Production for the
first five months also establishes a new high.
Total May pig iron output was 3,898,082 tons, or 125,745
tons per day, for the 31 days, as compared dith 3,662,625
tons, or 122,087 tons per day, for the 30 days in April.
This is a gain for May of 3,658 tons in the daily rate, or
3%. In May 1923, the production was 3,867,694 tons, or
124,764 tons per day.
Respecting the new record for the first five months, there
was produced to June 1, this year, 17,923,735 tons, exceeding
by 758,646 tons the best previous first five months, in 1923,
when the total was 17,165,089 tons. The record for any
consecutive five months was 18,296,077 tons for the period
March through July 1923, the year 1923 being the high
record in pig iron, adds the "Age," which further states:
JUNE 8 1929.]
FINANCIAL CHRONICLE
, Operating Hate on June 1.
There Were 219 furnaces active on June 1, having an estimated daily
operating rate of 126,150 tons. This contrasts with 122,980 tons per day
for the 215 furnaces active on May 1. Six furnaces were blown in during
May and two were shut down,a net gain of four.
The two furnaces blown out were Steel corporation stacks. That corporation, however, blew in three furnaces making a net gain of one for the
month. Two independent steel company furnaces were blown in and also
one merchant stack. The net gain for the month of four furnaces was
three steel-making and one merchant stack.
Large Gain in Steel
-Making Iron.
Steel-making production in May was 100,174 tons per day, a gain of
4,494 tons per day over the 95.680 tons as the daily rate in April. At
25,571 tons per day for merchant iron last month, there was a loss of 836
tons.
Manganese Alloys in May.
Ferromanganese output in May at 25,896 tons was the third largest this
year and compares with 22.413 tons in April. Production of spiegeleisen
last month was small, only.one company making this alloy.
1929 and4,207,212 tons in May 1928. The previous record,
made in March this year, was 5,058,258 tons. The output
for the first five months of the year was 24,085,804 tons,
which compares with only 21,054,170 tons for the first five
months of last year. The approximate daily production has
been as follows: 195,302 tons for the 27 working days in
May 1929; 189,924 tons for April 1929, which contained 26
working days, and 155,823 tons for May 1928, with 27 working days. The old record for daily production w:,.; '"9
tons for the 26 working days in March 1929. Below we sh.,w
the figure in details for the past seventeen months.
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1928 TO MAY
1929
-GROSS TONS.
Reported for 1928 and 1929 by companies which made 94.51% of the open-hearth
and Bessemer steel ingot production in those years.
Furances Blown In and Out.
Among the furnaces blown in during May were the following:
One
Edgar Thomson furnace of the Carnegie Steel Co:in the Pittsburgh
district,
the Norton furnace in Kentucky, one Ohio furnace of the Carnegie Steel
Co. in the Mahoning Valley, one Central furnace of the American Steel &
Wire Co. in Northern Ohio, one furnace of the Minnesota Steel Co.
in
Minnesota and the Johnson City furnace in Tennessee.
Only two furnaces were blown out or banked during May: One Edgar
Thomson furnace and one Lucy furnace of the Carnegie Steel Co. in the
Pittsburgh district.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. I 1924
-GROSS TONS.
1924.
January
February
March
April
May
June
First six months
July
August
September
October
November
December
12 months'average
1925.
1926.
1927.
108,720
114,791
114.975
108,632
94,542
89,115
105,039
85.936
87,241
90,873
97,528
100,767
106,974
104,408
111.032
115,004
112,304
107,844
109.660
103,978
103,241
104.543
107.553
107,890
99,712
107.043
100,123
105.024
112,368
114,074
109,385
102,988
107,351
95,199
95,073
92,498
89,810
88.279
86.960
09.206
'
1928.
1928.
97,384
108,026
111.809
107.781
84.358
67.541
95,794
57.577
60,875
68,442
79,907
83,656
92,573
100,004
103,215
106,183
105,931
102,733
101,763
99.091
101,180
102,077
108,832
110.084
108,705
103 382
95.99
104.853
85.075
99.735
111.044
114,507
119,822
122.087
125;745
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Steel Works.
1928-January
February
March
April
May
June
July
August
September
October
November
December
1929-January
February
Merchant.*
69.520
78,444
83,489
85,183
85.578
81,630
79.513
82.642
82,590
88.051
88,474
85,415
85.530
89,246
95,461
95,680
100.174
March
April
May
Total.
23,053
21.560
19,726
21,000
20,355
21,103
19.578
18,538
19,487
20,781
21.610
23.290
25.514
92.573
100,004
103,215
106.183
105.931
102,733
99.091
101,18C
102.077
108,832
110.084
108.7dt
111,044
114,501
119,822
122.081
12.3 711
25,261
24,361
26,407
25.571
•Includes pig iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
BEGINNING JULY 1 1928-GROSS TONS.
1927.
1928.
1929.
1920.
1927.
3.200.479
3.136.293
3.334,132
3.236.707
3.091.060
2.947.276
2.774.949
2,784.112
2,648.376
2.695,755
1928.
Jan- 3,103,820 2,869.761 3.442.370 July. 3,223.338 2,951,160 3.071.824
Feb__ 2,940,679 2.900,128
Mar_ _
Apr_-May__
Jane__
3.483,362
3.422.226
3.390,940
3.089.851
3,206,185
3.199.674 3,714.473
3,185,504 3,662,625
3,283,856 3,898,082
3,082,000
Aug
Sept__
Oct__
Nov- Dec_
3,136.570
3,062.314
3,373.806
3,302,523
3,369.848
yr_19.430.678 18,520.921
Year..39,070.470 36.232.370 37.837,804
'These totals do not Include charcoal pis iron. The 1928 production
of
this
Iron was 142.960 gross tons.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS
TONS
Total Pig Iron
Spiegel and Ferromanganese.
Ferromanganix e.:
1927.
January
February
March
3 Months
spill
May
June
•
Half year
July
August
3optember
October
November
December
Year
1928.
1929.
1927.
1928.
2.343.881
2.256.651
2,675,417
2.155.133
2.274,880
2.538,158
2,051.416
2,498.901
2,959.295
31.844
24,560
27.834
22.298
19.320
27,912
7.275.949
2.637,919
2.819.078
2.343,409
7,018,171
2,535,500
2.052.872
2,448.905
8.109.612
2.826,028
3,105.404
84.238
24.735
28.734
29,232
69.530
18.405
29,940
32.088
14.876,355 14,675,448
2.163,101 2.464.896
2,213,815 2,561,904
2,090.200 2.477,695
2.076,722 2,729,589
1,938,043 2,654.211
1.987,652 2,647.863
166,939 149,963
28.394 32,909
21,279 24,583
20,675 22.278
17.710 23,939
17,851 29,773
20,992 28,618
27,345.888 30.211.006
291,840 312,061
Includes output of merchant furnaces.
1929
28,208
25.978
24.978
79.164
22.413
25,898
3755
Months
1928.
fan
Feb
March
April
May
Openhearth.
3,273,294
3,300,407
3,692,648
3,505,104
3,394,301
Monthly
Calculated
Approx. per
Output
Monthly No.of Daily
Cent.
Bessemer. Companies. Output, all Wlty. Output, Oyer
Reporting. Companies. Days. all Co.'s. °Mons
498,691
521,250
567,330
564,110
582.128
3,771,985
3,821,657
4,259,978
4,069,214
3,976,429
3,990,902
4,043,457
4,507,217
4,305,382
4,207,212
25
25
27
25
27
5 mos.. 17,165,754 2,733,509 19,899,263 21,054,170 130
June
July
Aug
Sept
Oct
Nov
Dec
Total
1929
Jan
Feb
March...
April
May
153,498
101,738
166,934
172,215
155,823
81.42
85.89
88.55
91.35
82.66
161,955
85.91
26
25
27
25
27
26
25
143,996
152.224
154,763
165,916
172,221
164,109
160,728
76.38
80.75
82.10
88.01
91.36
87.06
85.26
40,538,657 6,591,217 47,129,874 49,865,185 311
160,338
85.05
166,309
180,250
194,548
189,924
195,302
84.80
91.91
99.20
96.84
99.59
3,010,341
3,068,257
3,379,625
3,375,654
3,795,800
3,442,112
3,301,114
3,694,218
3,599,224
4,183,869
4,026,576
4,276.186
528,193
528,588
569,771
544.710
599,098
590,669
496,679
549,616
489,279
596,691
640,351
707,484
3,538,534
3,596,845
3,949,396
3,920,364
4.394.898
4,032,781
3,797,793
4,243,834
4,088,503
4,780,560
4,666,927
4,988,670
3,743,903
3,805,598
4,178,610
4,147,893
4,649,968
4,286,835
4,018,208
4,490,354
4,326,000
5,058,258
4,938,025
5,273,167
27
24
26
28
27
5 mos.. 19,780,073 2,983,421 22,763,494 24,085,804 130 185,275 94.47
The figures of "per cent of operation" in 1928 are based on the annual capacity
as of Dec. 311927, of 58,627,910 gross tons for Bessemer and open-hearth steel Ingots, and in 1929 are based on the annual capacity as of Dec. 31 1928 of 60,990,810
gross tons for Bessemer and open-hearth steel Ingots.
Steel Output Continues at High Rate-Record Monthly
Pig Iron Production Established in May-Prices
Unchanged.
Steel ingot output in May, although virtually at the limit
of capacity, probably fell short of the monthly record
reached in March and the very high total of April, states the
"Iron Age" of June 6 in its market summary of iron and
steel conditions. Wear and Lear on equipment have become
more of a factor as the period of peak activity has extended,
adds the "Age," which further says:
With June well begun Steel Corporation subsidiaries are still prod0ciag
at above rated capacity and independents are not far behind. In view of
unusually heavy shipments and a gradual recession in demand, the Steel
Corporation is expected to report a reduction in unfilled orders. Backlogs
are still so large, however, that no material change in operations is indicated
for another month at least.
Even after specifications for finished steel commence to show appreciable
shrinkage it will be necessary to run open-hearth furnaces at capacity for
some time to build up reserve supplies of raw steel, now scraping bottom.
Buyers manifest little interest in third quarter contracts, but this is not
surprising,since much second quarter tonnage will be carried over,some of it
until the end of July and beyond. The consuming trade, moreover, is
reluctant to make new commitments until there is less uncertainty about
business conditions in the latter part of the year.
In scrap, reluctance to contract for other than brief periods is also
evident, but the market at Pittsburgh is stronger, heavy melting grade
having advanced 50c. a ton.
Water shipments of Lake Superior ore in May, at 9,549,273 gross tons,
broke all records for the month.
Pig iron production in May established a new monthly record for both
total output and rate per day. Blast furnace returns to the "Iron Age"
shows a total of 3,898,082 tons made during the month and a daily average
of 125,745 tons, compared with 3,867,694 tons and a daily rate of 124,764
tons in May 1923, when the highest previous figures were reached. The
largest output achieved by nearly 1,000 tons per day, production last
month was also 3.658 tons, or 3% higher on a daily basis than in April.
Output in the first 5 months, at 17,924,000 tons, was the greatest for that
period in 6 years, exceeding the 1923 total by nearly 760,000 tons. Four
more furnaces were in blast June 1 than at the beginning of May,six having
been put in and two having been blown out.
Both of the "Iron Age" composite prices are unchanged, pig iron at
$18.71 a ton and finished steel at 2.412c. a lb., as the following table shows:
Finished Steel.
Pig Iron.
June 4 1929. 2.412e. a Lb
June 4 1929, 318.71 a Gross Ton.
One week ago
2.4120. One week ago
$18.71
One month ago
2.412c. One month ago
18.67
Ono year ago
2.341c. One year ago
17.23
10
-year pre-war average
1.689c. 10
-year pro-war average
15.72
Ba.sed
New High Record Reached in Steel Ingot Production wire, on steel bars,beams,tank plates, Based on average of basic iron at Valley
rails, black pipe and black sheets. furnace and foundry Irons at Chicago,
in May.
These products make 87% of the United Philadelphia, Buffalo, Valley and BirState* output of finished steel.
mingham.
Despite the heavy usage the machinery and equipment
Low.
High.
High.
Low.
Apr, 2 2.3910. Jan.
1929_-$18.71 May 14
Mar. 19
in the steel mills have been subject to for the pastfew months, 1929_2.412e, Dec. 11 2.3140. Jan. 8 1928___ 18.59 Nov.27 318.29 July 24
1928_.2.391o.
8
17.04
1927_ 19.71 Jan. 4 17.54
2.293o.
1927.-2.453o, Jan.
the production in May of steel ingots, as reported by the 1926._2.4530, Jan. 4 2.4030. Oct. 25 1926_ 21.54 Jan. 6 19.48 Nov. 1
May 18
5
July
American Iron & Steel Institute, in its statement released 1925-.2.560e. Jan. 6 2.396e. Aug. 18 1925._ 22.50 Jan, 13 18.96 July 1$
7
June 6 1929, establishes a new record not only for monthly
More pig iron was made in May than in any month in
and daily production, but also for the five months' period history, reports the "Iron Trade Review" of June 6. By less
ended May 31. During May 1929 5,273,167 tons of steel than 1% the May daily average of 125,757 gross tons beat
Ingots were produced as against 4,938,025 tons in April out the previous record, the 124,790 tons of May 1923, and
3756
FINANCIAL CHRONICLE
Von.'128.
by 3% it topped the rate of 122,106 tons of April 1929,con- sylvania anthracite, 1,542,000 tons, and beehive coke,
tinues the "Review," which goes on to say:
140,100 tons. This compares with 8,374,000 tons of bitumiBeing a 31-day month, the May total of 3,898,461 tons exceeded the nous coal, 2,027,000 tons of anthracite and 82,200 tons of
previous monthly peak of 3,868.486 tons, registered in May 1923. Over
beehive coke produced in the week ended May 26 1928 and
April, last month made a gain of 235,294 tons. The 17,922,550 tons of pig
iron produced in the first 5 months of 1929 compares with 15,428,123 tons 8,939,000 tons of bituminous coal, 1,442,000 tons of anthrain the opening 5 months of 1928, and also constitutes a record for the cite and 134,300 tons of beehive coke produced in the week
period. In May a net gain of two active stacks in the steelworks and one in
released the
the merchant classification was recorded, making 219 stacks active as of ended May 18 1929. The Bureau of Mines
May 31. This was the largest number in blast since" April 1927. Although following statistics:
this strong production situation derives much support from heavy merchant
demand,it is the need for iron for steelmaking that Is paramount. Requirements for finished steel are shifting, automobile tonnage for example ebbing
slightly while building work expands, but considering the season and the
fact that steel production has been a record for five consecutive months,
little ground is being given.
With deliveries on some products, notably bars and plates at Chicago, so
deferred, price promises to be a minor factor in the transition to the third
quarter. To the products on which second quarter prices were extended last
week, bolts and nuts are now added. Heavy steel at Pittsburgh seems
-finished
likely to continue unchanged. Last month's advances on semi
steel face a real test when buyers, reaffirming current prices on their own
products, cover for the new quarter.
Steel producers and consumers alike are seeking to determine the incidence
of general business conditions, especially relating to credit and prices on
agricultural products, upon the steel markets. Whatever contraction has
developed in automotive demand has come chiefly from parts makers and
some manufacturers of medium price cars. New construction is surviving
labor difficulties. Regardless of buying in the Immediate future, railroad
equipment makers have sufficient momentum to carry them into the fall.
Inability of Chicago mills to ship bars and plates promptly, deliveries
being deferred as much as 14 weeks, continues to work to the benefit of
eastern producers. May specifications for heavy steel at Pittsburgh as well
as at Chicago slightly exceeded those for April .Nearly 15,000 tons of plates
for oil country use is on inquiry at Chicago, with actual awards the past
week totaling 4.000 tons. Plate business is good in the East, especially at
Baltimore.
Structural steel requirements are maintained at a high rate with the
placing of 30,000 tons for New York subways with the American Bridge
Co. For elevated roadway construction in New York 20,000 tons will be
placed shortly. A bridge at Kearny, N. J., is taking 5,400 tons.Commercial building, including two large garages in the Loop district, and bridge
work command attention at Chicago. Specifications for structural material,
like bars and plates, are being stimulated by the June 15 deadline on second
quarter contracts.
Sheet producers' viewpoints on the automotive situation are colored by
their affiliations with the industry, those makers supplying sheets for lowpriced cars feeling no letup. Thus far third quarter contracting has been
light. Production is more irregular, being down at Chicago and up at
Pittsburgh, Eastern sheet mills can offer no better delivery than a month
ago. Tin plate specifications continue to taper, and operations are sympathetic.
That May specifications and shipments of wire products Increased over
April Is due to brisk use of manufacturers' wire. Nails continue to lag.
Strip steel makers and cold bar finishers still report shipments high, but at
the expense of backlogs. Expectations of increased pipe buying through
resumption of drilling in Oklahoma are offset by the passage of an oil
conservation bill in California.
Secondary rail buying has improved. Between 10,000 and 12,000 tons
was placed at Chicago in the past week, while the Southern Pacific will
distribute 34,000 tons,chiefly to the western and southern makers. Freight
car awards, at 309,slipped below the weekly normal.
Whatever scarcity there is in steel, Is in the open hearth grade, the
bessemer supply being ample. There is a tendency for irregularity among
producers, larger ones holding their operating rates better than some
smaller interests. This week independent mills are off one point, to an
average of 92%. but the industry is held to an average of 95% by a slight
increase in Steel corporation subsidiaries, now as for several weeks above
practical capacity. Chicago and Pittsburgh district mills are averaging 95%
or better, and Youngstown 90.
An adjustment in Virginia pig iron quotations lowers the "Iron Trade
Review" composite of 14 leading iron and steel products 3 cents this week.
te $37.07. This makes a total decline of 6 cents from the recent peak.
Steel ingot production is being maintained at around 95%
for the entire industry, the same as in the proceding week,
says the "Wall Street•Journel" of June 4. Two weeks ago
the rate was 96%. The U. S. Steel Corp. is running at a
fraction over the previous week and is still in excess of its
rated capacity. The high record for the corporation was
of rated capacity, made some weeks ago. Inabout 103
dependents have brought their operations down to 92%,
a week ago, and 93% two weeks ago,
contrasted with 92
adds the "Journal," further stating:
Considerable surprise is expressed over the fact that the steel activities
have been continued at such a high rate. The popular belief had been that
beginning with the middle of May there would be sharp curtailment at the
plants, but the fact is the leading concerns have been running at practically
capacity right along, and what reduction has been made has come from the
smaller units, some of which were forced to curtail moderately because of
their inability to get semi-finished material.
At this time last year operations were down considerably from the high
0,
rate of the spring, the Steel Corp. running at 823i 7 with independents at
76% and the average for the Industry about 79%.
Bituminous Coal and Beehive Coke Production
-Output of Anthracite Lower Than a
Increases
Year Ago.
According to the United States Bureau of Mines, Department of Commerce, the output of bituminous coal- and
beehive coke for the week ended May 25 1929 increased
over the preceding week and over the'corresponding period
last year. Anthracite output, although higher than in the
week of May 18 1929, was below the total for the week of
May 26 1928. Total production for the week under review
was as follows: Bituminous coal, 9,152,000 net tons; Penn-
BITUMINOUS COAL.
The total production of soft coal during the week ended May 25 1929,
including lignite and coal coked at the mines, is estimated at 9,152,000 net
tons. Compared with the output in the preceding week, this shows an
increase of 213,000 tons, or 2.4%. Production during the week in 1928
corresponding with that of May 25 amounted to 8,374,000 tons.
Estimated United States Production of Bituminous
1929--------•
Week. Cal. Year to Date.
9,142,000
May 11
189,653,000
Daily average
1,524,000
1,693,000
8,939,000
May 18
198,592,000
1 490,000
Daily average
1,683,000
207.744,000
9 152,000
May 25.6
1,525,000
1,675,000
Daily average
Coal (Net Tons).
1928
Week. Cal.Yr.to Deice
8,392,000
174,962,000
1,563.000
1,399.008
183,144,000
8.182,000
1,553,000
1,364,000
191.518.000
8,374,000
1,546,000
1,396,000
a Minus one day's production first week in January to equalise number of days
in the two years. b Subject to revision.
The total production of soft coal during the present calendar year to
May 25 (approximately 124 working days) amounts to 207,744,000 net
tons. Figures for corresponding periods in other recent years are given
belo*:
216,611,000 net ton
1926
191,518,000 net tons
1928
192,761,000 net ton:
1925
232,544,000 net tons
1927
As shown by the revised figures above. the total production of soft coal
for the country as a whole during the week ended May 18 amounted to
8,939,000 net tons. This is a decrease of 203,000 tons, or 2.2%,from the
output In the preceding week. The following table apportions the tonnage
by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
May 21
May 19
May 11
May 18
1927.
192E
1929.
-1929.
State
342.000 324,000
327.000
322,000
Alabama
16,000
23,000
11,000
14,000
Arkansas
127,000
148,000
139,000
111,000
Colorado
64,000
599,000
910.000
837,000
Illinois
131,000
200,000
291.000
291,000
Indiana
6,000
68,000
64.000
54.000
Iowa
20,000
25,000
28,000
27,000
Kansas
975.000
881.000
908.000
880,000
Kentucky-Eastern
388,000
217,000
210.000
180,000
Western
45,000
43,000
45,000
44,000
Maryland
10,000
10,000
13,000
12,000
Michigan
23,000
61,000
48,000
52,000
Missouri
49,000
38,000
41,000
39.000
Montana
54,000
56,000
38,000
44,000
New Mexico
11,000
12,000
18,000
15,000
North Dakota
133.000
280.000
396,000
304,000
Ohio
62,000
46,000
33,000
31,000
Oklahoma
Pennsylvania (bituntin's). 2,530,000 2,515.000 2,137,000 2,294,000
103,000
101,000
97,000
89,000
Tennessee
27,000
15,000
17,000
15,000
Texas
61,000
55,000
66.000
53,000
Utah
264,000
203,000
236.000
235,000
Virginia
43,000
36.000
42,000
29,000
Washington
1,870,000 1,895,000 1,927,000 2,103,000
West Va.--Southern.b._
838,000
652,000
656,000
665,000
Northern_c
75,000
84,000
97,000
95,000
Wyoming
4.000
3,000
1,000
1,000
Other States
May
1923
Averat76.2
398,000
20,000
168,000
1,292,000
394,000
89,000
75,000
679,000
183.000
47,000
12,000
58,000
42,000
57,000
14,000
860,000
46,000
3,578,000
121,000
22,000
74,000
250,000
44,000
1,419,000
823.000
110,000
5,000
Total bituminous coal.- 8,939.000 9,142,000 8,182,000 8,240,000 10,878,000
1,932.000
Pennsylvania anthracite_. 1,442,000 1,253,000 1,695,000 1,956,00(1
10,196,000 12,810,000
10,381,000 10,395,000 9,877,000
Total all coal
operations on
a Average rate maintained during the entire month. b Includes
B.& 0.
the N. & W., C. & 0., Virginian, It. & M.and Charleston division of the
c Rest of State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
during
The total production of anthracite in the State of Pennsylvania
Compared
the week ended May 25 is estimated at 1,542.000 net tons.
100,000
with the output in the preceding week, this shows an increase of
corresponding with
tons, or 6.9%. Production during the week in 1928
that of May 25 amounted to 2.027,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1928-192
Week. Cal.Yrio Date.a
Week. Cal. Year to Date.
Week Ended26,821,000
1,890,000
27,717.000
1,253,000
May 11
28,516.000
1,695,000
29,159.000
1,442,000
May 18
30,543,000
2,027,000
30,701,000
1,542,000
May 25_6
in
first week in January to equalise number of days
a Loss one day's production
the two years. b Subject to revision.
BEEHIVE COKE.
ended May 25 is
The total production of beehive coke during the week
the preceding
estimated at 140,100 net tons, as against 134,300 tons infollowing table
week and 82,200 tons in the week ended May 26 1928. The
apportions the tonnage by States:
Tons.
Estimated Production of Beehive Coke (Net
1928
1929
Week Ended
to Dates
to Date.
May18'29.c 21lay26'28.
Mag25'29.b
1,037,700 1,371,600
59,600
113,000
118,100
Pennsylvania and Ohio
253.200
208,800
10,400
9,900
10,700
West Virginia
91,200
33,500
3,200
1,200
Georgia, Ky. and Tenn-- 1,000
98,500
104,700
5,100
5,300
5,300
Virginia
91,700
115,300
3,900
4,900
5,000
Colorado, Utah and Wash
2,400,000 1,906,200
82,200
134,300
140,100
United States total
15,250
19,200
13,700
22.383
23.350
Daily avbrage
first week In January to equalize number of days
.
a Minus one Say's production
Revised.
In the two years. b Subject to revision. c
JUNE 8 1929.]
3757
FINANCIAL CHRONICLE
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 5, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows decreases for the week
of $10,800,000 in holdings of discounted bills and $5,200,000
in bills bought in open market, and an increase of $2,800,000
in Government securities. Member bank reserve deposits
increased $35,500,000 and cash reserves $15,400,000, while
Federal Reserve note circulation declined $6,300,000. Total
bills and securities were $11,100,000 below the amount held
on May 29. After noting these facts, the Federal Reserve
Board proceeds as follows:
Holdings of discounted bills increased $15.500,000 at the Federal Reserve Bank of New York, and $5,700,000 at Atlanta, and decllned $10.200.000 at Philadelphia, 110,000,000 at Boston, $9,300,000 at Chicago
and 110,800,000 at all Federal Reserve banks. The System's holdings
of bills bought in open market decreased $5,200,000 and of U. S. bonds
$1,800,000, while holdings of Treasury certificates increased 14,200,000
and of Treasury notes $300,000.
Federal Reserve note circulation increased 14,200,000 at San Francisco
and 12,300,000 at Chicago, and declined 55.900,000 at Cleveland, $5,700,000 at Philadelphia. 14,300,000 at New York and $6,300,000 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 3789 and 3790. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended June 5, is as follows:
Total reserves
Gold reserves
Total bills and securities
1 247,436,000 —11,086,000
—212,078,000
Bills discounted, total
977,444,000 —10,750,000
Secured by U. S. Govt. obliga'ns 508,912,000 —27,266,000
Other bills discounted
488,532,000 +16,515.000
—4,554,000
—142,272,000
+137,718,000
—5,172.000
—153,647,000
U. S. Government securities, total 147,328,000
+2,756,000
—1,759,000
Bonds
48,625,000
85,295,000 ' +330,000
Treasury notes
+4,185,000
13,408,000
Certificates of indebtedness
—62,704,000
—14,386,000
+8,943,000
—57,261,000
112,747.000
Federal Reserve notes In eircutation__1,847,435.000
—6,250,000
+49,065,000
2,366,778,000
2 321,343,000
16,023,000
+34,584,000
+35,473,000
+657.000
—58,044,000
—63,487,000
—314,000
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week decreased only $4,000,000 in the two previous weeks. The total of these loans on
June 5 at $5,284,000,000 compares with the high record of
$5,793,000,000 on March 20 1929 and with $4,563,000,000
on June 6 1928.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Loans and investments—total
June 5 1929. 111ay 29 1929. June 6 1928.
.
$
$
$
7.236,000,000 7,100.000,000 7,215,000,000
Loans—total
5 409,000,000 5,299,000,000 6,329,000.000
On securities
All other
Investments—total
U.S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
5,208,000,000 5,124,000,000 5,489,000,000
'1,152,000,000 1,154,000,000 1,200,000,000
24,000,000
42,000,000
98,000,000
813400,000
92,000,000
769,000,000
101,000,000
940,000,000
Borrowings from Federal Reserve Bank_ 123,000,000
103,000,000
263,000,000
Due from banks
Due to banks
Loans on securities to brokers and dealers
837,000,000 773,000,000 1.167,000,000
For own account
1,513,000.000 1,540,000,000 1,642,000,000
Fo account of out-of-town banks
2,934,000,000 2,975,000,000 1,755.000,000
For account of others
Total
On demand
On time
Loans and investments—total
5,284,000,000 5,288,000,000 4,563,000,000
4,938,000,000 4,946,000,000 3,496,000,000
347.000,000 342,000,000 1,067,000,000
Chicago.
2,030,000,000 2,017,000,000 2,073.000,000
Loans—total
2,678,000,000 *2585,000,000 2,707,000,000
2 731,000,000 •2714,000,000 2,622.000,000
1,827,000,000 1,801,000,000 1,886,000,000
1 049,000,000 1,018,000,000 1,077.000.000
778,000,000 783,000,000 808.000.000
1.616,000,000 1,802,000,000 1,568,000,000
912,000,000
704.000,000
905,000,000
697,000,000
414.000,000
415,000.000
505.000.000
172,000,000
242.000,000
172,000.000
243.000.000
228.000,000
277,000.000
Reserve with Federal Reserve Bank_._. 169,000,000
15,000,000
Cash in vault
164,000,000
16,000,000
182,000,000
18,000,000
On securities
All other
Investments—total
U. S. Government securities
'
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Increase (4) or Decrease (—) Borrowings from Federal Reserve Bank_
During
• Revised.
Week.
Year.
$
$
+15,393,000 +223,942,000
+20,187,000 +235,020.000
June 51929.
$
2,985,361,000
2,843,988,000
Bills bought in open market
June 5 1929. May 29 1929. June 6 1928.
$
$
1
Reserve with Federal Reserve Bank..__ 728,000,000 873,000,000 761,000,000
52,000,000
57,000,000
62,000,000
Cash in vault
874,000,000
694,000,000
1,184,000,000 1,150,000,000 1,278,000,000
636.000.000 638.000,000 728,000,000
6,000,000
11,000,000
132,000,000
306,000,000
134,000,000
285,000,000
168,000.000
377.000.000
66,000,000
79,000,000
48.000.000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and Ms of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial papgr, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business May 29:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities shows an increase for the week of
$66,000,000 in borrowings from Federal Reserve banks, decreases of
119,000,000 in net demand deposits, and of 124,000,000 in time deposits,
and a small decrease in total loans and Investments.
Loans on securities declined 142,000,000 at all reporting banks, $39,000,000 in the New York district and 111,000,000 in the San Francisco
district, and increased $11,000,000 in the Chicago district and 59.000.000
in the Minneapolis district. "All other" loans increased 557,000,000 at
all reporting banks and $48,000,000 at banks In the New York district.
Holdings of U. S. Government securities declined $22,000,000 in the
St. Louis district, $20,000,000 in the New York district and $54,000,000
at all repoorting banks, while holdings of other securities increased $35,000,000 at all reporting banks and 140,000,000 in the St. Louis district.
Net demand deposits, which at all reporting banks were 819,000.000
below the May 22 total, increased 158.000,000 in the New York district,
and declined 137,000,000 in the Chicago district, 115,000,000 In the Cleveland district and $11,000,000 in the Boston district.
The principal changes in borrowings from Federal Reserve banks for
the week were increases of 149,000,000 at the Federal Reserve Bank of
Chicago, $16,000,000 at Philadelphia, and $6,000,000 at Kansas City.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
May 29 1929, follows:
FINANCIAL CHRONICLE
3758
Afay 29 1929.
'Loans and inyestments-2otal__22.001,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
16,202,000,000
7,102,000,000
9,100,000,000
5.799,000,000
2,897,000,000
2,902,000,000
Reserve with Federal Res'ye banks 1,617,000,000
242,000,000
Cash In vault
12,791,000,000
Net demand deposits
6,765,000,000
Time deposits
Government deposits,99,000,000
i
1,012,000,000
Due from banks
2,389,000,000
Due to banks
Borrowings from Fed. Res. banks-
680.000.000
[VOL. 128.
Incretree (+1 or Decrease (—) Corp. (pipeline concessionare) in filial settlement of royalty, payments
Since
which had been outstanding for some time. Reports from Antioquia, the
May 22 1929. hfay 29-30 1928.
largest coffee producing area, indicate that the crop in the region is larger
—4,000,000 —159,000,000 than last year.
CZECHOSLOVAKIA.
+15,000,000 +248,000,000
The economic situation in Czechoslovakia remains generally satisfactory
+5,000.000 despite lower price indices and slightly reduced activity in many lines:
—42,000,000
+57,000,000 +243,000,000 these include steel, porcelain, plate glass, gablonz goods,knit goods, cotton
shoes, par—19.000,000 —407,000,000 spinning, rayon, cardboard, electrical apparatus, toys and
ticularly in the production of Deauville sandals. Tanneries are operating
—97,000,000 at the same level as previously, but expect a slackening soon. Increased
—54,000,000
+35,000,000 —310,000,000 operations are reported by automobile and machinery plants, lumber mills,
—30,000,000 —125,000,000 chemical manufacturers and silk goods producers. A slight tightening of
—4,000.000 money has been noted during the past month but no increase in the dis+9,000,000
count rate is expected locally. The stock market is stagnant with quota—19,000.000 —807,000,000 tions generally dropping. Clearing in May dropped by about 4% in com—24,000,000 —165.000.000
+62.000,000 parison with the previous month.
--2,000.000
—54,000.000
--80,000,000
—528.000,000
+66,000,000
—57,000,000
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 8 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
In spite of the continued fall of the peso exchange, lack of rain for
autumn planting, further low wheat quotations, damaging storms on the
South Atlantic coast and serious earthquakes in the Province of Mendoza,
the economic and business condition of the country during the week ended
May 31 was satisfactory. The situation of the Tucuman sugar mills
which are now grinding has improved somewhat. The strike In the
building tradei of the City of Buenos Aires, although no loss serious than
during the past week, still threatens to spread to other unions. A British
trade delegation is coming to Buenos Aires for the purpose, it is said, of
strengthening British trade against the competition of other countries.
AUSTRALIA.
Business in large centres throughout the Commonwealth shows no improvement, but country trade is reported to be fairly good. The continuance of labor difficulties is gradually causing further reduction of
Industrial activity with more factories about to close due to coal shortage.
Volunteer workers in timber yards are improving conditions somewhat.
Shipments of coal from England are now beginning to arrive. Wool sales
at Adelaide enjoyed good demand but prices were easier. Queensland
declares July an open season for opossums. A duty of four pence per
gallon on gasoline, the proceeds to be used for road improvement, was
recommended at the conference of State Premiers. There is reported
to be strong opposition to the tax, however, and it is thought unlikely
to carry. It is reported that 48% of the recent London conversion loan was
left on the hands of the underwriters.
BRAZIL.
There has been little change in the trade situation. Import orders in
most lines continue restricted due to industrial, commercial and bank
failures and to the generally unfavorable credit situation. Two small
Rio de Janeiro banks failed during the week. Consul Gerald Drew at
Para reports that the depression in the Amazon region has been aggravated by important failures in Manaos. Rubber prices remain unchanged
but Brazil nuts are lower,large nuts being quoted at 60 milreis per hectoliter
and medium nuts at 37 rallreis per hectoliter (63 and 4 cents per pound,
respectively). The nest crop is now estimated locally to be larger than
previously reported.
BRITISH INDIA.
Jute and hessian markets are quiet pending seasonal developments, and
piece goods business shows no marked improvement. Tea sales will probably
be resumed within two weeks, according to reports.
BRITISH MALAYA.
The local boycotting by Chinese firms of Japanese goods is rapidly
breaking down, although it has not yet been fully removed. General
business conditions continue quiet:
CANADA.
•
Manufacturing is reported to be less active in the Toronto district as the
result of a slackening in automobile and accessory production. The heavy
Industries are also quieter although the demand for iron and steel for
railway equipment and construction Is well maintained. Carloadings for
the week ended May 25 were lower than in the previous week due chiefly
to declines In miscellaneous merchandise, coal, livestock, and pulp and
subPaper. The movement of coke and forest products, however, was
stantially heavier than in the corresponding week of last year. Very warm
stimulated sales of summer
weather in Eastern Canada during the week
lines, and tourist traffic has contributed to an increased retail turnover.
satisIn the Prairie Provinces, the current volume is considered generally
factory, although the low trend in wheat values is believed to be curtailing
in the West
Prices by the agricultural population, the building program
• continues very active in view of the housing shortage in the larger cities.
Wheat seeding is reported to be completed in practically all sections of the
Prairie Provinces, and most of the coarse grains have also been planted.
Recent showers and warm weather have been very favorable to germination
In Manitoba and the Alberta outlook is also good. Saskatchewan conditions
appear to be fair although cool weather and high winds have been retarding
factors.
CHINA.
That China's new tariff has not adversely affected trade is Indicated in
customs returns of trade for the first five months of the year, which show
considerable gains over that period last year.
DENMARK.
There were no marked changes in general business conditions during
May. The favorable trend in industry continued and was reflected in
the heavy reduction in the number of unemployed, which at the.end of
the month was estimated at 33,000, against 48,000 at the close of April.
Notable progress was recorded in the branches of building construction,
shipbuilding, knitgoods, vegetable oil, automobile, cable, metals, margarine, and cement. No relief, however, was noted in textile, footwear,
leather, ready-made clothes, electrical and mechanical industries which
remain more or less depressed.
FINLAND.
Business in Finland during May was practically unchanged, although
a slight seasonal increase in activities was noticeable. Credit demands
remained heavy and the strained conditions in the money market continued. Protested notes were fewer than in April. Greater activity was
noticeable on the bourse, but quotations remained weak. Industries
are satisfactorily occupied. The improvement in unemployment continued throughout May. April foreign trade was active with both imports
and exports much larger.
HUNGARY.
Except for transitory improvement following the Budapest Fair, Hungarian business was depressed during May, due to the low purchasing
power of the farmers and to the lack of credit funds which is seriously
affecting building activities. Foreign loans are badly needed,•it is claimed.
The National Bank's stock of foreign exchange, which is very low, is being
improved at the expense of the gold reserve, but the percentage of metal
cover has been maintained through a decrease in note circulation. The
stock exchange index is steadily decreasing. Noincrease in saving's deposits
occurred in April. May grain and flour exports to Czechoslovakia, Austria,
Rumania and Italy were about equal to the April ,shipments of 55,000
tons: on account of the low prices and the needs of these countries, last
Year's crop will probably be disposed of. The coal industry is fully occupied.
The iron and machine industries are operating at 75% of capacity, and
the milling industry at 40%. The situation la the textile industry remains
unsatisfactory. Production of pig iron during the first quarter exceeds
that of the corresponding period of 1927 by 23%. The use of electric
current for industrial purposes has increased considerably. The April
adverse balance of trade is about double that of March, when the unfavorable balance totaled about $3,000,000. Traffic on the Hungarian
State Ry. during April was about 24,000,000 tons greater than In April
1928. The grain crops are advancing rapidly owing to the excellent
weather which has prevailed,during the past month.
ITALY.
Italian business during May varied regionally and was on the whole
quiet. In Sicily and southern Italy considerable improvement was noted,
due to the heavy lemon, olive and almond crops. The cherry yield is
normal, with quality and prices high. The Trieste shipping and textile
depression still persists and dominates all other interests in that area.
In the Turin district the automotive and textile lines show an improvement,
but textiles are meeting a severe competition in foreign markets. Rayon
continues to improve, due to price agreements between the principal
producers. Aside from Government construction, apartment building
Is the only activity in the building trades.
JAPAN.
The Japan money market is tight, with call rate advancing. The
stock and bond market is adversely affected by increased uncertainty
with regard to the Government's policy concerning the removal of the
gold embargo. At the first spring cocoon auction held on May 24, prices
were slightly higher and the average quality a little below prices and
quality ruling last year.
MEXICO.
The general tone of business was somewhat improved and reflected an
optimistic outlook for the solution of the conflict between the Government
and the Church. Some improvement was also noted in sales of cotton
goods. According to official figures, petroleum production during March,
which was the highest of any month of the current year, amounted to
3,526,000 barrels, and was a substantial Increase over the February production of 3,130,000 barrels. Production for April amounted to 3,503,000
barrels, a slight decrease from that of March, but substantially greater
than the February production.
NETHERLAND EAST INDIES.
Normal trade conditions prevail, although textile importers are still
feeling the effects of an overstocked market. According to' a recent
Government ordinance relating to the metric system, which is gradually
being adopted, the use of the word pound will be prohibited In the future
advertising.
NEWFOUNDLAND.
The new income tax law and reports of a heavy Norwegian production
of salt fish and cod liver oil are depressing factors in the present business
situation, and the wholesale and fishermen's supply trade is consequently
dull at present. The mines and paper mills continue to operate at maximum capacity. Tenders have been asked for the purchase, at par, of
$6,000,000 of Government bonds, to bear interest at 5% and mature on
Dec. 31 1954. Bids will be received until 3 p. m. on June 11 by the Bank
of Montreal at New York, London and St. John's.
COLOMBIA.
Business conditions are reported depressed throughout the country.
NEW ZEALAND.
Orders for merchandise are limited to immediate needs. Sales of autoWholesale houses report a decided improvement in trade throughout
mobiles, parts, textiles, and luxuries have decreased. Imports of staple
New Zealand. The distribution in up-country districts of larger payments
articles are moderate and stocks on hand are lower. The undertone of
butter fat during April acted as a considerable stimulus to trade in those
business is sound, but the prospects of better sales are uncertain. The for
for automobiles and general merchandise lines. Pastures are now
number of protested drafts in Bogota during April was larger than at any sections
in good condition and everything points to a large production during the
time since Jan. 1927. Collections are still difficult and bankers continue to
dairy season. For the nine months ended April 1, butter shipments
restrict credit. Government revenues reported for April amounted to more coming
to overseas markets increased 5,763 tons ancLcheese by 5,371 tons. comthan $7.000,000. which included $600,000 paid by the Andian National
JUNE 8 1929.]
FINANCIAL CHRONICLE
Pared with the corresponding months of 1927-28, assuring a record year for
these two commodities. Shipments of fruit have already exceeded the most
optimistic predictions made two months ago. At present large quantities
of fruit are in store awaiting shipment, and according to indications exports
will not be very far short of those of last year. Motor sales are encouraging
with stocks improving, though there is room for improvement in the used
car market. Trucks are quiet with some activity in light delivery vehicles.
Generally the market for all classes of vehicles is better than at this time
last year. Timber is quiet with stocks being maintained for a quick turnover. Building activity is up to expectations and the demand for timber and
building hardware should remain steady. Heavy structural building
continues active.
NORWAY.
Both retail and wholesale trade have been retarded somewhat by the late
spring season, but are now showing considerable improvement. Several
industries are operating at capacity and absorbing additional labor. Expansion in shipbuilding continues as a result of recent orders for several
new ships. The building industry also shows increased activity, especially
in Bergen. Unemployment is gradually being reduced and on May 15
numbered only 18,000 compared with 19,871 a year ago. There were no
outstanding developments in the Norwegian banking situation during the
month. A published report by the Central Bank, in liquidation, shows a
book profit of 6,000.000 crowns for 1928. According to preliminary estimates, government revenues for the third quarter of the fiscal year
• 1928-29 were slightly above budget estimates. During the early part of
May the Norwegian Parliament approved the expenditure items in the
proposed budget for 1929-30 covering payment of interest and amortization
on government loans. The amounts were 83,600.000 crowns for interest
and 26,700,000 crowns for amortization. The favorable trend in foreign
trade continued during April with both imports and exports well above the
level for the corresponding month of the past few years. There was also
increased activity as compared with the previous month with imports
valued at 98,600,000 crowns against 86,300,000 crowns and exports 62,800,000 crowns compared with 62,600 crowns.
3759
some increase in the volume going in to industrial consumption. Iron and
steel production has been steady with good orders for structural steel, but
demand for shipbuilding steel has fallen off slightly. The firmer tendency of
Continental prices is considered as probably responsible for the recent
increase of 5s. a ton in British prices. Business is quiet in the heavy forgings,
castings, rail and sheet trades. The engineering trades are steady although
unemployment is still heavy. Among the fairly active branches are textile
machinery, hoisting machinery, machine tools, locomotives, and marine
engineering; while there is decreased production in fabricated steel, prime
movers and boilers. The raw cotton and cotton yarn markets have been
quiet with British manufacturers buying small lots of yarn for moderate
needs. Cloth business is slow. Raw wool values have been weak and
the wool yarn market is correspondingly dull. The dress goods trade is
unsatisfactory. The automobile and motorcycle industries showed increased
activity during May owing largely to the Whitsum holidays and ideal
weather conditions. Truck sales have been steady, but the principal
momentum in the commercial vehicle field has been with respect to busses
and coaches. The steady increase of gasoline imports and consumption is
the feature of the petroleum trade. The chemical trades remain steady
with a good volume of business in'industrial and pharmaceutical chemicals
and in crude drugs. Business in essential oils is less active. Railway receipts and bank clearings show decreases. The money, stock, and capital
Issue markets have been overshadowed by the general election.
The Department summary,also includes the following
with regard to the Island Possessions of the United States:
PHILIPPINE ISLANDS.
Business in general continues slow with no improvement in the principal
export markets. Import trade is also slower, especially piece-goods, the
market for which is very poor. The local abacca market was very strong
with buyers but no sellers during the past week. Sellers anticipate increased
demand and lower receipts for the next two months. Receipts during the
week ended May 22 amounted to 33,875 bales and shipments totaled
36,600, of which 17,500 went to the United States. Stocks on May 27
amounted to 201,000 bales, compared with 153,000 at the corresponding
l'ANAMA.
date last year. Abaca prices last week were 29 pesos per picul of 139 pounds
is negotiating with for grade E; F, 27; I. 25; JUS, 21; JUK, 18, and L, 15. The local copra
It is reported that the Panaman Minister to Paris
agricultural families to colonize Panama. The next biennial market reflects weakness in both London and United States markets.
Greece for 1,000
budget (1929-1931) has been set at $14,750,000 and provision made for the To-day's f.o.b. prices for resecado are Cebu,10.50 pesos per picul: Hondagua
creation of an auditor's office. In the budget there is included an item of and Legaspi, 10.25, and Manila, 10.75. Arrivals are good considering the
$1,500.000 to be used toward liquidating the national internal debt of season. May receipts at Manila are estimated at 300,000 sacks, compared
$2,376,000 and provision is also made for the purchase of automobiles and with 264,000 a year ago. All oil mills are working except one which has
other equipment by the government instead of by the departments. It is closed for a month for repairs.
planned to make a general reduction of from 10 to 15% of all officials and
employees whose salaries exceed $50 per month, with the exception of police
and primary teachers. It is reported that several consulates are to be J. P. Morgan Who Served on International Committee
abolished. It is stated that the Chiriqui Land Co. has added 1,600 acres to
of Exports at German Reparations Conference,
Its holdings in the Province of Chiriqui.
SWEDEN.
General business conditions remain satisfactory although difficulties encountered in the settlement of the reparations question and the unsettled
position of leading money markets are having an unfavorable effect on Sweden. The stock market is weak with falling quotations on leading shares.
April foreign trade was unusually heavy, as the result of the termination of
the ice blockade. Imports were especially large and are estimated locally at
50 to 60 million crowns above exports. A partial indemnity fund,estimated
at 10,000.000 crowns, has been created by the Swedish Government for
the relief of smaller depositors who lost their savings in the recent failure
of the Allmanna savings banks. The paper market remains satisfactory.
Advanced lumber sales on March 15, covering about two-thirds of the year's
output, were estimated at 665,000 standards (1,316,700.000 board feet)
against 575,000 standards (1,138,500,000 board feet) on April 15.
SWITZERLAND.
The slight recession in Swiss business which had been evident during
March and April, mainly as a consequence of bad weather, was largely
overcome in May when a seasonal improvement supplemented the fine
business reported by the machinery and metals industries. The following
factors, though largely seasonal in character, show the strong fundamental
position of Switzerland's economic position; scarcity of labor in the machinery and building lines, generally reduced unemployment to a negligible
point, increasing wages, reduction in the cost of living index and in the
wholesale index to 159 and 140, respectively, the lowest figures in two years,
also an especially heavy drop in copper, zinc, tin and lead prices, a sharp
increase in railway receipts. Commercial failures in the first four months of
the year numbered 166 as against n4 and 223 for the same period of 1928
and 1927. A sudden increase in postal check payments reflects the better
purchasing power of the general public.
Returns from Abroad.
J. P. Morgan, who sailed for Europe last February, returned yesterday (June 7) on the Cunard steamer Maureanis,. Mr. Morgan served as one of the American members
of the International Committee of Experts delegated to consider the revisicn of German reparations payments, the labors
cf which were ccmpleted this week. Associated Press acccunts frcm Paris on June 1 in reporting the departure of
Mr. Morgan said:
J. P. Morgan, believing his work as American delegate to the conference
concluded, left to-day-for Cherbourg to board the Mauretania to America.
A small party of friends, including Thomas L. Lamont. saw him off. He
declined to discuss the work of the conference.
Mr. Morgan empowered Mr. Lamont, his alternate, to sign the Committee's report for him. Other delegates made their preparations to depart
for home early next week.
The "Post" of last night (June 7) in noting Mr. Morgan's
return stated in part:
J. Pierpont Morgan, the banker,for the first time in the long Years he has
been crossing and recrossing the Atlantic Ocean on international business,
relaxed his attitude of aloof reticence toward ship news reporters to-day
and consented to be interviewed when he arrived aboard the Cunard liner
Mauretania.
He consented to pose for the persistent camera men, and even indulged in
a little joshing with them. But not a word would he say regarding the
recent successful conference of reparations experts in Paris, in which he
played a major part as one of the senior members of the American delegaUNION OF SOUTH AFRICA.
tion, which helped to arrange the dew system under which Germany wil
The quiet trend noted last month was continued in the May trade of all settle her debts to the Allies.
sections of the Union and new developments are still waiting on the out"Mr. Thomas W.Lamont is the official spokesman for the conference,"
come of the general elections to be held on June 12. Late rains, however. Mr. Morgan explained, "I must hold to the agreement that when anything
have been copious assuring excellent winter grazing and the maize and is to be said on the work of the committee,it must be stated by Mr. Lamont..'
citrus export movement has started well so that the agricultural outlook
may be considered to have improved. Building activity continues at
Solution in Effecting
record levels, but the engineering trade is quiet. Commercial insolvencies Committee of Experts Reach
for the first quarter of this year were 35% greater in number than in the
Settlement of German Reparations Problems—
first quarter of 1928. The increase is ascribed, it is claimed, to injudicious
Germany's Payments To Be About Nine Billion
granting is 19,025,000 bags (of 200 pounds each), 400,000 bags under the
The wool and mohair seasons have practically finished
Dollars—Signing of Pact.
previous estimate.
with wool exports from all ports from July 1 to May 18 totalling 781,000
Announcement was made in press advices from Paris on
bales, of which the Continent took 395,000, the United Kingdom 274,000,
barrier to a complete
and the United States 9,000 bales. It is expected locally that the total wool June 4 of the removal of the last
export to June 30 will be in the neighborhood of 250.000,000 pounds as agreement by the Committee of Experts named to work
compared with 261,000,000 pounds for 1927-28. The summer mohair clip
out a solution of the German Reparations problems, thus
is estimated here at around 5,800 bales of which the United Kingdom took
4,400 and the United States 1,400. Mohair shipments from Port Elizabeth settling officially, it was noted, the long outstanding probto the United States during May aggregated $203,000. Raw wool $170,000, lem of Europe's post-war life. The signing of the Experts'
grease wool $127,000. and scoured wool $43,000. Sheep skins in the May
plan took place at Paris yesterday (June 7) at 5:50 P. M.
export allotment were valued at $76,000 and all other skins at $28,000.
and skin market is quiet with tannery production about normal.
(12:50 P. M. New York time). The Associated Press acThe hide
UNITED KINGDOM.
counts from Paris in reporting the reaching of accord by
Despite the uncertain monetary outlook and the natural effects of the the experts on June 4 said:
general election, the British industrial position appears slightly better than
The Belgians this afternoon accepted proposals presented by Dr. Hjalmar
due largely to a seasonal
it did a month ago. Unemployment has diminished
Schacht looking toward solution of the controversial problem of the redempthe building trades, but there has also been decreased tion of German marks left in Belgium after the war for which Belgium is
Improvement in
unemployment in shipbuilding, marine engineering, boot and shoe manu- demanding thirty-seven annuities of 25,000,000 marks (about $6,000,000).
facturing and in the silk, rayon and the lace industries. The coal trade has
With the acceptance by the Belgians of the German proposal, approval
continued moderately active although it is below the level of earlier months. of the Experts' report embodying the reparations annuities suggested by
causing somewhat lower prices and restricted output
The reduced demand is
Chairman, now becomes unanimous and the report,
steadier in most other districts Own D. Young, the
in Wales and in Scotland; conditions are
which must still be submitted to the Governments concerned for ratification,
especially on the Northeast Coast. In the domestic market there is a will be signed either Friday or Saturday.
coal, but there has been
seasonal decline in the demand for household
3760
FINANCIAL CHRONICLE
The Belgians accepted the procedure proposed in a letter presented by
new settlement agreed upon to-day scales down what Germany must pay
to
Dr. Schacht yesterday to Mr. Young. In this letter the German Government
about $9,000,000,000. In 1923, $33,000,000,000 was fixed by the Reparasaid it had appointed Dr. Erwin Ritter, a ministerial director, as its
tions Commission as the sum Germany must pay.
special representative to handle the marks question and that he was preThe enormous reduction represents the changes in sentiment and ideas
pared to enter immediately into negotiations with Belgium whereby the
regarding financial and economic possibilities that have taken place since
two Governments would agree to enter into negotiations "on a new basis
Wilson, Clemenceau, Lloyd George and others signed the Treaty of Verlooking to definite settlement of the marks controversy."
sailles. It is almost a direct consequence of the Locarno pact, signed la
While accepting the procedure, the Belgians made the express condition
1925, which developed the Writ of conciliation between the former enemies
that no territorial considerations would enter into the conversations. This
in the World War.
disposed of reports that Belgium would cede back Eupen and Malmedy to
Out of the final settlement, the European Allies will get enough from
Germany, both of which districts she obtained by the Treaty of Versailles.
Germany to pay their war debts to the United States, together with a
It was understood, however, that the Experts' Committee report would not
portion of their outlay for reconstruction.
become effective until the marks question is settled between Germany and
France, which is the biggest reparations creditor and the biggest war
Belgium.
debtor, will receive enough to pay both Great Britain and the United
This was in line with the expressed Belgian contention that she couldn't
States, with about a quarter of her outlay for the reconstruction of her
accept any settlement of reparations which did not include redemption of
devastated regions and for pensions.
the German marks left in Belgium subsequently to become valueless.
The final settlement cannot be
Regarding this separate settlement which is still to be French consider themselves losers saidato have satisfied everybody. The
by
big margin, if receipts are conmade between Germany and Belgium, the Associated Press, sidered in comparison with outlay. But, along with everybody else, they
are apparently ready to accept the decision as the best likely to be
under date of June 6, reported the following from Brussels:
carried out.
Negotiations between Belgium and Germany on the German marks quesIt is recognized that Germany's capacity to transfer money 113 far below
tion, which for a time threatened full agreement on the reparations settle- the
original Allied claims, while the German deliveries in kind are proving
ment, will start in Brussels Monday and are expected here to be concluded
a sort of economic boomerang which threatens the industrial prosperity
by the end of the week.
of the creditor countries.
The basis of the discussions will be the Belgian demand for thirty-seven
As all the members of the American delegation are sailing on Saturday
annuities each of 25,000,000 marks (about $6,000,000). This is said here on
the Cunard liner Aquitania the report must be signed by Friday at the
to represent 925,000,000 gold marks as against 6,000,000,000 paper latest.
The report will clean up everything that the experts were able to
marks which the Belgians declare were left in circulation after the settle
but several questions must be left to the various governments, such
German evacuation.
as the choice of a site for the new bank for international payments. The
With account taken of the ten years' delay, lost interest and depreciation experts'
idea has been all along to choose a neutral country where the
of the franc for which the belated mark settlement is held directly respon- bank
could have the greatest freedom of action with the least burden of
sible by Belgium, Belgian opinion does not consider the suggested arrange- taxation.
Zurich, Brussels, Copenhagen and Amsterdam have been menment a fair deal. Thus the Belgian negotiators are not expected to
admit tioned, with an apparent preponderance of opinion for Zurich, Switzerland.
of any further bargaining which, it is said, would not only withhold
It is now estimated that at least six months, if not longer, will be
application of the Young plan, but would induce Belgium to veto any
required to put the new reparations organization into operation after it
early evacuation of the Rhineland which Germany is seeking.
has been ratified, supposing that the Belgian marks question is settled
According to a cablegram to the New York "Times" from within that period.
The Young plan agreement will eventually give France between 40,000,Paris June 4 the promise was made to the Belgians that day_
by the Experts that until the Belgian claim is settled the 000,000 and 50,000,000,000 francs (between $1,600,000,000 and $2,000,000,000) to reduce her interior
Young system of payments will not enter into operation. 2,000,000,000 to 2,500,000,000 francs.debt, relieving the budget of from
The accord is expected to facilitate the ratification of the Allied war
Such, at least, said the cablegram, will be the unanimous
debts to
recommendation to the governments. Thus reassured, the are to runthe United States since the settlement provides that annuities
throughout the period of the debt payments to amounts sufficient
Belgian delegates will sign the report with the others.
to meet them.
It will also lead to the evacuation of the Rhineland by the Allied armies
In indicating the specific recommendations in the Experts'
of occupation
reports, Associated Press accounts from Paris June 4 stated: arrangements. within the time required for the necessary negotiations and
The specific recommendations in the Experts' report will be:
The reaching of complete accord by the Experts on June 4
1. Substitution of Mr. Young's annuities for the Dawes plan.
2. Substitution of the Bank for International Payments for the Repara- was detailed as follows in copyright
advices as follows from
tions Commission and the Agent General for Reparations in receiving
and Paris to the New York "Herald
Tribune."
distributing payments.
The difficult problem of German reparations, which has vexed the politics
3. Settlement by the governments as soon as possible and at the latest
within two years of the question of the obligations incurred by the successor and at times threatened the peace of Europe ever since the close of the
World War, reached solution to-night, after unceasing negotiations lasting
States to Austrian territory.
three months and twenty-five days by the committee
4. Reduction and recovery of taxes imposed by creditor countries
of financial experts,
on headed
German imports from 26 to 20%.
by Owen D. Young, of the United States.
Complete accord was achieved with an agreement on the negotiations on
5. Modification of the Dawes lien on German railroads BO as to
permit
Belgium's claim against Germany for reimbursement for the worthless
the Germans to finance them.
marks left in Belgium after the war occupation.
6. Any eventual reduction in the Allies' war debts to the United
States
to be applied in reducing the annuities due from Germany.
Show Straits of Long Fight.
7. A moratorium of two years to be eventually accorded on half
of the
At 7 o'clock to-night, Mr. Young left the first plenary session which the
protected part or 1,390,000,000 marks (about $333,600,000)
of the first experts have held since April 23 and
walked through the lobby of the
series of annuities when financial difficulties of the Reich may
require it.
Hotel George V, the committee's headquarters. His smiling
8. Commercialization, as it becomes possible, of the amount,
face and
representing genial manner could not hide the rings of
fatigue beneath his eyes, painted
the present value of 500,000,000 marks (about $120,000,000
), of the first there by the strain of fighting gallantly
nearly four months for a cause
thirty-seven annuities.
that time and again appeared hopelessly lost.
The original bill presented by the Allies during the present
conference
The American Chairman responded to the congratulatio
called for thirty-seven annuities of 2,200,000,000 marks, twenty-one
ns of three Ameran- ican correspondents in the modest fashion
which never forsakes him. Then
nuities of 1,700,000,000 marks, and one annuity of 900,000,000
marks. It he said, quite simply:
was estimated that this had a present value of between $10,000,000,
000
"The plenary session has just authorized a statement
and $12,000,000,000. The Germans rejected this as being too
saying that full
high and agreement has been reached on
everything."
made a counter offer of 1,650,000,000 marks over a period of
thirty-seven
years which was estimated to have a present value of between $5,760,000,0
Last Obstacle Is Removed.
00
and $6,240,000,000.
This was the first official announcement—made by the man to whom
The Allies recognize that Germany has already paid $2,000,000,000, while more
than to
Germany claims credit for $10,000,000,000 largely represented by German ended to-day any other it is due—that the Belgian mark dispute was
and that the last obstacle to complete accord and unanimous
property seized during the war or now held by other countries.
signature of the experts' report had been swept away.
Of the $9,000,000,000 agreed upon, a little more than half goes
Thus that elusive phantom which Aristide Briand termed "final liquidato
France. Two-thirds of this $9,000,000,000 would just cover the Allies' tion of the
World War" becomes an actuality. Thus, also, the Young comdebts to the United States. The settlement is nine times what France mittee
makes of what was already a majority success a strikingly complete
paid to Germany after the War of 1870.
victory. After almost four months bf nerve-racking labor and heartbreakThe $9,000,000,000 represents the total debt, but Germany will,
in fact, ing setbacks the second reparations conference is assured within two days'
pay an average of about $492,000,000 yearly for thirty-seven years
as time of sweeping across, the finish line a winner.
interest and amortization. Thereafter, for twenty-one and one-half
The Young committee, in direct antithesis to the Versailles conference of
years
she will pay about $408,000,000 to meet exactly the Allies'
debt to the 1919, has reached a momentous agreement in which German delegates as
United States. If the United States ever cancels any part of these
debts, well as Allied have concurred, and with the anticipated adoption of the
two-thirds of the reduction will go to reduce the German payment
and the Young plan by the governments the question of reparations seems to be
other third will benefit the Allies.
swept from Europe's chancellery tables once and for all.
The last twenty-two annuities of the Young reparation plan, the
present
value of which is estimated at 3,000,000,000 marks (about
Terms of the Settlement.
$720,000,000)
Under the Young plan Germany agrees to pay, in annuities averaging
remain theoretically to the debit of Germany. It is understood, however,
that a fund of 1,000,000,000 marks (about $240,000,000) shall be
2,050,000,000 marks ($487,900,000) over thirty-seven years, a sum whose
mobilized,
capital
200,000,000 marks of which will be provided by the fund in the hands
of marks value, figured at 5%% interest, is estimated at 36,885,000,000
the Agent General for Reparations and 100,000,000 marks of
($8,778,630,000).
which shall
The unconditional and unprotected portion of the annuities is set at
be contributed by the Reich and the remainder by the Alike. The
fructification is looked to to pay one-third of those annuities.
660,000,000 marks ($157,080,000) for each of the thirty-seven years. Of
this amount about 500,000,000 marks will be available for mobilization,
The remainder on these annuities will be paid from the
new International Bank if they prove sufficient. Otherwise profits of the the remainder covering the service of the Dawes loan and various other
what remains
to be paid on them is to the debt of the Reich.
items. The portion of the annuities protected by the transfer clause will
then average 1,390,000,000 marks ($330,820,000).
Concerning the redemption of the German marks left in
Belgium, the
Belgians contend that 6,000,000,000 marks were cashed
After the first thirty-seven years there will be twenty-one and one-half
in Belgium, while
the Germans asserted that their army left
only 2,000,000,000 marks, annuities of smaller size.
nominally worth $500,000,000, and that the remainder
The signing of the Young report, which with to-day's decision became
was brought into
Belgium in suitcases by speculators. In settlement
of their claim the Bel- final and unqualified, probably will take place Thursday evening in the
gian experts at their present conference
have demanded thirty-seven saffron-draped plenary session chamber of the Hotel George V. Fourteen
annuities of 25,000,000 marks (about $6,000,000).
signatures will be affixed in the names of the seven nations which have
been represented here since February 11.
The same accounts stated:
Two of the original fourteen chief delegates' signatures will be missing—
From the formidable total of $125,000,000,000
claimed in the original that of Lord Revelstoke
of Great Britain, whose death in mid-April unAllied demands filed with the Peace Conference
at Versailles in 1919, the doubtedly allayed the
bitterness of the conference's breakdown the night
JUNE 8 1929.]
FINANCIAL CHRONICLE
before, and that of Dr. Albert Voegler, of Germany, who resigned May 24
In protest against further German concessions.
A third delegate's signature, that of J. P. Morgan, will be given by
proxy by Thomas W. Lamont, as was arranged when Mr. Morgan sailed
for New York last Saturday. Aside from these three, all the other original
delegates will initial the Young committee's voluminous report, if not
Thursday night then surely on Friday.
The Young report proper will be about forty pages and some 12,000
words long. Affixed to it will be several annexes, including the plan for
the Bank of International Settlements and an annex on methods of commercializing a part of Germany's debt, which will probably bring the bulk
of the entire report te above 100 pages.
The date of publication of the Young report is still undecided, but it is
considered likely to-night that it will be released on or before next
Monday for publication on Tuesday.
To-day's agreement on the Belgian mark snag was based on the offer made
by Dr. Hjalrnar Schacht yesterday in the name of the German government
in which, in a letter to Mr. Young, the German chief offered to commence
negotiations immediately on a new basis to settle the mark claim and
under an agreement that such negotiations should be concluded before the
Young plan was put into effect by the governments.
Great pressure was brought to bear on the Belgians last night and this
morning to accept this solution, which was regarded by the Americana,
Japanese and British as the only sane one.
At noon the creditor delegates held a meeting in which Ensile Francqui
and Camille Gutt, the Belgian experts, finally accepted the German offer in
principle. They immediately got into communication with their government at Brussels, and before 6 o'clock to-night had permission from
Brussels to agree to the compromise solution, which takes from the experts'
shoulders the weight of having to act directly on the Belgian claim for
thirty-seven annuities of 25,000,000 marks ($5,950,000) from Germany.
3761
When the matter of which language should be given precedence for the
moment in drafting the report came up, Mr. Young jokingly turned to the
chief French delegate and said:
"Governor Moreau,.I suggest that you and I shake dice to see whether the
report when we sign it, is to be in a language which I can understand."
Since a majority of the delegates speak English, including all the Japanese
and Germans, it is probable that the report, which will be initialed two
days from now, will be an English version.
No mention whatever was made in the plenary session of the Belgian
mark dispute. All the experts were cognizant in advance of this agreement,
and pains were taken to avoid all subjects upon which any feeling still
might exist. The only hint of this final obstacle, now happily disposed of,
was contained in Mr. Young's brief statement, "We hope to be finished up
by Thursday night."
Just before the session ended Mr. Young broached the subject of announcing the full accord, saying:
"It has been a long time since we have had a plenary session. The world
will want to know why we have had one now. Are you gentlemen willing
that we officially announce that we are completely in accord on the new
plan?"
No dissenting voice was raised, and Mr. Lamont drew up the brief communique which follows and which was handed to the correspondents a few
minutes later:
"A plenary session of the committee was held this afternoon. Agreement on all substantial points having been reached, the committee will
now undertake prompt completion of the report in the expectation that it
may be,geady for signature before the end of the week."
Soon afterward Mr. Young walked from the hotel in happy mood and a
few minutes later Dr. Schacht followed him.
Asked what he thought about the complete agreement, Dr. Schacht replied:
"I am not glad, of course not. If you have to pay 2,000,000,000 marks
for thirty-seven years you cannot be glad."
Four different meetings were held today relative to various features of
the experts' work. The creditor groups met this morning on the Belgian
mark question; the committee on deliveries in kind and the Addis committee on the draft of the international bank held sessions; and this afternoon
there was a second meeting of the creditor group before the plenary session.
Stamp to Start Drafting To-day.
The Stamp committee will start its draft of the final report tomorrow
while other groups are working on separate items. The Addis bank committee especially will be busy over a number of important matters connected
with the international bank. It is stated that all the essential features of
the bank remain as contained in the bank plan which was published exclusively in The New York Herald Tribune of May 12 and 13, although
considerable changes in wording have since been made.
The report proper will be divided into eight or more chapters, dealing
with such important subjects as Germany's economic condition, Germany's
capacity to pay, deliveries in kind, the course of the conference's proceedings, the outline of the international bank, a chapter on annuities divided
into four or five sections and giving a list of the, annuities, their unconditional and conditional parts, safeguard clauses and the form of possible
moratorium; a chapter on the appointment of an organization committee to
put the plan into effect if adopted by the governments and a chapter on
methods of transition from the Dawes plan to the Young plan.
This report, as drafted, constitutes more than sixty pages, but will be reduced as much as possible by the stamp drafting committee appointed today, probably to about forty pages.
With the signing of the report Thursday night the Young committee's
task will be completed. All the experts are extremely relieved to have their
difficult task over with, but none more so than the Americans. For Mr.
Young there is one especial gratification—the marriage of his son, Charles
J. Young, is set for June 15 at Cleveland. By sailing Saturday Mr. Young
will reach New York by Friday, June 14.
Deadlock Averted Last Moment.
Only at the last moment was a deadlock averted which would have prevented unanimous signing of the report. Yesterday, in a meeting of the
Allied delegates, the Belgians fought to have a resolution adopted which
would bind all the Allied experts to refuse to sign the report until Belgium's
claim for reimbursement for the marks had been definitely settled.
M. Moreau and the other French delegates supported the Belgians' demands. The Italians were on the fence, and the Americans, the British
and the Japanese, ostensibly unwilling to commit themselves to any such
dangerous policy, stalled for time.
To-day the Allied delegates reached a new and much more sagacious solution. They adopted a resolution which will be inserted into the main body
of the report providing that each creditor delegation will recommend to
its government that the Young plan shall not become effective until a
mark settlement between Belgium and Germany has been reached.
On this basis the Belgians were won to accept Dr. Schacht's proposal for
Immediate negotiations, independently of the experts' committee, which
shall be committed to cleaning up the mark debt before the governments
approve the Young plan.
Under the mark debt arrangement, Germany has an incentive to settle
the special debt question, for so long as the obligation remains unfunded
the Reich will have to continue to make the heavy payments provided by
the Dawes plan.
The Belgians have the assurance that in the negotiations now to begin, no
territorial questions shall be broached. This means that the Germans will
not press their claims to the Belgian province of Eupen-et-lialmedy in corn.
pensation for an accord to fund the mark debt.
Final Agreement Reached.
At 6 o'clock to-night, then, the experts' first plenary session in a month
and a half was called. Agreement had now been reached on the number and
amount of the annuities Germany was to pay, upon the framework and
functions of the Bank for International Settlements, upon all the conditions
with which the Germans originally prefaced their acceptance of Mr. Young's
figures and lastly upon the means of settling the vexing question of the
President Hoover Says Plan for Solution of German ReparaBelgian mark claire.
As a result, the outstanding action of the plenary session to-night was to
tions Problem Is Notable Contribution to Progress—
appoint a committee of seven, with one representative from each delegation,
Felicitates Americans on Experts Committee.
to constitute a drafting committee to put the Young report into its final
official language.
President Hoover, in a statement issued at the White
This Committee is beaded by Sir Josiah Stamp, its other members being
House, on May 31 pronounced the settlement of the German
Mr. Lamont, Dr. Ludwig Kull, llengo Mori, Alberto Pirelli, M. Quesnay
and H. Gutt. It will meet to-morrow noon to put the finishing touches reparations problem as a notable contribution to world
on the Young report, which is expected to be completed and ready for economic stability and progress. The President authorized
signature by Thursday night.
the following statement:
The plenary session to-night furnished an extraordinary example of the
effability and harmony with which the experts in the full committee have
"It is a very notable contribution to stability and to progress and I
worked. Mr. Young, seated at the head of the long table about which the
think the American people should be gratified at the contribution
fourteen experts gathered, opened the session with these words:
which Messrs. Young, Morgan and Lamont have made to bring it to
"What would you have done if, when we held our last plenary session on
a successful conclusion."
April 23, the Chairman had told you we would reconvene on June 4?"
The success of the Reparations experts at Paris was termiShouts of laughter greeted these words, and one delegate cried out:
"There'd have been a rebellion!"
nated by President Hoover in a message on June 4 to Owen
The meeting then came to order and the minutes of the meeting of
April 23 were read—this also evoking joviality, since the majority of the D. Young and his American associates "a most important
experts had forgotten just what had happened at that meeting. A letter step toward the restoration of international confidence and
was also read from Lord Revelstoke's family, expressing thanks for the of national stability," according to Washington advices on
messages from the Young Committee and from Individual members, which
were sent in condolence at the time of the second British delegate's death. that date to the New York "Times", which said:
The Charge d'Affaires at Paris was instructed by Secretary
Mr. Young then suggested that Sir Josiah Stamp start going over the
experts' report for the purpose of corrections and new suggestions. After Stimson to deliver to Mr. Young the following message from the
for some minutes Dr. Schacht asked the Chairman for President:
this had proceeded
"I have heard with great satisfaction of the successful conclusion of
the floor:
"I understand," said Dr. Schacht banteringly, "that these Americans the arduous work of the experts' committee. It is a most important
don't like Europe any more and want to go home. Therefore, I suggest in step toward the restoration of international confidence and of national
order to speed up matters, that all minor questions on the report be left stability. You and Messrs. Morgan, Perkins and Lamont have given
generously of your time and strength, and I send you all my sincere
to a subcommittee."
This suggestion was adopted, and the drafting committee, headed by Sir congratulations on the notable achievement of the committee."
Josiah Stamp, was named by the Chairman,. with the proviso that if the
Committee strikes points of real controversy these shall be referred back
Outline of Annuity Payments Under Young Plan Proposed
to the full committee.
Thereupon Dr. Schacht asked that some decision be taken on when the
For Settlement of German Reparation Problem.
published, and in what languages it should be drawn. Mr.
report is to be
In furnishing an outline of the annuity payments provided
Young, unable to suppress his good humor, replied, "I don't care how many
for in the plan for the settlement of the German reparations
languages the report is in, just so you agree on the report."
Dr. Schacht suggested that for the time being, and until after the report problem, proposed by the Committee of Experts, a Paris
Is signed, it be issued in one official language—which will be English.
1 to the New York "Times" said:
Mr. Young, however, advised that the French version should be worked on cablegram June
By today at noon a reconciliation had been found to the last conand kept as up-to-date as possible.
The most important suggestion relative to the linguistic feature of the ditions which Germany had attached to her acceptance of the annuity
report was Dr. Schacht's urging that, in addition to the French and English schedule proposed by Owen D. Young, the American chairman, when
both creditor and debtor proposals had been perforce discarded. "Reversions, the final report should also have an official German version.
3762
FINANCIAL CHRONICLE
[VOL. 128.
conciliation" is the word used officially to describe these last trans- of the United States, will be paid from a special sinking
fund which
actions. What happened was that in their desire to reach a settlement, will be built up by the allocation
of 80% of the profits of the Interand with the same good-will which they have shown all along, Ger- national Bank of Payment.
In the event of a reduction of the
many's European creditors abandoned practically all their reservations. American debt 66-2/3%
of this fund will be allocated to Germany
They accepted the figure offered by Dr. Hjalmar Schacht, chief German and 33-1/3% to the other
countries.
delegate, of 660,000,000 marks (about $158,400,000) a year as the
4. The International Bank of Payments, for which a site has not
unconditional part of each annuity. They abandoned the recovery act yet been chosen, though
a site in Brussels is most likely, will have
system which Great Britain and Belgium have profitably used. They a capital of $100,000,000.
The Allies will deposit 200,000,000 marks
promised restoration of the German property held abroad.
from funds held by the Agent General of Reparations Payments which
will not bear interest and an amount equal to one unconditional payGerman Request Refused.
Only one thing was refused. Because of its political aspects and ment by Germany, that is to say 660,000,000 marks, which will be
somewhat hypothetical value the creditors refused to accede to the interest-bearing. Germany will make a proportionate payment in marks.
5. Germany will have a right, in case of financial difficulty, to
German request that the debts of the successor States to the AustroHungarian Empire and Poland on account of the German state property, ask from the directors of the International Bank of Payments a susof which they became the virtual possessors through the alteration of pension of transfers during two years, and after one year may ask
their frontiers, should be used as a cover for the last twenty-one suspension of payment on that part of the postponable annuities not
annuities under the new plan of payments. It would be, perhaps, to ear-marked to cover the American debt. All control of the Reichsbank
go too far to say that there was a "trade" between the Germans and and the budget, such as was imposed by the Dawes plan, will be
the French in this matter. But the French acceptance of the low figure suppressed, as will the lien on the railways, except in so far as outlined
of 660,000,000 marks for thirty-seven years, of which France gets 500,- above, and control of all industrial mortgage bonds.
000,000 marks (about $120,000,000), as the mobilizable portion of the
annuities, was conditional on the practical dropping of the German
ModificaCon of Plan for "Bank for International Setclaim against her friends and allies in Eastern and Central Europe.
That much, at least, has been saved for the smaller powers, who,
in Connection with German Reparations
having had little to say in the committee's work, have, perhaps, felt
Settlement.
that their claims were being somewhat cavalierly treated. The experts
The plan for the Bank for International Settlements, which is the
themselves have, of course, no right entirely to set aside this debt to
Germany. They can only recommend to the governments what should keystone of the new reparations machinery, has undergone numerous
be done, and in their final report a recommendation that these entire modifications, but the central idea remains the same, according to
claims be disposed of by the governments as promptly as possible, and Associated Press accounts from Paris, June 5. These advices 'state
at any rate within two years, will be made in the interest of the final the institution will be, above all, the trustee for reparations payments,
receiving annuities from Germany as did S. Parker Gilbert, Agent
and complete settlement.
Thus these long negotiations ended. This afternoon the drafting General for Reparations, and distributing them among the creditors.
The fact that there are always from 200,000,000 to 300,000,000
committee set to work on its third draft report—Draft C—and by
this evening Sir Josiah Stamp, chief British delegate, who has prac- marks (about $48,000,000 to $72,000,000) in the hands of the Reparatically sole charge of this work, has promised its completion so as to tions Agent, has given rise to the hope that the Bank might make
be in the hands of the experts for consideration tomorrow and dis- important profits and even become an important institution for the
extension of credits.
cussion on Monday.
From this supposition arose other ambitious projects for the instiSpirit of Sacrifice Shown.
tution, such as the regulation of exchange. The experts hold, howIn the settlement which has thus been so happily reached, largely
ever,
through the work and wisdom of Owen D. Young and his able colleagues for to a more modest role for the Bank at the outset, leaving it
experience to determine whether the Bank's primary function as
in the American group, every country has shown at one time or a
substitute for the
another notable forbearance and a real spirit of sacrifice. In praising can be safely and Reparations Commission and for the Agent General
profitably extended.
the American delegation as primarily responsible for holding the conThe Bank will have a capital of $100,000,000 in the beginning. It
ference together in difficult times and for having contributed many will be managed
by a directorate chosen from financiers of the
valuable suggestions, no one would seek to detract from the sacrifices creditor nations, the United
States and Germany. Its relations with
which all the other delegates have been called on to make for their the Central Banks of Europe
will probably resemble somewhat that of
countries and which they agreed to in such fairness of spirit as to the American Federal Reserve
to member banks, although the scope
make it possible to characterize this conference as the real ending of of its action will be much narrower.
the war.
The experts have regretted that the remote possibilities of the
While President Hoover and the American Cabinet have consented International Bank have provoked speculation
as to future activities
to a lowering of the annual payments on account of the arrears on the of that institution which were not in their minds when they originated
cost of the army of occupation so as to fit the reduced annuity of 2,050- it.
000,000 marks (about $492,000,000), it will probably be found when the
The Bank may, and probably will, discount paper to the extent of
final report comes out that the added interest and the additions which, its possibilities. It will receive deposits other than reparations payit is stated, have been made to the mixed claims on account of shipping ments, but it will never become a competitor of the Central Banks
losses, will increase the total of the amount which must be paid to the and will never develop into the super-bank which some people have
United States.
forecast.
The American contribution to the settlement was mainly personal,
Some of the technical experts who worked on the scheme believe
and the credit for it goes to those four American citizens, Owen D. that it will take twenty years to determine what the Bank can do
Young, J. P. Morgan, Thomas W. Lamont and Thomas N. Perkins, and whether its profits will ever be large enough to be of material
who have done their work independently.
help to Germany in the payment of annuities through the last twentytwo years of the Young plan.
Main Outlines of Plan.
In our issue of May 18, page 3260, we gave a detailed acThe main outlines of what will probably pass into history as the Young
plan for the payment of reparations are as follows:
count of the plans respecting the Bank.
1. Germany shall pay during the next thirty-seven years an average
annuity of 2,050,000,0000 marks (about $492,000,000). The first of
these annuities will date as from April 1, 1929 and will be covered
by a payment of 1,200,000,000 marks (about $288,000,000) by the Chronology of Labors of Committee of Experts Named
to Solve German Reparations Problem—Conference
application of the Hawes plan until Sept. I, and of 742,000,000 marks
(about $178,080,000) under the Young plan for the last seven months
Started Feb. 11.
of the year until March 31, 1930. The next nine annuities will run
The following is from the New York "Times" of June 5:
as from April 1 in each year as follows:
The following are the chief events of the Reparations Conference at Paris
The second annuity, 1,708,000,000 marks (about $409,920,000).
as set out chronologically by The Associated Press:
The third 1,685,000,000 marks (about $404,400,000).
Feb. II—Conference got under way and elected Owen D. Young, AmeriThe fourth, 1,738,000,000 marks (about $417,120,000).
can, chairman.
The fifth, 1,804,000,000 marks (about $432,960,000).
Feb. I2.—Dr. Hjalmar Schacht, chief German delegate, informed the
The sixth, 1,867,000,000 marks (about $448,080,000).
committee that Germany could no longer continue to pay under the Dawes
•The seventh, 1,893,000,000 marks (about $454,320,000).
plan figures.
The eighth, 1,940,000,000 marks (about $465,600,000),
Feb. 25.—Work of the conference was divided into three subcommittees.
The ninth, 1,977,000,000 marks (about $474,480,000).
April 13.—The Allies handed to Dr. Schacht their first figures, having
The tenth, 1,995,000,000 marks (about $478,800,000).
a present value of about $10,000,000,000, to be paid in annuities over
From the tenth until the twenty-seventh year the annuities will increase gradually to a figure of 2,400,000,000 marks (about $576,000,000). fifty-eight years.
April 17.—Germany presented a counter-offer calling for only thirtyThe average annuity will be 2,050,000,000 marks (about $492,000,000),
seven annuities and having a present value of from $5,760,000,000 to $6,of which 1,988,000,000 marks (about $477,120,000) will be devoted to
reparations and to cover the allied debts to the United States and 240,000,000.
April
61,000,000 marks (about $14,640,000) to the service of the Dawes loan, mittee 19.—Lord Revelstroke, British expert and chairman of a subcomseeking a compromise solution, died of heart disease, being suewhich has a prior claim.
sceeded by Sir Charles Addis.
Unconditional Payment.
April 23.
--The experts, unable to reach an agreement, began work on
2. Of this annuity 660,000,000 marks will be unconditional. That is their final report to their respective governments.
to say it will have no benefit of moratorium or postponement and can
May 4.—Mr. Young presented a new plan calling for thirty-seven annuitherefore be commercialized. That amount has been provided for by ties and then an additional twenty-one annuities, the latter to be paid with
the payment every fifteen days into the International Bank of Pay- the profits of a proposed international bank.
ment of a special levy on the German railroads. The amount of
May 5--The Germans accepted the Young proposal, but with certain con660,000,000 marks is exactly equal to the interest on the sinking fund ditions.
May 22.—The Allies agreed to accept some of Dr. Schacht's conditions,
charges on the railway bonds which were handed over to the Reparations Commission in execution of the Dawes plan. In the event of rejected several others and made reservations of their own.
May 23.—Dr. Albert Voegler, German expert, resigned, contending that
default by the railways the Reich Government will be entirely responsible
for the payment of this amount. This unconditional payment will take the terms of the projected settlement were unbearable. He was succeeded
care of the service of the Dawes loan and several other charges, and by Dr. Lurwig Ruth
May 27.—Mr. Young advanced modifications to his plan designed to get
500,000,000 marks (about $120,000,000) will be at the disposal of France.
On a basis of 5Y2% interest it will permit the reduction of the French around the conditions posed by the Germans and the reservations made by
internal debt by 50,000,000,000 francs. The balance, which will in- the Allies.
May 29.—The German and allied experts came to an agreement on the
crease as the Dawes loan service diminishes, will be applied to the
reduction of the various claims of Belgium and other allied creditors. revised reparation annuities as proposed by Mr. Young calling for thirtyseven annuities at about $492,000,000, twenty-one annuities at $408,000,000
Fix Bank Details.
and one annuity at $216,000,000, the total having an estimated present value
3. The last twenty-one annuities, which will correspond to the amount of $8,596,000,000. There were still certain German conditions and allied
of the allied debts due the United States plus the remaining claims reservations to be Ironed out.
JUNE 8 1929.]
FINANCIAL CHRONICLE
June 1.—Agreement on the Young annuities was revealed but the question of the redemption of the German marks circulated in Belgium during
the war still prevented complete agreement.
June 3.—The Germans proposed negotiations for settlement of the marks
question.
June 4.—The Belgians accepted the German proposal for a solution of
the problem, thus permitting full agreement and the signing of the report
later this week.
Experts Who Settled German Reparations Problem.
According to the Associated Press, delegates to the Reparations conference were as follows, says the "Post" of
June 4:
Sir Josiah Stamp and Lord Revelstoke, both directors of the Bank of
England.
Lord Revelstoke, worn out by his exertions, died in the midst of the negotiations on April 19 and was succeeded by Sir Charles Arris, another director of the Bank of England.
France—Emil Moreau, governor of the Bank of France, and Jean V.
Parmentier, director of the movement of funds at the Ministry of Finance
and member of the reparations committee on transfers.
Belgium—Emil Fransqui, former Finance Minister, and M. Gutt, a leading
banker and recognized expert on European finance.
Italy—Commendatore Pirelli and Professor Switch, both well-known
experts on European finance.
Japan—Kengo Mori, former financial attache in London, and M. Aoki,
undergovernor of the Imperial Bank of Japan.
Germany—Dr. Hjalmar Schacht, president of the Reichabank, and Dr.
Albert Voegler, head of large steel interests and a director of the Reichsbank.
Dr. Voegler resigned because he believed the settlement demanded of
Germany "unacceptable" and was succeded by Dr. Ludwig Kastl.
United States—Owen D. Young and J. P. Morgan. Alternates, Thomas
Nelson Perkins and Thomas W. Lamont.
President Washington Luis's decision undoubtedly results also from
the visit of the second committee, the Rio de Janeiro Associacaio Commercial sent to call on him, which was composed of eight of the city's
leading business men. The committee declared the situation was serious,
and after the conference published a statement that Washington Luis
had stated he would itensify the remedies the situation calls for while
observing banking customs.
Calls for Co-Operation.
He was certain, the statement said, that the difficulties would be overcome when the government's measures were seconded by the co-operation
of the productive classes, since the situation was a reflex of general unsatisfactory conditions other commercial centers were experiencing,and the
result largely of alarms and exaggeration, while the government was
attentive and acting to re-establish general confidence. The President
agreed on the necessity of the bankruptcy law which Congress is discussing
and which would increase a bankrupt's liabilty.
The Banco do Brasil gave out a statement simultaneously saying it has
and will continue commercial operations within banking norms in transactions with legitimate business and in accordance with the legitimate
Interests of industry. It declared that rumors that the Banco was restricting credit were unfounded.
The Estado de San Paulo also reported that President Washington Luis
Informed the association's committee that he had resolved to delay the
execution of the project making the Banco a bank of issue and rediscount.
Bank Cornering Currency.
While the Banco has been wiping out bad accounts by placing a time
limit on debt payments, which is in large part the cause of numerous
failures and while the change in its Presidency may result in easing the
debtors' situation, nothing was said publicly in regard to the Dance's
policy of cornering currency. The Banco, with the assistance of the
Banco do Estado de Sao Paulo is holding a large share of the country's
currency, which makes difficult the credit operations of other banks.
Washington Li is is having very little political opposition, and evidently
the political elements are combining to support the administration's financial and economic policies, the principal one of which is currency stabilization. Though the present situation is affecting the volume of business
and causing apprehension, with a strain on many firms, it is still believed
that the shaking down which Senhor Teixeira started will have a good effect
for the future.
S. Parker Gilbert to Quit as Agent General for Reparation Payments with Signing of Young Report.
From the "Herald Tribune" of June 2 we take the follow- Run
ing (Associated Press) from Paris June 2:
The loss by S. Parker Gilbert of his job as Agent General for Reparations
Payments will be one of the consequences of the report of the Young committee if the governments accept it. Another important result will be the
practical suppression of the Reparations Commission as a medium for payments, while an experiment with big possibilities in it will be the recommendation that a new international institution be set up to handle reparations called "the Bank for International Settlements."
Other interesting features apart from the proposed substitution of the
annuities advanced by Owen D. Young for those of the Dawes plan will be
a tevommendation by the experts that their governments clean up the last
post-war problems yet unsolved, such as the obligation of Poland, Rumania,
Jugoslavia, Czechoslovakia and Italy, as successors to parts of Austrian
territory, to pay a proportionate part of Austria's public debt.
Bulgarian
3763
Bank in Brazil—Reported Closing of Two
Other Banks.
From the New York "Times" we take the following
Sao Paulo advices June 2:
on
The police of Rio de Janeiro arrested two mon to-day charged with
spreading rumors that the Barco Boavista and the Lar Brasilera were
almost bankrupt. The rumors were unfounded, but the Lar Brasilera
experienced a run of depositors, who were paid immediately. The police
have instructions to arrest rumor spreaders.
Evidently a number of people, with or without ulterior motive, are
spreading false reports in regard to the financial condition of many good
firms and banks and some are even attempting to induce the newspapers
to publish rumors.
Recently Mestre E. Blatge, an important Rio de Janerio firm representing a number of American manufacturers, was compelled to contradict
rumors indicating impending failure by publishing statements of its solvency with the names of banking references and offering to pay all creditors
on demand.
Reparations Eased—Commission Grants
Delay to Aid Areas Hit by Quake.
The same paper had the following to say in a cablegram
From Sofia June 8 the "Times" reports the following
from Rio de Janeiro May 28:
Associated Press advices:
Bulgaria received notification from the Reparations Commission to-day
that she need pay only 50% of her reparations payments due on April 1
and October 1.
The other half will be devoted to reconstruction work in the areas hit
by the recent earthquakes, and the payments will be made up to the Reparations Commission some time in the future.
The Banco de Espanha e Brazil, a local bank having a number of resident
Spanish depositors, has closed its doors on account of not being able to
rediscount its paper sufficiently. The Banco da Cidade de Rio de Janeiro
failed last week.
The closing of these two small local banks is an indication of how tight
is the credit situation which is reducing commercial activity and causing
apprehension.
Position of the Yen—Japanese Markets Strengthen Brokers' Loans on New York Stock Exchange May 31
on Finance Minister's Statement—May Export
$6,665,137,925—Drop of $109,792,470 in Month.
Funds.
While still at the huge volume of $6,665,137,925 on
The "Wall Street Journal" in its issue of June 4 reported May 31, brokers' loans on the New York Stock Exchange
the following from Tokio:
have fallen off $109,792,470 from the total reported April 30,
Business circles believe that the Government has abandoned its efforts
$6,774,930,395. Referring to the latest stock Exchange
to support exchange quotations on the yen through semi-official hints that viz.,
the gold embargo is about to be removed. The Finance Minister has figures, made public June 3, after the close of the market,
assured a delegation of the Japan Economic Federation that removal of the New York "Journal of Commerce" stated:
the ban will be considered only when the yen rate is approaching par,
Stock Exchange Loan Figures.
though some official support is probable if an emergency should demand it.
Markets are much stronger since this declaration,as the uncertain attitude
The contraction of $109,792.470 in New York Stock Exchange member
of the Government had proven a strong depressant to business. With this loans in May, as disclosed in the figures made public very late in the afterdoubt out of the way surplus Japanese funds amounting to 350,000,000 yen noon, was somewhat disappointing, as the Federal Reserve Board weekly
are expected to begin to move abroad. This will undoubtedly depress loans reports from May 1 to May 29 revealed a decrease of $244,000.000.
exchange quotations. Although the export season is about to begin, this The exchange statement just issued showed a decrease of $103.000,000 in
is not expected to improve position of the yen materially. The expected demand loans for the past month and of more than $6,000,000 in time
export surplus will be trifling compared with the amount of uninvestable loans. Loans from New York banks declined $93,000,000 in demand loans
funds here awaiting an opportunity to find employment overseas.
and 35,400,000 in time loans, while loans from "others" showed a falling
off of $11,000,000 in demand loans and $627,000 in time loans. The decrease reported for May brings the loan account to its low for the year.
President Teixeira Tenders Resignation as President
Of the May 31 total reported by the New York Stock
of Bank of Brazil—Quits After Drive to Restrict
Exchange, $6,099,920,475 represent demand loans and
Credit, Though President Asks Him to Stay.
$565,217,450 time loans. The following is the statement
The following Sao Paulo advices June 1 were reported issued June 3 by the Stock Exchange.
in the New York "Times" of June 2:
Total net loans by New York Stock Exchange members on collateral,
Leao Teixeira, President of the Banco do Brasil, 1 as tendered his resigns
don, but President Washington Luis has refused to accept it and has advised
a vacation instead. The resignation, however, is generally considered to
be permanent. According to the Dance's by-laws, Silva Gordo, recently
appointed as manager of the exchange department, will take Senhor Teixeira's place.
The "Estado Sao Paulo," the leading morning daily,says:
"The resignation finds a natural explanation in Washington Luis being
impressed by the situation created in Rio de Janeiro by Senor Teixeira's
policy of credit restriction, for which policy it is unjust not to admit there
are intelligent and honest reasons, but which does not unite the many
Indispensable reqpisites for perfect carrying out of the delicate functions
'
confided to him.
contracted for and carried in New York as of the close of business May 31
1929, aggregated $6,665,137,925.
The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New
York Banks or Trust Companies
$5,060,644,171 $421,543,733
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
others in the city of New York
1,039.276,304 143,673,717
Combined total of time and demand loans
$6,099,920,475 $565,217,450
$6,665,137,925
3764
FINANCIAL CHRONICLE
[VOL. 128.
requirements, merely to give to prospective applicants information as
to the policies which will guide it in the light of its present knowledge.
The compilations of the Stock Exchange since the issuance As experience with conditons gained through actual applications progresses, the right is reserved to alter or amend these requirements, in
of the monthly figures by it, beginning in January 1926, the discretion of the Committee, without notice.
For the present, applications for listing securities of Investment
follow:
Trusts will be considered only when such trusts are of the general
Demand Loans.
Ina—.
Total Loans.
Time Loans.
Jan. 30
33,513,174,154 or management type.
82,516,960,599
3966,213,555
Feb. 27
3,536,590,321
2,494,846,264
1,040,744,057
In order that securittes falling within this category may be eligible
Mar.31
3.000,096,167
968,612,407
2,033,483,780
for listing, an application must be filed with the Secretary of the ExApr1130
2,835.718,509
1,969,869,852
865,848.657
May 28
2,767,400,514
1,987,316,403
780.084,111
change in the manner prescribed in a circular of the Committee dated
June 30
2,926,298,345
2,225,453,833
700,844,612
July 1, 1925 (or any future amendments thereof) and contain the
July 31
2,996,759,527
714,782,807
2,282,976,720
information and be accompanied by the required documents, in so far
Aug. 31
3,142,148,068
778,286,686
2,363,861,382
Sept.30
3,218,937,010
799,730,286
as the provisions of that circular are applicable.
2,419,206,724
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar. 31
April 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar.31
Apr1130
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1929—
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
2,289,430,450
2,329,536,550
2,541,682,885
821,746,475
799,625.125
751,178,370
3,111,176,925
3,129,161,675
3,292,860,255
2,328,340.338
2,475,498,129
2,504,687,674
2,541,305,897
2,673,993,079
2,756,968,593
2,764,511,040
2,745,570,788
3,107,674,325
3,023,238,874
3,134,027,003
3,480,779,821
810,446,000
780.961,250
785.093.500
799,903,950
783.875,950
811.998,250
877,184,250
928,320,545
896,953,245
922,898,500
957.809,300
952,127,500
3,138,786,338
3,256,459,379
3,289,781,174
3.341,209.847
3,457,869,029
3,568,966,843
3,641,695,290
3.673,891,333
3,914,627,570
3.946,137,374
4,091,836,307
4,432,007,321
3.392,873,281
3,294,378,654
3,580,425,172
3,738,937.599
4,070,359,031
3,741,632,505
3,767,694,495
4,093,889,293
4,689,551,974
5,115,727,534
5,614,388,360
5,722,258,724
1,027,479,260
1,028,200,260
1,059,749.000
1,168,845,000
1,203,687.250
1,156.718.982
1,069,653,084
957.548,112
824.087,711
763,993.528
777.255,904
717,481,787
4,420,352,541
4,322,578,914
4,640,174,172
4,907,782,599
5,274,046,281
4,898,351,487
4,837,347,579
5,151,437,405
5,513,639,685
5,879,721.062
6,391,644,264
6,439,740,511
5,982,672,411
5,948,149,410
8,209,998,520
6,203,712,115
6,099,920,475
752.491,831
730,396,507
594,458,888
571,218.280
565,217,450
6,735,164,242
6.678,545,917
6,804,457,408
6,774,930,395
6,665,137,925
New York Stock Exchange To List Securities of Investment
Trusts—Tentative Requirements Announced.
Arrangements for the listing of securities of certain types
of investment trusts were announced in a circular issued
yesterday (June 7) by the New York Stock Exchange, in
which the tentative requirements for listing, approved by
the Committee on Stock List, were indicated. It is stated
therein that the committee will consider each application on
its merits; also that the committee regards as falling within the designation Investment Trusts "such companies as
are engaged primarily in the business of investing and reinvesting in the securities of other corporations for the purpose of revenue and for profit, and not in general for the
purpose of exercising control." The "Post" of last night had
the following to say regarding the action of the Exchange:
The New York Stock Exchange inaugurated today a new departure from its customary practice by announcing its willingness to
receive applications for listing and according trading privileges to
the shares of investment trusts.
Heretofore, the Exchange has not admitted the shares of such
institutions, although it has admitted to trading the stocks of some
concerns classed as holding companies, such as the Alleghany Corporation.
The distinction in the public mind between holding companies and
investment trusts is vague. Generally speaking, the purpose of a
holding company has been understood to be to buy and hold shares
of other companies, usually operating companies, with a view to
retaining either whole or partial control. Investment trusts were
generally considered to be formed for the purpose of trading in the
shares of other companies, as well as holding them for investment
purposes.
United Corporation Admitted.
The latest and most important of holding companies admitted to
the Exchange is the new United Corporation, formed by the MorganBonbright-Drexel banking interests to hold minority interests in several of the largest utility companies in the East.
The new ruling by the Stock Exchange may mean that eventually
it will admit to trading shares of such corporations as the new
Commonwealth & Southern Corporation, Electric Band & Share,
Pennroad Corporation—formed to acquire the holdings of the Pennsylvania Railroad in Wabash and Lehigh Valley Railroads—American
Superpower and Allied Power & Light, now traded in on the Curb.
These are regarded as holding companies.
In addition, there are in this country upward of 125 corporations
regarded as investment trusts with capital estimated at $1,750,000,000,
some of which may become eligible to listing under the new rule.
However, the Stock Exchange's committee on stock list stated today that each application will be considered on its merits, which
blocks any movement toward indiscriminate listings.
The following is the circular issued yesterday (June 7)
by the Exchange making known the listing requirements for
investment trust securities:
The Committee on Stock List is prepared to receive applications to
list the securities of certain types of companies commonly designated
as Investment Trusts and to consider each appipication on its merits
The Committee regards as falling within this designation such corn.
panics as are engaged primarily in the business of investing and reinvesting in the securities of other corporations for the purpose of
revenue and for profit, and not in general for the purpose of exercising
control.
As companies of this nature represent a relatively recent development
in American finance, the Committee designs, in promulgating these
NON-PUBLICATION OF APPLICATIONS
Until further notice the names of investment trusts which apply for
listing of their securities shall not be published, inasmuch as refusals
may be frequent until satisfactory final requirements for listing shall
have been developed through experience. At a later date the usual
publicity may be given to the names of applicants.
MANAGEMENT
Each application for listing a security of an investment trust, as
defined above, must state whether such trust is to be managed independently by its own officers and directors or whether it is to be
managed directly or indirectly by other individuals, firms or corporations. The names of all individuals, firms or corporations which are
directly or indirectly responsible for the management must bet set
forth, and there must be included in the body of the application a
summary of all significant provisions contained in the Charter, Articles
of Incorporation and By-laws of the Company, and all significant provisions contained in any existing agreements or contracts which define
the powers and privileges of the management and the restraints thereon.
Copies of all of these documents must be submitted with the application.
These requirements apply likewise to any subsidiaries existing at the
time of the application.
If the investment trust is managed exclusively sail independently by
its own officers and directors, the affiliations of such officers and directors with other firms or corporations must be stated.
If the investment trust is managed directly or indirectly by another
individual, firm or corporation, a copy of each contract with such
individual, firm or corporation must be included in the body of the
application.
Eac happlication must present full details regarding the basis on
which compensation for management is computed, including direct
payments, options, warrants and any other form of direct or indirect
compensation eithe rpresent or future.
Applicant companies must agree promptly to advise the Exchange,
on behalf of themselves and of any subsidiaries which have been or may
be formed, of any change in the terms or conditions of any management contracts existing at the time of listing and of the terms and
conditions of contracts subsequently concluded. In like manner applicant
companies and subsidiaries must agree to inform the Exchange of all
changes in terms and conditions of option warrants.
OPERATING EXPERIENCE
No fixed period of actual existence as an operating investment trust
is now stipulated before the applicant is eligible for listing, but such
reasonable period will be required as in the judgment of the Committee has demonstrated that the applicant is a successful operating
organization. The required period may be made to depend upon the
organizaztion's size and the purpose of the trust.
SIZE
In order to be eligible for listing the aggregate value of the capital,
surplus and funded debt of an investment trust, whether managed independently and directly by its own officers and directors or managed
directly or indirectly by other individuals, firms or corporations, should
be of such minimum size as will, in the opinion of the Committee,
permit successful operation as an investment trust. Such required
aggregate of capital, surplus and funded indebtedness will depend upon
the organization and purposes of the trust and other general considerations.
ORGANIZATION EXPENSES
Each application must show in detail all costs of organization and
all expenses of selling each class of securities of such trust which may
have been issued, together with a precise statement of the net proceeds to the company of each issue of its securities. Excessive costs
of organization and of selling the several classes of securities of an
investment trust may be considered as a bar to listing, unless such
excessive costs have been absorbed prior to the date of the application.
LOANS
If the application indicates that the company has an excessive amount
of unfunded debt, or if subsequent reports indicate that such unfunded
debt exceeds or tends to exceed prudent limits, the application may
be rejected or the securities of the investment trust in question may
be striken from the list, as the case may be.
COMMISSIONS
As a prerequisite for listing, each individual, Erin or corporation.
which is directly or indirectly concerned with the management of an
investment trust and collectively constituting the managers of the trust
must agree either with the New York Stock Exchange or in the management contracts with the investment trust that on any securities
listed on any recognized stock exchange only the commissions authorized
by such exchange shall be charged by such managers on securities
bought or sold by such managers for the account of the investment
trust and that only customary and reasonable commissions shall be
charged by them on unlisted securities which shall be purchased or sold.
NO N-VOTING STOCK
In case an investment trust has issued one or more classes of stock
which are entitled to preferential dividends but which do not carry
the right to vote, such stock shall be accorded the right to vote at all
times that as much as one year's preferential dividends are in arrears,
and the right to vote shall continue until arrears have been liquidated.
No Non Voting stocks will be listed unless substantially preferred as
to both dividends and assets.
JUNE 81929.]
FINANCIAL CHRONICLE
STATEMENT OF EARNINGS AND SURPLUS
A comprehensive and detailed statement of earnings and of surplus
shall be prepared and published within thirty days after the close of
at least each annual fiscal period. Such statement shall also be
submitted to stockholders at least fifteen days in advance of the
annual meeting of the investment trust. The statement shall show
separately gross earnings, if any, under at least the following classifications:
Interest
Dividends
Profit on sale of securities
Profit in syndicate participations
Transfers from reserves previoulsy created, if any
Miscellaneous
Only actual realized earnings shall be shown in the income account
or shall be reflected in the balance sheet figures.
In case the item "Miscellaneous Earnings" appears to the Committee to require explanation, such item must be further classified as
to origin.
In Income Account shall include all revenue, as well as all losses,
from whatever source derived. It shall reflect in the aggregate a profit
or loss upon each and every completed transaction consummated by
a purchase and sale of securities. A technical short sale against a
long position must not be used for the purpose of considering any
transaction as incomplete.
Stock dividends must not be considered as income.
The Income Account shall include no profits resulting from participation in a syndicate, offering securities to the public, until such syndicate
is closed. If the applicant enters into any other operations in account
with others, the profit or loss at the date of each published financial
statement must be reflected therein.
As a footnote to the Income Account there shall be a clear statement of the increase or decrease during the current year of the amount
by which the market value of the securities held exceeds or is less
than their book value.
If reserves against possible losses are set aside out of profits, the
Income Account must show the amount so appropriated during the
current accounting period, and the accrued reserves to date against
losses shall also be shown in the balance sheet.
Expenses and deductions must be reported in such reasonable detail
as the Committee may determine, including showing separately, at
least:
Interest paid and accrued
Taxes paid and accrued
'Transfers to reserves, if any
The statement of surplus shall show the amount carried forward as
surplus from the immediately preceding period and indicate in detail
all additions thereto and deductions therefrom'.
BALANCE SHEET
A comprehensive and detailed balance sheet shall be prepared and
published within thirty days after the close of each year. Such balance sheet shall also be submitted to stockholders at least fifteen days
in advance of the annual meeting of the investment trust.
The valuation of securities held must be shown upon the balance
sheet at cost, summarized in reasonable detail. There must be appended
to each balance sheet a footnote showing the aggregate cost of all
securities owned, their aggregate current value, and the difference.
INVESTMENT
The applicant shall publish with the annual report a statement showing the value of securities held either directly or indirectly at the close
of each period covered by the report. Valuation of securities for this
statement shall be based upon market price of all securities listed on
recognized stock exchanges and upon fair appraisal of other securities.
There must be contained in the report a complete list of all of the
holdings of the company showing names and quanties with the proviso
that no more than an amount of ten (10%) per cent, of the company's
aggregate capital and surplus or ten (10%) per cent, of the cost of
securities held, whichever may be less, may be covered under a heading "Miscellaneous Securities," provided that such securities have not
been held for more than one year. This list should disclose the aggregate cost of the securities and their aggregate market value, and
in the case of holdings not listed on the New York Stock Exchange
or the New York Curb Market, the price at which each such holding
has been inventoried for the purpose of determining aggregate market
value must be clearly set forth with such supporting information as
may seem desirable.
AUDITOR'S CERTIFICATE
There must be appended to all financial statements and inventories
required by the Committee, the certificate of a public accountant, qualified under the laws of some state or country, which certificate shall
contain a statement that no one of the items carried under the term
"Miscellaneous" in the list of Investments has been held for more
than one year.
SUBSIDIARIES
In case the investment trust holds, either directly or indirectly, a
majority interest in the voting stock of another company at the time
of any earnings report, such other company shall be considered as a
subsidiary. Each balance sheet and earnings statement shall be presented in one of the following forms:
1. A fully consolidated balance sheet and earnings statement, prepared in such manner as to include each subsidiary, as defined above,
and also to show any minority equities in both earnings and assets.
Securities owned by each subsidiary shall be presented separately, as
indicated under the requirement entitled "Investments."
2. Separate earnings statements and balance sheets for each subsidiary, together with a separate tabulation of the securities of such
subsidiary, in accordance with the requirements entitled "Balance
Sheet" and "Investments." In case this alternative is adopted the
valuation assigned upon applicant's Balance Sheet to its equity in such
subsidiary or subsidiaries should be shown separately and should not
be greater than the cost thereof.
In any statement as to the market or appraised value of such subsidiary company securities, as carried upon the parent company's books,
the appraised value should not be greater than the book value of such
equity as determined from the books of such subsidiary, valuing the
securit ts held by the latter at not more than cost for this purpose.
SPECIAL AGREEMENT
Applicants must agree not to pay any cash or stock dividends on
common stock, when such dividends, plus any amount by which the
3765
current value of securities held shall be less than their cost, exceed
the earned surplus and undivided profits. For the purpose of the foregoing agreement, stock dividends must be capitalized on what appears
to the Committee to be a reasonable basis.
R. Arthur Wood Re-Elected President Chicago Stock Exchange—Other Officers Elected.
R. Arthur Wood was re-elected President of The Chicago
Stock Exchange at its annual election on June 3, This is Mr.
Wood's third term. Other officers elected at this week's annual election are:
Leroy A. Goddard, Treasurer, re-elected.
Members of Governing Committee to serve three years:
Frank I. Cordo, Joseph A. Rushton, newly elected; Paul H. Davis,
Warren A. Lamson and William A. Schuberth, re-elected.
To serve two years:
Walter S. Brewster and Morton D. Cahn, newly elected.
To serve one year:
Harry M. Payne, newly elected.
The Nominating Committee for 1930:
Charles Sincere, Chairman; Sydney Gardiner, Gilbert Gross, L.
Montefiore Stein and Frederick N. Webster.
The retiring members of the Governing Committee are:
Alfred E. Turner, Seymour Ballard, Frederick N. Webster, John
F. Brennan and Frank W. Thomas.
Amendments to By-Laws of National Raw Silk Exchange,
Inc., to Be Voted on at Meeting of Members June 17.
Paolino Gerli, President of the National Raw Silk Exchange, has called a special meeting of members for Monday, June 17, to vote on a number of amendments to the
By-Laws governing the executive personnel and procedure
of the Exchange. The most important change proposed is an
amendment providing a new Section 12 of the By-Laws, as
follows:
"The annual election of the Exchange shall be held on the third
Tuesday of July in the Exchange rooms. At the first annual election
after the adoption of this By-Law, there shall be elected by ballot a
President, a First Vice-Presidet, a Second Vice-President, and a Treasurer, each to hold office for one year, and eleven other Governors, to
be divided into three classes; one class of four, to hold office for one
year, another class of four, to hold office for two years, and a third
class of three to hold office for three years. Thereafter, at each annual
election, there shall be elected by ballot a President, a First VicePresident, a Second Vice-President, and a Treasurer, each to hold office
for one year, and the successors to the retiring Governors, to hold
office for three years."
Nominating Committee Named by National Raw Silk Exchange, Inc.
The Board of Governors of the National Raw Silk Exchange announced on June 4 the appointment of a nominating committee consisting of Benjamin B. Peabody, Chairman; James T. Bryan, Ernest C. Geier, Thomas H. Bopp,
and Arthur B. Elliman. The annual election will be held
July 16.
National Raw Silk Exchange Inaugurates Trading in 10-Bale
Unit.
-bale unit was inaugurated on the
Trading in the new 10
National Raw Silk Exchange on May 27, Paolino Gerli, President, announced. The new form of contract replaces the
5-bale unit, which had been used since the Exchange started
trading raw silk futures last year. While trades in the
new contract have been started the old 5-bale contract will
not become a liquidating proposition until the close of the
year. New trades can be opened in the old contracts at any
time up to the end of the year, when the 5-bale contract will
automatically disappear from trading on the Exchange. The
proposed trading in the 10-bale unit was referred to in these
columns April 27, page 2726.
New York World's Silk Market—Running Ahead of
Yokohama.
New York has definitely assumed the position of the
world's leading silk market, trading in silk futures on the
National Raw Silk Exchange during May running ahead of
Yokohama for the second consecutive month. A statement
to this effect was issued on June 3 by the National Raw
Silk Exchange, which says:
A total of 21,105 bales, representating a money value of $13,718,250,
was traded in on the Exchange during May, this being an increase of
2,825 bales, or $1,836,250 in money value, over transactions during
the previous month. The daily average turnover on the National Raw
Silk Exchange last month was 810 bales, as compared with a daily
average of 520 bales traded in on the Yokohama exchange during the
same month.
3766
FINANCIAL CHRONICLE
[\T
128.
Banks' New Charge Under Clearing House Rule Diverts
Day Loans—Stock Clearing Corporation's Turnover Doubled Since Rate Went into Effect on
June 3—Brokers Avoid New 1% Fee.
The following is from the "Times" of June 7:
consumed with speeches lauding the action of the House conferees in declining to accept the Senate debenture or tariff bounty provision.
While several representatives of both sides of the chamber were calling
for recognition to speak, Speaker Longworth put the question and announced the decision of the House before calling for "Noes."
Before the vote Majority Floor Leader Tilson delivered a brief speech
praising the measure as the best offered to agriculture anywhere and
The volume of call loans cleared by the Stock Clearing Corporation predicting its final enactment within the next ten days.
Representative Williams, Republican, of Illinois, told the House that
on the New York Stock Exchange has been approximately doubled, it
was learned yesterday, since the member banks of the New York Clear- the bill "redeems every pledge of the Republican party at Kansas City
and every pledge of President Hoover in his St. Louis speech."
ing House Association started on June 3 the practice of charging interest
The only opposition speech was made by Representative Jones. Demodaily at the rate of 1% per annum on day loans to brokers. It had been
predicted that the charge would result in increased use of the Stock Clear- crat, of Texas, who stood for the debenture plan. Jones asserted that the
debenture was not a subsidy and that without this feature the bill would
ing Corporation's facilities by members of the Exchange.
By clearing through the Stock Clearing Corporation brokers avoid fail to accomplish its purpose.
The bill was Immediately signed by Longworth and sent to the Senate
having to pay the interest charge on overcertifications and for many houses
the saving is considerable. Members of the Stock Exchange have com- in custody of the clerk.
puted that the charge amounts to atout $27 a day on each $1,000,000
Under date of June 6 an account from Washington to the
In day loans, and some have computed their total yearly interest charges
"Times" stated:
at $30,000 and more.
The Stock Clearing Corporation will soon make public figures showNew Provision in the Bill.
ing the actual increase in the volume of day loans cleared since June 3,
The bill as it now stands contemplates stabilization of farm product
and it is understood that figures will be made available showing an in- prices.
It contains a provision that would prohibit loans to co-operative
creased number of Stock Exchange members who are availing themselves
associations and stabilizing corporations where it appears that the effect
of the services of the Stock Clearing Corporation. Of the 625 firms which of
such loans would be load to the production of surplus crops. Loans
are members of the Stock Exchange 388 were members of the Stock Clear- to
be made under the bill would not exceed 4% under any circumstances,
ing Corporation as of June 3.
and their general level would be around 3yi %.
Before the New York Clearing House Association members instituted
A new provision in the bill is one that empowers the President to transfer
the 1% charge It had been the practice of brokers to anticipate their money
to and from the Federal Farm Board branches of the government "engaged
requirements before the opening of the market daily by obtaining an over- in scientific or
extension work or the furnishing of services with respect
certification at the banks where they regularly had accounts and by signing to
the marketing of agricultural commodities."
notes for corresponding amounts. Often the amount of the note credited
Coincident with the program to introduce the farm bill conference re
to the broker exceeded his actual money requirements to pay off loans port
in the House to-morrow, Senate leaders went ahead with tentative
for the day, and It was formerly the practice of Clearing House Association plans
for a Summer recess. There seemed to be a general understanding
banks to make no charge for the overcertification.
that when the farm bill is disposed of in both houses, an agreement to
With an interest rate of 1% charged on the day loans in total, regard- recess
from the end of next week until Sept. 3, the day after Labor Day,
less of whether the broker avails himself of all the funds at his disposal,
would be put forward,together with a proposal to close debate in the Senate
the broker is now either trying to avoid borrowing more than he requires
on the tariff bill, Oct. 19, and start voting on the amendment.
or he is clearing through the Stock Clearing Corporation without paying
interest. When a bank calls on a broker for payment on a loan obtained
Regarding a move to expedite action on the bill following
on collateral acceptable to the Stock Clearing Corporation, it is customary the decline
in wheat prices, the Washington correspondent
for the broker to notify the Stock Clearing Corporation, which will give
of.the "Post" on June 4 stated:
its check to the bank for the amount due.
The making available
The amendment to the constitution of the Clearing Congress in order to of $200,000,000 for farm relief before the resces of
provide speedy and direct relief from the decline in
House providing for a charge for day loans at the rate of wheat prices was forecast to-day in Administration farm circles with a
possibility that entire appropriation of $500,000,000 will be made available.
not less than 1% per annum was noted in our issue of June 1,
As soon as the farm bill has been passed and sent to President Hoover for
page 3614.
signature the Department of Agriculture is planning to reommend to the
Director of the budget an immediate appropriation of at least $200.000,000
of the $500,000.000 authorized. The bill probably will be passed in ton
Agreement Reached by Conferees on Farm Relief days and the Congress will make the appropriation at once.
The move represents the answer to the manipulators of an administration
Legislation—Export Debenture Plan Dropped— that has become
fretful under the presistent decline in wheat prices which
Conference Report Adopted by House.
continued until yesterday when the reports of immediate appropriations and
quick action caused the price of wheat to advance 7 cents. The conference
Agreement by the Senate and House conferees on the farm committee
between the two houses, which is
the farm bill into final
relief measure was finally reached- on June 5, when the con- shape, Is rushing pell-mell into action to-dayputtingeffort to get the bill to
in an
ferees, by a vote of 8 to 2, decided to eliminate the export President Hoover this week, if possible.
debenture provision, carried in the bill as it passed the
Senate May 14, but which had not been a part of the House
bill as it passed that body April 25. The refusal of the Debate in Senate on Smoot-Hawley Bill To Provide for IsHouse to accept the provision, and the declination of the
suance of Short Term Non-Interest Bearing Tax Exempt
Senate conferees to yield on the point, had, as we indicated
Treasury Bills—Senators Glass, Couzens and Others Atlast week (page 3624), served to hold up the bill. Yesterday
tack Federal Reserve's Policy Anent Speculation—Stock
(June 7) the House agreed unanimously to the report which
Tax Proposed as Rider to Tariff Bill.
the conferees adopted on June 5 following the striking out
bebate in the Senate on June 4 on the bill passed by the
of the debenture clause. Regarding the agreement reached House on May 29 providing for the issuance of short term
by the conferees on June 5 a dispatch from Washington to Treasury bills, to be sold on a discount basis, provoked a
the "Times" stated:
flood of criticism against the Federal Reserve Board's
Abandonment of the debenture plan apparently solves the problem of
passing a farm bill. The conferees expressed confidence that the Senate
would support the report, notwithstanding its vote of 47 to 44 in favor of
the amendment.
Elimination of the debenture plan was regarded as an administration
victory. Senator Ramsdell, Democrat, voted with Senators hicNary and
Capper. Republicans, against the plan in the conference. The two votes
for its retention were those of Senators Smith. Democrat, and Norris,
Republican.
Fight Expected in Senate.
When the report is taken up in the House on Friday it is believed it will
be passed quickly, probably under a special rule. In the Senate, however,
the report will meet a fight, but in the end the Administration forces expect
it to be approved.
Known officially as "the agricultural marketing act," the farm bill
agreed upon by the Senate and House conferees will give the stabilization
corporations a double function, as proposed by the Senate. They will buy
and dispose of crop surpluses and act as marketing agencies for co-operative
organizations.
The House had set the Federal Farm Board at six members and the
Senate at twelve. The conferees recommend a board of nine, including
the Secretary of Agriculture. ex-officio. Salaries of all members would be
$12,000.
Advisory councils which would suggest the necessity of setting up stabilization corporations for major commodities are retained in the bill.
For administrative purposes $1,500,009 is provided in addition to $500.000.000 to carry out the purposes of the Farm Board, which can spend
the fund as it sees fit.
Hopes are expressed that the Senate will dispose of the conference report
by the end of this week or the first part of next. Soon afterward a bill
appropriating all or part of the $500.000,000 will be rushed through both
houses.
United Press advices June 7 from Washington, as given
in the "Sun," had the following to say as to the adoption
of the conference report by the House:
Without a record vote the House today ratified the conference agreement on the administration farm bill and sent the measure to the Senate.
The action was taken after an hour's debate. Most of the time was
policies respecting credit and speculation. At the instance
of Senator Couzens on June 4 the Senate struck front the
bill the provision exempting from income tax capital gains
arising through the sale of the Treasury Certificates and
bills issued under the provisions of the bill. It was noted
In the "Herald-Tribune" account of the Senate discussion on
June 4 that Senator Glass, in the debate on the capital gains
issue, turned his attention to possible use of short-term certificates to facilitate stock speculation. That account said:
He said that the short-term certificates would facilitate "activity by
the stock gamblers." He denounced the present "frightful orgy of
speculation which has almost paralyzed the legitimate, commercial and
industrial credits of the country." He added that the issue of shortterm credits would facilitate direct borrowings by the banks under the
fifteen-day clause of the Reserve Act.
Senator Couzens did not agree that this could be done, but Senator
Glass insisted it could. He said he would propose the repeal of the
fifteen-day clause on the ground that it was "a war necessity that
enables these gamblers to use the credits of the United States government for their purposes."
Senator Glass also indicated again his intention to offer,
as a rider to the Tariff Bill, an amendment to tax "stock
gambling." This was previously referred to in these columns
June 1, page 3612. The passage of the Hawley Bill by the
House on May 29 was noted in our Issue of June 1, page
3620. Below we give the account of the debate on the bill in
the Senate on June 4, as given in the Washington advices to
the "Herald-Tribune":
Denunciation of stock "gambling," of the withdrawal of money and
credit from the interior for use in stock market operations and of the
course of the Federal Reserve Board marked to-day's session of the
Senate. Demands for a thorough investigation of the whole Federal
Reserve situation and related matters arose.
JUNE 8 1929.]
FINANCIAL CHRONICLE
Senator James Couzens, Republican, of Michigan, denounced the
Federal Reserve Board for having been "dumb" and for failing to
grapple with the brokers' loan conditions in time. Senator Carter Glass,
Democrat, of Virginia, assailing the high rates of money for legitimate
industry and the difficulty of getting credit because of the influx of
funds into the speculative market, announced his purpose to propose
an amendment to tax "stock gambling." This amendment will be proposed shortly to the tariff bill.
Credit Policy Unchanged.
Meanwhile no change in the credit policy of the Federal Reserve
Board was indicated, according to Washington financial circles, despite
hopes expressed in Wall Street for a relaxation in the board's stand
on money. Pressure still is being exerted on banks to reduce speculative loans, it is reported. However, action by the Board in August
or September to create easier money is expected in view of its traditional policy of anticipating the fall credit demand of business and
agriculture.
In the Senate debate Senator Glass charged that the New York
Federal Reserve Bank had "pounded" at the Federal Reserve Board
ever since February 14 to raise the rediscount rate and thus "penalize"
general business and industry. He said that "by every influence,
legitimate and illegitimate, by threats and other methods" the New
York bank had tried to force the Board to act, but that the Board
had stood out against it.
Durant and Mitchell Assailed.
The discussion was looked on as a forerunner of a stormy time in
the Senate when the tariff bill comes up, and Senator Glass's amendment
to impose a tax on speculative operations is pressed. It was also
looked on as fore-shadowing a sweeping investigation of financial and
credit matters not later than the regular session of Congress, and
possibly before.
The immediate occasion for to-day's debate was the Smoot-Hawley bill
to permit the Secretary of the Treasury to issue short-time certificates
and Treasury bills up to $10,000,000,000. Senator Smoot brought
up this measure and it at once became a vehicle for a discussion of
the financial situation of the widest range.
In the discussion William C. Durant and Charles E. Mitchell, President of the National City Bank, were subjected to sharp criticism,
especially by Senator Glass. He held that Mr. Mitchell should have
been "kicked out" of the directorate of the Reserve bank.
In taking up the Smoot-Hawley bill, Senator Couzens approved it
except for a provision intended to hold that capital gains in the securtsharply opposed this. He said the movement to exempt capital gains
sharply opposed this. He said the movement to exempt capita !gains
"is particularly energetic at this time because of the great gains which
have been made on the New York Stock Exchange."
"If Congress," he said, "adopts the principle of exemption from
taxation of capital gains the government will have its revenue materially cut."
Ile contended it was "an entering wedge" to get capital gains generally exempted from taxation.
Senator Smoot, Chairman of the Finance Committee, denied any
such purpose so far as his Committee was concerned, but said that
in this particular case, as they were to be short-term bills, the Government might be able to borrow at a lower rate if the capital gains tax
were not imposed.
In the end the bill was passed with the language to which Senator
Couzens objected stricken out.
Senator Glass, in the debate on the capital gains issue, turned his
attention to possible use of short-term certificates to facilitate stock
speculation. He said that the short-term certificates would facilitate
"activity by the stock gamblers." He denounced the present "frightful
orgy of speculation which has almost paralyzed the legitimate, commercial and industrial credits of the country." He added that the issue
of short-term credits would facilitate direct borrowings by the banks
under the fifteen-day clause of the Reserve Act.
Senator Couzens did not agree that this could be done, but Senator
Glass insisted it could . He said he woud propose the repeal of
the fifteen-day clause on the ground that it was "a war necessity
that enables these gamblers to use the credits of the United States
government for their purposes."
Bonds Used in Short Loans.
"The Senator knows perfectly well," said Senator Glass, "that when
the Federal Reserve Act was passed we never should have included
United States bonds as a basis for rediscount but for the fact that of
the less than $1,000,000,000 of bonds outstanding the banks themselves
owned $746,000.000 for circulation purposes. Nobody ever dreamed
that there would be billions upon billions of dollars of United States
bonds outstanding, and these people have been enabled to engage in
these excessive speculations by reason of the fact that they have used
United States bonds for their fifteen-day loans, and now why will
they not use the short-time United States notes for the same purpose."
Senator Couzens agreed that lie thought "the whole stock market
situation is as bad as the Senator can picture it."
"With everything lie says," added Senator Couzens, "I concur:
and when men like Mr. Durant, who have made their great fortunes
by speculative methods, come out and find fault with whatever measures the Federal Reserve Banks may take to suppress this orgy of
speculation, it is perfectly obvious that he is doing it wholly for selfish
reasons."
"Yes," said Senator Glass, "and he has lured more innocent amateur
gamblers into the market than any other forty individuals in the
United States."
Discussion followed among Senators as to whether the issue of shortterm certificates and bills would promote speculation. Senator Smoot
did not believe it would. Senator Royal S. Copeland, Democrat, of
New York, and others joined in the discussion.
Senator Couzens said that he was "very much in sympathy with the
proposal of the Senator from Virginia to give the Federal Reserve
Board sufficient authority that they may check this orgy of gambling
and exacting from legitimate commerce the money that should be
there to put into the gambling market."
Senator King called attention to his resolution for a sweeping investigation of the whole situation by the Banking and Currency
Committee.
"I think," said Senator King, "that the stock gambling situation
has become such a national evil as well as a national scandal as to
call for a careful examination by the Committee."
3767
Edge Stirred by Situation.
Senator Walter E. Edge, of New Jersey, said the situation "has
a very serious aspect." As a member of the Banking Committee, he
promised it would give "every consideration" to the resolution of
Senator King. But he stressed the delicacy of the credit situation and
the difficulty of legislation, and the wide disagreement as to causes and
remedies. He admitted that the Committee had not taken up the
King proposal.
Senator King said he did not expect legislation at this session, but
did expect a subcommittee would be named and it would proceed to
investigate. He declared the Reserve system had been "prevented"
and to the extent it had been availed of for stock speculation had
"failed."
Senator Edge agreed there was over-speculation, but was not prepared to blame the Reserve Board or the Reserve system. He did not
think Congress could tell an individual how he was to "spend his own
money."
Hitting at the Federal Reserve Board, Senator Couzens said: "In
my judgment they have been rather dumb in not dealing with a situation that should have been dealt with months ago. If they had acted
months ago there is no question this great orgy of speculation would
not have occurred. We all heard during the discussion of surtaxes that
we must release as much money as possible for legitimate industry."
But now, he said, when it was necessary to release money from
stock gambling for legitimate industry, nothing was heard from the
men who formerly were talking reduction of surtaxes in order to
release money. He thought it "strange."
Senator Edge wanted to know what was to prevent citizens buying
stocks with their own money. Senator Couzens said they did not
buy stocks, they gambled in them.
"I do not regard gambling in stocks as buying stocks," he declared.
He charged Senator Edge, in asking a question about buying stocks
with one's own money, as asking a question that could not be
answered.
,
Senator William H. McMaster, of South Dakota, charged that one
of the largest banks of the West had borrowed $70,000,000 from the
Reserve system and "reloaned it to the gamblers." He declared the
Federal Reserve Board could check such a thing.
Discussion followed as to the remedy. Senator Couzens advocated
raising the rediscount rate, and said if this had been done at the
outset it would have prevented the situation becoming so serious.
Senator Edge held the "big menace" was the high rate for call
money in New York. He said it could not be defended and that it
should be halted by application of the old excess profits law or some
such method.
Senator McMaster recalled that the Federal Reserve Board deflated
agriculture and halted agricultural loans. He drew the inference it
could halt-speculative loans.
Senator Duncan U. Fletcher, of Florida, said the Banking and
Currency Committee had gone into the matter during the last Congress and had come to the conclusion the Reserve Board had power
to cope with the situation.
Senator Couzens maintained that if, instead of a policy of secrecy,
the Reserve Board had announced early a definite policy of raising the
rediscount rate to check the flow of money into speculation, it would
have been effective.
Senator James E. Watson, Republican leader, agreeing that the
situation was serious, pointed out, however, that a large share of the
money loaned on speculation was from individuals and corporations.
Senator Couzens admitted this and that corporations were making
loans.
"And I think every one of them is violating its charter," he declared.
He said he knew of no great corporation that was chartered for purposes of industry or general business that had the right to engage in
money-lending. He urged that they were open to prosecution.
Senator Couzens said it was a difficult question to say how far
Congress ought to go in restricting member banks, since some of them
are leaving the Reserve system.
In a discussion with Senator Hamilton F. Kean of New Jersey,
he held Congress could reach the call money situation by legislation.
Senator Smith W. Brookhart said that State banks and corporations
also could be reached by the power of exclusion from the mails.
Senator Couzens held there was no doubt the present situation brought
about by "gambling in stocks" could be prevented. He said the Reserve system was organized for the "protection of industry." This
purpose had been largely defeated by the failure of the Reserve Board
to live up to its responsibilities, and great injury had resulted to
industry and business and manufacturing amounting to hundreds of
millions of dollars. Senator La Follette agreed with Senator Couzens.
Powerful influences had worked to balk legislation, said Senator
Couzens, lie asserted money for legitimate business is "higher than
it ought to be."
"Free money is now engaged in gambling in New York," he said.
Senator Edge insisted people's natures could not be changed by
legislation, Senator Couzens, in a sharp reply, said nobody had suggested this. He accused Senator Edge of having asked "smart" questions and said he did not know whether they were "trick questions."
Senator Couzens held the situation could be corrected by action of
the Reserve Board and by legislation. "If not," he added, "we had
better do it all through the Government rather than establish private
interests to do it."
Senator Glass got into the debate again and in a colloquy with
Senator Copeland insisted credit for legitimate purposes was tight.
He said evenStates and communities were obliged to defer improvements.
"The gamblers have run away with the money market in New York,"
he asserted.
He added that the Reserve Board had "vainly but persistently been
trying to establish the policy that the law itself makes mandatory on
the banks and the board and that should have been made mandatory
long ago."
Assails New York Bank.
"The New York bank since February 14 has been pounding the
Federal Reserve Board to increase the rate of rediscount. The Board
has been pounded every week by the New York Bank to penalize
legitimate transactions in the country and to raise the rediscount rate.
And not a week has gone by but what the Federal Reserve Board
refused to do it. By every influence, illegitimate and legitimate, by
threats and other methods, that New York crowd has tried to force the
Boird to raise the rediscount rate."
3768
FINANCIAL CHRONICLE
Referring to Mr. Mitchell, President of the National City Bank,
he said what the Board should have done when he disregarded its
policy was to "have kicked that fellow out of his position as director
of the Reserve Bank before noon of the next day." The Board, he
added, could have "retrieved itself" by such action.
A colloquy on the wisdom of raising the rediscount rate followed
between Senators Glass and Couzens. While the two Senators agreed
as to conditions. Senator Glass insisted the rediscount rate should not
have been raised.
Senator Couzens advocated raising it before conditions became such as
they are. Senator Glass said the law prohibited rediscounting to aid
stock gambling and that this provision of the law should have been
enforced long ago.
Mr. Coolidge Is Quoted.
Senator Couzens again said that high officials and others who fought
the high surtaxes in order to release money for business were now
silent. Senator Glass added that high Government officials were depredating any criticism of the stock operations.
Senator Couzens suggested that some of them had made large sums
out of stock operations. "Oh, no," said Senator Glass, "the person
who takes that position to whom I refer was President of the United
States."
Senator King had put into the record a press dispatch of last January
indicating that President Coolidge had told newspaper men he did
not regard brokers' loans as excessive or the volume of stock operations as hurtful to the country.
The House on June 6 accepted the conference report on
the bill; the report agreed to the Senate amendment eliminating the provision taxing capital gains.
Treasury Department's June Financing-Offering of $400,000,000 53% Treasury Certificates of Indebtedness.
Carrying 53/8% interest, a new issue of Treasury Certificates of Indebtedness, to the amount of $400,000,000, or
thereabouts, was announced by Secretary Mellon on June 6.
The issue (Series TM-1930) will run for nine months; it
will be dated and bear interest from June 15, 1029, and will
mature March 15, 1930. Indications of the offering were
given in these columns May 25, page 3446. The rate of interest borne by the new issue compares with a rate of 44%
at which the previous offering, in March this year, was put
out. That issue likewise was limited to nine months, and
the amount of that offering was $475,000,000, or thereabouts.
It was noted in the "Times" Washington dispatch June 6
that the Treasury, in announcing the latest issue paying
53/8% was forced, for the first time in the period of tight
money that has been faced for many months, to quote an
interest rate in excess of the 5% rediscount rate of the
Federal Reserve System in order to assure the success of
Its offering. The dispatch went on to say:
The Treasury felt impelled to take this course by the fact that its
last offering of $475,000,000 of certificates in March at 434% brought
subscriptions of only $523,000,000, the oversubscription being far
below that which had been anticipated. The latter issue also is now
selling in the open market on a basis to yield slightly in excess of 5%.
The decision to jump above the rediscount rate was reached after
many consultations, and it is understood that it was one of the subjects considered yesterday at the conference between the Federal
Reserve Board and representatives of the New York Federal Reserve
Bank.
Unusual Credit Condition.
Treasury officials held that it was the open market rate and not
the money rate which governed the basis upon which the Treasury
must market its securities, if the success of its offerings was to
be assured, but it was agreed that a situation in which the Government was compelled to pay more than the Reserve Board discount
rates on its short-term securities represented an abnormal and unusual credit condition.
There have been reports that among the reasons the Reserve Board
rate had been held down in recent weeks was the necessity for the
Treasury to do heavy financing this month in order to meet about
$528,000,000 in maturing VA% short-term securities which fall due
on June 15.
Whatever substance there may be to these reports the Board took
no action today in regard to rediscount rate increases, and the New
York bank retained its 5% rate. The Board held a meeting this
morning, but there was no announcement made.
Up to this time, while commercial borrowers have been paying 1%
or more for their money above the discount rate of the Reserve
Banks, the Treasury has been able to finance its short-term securities
at least a shade under the Reserve Bank rate, largely because Certificates of Indebtedness are tax exempt when taken over by banking
institutions and corporations which have been the heavy buyers.
The Treasury had hoped that there would be an easing in the
money market that would make it possible with safety to market
the government securities at less than 5%, or in any event at not
more than the 5% level, but recent developments in the money
market and in the gold market for Government bonds and shortterm securities made it appear inadvisable to attempt again to float
an issue at such levels.
The 5,
4% interest which the Treasury quoted today is the highest rate paid on any similar securities marketed since 1921, the
period of inflation following the World War. In that year the
1
various issues of certificates maturing in 1922 were offered at 5%,
5% and 534%, and then there was a decline in open market rates
.
which made it possible for the Government to make more favorable
terms.
Even a higher rate was paid in 1920 when three or more issues
of certificates of indebtedness were put out at 6%, these maturing
in 1921.
It had been expected that an offering of at least $500,000,000
would be made, but the Treasury kept down the total to a minimum
[VOL. 128.
to meet its requirements in the belief that Congress will shortly
authorize it to issue non-interest bearing Treasury bills if it is found
that a larger supply of funds is required.
Secretary Mellon, in his announcement June 6, stated that
about $500,000,000 of Treasury certificates of indebtedness
and nearly $100,000,000 in interest payments on the public
debt, become due June 15. The present offering, with tax
and other receipts, is expected, he said, to cover the Treasury's cash requirements until September. The new certificates will be issued in denominations of $500, $1,000, $5,000,
$10,000 and $100,000. The certificates will have two interest
coupons attached payable September 15, 1929 and March 15,
1930. The Treasury will accept in payment for the new
certificates at par, Treasury Certificates of Indebtedness of
Series TJ 1929, maturing June 15, 1929. Subscriptions for
which payment is tendered in the certificates maturing June
15, 1929, will be allotted in full.
The following is Secretary Mellon's announcement of
June 6:
The Treasury is today offering for subscription, at par and
accrued interest, through the Federal Reserve Banks, an issue of
nine month 5%% Treasury certificates of indebtedness of Series
TM-1930 dated and bearing interest from June 15, 1929, and maturing March 15, 1930. The amount of the offering is $400,000,000
or thereabouts.
Applications will be received at the Federal Reserve Banks. The
Treasury will accept in payment for the new certificates at par,
Treasury certificates of indebtedness of Series TJ-1929, maturing
June 15, 1929. Subscriptions for which payment is to be tendered
in certificates of indebtedness maturing June 15, 1929, will be allotted
in full up to the amount of the offering.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000 and $100,000. The certificates will have two interest
coupons attached payable September 15, 1929 and March 15, 1930.
About $500,000,000 of Treasury certificates of indebtedness and
nearly $100,000,000 in interest payments on the public debt, become
due and payable on June 15, 1929. The present offering, with tax
and other receipts, is expected to cover the Treasury's cash requirements until September.
The Treasury Department's circular detailing the offering
follows:
United States of America
Five and One-Eighth Per Cent Treasury Certificates of Indebtedness
Series TM-1930
Dated ahd Bearing Interest from June 15, 1929
Due March 15, 1930
The Secretary of the Treasury, under the authority of the Act
approved September 24, 1917, as amended, offers for subscription,
at par and accrued interest, through the Federal Reserve Banks,
Treasury certificates of indebtedness of Series TM-1930, dated and
bearing interest from June 15, 1929, payable March 15, 1930, with
interest at the rate of five and one-eighth per cent per annum, payable on a semi-annual basis.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates will have two interest coupons attached, payable September 15, 1929 and March 15, 1930.
The certificates of said series shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by
the United States, any State, or any of the possessions of the
United States, or by any local taxing authority, except (a) estate
or inheritance taxes, and (b) graduated additional income taxes,
commonly known as surtaxes, and excess-profits and war-profits
taxes, now or hereafter imposed by the United States, upon the
income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates authorized by said act approved September 24, 1917, and amendments
thereto, the principal of which does not exceed in the aggregate
$5,000, owned by any individual, partnership, association, or corporation, shall be exempt from the taxes provided for in clause (b)
above.
The certificates of this series will be accepted at par during such
time and under such rules and regulations as shall be prescribed or
approved by the Secretary of the Treasury, in payment of income
and profits taxes payable at the maturity of the certificates. The
certificates of this series will be acceptable to secure deposits of
public moneys, but will not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less
than the amount of certificates applied for and to close the subscriptions at any time without notice. The Secretary of the Treasury also reserves the right to make allotment in full upon applications for smaller amounts, to make reduced allotments upon, or
to reject, applications for larger amounts, and to make classified
allotments and allotments upon a graduated scale; and his action in
these respects will be final.
Allotment notices will be sent out
promptly upon allotment, and the basis of the allotment will be
publicly announced.
Payment at par and accrued interest for certificates allotted must
be made on or before June 15, 1929, or on later allotment. After
allotment and upon payment, Federal Reserve Banks may issue interim
receipts pending delivery of the definitive certificates. Anyqualified depositary will be permitted to make payment by credit for
certificates allotted to it for itself and its customers up to any
amount for which it shall be qualified in excess of existing deposits,
when so notified by the Federal Reserve Bank of its district. Treasury certificates of indebtedness of Series TJ-1929, maturing June
15, 1929, will be accepted at par, in payment for any certificates of
the series now offered which shall be subscribed for and allotted, with
an adjustment of the interest accrued, if any, on the certificates of
the series so paid for.
All fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions and to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective
districts.
A. W. MELLON,
Secretary of the Treasury.
JUNE 8 1929.]
FINANCIAL CHRONICLE
U.S. Supreme Court Upholds Six Months Sentence Imposed
on Harry F. Sinclair for Contempt of Court for Alleged
Jury Shadowing Incident to Trial Growing Out of Teapot Dome Naval Oil Leases—Sentences in Case of H. M.
Day Also Upheld—W. J. Burns Freed.
Harry F. Sinclair, New York oil operator, who is now
serving three months in jail for contempt of the Senate in
refusing to answer questions of the Senate Committee which
inquired into the Teapot Dome Naval Oil Reserve Leases,
will be obliged to serve a still longer term of imprisonm
ent,
as a result of the decision of the United States
Supreme
Court on June 3, upholding the six months sentence
imposed
on him for contempt of the District Supreme
Court, resulting from alleged jury shadowing incident
to the Fall-Sinclair
conspiracy trial growing out of the Teapot Dome
Naval Oil
Reserve Leases. Other sentences upheld by
the Supreme
Court this week were those in the case of Henry
Mason Day
and W. Sherman Burns. The father of the
last named,
William J. Burns, was freed by the Supreme Court.
The findings of the Supreme Court were reported
as follows in a dispatch from Washington June 3 to the
.
New York
"World"
:
For a third time the United States Supreme Court has
put its
brand of "guilty" upon Harry F. Sinclair.
The highest tribunal, which took his Teapot Dome lease
away from
him on the ground of fraud, then sent him to the
District Jail for
three months for contempt of the Senate, decreed to-day
that he must
remain in the institution—where he is jail
pharmacist—until close
to Christmas time of this year.
Unanimously the Supreme Court today upheld his six
months jail
term for contempt of court. By the same verdict
the Court affirmed
the four months term given to his business aid, Henry
Mason Day,
a debonaire man in the early forties who has long
been Sinclair's
traveling agent in quest of foreign oil fields,
and
imposed on W. Sherman Burns, son of the veteran the $1,000 fine
detective, whose
agency he now runs.
William J. Burns Freed
But it freed William J. Burns, whom
legalistic hot water has
threatened a few times in his long career but
never engulfed. The
Court found no evidence to lump him with the others
in the guilt
of having improperly shadowed the ten men and two
Sinclair's first conspiracy trial in November of 1927.women jurors in
It was for this day and night jury trailing, with
its lurid charges
and counter charges of "jury fuzing," and the boast
of Juror Kidwell
that he expected a "car a block long" after the
case
Justice Siddons of the District Supreme Court declared ended, that
a mistrial of
the conspiracy case and, following eleven weeks of
the four—Sinclair, Day and the two Burnses—guilty trial, pronounced
of contempt.
The Court's opinion today, written by Justice McReynolds,
held that
Sinclair, Day and the younger Burns were guilty
of what "tended
to obstruct the fair administration of justice,"
and to sanction the
practice of allowing rich men to hire jury watchers
would mean that
"trial by capable juries, in important cases,
would become an impossibility."
Imperils Jury System.
If citizens knew that they were to be
subjected to such surveillance
"they will either shun the burdens
it with disquiet and disgust," said of the (jury) service or perform
the Court. "We can discover no
reason for emasculating the power of
the courts to protect themselves
from this odious thing."
The freeing of Burns the elder, who
gation during Harry Daugherty's regime headed the Bureau of Investiin the
was a surprise. The Supreme Court accepted, Department of Justice,
did not, Burns's plea that he was no longer where Justice Siddons
active in his agency,
And that his presence in Washington during
the jury-shadowing had
nothing to do with it.
Of Burns, the Court observed that while there
had at
been reason to think he was implicated, "he emphatically first blush
denied this
and we can find no material evidence to support the
him; as to him, the judgment below must be reversed." charge against
The plea of the others—that their day and night
surveillance was
innocent, designed only to keep some of Sinclair's enemies
from fixing
the jury against him—was rejected. It was not necessary,
held, to prove that the squad of fifteen Burn's operatives the Court
to Washington and began the jury trailing as soon as the who came
chosen made contact with a juror or committed any overt panel was
act punishable by law.
Tends to Obstruct Justice.
"The reasonable tendency of the acts done is the proper
criterion,"
said the Court. "Neither actual effect produced upon the
nor his consciousness of extraneous influence was an juror's mind
essential element of the offense.
"That the acts here disclosed, and for which three of
the appellants
were certainly responsible, tended to obstruct the honest
and fair
administration of justice we cannot doubt. The jury is
instrumentality—an appendage—of the court, the body an essential
ordained to
pass upon guilt or innocence. Exercise of calm and informed
judgment by its members is essential to proper enforcement of law.
"The most exemplary resent having their footsteps
dogged by
private detectives. All know that men who accept such employment
commonly lack fine scruples, often wilfully misrepresent innocent
conduct and manufacture charges. The mere suspicion that he, his
family and friends are being subjected to surveillance by such persons
is enough to destroy the equilibrium of the average juror and render
impossible the exercise of calm judgment upon patient consideration
.
"If those fit for juries understand that they may be freely subjected to treatment like that here disclosed, they will either shun the
burdens of the service or perform it with disquiet and disgust. Trial
by capable juries, in important cases, probably would become an
impossibility. The mistrial of Nov. 2 indicates what would often
happen. We can discover no reason for emasculating the power of
the courts to protect themselves against this odious thing.
"The acts complained of were sufficiently near the court. Most of
3769
them were within the court room, near the door of the Court House
or within the city. There was probable interference with an appendage
of the court while in actual operation; the inevitable tendency was
toward evil—the destruction, indeed, of trial by jury.
Example No Excuse.
"During the hearing and before conviction of guilt, counsel profferred many witnesses by whom they proposed to show a practice
of the Department of Justice to cause its officers to shadow juries.
This evidence was rightly excluded. The department is not a lawmaker and mistakes or violations of law by it give no license for
wrongful conduct by others.
"Counsel maintain that the petition does not adequately charge,
and the record fails to show misbehavior by appellants which obstructed
the administration of justice within section 268, judicial code, since
there is neither averment nor evidence that any operative actually
approached or communicated with a juror, or attempted so to do, or
that any juror was conscious of observation. The insistence is that
to establish misbehavior within that section it was essential to show
some act both known by a juror and probably sufficient to influence
his mind.
"We cannot accept this view. It would destroy the power of courts
adequately to protect themselves—to enforce their right Of selfpreservation. Suppose, for example some litigant should endeavor to
shoot a juror while sitting in the box during progress of the cause.
He might escape punishment for contempt if some quick-witted attendant quietly thwarted the effort and kept the circumstances secret
until the trial ended."
The Court cited with approval the late Chief Justice White's opinion
in Toledo Newspaper Company vs. United States, 247, U. S. 402,
418, 421, that the "test" is the "character of the act done and its
direct tendency to prevent and obstruct the discharge of judicial duty."
Applying the same rule of the "reasonable tendency" of the acts
done, the Court affirmed the verdict.
Immured in the infirmary of the district jail, Sinclair could not
be reached today, but it was bound to be a heavy blow that doomed
him to the long stretch, lasting at best until nearly Christmas. It
can only be foreshortened to that time, if the Supreme Court mandate
is expedited, and if Justice Siddons, as trial judge, permits Sinclair
to serve time concurrently. That is the practice here. Otherwise
the Oil King will be in until after the new year.
Jail for Day, Too
If Sinclair is allowed five days a month off for good behavior,
which commutation he is getting on his three months term, he might
be free from jail at Thanksgiving time, but some doubt exists among
lawyers here whether this allowance applies in contempt of court cases.
Ends Fight of .5 r Years
.
This case ends the six years of litigation into which the oil mess
plunged Sinclair. He escaped conviction on the charge of defrauding
the United States out of the Teapot Dome oil reserve, only to fall
victim to the two jail penalties for contempt—the first for refusing
to testify before the Senate Investigating Committee, and the present
one for hiring the Burns agents to trail the jury in his conspiracy
trial. In both instances the Supreme Court upheld his conviction,
after first branding him as guilty of fraud and canceling his Teapot
lease in the civil suit brought by the Government
The jury shadowing by-product of the oil cases was full of drama,
now climaxed by the affirming of the convictions. Going to trial
separately because his co-defendant, ex-Secretary Fall was too ill to
appear, Sinclair hired the Burns agents, through Sherman Burns,
and through Day instructed them to watch every move the jurymen
and women made from the time they arose in the morning and came
to court until they went to bed at night.
The Government had been putting in evidence for more than a
week when it got wind of the mysterious presence in various hotels
of the Burns detectives. Two Secret Service men were instructed
to find out what was up. They discovered that the private detectives
were trailing the jury and were reporting at night to a Mr. Day at
the fashionable home here of a Washington department store owner.
Late one evening, Government oil counsel, Owen J. Roberts, and
ex-Senator Pomerene, decided to act. They procured John Doe warrants, descended upon the Burns headquarters in an uptown hotel
and seized all their records.
Justice Siddons, in finding the four defendants guilty, argued that
the "reasonable tendency" of their cast was prejudicial to a fair
trial, even though no overt act was proved.
The three monts' term of imprisonment which Mr. Sinclair
is now serving was referred to in our issue of May 11, page
3126.
Continental Bank of New York to Assume Position as "The
Brokers' Bank of Wall Street."
With $13,500,000 new money subscribed by a group of
Stock Exchange and Curb houses under a plan announced
June 5, The Continental Bank of New York, an institution
which, organized in 1870, has in recent years played an increasing part in meeting brokers' requirements, will raise its
capital funds to $20,000,000 and take its place as "the brokers' bank of Wall Street." More than 350 Stock Exchange
and Curb houses, partners and the interests closely associated with Wall Street, it is stated, have subscribed to the
new stock of the Continental which it is claimed becomes
the first institution of important size to be owned and controlled by, and operated in the interests of, the brokerage
Interests of the Street. In part the information made public
regarding the position assumed by the bank says:
Smith & Gallatin, members of the New York Stock Exchange and
leaders in the movement for the creation of a brokers' bank, head the
group of firms which have underwritten the new stock and are privately
offering shares to other brokerage houses. The program, involving proportionately the sharpest upward revision in a bank's capitalization in the
history of New York banking, will not involve any change in the ownership, name or management of the bank, which is already identified with
Stock Exchange and Curb interests, but rather a broadening of the group
now in control.
3770
FINANCIAL CHRONICLE
The plan is the outgrowth of discussions which have been under way
for more than a year during which a canvass of more than one hundred
firms holding Stock Exchange and Curb memberships revealed an overwhelming consensus in support of the need for such an institution.
The Continental, since the war, has specialized in Wall Street business
under the Presidency of Frederick H. Hornby, and as vacancies have
occurred on its board, representatives of leading brokerage houses have
been added to its directorate. Mr. Hornby estimates that between 70
and 75% of the bank's present volume represents "Street" business.
In establishing the Continental as the brokers' bank, the sponsors of the
Wall Street project obtain a nucleus of experience and organization
around which a great bank can be developed and avoid the experimental
work and growing pains incident to the launching of a new institution.
The bank's headquarters are conveniently located at 25 Broad Street,
where additional space will be taken to provide for the expansion in business which will result from the increase in capital resources.
The enlarged institution will devote its efforts and resources and shape
its operations primarly to the accommodation of brokers' business marking
the first time that Stock Exchange and Curb houses, as a group, have
received first consideration at the hands of an institution of major rank.
The bank will be interested in establishing countrywide correspondent
connections and in developing additonal commercial business.
As resources commensurate to its new capital structure are built up, the
bank will, it is believed, prove an important stabilizing influence in the
call loan and collateral loan markets. With the wide ramifications and
connections of the firm sponsoring the project and the broad distribution of
its shares among brokerage houses, which, through stock ownership, will
have a stake in the success of the enterprise, rapid growth is anticipated.
In addition to the part the bank will play in Street loans, emphasis will
be placed upon certifications, stock transfers and other assential details
of Street business.
The Continental Bank of New York at present has total capital funds
of $2,500,000, apportioned $1,000,000 to captail and $1,500,000 to surplus.
Through offering to shareholders of 100,000 additional shares of $10 par
value each, this is in process of being increased to $6,500,000, divided as
follows: Capital, $2,000,000; surplus, $3,500,000, and capital of The Continental Corporation of New York, newly formed securities affiliate of the
bank, $1,000,000.
The program approved yesterday (June 5) by the directors of the bank
provides for an increase in capital from $2,000,000 to $6,000,000 through
the authorization and issue of 400,000 additional shares of stock, of which
100,000 shares will be issued to shareholders as a 50% stock dividend.
At the same time the capital stock of The Continental Corporation is to be
increased from 200,000 shares to 600,000 shares of $5 par value. Three
hundred thousand shares of the bank's stock and 400,000 shares of the
security company's stock are to be sold to the brokers' group with the
understanding that the additional 400,000 shares of the security company's stock are to be transferred to the trustees for the pro rata benefit
of stockholders of the bank.
Upon consummation of this project, the capital structure of the bank
will be divided as follows: Capital, $6,000,000; surplus, $11,000,000, and
capital of the securities company, $3,000,000.
The board of directors of the bank is being increased from fifteen to
thirty of whom twenty-eight have already been named as follows:
Frederick H. Hornby, President; Julian A. Acosta, Springs & Co.;
H. Ronald Chambers, Jr., Chambers & Co.; Edwin N. Chapman, Chisholm
& Chapman; Andre deCoppet and Arthur Hetherington, deCoppct &
Doremus; Fred W. Frazier, General Baking Company; Oscar Dressler;
Siegfried Gable, of Hagedorn & Co.; Frost Haviland, of J. H. Holmes &
.
0
Co.; Robert B. Honeyman, of Broadway Coal & Land Compan Frank
Poe, of Poe! & Kelly, Inc.; Martin J. Quinn, of E. C. Benedict & Co.;
and Cashier; Mason B. Starring, Jr.,
F. N. Insinger, Vice-President
of Campbell, Starring & Co.; Henry M. Wise, Attorney; Albert R.
Gallatin, of Smith & Gallatin; John G. Bates, of Taylor, Bates & Co.;
Edward Small Moore; George P. Smith, of Smith & Gallatin; Lewis
Dunham; Albert L. Smith, of E. B. Smith & Co.; Robert C. Winmill,
of Gude, Winmill & Co.; Prescott S. Bush, of W. A. Harriman & Co.,
Inc.; Woodward Babcock, of Harris, Winthrop & Co.; John C. Maxwell, of Tucker, Anthony & Co.; Frazier Jelke, of Frazier Jelke &
Co.; and Harry P. Bingham.
As a result of the action of the board yesterday, a special meeting
of the stockholders of the bank will be called on or about July 1 to
ratify the proposed changes in capital structure of the institution.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Announcement was made on June 3 by David A. Brown,
Chairman of the Board, that the newly organized Broadway
National Bank & Trust Company will begin business at
Fifth Avenue and 29th Street on Tuesday, June 18. Authorization to transact business was granted to it by the Treasury Department on May 20. The Broadway National Bank
& Trust Company has been formed with a capital of $2,000,000. It will begin business with a surplus of $1,000,000
and a contingent fund of $300,000. Reference to the proposed organization of the institution appeared in our issues
of January 19, page 353, and February 2, page 676. The
name originally decided upon was the Broadway National
Bank. S. Sargeant Volck, until recently senior Vice-President of the Nassau National Bank, is President of the new
institution. Mr. Volck is also a member of the Executive
Board of the Trust Company of Scarsdale, New York, and
a director of the Rediscount Corporation and Credit Corporation of America. The Vice-President of the Broadway
National Bank & Trust Company is Leonard L. Rothstein,
who was for sixteen years President of the Marion Dress
Company, of this city, and until the Natonal Butchers' and
Drovers' Bank merged with the Irving Trust Company, a
Vice-President of the former. The Cashier is William C.
Thompson, formerly Cashier of the American National Bank
and Trust Company of Mt. Vernon. The Directors of the
new financial institution are Isaac D. Bachmann, John
[Vol.. 128.
Bancroft, Jr., Walter E. Bedell, David A. Brown, Charles
Cohen, Edmund S. Cruttenden, Meyer Davidow, Louis Eisenberg, George H. Eypper, A. N. Frumberg, Bennett Goldberg,
Dr. John J. Hogan, Samuel Katz, Samuel C. Lamport, Albert
H. Lieberman of Philadelphia, Martin W. Littleton, Leon
Lowenstein, I. Miller, George Miller, Jr., J. Theus Munds,
Leonard L. Rothstein, Algernon S. Schafer, David Tishman,
John Zanft, S. Sargeant Volck, Oscar Banse, Edward C.
Wilkinson, and T. Markow Robertson. A feature of the
Broadway National Bank S: Trust Company is an advisory
board selected from men in various industries. The Advisory Board consists of Ralph M. Simon, H. A. James,
Philip Katz, Albert Sokolski, Herman Gertner, A. E. Andon,
Max Burnofsky, Michael E. Lipset, Lester J. Alexander,
S. L. Rothafel, Herman Wacht, George I. Seidman, Harold
H. Straus, Julius M. Meirick, David Handman, Harry Livingston, Jacob Leichtman, William Jassie, W. B. Thompson,
Jr., and Frederick P. Oliver. David A. Brown, Chairman
of the Board, is President of the General Necessities Corporation of Detroit, and the Vogt Refrigerator Company of
Louisville. On May 23 he was the guest of honor at a
banquet at the Hotel Commodore, at which 2,300 New Yorkers welcomed him as a permanent resident of this city.
Henry Ford was present at the banquet. Mr. Brown states
that although the stock of the Broadway National Bank &
Trust Company had not been offered to the public, it has
been substantially oversubscribed. The stock is in shares
of $100 par, and the price at which it was placed was $165
per share—$50 going toward surplus and $15 toward organization expenses.
The Interstate Trust Company of New York, which had
the distinction when formed two-and-a-half years ago of
being the first trust company to enter the Wall Street district in nine years, moved on June 3 to 37 Wall Street,
where it has commodious quarters formerly occupied by
the Equitable Trust Company and later temporarily by
Brown Brothers & Co. This site gives the Ipterstate Trust
a Wall Street address and an entrance as well on Exchange
Place. Over the week-end securities of the institution in
the amount of approximately $250,000,000 were transferred
to the new office. Since October 14 1926, when the Interstate Trust Company was launched at 57 Liberty Street, the
institution has had marked growth. Starting with a paid-in
capital of $3,000,000 and a surplus of $900,000, the institution has grown until now, on entering the Wall Street
building, it has resources in excess of $50,000,000. George S.
Silzer, former Governor of New Jersey, has been President
of the trust company since its inception, and its growth
has been due largely to the ability and farsightedness of
Isaac Alpern, President of the Perth Amboy Trust Company,
who was named Executive Vice-President of the Interstate
Trust. On July 1 1927—eight months after it opened its
doors—the Interstate Trust absorbed the Franklin National
Bank, and on the same date the Bloomingdale Brothers
Private Bank was also acquired. The entire personnel
of the Franklin National was maintained, Arthur P. Smith,
Its President, being appointed to the directorate and becoming a Vice-President of the Interstate. With the merger of
the Hamilton National Bank in 1928, the resources of
Interstate were greatly increased. These consolidations
and the natural growth of the trust company itself have
brought Interstate's resources to over $50,000,000 and to-day
it has eight branches throughout the city. The Franklin
Branch is operated at Franklin and Hudson Streets; the
Fifty-Ninth Street Branch at Lexington Avenue and 59th
Street; the Hamilton Branch at 130 West 42nd Street; the
University Branch at 110th Street and Broadway; the
Bronx Branch at 96 East 170th Street; the Washington
Heights Branch at 181st Street and Wadsworth Avenue, and
the Queens Village Branch at Jamaica Avenue and 217th
Street. The Board of Directors is composed of: Isaac
Alpern, President, Perth Amboy Trust Company; Samuel J.
Bloomingdale, President, Bloomingdale Bros., Inc., E. N.
Brawn, Chairman, St. Louis & San Francisco Railway and
Chairman Chicago, Rock Island & Pacific Railway; John W.
Doty, President, Foundation Co.; A. Curtain Fetterolf, VicePresident, International Mercantile Marine Company; William V. Griffin, President, Brady Security and Realty Corp.;
Albert T. Johnston, Vice-President, The Borden Company;
James A. Kenny, Vice-President, William F. Kenny Company; Herbert C. Lakin, President, The Cuba Company;
De Witt Millhauser, of Speyer & Company; Carleton H.
Palmer, President, E. R. Squibb & Sons; George S. Silzer,
JUNE 8 1929.]
FINANCIAL CHRONICLE
3771
The Guaranty Trust Co. of New York has announced the
President, Interstate Trust Company; Arthur P. Smith,
Vice-President, Interstate Trust Co.; William J. Weller, appointment of John L. Timoney as an Assistant Treasurer.
retired; Arthur P. Williams, President, R. C. Williams &
It was learned on June 4 that Frederick E. Hasler will
Co., Inc.; Frederic A. Williams, Vice-President, Cannon
probably succeed Julian M. Gerard as President of the InterMills, Inc.; Andrew Wilson, Andrew Wilson Company; and
national Germanic Trust Co. of New York. Mr. Gerard,
Ralph Wolf, of Speyer & Company.
whose resignation was presented to the Board of Directors'
remain as a Director and as Chairman of the
Having handled the registration and transfer of securi- meeting, will
approximately twenty-five billion dollars, Joint Investment Committee of the Germanic Group, which
ties valued at
interests of approximately $30,000,000: Mr.
David P. Condon, registrar of the Farmers' Loan & Trust has combined
Company of New York, is retiring from business after Hasler was formerly a Director and large stockholder in the
upwards of thirty years of service with that company. old Battery Park National Bank, which was merged with
During a considerable portion of that time he has been the Bank of America, continuing this office until shortly
by the Giannini interests.
the officer in charge of the stock transfer, registration and before its control was acquired
reorganization departments. He has acted as chairman of a Mr. Hasler resigned the Vice-Presidency in 1927 to become
number of committees of the New York Stock Transfer Chairman of the Board of the Commonwealth Bank, which
Association, the last of which was the Committee which put was later merged with the Manufacturers' Trust Co. The
into operation the plan of deferred deliveries of transfers. International Germanic Trust Co. has a main office at 26
Under the auspices of the American Bankers' Association Broadway, and two branch offices, on the Terminal office,
he has delivered addresses before bank and trust company at 30th Street and Seventh Avenue, and the other, the Madigroups in various cities. He plans to devote his time in son Avenue office, at Madison Avenue near 43rd Street.
the future to traveling and to welfare work and civic James A. Beha, former State Insurance Commissioner, is
affairs, in the latter of which he has been much interested Chairman of the Board and Harold G. Aron is Chairman of
as a member of the United States Chamber of Commerce, the Executive Committee.
Frank E. Andruss, partner of the firm of Bountze Bros.,
delegate from the State of New York to the National Tax
has been elected to the Board of Directors of the InterConference, and Vice-President of the Bronx County Grand
national Germanic Trust Company to succeed Marcus Daly.
Jurors' Association.
Following a meeting of West Side merchants and property owners in the building at 857 Tenth Avenue, between
56th and 57th Streets, plans were announced on June 4 for
the establishment of the Guild State Bank, which is to be
housed in the building.
The bank will have a capital and surplus of $1,000,000
and is the first financial institution planned to serve the
new business, industrial and home-building developments
expected through the area west of Ninth Avenue and bounded
by 72nd and Canal Streets. Rapid expansion is foreseen
in this district following the completion by the New York
Central RR. of the projected covering of its tracks on Tenth
and Eleventh Avenues. Completion of the Eighth Avenue
subway and the proposed Hudson River express highway
will round out the improved transportation facilities on
which the major part of the development hinges. Speakers
at the meeting in the bank included former State Senator
Ellwood M. Rabenold, senior partner of the law firm of
• William C. Potter, President of the Guaranty Trust Co. Rabenold & Scribner; Herman W. Beyer, Deputy U. S.
of New York, on June 5 sent the following letter to stock- Appraiser, and James W. Danahy, Secretary of the Eighth
holders of the company:
Avenue Association. Mr. Beyer is reported as saying:
The Bankers' Trust Company of New York announces
the appointment of Harold A. Lyon as advertising manager.
Mr. Lyon, a graduate of Amherst in the class of 1915, has
for the past eleven years been associated with the First
National Bank of Boston where, as Assistant Cashier, he
has directed advertising and new business activities. Prior
td this connection, from 1916 to 1918 he served as Assistant
Secretary of the Boston Chamber of Commerce. He is a
director of the Financial Advertisers' Association and is
just completing a term as President of the New England
branch of this organization. While in the service of the
First National Bank of Boston he was the author of "Markets of the World," a statistical analysis published by the
bank in 1920 and 1924, and distributed in this country and
abroad. He Will begin his new duties at Bankers' Trust
Company about June 15.
The Board of Directors of Guaranty Trust Co. of New York, at a meeting
held this day, approved the following plan for the increase of the capital
stock of the company from $70,000,000 to $90,000,000, viz.:
The Guaranty Trust Co. of New York will increase its capital stock to
$90,000,000. The increase of capital stock being $20,000,000, or 200,000
shares, will be offered to stockholders of record at the close of business
on June 24 1929, at $500 a share, for subscription and payment ratably
In the proportion of their respective holdings. The date of the issue of
the $20,000,000 increase will be July 22 1929, payment to be made on or
before that date.
Thus, if the plan is approved, each stockholder of record at the close
of business on June 24 1929 will be entitled to subscribe for one new
share of stock at the price of $500 a share for each three and one-half
shares of stock held by him. The proposed increase will add $20,000,000
to the capital and $80,000,000 to the surplus of the company. Accordingly,
upon the increase of the amount of capital stock as planned, your company
will have a capital of $90,000,000 and a surplus fund of $170,000,000.
Your Directors consider that this additional capital and surplus can be
used to advantage in the business of your company.
The above increase will be considered and acted upon at a special
meeting of stockholders of Guaranty Trust Company of New York to be
held June 24 1929. If such increase shall be authorized, aa assignable
subscription warrant or warrants for your ratable proportion of such
Increase will be mailed to you shortly after June 24 1929.
No stock certificate will be issued for less than a full share, but nondividend bearing script representing interests in fractional parts of shares
of stock will be issued, exchangeable within the limitations therein set
forth for stock certificates (with accumulated dividends) when presented
In amounts aggregating one share or multiples of one share.
Stockholders who hold certificates in the National Bank of Commerce in
New York or Bank of Commerce in New York, by virtue of the Agreement
of Merger between Guaranty Trust Co. of New York and Bank of Commerce
In New York dated April 8 1929 being now stockholders of the Guaranty
Trust Company of New York, will be entitled to rights to subscribe for the
new shares on the basis above outlined. Such stockholders, however, are
urged to promptly surrender their old certificates in exchange for certificates of the Guaranty Trust Co. of New York.
The Board of Directors of the Guaranty Trust Co. of New York have
declared a dividend of 5% for the quarter ending June SO 1929, payable
June 29 1929 to stockholders of record on June 14 1929. The new shares,
which are to be issued as of July 22 1929 willbe entitled to participate
In dividends declared subsequent to that date.
"Projected developments in this district foreshadow a complete rehabilitation of the entire West Side. With the abolition of 'Death Avenue,'
there will no longer exist 'Hell's Kitchen,' but a new important business
and housing construction will be created and will be one of the most
important sections of the city. It is expected that the territory between
Ninth and Tenth Avenue will be developed into an important residential
area. Indication of this is the number of apartment buildings now being
constructed on 57th and 23rd Streets."
Incorporators of the proposed Guild State Bank are Howard S. Van Bomel, Robert S. Schock, Ralph D. Ward, Ellwood M. Rabenold, Charles S. Oakley, John Horn, Herman
W. Beyer, William J. Waite, Adam Metz, Mark Hyman,
Frank S. Parker and Robert E. Magee.
The National City Bank of New York (France) S. A.
opened a branch on June 3 at 44 Avenue des Champs Elysees,
one of the principal boulevards of Paris. The main office of
the institution will remain as heretofore at 39-41 Boulevard
Haussmann. The new branch will make available complete
facilities of the National City organization and its affiliates
to American business interests, visitors and residents in this
section.
Working 24 hours every day of the week, including Sundays, skilled laborers of Starrett Brothers, Inc., have made
extraordinarily rapid progress in demolishing building on
the site to be occupied by the huge new skyscraper, The
Bank of Manhattan Building, this city. Wrecking work was
started during the first week of May. Less than three
weeks later the 5-story building at 34-36 Wall Street, adjoining the United States Assay Office, the 8-story structure
at 38 Wall Street, and the 5
-story building at 31-33 Pine
Street had been cleared away to the street level. PracThe merger of the Guaranty Trust Co. and the National tically all of the work of demolition was accomplished in
Bank of Commerce in New York, effected early in May, the brief period of 18 days. This is said to establish a
new record in wrecking buildings of this size and type.
was referred to in our issue of May 11, page 3130.
Various firms in New York City had estimated that the
3772
FINANCIAL CHRONICLE
task of demolishing these buildings would require from 90
to 120 days. The work proceeds without interruption, day
and night. It was impossible to start wrecking the 13-story
Bank of the Manhattan Company Building, at 40 Wall
Street, and extending through to Pine Street, until May 22,
since the last tenant therein did not move out until May 18.
More than one-half of this building, however, has already
been taken down, and according to G. L. Adams, construction superintendent in charge of the work, the remainder
of this old landmark will be entirely removed during the
next fortnight. Regarding the work in progress, an announcement further says:
One of the most remarkable features of this huge undertaking is that
work on the pier foundations for the main portion of the new skyscraper
has been carried on simultaneously with the wrecking of the old structures.
To date, no less than 10 cylinder piers and about 20 open box caissons have
been put down or are well under way, and in some of these the concrete
has already been poured. These foundation piers go down on an average
of 50 or 60 feet below the street level to bed rock. The larger foundation
piers will support the tower of the new building, which will rise 840 feet
above street level and will be the tallest bank and office building In the
world. This building, designed by H. Craig Severance, will be erected by
Starrett Brothers, Inc., for an investment syndicate headed by George L.
Ohrstrom, of G. L. Ohrstrom & Co., Inc., and including The Starrett
Corporation.
A large part of the under-pinning of adjoining properties has been completed, in addition to the pier foundation work which is being done by
Spencer, White & Prentis, Inc., in conjunction with Starrett Brothers, Inc.
Twenty-four out of forty under-pinning cylinders have been finished.
The wrecking work is being done in two 12-hour shifts of laborers every
day. The cylinder pier foundation work, however, is being carried on by
three 8-hour shifts daily since the men cannot do this work steadily for
longer periods. All told, approximately 1,200 men are employed daily in
this undertaking.
William J. Large has been e- lected President of the Claremont National Bank of New York, succeeding Philip Pearlman, who resigned.
At stockholders' meetings of the International Union
Bank, the Community State Bank, and the Unity State
Bank on June 6 plans for the merger of the three institutions
to become effective Monday, June 10, were ratified. The
Community State Bank, 2 Avenue A, Manhattan, and the
Unity State Bank, 4702 Eighteenth Avenue, Brooklyn, will
thereafter function as branches of the International Union
Bank, 147 Fifth Avenue, which will remain as the principal
office. Unity stockholders will receive three shares of
International $25 par value stock for each share of Unity
$100 par value stock held and Community stock will be
exchanged on the basis of four shares of International $25
per value for one of Community $100 par value. Stock
certificates of the institutions will be deposited for exchange
with Solomon Flllin, President of International. Announcement will be made later of changes in the directorate
and personnel of the combined institutions. Mention of the
proposed merger was made in these columns May 25,
page 3455.
[VOL. 128.
At the regular meeting of the Board of Directors of the
Continental Bank of New York, Frederic N. Insinger and
Henry M. Wise were elected Directors, and Arthur H.
Queren and Peter C. Newell were appointed Assistant
Cashiers. Plans to increase the capital of the bank and to
broaden the facilities of the institution with a view to its
creation as a brokers' bank are referred to elsewhere in this
issue of our paper.
George S. Mills has been appointed Assistant Vice-President of the Commercial National Bank and Trust Co. of
New York, effective as of June 1.
The Irving Trust Co. of New York announced on June 5
the appointment of Dennis F. O'Brien, of O'Brien, Malevinsky & Driscoll, 152 West Forty-Second Street, to the
Advisory Board of its Forty-Ninth Street office, Forty-Ninth
Street at Seventh Avenue.
Col. George R. Shanton, President of the Panama-American Trust Co., has announced the following additions to the
Board of Directors: Milton F. Davis, Brigadier General,
U. S. A. (retired), former Chief of Staff, Air Service,
U. S. A.; Walter McKay Jones, member House of Representatives, Porto Rico; R. J. Bloomer, formerly Assistant
to U. S. Attorney General, and Milton J. Barrett, metropolitan manager of Grigsby, Grunow Co. Reference to the
incorporation of the Pan-American Trust Co., under the
laws of Panama, with an agency in New York, was made
In our issue of December 22 1928, page 3487.
The Central Hanover Bank & Trust Co. of New York
announces the appointment of G. M. Sticknoth as Assistant
Treasurer. Mr. Sticknoth has been associated with the
company for sixteen years and has been assistant manager
of the credit department for the last two years.
At their meeting on June 6 the directors of the Banat
Commerciale Italiana Trust Co. of New York declared a
dividend of $2.50 per share, payable on July 1 to stockholders
of record as of June 15 for the second quarter of the current year.
The new Kingsboro National Bank of Brooklyn, referred
to in these columns April 6, page 2215, began business on
April 28. The bank is located at Fifth Ave. and 69th St.,
Brooklyn. Emmet J. McCormack is President of the bank.
J. B. Drake, for many years head teller of the Mellon
National Bank of Pittsburgh, has been appointed Assistant
Cashier.
At the regular meeting of th- e Board of Trustees of United
The respective stockholders of the Liberty Bank of Buffalo,
States Trust Company of New York on June 6 George F. N. Y.,
and the Community National Bank of that city, at
Baker, Jr., was elected a trustee in place of Ogden Mills, a special
meeting on May 31 approved the proposed merger
deceased.
of the institutions under the title of the Liberty Bank of
The Equitable Trust - New York announces the Buffalo, according to the Buffalo "Courier-Express" of
Co. of
June 1. The actual joining of the two banks will take place
opening of a representative's office in the Oliver Building
June 10, it was said, at which time the Frontier National
of Pittsburgh and the appointment of Layton C. Noel as
Bank will also merge with the Liberty Bank. The stockIts representative in this territory. This office will funcholders of the Liberty Bank at their meeting also voted, it
tion as a contact point with the Equitable's main office in
was stated, to increase the bank's capital from $4,000,000
New York for local customers and correspondent banks.
to $5,500,000 and the number of shares of stock from 160,000
For the first ten years of his business career Mr. Noel
shares to 220,000 shares. It was also voted at the same meetworked successively for a savings bank, a National bank,
ing to increase the number of directors from 25 to 32. Acand a trust company. Later he represented Robert Garrett
cording to the terms of the merger, it was stated, the fol& Sons in Philadelphia, and in 1918 opened an office In
lowing directors of the Community National Bank will be
Pittsburgh for the National City Company, afterwards added
to the board of the Liberty Bank of Buffalo: William
assuming charge of the company's Philadelphia office. Mr.
C1. Bishop, Robert W. H. Campbell, Edward A. Duerr,
Noel has also been connected with Brown Brothers & Co., Ernest
Feyler and Herman J. Manzel.
and for a short period was First Vice-President of the
Advices in the same matter from Buffalo on June 3 to the
Delaware Trust Company of Wilmington. This new out-of- "Wall
Street Journal", after stating that the consolidation
town office of the Equitable Trust Company is in line with will be
effected on June 10 through a sharo-for-share exits established program of representation in key industrial change of
stock of the two institutions, went on to say in
cities of the country. The company is similarly represented part:
directly or through a subsidiary in Boston, Philadelphia,
To provide shares for the merger, and also for absorbing Frontier NaWashington, Baltimore, Atlanta, Chicago and San Francisco. tional Bank capital of Liberty Bank is being increased to 220,000 shares
from 160,000. After exchanges are made a balance of 16,000 shares will
Last month a consolidation was announced between the
be sold to present Liberty Bank stockholders at $200 a share on tho basis
Equitable and the Seaboard National Bank. The consoli- of one new share for each 10 shares held. Liberty stock is now selling at
dated institution will operate under a trust company char- about $270 a share.
ter, will have total resources exceeding $800,000,000, and
The proposed consolidation of those banks was referred to
following a proposed adjustment of capital structure, will in our issues of May 4 and May 18, pages 2934 and 3294,
have capital assets of more than $100,000,000.
respectively.
JUNE 8 1929.]
FINANCIAL CHRONICLE
Stockholders of the West Hartford Trust Co. of West
Hartford, Conn., on June 11 will vote on a proposed increase
in the company's capital from $100,000 to $150,000, recently
recommended by the trustees, according to the Hartford
"Courant" of June 5. The new stock will be offered to the
stockholders at the price of $200 a share in the ratio of one
new share for each two shares at present outstanding. Subscriptions for the new shares will close July 15 and payment
in full will be due on or before that date. The West Hartford Trust Co., which was chartered in 1926, now has resources of $2,803,475, it is said. The proposed increase will
make the new capital $150,000 and the surplus account
$175,000. Officers of the institution are as follows: Roy T.
H.Barnes, President; Huntington P. Meech, Vice-President,
and Clarence A. Boyce, Secretary and Treasurer.
Raymond C.Dexter, Cashier of the Everett National Bank
of Everett, Mass., was appointed a Vice-President of the
Second National Bank of Boston at a meeting of the'directors
on June 5, according to the Boston "Transcript" of the same
date. Mr. Dexter will assume his new duties on July 15,
in charge of the Statler Branch of the Second National Bank,
which is to be opened in the Stetler Building at the corner of
Arlington and Providence Streets. At the same meeting
the directors promoted Herbert E. Stone from First Assistant
Cashier to Cashier, to succeed Frank H. Wright, who con'
tinues as a Vice-President, and appointed Leslie N. Rowe
and Henry L. Pearce as Assistant Cashier and Auditor, respectively, the latter to succeed John A. Hunneman, who
continues as an Assistant Cashier.
On June 1, William B. Carolan, National Bank Examiner
in the Boston District for a number of years, and for the
past four years in charge of the examination of all New
England banks, outside Boston, with resources of $10,000,000
or more, became an Assistant Vice-President of the National
Rockland Bank of Boston, Boston, according to the Boston
"Transcript" of that date. Mr. Carolan resigned his Government position to accept the office with the bank.
3773
necticut bank to take advantage of the statute allowing
lower par values. "The City Bank & Trust Co. was the first
to present a resolution to the General Assembly seeking the
right. It desired to have right to reduce par value to $10."
Directors of the City Bank & Trust Co. on the same day
(May 29) declared a special cash dividend of 10% (amounting to $100,000), payable June 10 to stockholders of record
June 1. The regular dividend of $1.50 a share, monthly,
amounting to 18% yearly, will be paid as usual on July 1,
it was said.
Consolidation of the Pennsylvania Co. for Insurances on
Lives & Granting Annuities of Philadelphia and the Bank
of North America & Trust Co. of that city, under the title of
the former, was consummated on June 1 when the enlarged
bank opened for business. The new organization has a
capital of $6,500,000, surplus of $27,500,000, and undivided
profits of $2,000,000. Its deposits total $128,148,359, and
its total resources aggregate $173,464,398. Its individual
trust funds are more than $599,000,000, and its corporate
trust funds in excess of $1,784,000,000. As a result of the
merger the Pennsylvania Co. for Insurances on Lives &
Granting Annuities now has three branch offices in addition
to its main office at 15th and Chestnut Streets, C. S. W.
Packard is President and C. S. Newhall, Executive VicePresident of the enlarged bank. Other principal officers
are as follows: John H. Mason, Arthur V. Morton, Jay
Gates, C. P. Lineaweaver and F. G. Sayre, Vice-Presidents;
H. W. Stehfest, R. S. McKinley and Mark Wilcox, Assistant
Vice-Presidents; Joseph R. Carpenter, Jr., Treasurer; R. E.
Hanson, Assistant to President; L. J. Clark, Secretary and
Registrar; William M. David and Francis H. Shields, Trust
Officers; William F. Kriebel, Cashier; Harold W. Scott,
Assistant to Vice-President, and Herman W. Coxe, Real
Estate Officer.
With reference to the passing out of existence of the Bank
of North America & Trust Co. a dispatch from the Philadelphia "Financial Journal" to the "Wall Street Journal"
on June 3 contained the following:
With merger of Bank of North America & Trust Co. and Pennsylvania
Co. for Insurances, at close of business Friday, the oldest and most historic
bank name in the United States passes into the records of the nation's
financial history. Bank of North America was unique in many respects,
occupying the same site for 147 years, and it has not missed a dividend
in all that time. When the Bank of North America merged with the
Commercial Trust Co. In March 1923 the former's historic name was
retained, although the merged institution operated under a State charter
instead of the Bank of North America's National charter. Even with the
merger with the Pennsylvania Co. the old bank site and building will be
retained and operated as the Bank of North America branch of the Pennsylvania CO.
Chartered in 1781, the Bank of North America opened for business
January 7 1782, in the general store of Tench Francis, its first Cashier,
at 307 Chestnut Street, and has maintained an office on the original site
to this day. It has an account on its books to-day that was opened in
January 1782, and its record of dividends is without lapse of a yearly
Directors of the Farmers' National Bank of Rome, N. Y., payment for 147 years. one of the youngest and greatest Secretaries of
Alexander Hamilton,
on May 24 adopted and recommended to the stockholders the Treasury in the country's history, helped build it with Robert Morris.
the following changes in the capital structure of the institu- In its career of 147 years it has played an Important part in the growth
and development of the nation, rendering financial help to the Colonies,
tion, as reported in the Rome "Sentinel" of May 25:
to the baby Republic, to the City of Philadelphia, to the Commonwealth
First—That the par value of the hank shares be reduced from $100 to of Pennsylvania. It played a part in the War of 1812, the Civil War, the
$25 each.
Spanish War, and the World War.
Second—That the capital stock of the bank be increased from $250,000
Among its assets are treasured the original charter and early papers of
$350,000.
to
the bank which are more than a history of one Institution; they are a
Third—That the number of shares of the bank be increased from 2,600 financial history of the United States. Its record of 147 years is interwoven
to 14,000.
with that of the City and State and Nation which it served so ably. The
A special meeting of the bank's stockholders will be held name of the Bank of North America passes, but its achievements are
in America it will always hold a
imperishable, and as the first
on June 26 to vote on the proposals. The increase in the sentimental place in the hearts bank nation's bankers in this age and
of the
capital stock, if approved by the shareholders, will be generations to come.
Stockholders of the Central Trust Co.of Cambridge,Mass.,
at a special meeting on July 9 will vote on a proposal of the
directors to reduce the par value of the company's stock from
$100 a share to $10 a share and to exchange ten shares of
new stock for each share now outstanding, according to the
Boston "Transcript" of June 5. The banks' present capital
is $1,500,000, having been increased from $500,000 in
January 1928, it is said, by a 150% stock dividend. The
"Transcript" furthermore states that the directors have
increased the annual dividend rate on the present capital
from $12 to $16 a share by declaring a quarterly distribution
of$4 a share, payable July 1 to stockholders of record June 25.
brought about, it was said, by the declaration of a stock
dividend of 40%, or, in other words, a distribution of bank
shares to the amount of $100,000. When the above mentioned changes become effective, it was stated, the institution will have a capital of $350,000, surplus of $250,000, and
undivided profits of approximately $75,000. Deposits at
the present time are in excess of $6,000,000, and total
resources more than $7,000,000, it was said.
The proposed reduction in the par value of the stock of the
City Bank & Trust Co. of Hartford, Conn., with the consequent issuance of four new shares for each share now
outstanding, noted in the "Chronicle" of May 25, page 3456,
was approved by the stockholders of the institution at their
special meeting on May 29, according to the Hartford
"Courant" of the following day. The reduction in the par
value will be effective as of July 1 and the new certificates
will be issued on or before September 15. By the approval
of the stockholders in voting for the par reduction, it was
said, the City Bank & Trust Co. becomes the first Con-
The newly organized Adelphia Bank & Trust Co. of Philadelphia opened its doors on June 3 at 1598 Chestnut Street,
that city ,according to the Philadelphia "Ledger" of the same
date. The new bank begins with a capital of $1,000,000
and surplus of like amount. Its prospectus declares that it
"will provide for the business man or business woman a
complete banking service dictated by and presided over by
men who themselves are business men above all else and
business men who have been successful in their conduct
of business affairs." The company, which will conduct a
commercial banking and a title and trust business, will
operate as a day-and-night bank, from 9 o'clock in the
morning until midnight. In its issue of the following day
(June 4) the "Ledger" stated that announcement was made
the previous night that deposits of the institution on the
opening day amounted to considerably more than $1,000,000,
with depositors including large corporations as well as individuals! It was estimated that about 3,500 persons visited
the institution during the day. The banking rooms are
3774
FINANCIAL CHRONICLE
finished in pale green and gold, with floors of Tennessee
tile marble, "all designed to blend with the Colonial architecture of the building." The personnel of the new bank
Is as follows: M. F. Middleton, Jr., Chairman of the Board
of Directors; Samuel Vance, Jr., President; J. Willair
Sheetz, Vice-President and Treasurer; Norman J. MacMichael, Secretary and Assistant Treasurer, and Winfield
S. Caldwell, Title and Trust Officer.
[vol.. 128.
(d) So that, upon increase of the capital stock, the directors will have
not only the power now posessed to prescribe the price for the increased
stock, but to that, in addition, in case it proposes to increase the stock for
the purpose of bringing about a merger with any other bank or trust company, the Board will have power to issue and dispose of the increased stock
without the right of the stockholders at the time of the increase to subscribe
to a pro rata share, er with such preferential subscription rights as to the
Board may subscribe.
Failure of the Clarksburg Trust Co., Clarksburg, W. Va.,
was reported in the following adyices by the Associated Press
On May 20 the Directors of the Seacoast Trust CoMpany from that place on June 7, printed in the New York "Evening
of Asbury Park, N. J.. voted to declare a dividend of $200,000 World" of the same date:
-4---
from undivided profits to be paid stockholders of record
May 25, in the stock of the Seacoast Company, share for
share, giving each holder of stock of the Seacoast Trust
Company one share of sstock in the Seacoast Company. The
Seacoast Trust Company has a capital of $500,000. William
J. Church was elected Vice-President and Frank F. Allen
Treasurer of the Trust Company.
Two Philadelphia savings banks—the Independence Savings Bank (formerly the Starr Savings Bank) and the First
Penny Savings Bank, of which John Wanamaker was the
founder, were combined on June 1 under the title of the
latter institution. The business of the two banks, with
their 85,576 depositors, is being carried on at the following
locations: Southeast corner of Juniper and Chestnut
Street, Southeast corner of 21st and Bainbridge Streets,
520-22 South 9th Street, and the Northeast corner of 16th
and Sansom Streets. According to the Philadelphia "Ledger" of June 1, the combined resources of the institutions
as of December 31 1928 were in excess of $25,000,000. Robert M. Coyle is President of the First Penny Savings Bank.
Stockholders of the Penn National Bank of Philadelphia
at a special meeting on July 2 will vote on a proposal to
reduce the par value of the bank's stock from $100 a share
to $10 a share and the issuance of ten new shares for each
share now outstanding, according to the Philadelphia "Ledger" of June 4. The capitalization of the institution is
$1,000,000. In announcing the directors' recommendation,
Melville G. Baker, the bank's President, was reported as
saying that the purpose of the action is to bring about a
wider distribution of the stock.
•
The First National Bank and the Northampton Trust Co.,
both of Easton, Pa., are to be merged under the name of
the First National Bank & Trust Co. of Easton, according
to the Philadelphia "Ledger" of June 4.
•
The Clarksburg Trust Co., with resources of more than $2,000,000 and
deposits of $1,500,000, was closed to-day. The board of directors announced
they turned the company over to the State Banking Commission. The
Commission said the company would reopen in about two weeks.
Herbert E. Zdara and Harry Black, of the Union Trust
Co. of Cleveland, have been appointed Managers of the
two new offices of the bank which are now under construction. They will assume their new positions late in
June when the new offices are completed. Mr. Black, who
will manage the office at East 185th and Landseer Road,
began his banking experience with the Citizens' Savings
& Trust Co. in 1910, and remained with the organization
when it became a part of the Union Trust Co. Since 1925,
he has been Assistant Manager of the Cedar-Lee office.
Mr. Zdara, who will manage the Corlett-E. 116th office, has
had 14 years of banking experience, beginning with the old
Broadway Savings & Trust Co. For the last 6 years he
has been employed at the Kinsman-140th office of the
Union Trust Co. He is an attorney-at-law and a member
of the American Institute of Banking. Arthur Johnson
will be Assistant Manager of the Landseer-E. 185th office,
and Edward Kubec will assist Mr. Zdara at the Corlett-E.
116th office.
From the Detroit "Free Press" of May 29 it is learned
that the Bank of Michigan of that city—the new institution
formed by the union of the Merchants' National Bank and
the Dime Savings Bank—began business on May 27 and
closed its first day in the hundred million dollar class, according to T. W. Palmer Livingstone, the President. The consolidated bank has a capital of $5,000,000 with surplus and
undivided profits of $4,250,000, placing it, it is said, in
the forefront among financial institutions of the Middle
West. Former offices of the Merchants' Bank and the
Dime Savings Bank will remain in their present locations,
while the personnel of both organizations will be kept intact, it is said. The paper mentioned furthermore states
that the consolidated bank now has a total of twenty-eight
offices throughout Detroit and will open its twenty-ninth
With reference to the proposed merger of the Tioga Trust
Co. of Philadelphia with the Bankers Trust Co. of that city, office at Wyoming and Puritan Avenues sometime this
indicated in our issue of May 18, page 3293, the respective month.
stockholders of the two banks on June 3 approved the proSupplementing our item of May 18 (page 3294) with referposed consolidation under'the title of the Bankers Trust Co.
ence to the proposed consolidation of the National Bank of
of Philadelphia, according to the Philadelphia "Ledger" of the
Republic of Chicago (sometimes called "Republic Bank")
June 4. The consolidation will become effective at the close and
the Chicago Trust Co., a special meeting of the stockof business to-day (June 8). The enlarged bank, it was
holders of the former has been called for June 29 to vote on
stated, will have $4,162,500 capital, $1,000,000 surplus the
following proposals:
and more than $1,000,000 in undivided profits, a total of
1. To consider and act upon the reorganizations of Republic Bank and
over $6,000,000. The business of the institution will be of Chicago Trust Co. and the consolidation of the business and properties
conducted at nine offices in various sections of the city. The thereof, so that (a) Rep,blic Bank (upon the consolidation herein referred
to)
a capital of
new offices are at 17th and Tiop Streets, in the large new par will have$20 each, of $10,000,000 divided into 500,000 shares of the
value of
which 380,000 shares will be allotted to stockbuilding recently opened, and at 22d and Toronto Streets. holders of the present Republic Bank on the basis of 1 3-35 shares of the
The Philadelphia paper, furthermore, stated that J. Richard Republic Bank (as consolidated) for each share of the present Republic
Bank. The stockholders of the Trust company will receive
Kolb, former Secretary and Treasurer of the Tioga Trust 120,000 shares so that each stockholder of the present Trustthe remaining
company will
Co., and R. V. Tordella, former Manager of the 22d and ave four shares of stock of the Republic Bank (as consolidated) of the par
value of $20
Toronto Streets office, have been added to the personnel pany of the each in place of each share of stock of the present Trust compar value of $100 each. (b) Stock of the Trust company and
of the Bankers Trust Co.
of the National Republic Co. (a corporation dealing in securities) as reJ. Watts Mercur Jr., form- erly Secretary of the Bank of
North America & Trust Co. of Philadelphia, has become a
Vice-President of the Colonial Trust Co. of Philadelphia,
assuming his new duties on June 1.
According to the Baltimore "Sun" of June 4, a special
meeting of the stockholders of the Union Trust Co. of Baltimore will be held on June 17 to take action on a proposal
made by the directors to amend the bank's charter for the
following purposes:
(a) So that the number of shares of capital stock will be increased to
five times the present number, the increased shares to be of, $10 par value
each instead of $50 par value as at present.
(b) So that the total amount of capital stock can be increased from
time to time to any amount, as may be provided by law, instead of being
limited to $2,000,000 as at present.
(c) So that the 'Board ox Directors will consist of not more than 30 nor
less than 20 members, instead of 25 Directors as at present.
organized, will be held in trust for the benefit of the Stockholders of Republic
Bank; and (c) the I resent Republic Bank and its affiliated corporations
will furnish 76% of the capital assets of the Republic Bank (as consolidated)
and present Trust company and its affiliated corporations will furnish 24%;
and (d) surplus assets of present Trust company and the present Republic Bank will ultimately be liquidated and distributed to their respective
Stockholders.
2. As a part of the plan of reorganization and consolidation (a) To ratify,
approve and adopt an agreement heretofore approved by the Board of
Directors of Republic Bank for the consolidation of Teter State Bank, an
Illinois corporation, with Republic hank; (b) To consider and act upon
the question of increasing the capital stock of Republic Bank from $7,000,000,divided into 350,000 shares of the par value of $20 each, to $10,000,000
divided into 500,000 shares of the par value of $20 each. said Increased
capital stock to be issued in connection with said consolidation; (c) to consider and act upon the proposal that the number of directors of the Republic
Bank, upon its consolidation with State Bank shall be not loss than 40
nor more than 70, and to choose or ratify the choice of directors of Republic
Bank (as consolidated).
The Federal Securities Corporation of Chicago has
bePa consolidated with the Central Trust Company of
JUNE 8 1929.]
FINANCIAL CHRONICLE
Illinois of that city. Regarding the then impending
union, the Chicago "Journal of Commerce" of May 28
said: "It is understood that the going business, and what
current accounts that remain open, will be taken over by
the Central Trust Company of Illinois organization for an
undisclosed cash consideration. The unofficial reports on
the transaction mention a sum of $5,000,000 or more. Ownership equities which have been accumulated by the investment house over the period of its operation will be segregated into a new company, the stock of which will be
distributed among the present stockholders of the Federal
Securities Corporation in addition to their cash proceeds."
The paper mentioned furthermore said:
From an operating point of view for the Central Trust Company, the
acquisition is termed the equivalent of another bank consolidation.
The Federal Securities Corporation is considered a particularly advantageous addition because of its large origination business.
Developed over the last ten years, the company has recorded a remarkable
growth as indicated in a volume of more than $1,000,000,000 of its own
originations. It presently is numbered among the first dozen investment
firms in the country and attains this position without Eastern representation. Its offices extend from Pittsburgh to the Pacific Coast, but with a
distinct concentration in the Middle Western section.
The Central Trust Company is planning an increase in its capitalization
to provide funds for the transaction. Additional stock will be offered to
shareholders on subscription rights with the premium over the $100 par,
transferred to the account of the securities company which is understood
to have a current capital and surplus of some $5,000,000, although the
capital is in nominal amount.
The executive personnel of the enlarged Central Securities Company (the
Central Trust Co. has an affiliated institution known as the Central Securities Co.) has not been announced although it is understood that certain of
the Federal Securities Corporation officials will take the opportunity for
gradual retirement, devoting a portion of their time to the administration
of the equity organization.
These include Philip R. Clarke, President, upon whom the rapid development of the company has constituted a serious physical strain. It is understood, howoer, that Carroll E. Gray, Vice-President, in charge of the
purchasing, and Newton P. Frye, Vice-President, in charge of sales, will
continue with the Central Securities Company. The entire employed personnel of the company will be continued by the Central Securities.
James G. Alexander, Executive Vice-President of the Central Trust Co.,
is scheduled for the Presidency of the Central Trust Company, although it
is expected that he will continue his activivtics in the general banking
departments also. Mr. Alexander has been Executive Vice-President since
1925, but has specialized in the investment firm accounts. His original
experience was in the securities department through which he progressed
from a salesman's position in 1913 to become manager and in turn VicePresident, before assuming his present capacity.
3775
institution. The Boatmen's National Company has been formed to conduct
the business formerly handled by this company. The new company will
start business June 1 1929.
Mr. Harold M. Kauffman will become President of the Boatmen's National
Company. The entire official and clerical personnel of this company will
be retained in their present positions, except that Mr. Tom K. Smith will
become President of the Boatmen's National Bank.
The new company will be quartered later in the Boatmen's National Bank,
but during the interim in which these quarters are being prepared, we will
remain at 320 Security Building, our present location.
The St. Louis "Globe-Democrat" of June 4 stated that
the respective stockholders of the Mississippi Valley Trust
Co., the State National Bank and the Merchants-Laclede
National Bank,all of St. Louis,had ratified the plan to merge
the institutions the previous day (June 3) without a dissenting vote. The State National Bank and Merchants-Laclede
National Bank will unite with the Mississippi Valley Trust
Co. to form a new organization to be known as the Mississippi
Valley Merchants State Trust Co. The opening will be
July 1, according to J. Sheppard Smith, President of the
Mississippi Valley Trust Co. (who is scheduled to head the
enlarged bank). Our last reference to the approaching
merger of these important banks appeared in the "Chronicle" of April 6, page 2218.
On June 5 the stockholders of the Citizens & Southern
National Bank (head office Atlanta, Ga.) voted to increase
0
the capital of the institution from $4,000,000 to $5,000,00
par
by the issuance of 10,000 shares of new stock of the
value of $100 a share, according to advices from Atlanta
on June 5 to the New York "Journal of Commerce." The
stockholders at the same meeting ratified a recent proposal
of the directors to split the present stock on a 10-to-1 basis,
reducing the par value from $100 to $10 a share. The 10,000
shares of new stock (par value $100 a share) the dispatch
share
said, will be offered to present stockholders at $350 a
a basis of one new share for each four shares now held.
on
Proceeds of the sale, it was said, will be divided as follows:
the total
$1,000,000 to capital stock of the bank, making
0;$1,000,000 to surplus account of the bank,
capital $5,000,00
Holding
and $1,500,000 for use of the Citizens & Southern
conclusion, the dispatch said that the regular quarCo. In
rs of record
terly dividend of 3%,payable July1 to stockholde
June 5, was declared.
A special meeting of the stockholders of the Teter State
Bank of Chicago will be held on June 29 to vote on a proposal
In its issue of May 29 the Dallas (Tex.) "News" stated
to consolidate the institutions with the National Bank of
with
that organization of the American Exchange Company,
the Republic of Chicago.
a subsidiary of the American ExAccording to the Chicago "Journal of Commerce" of
June 5, the directors of the Harris Trust & Savings Bank of
Chicago at a special meeting on June 4 approved an increase
in the bank's capital from $5,000,000 to $6,000,000 and
called a special meeting of the stockholders for July 6 to vote
on the proposition. The $1,000,000 of new stock will be
offered to present stockholders at $500 a share in the proportion of one new share for each five shares now held.
Continuing the paper mentioned said:
The bank stock has been selling at $1,150 a share, giving the right to
subscribe for new stock a value of $108 a share on the outstanding 50,000
shares of stock. It is planned to add $1,000,000 of the proceeds to the
bank's capital and to pay 31,000,000 to the N. W. Harris Co., increasing
the resources of the latter company to more than $5,000,000. The purpose
of increasing the capital stock of the N. W. Harris Co. is to broaden its
facilities for handling stocks and other financing outside the regular scope
of the bank's bond department. The stock of the N. W. Harris Co. is held
by a trustee for the benefit of the stockholders of the bank.
capital of $1,000,000, as
on May 28
change National Bank of Dallas, was completed
Adams, Chief Executive of the bank, as
with Nathan
on
President. A charter was granted the 'new company
Secretary of State. Mr. Adams was reported
May 27 by the
same as
as saying that the company's officers would be the
bank and the bank's Board of Directors would
those of the
in the
serve as the Board of the new subsidiary. Stock
will be owned pro rata by stockholders of the bank,
company
re quoted
Mr. Adams said. President Adams was furthermo
as saying:
high-class
and marketing
"The company will participate in underwriting
investments of its idle
securities such as the bank itself might buy for
will give the bank a broader
funds. The organization of the company
will enable the bank to
opportunity to serve the growing Southwest, as it
aid in financing new business and industrial concerns."
The "News" furthermore stated that the new company
the new
will be put in operation upon the completion of
American Exchange National Bank Building
addition to the
A dispatch from Chicago on June 1 to the Wall Street on Elm Street.
"Journal" reported the proposed consolidation of the
Commerce Trust & Savings Bank of Joliet, Ill, with the
First National Bank of that place. Upon completion of the
merger, it was said, the enlarged First National Bank will
have resources in excess of $20,000,000. The First National
Bank, the dispatch furthermore said, is headed by George
Woodruff, who recently announced the merger of the
Chicago Trust Co. with the National Bank of the Republic
of Chicago, of which he is to be Chairman of the Board.
The San Francisco "Chronicle" of May 22 stated that
has for
Edmund Nelson, a San Francisco attorney, who
been
many years specialized in trust work and finance, has
of the Bank of Italy National
appointed a Vice-President
)
Trust & Savings Association (head office San Francisco
Los Angeles June 1 to take charge of the
and would go to
bank's legal department in the southern part of the State.
Mr. Nelson, the paper mentioned said, who is a graduate
of the University of California, has been with the Bank of
Trust Officer
With reference to the consolidation of the Boatmen's Italy since 1925, when he was made Assistant
three years
National Bank of St. Louis and the investment banking for the San Francisco office. "During the last
Kauffman, Smith & Co., Inc., of that city, indicated he has become an expert upon the bank's widely scattered
house of
appraising the trust
in our issue of last week, page 3631, the proposed new in- interests, devoting considerable time to
unit of the enlarged bank has been organized values of all affiliated Giannini interests."
vestment
under the title of the Boatmen's National Co. and began
The Bank of Montreal (head office Montreal, Canada)
business on June 1. An announcement in the matter by
has passed the $900,000,000 mark in total assets for the first
Kauffman, Smith & Co., Inc., says in part as follows:
time in its historyt according to the semi-annual report just
Under an arrangement recently announced, this company has merged with
recently released. On April 30, the date in the statement,
the
the Boatmen's National Bank, to operate as
investment division of that
3776
FINANCIAL CHRONICLE
resources totaled $915,705,653 as compared with $868487,018
a year before. Of this amount liquid assets were $491,554,032, equivalent to 59.24% of liabilities to the public.
This represented an increase from $452,864,416. Included
in these assets were cash holdings of $109,837,212, equal to
13.24% of public liabilities. In liquid assets the principal
change was in heldings of Dominion and Provincial Government securities, which are $101,603,487, as against $81,642,520. Greater activity in business throughout Canada
is reflected by an increase in current loans and discounts
to $314,4e4,137 from $297,609,586, and loans to cities, towns
and municipalities are $30,451,507 as compared with $25,076,930. At the same time there has been a reduction in
loans elsewhere than in Canada and these are now reported
at $46,226,243, down from $57,580,519. A further indication
of the larger business is afforded by the increase in notes
of the bank in circulation to $43,393,502 from $42,644,638.
[VOL. 128.
1133j withlILlonlaLlyItwo points. Towarditbe'close
.
Fif—
thi;17Zion International Combustion moved ahead from
—
a low of 53 to 583-g, United States CaMMATEW,A Foundr7
gained four points from its early low. OnlMonday the
market moved slowly ahead, though there was a brief pause
following the announcement that the renewal rate on call
money had been advanced to 7%. Railroad shares were
again conspicuous in the buying, Pennsylvania being in
sharp demand and closing with a gain of over two points.
Erie shares also were especially active and improved about
two points, followed by Atlantic Coast Line with one point
,
advance. Norfolk & Western gained four points, Illinois
Central 3g and St. Louis Southwestern 33/i points.‘
Steel did better for the first time in several days and closed
at 1673/3 with a gain of nearly four points. Bethlehem Steel
and Republic Iron & Steel were also strong and closed with
substantial gains. In the specialty stocks International
Total deposits are reported at $771,015,032, as compared with $746,Harvester was the leader as it bounded forward 5g points
407,500. Of this amount deposits not bearing interest amount to
$158,to 104P followed by Montgomery Ward which improved
251,406, and deposits bearing interest stand at $575,100,641. There is
- 2
a
gain in the former, while the somewhat smaller volume of deposits
bearing nearly five points and Sears
-Roebuck which briskly moved
Interest is doubtless due to withdrawals of large speciail accounts which
are
usually treated as being of a temporary character. Balances due to banks forward in about the same degree following the publication
of very favorable earnings report. Bendix Aviation scored
and banking correspondents elsewhere than in Canada are repotted
at
$35,597,167.
a new top for the year as it ran up six points to 893/3. Public
The profit and loss account, in addition to the larger profits reported,
utilities continued in demand at improving prices, Commonalso shows the manner in which the premiums on the new stock issue
have
been taken care of. Profits for the half year to April 30 were $3,491,651, wealth Power closing at 199 with a gain of 14 points,
Brookas compared with $2,994,901 in the corresponding.period of the previous lyn Union Gas
surging upward nearly eight points and Deyear. To the profits were added balance carried forward of $713,788
and
the premiums on new stock of $4,632,060. This brought the total amount troit Edison five points. Under the leadership of the copper
available for distribution up to $8,837,500, which was appropriated
stocks the market continued to move ahead on Tuesday,
as
follows: Dividends (two quarterly at the rate of 3%), $1,869,530;
amount Anaconda and Kennecott were bought up in large blocks,
credited to rest account, $4,632,060, being the entire premium on
the new the former forging ahead
to 105 and closing with a gain of
stock issue; provision for taxes, Dominion Government, $207,840;
reservation for bank premises, $600,000; leaving a balance to be 'carried
forward nearly two points while Kennecott surged forward to 843/i
of $1,528,068, as against $755,114.
with a gain of nearly three points. Greene-Cananea,
As a result of the recent new stock issue, the bank's Andes, Calumet & Arizona, Howe Sound and Calumet &
capital now stands at $34,548,760 instead of $29,916,700, Hecla also were strong. In the so-called specialties group
while the rest account is a million dollars more than capital, Commercial Solvents led the upswing with a gain of 26
namely $35,548,760.
points at 362 and such stocks as General Electric, Montgomery Ward,National Cash Register and Radio Corporation
The Midland Bank, Ltd., of London announces that G. P. were up from two to six or more points. Advance Rumley
A. Lederer, formerly an Assistant General Manager, has which has been extremely weak during the past week took
a sudden upward turn and closed at 393 with a gain of
been appointed a Joint General Manager of the Bank.
nearly four points. United States Steel at 170 had reached
The New York Agency, at 67 Wall Street, of the Standard a new peak on the recovery and Bethlehem Steel was up
Bank of South Africa, Ltd., announces the receipt of the nearly four points. Motor shares were higher, General
following advices from the Bank's Head Office in London, Motors improving nearly two points, Chrysler advanced
regarding the operations of this Bank for the year ended two points, Nash over a point, Auburn two points, Marmon Motor Car 63/i and Hupp over a point. Railroad
March 31 1929:
stocks failed to maintain the pace of the preceding days,
The Board of Directors have resolved, subject to audit, to recommend
to New
the shareholders a dividend for the half-year ending March
Haven, however, was still the leader as it pushed its
31 last at the
rate of 14% per annum, together with bonus of 3/— (three
shillings) per way into new high ground above 109 though it receded later
share, both subject to Income Tax, making a total distribution
of 17% in the day and closed at 107% where it was fractional
ly
for the year, to appropriate £100,000 to writing down Bank
Premises and
to add £125,000 to the Officers' Pension Fund,
higher. Commonwealth Power again moved to the front
carrying forward a
balance of about £122,520. The Bank's investments stand
in our books at to a new peak above 200, though it failed to hold its gain to
less than market value as at March 31st, and all other
usual and necessary the close.
provisions have been made.
The market was somewhat mixed on Wednesday, the
early trading being fairly buoyant but the market sold off
THE WEEK ON THE NEW YORKSTOCK EXCHANGE.
sharply as the day advanced. Public utilities were in active
In contradistinction with last week price movements on demand and moved
briskly forward led by Commonwealth
the Stock Exchange this week have generally been toward Power which again raised
its top and crossed 206. American
higher levels, though the trend was somewhat irregular during & Foreign Power,
American Water Works, Consolidated
the midweek period. Features of more than passing interest Gas and Public
Service of New Jersey also moved to higher
during this week have been the suspension of Taylor, Ewart levels. Motor
shares were in sharp demand at higher prices
& Co.,investment brokers of Chicago and New York and the during the
afternoon
participated in
United States Treasury offering of $400,000,000 9 months the early improvem . Copper stooks also
ent. Moderate losses were recorded by
Treasury certificates bearing the high rate of interest of53%. some of the railroad
shares.
The weekly report of the Federal Reserve Bank made public
The market moved along somewhat uncertainly on Thursafter the close of business on Thursday showed only $4,000,- day though at
times there were some lively advances in a few
000 decrease in brokers' loans in this district as compared special stocks.
Erie shares led the upward swing with a net
with $232,000,000 shown in the preceding statement. Call gain of more
than 3 points to ,80 3-5. Allegheny Corp.
money renewed at 6% Monday morning advanced to 7% moved forward about
2 points to 353. Utility stocks conin the afternoon and continued at that rate the balance of tinued their
forward movement. Food stocks were unthe week.
usually active especially Fleischman which opened on a block
Railroad shares and public utility issues were the dominat- of 15,000 shares,at
79 and rapidly advanced to 8134 closing
ing features of the brief session of the stock market on Satur- at 79% with a
net gain of 2 points. Tidewater Oil was up
day. Early in the session Atchison shot upward and moved about 4 points,
Houston Oil 2 points and Maracaibo Oil 2
into new high ground above 226, New Haven raised its points. Hudson
was the star of the motor issues and sold
top to its highest record since 1913 as it crossed 108 and up to 84 at its high
for the day and Auburn Auto Co. imNew York Central was in strong demand and sold within a proved
33 points to 253g. The demand for copper stocks
point of its record high. Other strong stocks included was somewhat
stronger, Greene-Cananea closing with a net
Nickel Plate, Reading, Norfolk & Western and Chesapeake gain of 23 points.
& Ohio. American Power & Light was the star of the utilities
Highly confusing price movements characterized the later
and bounded forward more than five points, closing at dealings in the
stock market on Friday though considerable
1163' with a net gain of 43' points. On the other hand, strength was apparent during
the first three hours when gains
American Water Works which had such a spectacular ad- ranging from 2 to
10 points were registered by some of the
vance earlier last week reacted downward and closed at more active speculative issues.
General Electric for instance
FINANCIAL (1 1 Tnn'Ti••
JUNE 8 1929.]
3777
4
sold up to 28434 and closed at 281 with a gain of 43 points.
New York City Realty and Surety Companies.
(AS prices dollars per share.)
Public utilities on their part were irregular, Commonwealth
Bid Ask
Power which has had such a sensational rise during the past
Bid Ask
Bid Ask
N. Y. InvTre
95 Lawyers West
Alliance R'Ity 90
10 days broke 21 points to 191 while American Water Works AmSurety new 175 185 cheat M & T 320 360 let pref.__ 98
2d pref
Mtge Bond__
_
gained 934 points to 122. Chrysler was the strong stock of Bond & M G. 98 102 N Y Title & 172 182 Westchester 97
New(S2Opar)
all Home Title Ins 300 370 Mortgage__ 67 68 Title & Tr _ 164 184
the motor issues and climbed 3 points to 753 but lost it
Lawyers Mtge 336 338
U 8 Casualty. 450 470
in the later recession and closed 733( with a loss of nearly 2 Lawyers Title
108 112
the stocks showing noteworthy gains were & Guarantee 380 390 Neww
points. Among
Air Reduction up 33j points, Commercial Solvents 383
4 Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
points, Detroit Edison 53j points and United Biscuit 3
Int.
Int.
points. The final tone was weak.
.
Maturity
Rate. Bid.
Asked.
Meaurtsp.
Rate. Bid. Asked.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
the.,
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,533.770
3,018,210
3,414,210
3,343,860
2,928,200
3,078.150
53,728,000,
7,134,000
8,774,000
5,764,000
6,604,000
7,304,000
Total
17.316.400
839.308.000
Week Sneed June 7.
State,
Municipal ,4
Foreign Bands
1929.
-No.of shares.
Stocks
Bonds.
Government bonds-State and foreign bonds
Railroad & misc. bonds
United
States
Bonds.
$331,000
204,000
561.000
408,000
305,000
266,000
$1,684,000
1,939,000
2,936,000
3,216,000
2,462,000
2,259,000
Jan. 1 to June 7.
1928.
1929.
1928.
17,316,400
19,193,940
485,636,640
364,614.348
$2,075,000
14,496,000
39,308,000
$4,304,000
19,658,500
46,768,900
$56,005,050
273,645,650
792.823,000
$81,995,750
395,641.765
1,280,565,225
$55,879,000 $70,731,400 51.122,473,700 $1,758,202,740
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
37,000
44,100
30,600
60,100
102,500
81,296
b2.850
83,631
82.542
81,752
82,523
781,031
244,300
14,594
168,500
329.809
5105.9001
13.882
878.800
$18,000 036,645
61.127
5,000
31,000 0140,569
46,000 0262,616
19.600 0209,412
20.000 070,662
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*21,309
*41,939
*41,323
*54,641
*40.431
*43,560
Total
243,203
$139,600
229.490
3230.000
Prey. week revised
Shares. Bond Sales.
Shares. Bond Sales. Shares. Bond Sales
812.700
14,400
18,600
73,800
18,000
31,000
•In addition, sa es of rights were: Saturday, 13 987; Monday, 35,886: Tuesday,
55,623; Wednesday, 42,657; Thursday, 33,402.
a In addition, sa es of rights were: Saturday, 19.700; Monday, 43,500; Tuesday,
56,200; Wednesday, 63,000; Thursday, 49,800; Friday, 11,200.
In addition, sales of rights were: Saturday, 38: Monday, 87; Tuesday, 25:
Wednesday, 38; Friday, 167.
0 In addition, sales of scrip were: Wednesday, 5-20:
THE CURB MARKET.
Trading in the Curb Market this week was erratic with
utilities receiving most of the attention. Allied Power &
Light, com, sold up from 6834 to 783/2, fell back to 6834
and sold finally at 713 . Amer. Cities Power & Light,
%
class A was up from 4734 to 643j, the close to-day being at
60. Amer. Gas & Elec., corn. rose from 15734 to 175,
and ends the week at 169. Amer. Superpower gained six
points to 443., but reacted finally to 41. The class A stock
rose from 1883( to 22434, while the B stock improved from
190 to 22434. The close to-day was at 200 and 213 respectively. Arizona Power, corn, gained over 16 points to
483j with the final transaction to-day at 4834. Electric
Bond & Share, corn. improved from 97 to 107, while Elec.
Investors sold up from 1533 to 17334 and at 16634 finally.
Northern States Power, corn. sold at its highest for the year
advancing from 164 to 17534, the close to-day being at
%
1743 . United Gas Improvement was heavily traded in up
from 195 to 21434 and at 21034 finally. Changes in industrial and miscellaneous stock were for the most part
without significance. Bristol-Myers Co., corn. was conspicuous for an advance from 91 to 10834 with the close
to-day at 108. Checker Cab Mfg., com, ran up from 5734
to 7234 and ends the week at 71. Glen Alden Coal sold
up from 11834 to 1323. Oils show only slight changes.
A complete record of Curb Market transaction for the
week will be found on page 3810.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds(Par Valets).
Stocks
(No. Shares)
Stehle
Domestic
Foreign
Goternment
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
742,800
1,077,900
2,023,100
1,994,700
2,187,100
2,180,700
35,970
85,500
347,410
323,500
211,800
404,010
$503,000
1,088.000
1,172,000
1,038,000
1,294,000
1,321,000
5213.000
322,000
431.000
525,000
416,000
324.000
Total
10,206.300
1,408.190
$6,416,000
82.231,000
96211
9620
962.1
9922.2
9922u
96"as
96"as
96"a
99111.2
991183
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(eta.):
5234
5234
Foreign
5134
5234
51%
5234
Course of Bank Clearings.
Bank clearnings will show an increase the present week.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ended to-day (Saturday, June 8) bank exchanges
for all the cities of the United States from which it is possible
to obtain weekly returns will be 5.0 larger than for the
corresponding week last year. The total stands at $12,525,926,937, against $11,928,880,463 for the same week in 1928.
At this centre there is a gain for the five days ended Friday
of 8.3%. Our comparative summary for the week follows:
1929.
1928.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$6,809,000,000
571,664,327
506,000.000
404,000,000
117,877.005
126,400,000
161,294.000
160,476,000
165,186.189
181,955.273
119,708,604
84,857,944
41,177,281
86,290,000,000
628,825,916
484,000.000
377,000,000
106,627.811
130,300,000
186,376,000
171,870.000
164,204,297
158,908,302
106,279,571
88,346,258
51,338,161
+8.3
-9.1
+4.5
+7.2
+10.5
-3.0
-13.5
-6.6
+0.6
+14.5
+12.6
-3.9
-19.8
Thirteen cities. 5 days
Other cities, 5 days
59,449,596,623
988,675.825
88,944,076.316
1,106,594,030
+5.7
-10.7
810,438,272,448 $10,050,670,348
1,878,210,117
2,087,654,489
+3.9
+11.1
311.928.880.463
+5.0
Charm go-Returns by Telegraph.
Week Ended June 8.
Week Ended
June 7
%
334%
334%
4,1%
434%
Fri.,
Thtos.,
Wed..
Tues..
Mon.,
Sat.,
June 7.
June 6.
June 4.
June 5.
June 3.
June 1.
24
24
24
24
245-16
Silver,per os.d. 2434
Gold,p.fine oz. 84s.1134d. 84s.1134d. 848.11d. 845.1134d. 84s.1134d. 843.11)4d.
5434
5434
54%
5534
5434
consols.2%%10134
10134
101%
10131
10134
British, 5%--95%
96
96
96
96%
British. 434% French Rentes
74.60
74.55
74.50
74.20
74.40
(in Paris).fr_
French War L'n
.100.70
100.55
100.50
100.70
100.75
(in Parls)..fr_
Baltimore,
Philadelphia.
Boston.
Week Ended
June 7 1929.
Sept.15 1930-32
Mar.15 1930-32
Dee.15 1930-32
Sept.15 1929
Dee.15 1929
-PER CABLE.
ENGLISH FINANCIAL MARKETS
quotations for securities, &G., at London,
The daily closing
as reported by cable, have been as follows the past week:
82.075.000
814.496.000 I
Week Ended June 7.
Sales at
New York Stock
Exchange.
100'n
% 100
June 151929.-.
Sept.15 1929...- 434% 992111 992 n
Dee.15 1929-- 4M% 0pir. 9917u
Total all cities, 5 days
All cities, 1 day
4....
.....,
, -,, ....... , ....lg.
112 1211211 1127
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 5. For
that week there is a decrease of 4.4%, the 1929 aggregate
of clearings for the whole country being $11,163,580,378,
against $11,675,798,495 in the same week of 1928. Outside
of this city, the decrease is 9.1%,the bank exchanges at this
centre having recorded a gain of 1.9%. We group the cities
now according to the Federal Reserve Districts in which
they are located, and from this it appears that in the New
York Reserve District (including this city) the totals show a
diminution of 1.9%,in the Boston Reserve District of 10.9%
and in the Philadelphia Reserve District of 6.4%. The
Cleveland Reserve District has a gain of 1.8%, but the Richmond Reserve District shows a loss of 12.2% and the
Atlanta Reserve District of 5.3%. In the Chicago Reserve
District the totals record a decline of 19.6%,in the St. Louis
Reserve District of by 2.6% and in the Minneapolis Reserve
3778
rvoi..
FINANCIAL CHRONICLE
128.
- ,
District by 5.1.‘%. In the Kansas City Reserve District the i
The course of bank clearings at leading cities of the country
decrease is 0.9%, in the Dallas Reserve District 5.4% and
for the month of May and since Jan. 1 in each of the last
in the San Francisco Reserve District 6.5%.
four years is shown in the subjoined statement:
In the following we furnish a summary by Federal Reserve
BANK CLEARINGS AT LEADING CITIES.
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended June 1 1929.
1929.
Int.or
Dec.
1928.
1927.
1926.
Federal Reserve Diets.
$
3
$
$
%
1St Boston _ _ _12 cities
.
457,900,238
514,120,48 -10.9
625,412.915
506,752.889
2nd New York__ 11 "
7,624,392,133 7,768,304.247 -1.9 6733,596,012 5,502,247,366
3rd Ithiladelpla 10 "
517,399,959
552,829.597 -6.4
556.241,143
548,697,542
4th Cleveland- 8 "
386,413,336
379,397,662 +1.8
364.327,374
351,485,005
5th Richmond _ 6 "
141,086,749
160.758,039 -12.2
178,979,398
190,154,330
Atlanta_ _ _ _13 "
6th
150.174,544
158,517,294 -5.3
133.597.293
178,759.162
7th Chicago. _20 "
_
843,698,612 1,048.831.843 -19.6 1,047,096,140
986.919.488
8th St. Louis._ 8 "
195.207.040
200.437,597 -2.6
211,125,189
208,339,451
9th Minneapolis 7 "
105,731,730
111.464,939 -5.1
106,035,295
114,901,780
10th KansasCity 12 "
191,522,107
193,317.800 -0.9
205,190,704
196.781,306
11th Dallas
5 "
56,496.432
59.728.908 -6.4
55,459,063
60,860,647
12611 San Fran, 17 "
493,557,498
628,090,082 -6.5
441,940,885
475,909.879
Total
129 cities 11,163,580,378 11,675,798,495 -4.4 10,559,001,411 9,321,811,763
Outside N. Y. City
3,670.381,021 4,039,547,293 -9.1 3,967.598,437 3,944,250,761
: Aleina
1
one rem Ann
ctn nnn Arm
ne c
A An nen c•
•
nye. ',An cern
11.....,4.,
4
(000,000s
1929.
omitted.)
New York
36,782
Chicago
2,849
Boston
2,099
Philadelphia
2.491
St. Louis
616
Pittsburgh
851
San Francisco
888
Baltimore
433
Cincinnati
330
Kansas City
688
Cleveland
673
Minneapolis
354
New Orleans
206
Detroit
1,030
Louisville
155
Omaha
200
Providence
73
Milwaukee
136
Los Angeles
936
Buffalo
267
St. Paul
108
Denver
163
Indianapolis
112
Richmond
178
Memphis
87
sau
Seattle k
220
a City....
82
Hartford
80
May
1928. 1927. 1926.
36.705
3,614
2.342
2,532
640
845
1,082
471
333
568
571
343
248
877
166
193
76
180
996
249
124
147
107
185
86
220
74
100
24,743
3,277
2,231
2,312
694
762
766
473
313
589
527
294
217
730
148
170
58
190
767
221
116
133
100
187
87
188
70
65
23,386
3,131
2,114
2,312
626
737
762
497
308
535
481
315
237
746
143
166
65
184
699
206
129
128
99
207
86
187
70
66
Jan. 1 to May 31
1927. 1926.
1928.
$
193,932 162.066 128.557 125,997
15,370 15,899 14.908 14,891
10,657 11,300 10.328 10,272
12,917 12,121 11.719 12,331
3,242
3.074
3.110
3,076
4,134 3.826
3,743
3.153
4.325
4,824
4,480
4,067
2,143 2,248
2,450
2.131
1,645
1,611
1.133
1,690
2,895 2,803
2.917
2.766
3,214 2,704
2.803
2,468
1,626
1,704
I 194
1,615
1.141
1,218
1.2.2
1,277'
4,879
3,32 3,577
3,911
845
837
771
750
968
938
846
884
358
341
2)3
290
734
885
'412
904
4,887 4,403 4.010
3.646
1,298
1,128 1,041
1,117
621
61 1
639
859
725
810
696
653
524
498
499 • 472
927
918
1.0.2
1,102
475
448
453
502
1,095
1.038
916
967
391
351
375
359
421
434
.124
353
1929.
We also furnish to-day a summary by Federal Reserve
districts of the clearnings for the month of May. For that
month there is a decrease for the entire body of clearing houses
of 1.7%, the 1929 aggregate of the clearings being $56,913,908,597and the 1928aggregate$57,893,281,349. This decrease
is the first that has appeared in our monthly compilation
since Jan. 1927. Outside of this city the decrease is 5.0%.
In the New York Reserve district there is a gain of 0.4%,
but in the Boston Reserve District a loss of 10.4% and in the
Total
52,987 54.053 40.328 38,612 276,525 242,953 205.911 202.965
Philadelphia Reserve District of 2.0%. The Cleveland Other cities
3,927 3,881 3,644 3,758 19,586 18,750 18.710 19,705
Reserve District shows 5.4% increase while the Richmond
Total all
56.914 57,934 43.972 42,370 296.111 261.703 224,221 222,67
Reserve District has a 5.3% decrease and the Atlanta Reserve Outside N.Y.City 20,132 21,229 19,229 18,984 102,179 99,636 9.9.4163 96,678
District 2.8%. The Chicago Reserve District shows a
Our usual monthly detailed statement of tradvi,i,•lions on
decline of 12.5%, the St. Louis Reserve District of 2.9% the New York Stock Exchange is appended. Till: i• ilts for
and the Minneapolis Reserve District of 1.4%. In the May and the five months of 1929 and 1928 are given below:
Kansas City Reserve District the totals are larger by 4.1%
Month of May.
Five Morolm.
and in the Dallas Reserve District by 7.0%. The San
Description.
1929.
1929.
1928.
1.9211.
Francisco Reserve District suffers a loss of 7.4%.
May
1929.
Federal Reserve Diets.
lit Boston. 14 cities
___
2nd New York _ _14 "
3rd Philadelpla 14 "
4th Cleveland..15 ••
5th RIchmond _10 "
8th Atlanta_...18 "
7th Chicago ___29 "
8th St. Louis__ _10 "
9th Minneapol5313 "
10th KansasCity 16 "
11611 Dallas
11 "
12th Ban Fran._28 "
May
1928.
Inc.Or
Dec.
May
1927.
May
1926.
$
2.389,848,811
37,597.448,486
2,671.173,686
2,068,338,736
801,091,159
827,567,843
4,540,869.640
963,732.007
550,722,863
1,256758,755
532,417.963
2,724,936648
8
2,668,019,887
37,461,481,534
2,724,788,625
1,953.848.775
846,133,093
851,847,219
5,190.727,316
992,623,859
558,768.801
1,206,269,342
497 656,572
2,941,116,326
%
-10.4
+0.4
-2.0
+5.4
-5.3
-2.8
-12.5
-2.9
-14
+4.1
+7.0
-7.4
8
2,485.412,331
25,398.966,345
2,494,169.408
1,798,583,024
845.062.665
873,816.681
4,677,536,776
929.753,668
487,665,460
1,172,463,381
479,222,241
2,329,155,078
$
2,362,125,221
24,004.741,988
2,491,627,897
1,707,509,391
899,393.878
1,020,472,188
4,541,826,483
957,027.486
522.8E6.374
1,110,617,056
476,263,744
2,275,649.994
.74•
01•2C I CPC
•
tv
I
!near
Dec.
,
•
1929.
1928.
No Shares.
•155
No. Shares,
1927.
1926.
No. Sham; I Vs. Shares,
110.805.940
77,968.730
105.661.570
68,919.395
47.009.070
84.973.869
34.276.4191
44.162.496
49.211,64.4
48,987,1385
5.725.989
5 271.691
294,436.240
188.902.334
127.649.569
126,J 35,565
82.600,470
91.283,550
qUarter
Month of April
May
80,478,835
82,398.724
49,781.2 I 1 I
46.597.311
30.3. ,714
21.341.144
The following compilation covers the clearings by months
since Jan. 1 in 1929 and 1928:
Five Months.
1928.
The volume of transactions in share propertaes on the
New York Stook Exchange each month shier. .1.111. 1 for
the years 1926 to 1929 is indicated in the following:
Irt•
t
We append another table showing the clearings by Federal
Reserve Districts for the five months back to 1926:
1929.
Total bonds
468,320,270
351,779.893
(
$753.515.9001 S991.554,950
259.15(1.151), 373.216.125
63.930.0591,
77.294,750
1
$226,877,450 $265.884.000 $1.066.595.200 31.412,065,825
Month of January
February
March
Total
192 cities 56,913,908,597 57,896281,349 -1.7 43.971,807,058 42,370,068,700
Outside N. Y. City
20,131,969,005 21,188,294,482 -5.0 19,213,686,629 18,983,923,067
el
.....
al A.,. n la.to
nnn
n nee
rein
ne
• ...le
een nn•
.4.,
Stock, number of shares_ 91,283.550 82,398,724
$
Railroad ds misc. bonds.. $171.705.500 2183.915,500
State, foreign, drc., bonds 46.203.500 68.350,500
U. S. Government bonds
8.968,450 13.618,000
MONTHLY CLEARINGS.
1927.
1926.
Clearings, Total AU.
Federal Reserve Discs.
Clearings Outside .Veso York.
$
4.9 12,082.909,782 11,538,279,163 Month.
let Boeton....14 cities 12,108,271.089 12,732,964,077 1929.
1928.
%
2nd New York_ _14 " 197,841,678.920 166,534,998,985 +19.5 131,870,057,535 129,235,269,152
1929.
1928.
2nd Philadelpla 14 " 13.826.437,604 13,041.911,818 +6.0 12.630,526,916 13,220,679,342
$
$
4th Cleveland..15 " 10,046,542,948 9.205.352,378 +9.1 9.106,851,127 8,760.766,299
$
$
3,997,311,847 4,082,735,113 6th Richmond _10 "
2.1 4,250.661,962 4,504,698.970 Jan... 66,131,376,486 51,499,545.411 +28.4 22,227.710,616 20,456.065.482 +8.7
1st u_
b
4,287,787,345 4,290,556,243 -0.1 4.591,768,734 5,752,204,1= Feb... 54.668,507,864 44,568.430,792 +22.7 18.738,749,534 17,751,304.726 +5.6
6th Atlanta__ - _18 "
7th Chicago ___29 " 23,550,728,797 23,124,578.572 +1.8 21,745,867.805 21,730.586,838 March 63,226.050,132 55,817,421,912 +13.3 20,907.211,454 20.363,586.823 +2.7
4,938,592,895 4,886,180.399 +1.1 4.812.632.235 5.015,885,446
8th Bt. Louie...10 "
184025934,482 151885398.115 +21.2 61,873,671,604 58,5113.957,031 +5.7
9th MInneapolk313 " 2,740,066838 2,675,956352 +2.4 2,379,873.926 2,651.274,691
10th KansasCity 16 "
6,263,995.512 5,992,513,358 +4
.5 6,020,660.807 5.795,874,244
11th Dallas
+10.9 2,667263.897 2,650,876,345 April_ 55.171,872.704 51.718,442,536 +6.7 20,174,319,300 19,678,582,063 +2.5
11 " 2,806,089,616 2,531,090.305
12th San Fran.
.28 " 13,704,213,372 13,398,290,400 +2.3 12,061,829,756 11,813,366.314 , May.. 56.913,908.59757.893.281.349 -1.720.131.969.005 21,188,294,482 -5.0
I
•-ev
Total
w e now add our detailed statement showing the figures
192 cities 296,111,715.783 261,497,122,030 +13.2 224,293,904,482 222,669,790,986
Outside N. Y. City
102.179,959.909 99,437.833,576 +2.8 95,663.437.760 96 673,255 502 for each city separately for May and
.
.
Canada
31 cities 10,157,072,405 9,697,613,988 +4.7 7,579.327,944 6,856,269,430
since Jan. 1 for two
years and for the week ending June 1 for four years:
CLEARINGS FOR MAY,SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 1.
5 Months Ended May 31.
Month of May.
Clearings at
1929.
1928.
Inc. or
Dec.
1929.
1928.
$
First Federal Rese rye District Boston
Me.
-Bangor
14,869,684
13,736,078
2,829,883
3,728.528 -24.1
Portland
82.688,668
82,637,435
17,782,114
18,779,390 -5.3
Mass.
-Boston
2,098,738,239 2.342,459,825 -10.4 10,656,265,716 11,299.705,763
Fall River
43,109,926
29.381,466
11,611,282 -51.2
5.662,660
Holyoke
15,831,795
13,615.056
2,822,429
3,072.782 -8.1
Lowell
25,789,194
27,501,877
5,502,162
5,585.818 --1.5
New Bedford
24,179,884
26,891,776
5,587,533
4,847,664 +15.3
Springfield
124,868,970
124,240,090
26,633,661
27,005,645 -12.5
Worcester
76.898,889
80.775.241
17,125,929
16.425,062 +4.3
Conn.
-Hartford_
424,178.791
433,988,194
80.207,13(3
100,469,253 --20.2
New Haven
188,529,958
189.665,133
38,064,694
43.889.273 --13.3
Waterbury
55.666.500
56.028,900
12,127,600
12,159.700 -0.3
R. 1.
-Providence...
341,215,400
357,731,300
73,119,800
74,951,100
N. H.
-Manchester..
15,442,655
3,644,971
15,812.827
+20.1
3,034.615
Total(14 cities),
2,389.848,811 2,668,019,887 -10.4 12,108,271,089 12,732,964,077
Inc. or
Dec.
-7.5
-0.1
-5.7
-31.8
-14.0
+6.6
+11.2
-0.5
+5.0
+2.3
+0.6
+0.7
+4.8
+2.4
-4.9
Week Ended June 1.
1929.
1928.
Inc. or
Dec.
1927.
1920.
496,571
3,742,781
407,000.000
1,010,807
643,182 -22.8
3,925,019 -4.6
453.000,000 -19.0
1,924,467 -47.5
929,282
3,691,318
473,000,000
1,791,608
770.698
4,308,329
449,000,000
1,851,298
1,023,532
1,081,076
5,036,727
3.083,908
14,511,529
7,583,125
1.089,311 -6.0
860,293 +25.6
5,439,693 -7.4
3,242,380 -4.9
17,013,153 --14.7
11,707,207 --35.2
1,041,222
1,142,548
5.721,709
3,414,351
14,926.906
7,732.398
991,341
1,150,899
6,505,730
3,809.572
19,080,861
6,897,156
12,651,600
678,582
14,547.600 -13.0
728,182 -6.8
11,251,700
769,873
11,681,600
705.404
457,900,238
514,120.487 -10.9
525,412,915
506,752,888
3779
FINANCIAL CHRONICLE
JUNE 8 1929.]
CLEARINGS-(Continued.)
1929.
1928.
Week Ended June 1.
5 Months Ended May 31.
Month of May.
Clearings at
Inc. or
Dec.
1928.
1929.
Inc. or
Inc. or
Dec.
Second Federal Re serve District -New York
135,815,415
136,514,595
30,124,031 -5.8
28,384,242
-Albany
N. Y.
28,619,204
31,737.617
5,884,711 -2.4
5,742,879
Binghamton
+7.1 1.297,892,646 1,125,914,372
249,020,012
266,761,763
Buffalo
23,120,830
26,090,181
5,152,540 +4.8
5,397,398
Elmira
28,501.100
29,020,220
5,921,680 +11.3
5,734,100
Jamestown
+0.2 193,931,755,874 162,066,288,424
36,781.939,592 36,704,986,867
New York
3r,872,905
32,921,024
6,797.223 -4.4
6,895,432
Falls
Niagara
312,271,969
344,163,515
68,687,573 +0.6
69,120,137
Rochester
142,654.729
156,004,924
+3.1
32.707,481
33,725,010
Syracuse
84,393,175
95.376,350
21,099,944 +13.3
23,900,790
-Stamford
Conn.
19.328,427
21,137,439
4,244,591 -1.8
4,164,826
-Montclair _ N.J.
607,003.972
700,691,618
131,947,804 +19.2
157,233,221
Newark
894.204,915
999,161,570
+7.0
187,158,175
200.343,563
Northern N. J
35,009,548
39,211,847
7,748,902 +4.6
8,105.533
' Oranges
Total(14 cities)-
5,883,068
7,481,242
+0.6
1,122,020
1.056,116
+10.9
99,440,523
53,181,506
+15.4
1.061.602
1,132,545
+12.8
1,256,948
1,058,409
+1.8
+19.7 7,493,199,357 7,636,251,202
+2.0
16,039,809
13,309,167
+10.2
9,501,417
6,073.908
+9.4
3,249,571
5,307,763
+13.0
1,531,649
771,754
+9.4
+15.4
42,966,438
41,820,366
+11.8
+12.0
6,002,139
5,696,953
+27.2
1.201,800
1,396.000
--5.9
47,675,026
49,408,283
+7.6
111,624
968,065
+6.7
1.303.992
1,381,648
-15.8
---1.9 6,591.402,974 5,377,561.002
7,768,304,247
.
+0.4 197,841,678,920 165,534,998,985 +19.5 7,624,392,133
37,597,448,486 37,461,481,534
-1.9 6,733.596,012 5,502,247,385
Third Federal Res erve District -Philadelphi a32,670,962
32,217,318
7,583.727 -12.7
6,624,269
-Altoona
Pa.
95,715,409
118,158,341
20,527,647 -4.8
19,533,251
Bethlehem
27,543,293
25.963.478
+0.6
5,787,611
5,822,313
Chester
95.783,095
103.329,348
+0.3
21,030,509
21,099,004
Harrisburg
52,313.445
47,047,899
8,883.734 -4.3
8.505,166
Lancaster
13,930,927
13.676,774
2,819,955 +7.1
3,020,827
Lebanon
21.959,819
19,407,404
4,964,029 -17.5
4,094.687
Norristown
-1.6 12,917,000,000 12,121,000,000
2,491.000.000 2,532,000,000
Philadelphia
92,522,648
95,361.940
+2.7
20,604.687
21,165,179
Reading
144,719.188
140,806,238
30,918,529 -7.3
28,650,028
Scranton
89.520,830
87,563,700
16,252,753 +8.4
17,625,1.57
Wilkes-Barre
43,188,733
47,988,008
+6.6
9,122.846
9,728,166
York
53,566.696
54,022,661
11,543.318 + 10.0
11,657,549
-Camden
N.J.
157.476,773
123,894.497
32,749.280 -30.8
22,648.090
Trenton
13,041,911,818
Total(14 cities) _ _ 2,671,173,686 2,724,788,625 -2.0 13,826,437,604
Fourth Federal Re serve District -Cleveland29,116.000
33,779,000
*bhp-Akron
18,328.560
21,189,214
Canton
333,035,655
330.258,996
Cincinnati
571,194.344
672.709,452
Cleveland
76,688,200
70,918.700
Columbus
5,349,109
5.550,323
Hamilton
1,944.950
1,745,575
Lorain
8,210,892
9,044,425
Mansfield
25.733.307
25.201,641
Youngstown
2,984,085
2,279,778
-Beaver Co
Pa.
1,314,348
987,362
Franklin
6,129,725
6.786,673
Greensburg
844.800,220
850.637,793
Pittsburgh
7,137,566
6,411,462
Ky.-Lexington
21,881,814
20,838,342
W. Ya.-Wheeling
Total(15 cities)-
Dec.
5
5
1926.
1927.
1928.
1929.
17,524.698
6.358.103
4,355.326
1,331,022
37,822,653
1,183,726
5,065,251
1,165,615
1,524,379 -22.3
+2.4
4,945,736
+1.2
1,152,096
1,795.379
4,182,912
1,399,959
1,858,815
3.856,405
1,186,419
1,764,265
1,586.985 +11.2
1,977,753
2,073,222
479,000,000
13,967.550
5,422,205
3,677.907
2,005.614
520,000,000 --7.9
4,180,150 +46.3
5,986.455 --9.4
4,117,932 --10.7
2,258,322 --11.2
526,000,000
4,077,100
5.318,757
3,739,886
1.753,370
517,000,000
4,168,967
5,952.057
4,253,118
1,897,688
7,077,542 -42.4
4,147,826
5.996,027
6.445,851
-6.4
556,241,143
548.697,542
+6.0
517,399.959
552,829,597
155,644,000
102,238,322
1.645,111,441
3,214.348,079
369,132,200
26.160,204
9.461,546
45,194,267
136,433.883
12,721,243
4,520,324
31,054,649
4,133,818.901
57.079,787
103,624,102
142,781,000
91,557,977
1,659.889,054
2,704,284.710
383,624,300
23,262,459
8.395,753
41,208,652
123.484,226
14,755,466
6,372.885
31,481,224
3,825.858,096
50,912,596
97,683.980
+9.0
+11.7
-0.9
+18.9
-3.7
+12.5
+12.7
+9.9
+10.5
-13.8
-29.1
-1.4
+8.1
+12.1
+6.1
6.388.000
3,729.655
65,533,572
120,117,032
18,021,900
6,285,000 +1.6
3,389.964 +10.0
64,370.084 +1.8
116,689,717 +2.9
16,506,900 +9.2
5,956,000
3,179,697
62,829,382
109,952,652
16,054,500
6,523.000
3.361,375
67.201,407
98.420.870
14,470,400
1,532,797
5,593,010
1,484,820 +3.2
4,983,571 +12.2
1,660,687
4,223,392
1,788,988
5.745.531
165.497.370
165,687,606
-0.1
160,471,064
153,973.434
+5.4 10,046,542,948
9,205,352.378
+9.1
386,413,336
379,397,662
+1.8
364,327,374
351,485,005
1,248,624
4,767,215
36,791,000
-4.5
1,281,865
5,907,173
37,414.000
1,435,193
6,550,040
40,499,000
1.875,402
+6.6
1,886,085
1,597,932
90,944,349 --17.7
102,410,364
111,530,711
+16.0
+15.5
-0.8
+17.8
-7.5
+3.8
-10.2
+10.2
-2.11
-23.6
-24.9
+10.7
+0.7
-10.2
-0.2
2,058,338,736 1,953,848,775
--1.4
+23.4
--5.7
+7.9
--10.I
--1.8
--11.6
+6.6
+3.1
--2.7
--2.2
+11.1
+0.9
--21.3
19,250,991
9,772,640
3,787,824
1,461.659
49,070,975
--17.1
--36.1
+63.3
--49.6
Pitch Federal Rese rye District- Richmond
5,460.090 --2.2
5,340,170
-Huntington_
V. Wt.
24,319.932 --I5.6
20,527,690
Va.-Norfolk
185,427,000 ---4.2
177,638,879
Richmond
+3.9
10,884,336
11,309,695
-Raleigh
V. C.
9,816,574 ---0.6
9,756,533
-Charleston- _ _
S. C.
9,980,385 +13.5
11,325,142
Columbia
470,892,960 ---8.1
432,586,930
Md.-Baltimore
1,840,240 +4.9
1,931,033
Frederick
3,715,173 +3.3
3,838.898
Hagerstown
123,796,403 +10.5
126,836,189
-Washington
D. C.
25,388,314
103,155,678
917,956,807
53.878,369
98,251,517
53,290,023
2,142,939,069
9,495,488
15.937.083
627,019,499
26,314,673 --3.5
114,857.733 -10.2
926,767,964 -0.9
55,716,479 -3.3
51,075,138 -5.5
48,347,213 +10.2
2,247.633,892 -4.7
10,128,560 -6.2
17,887,824 --10.9
584,005,637 -7.4
1,155,643
4,459,457
35,130.000
-6.6
30.079.911
28,541,454
846,133,093
-5.3
3,997,311,847
4,082,735,113
-2.1
141,086,749
160,758,039 -12.2
178,979,398
150,159,330
-Atlanta
Sixth Federal Rese rve District
13,811,472
12,892,790
-Knoxville__
71111211.
99,024,219
100,834,623
file
Nulty
318,163,548
246,161,760
1116.-Atlan1a
7,680,971
8,540,429
Augusta
4,889,647
5,659.852
Columbus
10,070,177
7,151,968
Macon
73.287.307
71,964,666
.-JacksonvIlle
14,026,000
12,295,000
Miami
17,023,531
14,872,117
Tampa
109,516.571
104.666,702
ham .._
Ak.-Birming
7,735.633
8,381,845
Mobile
7,032.845
7,182,047
Montgomery
7,602.000
7,446,000
-Hattiesburg „Wm.
8,964,352
9,085,082
Jackson
3,549,887
3,355,051
Meridian
1,560,541
1,267,951
Vicksburg
247,908,518
205,809,960
-New Orleans- _
14.
-8.6
+1.8
+12.9
+11.2
+15.8
-29.0
-1.8
-12.3
-12.6
-4.4
+8.4
+2.1
-2.1
+1.3
-5.5
-18.8
-17.0
69,746,566
524,449,510
1,211,013,247
45,996,791
26, 56.157
36.997,255
370,896,406
72,614.000
75.683,081
524,080,300
39,638,537
36,340,653
37,320,000
48,027,786
19,094,860
8.720.916
1,140,811,280
76.103,057
493,303,102
1,099,512,456
41,622,726
23,620,807
46,514.862
384.147,551
78,328,000
87,029,183
527,713,741
36,412.837
37,516,235
37,204,000
44,624,615
19.774,864
9,082,153
1,248,046,054
--8.3
+6.3
+10.1
+10.5
+11.6
-20.5
-3.5
-7.3
-13.0
-0.7
2,570,245
18.439,822
46.399,542
1,818,464
3,019,210 -14.9
18,752,916 -1.7
43,945,269 +5.6
1,637,826 +11.0
*3,300,000
16,524,543
40,699,917
1,754,222
3,037.711
16.427,344
49,759,599
1,831,008
1,318,435
13.555.685
2,272.000
1,816.068 --27.4
14,963,682 --9.4
2,571,000
1,526,194
15,596.347
3,889.768
1,394,059
34,491.947
11,298,255
20,527,245
1,616,564
21,912.808
1,669,366
-6.3
-3.1
18,500,000
1,926,826
30,581,672
2,082,115
+0.3
+7.6
-3.4
-4.0
-8.6
1,503.000
1,214.000 +23.8
1,322,000
1,300,000
223.174
39,930,368
316,891 -29.6
46.698,258 -14.5
304.510
28,252,966
388,798
46,168.654
851,847,219
-2.8
4,287,787.345
4,290,556,243
-0.1
150.174,544
-5.3
133,597,293
178,759,162
Total(10 cities) -
801,091,159
827,567.843
9
Total(17 oitto -
*2,000,000
74,871.964
25.131,449
23.469,685
158,517,294
-Chicago.
225,020
Seventh Federal R eserve Metric t.
291,181
223,023
211,661
1,191,842 ---0.5
1,185,192
5,786,590 +7.8
6,235,786
-Adrian
1,158,300
957,395
Mich.
1,132,631 -21.7
866,652
4.725,858
20,334,219 +13.5
4,108,040 +15.0
23,081,314
Ann Arbor
190,475.116 183,398,177 +3.9 148,919.782 145,432,128
1,030,268,807
876,910,053 +17.5 4,878,577,599 3,910,854,203 +24.7
Detroit
20,345,062
17,647,800 +15.3
79,479,167 +15.7
91,990,352
7,701,023
Flint
7,561.886
7,852,126 -22.0
6,126,212
+2.5
30,338,416
173.341,784
38,000,525 --20.1
177,660,614
Grand Rapids
+3.6
45,313,314
8,290,757
9,186,111 -9.7
46,939,751
2,839.164
2,344,901
Jackson
2,933,023 +17.3
3,440,000
17,624,764
60,330,223 +37.3
13,040,672 +35.2
82,860,507
3,254,391
Lansing
2,909.852
3.035,213 +3.0
3,126,880
16.781,462
69,491,376 +15.8
15.095.163 +11.2
80,438,068
Ibid.-Ft. Wayne.- - 121.837.955
26,777,864
27,943,769 -4.2
118,511,639
21,752,000
Gary
21,317,000
19,379,000 +4.5
20,261,000
+5.3
497,814,935
+5.2
112,263,000
106,687,881
524,350,000
3,009.300
Indianapolis
2,869,400
2,845,600 -12.4
2,492,521
14,083,811
63,530,338 +10.8
14,865,300 -5.3
70,413,198
4.367,331
South Bend
4,460,423
4,262,435 ---1.7
4,191,671
118,562,876 -0.1
23,231,164
118,381,161
22,235,309 +4.5
Terre Haute
13.2
82,819,499
13,745,984
15,234,638
71,968,196
39,543,280
Wis.-Madison
40,436,546
-18.3
35,562,303
29,051,295
885,462,688 -17.1
135,808,665
733,895,229
179,713,256 -24.4
Milwaukee
21,550,336 -2.4
4,059,037
21,036,783
4.735,907 --14.3
Oshkosh
2,585.353
2,675,922
2,793,565 -10.6
2,499,204
64,340.952 +3.9
66,862,551
13,272,110
12,098,435 +2.1
lowa-Ced. Rapids_ _
240,455,539 +13.2
+2.7
274,085,043
54,569,551
53,526,491
Davenport
10,558.466
11,036,196
8,415,396 +8.2
9,105.292
219.889,653 -4.0
211,170,331
45,750,612
46,542,617 --1.7
Des Moines
1.6
10,857,368
10,682,457
2,117,334
2,414,316 --12.3
Iowa City
6,650,473
6,540,795
6.296,095 --7.5
5,825,417
147.709.692 +6.1
156,711,183
+1.0
Sioux City
31,148,226
30,843,106
1,438,484
1,504,883
1,372,206 --0.3
1,368,307
28,810,802 +21.9
35,112,527
Waterloo
6,790.617 +11.3
7,557,206
1.0
29.159.630
28.868,919
-Aurora
8,172,487 --10.8
5,506,388
III.
1,836,240
1,500,193
1,565,726 +11:4
2,057,994
+6.1
41,945,371
44,511,837
8,620,932
Bloomington
8,277,863 +3.9
-27.1 779,317,174 721,419,481
2
,848,588,993 3,614.168,585 --2I. 15,370,074,307 15,898,535,171 -3.3 550,855,054 755,519,415 -19.6
Chicago
1,382,846
1,364,000
1,366,139
1,099,471
28,721,870
6,282,692 --12.
28,022,578
5.510,854
Decatur
5,552,341
4,677,539
4,978,944 -3.6
4,798,340
+8.1
120,044,681
26,867.993 +3
129,786,849
27,778,988
Peoria
.
3,297,988
3,620,465
3,416.192 +6.6
3,642,954
76.998,439 +11.6
17,017.006 +11.
85,945.986
18,882,777
Rockford
2,915,879
2,790.607
2,484,634 -11.3
2,203,571
+3.2
12,228.842
12,035,826
60,599,901
62,554,03
Springfield
986,919,488
-12.5 23,550,728,797 23,124,578,572 +1.8 843.698,612 1,048,831,843 -19.6 1,047,096,140
- 4,540,860,640 5,190.727,316
Total(29 cities)
Eighth Federal Re serve District .-St.Louis.
24,795,212 +5.5
26,152,249
-Evansville _ _
Ind.
831,271 -4.9
790,267
New Albany
639,760.715 -3.7
616,179,567
Mo.-St. Louis
165.912,387 -6.6
154,984,895
Ky.-Louisville
1,532,151
+2.5
1,570,008
Owensboro
9,132,273
+4.0
9,495,714
Paducah
85,845,455 +1.4
87,066,128
-Memphis._
Tenn.
56,326,060 +4.6
58,913,208
Ark.-Little Rock
1,696,605 +17.4
1,992,015
-Jacksonville.
III.
6,791.730 -3.0
6,587,956
Quincy
120,044,366
3.891.592
3.076,317,593
844,979,986
9,539,500
57,160,663
475,447,412
310,211,929
8,727,869
32,271,985
92,159,460 +30.3
3,863,022 +0.7
3,109,989,893 -1.1
837,492,588 +0.0
+6.8
8,935,784
49,720,292 +15.0
+6.1
448,169,731
+5.8
294,097,249
7,597,710 +14.9
34,154,670 -5.5
-2.9
9,938,592,8951
4.886,180,399
Tots (11 cities) _
_
963,732,007
992,623,859
+1.1
+3.2
6,181,172
4,943.082
+0.3
-0.7
143,700,000
30,917,560
324,249
139,000.000
31,871,578
331.252
15,917,695
10,776,552 +9.3
308,462 +10.7
1,328,760
16,602,950
11,499,354
416,119
1,483,785
18,215,591
11,740.388
433.665
1,803,895
--2.6
211.125.189
208,339,451
4.357.585
4.224,015
132.100,000
29,269,614
292,726
138,400,000
29,187.236
294,877
15,777,390
11,766.105
341,454
1.302.166
195.207,040
200.437.597
3780
FINANCIAL CHRONTICLE
[VoL. 18.
CLEARINGS.-(Conduded.)
Month of May.
$
$
%
Ninth Federal Res erve District. -Minneapoll
a.Minn.
-Duluth
.
33,227,042
36,018,157 -7.7
Minneapolis
353,742,811
342,682,439 +3.2
Rochester
2,758,525
2,842,743 -3.0
St. Paul
107,573.015
124,281,033 -13.4
N.Dak.-Fargo--_.
8,128,109
8,792,770 -7.6
Grand Forks
•
5,017,000
5,824,000 -13.9
Minot
2,250,120
1,619,008 +39.0
S. Dak.-Aberdeen.
5,397,391
5.854,999 -7.8
Sioux Falls
8,622,023
7,845,787 +9.9
Mont.
-Billings__ _ _
2,825,003
2,823.174 +0.1
Great Falls
5,702,752
5,016.050 +13.7
Helena
14,904,273
14,433,200 +3.3
Lewsitown
•
574,799
735,621 -21.9
Total(13 cities)...
.
550,722,803
558,768,801
Tenth Federal Re s erve District.-Kansas Cit
Neb.-Fremont _
1,632,149
1,942,706
Hastings
2,675,956
2,274,728
Lincoln
19,205,800
20,477,505
Omaha
199,604,944
193,442,427
Kan.
-Kansas City 8,925,277
8,163,091
Topeka
14,801,295
14,333,547
Wichita
34,350,194
38,066,523
Miasouri-Joplin _ _ _
5,673,707
6,168,463
Kansas City
587,727,175
568,098,130
St. Joseph
29,822,314
30,634,763
Okla.
-Okla. City _ .
122,291,063
114,307.037
Tulsa
52,463,687
49,974.738
Colo.
-Col. Springs_
5,986,404
5,608,225
Denver
162,922,263
146,808,278
Pueblo
7,076,527
5,969,181
Total(16 cities). . 1,255,758,755 1,206,269,342
Eleventh Federal Reserve DIstr Ict.-Dallas.
Texas
-Austin
7,663,512
6,920,577
Beaumont
9.200,000
8.400,000
Dallas
216,624,838
206,895,503
El Paso
27,769,431
23,547,277
Forth Worth
58,392,457
57.118,984
Galveston
18,666,000
19,997,000
Houston
156,311,206
136,527,183
Port Arthur
3,679,491
2,363,411
Texarkana
2,331,373
2,445,903
Wichita Falls
10,546,000
10,567,000
La.
-Shreveport
.
21,233,655
22,873,644
497,656,572
Grand total(191 cities) 56,913,908,597 57,893,281,349
Outside New York__ 20,131,969.005 21,188,294,4821
I
+10.7
+9.5
+4.7
+17.9
+2.2
-6.7
+14.5
+55.7
-4.7
-8.8
-7.2
0....41•4 000N000c0t10t.00.10,4,.
4
0
Total(27 eities)---- 2,724,938,648 2,941,116,326
+4.1
16.0.1.000.a.pc440
Twelfth Federal 1. eserve Distric t
-San Franc
Wash.
-Bellingham _ .
.4,000,000
3,620,000
Seattle
•
220,090,518
220,040.145
Spokane
52,768,000
55,205,000
Yakima
•
6,102,628
5,631,063
Idaho-Boise
•
0,300,139
5,247,314
Ore.
-Eugene
2,362,800
2,205,000
Portland
•
184,298,575
175,510,633
Utah-Ogden
6.801.920
6,172,357
Salt Lake City
.
81,958,326
74,192.045
Ariz.
-Phoenix
•
21,042,000
17,420,000
Calif.-Bakersfield._ •
5,079,973
5.701,260
Berkeley
•
21,175,696
22.117,986
Fresno
•
15,359.735
15,914,156
Long Beach
•
38,396,703
36.677,294
Los Angeles
936,194,000
995,672,000
Modesto
3.827,079
3,748,255
Oakland
88,771,451
96,007,797
Pasadena
33,696,557
32,182,225
Riverside
5,781,666
5,430,768
Sacramento
29,652,437
28,909,976
San Diego
27.386,946
24,572,080
San Francisco
887.831,00s 1,061,643,655
San Jose
14.150.922
14,607,039
Santa Barbara
8,636,197
7,848,863
Santa Monica
9,462,452
11,518,130
Santa Rosa
2,476,528
2,011,985
Stockton
11,634,400
11,309,300
$
144,443,399
1,703,758,194
12,672,528
621,108,573
42,612.920
28,622,000
9.225,338
24.353,685
40,210,089
14,167.970
26,023,559
70,213,537
2,654,046
147,884,498
1,625,833,243
12,846,752
638,736,043
42.660,066
27,465,000
- 7,519,423
27,142,028
36,444.807
13,823,879
24,394,605
67,790,950
3,409,058
2,740.065.838
2.675.950,352
1929.
Inc. or
Dec.
1928.
$
$
1927.
1928.
$
%
$
5,927,589
72,790,686
6,481,568
72,281,239
-8.5
+0.7
8,198,216
66,900,065
9,701,461
70,995,953
20,869,937
1,657,742
26,586,107 -21.5
1,646,000 +0.7
24,916.995
1,785,966
27,863,714
1,952,748
1,329,672
1,077,590
1,148,003
-6.2
1,083,371
536,186
494,022
+8.5
480,682
455,163
2,872,000
2,828,000
+1.6
2,670,000
2,606,079
+2.4
105.731,730
111,464.939
-5.1
106.035,295
114,904,780
9,212,333
11,715,797
108,334,764
938,431.348
44,084,992
77,822.142
186,864.218
29,268,942
2,802,800,490
152,536,391
605,336,902
243,295,054
27,875,558
725,185,352
29,749,075
-7.0
+15.5
-10.9
+3.2
+4.1
-2.2
-7.6
+4.2
+3.3
+0.5
+5.1
+16.5
+14.3
+11.7
+2.1
333,365
539,006
2,968,868
37,065,981
341,905 -2.5
491,251
+9.7
4,041,683 -26.5
36,397,262 +1.8
407.964
443,869
5,109,398
38.087,655
310,616
554,064
4,859.388
35.553.669
2,444,466
6,327,403
2,910,394 -16.0
8,639,662 -26.8
2,607,195
6.933,976
2,753,991
6,820,547
109,045,131
4,796,508
25,815,640
111,295,302 -2.0
5,553.350 -13.6
21,923,300 +17.6
122,516,544
6,403,487
20,576,874
114,202,645
7,624,336
21,900,000
5,992,513,358
+4.5
36.124,384
43.092,000
1,065,078,094
119,272,174
275,837,812
104,253,000
684,902,501
12,182,021
12,975,841
56,597,000
120,775,478
+18.4
+14.3
+10.2
+13.8
+4.6
+7.4
+17.2
+34.9
+0.3
-0.5
-5.2
2,806,089,616
2,531,090,305 +10.9
y.-16.0
8,569.032
+17.6
13,527,999
-6.2 .
96,515,007
+3.2
968,060.104
45,878,370
+6.9
+3.3
76,087,736
-9.8
172,725,003
-8.0
30,500,636
+3.5 2,894,079,815
-2.7
153,257,709
+7.0
642,534,706
+5.0
283,548,565
+6.7
31,853,366
+11.0
810,261,245
+28.6
35,996.219
0
532,417,963
$
Week Ended June 1.
Inc. or
Dec.
1928.
42,776,406
49,252,000
1,174,460,171
135,729,279
288,585.905
112,016,000
803,032,647
16,430,794
13.011,702
56,332.246
114,462,460
-1.4
cit.:40c‘ivici
+ 87.11++++747+1+1+++.711+17+
I+1
Total(11 cities)___.
1929.
111+1 A
1928.
+.+
1929.
5 Months Ended May 31.
Inc. or
Dec.
to too toe® to
Clearings at
-
6,263,995,512
18,506,000
17,351,000 +6.7
1,095,458,123 1,037,806,931
+5.6
265,902,000
276,138,000 -3.7
31,010,652
29,290.387 +5.9
25.680,599
24,663,216
+4.1
10,623,934
9,459,000 +12.3
810,388,374
765,692,828 +6.8
33,389,156
33,090,825 +0.9
391,293,010
375,466.944 +4.2
105,839,000
79,022,000 +33.9
30,278,647
27,572,841
+9.8
106,828,920
110,039,31.1 -2.9
75,060,302
76,632,671 -2.1
196,815,357
172,096,177 +14.4
4,886,623,000 4,405,698,000 +10.9
19,240,168
19,007,292
+2.2
424,257,904
437,687,219 -3.1
172,461,615
162,739,004
+5.4
28,567,095
24.126.059 +18.4
158,231,608
153,206.117 +3.3
132,839,095
120,004,407 +10.7
4,460,4711,736 4,823,745,112 -7.5
67,540,843
66.370,258 +1.8
43,558.131
36,408,514 +19.7
47,942,590
47,858,347 +0.2
10.911,713
10,551,460 +3.4
54,488.800
56,586,500 -3.7
-7.41 13,704,213,372 13,398,290,400
+2.3
674,782
509.704 +32.4
906,019
1,168,786
1.571.157
1,213.967 +24.5
1,197,723
1,033,264
205,190,704
196,781,306
191,522,107
1,267,230
38,316,812
9,456,534
3,259,000
193.317,800
-0.9
1,660,594 -23.7
1,364,401
1,450,584
+05.
35,266,431
37,657,351
11,161,126 -15.3
4,528,139 -28.0
9,560,576
5,288,000
8,801.583
8,449,000
38,166,164
4,196,856
4,212,885
-0.4
3,979,655
4,502,029
56,496,432
59,728,908
-5.4
55,459,063
60,860,547
43,416,807
19,179,000
1,222,553
45,108,080 -3.7
11,915,000 +61.0
1,336,273 -8.5
21,888,756
11,062,000
1,424,378
38,932,737
12,1300.000
1,584,270
32,198,843
33,823,783
-4.8
31,221,399
37,505,598
15,772,206
15,882,097
-0.7
14,955,408
14,926,437
2,622.959
6,415,226
168,229,000
2.744.533
6,329,348
172,403.000
-4.4
+1.3
-2.4
3,031,374
6,002,640
150,577,000
3,162,876
8.825,603
149,859,000
15,875,516
6,147,648
17,082,291
5,140,575
6,817,403
4,848,911
160,613,000
2,524,565
1.260,156
1,931,931
9,504,098
5,109,541
163,660,000
2,489,600
1,305,517
2 120.538
,
15,753,612
5,247.126
4,365,238
4,679,929
166,848.996
2,313.896
1,473,477
1,739,130
2,049,500
493,557,498
18,019,014 -12.6
5,186,467 +1.2 .
4,265,224 +2.3
4,144,612 +12.9
199,656,000 -16.4
2,411,261 -2.8
1,294,778 +13.8
1,901,212 -8.5
1,669,400 +22.8
528,090,082
-6.5
1,755,800
2,101,200
441,940,885
475,909,879
-1.7296.111,715.783 261,497,122,000 +13.2
11163580378 11675798495
-4.4 10559001411 9,321,811,763
_5.0l02 179 959 900 99.430.833.576
. . .
I
-9.1 3.967,598,437 3,944,250,761
+2.8 3.670,381,021 4,039,547,293
CANADIAN CLEARINGS FOR MAY, SINCE JANUARY 1,
AND FOR WEEK ENDING MAY 30.
Month of May.
Clearings at
-
5 Months Ended May.
1929.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_..
.
Medicine Hat
Peterborough
Therbrooke
Kitchener
Windsor
Prince Albert
14oncton
Kingston
Thatham
tarnla
Total(31 chles)
1928.
Inc. or
Dec.
s
$
%
704,771,135
703,083,828
280,275,828
113,042,877
38,329,060
31.597,014
18,392,095
32,339,097
55,076,135
14,192,269
13,626,296
16,008,868
30.855,894
27,807,551
2.985,771
2.782,204
11,720,094
5,908,107
6,328,718
4,485,524
4,408.692
1,886,218
4,339,615
5,004,812
6,104,355
29,493,242
2,173.127
4,217,229
3,733,978
3,327,830
m000moo
832,188,212 -15.3
709,986,221 -1.0
345.957,717 -19.0
90,515,232 +24.9
40,877,006 -6.3
32,409.313 -2.5
16,824.710 +9.3
29,796,741
+8.5
67,352,942 -18.2
14,478,180 -2.0
10,966,943 +24.2
17,583,631 -9.0
30,640,108 +0.7
22,811.294 +21.9
2,762,421
+7.5
3,580,440 -22.3
10,674,543 +9.8
5,582,411
+5.8
6,121.539 +3.4
5,477,119 -18.1
3.797,329 +16.1
2,076.209 -9.1
4.162,132
+4.3
4,632,684 +14.7
6,073,287 +0.5
23,672,791 +24.6
1,942,477 +11.9
4,434,860 -4.9
4,397,492 -15.1
3,721,786 -10.5
3,216,969 -6.7
2.181.207 4R2 2 27.5 714 750
a No longer report c earings. • Estimated.
1929.
8
3.297,787.354
3,370,859,728
1,150,225,567
540,844,399
184,574,029
144,621,749
82,843,853
142,776,366
298,909,687
64,383,504
61,646,771
74,089,793
144,783,194
121,545,270
13,039,274
14,012,191
52,768,294
28,049.235
31,243,994
18,590,676
20,751,315
9,914,746
21,543,338
22,319.847
28,571,238
134,063.336
10,134,300
20,178,160
17,096,213
17,070,017
16,034,058
-7 A 10 1A7 07240.'i
Week Ended June 1.
1928.
Inc. or
Dec.
1929.
1928.
Inc. or
Dec.
1927.
5
%
$
a
%
5
3,287,948.712 +0.3
118,664,764
3,143,945.073 +7.2
119,548,121
1,186,404.745 -3.0
49,607.115
453,215,860 +19.3
21,438,380
167,999,821
+9.9
6,020,725
135,751,685 +13.9
5,680.219
70,871.802 +16.9
3,833,985
136,009,318 +5.8
5,954,828
274,063,493 +9.1
10,468.380
60,769,022 +5.9
2,740,542
52,299,408 +17.9
2,369,939
72,418,855 +2.3
2,556,563
136,483.574 +6.1
5,127,013
101,822,645 +19.4
6,066.180
12,012,746
+7.6
553,845
15,004,311 -6.6
559,406
49,039,549 +7.6
2,098,061
26,416,643 +5.7
1,059,335
28,249,028 +10.6
1,155.250
20,228,211 -8.6
730.841
17,257,664 +20.2
837,137
9,436,711
+5.1 •
341,944
19,163,760 +12.5
816.659
19,972,132 +11.7
854.540
26,838,880 +6.5
1,229,116
97,035,925 +38.2
5,616,456
9.269,575 +9.3
365,575
18,649,978 +8.2
813,411
17,520,211
+2.7
697,679
17,873,625 +0.5
672,574
13,641,026 +17.5
760,517
DAM 1112 ORR
-4-4•7
2702x0 ann
164.144,770 -27.7
158,210,040 -24.4
77,602,570 -21.8
19,353,034 +10.8
7,322,965 -17.8
6,978,123 -18.6
3,561,187 +7.7
6,548,655 -9.1
25,531,554 -59.0
3,294,263 -16.8
2,317,504 +2.3
3,689,129 -30.7
6,439,442 -20.4
4,815,929 +26.0
577,035 -4.0
790,123 -29.2
2,426.237 -13.5
1,255,756 -15.6
1,344,135 -14.1
969,465 -24.6
879,484 -13.4
452,331 -24.4
886,266 -7.9
943,548 -9.4
1,370,406 -10.3
5,250,672 +7.0
398 431
.
+8.2
1,038,563 -21.7
1,067,802 -34.7
872,249 -22.9
601,407 +26.6
AM GI% ATM _OilCI
160.388,765
137,707.089
56,798,284
17,796,511
6,814,831
10,043,345
3,442,349
5,531,744
6,982,251
2,527,538
2,734,662
3,286,920
5,440,326
3,761.702
538,684
488,329
1,751,554
1,166.296
1,217,579
978,123
865,784
267,050
838,025
1,082.165
2,277,330
492,630
349,318
928,259
807,031
820,779
645,766
AA* Oaf% GI..
1926.
$
101,959,574
98,088,379
45,240,200
14,195,818
5,509,132
6.191,845
2,652,430
4,651,801
4,992.900
2,303,722
1,805,231
2 149,573
4,1 3,630
5
3,720,190
467,221
071,022
1,473,866
943,720
904,980
909,241
,679,877
231,148
669,524
789,016
904,693
3,508,271
313,909
753,848
670,470
589,832
592,930
01. .A
1
co Km&
1
JUNE 81929.]
3781
FINAI‘rnIAL CHRONICLE
CHARTER ISSUED.
200,000
-The Continental National Bank of Lincoln, Neb
June 1
Conversion of the Continental State Bank, Lincoln,
Neb. President, Edwin N. Van Horne; Cashier, Edw.
A. Becker.
VOLUNTARY LIQUIDATIONS.
500,000
-The National City Bank of Tampa, Fla
GOLD.
May 21
Effective May 7 1929.
The Bank of England gold reserve against notes amounted to £161,140,Lig. Committee: K.I. McKay, Chas. A. Fakeloth and
Chas.B.Galloway, Tampa,Fla.
187 on the 15th instant (as compared with £160,213,172 on the previous
Absorbed by The First Nat. Bk. of Tampa, Fla.,
Wednesday), and represents an increase of £7,233,872 since the 29th April
No. 3497.
gold standard was resumed.
-when an effective
1925
100,000
0
-The First National Bank of Tarboro. N.
About £750,000 of gold from Sotuh Africa was available in the open May 27 Effective May 23 1929. Liq. Agent, the Edgecombe
market to-day. The weakness of the exchange with Germany led to some
Bank of Tarboro. N. C. Succeeded by the
National
enquiry from that quarter, but about £663,000 was secured by the Bank
Edgecombe National Bank of Tarboro, N. C., No,
13.306.
of England, as will be seen from the figures given below, and the Indian,
2,000.000
-The Merchants National Bank of Detroit, Mich
May 28
Home and Continental Trade requirements absorbed £80,000.
Effective May 27 1929. Liq. Com., John Ballantyne,
The following movements of gold to and from the Bank of England
Oren S. Hawes and George B. Yerkes, Detroit, Mich.
have been announced, showing a new influx of £846,806 during the week
Absorbed by the Dime Savings Bank or Detroit. Mich.,
which bank, It is understood, is to change its title to
under review:
May 16. May 17. May 18. May 21. May 22.
Bank of Michigan.
Nil £663,134
Received
£1,088 £17,000 E200,000
CONSOLIDATION.
E2,000
Nil E.32416
Nil
Nil
Withdrawn
00
-The Bank of America Nat. Assoc., New York, N. Y-$25,000.0
The receipt of the 18th instant was in sovereigns the origin of which Is not May 20
200,000
The Blair Nat. Bank of New York,N.Y
500.000
yet known,and that to-day in bar gold from South Africa. The withdrawals
The Traders Nat. Bk.of Brooklyn in New York, N.Y
Consolidated to-day under the Act of Nov. 7 1918.
consisted of £27,416 in bar gold and E7.000 in sovereigns.
under the charter and title of "The Bank of America
The following were the United Kingdom imports and exports of gold
National Association," No. 13193, with capital stock
registered from mid-day on the 13th instant to mid-day on the 18th instant:
The consolidated bank has 42
of $34,340.925.
Exports.
Imports.
branches all located within the City of New York,N.Y.
£41.130
£33,344 Germany
British West Africa _ -100.000
-The Madison National Bank, Madison, W. Va
10.200 May 31
British South Africa_ -- 1.038,866 Switzerland
The Boone County Bank of Madison, W.Va 7 1918 as 100,000
11,050
12,440 Austria
Other countries
under the Act of Nov.
Consolidated May 31
13,636
Egypt
amended Feb. 25 1927. under the charter of the Madi23,087
British India
son National Bank, No.6510,and under the title "Boone
20,069
Other countries
National Bank of Madison," with capital stock of
$100.000.
£119,172
/1,084,650
ACT OF FEB. 25 1927*
The balance of trade figures (in laos of rupees) for India for the month of BRANCHES AUTHORIZED UNDER THE
New York, N. Y.
April last were as follows:
-The Bank of America Nat. Assoc.,Ave. Extension (at
May 20
Branch-395 Flatbush
2.454
Location of
Imports of merchandise on private account
2.810 •
DeKalb Ave.) Borough of Brooklyn, New York City.
Exports, incl. re-exports, of merchandise on private account_ _
183
Hudson County Nat. Bank, Jersey City, N. J. and
Net imports of gold
85
Location of Branch-Vicinity of 011d Bergen Rd.
Net Imports of silver
102
Danforth Ave., Jersey City.
Total visible balance of trade-in favor of India
43 May 23
-against India
Net balance on remittance of funds
-The National City Bank of New York, N.Y.and 7th
The composition of the Indian Gold Standard Reserve on the 30th April
Location of Branch-N. W. Cor. 34th St.
last was as follows:
Ave.(440-442 7th Ave.) New York City.
Nil
In India
-The Seaboard Nat. Bank of Los Angeles, Calif.
£2,390 May 25
-Cash at the Bank of England
In England:
Location of Branch-Vicinity of 5500 Block Wilshire
2,152,334
Gold
Blvd., Wilshire LaBrea District, Los Angeles,
5,833,132
British Treasury Bills-value as on 30th April 1929
Other British & Dominion Government Securities-value as
32.012,144
on 30th April 1929
the following,
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 22 1929:
-Among other securities,
Auction Sales.
£40.000,000
not actually dealt in at the Stock Exchange, were sold at auction
SILVER.
The market has felt the lack of support and a fresh low level since Aug. in New York, Boston, Philadelphia and Buffalo on Wednes1927 was touched on the 18th inst., when prices reached 25d. for both
of this week:
cash and forward deliveries. The Shanghai exchange still showing weakness, day
By Adrian H. Muller & Son, New York:
there has been a certain amount of selling from this quarter. and America
$ per share.
$ per Sh. Shares. Stocks.
has continued to offer silver in this market. Altogether the demand was Shares. Stocks.
1
3 Indiana & Illinois Coal Corp.
insufficient to withstand the fairly general selling experienced during the 623-4 O'Donohue Park Corp
corn.; 100 Carlisle Tire Corp. (Del.),
1
125 O'Donohue Park Corp
pref., par $25: 100 Carlisle Tire Corp.,
week, as, save for some hear covering which caused a reaction of ;id, 150 Togatowel Co., Inc., of R.
corn., no par; 10 Perfection Tire tic
$3 lot
yesterday, buyers have not been much in evidence.
class A, no par
Rubber Co. (Del.), cam., no par: 138
The following were the United Kingdom imports and exports of silver
Hercules Petroleum Co., com. (Texas
All the right, title and interest of Samuel
registered from mid-day on the 13th inst. to mid-day on the 18th inst.:
Trust Est.), par $10: 100 Automatic
D. Leldesdorf as trustee for the benefit
Exports.
Hotel Service Co. (Maine), par $1:
Imports.
of creditors of Meyer Barish, trading
/102,469
95 Rano Mfg. CO.(N. Y.): 10 Bromo
£11,335 Egypt
in a
Germany
as Meyer Barish Mfg. Co., in the
Lithia Co. (Del.), pref., par $10:
182,165
10.300 British India
Netherlands
Judgment against Meyer Barlsh
6.065
5 Brom° LOME' Co. (Del.), corn.. par
22,233 Other countries
Canada
sum of $84,593.73 and against William
510: 100 Federal Adding Machine
11,015
Other countries
of 311,450_55 lot
Kopelsky in the sum
£290,699
£54,883
INDIAN CURRENCY RETURNS.
May 15, May 7. April 20.
/n Lacs of Rupees18293
18283
18366
Notes in circulation
0039
9851
9840
Silver coin and bullion in India
Silver coin and bullion out of India
-5
a
3222
coin and bullion in India
Gold
Gold coin and bullion out of India
13 3
; -.
4323
:.1§3
Securities (Indian Government)
898
897
883
Securities (British Government)
The stock in Shanghai on the 18th inst. consisted of about 76,300.000
ounces in sycee, 130,000.000 dollars and 6.880 silver bars, as compared
with about 78,900,000 ounces in sycee, 127,000,000 dollars and 8,200 silver
bars on the 11th inst.
Quotations during the week:
-Bar Silver per oz. std.- Bar Gold.
2 Mos.
Cash.
Per Oz. Fibe.
25 3-16d.
25 316d.
84s. 1131(1.
May 16
25 5g d.
,
25 %d.
845. Mid.
May 17
25d.
25d.
84s. Mid.
May 18
253id.
Ms. 11%d.
255id.
May 21
26 1-16d.
25 1-16d.
84s. 11 Y.d.
May 22
25.1006
84s. 11.32d.
25.100d.
Average
The silver quotations to-day for cash and two months' delivery are
respectively 31d. and 3-16d. below those fixed a week ago.
gommerciat mid ifl iscclla maits news
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED
WITH TITLES REQUESTED.
Capital.
325,000
-The First National Bank of McHenry, III
May 26
Correspondent, Henry E. Duch, McHenry, Ill.
-The North Bergen National Bank, North Bergen, N. J- 150,000
May 29
Correspondent, John J. Roe, 562 38th St., North Bergen, N. J.
25,000
-The First National Bank of Alcester. S. Dale
May 29
Correspondent, George McCall, Alcester, S. Dak,
-The Peoples National Bank & Trust Co. of Orange, Va_ 100,000
May 29
Correspondent, C. W. Grim, Orange, Va.
-The North River National Bank & Trust Co. of New
June 1
1,000,000
York, N. Y
Correspondent, Win. F. Fitzsimmons:711 Fifth Ave.,
New York, N. Y.
APPLICATION TO ORGANIZE APPROVED.
-The Frelinghuysen Avenue National Bank of Newark,
June 1
200,000
N.J
Correspondent, Fred W. Dusenberry, 126 Frelinghuysen Avenue, Newark. N. J.
APPLICATION TO CONVERT APPROVED.
-The Girard National Bank, Girard, Kansas Bank of 30,000
May 29
Conversion of the Farmers & Miners State
Girard, Kansas.
1,9964 Amityville Creamery, Inc..
corn., no par; 1,013 pref., par 525_55 lot
$82.50 Times Square Auto Supply Co.,
Inc., scrip ctf. for div. declared Dec. 3
1920; $4,000 Excelsior Brown Stone
Co., 7% gold bonds, due July 15 1913,
July 15 1899 & subs, coups. attached;
1,000 Brooklyn Wharf AC Warehouse Co.,
pref., ser. B; 300 Brooklyn Wharf &
Warehouse Co., corn.; 5,000 Red Cloud
Gold & Silver Mining Co., par $1:
200 Lake Torpedo Boat Co., par $10:
1,000 Argonaut Salvage Co., par 55:
200 Union Chemical Mfg. Co.; 100
U.S. Light & Heating Co.,com_517 lot
Corp.(N. J.), pref., par $10: 50 Federal Adding Machine Corp. (N. J.),
corn., par $10: $2,065.33 Business Service Co.(N. Y.) deb. bonds due 1918:
8400 Mrs. F. C. Field, Jan. 31 1922:
$500 note Hannah George, July 11
1921; $270 note John L. White &
Catherine White, Mar. 10 1910:
$10,000 note of Hillcrest Water Co.
dated July 10 1922, endorsed by R. L.
Kilby and H.J. Hapgood and protested
and renewal note of Interest Water
Co. dated July 12 1923, $9,310 due
Nov. 12 1923, endorsed by R. L.
Kilby and H. J. Hapgood and protested: 55,000 note of Hillcrest Water
Co. dated April 9 1923, due Aug. 9
1923 and endorsed by R. L. Kilby and
protested, less 51,750 proceeds of col$21 lot
lateral sold April 1 1925
By Barnes & Lofland, Philadelphia:
$ Per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
875
Trust Co
3 Allegheny Tank Car Co., COM. .$1 lot 2 Provident Trust Co., par $10... 74
51 lot 32 Franklin
corn
100 Choate Oil Corp.,
Glenside(Pa.)Trust Co., par 550- 60
23 Commercial Drop Forge Co., pf41. lot 5 Broadway Merchants Trust Co.,
25
48 Commercial Drop Forge Co.,
73
Camden. N. J., par $20
$1 lot
common
$1 lot 5 Chelsea Safe Deposit & Trust Co.,
5 Corona Cord Tire Co., corn
300
Atlantic City, N. J
Co., corn. $1 lot
10 Industrial Holding
(N.J.) Title SC Tr. Co. 150
35 Keen & Wolf Oil Co., coin_. .$11 lot 5 Glassboro
(N. J.) Safe Deposit
1,000 Light Sight Gun Co., com-S1 lot 5 Haddonfield
125
& Trust Co
300 Lone Star Consolidated Mining
$2 lot 40 Moorestown (N. J.) Trust Co__ 55
Corp., common
1
Co.,Ltd.,com3 lot 19 Bankers Securities Corp, ooni•120
3 McCauley Hill011
v. t. c
$1 lot
100 Oriole 011 Co., common
194
Ins. Co., par $10
500 One Hand Clock Co., com-__ -SI lot 12 Reliance Ins. Co., par 310___ _ 30
com--$3 lot 100 Sylvania
7,600 Union Mutual 011 Co.,
264
Co., par $10
45 Phila, Life Ins.
254 Interstate Window Glass
$1 lot 35 Independence Fire Ins. Co., 21
Corp., common
t
par $IO
$5,000 Choate 011 Corp. 8% elf.
10 Bankers Bond & Mtge. Guar.
of dep.; 500. stock script Goose!.
30
Co. of America, no par
$1 lot
Copper Mines Co
25 John B. Stetson Co., common,
$1,000 Elder Steel Steamship Co..
90
no par
$1 lot
'deposit
Inc., 7% certif. of
12614
1 American Dredging Co
Rockwell 011 Leases on Various
51 lot 4 units Brotherhood Invest. Co--$10 lot
Properties
380
3 Colonial Trust Co
5 Northeast Tacony Bank & Trust
230
100 Manayunk Trust Co
152
Co., par 550
835
15 Ninth Bank & Trust Co
100 Southwark Nat. Bank, par $10. 45
450
& Trust Co
2 Olney Bank
15 Manayunk-Quaker City Nat.
250
5 Parkway Trust Co
600
Bank
400
1 Quaker City Nat. Bank
Per Cent.
Bonds.
5 Mt. Ephriam (N. J.) Nat. Bank-200
$33,000 North Pine Steamship Co.
10 Fox Chase Bank & Trust Co.,
51 lot
151 mtge. 75
261
par $50
$500 Interstate Window Glass Corp.
24 Tulpehocken Nat.Bk.& Tr. Co- 80
5100 101
let 6s, 1942
& Trust
11 Jenkintown (Pa.) Bank
175
Co., par $10
$ per Right.
Rights.
40 Republic Trust Co., par 550___ _190
40 Nat. Security Bank + $110____ 3931
129
9 Bankers Trust Co., par $50
Trust Co. + $125.--- 1731
15 Bankers Trust Co., par $50...12831 10 Integrity Trust Co. + $125_-_- 17
40 Integrity
5 Girard Trust Co., par 510(w.11.190
lg
3 Pennroad Corp
7 Lancaster Ave. Title & Trust
131
28 Pennroad Corp
05
$50
Co., par
3782
FINANCIAL CHRONICLE
By R. L. Day & Co., Boston:
VOL. 128.
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Nat. Gas & Elec., $8.50 pref. (quar.)_'$
1.6234 July 1 *Holders of rec.
$6.50 preferred (quar.)
• 1.624 Oct. 1 *Holders of rec. June 20
SePt.12
0
Nat. Public Service pref. A (guar.)
14 July
Niagara Falls Power common (quar.) _ •650. July 1 Holders of rec. June 17
Northeastern Power Corp., corn. (qua?.) 25c. July 1 *Holders of rec. June 15
1 Holders of rec. June 10
Class A (quar.)
$1.50
Northern N.Y. Utilities. pref.(quer.)- $1.75 July 1 Holders of rec. June 10
Northport Water Works, pref. (quar.)..- 14 Aug. 1 Holders of rec. July 10
.
July 1 Holders of rec. June 15
Northwestern Telegraph
31.50 July 1 June 16 to June 30
Penn-Central Light dr Pow., $5
Postal Telegraph & Cable pref. pr. (qu.) "31.25 July 1 *Holders of rec. June 15
(guar.)
13.1 July 1 Holders of rec. June 14
Providence Gas (guar.)
By Wise, Hobbs & Arnold, Boston:
*254. July 1 'Holders of rec. June
Public Service Elec.
• M. Puget Sound Power & Gas,7% pref.(4u) 131 June 29 Holders of rec. June 15
Shares. Stocks.
7
8 per 55.1 Shares. Stocks.
& Light pref.(guar.) $1.50 July 15 Holders of rec. June 206
i Per
25 Nat. Rock'd Bk. new par $20_107-115 31 New Engl. Pow.
Prior preference (quar.)
Co. 6% Pref.
51.25 July 15 Holders of rec. June 200
8 Boston RR. Holding Co., pref.__ 82
Quebec Power ((luar.)
10M &
"50e. July
200 United Founders Corp
374-38 5 Laconia Car Co., let pfd. carry- div• Queensboro Gas & Elec.8% pref.(qu.)._ •144 July 15 'Holders of rec. June 27
1 'Holders of rec. June 20
155 Groton and Knight Co., com_ - 8%
Reading Traction
ing Sells. 2d pfd. as bonus
35
"75c. July 1 "Holders of ree. June 15
20 Dedhan & Hyde Pk. G. & El.
St. Louis Public Service pref.(quar.)80 Beacon Partin, Inc.. el. A pref 25
Co. (undep.) par $25
Savannah Elec. & Power 1st pf. A (qu.) •$1.75 July 1 'Holders of rec. June 20
35
24 Charlestown G. & El. Co., par
.
*2
July 1 'Holders of rec. June 14
10 Farms Co., Inc. cl. A. com
First pref. B (qua?.)
104
$25
143%
50 Old Colony Gas Co. corn. par
Southwestern Gas dr Elec., 8% pt. (qu.) •134 July 1 *Holders of rec. June 14
20 units First People's Trust
40
*2
July 1 'Holders of rec. June 15
$25
Seven per cent preferred (quar.)
63-85 ex-div.._ 30 units Universal Chain Theatres
25 Beacon Partin Inc., Cl. A met_ 20
Southwestern Light & Pow., pref. (qu.)_ *In July 1 *Holders of rec. June 15
Corp
10 Hood Rub. Co. 74% Preference 554 40 United Life & Accident Ins. 10
Springfield Gas & Elec., pref. A (guar.). "21.50 July 1 "Holders of rec. June 15
16 N.I3ost. Ltg. Prop.corn.(undep) 67
• 2d & 3d Sta. Pass. Ry., Phila. (quar.),.. 21.75 July 1 Holders of rec. June 15
Co., par $25
50
July 1 June 2 to July 1
50 Beacon Partic., Inc. cl. A pre- 25
Texas-Louisiana Power, 7% pref. (qu.)_ 23
75 Beacon Partin. Inc.. el. A. pref._ 25
6 Dedham & Hyde Pk. G. & El.
Twin City Rap. Tr., Minneap.,com.(4u) "144 July 1 'Holders of rec. June 15
10 Beacon Partin Inc., cl. A, pref_ 21
1
July 1 Holders of rec. June 13
Co., (undep.) par $25
Preferred (guar.)
301
144 July 1 Holders of rec. June 13
1 unit First People's Trust
40
Bonds
Per Cent. Union Traction, Philadelphia
July
20 Old Colony Invest. Trust
United Gas & Elec. Corp.. met(quar.) .$1.50 July 1 *Holders of rec. June 10
23 $4,000 Eureka Smelting Co., let
14
1 Holders of
25 George E. Keith Co., 1st wet_ 984
8$ 1.1234 Sept.30 'Holders of rec. June 15
6s, Jan. 1938 series A
$31 lot United Gas Impt., corn.(qua?.)
rec. Aug. 31
45 Gt. North. Paper Co., par 225.- 60%
United Light dc Power Co.
20 New Engl. Power Assn. corn. _ 85
Old common, class A & B (qua?.).. $50. Aug. 1 Holders
Rights.
$ Per Right.
of rec. July 15a
20 New Engl.Power Assn.6% pref. 96
New corn., cla.ss A & B (quar.)
24 Atlantic Nat. Bank, when iss._ _ 5
15c. Aug. 1 Holders of ree. July 150
1 unit First People's Trust
Preferred, class A (quar.)
40
100 Nat.Shawmut Bank (when Los.) 411s
$1.62 July 1 Holders of rec. June 150
100 No. Bost. Ltg. Prop, corn.
Preferred, class B (quar.)
12 First Nat. Bank
614
July 1 Holders of rec. June 150
$1
(undeposited)
$5 cony, first pref. (qua?.)
67
21.50
United Public Service $7 pref.(qua?.) _ $1.75 July 1 Holders of rec. June 200
By A. J. Wright & Co., Buffalo:
July 1 Holders of rec. June 15
United Public Utilities $6 Pref.(qua?.)
$1.50 July 1 Holders of rec. June 15
Shares. Stocks.
8 Per Sh. Shares. Stocks.
$ Per Eh. United Public utilities. El Pref.(quan)- *51.50 July 1 *Holders of rec. June 15
5 Labor Temple Assn. of Buffalo
United Rys. of Havana &
100 Boston & Montana Develop.
and Vicinity, Inc., par $5
Regla Warehou
25c. lot
Co., Boston Ctf., par $5
500 Barry Hollinger Mines, par $1.28c lot 1,000 Apex Mines, Ltd., par 51_$1 lot United Utilities. ses, Ltd., pref.(interim '234 July 1
pref.(quar.)
lc
Virginia Public Service,7% pref.(qu.),. $1.75 July 1 Holders of rec. June 15
134 July 1 Holders of rec. June 15
Six per cent preferred (qua?.)
DIVIDENDS.
West Penn Electric Co.. class A (guar.). 144 July 1 Holders of rec. June 15
$1.75 July 1 Holders of rec. June 17
Seven per cent preferred (qua?.)
Dividends are grouped in two separate tables. In
1% Aug. 15 Holders of rec. July 20
Six per cent preferred (quar.)
134 Aug.
first we bring together all the dividends announced the West Penn Power Co.. 7% pref. (qu.). 134 Aug. 15 Holders of rec. July 20
the
1 Holders of rec. July 5
Six
current week. Then we follow with a second table, in West per cent preferred (quar.)
134 Aug. 1 Holders of rec. July 5
Penn Rys..6% pref.(quar.)
14 Sept.16 Holders of rec. Aug. 24
which we show the dividends previously announced, but West Phila. Passenger Ry
Western Pow., Light & TeleP., pt. A (qu) "24.25 July 1 'Holders of rec. June 15
which have not yet been paid.
"21.75 July 1 *Holders of rec. June 15
Banks.
The dividends announced this week are:
America (Bank of) Nat. Assn.
(quer.).- "21
July I *Holders of rec. June 8
Chase National (qua?.)
334 July 1 Holders of rec. June 130
Chase Securities (qua?.)
July 1 Holders of rec. June 136
When
Per
Books Closed
Chatham & Phenix Nat. Bk.& Tr.(qu.) 451
Name of Company.
14
July 1 'Holders of rec. June 14
Cent. Payable.
Days Inclusive.
Chelsea Exchange (qua?.)
*824c July 1 *Holders of rec. June 14
Fifth Avenue (guar.)
Railroads (Steam).
"6
July 1 'Holders of rec. June 29
Extra
Albany & Susquehanna
*35
July 1 *Holders of rev. June 29
8434 July 1 *Holders of rec. June 15
National City (quar.)
Atch. Topeka & Santa Fe. pref
$1
July 1 Holders of rec. June 8
*24 Aug. 1 *Holders of rec. June 28
National City Co.(qua?.)
Atlanta Birmingham & Coast, pref
O2% July 1 *Holders of rec. June 14
Public National Bank & Trust
Beech Creek (qua?.)
July 1 Holders of rec. June 20
(guar.)-- 4
50c. July 1 Holders of rec. June 140 Seaboard
Boston dr Maine prior pref.(quar.)
National (quar.)
4
July• 1 Holders of rec. June 24
July 1 *Holders of rec. June
Trust Companies.
First pref. class A (guar.)
•iNt July 1 *Holders of rec. June 14
Banco Commerciale Italians Tr.
14
First pref. class B (quar.)
OW -- 24 July 1 Holders of rec. June 15
*2
July 1 *Holders of rec. June 14
Bankers (qua?.)
First pref. class C (qua?.)
75c. July 1 Holders of rec. June 12
•141 July 1 *Holders of rec. June 14
Bank of Europe Trust Co.
First pref. class D (quar.)
"750. July 1 *Holders of rec. June 20
(quar.)
*244 July 1 *Holders of rec. June 14
Extra
First pref. class E ((luar.)
"25e. July 1 *Holders of rec. June 20
•14 July 1 *Holders of rec. June 14
Guaranty (qua?.)
6% preferred (qua?.)
5
June 29 Holders of rec. June 14
•1
July 1 *Holders of rec. June 14
U. S. Trust (guar.)
Dayton & Michigan pref. (qua?.)
15
July 1 Holders of rec. June 20
051 July 2 *Holders of rec. June 15
Extra
Lehigh Valley, corn. (quar.)
10
July 1 Holders of rec. June 20
87440 July 1 Holders of rec. June 15
Preferred (quar.)
51.25 July 1 Holders of rec. June 15
Little Schuylkill Nay., RR.dr Coal
Miscellaneous.
$1.13 July 15 June 15 to July 15
Acetol Products
Morris & Essex
-Dividend omitted
$1.75 July 1 Holders of rec. June 70 Alberta Pacific . Inc.
New York & Harlem, corn.& pref
•114 July 1 *Holders of rec. June 15
$2.50 July 1 Holders of rec. June 140 Ales & Fisher Grain, pref.(qua?.)
N. Y. Lackawanna & Western (quar.)
(quar.)
•50o. July 1 *Holders of rec. June 15
141 July 1 Holders of rec. June 146 Allied Motors
Norfolk & Southern
pref. (qua?.)
July 1 *Holders of rec. June 15
*81
•14 July 3 *Holders of rec. June 20
Allied Products class A
Pittsb. McKeesp. & Yough.(guar.)._
*8744c July 1 'Holders of ree. June 17
(quan)
$1.50 July 1 Holders of rec. June 140 Aloe(A.
Pittsburgh dt West Va., corn. (quar.)_
S.) Co. common (qua?.)
630. July 1 Holders of rec. June 19
1)4 July 31 Holders of rec. July 15
Preferred (Wan)
14 July 1 Holders of rec. June 19
Amer. Bakeries, 7% pref.
Public Utilities.
•144 July 1 *Holders of rec. June 14
(quar.)
Class A (quar.)
Amer. Cities Pow.& Lt., el. B (qua,.)..
*75c. July 1 *Holders of rec. June 14
Aug.
*Holders of rec. July 10
Amer. Brown Boveri Elec. Pref.
American & Foreign Power
'11.75 July 1 'Holders of rec. June 20
(qu.)
Preferre
Pre: allot. ctfs.,65% paid (guar.). •
.
•7414 July 1 *Holders of rec. June 20
July
Holders of rec. June I26 Amer. Card (acct. accum. dive.)
American Gas (qua?.)
& Foundry, corn. (qua?.)-June 2 *Holders of rec. June 20
-- $1.50 July 1 Holders of rec. June 14
Amer. Public Service, pref.(quar.)
Preferred (qua?.)
144 July 1 Holders of rec. June le
July
*Holders of rec. June 15
American Cigar, pref.(qua?.)
American Superpower Corp.
14 July 1 Holders of rec. June 15
Amer. Cyanamid, corn. A & B
First pref. and preference (quar.)---40c. July 1 Holders of rec. June 15
July
(qua?.)
Holders of rec. June 15
Preferred (quar.)
Brazilian Tr., Light & Pow. pref.(quar.) 51% July
$1.50 July 1 Holders of rec. June 15
*Holders
American Express (qua?.)
British Columbia Power, el. A (quar.)._ *50c July 1 'Holders of rec. June 15
•144 July 1 *Holders of rec..June 14
of rec. June 20
Amer. Fork dr Hoe, corn.
California Elec. Generating pref.(qu.)
.1.1% July
*Holders
•
21
June 15 'Holders of rec. June 19
Amer. Hardware Corp. (quar.)
California-Oregon Power,7% pref.(qu.) 14 July 1 Holders of rec. June 5
'1
(quar.)
July 1 'Holders of rec. June 15
of rec. June 30
Quarterly
Six per cent preferred (qua?.)
134 July 1 Holders of rec. J_ne 30
Oct. 1 *Holders of rec. Sept. 14
*1
Quarterly
Central States Power, $7 Pref. (quar.) *21.75 July
•1
*Holders of rec. June 8
Jan2'30 *Holders of rec. Dec. 17
Amer. London & Empire,
Central States Utilities 87 Pref.(Qu.)- •$1.75 July
*Holders of rec. June 8
pref.(qua?.)
*75e. July 1 Holders of rec. June 20
Amer. Pneumatic Service,
Cities Service Pow.& Lt.$6 Pf.(mthlY.)- *50o. June 1 *Holders of
let
rec. June 1
Second preferred (quar.) pref.(qu.) *8744c June 29 Holders of rec. June 20
$7 preferred (monthly)
'75c. June 29 Holders of rec. June 20
•58 1-3c June 1 *Holders of rec. June 1
Amer. Snuff. corn. (qua?.)
Columbus Elec. & Power corn.(qua?.)
50c July
Holders of rec. June 10a
3
1% July 1 'Holders of rec. June 14
Preferred
Common (one-fortieth sh. corn, stock) (4) July
*Holders of rec. June 14
Holders of rec. June 106 Amer.Steel (quar.)
Second preferred (qua?.)
Foundries, corn.(quer.)-Holders of rec. June 100
14 July
y 1
-- •750. July 15 Holders of rec. July 1
Preferre
Preferred series B (qua?)
•
144 June 20 Holders of rec. June 15
Holders of rec. June 100 American d ((lust.)
1% July
, Continental Gas& Elec. Corp.corn.(411.) $1.10 July
Yvette Co., pref.(guar.)
50c. July 1 *Holders of rec. June 15
Holders of rec. June I20 Art Metal
Prior preference (quar.)
'
21.75 July
Holders of rec. June 120 Atlantic Construction (quar.)
3734c June 29 *Holders of rec. June 15
Acceptance Corp.
Duluth Superior Trac., pref.(qua?)
Holders of
o
1
25
July
Hlrield
July 10 Ho era of rereoc: June 250
Holders of rec. June 15
0
e 1
Backstay Welt Co., corn, el. A & (QU
Eastern Mass. Street Ry. common
*500 July 1
"374c July 1 "Holders of rec. July I
June
I3ancomit Corp.(quar.) (quar.)
Empire Gas & Fuel8% pref.(mthly.)_ _ _ "50c. July
*Holders of rec. JUDE% 20
50
750
y 1 Holders of roe.June 15
•
Baxter Laundries common
6J.% preferred (monthly)
A (qua?.) -*Holders of rec. June 20
July 1 *Holders of rec. June 200
•54 1-6e July
Preferred (quar.)
7% Pref. (monthly)
*5114
'Holders of rec. June 20
y 1 *Holders of rec. June 200
•58 1-3c July
Beatrice Creamery, corn.
•66 2-3e July
5% Preferred (monthly)
(quar.)
July 1 *Holders of rec. June 15
*Holders of rec. June 20
Preferred (quar.)
Federal Water Service $7 pref.(qu.)
755 July 1 *Holders of roe. June 15
l
2
%
Holders of rec. June 140 Bird & Sons,
$1.75 July
Inc (quar.)
$6.50 preferred (qua?.)
Holders of rec. June 140 Briggs &
II *Holders of rec. June 25
1.6254 July
•
28 preferred (qua?.)
$1.50 July
Holders of ree. June 140 Brunswic Stratton Corp., new corn.(41.0 •500 July 1 *Holders of rec. June 20
k-Balke-Collender Co., pf.(qu.) 11 July 1 Holders of rev. June 20
Frankford & Southwark Pass. Ry.(qu.) $4.50 July
, u
June 2 to July 1
Burns Bros., pref.(quar.)
General Gas& Elec.corn. A & B (qu.) '
1 Holders of rec. June 130
'Holders of rec. June 12
373.4e July
Bryant & Chapman Co
7% Preferred A (qua?.)
65e July 1 Holders of rec. June 20a
'Holders of rec. June 12
•$1.75 July
Buffalo Gen. Laundries partic.
8% preferred A (qua?.)
pf.(qu.)_ *564C July 1 *Holders of rev. June 27
.
•
July
*Holders of rec. June 12
$2
Butte & Superior Mining
Preferred B (quar.)
*500 June 29 'Holders of ree. June 14
*Holders of rec. June 12
•31.75 July
Colombo Sugar Estates common
Hackensack Water pref. A (quar.)
(qu.)-- •40c July 1 *Holders of rec. June 15
•
4341e June 3 *Holders of ren June 15
Preferred (Clan.)
International Power 1st pref. (qua?.)... '13.1 July
*350 July 1 *Holders of rec. June 15
*Holders of rec. June 15
California Consumers Co.
Interstate Power $7 pref.(quar.)
pref.
Holders of rec. June 8
81.75 July
Canada Steamship Lines. pref. (qu.)--- $1.75 July 1 Holders of rec. June 15
$6 preferred (qua?.)
(quer.)-- '154 July 2 *Holders of rec. June 15
*Holders of rec. June 8
July
Canada Foundries & Font.
Jersey Central Pow.& Lt.7% pl. ((lu.). •51.50 July
Holders of rec. June 15
154
Canadian General Investmclass A ((BO - 374c July 15 Holders of rec. June 29
6% Preferred (quar.)
ent
July 1 June 16 to June 30
3
Holders of rec. June 15
114 July
Canal Construction cony.
Kings County Ltg. common (guar.)
*Holders of rec. June 15
pref. (41.0
'3734c July
*Holders of rec. June 18
'81.50 July
Carreras, Ltd.
5% preferred (quar.)
*134 July
"Holders of rec. June 18
Amer. dep. rcts. for A & B ord. shares see15 June
7% preferred (quar.)
.75
5
25 'Holders of rec. June 5
*Holders of rec. June 18
July
•1
Celotex Co., corn. (quar.)
Lone Star Gas (quar.)
rs
..13i July 1 'Holders of rec. June 15
*50c. June 2 *Holders of rec. June 19
Preferred (guar.)
Long Island Ltg. pref. A (quar.)
*Holde
37 xe JulyJul y 1 'Holders of rec. June 15
Holders of rec. June 15
144 July
Central Aguirre Sugar(quar.)
Preferred B (quar.)
.1m July 15 Holders of rec. June 20
Holders of rec. June 15
134 July
Central Coal & Coke pref.(Quar.)
Mackay Companies common (quer.)_ _
1 'Holders of rec. June 30
Holders of rec. June 14
144 July
Central Dairy Products class A (quer.).
Preferred (quar.)
*Holders
rec. June
" 0
534
July
Holders of rec. June 14
Chicago Pneumatic Tool, pref.(quar.) - *5700 July 1 *Holders of rec. June 20 I
Michigan Elec. Power, 7% pref. (quar.) 1
20
of
Holders of rec. June 15
13.1 July
Cleveland-Cliffs Iron, corn
Six per cent preferred (qua?.)
June 15 'Holders of rec. June 6 '
15 *Holde
J
*25
Holders of rec. June 15
July
Common(14 shares preferred stock). (1) July 1 *Holders of rec. June 6 I
Mississippi River Power pref.(Qua?.)
%
*Holders of rec. June 15
•14 July
Cluett, Peabody & Co.. pref. (quar.)..Missouri Public Service (quar.)
July 1 Holders of rec. June 20 I
rs
*Holders of rec. June 15
•141 July
Coleman Lamp & Stove (quar.)
Nat. Elec. Power 7% Pref. (qua?.)
'Holdersof reo. June
July
1
Holders of rec. June 20
131 July
Conde Nast Publications, corn.(qua?.) 4500. July 1 Holders of rec. June 18 I
6% preferred (quar.)
17
1
-Holders of rec. June 20
114 July
Consolidated Cigar Corp., corn.(qua?.), 21.75
Holders of rec. June 170
Shares. Stocks.
8 per Sh. Shares. Stocks.
$ Per Sh.
10 Federal National Bank
310
10 Universal Chain Theatres, pref_ 8
23 Nashua Mfg.Co.,common
40
3 Rhode Island Ice Co., pref. A____ 48
2 Nashua dr Lowell RR
130% 3 Rhode Island Ice Co., pref. B___- 38
8 Draper Corp
644 ex-div. 150 Chain Stores
10 Cellulose Products, pref.;Scorn.. 645 6 Collateral Loan Inv. Tr.(new)_154-17
Co
171
4 Mountain States Power Co.. corn_ 13
401d Colony Gas Co.,corn.,Par $25 63
Bonds.
Per Cent.
1 Dennison Mfg. Co., pref__1054 ex-div. $5,000 N.Y.Dock 5s, April
1933- 90
165 Boston Belting Corp., pref.,
$1,000 Consolidated Rendering Co.
Par $50
$21 lot
5s, July 1941
90
12 Eastern Mfg.Co.(ctf. of dep.)-- 544 $6,080 Wickwire Spencer Steel
Co.
25 Plymouth Cordage Co
75
7s, Feb.25 1930.ear. A.ctf. dep.:
15 Old Colony Trust Associates
52
scrip
70
Name of Company.
3783
FINANCIAL CHRONICLE
JUNE S 1929.]
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
50c. July 1 Holders of rec. June 15
Pie Bakeries of Amer., cl. A (quar.)-___
Consolidated Film Industries
134 July 1 Holders of rec. June 15
Preferred (guar.)
*500. July 1 *Holders of rec. June 12
pi Common and pref. (guar.)
Tube, el. A (qu.)(No. 1). *30e. July 1 *Holders of rec. June 20
July 1 Holders of rec. June 170 Pilot Radio &
$2
Continental Baking pref.(guar.)
Porto Rican Amer. Tobacco class A (qu.) *S1.75 July 10 *Holders of roe. June 20
'$1.75 July 1 *Holders of rec. June 18
Continental Steel pref.(guar.)
% July 2 *Holders of rec. June 15
Price Bros. Co., corn. (guar.)
*50e. July 15 *Holders of rec. June 15
Copper Range Co. (guar.) •
1% July 2 Holders of rec. June 15
Preferred (guar.)
*50c. June 30 'Holders of rec. June 12
Coty,Inc.(guar.)
25c July 1 Holders of roe. June 15
Prosperity Co.class A & B (guar.)
"50e. June 30 'Holders of roe. June 10
Crowley, Milner & Co., corn.(guar.)Class A & B (payable in class B stoek)_ (p) July . 1 Holders of rec. June 15
Crown Willamette Paper, 1st pref. (qu.) 134 July 1 Holders of rec. June 13a
*200. July 1
Q. R.S. De Vry Corp.(au.)(No. 1)$1
June 29 Holders of rec. June 18
Cuban American Tobacco, corn
150. June 15 Holders of rec. June 5
Quaker Products Co.class A (guar.)- Holders of rec. June 15
234 June 29
Preferred
*50e. June 29 *Holders of me. June 15
Railway & Express Co.(guar.)
*6234e July 1 'Holders of rec. June 15
Curtis Manufacturing, corn.(guar.) _ _
*80e. July 1 *Holders of roe. June 15
Raybestos Co.. corn. (guar.)
*880 June 15 *Holders of rec. June 11
Cutler Hammer Co.(guar.)
*Holders of rec. June 17
*15( June 15 'Holders of rec. June 8
Real Silk Hosiery Mills pref.(guar.) -- *134 July
De Havilland Aircraft pref.(guar.)
*35e. July 1 *Holders of rec. June 15
Reece Button Hole Mach.(guar.)
Dennison Manufacturing, prof. (guar.). 1% Aug. 1 Holders of roe. July 20
*50. July 1 "Holders of roe. June 15
Reece Folding Mach.(guar.)
2
Aug. 1 Holders of rec. July 20
Debenture stock (guar.)
'3734c July 1 *Holders of rec. June 20
Reliance Mfg. of III., corn.(guar.)
250 July 1
Detroit Gray Iron Foundry (guar.)
*134 July 1 *Holders of rec. June 20
Preferred (quar.)
Diamond Shoe Corp. common (quar.). 3734c July 1 Holders of rec. June 15
"134 July 1 'Holders of rec. June 20
Remington Arms let pref.(guar.)
1M July 1 Holders of rec. June 15
6 M% preferred (guar.)
Reynolds(R.J.) Tob.,com.&conv.B(qu) *60e. July 1 'Holders of roe. Jane 18
3" July 1 Holders of roe. June 15
6% second preferred
'4334c Aug. 1 *Holders of roe. July 5
Richfield 011 new pref.(quar.)
Diversified Investments let pref.(qu.) *51.75 July 15 *Holders of rec. July 1
Riverside Foundry & Mach.,el. A (au.)_ *50e. June 30 *Holders of rec. June 20
Dominion Stores, new stock (qu.)(No.1) *30c. July 1 *Molders of roe. June 15
*75c. July 3'Holders of rec. June 20
Ross Gear & Tool (guar.)
Douglas(W.L.) Shoe Co., pref.(guar.). 134 July 1 Holders of rec. June 15
"25e. July 1 *Holders of rec. June 14
Royal Baking Powder common (guar.)
Dresser & Esther Associates(No. 1)_
_ 250. June 30 Holders of rec. June 20
•134 July 1 'Holders of roe. June 14
1
Preferred (guar.)
Dunham (James A.)& Co., com.(guar.) • 36 July 1 *Holders of rec. June 18
M June 29 Holders of rec. June 15a
St.Louls RockyMt.&Pac.Co.,com.(qu.)
First preferred (guar.)
*134 July 1 *Holders of roe. June 18
134 June 29 Holders of rec. June 150
Preferred (guar.)
"134 July 1 'Holders of rec. June 18
Second preferred (guar.)
June 25 'Holders of rec. June 12
*32
St. Mary's Mineral Land
July 1 Holders of rec. June 15
Duplan Silk Corp., Pref. (quar.)
$2
7.50.July 1 Holders of me. June 10
St. Regis Paper, corn.((Mar.)
*20e July 15 *Holders of rec. June 30
Eagle Picher Lead, corn. (guar.)
134 July 1 Holders of rec. June 10
.
Preferred (guar.)
41.50 July 15 *Holders of roe. June 30
Preferred (guar.)
*10e July 1 *Holders of rec. June 15
Eastern Rolling Mill (guar.)
3734e July 1 Holders of rec. June 20a Salt Creek Consol. Oil(quar.)
"50e July 1 *Holders of roe. June 10
Sangamo Electric Co., coin. (quar.)
Eastern Steamship Lines, pref.(guar.)_ - '87340July 1 *Holders of roe. June 22
"134 July 1 "Holders of roe. June 10
Preferred (quar
*134 July 1 *Holders of roe. June 22
First preferred (guar.)
134 July 1 Holders of rec. June 15
Schulze Baking, prof.(guar.)
60 July 1 Holders of roe. June 10
Ecudorlan Corp., Ltd., ord.(quar.)---75e. July 1 Holders of rec. June 15
Convertible preference (quar.)
334 July 1 Holders of rec. June 10
Preferred
*Holders of rec. June 10
July
6234e Aug. 30 Holders of rec. Aug. 150 Second Nat. Investors, cony. pt.(q.) *51.25 June 1 Holders of rec. May 31
Eitingon Schild Co.. corn. (guar.)
1
partie.tr.ser. A(qU.) 134
Seneca Plan Corp..
July 1 "Holders of rec. June 15
'Si
Electric Auto-Lite Co., corn. (guar.)
30 Holders of roe. June 15
Sherwin-Williams Co., com.(gu.) (No.1) 40e. June
"500 July 1 'Holders of rec. June 15
Common (extra)
5c. June 30 Holders of rec. June 15
Common (extra)
*13i July 1 *Holders of rec. June 15
Preferred (guar.)
134 June 30 Holders of rec. June 15
Preferred (guar.)
Electric Controller de Mfg., coin. (guar.) $1.25 July 1 Holders of roe. June 20
"$1.75 July 1 'Holders of roe. June 14
Southern Ice, pref. A (guar.)
134 July 1 Holders of rec. June 20
Emerson Elec. Mfg. Co., pref.(quar.)-'134 July 1 *Holders of rec. June 15
Spang, Chalfant & Co.. pref.(guar.)
Endicott Johnson Corp., corn. (Quar.)- $1.25 July 1 Holders of rec. June 15
*75e. June 30 "Holders of me. June 15
Sparta Foundry, corn. (guar.)
134 July 1 Holders of rec. June 15
Preferred (guar.)
*25c. June 30 Holders of rec. June 15
Common (extra)
30c June 15 Holders of rec. June 3
Equitable Financial Corp.. cl. A (guar.)
*550 June 29 *Holders of rec. June 20
Square D.Co., class A
Fanny Farmer Candy Shops corn.(qu.)_ "250 July 1 'Holders of rec. June 15
25e July 1 Holders of roe. June 17
Standard Com'l Tobacco, corn. (quar.)_
*600 July 1 "Holders of rec. June 15
Preferred (guar.)
334 July 1 Holders of roe. Jene 17
Preferred
*750 July 1 *Holders of rec. June 20
Federal Screw Works (guar.)
*500 July 1 *Holders of rec. June 15
Standard Dredging, cony., pref. (qu.)
Filene's(Wm,)Sons Co., pref.(gu.) * 51.6234 July 1 *Holders of roe. June 17
Standard Royalties Wetumka Corp.
*25e July 1 *Holders of rec. June 14
Forham Co., corn. (guar.)
June 15 Holders of the. May 31
1
Preferred (monthly)
*40c July 1 'Holders of rec. June 14
Class A (guar.)
Standard Royalties Wewoka Corp.
July 1 June 11 to July 1
French (Fred F.) Operators, Incl., pref.- 3
June 15 Holders of rec. May 31
1
Preferred (monthly)
July 26 *Holders of roe. June 21
*51
General Electric common (guar.) •
*50e July 1 'Holders of rec. June 20
Sterling Motor Truck (guar.)
July 26 *Holders of rec. June 21
*51
Common (extra)
*30c.
Suburban Homes Corp
*15c. July 26 "Holders of rec. June 21
stock (guar.)
Special
the. June 10
31.50 July 1 Holders of rec. June 14a Thompson's Spa, Inc.. 56 prof.(guar.) *51.50 July 1 'Holders of roe. June 17
General Mills pref. (guar.)
*20e. June 29 *Holders of
Tide Water Oil, corn.(guar.)
*$2.50 June 20 *Holders of roe. June 10
Glen Alden Coal (guar.)
15e. July 1 Holders of rec. June 200
Timken-Detroit Axle, corn. (quar.)
134 July 1 Holders of rec. June 14
Goldman Sachs Trading (guar.)
5c. July 1 Holders of rec. June 20a
*1%
Common (extra)
July 1 "Holders of rec. June 20
Goodyear Textile (guar.)
134 July 1 Holders of rec. June 17
Tri-Continental Corp., pref. (quar.)
Goodyear Tire & Rubber of Calif.
*62340 July 1 'Holders of roe. June 14
(quar.)
Trico Products Corp.
Preferred (guar.)
*13i July 1 *Holders of rec. June 20
July 1 *Holders of rec. June 20
'4
Ulen & Co.,8% pref
Goodyear Tire & Rub.of Can.com.(qu.) *$1.25 July 2 "Holders of rec. June 15
s3u July 1 "Holders of rec. June 20
734% preferred
*1% July 2 *Holders of rec. June 15
Preferred (guar.)
July 1 *Holders of rec. June 12
*2
Union Mortgage Co., common
July 1 Holders of rec. June 20
2
Goulds Pumps, Inc., corn.(guar.)
July 1 'Holders of rec. June 12
Preferred
Preferred (guar.)
134 July 1 Holders of rec. June 20
134 July 1 Holders of rec. June 12
'Mortgage
Union Guarantee de
Granite City Steel (guar.)
"75e July 1 *Holders of rec. June 17
50c. July 1 Holders of rec. June 20
Unit Corp. of Amer., pref.(qua?.)
Grief Bros. Cooperage, el. A (quar.)-....80c July 1 Holders of rec. June 15
United Diversified Securities Corp.
July 1 *Holders of rec. June 20
Grigsby Grunow Co., corn.(quar.)
44e July 1 Holders of rec. June 20
Participating preferred (quay.)
Hahn Dept. Stores, pref.(guar.)
*$ 1 .62 M July 1 *Holders of rec. June 20
U.S. Elec. Lt. & Pw. Shares
Hamilton (Alex.) Investment A (No. 1). *300 July 1 *Holders of roe. June 15
64e. June 1 Holders of coup. No. 10
Trust certificates A (quar.)
Hinds dr Dauche Paper of Canada
75e. July 1 Holders of rec. June 17
U.S. Tobacco, corn.(quay.)
25e July 2 Holders of rec. June 15
Common (guar.)
134 July 1 Holders of roe. June 17
Preferred (quar.)
15 Holders of rec. June 30
*234c July
Holly Development Co
"30e. July 1 Holders of rec. June 15
Universal Products, corn. (qua?.)
*25e. June 30 'Holders of roe. June 14
Holly 011(guar.)
July 1 Holders of rec. June 15
Upressit Metal Cap Corp.. pref.(fluar.)- $I
500. June 25 Holders of rec. June 20
Homestake Mining (monthly)
Oct. 1 Holders of rec. Sept. 15
$1
Preferred (guar.)
*50e. June 15 *Holders of rec. June 5
Honolulu Consol. 011 (guar.)
June 29 Holders of rec. June 14
54
Utah Copper Co.(quar.)
Horn dr Harden of N.Y.,corn.(guar.)-- '6234c Aug. 1 *Holders of rec. July 11
*60e. June 1 *Holders of roe. June 1
Viking Pump, pref. (qu.)(No. 1)
June 30 'Holders of rec. June 15
*60c.
Hoskins Mfg. common (quar.)
*$ 1.6234 July
1 *Holders of rec. June 20
Walgreen Co., prof. (guar.)
*30c. July 1 *Holders of roe. June 11
Humble Oil & Refining (quar.)
July 1 *Holders of rec. June 18
'$1
Warren Bros. Co.,corn.(guar.)
"200. July 1 *Holders of rec. June 11
Extra
4150. July 1 'Holders of rec. June 18
First preferred (guar.)
Humphery's Mfg., corn. & pref. (gu.)-- *50e. June 30 *Holders of rec. June 15
.87340 July 1 *Holders of rec. June 18
Second preferred (guar.)
*50e. Aug. 1 'Holders of me. July 15
Hupp Motor Car Corp.(guar.)
134 June 6
Western Royalty (monthly)
*250. July 1 'Holders of me. June 10
HYgrade Lamp. corn.(guar.)
(No. 1) "30c.
West Side See. Corp.. purge. pr.
51.6234 July 1 'Holders of rec. June 10
Preferred (guar.)
rec. June
"25e.
Wheateworth, Inc., corn. (OR.)(No. 1)_ sni July 1 *Holders of rec. June 20
Indian Refining, pref. (guar.)
134 July 1 Holders of rec. June 15
24
June 29 *Holders of
Worcester Salt, coin. (guar.)
Refunding preferred (guar.)
134 July 1 Holders of me. June 15
Internat. Button Hole Sew. Mach.(au.) "20e. July 1 *Holders of rec. June 15
12340 June 25 Holders of me. June 22
International Petroleum,reg. etfs
Bearer shares
1234°. June 25 Holders of coup. No.21
previous weeks
25c. Aug. 15 Holders of rec. Aug. 1 ' Below we give the dividends announCed in
Lztertype Corp., corn. (guar.)
25e. Aug. 15 Holders of rec. Aug, 1
Common (extra)
not yet paid. This list does not include dividends anand
Instill Utility Investments, Dr. pf. (qu.) *$1.38 July 1 'Holders of roe. June 15
*300. July 15 *Holders of rec. June 15
Jackson Motor Shaft (guar.)
nounced this week, these being given in the preceding table.
*300. July 15 *Holders of rec. June 15
Extra
75e. July 1 Holders of rec. June 15
Jonas & Naumburg,$3 pref.(guar.)._
limas Closed
Per When
25e. July 10 Holders of rec. June 29
Key Boiler Equipment (guar.)
Days Inclusive.
Cent. Payable.
Name of Company.
July 1 Holders of rec. June 15
2
King Royalty Co., pref.(guar.)
*81340 July 1 *Holders of rec. June 15
Co., pref. (guar.).
Knapp-Monarch
Railroads (Steam).
*S1.50 July 1 'Holders of rec. June 11
Koppers Gas & Coke, pref. (guar.)
June 28 Holders of rec. May 24
$2
*50e. June 15 *June 11 to June 16
Alabama Great Southern, ordinary
Korach (S.) Co.(guar.)
$1.50 June 28 Holders of roe. May 24
July 1 Holders of rec. June 18
$2
Ordinary (extra)
Lambert Co. (guar.)
Aug. 15 Holders of rec. July 11
$2
*S1.50 July 1 *Holders of me. June 14
Preferred
Lane Bryant, Inc.. corn. (guar.)
$1.50 Aug. 15 Holders of rec. July 11
*50c. July 1 *Holders of rec. June 15
Preferred (extra)
Lane Drug Store, prof. (guar.)
(quar.)- *52.50 June 10 *Holders of rec. May 31
Aug. 1 *Holders of rec. July 13
Atlantic Coast Line Co.(Conn.)
Lehigh Portland Cement, corn. (guar.). '62340
334 July 10 Holders of rec. June 121
Atlantic Coast Line RR..coin
Loose-Wiles Biscuit Co., corn. (quar.)_ _ '650. Aug. 1 'Holders of rec. July 18
134 July 10 Holders of rec. June 12a
"134 July 1 *Holders of roe. June 18
Common (extra)
Preferred (guar.)
87e. July 1 Holders of rec. May 31a
134 July 1 Holders of rec. June 15
Bangor & Aroostook, coin.((Mara
Lorillard (P.) Co., pref.(guar.)
134 July 1 Holders of rec. May 31a
*50e. July 1 "Holders of rec. June 18
Preferred (guar.)
Ludlum Steel, corn. (guar.)
234 June 29 Holders of rec. May 31
*1.6234 July 1 *Holders of rec. June 18
•
Boston & Albany (guar.)
Preferred (guar.)
*234 July 1 *Holders ef rec. June 20
$1.50 June 29 Holders of rec. June 15
Boston & Providence (guar.)
Mack Trucks, Inc., corn.(guar.)
June 29 Holders of roe. June 150
2
*50c. July 1 *Holders of rec. June 14
Buffalo & Susquehanna, pref
Mapes Consol. Mfg., corn. (guar.)
234 June 29 Holders of rec. May 31a
*50c. July 1 *Holders of rec. June 14
Canadian Pacific. corn.(guar.)
Common (extra)
Holders of ree. June 270
500. July 10 Holders of rec. June 20
Chesapeake Corporation (in stock)----kr 331-3 July 1 Holders of rec. June 8a
Margay Oil Corp.(guar.)
*IN July 1 *Holders of rec. June 20
750 July 1
Chesapeake Corporation (quar.)
Martell Mills. pref. A (guar.)
July 1 Holders of rec. June 8a
234
Sept. 3 *Holders of rec. Aug. 15
*51
Chesapeake & Ohio, corn. (guar.)
May Dent. Stores Inc (guar.)
834 July 1 Holders of Teo. June 8a
'37340 July 1 *Holders of roe. June 15
Preferred A
Maytag Co.. corn.(quar.)
June 25 Holders of rec. June 18
5
Chicago Burlington & Quincy
Merchants de Mfrs. Sec. Co.corn. A (qu.) '3734c July 1 'Holders of rec. June 15
June 29 Holders of rec. June 3s
2
'81.75 July 1 *Holders of me. June 15
Chicago & North Western, cum
Prior preferred (quar.)
334 June 29 Holders of rec. June 3a
--*150. June 10 *Holders of rec. May 31
Preferred
Mercurbank (Vienna) American shares
pi June 29 Holders of rec. May 316
•134 July 1 'Holders of rec. June 15
Chic. R. I. & Pacific, cons. (quar.)
McLeod Bldg. Ltd., prof. Mari
June 29 Holders of rec. May 31a
3
1.34 July 1 Holders of me. June 14
6% Preferred
Milgrim (H.)& Bros. pref.(quar.)
334 June 29 Holders of rec. May 316
*75e. July 1 *Holders of rec. June 20
7% Preferred
Mill Factors, cl. A & B (quar.)
June 24 Holders of rec. June 7
4
Ctn. N.0.& Tex.Pacific corn
Mock, Judson Voeringer Co., pt. (qu.). .1.1% July 1 'Holders of rec. June 15
July 1 Holders of rec. June 186
2
July 15 Holders of rec. July 1
$1
Colorado & Southern. let Prof
Moloney Elec. Co., el. A (guar.)
100
200 June 29 Holders of rec. June 13a Consolidated RR& of Cuba pref.(qu.)._ 134 July 1 Holders of rex. June 28a
Mother Lode Coalition Mines
81.20 June 28 Holders of rec. June
*750 July I *Holders of roe. June 15
Cuba RR. common
Corp. (guar.).
Nachman Springfield
Aug. 1 Holders of ree. July 154
3
134 July 1 Holders of rec. June 22
Preferred
Nashua Mfg., pref.(guar.)
FebF30 Holders of ree. Jan. 15a
3
43 M c July 1 Holders of rec. June 120
Preferred
National Candy common (quar.)
234 June 20 Holders of rec. May 284
134 July 1 Holders of rec. June 12a Delaware & Hudson CO.(qua?.)
First and second pref.(guar.)
87340 June 10 Holders of rec. May 31
Erie & Pittsburgh
National Cash Register, corn. A (guar.) *75c. July 15 "Holders of rec. June 29
234 Aug. 1 Holders of roe. June 25a
Aug. 1 *Holders of rec. July 1
Great Northern preferred
National Enameling & StPg., common_ *El
134 July 1 Holders of rec. June 150
$2.75 July 1 *Holders of rec. June 10
Gulf Mobile & Northern pref.(guar.) _ _
National Investors allot. cents
234 June 29 Holders of nee. June 8a
3734e July 1 Holders of roe. June 14
Hocking Valley (guar.)
Tea new common (quay.)
National
July 1 June 12 to July 4
2
Central leased lines
75c. June 29 Holders of rec. June 14
Illinois
Nevada Consol. COPPer (guar.)
July 1 Holders of rec. June 15
1
'Holders of rec. June 20
*50e. July
Maine Central. common (guar.)
Noblitt Sparks Indust. (guar.)
134 July 1 Holders of rec. June 7a
Missouri Pacific, pref. (quar.)
-- *50c. June 2 *Holders of me. June 15
Mills common
Northern Paper
Mo.-Kansas-Texas RR., pref. A (guar.) 134 June 29 Holders of tee. June 15a
*3134 June 1 *Holders of roe. June 8
Ohio Confection (quar.)
July 1 June 2 to June 30
2
June 2 Hold,of coup. Nos.4&5
*$2
Mobile & Birmingham pref
Pacific Tin Corp.special stock
•
e60 Subj. to stockholders' meet.July 9
July 1 *Holders of rec. June 20
Nash. Chat.& St. Louis(In stock)
Parmelee Transp. prof. (qu.)(No. 1)- *51.50
N. Y. Chic. & St. Louis. coml.& Pf.(gli.) 134 July 1 Holders of rec. May 154
*134 July 1 *Holders of rec. June 14
Penick & Ford, Ltd., pref.(qua?.)
July 1 Holders of ree. May 310
N. Y. N. H.& Hartford. coin.(guar.)._ 1
Philadelphia Inquirer, pref.(OR.)(No.1) "75c. July 1 "Holders of rec. June 20
July 1 Holders of rec. May 3I0
40e. July 1 Holders of me. June 196
Preferred (guar.)
Philippe (Louie), Inc., class A (guar.)_
2
June 19 Holders of rec. May 316
June 29 *Holders of me. June 22
Norfolk & Western. corn.(guar.)
*$2
(quar.)
Pilgrim Mille
1
134
3784
FINANCIAL CHRONICLE
Name of (Jam pan.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam) (Concluded).
Northern Securities Co
Pere Marquette. corn. (quar.)
Preferred (quar.)
Prior preference Mara
Reading Co. 1st pref. (qual.)
Second preferred (quar.)
St. Louis-San Francisco. corn.(Guar.)-.Preferred (quar.)
Preferred (mar.)
St. Louis Southwestern pref.(guar.).- -Southern Pacific Co.(quar.)
Texas & Pacific (quar.)_
UnionPacific. corn.(qual.)
Wabash fly. pref. A (quar.)
434 July 10
134 June 29
134 Aug. I
134 Aug. 1
50e. Juno 18
50c. July 11
2
July 1
134 Aug. 1
134 Nov. 1
134 June 29
134 July 1
134 June 29
214 July I
134 Aug. 24
June 22 to July 10
Holders of rec. June 8a
Holders of rec. July cr5a
Holders of rec. July d5a
Holders of rec. May 236
Holders of rec. June 205
Holders of rec. June la
Holders of tee. July lo
Holders of rec. Oct. is
Holders of rec. June 12
Holders of rec. May 246
Holders of rec. June 15a
Holders of roe. June to
Holders of rec. July 25a
Name of Company.
[VOL. 128.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Public Utilities (Concluded).
North Amer. Co.,corn,(in corn. stock)
Holders of reo. June 50
./235 July
Preferred (quar.)
75o July
Holders of
North Amer. Utility Sec., 1st pref.(qu.) $1.50 June I Holders of Teo. June 55
Mo.
31
First pref. allot. certificates (guar).- 31.50 June 1 Holders of me. May 31
May
Northern Ohio Pr.& Lt.,6% pref.(qu.) 14 July
Holders of rec. June 15
7% Preferred (quar.)
134 July
Holders of roe. June 15
North West Utilities prior lien pref.(qu.) 144 July
Holders of rec. June 15
Oklahoma Gas & Elec., pref.(quar.)
14 June 1 Holder, of rec. MAY 31
Pacific Tel.& Tel. common (guar.)
13.4 June 2 Holders of rec. June 200
Preferred (quar.)
14 July 1 (Holders of rec. June 290
Pennsylvania G.& E.Corp.,7% pt.(qu.)
July
Holders of rec. June 20
$7 preferred (quar.)
$1.75 July
Holders of reo. June 20
Pa.
-Ohio Pow.& Lt.,$6 pref.(Guar)
Holders of rec. July 20
7% Preferred Mara
$1.50 A ug..
14 Aug
Holders of rec. July 20
7.2% preferred (monthly)
6 . July
00.Atw
0o
.
Holders of rec. June 20
7.2% preferred (monthly)
Holders of rec. July 20
6.8% preferred (monthly)
Holders of reo. June 20
6.6% preferred (monthly)
Holders of rec. July 20
Pennsylvania Water & Power (Qua?.)... 6234.jAuly.
55°56° Jdiug
e
y
Holders of rec. June 14
Peoples Gas Co. preferred
3
July
Holders of tee. June 12a
Peoples Lt. & Pow.Corp., corn. A (qua - tr1700 3
630 Juu
.Julyyy 33 Holders of rec. June 8
Philadelphia Co. common (qual.)
$
Holders or roe. July la
Common (extra)
Holders of roc. July la
5% Preferred
$1.25 Sept.
Holders of rec. Aug. 10a
Philadelphia Electric Co (quar.)
60o June 1 Holders of rec. May 316
Phila. Elec. Power, preference (quit.).. 50c July
Holders of rec. June 10a
Portland Elec. Power lot pref. (Quit.).. 81.50 July
Holders of rec. June 15
Prior preferred (guar.)
$1.75 July
Holders of rec. June 15
Power Corp. of Canada partic. pf.(qua 75e. July 1 Holders of roe. June 20
Preferred (guar.)
134 July 1 Holders of rec. June 29
Public Serv. Corp. of N. J., corn.(qua 850. June 2 Holders of rec. June d7a
Eight per cent preferred (quit.)
2
June 2 Holders of rec. June d7a
Seven per cent Preferred (quar.)
June 2 Holders of rec. June d7a
$5 preferred (quit.)
$1.25 June 2 Holders of roe. June d7a
Six Per cent preferred (monthly)
50c. June 2 Holders of rec. June d7a
Pub. Serv. Co. of Oklahoma. com.(qu.)
2
July
June 21 to July 1
Seven per cent prior lien stock (guar.) 134 July
June 21 to July 1
Six per cent prior lien stock (guar.)
June 21 to July 1
Public Service Elec.& Gas6% pt.(qu.)_ 14 June 2 Holders of rec. June 7a
114
Radio Corp. of Amer., pref. A (guar.).-8740. July
Holders of rec. June la
Pref B(No.I)(per'd Mar.15-June 30) $1.46 July
.
Holders of rec. June la
Shawinigan Water & Power(guar.)
Holders of rec. June 14
Southeastern Pr. & Lt., corn.(qua?.)
1
5°e. j ly 2 Holders of rec. June 1
Ju 1
$7 Preferred (quar.)
$1.75 July
Holders of rec. June 15
$6 preferred (quar.)
$1.50 July
Holders of rec. June 15
Participating preferred (quar.)
$1.25 July
Holders of rec. June 15
Southern Calif. Edison orig. prof.(qu.). _ *50e. July 1 *Holders of tee. June 20
5
pref. (quar.)
•344c July 1 *Holders of rec. June 20
Southern Calif. Edison Prof.set. A (qua - 4334c June I Holders of roe. May 20
Preferred series 13. (quit.)
3740. June 1 Holders
roe. May
Southern Colorado Pow.. prof. (quit.)... 134 June 1 Holders of tee. MAY 20
of
Standard Gas & Electric,$1 pref.(Qua?.) $1 June 1 Holders of rec. May 31
310
Tennessee Pow & Lt., 5% 1st pf.(qua
1mJuly
Holders of rec. June 15
6% tat pref. (Quit.)
134 July
Holders of roe. June 15
7% 1st preferred (quar.)
1,4 July
Holders of roe. June 15
7.2% 1st preferred (quar.)
1.80 July
Holders of ree. June 15
6% 1st preferred (monthly)
600. July
Holders of rec. June 15
7.2% 1st preferred (monthly)
Holders of rec. June 15
United Corporation.$3 Pref.(quar.)_.
60 1tily
751T. Jul
Holders of roe. June So
Participating, preferred (quar.)
•50o. July
*Holders of rec. June 15
United Gas Improvement (guar.)
51.1234 June 2 Holders of rec. May 310
Utah Power & Light, $7 pref.(quit.)
$1.75 July
Holders of ree. June 5
$6 preferred (guar.)
$1.50 July
Holders of rec. June 5
Utilities Power & Light, corn.(qual.)... 1250. July
Holders of rec. June 15
Preferred (quar.)
134 July
Holders of rec. June 5
Class A (guar.)
150e. July
Holders of rec. June 5a
Class B (guar.)
125e. July
Holders of rec. June 15
Vs. Elec. & Power.7% pref.(quit.).... 1,4 June 2 Holders of tee. May 316
Six Per cent pref.(quar.)
134 June 20 Holders of reo. May 310
Western Power Corp., pref.(guar.)
July 15 Holders of roe. July 1
West Penn Rye Co., pref. (quar.)
134 June 15 Holders of rec. May 25
Winnipeg Electric Co. pref.(quit.)
134 July 1 Holders of rec. June 6
Wisconsin Public Service, 7% Pfd(WO - 144 June 20 Holders of roe. May 21
634% Preferred (quar.)
14 June 20 Holders of roe. May 21
6% Preferred (quar.)
14 June 20 Holders of roe. May 21
134
Public Utilities.
Alabama Power $7 pref.(qual.)
51.75 July 1 Holders of rec. June 15
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June 15
$5 preferred (Quit.)
$1.25 Aug. 1 Holders of rec. July 15
Amer. Elec. Power, $7 pref. (quer.) - $1.75 June 15 Holders of rec. June 1
Amer.& Foreign Power $7 pref.(quar.). 51.75 July
Holders of rec. June 12a
$6 preferred (quar.)
51.50 July
Holders of rec. June 12a
Amer. Gas & Elec., corn.(quar.)
25e. July 1 Holders of roe. June 11
Common (1-50th share common stock) (f) July
Holders of rec. June 11
Preferred (quar.)
$1.50 Aug. I Holders of too. July 8
Amer.Power & Light 55 pf. A.(quit.)... 75c. July
.
Holders of rec. June 12a
$6 preferred (quar.)
Holders of roe. June 126
31.50 July
American Public Utilities
Prior pref. and panic. pref.(quar.)
$1.75 July 1 Holders of rec. June 15
Amer. Telep. & Teleg. (quar.)
234 July 15 Holders of roe. June 206
Amer. Water Wks.& Elec., 1st pt.(qua - 51.50 July 1 Holders of rec. June 126
Associated Gas & Elec.,$5 pref.(quar.)- $1.25 June 15 Holders of rec. May 15
$7 preferred (quar.)
•$1.75 July 1 *Holders of rec. May 31
Original preferred (quar.)
*874c July 1 *Holders of rec. May 31
Bangor Hydro-Elec. Co., 7% pf.(qu.)_.
July 1 *Holders of rec. June 10
Sixper cent preferred (quar.)
'134 July 1 *Holders of rec. June 10
Bell Telephone Co. of Canada (guar.).- 2
July 15 Holders of rec. June 22
Bell Telep. CO. Of Pa. pref.(quar.)
•14 July 1 *Holders of rec. June 20
Birmingham Elec. Co.. $7 pref. (quar.). $1.75 July 1 Holders of rec. June 15
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June 15
Birmingham Water Works pref.(quit.)- *14 June 15 *Holders of rec. June 1
Boston Elevated common (quar.)
$1.50 July 1 Holders of tee. June d10
First preferred
July 1 Holders of rec. June d10
4
Preferred
334 July I Holders of tee. June a 10
Brooklyn City RR.(guar.)
106. June 28 Holders of rec. June 15a
Brooklyn Union Gas (mum)
$1.25 July 1 Holders of tee. June
Buff. Nlag. & Fast. Pow.. corn. (qu.). *300. July 1 *Holders of rec. June 1 la
Common (extra)
*30e. July 1 *Holders of rec. June 1
Class A (quar.)
•300. July 1 *Holders of roc. June 1
Class A (extra)
•300. July 1 *Holders of rec. June 1
Preferred (quar.)
*40c. July 1 *Holders of rec. June 1
First preferred (guar.)
*81.25 Aug. 1 •Holdors of rec. July 1
Central 111. Public Serv pfd.(qu.)
*51.50 July 15 *Holders of rec. June 3
Central Public Sow.. el. A (war.)
44334c June 15 *Holders of rec. May 2
Central States Elec. Corp., tom.(quar.) 25c. July
Holders of rec. June
Common (payable in rem. stock).... f234 July
Holders of rec. June
Seven per cent preferred (guar.)
Holders of rec. June
134 July
Six per cent preferred (quar.)
14 July
Holders of rec. June
Convertible preferred (quar.)
051.50 July
Holders of rec. June
Chic. North Shore dr Milw. pr. lien (qua '114 July
*Holders of tee. June 1
Preferred (quar.)
•134 July
*Holders of rec. June 1
Chic. Rap. Transit pr. pf. A
*650. July
*Holders of rec. June 1
preferred class A (mthly.)
(mthly.)Prio
•65c. Aug.
*Holders of rec. July 1
Prior preferred class A (mthly.)
•85e. Sept. *Holders of rec. Aug. 2
Prior preferred class B
•600. July
*Holders of rec. June 1
Prior preferred class B (mthly.)
•806 Aug.
*Holders of rec. July 1
Prior preferred class B (mthly.)
*60c. Sept. *Holders of tee. Aug. 2
Cleveland Railway (guar.)
*Holders of roe. June 1
'114 July
Coast Counties Gas dr Elec.6% first preferred (quar.)
134 June 1 Holders of rec. May 2
6% second preferred Mara
134 June 1 Holders of rec. May 2
Gemmunity Telephone partic. stk. (qu.) *50c. July
*Holders of rec. June 2
Consol. G. El. L.& Pr., Balt., com.(qu.) 575e. July
*Holders of rec. June 1
5% preferred series A (quar.)
•134 July
*Holders of roe. June 1
6% Preferred series D (quar.)
•134 July
*Holders of rec. June 1
534% Preferred series E (qUar.)
'114 July
*Holders of rec. June 1
Consol. Gas of N. Y.. corn. (guar.).-. 75e June 1 Holders of rec. May 1 a
Beaks.
Preferred (quar.)
31.25 Aug.
Holders of rec. June 2 a Continental(interim)
$3.75 June 15 Holders of tee. May 145
Consumers Power. $5 pref.(Qua?.)
,
$1.25 July
Holders of tee. June 1
8% preferred (quar.)
14 July
Holders of reo. June 1
Trust Companies.
6.6% preferred (guar.)
$1.65 July
Holders of too. June 1
Equitable (guar.)
3
June 29 Holders of tee. June 15a
I% preferred (quar.)
14 July
Holders of rec. June 1
Fulton (Quit,)
3
July 1 Holders of roe. May 31
6% preferred (monthly)
50e July
Holderri of roe. June I
6.8% preferred (monthly)
55e July
Holders of ree. June 1
Continental Passenger fly., PhDs
$3 June 30 Holders of rec. May 31
Miscellaneous.
Denver Tramway. pref.(quar.)
75e. July
Holders of rec. June 15a
kbbott Laboratories, corn.(No. 1)
500. July 1 Holders of roe. June 20
Detroit Edison (guar.)
2
July 1 Holders of roe. June 20a Abitibi Pow. &
Paper, pref. (quit.)
14 July 20 Holders of reo. July 100
Diamond State Telep. pref.(guar.)
14 July 1 Holders of rec. June 20
Seven per cent preferred (guar.)
134 July 2 Holders of tee. June 20
Duquesne Light5% let pref.(quar.)
13‘ July 1 Holders of rec. June 156 Acme Steel
(guar.)
*El
July 1 *Holders of reo. June 20
6% first pref.(quar.)
114 Oct. 1 Holders of rec. Sept. 14a Adams Express
corn. (guar.)
14 June 29 Holders of roe. June 15a
Eastern Mass. St. Ry., ad). stk. (quar.) $1.25 July
Holders of rec. June 15
Preferred (guar.)
134 June 29 Holders of rec. June 156
Eastern Texas Electric Co., pref.(qua- 134 July
Holders of rec. June 5
Affiliated Investors, Inc.(stock dbl.)510 July 1 Holders of tee. June 10
Elec. Pr.& Lt., allot. Mrs. full Pd. MU.) $1.75 July
Holders of rec. June 136 Agnew Surpass
Shoe Stores, prof.((In.).. 154 July 2 Holders of tee. June 15
Allotment ctfs. 50% paid (guar.)
8734c July
Holders of rec. June 13a AlleghenySteel,
common (monthly).... •150. June 18 *Holders of tee. May 31
Preferred (quar.)
$1.75 July
Holders of rec. June 13a
Common (monthly)
*15o. July 18 *Holders of roe. June 30
Engineers Public Service, coin.(quar.). 25e July
Holders of rec. June 4
Common (extra)
*25c. July 18 *Holders of roe. June 30
$5 preferred (quit.)
$1.25 July
Holders of rec. June 4a
Common (monthly)
•15c. Aug. 17 *Holders of roe. July 31
$5.50 preferred (quar.)
$ 1.374 July
Holders of tee. June 46
Common (monthly)
•150. Sept. 18 *Holders of rec. Aug. 31
Fall River Electric Light (guar.)
•750. July
*Holders of rec. May 15
Preferred(guar.)
•134 Sept. 1 *Holders of roe. Aug. 15
Federal Light & Tract., corn.(qua--- 8730 July
Holders of roe. June 13a
Preferred(guar.)
•134 Dee. I *Holders of tee. Nov. 15
Common (payable In corn. stock). _- ft
July
Holders of rec. June 13a Alliance Invest.. corn.
(In corn. stock)_. 'fix July I *Holders of reo. June 14
Georgia Power $6 pref. Mara
$1.50 July
Holders of rec. June 15
Allied Chem.& Dye Corp. Pf.(quar.)
July 1 Holders of rec. June 110
- -$5 preferred (guar.)
$1.25 July
Holders of rec. June 15
Alpha Portland Cement, pf.
Gulf States Utilities. $5.130 pref. (qu.)-$ 1.3734 June I Holders of roe. June 50 Aluminum
(guar.).- - - 134 June 15 Holders of rec. June 1
$6 preferred (quit.)
$1.50 June I Holders of roe. June 5a Aluminum Industries (guar.)(No. 1). •3734e June 15 *Holders of reo. June I
Mfrs., cam. (quar.)
•50o. June 30 *Holders of roe. June 15
Illinois Bell Telep. (quar.)
*2
June 2 *Holders of rec. June 28
Common (qual.)
•5/ .Sept. 30 *Holders of tee. Sept. 15
15
Illinois Power,6% pref.(quit.)
Holders of roe. June 15
134 July
Common (quar.)
•5043. Dee. 31 *Holders of tee. Dee. 15
Seven per cent preferred (quar.)
134 July
Holders of roe. June 15
Preferred (guar.)
*14 June 30 *Holders of tee. June 15
Indianapolis Water. 5% prof. A (quit.). 134 July
Holders of rec. June 126
Preferred (quit.)
*14 Sent.3 *Holders of too. Sept. 15
K. C.Pow.& It. 1st pt. ser. B (quar.)_
0
Holders of rec. June 14a
$1.50 July
Preferred (guar.)
•13.4 Deo. 31 *Holders of roe. Doe. 15
Kansas City Public Serv. pref. A (qua -- $1
Holders of rec. June 20
July
American Art Wores,corn. dr pref.
(qua - 134 July 15 Holders of rec. June 30
Laclede Gas Light common (quar.)
214 June 1 Holders of rec. June la American Bank
July 1 Holders of rec. June 100
Note.
(qua?.).. 500.
Preferred
24 June 1 Holders e ';ec. June la
Preferred (quar.) common
750. July 1 Holders of reo. June 100
Louisville Gas & Electric Co.(Del.)
American Can,Prof.
134 July 1 Holders of rec. June 14a
Common A and B (quar.)434c June 2 Holders of tee. Mav 31a American-Canadian (quar.)
Properties Corp
$1 June 15 Holders of reo. June 1
Memphis Pow. & Lt., $7 pref. (quara -- $1.75 July
Holders of nee. June 15
American Chain, pref. (guar.)
134 June 29 Holders of tea. June 195
$6 preferred (quar.)
$1.50 July
Holders of rec. June 15
American Chicle, common
Mo. July 1 Holders of me. June 125
Middle West UPI.,7% pr. lien (quar.).. 2
(guar.)
June 1 Holders of rec. May 31
American ColortyPe (guar.)
*600. June 29 *Holders of roe. June 12
$6 prior Hen stock (quar.)
$1.50 June 1 Holders of tee. May 81
American Commercial Alcohol
Midland Utilities. 7% prior lien (quar.). *134 July
*Holders of tee. June 2
Common (quar.)(No. 1)
400. July 15 Holders of me. June 20a
Six per cent prior lien stock (guar.)._ *134 July
*Holders of rec. June 2
Common (payable in coin. stook)July 15 Holders of reo. June 20a
13
•1% July
7% Preferred class A (quar.)
*Holders of rec. June 2
American Eagle Aircraft (stock diva --- *5100 Subj. to tk'holds meeting May 27
6% Preferred class A (quar.)
*134 July
*Holders of rec. June 2
Amer.Encaustic Tiling, corn.(quar.)-- 50o. June 28 Holders of rec. June 100
-Minnesota Power & Light,7% pref.(qu.) lIt July
Holders of rec. June 15
Amer. European Sec. corn.(In corn.stk.) tf100
*Holders of reo. June 3
$6 preferred (quar.)
$1.50 July
Holders of rec. June 16
American Founders Corp.
Monongahela West Penn Public Service
Coro. (1-10th share corn, stock)
(f) June 10 Holders of tee. May 81
Seven per cent pref.(lum.)
Holders 01 roe. June 8
43140. July
Amer. Furniture Mart & Bldg.
Montreal Tramways (quar.)
CoilL
234 July 1 Holders of roe. July 15
Preferred (guar.)
154 July 1 Holders of rec. June 20
Nassau & Suffolk Lighting, prof.(guar.) 134 July
Holders of rec. June 15
Amer. Home Products (monthly)
300. July 1 Holders of roe. June 140
Nat. Power & Light, $7 pref. (guar.)._ $1.75 July
Holders of rec. June 15
Amer. Internat. Corn.
Nat. Public Serv. Corp., corn. A (qu.). 400. June 1 Holders of rec. May 27
seo
Common (stock dividend).
Oct. 1
New England Power Assn., corn. (qu.)..... *50e. July 1 *Holders of rec. June 29
American Locomotive common (quit.).. $2
June 29 Holders of me. June 13a
Preferred (guar.)
$1.50 July
June 15 to June 30
Preferred (quar.)
134 June 29 Holders of tee. June 18a
New England Pub. Serv., corn. (quer.). *450. June 80 *Holders of roe. June 15
American Manufacturing
Prior lien pref.(quar.)
*$1.75 June 1 *Holders of tee. May 31
C01111111011 (qW.)
750. July 1 Holders of rec. June 15
New England Telep. & Teleg.(guar.)._ 2
June 2 Holders of rec. June 10
Common (quar.)
.
730. Oct. 1 Holders of tea. Sept. 15
75o
N. Y.& Queens Elec. L. & P., com.(qu.) *374c June 1 *Holders of tee. May 31
Common (quar.)
Boo. 31 Holders of tee. Dee. 15
New York Steam Co., $6 pref. (guar.)._ $1.50 July
Holders of rec. June 15a
Preferred (quit,)
154 Mar. 31 Holders of tee. Mar. 16
$7 preferred (quit.)
$1.75'July
Holders of roe. June 15a
Preferred (guar.)
14 July 1 Holders of tee. June 15
N.Y. Telephone,634% pref. (guar.)._ 14 'July 1 Holders of rec. June 20
Preferred (quar,)
4
New York Water Service pref.(quar.)
134 Oct. 1 Holders of tee. Sept. 15
$1.50 June 1 Holders of rec. June 5
Preferred (quay.)
Dee. 31 Holders of roe. Dee. 16
154
14
134
Name of Company.
3785
FINANCIAL CHRONICLE
JUNE 8 1929.]
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
200. Aug. 1 *Holders of rec. July 20
$1.50 inns 29 Holders of tee. June lls Claude Neon Elec. Prod., corn,(guar.). •
American Radiator.coin.(quar.)
*14 July 1 *Holders of rec. June 20
Preferred (guar.)
Amer. Radiator & Stand. Sanitary Corp.
50c. June 1 *Holders of rec. May 13
.
37340. June 29 Holders of reo. June lla Cleveland Stone. common (guar.) '
Common (guar.)
•50c. Sept. 1 *Holders of rec. Aug. 15
Common (guar.)
500. July 15 Holders of rec. June 290
American Rolling MUL corn. (quar.)
July 30 Holders of roe. July la Coats (J. & P.), Ltd.
Common (payableln common stock).- f5
July 6 Holders of rec. May 23
ta
Amer. dep. recta, for ord. reg. shares
June 100
51 July 1 Holders of rec.
Amer.Safety Razor (guar.)
81 July 1 Holders of rec. June 120
25e. July 1 Holders of rec. June 10a Coca-Cola Co corn. (guar.)
Extra
$1.50 July 1 Holders of roe. June 12a
Class A (No. 1)
750. July 1 Holders of rec. June 20a
American Seating. corn.(guar.)
July 1 Holders of roe. June 12a
$2
Coca Cola Internat.. corn.(guar.)
160. July 1 *Holders of rec. June 11
Amer. Solvents & Chem.. par. pf.(qu.)- 3
July 1 *Holders of rec. June 12
43
4
Class A
50c. July 1 Holders of rec. June 150
American Stores, corn. (guar)
37340 Aug. 1 *Holders of rec. July 15
•
July 2 Holders of rec. June 54 Cockshutt Plow (guar.)
American Sugar Refining, corn. (quar.)_ 134
6240. July 1 Holders of rec. June 15
14 July 2 Holders of rec. June 50 Cohn-Hall-Marx, oom. (qua?.).
Preferred (guar.)
of rec. June 8
1
75c. July 15 Holders of rec. July la Colgate Palmolive Peet Co, pref.(guar.) 14 July 1 Holders of roe. Sept. 7
Amer.Sumatra Tobacco,corn.(guar.)._
Holders
14 Oct.
Preferred (guar.)
1234c July 1 Holders of rec. May 310
American Thread. preferred
134 Joni'30 Holders of rec. Dec. 7
Preferred 'quar.)
134 July 1 Holders of rec. June 100
American Tobacco, pref. (guar.)
29 *Holders of rec. June 12
•500.
75c July 1 Holders of rec. June 18a Colt's Patent Fire Arms Mfg.(quar.)__. 291-10c June 1 Holders of rec. May 24a
Amer. Writing Paper, pref.(guar.)
June
American Zinc, Lead & Smelting, pref._ $1.50 July 1 Holders of rec. June 140 Columbia Graphophone, Amer. shares.. •
$3.50 July 1 *Holders of rec. June 20
ColumbiaSteel, preferred
•25c. July 1 *Holders of rec. June 20
Amrad Corp.. com. (guar.) (No. 1)
50o. June 29 Holders of rec. June 80
60c. July 1 Holders of roe. June 10a Commercial Credit, cont.(guar.)
Anchor Cap Corp., corn.(guar.)
144 June 29 Holders of rec. June 86
635% 1st pref. (guar.)
$ 1.624 July 1 Holders of rec. June 100
Preferred (guar.)
4334c June 29 Holders of rec. June 8a
d7% 1st preferred (guar.)
14 July 1 Holders of rec. June 100
Armour & Co. of Del.. Pref.(quar.)....
50o. June 29 Holders of roe. June 8d
8% preferred B (guar.)
14 July 1 Holders of rec. June 10a
Armour & Co. (III.), pref. (guar.)
$1 July 1 Holders of rec. June 50
Commercial Invest. Trust, corn.
Armstrong Cork (guar.)
'3734c July 1 *Holders of rec. June 15
July 1 Holders of rec. June 5a
Common (payable in common stock).. ,f1
•1234c July 1 *Holders of rec. June 15
Extra
14 July 1 Holders of rec. June 54
7% first preferred (guar.)
50c. July 1 Holders of rec. June 15a
Artloom Corp., corn. (guar.)
14 July 1 Holders of rec. June 5a
634% first preferred (guar.)
Associated Apparel Industries
$2 July 1 Holders of roe. June 15a
3318c. July 1 Holders of roe. June 200 Commercial Solvents Corp.(guar.)
Common (monthly)
134 Sept. 2 Holders of rec. Aug. 28
Community State Corp.. A & B (quar.)_
50e. June 30
Assoe'd Breweries(Canada),corn.(qu.)154 Dec. 81 Holders of roe. Dee. 20
Class A & B (guar.)
14 June 30
Preferred (guar.)
250. June 15 June 2 to June 14
(guar.)
630. Aug. 1 Holders of rec. July 130 Conduits Co., Ltd., corn.
Associated Dry Goods common (quar.)
14 July 1 June 18 to June 30
Preference (guar.)
14 Sept. 2 Holders of rec. Aug. 100
First preferred (qua?.)
51.25 July 1 Holders of rec. June 144
Congress Cigar (guar.)
14 Sept. 2 Holders of rec. Aug. 10a
Second preferred (guar.)
25c. July 1 Holders of rec. June 14a
Extra
50o. June 29 Holders of rec. June 170
Associated 011 (guar.)
5
Consol. Auto. Merch. Corp.Prof (guar.) 8754e June 15 Holders of rec. June 15
Atlantic Gulf & West Indies 8.8. Lines,
*14 July 1 *Holders of roe. June
pref.(guar.)
June 2 Holders of rec. June 100 Consumers Co. prior
$1
Preferred (guar.)
DIvid ends om Itted.
Sept.30 Holders of roe. Sept. 100 Container Corp. of Amer., corn. A & B
$1
Preferred (guar.)
*134 July 1
Preferred (guar.)
Dee. 3 Holders of rec. Dec. lie
51
Preferred (guar.)
14 July 1 Holders of rec. June 164
25e. June 1 Holders of rec. May 21a Continental Can, preferred (guar.)
Atlantic Refining, corn. (guar.)
14
-Diamond Fibre (No. 1)--- •500. June 28 *Holders of rec. June 31
250. June 1 Holders of rec. May 21a Continental
Common (extra)
June 15 Holders of rec. May
pf. qtr.) 1
Cooksville Co. Ltd.(Montreal),
14 June 1 Holders of rec. June 5
Atlantic Terra Cotta, prior pref.(qu.)
60e. Nov. 1 *Holders of rec. Oct. 10
•
Coon (W. B.) Co., corn
June 2 Holders of roe. May 22
1
(guar.)
Preferred
*700. Aug. I *Holders of roe. July 10
Common
June 1 Holders of rec. May 310
$1
Atlas Powder, common (guar.)
*134 Nov. I *Holders of rec. Oct. 10
Preferred
June 1 Holders of rec. June 5
2
Auto Car Co. (guar.)
•134 Aug. 1 *Holders of rec July 10
Preferred
Holders of rec. June 10a
75e. July
cony. A (qu.)
AutoStrop Safety Razor,
July 1 Holders of rec. June 10
*154 July 1 *Holders of rec. ng actor Cooper Bessemer Corp.. corn.(No. M.__ .50c. July 1 Holders of rec. June 10
Babcock & Wilcox Co.(guar.)
750.
Preferred (guar.)
14 July 1 Holders of rec. May 1
Bakers Share Corp., corn. (qu.)
n134 Aug. 27 Holders of roe. Aug. 12
,
Cots. Inc., stock dividend
1 Holders of roe. Aug. 1
13.4 Oct.
Common (guar.)
n134 Nov. 27 Holders of rec. Nov. 12
Stock dividend
134 Jan 1'30 Holders of rec. Nov. 1
Common (guar.)
4334c June 15 Holders of roe. June 1
Crane Co., common (guar.)
*250. July 1 *Holders of roe. June 20
Balaban & Katz, corn. (monthly)
14 June 15 Holders of rec. June 1
Preferred (guar.)
Baldwin Locomotive Works, cont.& pf-- 334 July 1 Holders of rec. June 8a
26o. July 1 Holders of rec. June 200
Bamberger (L.)& Co.,64% pf.(qu.)-- 14 Sept. 2 Holders of rec. Aug. 12s Crosley Radio, COM.(qua?.)
04 Doe. 31 Holders of roe. Dee. 204
Dec. 2 Holders of roe. Nov. 110 Crosby Radio (stock dividend)
14
634% Preferred (quar.)
(No. 1) •260. July 1 *Holders of rec. June 1
Crown Cork Internat. pf. A(W.)
Bancroft (Joseph) & Bons Co. com.(qu.) 623443 June 29 Holders of rec. June 15
*31.50 July 1 *Holders of rec. June 13
2d preferred (guar.)
July 15 *Holders of rec. July I
$2
Bankers Capital Corp., pref.(quar.)
250. July 15 Holders of rec. Juned29a
Crown Zellerbach Corp., corn. (quar.)
Oct. 15 *Holders of roe. Sept.80
•$2
Preferred (guar.)
134 June 30 Holders of rec. June 150
Crucible Steel, pref. (guar.)
Jan15'30 *Holders of rec. Dec. 31
•$2
(quar.)
Preferred.
June 15 Holders of rec. May 31
$1
50e. July 1 Holders of rec. June 140 Cumberland Pipe Line(quar.)
(guar.)
Barker
Corp.. corn.
•14 June 15 *Holders of rec. June 1
144 July 1 Holders of rec. June 14a Cuneo Press, pref.(guar.)
Preferred (guar.)
*144 Sept.15 *Holders of rec. Sept 1
Preferred (attar.)
•$1.75 July 1 *Holders of rec. June 15
Bastian Blessing Co., pref. (guar.)
*50o. July 2 *Holders of me. June 20
Curtis Publishing, corn (monthly)
Bearings Co. of Amer., 1st pref.(quar.)- *134 June 29 *Holders of rec. June 18
*50c. July 2 *Holders of rec. June 20
Common (extra)
750. July 10 Holders of rec. June 25a
Beech-Nut Packing, common (quar.)--$1.75 July 11 Holders of rec. June 200
Preferred (guar.)
50c. July 1 .Holders of rec. June 10a
Bendix Aviation Cont.(qu.)(No. 1)---- (Montreal).
David & Frere, Ltd.
June 15 *Holders of rec. June 1
Berkey & Gay Furniture, prof.(guar.).- *2
570. June 15 Holders of roe. May 31
Class A (guar.)
30e. July 1 Holders of rec. June 20
Berry Motor (quar.)
June 22 *Holders of roe. June 8
*1
750. June 15 Holders of rec. May 24a Davie Mills(guar.)
Best & Co. (guar.)
*50o. June 15 *Holders to rec. June 5
Aug. 15 Holders of rec. July 190 Decker (Alfred) & Cohn. corn. (quar.)_. *14 Sept. 1 *Holders of ree Aug. 22
$1
Bethlehem Steel common (guar.)
Preferred (guar.)
July 1 Holders of rec. June la
14
Preferred (guar.)
31.50 July 1 Holders of roe. June 15
Deere & Co., corn. (guar.)
Bigelow-Hartford Carpet, pref. (guar.). •14 Aug. I *Holders of roe. July 18
$2.50 June 15 *Holders of rec. June 1
•
Del. Lack. & West. Coal (guar.)
*14 Nov. 1 *Holders of rec. Oct. 18
Preferred (guar.)20c. July I Holders of rec. June 15
Detroit & Cleveland Nay.(guar.)
Blumenthal(Sidney)& Co., prof.(guar.) 154 July 1 Holders of rec. June I5a
•20c. June 15 *Holders of rec. May 29
554 July 1 Holders of rec. June 15a Detroit Motor Bus.
Preferred (acct. accumulated dIvs.)
JUDI) 15 Holders of roe. May $W
2
1 Holders of rec. June 15a Diamond Match (guar.)
750. July
Bohn Aluminum & Brass (quar.)
15 *Holders of rec. June 1
50c. July 1 Holders of rec. June 15a Diesel-Wemmer-Gilbert Co., com.(qu.)_ *3734c June 1 *Holders of rec. June 20
Extra
87340 July
Doehler Die-Casting, 7% pref.(quar.) *
$2 June 15 Holders of rec. May 31
Bolan Chico 011 class A (guar.)
411.75 July 1 *Holders of rec. June 20
7% preference (guar.)
SI July 30 Holders of rec. July I5a
Bon Anti Co., class A (guar.)
14 July 2 Holders of rec. June 15
$1 July 30 Holders of rec. July 15a Dominion Glass. corn. & pref. (qua?.).. $1.25 July 2 Holders of rec. June 15
Class A (extra)
Dominion Textile, corn. (guar.)
Holders of rec. June 24
50c. July
Class B (guar.)
154 July 15 Holders of rec. June 29
Preferred (guar.)
Holders of rec. June 154
July
$1
Borg-Warner Corp., cont. (guar.)
July 1 *Holders of rec. June 1
*SI
Holders of rec. June 150 Draper Corporation (guar.)
July
Common (payable in common stock)_ _ f2
July 15 Holders of roe. July la
sl
Internat. (stock dividend)
Common (payable In common stock).- 150 Au . 1 Holders of rec. Aug. la DtmhIll
Oct.15 Hollers 01 roe. Oct la
81
Stock dividend _
*Holders of rec. June 15
*134 July
Preferred (guar.)
May 290
Du Pont
(E.I.)de Nemours Co.,com.(qu.) $1 June 15 Holders of rec. May 29a
of rec. June 1
June 29 Holders
3
Boston Wharf
50o. July 3 Holders of rec.
Common (extra)
Boston Woven Hose & Bubb..com.(qu.) $1.50 June 15 Holders of roe. June 1
Holders of rec. July 104
14 July 25
Debenture stock (guar.)
June 15 Holders of rec. June I
Preferred
33
750. June 30 *Holders of rec. June 20
•
Brillo Mfg. Co., class A (guar.)
50c. July 1 Holders of rec. June 15a Early & Daniels common (guar.)
14 June 30 *Holders of roe. June 21
•
Preferred (guar.)
Class A (guar.)
50c. Oct. 1 Holders of rec. Sept. 15a
rec. July 1
Eastern Bankers Corp. prof.(quar.)..... 51.75 Aug. 1 Holders of rect. Sept.30
Co.(guar.)
of rec. June 19
Bristol-Myers
4
June 29 *Holders
11
$1.75 Nov. 1 Holders of
Preferred (guar.)
Extra
•250 June 29 *Holders of rec. June 19
Holders of roe. Dec. 81
$1.75 Febl'30
Preferred (guar.)
British-American Tobacco.ord.(Interim) On June 29 Holders of coup. No. 130
Brockway Motor Truck, cony. pf. (qu.) 14 July 1 Holders of rec. June 100 Eastern Utilities Investing Corp.
$1.25 July I Holders of roe. May 31
35 Prior pref. (guar.)
$1
Buckeye Pipe Line (guar.)
June 15 Holders of roe. Apr. 22
$1.25 July 1 Holders of rec. May 314
Eastman Kodak,corn.(guar.)
Extra
$1
June 15 Holders of rec. Apr. 22
750. July 1 Holders of roe. May 314
Common (extra)
-Erie Co., corn.(guar.)
250. July 1 Holders of rec. May 20a
Bucyrus
134 July 1 Holders of rec. May 31a
Preferred (guar.)
Preferred (guar.)
14 July 1 Holders of roc. May 290
roe. June la
% Pf.(QU.) 14 June 15 Holders of roe. June 1
Eitington-Schild Co Inc..
(guar.)
6234c. July 1 Holders of rect. May 29s
Convertible preference
•3734c June 15 *Holders of
14 June 29 Holders of rec. June 100 El Dorado Works (guar.)
Budd Wheel,7% 1st prof.(guar.)
of rec. June 80
400 June 29 Holders of rec. June 18a Electric Stor. Battery, COM.& pf.(qu.)_ $1.25 July 1 Holders of rec. June la
Bullard Company,corn.(guar.)
.June 24 Holders
760. June 10 Holders of roe. May 27a Emporium Capwell. corn. (quar.)
Burroughs Adding Macb. (guar.)
6234o July 1 Holders of roe. June 15a
Equitable Office Bldg. corn.(guar.)
Bush Terminal 131dgs.. pref.(guar.).- '154 July 1 *Holders of rec. June 14
14 July I Holders of roe. June 15a
corn. (guar.)
Preferred (guar.)
•50o. Aug. 1 *Holders of rec. June 28
Bush Terminal Co.,
Equitable Investing Corp.
Common (payable in common stock).- '1134 Aug. 1 *Holders of rec. June 28
of rec. May 31
Corn. A (payable in common A stock)_ 14 June 15 Holders of rec. June 26
*144 July 15 *Holders of roe. June 28
Preferred (guar.)
July I Holders
50c June 25 Holders of roe. June 10a Erskine-Danforth Corp., pref. (gu.).--- 2
By-Products Coke Corp.. corn.(guar.).Oct. 1 *Holders of roe. Sept. 20
50o
Holders of rec. June 100 Evans Auto Loading,stook dividend.- *82
Common (extra)
•60o. Aug. 1 *Holders of rec. July 20
*0300 June 15 *Holders of rec. June 15
Falr (The), COM.(guar.)
Cony.(payable in corn. stock)
*Holders of rec. July 20
*1St Aug.
•500. July 1 *Holders of rec. June 20
Preferred (guar.)
California Ink (guar.)
.June 29 Holders of roe. June 126
$1
June 15 Holders of rec. May 310 Fairbanks. Morse & Co.corn.(quar.)--California Packing (guar.)
6214e June 29 Holders of rec. June I70
corn.(No. 1)
12.50 June 17 Holders of rec. May 3I6 Fashion Park Associated,
Calumet & Arizona Mining (guar.)
154 June 29 Holders of rec. June lie
Awe 29 Holders of rec. May 310
Common(payable in corn.stook)._
Calumet & Hecht Cons. Copper Co.(qu.) $1
50o. July 1 June 16 to June 17
144 June 29 Holders of rec. May 31
Faultless Rubber, corn. (guar.)
Canada Cement pref.(guar.)
14 July 1 June 16 to June 17
374c June 15 Holders of roe. May 31
Preferred (guar.)
Canada Malting Co., Ltd.(guar.)
14 July 1 Holders of roe. June 8
50o June 15 Holders of reo. May 31
Federal Bake Shops. Inc. pref.(guar.)
Canada Wire & Cable corn. A (No. 3)
July 1 *Holders of rec. June 20
Federal Knitting Mills, pref. (qua?.)..634% pref.,(No. 1) for period April 15
'134 Oct. 1 *Holders of rec. Sept. 20
13-16 June 15 Holders of roe. May 31
Preferred (guar.)
to May 31
Holders of rec. May 24a
Federal Mining & Smelting. pfd.(guar.)_ 14 June 15 Holders of rec. June 20a
Bakeries, 1st & 2d pref.(qu.). '154 June 15 June 4 to June 16
Canadian
20e. July
Federal Motor Truck (guar.)
Canadian Car & Foundry,ord.(qua?.). 134 Aug. 30 Holders of rec. Aug. 15
Holders of rec. June 20
134 July 10 Holders of rec. June 25
Federated Business Pubs. 1st pf. (qu.)... 6234c July 1 Holders of rec. June 1
Preference (guar.)
13( July 1
Feltman Curme Shoe Stores Pr.(qu.)
Canadian General Elea.. Prof. (guar.).- 874c July 1 Holders of rec. June 15
50e. July 1 Holders of rec. June 15
$1.75 June 30 Holders of reo. May 20
Ferry Cap
Canfield Oil, corn.& pref.(guar.)
•16c. June 19 *Holders of rec. June 14
51.75 Sept.30
olden of roe, Aug. 20
Fifth Ave.Bus Securities(guar.)
preferred(guar.)
Common &
B (qu.) 17340 July 15 Holders of rec. July 5
$1.75 Dec. 81 Holders of roe. Nov. 20
Finance Co.of Amer.,coin. A &
Common & preferred (guar.)
43340 July 15 Holders of rec. July 5
14 June 15 Holders of rec. June 10
7% pref. (guar.)
Carter (William) Co., pref.(qua?.)
034 July 1 Holders of rec. June 15
Case (J. I.) Threshing Mach.,corn.(qu.) 14 July 1 Holders of rec. June 120 Floats. Investing Co. of N.Y.,com.(qu.) •e10 June 15
IS( July 1 Holders of roe. June 120 First Bankstock Corp.(In stock)
Preferred (guar.)
3754e July 1 Holders of rec. June 10a
50o. July 10 Holders of rec. June 220 First National Stores. corn.(guar.)
Steel, cont. (guar.)
Central Alloy
134 July I Holders of rec. June 10
134 July 1 Holders of no. June 134
Preferred (guar.)
Preferred (guar.)
Holders of roc. June 15
14 July 1 Holders of rec. June 156 First Trust Bankstock Cont.(in stoch)-- 010
Century Electric, common (quar.)
$1 Jttne 29 Holden of roe. June 8o Fits Simmons Dredge & Dock
(guar.)
Cbesebrough Mfg. Conan'.
(1) Sept. 1
50o. June 29 Holders of roe. June 1311
Corn.(1-40th share cont.stk.)
Extra
(1) Deo. 1
25e. July 1 Holders of roe. June 200
Corn.(1-40th ahare corn.stk.)
Chicago Yellow Cab (monthly)
750. July I Holders of rec. June 130
260. Aug.
Holders of rec. July I9a Flelschmann Co. common (guar.)
Monthly
134 July I Holders of rec. June 15a
260. Sept.
Holders of rec. Aug. 20a Florsbelm Shoe, prof.(guar.)
Monthly
50e. June 15 Holders of rec. May Ma
•75o. July
Bros.& Co. torn.(quar.)---*Holders of reo. June 10
Follansbee
Chicasha Cotton 011 (guar.)
25o. June 15 Holders of rec. May 3Ia
600. June 10 Holders of roe. May 24a
Common (extra)
Childs Company common (guar.)
134 June 15 Holders of rec. May 31
14 June 10 Holders of rec. May 240
Preferred (guar.)
Preferred (guar)
1 *Holders of rec. June 20
& Mach. corn. (quar.).. O30c. Jul
87340 June 28 Holders of rec. June la Foote Bros. Gear
Chile Copper Co.(guar.)
*14 July 1 *Holders of rec. June 20
75e. June 29 Holders of roe. May 31a
Preferred (guar.)
Chrysler Corporation (guar.)
65e. June 15 Holders of rec. June
Co. common (guar.)
:$331..5075 July 1 *Holders of roe. June 15
(guar.)
Foote-Burt
City of Paris, 1st pref.
350. July 1 *Holders of roe. June 15
•
Aug. 15 *Holders of rce. Aug. 1
Formica Insulation (guar.)
Second preferred (guar.)
•360. Oct. 1 *Holders of rec. Spat.14
.July 1 Holders of roe. Juned15a - Quarterly
City Stores Co., corn.(guar.)(No. 1)_
*35e. Jan1'30 *Holders of rec. Dee. 14
1 *Holders of rec. June 15
Quarterly
•41zao July
Clark (L. D.) Co.(No. I)
1
3786
FINANCIAL CHRONICLE
Per
When
Deal. Payable.
Books Closed
Days Inausior.
[VOL. 128.
Per
When
Books Closed
Name of Company.
Cent. Payable,
Days Inclusive.
Miscellaneous (Continued,.
Miscellaneous (Continued).
Foster Wheeler Corp. corn
250. July 1 Holders of rec. June 12
Jones dr Laughlin Steel, pref. (guar.) ___
1M July 1 Holders of rec. June 13a
Convertible preferred (quar.)
1% July 1 Holders of rec. June 12
Kalamazoo Vegetable Parohment(qM)
•15o. June 30 *Holders of roe. June 20
Fuller (George A)Co. partic.pr. Pf.(qu.) $1.50 July 1 Holders of rec. June 100
Quarterly
•150. Sept.30 *Holders of roe. Sept.20
Partic. prior pref.(participating div.)- $2.68 July 1 Holders of r.o. June 10a
Quarterly
•150. Dec. 31 *Holders of roe. Dee. 21
Partic.second prof.(quar.)
51.60 July 1 Holders of rec. June 100 Kaufmann Dept. Stores., pref.(guar.).- 154 July 1 Holders of rec. June 10
Pectic.second pref.(partic. div.)
$1.92 July 1 Holders of rec. June 10a Kawnee Company (guar.)
'62)40 July 15 'Holders of rec. June 80
Gamewell Corp. (quar.)
111.25 June 15 *Holders of rec. June 4
Quarterly
082 M c Oct. 15 *Holders of reo. Sept. 30
General American Investors
Quarterly
*62 M c JanI5'30 *Holders of rec. Dee. 31
Common (payable in common stock) _ 1100
Holders of rec. June 8
Kaynee Co., common (extra)
'
12340 July 1 *Holders of rec June 20
General American Tank Car (qUar.)---- 81
July 1 Holders of rec. June 130 Kayser (Julius) & Co. corn
150 July 1 Holders of rec. JuneolOa
StockdIvidend
1
July 1 Holders of reo. June 130 Kelsey-Hayes Wheel, corn. (guar.)
500. July 1 Holders of rec. June 200
General Motors Corp.corn.(quar.)
75c. June 12 Holders of rec. May 18s Kennecott Copper Corp.(quar.)
$1.25 July 1 Holders of rec. May 31a
Common (extra)
300. July 2 Holders of roe. May 18a Kilburn Mfg.(guar.)
•S1
June 15 *Holders of rec. May 31
6% debenture stock (quar.)
1M Aug. 1 Holders of roe. July 80 Kimberly-Clark Co.,corn.(guar.)
'62 Mc July I *Holders of rec. June 12
6% preferred (quar.)
134 Aug. 1 Holders of rec. July 8a
Preferred (quar.)
•1% July 1 *Holders of rec. June 12
7% Preferred (guar.)
1% Aug. 1 Holders of rec. July 80 Kinney (G. rt.) Co.. Inc.. now com.(CaL) •250. July 1
*Holders of rec. June 17
General Development
250. June 29 Holders of rec. June 15
Knox Hat, prior pref.(quar.)
51.76 July 1 Holders of rec. June 150
General Paint Corp. class A (quar.)
•500. June 17 *Holders of rec. June 1
Prior preference (quar.)
$1.76 Oct. 1 Holders of reo. Sept. 160
Class B (quar.)
'37)4c June 17 *Holders of rec. June 1
Participating pref.(guar.)
750 Sept. 3 Holders of roe. Aug. 150
General Public Service Corp.
Participating pref.(quar.)
75e Dec. 2 Holders of roe. Nov. 150
Corn. (3-10th share cont. stock)
June 29 Holders of rec. June 3
Kraft-Phenix Cheese Corp., corn. (au). 375.4c July 1 Holders of rec. June 10a
$6 preferred (quar.)
51.50 Aug. I Holders of rec. July 10
Preferred (guar.)
1.62)4 July 1 Holders of reo. June 10a
55Si preferred (quar.)
• 1.37M Aug. 1 Holders of rec. July 10
Kresge (S. S.) Co., corn. (guar.)
40e. June 29 Holders of rec. June 10a
General Railway Signal, corn.(quar.)
$1.25 July 1 Holders of roe. June 10a
Preferred (quar.)
154 June 29 Holders of rec. June 10a
Preferred (slum.)
134 July 1 Holders of rec. June 10a Kreuger & Toll, American shares
51.34 July 1 Holders of rec. June 7a
General Spring &Bumper. Cl. A (quar.)_ '6234c July 1 *Holders of rec. June 20
Kuppenhelmer (B.) & Co., corn
El
July 1 Holders of rec. June 22a
Class B ((mar.)
'37)4c July 1 *Holders of rec. June 20
Lake Shore Mines, Ltd.(quar.)
"20c. June 15'Holders
Giant Portland Cement pref
3Si June 15 Holders of rec. June 3a Lakey Foundry & Mach.stock dividend_ "e234 July 30 *Holders of rec. June 1
of rec. July 15
Gilmore (F. E.) Co. (quar.)
44c. July 10 *Holdirs.of rec. Junr 29
Stock dividend
'e2)4 Oct. 30 *Holders of rec. Oct. 15
Gladding.McBean& Co..com in corn stk) *2
(
Oct. I
_____________
Lamson dr Sessions Co., corn. (auar.)... 62M c June 15 Holders of rec. June 5
Gleaner Combine Harvester corn.(qu.) _ _ $1
July 1 Holders of rec. June 15
Common (extra)
12 Mc June 15 Holders of rec. June 5
Glidden Co.. common (guar.)
37S40 July 1 Holders of rec. June 18a Landers, Frary & Clark (Guar.)
•760' June 30 *Holders of rec. June 19
Common (extra)
12)4c July 1 Holders of rec. June 18a
Quarterly
*750. Sept. 30 *Holders of roe. Sept. 20
Prior preferred (quar.)
1% July 1 Holders of rce. June I8a
Quarterly
*75c. Doe. 31 'Holders of rec. Dec. 21
Globe Grain & Milling
Lane Drug Stores, Inc., cony. pf.(an.)..
500, July 1 Holders of rec. June 15
Common ((mar.).
*2
July 1 *Holders of reo. June 20
Langena• rt United BakeriesFirst preferred (guar.)
•1SE July 1 *Holders of roe. June 20
Class A and B (guar.)
•500. July 15 *Holders of reo. June 80
Second preferred (quar.)
"2
July 1 *Holders of rect. June 20
Class A and B (quar.)
•500. Oct. 15 *Holders of reo. Sept. 30
Godman (II. C.) Co., 2d pref
$1.75 June 10 Holders of rec. June 1
Class A and B (guar.)
.150a. Ja 15'30 'Holders of rec. Dee. 30
Goldberg (S. M.)Stores Inc. pref.(au.). •51.75 June 15 *Holders of rec. June
Leath & Co., pref.(quar.)
'87(4c July 1 *Holders of reo: June 15
Golden State Milk stock dividend (qu.). *el
Sept. 1 *Holders of rec. Aug. 16
Preferred (attar.)
'87)40 Oct. 1 'Holders of rec. Sept. 15
Stock dividend
eel
Dec. 1 "Holders of reo. Nov. 15
Lehigh Portland Cement, Pref.(quer.).154 July 1 Holders of reo. June 14.
Goodrich (B. F.) Co.. pref. (guar.).1M July 1 Holders of rec. June 10
Lehigh Valley Coal Corp. pre'. (quar.)_
750. July 1 Holders of reo. June 12a
Goodyear Tire dr Rubber,corn.(guar.)
$1.25 Aug. 1 Holders of rec. July i a Lehigh Valley Coal Sales (quar.)
900. June 29 June 13 to June 29
First pref.(quar.)
1% July 1 1101deell of rec. June la Leslie California Salt Co.(quar.)
"570. June 15'Holders of rec. June 1
Gorham Mfg., corn. (quar.)
50c. Sept. 1 Holders of rec. Aug. 1
Lassings, Inc.(aunt,)
15c. July 1 Holders of rec. June 11
Common (quar.)
50e. Dec. i Holders of rec. Nov. 1
Extra
10c, July 1 Holders of rec. June 11
Gorton dr Pew Fisheries, corn. (quar.).. *75e. July 1 *Holders of rec. June 20
Ley (Fred T.) & Co.. Inc. (qu.)(NO. 1)
75o. July 5 Holders of rec. June 15
Gotham Silk Hosiery. common (quar.)
62S4c July 1 Holders of rec. June 12a Libby, McNeil & Libby pref
*53.50 July 1 "Holders of rec. June 14
Granger Trading Corp. (guar.)(No. 1).
40e, June 21 Holders of rec. June 6
Liggett & Myers Tobacco, pref.(quar.). 154 July 1 Ilolders of rec. June 10.
Great Western Sugar, common (quar.).
700. July 2 Holders of rec. June 15a Lincoln Interstate Hoofing
15o. July I Holders •fli me June 211
_
Preferred (quar.)
1)4 July 2 Holders of rec. June 15a Loew's, Inc., common (quar.)
50c. June 29 Holders of rec. June 14a
Greene Cananea Copper (quilt.)
July 1 Holders of rec. June Oa Lord dr Taylor, common (guar.)
$2
2M July 1 Holders of rec. June 150
Greenfield Tap & Die Corp.6% pl.(qu.) 134 July 1 Holders of ref. June 16
Lunkenheimer Co., corn.(guar.)
•3754c June 15 *Holders of rec. June 5
8% preferred (quar.)
July 1 Holders of roe. June 15
2
Preferred (quar.)
't)4 June 29 'Holders of rec. June 19
Greeuway Corp., 5% pref.(quar.)
.75c. Aug. 15 *Holders of rec. Aug
r
Preferred (quar.)
'1(4 Sept.30'Holders of roe. Sept.20
5% preferred (guar.)
•750 Nov. 15 *Holders of rec. Nov 1
Preferred (quar.)
•134 Deo. 31 'Holders of rec. Dee. 21
Gruen Watch, common (guar.)
"50e. Sept. 1 "Holders of rec. Aug. 21
Lyons-Magmus,Inc..(qu.)(No.1)
'3734e July 1 *Holders of rec. Juno 15
Common (quar.)
•500. Dee. 1 *Holders of rec. Nov. 20
Macy (R. H.) & Co., Inc., com.(extra)
51 July 1 Holders of roe. June 140
Common (quar.)
•50o. M'rl'30 *Hold. of reo. Feb. 18'30
Malacca Rubber Plantations
Preferred (quar.)
•15E Aug. 1 *Holders of rec. July 21
Amer. dep, rots, ordinary shares
staM Juno 27 *Holders of rec. May 24
Preferred ((War.)
•13.4 Nov. 1 "Holders of roe. Oct. 21
Mallinson (H. R.) pref. (quar.)
1M July 1 Holders of rec. June 20a
Preferred (quar.)
•1
Febl'30 *Hold, of reo. Jan. 21 '30
Mapes Consolidated Mfg
500. July I Holders of rec. June 14
Gull States Steel, corn,(quar.)
.51
July 1 "Holders of rec. June 15
Extra
50c. July 1 Holders of rec. June 14
Preferred (quar.)
154 July 1 Holders of rec. June 16a
Mathieson Alkali Wks., corn. (quar.) -- k50o. July 1 Holders of rec. June 7a
Preferred (quar.)
15E Oct. 1 Holders of rec. Sent. 16e
Preferred (quar.)
15E July 1 Holders of roe. June 7a
Preferred (quiz.)
134 Jan 2'30 Holders of roe. Dec. 180 McGraw-Hill Publishing. corn. (qu.)- -500. July 1 Holders of rec. June 20a
Habirshaw Cable & Wire (quar.)
250. July 1 Holders of rec. June la McKee(Arthur G.)& Co.. cl. A
750. July 1 Holders of roe. June 20
(quar.)
Hall (C. M.) Lamp Co.. (qua?,)
•37)4c June 15 *Holders of rec. June 1
McKesson & Robbins, Inc., pref. (qu.)- 87Sic. June 15 Holders of coo. June la
Extra
•12Sic June 15 *Holders of rec. June 1
Melchers Distillers, Ltd.(Montreal)
Hamilton(Alexander)Invest. Corp.cLA _ •30c. July 1 *Holders of rec. June 15
Class A
500. June 15 Holders of rec. May 31
Hamilton United Theft.(Can.), pf.(qu.) 15I June 29 Holders of rec. May 31
Mergenthaler Linotype (guar.)
$1.25 June 29 Holders of rec. June 54
Hanes (P. H.) Knitting. pref. (guar.)._
1M July 1 Holders of rec. June 20
Extra
50c. June 29 Holders of rec. June 5a
Hanna Furnace pref.(quar.)
2
June 15 Holders of rec. June 5
Merit Hosiery, pref.(No. 1)
•75c. June 1 *Holders of rec. May 20
Hanna(M.A.) Co., 1st pref.(quar.)___ 1% June 20 Holders of rec. June 6a
Metro-Goodwyn Pictures. prof. ((Var.). 47M0 June 15 Holders of rec. May 310
Harbison-Walker Refract., pref.(quar.). 1Si July 20 Holders of rec. July 10a
Metropolitan Paving Brick, pref.(qu.)
1% July 1 June 2 to June 30
Hayes Body Corp.(quar.) (pay. in stk.) 2
July 1 June 28 to June 80
Midvale Company (guar.)
750. July 1 Holders of rec. June 15
Quarterly (Payable in stook)
2
Oct. 1 Sept. 26 to Sept. 30
Miller & Hart, pref. (quar.)
'87)40 July I *Holders of rec. June 16
Quarterly (payable in stock)
Jan2'30 Dec. 25 to Jan
2
1
Milnor. Inc. (quar.) (No 1)
•250. July 1 *Holders of reo June 15
Heels Mining (quar.)
.250. June 15 *Holders of roe. May 15
Mining Corp. of Canada (interim)
1234c June 13 Holders of rec. May 30
Helme(George W.)Co. morn.(guar.). -- $1.25 July 1 Holders of rec. June 100
zdtnneapolls-Honey well Beg., corn
•51.25 Aug. 15 *Holders of reo. Aug. 3
Preferred (quar.)
154 July 1 Holders of rec. June 10a
Preferred (quar.)
'154 Aug. 15 *Holders of rec. Aug. 1
Hercules Powder common (quar.)
750. June 25 Holders of rec. June 14
Preferred (quar.)
•144 Nov. 15'Holder, of reo. Nov. 1
Hibbard,Spencer. itar lett&Co.(mthie.)
350. June 28 Holders of MO. June 21
Mohawk Carpet Mills.(quar.)
'62(40 July 1 *Holders of rec. June 10
Holland Furnace (quar.)
(u) July 1 Holders of rec. June 15a
Extra
•250. July 1 'Holders of rec. June 10
Hollinger Cons. Gold Mines (monthly).5c. June 17 Holders of rec. May 31
Mohawk Rubber, Prof. (quar.)
1% July 1 Holders of rec. June 15
Home Oil Co., Ltd.(No. 1)
20
June 29 June 9 to June 29
Monroe Chemical, corn.(quar.)
'37(4e July 1 *Holders of rec. June 15
Horn!Signal Cht.9.9 A & AA (guar.)
25e. Juned20 Holders of rec. May 31
Preferred (guar.)
*87S4 July 1 *Holders of rec. June 15
Houdaille-Hershey Corp. class A (qu.)-- 62S4c July 1 Holders of rec. June 20a
Monsanto Chemical Works (in stock).
- '154 Aug. I *Holders of roe. July 20
Class B (quar.)
'3734c July 1 'Holders of rec. June 20
Monsanto Chemical Works (guar.)
6234c July 1 Holders of rec. June 20
Hupp Motor Car stock div.(qua?.)
52% Aug. 1 Holders of rec. July lba Montgomery
Ward & Co. class A (qu.)-- •1% July 1 *Holders ef rec. June 20
Stock dividend (quar.)
5231 Nov. 1 Holders of reo. Oct. lbo
Montreal Cottons, Ltd.. common (au). 154 June 15 Holders of rec. May 31
Huron dr Erie Mortgage ((Afar.)
*2
July 2
Preferred (quar.)
1% June 15 Holders of rec. May 31
Quarterly
Oct. 1
*2
Morrell (John) & Co.(quer.)
90c. June 15 Holders of rec. May 3I0
Hudson Motor Car (quar.)
$1.25 July 1 Holders of rec. June 1l
Motor Products (quar.)
si July 1 Holders of rec. June 260
Hydro-Electric Securities (qu.) (No. 1).
25c. June 14 Holders of rec. June 5
Motor Wheel Co. (guar.)
50c. June 20 Holders of rec. June 54
IllinoisBrick (quar
•60c July I's *Holders of tee July n
Muncie Gear Co.. pref., class A
(guar.) '500. July 1 'Holders of rec. June 15
Quarterly
*60 Oct 15 *Holders of rec Oct 3
Preferred. clam A (quar.)
•500. Oct. 1 *Holders of roe. Sept.15
Illinois Pipe Line
"$10 Jude 15 *Holders of reo. May 13
Preferred, class A (quar.)
*60c. Jan 1'30 *Holders of reo. Dec. 15
Imperial Tobacco (interim)
'1)4 June 28 *Holders of rec. June 7
Murphy (G. C.) Co.. pref
July 2 *Holders of rec. June 21
*2
(OW-)
Ingersoll-Rand Co.. preferred
3
July 1 Holders of rec. June 5a
Preferred (quar.)
Oct. 2 *Holder.; of rec. Sept.21
*2
Inspiration Consol. Copper Co. (quar.). SI
July I Holders of rec. June 13a
Murry Corporation (qu.)(No. 1)
*75c. July 15 *Holders of tee. July 1
Internal. Business Machines (quar.).,.. $1.25 July 10 Holders of rec. June 250
Corn.(payable in com. stock)
.1,4 July 15 *Holders of me. July
1
International Cement, common (quar.). 51 June 28 Holders of rec. June tin Muskogee Co
June 15 *Holders of rec. June 6
*E4
Internat. Combustion Eng.,prof.(quar.) 1% July 1 Holders of rec. June 17a
Myers Pump, corn.(quar.)
50c. June 29 Holders of rec. Juno 15
Int. Cont.Invest. Corp.corn.((mar.)_
. •2552 July 1
Preferred (guar.)
154 June 29 Holders of rec. June 15
Internat. Equities Corp.. class A (quar.) 87Mc. July 1 Holders of rec. June 20
Nat. Bellas-Hess, new corn.(guar.)
250. Ally 15 Herders of rec. July la
laten2at. Harvester common (quer.).--- 62 M c July 15 Holders of rec. June 25a
Now common (quar.)
250. Oct. 15 Holders of tee. Oct. la
Internat. Holding & Dev., common.... •100. June 14 "Holders of rec. June 5
New common (quar.)
250. Jan. 15 Holders of rec. Jan.2300
Internat. Match, corn. (quar.)
80e. July 15 Holders of rec. June 25a
Stock dividend (quar.)
July 15 Holders of rec. July la
el
Participating preference (quar.)
80c. July 15 Holders of rec. June 25a
Stock dividend (quar.)
Oct. 15 Holders of roe. Oct. la
el
Internat. Nickel of Canada, com.(qu.).
200. June 29 Holders of rec. June la
Stock dividend (qua?.)
Ja.15'30 Holders of roc Jan. 2'30a
el
Internat. Proprietaries, Ltd.,(Montreal)
National Biscuit. corn. (qua?.)
II 50 July 15 Holders of reo. June 280
Class A (quar.)
65e. June 15 Holders of rec. May 25
Common (extra)
50c. July 15 Holders of reo. June 284
International Salt
$1.50 July
Holders of rec. June 16a National Breweries, corn.(quar.)
July 2 Holders of rec. June 15
El
International Shoe, corn.(quar.)
*Holders of rec. June 15
'6234c July
Preferred (guar.)
154 July 2 Holders of reo. June 15
Preferred (monthly)
'Holders of me. June 16
Mc July
National Brick of La Prairie
Preferred (monthly)
*Herders of rec. July 16
•150o Aug.
Preferred (quar.)
154 June 15 Holders of tee. May 31
Preferred (monthly)
•150o Sept. 'Holders of rec. Aug. 15
Nat. Dairy Products. corn.(quar.)
37S40 July 1 Holders of rec. June 3.
Preferred (monthly)
*Holders of reo. Sept. 16
•50o Oct.
Common (payaole In common elk.).- fi
July I Holders of me June 30
Preferred (monthly)
.500 Nov. 'Holders of roe. Oct. 18
Common (payable In common stock)
Cl
I Holders lif roe Rept. 30
Oct
Preferred (monthly)
'folders of roe. Nov. 15
•50o Doe.
Preferred A(
•1 M July 1 'Holders of rec. June 3
guar.)
Preferred (monthly)
•50e Jan 1'30 *IIeiders of rec. Dee. 115
National Distillers, prof. (qu.)(No. 1)... •51.75 Aug. 1 *Holders of rec. July 15a
Internat. Silver. pref.((mar.)
'154 July 1 Holders of rec. June 12a Nat Fireproofing, pref.(quay.)
6234o. July 15 Holders of rec. July 1
Interstate Hosiery Mills (No. 1)
'45c. July 1 *Holders of rec. June 15
Preferred (quar
62 Mc Oct 15 Holders of rec. Oct. 1
Intertype Corp., corn. (in corn. stock)._ 110 June 15 Holders of rec. June I a National Food
Products
-First preferred (guar.)
July 1 Holders of rec. June 15
$2
Class B (payable in class Beth.)
Oct. 15 Holders of reo. Oct. 5
2
Second preferred
July 1 Holders of rec. June IS
53
National Grocers (Toronto), let pf.(cfil.) •82
July 1 *Holders of rec. June 15
Investors Equity Co., Inc., common
July 1 *Holders of rec. June 20
*SI
National Lead common (quar.)
154 June 29 Holders of rec. June 14a
Irving Air Chute(NO. 1)
.500. July 1 *Holders of rec. June 15
Preferred class A (quar.)
1% June 15 Holders el rec. May 31.
Isle Royale Copper Co
*50c. June 29 *Holders of rec. May 31
Preferred class B (quar.)
1)4 Aug. 1 Holders of rec. July 19a
Jefferson Electric (quar.)
•75c. July 1 *Holders of rec. June 15
National Mfg.& Stores, 7% 1st Pf.(111.)• '134 July 1 'Holders of rec. June 15
Quarterly
.750. Oct. 1 *Holders of rec. Sept. 17
National Standard Co.(quar.)
.75c. July 1 •lIolders of rec. June 20
Jewel Tea common (quar.)
75e. July 15 Holders of rec. July 3a National Sugar Rol.
500. July 1 Holders of rec. June 3
(guar.)
Common (extra)
June 15 Holders of rec. June 3a National Supply of Del.. pref. (qu.) --- 154 June 29 Holders of rec. June 19a
51
Common (payable in corn.stock)
June 20 Holders of rec. June 3a National Surety Co.(quar.)
175
51.25 July 1 Holders of tee. June 18a
Johns-Manville Corp., corn. (quar.)____
75c, July 15 Holders of rec. June 24a Neil Corporation, 1st pref. (qu.)
*$1.31 July 1 *Holders of roe. June 15
Preferred (quar.)
1)4 July 1 Holders of rec. June 10a Nelson (Herman) Co.(quar.)
*50c. July 1 'Holders of rec. June 20
Joint Security Corp
Neptune Meter, class A Js B (quar.)
50c. June 15 Holders of rec. June 1
Corn.(payablein corn.stook)
Aug, 1 Holders of reo. July 20
fl
New Amsterdam Casualty (in stk.) ---- e50 July 15 Holders of roe. June 15
Coln.(payableIn corn, Mock)
Nov. 1 Holders of rec. Oct. 20
fl
New Bedford Cotton Mills, pref.(an.).-'11.50 July 1 "Holders of rec. June 10
Name of Corn pans
JUNE 8 1929.]
Name of Company.
3787
FTNANCTA L CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
.
Miscellaneous (Continued)
35c. July 1 Holders of rec. June 40
Shell Union 01I, corn. (guar.)
-•271ec July 1 *Holders of rec. June 19
Newberry (J. J.) Co. common (quara
$1.25 June 15 Holders of rec. June to
Shubert Theatre common (guar.)
New Haven Clock, corn.(quar.)(No. 1) •373o July 1 •Holders of rec. June 20
400. June 15 Holders of rec. Slay 3I0
Simms Petroleum
0500. Aug. 10 *Holders of rec. July 20
New Jersey Zinc (quar.)
50c. July 15 Holders of rec. June 15a
Sinclair Consol. 011 Corp. coin.(quar.)_ _
*50c. June 14 °Holders of rec. June I
Extra
25e. July 15 Holders of rec. June 150
Common (extra)
•50c. July 10 *Holders of rec. June 20
Extra
500. June 15 Holders of rec. May 15a
June 29 Holders of rec. June 200 Skelly 011 (quar.)
75c.
Newton Steel, corn.(quar.)
common-D lviden d omitt ed
Sloss-Sheffield Steel & Iron,
*$1.50 July 31 *Holders of rec. July 15
Preferred (guar.)
•14 July 1 •Holders of rec. June 20
Preferred (Quar.)*374c June 15 *Holders of rec. June 1
Co.(quar.)
New York Auction
62940. June 15 Holders of rec. June 5
Smallwood Stone class A (quar.)
July 15 Holders of rec. July 5
3
N.Y. Investors. Inc., 1st pref. (quar.)_ _
"$1.25 June 20 *Holders of rec. Slay 31
Solar Refining
•50c. June 28 *Holders of rec. June 13
New York Transportation (quar.)
.25c. July 15'Holders of rec. July 1
Southland Royalty (guar.)
*434c July 1 *Holders of rec. June 20
Nichols Copper, class A (quar.)
*50c. June 29 *Holders of rec. June 15
South Penn 011 Co.(quar.)
•75e. Nov. 1 *Holders of rec. Feb. 1
Class B
50c. July 1 Holders of rec. June 100
60c. July 2 Holders of rec. June la South Porto Rico Sugar, corn.(guar.)Holdings Corp. (quar.)
Nickel
July 1 Holders of rec. June 10a
2
Preferred (quar.)
01 4 June 29 •Holders of reo. June 10
-Pond, Prof. (Quer.)
Niles-Bement
July 1 Holders of rec. June 15
$1
South West Pa. Pipe Lines (guar.)
North Amer. Provision, pref. (quar.)__ _ °194 July 1 *Holders of rec. June 10
40e. July 15 Holders of rec. June 300
Spalding (A. G.)& Bros., corn.(quar.)
(qu.) •50c. June 1 *Holders of rec. May 27
North Atlantic Oyster Farms, el. A
75c. June 29 Holders of rec. June 140
Co. corn.(quar.)___ _
Sparks-Withington
$1624 July 1 Holders of rec. June 10
North Central Texas Oil, pf. (quar.)
El
June 29 Holders of rec. June 140
Common (extra)
19e. Sept. 1
Northern Manufacturing, pref. (quar.) _
Common (payable in corn. stock) _ _ _ e300 July 1 Holders of rec. June 170
19c. Dec. 1
Preferred (quar.)
11.4 June 15 Holders of rec. June 5
Preferred (quar.)
July 1 Holders of rec. June 7
52
Northern Pipe Line
40c. June 30 Holders of rec. June 15a
Spencer Kellogg & Sons, Inc. (guar.)
*50c. June 15 *Holders of rec. May 15
Ohio 011 (quar.)
400. Sept.30 Holders of ree. Sept. 14:
Quarterly
373.ec June 20 Holders of rec. June 100
011 Shares, Inc., corn.(quar.)
75e. July 15 Holders of rec. July So
Spicer Mfg., pref. A (quar.)
June 25 •Holders of rec. June 10
*e10
011stocks. Ltd.(stock dividend)
June 25 Holders of rec. May 25
10a Standard Chemical, Ltd.(Toronto)_ _ _ _ $1
75c. July 1 Holders of rec. June
Oliver Farm Equip., partic. stk.(quar.).
June 25 Holders of rec. May 25
$1
Bonus
81.50 July 1 Holders of rec. June 106
Series A prior pref. (quar.)
Standard Inve.stIng, corn. (qu.)(No. 1).. f 194 July 10 Holders of rec. June 20
*374c July 1 *Holders of rec. June 20
Oliver United Filters, B (quar.)
14 June 29 Holders of rec. June 18a
Milling, corn. (quar.)
July 1 Holders of rec. June 14a Standard
2
Omnibus Corp., pref. (quar.)
13.4 June 29 Holders of rec. June 18a
Preferred (quar.)
Oneida Community, corn. & pref. (qu.)_ •434c June 15 •Holders of rec. May 31
624c June 15 Holders of rec. May 150
14 July 15 Holders 01 rec June 295 Standard 011 (Calif.) (quar.)
Otis Elevator, pref. (quer.)
.62 tec June 15 *Holders of rec. May 16
14 Oct. 15 Holders of rec. Sept. 30e Standard 011 (Indiana) (guar.)
Preferred (quar.)
540e. June 29 •Holders of rec. June 15
14 rn15'30 Holders of rec. Dec. 31s Standard Oil (Kentucky) (guar.)
Preferred (quar.)
82 lec June 20 May 28 to June 20
14 July I Holders of rec. June 19a Standard Oil (Nebraska) (quar.)
Otis Steel, prior preference (quer.)
250. June 20 May 28 to June 20
Extra
July 1 Holders of rec. June 15a
31
Owens Illinois Glass, corn. (quar.)
25e. June 15 Holders of rec. May 250
53 July 1 Holders of rec. June 15a Standard 011(N. J.) $25 par stk.(qui
New pref. (covering two quarters) 290. June 15 Holders of rec. May 250
$25 par value stock (extra)
250. June 15 Ilolders of rec. May 31
Pacific Coast Biscuit, COMMOD (qua..)
June 15 Holders of rec. May 254
1
$100 par value stock (quar.)
25c. June 15 Holders of rec. May 31
Common (extra)
June 15 Holders of rec. May,250
1
.87040 Aug. 1 *Holders of rec. July 16
$100 par value stock (extra)
Preferred (quar.)
40e. June 15 Holders of rec. May Ilja
Standard 011 (New York) quar.)
0500. July 15 •Flolders of rec. June 30
Pacific Equities. Inc
•6214c July 1 'Holders of rec. June 7
Standard Oil (Ohio), corn. (quar.)
•10c. July 15 *Holders of rec. June 30
Extra
•1% June 10 'Holders of rec. June
1
Standard Steel Propeller, pref.(quar.)..
•$1.50 July 1 *Holders of rec. June 20
Pacific Indemnity, corn.(quar.)
*24 July 1
25c. June 29 Holders of rec. June 12a &entre Radio(quar.)
Motor Car (monthly)
Packard
24 Oct. 1
Quarterly _
July 31 Holders of rec. July 12a
25c.
Monthly
•14 July 1 *Holders of rec. June 18
250. Aug. 31 Holders of rec. Aug. 12s Sterchl Belle. Stores, Inc.. pref. (quar.)
Monthly
-Warner Corp.
81.50 July 31 Holders of rec. July 12a Stewart
Extra
Aug. 15 Holders of rec. Aug. 5
e2
stock (in stock)
New $10 par
•l34 Aug. 15 *Holders of rec. Aug. 8
Paepke Corp., corn. (quar.)
Nov. 15 Holders of rec. Nov. 5
e2
New $10 par stock (in stock)
51% July 1 *Holders of rec. June 22
Preferred (quar.)
e2
2!15/30 Holders of rec. Feb. Mk
New $10 par stock (In stock)
June 27 Holders of rec. June 17
$1
Paraffine Companies (quar.)
*37
Sept. 1 'Holders of rec. Aug• 15
e2 June 27 Holders of rec. June 17
Stlx Baer & Fuller, corn.(guar.)
Stock dividend
.37 lic Dee. 1 *Holders of rec. Nov. 15
Common (guar.)
750. June 29 Holders of rec. June 7:
Paramount Famous Lasky Corp.(quar.)
•75c. July 1 'Holders of rec. June 15
*25c. June 29 *June 19 to June 29
Stroock (S.) Co. (quar.)
Parke, Davie tit Co.(guar.)
•75e. Oct. I *Holders of rec. Sept. 16
Quarterly
•10c. June 29 *June 19 to June 29
Special
•75c. Deo, 21 *Holders of rec. Dec. 10
Quarterly
(interim) _ (e) June 28 Holders of rec. May 310
Patine Mines & Enterprises
Studebaker Corp.
250. July 1 holders of rec. June 15
Pender(D.) Grocery.class B (quer.) _ _ _ _
Sept. 1 Holders of rec. Aug. 100
Common (payable in corn. stock). _ _ fl
250. July 1 Holders of rec. Juno 15
Class 11 (extra)
Dec. I Holders of rec. Nov. go
Common (payable in corn. stock)- - - _ fl
1% June 15 Holders of rec. May 31a
Penn Dixie Cement, Pref. (quar.)
25c. June 15 Holders of rec. May 25a
Sun 011 Co.. corn.(quar.)
*25c. July 1 *Holders of rec. June 8
Peoples Drug Stored (guar.)
July 1 Holders of rec. June 10
2
Swift & Co. (quar.)
*14 June 15 •Holders of rec. June 1
Preferred (quar.)
25c. June 15 Holders of rec. May 310
Tennessee Copper & Chemical (quar.)- •374c June 30 *Holders of rec. June 18
Perfection Stove (monthly)
75c. July 1 Holders of rec. June 7:
Texas Corporation (quar.) ,
'373.4c July 31 *Holders of rec. July 18
Monthly
June 15 Holders of rec. June la
$1
e3794c Aug. 31 •Holders of rec. Aug. 16
Texas Gulf Sulphur (guar.)
Monthly
e294 June 30 Holders of rec. June 5a
Texas & Pacific Coal & Oil (in stock)
•374c Sept.30 *Holders of roe. Sept. 18
Monthly
Thompson-Starrett Co., Pref. (qear.) - 8734e July 1 Holders of rec. June 11
Oct. 31 •Holders of rec. Oct. 17
'3734e
Monthly
0$1 June 20'Holders of rec. June 5
Todd Shipyards (quar.)
•374c Nov. 30 Holders of rec. Nov. 18
Monthly
•374c July 1 'Holders of rec. June 15
Traveler Shoe (quar.)
•374c Dec. 31 *Holders of rec. Dec. 18
Monthly
1 Holders of rec. June 10a Tubize Artificial Silk class A & B (qu.).- '52.50 July 1 'Holders of rec. June 20
374c July
Pet Milk Co., corn. (quar.)
$1 July 15 Holders of rec. June 29
Tucketts Tobacco, corn. (quar.)
15i July I Holders of rec. June 10
Preferred (quar.)
111 July 15 Holders of rec. June 29
Preferred (quer.)
750. July 1 Holders of rec. June 40
Phelps-Dodge Corp. new stk. (quar.)
June 29 Holders of rec. June 12:
(au.) 31
374c. July 1 Holders of rec. June 14a Underwood Elliott Fisher Co. corn.
Phillips Petroleum (quar.)
31.75 June 29 Holders of rec. June 12
Preferred and preferred 11 (quar.)
•50c. July 1 "Holders of rec. June 10
Pittsburgh Plate Glass (guar.)
65c. July 1 Holders of rec. May 310
Carbide & Carbon (quar.)
Union
July 1 Holders of rec. June 24
051
Pittsburgh Steel, COM. ((Mar.)
75c. July 1 Holders of rec. June 10
United Aircraft & Transport, 1110. (qu.)
Pittsburgh Steel Foundry, pref. (quar.) •$1.25 July 1 *Holders of rec. June 15
_
250. July 1 Holders of rec. June 70
United Cigar Stores of Am. corn.
•43%c June 15 *Holders of rec. May 31
Platt Music Co.(quar)
(qu.)(No. I) •25c. July 1 'Holders of rec. June 15
Unit. Cosmetic Shops, Inc.
14 June 15 Holders of rec. June 1
Port Alfred Pulp & Paper. pref. (quar.)_
14 July 1 Holders of rec. June 130
United Dyewood, pref. (quar.)
Powdreil tt Alexander, Inc., pref.(qu.) - $1.75 July 1 Holders of rec. June 14
July 1 Holders of rec. June la
$1
75c. June 29 Holders of rec. May 313 United Fruit Mar.)
Prairie Pipe Line (quar.)
50c. June 29 Holders of rec. May 31a United Piece Dye Wks.. prof.(quar.)_. '194 July 1 *Holders of rec. June 20
Extra
'134 Oct. 1 *Holders of rec. Sept. 20
Preferred(guar.)
•14 July 1 *Holders of MD. June 12
Pressed Metals of Amer.. pref. (quar.)
'194 Jana'30 *Holders of rec. Dec. 20
Preferred (quar.)
•l4 Oct. 1 •Holders of rec. Sept. 12
Preferred (quar.)
60c. July 15 Holders of rec. June 150
United Profit-Sharing, corn
•154 Jan1•30 *Holders of rec. Dec. 12
Preferred (quar.)
Reproducers, cla.ss A (quer.) _ _ _ _ *56c. July 1 *Holders of rec. June 15
yi June 29 Holders of rec. June lo United
Pressed Steel Car, pref. (guar.)
14 July 2 Holders of rec. June 21
Procter & Gamble Co. 5% pref. (quar.).. 14 June 15 Holders of rec. May 250 United Securttlee. pref. (quar.)
50c. July 20 Holders of rec. June 29a
U.S. Cast Iron Pipe & Fdy., COM. ((111.)
Pro-phy-lao-tic Brush, pref. (quar.)---- 14 June 15 Holders of rec. May 31
50e. Oct. 21 Holders of rec. Sept. 303
Common (quar.)
Pure 011,
14 July 1 Holders of rec. June 10
% Preferred (guar.)
50c. Jan20'30 Holders of rec. Dec. 31:
Common (quar,)
July 1 Holders of rec. June 10
Six per cent preferred (quar.)
13.4
30c. July 20 Holders of rec. June 28a
second pref. (quar.)
First &
July 1 Holders of rec. June 103
Eight per cent preferred (guar.)
2
30c, Oct. 21 Holders of rec. Sept. 30s
Met & second pref. (quar.)
rQuaker Oats Co., corn.(guar.)
July 15 *Holders of rec. July 1
*51
30c. an20'30 Holders of rec. Dec. 310
First & second pref. ((Mar.)
014e Aug. 31 *Holders of rec. Aug. I
Preferred (guar.)
$3.50 July 1 Holders of rec. June ha
preferred
U. S. Distributing, old
Rapid Electrotype (quar.)
•37 Sec June 15 *Holders of rec. June 1
53.50 July 1 Holders of rec. June ha
New preferred
Reeves (Daniel) Inc. common (No. 1)
*30c June 15 *Holders of rec. May 31
•750. June 10 *Holders of rec. May 14
U. S. Freight (Oust'.)
Preferred (quar.)
1 .624 June 15 *Holders of rec. May 31
•40c. June 30 *Holders of rec. June 15
U.S. Gypsum,corn.(quar.)
Reliance Mfg., corn. (quar.)
75c. July 1 Holders of rec. June 14
,
'IN June 30'Holders of rec. June 15
Remington-Rand Co.. 1st pref.(quara_ _
Preferred (quar.)
July 1 Holders of rec. June fia
1%
$1.75 July 1 Holders of rec. June 100
Second preferred (quar.)
July 1 Holders of rec. June 8a U. S. Leather, prior preference (qu.)- 2
July 1 Holders of rec. June 100
Class A partle. & CODV. stock (qu.)_. el
Remington Typewriter common (quer.).•51.25 July I *Holders of rec. Juno 8
Oct. 1 Holders of too. Sept. 100
$1
Class A partie. & cony. stock (qu.)_
First preferred (quer)
July 1 Holders of rec. June 8:
July 1 *Holders of rec. June 20
'St
July 1 Holders of rec. June 8a U. S. Playing Card (Ouar.)
• Second preferred (guar.)
20e. July 1 Holders of rec. June 106 U.S. Printing & Litho., coin.(gnarl.... *51.50 July 1 *Holders of rec. June 20
Reo Motor Car Co.(quar.)
'134 July 1 *Holders of rec. June 20
Second preferred (quar.)
20c. July 1 Holders of rec. June 10:
Extra
51.25 June 15 IIolders of rec. May 210
July 1 Holders of rec. June 10a 13.8. Realty & Impt.(quar.)
$1
Republic Brass, class A (guar.)
14 tone 29 Dolders of rec. May 3Ic
1% Aug. 1 Holders of rec. July 100 U. S. Steel Crum., corn. (quar.)
Preferred (quan)
1)._ '12'.4c luly 1 *Holders of rec. June 15
1( July 1 Holders of rec. June 12a Universal Cooler, class A (111.)(No.
Republic Iron & Steel. pref. (quar.)__.. _
.35c. Sept. 1
• 51.624 June 30 *Holders of rec. June 14
Preferred (quar.)
Rich's, Inc., pref. (quar.)(No. 1)
2 i July dl June 16 to July 1
Si
July 29 Holders of ree. July 5o
Universal Pictures, lot pref. (cpmr.)____
Rio Grande Oil
June 20 Holders of rec. May 31
$1
(r)
St
Vacuum Oil (gear.)
Hold, of rec. Jan. 5 '30
Rio Grande 011
14 June 17 Holders of rec. Juua 14
el le Oct. 25 *Holders of rec. Oct. 5
011 common (quar.)
Valvoline
rStock dividend
.$1
*750. June 29 *Holders of rec. June 20
June 15 *Holders of rec. June 1
Vanadium Alloys Steel, (guar.)
Ruberold Company, corn. (quar.)
July 15 *Holders of rec. June 20
*32
75c July 1 Holders of rec. June 20a
Extra
Safeway Stores, Inc., corn. (quar.)
'1 31 June 10'Holders of rec. June 1
July 1 Holders of rec. June 20a
Vapor Car Fleeting, pref.(guar.)
Seven per cent preferred (quar.)
'131 Sept. 10 *Holders of rec. Sept. 2
1 le July 1 Holders of rec. June 200
Preferred (guar.)
Six per cent Preferred (War.)
*14 Dec. 10 *Holders or rec. Deo. 2
5110 J11110 n June 8 to Juue 20
Preferred (quar.)
St. Josepb Lead Co.(quar.)
(5) June 13 Holders of roe. June 100
250. June It June 8 to June 20
Vick Chemical
Extra
*50c. July 1 *Holders of rec. June 15
50c Sept.20 Sept. 10 to Sept.20
Vogt Mfg. Co. (quar.)
Quarterly
•35e. June 10'Holders of rec. May 31
25e Sept.20 Sept. 10 to Sept. 20
Volcanic Oil& Gas (Ouar.)
Extra
•5e. June 10'Holders of rec. May 31
400. July 1 Holders of rec. June 15
Extra
Sally Frocks, Inc.. corn.(No. 1)
•35e. Sept. 10 *Holders of rec. Aug. 31
Aug. rs *Holders of rec. Aug. 1
Quarterly
Savage Arms, 50 pref. (quar.)
•5c. Sept. 10 *Holders of roe. Aug. 31
• 112 3c June le •Holders of rec. May 31
Extra
&healer Drug, class A (monthly)
*35e. Dec. 10'Holders of roe. Nov. 30
25e. June 15 Holders of rec. May 31
Quarterly
Schiff Company, corn. (quar.)(No. 1)__
Dec. 10 *Holders of rec. Nov. 30
June 15 Holders of rec. May 31
1%
Extra
Preferred (quar.)
lee July 20 Holders of rec. July Oa
Vulcan Detinning, pref. (quar.)
Schle.ssinger (II. F.) Co.,class A (quar.).. *374c July 1 °Holders of rec. June 15
h44 July 20 Holders of rec. July 9a
*14 July 1 *Holders of rec. June 15
Preferred (acct. accum. dividends)
Preferred (Otter.)
14 July 20 Holders of rec. July Oa
•50c. June 29 *Holders of rec. June 15
&blotter & Zander, Inc.. corn.(No. 1)
Preferred A (guar.)
July 1 Holders of rec. June 120
2
5431 July 2 Holders of rec. July 9a
Pref. A (sect, accum. dividends)
Schulte Retail Stores. pref.(guar.)
14 July 1 Holders of rec. June 20
•35c. Juno 29 *Holders of rec. June 15
pref. (quar.)
Wagner Electric.
Scott Paper Co.. corn. (quar.)
'194 July 1 *Holders of rec. June 20
June 29 *Holders of rec. June 15
Wahl Co., pref.(Acct.accum.dl..)
Common (payable in common stock) •fe
Dee. 31
*30c. July 1 *Holders of rec. June 15
Waltt & Bond, elaS.5 B (quar.)
(In stk. sub). to stkhre: aPDrov.) f2
Corn.
July 1 °Holders of rec. June 20
374c. July 1 Holders of rec. June 20a
.51
Waldorf System, corn. (quar.)
Seovill Mfg.(quar.)
75c. July 15 Holders of rec. June 29
20c. July 1 Holders of rec. June 20
Preferred (quar.)
Scullin Steel, pref. Mum./
Walker(Hiram)-Gooderham & Worts,Lid .Sears-Roebuck & Co.
Aug. 1 Holders of roe. July 15a
25c. June 15 Holders of coup. No. 7
el
Bearer shares (new stock) (quar.)
Quarterly (payable In stock)
el
Nov. 1 Holders of rec. Oct. 15s
250. Juno 15 Holders of rec. May 31
Registered shares (new stock) (guar.)Quarterly (payable In stock)
'194 July 1 *Holders of rec. June 22
Waltham Watch, pref.(guar.)
Segal Lock & Hardware, corn. (quar.)- - 124c. June 15 Holders of rec. May 24
July 1 Holders of rec. June 10
$1
'134 Oct. 1 *Holders of rec. Sept. 21
Preferred (guar.)
Separate Units. Inc. (quar.)
25c. July 1 Holders of rec. June 10
30c. June 15 Holders of rec. June 1
Walworth Co. common (quar.)
Extra
*75c. June 29 *Holders of rec. June 19
50c. July 10 Holders of rec. June 200
Preferred (guar.)
Shattuck (Frank G.) Co.(quar.)
14 July 1 Holders of rec. June 171
Sept. 19 Holders of rec. Aug. 27
*SI
Ward Baking Corp. pref.(quar.)
(W A.) Pen Co. (quar.)
&carter
Holders of rec. June 27
•50c. July1 *Holders of rec. June 8
Warner Bros. Pict. (stock dividend)..... 1100
Sheffield Steel, corn.(quar.)
tri
July 1 *Holders of rec. June 8
50e. July 2 Holders of rec. June 12
Warner-QuinlanCo., corn. (quer.)
Common (payable In common stock). _
July 1 *Holders of rec. June 20
*14 July 1 'Holders of rec. June 20
stock)_.
Webster-Eisenlohr Co., pref.(quar.)_
Cominou (payable In common
June 15 *Holders of rec. May 31
*5
*1% July 1 *Holders of rec. June 20
Wellington Oil(wan)
Preferred (quar.)
June 15 *Holders of rec. May 31
*5
Oct. 1 *Holders of rec. Sept. 20
Extra
Common (payable In common stea)_ _ •Il
50e. July 1 Holders of rec. June 15
Snowdrift, Inc., corn.(qu.)
•15 July 5
Wesson Oil &
Shell Transport & Trading. ord
3788
FINANCIAL CHRONICLE
Per
Name of Company.
Ceta.
When
Payable,
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Western Canada Flour Mills, com.(au.) *35c. June 15 *Holders of rec. May 31
Preferred (quar.)
•1% June 15 *Holders of rec. May 31
Western Grocer, preferred
.3%c July 1 *Holders of rec. June 20
Western Reserve Investing, pf. (qu.)
1 yi July 1 Holders of rec. June 150
Partlc. pref. (quar.)
1% July 1 Holders of rec. June 15a
Westinghouse Elec. de Mfg., corn. (qu.)_ 51
July 31 Holders of rec. June 28a
Preferred ((mar.)
51
July 15 Holders of rec. June 28a
Weston Electrical Instrument.cLA(qu./.. •50c. July 1 *Holders of rec. June 19
West Va. Pulp & Paper pref. (quar.)
Cl51 Aug. 15 *Holders of rec. Aug. 5
Preferred (quar.)
•15-i Nov. 15 *Holders of rec. Nov. 5
Wheeler Metal Products (an.)(No. 1).._
50c. June 15 Holders of rec. June 5
Wheeling Steel Corp.. pref. A (quar.)
*52
July 1 *Holders of rec. June 12
Preferred B (guar.)
$2.50 July 1 *Holders of rec. June 12
Whitaker Paper Co., corn. (guar.)
*$1 25 July 1 *Holders of rec June 20
Preferred (quar.)
.1% July 1 *Holders of me June 20
White Motor Co., corn. (quar.)
25c. June 29 Holders of rec. June I20
White Motor Securities, pref.(quar.)
1% June 29 Holders of rec. June 12
White Rock Mineral Spgs., corn.(qu.)
75e. July 1 Holders of rec. June 20a
First preferred (quar.)
1% July 1 Holders of rec. June 20
Second preferred
3% July 1 Holders of rec. June 20
Widlar Food Products (quar.)
3734c June 15 Holders of rec. May 31
Wilcox-Rich Corp., Cl. A (quar.)
dJuly 1 Holders of rec. June 20a
Class B (No. 1)
50c. July 15 Holders of rec. July la
Class B (Payable in class B stock)._- - 5
July 15 Holders of rec. July la
Will & Baumer Candle pref. (quar.).2
July 1 Holders of rec. June 15
Willys-Overland Co., pref. (quar.)
1% July I Holders of rec. June 150
Wilson & Co., prof.(acct. accum.div.)
7
1151 July 1 Holders of rec. Jane 12a
WInsted Hosiery (quar.)
*23,6 Aug. 1 •Floldere of rec. July 15
Extra
*SI Aug. 1 *Holders of rec. July 15
Worthington Pump & Mach'y, pt. A_ _ _
Ir33-i June 27 Holders of rec. June 10a
Preferred B (acct accum. div.)
113
June 27 Holders of rec. June 10a
Wrigley (Wm.) Jr.. Co.(stock dividend) CS
July 1 Holders of rec. June 200
Monthly
25e. July 1 Holders of rec. June 20s
Monthly
25c. Aug. 1 Holders of rec. July 200
Yale & Towne Mfg.(quar.)
51
July 1 Holders of rec. June 100
Yellow Taxi Corp. of N. Y.(quar.) _ _ _ _
75e. June 15 Holders of rec. June
Young (L. A.) Spring dr Wire (quar.)
500. July 1 Holders of rec. June 15a
Extra
25e. July I Holders of rec. June 15a
Youngstown Sheet & Tube, corn.(qu.)
51.25 July 1 Holders of rec. June 14a
*1% July
Preferred (quar.)
1 *Holders of rec. June 14
• From unofficial sources. t The New York Stock Exchange has ruled that stock
Will not be quoted ex-dividend on this date and not until further notice
The
New York Curb Market Association has ruled that stock will not bequoted exdividend on tills date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
b Vick Chemical dividend is one share Vick Financial Corp. for each two shares
of Vick Chemical stock.
/Payable In common stock. o Payable In scrip. I; On account of accumulated
dividends. I Payable in preferred stock.
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; doss 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 dividend is payable in class 13 stock.
m General Gas & Electric common A and B dividend is Payable in cash or class
A stock. If cash dividend is desired, holders must notify company by June 24.
p Prosperity Co. dividend is one-fiftieth share class II stock.
a Cot,. Inc.. declared a stock dividend of 6%. payable in quarterly Installments.
0 British-Amer. Tob. dividend is 10 pence per share. All transfers received in
London on or before June 7 will be in time for payment of dividend to transferees.
a Payable in cash on common stock at rate of 1-32 ordinary share common for
each share convertible preferred.
r Rio Grande Oil stock to be placed on a 52 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 ki shares on each 100 shares, the first
% having been declared payable April 25 with the intention to declare a second
151% payable on or before Oct. 25
s Four shillings per share payable at rate of exchange prevailing on fourth day
preceding June 28. To be quoted ex-dividend at the rate of $4.8665 per £ sterling.
equivalent to 50.9733.
I Subject to stockholders approval at meeting June 3.
ulIolland Furnace dividend 623r,% cash or 2% in stock.
e New York Stock Exchange rules Julius Kayser Co. be ex the stock dividend
on July 2.
w Less deduction for expenses of depositary.
z Alliance Investment declared a stock dividend of 4% payable in quarterly
Installments.
y Peoples Light & Pow. corn. A stockholders have privilege up to and Including
June 18 of applying above dividend to purchase of additional corn. A stock at rate of
1-50th share for each share held.
[VOL. 128
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the Now York Clearing House. The following are the figures for the week ending May 31:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, MAY 31 1929.
NATIONAL AND STATE BANKS-Average Figures.
Loans.
Oth.Cash, Res. De, Dep.Other
Gold. Including N. Y. ana Banks and
Gross
Bk. Notes Elsewhere. Trust Cos. Deposits.
Manhattan$
$
5
$
$
$
Bank of U. S
151,034,000 65,000 4,625,600 32,754,800 1,481,500 215,734,000
Bryant Park Bank
1,896,100 88,800 152,400
173,4 0
1,973,200
Chelsea Exch. Bk
. 22,513,000
1,621.000 1,149,0 0
21,293,000
Grace National___ 18,059,200 3,000
75,200 1,492,4 0 2,617,800 16,287,600
Port Morris
3,829,400 32,500
96,700
221,0 0
Public National_ 134.465.000 28,000 1,871,000 8,174,0 0 13366,000 3,346,500
133,104,000
Brooklyn
Nassau National
23,245,000 110.000 350,000 1,745,0 0 370,000 20,062,000
Peoples National.. 8.000.000 5.000
95.000
561.0 0
82,000 7,900,000
TRUST COMPANIES-Average Figures.
Loans.
ManhattanAmerican
Bk.of Europe & Tr
Bronx County
Central-Hanover____
Empire
Federation..
Fulton
Manufacturers
United States
Brooklyn
Brooklyn
Rings County
Bayonne, N. J.
Mechanics
Cash.
$
$
52,101,700 10,428,200
17.430.762
914,555
22,045,515
619,706
595,589,000 *43,790,000
79.171,900 *5,441,200
18.222,336
210,755
14,569,400 *1,952,600
393,126,01)0 3,365,000
68.104,612 3,120.000
122.598,300
27.890,147
Res've Dep., Depos.Other
N. Y. and Banks and
Gross
Elsewhere. 7'rust Cos. Deposits.
-*,-. -$
$
$
978,900
21,900 50,736,000
120.097
16,710,444
1,462,522
21,623,211
26,200,000 427,089,000
3,514,800
3,176,000 75,842,300
1.321,101
199,485 18,216,237
298,900
14,197,600
53.756,000 1,538,000356,087.000
6,586.113
52,146,993
3,316,000 23,653.000
1.902,170 2,918,175
9.197.399
260.988
760.271
124,195,400
26,243,245
320.988
9.283.261
•Includes amount with Federal Reserve Bank as follows: Central-Hanover.
$41,397,000, Empire. $3,775,700; Fulton, $1,837,600.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
June 5
1929.
$
Capital
86.550.000
Surplus and profits
116,024,000
Loans, dIsc'ts dr invest'ts_ 1,113,457.000
Individual deposits
660.529.000
Due to banks
130,573,000
Time deposits
264,548,000
United States deposits.. _
4,627.000
Exchanges for Clg House
33,819,000
Due from other banks_ _ _
88.592,000
Heave in legal deposit's
79.805,000
Cash In bank
8,077.000
Res've excess in F.R.Bk_
1.478,000
Changesfrom
Previous Week
May 29
1929.
May 22
1929.
$
$
86.550.000
Unchanged
86,550.000
Unchanged
116,024.00€ 116,024,000
+6,432,000 1,107,025,001 1,113.628.000
+5.052,000 654,877,000 663,016,000
+9,372,000 121,201,001 123,674,000
-2,098,000 266,646,000 266.443,000
-932,000
5,559,000
5,627,000
+4,736.000
29.083,000
29,342,000
+6,449.000
82,143,000
86,967,000
+1,044,000
78,761,000
79,080,000
8,059,000
+18,000
7,868,000
+343,000
1,135,000
736,000
Weekly Return of New York City Clearing House.
Beginning with Mar.31'28 the New York City Clearing House
Association discontinued giving out all statements previously
Philadelphia Banks.
-The Philadelphia Clearing House
issued and now makes only the barest kind of a report. The
new return shows nothing but the deposits, along with return for the week ending June 1, with comparative figures
for the two weeks preceding, is given below. Reserve
the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JUNE 1 1929.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Surplus & Net Demand
Time
is not a part of legal reserve. For trust companies .
not
'Capital.
Clearing House
Deposits
Undfclded
Deposits
Profits.
Members.
Average.
Average.
members of the Federal Reserve System the reserve required
3
is 10% on demand deposits an includes "Reserve with
$
$
$
Bank of N. Y.& Trust Co__
6,000,000 13,539,100
56,007.000
9,962,000
Bank of the Manhattan Co- - 22,250,000 42,559,300 173,235,000
41,886,000 legal depositaries" and "Cash in vaults."
Bank of America Nat'l Ass'n_ 1134,340,000138,719,500 153,602.000
51,114.000
Beginning with the return for the week ending May 14 1928,
National City Bank
100,000,000 111,246,500 a909,008,000 157.377,000
Chemical Bank & Trust Co.._ h10,000,000 h18,957,500 135,347.000
11,216,000 the Philadelphia Clearing House Association discontinued showGuaranty Trust Co
70,000,000 4115.632000 0725,524,000
91.218,000
Chat.Phen, Nat. Bk.& Tr.00 13.500.000 15,698.000 151,067.000
38.739.000 ing the reserves and whether reserves held are above or below
Cent. Hanover Bank & Tr.Co. /21,000,000 /79,117.700 357.500.000
49.458,000
Corn Exchange Bank Tr, Co_ 12,100,000 122,294,700 173,136.000
32.221,000 requirements. This will account for the queries at the end
National Park Bank
10,000.000 26.601,000 124,769,000
9,144,000 of the table.
First National Bank
10,000,000 95,735,400 226,151,000
12.706.000
Irving Trust Co
Continental Bank
Chase National Bank
Fifth Avenue Bank
Seaboard National Bank
Bankers Trust Co
U. S. Mtge. & Trust Co
Title Guarantee & Trust Co.._
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co.__
Equitable Trust Co
Corn'l Nat. Bank & Tr. Co_ _
Harriman Nat. Bank & Ti'. Co
Clearing Non-Member.
Mechanics Tr, Co., Bayonne..
Totals
m50000,000 m80037,800
1,000,000 1,550,500
61,000,000 79,908.400
500,000 3.869,100
11,000,000 16,614,400
25.000,000 77.498,400
5.000,000 6,553,400
10,000,000 23,854.300
4,000.000 3.812,600
3,000,000 4,160.400
g12,500,000 532,011,100
10,000,0(10 23,212,700
30,000,000 28,625,000
7,000.000 7.332,000
1,500,000 2,840,300
355.408.000
7,570,000
e575.165.000
24,111.000
115,430.000
11342,513,000
54,682.000
34.454,000
41,452,000
20,616.000
134,185,000
e106,102.000
/341,186,000
33.921,000
31,116,000
817,200
3.314.000
5.591.000
A./1 100 min 07n fing.300 5.407.513.000
785.176,000
500,000
43,533,000
694,000
66.269.000
900,000
7.942.000
49,340.000
5,216,000
2,240.000
5.066.000
2.312,000
19.729.000
22,430,000
40.412,000
3.335,000
5,026,000
* As per official reports; National. March 27 1929: State, March 22 1929 Trust
Companies. March 22 1929. p As of March 3)) 1929. h As of May 3 1929. t As
of May 4 1929. j As of May 15 1929. k As of May 20 1929. 1 As of May 21
1929. m As of May 27 1929.
Includes Deposits In Foreign Branches: (a) $310,564,000; (b) $113,043,000,
(C) 514.106,000;(d) 765.035,000;(e) 51.997,000; (1) 5128,330.000.
•
Two Ciphers (00)
omitted.
Week Ended June 1 1929.
Trust
Members of
P.R.System Companies.
$
Capital
58.500.0
Surplus and profits.... 196,549,0
Loans,['facts. & invest. 1.041.987,0
Exch. for Clear. House
43.838,0
Due from banks
99,110,0
Bank deposits
121.768,0
Individual deposits
635,318.0
Time deposits
207,072,0
Total deposits
964.158,0
Res, with legal depoe_
Res. with F. R. Bank_
69,224.0
Cash In vault*
10,755,0
Total res. & cash held..
79.979,0
Reserve required
Excess reserve and cash
In vault
• Caen
In
May 25
1029.
May 18
1929.
Total.
66.000,0
69,000.0
69,000.0
7,500,0
160,097,0 212,646.0 210.691,0 210.891,0
70,683,0 1,112.670,0 1,109,906,0 1,111,131,0
41.425,0
44,226,0
39,095,0
388.0
99.123,0
90,013,0 100,882,0
13.0
1,098,0 122.866,0 124,858,0 129,045.0
32,942,0 668.260.0 656.018,0 670,224,0
228.342.0
18,930,0 226,002.0
52,970,0 1,017,128,0 1.006,540.0 1,027,612,0
5.501,0
5,470,0
4.909,0
5,501,0
69,224,0
70,441,0
69,498,0
11,961,0
12,359.0
11.885.0
1,604,0
87,084,0
88,292,0
87,881,0
7,105,0
1
vault not counted as nmerve for Federal Reserve members
3789
FINANCIAL CHRONICLE
JUNE 8 1929.]
Weekly Return of the Federal Reserve Board.
June 6 and showing the condition
The following is the return issued by the Federal Reserve Board T iursday afternoon,present the results for the system
of the twelve Reserve banks at the close of business on Wednesday. In the first table we the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of
Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The
the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between
upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment
Latest week appears on page 3757, being the first item in our department of "Current Events and Discussions."
THE CLOSE OF BUSINESS JUNE 5 1929.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
17 1929. June 6 1928.
June 5 1929 May 29 1929. Alay 22 1929. May 151929. May 8 1929. May 1 1929. Apr. 24 1929. Apr.
1
RESOURCES.
1.288,060,000 1,109,015.000
1,303,555,000 1,315,181,000 1,318,551,000 1,329,117,000 1,309,905.000 1,317,449,000 1,279.901.000
65,603,000
(loll with Federal Reserve agents
70,573.000
68.466,000
61,172,000
62.060,000
65,071,000
61,196,000
66,969,000
67,988,000
loll redemption fund with U. S. Treas.
1,371,965,000 1,378,621,000 1,348.367,000 1,358.633.000 1,174,618,000
Gold held exclusively eget. F. R. notes 1,371,543,000 1,382,150,000 1,379,747,000 1,394,188,000
671,114.000 682,613,000 674.560,000 781,767,000
Gold settlement fund with F.It. Board _ _ 679,733,000 663.795.000 652,404,000 654,848,000 678,058.000 762,295,000 767.601.000 746,290.000 652,563,000
Gold and gold certificates held by banks_ 792,692,000 *777.836.000 809,751,000 789.087,000 790,924,000
2.798,581.000 2,779,483.000 2,608,948,000
2,843,968,000 *2,)23,781,000 2,841,902,000 2,838,123,000.2,840.947.000 2,812,030,000 174,835,000 176,490,000 152,461,000
Total gold reserves
141,383,000 *146,177,000 166,229,000 173.400,000 171,332,000 173,732.000
deserves other than gold
2,985,762,000 2,973,416,000 2,955,973,000 2,761,409,000
2,985,351,000 2,969,958.000 3,008,131,000 3,011,523.000 3.012,279.000
Total reeerves
63,042,000
77,102.000
78.988.000
74,287,000
78,317,000
83,981,000
85,517,000
82,473,000
79,385,000
Ron-reserve cash
Mlle discounted:
651,184,000
512.837,000 525,814,000 547.996,000 541,251.000 533,992.000 330,814,000
Secured by U. El. Govt. obligatione..._ 508,912,000 536,177,000 *502,558,000
433,262,000 460.304,000
468,532,000 452,017,000 *401,868,000 401,762,000 430,208,000 437,833,000
Other bills discounted
Total bills discounted
BIllebought In open market
U.S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
977,444.000
112,747,000
147,328,000
9,917,000
914,599,000
146,107,000
962,022.000
157.181.000
985,829,000
170,421,000
974.513.000
141.175,000
994.296 000
141.027,000
981.998,000
266.394,000
50,384,000
84,965,000
9,223,000
50,386,000
91,839,000
11,062,000
50,400,000
90,610,000
14.816,000
50,407.000
84,495.000
14,580,000
50.384.000
84,478.000
15.868,000
51,602,000
80.326.000
17.854.000
51.629.1)00
91.841.000
17,959,000
63,011,000
76.352,000
70,669,000
144,572,000
7,817,000
158,287,000
7,817,000
155,826,000
7,817.000
149,488.000
6,806,000
6,355,000
150.730.000
7.366.000
14,899,000
149,782,000
7,396,000
7,735.000
161,429.000
7,295.000
6,115,000
210.032.000
1,090,000
48,625,000
85,295,000
13,408,000
Total U. S. Government securities
Other securities (rare note)
Foreign loans on gold
958,194,000 904,426,000
117,919,000 137.986,000
Total bills and securities (see note)__
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
1.310,162.000 1,459,514,000
1,247,436,000 1,258,502,000 1,203,516,000 1,224,349,000 1,281,912.000 1.329,245,000 1,280,601,000
571,000
723.000
724,000
725,000
725,000
723,000
727,000
726,000
727.000
8 00
0 : :0 0 75 2
63 233 0 660:0626:000 0
723,705.000 655,928,000 691,828,000 847,343,000 657.596,000 707,771,000 680.417,000 8 8 6931
58,739,000
58,739,000
58,739,000
58,761,000
58,595.000
58,761,000
58,761.000
9,157,000
7.700,000
7.780.000
8.358.000
7,997.000
8.361,000
8,543,000
8.119,000
8,319,000
5,103,318,000 5,034.892,000 5,056,798,000 5,235.041,000 5,097,565,000 5.164.887,000 5,060,665,000
5,214,086,000 5.029,347,000
1,653,228.000 1,598,370.000
1,647,435,000 1,653,685,000 1,639,554,000 1,646,658,000 1,663,678.000 1.663,639,000 1,652.561,000
2,302,392,000 2,384.830,000
2,321,343,000 2,285.870,000 2,275.752.000 2.319,887.000 2,330.033,000 2,335,817,000 2,290,218,000
16.337,000
45,455,000
30.854,000
33.892,000
28,635.000
13.678.000
16,023,000
19,291,000
15,366,000
5,280,000
10,163.000
9.856,000
8,340,000
7,238,000
6,10(1.000
6,362,000
8,085,000
6,744.000
17,375,000
21,764,000
19.156.000
32,309,000
23,308,000
25.837,000
23,106,000
21,668,000
21,873,000
2,350.084.0002,379,774.000 2,423,822,000
2,365,778.000 2,331,194,0002,324,511,000 2,365,508,000 2.389,214.000 2.410,358010 643,581.000 748,167,000 615,204,000
Total deposits
649,782.000 611,242,000 655,232,000 786.019,000 608.834.000 656,462,000 155.851.000 155,133,0110 139,631.000
Deferred availability Items
157,507,000 156,446,000 156,279,000 156.296,000 156.179 000 155,958,000 254,398,000 254,398.000 233.319,000
Capital paid in
254,398,000
254,398,000 254,398,000; 254,398,000 254,398.000 254,398,000
Surplus
19,001.000
23.386.000
24,190,000
24,072,000
25,262,000
26,162,000
27,927,000i 26,824,000
28,418,000
All other liabilities
5,097,565,000 5,164.887,000 5.080;605.000 5.214,086,000 5.029,347,000
5,103,318,000 5,034,892.000 5,056,798,000 5,235,041,000
Total liabilities
Ratio of gold reserves to deposits and
64.85%
68.9%
69.9%
69.0%
70.0%
70.7%
71.6%
70.8%
70.8%
F. R. note liabilities combined
Ratio of total reserves to deposits and
68.7%
73.3%
74.3%
73.3%
74.3%
75.1%
75.9%
74.5%
74.4%
F. It. note liabilities combined
Contingent liability on bills purchased
349.257,000 345.317,000 347,390.000 276,582.000
392,415,000 385,754,000 381,751,000 367.498,000 355,195,000
for foreign correspondents
$
$
Distribution by Maturittes83,708.000
62.231.000
66,626.000
94,551.000
60.073.000
75,980.000
54,291,000
73.110,000
56,415,000
1-15 days bills bought in open market _
830,046,000 844.070,000
762,915.000 718,591,000 739,927,000 787.922,000 806.106,000 803,341.000
736,686,000
13.795,000
1-15 days bills discounted
5,010,000
5,450,000
4.177,000
4.759,000
4,781.000
2,120,000
495,000
4,194.000
100,000
1-15 days U. S. certif. of Indebtedness_
78,334,000
1-15 days municipal warrants
28,503.000
28.011,000
30,092.000
35,597,000
33,176.000
31,848,000
31,118,000
27,290,000
35,395,000
16-30 days bill, bought In open market.
40.490,000
45,367,000
44.024,000
43.286.000
52,052,000
47.440.000
50,478,000
45,044.000
16-30 day, bills discounted
4,000
293,000
9,000
35,000
16-30 days U. S. certif of indebtedness_
102,000
102.000
16-30 days municipal warrants
74,557,000
34,736.000
34,266.000
32,037.000
28,793,000
19,506,000
25.732,000
17,909,000
21,621,000
31-60 days bills bought in open market
56,673,000
68.164,000
67,741.000
75,507,000
72,492,000
84,852,000
68,185.000
84,847,000
71,402,000
51-60 days bills discounted
930.000
290,000
1,245,000
205,000
617,000
51-60 days U. S. certif. of Indebtedness.
101,000
101,000
102.000
102,000
31-60 days municipal warrants
23.722,000
13.048.000
9,557.000
11,069.000
9.902,000
10,080.000
9,027.0001
9.108,000
10.265.000
11-90 days bills bought In open market.
27,240,000
41,955,000
41,501,000
40.778,000
37,587,000
57.418,000
53,173,000
35.767.000
42,000,000
51-90 days bills discounted
6,0001
01-90 days U. S. certif. of indebtedness
102,000
01-90 days municipal warrants
6,073,000
2,509,000
2,715,000
2,672,000
2.816,000
2.194,000
2,106,000
2.111,000
1,872,000
Over 90 days bills bought in open market
13,641.000; 18.620.000
16,563.000
19,354,000
20.735.000
30,957,000
32,260.000
23,280.000
26,095,000
Over 90 days bills discounted
56,874,000
12,013
4
310 000
12,10 :000
10.446.000
9,205,000,
9,618000
8,435,000
9,418,000
8,907,000
Over 90 days certif. of Indebtedness
.
300,000
300 0'
300,0001
300,000
300,000
303,000
300,000
I
Over 90 days municipal warrants
2,818.819,000 2,835,968,0001 2,783.792.000
It. notes received from Comptroller 3,487,024,000 3,432.180,000 3,227,661,000 3,055,800.000 2.933,480,000 2,813.454,000
F.
1,402,482,000,1,358,362,000 1.161,597,000 990.877,000 852.596.000 755,327,000 757,187,000 767.927.000, 816,310,000
V. R. notes held by F. R. Agent
,084,542,0002,073.818,000 2,066,064,000 2,064,923,000 2,080.884,000 2,058,127,000 2.061,852.0002.068.041.000 1,967,482.000
Issued to Federal Reserve Banks
I
SecuredHow
354,607.000
372,895.000/ 372,895,000 376,295,000 378,295,000 378,295,000 381,294,000 366,195.000 366.995,000' 98,994,000
dy gold and gold certificates
89.649,000'
92,793,000
94,219.000
101,776,000, 100,092,000 102,211,000
92.059,000
80,710,000
Gok1 redemption fund
655,414,000
828,884,000 842,194,000 810.045,000 870,112,000 839,551,000 841,936,000 820,913,000 831.416.000 1,197,134,000
-Federal Reserve Board
Gold fund
1.050,631,000 1,057.853,000 999.891,000 1,017.200,000 1,076.961,000 1,106.891.000 1,070.905,000 1,085.927,000
By eligible paper
1
2,354,186,0 002,373,034,000 2,318,442.000 2,346,317,000 2.386.866,000 2,424,340.0002.350,806 ,000 2,373.987.000 2,306,149,000
Total
*Revised figures.
-Beginning with the statement of Oct. 7 1926. two new Items were added In order to show separately the amount of balances held abroad and amounts due
NOTE.
the caption, -AB ether earning assets," Previously made up of Federal Intermediate Credit Bank debentures, was changed to
to foreign correspondents. In addition,
a more accurate description of the total of
'Other securities." and the caption. "Total earning assets" to "Total hung and securities." The latter Item was adopted as
only items included
acceptances and securities acquired under the proviiion of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the
me discounts,
therein
RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 5 1929
WEEKLY STATEMENT OF
J
Two ciphers (00) omitted.
I
Total.
Boston. New York, Philo
Cleveland Richmond Atlarau. Chicago. St. Louis. Mtnneap. Kan.Citt • Dallas. I SafIrmal,
Federal Reserve Bank of
-$
$
$
$
$
S
$
5
5
$
$
RESOURCES.
$
5
36,859,0 20,730.0,183,041,0
;old with Federallteserve Agents 1,303,555,0 01,600,0 265,927,0 113.082,0 151,768,0 35,037,0 80,129,0 279.877,0 17,383,0 68,122,0
.
14,250,0 10,396.0 5,252,0 3,903,0 4,316,0 6,134,0 6,258,0 2,049,0 4,024,0 1.714 0 3.398,0
67,988.0 6,294,0
Treas.
loll redo fund with U.S.
I
22,444,0 186,439.0
Gold held excl. agst. F. It. notes 1,371,543,0 67,894,0 280,177,0 123,478,0 157,020,0 38,940,0 84,445,0 286,011,0 23,641,0 60,171.0 40,883.0 21.527,01 44,544,0
(fold settiel fund with F.R.Board 679.733,0 79.844.0 201.957.0 38,462,0 63.255,0 15.692,0 17,208,0 84,101,0 46,826,0 20,294,0 46.023,0 11,041,0 27,513,0
5,362,0
gold and gold ctfs held by banks 792,692.0 23.916,0 494,549,0 26,919,0 50,393,0 17,483,0 6,350.0 113,801,0 9,626,0 5,739,0
2,843,968,0 171,654,0 976,683,0 188,859,0 270,668,0 72.115,0 108,003,0 483,913,0 80,093.0 86,204,0 92.268,0 55,012,0258,496,0
Total gold reserves
141,383,0 10,965,0
42,024,0 6,893,0 9,828,0 7,112,0 6,115,0 25,420,0 8,503,0 2.172,0 4,058,0 4,879,0 13,414,0
'Lavery° other than gold
2,985.351,0 182,619,0 1.018.707,0 195,752,0 280,496.0 79,227,0 114,118,0 509,333,0 88,596,0 88.376,0 96,326,0 59,891,0 271.910,0
Total reserves
79,385,0 5,375,0
34,800,0 1,892,0 4,240,0 5,138,0 6,124.0 8.030,0 4,219,0 1,385,0 1,927,0 2,792,0 3,463,0
ion-reserve cash
311Is discounted:
13,748,0 30,953,0
U. S. Govt. obligations 508,912,0 56,474,0 119,363,0 51,328,0 56,074,0 21,233.0 16,883,0 95,783,0 24,176,0 5,082,0 17,815,0 13,874,0 33.859,0
Elm by
468,532,0 42,848,0 . 90,580,0 35,203,0 37,453,0 35,972.0 60.171,0 44.167,0 27,256,0 9,849,0 37,300,0
Other bills discounted
1
1
Total billsdIscounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
Total U. S. Gov't securities
977,444,0 99,322,0
112,747.0 20,740,0
48,625,0
85,295,0
13,408,0
_
147,328.0
689,0
1,794,0
1.350,0
3.833,0
209,943,0 86,531,0 93,527,0 57,205,0 77,054,0 139,950,0 51,432,0 14,931,0 55,115,0 27,622,0 64,812,0
870,0 2,864,0 4,885,0 9,504,0 12,514.0
18,169,0 9,632.0 9,681,0 4,518,0 8,023,0 11,347,0
8,751,0 1,582.0
5.223,0
22,425,0
368,0
5,817,0
585,0 2,033,0 1,152,0
3,411,0 11,640.0
13,969,0 9,081,0 27,112,0
657.0 3,124,0 4,043,0 6,500,0 3,964,0
83.0
45,0
23,0 1,070,0
3,805,0 7,027,0
5,0
23.591.0
111.0030
90 isn (I
1
gne n
a AlA
0
97 MN
n
6.100.0
9.232.0
12.245.0 13.222.0
3790
FINANCIAL CHRONICLE
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Total.
$
9,917,0
Nbersecurities
.
roreign loam on gold
Boston. New York.
$
Mita
$
1,015,0
$
402,0
I Vol.. 128.
Cleseland. Richmond Atlanta, Chicago. St. Lout, Mintssav. Instate.
Dan. Ran Pres.
$
$
$
$
$
$
3
3
$
4,100,0 1,500,0 1,250,0
750,0
Total bills and securities__ ..... 1,247,436,0 123,895,0
Yile from foreign banks
727,0
54,0
incollected items
723,705,0 70,053,0
lank premises
58,595,0 3,702,0
Illotber
8,119,0
56,0
Total resources
LIABILITIES.
r. R. notes in actual circulation_
253,618,0 113,258,0 132,358,0 63,532,0 88,592,0 178,835,0 58,802,0 31.127,0 61,500,0 50,821,0
91,298,0
221,0
70,0
74,0
33,0
28.0
100,0
29,0
18,0
24,0
24,0
52,0
201,837,0 58,317,0 85,300,0 59,014,0 27,248,0 87,149,0 32,543,0 14,102,0 38,936,0
18,087,0 1,762,0 8,535,0 3,395,0 2,744.0 8,529,0 3,951,0 2,110,0 4,140.0 31,358,0 38,052,0
1,922,0 3,718,0
1,327,0
225,0 1,375,0
428,0 2,074,0
587,0
273,0
560,0
222,0
429,0
585,0
5 103,318,0 385,754,0 1,528,397,0 371,276,0 490,378,0 210,785,0 244,928,0 792,583,0
188,413,0 137,878,0 203,075,0 147,035,0 409,058,0
1,647,435,0 140.428,0
270,285,0 140,858.0 202.595,0 65,741,0 132,085.0 309,593,0 58,192,0 62,700,0 87,419,0
38,080,0 159,481.0
941,174,0 135,002,0 181,297,0 87,887,0 64,345,0 339,830,0 75,970.0
50,271,0
3,181,0 1,111,0
888,0
528,0 1,755,0 2,111,0 1,425,0 1,044,0 88.807.0 82,885,0 171,266,0
688,0 1,053,0
1.793,0
2,104,0
839,0
879,0
308,0
260,0
912,0
286,0
188,0
220,0
220,0
479,0
6,846,0
32,0 1,084,0
73,0
83,0 1,302,0 2,232,0
239,0
254,0
28,0 9,301,0
Totaldeposlts
2,365,778,0 145,886.0 953,305,0 136,784,0 183,948,0 68,792,0 88,443,0 344,155,0 79,893,0
51,720,0 87,847,0 84,188,0 182,839,0
ieferred availability items
649,782,0 87,612,0 168.731,0 52,383,0 59,572,0 56,162,0 24,298,0 78,051,0 32,787,0 12,049,0
'spite! paid in
157,507,0 10,375,0
57,305.0 15,303,0 15,121,0 6,173,0 5,393,0 19,558,0 5,228,0 3,067,0 33,151,0 30,884,0 38,124.0
lurphis
254,398,0 19,819.0
71,282,0 24,101,0 28,345,0 12,399,0 10,554,0 36,442,0 10,820,0 7,082,0 4,287,0 4,443,0 11,254,0
9,086,0 8,890,0 17,978,0
iII other liabilities
28,418,0 1,836,0
7,489,0 1,867,0 2,797.0 1.498,0 2,155,0 4,764,0 1,493,0
1,080,0 1,285,0
792,0 1,382,0
Total liabilities
5,103,318,0 385,754,0 1,528,397,0 371,276,0 490,378,0 010,785,0 240,926,0 792,663,0 188,413,0 137,678,0
203,075,0 147,035.0 409,058,0
Memoranda.
teeerve ratio(percent)
74.4
83.3
72.6
83.8
70.5
58.9
57.5
77.9
64.2
77.2
82.0
lontingent liability on bills Pur58.6
79.4
chased for foreign correspondls 392,415,0 29,019,0 119,084,0 37,647,0 40,000,0 18,039,0 15,294,0
53,725,0 15,686,0 9,804,0 12,941,0 12,941,0 28,235,0
. R. notes on hand (notes reed
P
from F. R. Agent lees notes In
A 09 0•21 A
1,/ gla ri Al Odd( 27 425 A ls AMI. I
1
1 21 292 0 20 aka n
a nza n 0 Arid i
\
0 illet n
e anA n an On• a
2eposits:
Member bank-reserve seal
Government
Foreign bank
Other deposits
2,321,343,0 144,629,0
18.023,0
570,0
8,744,0
494,0
21,888,0
194,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS
JUNE 5 1929.
Federal Reserve Agent at-
Total.
Boston.
New York.
$
Cleveland. Richmond Amnia. Chicago. St. Louts. Mtnneop. Kan.eite. Deltas.
Saw/haw,
$
$
5
5
$
$
s
$
$
841,886,0 208.162,0 352,101.0 192.2980 277,448,0 483,522,0 98,798,0 154,848,0 141,995,0 74,418,0 373,505,0
414,345,0 28,060,0 112,070,0 107,951,0 114,040,0 143,280,0 32,570,0 82,644,0 84,660,0
27,732,0 153,140,0
427,541,0 182,102.0 240,031.0 84.345,0 163,408,0 340,242,0 66,228,0 72,204,0 77,335,0 48,884,0
220,385,0
P. R. notes Issued to F. R. Bank_ 2,084,542,01164,057,0
Collateral held as security for
F. P. notes Issued to F. It. Bk.
Gold and gold certificates-- 372,895,0 35,300,0
Gold redemption fund
101.778,0 13.300,0
Gold fund-F. R. Board
828,884.0 13,000,0
Eligible paper
1,050,831,0 119.984,0
Total collateral
Phila.
s
Two Ciphers (00) milted$
$
Y.R.notesree'd from Comptroller 3,487,024,0 288,047,0
Y. R.notes held by F. R. Agent-- 1.402,482,01123,990,0
171,880,0
14,047,0
80,000,0
211,001,0
30,000,0 43,800,0 6,690,0 13,250,0
8,050,0 14,167,0
14,758,0 35,000.0
12,185,0 12,988,0 8.347,0 9,879,0 2,877,0 1,333,0 2,955,0
70,897,0 95,000,0 22,000,0 57,000,0 277,000,0 8,000,0 41,000,0 3,499,0 3,972,0 18,414,0
33,360,0 2,000,0 129,827,0
83,134,0 102,969,0 55,308,0 84,852,0 151,029,0 51,951,0 17,738,0
59,731,0 37,008,0 78,828,0
476.928.0 196.216.0 254.037.0 90.343.0 184.981.0 430.906.0 69.334.0 71.1160.0 96.190.0 57.738_0 2A0
mem
2 354.186.0 181.584.0
Weekly Return for the Member Banks of the Federal Reserve
System.
Following is the weekly statement issued by the Federal Reserve Board,
and liabilities of the member banks in 101 cities from which weekly returnsgiving the principal items of the resources
are obtained. These figures are always a
week behind those for the Reserve banks themselves. Definitions of the different items
in the statement were given In
the statement of Dec. 121917, published in the "Chronicle" of Dec. 29 1917, page 3475. The
comment of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions,"
on page 3757 immediately
preceding which we also give the figures of New York and Chicago reporting member banks
for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude
"Acceptances
endorsement," and Include all real estate mortgages and mortgage loans held by the bank. of other banks and bills of exchange or drafts sold with
Previously acceptances of other banks and bills sold with
endorsement were Included with loans, and some of the banks included mortgages In
Investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at
the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by
commercial
banks is now omitted: in its Plane the number of cities Included has been substituted. paper, only a lump total being given. The number of reporting
The figures have also been revised to exclude a bank In the Sao
Francisco district, with loans and Investments of $135.000.000 on Jan, 2. which
recently merged with a non-member bank. The figures are now given ID
round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OP WEEKLY REPORTING MEMBER
BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON MAY 29 1929. (In millions of dollars.)
Federal Reserve MMHG&
Total.
Roston, New York
Phila.
Claseand Richmond Atlanta. Chicago. 8:. UM!. Minneap. Ran.
CU" Dallas. Ma Frac
LOans a54 investments-total
$
22,001
5
1,481
s
$
8,326
1,208
Loana-4otal
16,202
1,104
8,217
891
1,508
7,102
9,100
467
837
2,985
3,233
459
431
5,798
377
2,109
2,897
2,902
183
194
1,120
989
1,617
242
95
15
12,791
6,765
99
5
s
s
U.S. Government securities
Other securities
Reserve with F. R. Bank
Oash in vault
Net demand dePoelts
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. Bank
510
512
687
821
187
324
147
385
317
662
169
104
213
319
343
75
84
740
• 75
76
16
125
28
857
459
4
5,710
1,693
43
705
264
5
50
95
141
820
680
lnvestments-000al
$
3,283
1,012
2,389
On securities
All other
644
81
134
2,170
889
5
$
s
1
5
732
377
882
457
2,582
520
252
448
342
1,316
1,210
1,372
239
281
91
161
120
327
98
243
413
903
132
702
212
125
234
134
837
61
71
325
377
86
147
69
58
109
125
93
40
374
263
38
12
39
9
245
37
45
7
24
8
54
11
33
8
105
19
1,012
949
8
342
240
3
315
239
5
1,765
1,232
12
388
232
1
215
136
1
472
180
1
286
141
7
743
997
10
59
145
85
184
43
83
gg
88
195
398
47
103
46
86
100
169
50
71
131
188
47
72
30
43
120 ,
32
11
45
15
51
*Subject to correction.
1,953
Condition of the Federal Reserve Bank of New York.
The following-shows the condition of the Federal Reserve Bank of New
in comparison with the previous week and the corresponding date last year York at the etuse of business June 5 1929,
ResourcesGold with Federal Reserve Agent
Gold redernp. fund with U.S.Treasury-
June 5 1929. May 29 1929. June 6 1928.
$
$
$
265,927.000 265,927,000 175,925,000
9,094,000
14.250,000
18,136,000
Gold held exclusively ages. F. R.notes 280,177,000
Gold settlement fund with F. R. Board_ 201,957,000
Gold and gold certificates held by bank_ 494,549,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted
Secured by U.S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought In open market
II. S. Government securities
-Bonds
Treasury notes
certiricatte of indebtedness
Total U.S.Government securities._
Other securities (see note)
Foreign Loans on Gold
275,621,000
247,192,000
479,859,000
194,061,000
264,217,000
412,720,000
076,683,000 1,002.672,000 870,998,000
42,024,000
41,484,000 30,422.000
1,018,707,000 1,044,158,000
39,350.000
34,800,000
901,420,000
20,627,000
119,363,000
90,580,000
130,658,000
63,768,000
274,835,000
90,519,000
209,943,000
18,169,000
194 428,000
11,649,000
365,354,000
46,598,000
5,818,000
13,968.000
3,805,000
155,000
12,799 000
495,000
7,100,000
8,433,000
17,351,000
23,591,000
1,915,000
13,449,000
1,915,000
32,884,000
Resources (Conclude -6)
Gold held abroad..
Dn e fromforet banks (See
ti um
ite s
Note)
Bank premise/
All other resources
Total resources
June 5 1929. May 29 1929. June 6 1928.
220,000
201,637.000
16,087,000
1,328,000
221,000
180,758,000
18,087,000
1,349,000
217,000
178,398,000
16,563,000
1,686,000
1,528,307.000 1,503,380,000 1,563,747,000
LIAMIttlet-FetP1 Reserve notes In actual circulation
Deposits
-Member bank, reserve acct.Government
Foreign bank (See Note)
Other deposits
270,285,000
941,174,000
3,181,000
2,104,000
0,846,000
274,542,000
917.034,000
1,749,000
3
9.
338,181,000
948,416,000
2,483,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
953,305,000
166,731,000
57,305,000
71,282,000
7,489,000
931,242,000
162,795,000
50,284,000
71,282,000
7,235,000
960,532,000
152,709,000
44,116,000
63,007,000
5,202.000
Total liabilities
ViTZ 1:13:::::
1,526,397,000 1,503,360,000 1,563,747,000
Ratio Of total reserves to deposit and
Fern Reeve note liabilities combined69.4%
88.8%
83.3%
Contingent liability on bills purchased
Total hills and eemnitles (See elotel - -- 253.618.000 221.439.000 444,836.000
for foreign correspondence
81,937,000
119,084,000 119,673,000
NOTE.
-Beginning with sae statement of Oct. 7
foreign correspondents. In addition, the caption "All1926, two new items were stillel in order to snow separately the amount of balances held abroad and amounts due t
other earning assets," nrevl July made up of
0
"Other securities." and the caption "Total earning assets" to "Total bills and Eeoultiee." The latter Federal Intermediate Credit Bank debentures, wail changed 8
term was adopted as a more accurate desorlinlOn of the total of Ohs
digeountaeoelitances and securities aoduired under the Provisions of Sections 13.02 14 of he Fedeatl Reserve
Act, which. it was stated. are the only items Included therein.
JUNE 8 1929.]
FINANCIAL CHRONICLE
fOartiters'
lJ
STOCKS.
Week Ended June 7.
azette.
Wall Street, Friday Night, June 7 1929.
Railroad and Miscellaneous Stocks.
-See page 3776.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended June 7.
Sales
for
Week.
Range for Week.
Lowest.
Per. Shares 1$ per share.
RailroadsBaIto & Ohio rights_ _-194,400 234
Buff Koch & PItts_10
30 80
Caro Clinch & Ohio_100
20 8454
Canadian Pac rights__ 40,600 434
CentralRRofNJ._1iI
500 313
Clev & Pitts special_ _50
20 434
Cites & Ohio rights__ __ 26,000 28
Det & Mack pre(__ _10
10 60
IllCentlea.sediine.10I
40 74
Nat Rys Nies 1st pf UI
100 434
N 0 Tex & Mex.._ _ _100
60 148
N Y Lack & West_ _100
2010134
N Y State Rys
100
10 13
Pennsylvania RR righ 406,400
34
Pitts C C St L
&
100
10100%
Pitts Ft W & Ch p1_100
20 146
Highest.
Range Since Jan. 1.
Lowest.
I
Highest.
Per share. $ per share:3 per share.
May 6 234
May 4 80
May
8434
May 6 54
May 3321
May 7 4334
May 6 294
May 3 60
May 3 74
May 5 434
May 1 149
May 31014
May 7 13
May 1 1
May 7 1004
May 1 146
May
May
May
May
May
May
Stay
May
May
May
May
May
May
May
May
May
4 14
4 77
5 82
4 434
3 305
7 4334
3 23
3 60
3 73%
5 494
1 130
3 101%
7 13
4
%
7 wog
1 146
Indus. & Mlscell.
Air-Way El Appliance_
9,8001 4034 May I 4334 May 5 3731
Allegheny Corp
174,900 33
May 3 3534 May 6 27%
Preferred
1,1 4,700 10034 May 1 101% May 7 994
Receipts
4,900 10034 May 1 100% May 6 100
Rights
107,200
34 May 1
54 May 6
4
Alliance Realty
110 91
May 4 91
May 4 86
Am Comm'l Alcohol„. 81,300 464 May 3 5354 May 7 4334
Am Express ctfs
May 3310
100310
May 3 309
Am Hawaiian SS Co_10 5,800, 3654 May 1 39
May 4 24%
Am Had & St Saa righ
63,700! 154 May 1 1% May 1
154
Am Rolling Mill_ .._ _2' 7,600 10834 May 6 Ill
May 7 10634
Am Stores
1,80068,May 1 69
May 4 86
Am Tel & Tel rights.. 271,900' 334 Mal) 1 494 May 5 3
Anaconda Copper righ 119,0001 1834 May 4 21% May 5 1734
Anaconda Wire & Cab'. 1,100 664 May 7 874 May 3 664
Assoc Appar Indus
* 14,000 50
May 1 5734 May 7 49%
Assoc D Gds 2d pf_ .101
600 944 May 4 96
May 7 94
Auburn Automobile._
8,500 240% May 3256
May 5 221
Bendis Aviation
•247,600 8134 May 1 934 May 4 78
Bethelehm Steel rights. 160,100 254 May 3 534 May 7 234
Bohn Alum & Brass
6,300 111% May 3 1194 May 5 110%
Borg-Warner Corp--10 14,900 1124 May 3 119% May 5 1
0751
Bullard Co
• 1,000 46
May 3 4834 May 5 46
Cavanagh-Dobbs Inc
500 234 June 3 25
June 7 223-4
Preferred
1 11
200 93
June 4 93
June 4 93
Celotex
• 1,900 56
June I 61
June 5 52
Preferred
10
tOO 8834 June 5 8834 Juno 5 87
Chesap Corp rights_
81,000 144 June 3 1734 June 7 1354
City Ice & Fuel
1,300 524 June 6 5354 June 4 5234
Rights
3,000
34 June 5
54 June 6
34
Coca Cola CI A
2,600 48
Juno I 4834 June 5 4734
Comm Credit prof x-wa
20 90
Juno 7 90
Juno 7 85
Consol Cigar pref(7)101
50 8931 June 6 92
June 7 894
Crosby Radio Corp_ _ _* 4,700 884 June 3 94
June 4 8534
Crown Cork & Seal
*
400 44
June f 45
June 1 44
Curtis Publish Co....*
70012234 June 3 24 June 23 117
Preferred
600 114
June 3 16
June 1 11334
Cushman's Sons pref *
2011034 Juno 6 110% June 6 10834
De Beers Cons Mines_
10 23
June 4 23
May 4 22
Devoe & Raynolds rits. 17.300
4 June 3 154 June 7
Dominion Stores
5 2,800 45
June 7 48
June 5 43
Equit Office Bldg p110
10310
June 5310
June 5 310
Evans Auto Loading.
3,500 5554 June 3 5834 June 7 55
Fairbanks Co pref. _ _2:'
80 14
June 5 16
June 4 11
Fashion Park Assoc_ _ _*
900 654 June 4 67
Juno 6 6434
Preferred
100
300 97
June 3 97
June 3 9655
First Nat Plc 1st p1.100
10011534 June 1 1154 June 1 10454
May 24
May 9834
May 924
May 7
Apr 360
Junel 45%
Slayl 2934
Stall 60
Apr 80
June 6%
Apr 156
June 108%
June 144
May 254
June 110
May 15354
May 4834
Star 37%
Apr 10534
May 100%
May
31
Mar 105
May 55
May 332
Mar 42
May 254
May 12154
may 85
May 6%
May 35%
June 864
May 57%
May 110
May 256
May 9351
May 5%
May 136%
May 14354
June 5355
May 42%
June 105%
May 79%
Apr 93)5
May 17%
June 62%
June
May 50
May 90
June 100
May 125
June 51
Mar 129
Mar 12134
Feb 11554
Feb 25
may 254
May 53%
June 310
Mar 7334
Apr 35
May 72%
May 01%
Jan 1154
June
Jan
Feb
May
Feb
Jan
June
Mar
Feb
Jan
May
Mar
Mar
May
Mar
Feb
May
Mar
Feb
June
June
Jan
May
Nisy
Apr
Slay
May
Apr
May
Mar
May
June
Jan
June
June
June
May
May
May
Feb
Mar
Feb
Feb
June
Jan
June
Feb
June
Mar
Feb
May
Mar
May
Feb
Mar
May
Apr
June
Niar
Jan
Star
Mar
May
General Bronze
40,800 59
Juno 1 6834 June 7 5534 May 68% June
Gen Gas&EI prof A(7) *
22011)9
June 7 111% June 3 105
May 1834 Jan
OenMotorzdeb(6),1Ol
20010734 June 7 10734 June 7 10734 June 11(134 Mar
Granite City Steel_,,
6,500 44
46
June 1 44
Juno
June 46
June
Hayes Body
• 45,200, 46% June 1 5334 June 5 44% May 6834 May
Helme(G. W.) prof 100
5013034 June 4 10354 June 4 12354 Jan 36
May
Houdaille-Hershey dB
9,800 40
June 1 43 June 4 39
May 5234 May
Int Telep & Teleg rlts__ 207.800 3
June 1 354 June 3 234 May 354 May
Interstate Dept. Stores
Preferred x-warr_10i.
200 94
June 4 94
June 4 9134 May
May
Kelsey-Hayes Wheel rts 41,800 154 June 4 234 June 5 1% May 97
354 May
Kendall Co prof
140 9234 June 1 9234 June 1 8934 Apr 96
Feb
Kimberley-Clark
*
500 4634 June 1 484 June 5 4534 May 504 May
Kuppenheimer & C
Preferred
100
50 112
June 4112% June 4 110
JanIl294 June
Lehigh Valley Coal,.• 10,500 24
June 4 2434 June 3 19
Feb 28% Apr
200 41
Preferred
50
June 3 42 June 3 3454 Mar 42 Juno
* 1,600 50
June 6 5134 June 3 50 June 61
Link Belt Co
Feb
Liquid Carbonic rights_ 14,200 1
June 1 14 June 1
% May 24 May
200 91
Loewe prof x-warr
June 1 92
Juno 5 90
Mar 95
Mar
100118
June 1118
Ludlum Steel pref____*
June 1 9834 afar 118
June
200 41
June 4 414 June 7 41
McGraw-1111i PubliCns
June 48
Feb
Mexican Seaboard rts_ 57.900 1% June 1 24 June 4 134 May 2% June
• 2,000 85
Juno 3 100
Michigan Steel
June 7 85 June 105
May
10 101
Juno 6 101
Milw El Ry & Lt pf_100
June 6 101
Jan 10954 Apr
• 1,400 7334 Juno 7 7534 Juno 1 73% June
Morrell (J) & Co
May
1,400 1734 Juno 7 174 June 7 16% May 783-4 May
Niotor Nleter cl A ctfa.
18
Nat Air Transport_. 35,500 3754 June 1 4234 June 5 3734 May 4854 Stay
Newport Co el A____50 2,000 48
Juno 4 4834 June 1 43
Mar 5234 Mar
June 110434 June 5 93
2,500 97
Newton Steel
May 1114 May
2,800
Rights
34 Juno 4 14 June 5
7-4 June 134 June
Oliver Form Equip_._• 16,000 364 June 1 434 June 5 343.4 May 6434 Apr
June 1 5794 June 5 4934 May 6
Cony partic
* 14,300 .21
994 Apr
C 4,000 91
Preferred A
June 6 9434 June 4 91
June 9954 May
1011084 June 310834 June 3 106
Outlet Co prof
100
Jan 110
Apr
June 1 2551 June 3 13
Pettibone & NIullik_100
130 25
Mar 2531 June
June 3 66
Phelps Dodge Corp_25 11,800 62
June 5 5834 May 7994 Slay
Phillips Jones Corp_.
• 2,800 454 June 3 5934 June 7 41
Mar 73 May
100
June 8 98
00 98
Pitts Steel prof
June 6 9231 Feb 98
Apr
5,900 5534 June 1 5634 June 4 5034 Mar 85% Jan
Pirelli of Italy
5 2,500 27
June 6 2834 June 3 27
Poor & Co el 13
June 2835 June
Radio Corp prof B._ _ _• 10,500 7634 June 3 80
June 7 74
Mar 8234 Apr
June 3 494 June 5 424 May 541 May
• 2,700 48
Republic 13rass
%
100
Juno 6 107
100 107
Preferred
Juno 5 105
May107 June
*
100 9834 June 6 9834 June 13 9334 May1111
Class A
May
• 1,100 61
June 3 624 June 3 59
Ritter Dental NIfg
May 6234 June
June 3 935 June 4 734 May 1254 May
Rossia Insurance rts___ 4,200 8
June 4 4234 June 1 41
3,000 41
Sharon Steel Hoop
June! 4234 May
Juno 6128
10128
June 6 125
So Porto Rico Sug pf 100
N1ar,135
Feb
*
500 55
June 1 56
June 3 504 Apr 6334 May
Spalding Bros
2.200245
June 725034 June 4 17031 Ain 275
Sparks Witliington
May
• 15,300 6034 Juno 6 65
June 1 6054 June 8754 May
New w I
spene Kellogg & Sons _• 1,200 37% Juno 5 384 June 6 35% Apr 43
Feb
300 47
June 3 4834 June 4 47
Spicer Mfg prof A._ _ _•
May 55% Mar
.10 3,300 2334 May 4 2454 May 6 23
Timken Dot Axle...
May 31
May
100
800 6% May 7 634 May 1
2
U Express
Jan 10
Apr
100 7 700 16734 May 3 171
May 5 63
May 186
S Steel new
May
115.700 3% May 1 454 May 4 334 May' 63-4 Apr
Rights
United Aire & Trans_ _ 5,171,500 11034 May 312234 May 5 7852 Apr,162
May
May 3 8934 May 5 6834 Apr10934 May
Preferred
50 4,000 83
May 4 6534 May 5 5834 May 7534 May
*348,600 62
United Corp
C 41.300 454 May 1 4634
Preferred
May 5 45
May 464 June
Ind.& Nilse.(Conc.)Par
United Dyewood pfd100
Preferred
100
Va El & Pow pf (6)_100
Vulcan Detin pref A 100
W algreen Co pref_ _ _100
Warner Bros Pict new.
West Dairy Prod B rts_
Westraco Chlor Prod_5
Wilcox-Rich cl A._.,'
Class B
I*
Woolworth Co new._10
Bank. Trust and In.
surance Co. Stocks.
Eqult Tr Co of NY 100
3791
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Shares.
per share.
per
730 14
May 7 1554
30 8734 May 1 70
10 9931 May 4 9934
Stay 5 105
10105
100
79,300 55% May 31 6034
9,700
% May 3
14,900 494 May 11 72
5,700 444 May 7{ 4634
5,100 4334 May 71 4554
31,300 8634 May 11 9054
10663
May 4 663
Range Since Jan. 1.
Lowest.
Highest.
share. $ per share.1$ per share.
May 3 64 Apr 21
'
May
May 6 533-4 Apr 75 Slay
May 4 9954 June 1014 Jan
May 5 97
Feb 110
Apr
Mar
10034 Mar 106
May 5 543f May 6234 May
May 1
% May 134 May
May 7 49% June 944 May
May 5 37
Mar 6134 May
May 5 34
May 62
May
May 5 85 ;May, 944 May
May 4,493
Jan 765
Mar
• No par value.
New York City Realty and Surety Companies.
-p.3777.
Quotations for U.S.Treas. Ctfs. of Indebtedness. 3777.
-p.
New York City Banks and Trust Companies.
(AU prices dollars per share.)
Banks--N.Y. Bid
Ask Banks-N.Y. Bid Ask Tr.Cos.-N.Y. Bid
dolt
228 232 Public
America
299 303 Equitable Tr.3 644 852
Rights
Amer Union*. 260 270
42 Farm L & Tr_ 1875 1900
38
Bryant Park* 400 475 Seaboard
975 1000 Fidelity Trust 205 2145
200 208 Seward
Central
165
170 Fulton
I 550 650
320 350 Trade.
310 325 Ouaranty._..I 948 955
Century
y930 940 Yorkville _
Chase
220 230 Int'lGermanle 224 230
95
Rights
98 Yorktown'___ 260
Interstate_ -.1 360 368
Chath Phenix
Irving Trust. 7'a 7512
Nat 13k& Tr 808 816
Lawyers Trust
CheiseaEs new 102 108
Brooklyn.
Manufacturer282 - 285
.Globe Each*
ChLs'aEsUp A --390 4 5 Murray 11111_ 295 310
1
Class II_ _ _ _
740 780 Mutual(WeIttNassau
121 People's
1210
Chemical -___118
cheater) ___ 375 405
93 Prospect
Continental* _ 90
170 185 N Y Trust__ 320 325
52
49
Rights
Times Square_ 168
173
Corn Exch.__ 187 191
Title Cu & Tr 182
187
Trust Cos.
Fifth Avenue_ 3450 3850
US Mtge &Tr t720 750
New York.
First
6500 6600
Rights
350 370
50
___ Banns Comle
United States 4550 4650
Banana Tr_ 415 430 Wortchest't Tr 1000 1100
i4•11
ert l
ny
125° 270 Bank of N Y
736
0
Liberty an
& Trust Co. 880 900
Manhattan*. 850 860
168
385 Bankers Trust 164
National City 381
Brooklyn.
Park
183 Bronx Co Tr _ 640 570 Brooklyn
1178
1150 1165
1128
7 12 28 Central Union 382 388 Kings Co-_ 3350 3500
6
ts
550 680 Midwood--- 300 820
Penn Each... 155
165 ,County
805 615
124 iEmpire
Port Nlorrla„ 120
*State banks. I New stock. z Ex-dtvldend.
Ex-stoek dlr. y Ex-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. June 1. June 3. June 4. June 5. June 6. June 7.
High
First Liberty Loan
34% bonds of 1923-47._ LowClose
(First 355)
Total sales in $1,000 units__
Converted 4% bonds of High
1932-47 (First 4s)
Close
Total sales in $1,000 units_ __
Converted 432% bonds( High
of 1932-47 (First 434s)ILow[0108e
Total sales In $1,000 units__
Second converted 4 34% High
bonds of 1932-47(Mat LowSecond 434s)
Total sales in $1,000 units__
Fourth Liberty Loan
{Mei
44% bonds of 1933-38._ Low(Fourth 44s)
Close
Total sales in $1,000 units__
Treasury
High
Low_
45411, 1947-52
Close
Total sales in 51,000 units...
High
412, 1914-1954
Low.
Close
Total sales in 31.000 units..
High
348, 1946-1956
Low_
Close
Total sales in $1.000 units__
(High
334s, 1943-1947
Low_
Close
Total sales in $1,000 units__
(High
354a, 1940-1943
Lcw..
CloSe
Total sales in 31 000 unit/ __
98 33
,
96.32
96133
96132
96131
96 33
,
60
42
--------
96133
96..1
961,3
108
98
-----982,33
98"22
982233
14
----
___---981132
98"ss
931132
8
----
9S
2
981133
98".2
981113
74
----
._
99
981131
981,33
43
106"22
106133
1061°33
53
1031133
103132
103132
76
100133
100133
100132
75
____
____
----
98
- -1i33
9827si
981,32
40
1067,1
106°32
106 32
,
28
103133
103133
103 33
,
55
100131
100132
100131
25
96',,
96.32
996,2
____
__ _
____
____
962133
961,33
961033
I
.
98W32
98"s2
981132
140
106 0
.2
106'32
1061,1
49
1031133
103133
103133
49
1001032
100131
100113
37
96'32
96.22
Wu
47
96133
96133
95133
55
1
Hum
96',,
96133
9
960233
95'32
96 33
,
43
96132
96',,
9613
22
---981232
9811,2
951133
42
----
---951132
981712
981781
4
----
-__...
931031
981*si
981132
40
----
_
_
98 33 96;
--4--1 .
32 9 -2i33
8
98"s1 98".2 98"s1
98,112 981133 98213,
162
126
40
106212, 1062032 10818s2
106"31 106"32 1061133
1061133 10611n 1061512
25
6
30
1031133 1031132 103"31
103,13, 1031132 1031131
1031133 10311,3 1031,33
51
2
2
10011
33-100"22
------1001133
50
98",, 9 132
- 6
-_-_-_-_
96"22 96":2
-96"22 96.12
---5
25
961133
--- 9611
;
961133
- 96'22
____ 96,13•
961233
61
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 1st 44s
981,13 to 98"23
15 4t11451s
981,31 to 981,32
1 Treasury 434s
106131 to 106 33
,
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange wen 4.84 13-32©
4.84 9-16 for checks and 4.84 27-3204.84 15-16 for Cables. Commercial
on banks, sight, 4.84 3-1664.84%; sixty days, 4.7934 64.794: ninety
days. 4.77 7-l6@4.77%, and documents for payment, 4 9 ©4.7934.
.7
Cotton for payment, 4.83 17-32, and grain for payment, 4.83 17-32.
To-day's (Friday's) actual rates for Paris bankers' francs were
3.90346
3.90 9-16 for short. Amsterdam bankers' guilders were 40.10040.13 for
short.
Exchange at Paris on London, 124.04 francs: week's range, 124.06 francs
high and 124.03 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualChecks.
Cables.
High for the week
4.84 34
4.84 31-32
Low for the week
4.84 13-32
4.84 27-32
Paris Bankers' Francs
High for the week
3.9034
3.91
Low for the week
3.9034
3.90%
Amsterdam Bankers Guilders
High for the week
40.18
40.18
Low for the week
40.11
40.14
Germany Bankers' Marks
High for the week
23.85
23.86
Low for the week
23.81
23.833/2
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
-Page One
Occupying Altogether Eight Pages
For salea during the week of stocks not recorded here, as. preceding Dade.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday,
June 1.
Monday,
June 3.
Tuesday,
June 4.
Wednesday,
June 5.
Thursday,
June 6.
Friday,
June 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads
Par
Shares
33,700 Ateh Topeka & Santa Fe_100
100
1,300 Preferred
100
5,200 Atlantic Coast Line RE
100
45,800 Baltimore & Ohio
100
1.500 Preferred
50
14,400 Bangor & Aroostook
100
50 Preferred
100
3,900 Boston & Maine
10,200 Bklyn-Manh Tran v t c_No par
No par
1,200 Preferred v to
1,900 Brunswick Term & Ry Seo_100
1Buffalo & Susquehanna__ _100
100
30, Preferred
100
10,900'Canadian Pacific
100 Caro Clinch & Ohio ctfs st'd100
100
26,2001 Chesapeake /ft Ohio
100
Preferred
100
;
5
Hi -114 ii -113- iii if iiss Ii *ii,8 1112 - ,665 Chicago & Alton
s
2
s
12
-12
100
8
174 183
/
1
183 *171 17'2 16,100 Preferred
1534 1618 1614 18
4 173 1818 18
4
Chic & East Illinois RR-_100
34
*26
34
no
38
*25
35
*26
35
no
35
*26
100
51
1,100 Preferred
*48
*48
51
50
*49
55
50
5012 *47
51
50
100
/
1
8 5,300 Chicago Great Weetern
15 8 15
3
/
1
/
1
/ 153 1612 1614 164 1512 1512 154 1612 154 163
1
4
8
100
/ 453
1
4
4 45 455
4 4312 4414 4,800 Preferred
4412 4512 43
8 431/4 44341 433 443
4
/
4
/
4
8
3112 32
32
333
8 3212 3318 3134 3212 311 3212 317 311 12,600 Chicago Milw St Paul & Pee__I
20,300 Preferred new
/
1
8
8 511 523
/
4
8 505 5214 5012 514 503 51
8
5014 504 5012 517
/
1
/ 8312 8412 39,900 Chicago & North Western.100
1
4
85
86
/ 58312 85
1
4
8 8312 84
84
855
3 8312 847
100
300 Preferred
136 136
*135 13812 *13312 136 *134 136 *134 136
1354 136
/
1
4
123 1235 12212 1233 11,200 Chicago Rock Isl & Pacific_100
8
4
12334 125
122 1237 12312 1253 12412 126
8
100
1,000 7% preferred
*105 106
10512 1053 *1044 106
4
1053 1057 105 1057 1053 106
4
8
/
1
4
8
8
100
800 6% preferred
9912 9912
*98 100
99
/ *97 100
1
4
9912 9912 *98
9914 90
100
700 Colorado dc Southern
108 108 *108 110 *105 10612
108 108
10512 10512 105 108
/
1
4
72
40 First preferred
100
/
1
*72
744 72
/
1
72
744 72
*70
74
72
72
*72
20 Second preferred
714 *68
7112
7112 *68
*68
7112 *68
63
1001
*68
7112 68
100
2,000 Consul RR of Cuba pref
57
56
58
*57
56
57
543 543
4
4 55 4 57
3
*56
59
Cuba RR pref
100
7512 *68
73
*68
73
*68
73
*68
73
73
*68
*68
100
19214 1937
8 4.200 Delaware & Hudson
19434 195
4
191 195
19114 1924 19214 1933 193 194
2.100 Delaware Lack & Western_100
4
4
12012 12178 121 1213 12114 1213 *121 12114 121 12112 121 121
64 64
65
663
4 6514 6514 6512 6512 1,600 Deny & Rio Or West pref...100
6512 66
663 *65
4
Duluth So Shore & Ati____100
314 *3
314
*3
312 *23
4 314 *23
4 314 *234 312 *3
100 Preferred
100
4 5
43
4 43
4
4 *412 5
*43
8 *414 43
4 *414 43
*414 43
100
80
/ 78
1
4
/ 813 260,100 Erie
1
4
8
/ 793
1
4
7518 7612 7512 7812 77
8 7612 7818 78
100
8 613 6214 7,900 First preferred
4
61
61 18 617
62
6114 62
61
603 6214 61
4
100
1,000 Second preferred
8 5812 59
59
59
583 583
4
4 5812 585
*57
14 5818 "5818 59
/
1
108 1085 23,000 Great Northern preferred 100
8
10812 110
109 110
10912 11012 10812 1094 10712 109
100
105 10612 1053 10612 10614 10718 *105 107 *105 10612 *105 10612 2,800 Pref certificates
4
100
43
43
4412 2,200 Gulf Mobile & Northern
4014 404 *404 4012 4118 4214 42
/
1
*3812 42
$ Per share $ per share $ per share $ per share $ per share
22312 2263 2193 225
4
4
4
2175 22112 2123 21718 2153s 21814
8
102 10218 *102 10212
*101 1014 101 10112 1013s 102
184 185
186 18712 187 188
/
1
189 18912 188 1884
/
1
120 121
8
1203 1217 121 12212 12014 12112 118 1204
4
78
SO
*7412 7712
77
77
77
77
*76
77
4
70
7112 71
72
714 73 4 73
/
1
3
/
1
75 4 734 743
3
107 10714 *10718 110 *10718 110 *10718 110 *10718 109
07
9812 9812 99 101
96
96
95
97
*95
62
/ 634 6312 647
1
4
8 6414 6414 643 653
4
4 6514 6614
8 87
87
/ 873 8738 8712 875
1
4
8
87
/ 87
1
4
87
/ 87
1
4
2114 211 20
/
4
21
203
4 19
2014 2114 *20
20
65
*55
63
*55
63
*58
*55
63
*55
63
52
*51
58
*50
58
*50
58
60
52
*52
8
223 22514 22512 2267 225 2264 2243 226
/
1
4
22514 22612
*9414 96
96
06
*9414 96
*9414 96
*944 96
21412 2213 218 22018
4
21812 22212 21912 22212 2183 223
4
_
_
_
$ per share
214 216
102 10214
4
1863 18714
1174 119
*7412 77
/
1
4
733
4
72
108 108
4
1003 1033
4
6514 661
/
4
8712
*87
*184 19
/
1
*58
65
58
*50
224 22614
*954 96
216 218
200 Preferred
100
92
904 9012 *9014 9214
*9014 93
/ *90
1
4
94
no
933 *90
4
*914 10
*014
94
/
1
10
200 Havana Electric Ry- _No par
1012 1018 1014 *0
*9
1012 *9
*72
75
130 Preferred
100
75
__ __
72
72
7112 72
*72
•72_ _ _ *72
100
220 Hocking Valley
452 464
450 455
460 460 *450 470
*437 43712 430 440
100
42
/ 5,000 Hudson & Manhattan
1
4
3918 40
/ 41
1
4
413
4 39
/ 40
1
4
38
/ 39
1
4
39
38
38
Preferred
100
*70
7512 *70
75
no
754 *70
7512 *70
7512
75
*70
100
13712 1383
4
/
1
4 4,400 Illinois Central
135 13514 1353 1393 13814 1394 139 140
4
13712 138
100
Preferred
•133 140 *135 145 *135 145 •135 145 *135 145 *135 145
130 RR Sec Stock certificates__
77
77
*7512 7712 *7612 7712 77
77
76
76
77
77
8,700 Interboro Rapid Van v t c_100
254 2412 26
243 25
8
/ 244
1
4
/
1
26
2414 25
2312 244 25
/
1
100 Int Rys of Cent America 100
4312 4312 *423 48
4
4712
*4312 48
*44
4
8
*4514 4712 *45
4018 4018 *40
*40
42
42
44
500 Certificates
42
*444 4812 *4412 4812
No par
4
8 73
7314 723 723
.73.3 737 *7314 737 *7314 737
4
4
71
390 Preferred
100
4 71
4
*314 312 *3
Iowa Central
312 *3
34 *212 312 *212 312 *212 312
100
*844 85
8412 844 84 84
1,400 Kansas City Southern
100
844 85
834 84
/
1
*84 4 85
3
*6412 66
*643 65
4
300 Preferred
65
65
65
65
100
*6412 66
*6412 66
81
4
81
81
81
82 823
8 1,000 Lehigh Valley
*81
82
813 82
50
82
*81
100
4
400 Louisville & Nashvoie
141 141
14212 143 *1423 143 *142 1423 *142 14212
4
*14014 141
*6014 80
*6014 68
*604 80
/
1
*6018 80
Manhattan Elevated guar_100
*63
68
*6014 68
/
1
8 37
383
4 5,800 Modified guaranty
37
373
8 3512 364 3514 367
100
37
"3314 3512 *35
Market Street Ry
*214 3
*214 3
100
*214 3
*214 3
*214 3
*214 3
2112 23
223 23
8
2412 2412 1,500 Prior preferred
*2118 23
22
100
21
2412 22
400 Minneapolis & St Loula.....100
25
8
/ n
1
4
214 2
/ *214 21
1
4
214
8
2
/ 2
1
4
/
4
214
*214 25
1,400 Minn St Paul & SS Marle_100
•37
40
*40
391 41
/
4
42
*38
42
40
38
38
*37
72
72
*71
75
*71
75
600 Preferred
*71
75
100
6814 70
*68
71
61
*594 61
100
61
61
30 Leased lines
5812 5812 *59
*5812 61
*5812 61
8 48
/ 503
1
4
8 48
/ 50
1
4
/ 507
1
4
48'8 4912 53,200 MO-Kan-Texas RR____No par
4858 49
/ 49
1
4
5012 49
1051 1053
/
4
8
4 2,400 Preferred
8
100
10412 10412 10434 10538 104 1057 104 1047 *10412 105
/
4
/ 90
1
4
26,400 Missouri Pacific
/ 911 88
1
4
93
8912 9214 89
100
91
93 8 91
3
9018 92
9,800 Preferred
/
1
1354 136 *13414 135
/
1
100
/
4
/
1
4
1353 1357 135 1361 135 1364 136 136
8
8
•771 82
/
4
20 Morris & Essex
*7718 82
*7718 82
50
*7718 82
7714 78
*78
82
70 Nash Chatt & St Louls
8
100
20012 202 *2025 209 *204 208 *205 208
*19914 203 203 203
114
2
1,300 Nat Rys of Mexico 2d pref_100
18
4
2
2
2
2
134
13
4
*13
4 2
/
1
/
1
4
100
10614 200
8
1084 2021s 1965s 1997 19314 19712 193 19814 1934 19612 139,700 New York Central
100
13714 13312 13812 13912 140 1404 *137 13912 13714 13912 13712 13712 3,500 NY Chic & St Louis Co
1053 1053
4
106 106
4 1,200 Preferred
4 107
100
106 lO73
1033 1033 10514 1053
4
4
4
s*lOS3
60 NY & Harlem
285 285
290 290
286 295
50
*285 305 *286 305 *280 300
10718 1094 150,400 NY Nil & Hartford
/
1
8
100
/
1
/
1
1067 1084 10612 1084 10712 1094 10318 1083 1061s 109
8
/
1
7,500 Preferred
8
118 118
119 11912 1183 1197 110 12014 11912 12012 12014 122
4
*2412 25
2,100 NY Ontario & Western___100
26
2614 2512 2512 25
2614 26
24
/ 243
1
4
4 25
400 N Y Railways pref__No par
41 *4
/
4
43
4
418 412 *4
4
4
/
1
4
4
*4
4
/ *4
1
4
N Y State Rye pref
*1218 18 *____ 18
100
18 *____ 18
*____ 18 *....,_ 18 *__
35
35
800 Norfolk Southern
34
3614 34
100
33
34
*34
1134
36
*23
36
5,500 Norfolk & Western
21212 21414 "210 214
100
215 217
2153 215 4
4
3
213 21412 215 218
85
140 Preferred
*85___
85
8518 86
100
87
87
*85
*85
*85
87
16,000 Northern Pacific
/ 1
100
/ 1044 10514 *104 103
1
4
1013 1033 103 10514 10414 1063 10318 105
4
4
8
/
4
6,700 Certificates
10118 1011 10118 102
100
101 10212 100 1033 10114 10314 101 102
8
40
Pacific Coast
*20
40
*20
100
40
*20
40
*20
40
*20
*20
40
41
10 First preferred
*39
41
41
100
138
41
*38
41
ns
41
447 .38
8
31
*30
Beyond preferred
31
100
31
530
*30
*30
32
*30
32
*30
31
/
4
50
7914 7818 7912 7814 791 45,500 Pennsylvania
78
7812 78
/
1
/ 78
1
4
803
8 784 79
27
400 Peoria & Eastern
27 .25
100
*25
27
*25
30
*25
30
2512 25
/ *25
1
4
4 2,300 Pere Marquette
100
160 166 2164 1653
162 162
*160 164
164 1643 162 162
4
230 Prior preferred
9812
98 .98
100
0814 98
*98
0814 984 98
98
98
98
95
200 Preferred
95
95
100
*93
95
*93
95
*93
95
*93
95
*93
-- ____ _ Phila Rapid Transit
50
*50
___- *50 ____
*50
___ *50 ____ *50
10 Preferred
.50-4912 494
50
/
1
4
__ *49
*4912
__ *49
/
1
4
__ *4912
51
*---- 1,200 Pittsburgh & West Va
127 128
100
-128 128 •12912 110
-127 12
/ -- *12512 1271 128 1 29
1 712
4
13,700 Reading
/
1
50
108 1094 10818 11012 108 10912 10612 109
108 1004 107 108
/
1
/
1
50
*4212 43
/ *424 4312 43 4312 4312 4313 4212 4418 *4212 434 2,700 First Preferred
1
4
500 Second preferred
*4414 4518
50
*441 44
/
4
/ *441 444 441 444 *4414 45
1
4
/ 45
1
4
/
4
44
/
1
/
4
/
1
67
600 Rutland RR pref
100
*63
67
*6118 67
*63
65
66
6518 65
66
66
10,4001St Louis-San Francisco
8
100
/
1
11412 116
116 1174 11512 117
4
/
1
3
11414 1157 1143 1154 115 1157
8 9412 9412 2,5001 1st pref paid
100
93 4 93 4 933 94
3
3
4
94 14 944 944 947
8 9418 947
/
1
/
1
5,100 St Louis Southwestern
88
100
87
90
/ 897 00
1
4
8
89
00 8 8814 895s 8712 9018 87
5
500 Preferred
*8912 90
100
89
•90
9012 *89
904 *89
/
4
8912 89
891 89
•Bid and asked prices: no sales on this day. x Er-dividend. V Er-rights.
PBR WARE
Range Since Jon. 1.
On bates of 100
-share lots
Lowest
$ per share
19518 Mar 28
99 May 16
169 Jan 2
11518May 27
76 May 29
6412May 8
105 Apr 4
85 Apr 4
8018May 23
83 May 22
18 May 28
543 Jan 26
4
52 June 3
218 May 27
96 June 6
195 May 20
21312 Jan 18
1118 Jan 2
14 May 27
28 May 20
50 May 20
123
4May 28
4314May 27
4May 28
273
4618May 23
8014May 28
134 Apr 24
115 May 27
10514 Mar 27
99 June 4
101 May 28
704May 28
/
1
64 Apr 22
51 May 29
60 May 15
182 Mar 26
12012May 13
551 Jan 2
/
4
3 Apr 9
414May 25
64 Mar 26
57 Mar 26
56 Mar 27
101 May 28
100 May 15
258ay 27
323
9012June 6
7 Feb 18
55 Feb 16
375 Mar 26
3412May 28
74 Apr 10
13212131ay 27
intymey 31
75 May 15
2312J0ne 1
43 Apr 1
4Cu8June I
71 June 7
/
1
4
3 Jan 30
78 Mar 26
6414May 27
4May 29
773
13812May 28
6018 Apr 25
3112 Apr 8
2
/
1
4May 22
20 May 28
2 May 22
35 May 31
6814June 3
6712 Apr 10
4212Mar 26
102 Apr 9
6212 Jan 4
120 Jan 2
7714June 3
186 Jan 29
13
4May 28
17812Mar 26
12818 Mar 26
100 May 28
285 Mar 26
807 Jan 4
8
1144 Jan 3
/
1
24 May 28
4 May 9
1418May 29
33 May 28
191 Jan 9
83 Feb 15
9512May 27
96 May 27
20 Feb 15
32 Mar 27
2112 Jan 10
7212 Mar 26
2512June 4
148 Jan 3
96 Jan 5
92 Mar 15
4912 Apr 18
494 Apr 19
1255
8May 28
10112May 27
414 Apr 22
43
/
1
4May 21
6318 Mar 21
10912May 20
9214 Mar 26
82 May 27
4
873 Apr 10
Highest
PER SHARI
Rants lot Prato*.
Year 1928
Lowest
Highest
$ per share $ per share $ per share
2263
4June 1 182 Mar 204 Nov
/
1
4
1037 Jan 7 10212 Jan 10811 Apt
8
1913 Feb 4 15718 Oct 19112 May
4
133 Mar 5 WA June 12538 Dee
8012 Mar 20
77 Nov 86 Apt
75 4June 5
3
61 June 8414 Jan
1105
8May 20 104 Dec 115 4 May
3
1094 Jan 6
/
1
58 Feb 91 Dee
811 Fen 25
/
4
53 8 Jar
3
, 77 4 May
8
923 Feb 1
Jan 95s8 May
8
82
441 Jan 18
/
4
1412 Jar
47 Sept
/
1
4
85 Mar 2
3214 July 6411 Nov
6812 Mar 4
38 Sept 63 Nov
2697 Feb 2 19512June 253 Nov
8
1014 Mar 14
98 Sept 10718 Mar
230 May 4 17512 June 2185 Dee
4
218 Fen 27.....„.
193 Feb 4
4
55 Jay
8
1 /Mai
8 May
1
4
7 Feb 263 May
/
1
4
25% Feb 4
s
37 Feb 4814 May
43 Feb 4
8
68 Aug 765 May
66 Feb 4
/
1
4
918 Feb 25 Dec
23 Feb 1
/
1
4
2012 Feb 503 Dec
6
63 8 Jan 31
5
2214 Mar 4011 Apt
39 Feb 2
/
1
4
63 4 Feb 2
8
37 Mar 59 Nov
/
1
4
9414 Feb 5
78 June 9414 May
148 Feb 5 135 Dec 150 May
/
1
1397 Jan 19 106 Feb 1394 Noy
8
/
1
10814 Jan 25 105 Dec 1114 May
99 2 Dec 105 May
102 Feb 5
/
1
4
122 Mar 5 105 Aug 126 May
80 Jan 25
67 July 85 Apt
6912 Nov 85 MAY
7212 Mar 5
8
705 Jan 2
8
63 Dec 875 June
/
1
4
Deo 94 June
79
81 Jan 2
Apr
20714 Feb 1 16314 Feb 226
13314 Feb 1 12514 Dec 150 Apr
4
5012 Feb 653 Apr
773 Feb 21
4
6
/ Jan
1
4
3 Aug
47 Feb 4
8
9 May
/
1
4
4 June
/
1
4
711 Feb 4
4
811
/
4June 7
483 June 724 Dec
7
6434 Feb 4
50 June 63 s Jan
494 June 62 Jan
604 Jan 5
4
9312 Feb 1143 Noy
11578 Mar 4
4
9118 Feb 1118 Nov
112 Mar 4
43 Aug 615* May
59 Feb 4
103 Jan 3
1112 Apr 20
73 Apr 15
464 June 4
533 Jan 6
8
84 Jan 18
152 Feb 1
14514 Feb 4
8.018 Feb 21
58 Feb 25
/
1
4
59 Jan 26
5912 Jan 25
804 Jan 2
414 Jan 18
98 Jan 12
/
1
4
704 Jan 15
10214 Feb 2
15312 Feb 6
87 Jan 3
5712 Jan 11
418 Jan 22
391 Jan 4
/
4
3 Jan 19
/
1
4
47 Feb 4
/
1
4
87 Jan 23
66 Jan 25
55 Feb 4
10712 Apr 25
9612May 20
1384May 20
/
1
864 Jan 17
/
1
204 May 21
3 Jan 25
/
1
4
20414 Feb 1
145 Feb 2
10914 Jan 4
379 Jan 8
10978,1une 7
122 June 7
32 Feb 4
9 Fen 21
/
1
4
41 Jan 30
481 Feb 4
/
4
218 June 3
8714May 14
3
114 4 Mar 5
99 Aug
7 Aug
61 Dec
340 July
5018 Dec
81
Oct
1314 Jan
/
1
13012 Jan
78 July
29
Jan
3612 Mar
109 Mal
/
1
4
17 June
7818 Bent
478 Nov
7312 AD!
9312 Apr
1484 May
/
1
147 May
82
/
1
4Junt
02 Ma,
5218 Nov
695* Jan
2 Mar
43 June
6612 Aug
8418 Feb
1393 Nov
4
Jan
76
40
Jan
81s Dec
3812 Deo
Ds May
40 June
7014 Dee
60 Dec
3012 June
10112June
s
418 Feb
105 Feb
8212 Aug
17112 Aug
2 Feb
156 Feb
12114 Oct
10412 Aug
Jan
168
2
543 June
112 Sept
Feb
24
514 Jan
2312 Dec
32 June
175 June
s
847 Oct
028 Feb
8
112 Feb 2
43 Feb 28
50 Mar 2
40 Feb 28
83 Apr 25
/
1
4
347 Feb 1
8
174 4 Feb 1
5
100 Mar 22
97 Jan 8
51 Apr 12
50 Jan 2
148 Jan 10
/
1
4
1174 Feb 4
44 May 18
493 Feb 6
4
6854 Apr 6
125 May 20
9612 Feb 2
115 4 Feb 4
3
94 Apr 26
8
905 Feb
194 May
40 Aug
2012 Aug
6172 June
28 Mar
1245* Feb
Oct
96
92 Nov
50 Nov
50 Mar
12114 Feb
944 Feb
4112 Nov
Jan
44
60 Feb
109 Feb
94 Dee
6711 Feb
uly
89
82 May
5 Mat
/
1
4
95 Nov
77 Apr
116 Apr
1591s May
oil May
64 May
7 May
/
1
4
548 May
4
64 May
5288 Jan
875 May
4
714 Jan
58 Dec
109 Feb
7614 Sept
1264 Dec
/
1
89 June
2045 May
4
6 Apr
/
1
4
196, Nov
2
146 Mat
Jan
110
505 Apr
82 Dee
/
1
4
117 Mal
39 May
13 May
43 July
58 Nov
19811 Nov
90 June
118 Nov
115 Nov
34 May
/
1
4
70 Jan
39 May
/
1
764 Dee
37 May
154 Nov
4
1018 Mat
100 4 Mat
5
564 A84
/
1
6112 Oot
Get
163
11918 May
Apr
46
597 May
s
77 Dee
122 Mat
101 May
12411 Nov
96 jag
New York Stock Record -Continued-Page Z
3793
Poe sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 1.
Monday,
June 3.
Tuesday,
June 4.
$ Per share
•1212 15
17
17
13114 1325
8
143 1433
4
Wednesday,
June 5.
Thursday,
June 6.
Friday,
June 7.
$ per share $ per share 5 Per share $ per share $ Per share
*12
14
14
13
15
1314 127 13
8
1234 13
*17
19
*17
17
19
17
17
17
*17
1812
13214 13318 132 133
1305 13112 131 13112 X130'4 13114
8
14314 14412 14414 1447 144 145
8
1433 1433 14414 14414
4
4
•____ 95
94
*94
9512 9412 95
95
94
94
•-13 -18 122 122
-- 0
1203 1203
4
120 120
4 11914 120
118 120
'160 170 •160 170 *161 170 •160 170 *160 170 *160 170
1612 17
17% 18
17
•16
18
16
17
16
17
17
*43
44
43 43
*4314 45
44
*43
45
44
*43
44
•____ 97
97
*95
963 97
4
*95
97
*95
*95
97
97
2233 225
4
225% 229
22612 2293 22318 22714 226 2285s 226 22712
8
*813 82
4
817 817
8
8 817 817
8
8 813 823
8 823 8238 8218 821s
4
/1
*9614 ---S *9414
*9414 ---- *9614
"9614
*953
4
*943 ____ *953 ____ *943 ---- *953 ---- *953
4
4
4
4
4
65
66
65
663 *6412 66
4
65
653
6418 643 - - -34 64 4
4 64
*92
93
9212 9212 93
93
93 93
*92
94
*92
94
"78
86
"78
86
*79
85
*80
85
85
*80
*80
85
41
4218 4114 423
4 413 425
4
8 4012 4178 41
4212 41
4218
*40
433
4 42
4214 "41
4212 *40
45
*40
44
*40
45
•34
36
34
35
*34
35
34
34
34 [3518 3218 35
585 5353 583 593
8
4
4 .59
5918 583 59
4
59
59
573 584
4
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Preston
Year 1928
Lowest
Railroads (Con.)
Shares
2,300 Seaboard Air Line
800 Preferred
14,900 Southern Pacific Co
6,500 Southern Railway
500 Preferred
Mobile & Ohio certifs
1,600
Texan & Pacific
1,000 Third Avenue
600 Twin City Rapid Transit
50 Preferred
18,200 Union Pacific
1,200 Preferred
Vicksburg Shrev At Pao
Preferred
- ,665 Wabash
4
700 Preferred A
Preferred B
27,800 Western Maryland
200 Second preferred
1,200 Western Paerne
Preferred
4,100
Par
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Highest
Lowest
I per share
4June 7
123
17 June 1
124 Mar 25
138 May 27
04 June 4
104 Apr 4
155 May 28
13%May 9
43 May 29
95 May 23
209 Mar 26
81% Apr 6
98 Mar 4
103 Mar 7
60 May 27
9112 Mar 26
79 May 24
3211 Mar 26
3812May 28
32 May 27
56 May 27
$ Per share
213 Mar 5
4
24% Mar 5
1383 Feb 2
8
158% Feb 1
99 Jan 3
1407 Jan 14
8
181 May 2
39 Feb 25
5814 Jan 25
100 Jan 5
231 Feb 2
843 Mar 16
8
10014 Jan 6
103 Mar 7
813 Jan 5
8
1047n Jan 7
91 Jan 8
54 Feb 4
5312 Feb 4
41% Mar 5
6412 Feb 4
Per share
1158 Mar
17 Aug
1175, Feb
13912 Feb
9638 Sept
100
Jan
9912 Jan
2818 Jan
3214 Sept
943 Oct
8
18613 Feb
8218 Oct
99 Aug
9914 Nov
51
Feb
,
881 Feb
87 Feb
318 Feb
331t Feb
Highest
Per slars
3012 Jan
38
Jan
13114 May
165 May
10214 Jan
15912 Jan
1945 Oat
4618 May
56 May
107 Feb
2247 Nov
,
8714 Jan
111
Jan
10812 Mar
96', May
102 May
9912 May
543 May
4
547 May
8
2814 Feb
3812 Des
5212 Aug 82% Jan
IndostrIal /4, Miscellaneous
*39
40
*39
40
393 43
4
41
36% Nov 85
42
No par 3818May 27 54% Jan 22
Aps
*41
4112 41
41
6,900 Abitibi Pow & Pap
85
85
85
85
85
8
76 Nov 102% July
100 79 Apr 10 8C3 Jan 7
8512 •84
851 *80
85
843 843
4
4
600 Preferred
•10014 105 *10014 107 *10112 105
90 June 142 Dec
105 105 *101 108 *101 105
100 Abraham & Strauti____No par 101 May 28 159% Jan 3
•10914 1093 *1053 1093 106 106 *106 1093 107 107
4
8
4
Oct 11412 June
4
100 106 June 4 112 Jan 2 109
106 106
60 Preferred
*50014 600 *50518 600 *525 600 *525 573 *525 575 *525 575
Jan 425 Dee
100 389 Jan 16 750 Apr 23 195
Adams Express
86
36
8618 87
93 Jan 9912 Mar
100 85 May 28 96 Jan 3
877 877
8
8 8712 8712 *8714 87% 8614 8714 2,200 Preferred
*2914 32
*2912 32
*30
32
*30
30% Dec 33% Dee
31
35% Jan 15
No par 2738alay
3118 3112 *30
32
200 Adams Millis
32
31
33
36
38
11
Jan 65 Sept
3912 3712 4018 3718 40
36
100 27 May 31 10478May 1
40
22,700 Advance RumelY
4818 49
487 53
s
55
5814 58
4
31% Jan 693 Sept
,
60
100 4018May 29 119 May 1
5612 57
5614 5712 10,300 Preferred
2
218 218
218 218
21s
214 4,500 Ahumada Lead
2 May 22
218 *218
2% 23,
234 Jan
47 Fel. 20
8
218
1
4
53 Mar
1253 1277 12514 1273 12712 12938 12614 1283 1275 1333 133 1377 37,200 Air Reduction, Inc___ _No par 9518 Apr 10 1377
8
8
8
,
8
8
59 June 993 Dee
8June 7
6
612
458 47
8
47
8 6
6
612
412May 31
11 14 Jan 2
6
14% Jan
63
No par
7% Jul e
63
8 63, 9,100 Ajax Rubber, Inc
434 514
4% 5
43
4 5
47
8 5
5
1
10 Now
512
514 6
Jan
412June 4 1014 Jan 8
14,100 Alaska Juneau Gold Min._10
1214 14
1414 1414 143 15
4
p1434 15
12 May 31 25 Jan 3
15
153
223 Dec 3114 Jan
4
4 1,400 Albany Pert Wrap Pap_No par
15
(2 153
277 28112 281 290
289 28912 287 290
288 290
285 28814 5,500 Allied Chemical & Dye_No par 241 Jan 7 30584 Mar 1 146
4
Feb 2523 Nov
*121 124 *12114 124 *12114 124
12114 12114 *12114 122 *12114 122
100 12014 Apr 8 125 Apr 27 120% June 127% May
100 Preferred
18014 18212 184 184
1854 187
185 18712 187 18812 1893 198
Dec
4
100 166 Mar 26 211 May 6 11518 Feb 200
5,700 Allis-Chalmers Mfg
*612 6
*612 6
*51,
6
512 512
54 512
512 512
5 May 31 1118 Jan 14
4
918 Oct 163 API
400 Amalgamated Leather_No par
63
62
"58
64
*58
*58
*56
6018 •56
61
*57
57 Apr 23 73 Jan 17
69 Mar 90
61 i
Apr
Preferred
25
25
25
25
2518 26
258 2712 2712 28
2212May 25 423 Jan 3
8
2758 Feb 43% Nov
2712 28
7,200:Amerada Corp
105 105s 103 1218
8
4
1038 1138
1032 1114 105, 1114 *1034 113, 3,600. Amer Agricultural Chem__111; 1018May 22, 2338 Jan 15
1538 Feb 26 Nov
NO
4118 4118 44
41
4114 4112 4112 4112 4114 4114 41
4
55% Feb 797 Nov
41
8
100 4038May 29 733 Jan 11
2,200, Preferred
120 120
116 116
120 121
121 121 *117 122% *117 122
74% Jan 159 May
10 110 Mar 26 13414 Feb 6
800' Amer Bank Note
*603 63
4
*6012 63
*603 65 .603 63
4
4
*603 63 I *603 63
4
4
Oct 657 Jan
60
8
50 60 Jan 3, 6212 Apr 25
Preferred
1558 16
1614
163 163 *16
4
4
1512 153
8 1514 1514 *1518. 1512 1,100,American Beet Sugar _ _No par
2412 Aug
15 May 27 2012 Jan 16
143 July
4
52
*50
55
"50
*5312 541 *50
52
50
50 I *50
Feb 61% Sept
36
100 46 Apr 24 6014 Feb 5
52100, Preferred
52
527
8 5218 543
8 55
4 5412 567
565
8 54% 553
4 5312 553 19,700 , Amer Bosch Magneto__No Par 4012 Feb 14 7314May 2
1538 Feb 44% Nov
8
51
5012 5112 51
5112 511
51
51
513 5318'
4
397 July 4918 Jan
8
152412 3.800 Am Brake Shoe & F____No Dar 45 Jan 16 62 Feb 4
12212 124 *12212 124 *12212 124 *12212 124 *15
•12212 124
22112 2
Dec 128 June
100 122 Mar 27 12612 afar 21 120
301 Preferred
8
327 343
8
4 333 343
4 3112 3438 303 3212 305 311g 3238 338 85,600,Amer Brown Boveri El_No par
s
4June 1
1518 Jan 7 343
10% Apr 2814 May
955
8 93
*927 9438 94
8
9438 943 943
8
3 9218 94 1 9912 103
4014 Apr 657 May
8
4
100 493 Jan 7 103 June 7
2,450! 1'-eferred
8
134 1363 13414 13614 13438 139
13512 1383 1363 1383 136 13912 168,3001American Can
4
4
701g Jaa 11712 Nov
26 107114 Feb 18 15118May 6
•13814 141 *139 141 *13914 141
13938 1393 140 140 ,*140 141100 1393
8
8June 5 141, Jan 14 1363 Jan 147
8
Apr
4
500: Preferred
*944 9912 9412 9412 9612 97
9612 97
9614 9978' 98
,
8814 July 11112 Jan
983
8 4,600,American Car de Fdy-No Oar 92 May 27 1061 Jan 3
11714 11714 118 118
11814 11814 *11814 119
11814 11812 *11712
119100 116 Apr 22 120 Jan 29 110% Aug 13712 Mar
600 Preferred
75
*74
75
*72
*7412 80
75
75
*75
78 1 77
77
71 Dec 105 June
100 7014May 31 8512 Mar 13
200' American Chain pref
6412 6512 553 5712 5612 5718 *56
4
573
4 564 5614' 54
44 Dec 503 Dee
4
No par 468 Mar 26 5953MaY 3
563
4 6,000 American Chicle
Jan 114 May
10912 Jan 2 11414 Jan 30 107
Prior preferred
.. r
r.,
10% Dec
1512 Apr
9 Jan 25 11 Jan 2
_....
te __ ar
Amer Druggists SyndicaNo PlO
2712 283t 297 318 -51 335 -3912 33
3
327 - - -78' 3114 - 8 32
3214 7,400 Amer Encaustic Tiling_No par 2334May 31 473 Feb 25
4
•305 322 "306 330 *305 340 *308 340 *3093 350 *3093 350
4
4
6e
100 280 Feb 2 409 Apr 8 1(15- -Jan 310- - - i
I American Exprese
10314 10714 1043 10712 104 1053 104 108% 105 1073 10514 109 156,700 Amer & Forts Power__ _No Par 7514 Jan 4 13.7 Feb 19
4
4
4
s
221 Feb 85 De
8
106 1063 106 106
10614 10614 10612 1067 10612 10612*10612 1063
8
10412 Apr 9 10812 Feb 14 104% June 110 May
8
4 1,100: Preferred
893 90
4
8912 893
897 91
8
4 89% 90
91
9112 9033 9112 2,800' 2d preferred
81
Feb 100 Sept
88 Apr 9 103 Feb 21
*814 812
8
*7
814 *612 8
8
*7
8
"712 8%
6 4 Apr 9 10 Jan 2
,
8
814 Oct 153 Feb
400 American Hide & Leather.100
403s 4012 3912 42
403 407
4
8 4018 4018 *40
4012 40
40
8
31 Nov 673 Feb
2,000 Preferred
100 3014 Feb 6 42 June 3
69
68
67
68
69
64
69
67 8 675 *68
,
8
Feb 86 NOT
59
675, 678 1,230 Amer Home Products_ _No par 64 June 3 8533 Jan 24
4114 417
8 4112 415
8 41% 42% 4158 4238 4112 4253 43
Jan 463 Aug
44 I 11,800 American Ice
8
28
No 1 ar 38 Mar 26 46 May 6
p
*9014 9112 *9014 9114 *9014 91
91
91
92
93
*9014 94
4May 23 96 Mar 6
90
Jan WA MAY
00 893
400 Preferred
55% 563
4 5614 5814 57% 59% 5812 607
613 643 58,200 Amer Internet Corp_ __No par 5212May 31 76% Jan 18
4
8 5914 65
4
512 512
612 51.
2
53
4 53
4
512 58
512 5 4
512May 28
Oct
3
87 Jan 10
8
512 512 2.300 Amer La France & Foamite_10
514 Jan
GO
GO
•6112 64
6012 60
60
"60
60
60
60
66
Jan 85% Oet
0014
100 60 May 28 75 Feb 21
180. Preferred
115 11612 115 116
11312 114
117 11934 119 12134 119 12053 19.100,American Locomotive_No Par 1023 Feb 18 123 Mar 18
s
Jan
87 June 115
*11514 11612 *11514 116 •115 116 *11514 116
114 114 *114 116
100, Preferred
100 113 Jan 3 11914May 15 10314 Oct 134 Mar
:
3147 149
14714 14714 149 156 *152 158 *150 155 *150 155
4
700 Amer Machine & Fdy__No par 14714June 3 199 Mar 6 12912 June 1833 Doe
*10812 112 •108 109 *108 109 *108 109 *108 109 *108 109
J
108 May 22 11612 Jan 12 110 Dec 116
I Pref (7) ex-warrants
54% 5518 5514 557
5512 58
56% 573
8
4 563 5812 563 58
4
4
39 Mar 635.. No
4
12,900 Amer Metal Co Ltd...No par 50 May 27 813 Feb 6
115 115
•11412 116
116 116 •115 119 *11514 119 *11514 119
100 11338May 21 135 Feb 6 109 Aug wig Mar
200 Preferred (6%)
•73
7312 *73
7311 7312 7312 7312 7412 7512 7512 7 14 7
3
3
,5 2 58
31
45
963 Dec 99% Nov
4
Ga:pref____No par 67 Apr 4 9814 Jan 7
400 AAmmeerrNaant p
230
ie
*514 53
2 *514 53
512 512 *512 552
s
Felt
1234 July 25
514May 25 17% Jan 31
Piano
33
3018 3018 "30
3012 3012 •30
31
*30
31
30
38 Dec 90
30
Jari
30 June 71 55 Jan 31
530! Preferred
114 11714 11312 117
11314 11512 11318 1163 11412 11612 1153 120
4
4
6214 Jan
95 May
81 18 Jan 8 120 Jan 30
No
*99% 10012 100 10014 10014 10014 10014 1003 100 1003 96,800,Am Power & Light____N o par 90 mar
8
*993 1003
4
8
8 1,000 Preferred
20 105 Feb 28 100% Dec 10714 MnY
No Par
4 72
72% 7312 7414 *7212 75
•70
713
7412 7412 *73
7018 Nov 77% Nov
No par 70 May 31 80 Feb 13
76800 Preferred A
4
803
793 793
81
4
4 793 79% 80
4 80
80
80
8014 81
8111 Dee 8614 Nor
6
No par 79 Mar 26 84% Feb 15
23,900 Fret A stamped
*150 200
1.145 Mar 26! 210 Jan 15 13018 Jan 19112 Dec
American Radiator
45 4
44 .7 1 - 3- 7 4- 45
1
1
7
42% 4412 43
4538 433 453
3
523
4018alay
4
15114 Isms •153 156 154 158 158 158 15512 158 8 91,700 Am Rad & Stand San'ry No Par 12978 Jan 28 188 8May 3 1101, Jan 143 Dec
•154 156
Slay
16
1,300 Allier Railway Exprees____100
4912 507 *49
8
5012 50
49
48
50% 50
513
Apr
4 40
5114 Feb 85
4
5033 3,300 American Republics_ __No par 4318MaY 31 643 Jan 2
63
6412 6212 63% 62
64
65
653 .60
4
633
Jan 747 Sept
s
8 63
56
63
3,200 American Safety Razor_No par 62 Mar 26 74% Jan 31
3412 34
3712 *34
34
3412 3412 *34
34
45 May
34
27% Nov
34
34
No par 3234 Feb 16 4178 ar 15
500 Amer Seating v t 0
312 312
*4
4
418
4
4
4%
4%
312 Aug
618 May
7 Feb 5
312May 28
4
'8
33
4 418 1,800 Amer Ship & Comm_ No par
84
84
*82
82
*82
84
82
*82
*833 85
80 Sent 119
4
Jan
*8312 85
10 American Shipbuilding,..100 82 May 23 94 Jan 24
99 102
9712 97 100
9512 973
8 96
993 10114 98 10012 54,900 Am Smelting & Refining100 93% Jan 16 124% Mar 1 169
Feb 293 Dec
4
133 13312•133 134 *133 134
*131 1323 *131 134 *130 134
4
Apr
100 130 May 31 138 J an 4 131 Mar 142
3001 Preferred
17912 17912*180 183
180 180
188
:
3185 189 *185
Jan 210 Dec
*180 185
100 17912June 5 206 Feb 1 141
400 American Snuff
109 109 *109 112 •109 11012 *109 111
*109 110 *109 112
Oct 120 June
100 1118 Feb 13 112 Jan 24 100
40 Preferred
8 627 647
8
6114 6118 6312 6212 633
4 60
5918 593
8 6312 645 14,800: Amer Steel Foundries_ _No par 56 May 28 797 Feb 4
5018 June 7033 J80
8
8
11212 1123 :
*112 113
4 3112 113 •112 113
1127 1127 *112 113
8
8
Feb
100 11012 Jan 4 114 Mar 13 100 June 120
40 Preferred
79% 276
763 I 77
4
4
80% 8218 803 8218 79
773
4 737 78% 6,200 Amer Sugar Refining
55 Feb 93% Nov
4
8
100 71% Apr 5 943 Jan 25
8
8
*10612 10812 •10612 10712 1063 1063 *10512 10612 10512 10512 1043 10
100 Feb 110% May
8
8June 7 111 Feb
100 1043
400! Preferred
43
4
40
42
4112 40
39% 40
3514 3612 38
32
Feb 73% Sept
46
No par 3514June 1 60 Jan 2
39'2 40
13,800Am Sum 'lob
2212 2212 2312 2312 2512 2512 25
*2212 25
25' *23
Jan
1714 Dec 32
8
25
400:Amer Telegraph & Cable__100 17 Jan 2 327 alar 25
8
206% 2087 20812 21238 20912 21214 210 21214 20934 2107 20912 2103 21,800 Amer Tel%) & Teleg
100 19314 Jan 8 23812 Apr 23 172 July 211 May
4
170 170
4
170 170 *169 17012 1703 171
170 17014 17012 172
8
2,000 American Tobacco corn---50 160 afar 26 16612 Jan 28 152 June 1843 Dec
170 170
171
17114 17214 171 171
*170
170 170
171% 173
50 16014 Mar 26 188 Ja: 231 152 June 184% Nov
3,000 Common class B
3117 118 •117 118
"117 11312 *117 11812 *117 11812 *117 1181 2:
4
Ain
100 11714alay 31 12114 Jan 15 1153 Sep 126
Preferred
14414 14414 1453 14712 14714 1483 146 148 *145 14512
144 144
4
4
3,000 American Type Founders 100 136% Jan 5 155 Jan 31 109% Aug 14214 Nov
10712 10712 109 109 *108 110
*108 110 *10712 108
110 110
100 10714May 15 112 Apr 5 107 Nov 115 Mar
130: Preferred
8
111 11612 11114 11534 11112 11412 11014 1143 11112 1133 114 12314 200.500 Am Wet Wks & El
8
7612 Nov
52 Jun
No par 6714 Jan 8 12314Juu0 7
3101 1013 101 101
8
10114 10112 *101 10112 .10118 105
*101 10112 :
Oct 106
Apr
98
97 Jan 3 104 Jan 28
300 1st preferred
183 183
8
4 19
19
18% 18%
183, 1914 *1812 203
4 19
14 July 32% Nov
8
20
100 18 Apr 26 277 Jan 3
2,100 American Woolen
3g 4512 443 4512 44
8
4512 4512 45
4438 433 44121 4514 4512 7,700:
4
4
39 Aug 653 Nov
8
100 43% Apr 23 683 Jan 2
Preferred
.
9
91,
914 914
938 103
93, 938
4 103 103
4
1912 Feb
41 103 11
10.1 Jun
9 May 28 1514 Jan 21
4
2,300 Am Writing Paper ctfa_No par
41
:
339
4014 3914 3914 *39
*39
40
*39
4014 *39
53 4 Oct
3
34 Jun
4014
200 Preferred certificate
100 3914May 29 46 Mar 2
303
8 2912 317
2614 2718 27
283 303
4
4 29
254 267
Oct
Ma Jar 57
293 15,100 Amer Zinc, Lead & Smelt_ _.25 2414alay 28 4914 Mar 18
8
99
98
99
99
*95
*95
96
*98
985 *95
09
*96
Jt.n 117% Oct
40
100 Preferred
25 05 May 27 11114 Mar 19
4
4
10318 1044 103 1043 1023 1053, 105 103
10512 1063 105 1063 469,500 Anaconda Copper Min. new50 99 May 20 140 Mar 22
4
_
4
46
4612 47
46
467 467
467
46
4812 4812 47
48 Dec 545, De
47
1,700: Anchor Cap
No par 44 May 28 6233 Feb 21
31(18 110 *108 110 *108 110
109 109 *108 110 :
*108 110
lot May 29 124 Mar 1 10614 Dec 111 Dee
100 Preferred
51% 49% 5059 50
487
47% 4818 47
8 46% 498 49
56 Nov
3618 Nov
N
5133 76,800'Andes Copper Mining No par 4438May 28 6838 Mar 1
313 323, 3118 327 *32
4
4
8
31% 3212 313 3333 3218 323
5514 Feb 1l27 Nov
11
3212 3,000 Archer, Deals. Micrld_No par 29 May 28 4912 Mar 4
*11212 11412 *11214 11412 *11214 1141 *11214 11412 *11214 11412 *11214 11412
Oct 11514 Mar
I Preferred
100 114 Jau 4 115 Jan 11 112
8712 8718 8712 8712 8712 8712 8712 88
8712
88
873 8733
8
86% Jan 97% June
900 Armour & Co (Del) prof. 100 85% Mar 26 95 Jan 30
1112 117
8 11
103 1114 1159 117
8
113
8 11
1053 11
1114 Jai) 23)2 Sept
1112 7.700,Armour of Illinois class A- _25 1038alay 31
1818 Jan 2
63
8
618 612
61
61
534 57
53
4 614
612
6
1312 May
6% Jan
614 10,600 Class B
558Muy 29 1014 Jan 2
25
*73
4 7314 74
743
76
74
75
75
*73
75
*733 76
7% Jan 9112 June
700: Preferred
_ 100 72 May 28 86 Jan 24
8 2114 2178 22
2218 2218 2314 22
207 207
8
8 2112 217
4
3514 July 513 Apr
2318 2,700'Arnold Constable CorP.17 par 1014alay 23 40% Jan 2
4
*2412 264 2512 2512 *2412 254 *2412 253 *2412 26
2412 2412
2814 Dec 44% Mar
1/ I par 2412 Apr 12 30 Feb 5
300 Artloom Corp
4
4
4
4
*94 1013 *94 1013 *9414 1013 *9414 1013 *9414 100
*9414 100
99 Dec 114 Mar
I Preferred
100 94 May 28 100 Jan of
l
I
• Bid and askeC1 price,: no sales on this day. s Ex-dividend, y 53x rights.
3794
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 1.
i Per share
*2578 28
4318, 4312
*90
98
*4014 42
6214 64
*54
56
6314 6412
Monday,
June 3.
Tuesday,
June 4.
Wednesday,' Thursday,
June 5.
June 6.
Friday,
June 7.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
$ per Share $ per share
*2678 28
*267 28
8
43
45
4412 475
8
*90
95
*85
95
*4014 42
41
41
62
/ 63
1
4
/ 614 62
1
4
/
1
*54
56
56
56
64
/ 6914 673 68
1
4
3
/
1
4
PER 82ARE
Banos Since Jan. 1.
On basis of 100
-share lots
Lowest
I
Highest
$ per share 3 per share 8 per share Shares Indus.& Ascel.(Con.) Par $ per share I 4 per share
*2678 28
Art Metal Construction_ 10 27 May 28 30 8 Feb 4
*2712 28
*2613 28
7
45
/ 46
1
4
/ 4412 463
1
4
8 4418 4512 20,600 Assoc Dry Goods
No par 43 May 22 70 Jan 10
/
1
4
*85
First preferred
95
*85
95
*85
100 9412May 18 107 Jan 15
95
*4014 42
42
43
453
8
430 Associated Oil
43
25 4012May 31 47 Apr 5
/
1
4
6218 62
/ 82
1
4
63
611 62
/
4
/ 3,800 Atl0 & W I El 5 Line_No par 3218 Feb 16 6612May 29
1
4
*55
56
/
4
300 Preferred
55
/ 55
1
4
/ 5512 551
1
4
101) 45 4 Feb 11 5938 Apr 23
3
663 681/ 6614 683
8
8 6718 6812 156,700 Atlantic Refining
25 8312 Jan 29 7112May 10
Preferred
100 114 Apr 16 117 Jan 11
/
1
4
.94
96
9613 9612 94
96
9512 9512 -------1,000 Atlas Powder
No par 90 Apr 15 115 Jan 2
*10012 102 *10012 102
100 10012 *100 102 *100 10012 *100 101
100 Preferred
100 100 Mar 13 10613 Jan 14
12
12
*12
125 *12
8
400 Atlas Tack
13
13
13
No par 1018 Feb 25 157 Apr 26
*123 13
4
*123 13
4
8
4538 5
/
1
4
558 5 8
5
5
/ 5
1
4
/
1
4
6
614 *54 6
/
1
*512 6
800 Austin, Nichols & Co_No par
512May 28 10 Jan 11
*36
38
*36
39
100 Preferred non-voting____100 32 Mar 14 421 Jan 14
*3712 3812 38
'36
39
*38
39
38 '
0
/
4
*5312 5818 *5312 5818 *531z 5818 *5313 5818 *5312 5818 *5312 581
Austrian Credit Anstalt
/
4
54 May 14 65 Jan 8
. 28
2812 28
29
/ 29
1
4
2912 2918 2912 30
/ 5,700 Autosales Corp
1
4
No par 2218 Feb 15 353 Apr 8
3012 3014 32
8
43814 4018 *3812 3912 *3812 3912 3913 3912 *3812 395
500 Preferred
8 403 403
8
4
50 3614 Mar 4 43 8 Jan 23
7
4312 4312 *43
200 Autostr Sal Razor"A"_No par 43 Jan 10 50 Jan 11
45
44 44
*43
45
*43
45
/
1
4
*43
45
*190 218 *210 220 *210 220 *210 220
100 Baldwin Locomotive Wks..100 210 May 91 271 Mar 22
21712 21712 *210 220
11812 119
11913 11913 118 11912 121 121
220 Preferred
100 11412June 7 125 Apr 3
11812 121 1 11413 116
*10614 10634 10614 10612 10614 10614 107 107
/ 10612 10612 *10612 1064
1
4
/
1
260 Bamberger(L)& Co Prer-100 10614May 17 11018 Feb 1
*26
28
Barker Brothers
No par 27 May 29 33 Jan 23
*26
*26
28
/
1
4
28
*26
*26
28
28
*26
28
*89
91
100 Preferred
100 89 June 5 97 Jan 28
*89
91
*89
91
*89
91
89
*88
91
89
11
11
*1034 15
200 Barnett Leather
No par 11 June 1 29 Jan 15
*111 15
/
4
*10
14
/
1
4
*1158 15
*1012 14
/
4
4178 4212 4218 43 8 43
25 381 Feb 18 4918May 10
/
4
/
1
5
/
4
43
/ 424 4312 411 4338 411 424 47,400 Barnsdall Corp class A
1
4
/
1
25 38 Feb 16 49 Feb 2
Class B
-___ ____ ____ ____ ____ --_--- .
No par 87 June 1 113 Jan 25
---------------------1,200 Bayuk Cigars. Inc
/
1
4
87 87
*87
•10012 10212 1003 10214 10012 1005 101 101
270 First preferred
100 100 May 15 106 Jan 29
/
1
4
4
100 10012
8
101 101
*2414 244 244 25
/
1
16,800 Beacon Oil
No par 20 Feb 7 2812 Jan 8
/
1
25
2578 25$8 2578 253 255
8
8 2514 26
20 73 May 2a 101 Jan 12
*7513 78
773 78
4
*7713 7812 78
78
78 14 8112 7814 7814 2,300 Beech Nut Packing
*1314 1312 1234 1314 13
/
1
4
*1218 1312 1,000 Belding Hem'way Co-No par 1118 Feb 13 17 Apr 18
13
*1213 13
1218 13
700 Belgian Nat Rys part pref____ 81 Jan 29 847 Jan 3
8
82
/ 823 *821s 823 *823 83
1
4
4
4
*8314 8414
4
83
8312 *8314 84
3
8418 4,600 Best & Co
,
57914 8212 813 8414 83
83
No par 75 4 Mar 26 9312 Jan 3
4
8418 82
84
8418 84
/
1
/
1
4
/
1
9518 9612 9512 9758 97 10012 1004 10312 98
/
1
993
4 983 1007 1441800 Bethlehem Steel Corp -100 824 Jan 31 1184 Apr 22
4
8
8May 31 123 Jan 11
1174 117
/
1
/ 11712 11712 11713 118
1
4
700 Beth Steel Corp p1 (7 7)-100 1165
11712 1173 *117 118 *117 118
4
1
8
200,Bloomingdale Bros
*4712 48
47
No par 4214 Jan 21 617 Apr 5
*4712 48
4712 48
4712 *45
*47
48
*45
0 / 104
69
1
4
1001 Preferred
100 104 June 3 111 Jan 16
104 104
104 104 *10412 106
10412 10412 *10412 105
*104 105
104 105
120 Blumenthal es Co prof
100 97 Feb 15 118 Jan 2
105 105 *104 105 *104 105 *104 105
85
85
700 Bon Anal class A
No par 7812 Mar 25 8912 Jan 12
84 847
8 8514 8512 *84
8512 *83
85
8512 *84
*612 7
6 Mar 26 1134 Jan 2
/
1
4
7
/ 7
1
4
/ 1,400 Booth Fisheries
1
4
Na par
65
8 6
604 7
/
1
4
6
/ 6
1
4
/ *612 7
1
4
*46
50
*46
700 1st preferred
51
*46
4718 5118 *47
50
100 46 Apr 10 6334 Jan 18
52 .
045
49
25 8318May 28 98 May 8
845 85
8
85
87
8612 88
8612 8712 8818 885* 8612 8914 10,100 Borden Co new
200 Botany Cons Mills class A.50
9 May 29 1511 Feb 11
*9
10
*8
/ 914 *10
1
4
101 *10
/
4
1018 10
/
4
10
101 *9
/ 341 67,000/Briggs Manufacturtng_No par 30 May 31 6318 Jan 3
1
4
/
4
/ 3218 3438 3358 35
1
4
/ 341 344 33
1
4
/
4
/
1
31
317
8 3114 32
*314 312 *314 312
312 312
6 Jan 28
/
1
4
328 302 *34 3
/
1
/ *3
1
4
200 British Empire Steel
8May 29
/ 4
1
4
100
33
5 4 Jan 14 1312 Jan 28
3
100 2d preferred
100
/ 6
1
4
/
1
4
*5 4 7
3
*5 4 65
3
8 *55
65
3 *5
/ *5 4 7
1
4
3
51 5
/
4
/
1
4
45
45
47
464 4818 48
/
1
45
/ 4912 50
1
4
5113 6,800 Brockway Mot Tr___ _No par 4212May 28 73 Jan 2
493
4 49
*107 110 *107 110 *107 110 *107 110 *107 110 *107 110
100 106 Apr 30 145 Jan 2
o
Brooklyn Edison Inc
100 300 Jan 2 340 Jan 5
*310 335 *310 335 *310 335 *310 335 *310 335 *310 335
17612 180
3,500 Bklyn Union Gas
171 172
173 1797 *177 180 *176 180 *176 179
No par 170 Apr 9 20012 Jan 28
8
39
/ 39
1
4
/ 384 3918 3858 3858 39
1
4
/
1
/
4
39
3912 1,400 Brown Shoe Inc
No par 381 Apr 4 47 Jan 2
39
384 39
/
1
/
4
Preferred
100 117 Feb 7 11913 Feb 18
*11714 11912 *11714 1191 *1174 11912 *11714 1191 0
/
4
/ .11712 11912 *1171 11912
4
/
1
5,900 Bruns-Balke-Collander_No par 3812May 27 5514 Jan 18
/
4
/
4
f 38 8 139
5
39
393
4 395 411 4014 411 401 401 *4014 41
8
/
4
/
4
/
1
4
2818 2912 3,900 Bucyrus-Erie Co
10 2518May 28 42 Jan 5
2878 29
28
29
8
273 2912 2918 2918 285 29
4
/
1
413
4 40
/ 4118 5,400 Preferred
1
4
10 384May 23 50 Feb 5
4018 40
/
4
/ 4038 4178 411 414 4014 4118 *41
1
4
/
1
20 Preferred (7)
4
100 112 Jan 3 117 Apr 25
*112304 *112 116 *1123 116
4
/
1
4
/
1
4
4
112 112
/
1
4
/ 1123 1123 *11212 113
1
4
99
99
300 Burns Bros new ciii.00mNo par 99 May 24 127 Jan 11
*99 10018 99
099 105
*99 105
99
*99 105
8June 4 39 Jan 14
2912 23
23
1,300 New class B eom____No par 225
24
*24
2412 2412 23
/ 2418 225 2318 24
1
4
8
90 Preferred
100 99 May 8 10514 Jan 7
*99 100
100 100
99 100
9913 9918 9912 9912 100 100
/
1
4May 21
315 315
31214 315
3,300 Burroughs Add Maoh_No par 234 Jan 16 329
305 310
31014 320
3237 327
8
320 320
60
6018 60 60
6014 6014 6018 6012 1,100 Bush Terminal
No par 5614May 29 8918 Feb 2
58
/ 585
1
4
8 584 60
/
1
104 104
90 Debenture
*104 105
104 105 *104 107 *104 107 *104 107
100 1031238ay 27 11012Mar 2
20 Bush Term Bidga pref._ _100 110 Mar 22 11813 Feb 19
*116 117 *116 117
116 116 *115 117 *115 117 *115 1163
4
7
7
7
712 *7
/ 712
1
4
7
/ 712
1
4
74 8
/
1
614May 28 12 Jan 4
/
1
4
3
6
/ 7 8 3,300 Butte St Superior Minini_10
1
4
5
4,800 Butte Copper & Zino
412May 28
434 5
*47
8 5
9 Jan 3
/
1
4
5
518
5
5
43
4 5
5
53
8
28
28
3,200 Butterick Co
2918 2912 30
29
3012 2918 30
29
291 28
/
4
100 28 June 6 41 Jan 2
6,600 Byers & Co (A 64)___No par 122
/
1
4May 28 1927 Jan 2
3
13118 13118 13214 13414 13518 138
13814 13812 134 13612 13014 134
100 105 Apr 3 1295 Jan 26
8
1104 11012 11012 1104 *11012 11478 *11113 1147 *112 1141
/
1
/
1
40 Preferred
•11014 112
8
/
4
1,300 By-Products Coke____No par 10414 Mar 26 138 May 7
1224 12212 *121 124 *121 124
/
1
121 12412 12413 125
120 121
/
4
4,400 California Packing_ _ _ _No par 7218 Mar 26 811 Feb 27
75
73
/ 75
1
4
735 74
8
74
74
7312 735
8 73
/ 7512 74
1
4
40 California Petroleum
*24
32
*24
32
*24
32
3
.
024
30 '
023
27
27
27
26 26 4 Mar 2 30 Apr 3
8 2
4 Jan 22
178May 28
178
11
/
4
2
2
17
8
2
2
2
3,000 Callahan Zino-Lead
10
"fai78. 178 *17
/ 128 129
1
4
11,500 Calumet & Arizona Mining_20 I2418May 28 135 May 6
*126 127
127 12814 12614 131
1294 1323 130 130
/
1
4
• ,3913 4014 40
8 42
8
4058 3958 42
43
/ 38,300 Calumet & Hecht
1
4
42
4404 4318 443
25 2658May 28 617 Mar 1
a5 4 8114 8212 8274 845
/
1
4
83
4 8112 84
/ 844 12,900,Canada Dry Ginger Ale No par 78 Jan 4 89 Mar 19
1
4
/
1
/ 833 84
1
4
4
/ 83
1
4
3
384 384 3812 3812 *381* 39
/
1
/
1
3812 3813 1,400 Cannon Mills
/
4
*3812 39
3818 39
No par 38 Mar 25 481 Jan 3
302 323 3154 325
7,900 Case Thresh Machine____100 293 May 31 509 Jan 2
299 300
/
1
32614 335
322 328
320 331
*11434 11912 *114 125 *120 125 *120 125
120 120 *120 125
1001 Preferred
100 120 May 23 130 Apr 18
.38
3812 3813 3812 377 37
8
/ 3714 3714 34
1
4
/
1
364 31
/
1
3218 3,700 Central Aguirre Aseci_No par 31 June 7 484 Jan 30
414 4212 425 4314 4318 444 43 8 447
/
1
8
/
1
5
8 434 441 43
/
1
/
4
/ 4418 15,900,Central Alloy Steei____No par 40 Mar 26 5213 Feb 1
1
4
/
1
4
•110 11112 *10912 11112 *1094 11112 11112 11112 10912 10912 *10912 111
/
1
60' Preferred
/
1
4
/
1
100 105 Apr 2 1124 Jan 28
*14
16
*1113 1512 *1112 1518 *1112 154 *1214 15
1214 15
/
1
!Century Ribbon Milia_No par 12 May 24 2013 Jan 11
*70
72
*694 72
/
1
*694 70
/
1
*694 70
/
1
*6914 70
*70
75
Preferred
100 70 Apr 16 82 Jan 17
947 993
8
4 9612 9818 951 9714 12,700 Cerro de Pasco CoPper_No par 885
/
4
/
1
90
9118 904 95
91
91
8May 28 120 Mar 1
2512 2634 2512 2512 10,700 Certain-Teed Products_No par 1612 Apr 10 284 Jan 2
25
/ 2612
1
4
2614 27
.25
261 2612 27
/
4
/
1
74
7612 8012 76
76
74
75
74
1,200 7% preferred
7418 76
661 70
/
4
/
4
100 4712 Apr 12 811 Jan 11
67
*62
67
*63
*62
67
*62
68
*63
68
Certo Corp
*55 4 68
3
No par 483 Mar 28 9214 Jan 31
4
_ ___ ____ ____ ____ ____ ____ ___ ____ ____ ______ Chandler Cleveland MotNopar 20 Jan 24 23 Jan 11
Certificates
4
No par 2218 Jan 11 223 Jan 18
Preferred
No par 36 Mar 7 41 Jan 29
Prof certificates
_ ___ ___ ___ ___ ___ __- ___ ___ _____ _
_
No par 37 Jan 9 40 Jan 14
/
1
4
1003 1044 08518 8612 28,600 Chesapeake Corp
/
1
9512 96
No par 784 Mar 26 10412June 6
95 10010 98 1011 10018 101
/
4
/ 3312 334 4,500 Chicago Pneumat Tool Na par 2814 Mar 26 3938May 11
1
4
/
1
3312 3318 33
*3212 33
33
347
8 34
34
/ *33
1
4
5112 1,4001 Preferred
5214 52
/ 523 *51
1
4
8
511 511 51
/
4
/
4
5218 51
51
51
No par 4818 Mar 27 5614 Jan 11
*304 31
/
1
lChicago Yellow Cab___No par 30 May 28 36 Jan 7
31
*3014 31
*30
3213 *30
321* *30
*2918 30
40
*39
/ 40
1
4
900 Chickasha Cotton 011
3934 395 39
8
/ 3912 3918 40
1
4
3858 385 *39
8
10 3812May 31 50 Jan 2
48
49
501 48
/
4
/ 49
1
4
/ 49
1
4
49
9,300,Chlids Co
4712 47
47
47
0745
No par 444 Mar 26 6078 Apr 24
/
1
1Chile Copper
*725 98
8
*87
98
*8712 97
*8712 07
*85 8 97
5
0
58514 97
25 7114 Jan 8 12712Mar 21
..,
____
*85 115
*61 115 *___ 115
iChrlstie-Brown tern °MN° par 99
*61 100
/
1
4May 23 115 Feb 4
0100 115
75
/ 7212 753 222 40&
1
4
4
4
/
4
Corp
8 73 8 7512 741- 761 7412
5
-685 7112 69
8
/ 743
1
4
No par 66 May 31 135 Jan 2
49
/ 49
1
4
*49
/ 50
1
4
/ '
1
4
210 City Stores class A
54934 50
*49
/ 50
1
4
4
/
1
r 493 493 *494 50
4
No par 4914May 8 52 Jan 2
2314 24,3001 New
234 23
/
1
/
1
4
8 2112 224 223 2318 23
211 217
/
4
8 2112 227
Na par 2012 Mar 26 27 Feb 4
5912
2001Cluett Peabody & Co No par 56 May 28 724 Jan 3
6014 6014 *58
/
1
60
*58
60
*58
5814 5814 *58
60
20 Preferred
4
/
4
4
510712 110
10714 10714 *10714 112 *1071 112 *10714 1113 *10714 1113
100 10714June 3 119 Jan 3
8
8
/ 1307 1317 12,800 Coca Cola Co
1
4
/
4
8
1204 12178 122 12514 12414 125
/
1
/ 1261 1290 129 130
1
4
Na par 1205sJune 1 140 Feb 5
51
5113 50
8,800:Collins es Alkman
/ 51
1
4
8 5212 52
No par 48 May 29 7214 Mar 14
/
4
48
4912 491 5234 5214 537
300' Preferred non-voting_100 93 Jan 3 10312 Feb 6
93
*93
93
93
/ *934 96
1
4
/
1
*
93
9512 *93
93
93
93
61
6012 58
5,2001Colorado Fuel & Iron
8 58
6112 603 615
8
59
100 56 May 27 7812 Mar 8
5718 577
8 5712 60
sMay 8
154 159
/ 8,300 Columbian Carbon v t oNo par 12114 Mar 26 1677
1
4
.148 150
/ 153 160
1
4
151 153
151 15318 152 153
4June 3
/
1
4
/ 7712 7518 77 169,200'Colum Gas do Eleo____No par53182%1ar 26 793
1
4
/
4
75 ,773
8 75
/ 79
1
4
/ 7614 7818 751 7718 75
1
4
/
4
9001 Preferred
8
10614 107
107 107 *107 1071
/
1
4
100 1037 Mar 21 108 May 24
107 107
107 107 *106 107
/ 74 270,900,Columbla Graphophone
1
4
4
70
8
6418 Mar 26 880 Jan 9
/
4
6814 714 691 7113 705 73 8 724 7538 725 75
/
1
8
7
/
1
1
74414 454 19,800 Commercial Credit____No par 43 Mar 26 6258 Jan 2
/
1
4412 46
"4413 4458 44
/ 46
1
4
46
445 465
8
8 45
25
*24
70 Preferred
25
*24
424
24
*24
25
25
251 *24
/
4
25
25 24 May 27 26 Jan 9
40 Preferred B
/
1
4
25 25 Jan 21 2713 Jan 30
*25 4 2612 25
3
/ 25 4 *2512 2613 *2612 2612 *2512 2612 2634 25
1
4
3
99
/
1
4
971 98
/
4
930 1st preferred (65%)___100 9518 Apr 1 105 4 Jan 24
0
97
/ 97
1
4
97
/
4
*965 97
8
964 963
/
1
4 961 97
4,600 Comm Invest Trust___No par13112 Jan 2 195 Feb 4
8
1.44 1444 144 145
/
1
145 1473 x145 14618 14412 1445 14434 145
4
/
4
4
/
1
4
7% preferred
4
104 *1003 1044 *1003 1044 *1003 1043
/
1
4
4
/
1
100 1011 Mar 27 109 Feb 6
010214 10414 *10212 104 *10212
96
.91
200 Preferred (65)
96
*91
*903 96
8
100 92 May 31 99 Jan 28
96
*911 95
/
4
*92
97
96
/
1
4
Warrants
3918
39
*37
3918 *36
100 2714 Jan 7 62 Feb 4
3918 *34
*36
395 *38
8
3918 *36
19,700 Commercial Solvents_No par 22514 Feb 18 402 June 7
36214 365 402
360
3345 33512 336 336
8
33712 365
3613 365
4
/
1
4
93,000 Commonwealth Power_No par 10714 Jan 7 21812June 6
211 21812 185 213
19914 212
1823 185
4
182 199
/
1
4
194 201
100 Conde Nast Publics_ _ _No par 5918Juno 3 93 Jan 19
*6012 64
*6012 64
*591 64
/
4
591 591 *60
/
4
/
4
64
*604 64
/
1
/
1
4
/
1
2114 214 21,900 Congoleum-Nairn Ino_No par 1912May 28 35 Jan 28
4
20
2014 2018 217
8 217 2214 213 221 213 22
8
4
/
4
3
73
2,100 Congress Cigar
No par 71 May 22 92 8 Feb 6
7318 73
73
74
7213 7212 7212 7212 72
73
/ 73
1
4
11 Feb 7
/
4
/ 1
1
4
4 Apr 0
*
600 Conley Tin Foil stpd_No par
3
4
3
4
3
4
*
/ 1
1
4
3
4
/
1
4
3
4
/
1
4
/
1
4
/
1
4Ma7 29 964 Jan 2
No par 773
4
4 3,500 Consolidated Cigar
83
83
/ 823 823
1
4
82
84
/
1
*78
80
*7812 794 8018 82
8512 8712 4._
9012
310 Prior pref
86 0._ _ _ _ 86
873
4 88
100 84 June 5 96 Jan 7
84
87
84
3
/
1
2.700 Congo' Film Ind pref__No par 25 Mar 26 30 4 Apr 23
/
4
25
/ 26
1
4
8 261 2614 254 26
Hi4 2612 2612 261 257 263
/
4
8
/
1
1095 112
8
/ 1117 114
1
4
8
11154 1133 1115 1137 11212 1144 11212 11412 207,500 Consolidated Gas(NY)No Dar 9510 Mar 26 119 May 11
8
8
8
8Mar 25
98
/ 9812 99
1
4
96
9812 99
9812 9802 9814 9814 9818 981 2,600 Preferred
No par 9818June 7 1003
/
4
•Bid and asked prices: no ages on this day. a Ex-div. and ox-rights. z Ex-dividend.
PER WARE
Ranofor Pretnows
Year 1928
Lowest
Mewl
5 per share S per Mare
2513 Jan 3434 Apr
2014 June 754 Dee
8
9912 Aug 1137 Apr
3712 Feb 933 Sept
4
371 Feb 597/ may
/
4
38 Feb 6514 001
50 Nov 6612 Dee
114 Sept 11814 Jan
/
1
4
63 Jar 114 Dee
102 July 11013 May
814 Jan 171s June
4
/ Jan
1
4
94 May
Jan
25 July 39
Oct 75 May
58
3434 Nov
612 Jan
25 Aug 41 Nov
Oct 5211 May
43
235 June 285 Mal
115
Oct 12434 Api
10714 Nov 11178 Jan
264 Aug 3514 Dec
/
1
9178 Dee 10112 Juni
2313 Aug 5213 Feb
20 June 53 Nov
20 Jure 5118 Nov
98 June 1404 Mar
/
1
10312 Dec 110 Mar
/
1
4
1214 Mar 2413 Dee
70 8 July 1011 Dee
3
/
4
12 Dec 22
Jan
82 Sept 9212 May
/
1
4
53 Jan 102 001
/
1
4
514 June 88 Dee
/
1
/
1
4
1161 June 125 Apr
/
4
33 July 50 Sept
/
1
4
/
1
10912 Jan 1114 lull
87 June 122 Dec
/
1
4
6514 Jan 85 Dee
514 Jan
1212 Nov
411 Mar 7218 Nov
/
4
834 Aug
2118 Feb
11 Jan
/
4
2 Jan
/
1
4
4512 June
110 June
2065 Jan
4
139 June
44 Dec
115 Nov
2711 Feb
2413 Feb
33 8 Feb
3
11014 Mar
9313 Feb
157 Mar
8
97 Feb
/
1
4
139
Jan
50 June
1047 Aug
8
111 Aug
8 Aug
/
1
4
41 Jan
/
4
3711 Dec
23 Jam
6352 oat
914 May
12 Feb
7513 Nov
150 Nov
325 Nor
203 Nov
/
1
4
5512 Apr
120
Jan
6234 Sept
48 May
/
1
4
5453 May
117
Apr
127
Oot
433 June
8
1104 June
/
1
249 Dec
88 Dec
115 May
1191
:June
161 May
/
4
1214 Nov
674 May
4
9012 Jan 2063 Del
10858 Apr 118 Deo
65 Mar 122 Dee
681 June 825 Sept
/
4
8
2514 Mar 36 Sept
11 Mar
/
4
53 Apr
8
201 Jan
/
4
547 Jan
8
43 Dec
247
Jan
12012 Dec
3814 Dec
2818 Mar
107
Jan
11 Aug
77 Aug
6813 Jan
2318 Dec
75 Nov
70
/ Oct
1
4
5 Feb
/
1
4
474 Nov
8612 May
50 Sept
515 Nov
13512 Mar
391 Dec
/
4
481 Dec
/
4
1114 May
/
1
Oct
24
92 May
119 Nov
645s APT
100 May
8318 Dee
24 Nov
Mar
377 Dee
8
14
4
623 July 8118 Jan
III Aug 17312 Dee
/
1
4
29 Aug 43 Jan
/
4
45 Dec 561 Oct
37
Apr 64 Dec
8
37 Mar 747 Nov
/
1
4
Jan
76 Dec 131
/
1
544 Jan 14012 Oct
/
1
5114 Jan 544 June
603 Dec 1094 Apr
8
/
1
/
1
4
11112 Dec 124 Mat
441 Dec
/
4
90 Nov
524 June
/
1
79 June
89 Mar
/
1
4
106 June
61 Dec
21 Feb
23 Feb
23 Feb
85 June
553 Mar
4
Jan
99
923 June
8
618 Aug
1377 June
8
6214 Jan
48
Jan
22 June
67 Feb
14 Jan
79
/ Jan
1
4
944 Oct
23 July
374
Aug
974 Aua
11154 Jan
Jan
109
84
/ Jan
1
4
1344 Dec
/
1
1407 Dec
8
11018 Jan
/
1
4
84 Nov
71 Nov
27 Ma
28 Dec
107 Nov
1404 Nov
/
1
109 May
9812 Aug
204 Dec
/
1
25014 Nov
1101 Dec
/
4
84
Oct
3113 Apr
8714 Dee
334 May
100 Dec
1021 Apr
4
2912 Sept
1704 may
loa may
New York Stock Record-Continued-Page 4
379k
Pot sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday, I Monday,
June 1.
June 3.
Tuesday,
June 4.
Wednesday,
June 5.
Thursday,
June 6.
Friday,
June 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miami.(Cert.) Par
2 4 23
3
4
212 2 4 .212 2 4
212 2 4
,
,
,
212 27
212 25 12,500 Consolidated Textile-No par
8
g
13
1312 1414 14
1318 14
1318
14
14
14
14
14
2,600 Container Corp A vol-No par
612 612
612 65
65g
7
8
63
4 67
8
63
4 63
85
8 63
4 2,300 Class B voting
4
No par
7412 76
7214 75
77
75
75 4 76
3
757 79
8
797 29,900 Continental Baking cl ANo par
8
77
1212 13
113 1218 123 1338
4
4
123 1318 13
4
14
1358 143 180,300 Class B
4
No par
*9434 95
95
9612 95s 957
8 953 9612 97 100
4
98
9812 5,400 Preferred
100
68
687
8 6712 683
4 6712 687
8 70
8 6814 707
72
6914 7138 30,500 Continental Can Inc_No par
*1243 128 *125 128 *125 128 •125 128 *125 128 *125 128
4
Preferred
100
827 83
8
84
84 4 83 4 85% 8514 85 4 8312 857
,
3
3
8 8414 8618 9,600 Continental Ins
10
1712 177
1778 1814 1818 18 4 1858 183
8
,
4 1818 1812 1818 183 19,400 Continental Motors___No par
8
89
89741 9012 93
91
9214 9138 93 8 925 933
7
8
4 9212 935
8
Corn Products Refining _25
14112 142 *14112 14212 14112 14112 14112 14112 14112 14112 14112 14112 29,700 Preferred
100
450
57
8 5918 61
58
573 603
4
605 623
8
8 605 62
8
593 6112 49,400 Coty Inc
4
No par
*32
33
35
*31
31
31
*3018 303
4 3018 3018 30
100
30
600 Crex Carpet
*955 98s *955 997
8
8
8 9
8
8
8
58 955 *955 997 *955 997
g
8 9614 96 4
20 Crown Will Pap 1st pf_No par
,
*1814 183 *1812 183
4
4 19
19
1858 185 *1812 20
8
•1812 20
No par
200 Crown Zellerbach
*86
87
863 8712 87
4
89
89
893
4 8914 897
90
8,800 Crucible Steel of America 100
14 *10912 115 *11014 115 *11014 115 8 *11014 93
*11014 115
10914 109
100
115
100 Preferred
1314 14
13
14
15
163
8 16
16
1538 155g
No par
157 157
8
8 4,300 Cuba Co
212 212
218 212
253 25
8
2
212
No par
17
2
8 2 4 10.500 Cuba Cane Sugar
214
,
63
8 63
8
618 612
612 612
6
612
6
6
100
6
6
6,500 Preferred
117 117
8
8 1114 117
8 1114 1138 1118 1138 11
1112 1112 2,800 Cuban-American Sugar._ 10
1138
*6112 63
*6112 62
6112 6112 6112 6112 *6114 62
100
6114 6114
110 Preferred
414
414 *414 412 *414 412 *414 438
412
4
500 Cuban Dom'can Sug-N0 Par
414 *4
5014 5012 51
51
5014 61
*5012 5112 514 6114 507 5118 1,600 Cudaby Packing
50
8
146 1497 14614 151
8
148 154
15012 1557 15314 157
15638 16118 48,000 Curtiss Aer & Mot Co_No par
8
2203 2203 *2073 225 *2073 235 *2073 235 *2203 235 *22034 235
4
4
4
4
4
4
No par
100 Cushman's Sons
•123 125
123 123 *123 125
125 125 *1203 123 *123 124
4
100
30 Preferred (7)
61
61
*6014 51
*6014 61
*6014 61
*6014 61
61
61
10
200 Cutler-Hammer Mfg
8238 823
8 8212 84
823 823
4
4 82 82
*83
84
82
No par
83
1,500 Cuyamel Fruit
433 441
4
4538 48
4714 49
47
49
47
4712 17,800 Davison Chemical_-- _No par
4823 46
3618 3618 *353 3712 *3618 37
4
*3618 3612 *3618 3612 36
36,
4
53
500 Debenham Securities
12012 1201 11912 120 *11912 121 *11814 120
120 12012
120 120
100
540 Deere dr Co pref
255 255
260 260 *258 265 260 2613
265 267
4'260 265
100
1,000 Detroit Edison
45
45
*44
45
*44
45
443 45
4
45
45
45
46
1,800 Devoe & Raynolde A_ _No par
•115
*115 ____ 115 115 *115 ____ .115
*115
100
50 181 preferred
*142 144
143 144
144 14414 *137 142
141 144 - 144 144
100
980 Diamond Match
918 9'
8
914
914
93
8 93
8
9
912 97
2
923
912 95
8 4,200 Dome Mines, Ltd
No par
106 106
104 10814 10914 1097 1085 1093 10812 10912 10812 109
s
8
4
No pa
8,200 Drug Inc
*63
65
6214 635± 627 65
8
6318 687
g 65
8 6,600 Dunhill International_ _No pa
653
4 6412 655
10012 10012 *997 10012 997 9978 *9912 10012 *995 993
g
8
8
8
4 997g 997
300 Duquesne Light let pref _ _100
514 512 *5
53
4
6
514 612
6
*514 614 *53
4 6 4 1;900 Durham Hosiery Mille B__ 50
,
*41
42
*40
42
*40
42
*41
42
*41
42
*41
42
Preferred
100
17112 17112 17218 17414 17314 1733 172 17212 *17114 174
4
172 17214 1,900 Eastman Kodak Co
..No Pa
125 4 1253 *12534 128 *125 4 128 *12534 128 •1253 128
*1253 128
4
3
4
3
4
100
30 Preferred
571g 5814 5818 6012 61
4
6358 *603 613
4 01
6134 61
61
6,000 Eaton Axle & Spring___No Pa
15712 15812 157 160
151 166
165 16812 163 167
165 168
2
8,800 E I du Pont de iNem
4
1153 1153 1153 11584 115 116
4
4
116 116
11612 11612 •116 1164
100
700 67 non-vol deb
Eisenlohr & Bros
2
Preferred
100
7,27- 28 '27
7
28
28
28
27'2 27's 27
27
277 277
600 EltingOn Schlld
No Par
4 95t2 97
,
*9512 97
*9512 96
*9512 97
*96
97
*9512 96
100
Preferred 694%
143 14512 145 14812 147 14912 147 1497 1487 150
8
8
149 15412 30,100 Electric Autolite
No pa
113 113 •113 115 *113 115 *11313 115 *113 115
*11312 115
100
30 Preferred
12
1218 1212 125 1312 1318 1312 13
1214
8
1314 1218 13
No pa
3.300 Electric Boat
643 66 4 645 653
6412 67
4
8
,
4 6412 67
67
693
8 6714 6914 108,900 Electric Pow & Lt
No Pa
10612 1063 10612 10658 107 107
4
1065 107
8
1057 106 *106 107
8
No par
1,900 Preferred
*13212 135
133 133 *133
•133 14012 *13312 140 *13312 140
30 Certificates 50% paid
*79
7912 7918 81
804 8138 805 81
8
813 '827 X7918 80
8
8
5,700 Elec Storage 13atteryNo Par
*33
4 418 *33
41g
418 *334 418 *33
4 418
4 418
33
4 33
4
300 Elk Horn Coal Corp_ __No par
67
8 712
7
9
1012 1012
87
8 9
9
9
•9
1114 3,500 Emerson-Brant class A_No par
*6712 68
68 68
68
68
6814, 6814 683 68% 6814 69
8
1,000 Endicott-Johnson Corp---50
*12318 12418 *123 12414 12318 12318 *12318 1233 12318 12318 12318 12318
4
100
800 Preferred
4918 521s 50
5178 x4912 513
4 503 523
53
4
4 52
5138 5338 35,800 Engineers Public Eery __No par
*913 945g •91114 92 8 29012 9012 *91
4
,
95
95
•92
*93
95
No par
100 Preferred
*38
383
4 3812 383
3918 3978 3912 401
3912 4012 22,400 Equitable Office Bldg No par
39
4 39
47
*46
49
4714 49
4953 493
49
8 4912 491
4912 4912 1,500 Eureka Vacuum Cleari_No par
2512 2512 '25
251 *25
2512 25
251 *25
25's 25
25
90 Exchange Buffet Corp No par
41
*41
41
*4112 42
42
42
42
42 42
4112 4112
par
800 Fairbanks Morse
No 1w
*108 1093 *108 109
109 109 *108 1093 110 110 *108 110
4
50; Preferred
883 9114 903 91
4
*8812 90
4
90
90
905
8 9214 99
90
7.000 Federal Light & 'Trite
15
*9712 99
99
983 983
99
4
99
*9712 99
99
99
99
60 Preferred
No Par
*215 250 *215 250 *215 250 *215 250 *215 260 *230 260
'Federal Mining & Smelt44.100
9912 9912 9912 991 *99 100
995 995 *9912 100
*99 100
8
8
400, Preferred
100
1412 1412 15
144 1484 145 15
1478 15
151
8
1412 1412 2,700'Federal Motor Truck_No par
98
98
9912 1001
99 1021
98 1005 *10012 103
8
9614 10012 4,000,Fidel Phen Fire Ins N Y__ _ _10
*93 10
*93 10
•93 10
4
4
4
*93 10
4
.934 10
9 4 93
3
4
40,Fifth Ave Bus
No Par
*63
74
*81
75
66
*61
66
66
*61
66
66
67
700 Filene's Sone
No Par
*103 10312 •101 1031 *101 103 •101 103
101 101
100 1021
70' Preferred
100
NH
6512 6412 841
6512 673
6518 6518 66
68
667
6658 3,300 First National Stores...No par
83
87
8 98
4 9
,
9
91
83
4 93
84 9
8
87
8 9
23,700 Fisk Rubber
No per
*____ 50
__ 50
50 *-__- 50
I 1st preferred stamped_ __100
*____ 58 *____ 59
59 •____ 59
____
let preferred cony
100
7453 75 8 74
755
8 743 7512 7512 777
8
,
8 79
8112 7818 804 277.100 Fleischmann Co
48
47
*47
48
•47
48
47
48 .47
48
.47
48
300 Florsheim Shoe cl A
r
No par
N
101
10018 1001 *95 101
10012 10012 .95 101
*9512
10012 10013
500 Preferred 6%
100
6218 623
*61
6212 6118 611
4 62
4 6234 633
631g 63
63
1,600 Follansbee Bros
N
511
5014 52
51
497 50
8
5012 .5012 5012 504 50
50
3,600 FoundaUon Co
No par
867 8812 87's 883g 853 87
8
8218 8414 8414 853
4
851s 865 15,400 Fox Film class A
8
No par
g
*10478 105 *1047 105 *1047g 105 •105 106 *105 10512 *105 106
Franklin-Simon pref
100
3812 4112 42
44
4414 453
8 45
475
8 48
373 39
4
467 30,000 Freeport Texas Co ___No Par
8
8
4
4
4
1063 1063 *1063 109 •1067 11212 •1063 11214 *1063 11212 1063 1063
4
4
4
400 Fuller Co prior pref____No par
4
23 8 2512 231g 233
5
24
8 2314 237 *23
23
4
8
213 22
2312 3,600 Gabriel Snubber A____NO pa
1414 1434 14
135 1412 1418 1478
8
1418 137 1414 4,100 Gardner Motor
14
14
8
5
4
8 8612 8612 863 883g 87
8514 8514 8512 867
8853 87
873
4 0,600 Gen Amer Tank Car___No pa
8 8134 8412 8212 84
4
8118 8211 823 8512 8312 847
82
8312 30,400 General Asphalt
100
12512 12712 *122 128 •122 126 .120 122 *122 128
123 12412
900 Preferred
100
•1331g 134 *1331g 136 *13318 13553 *13318 137 *13318 138 *13318 138
General Baking pref___No pa
453
4 4512 46
4212 43
40
4112 40
40
39
4312 443
4 6,700 General Cable
No pa
937
6 9218 9612 95
9612 9512 9 ,
8812 8812 8814 8812 *91
5 2 2,700 Class A
No pa
*1051.1 --- - 10518 10518 *105 -- 105 105 *10412 -___ *10412
100
200 Preferred
:
•67
,
673
68
68
6712 6712 2,900 General Cigar Inc
*67
3 6712 67 2 671 6712 68
No pa
4
*11714 120 *11714 120 •11714 1193 *11714 1193 .11714 1193 *11714 11934
4
4
Preferred
100
2744 27814 27414 27712 27712 28412 144,200 General Electric
26912 27512 27512 279
8
26612 2693
No par
1118 1114
1118
11
1118 1114 1118 11 18 10,900 Special
11
1112 11
11
10
80 4 80
,
8
,
8014 80
8012 797 80 4 80
8018 8018 •80
80
1,600 General Gas & Elm A--No Da
49652 106
*9658 106 * 9653 106
*965g 106
•9653 106
*965 106
g
Class B
No pa
123 123
123 123
122 123
122 122 *120 124
123 123
No pa
90 Fret A (8)
106 106 *---- 10812 *10512 10612 10512 10512 *10612 110 *10612 109
No par
130 Pref B (7)
110 •____ 110 *--__ 110
•____ 110 •_--_ 110
110
Gen Ice Cream Corp__Na par
6738 684 6834 703
7012 6912 7018 69
4 70
6914 6828 693
4 4,500 General Mills
No par
*9512 9552 95 2 9512
9512 9512 *9512 96
*9512 96
*9512 96
,
100
900 Preferred
8 7214 7438 7212 733
8918 705
4 72
,
8 69 4 71,
8 7014 723
74 8 379,500 General Motors Corp
,
10
12312 1233 12314 12314 1,000 7% preferred
4
*123 12414 12312 12312 12314 12314 123 123
100
*49
49
493
4 49
493 497
49
49
4
*4712 50
8
49
49
700 Gen Outdoor Adv A-No Par
3412 35
*34
35
3518 3814 3612 38
*3418 35
35
35
5,900 Trust certificate...__No par
1083 1101 10912 11214 110 1143 27.700 Gen Ry Signal
4
:
10414 1067 10612 10812 107 110
8
4
No par
7478 745g 765
76 8 74
, 75
,
7653 7418 7572 10.000 General Refractories_ -No Par
7312 73
73
8
,
5
4
105 10712 10612 1073 10414 1057 10412 1067 10518 1063 104 1057 10,200 Gillette Safety Rasor No par
8
33
5g 3414 3418 3412 3418 3418 34
3313 34
335 337
8
8
34 4 3,200 Gimbel Brae
,
No par
*8114 813. 81, 81, *81
*8114 83
*8114 83
4
4
*8114 83
82
100
200
Preferred
47
8 4812 5012 4812 5018 62,200 Glidden Co
477
8 4712 487
46
47
4514 48
No pa
103 103 *101 103
4
4
10253 1023 1023 103
10118 10118
102 102
100
440 Prior preferred
4812 4634 477
8 47
4812 4712 5012 22,000 Goliel (Adolf)
8
45
453
4 457 485g 47
No pa
8 575 59
8 5614 577
s
583 6014 5953 6118 101,100 Gold Dust Corp v t c. No Pa
8
8 5412 565
5414 547
775 7912 7612 7753 757 777 23,600 Goodrich Co (B F)
8
7334 745
8 7312 758 7512 78
8
8
No pa
113 113
8
1127 113
8
*1127 113 *1127 113
8
113 113
*1127 113
8
100
700 Preferred
4
115 11712 117 1193 11838 12012 118 1203 11718 11914 1164 11812 41.600 Goodyear T & Rub___No pa
4
101 10112 1011 10112 10112 102
10114 102
101 101
:
*101 103
1,900
1st preferred
No pa
•Bid and asked prices; no sales on OW day. z Ex dividend
PER SHARE
Range Since Jan. I.
On basis of 100
-share lots
Lowest
Highest
$ per Mare
212June 3
12 May24
6 Apr 20
4718 Jan 8
818 Jan 8
8813 Jan 2
80 Jan 19
1244 Jan 7
.79 Mar 26
1718 Mar 26
685 Feb 8
8
14114 Feb 28
51 Mar 28
225 Jan 10
8
9514May 1
185
8June 5
85 Mar 26
109 Jan 8
1112May 31
14June 7
6 June 5
11 Apr 24
61 Mar 6
4 June 6
4918May 27
13518 Mar 28
20714 Apr 17
12018 Jan 22
581g Mar 26
63 Jan 3
427
gMay 31
36 June 7
118 Feb 26
224 Jan 2
4414May 28
112 Jan 7
130 Apr 2
84 Mar 26
105 May 27
6214May 27
4912 Jan 24
514 Jan 14
36 Jan 2
188 May 27
1253
4June 3
56 May 31
1553 Jan 22
4
1154 Jan 21
957 Jan 2
3
9312 Jan 9
2612May 28
9512May 31
12634 Mar 26
109 Jan 2
12 May 31
4318 Jan 8
105 Apr 1
12212 Jan 4
77 Mar 26
4June 7
33
5 May 31
68 June 3
121 Feb 7
47 Mar 25
90 Jan 12
314 Jan 4
4412 Feb 1
2214 Jan 15
4038May 28
4May 10
1063
68* Jan 3
9814 Apr 30
215 May 22
9814 Mar 27
14 May 29
9014 Mar 26
93
4June 7
60 May 2
100 Apr 9
62 Apr 18
8May 2
85
51 May 20
5734May 2
6513 Apr 30
47 June
9714 Mar 18
13714May 2
44 May 27
4May 2
803
1064 Feb 28
373
4June
99 Mar 26
20 Mar 25
1012 Mar 2
81 May 2
8
61 Mar 26
10413 Mar 26
130 Mar 28
3712 Jan
81 Jar
104 Apr 1
63 Jan
11214 Jan
219 Mar 26
11 Jan
70 Jan
76 Jan
11812May 2
104 Apr
797 Mar
8
67 8June
5
954 Apr
683
8May 3
1.2212May 2
47 May 2
32 Feb 1
9312 Mar 2
68 Apr 1
104 June
3318June
81 18 Apr 25
364 Jan 2
10118June 7
44 Jan 28
534May 27
73 May 27
1124May 27
112 Feb 21
101 May 28
$ per share
64 Jan 15
2312 Jan 9
114 Jan 2
797
8June 7
143
4June 7
100 June 6
804 Mar 22
128 Feb 14
9414 Jan 14
283 Jan 21
3
10178 Apr 27
1444 Jan 19
8214 Jan 28
5758 Apr 17
10114 Jan 18
253 Jan 9
4
94 Jan 11
11834 Feb 28
2413 Jan 3
513 Jan 3
187 Jan 3
8
17 Jan 3
95 Jan 3
63 Jan 2
4
8778 Jan 15
17312 Feb 5
22514 Jan 15
130 Mar 22
85 4 Jan 11
3
85 Feb 5
691s Jan 31
457 Jan 24
3
128 Jan 4
267 June 7
644 Feb 5
11512 Jan 15
16412 Jan 11
10 4 Apr 26
3
12618 Feb 4
92 Jan 2
1007 Mar 5
8
1112 Mar 4
45 Apr 17
19412 Feb 2
128 Mar 9
783 Feb 1
4
19812 Feb 1
119 Apr
11213 Jan 1
100 Jan 1
393 Jan 1
3
113 Jan 1
172 May
115 Apr
1838 Mar 1
724May 1
10914 Feb 13
1311 Feb 13
92 8 Feb 4
7
64 Jan 9
2212 Feb 7
833 Jan 4
8
12414 Feb 28
6014 Jan 31
1044 Jan 31
41 May 1
54 Feb 28
255
sMaY 18
513 Jan 21
4
1107 Jan 9
8
99 June 7
104 Feb 6
310 Feb 4
100 4 Jail 7
3
223 Feb 6
3
112 May 16
134 Mar 2
9813 Feb 25
107 Jan 23
7478 Mar 18
2018 Jan 23
7212 Jan 14
8212 Jan 25
84 Jan 2
/
1
4
54 Jan 8
10218 Jan 18
73 Mar 19
/
1
4
894 Apr 30
101 Jan 19
110 Jan 4
541 Jan 25
8
10712May 7
334 Feb 6
25 Jan 31
102 Jan 9
8512June 3
1283
4May 17
140 Feb 5
61 Feb 28
1204 Feb 28
10713 Jan 21
74 Feb 25
122 Jan 24
295 May 17
114 Feb 4
90 Apr 3
112 Apr 25
135 Feb 14
115 Feb 15
110 Apr 8
891 Jan 18
,
100 Jan 4
914 Mar 21
12612 Jan 2
62 Jan 2
41 Mar 12
1167
8May 10
864 Feb 20
1263 Jan 26
4
484 Jan 28
90 Jan 3
5012 Apr 26
1061g Apr 22
66 Feb 5
82 Jan 19
1054 Jan 2
1154 Feb 25
15412 Mar IS
1041 Feb 28
3
PER SHARE
Range for Prestos'
Year 1928
Lowest
Highest
$ per share $ pet share
611 Dee
214 Aug
20 Nov 36 Apr
93 Oct 1914 Apr
4
2613 Apr 5312 Jan
9 Dee
314 Apr
/
1
4
73 Apr 9612 Jan
53 Dee 1284 Sept
123
Jan 128 Mar
8
75 Feb 941 May
10 Mar 2012 Nov
642 Jan 94 Nov
8
13812 Jan 146114 Apr
625 Dec 897 Nov
8
8
1212 Sept 27 Nov
964 Jan 10514 Oct
2314 Dec 263 Nov
4
6914 July 93 Feb
111 Dec 121 May
20
Ott 287 Ma,
2
via
43 July
8
1334 Oct 324 J
1538 Dec 2414 May
9334 Dec 108 Feb
12 1 D
5 Nov
Jan 784 A
54
5318 Feb 1921 M
4
1443 Jan 230
4
114
Jan 141 se
52 June 6512,NoV
49 July 63
Oct
8
345 Feb 684 Nov
/
4
Ott 491 Apr
36
11512 Feb 12614 May
16613 Jan 2244 Dec
40
Apr
Jan 61
Jan 120 May
108
1343 Jan 172 Nov
8
8 June 1312 Jan
80 Ma 12018 Nov
/
1
4
554 Jan 99 Nov
993 Oct 11612 Mar
3
813 May
3 Aug
3434 Oct 4612 Jan
183 Feb 19414 July
12312 Aug 134
Apr
26
Jan 6818 Nov
295 Oct
8
43 Dec
19/4 July
3212 Jan
104
Jan
42 Jan
98
Jan
120 Apr
914 Jan
165 Aug
2
7614 June
114 Jan
121's May
99 Dec
1004 Feb
43 - Nov
1214 Nov
13612 Dee
1124 Des
174 June
498 Dec
8
11018 Mar
1294 Apr
914 Dee
9 Jan
15 8 Dee
5
85
Apr
1275 Dee
8
51 Nov
10212 Oct
334 July
Jan
79
34 Oat
/
1
4
54 Apr
1144Iday
71 Dos
109 Apr
230 Dee
10213 Sept
254 May
10712 Dee
1$14 Ma7
28
Apr
87 Aug
8
553 Oct
4
Oct
54
65 June
4914 Nov
9818 Oct
561 Dee
3
361 Oct
8
72 June
10613 Dec
43 Oct
102 Mar
15 Mar
74 June
604 Feb
68 June
1104 June
132
Oct
21 Feb
58 Feb
Oct
102
594 Nov
1144 Sept
124 Feb
11 Sept
3514 Jan
37
Jan
121
Oct
105
Oct
741 July
,
79 Dee
984 Dec
73 4 Dee
3
1234 Jan
49 Aug
2912 Aug
844 June
4512 June
974 June
844 Mar
87 Mar
2018 Jan
95
Jar
424 Dec
71
Jan
6818 June
10911 Feb
454 June
924 Mar
7638 Dee
174 Jan
9112 Jan
974 Jan
8
893 Oat
561 Nov
100 Dee
694 Dee
574 Dee
1194 &PI
113 Feb
10914 Jan
1094 Apr
2812 Jan
173 Dee
s
101 Dee
944 Apr
14112 Apr
150 June
4118 Nov
883 Nov
4
107
Oct
7.153 Feb
130 Mar
22112 Dee
12 Jule
74 Nay
80 Nov
144
Apr
1141 May
3
10512 Oat
844 Nov
1004 Dee
9014 Nair
1274 Apr
684 Jan
524 Jan
/
1
123
/ J
1
4
82
Jan
1234 Oet
594 June
101 JuLe
37 Dee
105 Bent
624 Nov
1434 Dee
10914 Dee
1154 May
140 Dec
105 Dee
114 July
1218 Jan
87 Nov
3314 Aug
1011 Aug
/
4
60 June
10812 Sept
84 Aug
284 Jan
105 Dec
12014 Nov
69 Feb
une
54 Feb
743 Dec
4
12114 Jan
33 Feb
9012 Dec
3796
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 1.
Monday,
June 3.
Tuesday,
June 4.
Wednesday,
June 5.
Thursday,
June 6.
Friday,
June 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
S Per share I per share $ per share $ Per Share $ Per share $ per share
Shares Indus. & Mice'. (Con.) Par
Gotham Silk Hosiery_NO par
45
465* 45'* 48
48'a 4818 48
48
48 -2,000 New
48
481z 48
No par
•95 100 '95 105
*95 100 '94 100
*94 100 '94 100
Preferred new
100
9314 9314 '92 4 93
3
923 95
4
93 93
860 Preferred ex-warrants
*923 9612 *923 96
4
4
100
*105 12
•103 1012 *103 12
8
4
1178 117 "103 1114 11
300 Gould Coupler A
8
11
4
No Dar
265 2712 27
8
277
8 2758 285
8 2818 29
283 2918 283 297 19,000 Graham-Paige Motors_No par
4
*
4
*22
28
20
21
22
243 *2412 2612 *24
4
1,300 Certificates
*24
26
26
No par
7
6812 70
6912 71
7012 73
7312 757
7318 743
8 73
738 19,900 Granby Cons M Sm & Pr_100
•7918 82
813 813
4
4 8212 83 '82
83 '82
700 Grand Stores
82
82
83
100
21
213
8 22
2312 23
4,200 Grand 'Union Co
2618 25% 257
8 241 2414 24% 25
/
4
No par
43
43
4312 4418 4412 46
2,100 Preferred
45 8 4612 4514 4514 4514 46
3
No par
11914 1193 120 120
4
120 121 *11912 123
900 Grant (W T)
119 119 '116 119
No par
26
8 26
262
2612 2618 2714 27
33,000 01 Nor Iron Ore Prop_ _No par
28
28 14 3014 28% 30
37
8
373* 365 3718 3612 3714 3612 37
/
4
363 371 363* 378 7,600 Great Western Sugar._ -No Par
11614 11614 11614 11614 11518 11512 1157 1157 "115 116 *115 116
8
130 Preferred
8
100
140 142
138 14112 140 1453 144 15058 x14518 14714 1455 1483 24,800 Greene Cananea Copper .100
4
*
s
*212 23
4
212 212 *212 3
*212 3
100 Guantanamo Sugar____No par
*212 3
*25* 3
4150
52
50
50 "50
30 Preferred
50 50
52
•50
52
100
52 '50
555* 553
s 56
800 Gulf States Steel
8 5712 5712 57
5612 567 567
57
100
*56
5712
10112 10112 *102 108
10 Preferred
*10112 107
100
*9914 107
*9914 107
*9914 107
2514 2514 2514 2514 *2514 26
25
170 Hackensack Water
26
*2514 26
2558 255* 26
*27
29
27
40 Preferred
27
27
25
27
•27
"27
29
29
273 273
8
8
v27
277 '27
Preferred A
277 "27
8
25
277 "27
8
277s
277 '27
277 •27
8
3414 3434 34
No par
36
353* 35
4
355* 3612 3518 357
s 343 355* 19,000 Hahn Dept Stores
9512 9512 95% 95 8 96
7
100
96
963 9714 96
9618 *953 968 1,500 Preferred
8
4
•10112 102 *10012 102 *10012 10112 10112 10112 *10012 102
102 102
30 Hamilton Watch pref
100
*97
98 '97
190 Hanna let pre( class A
98
9618 97
29414 9414 9412 9612 *9612 98
100
*---- 60 *____ 603 •____ 60 4 *58
20 Harblson-Walk Refrae_No par
4
3
603
4 603 604 604 603
4
4
•11212 ____ •11212 ____ *11212 ____ *11212 ....... *11212 ____ *11212 ____ ______
Preferred
100
*233 2412 *2312 25
4
*2312 243 *2312 25
Hartman Corp class A_No par
4
*233 244 *233 25
8
8
'21
2214 22
22
*22
1,200 Class B
22
2312 2118 2214 *21
No par
2214 22
*65 ____ 64
65 '64 ____ *6418 ___ 66
700 Hawaiian Pineapple
66 '6412 6612
20
'100 104 *100 104 *100 104 *100 104 *100 104
102 102
(G VV)
200 Helm,
25
883 89
8
89 12 91
8912 9018 8912 894 8918 8918 5.800 Hershey Chocolate____No par
8958 91
92
9212 92
927
8 9214 93
4,100 Preferred
4
93 93 7
8 923* 9318 923 93
No par
*1051 10618 10512 10512 *10512 10618 *10512 10618 1053 106
1,200 Prior preferred
106 106
4
100
*15
1518 '15
17
15
15
16
700 Hoe (R) & Co
1514 1514 1514 1514 16
No par
900 Holland Furnace
35
3512 35
par
3512 3512 35% 35% 35 3512 *35
3512 '35
*1334 15
133 133 *14
4
4
143 '14
4
15
15 '14
15 '14
300 Hollander & Son (A)
No
No par
*73
76
*7212 76
7512 76
400 Hornestake Mining
*7212 7512 *73
7512 7512 7512
100
62
6212 63
6414 65 8 658 *6612 67
3,900 Househ Prod Inc
3
66
67
6512 67
No par
*72
75
7214 787
8 78
6,400 Houston Oil of Tex tern °Hs 100
80
80 I 78
8112 78
803
8 79
58
5912 5914 605
8 59
21,500 Howe Sound
6214 63
817
8 6112 6314 611s 64
No par
7712 7814 77% 803
8 7918 807
815 834 59.900 Hudson Motor Car__ No par
8
8 808 823
4 803 84
4
40% 42
4114 43% 43
43
44
437 1 28,000 Hupp Motor Car Corp.__ _10
4218 4438 42
8
43
35% 35% 3512 3714 3658 3714 361s 36% 353 36% 355 363 17,800 Independent Oil& Gas_No par
8
4
"19
193
4 1918 2114
195* 2214 218* 2112 *19
2312 *2012 21% 5,400 Indian Motocyele
No par
85
85
95 1
Preferred
85 •___. 95
85
100
3714 393
/
4
4 3918 4314 42
43 8 4114 4318 4112 4514 441 4612 103,800 Indian Refining
3
10
7 61,600 Certificates
34 4 361s 3614 3914 38% 40
3
38% 4014 38% 4314 4214 44
10
Preferred
100
92
*80
88
*80
81
85
9612 5,000 Industrial Rayon
931
*8012 843 *82
85
4
No par
*131 140
133 133
138 139 *133 140 *137 140 *137 140
300 Ingersoll Rand
No par
*87
8712 87% 87% 88
881
8,700 Inland Steel
883 89
8
88
88
88
88
No par
.411s 41% 41% 413
4112 437
433 4412 23,100 ftlaplretoon Cons Copper___20
4
3
43 4 45 8 4312 44%
4
3
9
8% 83
81s 818
914
812 8%
4 1,700 Intercont'l Rubber___ _No Par
83
4 9
*
8% 9
914
gas 3,000 Internet Agricul
9
81s 812
9%
8% 9
9
9
83
4 9
No pa
6812 6814 69 69
68 '62
68
*6818 69
68 '60
800 Prior preferred
68
100
17912 180
182 186
190 190
1907 19212 188 190
187% 194
5,500 Int Business Machines_No pa
*8512 87
87
90
3.400 International Cement.
913
913
89 4 90
3
4 8812 88'2 88
4 89
.No pa
55% 5812 5914 62
60
623 195.900 Inter Comb Eat Corp.
6012 6314 6012 62
8
6012 63
.No Par
993 993
4
4
8
4 99 10118 10112 10112 1013 1013 10112 10112 2,100 Preferred
4 99 1013
100
9412 9712 96% 1033 10218 106% 10112 10512 10218 106's 103 1058 57,100 International Harveater No pa
4
*140 142 *140 142 *140 141
141 141 *140 141 *140 141
500 Preferred
100
80% 82
8012 8212 827 84% 82
82
8412 81
8
81% 82
15,400 International Match pref_35
47
47
412 5
434 4%
*412 5
412 412 1,100 Int Mercantile Marine
5
5
10
3814 3912 3912 3912 40
413* 41
41
41
4314 4258 43
7,800 Preferred
100
4412 4512 4512 47
4918 4718 483 163.200 Int Nickel of Canada_No pa
465 478 4714 498 48
4
*50
60 '50
60
70
*50
63
*60
60
*55
70
*50
International Paper-No pa
90 '86
*86
90
89
8618 *87
86
885* 883 883t 883
4
600 Preferred (7%)
100
2618 26Is 2618 27
8 2812 287
287 287
8
8 4,100 Inter Pap & Pow el A__No pa
265* 2712 278 291
• •1512 1612 *15
17
1512 1614 1614 1718 *1534 17
1614 1614 3,600 Class B
No pa
11
11% 10% 113
1112 1234
13
125* 131
1314 127 1314 11,300 Class C
8
No pa
*86
8612 8614 863
88
89
8812 8914 89
89% 89
893
4 4,100 Preferred
100
44
4412 4412 461
485* 50
*52
537 54
54
50
3.900 Int Printing Ink Corp-No Pc
543
___ 97
____ 97 •____ 97
95
98
95
95
95
95
60 Preferred
100
74
70
71
70
7312 74
73
75
4
7112 723
4
4 723 723
550 International Salt
100
*125 130 •125 1311 •125 135 *125 135 '125 135
125 125
200 International Silver
100
112 112 •111 112 *111 112 •111 112
*110 112
112 112
100 Preferred
100
8312 8538 8418 851
813s 83 8 8314 851
7
8312 8412 823 841 99,300 Internet Telep ct Teleg
8
/
4
100
725 72% *7214 74
8
725 727
73
75
738 733
4 735 7614 4,400 Interstate Dept Storee_No pa
'122
•I22
____ ______
____ *124
*124 ___ '124 ___ •124
Preferred
100
32
*31 13 '3014 32
*31
*3012 33
32
32
32
32
300 IntertyPe Corp
No Dar
*50
"50
5054 51
51
5012 503
52
50
51
501
51
1,100 Island Creek Coal
145 4 145 4 514512 14712 14512 14512 •144 145 "143 146 *140 146
3
3
500 Jewel Tea.[no
No I ,
pli
0
_
Preferred
14 1675* 1694 167 1713, "23,500 Johns-Manville
16112 16314 164 161f 8 16313 161 .
- 3 165 if
;
-- 7No pa
4
*121 ---- 121 12114 *12118 1223 12118 12118 •1215 1223 1223 1223
4
4
4
130 Preferred
100
8
121% 1217 121 122
12012 121% *120 122 11213 1213 '12112 122
4
4
430 Jones de Laugh Steel pref-I00
_ 27 •____ 27 *_ 27
27
27
27 •____ 28
27
30 Jones Bros Tea 1no---No nor
7% 712
714 7%
8 8 718
7
714 712
714 7%
714 712 2,500 Jordan Motor Car
No par
1103 110 4 *110 11314 *110 11314 110 110
10914 10914 '10912 111
4
50 Kan City P&L 1st p1B_No par
3
2512 25% 2518
*2512 2618 2512 2512 2512 26
2512 2512 *25
900 Kaufmann Dept Store:5_1112.50
8112 8112 8214 8214 845* 84
•78
8512 6.600 Kayser (J) Co v t o___.No par
7912 80
7812 79
31
33
34
3012 31
400 Keith-Albee-Orpheum_No par
2618 2618 *2713 293 "29
4
.4T - 8 *94 96% 9634 96% 10114 10114 101 10434 105 10712 1.900 Preferred 7%
963
100
1512 158 1512 15% 1511 13,600 Kelly-Springfield Tire__No par
14
133 14
4
15
1514 15
15
80 V.-- 80
•75
70 70 •____ 80 •____ 80
50 8% preferred
100
90 •____ 90 •_. 90
*65% 86
6% preferred
*70
*85% 90
100
43
/
447 16,100 Kelsey IlayeewheelnewNo par
4
427 4314 4218 4312 4112 44% 4314 46% 441 48
s
_
Preferred
100
-1832 Tic -1E14
15
7:660 Kelvinator Corp
151 -1512 157
_7
153* "M
par
8112 823, 81% 82% 813 84% 8418 8638 83% 8514 82% 848 170,400 Kennecott Copper
4
Nopar
No
7
3314 34
31
7,600 Kinney Co new
33% 33
33% 33
33% 3314 33
3312 33
No ioo
par
98
140 Preferred
9912 98
99
*987 99
8
rr
98% 99
98% 9818 *98
98
30 4 287s 3014 39,300 Holster Radio Corp__ __No par
3
2514 26% 2712 30% 2914 3012 3012 3112 30
4412 4512 45
8
4858 4612 487 31.600 Kraft Cheese
48
4614 471
4618 48
, 47
No par
100 Preferred
*953 100
4
*9534 100
*95 100 '9612 100
*953 100
4
96
96
100
4,000 Kresge (El S) Co
8
46
457 468
4412 45
46
443 46
4
4512 4512 4512 46
10
114 116
801 Preferred
*110 115 *114 115 •114 115
114 114 •11412 115
100
'14
14
800 Kresge Dept Eltores____No par
14
1312 14
1414
14
15
14
*1412 14% •14
*8912 71
*7012 71
10 Preferred
7012 7012 *7012 7112 *7012 71
*7012 72
100
300 Kress Co
9212 9213
94
"95
94
98
95
"94
98
No par
9514 9514 *94
3734 x3512 3612 98,400 Kreuger d Toll
35 4 375e 37% 3814 36% 37% 36% 37% 37
3
• 7934 80
825* 8312 15,400 Kroger Grocery & Bkg_No Par
84
80
4 83
823
8 827 84 8 833 843
8
8
3
Laclede Gas
•200 235 '200 235 v210 235 *200 235 *210 230 1'200 235
100
Preferred
*100 1021 *100 10212 •100 10212 •100 1027 •100 10212 "100 10212
8
100
'25
28
27
28
28
2812 1,300 Lago Oil& Tranaport_No two
*27
29
2714 2712 •27
28
13212 1337 13318 13512 13514 13612 135 13712 136 1367 13514 1367 22.100 Lambert Co
8
No par
13
1618 6.500 Lee Rubber & Tire_..No pa
14
1412 15
7
1512 15 4 15 8 1612 165* 164 16
3
400 Lehigh Portland Cement_ 50
5214 5214 55
55
55212 5412 5212 5212
*5212 64
*5212 54
110 110
210 Preferred 7%
10812 109 *109 10912 10812 109 •109 10912'109 10912
100
5114 5114 517 5212 52
No pa
5212 52% 5312 53% 5312 4,400 Latin Os Fink
8
52
53
Life Savers
No int
1,800 Liggett & Myers Tobacco..
02 1i- .1iT 16" . ,- 2 0
111. - - 8514 "0'4 ;84i2 "iE- "ia" W.25
4
85
86
10 0
85
8434 85 845* 845* 84% 8534 6,200 Series B
25
8512 84% 85
*13412 13612 *13412 13612 •13412 13612 *13414 13612 *13414 1361 13414 13414
Preferred
100
*44
45
45
3
4512 4714 463 49
46
48 4 50% 49 4 49% 5,600 Lima Locom
3
4
Pa
77% 77% 7718 7812 78
821s 81% 83% 22,900 Liquid Carbonic
3
8212 8118 83 8 81
No par
55
56
5612 5514 58
7.700 Loew% Incorporated
5512 563
No par
4 5514 5712 5512 5614 55
*90
97 *---- 951s •90
Preferred
95
97 '90
96
*90
9818 *94
par
912 9% 10
93 10% 63,700 Loft Incorporated
4
1012 1012 103
103 107
8
4 105* 11
No paT
No
*27
2712 27% 2712 •2718 2712 '2718 2712 '2718 271
2718 27%
300 Long Bell Lumber A___No pa
-1512 -cis;
•Bid and asked prices; no sales on than day. s ISs-cUrldend. a 8141111ng11.
V Fx-rInnte.
PER SHARE
Rang. Sines Jan. 1.
-share lots
On basis of 100
Lowest
Highest
per share
5312 Mar 26
4May 31
443
93 May 27
923
4June 4
7 Feb 18
25 May 28
20 May 23
6218May 28
773 Jan 30
4
2018 Mar 26
41 Mar 26
11412 Apr 12
2514May 28
32% Mar 26
11314 Apr 22
13618May 28
212May 28
50 Apr 12
553
aune 1
10112june 3
25 Jan 7
27 Feb 18
28 Jan 31
34 June 3
9512May 31
1003 Feb 15
4
91 Jan 14
54 Jan 3
112 Jan 14
23%May 23
207
8May 31
60 Feb I.
100 May 28
64 Feb 16
80 Feb 16
104 Jan 4
15 June 4
8May 23
347
1312May 27
/
4
721 Feb 21
62 June 1
7012May 3
5618May 28
711 Feb 15
/
4
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
818May 31
818June 1
88 June 5
1400 Jan 24
8412May 28
5412May 31
99 June 3
92 May 3I
140 May 17
6514 Mar 28
412May 27
3612 Feb 1
4012 Mar 28
57% Jan 11
8514May 22
25 May 20
1434May 22
105 Jan 10
8
80 Apr 15
437
8May 21
95 June 5
5512 Jan 4
125 May 31
108 May 16
78 May 27
6918May 17
130 Jan 15
29 Jan 2
4May 16
493
8
1357 Apr 18
124% Jan 3
15212May 31
119 Jan 21
11813 Jan 4
2418May 27
6 Mar 28
106 Feb 18
243
4May 22
76 Mar 26
25 Apr 11
941s April
11 Mar 26
70 June 3
85 Apr 12
4014May 27
10614 Apr 23
12 Mar 26
7752May 27
2712May 20
9312 Jan 2
2518May 27
32% Mar 26
95 Apr 20
4418May 28
109 Jan 5
4May 29
123
$ per share
7412 Jan 23
80 Apr 11
10114 Jan 5
100 Jan 12
14 May (3
54 Jan 2
4918 Jan 11
102% Mar 20
9612Mar 18
32% Jan 2
54% Jan 4
1445 Feb 5
8
39., Feb 1
44 Jan 25
11912 Feb 1
10758 Mar 20
5% Jan 3
90 Jan 2
79 Mar 5
109 Fel) 14
29 Feb 28
31 Mar 8
29 Jan 14
55 Jan 10
115 Jan 31
1055 Jan 8
8
993 Jan 23
4
60 Mar 22
54
11812 Jan 29
27 Jan 2
393 Jan 2
8
8612 Apr 16
118 Jan 29
95 2MaY 15
3
993
4May 3
10618 Apr 17
217 Mar 5
8
51 Mar 9
22 Jan 2
3May 13
767
7912 Jan 7
109 Apr 2
8213 Mar 21
9311 Mar 15
82 Jan 28
393
8May 7
3213 Jan 2
95% Feb 6
525 Apr 10
8
48% Apr 10
165 Jan 11
135 Jan 18
15318 Apr 24
967 Mar 20
8
6612 Mar 1
1414 Jan 11
17% Jan 28
8812 Jan 26
1943
4May 17
102% Feb 4
10312 Feb 15
121 Feb 16
11934May 3
145 Jan 18
10212 Jan 4
71 Feb 15
/
4
5114 Apr 23
7254 Jan 23
83 Apr 9
9412 Jan 8
351 Mar 19
8
2412 Mar 8
1714 Apr 4
93 Jan 23
63 Jan 23
106 Mar 4
odla Feb 4
150 Mar 6
119 Jan 17
01% May 7
9318 Jan 2
150 Jan 2
381tMay 3
69 Mar 5
16214 Feb 5
12518 Feb 13
2425 Feb 2
4
123 May 15
12214 Mar 11
35 Jan 21
151s Jan 2
11254 Jan 22
3718 Feb 6
9238 Apr 24
45 Jan 4
138 Jan 5
2374 Jan 2
9478 Jan 9
100 Jan 14
59 4MaY 13
3
110 Jan 8
1914 Feb 6
1047 Mar 18
s
34 June 7
10954 Mar 6
785 Jan 3
8
4914May 17
9934 Jan 2
57 Mar 4
,
1
116 June 7
23 Jan 2
7311 Apr 26
114 Jan 5
483
8Mar 6
12212 Jan 3
245 Mar 14
102 Jan 4
3312 Apr 15
15714 Mu.19
25 Jan 14
65 Feb 6
110 4MaY 9
5
6812 Feb 4
8
395 Jan 5
10512 Jan 28
10311 Jan 29
13711 Mar 1
55 Mar 22
1137 Jan 3
8
8412 Feb 27
110 4 Jan 31
5
1112 Apr 1
321 Jan 5
,
70 May 2
9212June
3312May 2
7512May 2
23112May
100 Mar
26 May 31
12718 Jan 22
10 May 28
50 Apr 17
1085 Jan 3
4
51 May 31
29% Jan 7
8112 Mar 26
8118 Mar 26
13414june 7
425
4May 28
7158 Mar 26
4812May 27
9512May 21
71a Jan 19
27 Apr 11
PER SHARE
Range for Previous
Year 1928
Lowest
IMMO
$ per share $ per share
70 Dec
100 Dec
95 Dec
67 Dec
.
165 Feb
4
26l2 June
39114 Feb
65% June
263 July
4
4612 Aug
11154 Dec
1914 June
Jan
31
11212 Feb
89% June
4% Dec
90 July
51
Jan
1035 Nov
8
23 Jan
23 Jan
25% Jan
93 Apr
130 Apr
112 May
12% Feb
6114 Sept
56 Sept
93 Dec
8
947 Oct
4178 Oct
6258 Oct
12512 Sept
333 Oct
8
3818 Dec
120
Jan
177% Deo
9% Jan
107
Jan
73% Sept
110 Apr
Jar
30
30 Dee
29 June
99 Aug
59 May
54 Dec
110 June
2312 Aug
165 Aug
8
61 Dec
105 Dec
4
305 Jan
7014 Feb
10014 Aug
1514 Sept
401s Dec
18 Dec
Jan
67
6418 Feb
79 Dec
403 Feb
8
75 Jan
29 Jan
215 Feb
4
Oct
20
93 Nov
9 Feb
811 Jan
140 Dec
118 Dec
90 Feb
46 Ma
18 Feb
818 July
13 Feb
48% Ma
114
Jan
Jan
56
4514 Feb
103 Ma
80 De
13614 M
85 De
384 Ma
3418 Jun
735 Feb
8
60
Oct
89 Dec
22 Dec
8
147 Dec
105 No
4
88 De
47 4 Oct
5
100 Dec
4913 Ma
126 Jun
11214 De
104
97
57%
120
2738
3734
68
120
7212
89
105
1
307
49%
367
4
80
84
187
6112 Nov
1241 Nov
:
23 Sept
54
Oct
47
7734 Mar
1195 Nov
8
9614 June
1184 Oct
119 Dec
25 8 Mar
5
812 Aug
108 Aug
2912 Dec
62% Jan
1512 May
7512 May
191 Dec
/
4
5514 Feb
58 Feb
90 Dec
150 Dec
3811 Jam
61 May
179 Nov
125% Nov
202 Dee
Apr
122
Apr
Nov
Oot
Jan
Feb
Dec
Nov
00
Dee
Nov
Apr
Jan
Oct
Apr
Nov
Oct
Apr
7334 Nov
9978 Mar
84 Nov
38% Nov
70 Apr
Apr
115
395 July
8
3714 July
185 Nov
001
146
127 Noy
80 Dec
487 Nov
8
215 Jan
4
20% May
85 Dec
1665 Nov
8
947 Dec
s
80 Dec
110 Sept
977j Dec
147 May
8
1217 May
78 May
44% Jan
26912 Dec
868* May
108
Jan
34% Nov
19 Nov
1334 Dec
91 Dec
60 Dec
100 Deo
4
685 Jan
106
Jan
131
Jan
12414 MAY
4112 Oct
19% Oct
114 Apr
Oct
34
92 Nov
5112 Nov
160 Nov
25% Nov
95 Nov
101 Nov
106 Mar 111 Nov
8
7 4 July 227 Apr
5
8718 Mar
5114 Aug
32 Dec
9914 Dec
065 Feb
11014 June
1311 Jan
5134 Feb
87 Feb
3258 Dec
7314 Ma
200 Jan
99 Nov
27as Feb
7914 Jan
1714 Jan
4254 June
10614 De
Jan
38
28% Au
83% Jun
8014 Jun
134 Au
38 Jul
63 Feb
12
4914 Jun
997 Ma
8
554 Fe
Jan
26
100 Apr
8
957 Nov
42 Nov
10114 Dee
91% Nov
Apr
118
271 Feb
4
76 Aug
124% Nov
40 4 Oct
3
132% Nov
260 Feb
124% Jan
30% Apr
136% Nov
2614 Oct
5812 Nov
110 8 May
5
647 Oot
8
40% Nov
122% Jan
123% Jan
147
Apr
65% May
12411 Nov
77 May
110as Apr
19% Aug
$3 4Feb
4
New York Stock Record-Continued-Page b
3797
For sales during the week of stocks not recorded here. see sixth page preceding.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 1.
Monday,
June 3.
Tuesday,
June 4.
Wednesday,
June 5.
Thursday,
June 6.
Friday,
June 7.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
Lowest
$ Per share $ per share $ Per share $ per share $ Per share $ per share Shares Indus. & &fiscal. (Con.) Par
4 5913 6114 59% 6312 603 643
585 5934 5912 613
8
4
8 603 62
4
25
24,200 Loose-Wiles Biscuit
11734 1173 11712 11712 *11712 1193 11712 11712 11712 11712 *11712 119
4
4
100
440 1st preferred
2512 25% 255 26
26
8
4
265
2513 2612 2618 267 15,500 Lorillard
8 253 27
25
8
92
*9114 95
*9114 94
92
*9114 95
92
92
100
*9112 92
200 Preferred
1314 1312 1318 1312 1314 1312 1318 1314 10,700 Louisiana 011
1234 123
4
1234 133
8
No par
9012 90% *9012 91, *9013 9114 9112 9112 9112 9113 *9113 92
4
100
920 Preferred
3718 3812 38% 4014 39
3912 33% 383
•3 38
40
397 4134 25,100 Louisville G & El A___ .No par
•84
84% 8412 86% 8612 903
9012 893 9018 89
4 89
4
No par
89% 9,400 Ludlum Steel
•37% 38
3712 3712 373 3814 3813 39
4
3838 3833 3812 3834 2,000 MacAndrews Jr Forbes_No par
*1073 - -- *1073 - - - - *1073 - 4
*1073 - - -- •1073
4
4
4
100
Preferred
*1073
4
*140 170 •I40 170 *140 170 .
1,140 170 *140 170 *140 170
100
Mackay Companies
*84
87
87
*84
*84
87
*84
87
*84
100
87
Preferred
*84
87
03
943
8 93
94% 94% 95% 95
967
8 044 948 934 957 16,200 Mack Trucks, Inc
No par
15812 16014 16012 165
1663 1663 166 167
4
4
16712 16712 *162 167
Nepal
2,100 Macy Co
1778 1818 •18
183
8 1818 1818
18
1814 18
18
18
1813 3,000 Madison 5(2 Garden__ -NO Par
65
4
65 8 643 65% 6412 683
3
4 67% 6912 673* 68% 67
No par
675
8 8.000 Magma Copper
2612 273
8 27
27
2618 27
'
563 281
253 283
4
8 2612 2612 13,000 Mullison (H R) dc Co No Par
*93 1037
8 93
98
*93 1037 *93 1037 *98 1037
8
8
100
8 98
70 Preferred
98
*12% 15
•1218 15
*1212 15
*1212 15
*1212 15
100
*1212 15
Manatl Sugar
*34
37
*34
37
36
37
*3018 45
*3018 45
100
*30% 45
200 Preferred
*275 28
8
275 2758 *26
8
2812 *28
30
*28
No Dar
2812 28
2814
600 Mandel Bros
2518 2518 2612 2612 2513 2512 *2514 2618 *2512 26
*2512 26
400 Manh Elec Supply_ _ -No par
27
27
28
28
2812 29
29
29
29
2913 2914 2912 1,400 Manhattan Shirt
25
1318 1318
14
1412 14
143
4 1314 1412 15
15
1,200 Maracaibo 011 Expl____No par
1514 .13
3312 34
34
3512 36
3613 36
No par
363* 3512 3614 3412 3618 30,800 Marland Oil
7812 7812 7812 7812 78
8013 7913 8328 83
No par
83
2,400 Marlin-Rockwell
78 2 *78
,
74
7653 74
775
8 7738 84
833* 86
84
21,500 Marmon Motor Car_ No par
8314 8412 83
77
77
8
8
*8
81
8
8
8
8
*8
814
600 Martin-Parry Corp.__ _No par
45 8 488 403 473
5
4
8 4718 493
8 487 49
,
3
4734 487 x473 48% 8,000 Matbleson Alkali WorksNo par
•123 124 *123 124 *123 124 *123 124 *123 124 *123 124
100
Preferred
7312 7312 74
75
76
78
7712 78
76
25
77% 3,900 May Dept Stores
778 75
197 2018 2018 203
8
8 20
*2014 21
203
20
4 2073 21
20% 4,800IMaytag Co
No par
40
40
40
4014 4024 4014 40
40
40
40
40
No par
40
1,5001 Preferred
*84
85
84
84
83 83
81
*8012 82
*78
*78
81
No par
200 Prior preferred
•10013 1037 104 104
10212 10212 •101 102
102 102
10212 104%
8001McCall Corp
No par
*98 100
*9712 103
*9713 100
*9712 103
*9712 100
•97l2 100
McCrory Stores class A No par
*9814 99
98
98
*98
99
*98
99
*98
99
973 98
4
No par
300 Class B
*10712 109 *10712 109 *10718 1093 •10712 109
10718 10712 *100 1093
4
100
200 Preferred
4
1612 1812 *16
1612 1614 1614 *1618 16% "1614 163 •1614 163
4
200 McIntyre Porcupine Mines__5
6012 717
8 7014 71
71
7013 69
69
71 14 70
6813 69
1,500 :McKeesport Tin Plate_No par
52
53
5212 5314 52
*5012 52
52
52
52
52
5218i 1,700 McKesson & Robbins-No par
*5712 59
5312 5312 5912 61
*60
6013 60
60
5812 61
50
1,400 Preferred
59
59
*59
61
*59
61
4159
61
59
59
No par
•57
64
200 Melville Shoe
215 227
8
8 23
2312 227 233
23 8 237 243
7
4 23
8
24
2418 4,500 Mengel Co(The)
Vo par
4
*25
26
257 257 *2513 253
8
8
8
4 2513 255 •25
500 Metro-Goldwyn Pictures pf_27
253
4 2518 2518
4 3913 4112 403 4318 4113 433
3312 393
4
413 427
2
3 41, 43
4
29,500 Mexican Seaboard 011__No par
3812 39
39
3938 39
43
4112 4312 4112 427
8 4112 423 22,400 Miami Copper
5
4
35134
333 34
4
3513 353
4 3518 355
8 35
3513 35
3514 17,500 Mid-Cont Petrol
No par
_
100
Preferred
_
384 37
4
4
43
5
4
3 4 412
3
414 I
414
, 21,200 Middle States Oil Corp
3% 4 4 - 238 212
2% 238
214 3
23
4 23
27
8 27
23
4 2% 2,900 Certificates
10
8
*230 260 *235 260 *238 254 *238 265 *240 245 •240 244
Midland Steel Prod pref___100
1914 19% 20
2013 *2014 21
2012 2012 •2014 2012 •20
2013
900 Miller Rubber ______ __No par
69
70% 70
7212 70
72
693 713 7018 7112 6913 71
4
3
18,200 Mohawk Carpet Mills_No par
10012 1043 102% 108, 1063 1123 10818 112
4
4
4
4
10853 112
109% 113 298,600 Mont Ward&CollICorpNo par
412,
*4
418 4,
4
414 4 2
412 43
,
No par
412 412
414 412 2,600 Moon Motors
318 318
,
318 3 4
3
4 32
,
8 4,800 Mother Lode Coalition_No par
34 312
33
8 33
324 312
*35
353 *35
4
3612 37
3514 3818 40
3834 397
No par
8 3813 3912 3,500 Motion Picture
*1414 1712 153 153
4
4
3
1534 1634 17
153 153 *1414 15
4
4
No par
17
800 Moto Meter A
107 107
10412 108
9612 10314 100 108
108 108
10612 10612 1,700 Motor Products Corp No par
43
4334 4314 44
44
4412 24313 437 *43
4312 4312 2,100 Motor Wheel
437
No par
49
407
8 50
503
8 4912 50% 50
47
5012 43
48
4914 1.900 Mullins Mfg Co
No par
*91
03
*9012 93
92
93
*9013 92
*913 9213 *0112 9212
No par
4
40 Preferred
*55
57
54
553 *54% 5513 54
4
*54
55
54
54
54
No par
600 MunsIngwear Inc
8912 0112 9012 91% 91
92% 9212 95
93
No par
9414 9312 9714 140,800 Murray Body
8418 84% 85
863
8 857 8773 8518 867
8
No par
8 8412 858 8312 8413 42,000INash Motors Co
3258 33
3312 3414 3438 36% 35 4 372
355 363 22,000INational Acme stamped.... 10
8
3
8
3613 367
5114 5114 5014 513
4 4913 523
8 51
8 4973 514 50% 517
5212 24,900 Nat Bellas Hess
• No par
•10332 106 *10312 106 •105 100 *105 106 *105 106 *105 106
Preferred
100
17012 1713 170 17214 173 17412 179 182
4
18014 184
182 185
35
12,300 National Biscuit
•14112 143 •142 143 *14112 143
142 142 *142 143 •142 143
100
100 Preferred
10512 1075 10414 107
3
1053 11212 1093 113
4
10918 11173 54,500 Nat Cash Register A w I No par
110 112
8
64
65 26314 65% 6414 65 4 6518 8613 6614 6814 853 68% 62,700 Nat Dairy Prod new
4
No par
3
29
29
29
29
2812 2912 283 283
4 2912 2912 29
30
1,700 Nat Department Stores No Par
*94
06
*94% 96
*94
96
*9418 9618 •9418 9618 •9418 9618
1st preferred
10
4312 4312 4312 47,2 4512 4612 45
4518 4618 478 4512 47% 8,200 Nat Distill Prod Ws__ No par
*78
80
793 793 *763 70
4
4
4
79
7713 7718
*77
*763 79
4
800 Preferred temp ctts__No Par
*44
45
44
4414 4512 46
*47
48
46
*46
49
47
1,200 Nat Enam & Stamping__ 100
•1434 144 *144 145
14314 14314 142 143
144 14414 145 145
100
900 National Lead
140 140
140 140
140 140
140 140 *13914 140 *13914 140
100
150 Preferred A
*118 119 •118 110
118 118 •118 120 *118 120 *118 120
20 Preferred B
10
5014 52
51
5213 4912 5114 50% 517
525 103,600 National Pr & Lt
8
513 534 51
4
No pa
6% 7
.7
*7
912
9
718
718
*714 8
72 73
,
400 National Radiator
43 pa
,
•19
*19
23
23
19
20
20 •1812 20
19
•1912 20
200 Preferred
No car
123 123
122 122 *12212 125
12212 124
12213 12212 12212 123
1,000 National Supply
50
*115
_
*115 _
*11512
*11512 ____ •11512 120 *11512 120
Preferred
100
*110 120 •110 115 •110 115 *105 115
114 114 •111 115
100 National Surety
50
•65 4 66
3
6513 667
8 6614 67
69
67% 697
3 69
69 4 68
,
5,000 National Tea Co
Vo par
4318 433
4 4314 43% 4314 45% 4618 478 46
464 4518 4812 88,900 Nevada ConsolCopper_No pa
*42
43
43
4218 43
*42
4312 4414 4334 448 444 45
1,650 NY Air Brake
NO pa
*42
43
45
*40
•40
45
44
4018 40%
*4013 45
*40
200 New York Dock
10
*83
86
*83
85
*83
84
85
•82
84
85
*83
85
100 Preferred
100
9812 98
99
*98
09
98
98
99
0812 9812 *98
70 NY Steam pref (6)____No pa
112 112 *11134 11314 *11114 112 •11 114 18812
11114 11114 *11114 112
12
90 151 preferred (7)
No pa
119 121 x118 12034 118 11934 11818 121 112,300 North American Co
11814 1233 11913 122
4
No Pa
*5212 53
8
5212 5212 5212 53
523 523 *51% 52
3
*523 53
8
600 Preferred
50
1005 1005 *10012 101
•100 4 101
8
3
10012 10012
8
1007 10012 100 10012
2
700 No Amer Edison pref_No pa
52% 527
4
8
8 533 557
8 5458 5514 543 551
543 543
4
5312 5312 5,000 North German Lloyd
46
*46
493 *4714 50
*4712 49
4
4714 4718 4718 •4714 40
60 Northwestern Telegraph__50
3
3
312 312
3
3
318
318
3
3
3%
33
3 2,100 Norwalk Tire & Rubber__..10
*2012 22
*2014 24
*2014 23
*2014 25
*2014 23
*2014 24
100
Preferred]
7
7
•7t2 8
7
*7
8
7
7
7
500 Nunually Co (The)
No par
2013 2014 20
*19
20
*8
19
20
2012 2018 20 4 •19
,
1914 2,000 Oil Well Supply
7
25
03 a_ _ _ _ 93
93
95
95
95
93
947
8 95
•95
06
170 Preferred
100
818 814 *812 9
812 812
812 8 2
*8% 9 4
,
,
8% 8
,1
1,000 Omnibus Corp _____ _No par
•- - - - 87 •._ _ _ 87 *____ 87
87 •____ 87 '---100
Preferred A
*74
76
7612 *74
*73
7512 *7412 7612 *7312 7512 .73
87
76
Oppenheim Collins & CuNo par
*23
•23
50
50
•23
50 "23
*23
50 •23
50
50
Orpheum Circuit, Inc
1
75
7412 741, 72
*70
75
738 75
743 *70
8
74% 75
380 Preferred
100
340 340
344 352
334 335
35412 359 *351 359 *348 355
2,900 Otis Elevator
50
12412 125 •12312 125
124 124
12312 12313 1243 1243 .1243 125
4
4
4
50 Preferred
100
397
8 383 3912 3812 393 11,900 Otis Steel
4
37% 38% 3858 3912 39
3912 39
8
No par
967 *7912 9678 967 967 *97
8
*95
9912 •97
9912 *94
8
9913
100 Prior preferred
100
*70
82
•70
82
82
*82
110
*82
•70
85
•80
84
Outlet Co
No par
78,
4 793 793
4
,
7812 78 2 78
4 8034 803* 8012 81
784 8014
1,900 Owens Illinois Glass Co ____25
5
593
8 59
4
60
593 59
8
5814 5914 583 5912 59
828
9,700 Pacific Gas 34 Eleo
25
8414 824 84
4
84
7913 8014 803 8212 83
1 80', 13,500 Pacific Ltir Corp
85 2 83
,
43
3
No par
32
30
2712 303 *29
30
2912 2912 *2013 31
4
*3012 32
70 Pacific Mills
100
118
118
1
118
1
1.13
118
1
1
113
13,500 Pacific Oil
No par
17812 17812 179 179 •178 180'8
172 17312 •I75 180 •175 180
1112
1
70i Pacific Telep de Teleg
100
•1274 128 *12714 128 •12714 128 *12714 129 *12714 129 *12714 129
Preferred
100
1353 1373 13614 13953 13613 1377 13518 137% 87,200 Packard Motor Car
8
4
4
134 1363 134% 137
10
58
53
56
583
4 5814 5314 5814 59
56
*6012 61
*52
2,200,Pan-Amer Petr & Trans_
50
8
4 6014 615 139,200 Class B
58% 6013 6014 6218 615 62% 6018 6233 6018 613
8
50
1412 1412 •1412 15% *1412 1512 •1412 143 .412 1 412
4 10 13
•1412 15
1
400,Pan-Atn West Petrol B_No Par
1012 1013
3 1014 1012 1012 10 2 1012 11
,
3
103 103
1,200 Panhandle Prod & ref_ _No par
*60
*60
65
65
*60
65
65
*60
65
*60
*60
65
Preferred
100
6512 64% 6514 63% 64% 63% 64% 38,100 Paramount Fam La8ky_No par
4 64
63
643
623 6312
4
8
55
557
8 56
50 4 495 52
8 47
,
59
597
8
615 24,400 Park h Tilford
8
523 535
No par
8
7% 83
814 812
8
8%
8
784 8
8 18 6,700 Park Utah C M
7% 8
1
93 1014
1013
8 10
9, 103
4
914 9%
19,1 2 0 17,300 Pathe Exchange
9
% 10,8
2
9 8 93
,
No par
20
2012 20
21
,
1814 18 4 1812 1812 IS'* 21
4,900 Class A
No par
4
37
343 35 4 343 36% 3714 3814 383 373
4
4
,
343 343
4
4
375a 8,200 Patine Mines* Enterpr____20
I
• Sid and asked prices: no sales on thls day. x Ex-dividend
y Ex-rights.
PER SHARE
Range Since Jan. 1.
On Oasts of 100
-share lots
8 Per share
56 May 29
11612 Jan 12
20 Mar 25
8412May 8
125
8May 28
89 Feb 8
81May 31
357
6612 Mar 26
37 Apr 26
104 Jan 8
122 Jan 19
8318 Jan 26
91 Mar 26
148 Mar 28
177
8June 1
5818May 16
2414 Apr 9
953 Mar 25
8
1312May 16
36 June 4
275
8June 3
25.81May 31
2558May 29
12 Feb 18
3318May 31
6918 Mar 28
883 Feb 18
4
77
8June 1
4214May 28
12(1 Jan 28
7312May 31
19 May 31
40 May 27
80 Apr 26
7114 Feb 18
98 May 28
973
4June 7
10718June
16 May 31
6212 Mar 28
49 Jan 7
55 Mar 28
5612/Mar 26
20 Mar 26
24 Jan 1
3614May 3(
3018 Jan 8
3012 Feb 16
12014 Jan 18
4
33 Mar 8
214June 4
225 Feb 15
1914May 31
6012Muy 27
99 May 31
4 May 29
3 Feb 8
1212 Jan 8
1434May 31
9612June 4
39 Mar 20
47 June 7
90 4 Apr 30
3
5018 Apr 6
62 Mar 28
8112May 31
2818 Jan 7
4912June 4
10312May 22
16612May 28
I4112May 17
06 Jan 8
6218May 22
2818 JUL/ 4
924 Fe() 4
33 Mar 26
6712 Feb 7
43 May 29
132 Jan 2
140 Jan 2
113 Jun 2
4214 Mar 26
812May 28
17 May 29
11134 Mar 26
11414 Feb 8
114 June 6
64 May 31
39% Jan 16
4112 Mar 25
40 May 28
84 May 23
07 May 28
11114 Mar 15
905 Jan 7
8
91.14 Mar 5
997 Mar 27
8
4818/May 28
45 Apr 9
3 May 27
2018May 27
512May 18
19 June 7
92 May 31
712 Feb 21
80 Mar 26
724 Feb 8
60
278
122
Apr 12
Jan 7
Jan 8
37 May 29
96%June 5
84 Apr 29
78 May 23
53 Jan 2
70 Jan 7
2712June 3
I Mar 6
159 Jan 3
1163 Jan 3
4
11812 Mar 20
4014 Feb 18
4012 Feb 10
14 Apr 28
912 Feb 16
4712 Feb 25
5512 Jan 2
47 June 3
7 May 15
711 Slur 26
1312 Mar 28
3413 Jan 7
Highest
PER SHARE
4
Range for Prer o11,3
Year 1928
Lowest
Highest
Per share
Per share Per share
74% Jan 5
4414 June 8834 Sent
12112 Apr 2 11712 Aug 125 May
3112May 17
2334 June 467 Ap
2
8612 Dec 114 Mar
9712May 17
18 Jan 9
1934 Apr
9% Feb
10014 Feb 21
78 July 96
Apr
47 Jan 31
28 Feb 41 May
100 May 6
_48 Jan 4
44 Aug 573 Apr
4
1073 Apr 19 108
4
Oct 110 Nov
140 Mar 28 10812 Mar 134 Mar
8418 Jan 14
8814 Jan
86
Oct
1143 Feb 5
4
83 Apr 110 Noy
1863 Jan 2 y134 Aug 382 Aug
4
24 Feb 28
1814 Dec 34 May
4334 Feb
8212/Mar 21
75 Nov
Jan
39% Jan 15
18
3812 Nov
13512 Jan 18
87% Jan 110
Oct
21 Nov
41
26 Jan 14
Jan
40 Nov
5012 Jan 10
Jan
88
4012 Jan
3833 Mar 9
32 June
2812 Sept 681 June
37% Jan 14
2
35% Jan 4
313 Feb 43 May
4
1812 Apr 18
1212 Feb
25% Apr
498 Nov
4718 Jan 3
33 Feb
4514 Mar 83 Nov
8978May 20
104 May 10
77 Dec 86 Dec
1218 Mar
253 June
18 Jan 2
2
21034 Jan 25 1173 June 190 Dec
4
Jan 130
125 Jan 2 115
Apr
75 July 11312 Nov
10812 Jan 10
1712 Aug
3012 Nov
25 Apr 4
4012 Aug
4518 Jan 3
52 May
9018 Jan 10
8912 Dec 101 May
I013
Feb 80 Dee
56
4June 7
113% Feb 5
2
77 Feb 1097 Nov
4
8012 Mar 1193 Nov
11511 Feb 6
120 Feb 7 109 Feb 11812 Nov
2312 Jan 5
191.2 Sept 2812 Mar
82 Jan 31
8213 June
783 Nov
2
59 Mar 4
5034 Dec
4518 Nov
54 Nov 633 Nov
62 Feb 4
8
72 Jan 3
70 Sept
8072 Nov
34% Jan 4
41 Sept
254 July
27 Feb 25
2412 Dec 2712 May
893 Jan 3
8
4% Jan
73 Dee
33 Dec
5413 Mar 20
17% Jan
4412 Nov
39% Jan 3
2512 Feb
121 Jan 4 10314 Feb 12012 Dec
73 May
8
238 Jan
5% Jan 3
313 Jan 3
112 Jan
Vs May
275 Apr 3 193 June 295 Nov
1812 Aug
27
8
Jan
287 Mar 20
3918 Aug
757 Dec
8014 Mar 1
3
1567 Jan 2 1154 Dec 15612 Dee
8
1112 May
5% Feb
8 Jan 8
412 May
6 2Mar 4
,
2% Aug
147 Dec
4418May 6
2
5 Ma
243 Sept
2534 Jan 3
4
13 Ma
208 Mar
94 July 21884 Oct
483
2512 Jan
8May 18
5114 Oct
6914 Jun
9514 Oct
81% Jan 4
2
10214 Jan 11
98 Dec 1047 Nov
6212 May
613
4May 4
463 Ma
4
2112 Feb 12414 Oct
9914May 9
1187 Jan 25
s
8014 Feb 112 Nov
39% Feb 28
3212 Dec
74 Jan
71 Mar 1
118 Jan 3
9014 Jan 11812 Dec
205 Jan 4 15912 July 19514 Nov
144 Jan 26 13713 Feb 150 Apr
1483 Mar 20
4
4
474 Jan 1043 Dec
693
8May 3
2172 Jan 3214 Oct
373
4/Mar 5
95 Apr 12
91
Jan 102 May
29, June 5812 Jan
4
5512 Mar 14
5114 June
713 Jan
2
8612 Mar 13
2
2314 Mar 573 Nov
6214 Jan 9
173 Mar 20 115 July 136
Jan
Jan 14714 May
14112 Feb 1 139
123% Apr 24 11212 Mar 122 July
217 Jan
4
4652 Dec
613
81Mar 4
14 July 403 Jan
2
17 Jan 10
38 Dec 9812 Jan
41 Jan 29
144 Jan 2
8414 June 146 Dec
Jan
117 Apr 19 114 Sept 119
4
155 Feb 1 1383 Dec 150 Nov
9138 Mar 1 0180
Jan 390 Dee
2
173 Jan 423 Dell
4
827 Mar 21
8
4
4
397 Oct 5012 Nov
493 afar 4
47 Aug 6414 Jan
58% Feb 2
Jan
90 Apr 10
85 Sept 95
9812 Oct 10512 May
103 Jan 10
Jan 115
Apr
1147 Feb 19 102
8
8
123%June I
582 Jan 97 Nov
51 Sept 5552 May
5414 Jan 9
8
993 Oct 1057 Feb
4
1033 Jan 15
4
63% June 6912 Nov
8414 Jan 12
48
Oct 55 May
50 Mar 16
212 Mar
712 Sept
6% Feb 4
3314 Jan 48 Sept
45 Jan 31
13 May
6% Dec
8 Feb 8
Jan
204 June 41
32 Jan 3
97 June 11012 Jan
10812 Jan 16
1514 May
712 Dec
107 Feb 28
8
00 Feb 28
2
8312 Dec 993 June
873 Aug 8812 Jan
4
84% Apr 13
18 May 70
Oct
75 May 104 Nov
95% Jan 2
359 June 5 14712 Feb 28512 Dee
4
125 Jan 24 11914 Jan 1263 July
40i2 Nev
1012 Jan
2
483 Mar 15
8212 Jan 103 Nov
108 Feb 20
81 June 9912 Sept
9614 Jan 4
84 May 18
4312 Feb 561s Nov
6814 Jan 31
89 Dec 8532 June
8512June 6
Oct 3512 Nov
25
37 Apr 17
214 Apr
I Sept
112 Jan 10
200 Mar 14 145 June 189 Dee
Oct 12512 May
130 May 18 114
5614 Feb 163 Dec
1533
41May 15
63 May 4
3814 Feb 5512 Noy
663
8
4May 6
373 Feb 587 Nov
4
283 Apr
2
1712 Jan 3
1512 July
1112 Feb 213 May
1514 Jan 3
4
78 Jan 16
70 Feb 10614 May
8May 13
713
4714 Oct 5632 Dec
87% Jan 14
34 Mar 98 Noy
1412 Jan
1372 Feb 28
9 Aug
15 Nov
147 Jan 9
8
2 Feb
34 Aug
30 Jan 9
812 Feb
2372 Jan 42
473 Mar 4
4
Ain
3798
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 1.
Monday,
June 3.
Tuesday.
June 4.
Wednesday,
June 5.
Thursday,
June 6.
Friday,
June 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
S per share $ per share $ Per share S Per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par
*15
1512 1458 15
15
15
1412 145
8 144 1413 13
3,100 Peerless Motor Car
50
14
1
5112 5214 5014 53
51
52
49
50
No par
52
5318 5112 528 7,000 Penick & Ford
*10612 108 *10612 108 *10612 108 *10612 108 *10612 108 *10612 108
100
200 Preferred
Penn Coal & Coke
*612 83
8 *612 858 *612 858 *612 88 *612 858 *613 83
50
8
*1714 18
177 1812 18
8
18
18
18
*1718 173
4 17
1758 2,000 Penn-DixleCement____No par
8014 *75
8014 *75
*75
400 Preferred
75
75
81
100
70
7018 7018 70
*255 265 *255 260 *255 265 *257 265 *225 265
300 People's0 L &0(Chle)
258 25934
100
*3318 34
*33
34
Pet Milk
*33
*33
34
333 *33
4
No par
333 *33
4
333
4
165 174 *165 173 *165 170 *165 172 *160 170
•150 160
500 Philadelphia Co (Pittab)-50
*4912 51
*49
51
5% preferred
*49
51
*49
51
*49
51
*49
51
50
*5112 53
5212 5212 5212 5212 *52
5212 *52
50
300 6% preferred
8
5212 *524 523
18
1814 18
183 19
19
4
1814 183
8
4 183 20
187 1913 10,000 Phlia & Read 0& I____No par
4
1414 1414 14
14
4,100 Philip Morris & Co., Ltd__ 10
1418 145
8 1414 1458 14
1414 1412 153
*91
100
30 Phillips Jones Pref
91
91
91
8
*9012 948 *9012 947 *9012 947
948 91
8
4
3817 383
4 383 4038 3914 403
8 393 393
3
4 3912 397
3914 397 13,690 Phillips Petroleum____No par
*2412 2512 *247 2512 25
*2412 27
200 Phoenix Hosiery
5
8
2412 2412
*2412 25
25
Preferred
100
*94 109
*94 100
*94 100
*94 100
*94 100
*94 100
*3212 3314 3318 3312 3312 337
4
32
323
4 303 3218 9,000 Pierce-Arrow Clam A__No-par
3214 34
100
83
*80
82
84
85 4 85% 8412 8612 86
3
868 8612 8712 4,900 Preferred
25
218 23
214
214 214
218 214 5,300 Pierce 011 Corporation
218
258
218 214
258
*3812 40
100
300 Preferred
*39
41
41
3812 3812 40 40
*39
41
*398
No par
412 412
412 413
4 8 48 4,300 Pierce Petrol'm
5
412 47
8
412 413
458 458
4,200 Pillsbury Flour Mille-No par
*4412 45
45
44
47
4214 43
4658 4
658 4412 4512 45
100
Preferred
543 5512 544 558 55
100
56
58
3,700 Pittsburgh Coal of Pa
554 545 55
.5412 56
100
84 84
500 Preferred
84
8458
8313 8312 *8312 84
*8312 84
*8212 83
100
Pitts Terminal Coal
*20
25
*20
*20
25
*20
25
*20
25
*20
25
25
100
60 Preferred
*5253 57
*53
55
525 55
8
55 55
*525 55
8
*5258 55
*7912 8112 *7912 81
800 Porto Rican-Am Tob el A_100
*8012 8112 *793 8112
81
4
7958 7912 80
No par
34 34
900 Class B
*3514 373
344 36
4 3514 3514 3512 3512 35% 36
10114 10114 *10114 102
900 Postal Tel & Cable pref.--100
8
8
1017 1017 1017 1017 10114 102
8
8
10258 103
7
No par
7114 7214 7112 73
73
737
8
73
7412 74
7514 735 7558 68,700 Posturn Co Inc
25
13,700,Prairie Oil & Gas
564 5618 5814 5818 5812 58
55
5612 56
5812 5712 58
25
6014 5,400'Prairie Pipe & Line
60 6014 60
8 60 6012 60
6053 6018 605
6058 60
No par
1714 17
1512 1612 16
1812 10,300 Pressed Steel Car
1712 1712 183
1712 17
4 18
100
300 Preferred
77
*73
75
*72
773 *73
4
7612 *75
*73
75
75
75
1878 1878 18% 2012 *1914 20
2,600 Producers& Refiners Corp-50
20
*18
20
*18
*1812 20
41
41
*40
41
50
*40
*41
42
460 Preferred
4212 433
42
42
42
4
100'Pro-phy-lac-tie Brush...No par
55
*56
60
*53
55
55
5518 .551
*5512 56
*53
55
8714 8958 864 8958 8718 8812 873 9012 895 9112 29114 937 187,400 Pub Ser Corp of N J__No par
4
8
100
10414 10414 1033 103 4 104 105
1,000 8% preferred
105 105 *104 .105 *104 105
4
3
*11812 119 *11812 119
100
600 7% preferred
119 119
119 119
119 11918 x119 119
*14712 150 *14712 15018 •1473 1504 *1473 15018 *1473 150 *1473 150
8% preferred
100
4
4
4
4
300 Pub Serv Elea & Gas pre1_100
4
107 1074 *10612 1073
4
8
8
*1077 10812 1077 1077 *10614 1073 *10614 107
8
No par
4
8012 8114 804 8114 804 8158 80
793 8258 793 8118 18,100 Pullman, Inc
4
81
50
1478 1478 143 1434 *1434 15
200 Punta Alegre Sugar
*143 15
4
*1434 15
4
*143 15
4
25
4
273 2818 28
29
4
283 2912 2812 2912 2814 28% 2814 283 27,700 Pure 011 (The)
4
100
11314 11314 113 11314 113 113
113 113
270; 8% preferred
113 113% 11312 11312
4
11512 11612 1143 117
7
115 811712 1163 1187 1173 125 8 124 1283 17,700 Purity Bakeries
5
4
4
4
8
1 Preferred
8514 9158 ------- --8934 8114 883 688,500 Radio Corp of Amer___No par
4
84
878 834 87
50
1001 Preferred
8 5414 5414
8
8
*5414 5458 •5414 545 *5414 5412 *5414 645 *5414 545
264 27
2618 2758 2758 303
8
4 297 3113 30% 3312 3234 3412 220,200 Radio Keith-Orp cl A__No par
10
777
7612 764 75
817o 804 8214 56,200 Real Bilk Hosiery
7618 803
4 79
7514 77
100
1401 Preferred
98
9812 9812 98
*97
98
*96
98
98
98
98
98
No par
k
9% 32,200 Reis (Robt) & Co
714 8
714 8
818
812 1214
12
127
8
12
7
100
*65
66
69
1,3001 First preferred
72
4
73
560
60 60 '
7412 743 •____ 72
,
4
No par
29
17,000 Remington-Rand
8 287 30
8
2914 293 3058 298 307
2918 29
8 2914 305
100
*903 94First preferred
4
*90 4 94
3
' 4 94
5903
*903 94
4
*903 94
4
*903 94
4
49512 99
*9512 99
*9412 983
4
100
1001 Second preferred
*9612 98
9612 964 *9612 99
10
243 14,900 Reo Motor Car
24
23 8 247
5
8 238 24
248 2414 2412 244 2412 24
15,100 Republic Iron & steel_ _100
90
92
92
91
93
8
903 923
4
4 917 924 91
8812 90
11114 11114 11114 11114 *1103 112
4
111 111 *1103 112 *1103 112
4
100
3001 Preferred
4
71
714 758
: 712
714 758
7
7
7 14
714
No par
653 67
4,700,Reynolds Spring
54
545
8 5358 545
19.300 Reynolds (11,7) Too class 13.10
5414 55
544 55
5412 55
4
3 533 55
*70
72
*70
75
*7011 72
*7012 72
*704 72
*7014 72
Class A
10
6012 61
593 60
8
2,700 Rhine Westphalia Elec Pow- _
6178 623
58
58
*605 61
8
61
4 61
4311 10,800 Richfield 011 of Callforata-25
425 4278 4114 434 4312 437
8
4
4358 4358 4312 433 . 43
4
3153 3153 3214 3114 3214 3114 32
3058 313 32,300 Rio Grande Oil
4
No par
318 313
4 31
683
4 5,200 Rosetta Insurance Co new,._10
6812 66
4 67
65
67
*65
66
6513 693
6612 69
333
3034 3234 32
30
3118 33 126,000 Royal Baking Powder-No par
2838 28
28' '28 8 28
7
•--- 9712 *__-- 9712 *- - -- 9712 *--- - 96 *--- - 96 *---- 96
100
Preferred_
54
54
5212 53
4,600 Royal Dutch Co(N Y shares)
637 537
5314 533
8 5312 537
517 52
1683 7012 44,900 Bt.Joseph Lead_
4
694 71
72
8
4 695 717
67
673
4 6712 703
10
8 69
157 15812 156 160
4
4
1574 15814 159 1653 160 16512 160 1843 11,700 Safeway Stores '
No par
*9514 96
40 Preferred (6)
9512 9
4
9514 9514 *951 96
9514 9514 *954 96
100
512
*10514 106 *10514 106 *10514 106 *105 106
40 Preferred (7)
1053 1053 1053 1053
4
4
4
100
4
3
*4012 4212 *4012 43
40
40
*403 42
4
4212 42 4 *40 • 42
900 Savage Arms Corp.__ _No par
203
204 2058 20
2014 20
2014 20
204 20
8 20
2258 16,800 Schulte Retail stores__No par
10012 10012 *98 100 *100 101 *100 101
9814 9814 *9812 100
60 Preferred
100
*15
154 *15
15
15
15
*1434 15 4 15
3
1512
1512 *15
300 Beagrave Corp
No par
15312 15738 15412 1603 1554 1593 112,500 Sears. Roebuck de Co No par
8
144 1457 144 15112 1515 159
4
8
7
3
5
5
53
4
618
5
514
5
5 18
53
4 57s 8,100 Seneca Copper
512 5
No par
1505s 15278 15212 1597 158 1617 15512 159
160 16512 16314 16712 41,600 Shattuck(FO)
8
8
No par
Shell Transport & TradIng_£2
54512 4912 *4658 4912 *4614 49.2 *4618 4912 *464 4912
*4514 48
2812 27% 2814 38,500 Shell Union 011
285 29
8
x28
/ 2914 2814 2812 28
1
4
2812 29
No par
5012 50
531 21,700 Shubert 1 neatre CorP_No Par
504 51
5114 50
4 50
523 5312 4818 523
4
69,400 Simmons CO.
8 86% 8858 87% 008 8814 92
83 4 877
3
7914 814 804 847
No par
353
8 3212 35 301,900 Simms IC rolem
3714 34
4
3158 311. 3512 343 3635 35
.30
10
3812 3912 3812 3914 219,700 Sinclair Lou,011 CorP_No par
4
8
4 393 4014 383 393
38
385
8 3814 393
4
4
300 Preferred
4
4
4
4
*108 10834 1083 1083 1083 1087 *1083 109 *1083 109 *1083 109
100
4
413 434 413 4353 4158 4214 40,000 Skelly 01100
4
394 403
4 417 43% 428 44
25
60
62
*60
63
400 Sloss-Sheffield Steel & Iron 100
60
623
4 60
4
*56
623 *60
*55
63
I Preferred
__ _ _
*81:1
99
99
*90
*80 100
*__ 100 *_ __ _ 100
100
4
8 123 127
1212 135
13
4,000 Snider Packing
123 *12
4
12
*14
15
*11
12
No par
4
4 5112 5414 6,100
4 493 543
Preferred
49
493
4 495 493
48
47
4778 48
No par
375 3812 3858 30% 3818 3858 3758 38
:
373
8 4,400 So Porto Rico Bug
378 378 37
No par
59% 116,300 Southern Calif FAllson
573 5914 5714 58% 58
4
53 6114 584 607
8 583* 60
25
4312 44
*4212 437
900 Southern Dairies Cl A__No par
44
*42
437
8 4212 4212 4212 4314 *42
12
1,3001 Class B
8 1118 1118 12
1112 117
*10
105 1112 1134 12
8
12
No par
11211 11212
70,SpaidIng Bros 1st pref
1121: 114 *1124 114
011414 116 *11212 115 *114 115
100
1,100:Spang Chalfant&Co Inallo par
3412 3412 3458 347 *3414 35
343 35
4
36
*33
35
35
93
201 Preferred
9312 93
*93
931 *93
:
93
*93
9312 *90
93
*90
100
190 Spear & Co
‘,
2
q
74 71
8
8
No par
712 712 *712 9
: *712 8
75
1301 Preferred
75
75
75
75
75
*7312 75
75
75
*7312 75
100
2,600 Spicer Mfg Co
541 1 5414 5118 53
52
523 5414 52
3
.5018 5134 5112 52
No par
87
89
91 4 .991
16,300 Spiegel-May-Stern Co_No par
921: 89
9034 91
90
893 90
4
517 195
1912 2012 5,500 Stand Comm Tobacco_No par
8
193:
18
1814 1812 1814 19
183 19
4
0634 1 312 10114 9718 10158 146,700 Standard Gas & El Co_No par
93
9418 957
4
91% 9512 943 98
1,3001 Preferred
65
65
'4 4 65
65 65
65
*634 6412 65
65
65
50
Standard Milling
*96 110 *100 11912 *96 11912
*96 115
*96 100
*96 115
100
110 *____ 110
Preferred
.*.
''...... 110 *_._ _ 110 1*100 105 *____ 110
.100
53,600 Standard 011 of Cal. _No par
77
4
727 738 7.7: 774: 764 7858 7612 .717., 16i 775: 76
8
4 584 5912 89,800 Standard 011 of NewJersey.25
-:
563 5712 5714 58-4 5:37 597
4
8
8 5858 5958 581 593
40% 414 404 418 49,900 Standard 011 of New York _25
3914 39% 393 4.-5: 41
4
417
8 4012 4178
700 Stand Plate Glass Co...No par
.54
5
54
5
54 54
*518 514
5
5
*5
514
• 130 Preferred
*18
19
MO
1912 1712 19
1612 163 *163 171
4
: ]'4 7 714 *19
Stand San Mfg Co---No par
*4412 50
*444 50
*45
*4412 50
*II
50
*441 50
:
50
Preferred
---100
Stanley Cool Arner__No par
45
*36
45
*36
45
*36
*361. 45
*33
45
'
136
43
29,400 Stewart
-Warn Sp Corp
6.1. 69
10
704 7112 7058 72
7212 717 73
68
6712 69
4,400 Stronlberg Carburetor_No par
104% 107
104 105
1047 107
8
983 _935 10612 109
4
8
931s 94
764 7812 15,500 Studeb'r Corp (The___No par
77
7314 714 7484 758 7512 767
76
76
767
60 Preferred
1123 124 *123 12312 123 123 *123 124
100
123 124 *123 124
400 Submarine Boat
212
No pa
,521,8 24
214
214 214 *214 '158 *214 23
214 214
4
900 Sun Oil
62
62
63
6178 62
61
61
6118 6118 6214 6214 *62
No par
60 Preferred
103 103
*10312 104 *10312 10512 103 10312 *103 104 *103 104
100
No par
7% 73
73
8 75
8
4
4
87
8 93 168.400 Superior 011
8
814 914
81z
83
4 9tz
100
4414 4612 15,300 Superior Steel
39
4212 394 4112 427 47
3812 40
44
47
8
900 Sweets Coot America
15
14
14
50
*14
14
14
15
1412 15
1412 147 *14
8
4642 8
*812 8
*812 8
No pa
200 Symington
742 71
5612 8
*712 8
No par
1612 5,300 Class A
1514
1412 14
17% *14
1514 1534 16
*14
1614 16
300 Telautograph Corp....No par
8
2012 , 20
*1913 20
20
1934 193 *195 20
*194 20
*20
0 Bid and asked prices: no sales on thbs day. a Ex-dividend. 11 Fa rights.
PER SHARE
'
PER SHARE
Range for Previous
Range Since Jan. 1.
Year 1928
On bof 100-8847e lots
Highest
Lowest
Highest
Lowein
184 Mar 26
3513 Mar 26
1073
4May 1
3278 Mar 7
BO June 6
105 Jan 2
1014 Mar 28
33 Jan 3
34 Mar 26
535 Jan 4
3513 Feb 16
1058June 3
11212May 28
34 May 28
89 Mar 19
6 Slay 20
73 May 20
45 Jan 7
774 Jan 15
18 May 27
803 Mar 26
4
6258May 31
104 Mar 26
$ per share $ per share $ Per share
4
144 Sept 257 Mar
2213 Jan 11
22% Jan 4112 CM
58 May 6
Ott 115 Mar
110 Jan 9 103
1412 Jan
8 Aug
12 Jan 20
1434 July 31 MAY
27 Jan 6
8
75 Sept 985 Apr
94 Jan 22
4
28712Mar 14 1513 Jan 217 NOV
4113 Dee 4514 Dee
4513 Jan 3
4
180 Jan 6 145 Mar 1743 MAY
4512 Mar 49 Aug
51 May 20
518 Oct 57 Mar
4
54 Mar 18
4
34 Jan 8
2758 June 393 Jan
2314 Feb 26
15 Mar 254 May
96 May 1
85 Apr 99 May
47 Jan 3
3514 Feb 5358 Nov
Oct 38 Ma,
375 Jan 22
8
21
100 Jan 8
94 Dec 10314 Feb
3
377 Jan 9
1812 Oct 307 Dec
8712June 7
4
5612 Oct 747 Dee
33 Mar 18
h Mar
812 AP1
5113 Mar 18
1814 Feb 50 081
57 Jan 15
61 Ape
34 Feb
3234 Feb 5873 Dec
637 Jan 15
8
15614 Jan 14 108 Jan 14458 Dec
8334 Jan 9
364 June 78% Dec
81 May 1007 Dec
100 Jan 5
:
26 Feb 38 Dm
3458 Jan 9
631 Oct 82 Mae
8
7814 Jan 9
4
533 July 850 Dec
4
9534Mar 15
234 Aug 5174 Di
504 Jan 2
8
105 Jan 31 1005 Aug 106 &MI
813
4May 3
6158 July 13613May
5913 Dec 13412 DOc
655 Jan 2
8
61%May 21
2538 Mar 22
18 June 3313 001
70 Aug 9311 Oct
81 Star 27
18 Feb 2978 Nov
25% Jan 3
8
41 Feb 495 June
4
463 Mar 21
Yet
52 Nov 91
823 Jan 14
4
4113 Jan 8311 Dm
9454 Jan 31
10811 Feb 5 10358 Jan 115 Ma]
Oct 12913 Ma,
1247 Jan 3 117
3
Jan 150 Ma
15012Mar 15 134
1095 Jan 28 1064 Dec 11012 Ap1
8
917 Jan 3
777 Oct 94 Mal
2114 Jan 14
17% Dec 347 Jar
19 Feb 3114 Nos
303
4May 9
116 Feu 25 108 Mar 119 June
139% Feb 4
75 June 13958 Oct
105 July 16614 Oal
114 May 3
57 Jan 3
5413 Jan 80 Mal
467 Jan 4
3414 Dec 5111 Nov
8
84 8 Mar 4
3
247 Jan 605 Dee
2
8012 July 974 Den
10213 Feb 8
15 Dec
1814 Feb I
54 Feb
6114 Feb 8913 Dee
1084 Feb 6
353 Feb 4
:
2313 Jan 361 Mal
8714 Dee 98 June
96 Feb 4
Jar
8818 Oct 100
997 Feb 19
2213 Jan 3514 0.31
317 Jan 3
8
41)12 June 9413 7'01
10212 Apr 23
1151 Feb 27 102 June 112 Pet
:
147 June
4
814 Feb
1214 Jan 16
66 Jan 11
80 Mar 15 18512 Mar 195 Mal
Oct 61 Dee
50
64 Jan 2
2313 Feb 56 Nov
495 Jan 3
8
421 Mar 28
96 May 9
40 Deo 493 4 Dm
4314 Jan 2
10311 Jan 21 10413 Dec 10413 Dee
001
2
445 Jan 84
4
553 Jan 5
37 Mar 7112 Del
94 Jan 21
4
19514 Jan 4 171 Dec 2013 Dec
95 Dec 97 Dee
97 Jan 16
108 Jan 18 10612 Dec 10613 Dee
3614 Dec 51 Dec
517 Jan 24
8
355 Dec 6713 API
4113 Jan 8
Api
11813 Jan 2 116 Dec 129
1711 June
10 Feb
2214 Apr 12
181 Jan 2
824 Jan 1974 Nov
712 Oct
Jan
2
1013Mar 20
8013 Feb 14014 OM
167I2June 7
:
398 Jan 571 Oct
653 Jan 10
4
2314 Feb 39% Nov
313 Apr 2
4
5414 June 8514 Nov
7412 Jan 21
8
55 4 June 1011 Nov
3
116 Jan 31
1818 Feb 2714 Nov
3714June 5
Feb 465, Nov
45 Jag 2
1738
0,0
111 Jan 29 10211 Jan 110
8
25 Feb 425 Nov
461256ay 6
Fet
125 Jan 19 102 June 134
112 Jan 18 10413 Oct 123 Mal
API
Dee 20
11
1614 Feb 5
Jar
31 Nov 60
58 May II
3213 Feb 49% May
45 May 13
:
431 Jan 584 Nov
684 Jan 31
2411 Jan 80% Mal
44 June 7
Am
Jan 30
9
153 Jan 12
8
Jan 120 Ate
Feb 6 109
117
26 July 575g Del
5214 Jan 3
Oat 100 Aur
97
97 Jan 17
20 Fet
1014 Nov
4
148 Feb 4
923* Fel
763 Nov
4
8011 Jan 2
Jan 5158 Del
8684 Mar I
23
'4
8512 SePt 91 Nos
8
1177 Feb 6
24
Oct4014 Not
431 Jan 11
8
577 Jan 84% Del
8June 7
1013
645 Dec7113 Mal
8
67 Feb 4
:
Jan 1421 De,
16314 Jan 18 100
109 May 8
64 Feb 18
48 Feb 16
38 Mar 7
412 Jan 2
1518May 28
41 Jan 26
1181: Jan 15
26 Apr 11
65 Apr 10
1623 Jan II
4
7318May 31
123 May 13
212May 28
67 Mar 26
100 Jan 3
7 Feb 18
34 May 31
1313May 23
413 Mar 12
1214 Mar 11
1914 Feb 8
133 Jan 12
8I%May 6
6233vMay II
2
453 Jan 2
958 Jan 21
31 Jan 18
56 May 3
138 Mar 21
45 May 20
77 May 10
116 May 20
98 Jan 26
12513 Apr 26
41:Mar 14
6811 Jan 10
1054 Jan 8
12 Jan 3
733 Apr 9
4
2214 Apr 11
9 May 2
8May 2
195
:
251 Ma1 28
$ per share
13 June 7
38 Jan 2
100 Apr 2
512May 27
17 Mar 28
70 June 7
208 Jan 11
33 May 17
15713 Apr 17
4813 Jan 15
503
4May 28
1738May 28
1313 Apr 30
8814 Jan 17
3712Mar 8
2412May 29
9314May 22
2712 Mar 25
7212 Jan 2
218June 4
30 Jan. 8
43 Apr 25
8
39I8May 27
143 Jan 2
5418june 4
8312June 5
23 May 9
525
8May 31
77 Jan 11
4May 29
333
1014May 27
6234 Mar 26
55 May 28
535 Jan 14
15 May 27
73 May 29
18 May 28
3814 Feb 20
55 May 1
75 Mar 28
103%May 27
1173
4May 8
145 Apr 17
1055s Apr 3
78 May 27
1438May 29
2314 Feb 16
112 Jan 14
1093
8May 28
6814 Feb 18
54 Apr 2
19 Mar 26
57 Jan 7
95 May 27
6 May 28
60 May 29
28 Mar 26
8014 Jan 4
93 Mar 20
2214May 28
7914 Feb 8
1087 Jan 7
s
65
8June 7
63 Mar 26
70 Apr 24
53 Feb 26
393 Feb 18
4
3012May 28
63 May 23
.27 May 31
96 May 25
497 Feb 19
8
62 Jan 7
15414May 28
93 Apr 4
102 Feb 16
3814 Mar 28
20 June 3
97 Apr 17
14141May 28
1393 Mar 26
4
4 May 23
12311 Jan 8
43 Jan 25
25 4 Feb 18
3
48I8June 3
75 Mar 28
97 Nov 115 De,
63 Feb 80 No,
4
373 Feb 5958 No,
2858 Feb4512 De,
77 Yet
214 Jan
Jan 40 Fel
10
53% De
34 June
Oct126% Mal
118
85 Dee 69% Sep
44
57
1214
3
3113
100
213
18
11%
4
10
1514
Jan 99 DP
Jan 8713 00
Feb 127 Jun,
614 Ms
Feb
Jan 77 No,
Ap
Jan 110
1412 No,
Feb
8
Jan 587 No,
Feb 2313 Sep
7 Ma:
Aug
191 Alt
/
4
Aug
Jan 2258 Ma:
New York Stock Record-Concluded-Page 8
3799
For aisles during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 1.
Monday,
June 3.
Tuesday,
June 4.
1Ve4nesday,
June 5.
Thursday,
June 6.
Friday,
June 7.
Sales
for
the
Week.
$ per share
STOCKS
NEW YORK STOCK
EXCHANGE
per share
Per share S per share
per share $ Per share Shares Indus. & MIscel. (Con.) Par
17
,
173
4 1712 177
8 17 8 184 1814 18% 1814 187 10,900 Tenn Copp dc Chem__No par
8
6214 623
4 6212 643
64% 6314 6414 63% 64% 2623 63% 30,900 Texas Corporation
4 64
25
8
713 7212 7112 727
8
8 723 7312 7212 737
8
8
8 717 74% 7 3 733 40,600 Texas Gulf Sulphur__ --No Par
8
4
1714 17% 17% 19
183 19% x181* 183
3
4 17% 1812 1714 18
10,900 Texas Pacific Coal Sc 011____10
1414 1412 14% 1512 1538 1678 16
163
4 15% 16% 1512 163* 22,500 Texas Pao Land Trust
1
*21
23
22
22
22
22
2212 23
No par
24
24
2312 247
8 1,500 Thatcher Mfg
*433 4414 *433 4418 44
4
4
44
44
44
No par
*433 4418 *4312 4412
4
300 Preferred
*343 37
4
*35
37
*3512 37
*353 37
8
No par
35% 3578 357 357
8
8
300 The Fair
*107 110 •107 110 *107 110 *107 110 *107 109
100
107 107
10 Preferred 7%
451s 4518 *4512 46
*4518 4912 *4538 4612 *45% 4912 *453 451
2
8
.
100 Thompson (J R) Co
20
2012 2018 2118 203 2112 21
4
21% 21% 233
8 2212 2312 218,600 Tidewater A880C 011__No par
*85% 86
86
86
86
86
100
8612 8612 867 90
8
8912 8912 9,000 Preferred
*3412 36
35
35
35
100
35
35
3818 3618 3918 385* 40
15,600 Tide Water Oil
*9212 9412 *93
94
*9212 95
100
*9212 95
9412 05
1,200 Preferred
9618 971
8514 8612 86
8818 8714 88
87
873
4
4 873 913
4 873 894 19,400 Timken Roller Bearing_No par
157 1614
8
153 1614 1512 16
3
15% 163
8 153 1612 16
173 38.900 Tobacco Products Corp___20
8
4
1914 194
183 19
4
183 197
20
4
8 19% 20% 20
20% 2014 2112 42,100 Class A
*15
163 ' 15
.
4 1
165
8 1518 1512 *15
16% *15% 16% *1518 165*
100 Dividend certificates A
*15
1634 *143 16
4
1518 1518 *143 1612 •1518 1612 *15% 1612
4
200 Dividend certificates B
*1512 16
153 153
8
8 153 153 *1512 1612 *155 1612 *1512 1612
8
8
8
200 Dividend certificates 0
1212 123 133
12
8
8 1318 13138
13
1418 12
1312 117 123 456,400 Transc't'l 011 tern ctf__No par
4
•45
47
*43
46
*45
48
*45
Transue & Williams St'l No par
48
*45
47
*45
47
483 483
8
4 4718 493
4 484 503
45,000 Tile° Products Corp___No par
8 533 58
4
8 49% 51% 513* 537
*201s 2012 2018 2018 1938 2018 20 20
No par
20
*20
2012 20
600 Truax Truer Coal
*45
471 *45
46
46
10
46
*46
474 *46
100 Truacon Steel
47
4714
*46
117 11814 11812 1187 11912 12212 122 124
8
122 124% 12,900 Under Elliott Fisher Co No par
12212 123
•125 126 *125 126 *125 126 *125 126 *125 126
100
100 Preferred
12514 12514
24
24
24
24
24
25
25
25
25 8 *24
3
25
26
800 Union Bag & Paper Corp 100
817 85
8
85
888 86
8 8514 8612 8514 8714 143,000 UnlonCarbi&CarbNew_ No par
873
4 85% 867
4712 4712 48
49
25
48
4,400 Union Oil California
484 48% 4818 40
488
4818 49
130 130
131 131
133 134 *13314 137
100
134 134
131 131
800 Union Tank Car
*405 4112 4112 4112 4214 4314 4214 43
8
No per
*4112 44
4312 45
2,200 United Biscuit
•11612 125 *11314 1203* 1203* 1203 •11312 125 •113 124 *11314 122
100
8
100 Preferred
18
1812 18
10
1812 1818 19
19
20
1918 193 2193 207 11,200 United Cigar Stores
4
4
8
*94
97
*93
100
9614 *95
96
96
96
*95
.96
97
96
1,000 Preferred
33
33% 30
34
3312 355* 3412 353
3414 33
34
12,700 United Electric Coal___No par
4 33
117% 1183 11712 11934 117 119
No 10o
par
4
11718 11814 117 11812 116 117
6.600 United Fruit
1514 1514
•1414 1412 1412 1412 1418 1418 2,600 United Paperboard
15% 1518 1414 15
*74
77
74
7512 *74
4
76
4
7814 5,800 Universal Leaf Tobacco No par
7712 733 7414 743 75
*8412 85
8418 8418 *85
8512 8412 8412 85
8512 8512
85
50 Universal Pictures 1s1 Dfd-100
1212 13
123 1314 1314 133*
4
1112 13% •12
123 •12
4
124 2,800 Universal Pipe & Rad_No par
100
*8312 95
95
I Preferred.
*8312 95
*831 95
.
*8312 95
31
3212 3112 32141 3134 327g 32% 3318 3314 337
8 33
337 14,400 U S Chat leon Pipe & Fdy__20
*17
1718
17
17
No par
*1634 17
*167 17
8
•1634 17
17
17
1,200 1st preferred
•187 19
8
*187g 19
No par
•1878 19
*187 19
8
*187 19
8
*18% 19
I Second pr lerred
•1414 1512 14
No par
1414 1418 1418 1418 1418 2,600 II IS Distr11, Corp
1418 1412 1412 14
*8112 82
100
*8112 84
*82
8212 83900 Preferred
843 *8212 843
4
4 8312 84
*307 33
8
32
32
3318 3314 33
33
33
*32
3314 •32
700 U IS Hoff Mach Corp___No par
1573 1593* 1593* 16078 15912 162
4
100
159% 1623 1605* 163
4
1627 16912 28.400 13 S Industrial A Icohol
8
I Prellrred. 100
---1 .7 - 3
1
21
; 2214 13; -2572 -213; -25-7
No par
8,85131:1 S I wafter
234 225*
3
*3812 3912 40 4078 41 4112 *38 - 1- 4012 -235- -22E3 Vili No pa
4012
2,300 Class t
407
41
41
*9214 9318 *9214 9318 93
100
95
400 Prior oreferred
9312 9312 *9312 95
93% *93
85
85
86
8612 8618 8912 87% 89
8712 88% 8513 88
8.700 U S Realty & Impt_.--N0 Pa
4718 473
4 4712 497
100
8 49
5012 4814 51
483* 4912 488 4912 31,200 United States Rubber
*76
79
784 783
100
4 78
7814 *7412 76
77
77
7712 77
800 let preferred
5212 5312 52% 53
523 547
4
8 54
55
54
5614 55
553* 6,500 US Smelting, Ref & Min___50
*53
5312 5312 5312 *53
60
533 *53
8
•52
53% 524 53
300 Preferred
523
4
165 16614 16518 16834 16712 1703* 16814 1703 1683 1693g 1683* 17118 150,600 United States Steel Corn
4
141 141
14034 141
1405* 1407 14012 141
_i00
140% 1407 14014 14012 2,900 Preferred
8
8
*86
89
*86
80
*86
No ar
o
89
*85
89
4
843 '84'i 87
200 U 8 Tobacco
•1395 141 •1395 142 *1393 141 •1393 144
8
8
4
8
100
1395 1395s *13912 145
8
30 Preferred
*300 315
290 290 *290 315 •____ 318 *300 315 *300 318
10
10 Utah Cooper
43
4214 437
4412 43
4314i 4112 434 87,000 Utilities Pow & Lt A__No par
42
43% x4218 44
6% 63
4 *614 7 1
64 63
63
4 718
No par
7
7 1
6% 7
2,100 Vr.dsco Sales
7012 7018 70
70
7012 7012 *69% 71
•607 71 1 697 6978
100
5001 Preferred
70% 7212 713 7814 7612 79
76% 79% 76
7912 7612 7914 24.500 Vanadium Corp
No par
*33
3312 " 34
34
34
3412 34% 3512 36
367
8 368 368
No par
1,700 Van Raalte
8212 82 82
*82
82
82
8114 814 8114 8114 •8112 8212
100
110; let preferred
99% 9912 997 10134 100 10112 9912 101
8
99
9912 963 99
4
No par
4,800IVIck Chemical
•148
_ _ _•148
____ *148
•148
__
•148
•148
'Victor Talk Machine _No par
1443 11434 1147 11478 11478 115
4
8
115 115
115 115
11518 11518 4,500, 7% Prior preferred
100
11
114 113 1238
8
115* 123*
113 12
4
117 123
8
8
113 12
8
No Par
4,300 Virg-Caro Chem
3814 3912 4112 43
44
43
43
431_ 44
43
•43
4312 1,3001 6% Preferred
100
90
90
8814 8814 *88
*88
90
•89
90
90
89
89
100
300 7% Preferred
*107 109 •1053 10814 *1053 _ _ _ _ •105114
4
4
*106 109
106 106
50 Virg Elec & Pow PI (7).-100
*45
47
45
45
*45
47
.45
50
*45
47
*45
47
110 Virg Iron Coal dr Coke 91_100
Vivadou (V)
No Par
Preferred
100
73
69
73
76
73
73-- 73 74 ;ii- 74 71 71
100
290 Vulcan DetinnIng
•100 103
103 103 *100 103 •98 103 *10314 10334 .10312 10334
100
10 Preferred
7012 7012 *70
78
*70
78
.70
78
•70
74
.70
75
100
10 Class A
2914 2812 29
29
29
30
29% 30
*
293 2912 2914 2912 8.600 Waldorf System
Vs par
33
33
33
333
34% 353
4 3718 385* 3718 3814 19,900 Walworth Co
4 3512 383
No par
48
4514 4514 454 4614 *4614 48
*47
48
54
*48
51
180 Ward Baking Class A_ _No par
93 1014
4
9% 93
4 10
9 8 93
5
4
93
4 93
4
1114
103 113* 10,200i Class B
No par
7212 7212 74
74
*7212 74
*73
7418 73% 7418 74
7418
900 1 Preferred (100)
k
116 119% 1165* 11814 11518 1177 100,200 - Warner Bros
11014 1117 11014 1147 1135 118
8
8
8
Pictures_N o par
No
r
51
4912 4912 *50
*51
53
52
53
51
51
•51
53
5001 Preferred
No Par
321* 3212 32% 3134 32% 32
30% 3114 31
323
4 31% 32
5,700. Warner Quinlan
No par
142 142
143 143 •142 145 *142 145
14214 144
141 141
500; Warren Bros
No par
50
50
50 •-- _ 50 •--- 50 •---- 50
*45
101 First preferred
4
4 193 21
4
1912 203a 20
1712 1712 173 193
20
1712 1912 5,300 Warren Fdry & Pipe
No par
8818 8818 *87
884 *87
88
88
8814 8814 88% 8712 8852
600 Webster Eisenlobr
25
*90 100
*90 100
*90 100
•90 100
•90 100
*90 100
1 Preferred
100
3812 3812 3812 3912 3812 3812 3812 3812 3812 3812 3918 3912 4,000 Weseon Oil& Snowdrift No par
65
i
64
64
647
8 64
8 64% 634 65
635
64% 637 643
8
4 2,1001 Preferred
No par
100 1903 •189 1897 189 191 •18812 1893
4
187 189% 190 191
8
4,800 Western Union Telegram_ 100
4412 445 453
8
45
433 44% 44
4512 45
4
47
4618 4714 13,300 Wstnghse Air Brake_ _...Vo par
152 1547 1523 1557 152% 155
8
1503 153
4
1523 15412 153 156% 47,300,Westinghouse Elec & Mfg _50
4
•145 150 •146 150 *142 155 *145 150 •145 150 *145 150
1st preferred
60
4
4
36% 363 384 3814 397 *38
397 .38
8
34
39% 39% 403
8 9,200 Weeton Eke Instrutn't_No par
*35
36
*35
*35
36
36
*35
36
•35
3512 3514 3512
300 Class A
No Par
10312 105 •103 104 *103 104
•10312 104 •10312 106 *10312 105
No par
170 West Penn Elea cl A
10618 10618 106 106
104% 106
106% 107
10412 10412 10312 106
100
440i Preferred
97
9518 951s 96
97
07
97% 9712 9712 97% 98
*95
100
1301 Preferred (6)
116 116
1167 1167 11518 116
8
*
116 116
4
11512 1162 11512 11512
100
160 West Penn Power pref
108 108 •108 10878 *108 109
•109 110 •108 109 *108 109
100
120 6% preferred
5(3
51)
*49
*49
49
*49
4918 •49
50
50
49% 50
400 West Dairy Prod el A.
-No Par
2312 2312 2318 2412 2312 23% 24
23% 237
?
•23121 24
24%
1,400, Class B
Vo par
nee, In
35
35
35
3514 3418 3412 3412 35
35
35
4,400 White Eagle01 & Refg_No par
oo.,. 7! 38 4 4114 41
" .4
..i...1.1.
4214 4134 413
4 413 43
4
42
427
8 9,806 White Motor
No par
8
47
*46
47
4512 4514 467 *46
1 *45
*46
47 I *46
47
700 White Rock Min Sp ett
50
1718 18
i•1712 19
*173 19
4
18
1814 187 2018' 21
8
227
8 5,900 White Sewing Machine_ No par
43
42
4114 414 *42
42
43
43
•42
43
425 425*
8
400 Preferred
No par
2138 2214 2112 2212 2118 2118 2112 23
21
2012 2112 21
6,100 Wilcox 011 & Gas_ .
No par
2112 2212 21% 2212 2218 227
8 22
227e 21's 223 43,400 Willys-Overiand (The)
2114 22
8
5
*9312 95 .9312 95
*9312 98
449312 96
,
*9312 98
*9312 95
Preferred
100
8
8
8
8
8
8
74
b 718 734 714 17 18 18
812 914 2,100 Wilson & Co Inc
No par
17
18
4
19
163
17
19
o 17
173 213
4
Class A
4 2,400
No par
6118 6118 62 62
62
02
*61
62
6214 6218 653
I *61
4 1,700 Preferred
100
4
8
214 219% 220 2227 2183 22334 219 21978 220 22034 15,400 Woolworth (F W)Co
*211 218
25
467 513
8
4 518 5214 50
46
45
5012 50
47
. 46
50
9,400 Worthington P & m
100
84
84
84
8412 *82
*8414 8412 8414 8414
*81
82
' *79
400 Preferred A
100
74
2
74
*72, 74
70
743 75
4
70
*7414 743
74
*70
500 Preferred B
100
11714 1223 116 121
4
,
11312 1177 11612 121
117 123
1125* 116
34,000 Wright Aeronautleal___No par
75
7512 75
7412 75
75% 74
7312 74
73
73
75
1,700 Wrigley(Wm Jr)
No par
717 .71
71
72
*71
72
*70
7112 *71
72
*70
400 Yale & Towne
7112
25
3712 3714 393
38% 395
* 36
8
8 353 367
3912 4118 73,800 Yellow Truck & Coach Cl B.10
355* 367
*85
95
95
*85
*85
95
95
*85
*85
95
90
90
100 Preferred
100
•60
604 593 60
4
5912 5912 5914 60
593 6018
8
6012 607
8 2.800 Young Spring & WIre_No par
4
128 12812 1283 130
12812 132% 13013 1333* 15,400 Youngstown Sheet & T _No par
127 1297 12714 129
• Bid and asked prices; no sales on this day
s Ex -dividend
y Ex-rights
PER SHARE
Racy. Since Jan. 1.
On Oasis of 100
-share lets
Lowest
$ per slurs
16 Apr 9
6714 Feb 21
7014Nfay 31
1614 Jan 25
1314 Mar 26
1613 Mar 14
35 Mar 9
3414 Mar 26
10413 Feb 28
44 May 1
1713 Feb 8
8518May 28
2718 Feb 1
9018 Feb 25
7312 Feb 16
1412 Apr 24
18 May 22
14 May 10
1414May 10
15 Apr 29
9 Feb 28
41 Feb 28
383 Feb 18
4
194June 4
4434 Mar 26
91 Jan 7
125 Jan 5
24 June 1
7514Nlay 22
46 Feb 20
1217 Jan 15
3
41 May 31
120 Jan 19
18 Apr 25
92 May 8
30 June 3
116 June 7
1418June 6
713 Mar 26
4
844 Apr 10
104Sfay 29
9814 Feb 6
27 May 31
17 May 3
183 Apr 18
8
123 Mar 26
8
7114 Mar 12
30 May 28
128 Jan 16
12414 Jan 8
193
4Nfay 27
38 May 28
91 May 14
81 Jan 8
42 Jan 8
73 May 28
48 May 27
52 Apr 17
15718 Jan 8
14014June 7
84 June 6
136 Mar 6
264 Jan 2
35 Mar 26
614May 28
69 Apr 23
68 May 31
27 Mar 12
60 Jan 2
82 Jan 4
143 Feb 18
110 Mar 1
93
4Slay 29
36145lay 29
8612May 29
106 June 7
45 Feb 27
13 Jan 16
Highest
PER SHARE
Ranee for Precious
Year 1928
&meal
I
Higbee
per 8401. $ per share
per slats
207 Apr 29
8
1013 Jan
197 Dee
8
6813 Apr 20
4,
60 Feb 743 Nov
854 Apr 18
6218 June 8212 Nov
237 Mar 21
8
1218 Mar 263* Nov
244 Jan 17
20 June 303 Apr
4
283
8Nfay 2
22
Jan 3912 May
483 Jan 5
8
45
Oct 53 8 June
3
514 Jan 15
34
Jan 6212 Deo
110 Jan 2 10412 Jan 1144 Oct
62 Jan 12
5614 June 711 June
4
2312June 7
143 Feb 25 Sept
4
90 Jan 2
817 Mar 914 Dec
8
40 June 7
195 Mar 414 Dee
3
9712 Jan 17
863 July 10018 Dec
4
150 Jan 3 1123 Mar 154 Nov
8
224 Mar 18
224 Mar 18
18 Fen 13
19 Aug 255 Jan
20 Mar 28
19 Aug 24 June
194 Jan 15
19 Dec 23 Aug
1414May 8
60 June
4
1413 Nov
533 Apr 18
8
4414 Dec 5912 Feb
58 JIII1C 7
323 June 447 Sept
8
8
317 Jan 23
8
554 Nov
613 Jan 3
3
637 Dec
8
12514June 7
83 June 934 Dec
125 Jan 5 119 Mar 126
Apr
30 Dec 493 Feb
43 Jan 14
4
835
8June 3 ---__
54% Apr 18
423* Feb 58 Nov
15014 Feb 20 110
Oct 12818 May
3412 Apr
53% Jan 14
57
Oct
126 Jan 24 1124 Mar 135
Oct
274 Jan 11
227 Aug
8
343 Feb
3
104 Jan 2 1037 Dec 11418 Apr
8
584 Oct
8111 Feb 6
8913 Dee
15811 Jan 31 13112 June 148 Nov
264 Jan 22
2
164 Dec 277 Apr
604 June 8738 Nov
857
8May 10
93 Jan 2
Feb
9114 Nov 100
2214 Jan 2
153 June
8
357 Oct
8
1004 Jan 9
874 Sept 1053 Des
4
5574 Mar 18
88 Dec 53 No•
19 Jan 11
18 Nov
1912 Nov
193 Feb 8
8
1914 Dee
1813 Nov
1812 Apr 19
1313 June
204 Jae
84 Apr 20
78
Oct 903 Jan
2
8
41
497 Jan 2
Dec 581 Jan
/
4
17334May 1 1024 June 138
Oct
8
127 Apr 3 1183 Sept 12578 Nov
22
Jan 61 May
3512 Jan 14
Apr
52
617 Jan 14
Jan
8
72
107 Feb 1 1004 Dec 10912 May
8
6114 Feb 933 May
11912 Feb 6
27 June 634 Jan
65 Mar 18
9212 Jan 16
55 July 10932 Jan
7113 Nov
3912 Feb
72'Mar 20
51
Jan
58 Jan 3
58
Dee
1323 June 17212 Nov
8
1937 Mar 1
8
,
14414 Mar 1 1382 Jan 14714 Apr
Oct
86 June 120
1094 Jan 30
143 Slay 3 12712 Jan 139 June
353 Mar 19 139
Jan 273 Dee
2813 Feb 45 4 May
2
3
493 Jan 30
1313 Jan 21
82 Jan 16
80
11612 Feb 8
Jan 11113 Nov
367
8June 6
8
7% Jan 407 Oct
83 Apr 24
437 Jan 78 Nov
1
109 May 15
58
Jan 85 Dee
623 Jan 1581 Nov
3
200 Mar 18
4
11518June 7 19112 Jan 1124 Dee
12 June 204 Nov
244 Jan 26
6512 Jan 28
44 8 Jan 8414 Nov
3
8818 Jan 9912 Nov
974 Feb 4
10912 Apr 27 lovs Dec 11412 Apr
47
48 Jan 29
Oct 624 Jan
1114 June 2533 Jan
16 Jan 4
Jan
78 June 100
50 Jan 16 89 Feb 20
2213 June 74 Nov
91 Jan 4 110 Apr 25
74 June 99 Sept
1912 June 483 Nov
4
40 Jan 2 91 Apr 27
191 Jan 2814 Dee
:
2218 Star 26 3258Nfay 15
144 Aug 267 Sept
2318 Jan 8 444 Apr 24
3
70 Dec 123 Feb
4
43 Apr 13 843 Jan 17
8
1514 Dec 293 Jan
814 Mar 26 2114 Jan 16
77 Dec 9711 Jan
71 Mar 251 8712 Jan 15
807 Aug 1394 Sept
8
97 Mar 261 134 Jan 21
611 Dee 5714 Dee
4
44 Apr 10 5914 Jan 22
Feb 447 Oct
28
2812N1ay 27 4278 Jan 2
8
139 Apr 16 170 Jan 2 140 June 19212 Apr
494 Nov 61
48 Apr 24 53 Mar 27
Apr
1518Mar 26 3414 Jan 3
13 June 367 Oct
8
8
7212 Apr 22 1133 Feb 5
90 May 16 100 Mar 11
87 Nov 110 We;
37 Mar 26 48 Mar 7
4
6314May 29 7212 Mar 9 10538 Dec 1083 Nov
17934 Jan 2 22o4 mar 9 13912 July 201
Oct
4218 June 674 Jan
4318Niay 3 6413 Mar 2
8818 Jan 144 Nov
8May 15
13712 Jan 15 1687
132 Jan 2 163 May 15
95 4 Jan 139 Nov
3
1212 Jan 284 June
22 Jan 28 4814May 1
304 Jan 404 May
3313 Jan 7 3312 Apr 23
10212Nfay 17 110 Feb 1 103 June 112
Apr
103 Mar 28 11114 Jan 17 10712 Oct 11614 Apr
9412May 27 102 Jan 17
9812 July 10412 Apr
113 Jan 8 117 Mar 18 11312 Oct 118 June
106 Apr 27 11012 Jan 16 103 June 113
Jan
49 June 5 5984 Feb 5
624 Dec 78
Apr
8
223
8May 28 344 Feb 5
203 Jan 1 di)
Apr
2018 Feb 38 Nev
3014 Jan aol 38 Feb 25
38 May 29 5312Mar 2 I 3014 Febl 43% June
43 Jan 2 54 Apr 19
8
34% Jan! 497 Nov
12 May 27 48 Jan 2
4
3314 June 523 Dee
514 Aug 68 Dec
8
41 14June 3 577 Jan 16
191t Jan 7
1714 Dee 2218 Nov
2944 Feb 6
2118May 31
173 Jan 33 Dee
4
35 Jan 3
924 Jan 1044 Dee
98 May 29 103 Jan 3
11
Oct 16
1313 Jan 23
7 Slay 21
Feb
22
Jan 35 May
16 May 22 27 Jan 211
57 May 22 79 Jan 23
6314 Oct 7714 Feb
19218 Mar 26 23214May 6 17513 Feb 2254 Nov
Jan 65 Nov
43 Mar 25 6412 Feb 6
28
4614 Jan 93 Nov
773 Apr 12 9212 Jan 23
4
41
Jan 80 Nov
66 Apr 6 82 Jan 11
109 May 31 299 Feb 5
69 Feb 289 Nov
2
70 Star 26 807 Jan 30
68 'ly 84 Aug
614 Feb 11
6112
7312May 4
8412 Apr
343
4May 28 5114 Apr 24
273 leb 573* Nov
8
80 Mar 8 9612May 10
83 Nov
96
Ain
454 Dec 664 Nov
5214 Mar 26 694 Apr 27
105 Feb 19 1333
8June 7
8312 June 1164 Der
3800
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
and defaulted bonds.
Ma 1 1909 the Exchange method of guottno bonds was changed and vrtces are now "and interest"-except for Income
BONDS
N. Y. STOCK EXCHANGE
Week ended June 7.
:114
i-ic..
U. S. Government.
Hirst Liberty Loan
J D
8% of 1932-1947
J D
Cony 4% of 1932-47
J D
Cony 43X% of 1932-47
J D
26 cony 444% of 1932-47
Fourth Liberty Loan
A 0
434% of 1933-1938
1947-1952 A 0
Treasury 444s
1944-19642 D
Treasury 45
1946-1956M S
Treasury 354,
Treasury 3448
1943-1947 J D
Treasury 3545 June 15 1940-1943 J D
Price
Friday
June 7.
Week's
Range or
Last Sale.
Low
3 2u
Ti
Range
Since
Jan. 1.
High No. Low
High
96'22 961131 284
2
98 98
98243 982233 182
993432 Mar'29
9643 99143
99143
96
.4
983 1003.2
9931$4 993,3,
551
181
235
187
78
167
9824810022u
105 1112233
101431061233
98143310317u
954, 981,s1
9544 9811ln
982433 Sale 982233 99
061233 Sale 106233 1062233
031511 Sale 103233 1032133
002331001332 100233 1001131
96231 Sale 9641 961233
96",, Sale 9543 962233
State and City Securities.
8812 Jan'29
N Y C 34.4% Corp st_ _Nov 1954 M N
8812 Jan'29
334% Corporate st_May 1954M N
993 Mar'28
4
de registered
1936 M N
9912 June'28
fa reglatered
1956 M N
8
957
8
8
1957 M N 957 Sale 957
4% corporate stock
10314
434% corporate stock _ __ _1957 M N 10314 Sale 10314
104 May'29
04% corporate stock _ __ _1957 MN
9712 Jan'29
1958 M M
4% corporate stock
Jan'29
98
1959 M N
4% corporate stock
1960 m , _ _ __ 102 10018 Mar'29
634a corporate stock
99 Mar'29
1964 M S
&Hs corporate stock
101 May'29
1966 A 0
434a corporate stock
10118 May'29
1972 A 0
$745 corporate stock
10812 June'28
4342 corporate stock
1023 Mar'29
8
434s corporate stock
gill 41 i
l
8
1035 Apr'29
1965 J 1444e corporate stock
)
10418 Feb'29
474s corporate stock _July 1967 J J
10114 May'29
New York State Canal 4s_ _ _1960
10114 May'29
Mar 1958 pili
4s Canal
8812 8812
8812 8812
95
10314
10234
9712
9718
994
99
101
9814
99
104
104
9712
98
1004
99
10114
10118
10134
1035
8
10312
9912
9912
4
2
104
1035
8
10418
10114
10114
Foreign Govt. & Municipals.
80
80
8412
91
91
9112
91
88
89
4
873
9012
9814
9012
90
8912
963
4
947
8
95 s
7
95
12
95
94
93
93
1007
s
93
993
4
6
2
13
2
6
4
8
7
3
8
54
37
9912
9914
10014
993
991
093
993
991
96
901
941
94
863
s
104
183
59
113
58
40
73
60
67
27
3
117
49
129
24
98 10118
9818 1003
4
9812 101
9812 1003
4
9814 1003
4
9814 1003
4
98 1007
s
914 1003
4
945 974
8
894 9214
91 18 97
917 9612
8
8412 8814
10114 104
9512
Bavaria (Free State) 6349_1945 F A 9512 Sale 92
11514
I
Belgium 2b-yr ext s f 7345 g _1945 J )11412 Sale 11418
1941 F A 10812 Sale 1073
4
4 1083
20-yr at 833
25
-year external 6 Hs_ __ _1949 M S 105 Sale 10412 105
10012
1955 J J 100 Sale 100
External s f 65
-year s f 7s
1955 J D 10712 Sale 10712 108
External 30
1057
8
1956 M N 10518 Sale 10518
Stabilization loan 78
1104
_
Bergen (Norway) a f 8s ---1945 M N 110 111 110
99
15
-year sinking fund 68_ 1949 A u 99 Sale 99
1900 A 0 9712 Sale 9512
9712
Berlin(Germany)a f 6448
903
4
4
External sink fund tls_ __.1958 J D 90 Sale 893
Bogota(City) ext'l 5 f 88_ _ _ _1945 A 0 10112 102 10112 102
101
.
Bolivia (Republic of) extl 88_1947 M N 100 Sale 100
1958 2 . 843 Sale 85
8612
0
4
Ex
External sec 7e
87
1969 M 8 85
86
8412
Externals fly
8 100
Bordeaux (City of) 16-yr 68_1934 MN 100 Sale 993
1941 J 11 10514 Sale 105
1053
4
Brazil(US of) external 8e
92
8
External e f 644s of 1926....1957 A 0 915 Sale 9014
9214
1957 A 0 915 Sale 91
8
EMI if 644e of 1927
1952 J D 06 Sale 943
963
s
4
75 (Central Railway)
4 102
(coffee secur) £(flat)_1952 A 0 102 104 1013
734,
4
1935 M S 993 Sale 993
4 100
Bremen (State of) extl 7s
8614
1957 M 8 87 Sale 8614
Brisbane (City) a f bs
8712
4
1958 1 A 863 9014 86
Sin king fund gold 5s
,D 8014 Sale 7712
8014
e
991
Budapest (City) exti a I 08 _1962
Sale 9912 100
"
Buenos Aires(City)6 Hs_ _ _ _1955
1960 A 0 943 967 99 May'29
4
8
Exti e 1 Os ser C-2
963
4
8
4
1960 A 0 967 Sale 963
Extl a f 6s ser C-3
933
4
4
Buenos Aire*,(Prov) esti 68_1961 M 8 933 Sale 92
81
8
Bulgaria(Kingdom)s f 75__ _1967 J J 8018 813 80
863
8
86 Sale 8512
StabTnan a f 7 He_Nov. 15'68
9012
95 Sale 9312
°aides Dept of(Colombia)734s'46
10014
Canada (Dominion of) be_ 1931 A 0 10014 Sale 99
997
8
1929 F A 993 Sale 9958
4
10
-year 5445
1952 Mi1 10212 Sale 10212 103
.
"
56
um F A 977 Sale 975
977
a
8
8
445
10414
1954 J J 10414 Sale 104
Carlsbad (CItyl s 1 85
973
4
4
Cauca Val (Dept) Cobol 7445 53 A 0 973 Sale 9712
Central Agri° Bank (Germany)
9714
4
Farm Loan a f 7s Sept lb 1950 M S 9714 Sale 923
8614
4
Fenn Loan a f 68_July 15 1960 J J 853 Sale 8212
86
Farm Loan s I 6s_Oct 15 1960 A 0 8512 Sale 8214
9214
Farm loan (la ser A _Apr 15'38 A 0 9214 Sale 8712
Chile (RepublIc of)1017
8
20
-year external a I is... _ _1942 M 14 102 Sale 10014
9212
External sinking fund 6s 1960 A 0 9212 Sale 92
1901 F A 9212 Sale 92
93
External s f 1333
923
4
1961 J J 9312 Sale 9214
Ry ref ()MI of 68
9312
4
1961 M S 923 Sale 0214
EMI sinking fund Os
93
1962 M S 93 Sale 9112
Eat'sinking fund as
963
4
4
Chile Mtge Bk 634'June 30 1957 J 1) 963 Sale 9512
993
4
St 654e of 1926__June 30 1961 2 0 99 Sale 9812
923
8
Apr 30 1961 A 0 9214 Sale 9014
Guars las
3512
Chinese(Hukuang RY)be_ _ _1951 J 13 35 Sale 3478
2 1004
4
s
Christiania (Oslo) 30-yr s f fie '54 M S 993 1003 1003
9414
Cologne(City)Germany 6401950 M 8 94 Sale 92
8414
1961 J J 8414 Sale 82
Colombia(Republic)65
0 837 Sale 815
8
84
8
External a f 68 of 1928_ __ _1961 A
81
83
79
Colombia Mtg Bank of 6449_1947 A 0 80
9112
8
s
Sinking fund 7s of 1926_ _ _1946 M N 883 9012 895
95
4
_
Staking fund Ts of 19271947 F A 933 9414 9312
19522 D 95 Sale 943
4
96
Copenhagen (City) fie
864
1953 M N 8612 Sale 8514
25-yr g 414e
,
96
Cordoba (City) extl a 1 78.._ _1957 F A 96 Sale 9512
9418
9418
External 5 f 7s Nov 15 1937 M N 9413 95
Cordoba (Prov) Argentina 751942 J J 100 Sale 9812 100
MN 9212 Sale 9212
9414
Carta Rica (Reput)ext1 78_1951
S 99 Sale 99
10012
Cuba (Repub) 68 of 1904_1944
101 10012 10012
External &sof 1914 ser A 1949 F A
94
94
External loan 434a tier C_ _1949 F A 9212 96
100
Sinking fund 5Hs_ _Jan 15 1963
"
98 100 100
Cundinamarca (Dept) Columbia_
8012
1969 M N 8012 Sale 80
Call 5 f 834s
20
114
28
38
121
67
78
6
15
17
52
10
121
16
72
58
69
158
87
50
10
26
6
14
52
17
9014 9612
11212 115
5s
10712 110
10218 107
974 1007
4
8
1063 109
4
10418 10618
109 11212
1)812 101
9312 99
8578 92
101 104
100 104
85
95
8412 92
9814 101
105 109
9014 9612
9078 965s
94 102
1013 1074
4
9913 10212
8518 9312
86
93
7914 8312
991e 1024
94 100
944 1004
9114 933
4
90
80
854 9714
9312 101
9812 1014
991e 1004
1015 1053
4
4
97
995
8
104 10712
9714 102
1947 F A 80 Sale 80
Agile Mtge Bank a f 68
81
80
Sinking fund fis A _ _Apr 15 1948 A 0 80
87
8512
Akershue (Dept) extl be_ _ _ _1963 M N 86
92 Sale 92
Antioquia(Dept)col 75 A_...1945
19452 J 9112 917 9112
s
External I 78 ser B
9212 92
External a f 79 series C __ _1945 J J 92
External s f 75 ser D
19452 2 9112 Sale 91
4
External a f 75 151 ser_ _ _1957 A 0 893 9012 90
4
EMI sec a f 78 7s 2d ser ....1967 A 0 893 Sale 893
4
90
Esti sec I 78 3d ser
1957 A 0 8914 90
Antwerp(City)extl be
1958 J D 92 Sale 91
Argentine Govt Pub Wks65_1960 A 0 9912 Sale 99
Argentine Nation (Govt of)
Sink fund as of June 1925-1959• D 99 Sale 9812
8
1959 AO 9914 Sale 983
EMI I 613 of Oct 1925
1957 MS 100 Sale 9914
Sink fund 6s series A
4
External Os series B_ Dec 1958 J O 9914 Sale 983
8
EMI at 613 of May 1926 1960 MN 9912 Sale 987
Externals f 68 (State Ry)_1960 MS 9914 Sale 99
EMI 6s Sanitary Works__ _1961 FA 99 Sale 9812
4
Ext6s pub wks(May'27).1961 MN 99 Sale 983
Public Works extl 5Hs_ _1962 FA 9512 Sale 9512
4
Argentine Treasury 55 £. _ _1945 MS 903 Sale 9012
Australia 30-yr 5a__July lb 1955 J J 9418 Sale 9212
8
External 58 of 1927_ _Sept 1957 MS 94 Sale 933
N 86 Sale 8514
1956
Extl g 434a of 1928
1943 JD 104 Sale 10218
Austrian (Govt) a f 78
c On the basis of 1610 the I iterlIng.
80
80
8614
923
8
02
92
9212
90
893
4
9014
5
52
6
49
15
44
63
86
30
31
7
49
196
367
280
31
114
03
53
103
55
22
61
80
16
2
46
55
66
8
8
20
28
31
28
2
10
25
32
1
6
4
38
9212
7812
79
83
99
883
8
88
9214
100 103
9112 94
9112 9414
915 94
8
9112 94
9118 94
9514 993
4
97 1007
e
94
89
347 444
8
99 10112
91
975s
91
82
815 91
8
79
8812
88
9314
8812 9514
94
9712
851 8/112
9312 98
94
9712
951e 1004
9212 96
99 10212
100 1023
4
9312 10012
100 104
80
8914
Price
Friday
June 7.
BONDS
N. Y. STOCK EXCHANGE.
Week ended June 7.
Czechoslovakia(Rep of) 8a _ _1951 AO
1952 40
Sinking fund 8s ser B
Danish Cons Municip 813A 1946 FA
1946 FA
Series 13 s f 8s
Denmark 20-year exti 6a.. __ _1942 J 2
Extl g 540
1955 FA
Extl g 444s
Apr. 151902 A0
Deutsche Ilk Am part elf 68.1932 M S
Dominican Rep Cust Ad 5445'42 MS
let ser 544s of 1926
1940 40
26 series sink fund Hs_ 19413 A0
Dresden (City) external 78_1945 MN
Dutch East Indies esti 138_....1947 23
1962 M
40
-year external Os
30
-year external 5445.___.1953 MS
1953 MN
30-year external 5448
El Salvador (Repub) 85.....1948 J J
1967 J J
Estonia (Rep of) 721
Finland (Republic) esti 6E1_1945 MS
1950 MS
External sink fund 7s
1956 M
External a f 6445
1958 FA
EMI sink fund 644e
Finnish Mutt Loan 634a A_ _1954 AO
External 644e series B._ _ _1954 A0
1941 J D
French Republic ext 774a
1949 J O
External 7$ of 1924
German Republic ext'l 7s_ _ _1949 AO
1954 MN
Gras (Municipality) M
01 Brit & Irel(UK of) 530_1937 FA
1929 FA
10
-year cony 544s
c4% fund loan k op 1960 _ _1990 MN
c5% War Loan £ opt 1929_1947 J D
Greater Prague (City) 7445_1952 MN
Greek Governments f see 75_1964 MN
1968 FA
Sinking fund sec Os
19 0 A0
92
4
5
Haiti (Republic) s f as
A0
Hamburg (State) Os
Heidelberg (Germany)ext 744e 50 J J
Hungarian Munk Loan 744e 1945
External at 733_-_Sept 1 194f 5 J
Hungarian Land M Inst 7445 '131 VI N
1961 SIN
734s ser B
Hungary (Kingd of) a f 7448_1944 F A
N
Irish Free State extls a f 68_1960
Italy (Kingdom of) exta 79_ _1951 J D
Italian Cred Consortium 78 A1937 M S
Extl sec s f 76 ser B
1947 VI S
Italian Public Utility ext 79_1952 i J
Japanese Govt k loan 4a
1931 i J
1954 F A
30
-year a 6 Hs
Leipzig (Germany) a f 7s_1947 F A
Lower Austria (Prov) 7148_1950 J D
N
Lyons(City of) lb-year Os. _1939
Marselles (city of) 1.5-yr 65_1934 SON
Medellin (Colombia) 6448_1954 J D
Mexican Irrigat Asetng 4448_1943
1945
Mexico(U 5) extl be 01 1899 £'4
Assenting be of 1899
Assenting 58 large
Assenting 49 of 1904
Assenting 45 of 1910 large_
Assenting 45 of 1910 small_
"
Trees Os of'13 assent(large)'33 .1 -J
Small
Milan (City, Italy) ext'l 0445 '52 A 0
Mines
E
Brazil1958M S
Montevideo (City of) 713- _1952 J D
Heal
elsk Low
Bid
4 11018
1104 Sale 1093
110
111 1094
110
10914
1094 10912 10914
10912
109Q Sale 10914
8
10314 Sale 10314 1037
100
100 Sale 9914
8814
8
873 Sale 867
4
07
9612 Sale 9612
8
95
95 Sale 945
02
9012 9312 92
9412 9212 May'29
91
6612
99 10012 99
10214
102 4 10212 10218
,
10214 Sale 10218
1025
8
10112 Sale 10112 10112
10178
10112 __ 1017
8
10918 Sale 10918
1093
4
82
8312 8112
9214 Sale 92
9212
2
9912
9912 Sale 983
96 Sale 9512
96
88
8712 Sale 8712
9512 9614 9512 May'29
9012
944 9612 9612
113 Sale 11212 1133
4
1077 Sale 1077
8
8 109
0 34
6
1053 Sale 10534
4
9818 983 9818
4
9818
8
1023 Sale 10212 10318
9912
4
9914 993 99
8412
c8418 Sale c8418
c973 9978 c98 May'29
8
2 106
8
1053 Sale 1053
98
97 Sale 97
84
84 Sale 83
100
99 Sale 99
947
8
947 Sale 94
8
'29
9 1
10212 10414 101 May42
94 Sale 93
'z
9012
8
89, 9018 893
8
9412
4
9212 943 9312
944
9212 9414 9414
101
100 Sale 100
9812
9614 Sale 9614
96
8
957 Sale 95
933
4
4
943 Sale 0312
94
937 Sale 9314
8
9212
4
9212 Sale 913
9212
9212 Sale 92
8 10114
10114 Sale 997
98
06
9814 100
99
98
98
96
100
997 Sale 994
s
100
99Q
9912 100
82
8122
82
81
19 May'29
1612 21
4
- 493 Jan'28
25
IC 25
.
2712 May'29
1612
1612 Sale 1612
193
8
19
16
16
25
-Hiz If 25
25
25
89
4
873 Sale 873
4
Netherlands Os (flat yrices)._1972 M S
1959 A 0
30-year external 6e
New So Wl s f 58
Enerna l(State) ext 591957 F A
Wales
1953 F O
948 A A
Norway 20-year extl 68_f_ 1
A
1065 F D
944 J A
20-year external as
30-year external 633
1952 A 0
40-year s 1 5445
Externals f 58_ _ _ _Mar 151903 m 8
Municipal Bank extlef 64.1967 3 D
Nuremberg (City) °MI 63_1952 F A
O8s10in(kCinitg . ois I as_ _ -1955 M N
u0-year e
3
fund
1946 F A
Extl 8(Rep) t
Panama( f 6e4sI 5445_
ees p
1953 J D
19013 D
Exti a f be ser A __May 15 1963M N
Pernambuco (State of) ext 75 '47 M S
Peru (Republic of)
Esti s I sec 744s (of 1926).1959 8 8
1956 M 14
i
Extl 5 f see 75
Nat Loan extl a f 68
1960J D
Eil f g 68
19614 0
Poland (Rep of) gold as
1940 A 0
Stabilization loan 5 I 7a_.1947 A 0
Ext1 sink fund g 88
1950j 3
Porto Alegre (City of) 85.-1961 J D
EMI guar sink td 740._ .1966 3 3
Queensland (State)anis f 7s 1941 r i)
A A
26
-year external 6a1947
Rio Grande do Sul ext1 a 185_1946 A 0
EMI 8 f 69 temp
19083 D
Extl a f 7s of 1926
1966 M N
Rio de Janeiro 25-Yr 5 f £03
1953 F O
946 A A
EMI of 634s
Rome (City) esti 034,
195 j 0
052 i3 .,
3
Rotterdam (City) extl 68.. _1964 M N
Saarbruecken (City) Os
Sao Paulo(City)8 f 85_Mar 1952 M N
EMI a f 644s of 1927
1967 M N
San Paulo (State) cacti a f 86_ 19 .J .1
950 11 J
36
External sec a f 8s
rn
External a 17, Water L'n.1956 M S
Extle f 6813 int rota
1988J 1
Santa Fe (Prov Arg Rep) 78 1942 ki S
Saxon State Mtg Inet Th.__ _1948 j D
S f g 6448
Dec 19462 0
Seine. Dept of(France)ext175 '42 3 .7
Serbs. Croats & Slovenes 88 '62 M N
Esti sec 70 ser B
Silesian Landowners Assn 68_1947 MN
19 F A
62
Solasons (City of) esti 615_1936 M N
Styria (Prey) mill is _ __ _ _ 19 9 J D
36 F A
4
Sweden 20-year as
External loan 534s
1954 MN
Swiss Confed'n 20-yr a f 8a 1940 J I
Switzerland Goat ext 514s. _1949 A0
Tokyo City be loan of 1912_ _ v
z g
i
Extl f 544s guar
15
Tolima (Dept of) extl 78._ 1947 m N
Trondlaem (City) let 540_1957 M N
Upper Austria (Prov) 75
1945 .1 13
External a I 6 He_ _June 15 1957 J D
940Ai A
6
Uruguay (Republic) ext1 85_ 196 F N
External s f 6s
Venetian Prov Mtg Bank 78-1952 A 0
Vienna (City of) °MI5 1 633_1952 M N
Warsaw (City) external 75_1958 F A
Yokohama (City) ext1 68_1961 1 D
r
Week's
Range or
Last Sala.
9012 9112 9012
10112 Sale 100
91
10112
i‘s
Range
Since
Jan. 1.
Illob
No. Low
98 109 111
48 108 111
g
2 1087 111
7 1074 11011
42 102 104%
4
983 1010
4
52
86% 90
57
99
96
76
94
99
4
9012 98%
5
9012 97%
9814 10158
3
1
15 10154 103 4
27 10104 104
1 100% 103%
1 101 10812
11 108 111
8112 8652
8
92
97%
4
9713 101
22
99%
94
29
92
85
20
941e 9913
954 9814
19
319 1094 115
196 1054 109
120 10434 108
98 10214
1
131 10212 1008
99 11812
2
s
110 c823 87%
5913 100
19 104 107%
9514 99
24
87 4
5
82
9
98 101
31
93
97
12
104%
915 100
8
13
8518 94
9
9814
93
11
9312 9412
3
9912 10112
18
9714
95
49
4
9412 973
235
9612
94
18
9112 9512
12
9018 95%
143
94
90
47
99 4 1021
0
4
184
4
923 1001s
23
924 99%
8
9819 101
76
984 101
52
89%
80
1712 25
100
2
18
.
2711
1
3
6
5
5
64
16
17
153
4
25
25
8715
11
34
1
- 10318 10518
1
_ 991 Apr'29
937 138
8
9112 Sale 9112
917
8 35
91 Sale 91
22
102
10112 Sale 10118
103
46
1023 Sale 102
2
8 10212 55
8
1013 Sale 1013
65
100
100 Sale 9918
95
43
94 Sale 04
903
4 28
894
9014 91
8614 17
8512 8712 8412
102
19
10012 10112 100
9914 22
99 Sale 99
10012 14
9914 102 100
10112 Jan'29 -9318 19
8
923 Sale 9214
90 2
,
9
9012 00
90
10518
90
100
35
84
22%
231
4
221e
374
35%
90%
9512
103
12
103 108
419% 100%
9012 95
0
9012 94 4
100 10314
100 10314
7
100 103 8
987 1011
8
4
9312 97 s
0
8814 96
821e 9011
993 1024
4
94 10114
100 10215
10114 1014
9414
92
95
90
107 10712
99 103
901
9
85
9012
85
8812
74
883
4
81
99
93
10114 106%
9712 102%
1077 113
e
7
102 104 8
105 106
92
86
99%
95
3
9512
9312 99
95
9 105 10612
1053
4
1055 Sale 10514
8
95%
91
66
9412
8
933 Sale 9214
871s QM
113
89
883 Sale 88
4
4
11 1011 1044
10212 103
8
10212 1035
9111
89
2
8612
86
89
4
5 1078 116
109
4
109 Sale 1073
924 984
9612 10
9614 9612
95
8 104 108
10912
104 Sale 104
15 10114 1074
104 Sale 10312 104
97 102
23
100
100 Sale 9818
8711 93 4
1
8918 28
89
884 89
98
95
9612 49
96 Sale 95
95 1094
18
9814
993 97
4
97
874 95
903
4 16
9114 Sale 8914
10612 62 1024 10811
10512 Sale 105
96
88
8 73
893
s
893 Sale 8812
7612 8114
45
7
82
784 01
7018 8 le 7738
818 Sa
84%
75
975 994
1
9914 38
9914 Sale 0838
4
893 94
4
90
914 90
90
4
4
10 1013 1041
10212 Sale 10212 103
100% 10514
104 Sale 10312 105's 21 108 110 4
3
10914 32
10812 10958 103
10012 10514
10312 Sale 10312 105's 126
74% 78%
7514
5
7514
7535 77
85
9012
29
893
8614 Sale 85
8712 92
19
8712
88'x
01
88
961
4
93
95 alay'29_ _7
9044 94
943 98%
4
00
96
90'z 96
85% 893
4
9
893
4
8
8
887 Sale 887
26 10614 1094
108
-___ 107 10614
97 100
70
98
Sale 97
8714 94
9
9012
e12 89
989712
843e 90
12
863
4 48
8612 Sale 8614
8512
, 76
8
2
1
81
4
8014 823 79
92
9614
9378
934 Sale 93
9912 Sale
8614 Sale
86 Sale
7812 Sale
84 Sale
97 Sale
8
103 1057
100 Sale
110 Sale
10212 Sale
i
05 2 s l
1801. Sale
__
10714 Jan'29
9912 13
99
863 123
4
8512
8612 74
8518
7812 14
76
8412 142
8112
56
97
9412
4
7
1023
102
7
9912 101
9
11012
110
10212 21
102
8
0 1 2 28
18014
05 2 18514 21
1
New York Bond Record-Continued--Page
BONDS
N. Y STOCK EXCHANGE.
Week ended June 7.
:11f:
Prtee
Friday
June 7,
Week's
Range or
Last Sale.
Range
Since
Jan, 1,
Ask Low
High No. Low
Rid
High
Railroad
Ala Gt Sou let cons A 5a__1943 J D 100 103 100
1 100 10312
100
1943.1 D 93
1st cons 4e ser B
94
93
94
93 May'29
Alb & Sus(' 1st guar 334s._1946 A 0
83
83 8612
8418 83
1
Alleg & West 1st g gu 48.
1998 A 0
90
9212
9212 Mar'29
Alleg Val gen guar g 4e
1942 M S
91
95
9212 May'29
Ann Arbor 1st g 48_ __July 1995 Q J 72
7512 72 May'29
71
78
Atch Top & S Fer-Gen g 43_1995 A 0 9118 Sale 91
9014 94
91% 60
Registered
Apr'29
92
85
85
Adjustment gold 4s__July 1995 Nov 8512 Sale 84%
8712 23
84% 88
Stamped
July 1995 M N 87 Sale 87
87
2
833 887
8
8
Registered
M N
803 85
4
85 May'29
Cony gold 4s of 1909
1955 J D 8112 _ _
8714 May'28
8714 90
45 of 1905
Cony
1955 J D 90 Sale 88
3
90
87
91
Cony g 4s issue of 1910_ I960
8212
D 8212 Sale 8212
1
81% 90
Cony deb 44s
1948
121 1807 10812 121
D 1173 Sale 117
4
Rocky Mtn Div 1st 4a_ _1965 .1 .1
91% Feb'29
913 92
8
Trans-Con Short L let 48_1958 J J 8812 8912 8912 May'29
8712 93
Cal-Arlz 1st & ref 44s A _1962 M
97%
973 973 9714
4
8
9511 100
4
All Knoxv & Nor 1st g 58..,.1946 J D 99%
Apr'29
103
103 10314
All dr Charl AL lst 44s A.._1944 J .1 967 _
8
93
9618
95
9618
let 30
-year 5s series B
1944 J .1 101%
101 104
103 May'29
Atlantic City 1st cons 4s
1951 J .1 85
84
8712 85 May'29
85
Ail Coast Line 1st cons 48July'52 M S 9012 913 91
92
5
s
8814 93
Registered
M S
9014 Jan'29
9014 9014
General unified 4348
1964 J D 973 98
9912
4
94
97%
9814 44
L & N coll gold 4s_Oct 1952 MN 87
8712 11
873 86
4
91
86
Ail & Day 1st g 48
1948.1 J 6514 6912 69
2
69
65
15
2d 48
1948J J
647 62
8
Apr'29
62
6712
All di Yad 1st guar 45
1949 A 0 81
2
51
83
81
81
81
AuatinA NW 1st gu g 5s
1941 J J
102
96 10314
96 May'29
Bait & Ohio let g 4s____July 1948 A 0
Registered
July 1948 Q J
20
-year cony 44s
1933 M 8
Registered
M S
Refund & gen 55 series A 1995 J D
Registered
.1 D
let gold 58
July 1948 A 0
Ref & gen Os series C
1905 J D
PLE&W Va Sys ref 4s_ 194M_
N
Elouthw Div 1st 58
1950 J J
Tol & Clu Div 1st ref 4e A1959 J J
Ref dr gen 5e series D _ _ _2000 M S
Bangor & Aroostook let 511_1943 J J
Con ref 45
1951
J
Battle Crk & Stur 1st gu 3s 1989 J D
Beech Creek 1st gu g 45_
1936 J J
Registered
j
2d guar g 58
1936J .1
Beech Crk Ext let g 334s ..1951 A 0
Belvidere Del cons gu 334s1943 J J
Big Sandy 1st 4s guar
1944 J D
Bolivia Ity 1st 55
1927 .1 J
Boston & Maine 1st be A C 1967 MS
Boeton NY Air Line let 4s 1955 F A
Bruns & West let gu g 4,3_1938 J J
Buff Roch & Pitts gen g 55_1937
s
Cousol 4 3.48
1957 M N
Burl C R & Nor 1st & coll 58 1934 A 0
Canada Sou cons gu be A_1962 A 0
Canadian Nat 4 Sis_Sept 15 1954 M
-year gold 4tisFeb 16 1930 F A
5
30-year gold 4 34e
1957 J
Gold 4 4s
1968 .7 D
Canadian North deb a I 7s 1940 J D
25-years f cleb 6342
1946 J .1
Registered
10-yr gold 434ii____Feb 15 1935 F A
Canadian Pao Ity 4% deb stock .1 J
Col tr 44s
1946 M
Carb & Shaw let gold 48_
1932 M S
Caro Cent let cons g 48
1949 J
Caro Clinch &0 let 30-yr 5+1_1938 J D
let & con g 68 ser A _ Dec 15'52 J D
Cart & Ad let gu g 48
1981J
Cent Branch U P let g 4s_ _1948 J
Central of Oa 1st gs_Nov 1945 F A
Consol gold 65
1945 M N
Registered
M N
10-year secured Os. _June 1929 .1 D
Ref & sou 545 series 1.1._1959 A 0
Ref & gen 55 scrim' C
1959 A 0
Chatt Div our money g 4s_1951 J D
Mac & Nor Div let g 68......1946 1 J
Mid Ga & Atidly pur m 6s 1947.1 .1
Mobile Div let g 58
1946 .1 J
Cent New Eng 1st gu 4s. _ _1961 .1 J
Central Ohloreorg let 43.45_1930 51 S
Cent ItR & Bluz of Gs coll 5s 1937 M N
Central of NJ gen gold 5e...1987 J .1
1987 Q .1
Registered
1987 J
General 45
1949 F A
Cent Pac 1st ref gu g 4s
F A
Registered
Mtge guar gold 348.Aug19291J D
Through Short List gu 45_1954 A 0
1960 F A
Guaranteed g be
Charleston & Sayn'h 1st 75._1936 J J
Chez & Ohio let con g 5s_.-1939 M N
1939 M N
Registered
1992 M El
General gold 414e
1111 8
Registered
1930 F A
20-year cony 434s
1993 A 0
Ref & impt 4 4s
F A
Registered
Craig Valley 1st 5s _May 1 '40 J J
Potts Creek Isranch let 441_1946 J
R & A Div Int COO g 4s____1989 J .1
1989 J J
2d consol gold 4e
Warm Syringe V 1st g 55_ _1941 M
Champ Corti cony 58 May 15 1947 MN
Chic & Alton RR ref g 3s___1949 A 0
Ctf den stud Oct 1928 lot_________
Railway first lieu 34s___ _1050
Certificates of deposit__________
Chic Burl & Q-111 Div 345_1949
Registered
J
1949.1 .1
Illinois Division 4s
1958 M S
General 4s
M S
Registered
1977 F A
lst& ref 4345ser B
1971 F A
lat & ref 58 Keries A
Chicago & East III 1st 68._ _1934 A 0
& E 111 Ity (nets co) con 58.1951 M N
1982 M N
Chic & Erie 1st gold 58
Chicago Great West 1st 48..1959 51
Chic Ind & Loulsv-Ref 6s 1947 J .1
1947.1 .1
Refunding gold 58
Refunding 4s Series C..- _1947 J .1
1966 MN
1st & gen &seer A
lit & geu 68 eer B___May 1966.1
-year 45_ 1956 ./ J
Chic Ind & Sou 50
_1969 .1 D
Chic 1.13 & East let 4
Ch M & St P gen g 48 A_May 1989 .1 J
Registered
Q J
Gang 534a ser B
May 19881 J
9078
913
4 36
1
89
89
9712 158
9614
98 June'28
72
Sale_
Dec'28
_
Sale 102
10234 10
Sale 1073
4
108% 29
9014 38
91
90
Sale 110012 10112 59
827 8112
s
827
8 25
Sale 100
10012 104
1
102 100
100
2
777 8014
8
8014
____ 6812 Feb'28
9112 Sale
97
100
102
1073
4
9018
1003
4
80
10018
100
77
5612
95
Sale
95 Aug'28
9312 ____ 97 June'28
80 ---- 80 Mar'29
85
83
938 May'29
9414 Sale
--__ 79
9318 9814
9912 100
8512 Sale
_ 100
93%
953
8
78
76
Apr'29
92
9912
99
86
8512
10012 May'29
90
9314
92
89
9512 09
99
1024
ioiE8
.
1073
4
90
99%
8018
99
100
8018
110
94
10312
8514
103
105
8614
--154i2 9
6
80
89
17
5
2
29
1013
4
9318
99
9312
934
11018
11312
1023 10112 May' 9 -4
2
975 925
8
10
94
Sale 977
9914 22
Sale 9212
9514 90
94
Sale 93
55
113 10914
111
17
14
Sale 11212
113%
112 Apr'29
9512 9712 97
97
1
837 Sale 823
8
847 100
8
8
9712 101
97
98
69
9818 Mar'28
_ 80
79% May'29
fig 100
98
99%
3
106 107 106%
107
14
87% May'29
843 85 Mar'29
4
10if2
_ 10112 May'29
9612 - - -12 9814
9
9
9812 22
Jan'29
100
993 May'29
4
100 104 101 May'29
__
9814 9812 9814
9812 73
_
87 Mar'29
102
Jan'29
01
95 100
95 May'29
95
_ 100 Apr'29
__
8012 Sale 79
8012
7
9712
9712 Apr'29
_ it; 9512 May'29
la Sale 108
108 I
3
10814 May'29
89
Feb'29
"8912 eife 891s 891 14
88 Sept'28
99
92 _ 99 May'29
9014 May'29
1003 sale 10014 10112 91
111
1114 Mar'29
10212 1113 1023 May'29
8
---- -- 0214 Dec'28
9612 Sale 96
97
61
98 Mar'29
987 Sale 983
4
9918 88
93% Sale 927
8
94
124
9218 Mar'29
90 10314 00 Apr'29
- _ 89
8812 May'29
_ 85 May'29
/
8114 85
8114
81%
00 Mar'29
99 Sale 96
99
124
6614 6818 66 May'29
6614 69
6614
6614
6614 68
68
6814
17
____ 68
68 May'29
__
8312 Sale 82
8312
17
84
Apr'29
90
93 91% May'29
89% Sale 8912
90
14
913 Sept'28
4
"55 -4 --- 05 May'29
-i 06
10318 104 104
10412
3
100% 106 10114
105
6
793 Sale 793
4
4
8012 55
10218 104 102%
102%
1
67 Sale 6612
67
38
1094
- 1001 May'29
10018 ki:ife 10018
10018
1
8238
92
Jan'29
973 foi 973 May'29 _
4
4
10418 106 10412 10514
5
87
01. 8812 May'29
94 Mar'29 ___
8114 Sale 80
833
4
11
_
80
Apr'29
71
7212 711 May'29 _
.
80
9318
914
76
92
99
8512
100
BONDS
N. Y. STOCK EXCHANGE
Week ended June 7,
3801
ti
Chic Milw & St P (Conauded)Gen 44s series CSlay 1989
J
Registered
Gen 434c series E____May 1989
.1
D
Debentures 4s
1925
Chic 5111w St P & Pac 55___ _1975 FA
Jan 1 2000 A0
Cony adj 5s
Chic & N'west gen g 3tis___1987 MN
Registered
Q F
1987 MN
General 45
Registered
Q F
Stud 45 non-p ieO 10 tax '87 MN
Gen 048 stud Fed Inc tax.. 1987 M N
Gen 58 stud Fed Inc tax. _1987 MN
MN
Registered
Slaking fund 6s
1879-1929 AO
A0
Registered
1879-1929 A0
Sinking fund Is
AO
Registered
1933 MN
Sinking fund deb 58
MN
Registered
1930 3D
10
-year secured g 7s
15
-year secured g 634s.l936 M
May 2037 3D
1st ref g 55
Slay 2037 3D
1st & ref 434s
Chic R I dr P Railway gen 4 1988 J J
8
3J
Registered
1934 A0
Refunding gold 4s
A0
Registered
1952 MS
Secured 4348 series A
Ch St L & 740 Stem Div 45_1951 Jo
D
June 15 1951
Gold 55
3D
Registered
June 15 1951 1 I)
Gold 334€
3D
Registered
Ch St L & P let cones 68_1932 AO
A0
Registered
D
Chic St PM & 0 cons 6s___1930
Cons 6s reduced to 34s___1930 3D
1930 M
Debenture 5e
MS
Stamped
Chic T 11 & So East let 58_ _1960 JO
Dec 1 1960 M S
Inc gu Se
Chic Un Sta'n 1st gu 44s A1963 J
j
1963
let 58 series B
1944 Jo
Guaranteed g 55
1963 J J
1st guar 634s scrim C
M
Chic & West Ind gen 6s Dec 1932
1952 J
Consol 50-year 4e
1962 751 S
1st ref 5342 series A
Choc Okla & Gulf cons 58....-1952 MN
1937 J
CM H & D 2d gold 4.14s
C I St L & C let g 4s_Aug 2 1936 Q F
Registered
Aug 2 1936 Q F
Cm n Lob & Nor let con gu 48 1942 MN
99
8112 Clearfield XI Slab let gu 50_1943 .1
9512 Cleve Cin Ch dr St L gen 45.._1993 JD
1931 J J
20-year deb 44s
10012
927
8
1993 3D
General 55 series B
.1
Ref & impt Os series A ..1929
102
1941 j
Ref & impt 65 ser C
4
10112 1068
1963 J J
Ref & impt is ser D
92% 963
4
'3
1939
Cairo Div let gold 45
Cin W& M Div 1st g 42-1991 J J
973 993
4
4
92
96
St L Div 1st coll tr g g 45
-1990 MN
92
94
1940 M S
Spr & Col Div let g 48
108% 113
1940 J J
W W Val Dly 1st g 4e
11212 11612
1977 .1 J
Ref & !mut 434,ser E
112 113
1934
'3
CCCdr I gen cons g 6s
961, 99
Clev Lor & W con 1st g 58_ 1933 A0
1501% 86
Cleve dr Mahon Val g 5s_1938 J J
96
99
CIA Mar 1st gu g 434s...._1935 MN
Cleve & P gen gu 4 34s ser 13_1942 A0
7914 Ko-i;
1942 J J
Series A 430
98 10112
1943 MN
Series C 330_
106 109
1950 FA
Series I) 3%a
873 87% Cleve Shor Line 1st gu 4 tis..1961 A 0
4
84% 95
Cleve Union Term 1st 545 1972 A 0
101% 10212
A0
Registered
9814 103
1973 A 0
lstefseserl3
100 100
1st s f guar 44s ser C
1977 A 0
914 100%
9
993 10512 Coal River Ry let gu 45
4
19453 D
981410112 Colorado & South 1st g 4s_1929 F A
87
87
Refunding & exten 4 4s.. 1935 M N
101 101
Col & 11 V let ext g 4s
1948 A 0
95
95
Col & Tol 1st ext 4s
1955 F A
99% 10018 Conn & Passum Riv 1st 45_1943 A 0
79
84
Consol Ry deb 45
1930 F A
97
9914
Non-cony 45
19541
Non-cony deb 4e_J&J 1955
95
9914
J
1073 1 11%
8
Non-cony deb 4s,. A&0 1955 A 0
A&O
107 1093
8
Non-cony debenture 4_1950J J
89 89
Cuba Nor Ry lstSS4s
19423 D
8918 93
Cuba RR let 50-year is g.._1952 J .1
let ref 734s series A
1936.1 D
-55"
1st lien & ref 68 ser 13
19363 0
9014 9144
99% 103
Day & Mich 1st cone 4 48._1931 .1 J
Del & Hudson 1st & ref 4s
1943 M N
111% 113
• 30-year cony 5s
1935 A 0
101% 10412
15-year 545
1937 M N
1930 1 D
10-year secured 7s
94i2 160 4 D RIt dr Bldge 1st gu g 4s
- -11936 F A
9214 98
Den & RO 1st cons g 4e___ _1936 J .1
9812 99%
19363 J
Consol gold 44s
90% 953 Den & R (I West gen 58_ Aug 1955 M N
8
9218 9218
Ref & Impt fe ser B Apr 1978 MN
.7
1935
9984 10012 Des M & Ft D 1st gu 4s
88% 8312
Temporary ctfs of depotilt.....
83
86% Des Plaines Val let gen 4 3.48,1921
81
136
19953 D
Det & Mac 1st lien g 41
100 100
1995 .1 D
Gold 4s
96 10)
12 Detroit River Tunnel 434s_1061 M N
6
70s Dui Miasabe & Nor gen 50_1941 J J
65% 69
1937 A 0
Dul & Iron Range let 5s
A 0
6614 71
Registered
67
71
Dul Sou Shore & Atl g 5s____1937 J J
82
86
East Ry Minn Nor Div lot 48'48 A 0
EastTVa&OaDlvgSS..,.,I93OJ J
84
84
1956 M N
Cons 1st gold 55
90% 94
8912 9312 Elgin Joliet & East 1st g 5e 1941 MN
1965 A 0
El Paso & SW let 68
95
99'j
10118 106
Erie 1st consol gold 7s ext. _1930 M
10118 106
1996 J J
let cons g 4e prior
79% 8518
1996 3 J
Registered
1996 J .7
let consol gen lien g 4s
99% 106
1996 .1 .1
8
Registered
6613 697
1951 F A
10018 113%
Fenn coil trust gold 45
100 108
50-year cony 48 series A...1953 A 0
92
1953 A 0
92
Series 13
95 10314
1953 A 0
Gen cony 45 series D
103 10812
1907 M N
Ref & impt 5s
873
8 94%
Erie & Jersey 1st f 65.- 1955,J J
94
94
Genessee River 1st f 5s_ _1957'1 J
SO
863 Erie di Pitts gu g 334€ ser B_1940 .1 1
4
19401 J
80
80
SerieeC33.4s
71% 75
19541M N
Est RR ext1 ef7s
Price
Friday
June 7.
Week's
Range or
Lasi Sale.
Bid
91
Ask Low
High
94% 92 May'29
100 May'28
9114 92 4 91
1
9214
817 Feb'28
8
907 Sale 89%
8
91
7112 Sale 693
4
72%
7314 Sale 72
7314
7712 Oct'28
87 Sale 85%
87
_
84
Apr'29
86
88
86 May'29
9714 -- -- 0612 Oct'28
105% 107
05% May'29
01
Apr'29
993 100% 9912
4
9912
10014 Oct'28
9912 100
993
8
99%
99 Mar'29
9914
9914
1003 Jan'29
4
10112 Sale 101
10112
10712 10812 10712 10712
10214 Sale 10112 10214
9212 9314 91
91
87
87 Sale 8514
8814 Dec'28
_
9312 Sale 9214
933
4
923 Jan'29
4
903 Sale 9014
8
90%
8218 8712 87 May'29
102 10412 10412 Mar'29
Apr'28
107
72
8412 Jan'28
Apr'29
78
98 100 100
Apr'29
1015s June'28
9912 10018 9912 1001s
963 _ _
4
9.53 May'29
4
96 Sale 96
96 12
9814 Mar'29
9514 97
98
98
8914
8814 Sale 87
963 sale 963
4
4
96%
10112 Sale 10112 101%
101% 103% 101
10212
114 115 11451 May'29
10114 Feb'29
85
8512 85
85
1025 103 102%
8
103
9912 Sale 9912
9912
90
93 Mar'29
95
95
96% 95
Oct'28
97
9014 - _ 95 May'29
‘...! •
Range
Since
Jan, 1,
No. Low
92
22
276
444
4
15
1
4
21
6
26
10
31
122
63
"in"
80
High
95 4
1
06
72
94
80
8012
85
84
86
gins
84
90
14
1(135g 10054
101 101
99 1004
9814
99
9914
1005
4
10018
10718
10112
9012
8518
1001,
99
10114
1003
4
103
11114
10558
973
4
89
92e
9234
86
84%
10312
95
92%
954
1118
105
9912 101
42
_
24
5
17
4
8
12
12
2
_
3
981, 101
953 97
4
96 101
994 9912
91 10012
9212
85
963 1004
4
101 10412
100 10212
112 116%
10114 10114
844 8914
101 105
9912 10113
93
94%
P412 964
81
VMS
-giis
91
994
112
1017
2
1054
10312
9312
92
854
924
9812
_ 100 July'28
87:18 If 87% 8738
97% Sale 9714
97%
10412 108 1035 May'29
8
99% Sale 9958
993
4
105
__
105 May'29
10114 Sale 10114
10112
--__ 9412 93 May'28
82
85
82 May'29
86
88
86 May'29
9012 94
92% Mar'29
Oct'28
--__ 95
90
91% 943 943 May'29
4
4
1003 104 1005 May'29
8
8
9712 100
9712
9712
96%
Oct'28
100
9512 98
9614 Apr'29
96
99 1003 Niar'28
4
96 100
98 May'29
8518 May'29
8512 87
____ 90
89% Jan'29
96 Sale 96
96
105% Sale 1057
8
10612
Oct'28
107
10214 Sale 102
1023
4
76
763 96 May'29
4
8312 May'29
99% Jan'29
9612 9712 9612
9612
8812 Apr'29
9112 Mar'29
Apr'29
88
9418
9412 Mar'29
6618 70
70 May'29
6618 70
67 May'29
6618 __ 76 Nov'28
Jan'29
_ _ 83% 73
82
82 Sale 8012
90
8712 Sale 8712
9912 102
9912 100
93
0214 93
91
2
7
5
2
_
9 4
53
-_-86
97
104,
98
18
9812
9912 97 May'29
91
89%
89%
10214
10214
103
1023- 102
- 4
Sale 10118
101 12
9614 Aug'28
89
- -12 8812
88
91
91%
91%
9214
Sale 9118
8914 87%
8814
39
30% Apr'29
27
25% May'29
9812 92% Feb'29
79
Apr'28
75
75
75 May'29
971 07 May'29
4
10314 Mar'29
99 May'29
------ 10012 May'28
80
78 May'29
0414 9312 Feb'29
Sale 97
100
Sale 104
10418
100
100 100
100 May'29
10151 Sale 101%
8118
8118 82
79%
78 Sale 7518
71%
11711 12 105 . 102
81
8212 80
81 Sale 81
8112 Sale 8112
937 Sale 93
11112 Sale 11112
107 1083 107
4
102
8812
8812 ____ 8818
103 Sale 103
93
98
100% 10412
9712 1014
-96-
1
5
53
- 964
07
851a
89%
96
105%
aiies
8518
89 4
3
993
4
109
1011
10514
101
96
8418 90
9714
89%
10214
102
10112
89
883
8
9014
9214
8814
2,514
23
925
8
_
I
96%
97
10312
9912
1024
98
93
80
85
924
1
__
52
14
10
1
10
5
10
56
1
52
54
6
2
3
10151 31
82
9
Mar'29
19
78
May'29
102
7
813
8
8112 15
8112
1
94
176
11112
107
6
Feb'28
Jan'29
10351 56
85
994
9512
8812
902
88
9412
6734
67
90%
994
9712
91
9112
90
9412
75
72
73
8011 934
8712 96
991, 106
9012 98
97
89
97
100
1001g
9812
9412
1044
105
10314
88
8912
903
4
86%
25
251s
923
8
75
75
9618
1023
4
99
923
4
9412
98
93%
40
36
92 8
3
7614
75
we%
10314
1014
74
934
97
10312
99
100
8114
94
100
105 4
2
105
10514
100 104
8012 754
79% 814
743 8011
4
714 73%
1004 102
7814 6412
7142 8414
794 82
9112 97
10611 11112
1064 112
Ws 881*
10114 105
New York Bond Record—Continued—Page 3
3802
BONDS
N. Y. STOCK EXCHANGE
Week ended June 7.
11 •
••t
Price
Friday
June 7.
Week's
Range or
Last Sale
Range
Since
Jan,1.
?. •
c,f4
1105
HISS No. Low
Rid
Ask Low
.• 1 - - 98
98
98
98 Apr'29
111a Cent & Pen let ext g 56_1930
93% 9914
9512
let consol gold be__ ______ 1943 J J oi
9513
94
91
3
91
Florida East Coast let 450_1959 J D 91
92
91
80
74
11
75
let & ref 66 series A
1974 90 S 74 Sale 74
2513 50
6
35
33
FondaJohns & Cloy lst 4tie 1952 MN 3212 34
94
94
Fort St II D Co 1st g 434s_ _1941• J
04 Nov'29
10614 10714
Ft W & Den C 1st e 5 S4s
1961 J O
- .166 10614 Apr'29
102 1034
Pram Elk & Mo Val let 6e 1933 AO 102 104 1021s May'29
961, 100
9512
9
1931 MN 97 100
96%
0 11 ASAM&P lat be
9612 100
2
29 °atone Is guar
1031 J
9912
- 9612
0912
96 100
Gal, Hone & Head let 5s
1933 AO
96 May'
29
86
5
85
Ga & Ala Ry 1st cone be Oct 1945 .3.3 86
86
8
857
89
9418 99
Oa Caro & Nor let gu g 58. 1929
9914 9912 99 May'29
8
7312 78,
Georgia Midland lit 38
1946 * 0
4
_ 733 74 May'29
9512
5
9512 97
9512
Or R & text let go g 4 tia_1941 3'
12 10814 113
Grand Trunk of Can deb 68_1940 AO 110R8 113 11012 111
-- -104% 24 103 106
-year 5 1 65
15
1936 90 S 104% Sale 104
97
97
Grays Point Term let 5s
1947 J O 9418
97 Apr'29
Great Nor gen 7e series A. A936 J
J J
Registered
1st & ref 4;2 s series A ____1961 J J
Gene:al 534eseries B____1952 .11
'.1el.eru:95 series C
1973'.3
General 4145 series D
1976 j
General 434s series E
1977
Green Bay & West deb Ms A___ _ Feb
Feb
Debentures Ws B
greenbrier Ity let et] 4a____1940 90 N
Gulf Mob & Nor 1st 53.2s__1950 AO
lot NI 66 serlee C
1950 AO
Gulf dr S I let ref & ter g 56_61952 J J
Hocking Val let cone g 4348_1999 J J
Registered
1999 J J
Housatonic Ry cone g be_
I937 MN
H & T C let g 58 int guar_ _1937 .1 .1
Waco A NW dlv lat 6s_ _ 1930 MN
Houaton Belt & Term lit 5e_1937 J J
Houston RAW Tex leg 56_1933 MN
let guar 58 red
1933 M N
Had & Manhat let 55 ser A1957 F A
Arfieetment income be Feb 1967 A 0
123
10912 Sale 10812 110
109 Apr'29
4
934 943 02 May'29
10612
106 10612 106
31
4
1023 Sale 10112 103
9312 904 92 May'29
92 May'29
92% 95
85 85 Oct'28
81
22 May'29
25
22
9114 Mar'29
9134-.
29
8
-100 1017 9934 May'
2
97
97 Sale 97
8
104' Mar'29
101
oo
8- ;
945 f -3 94% May'29
1024 Mar'28
_ 9674 97 May'29
102 May'29
102
10014 Mar'29
10012 gale 99% 10012 35
_ 09 Mar'29
812
9
95
95-- - 9812 Feb'29
21
91
91 Sale 8912
4 40
753
7514 Sale 75
J
Illinois Central 1st gold 4a
1961
J
Registered
lot gold 3426
J
Registered
Extended let gold 330_1951 A 0
let gold 38 sterling
1961 M
Collateral trust gold 40.._ _1952 A 0
M N
Registered
let refunding 45
1955 M N
Purchased lino] 3345
1952
J
J
Registered
Collateral trust gold 46___1953 M N
M N
Registered
Refunding be
1955 M N
J J
15
-year secured Otis g__
40
-year 4% e
Aug1 1966 F A
Cairo Bridge gold 46
1950.3
Litchfield Div let gold 35.1961 .1 J
Louise DIv & Term g 34281953 J J
1951 F A
Omaha Div let gold 3a
It Louie Div A Term g 3a_1951 J
4
1951 J .1
Gold 34221
Registered
Springfield Div let j 3;0_1951 J J
Western Lines let g 4a___ _1951 F A
F A
Registered
Meant and Chic StL&N()—
Joint let ref 5/1 Belles A_ __1963 JO
lit & ref 4 lie series C___1963 J O
90
90
95 May'
28
8
813 Mar'29
84 Nov'28
8318 Apr'29
7414 Mar'29
8914
8812
Oct'28
87
903
8
8
903 Sale 903
s
707 81% 80 May'29
___V 87 Nov'28
85
844 Sale 8418
9014 May'28
29
jo2i8 foi 10512 May'
10712 1084 10711 1084
9712
97 Sale I 98
8514 9412 90 Mar'29
72 Apr'29
76
73
s
873 Mar'29
81
79
7212 754 7412 Mar'29
-. 763 Oct'28
8
79--13 80 May'29
7118 8 8
784 Oct'28
__ 88 Dec'28
80
9012 Apr'29
91
88
92 Apr'28
nod Bloom & Weal let ext de 1940 A0
Lad Ill & Iowa let g 4e
1960 J J
lad & Louisville let itu 4o__..1958 • J
lad Union Ill gen Se ser A 1965• J
Gen A ref 65 series B
1965'.3
1•1 & Ort Nor 1st 6s aer A
1952 J
Adjustment 66 ser A July 1952
Stamped
lot 5a series B
1956
lot g 543 series C
1956 J J
1972 MN
Oat Rye Cent Amer let es
let coil tr 6% notes__ _1941 MN
let lien & ref 6 34s
1947 FA
Iowa Central let gold 5e_ _ _1938• D
Certificates of depoeli
1951 MB
Refunding gold 4s
Janes Frank & Clear let 44_1959 J D
Kan A& G It lat gu g 5a
1928.3'
1900 * 0
Kaa & 51 1st gu g 46
90
Sale
1Due Feb. 1.
22
9114
99
97
1044
94
29'a
9114
106
99
108
99
97
102
19014
4
983
98,2
974
8912
724
1
;
Vi
10214
102
100
99
1024
98
84%
91
9514
-815F8
84
-_
85
-81.- 7118 ---_
88% 8912
80
8318 834
4
4
74, 74,
86% 93%
7
8912 92 s
83%
80
19
7
6:3
84
91
102
107
1/6
86
714
81
74
4
1053
111%
10012
90
7514
8458
7413
.12
tio- 16
--
4
1003 Sale 1004
9412 95 9412
10114
9412
91 Nov'28
8714
8714
85
85
102 Mar'29
103 Mar'29
103
8
1007
8914
86
7712 Feb'28
94
9513 94
94
934
933 9212
93
72
72
734 76
91
8
905 914 90
,
96 4
9618 Sale 944
8
407 40 May'29
35
38
38
48
38
1112 1312 12 May'29
92 May'29
92
81
14
98100 Apr'29
8112 gale
,
81 2
8112
8714
__
97
97
10212
89
__
89
-87
8
1003
103
sole
Sale
9312
K C Ft B & M Ry ref g 48 1936 AO 92 Sale 92
KC&M R&D let gu 56_ _1929 AO 98 2
-- 9818 May'29
,
7414
Kan City Sou let gold 3/3_ 1950 AO 74 Sale 7312
96%
4
8
Apr 1950
Ref & impt be
963 Sale 943
86
Kansas City Term let 48_ _1960 J J 86 Sale 85
4
Kentucky Central gold 4s. _ 1987 J
8
897 883 May'29
Jan'29
Kentucky & Ind Term 434e 1901 J J _874 95
J 87
87
1961
Stamped
87
go
19131 J J
91 May'29
Plain
91
98 May'29
Lake Fee & West let g be._ 1937 J J
9818 100
1941 J
2d gold be
9612 99 110 Feb'29
4
753
Lake Sh & Mich So it 340_1997 JD 7614 8012 7534
7812 May'29
1997 • D
78
Reglittered
e
973
193 I MN 9714 Sale 97
-year gold 4e
25
MN
9934 Apr'28
Registered
Leb Val Harbor Term gu 56_1954 FA 103 105 103 May'29
Leh Val N Y let gu g 41.2s. _1940 J J
97% 96 May'29
8412
8412
Lehigh Val(Pa) cons g 4e___2003 MN 8412 85
Jan'29
MN
88
Registered
9512
94
General cone 4 lie
2003 MN 96
97
MN
99 Nov'28
Registered
Lehi Valley RR gen 58 series 2003 MN
Leh V Term By let eu g 5e_ _1941 A 0
A 0
Registered
Leb & N Y let guar gold 48_1946 NI S
Leo A East let 90-yr be go _ _1965 A 0
Little Miami gen is series A.1962 NI N
1935 A 0
Long Dock consol g 68
Long laid let con gold 5sJuly1931 ca J
let coneol gold 48_ ___July 1931 Q J
1938 J D
General gold 4e
1932 .1 D
Gold 48
1949 M 8
Unified gold 48
1934 .1 D
Debenture gold 56
30
-year p m deb lis
1937 M N
1949 6I S
Guar ref gold 4s
Nor Sh B let con go 5e_Oct'32 Q J
Lou & Jeff Bdge Co gd g 46_1945 M 8
Louleville & Nashville 56_1937 M N
1940.3 J
Unified gold 4e
J 1
Registered
Collateral trust good 66 .1931 MN
-year sec 7s_ _ May 15 1930 MN
10
let refund 5346 aeries A _ _2003 A 0
2
8
10812 1125
109 109
98
92
10413 109%
10018 104%
9714
92
97%
92
-12
10
20
17
100 10514
944 974
10
1
8714
8412
102
103
10014
85
_
924
881,
103
103
10612
96
-91C2
91
72
90
93
40
34
102
85
9914
8112
Ids;
9512
82
96%
9853
51
514
20
92
10014
8412
59
69
9
10
1
16
32
2
3
12
_
27
52
35
2
_
1
49
1
5
4
105
10418 105 105
100 10212 99% May'29
8
- 1037 Feb'28
Oct'28 _
90
90
4
2
inii solo 10412 105
8612 Dec'28
101 107 10212 May'29 _ _ _ _
4
973 100
98 May'
29
97--V. 100 Feb'29
9212 Feb'29
9912 Dec'28
84 - 29 - 8
84 8814 May'
1
96
96 Sale 96
____ 95 9812 May'29
3
85
85
8514 87
99
9912 89 May'29
8512 87% 90 May'29 - - Apr'29 _ _ _
101 102
9212 27
9218 9212 92
9314 May'29
_
-98 100 100 May'29
8
1007 Sale 10012 10118 22
5
105
104 105 4 105
,
BONDS
N. Y. STOCK EXCHANGE.
Week ended June 7.
•
cu
Price
Friday
June 7,
Week's
Range or
Last Sale.
CC1,
Range
Sinell
Jan, 1.
E1158
High No. Low
Ask Low
SO
Louisville di Nash v (Cencluaed)—
2
2 10112 1057
A..0
A0 10112 103 10112 1014
lat & ref be ecriee P.
99
97
5
97
let At ref 4346 serlea C,.200323
97 Sale 97
9934 101
1
100
19303 .1 100 'Sale 100
N O& M let gold tie
100 1001.8
9912 __ __ 100 Apr'29
2d gold 6s
8
90, 914
6F j
49
Paducah & Mem Div 4 1 93 .1 A
9018 Mar'29
61
2
674
61
St Louie Div 29 gold 36_1980 M S 62 - - - 61
63
& Monte lst g 4 tis 1945 M S 96 100 100 Sept'28
Mob
891,
84
1
844
South By joint Monon 45.1952 J 1 8442 Sale 8412
92
89
3
90
Atl Knoxv & Cin Div 45_ _1055 M N 8812 8912 89
07
MN 97
9913
Louie/ Cin & Lea Div g 4;0'31
97 Mar'29
98
100 100
Mahon Coal RR let be
1934 J J
_ 100 May'29
734 75
2
Manila RR (South Lineal 48.1939 M N 7412 Sale 7412
7412
77 •
69
let ext 48
60 69 May'29
_
934 J N
984 10012
Nlaultoba S W Coloniza'n be 1959 M D 9914
99 Mar'29
Man GBANW Ist 330_ _1941 '.3
Mich Cent Del St Bay City 55_'31 MS
Q NI
Registered
1940 1
Mich Air Line 48
J J
Registered
1952 MN
let gold 35.2a
1929 * 0
20-year debenture 48
*0
Registered
1940 A0
Mid of N J Ist ext be
MM./ L S & West Imp g 58.1929 FA
D
Mil & Nor latest 4 t28(1880) 1934
Cons ext 434e (1884).,_1934 J D
Mil Spar & N W 1st go 46_1947 MS
Mile A State Line 1st 3340_1941 J J
Minn & St Louie let cone 58_1934 SIN
Temp etfe of depoelt _ 1934 MN
1949 M
let A refunding gold 4s
Ref & ext 50-yr be Her A 1962 Q F
Certificates of deposit
M St PASSM con g 45 intgu'38 J J
19314 J 1
Ist cone be
1038.3,
let cons 68 gu as to Int
itt._ 1931 MS
10-year coll trust 6 ,
1946 J J
let & ref 6s series A
1949 MS
25
-year 5340
N
let Chicago Terms 14e_ _ _1941
MIselssilviCentral let Se_ _1949 J J
Mo Kan & Tex let gold 4s. _1990 3D
Mo-K-T RR pr lien be ser A_1962'.3
1962'.3
40-year is ilerles B
1978 J J
Prior Ilen 4 lie pier D
Cum adjust Si ser A _Jan 1967 A0
Nlo Pac let ref be ser A _ I966 FA
1975 MS
General 44
1977 MS
let & ref be merles F
1978 MN
let & ref g 58 ser G
N
1949
Cony gold 5348
Mo Pac 3d 7s ext at 4% July 1938 MN
_1945 J J
Mob A Blr prior Ilen g
3.3
Small
1945 J J
1st M gold 44
1945 J J
Small
Mobile A Ohio gen gold 4e_ _ 1938 MS
Montgomery Div let g 56.1947 FA
1977 NI S
Ref & 1111Pt 4 lie
Mob A Mar let gu gold 421_ _1991 MS
1937 J J
Nlont C let ell 65
1937 J J
let guar gold be
D
Morrie & Essex 1st gu 3345_ _2000
8612 864
8612 May'29
,
85 8 90
9912 100
100 ____ 100 May'29
10034 Apr'28
-92f4 93
91%
9214 Apr'29
9214 July'28 __
814
8212 „... 8212 Apr'29
803, __
8
993 995
4
0934 Mar'29
_
Oct'28
99
931
611- 2 94 Mien
_
99,2 994
9912 Jan'29
06
96
_
Wofi 06 Feb'29
94
95
94
____ 9313 94 May'29
8812 92
8812 Sale 8812
8812
90 Apr'28
60
_
464 50
50 May'29
4612 5314
_
4612 50
4612 May'29
s
19, 35
52
23
23
2212
22
8
155 2014
2
2014
2012 21
2014
894
19
16
2
19
19
19
MS
8212 855s 87 May'29 8
947
8
____ 947 9478
4% 94
9374 99
4
95
_ _ 05
9478
9714 101
10014 33
99 1ooli 99
993 9814 May'
_
29
1
88
88 Sale 88
2
93: 9084
9998 4 19821
- 9312 Jan'29
841
_
99%
go
9614 96 May'29
95 48112 86
82% 12
8
827 834 82%
4
963 102
99
64
99 Sale 9688
86%
81
8
8253
8
9814 99 815
941s
89
9014 11
9014 Sale 9014
105 Sale 10212 1054 51 10112 10712
95.g 101%
24
98
9714 Sale 9634
77
70
7212 150
72 Sale 71
9311 9918
9714 110
9714 Sale 9514
9418 100
,
96 4 93
954 Sale 958
8
8 1097e 1304 101 1097
4
1083 Sale 1067
8
8912 917
2
4
00,
9014 Sale 9014
99 100
Apr'29 _
9914 101 100
1
99 100
9913 99 Feb'29
98
86
4
883 Apr'29
89
85
85 May'29
1
/
914 934
93 MitY'29
-8112 94
99 100
9918
100 May'
29
go
971s
9312 25
934 Sale 9312
8
835 87
1
87
87
83
87
106 106
103 108 106 Apr'29
3
00 4 101
95 100 1003 Apr'29
4
7112 804
76
50
8
755 Sale 7112
8 ,AChatt A t g Ag
Na41) A s ig t :tu L es eer A_1978 F A
1957 F A
Nat lty of Mel pr lien 448.1937 J.1
July 1914 coupon on
j
19 7
Assent cash war rct No 4 r
Guar 70
-year s f 48
Assent moll war rct No 5 on
Nat Itit Nlex pr lien 4 tie Oct'28
Assent cashwar rct No 4 on
1st
19511
Assent cash war rct No 40 1
Naugatuck tilt let g te_ _ _ _1954
J
New England RR Cone 58_ 1945.3_
Consol guar 45
8
1 9 6F j
J June RR guar let 4a_ _ _ _1945*1 A
J
NO& NE let ref &Imp 4146A'52
Now Orleans Term let 4e_ _1953 J J
N O Tu ge r a 172 n-c Inc 58.1935 A 0
igt exa tN1
54
9 A
1 956 F O
1st 58 Belles('
6
954 A A
195 F 0
1st 4 48 seriee D
1st blis series A
N & C Bdge gen guar 4 tie_ _1945 J J
N Y B&
14 let con g 5s_ _1935 A 0
N
N Y Ik. niterRdeonv deb 6._1935
g
Ce is R e
M N
1998 F A
Consol 48 series A
Ref &'mot 4 Hs aeries A_ _2013 A 0
Ref & impt 66 series C___ _2013 A 0
A 0
Registered
9812
16
9111 Sale
6
12
1634 21
712
-8
935
3
553
9312
914
98
8818
4
1023
8
-
674
- -9412
93%
10014
00
Sale
_
1(1 95- 0
104 Sale
---
7
8914 90 8
4
893 May'29
99 102
99 May'
29
18 July'28
_
4
183 July'28
914 10
9
8712 Aug'28
-Cis;
1212 May'29
3512 july'27
18', 221i
1612
10
18
22 Apr'28
7i 1111
8
14
Oct'28
86
997,
96
99 May' _ _
29
85%
82
82 May'29
88
58
__
Mar'29
88
93
974
9312 May'29 _ _
3
4
873
87%
3, 85 8 91
90 100
3
90
90
s
90, 1.004
3
901s
9018
98 101
08 May'29
8812 96
8812 May'29
__
8
10112 102% 15 10018 105,
944 95%
9512 May' -29
9512 97
8
967 May'
29 - 10512 16 10214 108
104
_ 106 106
Jan'29
106
s
897
86
8712 18
87
9612 1004
971s 24
9612
4
1024 10314 37 1013 1074
106 Mar'28
ii gale
9312
9612 Sale
9912
10314 Sale
76
99%
8214
77
9012 NY Cent & Bud Rh M 334s 1997 .1
,
78 8 22
,
78 Sale 77
771s 7811
__
8
907
1997 J
Registered
7412 May'28
7312 76
93% 97%
7
95
1934 MN 954 Sale 95%
Debenture gold 45
95
95
95
Jan'29
MN
90
Registered
95
954
90
95
30
1042 ▪ J -90i4 07
-year debenture 45
901s May'.
29
7414 8141
4
764
101
Lake Shore coil gold 3t25_1998 FA 7614 Sale 7524
4
7
7414
Mar'29
10u
FA
199/4
Registered
7418
80
73
73'8 7954
74
74
Mich Cent coil gold 330..1998 FA
74
8112
78
73
2
73
199)1 FA 73
Registered
73
78
7812
9112 96
9314 May'
29 - 9912 NY Chic & St L 1st g 46_1937 AO
3
9018 90,
1
001s
l
Registered
1937 AO 93% S9l41 9018
90 S ace
get, 98%
51
MN 964 Sale 965
97
1051A
8
25-year debenture 4.6
1931
102
9512 993
2d Os series A B C
4
1931 MN 10053 Sale 10018 1004 10 10013 1024
10512 26 10414 10714
114
8814
Refunding 5148 series A_ _1974 A0
10434
8 11 105 107
86
8 1053
88
Refunding 534s sedan B_.1975 J J 195 1019 1053
5
05% Sa 12
954
91
9312 22
S 9234 9312 91
924 100
Ref 434s serial C
1978
4
931.
9713
93
19
N Y Connect let el 434s A1953 FA
93
9918 1024
let guar be aeries 14
1963 FA 101% 10612 10012 May'29
92
94
_
90
90
10133 10714 N Y 34 Erie 1st ext gold 4t._1941 MN 89
90 Apr'29
994 10312
3d eat gold 4 tis
- . 9812 Mar'28
100
1933 M
-65 100
4th ext gold be
1930 AO 973 100 100 Apr'29
4
94% 98
NY & Greenw L gu g 54.._1946 MN 90
95 Mar'29 _ __
_ _
83
83
10112 lO87s N Y & Harlem gold 330._ _2000 MN 77
____ 83 Mar'29
MN 75 .._
Registered
8518 Apr'28
;
11:101
_
1041, N Y Lack A W 1st & ref gu be'73 MN 100 .._ — 10018 Feb'29
10212
18
96 116)
4
973 10114
let & ref gu 4 tie eon
1973 MN
96 Apr'29
NY LEA W let 78 ext_ _1930 MS 100
97 100
_ 104 Feb'28
94
N Y & Jersey 1st be
90
29 - - 1932 FA
97 May'
N I' & N E Boat Term 4e
1939 * 0
90 Mar'28 _ _
90' N Y N II A H n-c deb 48_ _ _1947 MS 7718 85
88
29
79 May' -4
771
75
96
96 100
Non-cone debenture 330_1947 M
8
757 75 May'29
73
7014 75
3
71
993
88
3
74
71
Non-conv debenture 3145.1954 * 0 71
841s
74
85
9132
.1 78
Non-cony debenture 48_ _1965
80
78 morn ____
8418
76
77l2 15
98 100
Non-cone debenture 4a_. _1958 MN 7618 78
7614
4
683 75
71
8413 ((0
4
Cony debenture 34,
70
1966 ▪ J 7014 71
! Cony debenture 65
12318 235 116 126
10014 1021
1948'.3 123 Sale 1208
10 115 119
02
.
952
118
1
118
Registered
9314 9314
Collateral trust fla
1940 A0 10412 5i510 1034 10412 25 102 10512
704 7
3
9
75
951A imp,
Debenture 4a
1957 MN 75 Sale 7212
924
85
67
87
let A ref 434e ear 01 1927.1967 JO 87 Sale 8614
10013 105
i104
88
2
88
10014 1072
Harlem It ,t Pt Chile 1st 4s 1954 MN 88 Sale 88
4
89
98
70
94%
85
8814
95
87
9072
98
99
4
733
5
753
963
s
New York Bond Record-Continued-Page 4
BONDS
N. Y STOCK EXCHANGE
Week ended June 7.
Price
Friday
June 7.
14 ek's
Range or
Last Sale.
KIn
Range
Since
Jan.1.
BONDS
N. Y STOCK EXCHANGE
Week ended June 7.
t4
3803
Price
Friday
June 7.
Week's
Range or
Last Sale
4;
g
04 ,
-
Bid
.4 ak Low
High No, Low
IligA
1101
A Nk I,ow
filoh No
N Y 0& W ref 1st g 45_June 1992 MS 653 Sale 6534
4
66
3
653 743 St Louis & San Fr RY gen 6e- 1931 33 100 Sale 100
4
4
2
100
Reg 55,000 only_ _June 1992 MS
70
Apr'28
General gold Ss
1931 J J 99
2
100
9912 99
3D
General 4s
1955
6112 6012
61
3
60
7114 St L Peor & N W 1st gu 56- 1948 J
100 103% 10012 May'29 -NY Providence & Boston 45 1942 AO 9018
9012
3
9012
90
91
St Louie Sou let gi, g 4e ...1931 31 S 96% 9614 9618 May'29
AO
Registered
893 Jan'28
4
St L S W let g 48 bond Ws .1989 MN 8312 833 8312
8312
6
4
N Y & Putnam let con gu 48 1933 AO 8512 87
8512
1 -84i4 WI/
8512
26 g 45 Inc bond ctfe Nov 1989
7718 82
8114 May'29
N
Soso & West let ref 58_1937 J J 8112 Sale 8112
8112
8018 8812
Cons& gold 4s1932J
94% Sale 9418
95
84
26 gold 418s
1937 FA ____ 793 844 Nov'28
4
lot terminal & unifying as 19523
95
9418
General gold 58
1940 FA 71
74
71 May'29
70l 82 St Paul & K C Sh L let 4 414 1941 F A 95 Sale 9012 0012 12
90% 91 12
3
Termtnal lot gold 56
1943 MN
100
9912 Feb'29
99% 101% St Paul dr Duluth let 58. _. 1931 F A 98 100
98 May'29
Y W-chea & ii 1st ser 1 41413 '46 J J 8212 Sale 803
4
82
46
795 85
8
let cons& gold 4s .1966 J
8912 8818 Mar'29 -Nord Ry ext'l s f 6 Sis
1950 AO 101 10134 100
1013
4 52 100 105
St Paul E Or Trunk 1st 4.
4s 1947 J
9718 Jan'28
Norfolk South 1st & ref A 58_1961 FA -- -- 7814 8012 May'29
8012 904 St Paul NI tun d, Man con 4s 1533 J
-5414 - - 947 May'29
95
Norfolk de South let gold 68_1941 MN
9912 99 Mar'29
9712 102
1933 J
let consul g 68
102 1035 10353 May'28 -8
Registered
1
103
Jan'29
Norfolk & West gen gold 68_1931 MN 100 10214 10112
102
2 10112 1034
614 reduced to gold 4445_..1933 J
9712 99
99 May'29
Improvement & ext fie_ _.1934 FA 103
____ 105 Mar'29
105 105
Registered
95 Dec'28 -New River let gold 60. _ _ _1932 AO 101 10312 10118 May'29
13 -5iis -54-- 9112 May'29
a
Mont ext let gold 4s.. . _1937
997 104
N & W Ry let cons g 4s_ _1996 AO 9012 917 90
90
16
89
9214
Pacific ext guar 414 (sterling)'40 J J 8612 893 92 Mar'28 -4
Registered
1996 AO
87
891, St Paul Un Dep let & ref 58 1972• J 102, 1023 10114
87
1
87
4
8
41
1023
4
Dly'l let lieu & gen g 4a 1944 J J 90 Sale 90
90
90
6
94
S A & Ar Pass let gis R 4s..1943 3J 9014 Sale 867
90141 42
10-yr cony 65
1929 MS
_
13212 Feb'29
13212 13212 Santa Fe Pres & Plien lot 58.1942 7.1 S
102
Apr'29 -Pooah C & C joint 4s_ __ _1941 J O 9112 91-3- 913 May'29
- 4
4
9112 955 Say Fla & West 1st g 68. _1934 AG ioi 1612 10212 May'29
8
North Cent gen & ref 55 A _ _1974 MS
1073 Jan'29
8
1st gold 58
1077 10778
8
.1934 A 0
9314 Apr'29
Oen & ref 4 Sis ser A stpd_1975 MS 96 -___ 97
Apr'29
95% 99
Scioto V & NE latgug 48.. _1989 MN 89
883 Apr'29 -4
North Ohio let guar g Ss__ _1945 AO
927 96
Os
Feb'29
9614 Seaboard AB Line let g 48_ _. 19511 40 55 /3 8 7318 Apr'29
-7North Pacific prior lien 48_ _1997 Q
Sale 865
8
61
87
8514 90
Gold 46 stamped
1950 AG 65
70
10
67
68
Registered
1997 @
8418 sale 6112 May'29
61
85
8512 89
Adjustment ba
Oct 1949 FA 42 Sale 41
86
47
Gen Ileu ry & Id g 3s.Jan 2047
•F
6314
12
60% 6712
Refunding 4s
1959 A0 5312 Sale 5312
24
55
Registered
Jan 2047 J F
_
62 Mar'29
62
831
:
1st & cons 60 series A....1945 Ill S 72 Sale 7112
758 57
Ref dr 'mot 41.48 series A..2047 J J
96- 9513 May'29
9513 982.
MS
Registered
75 Mar 29
Ref & Inset 6s series B,._ _2047 J J ii5- Sale 109
11014 83 109 11312
Atl & Birm 30-yr let g 48_61933 SI S 85
8512 85
85 1
5
Ref & leapt 58 series C.....2047 J J 101 Sale 101
101
1 101 105
Seaboard All Fla let gu 68 A 1935 FA 64 Sale 6312
6412 69
Ref & Impt (*series D_ _ _ _2047 J J 10112 10312 101 May'29
101 10438
Series B
1935 P A 64
657 66 May'29 _
8
Nor Pac Term Co let g (le.. _1933 J J 10934 ____ 1093 Feb'29
4
10934 1094 Seaboard & Roan 1st 50 extd 1931 J J ---- 9712 98
Dec'28 -.
Nor Ry of Calif guar g S6 ..1938 AO 98
____ 99 Mar'29
99
09
So Car & Ga 1st ext 51-45. .1929 MN
99% Apr'29 -& N Ala cons gu g 5(4
1936 P A
100% May'29
North Wisconsin 1st (is _ _ _ _1930 J J 1005
8
100 Sept'28
_
Gen C01:18 31181' 50-yr 66... _1963 AO
107 Mar'29
• & L Chain lot gu a 4s_ _ _1948 J J
77
78 May'29
78
43
Ohlo Connecting Ity let 48_ _1943 M
_ _ 955 Nov'28
8
So Pac coil 45(Cent Pat coil k'414
90% Sale 89
904 37
Ohio River RR let g be_ _ _1936 3D 99% 100
- - 9918 Apr'29
9918 9912
JO
Registered
8618 Apr'29
General gold 55
1937 AO 9812
994 May'28
9914 100
20-year cony 4s
June 1929 J
993 May'29
4
Oregon RR & Nay con g 46.1946 J O 905 903 905 May'29
8
4
8
893 9212
4
1s14 48(Oregon Lines) A 1977 MS 95 Sale 95
1
95
Ore Short Line 1st cons g 58.1946 J J 10112 10414 10112
102
3 10112 1063
8
20-year cony 68
1934 3D 100 Sale 99
100
5
Guar stpd cons Ati
1946 J J 104 10414 104
104
5 10213 106
Gold 44s
19814 M
9012 Sale 8812
122
91
Guar refunding 45
1929 J
987 Sale 983
8
4
99
62
98
Gold 4 45 w I
9914
May 1 1969 MN 92 Sale 903
4
924 3137
Oregon-Wash let de ref 48_1961 J J 86
863 85 ,
4
867
8413 891,
43
San Frau 'Term let Os __Wm - AO 88 Sale 87
88
18
Pacific Coast Co let g be__ _1946 313 70 Sale 70
70 I
1
70
80
58.193,. AO
....
Registered . _
83 May'29
__
Pao RR of Mo 1st ext g 48..1938 FA 90% 91
903 May'29
4
__
903 9410 So Pee of cal let con gu g
4
MN
10212 100 May'29
3(1 extended gold ba
1938 J 1 9714
98 May'29
9614 (49
So Pao Coast 1st gu g 41
9514 954 Apr'29
1--- - 1937 J J Paducah & Ills let a I 410 1955 J
9014 _ _ _ _ 98 May'29
-98
98
1955 / J ggis
So Pac RI( let ref 46
883
4
28
90
Paris-Lyons-Med lit extl 60 195 FA 99% Sale 993
4
8
10(1:18 153
9711 101
Registered
J
904 Mar'29
Sinking fund external 7e_ _1968 M
1035 Sale 0214
8
10414 Cl 10112 1047s Southern Ry 1st cons a 55...1994 J J 1013- Sale 1054
10612 46
Parla-Orleans RR s f 70
_1954 7.1 S
1033 Jan'28
8
Registered
J J
105 Mar'29
_
Ext sinking fund 5 4a___ 1968 MS 953 Sale 9458
4
9614 126 -55- 1612
Devel & gen 4s aerial A___1956 40 8612 Sale 843
8612 59
4
Faunas Ity let & ref a f 7s_ .1942 MS 10212 Sale 10212
10212,
3 10112 104
Registered
40
8714 Sept'28
__
Develop & gen 6e.
1956 AO 113 Sale- 11212
17
113
Pennsylvania RR eons g 48.1943 MN 9214 9312 94 May'29
_
93% 95
Develop & gen 648
8
195'. AO 1193 Sale 11814
Consol gold 4s
11953 59
1946 MN 9214 Sale 91%
9214
91% 94
8
Mew Div let g 58
1996 J J 103 10614 10334
1034 17
de starl stpd dollar May 1 1948 MN 9012 Sale 9012
9012
2
9012 934
St Louie Div let g 45
1951
J 8618 8712 873 May'29
4
Consul (link fund 4 l4s. _ _1960• A 9812 Sale 97%
98%
9
97% 101 12
East Tenn reorg lien g as_ .193s NI 5 97 100
97
97
12
General 41.4s series A..l965 J O 9612 Sale
9614
9614 10012
973g 81
Mob & Ohio colt tr 43._ _ _19311 NI S
91 May'29
General bo series B
1968 J O 105 18 10534 10412
10514 35 10412 10812
10-year secured 76
1930 AO 1003 Sale 1005
4
10112 149 100% 1037 Spokane Internet let g 55_ -1955 J J ---- 78% 73
0
Apr'29
15
-year secured 6 Sis
1936 FA 10814 Sale 10734
1083 100 10718 111
s
Staten Island Ry let 41.2e___1943 J D
86 Nov'28
Registered
F A
_
112
Apr'28
__
Sunbury & lAW181.011 1st 48_ _1936 J J
95
Apr'28
40-year (secured gold be_ _ _1964 7.1 N 102 gale 101 13
1024 85 jai' 105' Superior Short Line let 58_ _e193o•S -55- 166 99 Mar'29
Pa Co gu 312s coil tr A reg _1937 M S
893 Apr'29
4
893 8934 Perm Asau of St L 1st g 445_19314 AO 95
4
98
98 Mar'29
Guar 31.48 roll trust ser 11.1941 FA ---86 May'29
8412 8712
1st cons gold 56
94
5
1943 FA 99 Sale 99
99
2
Guar 34s trust etfs C____1942 JO 835 -- 8358 May'29
8
83% 89
Gen refund is 1 g 45
33 864 87
864
87
9
Guar 3
trust ctts 13_ ___1944 J O 83
_ _ _ _ 87 May'29
84
85
Texarkana & Ft S let 548 A 1950 FA 10012 101 10018
101
21
Guar I5-25
-year gold 48_1931 A 0 9714 Sale 9714
3k
97
9612 9910 Tex & N 0 corn gold Se
1943 J J
98 Mar'29
Guar 48 Her E trust ctfa _ _1952 MN 8814 89% 86 May'29 11
85% 92
Texas & Pac 181 gold 55
3D 1554, Sale- 105%
10512 17
Secured gold 45us
1963 MN 984 Sale 97
984 114
96
(4918
26 luc5a(Mar'28epon)Dec 2 81 Mar
_ _ _ 95 May'29
20%
Pa Ohio & Det hit & ref 4 48 A'77 AO 9414 95
92 May'29
92
1977 AG 96Gen & ref 58 series( II
974
97
98
98
98
76
Peoria & Eastern let cons 4s 1940 AG 83
84
84 May'29
8313 87
Gen &ref Sa series C
1979 AG 9712 Sale 9614
97% 399
Income 45
April 1990 Apr. 36
41
36 May'29
36
45
La Dly 11 L 1st g 614
1531 J J 9914 Sale 99
7
994
Peoria & Pekin Un 1st 51-46 1974 FA 100 101
100
10114
2 100 103
Tex Pac-Mo Pac Ter 540..1564 MS 100 103 103 May'29
19 1
Pere Marquette 1st ser A 68.1956 .1 .1 10012 101 10012
101 14 20 100 104% Tol & Ohio Cent let gu 55_ 1935 J J
5835
9
9912 Mar'29
lit 4s series B
1956 J J 8612 87
8612
8612
8
86
917
8
Wtern Div 1st g
es
A0 -55- f6o 4 103 Apr'29
(
General gold 5e
1935 3D - - 991 99 May'29
Phila Halt & Wash let g 4s_ _1943 MN
9212 9214
90
2
924
92% 953 Toledo Peoria & West 1st 48_1917 J
ii
! 15 Nov'27
4
General Zs aeries B
1974 FA
10714 May'29
107 108
Tol St LA W 50-yr g 4a....._1050 AG 5753 Ili 8758 8758 1
Phillipplue Ity let 30-yr s 1 48 '37 J J
35%
34
39
5
Tol WV de 0 gu 41.40 A
1931 J
Plus Creek registered let 69_11132 .1 11 34 Sale 34
9712
_ 98
Apr'29
103 Mar'29
103 103
let guar 445 series B
Pitts & W Va 1st 4 40
1933• .1 944 _
955 Apr'29
8
1958 .1 D 92
94
94
9412
94
3
96
let guar 45 series C
1942 M S PCC&StLgo 4 411 A__1940 A 0
8
-- -- 975 Mar'29
9712 9812 9713 May'29
95% 993 Toronto Ham & Buff Istg 48 1946 J D 85
4
Series II 4 40 guar
8612 85 May'29
1942 A 0 9712 Sale 9712
1
9712
964 10012
Series C 4 48 guar
1942 51 N 9712
9712 Apr'29
9712 993 Ulster & Del let cons g 58
4
Series 1.4 48 guar
1928 J 13 7.5
77
77 May'29
1945 M N 9614 9614
9614
7
Certificates of deposit
9412 9612
Series E 3 Siti guar gold....194.: F A 9314
65 May'29
9714 Sept.28
1st refunding g 4e
Series F 4s guar gold
ACI 41
50
1952 -50 May'29
1953 J D 9614
9614 May'29
941 951; Union Pac let RR& Id gr't 481947 J J 0212 Sale 92%
Serle0 G 48 guar
9314 40
1957 61 N
9614 sale 9614
9614
95
1
9612
Registered
Series H con guar 4s
3 J 9014 9518 0112 May'29
1960 F A
9614
9612 May'29
95
9612
1st lien de ref 4s
873 8612
4
June 2008 M S 87
31
88
Series I cone( guar 4 Sia_ _1963 F A 963
4
963 May'29
4
965 100
8
Gold 4 lis
1967 J J 97 Sale 9518
Series J cone guar 44e_ _1964 M N 9634_
9712 25
967
967 993
8
let lien & ref Se
4
084 May'29
June 2008 M S 10618 107
General 51 50 aeries A. _1970 J D 104 gale - 104 8 May'29
10414
15 1033 10818
4
85 Sale 843
40
-year gold 48
4
33
85
Registered
1 D
1033 Jan'28
U N J Rit & Can gen 4s__ _ _1948 j D 91
9312 9212 May'29
Gen mtge guar ba tier B___1975 A 0 10414 107 104
1964 MS
104
7 104 508'l Utah 'S Nor 1st ext 4a
1933J J 9412 ____ 96 Nov'28
Registered
A 0
11312 Jan'28
Vaudalla cons g 4s series A 1955 F A
9212 Apr'29
92 May'29
Cons a 1 4a series 11
Pitts McK & It let gu 6s____1932 J 1
1014 Apr'29
10114 10114 Vera Cruz & P assent 448_1 34 MN 10
14
12 May'29
9957
2d guar es
1934 J J 10134
1035 July'28
8
Virginia Mid 68 series F___ _1931 M -1
0018 Mar'29
11140w 0 0978
Pitts Slide LE 1st g be
99% Apr'29
111- 1- General 5a
63
1936 M N ____ 99% 00 May'29
let consul gold 50.
11143.1 .1
10014 Aug'28
9914 May'29
Va & Southw'n let gu 56
2003 1 J 9914 103
Pitts Va & Char let 4s
1943 M N
9918 Sept'28
1st cons 50
89
903 May'29
4
1958 A 0
PIM I' & Ash let 4s ser A- _1048 .1 D
-year be
9112 Apr'29
91 4 9313 Virginian Ry let bs series A.1962 M N 101 Sale 004
1st gen 6s series B
10112 30
1962 F A
10312 May'29
10318 10312 Wabash RR let gold be
101
1939 M N 10014 Sale 0014
24
lot gen 58 series C
1974 J D
2d gold 5a
1939 F A 100 Sale 00
Providence decor deb 4s,.1957 M N
100
2
-1f12 ift;i:•55
74
7111 - .Ref & gen a f 514a ber A _ _ _1075 M 9 103 Sale 0112 103
Providence Term 1st
59
_ _1956 M 8
84
84
84
Reading Co Jersey Con coII 46'51 A 0 014 Sale 90 May'29
8818 May'27
Debenture B 68 registered.1939 J .1
4s_9134
12
90
9312
let lieu 50-Yr g term 4e
887 Nov'28
Registered
8
80
1954 1 J 75
A 0
943 July'28
4
0012 May'29
Det & Chic ext 1st g 5s_ 1941 J .1
Gen & ref 41.48 series A__1997 J J 9512 Sale 9512
9712 24
92
997
Des Moines Div let g 4s_ 193._
J _90 4 88
3
Rich & Mock lit g 48
Jan'29
1948 M N
7818 May'28
Tm a eienevg 48
OeiatcDlvli t g3Sis
1941 A 0 78i2 SO
Richm Term RI 'et gu 5a. _1952 J J
7812
7812
7
101
Feb'29
-66i-1 16i1941M 13 ____ 90
Rio Grande June let go 5e...1939 J D 913 977 92 May'29
9012 Mar'29
4
8
91.7 92
8
Wabash Ry ref & gen bs B 1976 A 0 953 Sale 953
4
Rio Grande Sou 1st gold 46_1910 J J
4
9612 20
6 May'28
Ref & gen 44s series C
1978 F A 874 Sale 8614
Guar 40 (Jan 1022 coupon)'40 J .1
873
4 68
712 Apr'28
Rlo Grande West let gold 48.1939.1 3 8722 17 4 873
-34
.8812 15
8l1 92l Warren let ref gu g 334s.. 2000 F A
let con & coil trust 4s A._1949 A 0 813 82
SO
83 Nov'28
4
8112
8218
16
78
67
Wash Cent 1st gold 4.3
RI Ark de Louis let 448_1934 M 13 9314 Sale 93
1948 Q M
8414 Mar'29
9313 21
93
98% Wash Term 1st gu 34e
1945 F A 837 87
-Canada let gu g 4s_ _ _ _1949 J .1 70
Rut
8313 May'29
81
82 Nov'28
let 40-year
1041 J j 80
48
1945 F A
Rutland let con g 43.4s
89
85
87 May'29
915; Nveatin SVrylaNguartst ir4u. 1952 F 0 -9-- 08 97 May'29
W M m a & ad Iel g e 5a_ 930 A A
-7
W
._
88
Feb'29
7712 Sale 7714
1947 J .1 84
St Jos & Grand 181 1st 4s
7814 38
87
85
85
83
8814
let & ref 54e series A ___ _1977 J 1 95% Sale 955
1996 J J 100 104 1047 Feb'29
St Lawr & Adir lot g 5s
95% 10
8
1047 1047 West N Y & Pa let g 5s
8
8
1996 A 0
19373 J 983 Sale 983
4
2d gold 6s
4 100
11
1053 Nov'28
4
Gen gold 48
1931 j j 954 9614 953
1943 A 0 8712 90
St L& Cairo guar g 44
8712
8712
8
4
9614 9 9512
WR retered 1st ser A 5s
esteieg n Pac
.
8
1946 M S _9_6_5 Sale 95
St L 1r Mt & S gen con g 68_1931 A 0 9712 Sale 97%
9714
14
9712 52
97 101
1931 A 0
Stamped guar 58
8718 Aug'28
M S
1013 Dec'28
4
West Shore 1st 42 guar____2361 J J 8512 Sale 84
1929 J .1 995 Sale 9912
Unified dr ref gold 48
8512 32
8
993
4
7 -1
.
)V2 16(cRegistered
Rh,& (I Div 1st g 48.. _ _ _1933 M N 93% Sale 03
2361 .11 J 8314 Sale 82
834
16
94
69
92% 94% Wheeling 'S Lake Erie
St L 51 Bridge Ter gu g be_ _1930 A 0
073 May'29
4
9711 100
Exit. & impt gold 58
-San Fran or lien 45 A 1950 M S 8512 Sale 833
St L
100
1930 F A
00 Sept'28
8512 67
4
8312 884
Refunding 440 series A_I966 M 8 86
Con 61 4480 aeries A
-1978r4 8 87% Sale 8534
_ 853 May'29
8
873 364
4
8384 89%
Refunding 5a serlea 11
1966 M 5
Prior lien 5a serlee II
19.50 J 1 997 Sale 9914
8
1766- 02 Feb'29
100
71
9712 1011
8
RR 1st consol 4s
1949 M S -84;8
85 May'29
Wilk & East lat gu g be
1942 J I) 66% Sale 65%
1
66%
2
will& 9 F let gold 5a
1038 3 1) 99
99
Apr'29
Due May. e Due June. k Due August.
Range
Since
Jan. 1.
Low
Riga
99 102
0332 10012
10012 10318
9512 974
8312 89
82
79
9312 9813
941e 101%
8934 951
4
9814
98
804 9.84
94% lisi;
Iola. 1044
103 103
9611 9914
9112 95
lOoj
a
86%
1.112
10212
984
8812
727
8
67
35%
5312
7112
75
81
6312
643
4
91
102
106
10012
9013
74
7514
61
6012
80
75
89
711.r.
7011
0952 0934
10012 10018
1944 1064
8614 91%
8514 Ms
99 4
3
99
9914
95
99 101%
82 974
893 94%
4
87
01
83
83
109 103
954 9512
883 9213
4
904 90 4
3
10512 110
185 108
833 89
8
_
115
117 123
4
1033 10614
89
85
9614 100
Ms 9312
7212 814
-99
98
99
85
10018
98
105%
95
96%
96
9714
10212
9612
9912
95
- --9
9
98
103
90
10411
98
109%
95
1024
9734
100
1061
4
10112
103
1004
ii-
91
98
95
9512 95 8
3
97% 9913
8414 8811
50
55
33
9114
90
86
92
106
84
92
88
85
6213
9511
92
907
8
994
10914
8914
96
- 2-11 '94 4
9
- -392
94%
1713
12
10018 10011
100 100 8
3
9914 100
897 95
s
14
10018 104%
10018 1034
97 10113
100 10414
100"
88
7818
9012
947
8
8414
10111
88
853
4
904
10012
907
/
84's
83
8818
97
7714
92%
983
4
86
95
841s
86
91
97
82
99%
101%
9114
100
-55fa
882*
813 88%
8
554 905
102
8414
6512
99
102
8914
74
10038
New York Bond Record-Continued-Page 5
3804
BONDS
N. Y. STOCK EXCHANGE
Week ended June 7.
•it
Price
Friday
June 7.
Week's
Range or
Last Said
High No.
Ask Low
Bid
917 92 June'28
8
Winston-Salem 8 B let 48_ -1960 .1
7
78
3 78 Sale 78
Wis Cent 50-yr let gen 46.-1949
6
8
853
Sup 54 Dul dly & term let 46'86 M N 8614 871,3 8514
9238 Dec'28
Wor& Con East ist430____1943
INDUSTRIALS
Abraham & Straus deb 5345_1943
44
A 0 104 Sale 10212 104
With warrants
963
4 43
Adriatic Elec Co extl 7s___ -1952 A 0 9534 Sale 9412
7
877
8
Aflame Exorees colltr g 413. _ _1948 M 8 84 Sale 84
997
s
Ajax Rubber let 15-yr s 188_1936 J D ____ 983 997s
8
1
31s
318 412 318
Alaska Gold M deb 65 A_ __ _1925 M 9
_
3 Apr'29
Cony deb 135 series B
1926 M 5
318 - 4
9218
Albany Peter Wrap Pau 60_1948 A 0 92 94 - 92
1001s 228
99
Allegheny Corp coil tr 5e .l944 P A 100 Sale
10018 366
Coll & cony bs
1949.7 D 100 Sale 100
9912 30
Aft
-Chalmers Mfg deb 56. 1937 M N 9914 Sale 9834
1
9214
9112 95 9214
Alpine-Montan Steel let 76_ _1955 M
30
Am Agri° Chem 1st ref 61730'41 F A 105 Sale 10412 105
1
87
87
F A 82
Amer Beet Bug cony deb 66_1935
8512
7
94
American Chain deb s 16(3.-1933 A 0 9312 94 931
1931 M N 9818 9814 9818 May'29
Am Cot Oil debenture 5e
4
95
1942 A 0 96 Sale 9434
Am Cynamid deb bs
22
91
1953 J D 91 Sale 89
Amer Ice s I deb be
8
Amer I G Chem cony 530_1949 M N 10234 Sale 9934 1033 562
Amer Internal Corp cony 534a'49 J J 10212 Sale 0214 104 287
10414 May'29
1939 A 0
Am Mach & Fdy f 66
American Natural Gas Corp
-17
78
Deb 6345(with purch warr)'42 A 0 78 Sale 77
4 76
4
Am Sm & R lat 30-yr 56 ser A '47 A 0 1003 Sale 9934 1003
16
Amer Sugar Ref 15-yr66-.1937 J J 10234 Sale 10214 103
4 64
993
Am Telep & Teleg coil tr 45_19291 J 9938 100 9938
9538 May'29 _ _
1936 M 8
Convertible 4s
977 May'29
8
1933 M 13 93
20-year cony 434a
123
D 10214 Sale 10214 103
1946
30
-year colt tr bs
101 Feb'29 _
J D
Registered
4
1023 221
1960 J J 10212 Sale 102
36-yr s f deb ba
1051 108
8
1943 M N 10518 Sale 105
20
-year s f 5348
4
J 12378 Sale 12138 1283 5191
Cony deb 4348
1939
3
1940 A 0 10318 104 10318 10314
Am Type Found deb 813
9822 38
Am Wat Wks & El col tr56--1934'A 0 9638 Sale 96Ig
7
10312
Deb g Os ear A
1975 MN 103 10312 103
7
80
19471 J 80 Sale 77
Am Writ Pap 1st g fis
Anaconda Cop Mln let68-1953 F A 10438 Sale 10414 10412 432
103 Apr'29 _ _ _
Registered
6
17012 17512
1938 F A 170
15
-year cony deb 76
200 Jan'29
Registered
_ _ _ _ 235 Dec'28
J
Andes Cop Min cony deb 78_1943
30
97
Anglo-Chilean s f deb 7s._1945 M N 95 Sale 9412
723
4 16
Antlila(Comp Azuo)7}4e...._1939.7 J 62 Sale 6178
97 94 May'29
Ark & Mem Bridge & Ter 56_1964 M S 94
21
89
4
1939.7 D 8818 89 873
Armour & Co 1st 434e
8912 68
1943 J
Armour & Co of Del 53413
883 Sale 8812
4
5
Sale 10038 10112
Associated 0116% gold notes 1935 M S 10038
10312 Dec'28
1947 D 10134
Atlanta Gas L 1st (55
1934 J D 1238 __- 15 Nov'28
Atlantic Fruit 7s cUs dep
123 May'29
8
.1 0 1238 _
AtStamped ctfa of deposit
17
73
Atl Gulf& W I SS L col tr bs-1959 .1 J 72 Sale 71
1937.7 1 10078 1013 10014 10012 44
4
Atlantic Refg deb be
_
Baldw Loco Works let 56-1940 M N 10612 10712 10612 May'29
2
84
8318 85 84
Baragua (Comp Az) 7346_1937 J
_
Jan'29
Barnsdall Corp (ts with warr_1940 J D -------- 136
8
Deb 135 (without warrant)- 1940
- --- 997 Feb'29
93
92
J 911 Sale 9034
Batavian Pete gen deb 43413_1942
1
9018
1936 J J 9018 Sale 9018
Belding-Hemingway 68
8 34
.1 10218 Sale 10212 1037
Bell Telep of Pa 56 Berke B1948
10412 26
1960 A 0 10418 Sale 104
let & ref Is series C
9338 92
Berlin City Eke Co deb 6346 1951.7 0 92? Sale 9112
41
93
Berlin Elec El & Undg 6348_1956 A 0 9212 Sale 9178
1003
4 14
Beth Steel 1st & ref 55 guar A '42 M N 100 Sale 100
8 38
997
30-yr pm & impel 58
1936 J 1 99 Sale 99
Cons 30
-year Os series A_ _1948 F A 10414 Sale 1037s 10412 130
49
Cons 30
-year 5Ha ser B_1953 F A 102 Sale 10138 102
3
95
1950 M S 951 96 95
Sing & Bing deb 6145
5
6818
68 68
1934 A 0 67
Botany Cons Mills6 Hs
5
98
4
98 973
1934 M S
Bowman-Bilt Hotels 78
70 s 40
7
B'way & 7th Av 1st cons bs_ .1943.7 D 7078 Sale 86
8414 15
Brooklyn City RR 1st bs___ _1941 J J 83 832 83
9
10312
Bklyn Edison Inc gen 56 A _ _ _1949 .1 J 103 Sale 103
1053 Dec'28
8
J .1
Registered
3
101
1930.7 J 101 Sale 100
General 66 series B
67
95
1968.7 J 941 Sale 94
Bklyn-Man R T sec 68
24
69
70 85
Bklyn Qu Co & Sub con gtd 55'41 MN 68
1941 J J 733 80 83 Jan'29
4
let 56 stamped
8814 Ney'27
Brooklyn R Tr 1st cony g 4&2002J J 85
13814 Nov'28 -1921 J J 105
3-yr 7% secured notes
86
10
1950 F A 84 Sale 84
Bklyn Un El 1st g 4-56
4
84
1950 F A 8434 Sale 84
Stamped guar 4-5a
Bklyn Un Gas let cons g 58_ _1945 M N 10318 Sale 10318 10314 11
181 lien & ref Os series A _ _ _1947 MN 11412 117 11413 11412 10
_
1936 3 .7 330 360 354 May'29
Cony deb 530
1
9212
9212
Buff & Susu iron late f 5s_ 1932 .1 D 922
8612
1952 A 0 862 18 3612
Bush Terminal 1st 45
3
9312
1955.3 1, 93
9312 92
Consul 58
32
99
Bush Term Bidgs bs gu tax-ex'60 A 0 99 Sale 98
2
100
1945 M N 100 1003 100
4
By-Prod Coke 1st 534s A
10018 101
6
8
Cal0& E Corp unit & ret5s_1937 M N 1003 _ _
98
9
1939 F A 98 Sale 9612
CalPetroleum cony debs158
10
99
1938 M N 99 Sale 9814
Cony deb s 5346
4
911s
1942 A 0 75
80 90
Camaguey Bug ist sf g 7s
10
98
Canada SS L 1st & gen 68_1941 A 0 981s 99 98
13
Cent Dist Tel 1st 30-yr Se_ 1943J D 10113 Sale 10118 102
8
816s May 1931 F A ____ 977 9778 Apr'29
Cent Foundry lets
3
12214 12214
1941 MN
Central Steel 1st g f 8a
86
83
1948 M S 81 Sale 80
Certain-teed Prod i..34s A
1
913
4
92 9134
Ceepedee Sugar Co 1st f 7Ha'39 M S
84 7214 Apr'29
Chic City & Conn Rya ba Jan 1927 A 0 82
3
100
1937 .1 J 100 Sale 100
Ch G L & Coke 1st gu g 543
49
85
1927 F A 8478 Bale 83
Chicago Rys letIs
9513 62
1947 J .7 9514 Sale 94
Chile Copper Co deb Is
8814 29
85
1968 A 0 86
8814
CM CI & E 15t M 48 A
75 90 Dec'28
1940 J .1
Clearfield Bit Coal 1st 46
94
97
1938 F A 9612 Sale 9434
Colon Oil cony deb (Is
1943 J J 97k 98 9712 May'29
Colo F & I Cogan sf58
941
8
Colludes let & coil 56 gu-1934 F A 94 Sale 94
150
99
1952 M N 981s Sale 98
Columbia CI & E deb 56
98 96 May'29
Columbus Gas let gold 56_ I932 J J 95
Columbus Ry P & L lst 4348 1957 J J____ 92 9212 May'29
Commercial Cable let g 48_2397 Q J 8714 -- 8712 Feb'29
2
9612
1934 M N 9512 Sale 9512
Commercial Credit 5166
2
923
4
1935.7 J 9234 Sale 92
Col tr s f 534% notes
41
94
4
1948 M S 931 Sale 913
Comm'l Invest Tr deb 68
95 393
1949 F A 94 Sale 90H
Cony deb 5346
4
s
Computing-Tab-Reo a f 6s_ _1941 J J 10478 1053 10478 1047
4
Conn Ry & L let & ref g 4346 1951 J J 95 9812 95 May'29 --95 May'29 _
1951.7
Stamped guar 4Hs
____ 937
8
63
85
Consul Agricul Loan 6348 1968J D 85 Sale 8112
Consolidated Hydro-Elec Works
917
s 11
of Upper Wuertemberg 76_1956 J .7 92 94 9114
42
88
Cons C al ofMd let & ref 56_1950 .7 D 6714 Sale 6612
8 10514 64
Comet Gas(N Y)deb 5Hs_ _1945 F A 105 Sale 1043
2
Consumers Gas of Chic gu 58 1936 .1 D 9812 10012 10012 10012
9
Consumers Power let 66
1952 M N 10112 10212 10138 10212
4
913
4
Container Corp let 138
1946.7 D 90 913 90
4
803
4 15
15-yr deb bs with warr_ __ _1943 J D 79
8112 80
97 Mar'29
Cont Pap & Bag 341118630_1944 F A ___
Copenhagen Telep ext66_
1950 A 0 _ _
_ 100 Apr'29
97
11
Corn Prod Refg let 25-yr 6152'34 M N 101 10212 9612
9612
1
D 963 973 9612
Crown Cork & Seal if Se.__ 1947J_
8
4
8
10012
8
Crown-Willamette Pao 86_ _ _1951 3 J 997 Sale 997
8
Range
Since
Low
High
7713 W.;
8412 9112
10212 120
98
94
8314 883
4
99714 10714
314
3
8
92
983
4
98 11012
100 1003
4
97 101
90 4 96
3
10318 10612
80 90
931 99
9914
98
9334 961
2
8714 921,
9912 1033
8
101 111
10334 1041z
3512 963
s
991 102
1017s 1047
s
99
993
4
917a 9712
Ms 101
101 1047
8
101 101
10114 1053
s
10412 1073
4
12118 1343
4
102 10514
9618 993
s
101 1053
4
77
8512
10334 1053
4
102 103
160 268
196 200
O17
97
8734
8812
100
100
797
s
10312
9233
9212
1031s
1258 12s
67
77
100 10212
106 107
89
84
12918 142
981s 100
8912 9312
883 92
4
102k 10512
104 10814
9014 96
94
89
9912 104
9834 102
102H 105 4
3
1003 10414
4
94 WO
6012 7414
9734 100
66
7718
83
9212
1021s 10512
100
9314
63
80
103
983
4
781z
83
73:1- 921
93
84
10213 10614
11412 118
354 400
9212. 9618
88
85
91
993
4
98 10435
100 102
9914 103
9534 102
9814 10314
82 9712
9312 10112
101k 10414
9612 9812
122 12412
68
83
9134 100
65
7214
100 103
7712 8312
93H 9612
85
8914
94l 119)5
9612 9912
9312 987
s
9714 10012
9934
96
9012 93 4
3
8712 871s
94
9912
92 97
9112 9812
9014 10514
10438 108
99
95
95 99
12
8112 87
8914 973
4
65H 733
4
104 1061
4
993 102
101 104
90 10012
7818 9112
97 97
99 10012
9612 103
95 100
99 10314
BONDS
N. Y. STOCK EXCHANGE
Week ended June 7.
Price
Friday
June 7.
Weeks.
Range or
Lase Bale.
4
Pa 33
High No.
Ask Low
Bid
16
81
Cuba Cane Sugar cony 76._1930
61 Sale 60
16
61
Cony deben stamped 8%1930 J J 61 Sale 60
Cuban Am Sugar let coll 86.1931 MS 10018 Sale 10018 1005
8 45
7212 47
Cuban Dom Bug let 7Hs___1944 MN 62 Sale 62
Cumb T & T 1st & gen 581937• J 99 9978 99 May'29
Cuyamel Fruit lets 165 A_ __1940 A0 98 9912 98
98
Denver Cone Tramw 1st bs._1933 A0
78 Dec'27
Den Gas&EL lat&retstg 56'51 MN 963 Sale- 963
4
4
98N
N 9612 Sale 9612
7
Stamped as to Pa tax
1951
9612
_
Dery Corp(D 0)1st a I 7s 1942 MS 63
70 63 May'29
3
Second stamped
63
63 Sale 63
49
Detroit Edison 1st coll tr 58_1933 :1--3 993 Sale 995
4
100
let & ref 56 series A_July 1940 lvi S 10112 Sale 10114 10112 10
Gen & ref 58 series A
9
1949 A0 102 Sale 101
102
18t & ref 6s series B__July 1940 MS 10612 Sale 10612 1073
4 35
Gen & ref baser B
1955 J D 1011 s 2e 101
9
1003: 10l
_
a
102
Series 0
1962 A 1615i2 10112 102
5
10214
Del United 1st cons g 4346 1932 J J 97 Sale 9638
34
97
Dodge Bros deb 65
1940 ▪ N
243
10014 101
Dold (Jacob)Pack lst8s
1942 MN 85 871 85
1
85
Dominion Iron & Steel 56_1939 MS 90 99 97 Dec'28
Donner Steel let ref Is
-- -- 101
1942.7'
10112 14
N 10214 Sale 10218 1023
Duke-Price Pow let 66 ser A '66
4 15
Duquesne Light let 434s A_ A967 AO 98 Sale 9714
52
98
East Cuba Bug 15-Yr 5 f g 714s'37 MS 79 Sale 79
7912 10
Ed El 111 Ran 1st con g 4(3... _1939 33 9312 95 8 9312 May'29
7
Ed Elm Ill let cons g 56
1996 .1 J 10512 Sale 10512 10512
1
Elec Pow Corp(Germany)6345'50 MS 92 Sale 8712
23
92
Elk Horn Coal 1st & m1630.1931
9212 94 9212 May'29
Deb 7% notes(with warr'ta)'31
76
78 7618 May'29
991 991 Mar'29
Enuit Gas Light 1st con 58_ _1932
_
Federal Light & Tr 1st bs 1942
95
-95'2 9612 95
1st lien 6 f bs stamped
5
96
1942
93 95 93
let lien Os stamped
7
103
1942
101 Sale 101
30
-year deb (is ser B
973 99 97 May'29 _
4
1954
8
Federated Metals sl7s
10012
1939 3D 10012 Sale 100
11
133
Fiat deb 78 (with warr)
1946 J J 130 138 130
9318 10
9214 94 93
Without stock mirth warrants_
17
Fisk Rubber let 5 188
1941 MS 10912 Sale 10912 110
Frameric Ind & Deb 20-yr 7346'42 J J 10434 Sale 10412 1043
4 19
2
98
9912 98
Francisco Sugar 1st if 734s _1942 MN 98
1942
French Nat Mall BS Lines 78 1949 J O 10238 Sale 10114 1023
8 32
Gannett Co deb Os
10
9012 90
90
1943 FA 89
Gas & El of Berg Co cons g 55 1949 J D 997
_ 106 Mar'29 _
8
Gen Asphalt cony 68
10814 10
_- 1939 A0 105 10914 105
Gen Cable lst f 530 A _ _ 1947 J J 98 Sale 9634
84
98
FA 943 96 9434
Gen Electric deb g 3348
1
1942
4
943
4
Gen Elec(Germany) 75 Jan 15'45 3.7 10112 Sale 101
102s 16
St deb 6Hs with Warr_ _1940 3D 12214 Sale 12214 12214
4
9
Without wareis attach'd '40 J o 96
9714 96
9714
20
-year s 1 deb 65
1948 ▪ N 93 Sale 91
9314 73
Gen Mot Accept deb 66
10112 130
1937 FA 10118 Sale 101
Genl Petrol let s 1 Is
8
1940 P A 101 10118 10034 101
Gen Retr let8168 ser A
10712 Apr'29
1952 FA
Good Hope Steel & I sec 76_1945 A0 -58" - 7 95
95;
9714 14
Goodrich(3F) Co 1st6 Hs_ _1947.73 1083 Sale 10618 1067
4
8 39
N 9214 Sale 915*
Goodyear Tire & Rub 1st 513_1957
9212 253
Gotham Silk Hosiery deb 68_1936 J O __
9678 98 May'29
4
Gould Coupler isle f 68
1940 FA 753 Sale 7412
753
4 25
Gt Cons El Power(Japan)743_1944 FA 9712 Sale 972
983
8 48
1st & gen a f 6Hs
30
1950 J J 917s
Great Falls Power 158 81 bs._1940 MN
B _ (_) 10112 Apr' 12
_al
9%
6
939
2
Gulf States Steel deb 5348-19 3D -9655 Sale- 9612
97
42
Hackensack Water let 48_ _1952 3' 84
1
88 8212
8212
Hartford St fly 1st 4s
1930 MS 9818 98 961 Nov'28
Havana Elec consol g 56_ -1952 FA
18
85 82
83
Deb 6344 series of 1926_1951 MS -7012 Sale 70
6
7012
Hoe(R)& Co 1st 6348 eer 6_1934 A0 84
86 90 May'29
Holland-Amer Line 8s(JSat)A947 MN 1003 1017s 100H 10012
8
Hudson Coal 1st sf58 ser A.1962 J D 7538 Sale 7514
753
4 69
Hudson Co Gas let g 58
1940 MN 9912 100N 99 May'29
Humble 011 & Refining/3346_1932 33 1003 101 10058 101
9
4
A0 100 Sale 100
Deb gold bs
1937
10014 57
3D 102 Sale 10114 00314 39
Illinois Bell Telephone 51
1958
Illinois Steel deb 4345
1940 A0 9712 9855 9712
7
9814
Mader Steel Corp of 78
1946 AO __ 103 100 May'29
Mtge6s
1948 FA -85- Sale 81
8512 94
MN 8812 Sale 8812
Indiana Limestone Isle 66_1941
5
8912
Ind Nat Gas & 01155
1936 MN 10012 10112 10012 May'29
Indiana Steel let be
1962 N 104 Sale 10314 104
13
.1
100
_ 102 Sept'28
Ingersoll-Rand 181 58 Dec 31 1935
Inland Steel let 434e
1978 AO 9058 Sale 8934
21
91
7
Inspiration Con Copper 6345 1931 MS 10118 Sale 10118 10118
6812 Sale 67
Interboro Rap Tran 15t 35_1966 J
6812 57
J
Stamped
683 Sale 6612
4
683 184
4
79 Mar
5
6
75729
Registered
10
1932 1
25
-o§- We-year (is
10
1932 M S 9212 Sale 9212
9314 50
-year cony 7% notes
N 91
lot AgrIc Corp 1st 20-yr bs_ _1932
92 9012 May'29
Stamped extended to 1942.-- _ _ 7814 7914 78
5
7814
lot Cement cony deb 58-1948 m
1034 Sale 102
1043 209
4
951
96
1947 MN 951 Sale 94I5
Internal Match deb be
Inter 3.1ercan Marines 1 6s 1941 A0 100 Sale 100
10018 43
Internal Paper baser A & B _1947'.7 90
903
8 16
9058 8958
39
901
1955 MS 90 Sale 8818
Ref s f3s ser A
43
lot Telep & Teleg deb g 4148 1952 J 3 913 Sale 91
92
4
1939 J J 123 Sale 12012 1251 2137
Cony deb 434s
8
Kansas City Pow & Lt 56_1952 MS 10112 103 10214 10314
1957
let gold 4346 series B
10112 98 Mar'29
4
103
Kansas Gas & Electric 66_1952 MS .2 1023 102
132 Jan'29
Kayser (Julius) & Co deb 5348'47 M
•S 91 Bale- 90
91
1946
Keith (B F) Corp 1st 66
N
110 May'29
Kelly-Spring( Tire8% notes.1931
Kendall Co 530 with warr 1948 MS
92
2
Keystone Telep Co 1st 56
1935.7'
88
'9
2012 3y 2
Kings County El & P g 58_1937 AO 10034 ____ 10512 Ma 2512
1
Purchase money tis
1997 A0 I°2885i1r5
2
9805142
988"
1
80
Kings County Elev let g 18_ _1949 A 75 "if" 80
1
7912
1949 P A 79 80 7912
Stamped guar 4a
J J 103 10318 103
103
1
Kings County Lighting 55-1954
1
115
First & ref 6548
1954.7' 115 Sale 115
3
Kinney(OR)& Co 734% notes'36 J o 10412 Sale 10412 106
Kresge Found'n coll tr 86_1938 3D 1014 Sale 10114 1023
4 14
981s 243
Kreuger & Toll 56 with war 1959 MB 98 Sale 98
MS 10012 Sale 100
8
10038
Lackwanna Steel 1st ba A 1950
28
2
98
Lacel Gas 01St L ref&ext 66_1934 A0 971 Sale 97N
30
Col & ref 5345 series 0_1953 FA 10214 Sale 10012 103
10
97
9812 98
98
Lehigh C & Nay if 4345 A_1954 J
3
4
99
Lehigh Valley Coal let e 56-1933 3.7 99 993 9834
J J
100 Oct'28
Registered
1st 40-yr gu tot red to 4% 1933 3.7 jai- 97 97 00.'28
101 May'29
lat &ref sf Se
1934 FA
lat &ref sf bs
1944 FA
88 88 May'29
lat & ref a 1 Ea
1954 A
8712 88 May'29
: 8
9
lat & ref s f bs
8 :a :2
37
814 f 2
1964 FA
1st & ref s f 55
1974 FA --- 83 8 88 Mar'29
7
Lex Ave & P F let gu g ba
1993 M
Liggett& Myers Tobacco 75_1944 A0 Hi; File- 118113 11814 17
bs
8 10114 31
1951 A 10114 Sale 995
06
97
Loew's Inc deb (36 with warr 1941 AO 1057 Sale 10413 19734 14
9 8
35
Without stock per warrants_ AO
9334 23
98
e
Lombard Eleo lat 76 with war'52 J D 98 Sale 9714
7 Bale
3D 93 Bale 93
Without warrants
6
Lorillard (P) Cole
1944 A0 10612 111 10612 107
A0
Registered
99
8 (1
0
5s
1951 FA 79N Sale 1773s A9e279 21
7
4
853
• J 85 4 86 85
Deb 6346
3
1937
s 39
4 1003
Louisville Gas 64 El(Ky)56_1952 MN 10014 Sale 993
J .11 9212 931z 9312 May'29
Louisville Ry let cons 66
1930
Bangs
Since
Jan.1.
Low
High
59
7918
59
80
99H 10314
62
97 e
7
99 103
98 102
9684101
9612 101
78
63
70
62
987s 102
10012 104 4
1
10018 10414
10512 10818
10014 10458
10012 1061
8
9612 98
97 105 a
7
863 88
4
--98¼
1011s
10134 1051,
9638 10078
78
97
9312 97
10512 11078
8711 96
90 9618
76N 8115
9916 1001a
9214 96 4
1
924 971
4
101 104
9618 103
9878 105
130 171
93 103
109H 11478
10138 10612
98 109
3
100 4 10214
90 95
108 106
103 10912
4
963 100
9418 96
100 10414
1111a 123
9134 991
4
88
94
12
1004 103 4
3
9938 102
10338 10712
7
95 100 8
1058, 108
'4
95
100
81
9912
9512
107
99
8714
91
97
687
8
96
9038
10434
96
8212
--io
81
69
7018
83 901
.
100 103 2
8
7412 86
99 105
100 1021s
9912 10118
*
1014 1047
933( 100
103 10315
81
9214
8812 92
9712 102
10114 105
4
893 98
10014 10212
67
7912
6612 7912
76
7618
57 84
91
99 4
1
9012 96
7618 8112
102 11812
9314 99
9912 102
89
96 8
1
5
881 97
8912 9512
10912 131
10118 1058
4
98 10012
102 106
128 141
90 97
110 1101
4
9034 961
1
8512 91
10012 10412
12814 130
86
80
82
79
108 10514
11412 11814
10412 10712
10114 104
9312 99
18
99 102
2
8
973 1017
10012 10612
9312 991
4
88 101
-jai80
88
88
88
101
93 4
1
9811
88
9018
-118
99
1111
.
- -2
103
10412
97
95
14
90
lows
12516
10015
102
95
1k
11312
793
6-1117
8
84
89
,
7
993 104
4
90 96
New York Bond Record -concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week ended June 7.
Price
Friday
June 7.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
•BONDS
N. Y. STOCK EXCHANGE
Week ended June 7.
3805
r. •
t
t
Price
Friday
June 7.
Week's
Range or
Last Sale.
Btrl
Ask bow
High No. Lots
High
Elta
Ask Lag
High
Lower Austrian Hydro El PowRem Rand deb 5345 with war '47 MN 9112 Sale 9114
9212
Istsf634e
1944 FA 82
83
83
83
3
81
July 1998 hl
877 Republic Brass 68
8
103 10312 1023
4 103
J
9512
McCrory Stores Corp deb 5348'41
93
96
92
92
99% Repub IA S 10-30-yr bs s f _ _1940 AO 10018 Sale 10018 10012
&WW1 Sugar lets f 7345_ _1992 AO 023 Sale 91
4
94
11 91 10012 Ref & eon 5345 series A.
__1953 3
10018 101 10012 10012
Manhat Ry (N Y) cons g 45_1990 AO 5712 Sale 56
59
40, 56
Relnelbe Union 7s with war_1946
68
J 1045 Sale 101
8
1057
8
2114s
2013 3D
58
60 May'29
583 6034
Without stk purch war _ _1946 33 9612 Sale 9312
4
963
8
Manila Elec Ry & Lt e f 5s_ _1953 MS -9612 103
9812 May'29
9718 10412 Rhine-Main-Danube is A _ _ _ 1950 MS 102 10314 102
102
Marlon Steam Shoves f 6s_ _1947 AO 91 Sale 91
923
4
8 91 9912 Rhine-Westphalia Elec Pow 713 33 MN 10112 10212 101
:
1
10212
Mfrs Tr Co etre of partic in
Direct mtge Os
11925532 MN 90% Sale 89
9214
D 1003 101 10034
A I Namm & Son 1st 613_ _1943
4
101
3 10034 105
PA 93% Sale 86
Cons n3 6s of 1928
94
Market St ay 75 ser A April 1940 Q J 8312 8414 8312
84
8
FA 92
80
973 Rinse Steel isle f 78
8
933
033 9214
4
4
Meridional El let 75
1957 AO 97% Sale 9714
973
4 22
93
98% Rochester Gas& El 7e ser B.1946 MS 106 Sale 10512
106
Metr Ed 1st & ref bsser C_ _1953 J J 10012 Sale 10012 102
7
9934 103
Gen mtge 534e series C _ 1948 Si S 104 Sale 1037
8 1043
4
Mete West Side El(Chic) 45_1938 PA 7412 76
75 May'29
72
1977 MS
Gen mtge 4348 series D
8014
8
10014 997 Apr'29
&flag Miii Mach 78 with war..1956 JO 933 98
95 May'29
8
9212 98% Roch & Pitts C & I p in 5s_ 1946 MN
90 Dec'28
Without warrants
JO 84
87
87
87
1
9412 St Jos Ry I.t & Pr let bs_ _ _1937 SIN 9412 98
9412
85
9412
Mid-Coot Petrol let 6348_ _1940 MS
105 Feb'29
104 10514 St Joseph Stk Yds let 434s.1930 32
99
Feb'29
Midvale Steel AG cony s f 58_1936 MS 99 Sale
68
97 10018 St L Rock Mt & P bs stmpd_1955 J J
68
68
&Ow El Ry & Lt ref & ext 4348'31 J J
973 98
4
9754
98
7
9712 99% St Paul City Cable cons 5s_ _1937
J
93% 92
Apr'29
Gene-ni & ref 5s series A_ _ 1951 J
98 103
98
98
1
98 103
San Antonio Pub Serv let 68_1952 3J 104 Sale 10410412
let & ref 58 series 13
1961 J D 98 Sale 9714
9818 64
8
9714 1015 Saxon Pub Wks(Germany) 7s'45 FA 08 Sale 9512
9812
Montana Power let 5i3 A.._ _1943 .1
.1 1003 Sale 99%
8
MN 91% Sale 8812
1003
Gen ref guar 6348
98 104
s 29
92
Deb 518 series A
1962 3D 98 Sale 9712
Schulco Co guar (13413
1946 J3 85
91
97 101
9812 23
5
8918 92 May'29
Montecatini Min & AgricGuar 5 f 634s series B
1946 AO 85 Sale 85
863
4
Deb 7s with warrants_ _ 1937 32 108 116 107
Sharon Steel Hoop s I 5%5_1948 MN 96 Sale 9534
10912 11 107 127
96
Without warrants
32 97 Sale 95%
97
Shell Pipe Lines f deb 58_ _1952 MN 94 Sale 9312
93
97
16
9412
Montreal Tram 1st & ref 5s._1941 33 96 Sale 96
96
1
94
99% Shell Union Oils f deb 5s_ _ _1947 MN 96 Sale 95
9612
Gen & ref s f bs series A_ _1955 AO
05 May'29
937 96% Shinyetsu El Pow 1st 63.4s_ _1952 JO 88 Sale 85
8
88
Series B
1935 AO 9312
0514 May'29
9514 9814 Shubert Theatre 6s_June 15 1935
D 83 Sale 75
992
83
Morris & Co 1st s f 4348_1939 J J 8314 Sale 83
13
83
84
33 0914 10214 101
Deb8 & ais
881z Siemens 7 8148 kes f 75
102
Mortgage-liond Co 48 ser 2_ _1966 AO 7712 81
8112 Jan'29
1951 23 S 104 Sale 10212 104
8112 8112
10-25
-year be series 3
1932 J J
957
8
957
8
3
953 9712
SI 634s allot ate 50% pd__'51 23 S 103 10.33 103
4
4
Apr'29
Murray Body let 6345
1934 Jo 9914 8-Ze 987
8
21
9814 102
993
4
Sierra & San Fran Power 58_1949 PA 9714 983 97%
97%
4
Mutual Fuel Gas let gu g 58_1947 MN 10012 103 102 Mar'29
102 104
Silesia Elec Corp 51 6 Ms_ _ _ _1946 FA 8412 91
8%
3
8
414
Mut Un Tel gtd fls ext at 5% 1941 MN
Feb'29
98
98
Silesian-Am Exp coil tr 7s_ 1921 FA 97 Sale 9618
949
98
97
Nan=(A I) & Son-See Mfrs'Fr
N 99 100
Simms Petrol6% notes
99
Apr'29
Nassau Elec guar gold 4s
521 547 503
1951 J J
8
2
4
50
5031
Sinclair Cons 01115-year 7s..1937 MS 101% Sale
64
1015
8
Nat Amine let f 68
19422 D 10114 ____ 10112 May'29
101 10214
1930 M S 085 Sale 98%
98
8
1st lien coil fls series L
Nat Dairy Prod deb 5%e
1948 F A 9614 Sale 95
9312 97%
let lien 6348 series D
9614 235
3D 100 Sale 09
100
Nat Euam & Stamm( let bs 19293
101.
Jan'29 - _
101 101
Sincallr Crude 011534s tier A.1942 33 943 Sale 943
4
1 3
8
4
9512
Nat Radiator deb 634s
1047 F A 64 Sale 64
66
13
64
AO 9312 Sale 9312
8214 Sinclair Pipe Line f 58
933
4
Nat Starch 20
963 99
-year deb 58....._ 1930 J
8
98
Jan'29
98
Skelly 011 deb 534s
1939 MS 9212 Sale 9212
98
93%
National l'ube lets f bs_ _ _ _ 1952 M N 103 Sale 103
103
3, 100% 104% Smith (A 0)Corp let 634s_ 1933 MN 101 Sale 101
10114
Newark Consul Gas cons 58_1998 J D 10114 Sale 10114
10114
1. 10012 10312 South Porto Rico sugar 78..1941 JO 106 Sale 106
10614
New England Tel &'lei be A 1952 J
10212 1037 10312 1033
8
4 10312 107
4
J 10112 Sale 101
South Bell Tel & Tel 1st s f 55 1941
10112
lat g 4348 series B
1961,M N
9718 Sale 97
9714 26
97 10014 Southern Colo Power Os A._1947 J J 100 10112 100
100
New On Pub Serv 1st be A _ _1952,A 0 92 Sale 9114
9212
9114 96% S'west Bell Tel let & ref 58..1954 FA 10212 Sale 101
4
10212
First & ref be series 11_ _ _19551 J D 925 Sale 921
8
925
8 15
9014 9612 Spring Val Water 1st g 5s.
N 97
.l943
08
98
98
N Y Dock 50-year let g 48_1951 FA 911 Sale 8118
8118
4
E018 875 Standard Milling let 53
M N 981e Sale 98%
4
9812
Serial 5 notes
1938 AO 80
82
80
SO
1
80
let & ref 53413
90
1945 MS 101 Sale 953
4
101
N Y Edison 15t & ref 8 WI A_1941 AO 1123 Sale 11218
8
113
12 112 1153 Stand Oil of NJ deb 55 Dec 15'48 FA 101 Sale 10014
4
101
1st lien & ref Ets series B_ _.1944 AO 10212 10234 1017
10 4 15 101 105
23
9412
Stand 01101 N Y deb 4346_1951 JO 94% 95
95
R Y Gas El Lt & Pr g be_ _1948 JO 10414 Sale 1035
8
1043
4 10 103% 10712 Stevens Hotel 1st 65 series A_1945 J J 97 Sale 97
971.
Purchase money gold 90_1949 F A 915 Sale 913
8
8
93
25
91.
94
Sugar Estates (Oriente) 76_1942 23 S 75
7912 80
80
NY LE& WC& RItb%s_1942 M N
Oct'27
10414 May'29
Syracuse Lighting 1st g 5s_ _ _1951 3D 10412
N Y L & W Dock & Imp 561943 J
9818 99
981
2 -61
9818
Tenn Coal Iron & RR gen 5-8.1951 J
10212 10212 May'29
NY&QEIL&Pletg 56_1930 F A 98% 993 99 May'29
4
98 10018 Tenn Cop & Chem deb 6t3A_1941 A0 1043 1063 1013 May'29
4
4
Y Rye 1st R E& ref 48_1942 J J 5014
_ 56
Jan'29
56
MS 1003 1023 10018
8
56
Cony deb Os ser 13
102
4
Certificates of deposit
5014 ____ 5614 Mar'29
D 10412 Sale 103
56
58
Tennessee Elec Pow 1st 65_ _1964
94
90
47
10412
30
-year ad1 Inc 5s_ _ _Jan 1942 AO
112 97
8 212 May'29
212 2 8 Third Ave let ref 48
33 5712 Sale 52%
58
,
Certificates of deposit
112 9
3
Jan'29
2
3
4312
119657
Ad1 Inc 58 tax-ex N Y Jan 199,30 AO 4312 Sale 3912
Y Rye Corp Inc Os.... _Jan 1965 Apr 115 Sale 10
8
115s 43
10
J J 90
2412 Third Ave Ry 1st g 58
90
9214 90
Prior lieu 6s series A
76 Sale 76
1965 J J
76
3
75
8
MS 065 98
Toho Elec Pow 1st 7s
87
96
98
NY & Riclun Gas let Os A_ _1951 MN 103 10312 103
10312
3 10112 106
9912 90% 9914
6% gold notes.. _ _July lb 1929 J
99%
NY State Rye 1st cons 430_1962
N 39 Sale 39
8
3912
38% 54
Tokyo Elec Light Co. Ltd 19 _
-_ _53
let cons 634eserlea B
1962 MN 5014 55
5018 May'29
4914 70
JO 88% Sale 88
1st 6s dollar series
8918
NY Steam let 25-yr Os ser A 1947 MN 10214 1023 10512 May'29
4
10414 107% Toledo Tr LAP 534% notes 1930 J J 983 9912 983
4
4
983
4
R Y Telep let & gens f 430_1939 MN 99I2 Sale 9814
99
64
9712 101
Tran8cont 011 6345 with war 1938 J J 9912 Sale 98
1003
4
30-year deben f 613_ _Feb 1949 FA 110 Sale 110
11012 35 10934 1113 Trenton GA El 1st g 5s_ _ 1049 M
99 103 10012 Apr'29
8
20-year refunding gold 65_1941 AO 10512 Sale 105
106
46 1093 10812 Truax-Traer Coal cone 630_1943
4
N 90
9012
94
91
Y Trap Rock 1st 68
1946 JO 9712 Sale 97
9812 12
97 101
Trumbull Steel 1st f 6s_ _ _1940 MN 10234 Sale 101
1023
4
Niagara Falls Power let 58_ _ 1932 J J 10018 103 100
100
1 100 103
58 Mar'29
Twenty-third St Sty ref 5.8_1962 32
Ref & gen 6s
Jan 1932 AO 10112 10314 10112 10131 20 10014 10318 Tyrol Hydro-Elec Pow 730-1955 MN 9612 Sale 9612
98
Nitta Lock & 0 Pr 1st 58 A _ 1955 AG 10012 1007 10012 10012
8
6
997 10418
8
1952 FA 88 Sale 88
Guar sec s f 75
90
Norddeuteche Lloyd (13remen)1.111gavra El Pow s f 78
97
1945 MS 9612 Sale 9612
20-year s f 6(3
1947 MN 9214 Sale 92
93
37
90
4
94
4
Union Elec Lt & Pr(Mo)66_ 1932 M S 993 10012 993
33
9938
Nor Amer Corn deb 6%a A_ _1940 MS 7112 Sale 7114
73
30
68
MN 9712 99
80
99
Ref & ext 58
9934
No Am Edison deb bs ser A 1957 MS 9912 Sale 9918
998 67
99 102
8
8 10112
UnEL&P(111)lstgb%eserA254 3J 1003 101 1005
Deb 534s ser B___ _Aug 151883 FA 100% Sale 993
4 101
100
99 10178 Union Elev Ry (Chic) 59_ _ _1945 AO Si Sale 81
81
Nor Ohlo 'Frac & Light OIL...1997
S 100 Sale 100
10012 13
99 10314 Union 011 1st lien s f be
10014
10114
1931 .1
10114
Nor States Pow 25-yr be A _.1941 AO 9914 Sale 993
4
100
29
98% 10134
4
30-yr 6e series A _ _ _May 1942 PA 10414 106 1043
1043
4
let & ref S-yr 65 series 13_ _1941 AO 1043 10512 104 May'29
4
104 10812
let lien sf58 series C _Feb 1935 AO 9512 97
9
9514
953
4
North W 'I' 1st fd g 434e gtd_ 1934 J J 96
98
96
96
1
96 105% United 131scult of Am deb 65_ 1937
N 0812 100 100
942
100
Norweg Hydro-El Nit 538_1957 MN 90 Sale 89
90
24
88
943 Sale 94
4
9212 United Drug 25-yr 5s
53 M
95
Ohio Public Service 734s A.1946 AO 11014 11012 1103s
1107
8
3 1103 11312 United Rys St L let g 413_ _ _1934 J
8
8114 8214 81%
815
8
let & ref 70 series 13
1947 FA 11118 Sale 1103
4
11118
8 109% 115% United SS Co 15-yr Os
MN 9712 Sale 97
98
Ohio River Edison 1st 68_ _ _ _1948 33 ____ 1037 105 May'29
8
105 107
88
Un Steel Works Corp 6348 A.1961 3D 8812 89
89
Old Ben Coal 1st ele
1944 FA 8814 Sale 8814
8812 16
8814 91
With stock our warrants
3D 89 Sale 87%
8912
Ontario Power N F let 58_1943 FA 100 Sale 9914
100
9
90 102
D 83
Series C without warrants_
883 8812
89
4
Ontario Transmission 151 53_1946
N 97 100 100 May'29
M. 103
With stock pur warrants.. JO 8812 Sale 881z
8812
Oriental Devel guar(Is
M
1953
93% Sale 9318
935
8 17
92
09
United Steel Wks of Burbach
Extl deb 6348 lot etre
1958 MN 86 Sale 8534
863
4 30
8518 90
Esch-Dudelange s f 7s__ _1951 AO 10414 104% 1043
4
4 1043
Odo Gas & El Wks ext.! 58_1963 MS 9012 Sale 8914
9012
7
SS
9314 U S Rubber let & ref 58 ser A 1947 J J 884 Sale 8814
89
.
Otis Steel let M Os ser A _ _ _1941 MS 10012 Sale 100
1003
4 35 100 10312
10-yr 734% secured notes_ 1930 F A 1003 Sale 10014
1003
4
Pacific Gas & El gen & ref Ets 1942 J J 100 Sale 100
10012 64
99 10212 U S Steel Corp Coupon Apr 1963 MN 10812 Sale 10812 108%
A 9712 Sale 9712
Pao Pow & Lt let & ref 20-yr 58'30
9914 13
9712 10014
10712 108
sf 10-60-yr 5s Regis_ _Apr 1963 MN
1937 32 100 101 101
Pacific Tel & Tel 1st be
101
100 10314 Universal Pipe & Rad deb (38 1936 J D 85 Sale 135
85
1952 MN 10412 Sale 10212 1023
Ref mtge 65 series A
.
4
7 101% 105% Unterelbe Pr & Lt Gs
3
90 Sale 8612
91
Pan-Amer P & T cone s f 65_1934 MN 1073 Sale 10612
4
10S
54 10212 109
91
Utah Lt & Trac 1st & ref 5s_ _1943 A D 9012 Sale 91
1954 A O
1930 FA 10
let lien cony 10-yr 78
,
412 Sale 10342 1043
4
4
6 1025 104% Utah Power & Lt let be
8
97
1944 F A 9512 Sale 9518
Jo 9312 Sale
Pan-Am Pet Co(Of Cal)conv 68'40
993
4 19
9814 Utica Elec L & P 1st f g 5s_ 1950 J J 10214
92
1023 May'29
4
Paramount-B'way lst 5%5- _1951 J J 10014 Sale 10018
10014
6 100 103
106
106
Utica Gas & Elec ref & ext 58 1957 J J 10312
Paramount-Fam's-Lasky 68_1947 Jo 9812 Sale 97
9812 61
963 1005. Utilities Power & Light 5348_1947 3 D 9014 91
8
90
91
Park-Lea let leasehold 635/1- 1953 .1 .1 8512 91
8512
8512
9
81
8512 9512 Vertlentes Sugar let ref 7s._1942 J 0 74 Sale 74
Pat & Passaic0& El cons 68 1949 MS 100 104 10112 May'29
10132 1(15
31% 38
343 May'29
4
Victor Fuel let s f 5s
MN
7514 Sale 75
Pathe Exch deb 75 with warr 1937
76
25
75
79
7218
71
84
Va Iron Coal & Coke let g 5 11994593 3 S 72
8
M 3
Penn-Dixie Cement Os A._ _1941 MS 89 Sale 887
8
897
13
15
88% 97% Va Ry & Pow 1st & ref 58_1934 J J 9914 993 9914
99%
4
Peop Gas & C ist CODS g 6e_ _1943 AO 110 Sale 110
111
110 113
96
8712
96
Walworth deb 6348(with war)'35 A 0 91
8
1947 MS 1013 Sale 101
Refunding gold 55
1013
8 11 101 10534
2
let sink fund (is series A _ _1945 A 0 88 Sale 88
88
Philadelphia Co sea bs ser A_ 1967 Jo 9714 Sale 9612
9712 108
96 100
106 10618 106
Warner Sugar Refin let 7s_ _1941 J
10618
Pink. Elec Co let 434s
8
1967 131 N 963 Sale 95%
96%
7
__ 74% 7712 May'29
95% 10012 Warner Sugar Corp 1st is...1939
J
Mita& Reading C & I ref 58.1973 ii 90 Sale 90
903
4 18
88
04
1939 M S 9534 Sale 9.5
96
Warner-Quinlan deb 613
Cony deb 68 w I
1949 MS 9512 Sale 9412 10014 845
0412 101
101
Wash Water Power Sf be. _ _1939 J J 10014 10214 101
Phillips Petrol deb 53.is
89 Sale 89
1939 J
00
91
89
101
04
Westches Ltg g 5s stmpd gtd 1950J D 101 102 101
Pierce-Arrow Mot Car deb 8131943 MS 108 Sale 107
10812 22 106 10812 West 54
iz Penn ower ser A 531946 M S 101 Sale 101
10114
_
E
1053 106 10558 May'29
Pierce 011 deb s f 8s._ Dec 15 1931 J
4
10514 107
4
4 101
1963 M S 1003 Sale 1003
Pillsbury Fl Mille 20-yr Oe_ _1943 AO 1033 1033 102
8
4
103
8 102 106
1953 A 0 10112 Sale 1011z
1st 534e series F
10112
Pirelli Co(Italy) cony 78_ l952 MN 131 Sale 12814
12814
5 119 15412
10012 10112 100
10112
1st sec 58 series
Pocah Con Collieries let s f 661957 J J 9412 Sale 9412
9412 15
9412 95
19561 D -26 Sale 25
9 1J
50
26
West Va C &C 1st Os
Port Arthur Can & Dk Us A.1953 FA 104 Sale 104
104
1 100 105% Western Electric deb 58.-1994 A 0 N.1214 Sale 102
1023
4
it 131 Os series B
1953 FA 10014 10514 10112 May'29
_ 10112 1055 Western Union cell tr cur 58_1938 J J 10112 102 10112 May'29
8
Portland Elec Pow 1st 6513_1947 M N 100 Sale 983
4
100
29
9812 10314
'yd ar reals 0 43.4s_ _ _1950 MN 9612 Sale 9618
1,. e it 0 est
15 n
u
9712
Portland Gen Elec let be_ _1935 J J 9914 995 99
8
9912
3
98 102
108 10812 1077
8
1936 F A .
1083
4
97 May'29 -Portland Ry 1st & ref be _ _1930 MN 9614 97
96
99
1951 J D 10214 Sale 10114
25
10214
-year gold 58
Portland Ry L & P let ref 64.1942 F A 97% Sale 97'e
9718
5
96
10434 Mar'29
99% West'h'se E & M 20-yr g 5s_ _1946 M S
98 May'29
let lien & ref Os series IL...1947 M N 99 101
_
98 10212 Westphalia Un El Pow 613_1953 J J 84% Sale 80
845
8
let lien & ref 794s series A.1946 M N 10612 107 107
107
1 107 107% Wheeling Steel Corp 1st 5348 19483
„100 Sale 9812
100
Porto Rican Am Tob cons Os 1942 J J 9918 Sale 9918
100
14
99 107
let ar ref 434s series B.....1953 A 0 85% Sale 8512
87
Postal Teleg & Cable coil 58_1953 J J 93% Sale 9214
933
4 62
89
95
White Eagle 011& Ref deb 5%8'37
Premed Steel Car cony g 58_ _1933 J J 90
89
94
91
31
88% 99
4
With stock purch warrants_ _ _ M S 993 10014 9912 10012
Prod & Ref e f 813 (with war).1931
D 110%
111 111
102 May'29
- III Mar'29
White Sew Mach Os (with war)'36 J J
Without warrants attached__ J D 106 110 10912 May'29
109 11218
843 843
85
4
Without warrants
4
Pub fiery Corp N J deb 4%8_1948 F A 203 Sale 193
20412 81 172 20814
1940 M N 88 Sale 88
88
Part% 8 f deb (3s
Pub Berv El & Gas 1st & ref 58 65 J
10112
10114 102 10114
4 101 10512 Wickwire Spen St'l 1st 75...1935 J J 4112 Sale 4112
4618
1st & ref 434s
10673 D 96% 06's 9614
9612
2
9618 99% Wickwire Sp St'l Co 75_Jan 1935 MN 43% Sale 42%
4912
Punta Alegre Sugar deb 78._1037 J
7612 Sale 7612
7612
5
76
88
WIllys-Overiand s f 0345. _1933 131 S 10012 10138 100%
10112
Pure Oils f 6)4% notes
1937 F A 98 Sale 9714
98
50
963 1001. Wilson & Co 1st 25-yr f 68_1941 A 0 10012 Sale 10012
4
1007
8
Purity Bakeries s f deb E5....1948 J J 9014 92
9018
9014
4
893 95
4
Winchester Repeat Arms 7%8'41 A 0 10612 107 10612 1063
4
Remington Arms (is
1937 M N 9714 Sale 9714
9712
7
9714 101
Youngstown Sheet & Tube 681978
J 100 Sale 997
2
10012
4,2
Rants
Since
Jan. l.
No. Low
9114
97
97 102
5 100%
1 100
99
151
02
101
9712
2
22 100
75
87
72
86
91
6
12 10518
33 10312
9512
Mph
95%
10312
103%
104
105%
98
102%
102
93%
98%
98
110
107
100%
1
10
6
41
44
4
4
89
61
24
55
5
226
1
2
21
68
61
37
40
13
28
11
5
3
5
24
1
2
6
84
50
8
3
12
28
79
144
1
15
17
131
5
312
4
36
5
3
9
2
2
3
1
11
13
2
105
1
24
44
27
2
13
5
37
44
216
9
4
12
12
20
1
22
34
5
10
32
1
9
24
3
1
18
11
2
17
60
6
23
34
132
25
24
23
3
5
12
35
10
29
4
122
99
99
667 77
2
94
92
101% 10711
9312 100,
8
8712 944
90 101
85 101
9412 9712
9312 97
9412 987
8
8312 94
75
9112
9912 105
100% 108
101 106
96 101
83% 89
9818 99
99 100
101 103%
98 100
98% 1013
4
93 8 97%
7
93
95
92
95%
2
997 102%
102 107
101 10414
100 10412
101 10514
9712 100
98 102
953 105
4
10014 10338
94
es
95 100
80
98
10414 107
101% 10312
102 115
100 107
103 107
50
68
38
Mad
90
971
4
96
99%
9812 991
4
88
91%
983 10012
4
96 10418
10012 10012
90 10312
101 103%
58
82
9512 9912
SS
921s
95 100
99% 100 4
1
OS% 101%
10012 104
81
8712
98 101%
1043 10912
4
94 101%
957 10014
8
94
971
4
81% 84%
97 100
84
9012
92
84
83
9014
8518 894
1
103 108
88
92%
100 10238
107 10912
1063 108
4
85
90
8612 91
89
984
9518 101
102% 1044
1043 107
4
90
98
74
97%
3434 60
70
82
9712 10012
8712 103
8512 93
105 4 107
3
75
85
14
95
9914
100 102%
101 10532
10012 104
1003 1(15
4
101 10512
100 104 4
3
25
33%
100% 1033
4
100 104%
95
9914
107 111
99% 103%
10414 105
00
79
98 109
8512 8714
99
102
84
88
4112
403
8
10012
100
10612
9912
101%
139
DOI
10612
81
60
34
105%
10512
108
101
FINANCIAL CHRONICLE
3806
[Vox,. 128.
Outside Stock Exchanges
Boston Stock Exchange. Record of transactions at
the Boston Stock Exchange, June 1 to June 7, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Railroad 100
Boston & Albany
.101.
Boston Elevated
100
Preferred
too
18t preferred
.100
50 preferred
Boston & Maine
Common unstamped_100
Ser A let pref unstpd 100
Ser131st of unstpd_ _100
Prior preferred stpd__100
..ier 1 lot phi nod
0"
.
100
SerB 1st pf stpd
tni
set C mt pre! ,
Ser D 1st pfd stud__ _100
Negot receipts 85% paid
100
Conn Pass pfd
100
East Maas St Ry
100
let Preferred
100
4dlustment
100
Maine Central
N B & Hanford_ poi.
100
Old Colony
So
PennsvivauM RR
Rights
100
Vermont
-Mass
174%
78
96%
1144 113
100% 100
176
83
97
114%
10035
93
70%
108%
106%
101
71
108%
107%
83
100%
143%
102
44
107%
120%
78%
750
113 113%
102 108
141 143%
102 102
101
101
19
19
62
62
44
45
68
68
105% 109%
12034 122
78% 80%
37%c 1%
114% 114%
28
3%
10
26
25
4334
90e
134
2% 3%
53
56
39% 44%
20
26
Low.
257 174
370 78
10 96
23 110
80 100
180
255
40
46
495
85
95
193
50
57
10
105
55
40
2,561
155
1,012
10,290
10
atleceliarteous1,600
19% 18% 20
Air Investore Inc
13
107
•
13%
American Brick Co
310
70
70
Amer Chatillon corp.
100
100
95
95
Preferred
50
50
AmeitiesPr&LtCorP el A 50
50
52
35
35
Class B
70
605
70
70%
Amer A ieu Sec uurp
544
5
5% 1.265
&mar Pneumatic Service go
24
Preferred
26 25
25% 1,830
25
100
49% 49%
1st preferred
smer el A tel
Be 209% 206% 21734 2.933
3% 434 157,171
3%
Rights
1,150
16% 17%
• 1734
iroutuseag Mfg Cu._
769
100 102
Bigelow-Hart'Carpet
• 102
53
103% 105
100
Preferred
94
SO
93
93
4rolirh A ('0
100
40
40
Cap Adm Co Ltd el A _ _
743
68% 75
nsuu,ida Grape a
85
97
95
Continental Securities Coro 97
725
34% 37%
37
credit k 1111.1 1. 1 'orb cl A
.
2.630
4
7
7
10
East Boston Land
to 106% 105 109% 2,895
Eastern se Linea tuc
375
45
47
• 47
Preferred
175
98
98%
100
lot preferred
17
18% 1,167
Eastern Utility Inv Corp.. 18%
65
25
24
smunomy Grocery Stores.*
473
10. 294
290 297
itellson Mee Ilium..
Elec Shareholdings Corp.• 364 3534 36% 1,478
460
100
100 100%
Preferred
878
36% 36% 37%
Empl Group Assoc
154
1
1% 9,357
Rights
50
19
19
Galveston Hous Elec ._100
10
15
15
General Alloys Co
19
19
so
GerCred&InvC25%1st pf
20
14% 15
GeorglanInc(The)pfclA...20
26
50
25
25
sdenrist
853
5111o0e Safety Rainy •rr • 1044 10434 107%
30
15
154
Greenfield Tap & Die _25
40
40
60
Greif 13rosCoopgeCpcIA _
315
29% 30
liatnaaays Bakeries alassB 30
110
42% 43
Class A
36
118 118
Preferred
255
18% 20
•
Hood Rubber
41
42
226
Hysrade lamp Co .
99% 100
25
Preferred
x27
27
100
10 z27
Insurance Sec Inc
21
20% 211%
590
Insuranshares Corp cl A .... 57% 63
355
.1
1,105
Jot Hydro El Syst Cl A..... 43% 43% 44
92
200
92
idder Peab accep API 104,
13
551
11
Libby McNeill & Libby H.
11
1,012
11
25 11
Loew'e Theatres
2,241
Maesarhusette Gas Co.100 142% 142% 149
15%
13
16% 6,427
Rights
377
11s. 801% 80% 80%
_
Preferred
13% 26,533
13%
11
Maas Utilities Aete corn
235
Mergenthaler LInotyPe.100 103% z103% 106
66
2% 3
10
3
National Leather
10
40
40
Natl Manufac&St Corp_ _ _
510
4% 5
al
40
40
42
42
NewEngEquityCorp
20
98% 99
NewEng Equity Corp Pf100
55
99% 101
New Engi Pub Seri pr pfd•
514
144 145
Hs 145
New Eng ref & Tel
250
164 16%
North Amer Aviation Inc
100
5
5
100
North Texas Elec
68
16
18
100 16
Preferred
31%
460
inn 30% 30
Pacific Mills
43
17
16
Plant (rhos G)1st pfd _100
15
17% 17%
ReeceButHoleMachCo_ _10
300
1%
1%
Reece Folding Machine _10
1,660
Management Corp 30% 30% 31
Reliance
22% 1,766
Shawmut Ass'n Con stk . 21% 21
175
33% 34
Bier See Corp pf allot cafe_
487
126% 129
100 129
•
& Co
395
Torrington Co
• 72% 7234 75
11%
9% 11% 4,425
Tower Mfg
520
IS
18
Traveller Shoe Co T C.
-210
35
30% 35
rig-Continental Coro
110
104 104
Preferred
48
5034 1,780
Union Twin Drill
it 50
Corp_25 65% 60% 67% 7,041
United Shoe Mach
31%
568
31
26 31
Preferred
192
404 41
• S Brit Inv $3 pfd allot etf
2,310
41
40% 41
S & Int Ser Corp pref.__
Utility Equities Corp
1,491
leo% 107
106
Preferred
75
4
4
4
Venezuela Holding Corp_ _ _
2,241
73
68
Venezuelan M (Alcorn 10 71
210
Waldorf System Inc
• 29% 29% 29%
53
53
5
Waltham Watch class B. •
102 102
Prior preferred
100
20
48%
48
Warren Bros 1st prat _50
10
2d preferred
50
50
50
36% 38% 1,080
Westfield Mfg Co corn__
38
110
3
3%
WhItenighta. Inc
MiningAreadlan Cons Min Co..
Arizona Commercial
Hingham Mines
Calumet & Heels
Cliff Mining Co
Range Since Jan. 1.
2,520
1,390
145
400
259
87
68
105
104%
71
112
100
140
102
101
19
5734
42
62
82%
120
72%
37%c
113
High.
Apr
June
May
Jan
Mar
Jan
182
88% Jan
Jan
11.11
116
Slay
Jan
108
Apr
AK
Apr
May
Apr
May
Apr
May
Apr
Apr
May
May
May
Jan
Mar
Apr
Mar
May
Apr
106
94
113
110
81%
129
ill
160
107
103
27
72
5834
80
109%
139%
83%
234
121
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
June
Feb
Apr
May
Feb
Apr 2354 May
17
Jan
May 20
13
Apr 804 may
69
Apr
95 June 100
Apr 50
June
38
May
23% Mar 30
Jan
75
Apr
7083.4 MAY
24 Jan
May
164 Jan 26
Mar
Mar 50
45
Jan 238% Apr
193
244 Apr
744 Apr
Jai.
16% Mar 24
Jan ins% Apr
95
May
100% Jan 107
Jac
92% Jan 94
May
Jan 43
40
84% Mar 8834 Jan
May 120
Mar
94
1741. r...,
May
34
May
4
Feb
8
Jan 109% June
99
Apr 48
Jan
45
Mar 102% Mar
97
Jan 184 May
12
22% Jan 27% May
Jan 351
Jan
280
Mar 364 May
28
Mar 101
Apr
100
364 May 491% Jan
May
2% MAY
1
Jan
1634 May 27
II
Jan 194 May
17% Apr 20
Jan
14% May 17% Feb
Apr 3306 Jan
20
104% June 12614 Jan
12% Jan 1854 Feb
Jan 424 Apr
39
29% Slay
354 Feb
Jan
34
Apr 47
Jan 126
110
Feb
May 2644 Mar
18
37
Apr 524 Jan
97
Apr 105
Feb
2114 Apr 33% Jan
2034 June 23% May
57% June 102% Feb
43
May 454 Apr
904 Apr 9344 Feb
10% Apr
1341 Jan
11
Apr
13
Jan
1284 Jar. 167
Apr
13
June 16% June
76
Mar 844 May
15
Jan
11
Jun
[nog Feb 1124 Mar
24 June
554 Jan
Apr 40
26
Jan
4
May
8st Jan
34% Feb 444 Apr
92
Jan 100
May
z9834 May 10414 Jan
Apr 156
143
Feb
14% Apr
1944 May
May
5
10
Jan
16
June 35% Jan
284 Mar :3738 Apr
Jan
16
Jun
25
17
AD
1834 Mar
1% Apr
1% Ma
28
Mar 36% Feb
21
June 26
Mar
Jan
304 Mar 37
i2634 Jun 1394 Jan
84
Jan
704 AD
1714 Feb
Jan
8
18 June 24% Feb
354 Apr
29% May
Apr 106
Feb
104
Mar 52
May
25
Jan
60% Jun
87
Jan 314 Jan
31
Jan 414 Apr
39
44
Apr
404 Jun
100
2
66
22%
50
100
48
50
27
3
Jan 1114 Mar
Apr
9% Jan
1
Feb 77 .4 Jan
Ma
32% May
May 70
Jan
102
Jan
Fe
Jan
May 52
Apr 53
Mar
Ma
3844 June
May
174 Jan
Mc May
May
504 Jan
37
May
20 June
2
sg
6234
604
38
Feb
Jan
May
Mar
Mar
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
Stocks (Concluded) Par. Price Low. High. Shares.
. 2f.
Copper Range
CoEast Butte Copper Mb 10.
Franklin Mining Co_ __25
Hancock Consolidated.
.25
Hardy Coal Co
1
Island ('reek Coal
Preferred
100
Isle Royal Copper
40
Keweenaw Copper
21
s.
ale Cooper Corp
Mason Valley
5
Mass Consolidated
25
Mayflower & Old Colony 25
_25
4,1011awk
New Immlnlon ('onper__.
New River Co pref
*knowing Mines
_ o
13
Vorth Butte
North Lake Mining Co._25
20
old Dominion Co
•
P. C.Pocahontas Co_
26
Quincy_
As Mary's Mineral Land 25
10
Shannon
1.
Utah Apex Mining
1
yeah Metal Tunnel
Victoria Copper Min Co_25
234
25
34
2
14
51
23%
55%
6%
11%
15%
37
38
3%
1%
Bonds.194s
Armakeas MN Os
Ernesto Bredo Co 7s__1954
ChicJctRy U S Y 4s-1940
East mass Street RR1948
5s ser B
65 series C
1948
Fox New Eng Theatres
1913
6 141)
Hood Rubber 7s
1936 82%
Int Hydro-Elec S.et 6s1944
Intl Pow SecCorp7sserD'36
19)
1,..11
89
Miss Rtv Pow Co 5E1_1951
P C Pucah Co Is deb 1935
Reliance Managment 58'54 96
Swift &Co 59
1944 100%
• No par value
20
3
2
1
1
51
51
105 105
24
21
3,4 4
14 134
1% 1%
65c 75c
65c 70c
53
5534
21c 26c
63
63
2% 2%
5% 635
15c
15e
934 11%
12% 15%
34% 38%
31% 38%
20c 30c
311,•
1
1%
2
2
$5.000
8,00
16,000
61
70
3,000
3,000
97
82%
100
100
85
9834
103
94
100%
Law.
3,717 20
3%
665
1
100
160
1%
100 50e
65 50
13 105
2,457 20
3%
415
280
1 vb
1%
20
200 25e
1,125 5003
629 41
975 200
60 58
30
254
15,439
500
150 15c
1.500
9%
597
11
11,020 32
3,106 31
500 20c
730
*.iso
1,850 90e
300
144
82% 83
89
88
84
85
61
70
Range Since Jan. 1.
8244 June
88
June
84 June
55
61
9,000 96
98
823-1 5.000 82%
100% 6,000 100
100
1,000 0734
54.000 85
90
2,000 97%
98%
11.000 ins
108
7.000 93
96
101% 15,000 100
High.
May 32% May
Mar
it
June
Apr
4
Jan
344 Jan
May
2% Mar
May
Mar
May 66
Jan 1055i Jan
May
35
Mar
Mar
June
.1/111
24 Mar
Jan
2% Jan
Jan
May 80c
Mar
Apr
1
Jan 60% May
Jan
65e Mar
Apr
Jan 67
Apr
3% Mar
Jan
34 Mar
June 500 Feb
May (9% Jan
Feb
22
Mar
May 50
Feb
Mar
May 48
May 55e Mar
June
644 May
Mar
May
Jan
234 Jan
May
May
May
June
Apr
Mar
May
Apr
reit
May
Mar
91
Apr
96% Feb
Jan
89
80
80
106%
96
100%
100
oh
102
146
101 ..,
10344
Feb
Feb
Jan
Jan
Apr
June
Jan
Jan
Mar
Feb
Mar
r Ex d vItiend
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, June 1 to June 7, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Par Price. Low. High. Shares.
Abbott Laboratories coin.•
46%
95
45%
95
36%
1534
50
15
42%
50
63
36
22
23%
7%
103
10%
12
26
46%
96
37%
16
52
1844
45
51
68
38%
23%
25
7%
103
14
12%
26%
650
1,350
450
400
1,100
2.250
5,450
500
6,600
300
750
550
50
100
3,200
350
250
Rangy Since Jan. 1.
Low.
39
4344
36%
1544
344
12%
2944
46
4944
36
21
234
7
9944
1044
ii
26
Adams (J D) Mfg cons_ •
Adams Royalty Co com__• 1544
Almsworth Mfg Corp coral° 51
411 Amer Motiawls A •
16%
ed r Ind Inc corn • 4331
,to
kilie e t'rl
Pr ite
• 50
1111e11 Produete
4"
• 64%
Aitorfer Bros Co cony pfd •
trner Coinnaw Pow "A" • 23%
• 24
Class 13
Warrants
Amer I'm -Lel, omf
103
Amer Radio & Tel St Corp. 121%
American Service Co,eon'•
Am States Pub Set A com.• 26%
Amer Yvette Co Inn
100 26%
27% 273.4
•
Preferred
37% 5,450 34
34
Art Metal Wke Inc Corn.• 35
16,350 454
57
50
tem Appar Ind Inc cam.• 56
1,000 60
51
53
tows Investment Co
• 52
700 2634
26% 27
Assoc Tel CHI Co corn- •
1.300 38
33
43
ttlas Store, Corp corn.... 38
240 254% 5,100 131%
Auburn Auto Co tom__ --• 254
Backstay Welt Co corn....
Balaban & Eats v It....25
olastian-Bleselna Co corn •
Ranter Laundries Inc A •
,marrlee Creamery com 611
13endlx Aviation
•rernirs I .1 1..18.8t1 ri new5
.,
Bloke Mfg Co Cl A cony Df•
A. re Warner Corp eon] III
Corp prelf0o.
Bor1n privritone
7% V e erred
orateb tc s.olp..F 1 el
•
Briggs&Stratton Corp corn.
Bright Star Klee 'A"____•
Claes B
iirown Fence & Wire CIA
Class"B"
Bruce Co EL
Bulova Watch Co corn___•
•
Butlerl33 preferredrinti ere
Ill
Cam Pb Wyant & Can Fdy
Canal Constr Co cony pf_•
Castle dr Co(AND
lu
CeCo Mfg Co Inc Corn ..•
Cent Dairy Pr Corp A DL•
Central III Pub Serv pref_*
Cent Pub Ser (Del)
Class"A"
Central S W
Pref
Prior lien. pref
•
Common
Chain Belt Co corn
Cherry Burrell Corp corn.:
Clime city AC Ry par ab-.•
Preferred
•
Chicago Corp corn
•
Unita .
•
Chicago HallwaysPart ctfs series 2
City Radio Stores corn-102
Club Alum titan Co .___•
Commonwealth Edlson_100
Commonw Util Corp B.
Cons Berv Co(The) etf deP
Construction Material_..
Preferred
Consumers Co common .11
Preferred
100
Warrants
orane Co. common . _26
Curtis Lighting Inc corn_ •
Davis Indio Inc 'A" . •
4334
4834
20
87%
11334
40%
33%
1334
636
25
24%
5435
,
28%
26
34%
20%
46
2956
4534
9634
100%
78
2%
24%
25%
65.%
Apr
May 30
June
0734 Feb
June
Mar 57
Feb
Mar 60
33
Jan
May
June 74)4 Feb
May
Jan 256
52%
'or
49
26
98
98
1934
3744
152
1034
41
2934
364
26
18
364
37
56
32
604
45
47
2114
79,4
864
43%
98
40
454
V3--4
1034
90
5944
584
3li
31
34
754
Jan
Jan
June
Jan
Jan
May
May
7
Jan
31
May
May 34%
Jan 252
4344
Jan
Mar 35
Mar 38
June 55
mar 134
June 80
6%
May
May 484
Slay 2331
174
Mar
Mar
Feb
Feb
Mar
Jan
Mar
Feb
Feb
Jan
Feb
Jan
Mar
May
Jan
Mar
350 41
4334 45
May
330 69
75
74
Mar
3,515 35
49
46
Apr
1,400 15
18
2031
Mar
400 78
84% 85
81% 92% 118,150 754 May
Mar
1,300 96
163 184
May
400 a
27%
27
112% 119% 42,550 9444 Mar
100 10144 Apr
101% 101%
Mar
40% 7.700 29
37
1,550 214 May
23%
22
May
31
33% 1,850 30
May
6.600 20
21
12
54 June
8.200
534 15
3,700 24,54 June
24% 26
Mar
2,650 24
24
26
Apr
1,450 41
55
54
Mar
350 28
28% 29
June
300 48
49
48
25% 26% 3,450 254 June
May
2.500 33
37
31
Feb
500 19
2031 20%
Mar
400 66
71% 73%
1,600 4314 Mar
51
46
Apr
2.950 22
2944 30
Mar
1,000 94
95% 97%
Jan
250 24
37% 3733
Jan
44% 454 2,900 35
Jan
900 94
95
96%
Jan
600 100
100 101
1,150 7034 Mar
81
76
600 46% Apr
47
47
May
200 48
48
48
I% Jan
600
2% 3
Jan
700 18
23% 26
Feb
25
25% 2,100 18
Mar
65
65% 6634 12,150
2%
400
4
4
500 24
25
25
6%
7% 11% 11,950
95-4
247% 250% 1,450 209
250
400 35
35% 35% 37%
100 35
5
35
2,050 27
29
28% 27
45% 2,450 42
4436 42
7
700
8% 10
250 68
68
68
68
2%
100
3
3
3
457 454
46
46
150 22
22
22
74
300
9
10
10
4
High.
May
Mar 52
Fe), 100% May
June 4334 Feb
Jan
June 25
Mar 544 May
Jan
Mar 39
Mar 574 Feb
May
May 55
May
Jan 81
Jan
June 63
Mar
31
May
Feb
34
May
May 114 Mar
Mar
Jan i 03
June 3744 Mar
Feb
May
16
Jae
June 29
Jan
Jan
Feb
May
Jan
May
Jan
May
Jan
Jar
May
May
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
May
May
Jan
Apr
Jan
Jan
Jan
Mar
Mar
Feb
Feb
JUNE 8 1929.]
Bales
'
,
May
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Con(inued) Par. Price. Low. High. Shares.
De Meta,Inc, pref w w_ •
Dexter Co (The) corn...-* 17
Eddy Paper Corp (The). •
Ei Household Util Corp_10 52
734
rise Research Lah Inc._..'
Empire 0& F Co 6%pf1.00
7% preferred
2731
Emp Pub Service A
Fabrics Finish Corp corn.' 15
Fits Simmons & Connel Dk
• 7035
& Dredge Co corn
Foote Hens G & M Co. 6 2434
Foote-Burt Co (The) Com •
Gardner Denver Co corn.'
40
Gen Spring BlIalaa• A
Certificates of deposit_ -- 41
40
Certificates of deposit_ -- 41
•
Gerlach Barstow corn
Preferred...
....
• 25
,
Gleaner Corn Han Corp
Common
101
Godchaux Sugar. Inc. al B•
Geldblatt Bros Inc corn_ • 28
Great Lakes' Aircraft A. • 21
Great Lakes D & D_ _ _100 22531
Greif Bros Cooper A corn.'
Grigsby-Grunow Cm,
Common
• 13534
Hall Printing Co corn... It 28
Hart-Carter Co cony of • 26
Hart Schaffner & Marx _100
Hartford Times part pt_.*
Hormel& Co(Geo) corn A•
Houdaille-Ilershey Corp A• 3935
Class B
• 4031
Range Since Jan. 1.
High.
Low.
Feb
Mar
Jan
May
Jan
Jan
Mar
May
Jan
28
17
25
51
734
9135
96
2754
15
28
17
25%
53
9
9135
96
2834
1635
100
200
200
3,250
1,550
800
100
1,800
200
28
17
24%
30
7
904
95%
24
13%
June
Apr
Jan
Jan
Mar
May
May
May
May
3731
224
28
5534
224
9534
98%
30
3435
70%
22
46%
67
3931
41
3931
41
16
25
73
25%
47
6735
60
41
60
41
20
2635
700
3,200
400
200
2,200
50
2,600
50
1,000
950
57
21
46
64
883(
41
3734
41
16
24
AD
May
May
May
Mar
June
Mar
June
June
Mar
8331 Feb
so Jan
Max
53
6934 May
73% May
June
41
7334 May
41 June
Feb
26
Feb
30
98 103
26% 27
28
2935
2035 2235
220 2254
40
40
300 90
250 24
350 28
1,700 15%
145 190
10
3954
132 142
30,050 119
27
28% 1,150 23
2,050 24
244 26
60 165
165 165
50 42
42% 4231
1,050 3334
45
50
2,050 34
3935 43
4035 423% 2,300 304
Mar 125
Jan 38
Mar 36
Mar 82
Apr 275
Feb 423(
Jan
Feb
Jan
Jan
Feb
Mar
Apr 17931 Mae
Mar 3554 Jan
Mar 3434 Jan
Feb
June 190
Fen
Jan 45
Jan 5734 Feb
Mar 594 Feb
Mar 59
Feb
450 3035 May 41
Jan
31
32
Illinoip Brick Co
26 31
May
Jan 58
225 54
54
Indep Pneum Tool v t c_.* 54
5635
Jan 68
6,850 80
38
41
Feb
Instill URI Invest inc....' 41
Jan 250
132 125
Feb
208% 210
• 210
8534 prior peel
50 2631 May 31
27% 27%
Jan
lnternat Pwr Co Ltd corn •
274 29% 3,300 24% Jan 24
Feb
Iron Fireman Mfg Co•so• 28
Jan 89
650 40
44
45
Mar
Jefferson Electric Co corn •
Max 181
98% 104% 2,150 95
Kalamazoo Stove corn_ _.• 100
Jan
124 16
6,600 1034 Mar 1934 Jan
Kellogg Switcbbd corn..In 14
1934 23% 5,500 1934 June 42
Ken-Rad Tube&i.n Aeon' 21
Feb
50
200 5035 Feb 5231 Mar
Ky Util Jr cum pref
• 51% 514
40
500 40
41
Keystone St & WI nom
• 41
Mar 68
Jan
Kup'heimer & Co(B)Inc
40
50 40 May 42 May
40
Common
5 40
17% 1,800 12 May 294 Jam
Lane Drug com v
• 1635 16
24
23
• 23
1,000 20
Jan
Mar 32
Cum Preferred
•
400 16 Jun
17
16
Leath & Co cam
2535 Mar
40
41
Cumulative preferred. •
400 40
AD
Jan
46
235 235
Warrants
250
2 May 11% Mar
5,300 10% May 154 Jan
Libby McNeill & Libby _10 1234 114 13
Lincoln Printing com___.• 2134 20% 21%
900 20% June 2654 Feb
4335 44
7% preferred
50 44
Jan 4534 Jan
500 42
Lindsay Light corn
10
434 4%
Apr
334 Jan
100
6
Lindsay Nunn Pub Co
30
30
82 cony preferred
200 30 June 30 June
Lion 011 Ref Co corn
• 3431 324 35
Mar 3835 May
10,850 23
Lynch Glass Mach Co....• 24
23
25
Mar 30
1,600 20
Jan
McCord Radiator Mfg A..
4034 41
Mar 444 Jan
950 38
McQuay-Norris Mfg
•
50 57% Jan 76
May
6835 6835
Mapes Cons Mfg Co cam.*
Mar 42
38
38
Jan
100 37
Mark Bros Theatres prat•
Apr 3335 Jan
20
19
450 18
Material Serv Corp com_10 3035 3035 3035
100 30 May 424 Jan
14% 3,950 11 June 2934 Feb
11
Meadow Mfg Co nom__ __• 12
Me? & Mfrs See
Jan
950 21
22
Part preferred
June 82
25 2135 21
350 97 June 106
Metropolitan Ind Co ctfs.•
Jan
97
99
Apr 354 Feb
900 25
Mid Cant Lawn d Inc
30
2934 29
159 17334 5,250 15731 May 190
Middle West Utilitles____• 170
Jan
400 116 June 122
116 117%
Preferred
Feb
100 117
•
Jan 1034 Feb
400 98
98% 99
86 cum preferred
Jan 104
50 90
101 101
Feb
$O cum prior lien pref_ _•
252 119 June 127
Prior lien pref
119 121
Jan
100 121
Jan
100 45 May 52
47
47
Miller & klart,ine,conv pf•
800 5531 Jan 85 May
83
84%
minneau Honeywell Rea •
6,350 37 May 45 May
Minneap-Moline Pr Imp.' 3731 3731 41
600 10135 May 103 May
Preferred
• 1014 1014 10131
250 88 June 98 June
Miss Vail URI Inv pr in pf* 98
88
98
Met-Kan Pipe Line tiont..• 3035 29
3331 5,600 2234 Jan 42% May
Rights
34 6,000
34 June 7234 May
35
oa toe Mfg coot
65
• 65
Mar
67% 2.500 48
May
Mohawk Rubber
300 50 June 66
50
Common
50
• 50
Jan
750 27
27
28
monighan Mfg Corp A.. • 27
Mar 85
Jan
Jan 160 May
1,000 104
148 152
Monsanto Chem cvoram_ • 150
110 86
39
39
Monroe Chem prof
•
Apr 51
Jan
•
Common
50 1635 Ape 26% Jan
19
19
23
700 24 June 5651 Jan
2634
Morgan [An graph core • 23
• 7355 7334 7635 1.400 58% Apr 80 May
Morrell& CO Ina.
550 18
23
Muncie Gear class"A”.....• 2131 20
Mar 31
Jan
14% 1635
550 1335 May 30
•
Claes-13"
Jan
Muskegon Mot Specialties
2631 1,850 23 May 3
Convertible mites A___.• 2631 24
654 Jan
teachinan Spring filled corn*
.•
National Battery Co pref
A USA
•
at NApo
Rational Leather corn.__10
I at *tour Inv Co
•
•
Common
10(
6% CUMUi prof
lear memnrised cam
Nat Term Corp part phi *
clobblitt-Sparks Ind coat •
Rights
North A alarlettO Car 09111.•
North Amer 0 & El cl A.
•
N& 8 Am Corp A com___*
Northwest Eng Co corn...*
Northwest Util pr in pf.100
•
Untario Mfg Co cow
Oshkosh Co errillCu eon]. •
Convertible preferred •
PaoPu Ser Co al-A"coin•
Parker Pen (The) Co eotn 10
Penn Gee & Elea A corn_ •
Peoples Lt de Pr Co A corn*
Perfect Circle (The) Co_•
Mee Winterfront
Common new
Polymet Mfg Corp COM...
Poor & Co class B MO_•
Potter Co(The) corn__ •
•
Process Corp corn
Pub Say of Nor III com100
•
Common,
-De Vry Corp (The)
Q-R-S
New
Quaker Oats Co coin
Raytheon Mfg Co
10
Reliance Mfg corn
•
-toss Gear & Tool corn•
Ruud Mfg Co corn
Ryerson & Son ins corn...*
Bally Frocks, Inc, corn_ •
Sancrunn Electric Co....'
INIINef
3807
FINANCIAL CHRONICLE
60
61
44
44
29% 32%
34 331
400
150
2,500
600
60
40
27
3
Mar
May
Mar
Mar
7654
60
38
5%
Feb
Jan
Jan
Jan
29
30
99 100
4331 47
15 .16
44
4734
h
1
4734 6034
19
20
36
36
29
32
101
101
36
30
1031 104
20
20
2331 2331
45
47
21
2131
4734 47%
62
614 50
300
450
3.350
500
1,750
700
4,000
1,350
1,000
200
50
1,250
150
150
1.206
250
200
150
8,050
26
99
39
1435
821e
g
40
19
36
29
98
30
10%
20
2134
44
20%
4634
45
Feb 33
May 10
5%
Mar 51
.
May 17%
Mar 60
June
1
Mar 70
June 26
May 36%
June 48
Apr 103
Mar 42
June 154
June 27
Yet, 24,6
Apr 67
Feb 24%
May 68
Apr 62
May
Feb
Feb
Feb
Feb
June
Jan
Feb
May
Feb
Jan
may
Mar
Mar
Mar
Jan
Feb
Feb
June
60%
32%
99
46
16
45
31
49
19
36
32
61
60
57
54
2631 28
34
37
18
18
249% 24931 24931
2494 24731 250
800 60
1,550 51
500 22%
1,300 27
50 18
116 205
535 205
May 75
Apr
May 57 May
Mae 34
Mar
Mar 4435 May
May 33
Jan
Jail 24931 June
Jan 250 June
381i
40
302
305
62
67
2535 22
51
.52
41
3935 38
2731
38
38
5,650 32
136 300
2,300 63
6,150 20
2,100 45
100 41
1,550 38
1,600 2734
250 354
May 4634
Apr 369
Mar 8114
Mar 304
Jan 67
Mar 4435
Jan 46
May 31%
Jan 4614
61
54
28
34
43
305
70
2531
Wi
41
3935
2834
38
Apr
Feb
Apr
Jan
Feb
Mar
Feb
May
Jan
Frfday
Sates
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Saunders class A cam. •
50 534
Preferred
Sheffield Steel corn
• 67
Signode Steel Strap Co
30
Preferred
Purchase warrants
=onatron Tube Co corn_ • 30
So Colo Pr Elea A com_25 2234
SW Gas de El Co 7% P1100
Standard Dredge cony Dt_• 3034
• 3031
Common
• 1934
Malaita Radio Co
Sterling Motor, prof.._30 31
Studebaker Mall Or oom.6 1731
• 2474
Class A
Super Maid Cons corn__ _• 6131
100 129
Swift de Co
16 31
Swift International
Tenn Prod Corp. corn... • 25
25 4535
Thompson (J R) com
-O-St Controls "A".• 30
Time
12th St Store (The) old m •
United Chemicals Inc pt.'
Unit Corp of Am prof....' 27
United Dry Ins,Inc eom.• 1534
•
United Gas Co corn
United Paper Board pf_100
United Power,Gas& Water
• 3834
Corp common..,
Un Repro Corp part pr A • 20
20 7134
Gypsum
S
6331
25% paid
100
Preferred
• 1734
138 Lines Inc prat
0 El Radio & Telev cam_• 36
Utah Radio Products corn' 15
• 24
Ut & Ind Corp. com
• 2734
Cony. pref
Van Sicklen Corp part el A•
Vesta Battery Corp com.10
Viking Pump Co com-- •
* 2974
Preferred
Wahl Co corn.'1934
2334
Warchel Corporatlon
• 2835
Preferred
Ward (Montgomery) & Co
•
Class A
Waukesha Motor Co corn • 165
Wayne Pump Co
Convertible preferred. *
Weztark Sad Sta Ina.am* 4035
24
West Con Util Inc
Western Grocer Co com_25
LtdeTel let pf A• 3231
West Pow
White Star Refg Co corn..'
.....
•
Wieboldt Stores. Inc
Williams 011-0-Matio oom• 2331
Winton Engine con pref..• 74
• 73
Common
Woodruff & Edwards Inc• 2235
Partic clam A
Wrigley(Wm Jr) Co coin.*
Yates-Amer Mach part pf• 27
Yellow Cab Co Inc (Chic)• 29
• 31
Zenith Radio Corp corn..
Bonds
1927
Cal & So Chic 5s
alio City & Con Rye 6s '27
1927
Chic City Rys 58
Certificates of deposit..
1927
ChicagoRys 5s
1927
58 series B
Commonw Edison 5s-1948
Commonw Electric 53_1943
Holland Furnace deb 6s '36
Insult Util Inv 535s_1949
Keystone W Wks & Elec-1948
535s B
10-yr gold deb 11._1939
Northwestern Elev 5s_1941
Standard Tel Co 5345 A '43
Swift & Co 1st s f g 56-1944
56
5735
5234 5434
67
6734
150
450
250
Range Since Jan. 1.
Low.
High.
Mar
50
37 May
58% Apr
Jan
73
56% May
Jan
90
29
29%
550 h654 Apr 3234
434
154 June
50
14 154
28% 36% 16,850 275,4 Mar 4454
400 22% June 26%
22% 23%
125 965( Apr 101
99 100
Mar 41
30% 31% 1,250 28
Mar 39$(
3131 3,950 26
28
9,600 18 June 49
25
18
Mar 36
250 30
3135
31
1,550 13% Jan 22
17
18
1.050 2314 May 30
24
25
Mar 74
58
6131 7.150 50
1,650 127 May 140
12735 129
3035 3134 3,150 8034 May 8734
Feb 28%
25
2535 2,450 21
250 43 May 82
4535 4634
Mar 3954
300 26
29
30
50 2154 May 26
2135 2135
100 40 May 60%
40
40
Mar 37)4
1.650 23
26
27
150 15 June 23
15
15%
100 23% June 3934
2335 2335
50 58 June 70
58
58
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jae
Mar
Jan
Jan
Jan
Jan
1,100 38 June 3835
1,900 20 May 42;d
14,550 453( Apr 7534
Mar 66
2,650 42
150 124 June 130
600 17% Apr 1834
26,700 34% June 141
14% May 58
6,80
42,700 2034 Feb 31
Feb 31
13,850 25
Mar 8654
100 29
954 June 15
12
150 15 May 17
400 2935 May 32
500 1734 May 27
3.850 16)4 Apr 28
500 28
May Se
June
Jam
June
June
Jan
Apr
Feb
Jan
Feb
Feb
Jan
Jan
May
May
Jan
Jan
Jan
38
384
20
2235
7034 7535
62
66
124 124
1734 17%
3435 70
1435 19%
2131 25%
26
28
3035 31
94 10
16
1634
29% 30
194 20
184 2535
28
29
133% 133%
165 165
Jan 134
Feb 210
100 131
155 165
Apr
Mar
36
40
24
1831
32
5535
39
23
70
7031
50
36
2,200
42
450
2431
50
1831
350
33
550
5535
750
45
23% 1.000
2,300
74
12,800
74
35
88
2334
18%
314
43
39
20
67
7034
Mar
Jan
Mar
Jun
Apr
Mar
Jun
Jan
Ma
May
46
65%
2454
25
35%
5554
57
29%
94
76
Jan
Jan
Apr
Jan
Jan
June
Jan
Jae
Jan
May
2234
75
25%
29
29
200
2335
200
75
5,600
28
460
2974
3435 19,550
21%
72%
21%
2834
28%
Apr
Ma
Mar
May
May
284
8034
32%
35
6254
Jan
May
Apr
Jan
Feb
82
83%
8531
8435
8335
,
6434 64%
102
10131
9935
205
81,000 81
82
83% 7,000 66
3,000 8134
86
8435 1,000 8035
8334 5,000 78
6534 9,000 41%
1,000 102
102
1013£ 1,000 101%
9931 2,000 99%
6,000 140
208
Apr
Jan
Feb
Mar
Feb
Feb
June
June
June
Jan
82
84
8635
85
88%
69
1043.4
10135
100
251
June
May
Slay
May
Mar
May
Jan
June
Feb
Feb
92
9734
83
89
10031
1,000 92
92
97,5 10.000 9735
8331 2,000 83
1,000 89
89
100% 2,000 1004
June 92
June 9734
June 96
June 97%
Apr 102%
June
June
Feb
Feb
Feb
83
• No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, June 1 to June 7, both
inclusive, compiled from official sales lists:
"'map
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
JUIF5
"
Stocks-
•
Almar Stores
•
American Stores
BkofNoAm&TrConew wi._
50
Bankers Secur prat
Bell Tel Coot Pa pref _100
Hornet Inc
Budd (E G) Mfg Co _ •
Preferred
Budd Wheel Co
Preferred
50
Cambria Iron
Camden Fire Insurance-.
Central Airport
Central Properties common
Commonwealth Cas Co .10
Consol Trac of N J....100
Cramp Ship & Ens- __100
Curtis Pub Co new
Elea Storage Battery ..100
10
Fire Association
HorndeRardart(Phil)com_•
Horn&Hardart(NY)com _*
10
Insur Co of N A
Range Since Jan. 1.
Low.
2134 13,700 14
Lake Superior Corp.___100 1831 18
1,800 146
148 152
50 152
Lehigh Coal de Nay.
700 2031
2034 2034
10
Lit Brothers
1,900 59
6135 62
Manufact Can Ins
31
35
100
35
Manufactured Rubber ..i0
10 5335
5435 5431
Minehill & SchuylHaven 50
5831 6531 24,100 40
North East Power Co._ •
320 7635
7634 7874
.
PennCentL&P cum prof. 5
33,800 154
1634 17
Pennroad Corp
5,400 136
14335 1373' 145
Pennsylvania Insur
8035 13,900 73
78
50
Pennsylvania RR
100 8935
Pennsylvania Salt Mfg _50 8934 8934 8935
1,400 8134
100 105
_25
Phila Electric of Pa.
Phila Elec Pow prat _ _ _ _25 3334 3331 3354 4,900 33
4454 4535 1,600 4035
Philadelphia Inquirer
1.200 50
51
50
Preferred w i.
504 1,700 50
Phila Rapid Transit _ _ _50 5035 50
.
Preferred
50 4956 4935 4934 2,500 494
7%
325 503-4
Phil, Traction
50 5135 5135 5135
600 66
6831
66
66
RE Land Title new
600 20
2035
2031 20
10
Reliance Insurance
n
et
on
on
700 9A
Y
High.
831 Jan
Apr
5
534 535 1,790
535
Jan
6935 5,100 6536 May 97
6835 68
Apr
Apr 149
136 14431 4,100130
143
5335 554 2,600 5335 June 6331 Jan
54
Jan
945 11434 Apr 118
11534 11634
Feb
831 Jan 10
95-4 10 ' 400
10
3,500 3434 Jan 6635 Mar
39
37
Apr
275 564 Jan 91
80
78
80
Jan 10834 Mar
4,900 34
7731 84
84
Apr 101 June
190 95
9734 101
250 3934 May 4134 Jan
40
4031
Jan 4235 Jan
34
3334 344 2,400 33
700 lov, June 13 May
1135
1031 1031
Mar
731 Mar 11
if
04 2,800
9
Jan
2354 24% 1,100 2334 Apr 32
Jan
70 48 May 61
48
48
4
Feb
2 May
400
2
2
2
Mar
Feb 128
50 117
124 124
242 783-4 May 9234 Feb
7931 83
2,100 4635 Mar 50
Alm
4634 47
47
Feb
130 197 June 233
197 215
500 5134 May 6235 Jan
5235 53
Jan
7731 7834 1,100 7734 May 91
78
Jan
May 42
Mar 16935 May
Jar
Apr 26
Jar
Feb 71
Jan
331 Mar
Jan 5435 Apt
Mar 6535 June
Fet
June 81
May 26
API
Mal
Feb 175
Mar 8356 Apt
June 973.4 Jae
Apr 105 June
Apr 3434 Mai
Apt
May 50
June 53 Mal
Fet
Mar 54
Apr 5134 Mal
May 5535 Jar
June 8435 Jar
Jar
June 26
May 3814 Jar
3808
FINANCIAL CHRONICLE
Stocks (Concluded)-
Friday
Lase Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Scott Paper Co
*
59
200 48
Jan 70
Mar
6334
Sentry Safety Control
2231
17
5.400 II% Feb 29
May
Tacony-Palmyra Bridge._• 4335 4314 4414
138 38
Jan 4931 Feb
Telephone Security Corp_
5
5
20
934 Mar
434 May
I Preferred
15
15
May 15
20 14
Apr
Tono-Belmont Devel__ _1
%
34 May
%
700
134 Jan
Tonopah Mining
1
314
354
400
3 May
4
Jan
334
Union Traction
50 3
1,830 3154 May 3815 Apr
631 3635 3734
United Cos of N j___100 206
208 208
50 206
June 215
Feb
United Corp temp Ws._ _
6234 8515 20,800 3934 Mar 7534 May
Temp ctts preference__
4534 4834
7,600 42
Mar 47
Feb
United Gas Improvement50 210
195 214 143,535 157
Mar 214
June
New W I corn
4134 3854 4234 93,550 37
May 4234 June
New W I pret
9034 9034 9334 8,800 87
May 95
May
United Lt te Pr A cam_ ___* 3734 3634 3715
1,800 3234 Jan 4234 Jan
U S Dairy Prod class A_ _.• 4934 4915 4914
100 48
Jan 5334 Mar
Common class B
*
15
1534
1,700 1215 Apr 1534 May
Victory Insurance Co__ AO 1914 19
1,000 19 June 2514 Jan
20
West Jersey & Seash RR 50
4354 4334
200 4314 June 5234 Jan
Westmoreland Coal
50 36
36
38
100 35
Mar 45
May
Rights
Budd(E G)w I
Penn Insurance
United Gas Improve w 1
1854
234
BondsElec & Peoples tr ctfs 45'45
Certificates of deposit-Inter-State Rys coil tr 46'43
Lake Sup Corp 5s_ __ _1929
55stamped
Peoples Pass tr ctfs 45_1943
Phila El(Pa)Ist 4%5ser'67
1980
1st lien & ref 55
1966
181 58
1st lien & ref 5%6_1953
Phila Elec Pow Co 5156'72
P & R Coal& Iron (is
Strawbridge & Cloth 55.'48
1834 1834 5,400
34 131,900
15
134 234 65,800
5334
51
4554
60
57
5654
9734
102
10134
10534
10334
96
osx
os
11
0
5314 $43,000
51
5,000
4554 2,000
1,000
80
85 114,500
1,000
5834
9734
1,000
1.000
102
10234 21,700
10554 7,000
104
42,000
98
500
99
4,000
G K 1,
A Mil
1855 June
% May
134 May
50
51
4434
40
45
53
9734
100%
10134
104
10234
98
9834
Cid
Apr
;vier
May
Jan
Jan
Jan
Apr
May
June
Apr
Mar
June
June
Ma ly
28
May
514 Apr
234 June
5431
5154
50
6254
65
5914
9934
105
10534
10634
108
100
10034
Jan
Mar
Jan
Feb
Jan
May
Jan
Jan
Jan
Jan
Jan
Apr
Feb
GO
Ton
• No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, June 1 to June 7, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Arundel Corporation ____* 39
38%
.50
At Coast Line (Coon).
184
Baltimore Trust Co.__ __50 19515 194
Balt Tube preferred __ _100
82
I Benesch&Sonsnew w
16
* 49
Black & Decker corn
48
25
Preferred
2715
50
Century Trust
Ches&PoTelotIlait pref.100
Commercial Credit
25
.
Preferred
25 25%
Preferred B
814% 1st preferred_ -100 97%
Consol Gas, E L &Power_• gg
8% preferred ser D__100
5% preferred ser A_ _100 100%
Consolidation Coal __ _100 1231
Continental Trust
255
4
Delion Tire & Rubber.__ _•
Eastern Rolling Mill
• 28%
Scrip
50 295
Fidelity & Deposit.
25
Fidelity Trust
•
Fin Co of America A.
Series B
10 17
Fin Service corn A
First Nat Bank W I
5414
Hendler Creamery pref.
114
Houston011pret v t cas.100 83
39
190
19515
82
16
4915
2734
185 185
115% 116
45
45
2414 24%
2514 25%
9715 97%
96 100
112 112
100% 10011
12
1354
255 255
314 4
28% 29
30
30
28914 295
250 250
12% 12%
1214 12%
17
17%
54
54%
109 115
80
83
Range Since Jan. 1.
Low.
High.
725 3815 Apr 4954
Jan 200
81 179
Jan 200
488 165
Jan 75
31 81
Mar 1854
20 15
1,030 3134 Jan 52
Feb 28
15 27
30
39
26
327
82
37
812
75
237
495
15
700
347
5-20
308
4
135
200
104
312
672
207
185
113%
4034
24
25%
96%
88
109
100%
12
200
1
27%
28
289
250
11
1054
17
54
97
80
June
Jan
Feb
May
May
May
Mar
Mar
May
June
Jan
Jan
Mar
Jan
May
June
Jan
Jan
May
June
Mar
May
Apr
Feb
May
Feb
Feb
May
Jan
210
11714
62
26
27
10454
104
112
103
2214
300
515
34%
34%
314
301%
1334
1354
75
80%
115
92%
Jan
Feb
Jan
Jan
Feb
Jan
Feb
June
Jan
Jan
Jan
May
Feb
Feb
Apr
Mar
Apr
Apr
Mar
Jan
May
Jan
Mfrs Fin let preferred __25
1915 1914
25
1514 15%
2d preferred
Maryland Casualty Co _25 139
127% 140
Maryland Mtge corn
38
34
36%
Ctts of deposit
36
34
37
Merch & Miners TransP -* 4415 43% 4414
MononWPenn P S pre( _25
25% 26
MtVer-WoodbM pref -100 78
76
76
49
National Sash Weight pret_
49
49
New Amsterdam CM Co 10 80
77
80
Northern Central Ry_ -50
85
85
10
2834 2815
Park Bank
Penne Water & Power_ *
8615
83
Roland Pk Hamel Co 1st pf
100 100
25 19
May 22
May 19%
30 15
542 127% May 183%
1.262 31
Jan 46%
843 34 June 37
236 43% June 47%
330 25
May 27
10 76
May 82
175 49
May 52%
503 7814 May 93
26 8435 Apr 88
10 28% May 31
582 81% May 100
10 9915 Feb 10015
Feb
Feb
Jan
Mar
June
Jan
Feb
Jan
May
Jan
Jan
Feb
Jan
Apr
Southern Bank Sec Corp.
Preferred
Un Porto Rican Sug com_•
Preferred
50
*
Union Trust Co
United Rys & Electric_ _50
S Fidelity & Guar new..
S Fki & Guar Co Fire w I
West Md Dairy Inc pr pf 50
5 43
5 95
195 39
250 44
25 339
230
8%
1,838 65
189 56%
175 53
43
95
44
43
95
44
48
380
9
915
7334 69
62% 81
53
Rights
Colonial Trust w
5
National Marine Bank
-----Baltimore City Bonds
1961
4s Jones Falls
1962 94%
45 Conduit
4s Office Bldg (coup)'82
1958
48 Water Loan
45 Public Park Impt 1955
1954
45 Annex Impt
45 Paving Loan_ _ _ _1951
1951
4s Annex Impt
Arnold(J R)Lbr Co 8345'37 98
Chas Cons G & E 56_191)9
Consol Gas El Light & Pow
1st ref 5345 ser E__ A952
Houston 011554% notes'38
Lexington (Ky) St 55_1949
Md Electric Ry1st & ref 6155 ser A.1957 8834
North Ave Market 85_1940 88%
Prudential Refln 6545_1943
Un Porto Rican Sugar
/3s% notes
1937
United Ry & E 1st 45_1949 59%
1949 33
Income 45
1938 51%
Funding 56
1930
6% notes
1949
1st 65
Wash Bait & Annap 551941
West Md Dairy 65_ _ _1948 105
•No par value.
5
4
95
94%
93
94
93
95
94
95
98
97%
43
95
45
4834
380
934
74
83
53
534
5
200
145
95
9434
03
94
93
95
94
95
98
9715
100
1,000
4,000
7,000
100
700
7,000
300
3,500
3,000
June 57
Apr
June 101% Jan
Jan 52
May
Mar 53
May
Jan 399
May
May 1514 Jan
May 9434 Jan
Apr 87
Jan
Feb 54
Feb
5
4
May
June
10
7
May
May
95
94%
93
94
93
95
94
94
98
9714
June
June
June
June
June
June
June
Mar
May
June
9954
99%
98
9934
99%
99%
9915
99%
98
9814
Jan
Jan
May
Feb
Jan
Jan
Jan
Feb
May
May
105% 10534 1,000 105
Feb 10514 June
95
97
57,000 95
June 9914 Apr
101% 101% 5.000 100% Feb 10114 June
88
88% 12,000 80
Apr 88% June
8854 86% 3,000 8854 May 96
Mar
101% 10114 2,000 100
Jan 103% may
93
93
1,000 93
5954 59% 19,000 5914
33
34% 7,000 32
5111 5215 4,800 50
96)4 98% 1,000 90
73
73
9,000 73
70
71
10,000 70
105 105
1,000 105
Jan
May 97
Feb
June 85
Jan
May 43
Jan
API' 63
Jan 96% June
June 83% Jan
June 83% Jan
Apr 108
Apr
[VOL. 128.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, June 1 to June 7, 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. I.
Low.
High.
Allegheny Steel common.* 60
Mar
60
Feb 90
803 60
64
Preferred
May
Mar 105
105 105
300 100
Aluminum Goods Mfg___- 29
Feb
29
Mar 40
70 29
30
Amer Vitrified Prod corn 50
Jan
Apr 18
46 16
1834 1634
Am Wind GI Mach pf _ _100
May
May 52
50
200 42
50
Arkansas Nat Gas corn---•
934 June
9
8% 934 31,552
354 Jan
Preferred
10
814
854 Jan
734 Jan
854 854 9,219
Armstrong Cork Co
" 88
68
Apr
6934
486 8154 Jan 73
Blaw Knox Co
25 40
38
40
1,128 38 June 453-4 Feb
Carnegie Metals Co
10 1614
1634 17
Jan
1,120 163-4 June 20
Cent Ohio Steel Prod corn •
22
22
May 28
Feb
50 22
Clark (D L) Co com
• 1634 1854 1634
May 20
Feb
190 16
Colonial Trust Co
100
305 305
10 305 June 325
Jan
Consolidated Ice com___50
415 5
140
4
5
May
Feb
Preferred
50
2354 24
195 1914 Mar 26
Feb
Devonian Oil
10 10
6
980
Mar 1354 May
83-4 10
Dixie Gas tk ULU com----.
17
1736
150
May
754 Jan 21
Donohoes class A
• 18
1515 1634
720 1534 May
1834 June
Exchange Nat Bank_ _50
8815 8834
2 8855 May 92
Feb
Hachmelster Lind common
20
20
25 20 June 21
May
Harbison Walker Ref corn*
80
60
180 52
Jan 61
Mar
Independ Brew pref.. _50
2
2
11
3
Feb
134 Feb
Jones & Laughlin St pi _100
121
1213-4
70 12054 Apr 12134 Mar
Koppers Gas & Coke pret- 10034 10015 101
May 10354 Feb
354 100
Lone Star Gas
25 7915 77
80
3,394 67
Jan 8055 May
Nat Fireproofing com50 19
1754 21
1.810 1054 Jan 21
June
50 34
Preferred
34
35
1.355 2834 Jan 3534 Mar
Peoples Says & Trust__100
1185 170
May 170
8 1165
May
1
Phoenix Oil Co prof
450 45c
600 300 Mar 750
Jan
Pitts Brewing Pref
50
69
Jan
715
6
8
7
Feb
714
Pitts Investors Sec com__• 2534 2534 2534
250 2554 Jan 34
Feb
Pitts Oil & Gas
5
Apr
3
454 Feb
36
314
354
Pitts Plate Glass
100 6634 86
282 84
Jan 75
Jan
87
Pitts Steel Foundry com* 3815 3814 3615
Jan 40
Jan
100 33
Plymouth 011 Co
5
24
24
300 2234 May 3034 Jan
Reymers, Inc
Mar 2734 Feb
23
100 22
23
Salt Creek Consol Oil_ _AO
65
3
3 May
534 Jan
3
San Toy Mining
1
Jan
Jan 25c
70 12,500
50
80
Standard Steel SprIngs____ -- __
74
Apr 8754 Feb
74
50 72
Standard Steel Propeller__ 25
Apr
May 28
170 24
25
28
Suburban Electric Dev___* 2234 22
Jan
June 29
30 22
2234
Union Trust Co
10 14,800 May 15,200 June
15,20015,200
United Engine & Fdy com • 41
Jan 4934 Apr
41
440 38
41
Vanadium Alloy Steel
Mar
Feb 72
71
71
75 60
West'house Air Brake
45
•
70 4414 May 5454 Mar
453-5
West Penn Rys pre_ __100
95
10 95 June 10034 Jan
95
Wiser Oil Co
25
14
May 1455 Feb
14
50 13
Witherow Steel corn
Mar
4815 50
•
260 3115 Jan 80
Feb
Preferred
100
7354 74
80 7155 Apr 78
Unlisted
Lone Star Gas
3234
Mayflower Drug Co
11
National Erie A
263.4
Pa Industries pt units
103
Pitts Screw & Bolt Corr.- ------ 28
Ruud Manufacturing Co
______ 42
West Public Service v t c
______
28%
BondsIndepend Brew (is_ __ _1955
• No par value.
68
3314
11
283-4
104
27
42
30
68
5,049 3234
101)
934
725 25
110 103
3.210 2315
200 41
4,473 2454
83,000
68
June 3334
12
May
Apr 27
Feb 111
Mar 3034
Mar 4514
Apr 31
Apr
70
June
May
Mar
Feb
Apr
May
May
Apr
New stock.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, June 1 to June 7, both
inclusive, compiled from official sales lists:
Stocks-
Ames
Friday
Last Week's Range for
Week.
of Prices
Sale
Par Price. Low. High. Shares.
Aluminum Industries _ _ _ _•
Amrad Corp
•
Am Laundry Mach com_25
Amer Rolling Mill corn __25
Amer Thermos Bottle A_ _•
Preferred
50
Baldwin corn
100
Buckeye Incubator
•
Cent Ware & Retrig A_20
Central Trust
100
Champ Coat Pap sp pt_100
Churngold Corporation_ _•
Cin Car B
50
Preferred
100
Cincinnati Ball Crank pi _•
Cin Gas & Elec pref_ _100
Gin Gas Transportation 100
C N & C Lt & Trac com 100
Preferred
100
Cin Street Ry
50
Cin & Sub Tel
50
City Ice & Fuel
•
Coca Cola A
•
Col Ry Pr 1st pret
100
Cooper Corp (new)_100
New preferred
100
Crown Overall pret
100
3934
3715 37
8434 5754 85
8354 833-4 8414
10834 10834 110
1834
183.-S 1834
4734 4754
20
19
16
14
15
13.4
134
134
290 290
105 105
105
25
28
28
3
3
334
7
734
734
3254 3234 3354
9715 98
98
13554 138
11354 108 114
86
8534 85
4934 46
50
11834 11815 1193.4
5115 5115 523.4
2734 2754 2734
10714 107%
4134 40
4134
55
50
55
10831 106 10854
Dan Cohen
50 2731
Dow Drug corn
100 2234
Eagle-Picher Lead com_ _20 1854
Egry Register A
•
Goldsmith sons Co
• 2934
Julian Kokenge
50
Leland Elec
Fenton United corn_ _100 185
First National
100
Formica Insulation
• 82
Lazarus pret
• 99
Globe-Wernicke corn- _100
Preferred
100
Gruen Watch corn
• 50
Preferred
100
Hatfield-Campbell pref_100
Hobart Mfg
•
Int'l Printing Ink
• 5334
Preferred
100 9734
Newman Mfg
* 25
Kahn 1st prof
100
Participating
40 397-4
Kodel Elec & Mfg A
• 18
Kroger corn
10 85
Lunkenheimer
• 3034
Manischewitz com
100 3914
McLaren Cons A
• 20
Mead Pulp
*
Meteor Motor
•
Nash (A)
100 190
Nat Recording Pump_ _ _ _* 28
Ohio Bell TeleP pre_ 100 114
Paragon IS
100
Voting trust ctts
27
2134
2215 2254
183-4 1834
2954 2934
2954 2934
25
25
41
41
18034 185
42834 430
5534 64
99
99
77
77
89
89
50
47
1145-4 115
93
93
57
55
45
5331
9734 98
28
25
98
98
40
39
1754 1814
85
85
3034 31
3934
36
21
20
853-1 87
27
23
170 190
28
2834
1123-4 114
22
225-1
2134 22
Range Since Jan. 1.
High.
Low.
'
Apr
1,588 32
396 3734 Mar
Mar
552 81
Mar
136 90
May
130 15
May
5 48
June
30 19
Jan
875 10
25
134 May
Jan
10 290
Apr
5 108
Mar
435 20
Apr
3
113
7 June
447
558 3215 June
476 985-4 Apr
May
80 125
Apr
694 93
Jan
1,403 78
1,692 443 May
4
May
118
78 5115 June
50 2714 June
Apr
5 107
May
74 40
17 50 ' June
Feb
81 106
43
38
96
120
18
48
29
2715
134
280
109
37
4
16
40
99
1393.4
115
90
653-4
130
63
34
10731
45
80
108
Apr
May
May
June
Jan
Mar
June
May
June
Jan
May
May
Feb
June
Jan
June
June
June
June
June
June
Jan
May
June
June
Jan
Jan
May
3154
4134
2114
37
3634
30
60
195
450
6754
100
97
97
60
116
98
70
6334
108
27
104
42
29
110
32
395-1
2254
71
380
4
1,135
10
082
163
25
20
9
1,052
42
10
2
100
35
10
272
464
100
870
2
40
382
I
16
765
320
81
45
170
155
59
100
120
28
2034
1814
2934
24
25
41
180
42834
2634
99
7 31
4
82
47
11454
93
55
45
9754
25
98
3815
175-4
85
28
33
163-4
85
20
150
2634
11154
21
20
Apr
Jan
May
Apr
May
May
May
May
Jan
May
Jan
May
Jan
Mar
Apr
Jan
June
Jan
Apr
Apr
Jan
Jan
May
May
May
Jan
Jan
an
Jan
Feb
June
May
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
May
May
Jan
May
May
Jan
Jan
Feb
Apr
Jan
Feb
Jan
Feb
May
Mar
Jan
Feb
Jan
Jan
Apr
May
Jan
273-4 May
190 June
3415 Feb
1143-4 Jan
May
30
2034 May
JUNE 8 1929.]
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
2634 26
Moores Cooney A
2634
6
6
B
360 365
Procter & Gamble corn-20 365
10034 102
100 102
Pure 0116% pref
Rapid Electrotype
6734 6754
46
48
100
Richardson corn
26
28
•
United Milk Crate A
10 98
9754 98
Ifili3 Playing Card
99 102
U.S Print & Litho com _100 99
*
731
734
734
Un Reproducers 13
*
77
77
Whitaker Paper corn
Friday
Saw
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
160 26
5
6
868 279
170 99
10 58
860 45
95 26
152 9754
28
8531
40
756
73
High
May
May
Jan
Apr
Feb
May
June
June
Jan
June
May
31
10
390
10354
71
58
30
115
115
9
87
Apr
Mar
May
Jan
May
Mar
Jan
Jan
May
may
Jan
•No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, June 1 to June 7, both incompiled from official sales lists:
clusive,
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. LOw, High. Shares.
High.
,
m
Y
,
'88M9NEVAretas'n'a=7342,,e'r,Vier,r,Es r:.;iia,F7,
-...42 -.
,
.4,
, -,
zgg-,gg2gga2gz.4
,2g- 2.
.
11.1tirvgg :g ; :1,Z,WittiM11.6•11":312505.1tEtraVaggterearttg.1.92`6,1iMggW3,'S to'
2.424,g1",::r422g'-'4.2•4*Ag.Egz-0,..2ez,N2.,,,,-.2.4.4,-,2.-.4,<,-.4,22,-....-,r,.4 2
mmm mm
Nt.-.0Mt,,D...0,1..N00.040N0.00NMMN1'..1.-M
NvN0W0 V-.0, N0.a00
NO.W0ONNNMN.
m.
.
.
.
.
.
Jan
27
24
Feb
1434
40
Jan
40
May
Mar
107
3754 Apr
634 June
256 Apr
2836 Mar
20
Feb
113
Mar
10454
64
Mar
1334
35
May
35
Pet
11234
111
May
334 Jar
2
834 May
8
46
May
51
69
l'ylar
1134 Fet
48
Mar
343-1 Ap
111
Jar
111
Jar
5434 Pet
40
Ap:
105
Jar
111
Pet
43
Jar
500
Jar
50
Ma
105
Jar
15
Jar
10834 Jar
10734 AP
73
Jar
190
Ma:
4554 Jar
39
Mac
60
Ma:
430
Ma:
4334 Jar
42
Ap
85
Ma
6534 Ja:
40
Ma:
310
Ma:
Fe,
38
38
Ja
2954
3034
9934
11534
92
107
7554
3334
30
28
3834
5936
28
123
834
10
25
65
35
10034
105
108
8%
75
51
6%
30
108
60
424
104
r 70
a 50
r 36
Y
2934
a 104
Miscellaneous Stocks
Alligator corn
*
Bentley Ch Stores corn__*
Berry Motor
Boyd-Welsh
•
Burkart Mfg corn
100
Century Elea Co
25
Chi Ry Equip pfd
Coca-Cola Bottling Sec._ _1
100
Consolidated Coal
Consol Lead & Zinc"A"__*
100
Como Mills
Elder Mfg corn
100
Ely&WalkDryGds com._25
100
1st preferred
Fred Medart Mfg corn.___
100
Globe-Democrat pfd
Hamilton-Brown Shoe __25
*
Hussmann Refr corn
Hunts S & D corn.
2554 25%
21
23
16
16
37% 3754
6% 7
116 118
20
20
4734 48
22
22
135( 1554
200 200
32
32%
73
73
2756 2734
85
85
19% 19%
115 115
15
15
2534 25%
16% 16%
75 25%
252 20
25 16
50 37%
96
534
14 116
135 16
255 37
40 22
1,956 10%
170 190
145 30
35 73
639 2734
20 85
10 19%
55 115
10 14%
135 22
100 163-4
12
80
67
10454
3755
60
52
60
19
94
5654
42
88
23
105
98
20
19
Indep Packing corn
100
Preferred
International Shoe corn -_*
100
Preferred
•
Johansen Shoe
Johnson-S&S Shoe
Key Boiler Equip
Landis Machine com___ _25
Mahoney-Ryan Aircraft_ _5
Meyer Blanke pref____100
Moloney Electric A
Mo. Portland Cement-- 25
Nat Bear Metals cornNat Candy corn
100
1st preferred
100
2d preferred
5
Nicholas Beazley
Rice-Stir Dry Goods coma
MI
MI
M
F
M,
a
i
7
a
r
..'g
.
2
.0
,
wNMN0
.
W
Y
60
M2
Ja
Jr
Je
Jr
ME
Jr
Mr
Mr
Jur
Jr
Mr
M
Jr
Mr
M
M
a ii c
gv,
MWM
ONO
e 10056 Feb
Y
2854 May
r
0/1
7an
•No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, June 1 to June 7, both inclusive, compiled from official sales lists:
Stocks
-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price, Low. High. Shares.
Bank Stocks
First National Bank_ _.100 443
Natl Bank of Corn-----100 295
436
285
443
295
Range Since Jan. 1.
Low.
High.
54 34256 Jan 443
187 285 June 310
June
May
6%
1556
32%
27%
85
19%
25%
12
73%
40%
6516
56
60
20%
57%
4254
88
2554
20
19
18 362
25 500
370
539
12
80
74
10556
4054
6534
56
60
2034
94
58
43
88
25%
105
98
2014
1956
16% 1634
Scruggs
-V-B D G com__25
75
75
100
let preferred
32% 3254
•
Scullin Steel pref
32
32
corn
Securities by
1616 1634
Sidon Packing corn
47
47
Sou Acid & Sulphur com
Souwestern Bell Tel 01_100 11854 117 118%
3434
33
•
St L Amusement A
102 102
100
St Louis Car pref
75
78
St L Public Sery pref A---*
Wagner Electric corn_ ___15 41% 37% 4135
Street Ry. Bonds
City & Suburban P S 56'34
United Railways, 4s__1934
Miscellaneous Bonds
1938
Houston 011 5368
Moloney Electric 5548 1943
Nat Bearing Metals 68 1947
serial
Scruggs
-V-B 7s
1941
Scullin Steel 68
May 387
Jan 540
Mar
May
June 27
May 35
June 1734
June 4034
Apr 10%
June 130
Jan 20
Jan 52%
June 25
Jan 17%
Mar 2003.4
Mar 36
June 80
June 30
June 88
June 25
June 118
May 24
Apr 35%
June 22%
Mar
Feb
Jan
Jan
Jan
Jan
June
May
Mar
May
Apr
Jan
Jan
Jan
Jan
Apr
Feb
Feb
Feb
Jan
10 12 June 15
Apr 85
5
77
Apr 74%
63
2,63
5 10434 June 110
May 40%
37
18
Feb 65%
54
1,71
May 5634
41
45
8
47% Jan 62
16)4 Jan 2314
1.07
Jun
9934
50 94
242 52% Feb 58
5554
358 42 Jun
99%
10 77
AP
26%
2,420 1854 Ja
10 105 Jun 110
99
5 96
AP
895 1956 Apr 2256
June 24%
1,729 19
Jan
Mar
Mar
Feb
June
June
June
Jan
Feb
Jan
June
Jan
Apr
Apr
Jan
Mar
Mar
Jan
so 16%
25 75
105 30
20 30
35 16%
50 4554
505 116%
118 32
5 100%
329 75
3,657 37%
89
8954 811,000
81% 8136 1,000
99
9754
93
104%
98%
96
High.
Low.
370
539
Af
Ja
Ja
Ja
ME
Ja
Ja
Mr
ME
Mr
Al
Ma
Ma
Ai
r
r
Range Since Jan. 1.
Trust Co Stocks
100
Miss Valley Trust
100
St L Union Trust
Ja
r
r
ns-C
1(141
N
N
05
$2,001
98
98
2834 2814 2,00(
04
95
moot
m
45
m
19,
45
Bonds
1931
Clay Railway 58
Cloy S W Ry&Lt G&C 53'54
m mm
46
Low.
=mm m mmm
Rights
Cleveland Trust
Range Since Jan. I.
.0,!..M.,0000.00M0M4NWO0NWC-AMC-440M!...00M400.NNW80,4N0M20!-MSN3MM
NM
m
,
,
.,
, 0 0.0 M.I.MN , MNO
M
Mgt..) MM00.0N00. ,
.N.0 N
N
m
..1.1 r7 v. 1.. v.
.r.
..-4
.
•
Aetna Rubber corn
5
Akron Rub Reclaim com_*
1754 1734
160
Allen Industries, com____*
10
10
100
American Multigraph coma
3634 37
55
Apex
37
38
1,517
Preferred
Elec*
100
99
99
11
Beasem Lime.st & C com__*
2434 3434
50
20
Bonds Stores A
634
434 634 3,515
B
*
234
134 234
825
Buckeye Incubator corn_ _C
1434 16
125
*
Byers Machine A
13
100
13
Central Alloy Steel pref 100
110 11034
100
100
Chase Brass pref
10734 10334
100
*
149
City Ice & Fuel
5336 5356
10 12
936 12
1,105
Clark Fred G corn
25
25
125
Cleve Autom Mach com _50
29
29
10
Clev Bldrs.Sup &Br.com•
88
Cleve Elec 1116% pref_100 11034 11034 11134
__100 101
loog wig
577
Cleve Railway
com_236
234 234
243
Cleve Securities P L pref 10
100
Commercial Bookbinding.* 26
26
26
8
8
300
Clev Sandusky Brew pf 100
39
*
39
200
Cooper Bessemer
Preferred
" 4834 4854 4834
40
60
61
228
El Controller & Mfg corn* 61
a
20
Falls Rubber corn
53i 556
25
Federal Knitt Mills com * 39
39
39
*
30
31
195
Ferry Cap & Screw
Firestone T & R 6% P1-100 10934 10936 10934
111
Firestone T & R 7% Pf-100 108
10714 108
242
*
4534 4534
50
Foote-Burt corn
34
460
Geometric Stamp
3434
100
10334 10334
Glidden prior pref
100
105 105
10
Gt Lakes Towing pref_ 100
41
215
Greif Bros Cooperage corn * 4034 40
100
400 400
Guardian Trust
5
10
42
42
110
Halle Bros
100
10334 10334
Preferred
so
Harris-Seyb-Potter corn __C
12
50
12
100
.
10654 10634
32
Higbee let pref
100
107 107
50
2d preferred
India Tire & Rubber corn.* 55
55
57
125
170 170
Interlake Steamship corn*
54
• 3434 3334 3434
289
Jaeger Machine corn
35
36
185
Lake Erie Bolt &Nut corn• 36
25 55
5454 55
175
Lamson & Sessions
41534 41534
100
Midland Indorsed
4
75
Mc Kee,A rthur G&Co com• 4034 40
034
25
Miller Wholesale Drug coma 37
37
37
224
68
69
Miller Rubber pref_ __ _100 68
25
50
Mohawk Rubber corn____*
50
• 36
36
8634
475
Myers Pump corn
22
30534 30555
National City Bank_ 100
300
National Acme com____10
3334 38%
598
National Refining corn_ 25 36
36
36
*
33
33
53
National Tile corn
663
• 25
24
25
Nestle-La Mur corn
Nineteen Hundred Washer
284
*
26
Common
27
North Ohio P&L 6% p1100 97
97
9734
316
195
Ohio Bell Tele pref_ __ _100 11434 11334 115
331
• 8234 8234 8356
Ohio Brass B
100
Preferred
10334 10334
111
Ohio Seamless Tube corn _a
67
67
36
*
Packer Corp corn
2631 27
330
Paragon Refining corn_ •
22
2334
982
Voting trust certificates *
22
2334
711
•
Patterson Sargent
35
36
735
Reliance Manfg com--• 53
53
243
5334
•
27
Republic stamp
27
235
11234 120
Richman Brothers corn__* 120
498
•
52
7
7
R & M No. 1
•
654
634 634
18
No. 2
•
21
21
50
Scher-Hirst class A
44
Seiberling Rubber corn* 4234 42
827
• 25
25
2654
360
Selby Shoe corn
100
96
96
Preferred
100
03
91
Sherwin-Williams com__25 91
60
100 10534 10534 10534
131
Preferred
7
634
1,700
734
Stand Textile Prod com100
100 74
70
75
395
A preferred
100
50
51
480
B preferred
*
314
334
11c
Stearns Motor corn
29
• 29
28
241
Sun Glow Ind Inc
107 107
42
Thompson Prod pref-100 107
48
48
5(
Union Metal Manfg com _"
390 392
100 390
304
Union Trust
10334 10334
61
W RI Corp prior pref _ J00
Wellman-Seaver-Morgan
7234 78
45
100
Preferred
175
48
4934
Weinberger Drug
33
103
33
•
Wheeler Products
24
2634
1.003
•
Widlar
10256 103
28;
100
YoungstownS & T
Ct/....1 A, •T'Ilhn Re
3809
FINANCIAL CHRONICLE
June
June
may
Ain
June
May
May
Apr
Jan
June
June
89 June
80% Jan
19%
80
4254
37
183.4
58
121%
4434
103
81
50
Feb
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Mar
Jan
Feb
91
85
Jan
Jan
14,000 97% June 99%
98
1,000 93 June 9534
93
5,000 10334 Jan 105
10436
2,500 9736 Ja 100
99
Jun 101
96
1,000 96
Jan
Feb
May
Mar
Feb
• No par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, June 1 to June 7, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices
Par Price. Low. High. Shares.
a
Associated G & E
25
Barnsdall Corp A
1
2.65
Bolsa China 011 A
.34
Buckeye Union Oil pref-1
a 3634
Byron Jackson Co
25
California Bank
100
Central Investment_
Citizens Natl Bank_ _ _100
Douglas Aircraft corn_._* 3834
Emsco Derrick de Eci tom • 3454
Farm dr Merch Nat Bk_100 495
8
Gilmore Oil
Globe Grain & Mlg com_25
Goodyear T & Rub pf _100
Goodyear Textile pref__100
1
Holly Development
Home Service 8% pref _25
Hydr Brake Co corn_ __25
Internat Reins rights
L A Gas & Elec pref__ _100
1
LA Investment Co
25
Macmillan Petro
1
Mascot Oil
Merch Natl Tr de Say Bk25
Moreland Mot Co com__10
10
Preferred
Mortgage Guarantee Co100
Range Since Jan. 1.
5734
4834
4.30
1.85
4334
142
10334
600
45
4434
495
May
May
Jan
Jan
May
May
Mar
May
May
Feb
June
Mar
10
May
30
May
98
Feb
98
.85 June
Apr
25
40
Jan
534 June
102
May
2.15 Jan
3434 Feb
1.25 June
Feb
205
2.00 Feb
Mar
435
190
Feb
1354
3434
101%
102
1.1736
2656
6054
9
108
2.55
43
3.10
25354
3.45
186
200
Jan
Mar
Mar
Feb
Apr
Jan
Mar
Apr
Jan
Jan
May
Jan
Jan
Apr
Apr
May
12
12
30
30
99 100
100 100
.85
.85 .85
25
25
56
56
534
53,4
5
104
10234 104
215 220
216
38
3934
38
125 150
125
228 231
305 305
6
6
200 200
30
100
1,400
555
70
50
1,500
12
100
200
538
6.800
1,700
9,050
182
120
130
32
3.45 4.15
7,970 2.10
1 4.00
Occidental Pete corn
32
220 31
31
Pacific Clay Products_-.-*
500 6734
Pacific Finance com__ -.25 11054 11034 113
1,400 70
8454
80
Pacific Lighting corn ----* 8314
400 35
25 3434 3454 35
Pacific National Co
200 1654
1634 16%
Pacific Western Con..---*
900 4.95
534
10 4.95 4.95
Republic Pete Co
375 60
6254
a 6254 62
Republic Supply Co
42
4334 4.500 40
25 43
Richfield 011 corn
2434 1,634 23%
25 2434 24
Preferred ex war
Rio Grande 011com(new)25 3034 30% 323.4 17.300 3034
SanJoaqL&P6%pr pfd-100
7% prior preferred.__100 112
25 130
Sec-1st Nat Bk Co
Signal 011 & Gas "A"- 25
So Calif Edison com _ __ _25 5834
25 2434
534% preferred
25
6% preferred
25
7% Preferred
Original preferred ____25 59
So Calif Gas 6% pf"A".25
So Counties Gas 6% p1100
Standard 01101 Calif.___.• 7654
-America Corp-_25 135%
Trans
*
Script
5 4834
Union 011 Associates-..-2
25 49
Union 011 Calif
1 40c
Victor Oil Co
Bonds
So Calif Edison 5s____1951
•No par value.
High.
Low.
May
300 53
5354 5334
Feb
43
43
200 38
1.70 Apr
2.25 2.70 40,000
25. May
32
.35 7,000
2,600 33
Apr
3656 38
Jan
113 125
135 13534
10 101
101 101
Afar
Mar
22 505
580 580
3616 39% 4,800 2434 Mar
May
1,600 34
3434 34
Jan
15 460
495 495
45 100
100 100
125 111
111 11254
2,250 125
129 130
100 3634
3734 3734
58
6034 10,800 5454
2434 2434 2,954 2454
3,031 2534
25% 26
2836 283
4 1,078 2831
380 56
63
59
20 25
25
25
22 9854
9854 9854
6,700 6434
7334 78
1,000 125
1351.4 136
407 1.35
1.40 1.40
1,200 45
4731 483-1
4754 4914 2,400 4654
1,000 26c
40c 40c
9954 59934 9931
5,000
Jan
554 Jan
Jan 3654 Jan
Jan 12054 Jan
Jan 8434 June
Feb 4034 Mar
May 23
Jan
June
934 Feb
Jan 6236 June
Feb 48% Jan
May 2554 Apr
May 4256 Jan
Mar 10154
June 11654
Mar 14254
Feb 4836
Jan 6754
Mar 25
Mar 2631
Mar 29%
May 70
Jan 28
June 10134
Feb 8154
Feb 143
Apr 1.4234
Feb5334
Feb 54
Apr 75e
9934 June 102
Apr
Mar
Apr
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Mar
Mar
May
Apr
Apr
Jan
Jan
3810
FINANCIAL CHRONICLE
San Francisco Stock Exchange. Record of transactions at San Francisco Stock Exchange, June 1 to June 7,
both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Stocks-
American Co
Anglo & London P NL Bk
Atlas Im Diesel Eng A____ ___ _ _
Assoc Ins Fund
8%_
Aviation Corp of Calif...... 254
Bank of California Na__
John Bean Mfg corn
50
Bond & Share Co
19%
Byron Jackson Pump Co-- 3634
Calamba Sugar pref
Calif Cotton Mills corn __ _ _
Calif Oregon Power 7% pf_
Calif Packing Corp
Caterpillar Tractor
77
Clorox Chem Co
38
Coast Co Gas es El 1st pf_
Crown Zellerbach pref A__
90
Voting trust certificates_
Cons Chem Ind
Dairy Dale B
Douglas Aircraft
Eldorado Oil Works
Emporium Corp
Fageol Motors corn
4.15
Preferred
751
Firemans Fund Ins
Foster dr Kleiser corn
11M
Galland Mere Laundry_ - - __ __ __
Golden State Milk Prod.._
57
Gt West ser A 6% lat
10054
Great Western Pow pf 7% 10535
General Paint A
B
Haiku Pineapple Co Ltd pf
Hale Bros Stores Inc
Hawaiian Coml & Sug Ltd
Hawaiian Pineapple
Home Fire & Marine Ins__
403
Honolulu Cons 011
Hunt Bros Pack A corn..
Illinois Pacific Glass A _ _ _ _
134 136%
25334 253M
48
49
855 9
25
2534
325 325
18% 19)4
36% 38%
1734 1755
63% 65
104 101
7334 75
77
79
38
38
98
98
90
9055
1855 19%
2935 20%
2255 23M
37
38
26
26
2655 2654
4.15 4.20
75/ 7%
10755 10855
1135 1155
5055 5055
5655 5755
100 10055
105 106
, 2974 30
24
24
2134 2155
22
22
54
53
66
65
4055 4055
43
43%
23
23
31.55 3036
2,329
110
675
2,180
2,482
5
1,721
2,455
3,498
65
265
20
857
6,221
362
149
985
7,699
530
1,585
350
470
180
325
120
110
147
185
2,625
80
190
315
150
100
180
175
1,089
250
2,295
130
1.282
Range Since Jan. 1.
Low.
High.
134 June
251
Apr
44
May
855 Slay
May
25
290
Jan
453.4 Feb
1855 May
Mar
31
1734 Slay
Apr
63
June
104
Mar
73
Mar
71
3655 May
Jan
98
90 June
18
May
2634 Apr
1735 Jan
Mar
24
June
26
2434 May
4.15 June
734 Feb
104% Mar
1051 Mar
May
50
5235 Mar
Mar
100
Mar
105
2955 May
2034 May
2055 May
2154 Jan
5055 Jan
API'
59
39% May
3551 Feb
Mar
22
May
30
15134 Mar
269% Feb
6555 Jan
Mar
12
May
31
Apr
300
5555 May
May
20
4355 May
Jan
19
94
Jan
11534 Jan
8155 Feb
87% May
50% Jan
Jan
99
Jan
96
25% Jan
3055 May
2655 Apr
44% May
2655 May
3755 Feb
Jan
7
Feb
8
151
Feb
1355 May
Jan
55
6055 May
10235 Feb
10755 Apr
3255 Jan
2855 Feb
2355 Jan
2454 Jan
55% Apr
June
66
4636 Jan
4454 May
23% Jan
Feb
47
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices
Stocks (Concluded) Par. Price. Low. High. Shares.
Jantzan Knit Mills ------------42
42
Kolster Radio Corp
29
26% 31
Langendorf United Bak A_
30
30
B
2834 30
Leighton Ind B v t c
8% 9
Leslie Salt Co
33
33
33
LA Gas & Elec pref
103
103 103
Lyons Magnus B
12
12
Magnavox Co
6
655
55
Men. Amer Rwy 6% pref__
mi osg
.
North American Oil
2655 24)4 27%
Oliver Filter A
3355 3251 3355
2955
13
28
Pacific Pub Serv A
23% 23% 2355
Pacific Gas & Elee corn
5934 59
5954
First preferred
26
2655 2634
Pacific Lighting Corp corn_
8354 8051 8434
6% preferred
103
10155 102
Pacific 011
1.00
1.15
Paraffin° Co's Inc corn...,_
. 83
8234 8334
Pig'n Whistle pref
14
14
Rainier Pulp es Paper
30
30%
30
Richfield Oil
43
4251 43%
Preferred en-warrants. __
24% 24
24
Roos Bros pref
9755 9735
S J L & P6% pr pref
Schlesinger (B F) corn A__
Preferred
Shell Union 011 corn
Sherman & Clay pr prof__ _
Sierra Pacific Elec pref_ _ _
Spring Valley Water
Standard Oil of Calif
Telephone Investm't Corp_
Tidewater Asso Oil com___
Preferred
Trans Air Transp Inc
Traung Label & Litho Co__
Transamerica Corp
Union 011 Associates
Union 01101 Calif
Union Sugar corn
Wells Fargo Bank & Un Tr
West Amer Finance pref.__
West Coast Bank Corp__ _ _
Yellow & Checker Cab Co_
101
__ __ __
88
7655
60
__ ___
8955
28
_ ___ __
136
20
315
4.30
24%
45
100
6,043
342
855
115
205
100
230
8,508
30
4,710
585
1,325
3,758
3,850
3,659
5,058
240
3,025
779
10
635
4,807
452
10
Range Since Jan. 1.
Low.
High.
May
41
May
23
Feb
28
Jan
25
Jan
7
May
32
10234 May
June
12
5% May
98M Apr
Mar
20
3055 May
May
28
20M Jan
Jan
54
2534 May
Jan
70
May
101
1.00 May
7951 Mar
1255 Mar
2955 May
3955 Feb
2355 May
9735 June
9955 9934
15 9855 Mar
17% 18
750 164 Apr
86M 88
275 8651 Mar
28
28
105 26
Feb
81% 8234
15 81
Apr
02
92
10 90
Mar
86
85
245 84
May
7334 7734 12,376 64% Feb
5955 60
210 5836 Apr
2,861
2154 23
Feb
18
85
8955
May
325 86
28
200 24
28
Mar
21% 2176
Apr
200 21
135 136% 16,101 125
Feb
43% 4834
1,893 4455 Feb
4734 49
2,510 46% Feb
20
450 1955 May
22
315 315
Mar
70 300
4.30
4.30
25 4.00 May
24
795 2251 May
25
128 45 June
45
45
4854
7954
3551
3255
1055
4755
10834
12%
13%
10034
38
46
45
2434
67
28
84M
104
1.26
88%
1455
35
48%
2534
10055
102M
2155
90
3155
103
9634
92
8154
60
23
8934
3155
23
143
5351
5376
2874
318
6.50
30
53
Jan
Jan
Mar
Mar
Feb
Jan
Jan
May
Jan
Jan
Jan
Feb
Feb
Apr
Jan
Jan
Mar
Feb
Jan
Jan
Apr
Mar
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Jan
May
Mar
June
Jan
May
Feb
May
Apr
Apr
Mar
Apr
Jan
Jan
Jan
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Juno I) and ending the present Friday (June 7). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices
Par. Price. Low, High. Shares.
Week Ended June 7.
Stocks--
Indus. & Miscellaneous.
Acetol Products corn A__.
•
955
Acoustic Products torn....•
335
Aeronautical Industries •
Warrants
Aero Supply Mfg el
53
Class B
1755
Class B old
•
Aero Underwriters
• 37
Agfa Ansco Corp corn...._..
39%
Ainsworth Mfg Co
• 5155
Ala (It Southern ord. _50
Preference
50
Alexander Industries
• 17%
•Illed Pack corn
•
34
Senior preferred
2
Prior pref warrants
055
Allison Durg Stores CI B_
1%
Alpha Porti Cement corn.•
Aluminum Co common. • 287
Preferred
100 10754
Aluminum Ltd
•
51uminurn Goods
_ •
Aluminum Industries__ • 38
American Arch Co
100
Amer Beverage Corp.....
• 15
Amer 13rit & Coot Corp.. •
Am Brown Boverl Elea Corp
Founders shares
• 2154
Amer Chain corn
• 22
American Cigar com___100 123%
Amer Colortype com
• 41
Amer Cyaoarn id corn cl 1320 4734
Amer Dept Stores Corp_ _• 14%
let preferred
100
Amer Manufactur cona_100 47
Amer Meter
Amer Phenix Corp
50
Am Solvents & Chem v t o • 28%
Cony prude pref
Amer Thread pref
Amsterdam Trading Co
American shares
Anchor Post Fence corn...• 31
Anglo-Chile Nitrate Corp.
• 4074
Anglo Norwegian Holding*
455
Preferred with war
86
Angus (The),Co corn v t e_*
Anco Slossberg Co ci A_25
Apex Electrical Mfg
Apponaug Co corn
•
Arcturus Radio Tube
•
Armstrong Cork com_
Associated Dye & Prini_ •
Assoc Elea Industries
Amer dep nets
Associated Laundries A.. •
Associated Rayon corn
•
6% preferred
100
Atlantic Coast Fisheries__•
Atlantic Fruit & Sugar_ •
Atlas Plywood
Automatic Regis Mach,,.
Cony prior panic
•
Aviation Corp of the Amer*
Aviation (The) Corp com_•
vlarloti Credit Corp._ _ •
Aviation Secur Corp
Aston-Fisher'Fob COM A 10
Babcock&WileoxCo_..100
Bahia Corp corn
•
Bahia Corp pref
25
Balaban & Katz corn vtc 25
5
Bastian-Blessing Co
13)4
65
44%
69
1234
73
61
10
1951
61
1855
1655
4955
33
9
70
9
10
355
451
1755 18%
454 6
43
53
1434 1754
48
48
35
37
3635 40
5155
50
145 153
150 153
1555 1855
54
*as
2
2
935 955
155 1%
44
4515
252 28755
10735 10831
147 165
28
30
35% 3855
36% 37
15
15
1554 15.55
400
19,700
2,300
200
800
12,700
100
800
2,300
3.400
220
140
14,800
12,900
300
200
500
700
2,600
600
2,100
600
700
500
1,50
400
Range Since Jan. 1.
Low.
May
6
334 June
1755 June
455 June
,
3835 Mar
May
13
Feb
38
35
May
32
Apr
39
Apr
May
144
144
May
Mar
13
'is May
154 Jan
955 June
I
May
4235 Mar
196
Jan
10354 Jun
10655 Apr
28
June
35% June
36% June
1354 Jan
15
May
High.
Jan
23
19
Jan
1855 June
5 June
53
June
1735 June
Apr
50
4855 Eel)
4334 Jan
5355 May
161
Feb
167
Feb
Mar
23
2
Jan
254 Feb
11
Mar
534 Mar
5455 Feb
29051 May
10855 June
165 JUDD
41
Feb
44
May
4755 Jan
1535 Jan
2255 Feb
19
13,500
23
855 Jan 23
22
22
100 16% Mar 3451
1193.5 124%
175 14955 June 144;5
41
41
100 37
Jan 4955
40
4855 32,800 3935 May 80
1235 1635 8,200 1255 June 29
85
175 85
89
June 114
4655 49
200 37;5 Jan 50
11655 116%
50 114% Apr 5124
60
May 6055
600 60
6055
28% 29% 1,300 2655 Jan 40%
4455 46
400 44% June 55%
3% 3%
200
3
Feb
3%
June
Mar
Mar
Feb
Jan
Mar
Mar
Slay
Jan
May
Mar
Jan
Jan
3255
3055
3834
455
86
3255
3254
4055
451
86
100
1,400
2,100
1,800
200
30
29%
33
455
86
Mar
Mar
Jan
June
June
3355 May
4351 Jan
45% Jan
455 May
86 June
1351
931
38
65
4134
6735
19
13%
951
39
65
4734
69
20
100
100
2,200
100
5,200
575
800
1255
5
38
65
2255
61
17%
May
Feb
June
Jan
Mar
Jan
May
15
Apr
1234 Jan
39
June
6555 Jan
5555 May
75
Apr
2734 Feb
1255 1355 56.700
9% Apr 1535
Mar
11
11
14%
100
10
20
May 3554
400 19
21
70
1,700 61
Slay
7355
8755
2,300 9955
63
59
9051
III
. Ills 3,500 76c May
2
Apr
5455
54
Feb
8054
200 53
10
10%
Jan 15%
800
8
2,800 1955 Mar 2955
1954 2031
6035 6334 5,200 3255 Jan 8934
18
29,900 1755 Apr 23
19
1655 1755
1,500 16% June 2355
4855 49% 6,300 4851 June 49%
33
3335
400 32
Apr 4355
122 122
100 11754 Apr 137
8
400
8 June 2251
8%
9
9
Mar 15
100
9
70
70
100 69% May 88%
45
45
Mar 48
100 34
Slay
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
May
Feb
Juno
Feb
Jan
Jan
Jan
Jan
May
Prissy
Sates
Last Week's Range for
Week.
Sale
of Prices
Stocks (Continued) Par. Price, Low. High. Shares.
Bananas Aircraft v t a_ -•
Bandit Corp corn
Benson Sr Hedges corn
Bigelow-Ilartford Carpet.*
illauner's common
•
Illaw-Knox Co
BUN (E W) Co common.•
Bohaek (H C) Co corn_ •
DowInan-BiltHotels p1.100
Second preferred.. ...i00
Bridgeport Mach COM
•
BrIfrga & Stratton Corp..'
Bright Star Elec class A_ •
Class B
•
Still Corp Class A
•
Niglio Mfg corn
•
Class A
•
Bristol-Myers Co cora _ _ _•
Brit Amer 'Fob ord bear £1
Ordinary reg
Li
Preferred registered __British Celanese
Amer deposit receipts....
BritishSouth Africa Co
Amer deposits receipts..
BrownFence&WirecIA _ •
Bruce (E L) Co corn
*
Bruck Silk Mills Ltd.
Budd (E 0) Mfg corn.....'
Budd Wheel
Bulova Watch corn
•
$3.50 cone pref
•
Burma Corp Amer dep rate
Burroughs Add Mach news
Huller Bros
20
Frusta Clark dr Inc corn_ •
By-Products Coke new _
Cable Radio Tube v t e_.•
Capital Adminis class A_ *
Preferred A
50
Carman & Co el A .......5
Carnation Mil Prod corn 25
Caterpillar Tractor
•
Celanese Corp of Am eon)•
First preferred
100
New preferred
100
Celluloid Co 1st pref _
•
Centrifugal Pipe Corp..
Chain Store Stocks Inc. •
Charts Corp
•
Checker Cab Mfg corn..
Cities Service common.....
Preferred
100
Preferred B
10
City Machine & Tool corn*
Clark Lighter corn A
•
Club Aluminum Utensil. •
Cohn-Hall-Marx
•
Colgate Palmolive Peet _.•
Colombian Syndicate
Columbia Pict coin
•
consolidated Aircraft _
Control Automatic
Merchandising v t
$3.50 preferred
•
Control Dairy Products..
Consol Film Indus com •
Consol Instrument com..•
•
ConsolLaundrles
Cons Ret Stores Inc corn ..5
Consol Theatres Ltd v t e.
•
ContinentalDiamondilbre•
Cooper-Bessern'r CorpCOM•
$3 rum Pre with wart ..•
1955
1851
168
1055
1354
101
101
48
38
38
4134 41;5
7855
45
20
4%
33
3135
1455
9
18n
25%
108
10
3435
8436
4855
455
64%
1935
2554
91
3055
31
355
9
1934
180
13%
101
48
3855
45
8155
45
20
455
34
20
1455
1955
19%
n2755
10855
3035
31
355
Range Since Jan. 1.
Low.
nigh.
Slay
2,000 15
Jan 24
May
Mar 195
800 100
1755 Jan
9 Slay
1,400
Mar
Jan 104
25 96
200 48 May 60;5 Feb
Apr 45M Feb
400 38
Apr 56% Jan
1,800 39
400 6455 Apr 8155 May
June
Mar 45
50 31
June
Mar 20
100 18
555 May
200
151 Jan
Mar
1,400 3151 June 38
Mar
700 1455 June 24
Slay
June 18
9
1,800
26% Apr
700 1834 May
27% Mar
100 18 may
May 28% Mar
700 25
20,100 8455 Slay 10955 Feb
100 2955 Apr 32% Feb
Jan
700 2955 Mar 32
335 June
100
355 June
4,300
455
Jan
1051 June
10%
200
800
2556
5355
200
3455
400
3955 1,100
8435
200
2931
400
400
48%
4y, 455 9,700
62
66% 16,500
25% 26%
1,100
855 834
400
31% 32
800
955
2454
46%
33;5
3455
8435
28
4855
335
5951
2555
655
3155
May
June
May
June
Jan
June
June
May
Feb
May
June
Feb
June
10% June
May
28
5634 May
3455 June
Mar
67
84% June
32% Mar
Jan
50
552 Jan
May
67
4455 May
1755 Jan
June
32
1051
1051
2431
53%
3555
36
8455
28
48;5
June 1954 May
14
1555 2,500 14
Slay
37% 40% 2,100 3755 June 44
June
1,700 3552 May 38
35% 38
300 3055 Apr 3151 Feb
3055 3055
Feb
48
1,400 3355 Slay
38
36
Mar 88
May
1,500 69
7755
7755 79
5735 Feb
300 37 June
37
3754
Apr
1.000 9651 May 122
9655 9655 101
Feb
1,100 8955 May 100
9634 09
Mar
Jan 110
100 100
10134 10151
Jan
13
7% May
8
754 814 2,000
3151 2,400 30 June 40% Jan
30
Jan
200 29% Juno 42
2955 29% 29.55
Mar
71
57% 7255 41,600 4655 Jan 94
3155 Mar
94,900 2751 May
28% 2835 29
9855 1,100 0654 May oom May
98
98
OM Jan
200
854 Jan
9
9
500 24M Apr 34;5 Jan
26
25
25
100
611 Apr 24.55 Jan
751
755
755 May 33% Feb
1,100
11
8
500 3655 Feb 4654 Ayr
3755 39;5
May 80% Jan
03
6855 1,300
68% 66
Jan
2
34 June
10,900
34
51
I
3851 May
May
33
3551 4,800 28
4455 May
3754 36% 39% 9,900 2555 Mar
15
3755
30%
5
2255
37
21%
2654
16%
3655
4355
9951
4%
2155
35;5
1055
2651
16
2655
18%
3455
37%
46
555 14,700
1,100
2551
37% 2,300
22% 5,600
2855 3,200
3,600
17
1,000
2811
3,700
22
2,200
37
1,000
4354
2.600
50
4%
2151
3555
18
23
16
25
18 34
25%
3755
46
May
June
June
Jan
Feb
May
may
June
Apr
June
June
17%
45
50%
27
35
21
39%
23%
3955
45%
52;4
Jan
Jas
Feb
Apt
Slat
Mat
Feb
Slay
Apr
May
ADr
3811
I NANCIAL CHRONICLE
JUNE 8 1929.]
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Cot:finned) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Comtnued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Inter Sleeping Car & Euron
Express Trains Amer dep
Slay
26
,
Rects for ord shares.. 2534 2555 2536 7,100 23% May
800 24% June 323.1 Mar
2455 2655
Interstate Hosiery Mills_ _• 2435
Mar 5355 May
900 45
5035 51
corn. •
Investors Equity
100 2735 June 3315 Jan
27% 27% 27%
19% 20% 3,400 18% Mar 25% Jan Iron Firemen Mfg corn vte• 30% 3015 34% 6,100 21
4155 May
May
275 127% Jan 31531 Slay Irving Air Chute corn ._•
280% 292%
Isotta Fraschini
10% May
954 Slay
200
10
10
Amer deposit receipts.. 10
Feb
48% June 56
200
48% 48%
Mar
June 60
1,400 45
47%
45
Mar 6255 Jan Johnson Motor
100 47
50% 5034
Mar
June 20
7
1,300
10
7
9%
Mar Jonas & Naumburg com__•
100 2034 Feb 28
28
28
Mar
400 3831 June 59
38% 42
cum cony pref.._ .• 42
$3
,
June 4735 Jan
100 37
37
37
400 1851 May 24% Mar
20% 20%
Karstadt(Rudolph) Am she
26% Jan 52% Feb
Feb
3735 3935 1,40
Mar 17
100 12
12
12
134 May Kellogg Switchb & Sup..10
10% May
10% 11% 39,60
300 2155 June 3055 Mar
21% 24
19% Mar 29% Apr Ken had Tube&Lanip cl A•
17% Slay
21% 2431 32,40
2,800 1216 Slay
1355 16%
Kerman) Mfg common_ __* 15%
Jan
36% 38% 4,800 31% Mar 50
37
Keystone Aircraft Corp..
Mar
27% Apr 35
50
2935 32%
500 23% May 28% Jan
24%
24
28% Apr 364 Jan Klein (D Emil) Co corn_ _* 24% 4035 4016
60
30
30%
4015 Slay 41% May
1,200
1811 Jan 3451 Feb Kleinert (J B) Rub com__• 40% 32
20
Feb
37
23% 23%
May
100 30
32
•
20 June 57% Mar Knott Corp corn
30
25
20
June Kolster-Brandes. Ltd.
12% Mar
8,100 18% June 19
4
19
18%
Slay
4% 555 7,600
5
.C1
A mer shares
Jan
20 77% Apr 83
77% 77%
Feb Lackawanna RR of N J 100
3
May
100
37
3
3
May 45% Jan
Lackawanna Securities...' 3851 37% 3854 1,000 13
Feb
Slay 842
SOO 611
525 560
May 41% Jan
2,900
23
19
_100
Superior Corp
Lake
26% Jan
3531 Jan
11% 1515 26,500 11% Ala
600 20% May
Lakey Foundry & Mach • 23% 2355 24%
Feb
200 1734 June 29
1755 17%
954 May 1054 May Landay Bros class A
10
1051 15,600
200 68% June 81% Jan
coca..." 6834 684 70
10% May Lane Bryant Inc
Slay
1,000 10
1034 1051
25 93 June 10136 Jan
93
93
Lawrence Portl Cement 100
Mar
500 3334 Feb 49
,
351
34
2234 Feb Lazarus(F &R)& Co corn' 34
Jan
200 2135 Jun
2115 2134
May 39
500 25
2535
25
• 25
Mar Lefeourt Realty
60 160% Jan 173
Jan
168 168
June 39
36
400
36%
• 36% 36
Preferred
Jan
Mar 42
500 27
Jan
30
30%
Apr 172
1,000 149
150 152
ao
Nov
Feb Lehigh Coal &
Jan 32
Slay
300 21
28% 28%
Feb 80
1,200 44
• 56% 5615 5714
10 9834 Jan 108% June Lerner Stores Corp corn...
1084 10851
Apr 8415 Mar
500 57
57%
Mar 4555 May Ley (Fred T)& Co Inc ___• 5734 57
15
Jan
36% 40% 6,800 24%
5,500 1115 May
1135 13
June 11% Jan Libby, McNeil & Libby.10 13
5
5% 1,800
5
June 220% Feb
900 158
Libby Owens Sheet Glass 25 154% 154% 160
9
1934 Jan
May
9
12% 15,300
• 21% 2035 21% 2.400 1811 Apr 23% Mar
Corp
4% Jan Lily-Tulip Cup
1% Apr
155
255 3,400
Apr 26% Jan
900 19
2015 2015
10
Jan Lit Brothers Corp
2
7
May
SOO
2% 255
May London Tin Syndicate
May 23
400 20
20
20
1,300 14% Apr 2255 Mar
1556 1651
1615
Am dep rcts ord reg.--£1
14% Feb
954 June
1,600
915 10%
Jan 89735 Jan inakianal.and & Ex Dior _ • 10
50 75
80
80
Apr 4334 Slay
800 35
com____• 3755 37% 39
21% 24% 4,800 2115 June 28% May SlacMarr Stores
2,600 33% Apr 3855 May
34% 3554
•
Mangel Stores corn
Jan
200 4535 June 61
4515 46%
Mar
400 100% May 103
615% pf with corn pur w• 101% 100% 101%
May
Apr 54
50 46
49
49
25% Jan Manhattan Rubber Mfg 25
500 13% Slay
1335 13%
.
2055 Jan
Fabrics Finishing com _ _ • 1351
300 1735 Jan
19
19
4
Manning Bowman & Co A*
6% Jan
200
May
415
435
10
Mi.% Jan
Fageol Motors corn
700 23% Apr
3415 Feb
Marlon Steam Shov corn.' 24% 2455 25
4,600 20
May
Fairchild Aviation class A • 2235 22,15 23%
Slay 9934 Jan
300 52
62
60
30 79
Apr 124% Jan Massey Harris Ltd corn..' 62
94%
90
100 90
Mar
11
Fajardo Sugar
74 Apr
4.300
7% 8
7%
235 June
10
2,600
Mar Mavis Bottling Cool A.
2% 3%
Fandango Corp corn
6534 June
6551 4,700 60 Jun
200 10% mar 21% Jan Mayflower Associates Inc • 64% 60
12% 12%
•
Patinae)Products Inc_
June 38% Jan
100 32
32
32
Jan May Hosiery 511110 pref. *
100 23
23
June 32
23
•
Jan
Federal Mogul Corp
Mar 59
900 44
44%
300 27
June 39
Mar McLellan Stores claw A.-• 43% 43%
29
27
Federated Metals tr est_ •
Slay 59% Apr
600 55
55
55
• 55
1,800 58
June 734 Apr Mead Johnson & Co corn.
62%
24
Feb
1254 May
Ferro Enameling Co Cl A_• 60% 58
100
13
13
23,400 26
Slay
29% May Meadows Mfg common_ •
Flat. Amer dep receipts.-- 2715 264 28
Jun 11951 Jan
100 99
99
99
100
Mercantile Stores
100 101
Ma 155
Feb
107% 107%
2235 June
Fireman's Fund Insur_.100
1,200 2155 Jun
2155 2255
Apr Merchants & SIfrs Sec CIA'
1,050 220% Feb 309
May
Tire at 11 corn. 10 277% 271 27955
Firestone
2.700 2415 Apr 32
2755 30
Merritt Chapman & Scott• 29%
100 107% June 109
Slay
100
10735 107%
6% preferred
May 100% Feb
100 93
9451 94%
134 Jai
615% pfd A with warr100
100
554 May
2% 254
Jan
3
Film Inspection Mach___*
1% May
300
1%
154
1%
•
Mesabi Iron
55% 22,100 1835 Jan 67% May
20% Slay
Fokker Air Corp of Amer.' 53% 47
2,100 19 Jun
20
19
5,400 26% May 38% Jan Metal & Mining Shs Inc..' 20
ben
FoRls-FischerInc corn...' 28% 26% 29%
Mar 89
700 70
72
75
Metropol Chain Stores. _.• 75
200 21
June 29% Jan
21
21
Foote Bros Gear & Stitc _•
Apr 3435 Jan
100 25
30
30
Slid-Continent Laund A.* 30
30 June
Jun
Ford Motor Co Ltd
4.600 28
30
Midland Royalty $2 pfd * 2934 28
19,700 15% Jae 20% Jan
17
16
1615
Amer dep rcts ord reg _El
90
Slay 10851 Jan
100
92
92
69% Apr Midland Steel Products..'
Mar
Ford Nlotor of Can cl A___• 47% 45% 49% 13,500 4535 Jun
100 4435 Apr 66
51% 51%
Apr Slid vale Co
375 56% Apr 172
83%
75
• 76
Class B
Jan 5315 May
900 39
•
• 4831 4751 4816
Miller (I) & Sons com
Apr 23
Apr
700 22
22
22
•
Foremost Dairy Pr cony pf
25
Minneapolis-Honeywell
May
3055 May
100
25% 25%
May
86
Foremost Fabrics Corp- •
2,100 55 11 Jan
Regulator col:ninon ___• SO% 80% 8516
Jun
300 23
33% Feb
24
23
•
Forhan Co class A
Minneapolis-Moline Power
Foundation Co
3715 Slay 44% Slay
4,70
Co corn _ ___• 3851 3811 4051
mar
Implement
19%
500 1335 June
13% 14%
May
Foreign shares class A. •
1,800 10151 May 103
• 10231 10154 102%
56.50 cum pre(
3515 Jan
4115 Apr
Jan
Fox Theatres class Acorn.• 244 23% 25% 22,400 21% Slay
100 28
34
34
Mock,Judson Voehringer •
1,000 3034 Mar 42% mar
34% 36
• 36
Franklin (II ID Mfg awn.
Montecatini M dr Agr6% Feb
-Am ohs for
French Line
2,000
2% May
2% 355
Warrants
700 4235 Jan 59
Jan
50%
Corn 13 stock .600 francs 5015 48
100 46% June 82% Jan
4651 4654
1255 Jan
8
.
Moody's Inv part pref...'
635 Mar
755 8% 16,000
Jan
59
Mar 75
Freshman (Chae) Co
50
60
60
100 68% Mar 83% May Moore Drop Forge cl A__•
78
78
• 78
Ganiewell Co corn
Mtge Bank of Colombia
300 23
Apr 23% May
23% 23%
•
Garlock Packing corn_
June 4815 Mar
100 41
41
41
American shares
500 13% Apr 21% Jan
15
14
General Alloys Co
2514 June 35% Apr
400 66
Moto Meter Gauge & Eq.' 29% 25% 3035 3,00
Apr 93% Jan
78% 80%
General Amer Invetitors_ •
,
7755 Jan 106% Mar
10
97
97
•
10% Jan Sfurphy (G C) corn
6% Slay
7%
•
6% 755 17,300
General Baking corn
Apr 76% hen
58
20
60
60
Naentoariii r-pringfitild -•
69% 6,200 67% May
79.14 Jan
68
• 69
Preferred
Jan 88 Slay
5,200 62
• 66% 6254 68
Nat Aviation Corp
1,400 17% Jan
47
Mar
29
30
Jan
70
General Cable warrants_ _
75 63% Slay
65
65
National Baking pre(__WO
75% Jan
Gen Elec Co of Gt
300 60'5 Jun
60% 61
•
Nat Bancservice Corn
Jan
12% 12% 28,900 11
0% Feb
2
American deposit rm..1251
2454 June
100 2454 Jun
24% 2451
•
Nat Candy corn
Gen Electric (Germany)
May 27% May
800 25
25
2651
100 40% Mar 49
Jan Nat Container Corp corn.' 25%
4735 47%
American Sep receipts
29% May
900 2755 Slay
2716 2751
•
June
200
Slay 249
$2 cony prat
Stock purch warrants......... 203 249
100 102
AP 10614 Jan
103 103
Jan
40 June Nat Dairy Prod pref A.100
2.200 304
34
40
General Fireproofing corn • 40
4855 Feb
3015 Jan
37% 4,300
3255 June 3434 may
30
Nat Family Stores corn..• 35% 35
Gen Indust Alcohol v t c.• 32% 3234 34%
49% Mar
400 3211 Jan
3735
37
21% June 27% Jan
1,40
Preferred with warr_ _25 37
21% 2255
Gen Laund Mach corn_ *
5,10
17% Apr 26
17% 19
Nat Food Products
Feb
Jan
Gang Realty & HUI corn.' 19
100 3015 June 37
3055 3035
•
88
2,20
May 10015 Feb
Class A with warr
88
90
Jan
12
Pf with corn purch war 100 90
Apr
2.700 10
10
10
• 10
18
2514 Jan
Class B
20% 21
20
Jan
•
41%
Gilbert (A C) Co coin
1.500 21% Slay 404 Jan
2155 24
• 24
42% Jan 48
46
10
Jan Nat NI frs & Stores
46
Jan
Preference
16,100 2911 May
124% Jan
10
104 104
•
Rubber MachinerY • 38% 3616 39
Nat
Feb
95
Mar
Mar
Gleaner Combine limy._
500 25
27
27%
Nat Screen Service
• 132% 118% 13251 2,60 1 1 855 June 119
Jan
35
Glen Alden Coal
3955 Apr 5 51 Jan
2,800
44
• 4335 43
19
100 17
19
Apr 23% Star Nat Sugar Refg
Mar 2435 Apr
Goldberg(S SI)Stores come
7
174 18% 2.200
Nat Theatre Supply oom-•
Feb 12i 55 Mar
Mar
Apr 20
Goldman-Sachs Trading..• 101% 97 102% 21,400 93
100 17
17
17
23,300 17
May
27'5 May Nat Toll Bdge corn A._ • 2455 24
Seal Elec Co new._ _• 17% 174 20
June
Gold
400 24
24%
•
1,000 3155 June 36
34
Nat Trade Journal Inc_.
34
•
31%
May
26 5
3 .5 j,a n
June " l eb
Gorham Inc corn A
100 18
18
18
50
200 50
50
May 50% May Nebel (Oscar) Co Inc corn •
$3 cum pref with warr.-e
1.400 20% Mar 29% Jan
20% 22%
•
7% June 19% Feb Neill Corp common
755 9% 12,800
795
Feb
Gothgm Knitbao Mash..'
Jan 76
70
10
72% 7255
•
First preferred
Feb
Gramophone Co Ltd700 140 June 164
149
140
Weisner Bros common....'
Fe y
10
Amer den rets ord El 83% 83% 8551 5,400 624 Jan 89% Apr
Jan 2273..i Nlub
50 187
188 194
100
20% 2154 10,000 2035 June 21
21
Preferred
Jun
May
Apr 31
'Grand Rapids
700 23
29
28
20 115
115% 11715
Nelson (Herman)Corp__ .5
Jan 117% Feb
Varnish..GS All & Par Tea lst of WO
300 19% Jan
2555 27
400 409
60 332
May 494
May Nestle LeMur Co class A •
.• 401
Non vol corn stock
400 754 Slay 8055 May
7755
------ 76
_
Jan
15
300 12
19% Feb Newberry (J ..1) Co new _
15%
Greenfield Tap & Die corn •
244 May 25% May
40
2454
24%
New Haven Clock corn...'
Apr 183
Mar
V% Mar
Grtgeby-Grunow Co corn.' 13235 132% 14055 2,200 120
5% May
5% 511 1.400
5%
36
36
100 27
New hiel & Ariz Land._ 1
Jan
43% Mar
Feb
Ground Gripper Shoe corn'
May 32
14
10
19% 19%
37
37
100 32
4234 Mar New Orb Gt Nor RR_ _100
Jan
•
33 preferred
as% May
30
43% 46
58% 60
300 57
Apr 70% May N Y Hamburg Corp-50 46
52
Guardian Fire Assurance in
ar
eb
3655 Apr 48
2,00
404 42
N V Investors
47
90
355-s June 61 1 Mar
35% 3655
•
23
100 2015 mar 26% Jan
23
N Y NierchandLse
•
Hall(C Ml Lamp Co_
May
Jan
25
60% 2,70
• .58% .55
28
1,300 26
27
Niagara Share Corp
Apr 85
Jan
flail(W F) Printing._ .10 2755
Apr
78
3635 Ma
90
2 June
355 4,000
2
Nilee-Bem't-Pond corn.__. 54% 5111 59%
534 Jan
Happiness Candy St clA •
j34
Ma
17
80
20
200 20
20
Jan 22
Jan Norna Electric Corp com_• 22% 22% 23% 29,00
Ilartriiiiii Tobacco coin _ _10
Mar
14
1811 1755
A vlation.• 1735
Jan 8255 Mar North American
• 61% 5955 64% 9,200 48
klaygart Corp
8% Apr
200
9%
__
65
5,800 41
61
Apr 8714 May North Amer Cement_
• 61
Hazeltine Corp
216
2
4:471 54 Slay
Ma
iaany
400 39
42
42
1954 104
100 19
Northam warren Corti Uf _•
Apr 26% Jan
Helena Rub'eteln Inc corn •
4834 Feb
Jun
1,300 25
31%
25
31
10 115
1174 1174
Northwest Engineering
Feb 12134 Jan
Hercules Power pref. .100
31%
Fe
100 20
22
22
•
23% 23%
200 23
Co cl A..'
Ayr 2415 Jan Novadel-Agne common..
Mar
IIolt (henry) &
May 99
100 88
91
91
100
18
18
100 18
•
cutnul pref
June 27% Jan
Hood Rubber corn
52
52
100 52
May 61% Feb Oil Stocks Ltd
• 52
1614 Jan
Horn & Ilardart corn
14% Apr
1655 1615 2,200
45
45
100 4251 Slay 59% Feb
Class A without wart._• 1634
A'
lloudallie-Ilershey pfd
18% May
Ma
1,100 15
1655 17
• 16%
mar 5054 Jan
49
49
600 45
Class B with warr
Housh'd Finance part p164)
May 39% Apr
1,900 23
23
2554
•
25
25%
1.100 234 Apr 32
• 25
Jan Orange Crush Co
Apr
Huyier's of Del corn
16
Apr
1,500 11
14%
13
Corp corn 13• 14%
3415 40
6,700 34% May
• 40
4914 Jan Outbd Motors
21% May
Hygrarle Food Prod aim.
Jun
18% 1,200 18
• 18% 18
Cony prof Cl A
Slay
Imperial Chen) Industries
59
Jun
100 54
54
54
•
100
8% 8%
Feb Overseas Securities
May
8%
851
11 ;4
May
Am Sep rctsord ohs reir
Jan 49
500 42
45
45
2355 243.5
1,300 23% Apr 3355 Jan Pacific Coast Biscuit prof.. 45
Slay
Imperial'lob of G 11 & I Ll
400 3715 June 39
• 3734 37% 3751
31
28
60
28
June 5855 Jan Packard Electric Co
Indus Finance corn v t 0.10 28
May 294 Slay
27% 27% 28% 47,200 27
7851
New
500 76% May 9035 Jan
77
Incur Co of North Amer In 77
June 43% !at.
2755 4,900 22
22
6.300 20
May 24% May Paramount Cab Mfg rAnn.• 26
Insurshares of Del coin A.• 214 204 22
1,200 2435 Apr 25% Apr
2,200 26% June 3315 Jan Parmelee Transport corn.' 24% 24% 2415
26% 28
Insurance Securitlee....._ 10 27
400 3515 June 3734 June
3555 37%
1,100
15
15
16%
•
May 24% Jan Patterson Sargent Co
Apr
Internet Perfume corn
100 5834 Mar 65
60
60
-31
1,300
851 10%
14% Jan Pander 0 Groc cl A.. •
8% June
May
Internet Products corn_ • 10%
May 121
1,600 105
109% 120
118
1,400 785 Apr 83'5 Feb Penney (J C) Co corn
78% 80
$6 cum preferred__ _100
270 9755 Apr 111234
98% 99
Class A preferred___.100 9816
25
9,500 19% Apr 264 may
• 23% 23
Apr
Inter Projector new
May 25
164 17% 166,400 16
100 25
Jan Pennroad Corp corn v IC.' 17
30
30
Feb 46
Jan
Internal safety Razor H •t
200 7416 Feb 94
77%
76
7315
2,800 80
Feb 744 Mar Peonies Drug Store Inc..'
International Shoe corn •I 7311 69
Copeland Products Inc
•
Class A with warr
Corroon&Reynolds coin_ •
* 100
$6 cum prof A
Courtalds Ltd Am den
Rcts for ord stk reg_ £1 19%
Crock Wheel El Mfg corn 100 280%
Crosse & Blackwell
Preferred with warrants
Crowley Milner & Co corn"
*
Cuban Tobacco v t c_
10
Cuneo Press corn
Curtiss Aaron' Exp Corp_• 3955
Curtiss Airports v t c____• 11
Curtiss Flying Fiery Inc_ _• 2335
Curtiss-Reid Aircraft
pfd with iitk purch war 3(i 30
• 30
Davega Inc
Davenport Hosiery
Davis Drug Stores allot etfs 20
Dayton Airplane Engine.. 1835
Decca Record Ltd
Amer shs for ord abs .EI
Deere & Co common__-100
• 15%
De Forest Radio v c__ .
De Havilland Aircraft Co
Am dep rts new f Pd reg. 10
Amer dep rts old f pd reg
Dinkier Hotels
Class A with warrants_ _•
Dixon (Jos) Crucible__ 100
• 30
Doehler Die-Casting
• 28%
Donner Steel corn
10851
Prior preferred
• 3935
Douglas Aircraft Inc
5
Dubiller Condenser Corp •
• 1034
Durant Motors Inc
2%
Dna Co Inc class A v t c_.•
2%
•
Class A
Edison Bros Stores corn_ •
Educational Pictures
8% awn pref with war100
• 23
Eisler Electric corn
*
Elec Shovel Coal pref_
11
31
100
11
31
100%
100
3,600
1,100
15% Apr 21% Feb
June
June 31
31
Apr
Apr 102
97
4
3812
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
[Vor.. 128.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Conclude) Far. Price. Low. High. Shares,
Range Since Jan. 1.
High.
Low.
Pepperell Mfg
100 964 96% 96%
100 983-1 June 11315 Feb United Profit Shar corn„.
714
655 74 1,000
Perfect Circle Co corn___• 614 54
5
May
11
Mar
3,900 45
64
Apr 64 June United Retail Chem pfd..'
224 22%
Perryman Elec Co
100 2231 June 40
Apr
• 21
United Shoe Mach oom__25
Philippe(Loula)Ine A corn • 2951 20% 21% 1,800 204 May 29% May
64
65
800 64 June 8534 Feb
284
May U S Asbestos tom
• 46
4514 46
• 2915 2855 29% 1,600 2411 Apr 32
Common class B
45
600
Apr 5114 Jan
29% 2,800 2314 Apr 31% May U S Dairy Prod el B
15 n16
Phil Morris Con Inc corn.'
120 14
Feb n18 June
115
44 June TJ.S.Finishing com____100 100
13-4 2,000
14 May
Class A
100 100
25 90
25
Jan 100 June
915
9
10
1,000
June
S Foil class B
834 Jan 10
• 62
54%
Pick (Albert). Barth & Co
5431 MAY 7414 Feb
S & Foreign See com • 5435 4951 634 4,000
Pref class A (Panic PO 5631 2,900 474 May 65% Feb
• 1555 15% 1531 1,600 15
Jan
86 first pref
Mar 19
89
Piedmont & North Ry _100
89
97
400
8955
Apr 9534 Jan
79
79
S Freight
25 634 Jan 834 May
Pierce Governor Co
8313 8331
2,200 81 May 10955 Feb
• 25% 2515 2711
400 254 June 384 Jan
S GYPSUM common___20 7115 70% 88
Pilot Radio & Tube el A'
75
5,000 56
Mar 75% May
184 1715 1815 8.100 1715 May 184 May
Preferred
100
Pitney Bowes Postage
120 12331
270 120 June 130
Feb
US Lines corn
• 1735 1715 1715 2,100 174 Apr
Meter Co
1851 Apr
• 2235 224 24% 4,300 13% Mar 3035 Apr U S Radiator corn
• 4815 45% 4815
Pitts & L Erie RR com50
900 4311 Jan 6211 Jan
140 141
300 1354 Mar 156% Feb
Common v t c
4835 4815 484
Pitts Screw & Bolt
100 47
Apr 8815 Mar
• 2615 25% 2715 2,400 23
Mar 3135 Apr 13 8 Rubber Reclaiming..' 234 21
Potrero Sugar common...'
2354 1,100 16
31
Jan
Mar
7
511 Jan
5% 54 1,300
Feb
Universal Aviation
•
1731 184
Pratt & Lambert Co
800 154 Mar 2735 Mar
•
67% 68
Feb
200 1334 Jan 85
Ctfs of deposit
174 174
Procter & Gamble com__10 365
100 15
Apr 22 May
355 365
Universal Insurance_ _25
May
350 281
Jan 382
77
Propper Silk Hosiery Inc.' 31% 3091 31%
77
200 704 Jan 79
Feb
1,000 314 May 43
Jan Universal Picturea
•
22
Prudential Investors corn.' 24% 24
22
100 1635 Mar 29
Apr
May Utility Equities Corn
24% 10,100 24 June 28
• 26
2415 2631 15,700 24
Pyrene Manufacturing...1D
May 2611 June
751 8
914 Jan
7
Vanadium Alloy Steel__ _ •
1,000
Apr
72
Q-R-S Co
314
1,000 72 June 73% June
42
40
42
200 40 June 42 June Van Camp Milk
Ry & Express Co W I
55
7% prof with warn._ _100
May 594 May
100 51
93
Rainbow LuminousProd A. 254 23% 55
95
200 93 June 101
Jan
Van Camp Pack corn
Jan
26
2,000 2336 May 85
• 214 2035 224 3,700 263.1 June
Raybestos Co common_25 90% 88
38% Feb
9035 3,100 89% Jan 924 May
7% preferred
25
22
23
500 2135 May 98
Certificates of deposit
Feb
8915 894 8915
100 8935 June 894 June Walt & Bond class A
•
2414 2415 1,300 2455 June 28% Apr
Reeves(Daniel) common.' 39
39
Class B
100 364 Apr 4531 Jan
1735 1715 1715
Reliance Bronx & St'l com• 2335 2255 39
500 17
May 2655 Jan
Walgreen Co common....' 8415 8414 86
234 2,300 22% Apr 244 May
Repetti Inc
1,200 714 Mar 91% May
5
13-5 24 2,400 65e
Jan
5
Warrants
APIr
574 574 58% 1,200 51
Republic Motor Tr v c_ •
Mar 65
Jan
295 2%
64 Feb
155 Jan
Walker(Hiram)Gooderham
100
Reynolds Metals common•
38% 40% 1,100 314 Jan 5235 Feb
& Worts common
•
55
6294
200 50
Preferred
May 93% Feb
• 69% 67% 69% 1,700 63
Jan 79
New when Issued
Mar
2034 17
26,400 16% May 23
22
Rice-Stlx Dry Goods corn.*
May
19
Watson (John Warren)Co•
19
100 184 May 244 Jan
515 5% 1,300
534
Richmond Radiator cora...
535 June 14% Jan
8
100
8
8
May 1934 Feb Wayne Pump common- •
18
Rolls Royce Ltd
19%
300 1715 Apr 32
Jan
Western Air Express_ ___10 72
6714 7231 5,400 56;5 Apr 781( May
Amer den receipts rug stk
114 1115
94 Mar 15% Feb
300
Western Auto Supply coma
Roosevelt Field Inc
5254 54%
600 504 Apr 5911 Jan
• 1135 1135 13
3,700 1154 May 18
Mar
Whitenights Inc com---•
2%
Royal Typewriter corn_ •
234 3
900
24 June 18
Jan
129 130
Jan 129
125 81
Widlar Food Products •
May
24
Ruberoid Co
27
2,800 21% May 29
Feb
100 7711 744 7751
400 z7215 May 108% Jan
Williams(R C)& Co Inc.' 27
27
Ruud Mfg corn
500 27
2951
June 41% Feb
• 4095 4096 40%
Wil-Low Cafeterias corn -•
400 40% June 4555 May
18
Rusaeks Fifth Ave Inc_ •
18
100 18
June 30
Mar
34
34
500 34
May 354 May
Winter (Ben1) Inc corn_ •
12% 1316
f3afe-T-Stat Co common... 27% 24
500 1131 Mar 1631 Jan
27%
600 17
Feb 37% Mar Winton Engine corn
• 73
Certificates of deposit.... 274 25
7151 7311
800 7115 May 734 June
600 25 June 35
Apr Worth Inc class A
2894
•
Safety Car Htg & Ltg__100 18331 183 1894
631
54 Mar 114 Jan
300
79-6
175 157
Jan 22915 Jan Young (J 5) Co com__100 1204 120%
Safeway Stores 26 see war_ 440
1204
10 1204 June 1204 June
421 440
30 421
Jan Zenith Radio
June 626
Si Regis Paper Co
303.6 28
34% 4,400 27% May 6194 Feb
• 16511 15411 17115 29,500 119
Apr 171% June Zonite Products Corp corn•
7% cum preferred_ _100
32
500 8111 Jan 4435 Jan
324
10251 10251
50 100
Jan
Feb 107
Rights
Schiff Co corn
•
52
500 52
53
May 79
Jan American Cyanamid
Schlet & Zand cum cony pf..
30,900
654 9
Apr
11
631 May
41% 41;5
100 4115 June 46
may American Superpower
Schulte Real Estate Co__ _• 20
1
114
114 100,400
1
June
154 June
20
Associated 0 & E deb rtsMay 3931 Jan
Schulte-United Sc to $1 St• 114 10% 2015 1,300 20
6M
5% 7
18,100
54 June 1311 Apr
900
12
Jan Cohn-Hall-Marx
June 26
7% pref part pd rcts-100 85
11 June
100
51
34
34 June
65
65
100 65
May 89
Jan Columbia Gas & Elea
Second Gen'l Amer Inv Co_
4% 435 58,000
414
34 May
44 June
De Forest Radio
Common
51
114 107,400
• 28
131 May
51 June
2515 2815 3,000 2355 Apr 3531 Jan Fairchild Aviation
fl% Pref with warrants_ 107
34
231 May
114 11,600
34 June
107 10734
800 10436 Apr 125
Flat
Jan
Seeman Bros corn mon_ _
9
914 1,000
7% Apr
1715 Tan
65
65
66
360 65 June 80
Jan Ford Motor of Canada...
Segal Lock & Hardware_ •
52
- 53
800 52 June 102
5751
May
10
1,000
94 May 14
10%
May Gorham Mfg
ihtiberling Rubber com_ •
n5o 200
7,400 n5e June
134 May
414 4115
100 39
May 65% Jan Missouri-Ran Pipe Line... olo
Selected Industries com_.• 20
010
11 24,100
1
le June
May
20
21
4,300 18% Jan 319-5 Feb Penny(J C)& Co
217
Allot Ms let paid
22014 220
540 193
May 236
May
924 92% 9235 2,700 924 May 106
Jan Roan Antelope Mines
Selfridge Provincial Stores
214
114 2% 25,300
14 May
234 June
United Corp
Ltd ordinary
43-4 434 30,300
434
El
435 June
435 June
395 355
200
31116 Feb United Gas Co
315 Jan
Sentry Safety Control ' 18
15
M
35 June
55 June
M 36,200
174 23
43,300
9
Mar 284 May United Gas Impt
Serve'100(08w co) vs o__• 174 164
254
1% 214 825,500
155 May
254 June
2114 May Universal Pictures
1815 16,200 144 Jan
Sheaffar(W A)Pen
•
114
114
100
1
24 May
Apr
5255 53% 1,100 48
Apr 6335 Jan
Walker(Hiram)Gooderham
Sheffield Steel corn
•
65
85
5 0 65 Jun e70
Mar
& Worts common
•
Sikorsky Aviation corn__
1
20,200
n4
1
8
48
MAY
May
4315 514 4,100
Silica Gel Corp corn vs o_-• 3731 374 3955 3.000 2054 Jan 63% Mar Western Air Express
6
M
74 4,600
415 May
811 May
2335 Jan 4831 Mar
Silver (Isaac)& Bros com_•
8111 72
000 614 June 86
Feb
Public Utilities
Simmons Boardman Pub
Allied Pow & Lt corn
lishing $3 Pref
71M 6715 7834 94,100 4415 Apr 784 June
48
48
48
200 48
Mar 524 Jan
$5 1st preferred
Singer Manufacturing _100 545
14,000 74
7514 77
May 79
Apr
545 584
90 545 June 631
Jan
$3 Preference
• 42
Skinner Organ corn
42
42
200 42 June 45
•
May
464 48
1,500 40
Jan 48
June Amer Cities Pow & Lt Corp
Smith (A 0) Corp corn. •
188% 193
130 163
Apr
Feb 200
Clam A
Preferred
4715 644 39,20
60 60
36% Mar 614 June
10815 108%
40 10815 June 10834 June
Class El
• 43% 3455 461i 109,10
Sonatron Tube common. •
2314 Mar 4631 June
304 36
1,800 2815 Mar 4315 Feb Am Com'w'i
th P horn A....• 23
South Coast Co corn
2215 2354 3,70
22
Jan 31
•
Mar
20
20
100 20
Mar 28
Feb
Common B
Southern Asbestos
2415 224 26% 6,40
22 May 374 Jan
• 32
3135 324 1,800 3035 Apr 49% Feb
Warrants
Sou Groe Stores cony el A _
54 635 2,100
615
35
54 June 11% Mar
3415 354
800 304 Mar 3735 Feb Amer & Foreign
Southern Ice & Utll corn A.
Pow warn. 83
81
20,100 524 Jan 1134 Feb
86
10
10
100
84 Apr 1735 Jan Amer088 & Elec
Span & Gen Corp Ltd.
1574 175
com____• 169
28,300 128
-11
315
Jan 19234 Jan
34 4
2,000
7
3 May
Jan
Preferred
Spiegel May Stern Co
101
•
1014
200 101
June 10934 Jan
Amer Lt & Trao com100 238
614% preferred
2354 240
975 205
100 88
Mar 25995 Feb
88
88
100 86
984 Feb Amer Nat Gas corn
Jan
Stahl-Meyer Inc, corn_
v8
11% 1131
20
•
11
39
39
Apr 1831 Jan
100 39
Feb 5335 Jan Amer States Pub Sera 0_ -•
Standard Investing corn_.• 364 3515 3611
el A
285-4 264 27
1,00
2651 June 27% Mar
300 35
Feb
May 43
Amer Superpower Corp A* 200
$5.50 cum cony pref__ •
186 2244 24,80
0231 Jan 22454 June
9895 98%
100 9855 May 103
Jan
Class B common
Standar Motor Constr.100
• 213
190 22414 11,80
435
4
88
44 5,600
Jan 22415 June
24 Mar
6% May
New
Stand Steel Propeller corn'
41
3814 4411 102720
25
28
2515
600 24
May 444 June
May 30
Mar
First preferred
Starrett Corp corn
984 98
• 29
1,400 97 May 1004 Feb
9816
29
29
1,000 28
Apr 31
Mar
Convertible preferred .. 92
Stein Cosmetics cum
914 92
2,500 8951 AP
21
20% 21% 5,900 1555 Mar 22% May Arizona
Jan
94
Power
Stein(A)& Co com
274 27
27%
400 27 June 384 Feb Arkansas Pow Corn.__100 4835 324 4851 13,500 2311 Jan 484 June
& Lt
Preferred
100 100
100
8915 89%
Apr
30 100
Feb 107
100 89 May 99% Feb MOOS Gaa & Elec Prof 100
class A.• 53
Menial Bros Stores Com_ •
53
5355 19,800 4911 Jan 614 Mar
28% 2815
400 28%
29
Starling Securitieu allot etre 334 33% 3445 3,300 3035 Apr 364 Apr Atlas Light & Power
Mar
MAY
Am den rets for reg abs..
Com class A
711
21
74 June
691 74 2,400
19
64 Jun
21
4,70
19 June 21
June Bell Tel of Pa 64 pf___10
Preference
0
113 113
20 1415
50 113 Jun 115)5 Jan
14
14% 5,300 14 June 1436 June Brazilian Tr Lt
&Pow ord• 5434 51
Stern Bros class A
54% 1,300 4815 May 79
45
•
46
125 42
Mar 4731 Feb Brooklyn City RR
Mar
Stlanes(Hugo)Corp
100
735
734 814 3,200
14% 1135 15
735 May
5.800
11 34 Jan
94 Jan 1614 Feb
Certificates
Strauss(Nathan)Ins com •
734 8
600
2615 2835
73-4 May 1015 Mar
300 254 May 35% MAY Buff Niag & of deposit.........
East Pr cam _• 8615 8234 87% 17,300 8135 Mar 87% June
Stromberg-Carl Tel Mfg.'
3011 324
800 29
/514 May
Jan 1
Class A
Strooek (8)& Cs
• 83% 684 84% 67,600 4914 Apr 84% June
40
•
300 40 June 614 Feb
41
Preferred
Stole Motor Car
25 25
25
1,500 25
25
May 2696 Jan
• 15% 154 1611 2,000 154 Apr 354 may Cent Aft States Ser,
'to.'
Swift & Co
1935 Apr
800 10 May
11% 11%
100
127 128
700 127
May 1394 Jan Central Pub Ser. el A____•
Swift International
454 44% 4515 5,600 35
Jan 46 May
15 3034 304 31% 3,80
2974 Mar 37% Jan Cent & Souw Util
Sync Wash Mach B corn_• 23
7% pt.
•
Mar 98 June
08
98
50 92
194 23
4,400 164 Mar 234 Jan Central State.
Elec
Taggart Corp common...' 474 4615 49
11041 105% 111% 5,414 734 Mar 111% June
1,30
4315 Apr 594 Feb
6% Pref with warr._-100
Title(Leonard) warrants-118 12335
300 10356 Jan 123% June
650 650
1 592
May 616
Jan
6% pref without warr_
Tesaamee Prod Corp corn.
8176 80% 81% 1,200 80% may 8715 Feb
2415 254
20
24
Feb
Jan 27
7% Preferred
Tbennold Co cow
100 11411 1144 11411
100 1084 Feb 125
Apr
29
•
1,30
2911
25
Feb 3534 Mar
Convertible preferred__ 18615 177 18754 3,970 97
T% corn cony pref__100 9514 95% 974
Jan 1874 May
90
40
Feb 105 Mar
Warrants
Third Nat Investors corn.'
44
41% 45
2,000 1914 Jan 45
June
50
50
200 50
May 51
Apr Cities Serv P & L 7% pf 100
Thompson Prod Inc clA • 6035 55
106% 1054
100 10531 June 10754 Jan
60% 1,800 46
Jan 694 Jan Cleve El Ilium corn
Thompson Starrett prof__
•
6515 654
100 60
May 75
Feb
51% 51
50
50
51%
May 58% Jan Columbus Elec & Pow...
Tirnken-Det Axle pf._.100
' 6851 60
72% 8,400 50
Mar 7235 June
110 June Com'w'Ith Edison
110 110
10 105% May
Tishman Realty & Constr •
Co__100
390 215
Jan 25814 MAY
62
6311 2,500 4915 Jan 70
May Com'velth Pow Corp p1.100 25011 2474 2504
Tobacco & Allied Stocks_ _•
100
100 10135
900 91 54 Mar 1034 Jan
3
47
5511 Jan Cornmwealth &
400 47 Jun
474
Sou Corp_
Todd Shipyards Corp....' 59% 5915
264 2515 29 424,800 2595 June 29 June
100 59
5915
Apr 7614 Jan
Warrants
Trivasamerica Corp
93% 1135 60.60
915
83-5 June 1134 June
13515 13515 137
8,900 125
Feb 143% May Campania Hispano Amer
Transcont Air TransP----• 2835 26%
29% 7,200 2115 May 30% May
de Electri 8 A (Chad)_ _
Trans
-Lux Pict Screen
101 105
15
9755 May 10715 Mar
Cons GEL&T Balt eom.•
Clam A common
• 1115 114 1136 3,900
___9954 9435 101% 5,90
Jan
88% Apr 112
Mar
595 Jan 24
Pref class A
Travel Air Co
10035 100%
•
Apr 1024 Jan
100 100
514 534
400 454 Apr 61
Jan Duke Power Co
Tr-Continental Corp corn• 35
100
171% 19331
Jan
90 165
Jan 210
30% 354 67,000 30
Jan 3551 June East States Pow B com___• 190
6% cum pref with war100 104
65
55% 6635 28,30
4214 Feb 664 June
104 104% 2,200 104
Apr 10791 Jan Edison El Ilium of Bos _ _
Triplex Safety Glass
293 293
June 293 June
2 293
Elec Bond & Sh Co corn..' _
Am rcts for ord sh
10531 97 10755 397,80
2115 2135 22
Mar 1074 June
73
1,700 20% Jan 334 Feb
Preferred
Trims Park Stores
10611 107
• 47
1,10 10515 Apr 10915 Jan
4515 4851 2,000 444 May 60% Jan Elec investo
rs
Tubize Artificial Silk cl B_• 370
61315 15311 17334 62,00
1
C7
774 Jan 173% June
350 370
260 350
Jan
Jun 595
Preferred
Tung-Sol Lamp Wks corn.' 314 24% 32
97
97
1,00
May 101
Fell
9835
6.700 15
32
Mar Eiee Pow & Lt and pf A. • 98
Jan
Clam A
9995 101
• 39% 35
Mar
800 9955 May 103
39% 2,800 24% Feb
3991 June
Option warrants
Union Amer Investment
4351 4015 44% 6,500 284 Jan 4714 May
' 5451 524 55
800 514 May
7215 Feb Erni) Gas & Fuel
Union Tobacco corn
7% Pf 100 95% 9535 9555
•
94
984 JIM
900 9514 Jun
94 1035 6,400
9
May 20
Jan
8% preferred
United Carbon v t
100
108 108
624 61
Jan
100 107% AP 110
62%
600 46
Jan 76
Feb Empire Pow Corp part stk•
Preferred
100
544 53
5435 4,100 39
May
9515 97.4
Mar 62
300 92
1024 Mar Engineers Pub Son
Jan
United chemicals corn_ •
war-.
264 1,000 23
Mar 85
Jan
95
9515
140 95 Jun 115
Mar Federal Water Serv ciA_-• 2611 24
$3 Preferred
63% Feb
• 40
3411 41% 5,000 344 Jun
6115 Feb Fla Pow & Lt $7 cum Prof.' 495-4 4755 4935 6,600 4611 AP
United Dry Docks corn...' 16
100 100
Mar
Jan 102
200 100
15% 17
1,700 1555 May 2055 Apr General Pub Ser. com___
United Milk Prod corn...' 1035
• 45
42% 4635 10,700 27
Jan 46*4 May
10
10%
21
400 10
Jan It.ternat Util clam A
AP
7% cum pref
•
4111 43
100 7431 74% 7431
1,300 4111 May 49
Jan
200 70
n80
Apr
Jan
Claas B
• 1615 164 184 11,900 144 Mar 22% Feb
On Piece Dye Wks
• 3911 3514 40
2,200 3535 Jun
53
Mar
Partie prof
• 93
615% Pref
95
93
Feb 100
160 93
100
104 104
Jan
100 10315 AP 10634 Feb
Warrants
831 615
Jan
200
491 Jan 11
9
Ion
--
JUNE 8 1929.]
Sales
Friday
Last Week's Range for
Week.
of Prices.
Public Utilities(Cond.) Sale
Par. Price. Low. High. Shares.
20% 14% 2355 64,700
Italian Super Power
7
12%
1455 19,000
Warrants
5,300
58
66
Long Island Light oorn___• 62
109 111
120
100 111
7% preferred
Marconi Internat Marine
24% 105,800
21
- 2255
Commun Am deD rats
8
Marconi Wirel 'I' of Can__1
7% 8% 50,000
Marconi Wireless Tel Lond.
1854 18% 5,700
1834
Class B
16
17%
1755 7,500
Memphis Nat Gas
15914 173
2,100
Middle West Util corn...* 173 50
97% 97%
•
$6 preferred
100
115 115
50
7% preferred
.ildohawk & Bud Pow corn. 78% 73% SO
20,100
1st preferred
25
106 106
•
26 preferred
105% 106
12
Warn ts
,
37
31
37
6,60
Monongahela West Penn
Pub eery 7% pref.. _25
25
30
25
Municipal Service
22% 2231 2334 1,70
Nat Elea Pow class A....
3035 3035
200
NaPower & Li pre(
•
10
109 10935
Nat Pub Sery corn elsas A• 2355 s23
2454 4,200
Nevada Calif Elec corn..100
48
200
48
New Eng Pow Assn 6% pf _ 95
210
95
953'4
New Engl Pub Serv pr In _5
.
25
100 100
N Y TeleD 654% Pref_100 112% 112% 112%
175
Nor Amer Util S.e oom....• 21% 21
7,100
25
let preferred
700
• 95% 9511 95%
Northeast Power cue_
5854 67% 175,300
• 64
Nor States P Corp corn,100 174% 164 175% 15,100
Pacific Gas& El 1st pref-25 26
100
26
26
15,400
Penn-Ohio Ed corn
• 79
7734 gs
7% prior preterred_101 10334 102% 10331
160
320
• 91% 9155 95
56 Preferred
5235 6115 5,600
Option warrants
57
Warrants series B
24
28
2954 7,000
200
Pa Gas & Electric class A •
20% 21
800
8631
Penn Water & Power--• 84
83
700
4735
Peoples Light &Pow ol A
4734 47
400
1514 20
Power Securities com_
•
200
72
•
Preferred
73
70
99% 100
Puget Sd P&L6% prof _100
Rochester Central Power
3754 4054 16,500
39
Rockland Light & Power_ _
26% 2
654 29% 1,300
500
Sierra Pacific Elea com_100
54
55
Preferred
10
100 92
92
92
73,000
Southeast Pow & Li oom_• 103
96 0116
Warr'ts to pur corn elk_
55% 48
5934 41,700
Participating pref__
86% 8654
•
100
$7 preferred
100
107 107
* 107
South Calif Ed prat A_ _25
100
2854 2854
Preferred B
25
2555 2535
500
555% preferred 0__25 2431 2411 2434 1,000
Elou'west Bell Telop of A00
116% 117
350
Std Gas & El 7% prof.._100
100
10854 10815
Standard Pow & 1.1
25 62
55
1,500
62
Preferred
• 9954 9954 9954
100
Swiss
-Amer lilac oref
600
98
96% 98
Tampa Electric) Co
• 65
60% 69% 3,100
pref _100 10951 10934 110
Toledo Edison
20
100 102
6% preferred
20
102 102
Union Nat Gas if Can_ •
42% 1,000
41
United Else Seim warrants_
2
1% 2
6,300
American Shame W
16% 1654 1754 2,600
United Gas cons
• 23% 2334 2514 13,900
United Gas Improvenet_150 21035 195 214% 149.000
New
40% 3855 4255 583,700
Preferred
9051 8955 92% 10,400
United Lt & Pew com A_ _
3554 38% 71,100
: 107
Preferred Nsse •
500
511 105 10554
Pref C1831 1
1,000
60
60
60
United Pub Barr Co
600
1855 1754 18%
UM Pow & Li glass ____• 50% 48
10,00
52
Common
• 2534 25
5,80
26
Utility Shares com
•
40
3834 4251
Former Standard Oil
Subsidiaries. Par
Anglo-Amer 011(vot sh).£ 1
Non-voting shares____ £1
Non-voting ctf of den.
Buckeya Pipe Use
60
Continental Oil I e......10
•
Eureka Pipe Lisa
100
Galena Signal 011New preferred
100
Old preferred
100
Humble Oil& Reflaing_26
Illinois Pipe Liss
100
Imperial Oil(Canada)con •
New w 1
•
Indiana Pipe Lime
50
National Trasulit__12.60
Ohio 011
25
Penn-Max Fool
25
Solar Refining
25
South Pens Oil
25
Southern Pipe Liao
10
Sou West Pa Pipe Lines 1110
Standard 011(Indlasa)._25
Standard 011 (Kaness)._25
Standard Oil (Kr)
10
Standard 011(Nob)
25
Standard 011(0)eem25
Preferred
100
Vacuum Oil new
Range Since Jan. 1.
Low.
High.
1154 Jan 2354 June
Jan
514 Jan
15
4815 Apr 6754 Feb
Mar
10834 Jan 113
1954 Mar
735 Feb
Jan
28
1034 Mar
Jan
Mar
May
Apr
June
Mar
Apr
Apr
Mu
22% Jan
May
20
I"
Jan
10415 Feb
123
Jan
80 June
110% Jan
110
Jan
4535 Jan
1854
1255
158%
97
115
38
105
104
2334
2434 May
20% May
May
30
171635 Mar
2234 Mar
June
48
Jan
95
99
may
mh mar
1334 Jan
9454 Mar
40
Mar
13634 Jan
28
Mar
53
Mar
102
Feb
89
Feb
30
Mar
1635 Apr
20% June
81
May
45
Apr
1554 June
65
Jan
98
Jan
31
Apr
2611 June
4734 Apr
91
Jan
7i34 Jan
27% Jan
85
May
10435 Apr
2354 Mar
2555 Mar
2355 Apr
114
May
108% June
4954 Jet'
003.4 June
9534 May
60 May
10855 Feb
102 June
34
Mar
1% June
16% June
23
Mar
155
Mar
37
May
8754 May
3054 Mar
9534 Mar
53
Mar
17
May
37
Jan
2134 May
1854 Jan
14%
13%
1454 15
1,800 14% May
1355 1334 1,200 13% Jun
500 1335 Jun
13% 1335
400 87
70% 68% 7034
Jan
21
20% 21% 17,000 1714 Jan
150 5934 June
5954 62
100
535 Jan
6
6
30 77% Mar
81% 81%
40 78
Mar
81
81
8,700 89% Feb
118 116% 121
1,500 285
309% 317
Jan
1,700 88
109
Mar
10754 11354
27% 26% 2855 10,500 21% May
600 81% Feb
9531 94
9655
22% 22% 2315 2,300 2154 Mar
75
70% 75% 8.000 6454 Jan
400 23% June
2354 25
100 3834 Mar
40
40
2,00
5355 5335 54
4035 Feb
80
13
20
Feb
20%
5
62% Apr
6531 6531
25,800 54 May
56% 55
57%
1835 2131 4,800 18
2155
Jan
3855 3654 38% 7,600 35% May
100 4554 Feb
47
47
122% 121 123% 8,500 110% Feb
100 115
117 117
117
May
11554 11555 12031 3,200 106% Jan
Other 011 Stocks
Allen Oil
600
I
31
54
31
Amer Contr 011 Fleige_l
2,400
34
Amer Marsesibo Co
6
4
4
43
5 4,500
1
Argo 011 Corp
1,700
le
25( 255
251
Arkansas Gas Corp eem._•
855
855 9% 154,000
Preferred
3,500
IS
8% 8%
854
Class A
951
851 951 31,500
Atlantic Lobos 011 mom _ .•
900
155
155
155
Preferred
500
2
•
2%
Carib Syndicate new um
331 311 1,400
Colon 011
•
7% 8% 1,900
815
Consul Royality 011
1
600
635 7%
6,500
Cosden 011 Co
45
67
67
•
934
Creole Syndicate
851 9% 32,500
155 1%
700
Crown Cent Petrel Cerp....*
155
14% 16
5,200
Darby Petroleum Corp_ •
8
8% 14,100
Derby 011 & Ref 01501---. 851
•
39
200
Preferred
3951
16911 179% 11,400
.
Gulf Oil Corp of Penaa...217
1,400
Homitokla 011
17453
144 14% 1555 2,300
1
Houston Gulf Gas
Intercontinenta!Petrol__10
24,100
1% 2
134
4855 5054 5,000
International Petrideum__• 4855
200
25
•
2535
New common
1% 1% 2,000
Kirby Petroleum
•
4,500
2% 4
Leonard 011Developiet-26
351
33
800
34
•
Lion Oil Refs
1,000
78% 80
3
0
2
Lone Star Gas Corp.......26 8 1,6
300
32% 33
New W I
ig
Magdalena Syndicate-- 1
31
31 14,800
100
23
23
•
Margey Oil
200
4% 4%
•
Mexico-Ohio Oil Co
14,700,
30% 29% 34
Mo Kansas Pipe Line
3813
FINANCIAL CHRONICLE
34
%
4
1%
314
714
155
1%
2%
6
6%
45
8
34
1
2
20%
14251
4
14%
1%
4635
25
13
5
215
23%
87
3254
%
2114
355
15%
2554 Apr
3334 Mar
3734 Feb
10934 Feb
26
Feb
Jan
60
Feb
100
100 June
114
.788
26
May
9731 May
6735 June
17534 June
2854 Jan
88
June
10655 Jan
97
Mat
6134 June
2935 June
2455 Jan
10154 Jam
5834 Fop
27
Mar
8634 Mar
10155 Apr
49
Jan
2955 June
6234 Feb
9354 Jan
116
June
5934 June
100
may
10934 May
30
Jan
2655 Jan
2654 Jan
12354 Mar
11155 Feb
70
Feb
105% Feb
9834 Feb
7934 Jan
111
Mar
103
Feb
42% May
435 Feb
2354 Mar
39
Jan
21434 June
4254 June
92% June
4354 Jan
10655 May
60 June
21
Feb
52 June
28 June
4231 June
18%
17
16
7454
29
70%
635
n91
88
12455
34055
119%
30%
97
25%
75%
44%
50
60%
22%
70
63
2114
4554
50%
129
124%
133%
Feb
Feb
Mar
Jan
Mar
Jan
Apr
May
May
May
May
Apr
Apr
Apr
Jan
June
Feb
Feb
Apr
Apr
Jan
Mar
Jan
Jan
May
May
mar
Mar
May 75o
Apr
May
72o
Jan
May
8% Jan
Feb
4% Apr
Jan
9% June
Mar
9
Mar
May
9% June
June
2% Jan
May
435 Apr
Feb
4% May
May 15
Jan
May
11 34 Feb
June 67
June
May 111( Jan
Feb
255 Apr
May
26
Jan
Jan
9% May
Jan 3954 June
Jan 189
may
June
7% Jan
June 22
Jan
May
2% May
Mar 8535 Jan
June 29
Apr
May
33,4 Jab
June
634 Mar
Mar 38% May
Jan 80
May
June 33 June
May
114 Jan
May 3834 Jan
Jan
6% Mar
Jan 42
May
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Other Oil Stocks
Sale
(Concluded)
Par. Price. Low. High. Shares.
400
Mountain & Gulf 011
1
% 1
1651 17% 2,800
Mountain Prod Corp-10 17
• 27% 2514 27% 4,900
Nat Fuel Gas new
3% 335
300
5
New Bradford Oil
3
3
100
New England Fuel 011_ •
18
18% 1,800
18
N Y Petrol Royalty
11
11
100
Nor Cent Texas 011 Co_ •
• 17
1635 17
2,400
Pacific Western thl
•
231 2,000
2
2
Landau 011Corp
5% 6% 5.300
Ptuletpeo Oil of Venezuela•
651
6% 6%
100
Pennock 011 Corp
•
eetroleum (Amer)
2751 2755 2854 35,500
23% 24
800
Plymouth 011
24
12
100
12
Red Bank Oil
554 554 1,000
Reiter Foster 011 Corp__ _•
535
200
Richfield 011 of Calif pf_ _25 23% 233.4 2454
600
2535
Root Refining Co pref _ _ _ _
25% 25
300
6% 6%
Ryan Consol P,trol
•
6%
500
3% 3%
Salt Creek Consol 01L-10
18% 19% 2,600
Salt Creek Producers-10 19
1% 1%
500
5
Savoy 011 Corp
Southland Royalty Co.--- ------ 1854 1934 1,600
2,100
15% 18
Taxon 011 & Land new w
1,800
Transcont 0117% Dref_100 12554 105 129
2,800
311 4
Venezuela Petroleum_ .6
400
5% 554
Woodley Petroleum
300
2
2
2
26
Y"01 & Gaa Co
Mining Stocks
Arizona Globe Copper_l
Bunker Hill& Sullivan_-10
Carnegie Metals
10
1
Chief Consol Mining
mastock Tun & Dr'ge_10c
Consol. Copper Minas ;
20
Cons Lead & Zinc
Consol Nev & Utah Corp_3
25
Copper Range Co
Cresson Consol G M & 3.1.1
Dolores Esperanza Corp_-2
Engineer Gold Min Ltd__5
Evans Wallower Lead com•
raicon Lead Mines
First National copperGold Coln Mines
Golden Centrn Mines__-6
Goldfield (louse: Mines_ 1
21e
Hecla Mining
HollingerConeGold Mines 5
Ilud Ray Ma d, Smelt---•
Iron Cap Copper
10
Kerr Lake
5
Mason Valley Mines
5
Mining Corp of Canada 5
Mohawk Mining
New Jersey Zino new
Newmont Mining Corp_10
Niplesing Mines
5
Noranda Mines. Ltd
•
1
Ohio Copper
Pacifictln Special Stock_ .
5
Premier Gold Mining__ I
Red Warrior Mining
1
Roan Antelope C Mln Ltd.
SiAnthony Gold MinShattuck Denn Mining...*
So Amer Gold & Plat._ -1
Standard Silver Lead_ _1
1
Task Hughes
Tonopah Mining
1
United Eastern Min
1
United Verde Extension 50c
United Zinc Smelting_.'
Unity Gold Mines
1
Utah Apex
5
Wenden Copper Mining .1
Yukon Gold Co
6
Range Since Jan. 1.
Low.
I
% June
,
163,4 Ms'
2454 A
355 May
3
Mar
Feb
16
851 Jan
May
16
Jan
2
5% June
434 Feb
27
May
2234 May
11% Apr
5
Feb
2314 June
23
Mar
635 May
334 May
1731 May
1% Feb
18
May
1535 May
Mar
80
3% May
515 May
1;5 MAY
High.
134
22%
27%
6
3%
24%
11%
24
334
1034
7%
3434
30
16
854
2535
29
11
514
2514
234
24
23
129
634
935
594
Jan
Feb
June
Jan
Mar
Mar
May
Mar
Mar
J'ti
5
Apr
a
J•n
Mar
Fern
Apr
Apr
Jan
Jan
Jan
Apr
Mar
Jan
June
Jan
Mar
Jan
9e
Jan 47e
Jan
115
54 30.900
Mar
138 138
100 12534 Feb 165
15% 1755
900 1514 June 19% Jan
4
Jan
1,600
234 May
2% 3
23.5 Jan
13,4
134 7,300 500 Mar
Mar
9% May 18
10
10% 10,500
15
300 15 June 15 June
15
Jan
III
its
50 Jan 240
1,000
100 2031 June 3235 Mar
203.1 203/
Ills
154 Jan
3,100
1115 Jan
3,1
111,5
Jan
500 75c
134 Mar
1575
"le
4% Jan
1% May
134 155
500
8.100 1414 Mar 26% FeD
1835 1614
5473
47.900 100
Jan
Jan
31
31
1% Jan
1,200 200
'ii
J81)
34
255 Apr
11,300 21c
Jan
454 June 12
20,500
Jan
435 5
4%
III
7,800 16c
Jan 800 Mar
175
%
Jan 23% Mar
1735 17% 17% 1,200 16
9% Jan
651 May
5% 5%
500
Feb
1751 1634 17% 7,900 1655 May 23
955 Mar
4% 4%
700
334 Jan
455
1% Jan
1.700
'is Jan
17s
35
135 Jan
255 Jan
1% 134 2,100
155
355 Jan
354 451 2,100
654 Mat
400 50
Apr 6134 May
5435
54
400 7554 Mar 8751 Jan
80%
80
80
197% 197 20314 4,600 18754 Feb 233% Mar
3% Jan
2,200
235 May
255
4851 5434 27,000 45% Mar 68% Jan
52
414 Jan
1% 2% 49,100
134 May
2
500 28
Apr 34% Mar
28
28
155 June
2
111 Jan
134 1% 4,200
134
100 lie
Jan 32o Mar
34
35
9,200 38% Jan 50
Jan
45% 4451 47
% May 93o Mar
1,00
31
31
Feb
1651 18% 6.700 1554 May 28
1734
2% May
3% Jan
40
2% 2%
36c. Jan
34 May
3-16 1.200
35
8 June 10% Mar
855
8
855 3.300
4515 Jan
254 AD
3
900
3
3
51 Jun
1115 Feb
3
31
55 3,400
Mar
1851 7,200 1534 Feb 26
18
18
34
IS,
171
.
234 Jan
% Apr
1,900
2% Apr
55 June
3,200
1% 1%
155
351 Jan
651 Mar
600
3% 3%
134 Jan
234 Jan
3,100
134
134 Jan
500
151*
514 May
31
17%
234
1%
10%
15
--
Bonds
Abitibi P & P 5a A_-1953 8331
Alabama Power 4353__1967 9231
1966 100
1st & ref 5s
Allied Pk let col tr 8s-1939 51
50
Certificates of deposit_
1939 5034
Debenture 68
Certificates of deposit_ 50
Aluminum Cost deb 55'62 10034
Aluminum Ltd 5s
1948 9634
Amer Aggregates 6s-1943 100
Amer Com'Ith Pr 63'49___
9935
Amer GI & El deb 63_2028 9434
American Power & Light
673, without warr_2016 10531
Amer Roll Mil deb 56_1948
Amer Seating 6s
1938
Amer Solv & Chem 63.1936
Without warrants
Appalachian El Pr 58.1958 98
Arkaneas Pr & Lt.5s1956 9555
Arnold Pow Works let 6s'41 93
Asso Dye & Press 6s1938
Associated G & E 5553 1977 10334
Con deb 45551 wi war 1948 11935
.
-----Without warranta
Assoo'd Sim Hard 6 355 '33 8654
Assoe'd Talon Util 5543 '44
Atlantic Fruit Inc 8s._1949 1614
Atlas Plywood 5343_1943 88
Bates Valve Bag 68-1942
With stock purch warr
10434
Beacon 0116s. with warr'36 11054
BellTel of Canada 56_1955 9951
1957 1003,4
ist Es series B
Berlin City Eleo 634s_1959 9115
Boston Cons Gas deb 55'47
Boston & Maine RR 675 '33
Buffalo Gen Elec 58 _ _1956 100
Canadian Nat Rys 76_1936 105
Capital Admin 5s A...1953
Carolina Pr & Li 573_1956
1st & ref Is new____1956
Cent States Elea 5s-1948
Cent States P & Lt 5%3'53 9154
Chic Pneum Tool 5558 '42
Chic Rys 55 et! dep__1927 8435
1943 85
Childs Co deb 56
Cigar Stores Realty
5 35s series A
1949 94
Cincinnati St Ry 5358_1952
Cities Service 58
1966 8734
Cities Service Gas 514,1942 88
Cities Serv Gas Pipe L 671'43
Cities Serv P & L 510.1952 94
Cleve Elec III deb 7s__1941
Columbia River Long Bdge
1st 655s
1953 92
Commerz und Private
Bank 53575
1937 8634
Consol GEL&P Bali
1952
5%s series E
1969
s
Congo'Publishers 651s 1936
I% 1%
8234 83% 116,000 8254
91% 9255 33,000 90
14,000 98
98 101
27,000 46
51
46
18,000 45
45
50
47,000 4655
51
47
10,000 4515
4855 50
10035 101% 58,000 100
9535 9535 14,000 953(
98
23,00
98 105
97% 9934 99,000 97
9434 154,000 9354
94
May
May
June
Jan
June
Mar
Jan
Feb
May
June
May
Feb
8734
9514
103
67
5554
357
54
10234
98%
11554
10354
97%
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Apr
Jan
May
Jan
105 10554 98,000 105
96
96;5 38,000 94
12,000 87
8814 90
10851
9155 9134 5,000 9155
93% 9655 73.000 8734
17,000 93
94;5 96
6,000 93
95
93
1,000 80
80
80
49,000 981(
103 105
114 121 122,000 99%
10151 nI06 14,000 943.4
8655 8634 23,000 8554
97
9734 4,000 97
,
29,000 1635
1654 17
9,000 87
88
87
Feb
Mar
May
May
June
Feb
Mar
May
June
Jan
Jan
Jan
May
June
May
May
10654
9754
9755
122
97%
991(
498
98
94
131
148
120%
88
9734
2255
103%
Jan
May
Jan
Jan
Mar
Jail
Jan
Jan
Jan
Mar
Feb
Feb
Feb
June
Jan
Jan
102
106
98
99%
91
9934
98%
100
105
0634
98%
9834
82
89%
98%
7751
85
Apr
Mar
Mar
Apr
Apr
June
Apr
June
June
Mar
May
May
May
1101(
118%
10235
10234
94
103
103
104
11U
101
102%
9954
9054
96%
May
Ma 10154
Mar 84%
May 90
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Jan
Jan
June
Jan
103 104%
109 113
99% 100
9931 100%
91%
91
99% 100
100 100
100 102
105 10634
9755 9755
9855 99
9835 99
8435 8511
91% 91%
98% 9955
82% 8455
86
85
14,000
82,000
44,000
17,000
66,000
6,000
4,000
3,000
13,000
1,000
5,000
56,000
30,000
4.000
7,000
25,000
10.00
9354 94
94
94%
8734 8854
89
88
9335 943;4
93% 9455
105 105
13,000 93
12,000 94
78,000 86%
88
27,00
10,000 9355
91,000 935(
1,000 104
92
93
86% 87
9,000
55,00
92
84
Mar 99% Jan
May 103
Feb
9054 Jan
AP
Jun
9254 Jan
Jun
98% Jan
May 9754 Jan
Feb
Feb 108
Apr 100
May
88
Jan
Jan
Feb 106% Mar
105 10535 16,00 105
May 100% Apr
99
99% 8,000 99
May
99% 99.%
1.000 9854 Jan 101
3814
Bonds (ConlinuralC00.901 Textile 88
1941
COtit'l0 dr El Is
1958
Continental 011548..1937
Cosgrove Mach Coa164s'54
Cuban Telephone 75451941
Cudahy Pack deb 5431937
1946
be
Deny & Salt Lake Ry 68'60
Detroit City Gas 58 B_1950
68 series A
1947
Detroit Int Bdge 6548_1952
2hyearo(deb 78_ _ __1952
Dixie Gulf Gas 646_1937
With warranta_
._
Electric Pow (Ger) 656.5 '53
El Paso Nat Gas 654s A '13
Deb 654s_ __Dec 11938
Empire 01 & Refg 534s '42
Ercolc Marel Elec Mat
6148 with warrants_1953
Europaltahinv7asarC 1967
Fabrics Finishing 60_ _1939
Fairbanks Morse Co 53 '42
Federal Sugar 68
1933
Finland Residential Mtge
Bank 68.
1961
Firestone Cot Mills 56_1948
Firastone T&R Cal 58_1942
First Bohemian Glass Wks
30-yr 78 with warr_ 1957
Fisk Rubber 54s._ __1931
Florida Power & Lt 58_1954
Folds-Fisher 634s_ _ _ _1939
Garlock Packing deb as '39
Gatineau Power 58_ _1958
1941
68
Gelsenkirchen Min 68_1934
Gen Amer Invest 5s_ _ _1952
Without warrants
Gen Indus Alcohol 614s '44
Oen Laund Mach 6 4e 1937
General Rayon 6s A._1948
General Vending Corp
ea with warr Aug 15 1937
Georgia & Fla RR Os_ _1946
Georgia Power ref 6s__1987
Goodyear Tiro At R 514s'31
Grand Trunk Ry 649_1936
Guantanamo & W Ry 5858
Gulf 011 of Pa 68
1937
Sinking fund deb 58.1947
Gulf States 141 50.._ _1956
Hamburg Elec 7s_ ___1935
Hamburg El & Ind 5348 .3?
Harpen
6s_ __1949
With warrants _ _
Harz W XV (Ger)6348_1949
Hood Rubber 78
1936
10-yr cony 6548 -193
9
Houston Gulf Gas 6548 '43
1943
Os
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price, Low. High. Week.
88
88
8556 88
93% 944
86
86
1074 1074
96
9746
9654 984
77
774
9814 99
103% 104
86
8734
744 75
Range Stnce Jan. 1.
'Low.
High.
1,000 88
June 96
Jan
71,000 85
Mar 9134 Jan
11,000 93
Feb 9611 Jan
June 92
Jan
1.000 86
9,000 10716 Jan 111
Jan
10,000 954 May 994 Jan
5,000 9654 June 101
Jan
22,000 764 May 914 J80
16,000 9734 May 100% Jan
7,000 1034 June 1064 Jan
30,000 84
Apr 96
Jan
5,000 70
Mar 8934 Feb
Bonds (Concluded)
[vol.. 128.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High.
Range Since Jan. 1
Low.
High.
Procter &Gamble 45481947
96
96
2.000 934 May 9854 Feb
8714
Queensboro 0& E 54e 52 100
100 10031 10,000 100
May 108
Feo
9344
Reliance Bronze & Steel
Corp I5-yr deb 68_1944 9954 9954 9954 24,000 994 May
May
1074
Richfield 011515% 900(01 9954 9916 10034 34,000 )i831 Mar 1024 Jan
964
Os
1944 99% 99
May 99% May
994 119,000 99
984
Rochester Cent Pow 56 '53 8734 87
884 181,000 83
Mar 8934 Jan
Ruhr Gas 6 he
1953 84
81% 8454 199.000 79% May 94
Jan
9816
Ryerson (Jos T)& Sons Inc
104
15-yr sing fund deb 5843
93
93
2,000 93
Jan
Jan 06
86
31 Louis Coke & Gas Os '47 85
85
20,000 824 May
86
1)2
Jan
, Ant Public Sera 5s 1958 934 9311 94
an
12,000 911.1 Apr 117
Feb
Sauda Falls 1st 58 A ..1955 10011 100 1004 8,000 98
Mar 102% Jan
72
7111 7954 42,000 7114 June 8811 Jan
8chulte Real Estate (Is 1935
90
90
90
May 97
11,000 89
Feb
Without warrants
85
85
1,000 85
May 96% Mar
99
9954 20.000 98
Apr 101
Mat Scripps(E W)53-4s...1943 94
94
9414 8,000 9214 Jan 954 Apr
9954 100
24.000 99
Jan 1054 Mu: Serval Inc(new co) 58.1948
76
79
11,000 75
Jan 85% Jan
88
86
8954 64,000 86
June 9131 Apr Shawinigan W & P 4348 '67 9116 9034 9114 33.000
9054 May 9411 Apr
Shawsheen Mills 7s_ _1931 96
96
96
6,000 94
May 9844 Jan
9016 904 914 20,000 86
Apr 994 Jar
Sheridan Wyorn Coal 6s'47
90
90
1,000
Jan
May 93
86
86
Is' Sloss-Sheffield S & 1681929 994 99,34 9934 23,000 90
5,000 86
May 92
97 May 10044 Feb
88
86
8934 5,000 86
May 10114 Feb
Purch money Os... _1929
9951 994 6,000 9951 June 100
Jan
9454 9434 3,000 944 Apr 964 Jan
Solder Pack 6% notes_1932 93
87% 93
43,000 874 May 1074 Jan
May 9556 Jan Southeast P & L 68_2025
854, 8554 7,000 85
Without warrants
10254 101% 1024 152,000 100
Mar 1054 Jaa
8614 8554 87
33,000 85
Mar 41M Ian
Sou Calif Edison 54 ___1951 100% 9934 10031 39,000 99
Mar 102% Feb
9154 92
9,000 91
Mar 14
Jar
Gen & refunding 58.1944 100
994 100
11,000 9934 June 1024 Mar
9434 93% 94% 19,000 9254 Mar 'lb
Jar
Refunding 58
1952
9914 10051 2,000 994 Mar 102
Apr
Sou Calif Gas 5s
1937 92.4 92
9211 11,000 92
Mar 95
Mar
87
84
87
15,000 84
Jan 88
Feb Southern Dairies(4_ _ _1930
974 9714 2,000 96
Mar 99
Feb
9334 93
9314 7,000 994 Jan 96
Jan
So'west Dairies 6Sas884 8731 884 59,000 1374 May 9234 Feb
W ith warrants
1938
9454 96
2,000 944 June 101
Jan
99
0936 13,000 99
June 9911 Apr S'west & E no X . _ _ _..157 9455 9316 9416
9,000 9114 Apr 074 Jan
97% 974 9746 12.000 974 Apr 98 May
Sweat Pow & Lt 6a___2022
1004 101
22,000 994 May 10714 Jan
924 94
93
5,000 9211 Apr 974 Feb
Staley (A E) Mfg (4_1942
9831 984 13,000 974 Jan 99
Feb
964 9611 97
24,000 964 June 1004 Jan Stand Pow & Lt 66_ _1957 9554 95
21,000 9434 May 994 Jan
96
89% 89
90
63,000 8834 May
9151 Jan
Stinnes (Hugo) Corp
7s Oct 1 '36 without warr 904 81
91
22,000 81
June 94% Feb
May 86% Feb
83% 834 83% 10,000 83
7e 1946 without warr'nts 85
85
50,000 8434 May 91
87
Feb
1004 100 101
18.000 100 June 103% May Sun Maid Raisins 656s 1942
50
6014 30,000 48
May 7911 Jan
97
9815 18,000 97
June 1024 Jan Sun 01154a
1939
100 10054 33,000 100
Jan
Feb 102
82
Apr 95
82
7,000 78
8215
Jan Swift & CO 6 Oct 16 1932 094 9914 994 62,000 OR% Mar 10011 Mar
Texas Cities Gas
_ _1948 7916 7951 7934
1,000 79% June 89
Mar
65
65
71
12,000 85 June 874 Feb Texas Power & Lc 58_1956 96% 964 9751 28,000 96
Mar 994 Jan
50
50
4,000 50
.50
May 7056 Jan Thermold Co Cle w w 1934
964 97
15,000 9614 June 10514 Mar
9611 954 964 01,000 95
May 984 Jan Trans Lux Dayl Pec'tScr'n
99
99
2,000 99
Jan 100
Feb
6548 withoilt warr_ _1932 100
100 100
Slay
17,000 90
Jan 100
104
1034 10434 17,000 103
Jan
May 108
Ulen Co 654s_Nov 1 1936
984 984 6,000 97
Apr 100
Feb
81
80
5,000 80 June 8516 Mar
Union A mer invest Is 1948 9934 99% 99% 5,000 99% June 116% vet,
99,4 9931 0934 87,000 981( Mar 1014 Jan
United El Sera (Unes)76'66
99% 99% 1004 25,000 994 May 102
Jan
With warrants
108 110
Feb
16,000 108
June 130
94
94
9454 32,000 94
May
991-a Jan
Without warrants
90% 9134 102,000 118
Apr 9214 Jan
9916 9914 2,000 99
Apr 103
Jan
United Industrial 04s 1941
864 8634
1,000 84
Apr 91% Jan
83% 8274 8416 43,000 82
Jai, United Lt & Rye 546.1952 89% 8911 9031 20,000 8644
Mar 118
Mar 9434 Jan
60 series A
1952 90
7,000 984 Julie 1014 Jan
98% 99
904 87% 9034 304,000 8511 May 93
Mar Un Oil Producers 88._1931
Jail
69% 71
2,000 o70
Apr 79
9046 90% 904
1,000 9036 June 9354 Apr United Rys (Hay) 7548 '35 108
108 108
Jan
9,000 108
May 110
83
83
3,000 8254 May 97
83
Jan
United Steel Wk- 6346 1947
6914 69
694 5,000 68
May 844 Jan
With warrants
90
June
8434 91
137,0(10 8214 May 91
83% 824 834 18,000 8011 Apr 9234 Jan
US Rubber
81
80
4,000 80
82
June 9244 Jan
Serial 634% notes_ _1930
98% 98% 2.000 984 Jan 1004 Jail
Serial 616% notes_ _1032 984 984 9816 2,000 07
Jan 10054 Jan
111Pow&Lt 534s ser 13_1954 99
25,000 97
Apr 101
Feo
9734 99
Serial'6 5,% notes_ _1934 99
97
8,000 0636 Jan 100
99
Jan
554s deb a f_ __May 1957 9234 924 9214 3,000 924 June 9616 Jan
Serial 614% notes...1933
98
5,000 96
98
Jan 100% Jan
Indep Oil& Gas deb 661939 112
111% 115 223,000 1024 Feb 120
May
Serial 64% notef__1936 9755 9734 9734 6,000 974 Apr 100% Jan
Ind'Polie P dr L be ser A '57 97
964 97
27,000 9534 May 100
May
Serial 634% notes_ _1038 98
98
2,000 0651 Jan 10015 Jan
98
Int Pow Senor laser E 1967
954 954 10,000 91% Mar 9654 Feb
Serial 634% notee_1940 99
99
98
12,000 97
Jan 102
Feb
Interstate P S 4 1 2s ser F58
87
87
5,000 87
Julie 9056 Apr Orlittlaa Pr & It 54._ 195
ng
63.000 q9
98
Feb
98
'98
Internat Securities 5s_1947 854 8355 86
25,000 83 May 92
Jan
Valvoline Oil 7s
Jan
1937 1044 102 10454 6,000 102
June 106
Interstate Nat Gas 68.1936
Va.,Camp Packing 69_1948
1,000 81
84
84
May 874 re,
Without warrants
102 102
1,000 102
Apr 10441 Jan
Virginia Elec Pow 58_ _1955
975e 9736 5,000 9611 Apr 1004 Jan
Interstate Power 58 .,1057 90
89% 91
15,000 89
May 964 Jan
Western Power 54s--1957 12554 12231 130 121,000 1094 Jan 130 June
Debenture de
1952 9016 90
91
17,000 89% May 97
Jan
Weatvaeo Chlorine 6560'37
Jan
99% 100% 6.000 1)91.4 Mar 104
Myatt Co of Am ba A _1947 9616 96% 97
9,0(10 96
Apr 107
Jan
2,000 9611 Jan 9834 Jan
Wisconsin Cent Rys 581030 97
97
97
tiara) Hydro-Elec 78.1952
8811 884 6,000 8654 Feb 914 Jan
Issotta Fraschini 7s_ _1942
Foreign Government
Without warrants
864 8614
1,000 8634 June 91
Slay
and Municipalities
Italian Superpower 68.1963
Mutt Bk Rep ofCol
Without warrants
784 7634 78% 157,000 75
Mar 82
Jan
20
914 914
1,000 91% June 100
-year 7s__ _Jan 15 1946
Jan
JeddollIghlandCoales 1941
104% 1044 2,000 10314 Mar 104% June
9234 10,000 91
20-yr 78_ __Jan 15 1947
91
June 99
Jan
Kelvinator Co 68
1938
Bank of Prussia LtuidoWnere
Without warrants
6734 6714 7034 23,000 67% June 79
JaIl
9554 97
Assai 6% notes....1930 97
11.000 944 May 98
May
Koppers0 & C deb 50.1947 964 96
96% 35,000 95% May 10054 Apr Baden ((ierinany)
78 _1951 9711 9634 9714 10,000 9211 Mar (18
Jan
Laclede Gas Light 514e '35
9714 9774
1,000 9734 June 101
Mar
Mamma Aires(Prov) 7340'47 1034 1024 10314 60,000 100
Apr 104% Feb
Lehigh Pow Seem'(3s_ _2026 10331 103 105 119,000 1U234 Mar 106
Jan
101
10131 17,000 994 Mar. (0131 June
7s
1952 101
Leonard Tietz Inc 7345 '46
Cauca Valley (Dept) Co
160
Without warrants
160 160
1,000 154
Mar
Jan
lombla cads f 78... 1948
85
884 5,000 85
May 9814 Jan
Libby, McN & Libby 5842 91
9134 9.000 90% Feb 94
91
JaIl
Cent Bk of German State&
974 98
Lo..e Star Gas Corp as 1942
5,000 96
Mar 9934 Jan
Prov Banks 8s B _1951
80
84
24,000 79
May 874 Feb
104 10414 9,000 103
Long Island Lfg 6s_ ..1945
Apr 106
Feb
Danish Cons Munic 548'65
9854 9816
5,000 984 May 10114 Jan
Louisiana Pow & Lt 55 1957
9034 913-4 13,000 9011 Apr 9034 Jan
5s new
1953 9354 93% 94
15,000 92
Mar 9634 Jan
9054 9054 4,000 90
1957
5s new
Jan Danzig P & Waterway Ha
Apr 92
Manitoba Power 53411-1951 9931 994 99% 17,000 98% Apr 111i
Jan
Ertl a f 8348
8214 84
1952 84
4.000 81
Jan 864 Apr
102 10254 19,000 102
Maas Gas Coo 54s___1946 102
May 1044 Apr
Frankford (City)648.1953 92% 9034 92% 6.000 884 May 964 Jan
McCord Rod dr Mfg 681943 944 9414 9411 4,000 93
Apr 9912 Jan German Cons Munle 78 '47 9734 9654 9714 37,000
Jan
934 May 98
MemphisNat Gas68_1943
68
.yao
1947 8834 854 8814 150,000 8354 May 89
9716 97
9754 82,000 081.4 Jan 107
With warrants
Feb Indus Mtge Bk of Finland
954 96
37,000 934 Mar 99
Metro!) Edison 448.- 1968
Jan
1st mtge col 5 1 7s_ _1944 984 9854 99
Jan
8,000 97% May 102
Milwaukee Gas Lt 4548 '67 96
97
97
1.000 964 Mar 1004 Feb Lima (City) Peru,61681958
Jan
Apr 93
8914 8914
1,000 88
20,000 8751 June 924 Jan
Minn Pow & Lt 44e_ _1978 8834 8711 89
34,000 9634 Apr 10144 Jan alaranchao(State)78_ _1958 83
Montreal LII & P col fas '51
9914 101
Jan
83
3,000 83 June 94
85
Morris At Co 734e........1930 9916 99% 100
4,000 9934 Mar 101
Jan
Medellin (Columbia)781951 92
June 9714 Feb
92
9314 5,000 92
Munson S S Lines 654s '37
alendoea (Prov) Argentina
92,000 97
With warrants
93 103
101
May 105 June
75as
1951 94
Apr
Apr 941
94
9455 21,000 93
92,000 97
Narragansett Elea 5e A '57 98
99
Mar 10114 Jan
98
Montevideo (City) 611 195
May
21.000 9354 May 1296
94
9 95
95
Nat Distillers Prod 634s '35 ------ 9934 100
2,000 9811 Apr 101
Jan
tg Ilk of Bogota 78.1947 90
Apr 94
Feb
8916 90
5,000 87
Nat Power & Lt Os A _ 2028 104
Mar 105% Feb
1034 10416 20,000 102
7s new
1947
Apr 94
Jan
894 0034 11,000 87
Nat Public Service 5a. 1978 8034 804 814 36,000 79
Mar 83% Jan
Mtge Bank of Chile 68 1931
9714 9731 073-1 20,000 964 Mar 9834 Feb
Nat Rubber alaell'y as '43 155
68,000 120
May 163
14911 158
Jan
Mtge Rh of Jugoslav 7s '67 7816
Mar 024 Jar
,
77
784 35,000 75
Nat Trade Journal 08.1939 884 8814 8814
Apr 08% Jan
3,000 87
Netherlands Os
1972
1.000 1021i Mar 10731 Feb
10414 104%
Nebraska Power 6s A.2022 10534 1044 10514
Mar Parana %Walnut) was 78'58
7,000 10454 June 110
Julie 934 Jew
17,000 84
84
86
Weisner Realty deb Os 1948
May 1084 Jan Prussia (Free State)034s51
100 100
2,000 100
May 97
Feb
19,000 89
9111 914 04
New EngO&ElAssn58 1948 904 89
9034 20,000 874 Apr 9751 Jan
EMI Os (of '27) Oct 15'52 86% 86
874 140,000 83% May 90(4 Jan
55
1947
1,000 8844 May 974 Feb
9134 9116
Rumarilan Mono last 1859 84
83
8454 113,000 83 June 8954 Feb
N Y & Foreign InveetIttleAlan Governments
89
90
548 A with warr___1948 89
May 94
34,000 88
Feb
8 xls etfs.
Apr
19
1019 14
134 15 143,000 1354 Jan
NYP&L Corp let 4348'67 9111 904 91% 69,000 90
Mar 934 Jan
554s
IBM Apr
1921
1414 1431 2,000 124 Feb
1414
Niagara Falls Pow Os_ 1950
10514 10534
10454 Jan Watt Eat,
1,000
64e Certificates
Apr
19
1921
144 13% 154 49,000 1214 Feb
NISIfn al Elea Pow 6,,s 1953 884 87
Apr 92
Jan Saar Basin 78
894 39,000 87
5,000 98
Mar 101
Jan
99
1935
99
North Ind Pub Sera be 1066
9834 100
26.000 97% May 1014 Jan Saarbrucken 7s
1,000 99
afar 101
Fea
1935
9954 9934
Nor States Pow 64%-1933 10234 101 102% 14,000 1004 May 104
Feb Santa Fe (City) Argentina 9934
10034 100 100% 14,000 994 Apr 103
North Texas Utilities 7s
bet,
Republic art' 7s... _1945 92
Jan
9115 0234 7,000 9154 June 96
Ohio Power 58 ser B...1952 97.4 9711 98
Jan Santiago (Chile) 7e _1949 9814
11,000 9716 June 101
4,000 96
Apr 100
Jan
9834 99
904 8934 90% 55,000 8931 June 934 Jan Switzerland
4%e (wire D._ .. lone
19,000 9944 Mar 100/4 Jan
9916 100
Goat 54e 1929
Oswego Rlver Pow 62_1931
96
964 2.000 96
June 9936 Feb
Pao Gas & El let 4.48_1967 95
9414 95% 19,000 9354 Mar 084 Jan
Piritie Invest Ss__
141` 9236 0211 9234 27,000 91
Apr 0636 Feb
• No par value. I Correctioa. rn Listed on the Stuck Exchange this week "there
Pulite Western 1)11634843 954 95
96
May
69,000 93
additional transactions will be found. n Sold under the rule. a Sold lor cash
994 994 20,000 994 Apr 100
Parmelee Transport Co 1944
A
9834 japnr
z Ex -dIvidand
S Option Baled t El-rights and bonus. w When issued
Penn-Ohio Edison Os 1950
Without warrants
100
Jan rights s Ex-stock dividend
100 101
34.000 9814 Apr 102
5148 when lamed._ .1959 924 924 934 5,000 92% May
rule sole were made
Peoplea 1,1 & Pr 5s. _ 11171, 9336 9334 94
(vi
49,000 934 June
a Arbileerr.the
*I'o
i
j03,‘,„i M
("7
9 lA
"°11°a l sb
"Nte
w
sCo. Jan115at128:fc1)wn' Con. alunle. 548. 1955. Jan II
Phila Elec 5.5
1960
10014 100%
2,000 10031 June 10334 Feb
0 at 105; p Educational Pictures pref., Feb. 6 at 100. II United Milk Produrta, Mar
Phila Elec Pow 530-1972 10334 10314 104
27.000 10234 Mar 10831 .1.
PtiPn Raoul Trans 0.-1982
9834 994 14,000 97
May 1034 Feb 21, pref. at 81. t Allied Pack. 68, 19:39, April 2 at 59. y alayflower Associates,
PhIla Suburban Counties
May 29, 200 at 65. z Investors Equity 5s. 1917, 57,000 at 98.
(;as & El lst&ref 41'34 '57
96% 9611 5,000 96
Apr 9856 Jan
-Cash" sales were made as follows:
Pittsburgh Steel 6s_ _ 194s 10231 102 10251 • 7,000 1004 Apr 103
Jan
1939 994 9954 9934 52,000 9916 May 100
a Arkansas Power & Light lot & ref. 6s, Jau 22 at 911
Poor & Co Os
Stay
Potomac Edison 58 ..19541
95
964 21,000 95
Mar
June 98
"Outlou- sales were made as follows: U Schinter-Junnaon candy. class A. Mar.
Power Corp of N Y 534s '47 9334 934 94
6,000 9334 May 9854 Feb
100 at 8.
10034
3815
FINANCIAL CHRONICLE
JUNE 8 1929.]
Quotations of Sundry Securities
All bond prices are "and Interest" accept where ma.mid '1"*.
Public Militias
Par 804 Ask
American Gas & Electric-1 *172 175
*100 103
5% Preferred
Amer Light & Tree cora_100 233 238
100 112 115
Preferred
Amer Public UM!corn,_,100
93 95
7% prior preferred- _.10O
93 96
109
Panic preferred
Avpalachlan El Pr pf_ 100 106 108
Associated Gee & Elm
*94
98
$5 preferred
30m'w'Ith Pr Corm pref_10() 100 10014
*37
38
Util. Aefle. corn
Zan.
*12
13
Cony, stock__
loners] Pub Serv corn _ t *4512 4612
93
91
aerrl Public 11111 67 pref_
Hilasiesivol RI,Pow pret.100 103 105
98 100
First re tge 58 1051___J&J
r'isa Is 1947
9412 9642
MAN
National Pow & Light pret_1 *107 109
26 preferred
*99 100
North dtatee Pow corn,1110 174 177
7% Preferred
100 108 109
Nor T4xas Elm Co corn. 100
4
8
15
20
Preferred
100
Ohio Pub Serv. 7% pref _100 107 109
6% pref
99 101
Pacific Gas & Ni let Ore! 25 *26
2612
Pages Sound Pow& Lilt V / *98 100
$5 preferred
*86
89
& ref 634e 1949__J&D
99 100
South Cal Edison 8% p1,25 *55
65
!tend 0 & E 7% Pr vf__100 10712 110
Tenn Elm Power let pref 7% 104 106
98 100
6% preferred
100
90
roledo Edison 5% pref
95
102 104
6% preferred
100 109 111
7% pref
Pow Corp pref _100 104 110
Short T•rm Securities
981 09
Mlle Chal Mfg, 58 May '37_
Alum Co of Amer. be May'52 1001 101
Amer Rad,deb 434e. MaY•47
95
97
Am Roll Mill deb be. Jan '48
96
9614
Anglo-Am 011430, July '29
991 100
Amide Cop Min let cons 65
8
8
Feb. 1953 1043 1043
9114 92
Batavian Pete 434e__ ..1942
Bell Tel of Can be A _Mar '55
9912 100
9912 100
Beth St15% notee June 1529
981 1 9912
Sec 5% notes_June 15 '30
983 9012
8
See 5% notes_June 16 '31
Sec 5% notes_June 15 '32
9812 9912
Oom'l Invest Tr
97
May 1930
99
8% notes
96
OW:Pkg.deb 5lis_Oct 1037
9612
Cunard SS Line 434e Dec'29
98% 991_
lid El 111 Bost
98 981
434% notes._ ._Nov 1930
gm pire Gas & Fuel be
June1930 9712 9312
Flak Rub 530.__Jan 1931
93 94
Gaul Mot Accent.
6% eerie notes. Mar 30 9812 9914
96
5% eerie notes_ _ Mar '31
971
5% eerie notes __ Mar '32
9512 97
95
97
5% eerie notes__ M ar '33
9412 96
5% merle notee_Mar '34
93 95
5% eerie note!,_ Mar '36
93 95
5% Berta note's_ _bier '36
Gulf 011 Corp of Pa deb 58
99 2 993
,
Dec 1937
4
Deb 58
,
Feb 1947 99 2 10014
Koppers Gas & Coke deb Es
9618 9634
June 1947
Meg Pet 4 No.Feb 15'30-'35
9312 991
Mar 011 5s. notes June 1530 9612 971
94
Serial 5% notes June 1531
951_
Serial 5% notes June 1532
93
941
Mace Gam Coe, 53413Jan 11/46 102 1021
Pacific Mille 5lie- --Feb 31
97
98
'
Peoples (las I. dr Coke 434e
9712 991.,
Dec 1929 & 1930
Frost &(Iamb,4%e July '47
9512 973
aloes She!St!& Ir as Aug '29
991 100
Swift & Co 5% notes
9914 995
8
Oct 15 1932
On N J Bit & Can 4e Sept'21) 9914 9934
95
Wise Cent 53
97
Jan '30
Tobacco Stocks Par
American Cigar cons _ 11,0
100
Preferred
British-Amer Tobao ord__ AI
.41
Bearer
imperial'rob of 0 13 & herd
1nt Cigar Machinery new 100
Johnson Tin Foil A Met_100
Stand Comni'l class 11
Union Cigar
Union tobacco Co Corn ()lass A
Young (J HI Co corn ___100
100
Preferred
1111/1111. & Mmdli
25
American Hardware
Babcock & Wilcox
101.1
Biles(E W)Co
50
Preferred
Childs Company prel__100
Hercules Powder
•
100
Preferred
Internet Sliver 7% Pref.100
Phelve Dodge Corp
linger alanufaeturing___100
ginger Mfg Ltd
Railroad Equipments
A nuncio Coast Line 60
Equipment630
Baltimore A Ohio 6s
Equivalent 6141 &
Buff Roth & Pitts equip fle.
Canadian PacIfic 434e & Sr
Central RR of N J 6s
Chesapeake & Ohio eleEquipment634!
Equipments.
Chicago & North West 136...
Equipment634!
Chic It I & Pao 448 & 54
Equipment tie
Coloraao & Southern et__
Delaware & Hudson fls
Erie &Ns& 5e
Equlpment(is
115
105
*30
*30
*23
105
55
16
514
•10
*58
105
104
125
32
32
2f,
115
65
18
131 4
11
64
113
64
•
66
122 124
8
*3418 343
*58
100 105
*114 119
11712 120
110
64 - 66
530 560
3
52 63,
5.60
5.40
5.60
.5.20
5.50
5.40
5.50
5.50
5.35
5.20
5.50
5.40
5.20
5.50
5.60
5.50
5.40
5.60
5.30
5.10
5.30
5.00
5.20
5.10
5.20
5.20
5.10
5.00
5.20
5.10
5.00
5.2(1
5.20
5.20
5.10
5.20
Chain Store Stocks
Ask !I
Alt
Par Bid
5.20
17
5.00 Fishman (II 51) Stores corn
100 16f
Preferred
5.00
5.20 CH All & Pee Tea vol com_t *400 415
0
.. 1133
0
5.00
A.. *1 11 5 118
10
Preferred
15
5.20 Howorth-Snyder Co,
140
5.10 Knox Hat, new w 1
62
54
1 •
5.20 Kobacker Stores cons
100 99 103
Cum ore17%
5.00
5.20 Lane Bryant Inc 7% pref __ 120 130
5.10 Leonard Fitzpatrick &
30
I *22
5.10
Muller Stores com
115 117
Preferred 81-7
5.25
,
pref.0
5.25 Lerner stores 634%
101 105
Without warrants
5.20
100 550 370
5.00 Lord &Taylor
First preferred 6% ___..10l, 98 104
4.90
10( 109 113
Second pref.8%
5.20
5.10 McLellan Stores6% pref 100 93 97
5.00 Melville Shoe Corp
let pref 6% with warr _100 100 104
5.10
5.15 Mercantile Stores
IOU 103
4.95
Preferred
5.00 Metropolitan Chain Stores100 111 114
.
New preferred_
4.95
48
5.00 Miller (1) dr Sons corn....) *46
97
100 93
Preferred 634%_
5.50
5.00 Mock Judson & Voekinger pf 101 105
..t •96 100
5.10 Murphy (00)Co corn
100 105 110
5.00
8% cum pre!
16
5.20 Nat Family Stores Inc wart 10
17
t *14
5.20 Nat Shirt Shope, corn
100 82 87
5.10
Preferred 8%
22
1 *19
Nedick's Inc corn
1 *145 150
corn
N eisnfeerrBrerdes7
pre
100 192 200
4
6
7%
*77
79
2112 2312 Newberry CJ .1) Co com
Ins 1%
12
14
Rights
101 105
21
19
Preferred 7%
40
40
_ _1
42
N F 1, Ierr hragI8e corn _ 1011 *35
YI 1 t v ce
100 100 104
10
12
100 114 119
1/56
58
Penney (J C) Co
1514 1512 Peoples I/rug Stores corn. _t
*36 92100 112 115
634% cum pref
45
Piggly-Wiggly Corp
22 24
1 535
100 103
95
40 55
Preferred R%
98
14
Reeves(Daniel) preferred -5
21
Rogers Peet Co corn. _100 135 145
22
96
95
212 3
Safeway Stares pref
36
23
25
Saunders(Clarence). tom B. 32
56
23
25
t *52
Schiff Co corn
14
Cum cony pre 7%.._100 106 110
10
22 2212
25
27
Shaffer Store corn w I
70
100 110
Silver (Isaac) dr Bros corn.) •64
106 110
7% cum cony pref ____100
75
3912 41
Southern Stores6 units
5
4212 43
U S Stores corn class A. _t
Corn class B
33
34
1 *112 3
53
100 50
let preferred 7%
10
12
231s 2314 Young(EdwinIDDrugunits _ 100 102
Bid
Railroad Equipments
5.50
Great Northern 13e
5.20
Equipment 58
5.20
Hocking Valley Is
6.50
Equipment60
5.15
Illinois Central 434e & 5x_..
Equipment fis
5.50
Equipment 713 & 6348
5.30
Kanawha & Michigan (Iii_
5.50
Kansas City Southern 5140. 5.25
Louisville & Nashville
5.50
5.25
Equipment634s
Michigan Central 53 Sr 6!... 55.75
Minn St P & SS M 434s & 5e 5.75
Equipment 634e & 71_
5.75
Missouri Pacific (is & 634s._ 5.60
5.25
Mobile & Ohio 58
New York Central 414s & 68 65.15
Equipment IN
5.50
Equipment?!
5.30
Norfolk & Western 4%!...
5.15
Northern Pacific 78
5.40
Pacific Fruit Express 7e__._ 5.40
Pennsylvania RR eq 513 -- 5.15
Pittsb & Lake Erie 6 M.
5.25
-Reeding Co 414s Abe
5.15
St Louis & San Francisco 51_ 5.20
Seaboard Air Line 5Na & 66 6.00
Southern Pacific Co 4 Ns . 5.15
5.40
Equipment 7e
Southern fly 634s & 5e_
5.20
Equipment lie
5.50
roledo & Ohio Central Sc._
5.50
Union Pacific 7s
5.30
Aeronautical Securities
Aeromarine-Kleinm
Aeronautical Industries_
Air Associates
Air Investors corn
Preferred
Warrants
AIrstocks Inc
Alexander Indus coin
1
8% participating pref__
Amer Aeronautical
American Airports Corp _ )
Amer Eagle Aircraft
Aviation Sec Cool N E
Bach Aircraft
BellancaAireraft Corp, new
Berliner-Joyce Aircraft A _
Central Airport
Cessna Aircraft new coin.,.
Preferred
Claude Noon Lights
New WI
Consolidated Aircraft
Consolidated Instrument t
Crescent Aircraft
Curtis Flying Service
Curtiss-Robertson Airplane
Units
Curtiss Assets
Curtiss Reid pref
Fairchild Carninez Engine,.
Fokker Aircraft
Preferred
Great I.akee Aircraft
Haskelite Mfg
Heywood Starter Corp....
K reider-Itelener Aircraft
Lockheed-Vega
Madelux Air Lines corn_ _
Mahoney-Ryan Aircraft _
Mohawk Aircraft
Mono Aircraft
Preferred
Moth Aircraft Corp unite _
Common
National Air Transport_
New
Nat Aircraft Mat'is
National Aviation
North Amer Aviation
Pollak Mfg
Scenic Airways common__
Stearman Aircraft corn __ _,•
Stinson Aircraft corn
Swallow Airplane
Travel Air Mfg New
S Air Transport
United Alreraft w I
Preferred
Universal Aviation
Warner Aircraft Engine new
Western Air Express. new.
.
127 132
30
35
3212
31
55
65
487 49
8
21
23
25
26
30
34
44
48
50 57
20
22
13
14
18
21
8
13
8
11
30
35
20
23
10
12
41 i2 42
14
15
6412 65
19
1912
8
10
312 5
135 140
1912 2014
10
56
5612
13
15112 15214
9212 9312
21
22
27
2812
72
74
Water Bonus.
trkan Wet let 5856 A.A&O 94
Birm WW let 5348A'54.A&O 100
let M be 1954 ser li__J&D 95
City W(Chatt)5 Ne'54AJ&D 100
let M es 1954
J&D 92
City of New Castle Water
58 Dec 2 1941
MD 1 03
Clinton WW let 150'39.F&A 92
Com'w'th Wet let 5348A'47 98
Connellsv W 5sOct2'39A&01
it St I. & lilt Wet be '42.J&J 90
let M 6s 1942
97
Huntington let fie '54_MAS 100
be
1954 92
Mid States WW 8830 MAN 9912
Monm Coe W lot5s'56AJ&D 90
Mourn Val Wt 64e '50_J&,) 96
Muncie WW 5e Oct2'39 AO) 94
St Joseph Water 5e 1941A&O 94
Shenaugo ValWat &MIA&0 90
SO Pitts Wet let 58 1960 J&J
94
let M 58 1955
FAA
9412
Ter H W W is '49 A J&D 100
let M Is 1956 ser B F&D 92
Wichita Wet 1st Re '49 Itil&S 100
let ki 5s 1956 eer
F&A
92
Chain Store Stocks
Berland Stores units new _ _ •100
Bohack (II Cl Inc cora_ _..) 77
7% 1st preferred100 8103
Ilutier (James) corn
Preferred.
100
Diamond Shoe, corn
Preferred
100
Edison Bros Storm corn,..
20
Preferred
95
Fan Farmer Candy Sh pref t *28
•7
Fed Bak Shops,com
Pref 7% witn warr. __100 90
Feltman & Curme Shoe
Stores A 7% pref-----100 50
96
101
97
103
1- 6"
6
92
100
102
9212
98
93 103
103
106
81
106
0
45
44
104
2212
98
31
9
100
65
Standard Oil Stocks
8
tnglo-Amer Oilvot stook_ SI •143 15
1412
El *13
Non-voting stock
*6838 6812
Atlantic Rehr rom rew 25
38
25 *35
Borne Scryinser Co
7012
Buckeye Pipe Line Co_ _ _ _60 *68
Chesebrough Mfg Con!._25 •x162 170
2112
10 21
Continental Oil•t e
Cumberland Pipe Line_100 65 6912
Eureka Pipe Line Co_ _ __100 60 6312
6
5
Galena Signal 011 corn. __100
85
100
Preferred old
90
100
Preferred new
Humble Oil& Refining _ _25* 118
100 310 310
Illinois Pipe Line
*10912 11012
Imperial Oil
4
*2714 273
New
97
Indiana Pipe Line Co__ _50 *94
4812 49
International Petroleum __ -1
24
25
New
4
National Transit Co..12.50 *223 23
82 85
New York Transit Co__ _100
59
Northern Pipe Line Co__100 54
26 *741 75
Ohio Oil
25
25 *24
Penn Max Fuel Co
4
26 *571 573
Prairie 011 & Gee
6012
Prairie Pipe Line
.25 60
4112
25 *39
Solar Refining
2012
Southern Pipe Line Co _50 *20
South Penn 011
25 53 2 54
S'west Pa Pipe Lines.._- -50 *63 67
4
Standard 011 (California)_ _t *753 77
4
Standard 011 (Indlana)_ _ _25 *563 57
Standard 011 (Kenne)__ 25 *2118 2112
39
Standard 011 (Kentucky).10 *38
4812
25 *47
Standard 011(Neb)
8
Standard 01101 New her. _25 *587 59
Standard 011 of New York.26 *4018 40%
26 *x12212 125
Standard 011 (Ohio)
100 11612 11712
Preferred
15
2F •13
Swan & Finch
Union Tank Car Co
25 *129 135
Vacuum 011
. 25 11512 117
Investment Trust Stocks
and Bonds
Allied Internet investors...) 104 109
50
60
Amer Alliance invest
Amer Bond & Share com.10 2812 3114
15
17
Amer Brit & Con% corn__
87
39
6% preferred.....
73
Amer Cit Pow & L units.... 71
ClassB,.
82
85
Am & For Sh Corp units_
3712 40
Common
1936 9712 98
554% cony debit
•102 1041.4
Amer Founders Corp corn
104 107
Cony preferred
4414 473
4
6% preferred
50
53
Preferred
7%
72c 77c
140ths
71
74
Amer & Genl Sec units...30
34
Class A
10
13
Class B
50
Amer Internet Bond & Sh_. 47
29
Amer & Scottish Invest -- 26
46
50
Astor Financial class A
10
14
Claes B
35
Atlantic & Pee corn
4414 iff1.
2
l'referred
75
78
Atl & Pac Intl Corp unite 31
Bankers Financial Truitt.
15% 16%
Bankers Investm't Am corn_
18
2012
Bankers Sec Tr of Am com
20
Baninstocks Holding Corp.. 17
8
10
Bankshares Corp of U S ci A
1712
Bankstocks Corp of Nid el A
9
11
Class B
45
51
Preferred
•Pershare t No par value I Basle 4 Purchaser also Days aecrUed dividend.S Last eats. n Nominal s Ex-dividend.
Investment Trust Stocks
and Bonds
Par
Basic Industry snares
British Type Investors....
Canadian Bank stocks
Colonial Investor Shares
Continental Securities Corp_
Preferred
Credit Alliance A
Crum & Forster Ineuranshares corn
Preferred
Deposited Bank Shorts....
Diversified Trustee she
Shares 11
Eastern Bankers Corp corn_
Units
Empire Equities Corp corn A
Equit Investors 6% of unite_
Federated Capital Corp
New unite
Financial Investing
First Holding & Trod
First Investment, A pref....
Fixed Trust Shares class A.
Class It
Foundation See corn
General Truetee common..
New unite
6% bonds_
German Cred & Inv25%pd _
Greenway Corp corn
Preferred (w w)
Guardian Investment
Preferred
Guardian Investors
$3 units
Harvard Financial
Incorporated Equities
Incorporated Investors
I nsura nshares ser A
Series It 1928
Series C
Series F
Series H
Inter Germanic Tr new
lot See Corp cf Am corn A.
Common B
Allot ctts
65.4% preferred
0% Preferred
invest Co of Am corn
7% preferred
Investment Trust of N Y..
Invest Trust Associates _ _
Investors Equity
Joint Investors clase A
Convertible preferred....
Joint Sec Corp pf B units
Kent Securities Corp oom
Prefer/ed
Keystone Inv Corp class A.
Class 13
Massachusetts Investors..
Mohawk hovel Corp
Mutual Investment True!..
New England Invest Truss_
NY London NIgnt units_
North Am Util Sec
Preferred
North Amer Tr Shares
Oil Shares units
Old Colony Invest Tr corn..
434% bonds
Pacific Investing Corp corn.
Preferred
Power & Lt Secs trust
Second Internal Sea Corp
801 Ask
91e 9%
2012 2112
2734
95
82
36
2812
97
84
38
106
100
1634
2618
23
25
145
12
64
66
5512
2714
110
102
17%
2612
2334
-44
2238
2038
10
25
70
90
17
2514
55 4
3
28
28 .
15
90
42
1E1"
1212
68
70
59
283
4
49
2318
2118
12
28
75
95
19
2714
57%
-26"
100
50
. -1E1 2
6 2
66 - 6126% 2814
2214 23%
273 2914
4
314 33
2514 26%
223 228
59 62
34
31
148 154
93 98
3914 93%
49
43
95 100
1212 1314
47 52
50 56
48
51
107 108
120 125
110 114
100 102
27
23
7
5
503 53,
8
5
1321, 135
1214 1312
-70
22
24
9514 97
4
1014 103
72
66
23
20
no
85
36
32
80 85
66
68
5112 5412
25
22
COM B
47
44
5% Preferred
97 93
Second Nat Investors
42
rihawmut Bk Inv Trust.... 39
88
434*.
1iii 85
lie92
53 1952
89
6s
1952 240
Southern Bond & Share
33
28
Com & allotment ctfs
50
$3 pref allotment ctfs__.... 47
38
stannaro Investing Corp... 36
99 101
534% preferred w w
126
5% bonds w w
18
15
State Bankers Financial.
14
143
4
Trustee Stand 011 She
United Founders Corp corn. 411 4314
141
S Shares class A
131 15
Class A 1
35
Class C 1
Class C 2
2814 3115
Clam C 3
183
s
nage D
16
U S & Brit Internet al
321. 3612
Class A
Preferred
41 14 4414
4212 4412
US Elee LA Powr
54
41 s A Foreign See corn.... 52
80
91
Preferred
Sugar
2
Caracas Sugar
51.1 •
94
100 92
Fajardo Sugar
38
*33
Godchaux Sugare,Inc
100 88 92
Preferred
*0
12
Ilaytlan Corp Amer
39
Holly Sugar Corp oom__-t *35
100 83 88
Preferred
44
National Sugar Ref
100 x43
30
100 20
New Niquero Sugar
*116 120
Savannah Sugar corn
100 110 114
Preferred
22
_100 18
Sugar Estates Oriente Of.
50
100 40
Vertlentee Sugar DI
Rubber Stocks (Cleveland
18
Aetna Rubber common__ _) •14
•5
6
Falls Rubber corn
22
Preferred
26 •10
Faultless Rubber
1 *31 1 37 ,
Firestone Tire & Rub com.10
- 4
.__100 10V3- 116
6% Preferred
100 10712 109
7% Preferred
General Tire & Rub oom__26 *260 235
Preferred
100
991e
Goody'r TAR of Can of.100 r108 110
India Tire & Rubber
58
850
Mason Tire & Rubber oom_t
Preferred
100
Miller Rubber preferred.100
68
Mohawk Rubber
100
51
Preferred
100 80
85
Selberling Tire & Rubber__ t •40
43
Preferred
100 106
Ex-r ghts
r Canadian quotation. I Bale price
Initestutent an pi:trout intelligaut.
3816
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of May. The table covers seven roads and shows
1.04% decrease over the same week last year:
Fourth Week of May.
1929.
Canadian National
Canadian Pacific
Minneapolis & St Louis
Mobile & Ohio
St Louis Southwestern
Southern Ry System
Western Maryland
1928.
Increase. Decrease.
$7,545,099 $7,543,000
5,386,000 5,620,000
266.467
291,121
461,437
431,946
621,400
622,299
5,096,838 5,085,714
509,524
502,200
$19,886,765 $20,096,280
Total (7 roads)
Net decrease (1.04%)
29,491
$50,038
$2,099
$234,000
24,654
899
11,124
7,324
$259,553
209.515
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
Sat
2d
3d
4th
let
2d
3d
4th
let
2d
3d
4th
week
week
week
week
week
week
week
week
week
week
week
week
Mzr.(11 roads)
Mar.(11 roads)
Mar.(11 roads)
Mar. 9 roads)
(
Apr.( 9 roads)
Apr.( 8 roads)
Apr.( 7 roads)
Apr.( 8 roads)
May ( 8 roads)
May ( 8 roads)
May( 8 roads)
May ( 7 roads)
Previous
Year.
Increase or
Decrease.
Per
Cent.
$
13.838,518
14,087,158
14.485,650
19,580,198
14,258.006
13,704,380
13,934,100
20.100.633
14,083,977
14,025,691
13,987,172
19,886,765
Week.
$
13,385,303
13,715.106
13.818,627
20.378,281
13,394,590
12,849,259
12.745,841
16.956,008
13,198,800
13,800,007
14,015,235
20,096,280
$
+453,213
+372,052
+667,023
-798,083
+863.416
+855,121
+1,178,259
+3.144,625
+885.177
+225,684
-28,063
-209,515
3.38
2.70
4.82
3.93
6.45
6.65
9.33
18.51
6.71
1.64
0.20
1.04
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Gross Earnings.
Length of Road.
Month.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
(÷) or
Dec.(-).
1927.
456,520,897
455,681,258
504.233,099
473.428,231
509,746,395
501.576,771
512.145,231
556.908.120
554,440,941
616,710.737
530,909,223
484,848.952
1929.
486,201,495
474.780,516
486,722,646
468,532,117
530,643.758
497,865,380
518,569,718
516,448,211
508,811,786
556,743,013
564,421.630
579.954,887
503,940.776
458,660,736
1928.
457,347,810
456.487.931
-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
+15.292,585
Net Earnings.
Month.
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
238,608
238,731
238,729
238,904
239.079
239,066
238.906
239,205
239,205
239,602
239.982
236,094
1928
240,417
242,668
Inc.(+) er Dec (-).
1928.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
1927.
Amount.
Per Cent.
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
126,358.848
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
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
+25.04
+15.95
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Grossfrom Railway- -Net from Railway- -Net after Tates1929.
1928.
1929.
1928.
1929.
1928.
$
$
$
Atlanta & West Point
April
269.342
257.051
68,933
80,304
51,448
41,533
From Jan 1_
266,142
131,941
971,276 1,035,076
186,510
198,741
Atlantic City
April
229,403
250,790 -29,571 -13,513 -89,871 -50,863
From Jan 1.. 846,168
883.546 -211,803 -300,772 -373,017 -450,172
Canadian National Rye.
Atlantic & St Lawrence
April
177,243
173,449 --66,002 --57,507 --80,662 --72,428
From Jan 1_
737,704
937,567 -70,793 -66,260 --135,476 --123,931
Chic Det & Can G T Jet
178,643
April
343,154
328,760
190,282
199,448
189,098
758,874
From Jan 1_ 1.385,173 1,235,074
694,718
653,307
803,275
Del G H & Milwaukee
April
354,019
833,871
872.934
366,517
357,883
349,017
From Jan 1_ 3,059,954 2,932,702 1,271,247 1,140,151 1,223,153 1,104,678
Canadian Pacific Lines in Maine
April
282,910
251,801
2,340
3,004 -12,160 -10,996
From Jan 1_ 1,438,865 1.184,731
252,004
310,004
294,387
238,587
Canadian Pacific Lines in Vermont
April
181,821
163,206 -23,969 -20,209 -27,989 -25,059
From Jan 1_ 679,987
-6,748 -53,703
9.332 -34,303
662.128
Chic Burl & Quincy
April
2,777,744 1,894,939
12,551,182 11,879,486 3,751,689 2,660,820
From Jan 1_51,211,304 50,911,064 18,281,002 16,071.939 13,712,245 12,218,029
Chicago & East Illinois
April
196,429
9,532
1,930.353 1,736,387
327,424
129,593
From Jan 1_ 8,148,620 7,968,401 1,822,715 1,223,932 1,128,792
757,521
Chicago & Illinois Midland
April
247,946
44,414 -56,359
106,900
523,349 -49,924
From Jan I_ 1,001,955
170,610
204,472
199,350
841,745
236.162
Chic R I & Pacific
Chic It I & Gulf
April
617,789
228,768
120,661
528,353
255,612
148,862
From Jan 1_ 2,413,071 2,106.765
888,466
829,453
987,604
737,250
Colorado & Southern- ,
April
946,781
859.537
105,316
-6,113
173,836
60,129
From Jan 1_ 3,793,699 3,248,967
634,781
632,438
920,765
367,067
-Grossfrom Railway -Net from Railway- -Net after Taxes
1928.
1929.
1929.
1928.
1928.
1929.
Denver & Rio:Grande227.191
April
434,742
412,405
2,428,279 2,334,344
599,847
From Jan 1_10,169,302 9,778,322 2,796,185 2,204,946 2,095,920 1,464,606
Denver & Salt Lake
112,733
April
34,455
208,513
286,107
44,455
119,747
395,878
From Jan 1_ 1,236,231 1,265.460
506,532
423.907
546,551
Duluth & Iron Range
April
15,896 - -212,602
396,029
83,954
50,536 -193,551
From Jan 1_
579,445 - 778,491
701,105
381,944 -484,935 -709,819
Duluth Missabe & Northern
April
226,477 --443,170
947,644
86,047
367,386 -366,592
From Jan 1_ 1,221,904
379,512 -573.428 -1,263,590 -1,030,336 -1,572,072
Dul So Shore & Atlantic
April
14.833
401,404
51,380
44,901
365,323
83,380
From Jan 1_ 1,615,883 1,603,355
173,941
181.049
294,023
309,051.
Duluth Winnipeg & PacificApril
15,174
192,195
4,562
--5,513
181,034
24,236
From Jan 1_
820,239
180,778
896,620
182,914
226,011
141,560
Erie RRNI&NYRItApril
134.689
4,726
132,129
14,980
10,863
8,629
From Jan 1_
498.278
504,593
7,934
42,107
25,666
23,590
Evans Ind & Terre Haute
April
139,966
151,666
42,346
29,397
36,936
32,476
From Jan 1_
725,344
253.159
196,203
672,686
273,751
218,505
Georgia RR
April
502.865
439,911
121,168
84,232
105,059
72.477
From Jan 1_ 1.769,557 1,723,601
259,445
266,313
24,489
308,850
Georgia & Florida
April
--2,548
8,232
6,456
--1,469
131,709
110,259
From Jan 1.. 522,003
4,225
60,666
43,070
94,888
535,433
Grand Trunk Western
447,771
394,090
April
480,496
541,925
2,019,158 1,829,598
From Jan,l_ 7.618,319 6,886,268 2,338,199 1.763,788 1,919,472 1,429,798
Green Bay & Western
26,759
16,571
April
23,571
34,759
153,997
132.571
70.758
114.403
From Jan 1_
146,584
101,806
589,774
545,538
Gulf & Ship Island
1115
30,024
27,907
April
58.233
307.545
293,326
59.659
198,742
From Jan 1_ 1,146,192 1,259,934
99,596
304,483
220,217
Illinois Central System
Illinois Central Co
April
12,611,855 15,520,496 3,204,974 3,084,760 2,134,349 2,227,816
From Jan 1_51,576,872 50,856.986 12,913,032 12,459,847 9.3111,783 8,870.399
Yazoo & Miss Valley
165,413
April
354,726
331.188
2,288,681 2,072,196
527,926
From Jan 1_ 8,485,291 8,477,928 1,588,919 1.441,853
779,031
904,805
Illinois Terminal
54,425
April
140.407
87.735
599,678
170,669
525,351
481,791
From Jan 1_ 2,383,240 2,267.338
588,015
609.994
673,187
International Great Northern
281,028
April
315,149
1,566,841 1,549,299
357.224
323,853
784,809
From Jan 1_ 6,124,800 5.822,940 1,167,299
996,456
953,058
Kansas City Mex & Orient
i
36,678
169,400
40,691 -44,318
280,054 -39,732
121,848
From Jan 1_ 626,699 1,030,635 -72,772
137,927 -101,174
K C Mex & 001 T
104,953
April
85,748
92,368
111,996
296,214
541,019
351,570
From Jan 1_ 1.134,376 2,014,433
215,431
380,228
251,358
LakeSuperior & IshpemingA pril
110,897
59.955
54,331
123,866 __-47,645
217,216
16,941 --162,045
From Jan 1'. 472,546
68,819 --112,673
273,658
Louisiana & Arkansas- 2
1
95,955
129,107
April
131,223
1,252 626
3 : 07
47 3
154,148
311,796
392,443
From Jan 1_ 1,334696,599859
440,031
517,407
Louisiana Ry & Nay Co
57,069
49,057
80,073
April
70,292
123,857
177,233
From Jan 1_ 1,121 646 1,208.067
216,565
261,891
270 3 6
:2
188'145
LoupruHenderson & St Louis
A isv
31,350
52,500 -44,335
2 8 015
41
2 5 5 3 1,17 : 21 -32,288
22 :084
0 3
4
38,014
162,927
253,777
96,574
M ne Centraom j n 1a
135,298
239,846
248,452
April
326,236
7
6:467 123
1 471:54
From Jan 1_ 674 307
1.363,730 1,506,317 1,027,765 1,078,373
1,102:712
Mississippi Central-)
28,839
37,441
36,337
April
537183 .147,149
13 :222
7
125,434
F om Jan 1_
121,299
160,013
161,212
514483,786852 r
Missouri & North Arkansas
18,778
April
130,808
26,648
22,801
162,984
140,585
From Jan 1- 603,124
17,177
48,917
28,306
L60,572
546,028
Nevada Northern
35,842
April
46,164
60.861
75,247
121,019
83,886
From Jan 1_
96.326
233,376
138,374
306.361
292,148
465,007
Newburgh & South Shore
48,250
April
45,851
63,430
62,266
181,905
192,921
72,930
From Jan 1_
65,304
124,242
592,977
135,620
611,677
New On Tex & Mexico
67,522
April
33,806
93,552
245,500
54,467
271,060
171,669
From Jan 1_
111,941
962,117 1,002,964
260,514
195,006
New York Central
Indiana Harbor Belt
283,495
April
320,081
354,253
1,031,033 1.000,443
388,592
973,503
From Jan 1.. 4.124,962 4,020,173 1.323,064 1,200,019 1,075,436
Michigan Central
April
8,461,247 7,492,078 2,982,152 2,347,788 2,384.804 1,823,136
From Jan 1_32,331,940 29,419,921 10,608,086 9,125,259 8,320,568 7,094,004
Cincinnati Northern
69.730
April
53,325
94,965
294,687
75,059
341,773
309,913
221,295
From Jan 1_ 1,227,409 1,374,291
404,687
306,036
NY N II & Hartford
April
11.629,988 11,134.774 3,815,431 3,143,526 3,175,149 2,534,429
From Jan L43,497,616 42,555.389 13,729.006 11,173,767 10,887,793 8,663,830
Northwestern Pacific
April
1,007 --68,540 --39,703
From Jan 1_ 1,653 842 1, 53 9151 --119,831 -108,008 -272,823 -270.747
432 3 2
:8
6456
.
-30'380
Pennsylvania SystemMonongahela
210,743
213,527
April
228.820
542,348
230,822
551,403
878,284
From Jan 1_ 2,449,540 2,288,397 1,142,568
956,460 1,149,304
Peoria & Pekin Union
April
31,596
10,003
48,708
27,903
140,568
157,274
167.001
From Jan 1_ 603,268
95,566
235,113
164,566
878,777
Richm'd Fred'It'b'g 5c Pot
263,089
April
375,086
327,709
1,210,496 1,000,571
446.447
951,619
From Jan 1_ 4,504,072 3,913,728 1,666,218 1,182.935 1.388,891
San Diego at Arizona
10,846
April
29,099
16,537
115,420
34,988
94,964
84,968
121.989
From Jan 1_
471,729
107,656
145.539
431,086
Southern Pacific System
Texas & New Orleans613,126
p il
918.783 1,271,226
6,273,482 5.357,835 1,639,712
Fro
Am
rJan 1_24,203,152 21,723,575 5.746,292 3,520,402 4,363,506 2,287,522
Spokane International
1,025
April
18,597
11,693
85,113
80,302
17,157
62,700
71,110
From Jan 1_
84,783
395.353
356,225
92,966
Spokane Port & Seattle
123,147
April
149.483
206,896
728,639
234,781
674,028
529,574
From Jan 1_ 2,763,190 2,629,949
635,783
884,592
977,148
Tennessee Central
60,330
23,933
April
262,826
65,328
272,462
29,773
213,029
133,799
From Jan 1_ 1,029,267 1,087,781
237,713
156.714
JUNE 8 1929.]
3817
FINANCIAL CHRONICLE
Boston & Maine Railroad Co.
-Grossfrom Railway- -Net from Railway- -Net after Fazes
1929.
1929.
1928. ,
1928.
1928.
1929.
$
Texas Mexican
56,317
72,358
51,311
67,358
157,016
161,751
April
90,462
128,967
70,378
108,785
419,650
From Jan 1_
465,505
Ulster dr Delaware
19,765
10,046
14,665
4,296
87,559
97,881
April
--3,460 --22,923 --18,860 --45,923
267,108
278,925
From Jan 1_
Union Pacific Cost Jos & Gd Island
313,215
67,371
98,433
50,748
74,974
284,773
April
405.773
460.680
323,094
363,916
From Jan 1_ 1,230,968 1,269,927
Onion RR (Penn)
714,600
184,823
63,700
154,823
831,849
44,681
April
505,592
245,461
385,592
179,942
From Jan 1_ 2,951,895 2,779,994
Utah
141,406
117,135
April
50,738
29,989
39,750
24,546
From Jan 1.. 816,994
605,254
347,240
195,375
287,912
163,837
Virginia
April
1,400,755 1,352,452
630,864
518,892
480,863
389,696
From Jan 1_ 6,426,255 6,220,641 3,164,429 2,580.676 2,484,423 1,994,461
Western Pacific
April
1,366,194 1,186,772
184,601
21,850
83,888 -14,448
From Jan 1_ 5,070,228 4,395,141
717,965
220,528
298,630 -468,795
Western Ry of Alabama
April
294,272
80,995
61,025
56,190
268,268
73,170
From Jan 1_ 1,020,798 1,095,642
249,752
101.899
156,594
338,168
Wichita Falls & Southern
April
13,981
65,672
10,174
4,699
80,817
18,954
From Jan 1_
40,545
315,952
61,316
69.121
91,521
309,935
Toledo Peoria & Western
April
18,009
173,114
20,009
44,921
143,991
52,208
83,345
From Jan 1_
206,542
237,178
97,407
726,935
633,738
-Month of April- -Jan. 1 to April 301929.
1928.
1928.
1929.
Operating revenues
Operating expenses
6,543.220 5,931,973 24.701,942 23,963.261
4,981.478 4.452.670 18.557.379 18,009.924
Net operating revenue__ Taxes
Uncollectible ry. revenue__
-Dr
Equipment rents
-Dr
Joint facility rents
1,561,742 1,479.303 6,144,563 5,953,337
311,434
292.730 1,226.671 1,174.229
3.810
7.168
134
807
688,496
742,280
173.679
180,417
105,229
74,165
21,863
27.361
Net ry. oper. income
Net miscell. oper income__
Other income
Gross income
Deductions (rtl. int., &c.)__
1,047,219
Dr625
95,346
1.141,940
679,213
462,727
Net income
985,399 4,066,572 4,009.278
17,355
12,674
1,875
451.291
434.730
113,877
1,101.151 4,513,976 4,477,924
654,368 2,720.168 2,607.893
446,783
1,793,808
1.870,031
Virginian Railroad Co.
Gross revenue
Net from railroad
Net after taxes
Net after rents
Fixed charges
-Jan. 1 to April 30-Month of April
1928.
1929.
1928.
1929.
$
$
$
$
1,400,755 1,352,452 6,426,255 6,220.641
518,892 3,164,429 2.580,676
630,864
389.696 2,484.423 1.994.461
480,863
480,993 2,996,289 2,442,140
612,214
336,848 1,318,564 1,344,481
328,156
Balance
284,058
144,145
1,677.725
1,097.659
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
-In the fol- have reported this week:
Other Monthly Steam Railroad Reports.
New York City Street Railways.
lowing we show the monthly reports of STEAM railroad
Net Corp.
Fuse
•Net
Gross
companies received this week as issued by the companies,
!seem%
Charter.
Revenue.
Revenue.
Companies.
where they embrace more facts than are required in the
reports to the Inter-State Commerce Conthiission, such as Brooklyn City
74,101
81,132
113.735
874,563
Feb '29
72,717
41,480
114,198
927,500
'28
fixed charges, &c., or where they differ in some other respect
178.757
47.370
210,653
28'29 1,828,640
2 months ended Feb
from the reports to the Commission:
154.049
84,110
238,161
'28 1,907,454
Chicago Rock Island Lines.
-Month of April- -Jan. 1 to April 301929.
1928.
1928.
1929.
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other revenue
8,823,621 7.953.305 35,646,864 33,140,214
1,573,115 1,571,525 6,536.779 6,485,370
876,771
266,255
219,899 1,044.877
277.586
999,178 1.012.252
303,872
555,456
485,994 2,191,792 1.922,942
Total ry. oper. revenuo
11,522,319
Maint. of way and structures 1,638,872
Maintenance of equipment
2,398,824
Traffic
278,840
Transportation
4,123,322
Miscellaneous operations_
161,609
General
377,769
Transp. for investment-Cr_ -48,534
10,508,309
1.473.288
2,169,225
254,124
3.927,514
87,195
345,744
-49,589
46,429,490
5,959,749
9,150,842
1,082,666
17,475,278
629,829
1,511,190
141.098
43,436.559
5,595,977
8,533,946
1,021,482
16.293,930
340,136
1,441,540
404,005
Railway operating expenses 8,930,702 8,207,501 35,648,456 33.832,006
Net rev, from ry. oper
2,591.617 2.300.808 10.771,035 10,683,543
Railway tax accruals
Uncollectible railway rev
700,000
3,097
660,769 2,891,631 2,626,877
11,872
11.188
25.368
Total railway oper. income 1,888,520
1.628,167 7.868.215 7,941,298
Equip. rents
-Debit balance
Joint facility rents
-Deb. bal
Net railway oper.income
Non-operating income
416,518
105.774
322,041
107,642
1,484,728
419,016
1,264,018
419.515
1,366,228
90,281
1,456,509
1,011.173 4,069,686 4.070.826
447,071
Balance ofincome
51,765
13,139
52,678
973,441 3,891,566 3,946,653
24,593
84,352
75,510
1,009.438
Total deductions
1,292,615 6,360.916 6,616,422
12,946
974,568
21,924
Gross income
Rent for leased roads
Interest
Other deductions
1,198,484 5.964.371 6,267,765
94,131
396,545
347,757
281,442 2.331,233 2,544,596
International Railways of Central America.
-Month of April- -Jan. 1 to April 301928.
1929.
1929.
1928.
Gross revenue
Oper. expenses and taxes_
Inc. applic. to fixed charges
816.930
422,123
741.747
403,111
3,407,140 3,162,077
1.746,845 1,755,845
394,807
338,636
1,660.295
1,406.232
Norfolk & Western Railway Co.
-Month of April- -Jan. 1 to April 301929.1928.
Average mileage operated 2,241
2,240
2,240
2,241
Operating Revenues$
$
$
$
Freight
8,345.944 6,718,327 33.119,545 28.575,263
Passenger, mall and express
640,408 2,427,465 2,577,839
588,444
Other transportation
33,421
45,548
145,127
161,114
74,485
Incidental & joint facility _ _ _
36,292
251,157
341.752
Railway oper. revenues
9,016,229
Operating Expenses1,369,792
Maint. of way & structures
Maint. of equipment
1,810,763
Traffic
122,074
Transportation-rail
- 2,084,926
20,554
Miscellaneous operations. _
General
238,665
Transp'n for Investment--Cr.
18,982
7,466,643 35.943,296 31.655,969
1,184,238 4,824,556 4,850.763
1,591.719 7,121,115 6,411,876
107.985
467,685
442,194
2,052,856 8,842,380 8,689,177
22,308
83,059
87,485
263,143
955,754 1.037,599
39.418
17,371
114,615
Railway oper. expenses5,627,795 5,182,832 22,277,181 21,404,480
3,388,433 2,283,810 13,666,115 10,251,489
Net ry. oper. revenues
800,000
Railway tax accruals
800,000 3.200.000 3,200,000
580
414
Uncollectible ry. revenues_ .. _
5,305
2.856
2,587,852 1,483,396 10,460.810 7.048,633
Railway open income
245,057
285,467 1,017,745
Equipment rents (net)
909,633
453
3,512
Joints facilities rents (net) Cr.
32,026
18,748
2,832,456 1,765,351 11,446,530 7,939,518
Net ry. oper. income
items, balance_
174,853
106.050
Other income
650,136
382,035
3.007.310 1,871,401 12,096.666 8,321,554
Gross income
401,556
415,968 1,616,791 1,670,779
Interest on funded debt
2,605,754 1,455,433 10,479,874 6,650,774
Net income
Proportion of oper. expenses
62.42%
69.41%
61.98%
to oper. revenues
67.62%
Proportion of transp.expenses
23.12%
27.49%
24.60%
to oper.revenues
27.45%
Brooklyn Heights (rec) Feb '29
'28
2 months ended Feb 28'29
'28
Feb '29
Brooklyn & Queens
'28
2 months ended Feb 28'29
'28
Coney Island & Bklyn Feb '29
'28
2 months ended Feb 28'29
'28
Coney Island & Graves'd Feb '29
'28
2 months ended Feb 28 '29
'28
Feb '29
Eighth & Ninth
'28
Avenues (rec)
2 months ended Feb 28'29
'28
Interboro Rapid Transit Feb '29
'28
(Subway Division)
2 months ended Feb 28'29
'28
Feb '29
Elevated Division
'28
2 months ended Feb 28'29
'28
Feb '29
Manhattan & Queens
'28
(rec)
2 months ended Feb 28'29
'28
Feb '29
Manhattan Bridge
'28
(3c Line)
2 months ended Feb 28'29
'28
Feb '29
Nassau Electric
'28
2 months ended Feb 28'29
'28
Feb '29
New York & Harlem
'28
2 months ended Feb 28'29
'28
Feb '29
New York & Queens
'28
2 months ended Feb 28'29
'28
Feb '29
New York Railways
'28
2 months ended Feb 28'29
'28
Feb '29
New York Rapid
'28
Transit
2 months ended Feb 28'29
'28
Feb '29
South Brooklyn
'28
2 months ended Feb 28'29
'28
Feb '29
Steinway Railways
'28
2 months ended Feb 28'29
'28
Feb '29
Third Avenue
'28
2 months ended Feb 28'29
'28
1,559
1.560
3,118
3,119
228,932
229.169
476,814
472,236
189.356
209,911
393,284
435.000
7,701
7,809
15,842
15,856
72,179
92,986
149,491
192,665
4,109,181
4,074,644
8,590,682
8,374,728
1,421,416
1,480,434
2,983,489
3,052,085
35,045
35,764
73,492
73,885
16,066
16,891
34,533
34,834
452,251
469,072
539,511
961,852
78,532
87,369
154,405
180,048
69,121
64,332
144,994
136,599
446,821
499,345
3,422,262
1,025,970
2,759,267
2.779,738
5.734,708
5,723,768
77,817
78,377
160,149
161,281
64,631
65,629
135,796
135,506
1,173,098
1,226,538
2,432,590
2,517,816
7.896
7,623
9,464
15,264
46,490
27,785
66,759
49,625
41,056
36,945
60,364
73.915
-1,204
--5,535
3.409
-3,550
10,607
-2,686
4,765
-2,833
1,977,522
1,956,947
4,007,476
4,081,529
299,768
271,501
620,469
580,681
-12
-3,144
3,731
3,594
--849
--164
-1,604
--139
55,185
57,594
161,583
94,678
107,702
102,615
119,840
197,180
13,196
12.222
25,334
28,017
40,375
59,941
980,320
119,961
924,885
897,198
1,864,830
1,837,386
11,687
18,738
16,661
37,766
1,763
1,136
3,923
3,631
167,754
186,405
318,255
382,739
53,610
58.009
64,598
116,018
59,597
55,961
60,642
117,967
29,391
30,421
33.763
60,803
13,745
13,729
14,090
27.457
3,584
8.870
6,780
17,740
1,097,286
1,103,484
2,197.170
2.206,619
462,891
697,424
928,311
1,395,491
9,686
9,614
19,604
19,424
456
413
912
826
102,719
102,369
163,272
202,520
59.466
56,454
82,609
121,722
23,143
23.529
46,286
47,110
176,962
177,418
750,247
356,996
575,568
518.366
1,148,853
1,037,316
17,029
16,859
34,178
34,042
5,161
4,242
10,625
8,800
236,475
228,660
472,188
454,527
--50,113
--50,386
--41,1166
--100.754
-13,106
-31,176
7,608
--68.341
11,665
6,524
35,345
13,111
-14,950
-15,264
16,810
-30,990
19,191
-11,506
-2,015
-20.573
880,235
853,463
1,837,321
1,874,910
-165,123
-425,923
309,942
814,810
-9,698
12,758
15,872
15,829
--1,305
-578-2,516
-966
47.533
-44,774
1,689
-107,346
48,236
46,161
37,231
75,457
9.946
-11,308
20,952
19,091
-136,587
117,477
230.073
237,216
349,816
378,832
715,975
800,069
-5,342
1,878
--17,517
3,722
-3,393
3,105
-6,702
5,128
-68,720
-42,255
153,933
71,787
•Includes other income. -Deficit.
American Water Works & Electric Co., Inc.
-Month of April- 12 Mos. End. April 30
1928.
1929.
1928.
1929.
$
$
$
$
4,387,102 4,191,562 51,794,331 49,356.403
GrosE,earnings
2.190,439 2,120,216 26,200,299 26.093,423
Oper. exp., maint. & taxes
Gross income
2,196,662 2.071,345 25,594,031 23,262,980
Less-Int. and amortization of discount of subsids__ 8,022,047 8,413.185
5,148.889 4,878,949
Preferred dividends of subsidiaries
44,991
30,460
Minority interests
13,201.397 13,337,125
12,392,634 9,925.854
Balance
Int.& amort.of dIsct. of Amer. W. W.& E. Co.,Inc 1,307,214 1,256.730
Balance
Reserves for renewals, retirements and depletion _
Net income
11,085,419 8,669,124
4,279,612 3.866.353
6,805,807 4,802.770
3818
FINANCIAL CHRONICLE
American Telephone & Telegraph Co.
-Month of April- 4 Mos, End. April 30
1929.
1928.
1929.
1928.
$
$
$
$
9.078,168 7,988,811 36,657,945 31,750,824
3.297,550 3,166,096 14,077,750 12,481.865
Gross earnings
Operating income
[VOL. 128.
Federal Light & Traction Co.
-Month of
1929.
$
Gross earnings
698,349
Oper., admin.,exps. & taxes_ 422.795
Total income
275,554
Interest and discount
100,371
April- 12 Mos. Ended Apr. 30
1929.
1928.
1928.
$
$
$
635,486 8.169,951 7,255.655
387.998 4,821,871 4.482.864
247,488 3,348,080 2,772,795.
Appalachian Electric Power Co.
85,370 1.128,421
990,930
(Including the Kentucky & West Virginia Power Co., Inc. and
Kingsport Utilities, Inc.)
175,183
162,118 1,219,659 1,781.865
-Month of March
-12 Mos. End. Mar. 31 Preferred stock dividends
Central Ark. Public Service Corp
1929.
104,766.
104,823
1928.
1929.
1928.
New Mexico Power Co
$
239
S
Gross earns, from operation- 1,617,533 1,484,011 18,565,057 18,272,091
Springfield Gas & Electric Co
66,151
69,268
Operating exps. and taxes_ __ 907.656
774,599 10.038,848 10,377,436
Balance after charges
2,045,329 1.610,945.
Net earns,from operation_ 709,877
709,412 8,526,209 7,894,655
Other income
Georgia Power Co.
58.901
26,051
441,292
193,169
(Subsidiary of Southeastern Power & Light Co.)
Total income
768,778
735.463 8,967,501 8,087.824
Month of 12 Mos.Encl
Interest on bonds
356,675
301.279 3,871,547 3,247,016
Apr. 1929. Apr. 30'29.
Other interest and deductions
11.705
530,837
60,114
694,185
$
Gross earnings from operations
2,094,667 23,854.501
Balance
400.398
374,070 4,565,117 4,146,623 Operating exps., incl. taxes & maintenance
1.037,037 11,323,117
Dividends on preferred stock
1.699,083 1,575,000
Net earnings froth operations
1,057,630 12,531,384
Balance
2.866,034 2,571,623 Other income
93,899 1,227,597
Dividends on second preferred stock
700.000
700.000
Total income
1,151,529 13,758,981
Balance
2.166,034 1,871.623 Interest on funded debt
4,862,931
Balance
Other deductions
8,896.050
424,795.
(And Subsidiary Companies)
.
Balance
8,471.252
-Month of March- 12 Mos. End. Mar. 31 Divs. on $6 and $5 cumul. pref. stock
2,297.470
1929.
1929.
1928.
1928.
Balance for reserves, retirements and dividends
$
$
6,173,782
$
$
Gross sales-Ice
62,756
n ,157 1.153,582 1.273,317
Ice cream
Houston Lighting & Power Co.
31,613
39,375
519,613
490,734
Cold storage_
22,662
25,744
432,578
293.766
(National Power & Light Co. Subsidiary)
Refrigeration
7.291
8,545
99.977
86,469
-Month of April- 12 Mos. End. April 30
Water service
1,146
6,563
637
6,246
1928.
1929.
1929.
1928.
Total
126,725
144,206 2,212,316 2.150,534 Gross earnings from oper554,896 7,414,890 6,485,967
_Oper. expenses-Operating
91,326
103,674 1.341.831 1,359,110 Oper. expenses and taxes.... 619,708
320,654
314,409 4,121,252 3,749.611
Maintenance
120.386
9,935
9.256
150.730
Net earnings
240.487 3,337,638 3,736,356
Total
101,261
112.931 1,462,217 1,509.841 Other income from oper__. 299,054
2,706
31,532
2,920
47.543
Operating income
25,464
31,275
750,098
640,60
Other income
12,100
132.258
5,915
79.075
Total income
301.760
243,407 3,369,170 3,783.899
Interest on bonds
70.012
62.512
734,039
790.398
Balance
37,190
37,654
882,356
710,768 Other interest & deductions
88.552
149,721
6.281
15.697
Balance
216,051
174,614 2,429,051 1.961.308
Carolina Power & Light Co.
Dividends on preferred stock
210.000
225,000
(National Power & Light Co. Subsidiary)
Balance
-Month of April- 12 Mos. End. April 30
2.204,051 1,751.305.
1929.
1929.
1928.
1928.
Idaho Power Co.
Gross earnings from operation 73.893
48,316 9,166,301 8,956,076
(Subsidiary of Power Securities Corp.
Operating expenses & taws__ 380,604
364,846 4.259,355 4.753.026
-Month of April- 12 Mos. End. April 30
1929.
1928.
1928.
1929.
Net earnings from oper_
393,289
353.470 4.906.946 4,203,050
$
$
$
Other income
63,483
632.084
64,790
750,545 Gross earnings from operation 291.828
2t0,432 3,591,998 3,319.952
Operating expenses & taxes__ 147.259
140,777 1.696.473 1.597,375.
Total income
456.772
418,260 5.539,030 4,953,595
Interest on bonds
161,919
150,417 1.878,801 1,672.234
Net earnings
129.655 1,895,525 1,722,574
Other interest & deductions
22,321
240,021
17.074
138,601 Other income from oper_ _ - 144.569
84,797
6,132
87,681
15.119
Balance
272,532
250,769 3,420.208 3,142,760
Total income
159,681
135,787 1,980,322 1,810,255.
Dividends on preferred stock_ 1,157,115 1.070,891 Interest on bonds
644,336
54,167
650,000
54,167
71,152
5,534
69,534
5.420
Balance
2.263,093 2.071,869 Other interest & deductions
Balance
76,200 1,260.788 1.094,767
99.980
Dividends on preferred stock
286,371
330,934
Coast Counties Gas & Electric Co.
-Month of March-- 12 Mos. End. Mar. 31
Balance
808,390
929.854
1929.
1929.
1928.
1928.
$
$
Illinois Bell Telephone Co.
Gross sales-Electric_
76,638
74,588 1,211,931 1,116,003
-Mon'h of Ail- 4 Mos. End. Ail 30
Gas
59,573
52,406
719,380
648,180
1928.
1928.
1929.
1929.
Total
136,211
126,994 1,931.311 1,804,183 Gross earnings
7.544,000 6,580,000 29.583,000 26,097,000
Oper. expenses-Operating_ _
84,693
78.743 1.166,755 1,073,128 Operating income
1,157.000 1.350.000 6,325,000 5,093,000
Maintenance
6,852
5,591
80.418
90,378
California Consumers Co.
Total
Operating income
Other income
91,546
44,665
5.761
Balance
50.427
84.334 1,247.173 1.163,506
42,660
684,137
640,677
4,538
48.090
49.197
47.199
732.227
689,875
Dallas Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of April- 12 Mos. End. April 30
1928.
1929.
1929.
1928.
Louisiana Power & Light Co.
-Month of
1929.
$
Gross earnings from oper____ 399,888
Operating exps.& taxes
223,044
Net earnings from oper- - - 176,844
Other income
14,746
Total income
191,590
Interest on bonds
52,083
Other interest & deductions
7,688
Balance
131,819
Dividends on pref.stock
Balance
Gross earnings from operation
Operating exps. and taxes...
418.556
199,562
376,771 4,899,497 4,51 1,603
3
186,020 2,223.851 2,259,848
Net earns, from operation.
Other income
218.994
13,602
190,751 2,675.646 2,251,755
76,945
1,053
27,664
Total income
Interest on bonds
Other interest and deductions
232,596
58,125
1.134
191.804 2,752,591 2,279,419
697,500
58.125
695.000
1,792
20.313
25.465
Balance
Dividends on preferred stock
173.337
131.887 2,034,778 1.558.954
245,000
245,000
Gross earnings from oper_
Operating exp. & taxes
1,789,778 1,313.954
Net earnings from oper
Other income
Balance
Engineers Public Service Co.
Gross earnings
And Subsidiary Companies)
-Month of April- 12 Mos. End. April 30
1928.
1929.
1928.
1929.
$
$
$
$
4,116.480 2,471,988 39,277,327 30,068.714
Operation
Maintenance
Depreciation of equipment
Taxes_
1,749.100 1.049,823 16,999,788 13.396,065
196,480 2,876,508 2.400,433
309,708
72,250
14,310
221,255 2.853,053 2,515.561
298.601
Net operating revenue_ _ _ _ 1,744.758 1,004,429
Income from other sources.54,601
1.815
Balance
1.799.360 1,006,244
Interest and amortization... 553,567
327.294
Balance
1.245,793
678,950
Dividends on preferred stock ofsubs. cos.(accrued).
Balance
Amount applicable to common stock of subsidiaries
In hands of public
16.475,727 11.756.654
30.260
396,975
16,872.702 11,786,914
5.101,652 3.679,793
11,771,049 8.107.121
2,918,185 1,705,083
8,852,864 6,402,037
75,077
45.188
Balance applicable to reserves and to Engineers
Public Service Co
8,777,786 6.356.848
April- 12 Mos.Ended Apr.30
1928.
1928.
1929.
$
$
$
255,942 4,287,118 3,075,031
155,274 2,230.570 1,764,895
100,668 2,056,548 1,310,136
18,836
150,297
119,506 2,206.845
486.246
33,333
261,483
16,985
69,188 1,459,116
238,333
1,220,783
Mississippi Power & Light Co.
-Month of April- 12 Mos. Ended Apr. 30
1928.
1929.
1928.
1929.
$
$
218.204 3.458,175 2,728.61/
286.740
149.847 2,287.698 1,729.037
198,734
88,006
16.646
68,357 1,170,477
148,841
3.313
Total income
Interest on bonds
Other interest & deductions..
104,652
37,500
24.584
71,670 1,319.318
450,000
37.500
180,223
6,450
Balance
Dividends on pref. stock_ _ --
42.568
999,574
27.720
Balance
689,095
150,000
539,095
(The) Ohio Power Co.
(American Gas & Electric Co. Subsidiary)•
-Month of March- 12 Mos.Ended Mar.31
1928.
1929.
1928.
1929.
Gross earnings from oper_ _ _ 1,394,958 1.331,483 16,018.817 15,027,758
Operating oxps. & taxes
926,662
862 828 9,928.691 9.929,108
Net earnings from opor_ _
Other income
468,296
216,576
468,655 6,090,126 5.098,650
184,198 2,356.243 2,249,478
Total income
Interest on bonds
Other int. & deductions
684.872
225,038
18,462
652,853 8,446,369 7,348,126
187,849 2,481.765 2,602.112
465,086
475,983
61,642
Balance
Dividends on pref.stock
441,372
403.362 5.488,621 4,280.928
859.878
961,998
4,526,623 3,421.050
JUNE 8 1929.]
FINANCIAL CHRONICLE
New York Westchester & Boston Railway Co.
Utah Power & Light Co.
(Including The Western Colorado Power Co.)
-Month of April- 12 Mos. Ended Apr. 30
1929.
1928.
1929.
1928.
-4 Mos. Ended Apr.. 30
-Month of April
1929.
1928.
1929.
1928.
Raararaty operating revenue-Railway operating expenses--
203.585
127,360
193,028
117,361
767,041
505,413
729.196
486.688
Net operating revenue_ _ _
Taxes
76,224
23.350
75,666
20,120
61.628
81.655
242,507
77,506
Operating income
Non-operating income
52,874
685
55,545
1,493
179.973
2,734
165,001
5,536
Gross income
Deductions
-Rent
Bond and equip. tr. ctf. int_
Other deductions
53,558
57,039
182,707
170,537
24,521
86,463
103,089
12,939
86.728
98,333
80,220
346,871
415,850
51,759
346,914
397,004
Total deductions
Net income
214,074
198,002
842,942
795,679
-160,516 -140.963 -660,234 -625.141
3819
S.
Net earnings from oper
Other income
455,828
34,232
432,216 5,789,017 5,471,469
34.665
401.730
464.473
Total income
Interest on bonds
Other interest & deductions
490,060
161,654
16,902
466,881 6,190,747 5.935,942
161,654 1,939,850 2,016,020
14.115
181,755
171,685
Balance
Dividends on pref. stock_ _ - _
311.504
291.112 4,069,142 3,748,237
1.628.722 1,585,459
Balance
2,440,420 2,162.778
Virginia Electric & Power Co.
(And Subsidiary Companies).
Month of April- 12 Mos. Ended Apr.30
1929.
1928.
1929.
1928.
$
$
$
$
1,423,177 1,331,694 16,539,503 15.707,289
512,612
509,939 6.321,584 6,335,204
127.481
123,383 1,521,983 1,518,669
116,977
121,161 1.390.138 1,386,932
Gross earnings
Operation expenses
Maintenance
Taxes
Net earnings from oper
Other income
139,558
11,254
165,051 2.255.706 1,682,497
58.847
10,124
907
Net operating revenue
Income from other sources
Total income
Interest on bonds
Other int. & deductions
150,812
38,825
65,099
165,958 2,314.553 1,692,621
458.244
455,950
37.996
780,670
409,041
60,306
Balance
Interest and amortization
Balance
Dividends on pref.stock
46,888
Balance
669,289
421.437
Pacific Public Service Co.
(And Subsidiary Companies)
-Month of March- 12 Mos. End. Mar. 31
1929.
1928.
1929.
1928.
Gross Sales
Electric
Gas
'Water
ice
Ice cream
Cold storage
Befrigeration
'Water service
76,638
59,573
88,134
62,756
31,613
22,662
8,545
1,146
74,588 1,211.931 1,156,003
52,406
719,380
648,180
93,397. 1.152,622 1,147,483
71,157 1,153.582 1.273,317
39,375
519,613
490,734
25,744
432.578
293.766
7,291
99,977
86,469
637
6.563
6.246
Total
Operating Expenses
(Operating
Maintenance
351,071
364,599 5,296,249 5,102,202
228,337
26,173
232.447 3,167,371. 3,038,752
21,904
309,337
323,300
Total
Operating income
Other income
254,511)
96,561
20,790
254,351 3,476.709 3,362,053
110,247 1.819.540 1,740,148
10,578
198.887
129,565
117.352
120.826
Balance
2.018,427
1,869,714
Pacific Telephone & Telegraph Co.
Operating revenue
Net income *
Surplus after dividends
•After depreciation, &c.
-Month of April- 4 Mos. End. April 30
1929.
1928.
1929.
1928.
S
$
S
S
5.982,227 5,381,170 23,486,660 21,098,946
847,385 4,370,887 2,986,927
1.078,988
560,887 -823,073
126,488 -105,115
Pacific Telephone & Telegraph System.
(And Subsidiary Company)
Month of April- 4 Mos. End. April 30
1929.
1928.
1928.
1929.
$
S
S
$
Operating revenue
8,302,767 7,461,451 32,694,625 29,373,634
Net income *
1,233,905 1,208,558 5.052.689 4,390,322
Balance after dividends
256,058 1,242,689
281,405
580,322
*After depreciation, &c.
(The) Philippine Railway Co.
Month of March- 12 Mos. End. Mar. 31
1929.
1928.
1929.
1928.
Gross operating revenue_ _ _ _
72,627
66,115
724,060
675.159
Operating expenses & taxes_ _
45,730
47.497
536.410
507,193
Net revenue
26,897
18.618
187.650
167,965
Deductions from Income
Interest on funded debt
28,496
28,496
341,960
341.960
-1,599
Net income
-9,878 -154,309 -173,994
Income appropriated for investment in physical prop_
65,809
Balance.
-1.599
--9,878 --154.309 --239,803
The Pullman Company.
-Month of April- -Jan. 1 to April 301929.
1928.
1929.
1928.
$
$
$
$
Sleeping Car OperationsEerth revenue
5,884.245 5,933,634 24,966,753 24,296,663
786,110
Beat revenue
830,372 3.227.572 3.241.140
Charter of cars
152,393
191.048
711,197
718,501
Miscellaneous revenue
15,131
13.933
61,645
53.665
Car mileage revenue
80,682
80.919
330,853
329,762
-Dr
revenue
514,753
Contract
534,478 2,817,082 2,636,730
6,403.809 6,515.431 26.480,940 26,003,002
Total revenues
2,592,631 2,499,952 10.030,435 9,946,372
Maintenance of cars
43,478
42.914
All other maintenance
168,311
179.660
Conducting car operations- -- 2,931.396 2,851,398 11.538.474 11,412.286
236,453
229,885
General expenses
973,416
987,003
Total expenses
Net revenue
Auxiliary Operations
'Total revenues
'Total expenses
Net revenue
5,803.959 5,622,151 22,710.638 22.525,322
599.850
893,279 3,770,302 3,477,679
130,135
103,253
116.142
88,868
509,234
417,305
478,800
382.480
27,274
91,929
96,320
26,881
Total net revenue
'Taxes accrued
626,731
284.431
920,553 3.862,231 3,573,999
288.425 1.290,480 1,224.515
Operating income
342.300
632.128
2.571,751
2.349,483
$
865,257 11,291.114 10,693,651
433,041 5,502,097 5.222,182
Pacific Power & Light Co.
827,630
406,193
$
934.558
478,730
(American Power & Light Co. Subsidiary).
-Month of April- 12 Mos.Ended Apr.30
1929.
1929.
1928.
1928.
$
$
S
$
Gross earnings from oper___ _
348,854
374.597 4,767,368 3,920,421
Operating exps. & taxes
209.296
209,546 2,511,662 2,237.924
67,656 1,075.639
406,350
$
Gross earnings from oper_ _ _ _
Operating exp. & taxes
666,106
577,210 7.305.797 6.466,483
19.762
8.177
7.325.559 6,474.661
1,914.103 1.716,304
Balance
5.411.455 4.758,356
(The) Washington Water Power Co.
(And Subsidiaries).
Month of March- 12 Mos.Ended 192 r.. 31
Ma
8
1929.
1928.
1929.
$
$
Gross earnings from oper____
705.071
621,990 8.424.950 7,494.095
Operating exps. & taxes
319,133
290.111 3.768,302 3,517.841
Net earnings from oper
Other income
386,938
23.490
331,879 4,656.648 3,976,254
3.388
519.727
189,328
Total income
Interest on bonds
Other int. & deductions
410,428
48,924
6.600
335,267 5,176,375 4,165,582
49.426
589.571
594,475
3.058
94.489
98.915
Balance
Dividends on pref. stock
354.904
282.783 4,492.315 3,472,192
313,474
246.679
Balance
4.178,841
3.225.513
FINANCIAL REPORTS
-An index to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous ,companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
June 1. The next will appear in that of July 6.
International Match Corporation.
-Year Ended Dec. 31 1928-Corporation and
(Annual Report
Constituent Companies.)
-The prices of matches are in many coun_
Sales and Market Conditions.
tries, particularly those where the company is operating under govern
ment concessions, regulated through long time agreements and any fluc
tuations which may occur are dependent upon changes in the revenue policy
of different governments rather than upon any alterations in the match
market. For those countries, however,in which a free match market exists,
the tendency to stabilization, which was noticeable in 1927, has continued
during 1928, and the wholesale prices of matches in these markets were
generally slightly higher dining 1928 than in the previous year. In certain
Isolated markets some disturbing effects have followed the Russians'
practice of shipping matches to different markets without previously
having secured buyers for the goods. In spite of the very low prices at
which they are offered. Russian matches, however, have been effectively
sold only in comparatively small quantities and have not had any appreciable influence on the general price level. The total export sales of the
company as well as the total sales of matches locally made by factories
under the control of the company show an important increase for 1928
compared with the previous year. The company's sales of European made
matches in the United States show little variation as compared with previou
years and the largest part of the safety matches consumed in this country
Is sold by the company. If the tariff legislation now pending should impose
a prohibitive import duty on matches the company will undoubtedly begin
the early construction of factories in the United States for the manufacture
not only of safety matches, but also of book matches and strike-anywhere
matches.
-The consolidated profits of corporation and
Income and Dividends.
subsidiary companies for 1928, before making allowance for taxes, amount
to $20,258,861 as compared with $17,898,888 for the previous year. After
setting up a reserve of $1.160.000 for Federal income taxes there remains a
net income of $19.098,861 corresponding to $8.12 a share counted on all
preference and common shares as against $7.07 a share for the year 1927.
Quarterly dividends of 80 cents a share have been paid during the whole
year on the preference and on the common shares.
-The business of the company, which
General Progress of the Company.
originally consisted largely of export of matches, has during the past years
undergone a gradual change. Like other highly manufactured articles,
matches are in most countries exposed to high import tariffs, which are in
many cases of prohibitive nature. As a matter offact,there exists practically
no country in the world which permits the importation of matches free of
duty. In addition to the import tariffs there are, however, in the case of
matches other obstacles tending to restrict the international trade. Few.
if any, articles of consumption are so generally used by all classes of people
and the price of matches is so insignificant that a slight increase is hardly
noticeable to the consumers. These circumstances have made matches a
popular object of taxation. Such taxation, which was strongly in evidence
already before the War, has been greatly stimulated by the urgent need
for new revenue sources created by the War. The extent to which matches
are used for revenue purposes will be understood from the fact that there
are to-day only four European countries, Sweden. Denmark, Holland and
Switzerland, in which the consumption of matches is not subject to a
special revenue tax or in which the match industry is not subject to special
legislation. In most cases where such revenue tax or special legislation
exists, it serves also as a more or less effective barrier against the importation
of matches. It is natural that in these circumstances the development of
the company should be directed largely toward the acquisition of interests in
local manufacturing in the countries where the matches are marketed
rather than toward extending its export trade, and at the present time this
local manufacturing is a far more important part of the activity of the
company than the export of matches.
3820
FINANCIAL CHRONICLE
A distinct branch of the company's business which during the last few
years has become increasingly important consists of the acquisition and
management of State concessions for matches. These operations have been
conducted jointly with Swedish Match Co., which owns practically the
entire common stock of your company. In the negotiations for the acquisition of such concessions it has been of great value to both companies
to be able not only to take over the management of the technical or commercial organization of the match business, but also to be able to offer
financial assistance for obtaining State loans. Loans taken over in this
matter, however, are generally not marketable to the general public during
a certain period and it is therefore evident that very considerable funds are
required to carry on the financing of such loans. The management of the
company has not considered it desirable from the shareholders' point of
view to increase either the bonded indebtedness or the share capital of the
company sufficiently to enable it to keep among its assets any large amount
offixed rate government bonds taken over in connection with the acquisition
of match concessions
Due to these considerations the company has, together with Swedish
Match Co., established co-operation with Kreuger & Toll Co., an investment and financing company of Stockholm. Sweden, which has long held a
substantial stock interest in the Swedish Match Co., with a view to having
the Kreuger & Toll Co. take over the financing of State loans while the
investments of an industrial or commercial nature necessary in connection
with match concessions will be retained by the two match companies. As in
many cases when State securities are acquired by Kreuger & Toll Co.
this is done at prices somewhat above the market value of such securities.
compensation will in such cases be given in the form of certain participation
in the industrial match profits. It is considered by your management that
this co-operation with Kreuger & Toll Co. will prove to be of great benefit
to your company and enable it to extend its business more rapidly than
would otherwise be the case. This co-operation has already resulted in
several important transactions, among which may be mentioned the acquisition of the match concessions for Hungary. Jugoslavia and Latvia
during the year 1928 and the match concession for Rumania during the
beginning of 1929. In each of these cases the participation of Kreuger &
Toll Co. in the industrial match profits has been fixed at one-third of the
amount by which the profit exceeds 8% on the industrial investment.
Some details regarding the developments in different countries are given
below.
Germany.—As already mentioned in the 1927 report, new legislation for
the German match industry prohibiting the establishment of new match
factories was enacted by the German Reichstag in May 1927. As a considerable period elapsed, however, between the time when the legislation
was proposed by the German government and its final approval by the
German Reichstag, a number of small new match factories were started in
the meantime. These new factories, which were started with the purpose
of creating a nuisance value, refused to sell their products through the
official sales organization, as all the older factories had already voluntarily
agreed to do. and thereby caused a certain disturance in the match market.
Practically all of these new factories have, however, now been acquired and
the organization is therefore now working in a satisfactory manner according to the spirit of the new legislation.
France.—As mentioned in the 1927 report, a long term agreement has
been made establishing intimate co-operation between the French State
Match Monopoly on the one hand and International Match Corp. and
Swedish Match Co. on the other. This co-operation embraces the supplyig
,
-fabricated materials and match machinery and provides
of matches, half
also for the creation of a special sales organization in France by the SwedishAmerican interests. The agreement has been in operation during the whole
-fabricated materials
of the year 1928 as far as the delivery of matches, half
and match machinery is concerned and the great number of technical
details in connection with its establishment having been approved by the
French authorities, the sales organization has now also commenced its
,
operations. The management of the company has every confidence that
the French government will work out satisfactorily to the contracting
parties as well as to the French public.
1/ungary.—An agreement was concluded on May 16 1928, with the Hungarian government whereby the sole right to sell matches in Hungary for a
period of 50 years was given over to a company to be formed by International Match Corp. and Swedish Match Co. At the same time, the
Hungarian government undertook to enact legislation prohibiting the building of new factories for the manufacture of matches or raw materials for
matches during a period of 50 years. ,Before the signing of the contract in
question all existing match factories had been acquired by the Swedish
.American interests and amalgamated into one manufacturing company.
The agreement was finally ratified by the Hungarian Congress and the
necessary laws enacted and promulgated on Aug. 6 1928. from which date
the concession has come into force, In connection with the match concession
it has been agreed to take over a nominal amount of 836.000.000 53i%
bonds issued by the Hungarian Land Reform Institute, the proceeds of
which will be used for financing the Hungarian land reform.
Jugoslavia.—An agreement was made with the Jugoslavian government on Oct. 30 1928, whereby the sole right to manufacture and sell
matches in that country was acquired by the Swedish American interests
for a period of 30 years. By the terms of this agreement the establishment of new factories for the manufacture of matches or raw materials for
the match industry was prohibited, thus further strengthening the position
of International Match Corp. and Swedish Match Co. in Jugoslavia. A
controlling interest in the existing match factories there had previously
been acquired. In connection with the Jugoslavian agreement it has been
contracted to acquire $22,000,000 6)4% bonds issued by a Jugoslavian
Autonomic Monopoly Administration and guaranteed by the Kingdom
of Jugoslavia.
Lalvia.—An agreement was concluded on June 7 1928. with the government of the Republic of Latvia. Through this agreement the sole right to
manufacture and sell matches in Latvia was given over for a period of 35
years to Latvian companies under the control of International Match Corp.
and Swedish Match Co. The agreement was ratified by, the Latvian Congress and the necessary laws enacted and promulgated on Dec. 29 1928.
In connection with the above mentioned agreement a 6% loan to a nominal
amount of $6.000.000 has been made to the Latvian Republic.
Roumania.—An agreement was entered into with the Rumanian government on Feb. 2 1929, for the acquisition of the sole concession to manufacture and sell matches in Rumania during a period of 30 years from July
the
1 1929. The agreement was ratified by the Rumanian Congress in
end of Fec. 1929. The match industry in this country has previously been
organized as a state monopoly and all factories were therefore owned by the
government. According to the new agreement a Rumanian company
will be formed by International Match Corp. and Swedish Match Co. and
to
the factories now owned by the government will be rented in this company.
Rumania will
A quantity of matches equal to the yearly consumption
to
be manufactured within the country, but the company will be entitled
import any amount of matches free of duty provided a corresponding
matches is exported. The company will be free from income
quantity of
intaxes and will have the right to Import raw materials for the matchperdustry free of import Kluties. The Rumanian State will get a certain of
sales, but with a guaranteed minimum income
centage of the total gross
$3.000.000 a year. In connection with this concession it has been agreed
to take over 7% Roumanian bonds to a nominal amount of $30,000,000
issued by a special institution. Caisse Autonome, formed to take over the
administration of the different state monopolies.
Far East.—The business of the company in this part of the world shows
satisfactory progress and its position has been materially strengthened
during the past year, particularly in China where additional interests in
the local match industry have been acquired.
In other countries than those mentioned above the progress of the company has in general been satisfactory and the total business has increased
considerably during the past year. The loans made to Hungary, JugoKreuger &
slavia, Latvia and Rumania are being Pinang"' entirely by to,and the
Toll Co., in accordance with the programrat earlier referred during the
new investments of industrial and commercial nature made has thereyear have been financed out of the company's own resources. Itduring the
fore not been necessary for the company to increase its capital debentures
year. Of the 5% debenture loan issued by the company in 1927.
through the opto the amount of $552,500 have been retired during 1928
the
eration of the sinking fund. The world-wide field of operations of due
necessitates decentralization of the accounting work and
company
material for the consolidated
to the widely scattered sources from which the
report has to be assembled it is not feasible to publish statements regarding
a year. The
the results of the company's operations oftener than once and the wide
match trade is in its nature remarkably steady, however,
distribution of the company's activities tends to minimize fluctuations
in the results.
Oullook.—The prospects for the year 1929 are promising and appear to
the company.
justify anticipations of the continued favorable progress of
[VOL. 128.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1925
1926.
1927.
1928.
437,145,542 /31,494,630
Sales
3,421,522
Inc.fr.int.& oth.sources}
I 9,095,145
Not Stated
Netincome
424,818,115 $20,122,153 $46,240,688 $34,916,152
29,803,233 22,4'1,831
Oper. exp.(incl. taxes)__
See s
Sees
1,731,717
1,851,183
Allowance for deprec'n-_ 2,070,477
1.903,821
Int. on 20-yr. gold debs_ 2.488,777
319.444
Allowance for taxes
1,280,000
1,160,000
Netincome
$19,098,861 $16,618,887 $14,586,272 810.696,603
2,023.713
Divs.on partic. pref_ ___ 4,320.000
3,240.000
4,320.000
($2.90)
($3.20)
($3.20)
$3.20)
Common dividends
Rate
(2.46)
($3.26)
Balance,surplus
Previous surplus
Prem.on pref.stock..
$11,575,692 $9,896,512 $11.346,272 $8,672,8911
5,725,291
45,548.411 35.651,899 18,231.261
3,833,08/
6,074.366
Surplus
$57,124,104 $45,548,412 $35,651,900 $18,231,261
x After operating expenses.
CONSOLIDATED BALANCE SHEET DEC. 31.
1928.
1928.
1927.
Liabilities—
Assets—$
Panic. pref. stk. 47,250,000
Land,b1dg.,mach.
& equip., less
Common stock.:30,033,000
depreciation__ 39,7413.188 35,241,406 Accts. payable_ 9,379,655
Fed.Inc. tax res. 1,230,273
Adv. for Inv. In
match conces_ 46,350,308 34,547,200 Div. payable on
pref.stock _ _ - 1,080,000
Adv.to gov'ts__ 31,058.214 33,297,487
800,792
do corn.stk
Other Investmls 64,225.926 67,923,384
Cash
5,802.778 6,326.352 Accr.int.on deba. 412,052
Accts.receivable 10,134,203 5,273,435 20-yr. 5% s. f.
gold debens__ 49,447.500
Inventories
3,951,384 3,659,248
2,118,750 2,231,250 Minority Int _ _ _ 6,636.383
Def.charges
757,I24,104
Surplus
1927.
47,250,00
30,033,000
7,580.154
1,331,416
1.080,000
800,792
416,667
50,000,0r)
5.459.322
45,548,412
203,393,751 189,499,752
Total
Total
203,393,751 189,499,752
x Represented by 1.000,990 shares of no par value. y Of which $47.
216,658 earned and $9,907,446 paid in surplus.—V. 126, p. 3459.
Long Island Railroad Company.
(47th Annual Report—Year Ended Dec. 31 1928.)
President W. W.Atterbury April 3 reports In substance:
Revenues and Expenses.—The total operating revenues for 1928 decreased
$354,008 or 0.9% compared with 1927, due chiefly to decreases in freight
and incidental revenues, the passenger and mail revenues showing increases.
While the operating revenues decreased $354,008, this loss was more than
offset by a reduction of $1,677,608 or 5.6% in operating expenses, so that
the net railway operating income increased $1,379,880 or 22.4% compared
with the previous year. Reductions were effected in all departments of
operating expenses, but the major decreases were: $229,425 in maintenance
of way and structures;$621,874 in maintenance of equipment,and $690,151
in transportation, which reflect the co-ordinated efforts to operate the property with the highest degree of efficiency.
Railway tax accruals increased $216,697, due to higher taxable income
and increased real estate tax rates and valuations.
Hire of equipment debit balance decreased $311.978, chiefly as a result
of smaller net payments on account of hire of freight cars and rent for
locomotives.
Non-Operating Income.—"Non-operating income" increased $61,026,
chiefly on account of larger miscellaneous rentals and increased receipts of
interest. Dividend income from Investments shows a decrease compared
with 1927, because in that years dividend was received on capital stock of
the Ocean Electric Hy. Service on the Ocean Electric Ily., the last street
railway company in which company had any interest, was discontinued on
Aug. 26 1928 and the company was dissolved on Dec. 24 1928.
Net Income, Dividends, &c.—The net income for the year amounted to
$4,682,656 an increase of $1,409,384, compared with the previous year.
Against this net income were charged appropriations to the sinking and
other reserve funds, and a dividend of6% upon the capital stock, compared
with 4% in 1927. The remaining surplus of $2,282,096 was transferred to
the credit of profit and loss account. There were also sundry net credits
to that account during the year amounting to $ses.as. resulting chiefly
from profits on sales of properties no longer required for railroad purposes
from amount received in final distribution of the assets of the Montauk
Co., which was dissolved in 1926; and from an accounting adjustment covering certain capital account expenditures made in prior years, which had been
charged to income. The balance to the credit of profit and loss account on
Dec. 31 1928 was $8,869.975.
Road and Equipment.—The net increase in investment in road and equipment was $2,227,907.
Capital Stock.—Reference was made in the 1927 annual report to the
necessity for a readjustment in company's capital structure. As a first
step in this direction, an allotment of stock was made to the stockholders
during the year at $50 par value per share, in amounts equal to 173i%
of their respective holdings. The net result thereof was an increase of
$5.883,856 par value of stock, making the total outstanding capital stock
on Dec.31 1928839.994,106.
—"Kirge Improvements.—In the phenomenal growth of Queens County,
the population having increased more than 100% in the past 10 years. and
a similar growth in nearby towns of Nassau County, the Long Island RR.
has been called upon to carry many millions of people within the city limits
who would ordinarily use city rapid transit lines. While these linos did
not exist the Long Island RR. felt it necessary to assume this burden, and
took all steps In its power, by large expenditures, to avoid inconvenience
to large numbers of residents within the city limits for many of whom
increased rapid transit facilities are still urgently required. Such service
,
has, to some extent, curtailed the efforts of the company to provide improved transportation to residents outside of the City of New York, who
RR,for reaching the city.
have no other means than the Long Island
As and when transit facilities are provided, the traffic immediately goes
to the transit lines and leaves the Long Island RR. Attention is called to
the decrease in the number of commuters handled from the stations served
by the extension of the subway to Flushing. This subway was opened
Jan. 21 1928, and the number of commuters from the stations, Woodside
to Whitostone Landing, inclusive, on the Whitestone Branch, and between
Woodside and Auburndale on the Port Washington Branch, shows, in the
year 1928. a decrease of more than 13,000, or nearly 20%. At Flushing
the decrease was practically 50%. It is, therefore, quite apparent that the
completion of the subway to Jamaica will offer still further reduction of
this traffic. That, however, cannot be expected for three or four years,
and in the meantime it is estimated that the commuters on the Long Island
RR. will continue to increase at the rate of approximately 6,000 or 7,000
each month, as compared with the corresponding month of the previous
year. It was the feeling of the management that a transfer at Diagonal
Street or some other subway station on the Long Island side of the East
River would provide immediate relief. To date, however, the railroad
has secured little co-operation in the furtherance of such a plan.
The management has also proposed plans to the city for taking over such
parts of its system as could be advantageously used in the extension of the
city's present rapid transit lines, so as to give the residents the immediate
benefits of transit lines and service similar to those enjoyed by other sections of the city. Reference is made particularly to the Whitestone Branch,
where orders have been issued for the elimination of grade crossings running into several million dollars that will add a further burden to an unproductive line, the operation of which continues to present a serious problem. Proceedings have been instituted looking toward the abandonment
of this branch because it is unproductive, and the proposed expenditures
to eliminate grade crossings would be a waste of the moneys of the company,
the city and the State. If the railroad is successful in these proceedings,
it can reasonably be expected that in addition to those now existing, other
means of transportation will be provided, without serious detriment to the
locality affected and produce a great amount of relief to this company,
which will enable it better to fulfill Its duties on other parts of the railroad
_
JUNE 8 1929.]
FINANCIAL CHRONICLE
where additional service is urgently required. The company will, of course,
be glad to co-operate with those interested in bringing the matter to a satisfactory conclusion.
In previous annual reports attention has been called to the necessity of
financing future capital expenditures by stock instead of bonds. The proportion of debt to stock has been so great, and the returns earned on the
investment have been so small, that company has been unable to obtain
adequate funds on its own credit. In consequence, the company was
obliged to rely on the Pennsylvania RR., which, by guaranteeing the securities of the Long Island RR.and by direct loans, has been, in effect, the
sole financial support of the Long Island RR. for more than a quarter of a
century. During that period the Long Island RR. has expended about
$100,000,000 Si property acquisitions and improvements, but was able to
declare only two cash dividends. For all of those expenditures the Pennsylvania RE. has been either the guarantor or the direct lender, and at this
very time your company owes it nearly $13,500,000.
During 1923 a be:Inning was made in reducing the proportion of debt to
stock by issuing $5.883.856 of stock, as above explained, and the present
ratio is 64.2% of debt and 35.8% of stock; but a still further increase of
stock is imperative in order to pay off the unfunded debt already incurred
and provide for further capital outlays for improvements.
In the last five years alone over $32,000,000 were expended for improvements on the Long Island
and the necessity for continuing large
expenditures for railroad improvements to increase the service and prevent
RR.,
the overcrowding of trains and facilities, and for grade crossing eliminations, as fully outlined in the 1926 annual report, is very apparent. Just
as an illustration of one of the important expenditures confronting the company,orders were served during the year by the Public Service and Transit
commissions for the abolition of grade crossings which, according to preliminary estimates, will cost almost $8,000,000,as the company's proportion
of such work. This, in addition to the large program of grade crossing
work previously ordered by the Commissions, which has been undertaken
by the company, and for which several additional millions of dollars will
be required. It is evident that the earnings and surplus must continue to
improve to an extent sufficient to place the company's credit on a sound
basis and offset the many years of grossly inadequate returns.
It is important to again point out that the Long Island RR., with the
financial assistance of the Pennsylvania RR., has been able, during a long
period of financial disability, to so improve and expand its service that
since 1901 its passenger miles show an increase of 795% and its ton miles an
increase of 326%. In 1928 the public service performed was equivalent to
carrying one passenger a distance of over 1% billion miles. and to moving
one ton offreight a distance of over 180 million miles. This service emphasizes the importance of this railroad to the prosperity of Long Island, in
the development of which it has played such a conspicuous part, not only
in the public service performed, but also through large annual disbursements for improvements and operating and maintenance expenses. These
outlays during 1928 amounted to about $34.500.000 for fuel, materials and
supplies,improvement work, wages.taxes and other items.
Those who have lived on Long Island during the past 27 years will appreciate the important part played by the Long Island RR.in the phenomenal growth of population and wealth during that time, while the service
rendered and the large expenditures made during that period prove beyond
a doubt that the Long Island RR.played its part without receiving anything
like an adequate return on its investment, or compensation for its services.
Itseems to be indisputable that company is justly entitled to derive for itself
something more in the way of adequate returns.
Great as have been the expansion of the property of the Long Island RR.
and the increase and betterment in its service, the expenditure of money
for additions and expansions has by no means come to an end for the very
reason that the population and business of the Island are still expanding
and the railroad must grow with them. In addition, the increasingly dense
population necessitates the expenditure of huge sums for the elimination of
grade crossings. In order to create credit for obtaining money for all this
work, the railroad must be able to increase its net revenues in proportion.
It needs also to be permitted to decrease its expenses by eliminating portions of its line and service in localities where the public finds other handier
means of transportation,such as motor cars, buses and rapid transit lines.
It needs the help and good will of the residents and business men of Long
Island to accomplish all of this, which will benefit them in even greater
extent that it benefits the railroad. The directors believe that there are
already signs and indications of an increasing desire and will on the part
of the business men and other residents of Long Island to work in co-operation with the company on the theory of fair play, and with the certainty
that the greater the co-operation the greater will be the benefit both to
themselves and the railroad.
3821
GENERAL BALANCE SHEET DEC.31.
1928.
1927.
1928.
Assets$
$
Road & equip_131,747,689 129,519,782 Capital stock- 39,994,106
Depos. In lieu of
Funded debt(see
mtg.Prop.sold
413,831
195,913 "Ry. & Ind."
Misc.phys.prop_
401,324
Compendium) 48,861,100
458.506
Inv. In MM.cos.:
Equip.tr. obllg's 8,842,000
Stocks
205,003
205,004 Rear est. mtges612,400
Bonds
150,000
231,088 Non-negot. debt
Notes
812,711
809,854
to still. cos.__ 13,465,181
Advances.._...
4
5 Acc'ts & wages_ 1,312,107
Other Investls..
422,902 Tref &c., bats_ 1,730,939
445,343
Cash
2.482,080 1,358,960 Matured Interest
108,006
Special deposits_
241,118 Funded debt ma158,025
Traffic. &c.,bal.
99,609
83,875 tured, unpaid
101,735
Agents & cond'rs 1.124,616
980,498 Accrued Interest
mat'ls& awl_ _ 1,071,167 2,197,094
and rents....
734,834
Int., diva., &c.,
Miscellaneous __ 1,223,229
receivable
21,684
18,991 0th.cur.Habil_
Miscellaneous
680,325 Tax liability__
916,970
909,815
0th. curr. assets
43,003 Insur., &c.. res.
68
431,043
Unadj. debits
1,159,495 1,291,449 Acer'd deprec-- 9.730,347
Deferred assets_
629,122 Other unadjust.
698,293
accounts
1,277,098
Derd liabilities_
466,838
AcUrns to prop.
thr.Inc.&sur.
835.661
Divs. payable
2,399,640
P.& L.balance_ 8,869,975
Total
141,906,057 139.370.350
-V. 128. p. 3182.
Total
1927.
34,110,250
48,861.100
11,479.986
757,900
11.266,448
1,992,459
1.775.710
4,222,183
1.634,416
831.266
1,955,743
13,850
878,746
353.873
9,187.692
1,189,277
577.521
937.818
1,364.410
5.979,699
141,906,057 139,370,350
Missouri
-Kansas-Texas Railroad Co.
(Annual Report-Year Ended Dec. 31 1928.)
The remarks of President C. Haile, together with comparative income account and balance sheet and other
tables will be found under "Reports and Documents" on
subsequent pages. Our comparative income account and
balance sheet were published in V. 128, p. 1719.
COMMODITIES CARRIED FOR YEARS ENDED DEC. 31.
(All in tons). Agriculture. Animals.
Mines.
Forests. Itf.frs.,&C.
1928
2,652,395 425,051
3,510,639 413,578 6.267.984
1927
2,601,248 470.640 3.362,358 418,855 5.834,914
1926
2,798,659 441,172
3,253,885 467.196 5,770.771
1925
2,548,659 489,401
3,406,091
522,917 5,824,403
1924
2,398,899 570.705 3.221.205 573.312 5,213.993
1923
1,943.514 619,067 2,965.940 653,725 5,048,986
1922
1,895,923 516,412 3.100,008 673,443 4.659,761
1921
2,472.928 438,274 3,265,018 656,272 4,583,827
1920
2,293,846 552.512 3.871,630 844.611
5,789.868
1919
2.463,314 719,028 4,837,662 975.020 4,313.923
1918
2,685,712 704.985 4,510,078 897,862 4,077,230
1917
2,329.886 693.115 4.624.013 944.994
4.218.965
GENERAL STATISTICS FOR YEARS ENDED DEC. 31.
1928.
1927.
1926.
1925.
Average miles operated3,189
3.189
3.189
3.189
Passengers carried
1.311,461
1,668.487 2,042,902 2,373,819
Pass.carried one mile_ _ _205.043,884 237,134,738 264,989,971 279,287,233
Revenue pass. per mile
3.30 cts.
3.29 eta.
3.27 cts.
3.34 cts.
Revenue tons carried_
13,269,647 12.688,015 12,731,683 12,701.471
do 1 mile (000 omit.) 3,636,216 3,379,653 3,432.551
3,317.094
Rev. per ton per mile_
1.20 cts.
1.30 cts.
1.31 cts.
1.32 cts.
Rev, per mile of road
$17,735
$17.620
$18,222
$18.031
-V.128, p. 1719.
-San Francisco Railway Co.
St. Louis
(Annual Report
-Year Ended Dec. 31 1928.)
The joint remarks of President J. M. Kurn and Chairman
E. N. Brown, together with the income account and comparative balance sheet, will be found under "Reports and
Documents" on subsequent pages.
TRAFFIC STATISTICS, YEARS ENDING DEC. 31.
1927.
1926.
1928.
1925.
Mileage operated
359
401
359
397
No.of pass. carried
112,546,591 111,653.333 104,794,222 100.922,813
No. pass. car'd 1 mile
1779447945 1739657951 1637595920 157333016
Aver,rev. fr. each pass. 23.5 cts.
23.6 cts.
24.1 cts.
23.9 cts.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Av.rev, per pass. p. mile 1.487 cts. 1.515 cts. 1.543 cts. 1.536 cts.
Revenue tons carried_ 8,984,079 8,991.603 9,038,716
1928.
1927.
8.016.763
1926.
1925.
Rev,tons car'd 1 mile-180,095.174 176,641.741 181,574,690 163,293.728 No.of passengers carried 3,325,235 4,304,622
5,159,506
6.270,832
Aver.rev. per ton
81.32
$1.29
$1.29
$1.32 Pass. carried one mile-345.543,752 412,801,197 461,809.928 496,536.347
Av.rev. p. ton p. mile- 6.444 cts. 6.712 cts. 6 422 cts. 6.493 cts. Revenue per pass. mile3.41 cts.
3.48 cts.
3.43 eta.
3.48 cm.
Freight moved (tons)--- 25,518,196 25,686,298 26,317,707 26,007,191
Tons moved one mile___4,974776229 5005493,369 5138685,394 5116999,558
OPERATING RESULTS FOR CALENDAR YEARS.
Revenue per ton mile-1.36 cts.
1.35 cts
1.40 cts.
1.38 cts
Revenue per train mile__
36.468
36.802
Revenues$6.876
1928.
$6326
1927.
1926. .
1925.
Freight
$11.605.106 $11,856,835 $11.661,080 $10,603,283 Revenue per mile of road $11,859.80 $12,169.61 $12.794.25 $13.048.86
Passenger
26.460.390 26.357,289 25,273.802 24.162,883
The usual comparative income account and comparative
Mail, express, &c
2,467.075 2.672,455 2,713,656
2.103,126
balance sheet as of Dec. 31 1928 were published in V. 128,
Total oper.revenues $40,532,572 $40,886,580 $39.648.538 $36.869.292 p. 1545.
Operating ExpensesMaint of way & struc
Maint. of equipment
Traffic expenses
Transportation
Miscell. operations
General
Transp.for inv.-Cr_
International Mercantile Marine Co.
$5,281,376 $5.510,8.01 $5,045.573 $5.446,210
5,649.517 6.271.391
6,360,022 6.166,480
(Annual Report-Year Ended Dec. 31 1928.)
395.813
407,722
379.330
294,110
16,117.641 16,807.793 16.159.406 14,099,458
President P. A. S. Franklin, under date of May 28 1929,
34.145
132,501
111.826
130.148
959.261
984.860
963,225
853,143 says in substance:
3.397
3,103
11,789
Results.
-The net result of operating the company and subsidiaries
17.517
(American Line, Red Star Line, Atlantic Transport Line, Panama Pacific
Operating expenses--$28.434.357 $30,111,965 829,007,592 $26.972,032 Line and Leyland Line)for 1928 shows a profit of 81,205.250
after deducting
12.098,215 10.774.615 10.640.946 9,897,260 depreciation, as compared with a profit of $561,054
Net earnings
for 1927.
Uncollectible revenues...
18.870
46.279
8.147
The details are as follows:
25.226
2.688.836 2,472,139 2.151,527 2.185.164
Railway tax accruals
1928.
1927
Gross results, incl. insur,fund profits & misc.cred-834,760.468 $35,840.718
$9,390.508 $8.256,197 $8.481,272 $7.686,930 Operating and general expenses, miscellaneous
Operating income
510,562
Hire ofequipment
822.541
1.356.309
charges, including income tax
749.022
29,496.964 31,192,544
Joint. facii. rents (net)
1,337,487
1,271.077
1.292.733
361,037
Net result before providing Int. on I.M.M. Co.
Net ry. oper. Income- $7,542,459 $6.162.578 $5.832.230 36.576.870
predation on steamers
bonds and d
85,263.504 84.648,174
Non-oper. income
834,258
773.232
.790,783
629,518 I.M.M. Co. bond Interest
1.385.578
1.653.984
Gress income
$8.376.717 $6.935.810 $6.623.013 $7.206.388
Surplus before depreciation
83.877,926 $2.994,190
Depreciation on steamers
2.672.675
2.433.136
Deduct
Net result
60,000
60,001
Rents for leased roads
81.205.250
60,001
8561.054
104,084
Miscellaneous rents.._.._
226,529
226.195
The above figures include transfers from,subsidiary company reserves
217,104
168,496
21,828
Miscell. tax accruals
26.602
12.610
22.553 set up against contingencies which no logger exist, amounting in the year
3.250,133 3,177,960 3,055.359 2.624.828 1927 to $1,382.250 and in the year 1928 to $1.824,032.
Int. on funded debt
92.477
120.974
Int. on unfunded debt
The earnings of International Mercantile Marine Co. (parent company)
104.430
415,436
43,094
Miscellaneous charges
50,806
29,877
31.345 for 1928, including dividends from its subsidiary companies out of their
surplus for the year 1928 and prior thereto and from the operation of directly
84,682,656 $3,273,273 83.143,633 83.839,646 owned steamers,show $1.663,106 as below after deducting all expenses and
Net income
Div. appropriation--(670)2.399,640 (4)1364,410
bend interest. For comparison the 1927 figures are also shown:
920
Approp.for sink.fd.,&c•
752
1928.
1927.
Total net earnings of I.M.M. Co. plus dividends
$2,282.096 $1,908.110 83.143.633 83.839.646
Balance
from subsidiary companies after deducting taxes
Profit and loss, credit
5.979,699 3,970,116
810.153 deb1,006.826
and general expenses
$3,048.684 $2.631,481
-Net cred. during
Add
I.M.M.Co. bond interest
1,385.578
1.653.984
608,179
101.473
year
16,330Dra2022,668
Surplus
$1.663,106
3977.496
Amount to credit of prof
Cash Position.-The cash position of the company Is very satisfactory.
$8.869.975 $5,979,698 /
and loss
$3,970.116
$810,153 as shown by the balance sheet Included herein.
a Chiefly writing off losses incurred in connection with the Long Island
Oullook.-The earnings so far for 1929 are somewhat better than for the
-Consolidated Electrical Cos., New York & Long Island Traction, Stc.
corresponding period last year and the outlook is more encouraging.
3822
FINANCIAL CHRONICLE
-The SS. Virginia of 20 773 gross tons, the largest passenNew Steamers.
ger and freight steamer ever constructed in the United States, was delivered
to company on Nov. 26 1928 and placed in the Panama Pacific service.
operating between New York and California. through the Panama Canal,
in conjunction with the California and Mongolia, where a satisfactory and
profitable service is being operated.
The third new steamer for this service is now under construction at the
Newport News yard. to be named Pennsylvania, and will be delivered in
time to take her place in the service sailing from New York Oct. 19 of this
year, which will result in the 3 new magnificent steamers operating in a
regular fortnightly service on this most attractive and interesting route.
Tax AdJustment.-Directors are pleased to report that satisfactory progress has been made in adjusting some of the United States tax matters, and
this has enabled the co. to adjust the reserves set aside for this purpose.
Recapitalization Plan.
-Directors In a letter dated May 2 1929 placed
oefore you a recapitalization plan which, if adopted, would be greatly to
the benefit of the stockholders and improve the position of the company
for future development and growth, and, therefor, the directors recommend the shareholders voting In favor of the plan.
Tonnage.
-During 1928 and first half of 1929 the following steamers.
being no longer useful in any of the company's services, were sold on satisfactory terms: Manchuria, 23 years old: Devonian, 26 years old: Winlfredian, 30 years old.
These steamers were sold at prices in excess of their book values.
COMBINED EARNINGS OF THE COMPANY AND SUBSIDIARIES'
1925.
1926.
1927.
1928.
Calendar YearsGross voyage earns.. oth.
income & misc. credits $34,290,961 $35.252,190 $73,418,927 $75,141,133
Oper. & gen. expenses
taxes & misc. Interest_ 29,249,239 31,094,894 68,334,013 69,460,451
Net earnings
Fixed charges
$5.041,722 $4,157,296 55.084.914 $5,680,683
2,511,395
2,45O.051
1,751,634
1.633,304
$3,408.418 $2,405,661 $2.634.862 $3,169,288
Profit before deprec
def29,355,865 17,147,068 19,552,622 22,039,440
Previous surplus
det$25.947.447 $19,552,729 522,187.484 $25,208,728
Total '
5,656,105
5.040,416
2.433,136
-Depreciation__ 2,672.675
Deduct
Sur, as of bal.sheet def$28,620,122 $17,119.593 $17,147,069 $19,552,622
The foregoing includes the earnings from operations, viz.: American.
Red Star. Atlantic Transport, Panama Pacific and Leyland Lines, together
with dividends received from partly owned companies, also White Star for
the years 1924. 1925 and 1926.
CONSOL. BALANCE SHEET DEC. 31 (Including Constituent Companies)'
[American, Red Star. Atlantic Transport, Panama Pacific and Leyland
Lines: also White Star for 1924, 1925 and 1926.1
1926.
1925.
1927.
1928.
$
$
$
$
Assets52,522,555 47,464,413 168,687,688 170,657,927
*Cost of properties
6.662.807 6.757,796
1,667,956
1,663,678
Investments
34.230,442 34,230,442
Good-will
20,647,500 23,017.500
Cash from sale of prop
3,000,000
Call loans
674.543
674,543
Bills receiv. and loans117.351
74.822
Int. recely. and accrued
U.S.& Brit. Govt.sec- - 11.415.435 14,635,503
Securities deposited for
1,988,170
537,500
invest. in new tonnage
3,520,597
7.971,527
5,041,471
Cash (on hand, &c.)---- 5.032,105
5,912,476
4,484,433
2.043.560
Accts., &c.. receivable-- 3,364,123
609,895
539,849
367,431
247,973
Agency balances
2,022,868
2,028,787
Advances to affiliated co
205,620 18,886,504 17,310,209
221,957
Marketable stks. & bds_
1,524,738
1.309,375
438,272
470,512
Inventories
2,174.567 4,957,757 4.973,922
1,898.963
Deferred charges
28.620.122 d29,355,865
Deficit
Total
164,084.736
Liabilities
51,725,000
Preferred stock_a
49,871,800
Common stock_b
23,813
Capital stock of sub. co1st M.&coll.tr.6% bda-c 21,462,000
Deb. bonds of constituent co. held by public_
1,670,000
Loans on mortgage
Purch. money obllga'ns- 8,042,689
Loans, bills payable,&c- 1,891,922
3,652,928
Accounts payable
137,240
Agency balances
394.973
Interest accrued
2.626.705
Reserve for liabilities
Miscellaneous reserves- _ 11,867,565
3.785.928
Deferred credits
6,932,170
Insurance fund
Surplus
161,434,497 216.060.308 215,284,519
51,725,000 51,725,000 51,725,000
49,871,800 49,871.800 49,871,800
25,268
2.5.268
23,813
24,130.000 35,526.000 35.980,000
1.720.000
3,945,590
480,631
3.567,847
160,021
456,820
6,905,855
7,628,045
4.356,412
6.462,663
4,718,565
5,345,670
1,820,000
2.051,300
7.859,590 4.003,839
2.036,689
1.793.714
6,756,520 6.959,402
471.905
269,579
596,258
587,944
7,903.523 6,654,969
13,950,805 14,624,494
9,931.321 10,530,176
5,086,425
5.942,310
17,147,069 19,552.622
164,084,736 161,434,497 216,060.308 215,284,519
Total
*Balance at Dec. 31 1927. $82,912.312; additions during year less steamships and other property retired from service, 22,920,707. and deduct reserve for depreciation. $33,310.464; balance Dec. 31 1928. $52.522,555.
a After deducting $8,275,000 in treasury. b After deducting $19,128.200
in treasury. c Originally $40,000.000, less retired by sinking fund, $18,538,000; balance, $21,462,000. d Excess of book value of properties and
good-will of White Star Line over proceeds of sale written off. $46,475.460.
Less profit and loss surplus, $17,119,594, leaving balance deficit of $29,35.5,865.-V. 128. p. 3362.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
[VoL. 128.
elated by Congress, which instructed the Commission to prepare a tentative
plan. Professor Williamn Z. Ripley was then employed to study the matter.
and at the end of several years the report he made named the Monon as
one of the smaller roads that should go to the Baltimore & Ohio.
Some months ago, Mr. Willard said, he and his assistants decided that
It would be to the public interest to obtain the Commission's approval for
such a merger of roads, and that the opposition to the program, since
expressed by the officials of the Monon and of the Southern and the Louisville & Nashville roads, had never appeared before that time.
Commenting upon statements said to have been made by President
Harry Kurrie of the Monon that"the merger is intended only to make more
,
money for the owners, Mr. Willard said that "the idea of legalizing in
favor of consolidation ofrailroads into a limited number of groups originated
with Congress itself."
As to the likelihood of the State of Indiana being Injured by the merger.
Mr. Willard said tnat the Baltimore & Ohio spent $10,000,000 yearly in
Indiana, including $1,000,000 for taxes, as against $4,000,000 by the
Monon. With three main lines crossing the State, the main-line mileage
of the Baltimore & Ohio in Indiana, beadded, was almost equal to all
the lines of the Monon, including light branches.
Referring to the reported statement of President Kurrie that the merger
would close the principal shops of the Monon at Lafayette, Ind., President
Willard said that such fears were groundless and that "instead of the
work which is being done at Lafayette being reduced, it might well come
about that the work at this snop would be substantially increased" and
that "the engine repair work on what is now known as the Indianapolis
Division of the Baltimore & Ohio, some 300 miles long, could economically
be transferred to Lafayette or to Bloomington, depending, of course.
upon the relative efficiency and availability of the two places."
He said that only recently the Baltimore & Ohio had placed a $1,250,000
order for new passenger equipment at Hammond.
Mr. Willard did not agree with President Kurrie that the efforts to
-west and north-south
Include the Monon reflected a "fight" between east
railroads, but declared that "there is and always will be, a healtny. active
and proper competition between shippers, between railway companies and
between ports interested in the same commodities or activities, and such
competition is recognized in the law and so far as I know, no one seeks
to fuppress it,
,
141 en you consider that for more than 30 years," concluded Mr. Willard,
"the Monon has maintained a joint through service with the Baltimore &
Ohio between Cincinnati and Chicago, and with no other company, so far
as I know, has the Monon ever maintained joint service anywhere, and if
you consider he reasons stated by Professor Ripley in support of his
recommendation that the Monon should be put with the Baltimore & Ohio
system, I think it must be conceded that the Monon fits in with the Baltimore & Ohio better than with any other system north of the Ohio River
with which it might be merged."
-V. 128. p. 2800,3677.
Central Vermont Ry.-Road To Be Sold.
Notice was served upon the company June 3 by Charles D. Watson.
special master appointed by the United States District Court to conduct
such sale, that the property will be sold at public auction at the main
entrance of the passenger station at St. Albans, Vt. July 29.
The notice recites a final decree of foreclosure which was made on May
13, and which provides that the company must pay on or before May 23.
1929, enough money to retire the mortgage bonds and accrued interest, or
the property will be sold. The failure of the company to make that payment
has resulted in the notice of sale as provided by the decree of foreclosure.
The company has been in receivership with George A. Gaston, of New
York. and J. W. Redmond, of Newport, as receivers since Dec. 12 1927,
following the disastrous Vermont flood which did damage estimated at
more than $2,600,000 to the property.
Authority to form a new Vermont company has been obtained from the
Vermont Legislature. The stocks and bonds of this new company, the
Legislature agreed, may be owned by the Canadian National Rya. and the
same relations as existed between the company now in receivership and the
Canadian National may be maintained, under provisions of the legislation.
brates the ne. 12 mpan7y 3
vw c0, p 2 w
.hich will be formed under the general laws of the
8
-Stock Increased.
(The) Chesapeake Corp.
The stockholders on June 3 increased the authorized capital stock from
is now
900,000 shares of common stock, without par value (all of whichwithout
uedae d outstanding) 2,2,. 30 7. shares of common stock,
valun
04
8
t0 p 5 3.000
aisuv
par
See
Chicago
Eastern Illinois Ry.-New Director.-
&
Drysdale o 76qew York has been elected a director to fill
8
i
Dty, p 3 f /.
-v.
vacancy.
-Earnings.Denver & Salt Lake Railway Co.
Calendaryearv_
1928.
Revenues
a
1927.
FrOeigpehrtating
P
Passenger
Mail
Express
All other
$3,540,316 $3,546.551
305,165
254,472
18 83
142158
82.527
48,323
97.328
86,024
Total operating revenues
Operating Expenses
Maintenance of way & structures
Maintenance ofequipment
Traffic
Transportation
General
Transportation for investment-cr
$4,011,663 84.110.286
Total operating expenses
Netoperating revenue
Tax accruals
Uncollectible revenue
Hire ofequipment
-net
$2,536,122 $3,375502
$734,784
$1,475,341
87,730
131,570
1,005
129
Cr.33,858
84,269
Netrailway operating income
Other Income
Miscellaneous rent income
Incomefrom funded securities
Incomefrom unfunded securities ac accounts
$1,428,412
$679,907
7,018
99,843
19,215
5,723
58.631
24,388
$824,448 $1,108,933
1,217,467
902,749
21,636
22,995
919,422
687,738
122,320
129,486
14,276
31,094
House Votes Mail Pay Fund.-The House May 31 passed the Wood Bill
to appropriate $52,000.000 for additional compensation to railroads for
$768,649
$1,554,489
Total operating & other income
transportation of the mails in accordance with increased rates fixed by
Deductions
-N. Y. "Times," June 1,_p. 29.
-S. C. Commission.
the I.
292,209
& Rio Grande Rentfor leased roads: Moffat Tunnel
-Denver
Denver & Rio Grande Western Increase Wages.
1,500
51,730
Western RR. has increased wages in its car and locomotive departments Northwestern Terminal RR.Co
•108
151
Miscellaneous rents
over its system. The raise will increase the conmany's payroll approxi- Interest on
138,500
150,000
mortgage bonds_ _ - funded debt: First
495,000
mately $275,000 a meal.-Wall Street "Journal, June 5, p. 24.
660,000
Income
Pullman Co. Grants Wage Increase.-Pullman Co. granted increase of $5 Interestmortgage bonds
824
934
on unfunded debt
-Boston "News Bureau." Juno 7,p.6.
844
a month to 12,000 porters and maids.
7,691
Miscellaneous income charges
-Class 1 railroads on May 23 had 216,313 surplus
Surplus Freight Cars.
$636,774
$1,162,716
Total deductions
freight cars in good repair and immediately available for service, the car
$131,875
3391,773
service division of the American Railway .Association announced. This Netincome balance transferred to profit & loss_ _ _ _
was an increase of 6,113 cars compared with May 15, at which time there -V. 127, p. 104.
Surplus coal cars on May 23 total 65,782, an Increase
were 210,200 cars.
-Equipment Trust.
of 246 cars within approximately a week while surplus box cars totaled
Chicago & Illinois Western RR.
105.456, an increase of 5,043 for the same period. Reports also showed
The LS. Commerce Commission on May 8 authorized the company to
25,477 surplus stock cars, an increase of 363 cars over the number reported assume obligation and liability in respect of $500,000 equipment trust
on May 15, while surplus refrigerator cars totaled 13,387. an increase of certificates, to be issued by John H. Gulick, trustee, under an agreement
656 for the same period.
to be dated May 11929, and sold to the highest bidder upon competitive
in connection with the pro- bidding, of at not
Akron Canton & Youngstown Ry.-Final Valuation.on curementbut certain less than par and diva.,
equipment.
-S. C. Commission has placed a final valuation of 11,731.354
The I.
The report of the commission says in part:
the owned and used property of the company, as of June 30 1918.-V.
John H. Guile, as trustee, will purchase the equipment and enter into
Gas
126. p. 2638.
an ageement with the Commonwealth Subsidiary Corp., the Peoplespart,
first
Subsidiary Corp. and the Illinois Central RR., parties] of the equipment
-President Willard Defends and the applicant', creating the Chicago & Illinois Western RR.
Baltimore & Ohio RR.
trust of May 1 1929, and will lease the equipment to the applicant.
B. & 0.-Monon Plan-Denies Loss to Indiana.
Upon the request of the trustee at any time after execution of the agreeThe New York "Times" June 7, had the following:
part will advance to him ono-third
Pres. Daniel Willard explained June 6 in an address to the Hammond ment each of the parties of the first $50.000, or multiples thereof, as he
included the Chicago, of $500,000, each to pay one-third of
Chamber of Commerce why his corporation had
Upon the receipt of such payments the
ie
Indianapolis & Louisville RR. generally known as the "Monon," in its may from time to time request. such parties of the first part Chicago &
-S. C. Commission trustee will execute and deliver to
rynselidation plan which was filed with the I.
b
agiruaco
Illinois Western RR. equipment turst of May 1 1929, certificates in an
amount of the advances received
He pointed out that the general policy of combining the railroads of aggregate principal amount equal to the a part of the cost of the equip:
systems had been min- Out of these advances the turstee will pay
the country into a limited number of large, strong
r
JUNE 8 1929.]
3823
FINANCIAL CHRONICLE
ment delivered to it. The remainder of the purchase,price will be paid by
the trustee from,the advance rental payable under the terms of the lease.
The certificated will be in the denomination of $16,666.66 2-3, payable
to bearer and registerable as to principal and interest, will be numbered
from 1 to 30, inclusive, will provide for the payment of dividends at the
rate of 5% per annum, payable semi-annually on Nov. 1 and May 1.
and will mature serially in amounts of $50,000 on May 1 and Nov. 1 in
each of the years 1932 to 1936, inclusive.
The applicant states that unless the certificates are ordered sold on
competitive bidding, the parties of the first part to the agreement have
agreed to accept them, at par, in principal amount equal to the advances
made by them. If sold to others, the parties of the first part will accept
repayment of their respective advances, with interest to date of such sale.
out of the proceeds received. In view of the community of interest which
exists between the applicant and the parties of the first part, which own
or control all of the applicant's capital stock, our order herein will require
the certificates to be offered for sale through competitive bidding, in
accordance with the procedure prescribed by our order in Ex Parts No. 54,
56 I. C. C. 847,such sale to be made to the highest bidder, but at not less
-V. 124, p. 2743.
than par and accrued dividends.
Clinton-Oklahoma-Western RR. of Texas.
-Bonds.
The I.
-S. C. Commission on Mar. 9 authorized the company to issue
one first-mortgage 6% gold bond, series A. for $2,000,000, to be delivered
at par to the Atchison Topeka & Santa Fe Railway in satisfaction of an
equal amount.ofsindebtedness to that company.
Illinois Central RR.
-Equipment Trusts.
The I.
-S. C. Commission on Mar. 6 authorized the company to assume
obligation and liability in respect of $6,990,000 equipment-trust certificates,
series P. See offering in V. 128. p. 3182. .
International Railways of Central America.-Roads
of Central America To Merge-New Link Ready in July Will
Give Salvador Quick Access to the Atlantic.
The railroads of Guatemala and Salvador, the largest transportation
enterprise operated by Americans outside the United States, are about
to be welded into one great system comprising over 800 miles of main
track and representing an investment of $80.000,000, according to an
announcement made by Fred Lavis, President of the International By,.
of Central America. An 80
-mile stretch of new road, to cost $12.000,000,
linking the systems of these two countries and thereby giving the entire
Republic of Salvador an outlet to the Atlantic Ocean, is nearly completed
and will be opened early in July.
The forging of this link is heralded as the most important economic
development in Central America since the opening of the Panama Canal.
International Rya. of Central America will become the only system in
Central or South American owned and operated by one company, the lines
of which not only cross the border into another country but operate throughout the two countries. Students of Central American affairs attach no
little importance politically to the establishment of rail communications
between Guatemala and Salvador.
Mr. Lavls stated that a saving oi from 7 to 15 days in the transportation
of goods from the Pacific Coast of Salvador to the North American and
European markets will be effected by the all-rail route to the Atlantic
at Puerto Barrios. This is significant because the main product of the
Pacific seabord-coffee-is the largest contributor to the wealth of Salvador
and Guatemala. A similar saving in time will be realized on manufactured
goods and other imports coming into Salvador through Puerto Barrios,
a land-locked harbor equipped with a modern pier with facilities for loading
and unloading vessels. These facilities are owned and operated by the
International Rya.
It was just 25 years ago that a group of American capitalists headed
by Minor C. Keith acquired from the Guatemalan Government a concession to the 130
-mile stretch of little-used track from Puerto Barrios to
El Rancho. Three years later the road was extended to Guatemala City
and the way was thus opened for the development of a profitaele line of
freight. In time the United Fruit Co., in the development of which Mr.
Keith played an important part, went in for extensive cultivation of
bananas along this route, thus creating a profitable and steady source of
Income for the railroad.
In recent years the two systems have been producing a rapidly increasing
Income, realizing an operating ratio which compares favorably with the
best systems in the United States. With the whole mileage owned by
the International Rys. operating as a well co-ordinated system beginning
in July, the management looks for an unusual acceleration in the growth
of traffic and income.
-V. 128. P. 3179.
Kansas City Mexico & Orient Ry. Co. of Texas.
Construction of Line.
-
The corporation will have the advantage of entering the securities market at a time of much lower security prices than those which prevailed a
shorttime ago. It is understood that, without lasing sight of possible
benefit to Pennsylvania RR. stockholders, which is the primary reason for
forming the corporation, it intends to invest its funds in much the same
manner as other conservative investment organizations, that is, in income
producing securities of other corporations. However, the larger field entered into by similar corporations will not be overlooked and, therefore,
investments undoubtedly will be made in enterprises which have active
and experienced managements, and from which future profitable returns
are expected.
-Response by stockholders
Basis for Response of Railroad Stockholders.
and employe a of thePennsylvania RR. to the offering of the stock of the
new Pennroad Corp. is largely based on the calibre of the men who make
up its directorate and management, and the success of the various organizations with which they have been identified, which augurs well for the
successful development of the new investment company.
Stock list committee of the Philadelphia Stock Exchange rules that contracts in Pennroad Corp. voting trust certificates for common stock (when,
as and if issued) will become due and settled June 5.-V. 128, p. 2988.
-Plans Fight To Hold Stock.
Pennsylvania RR.
The following is taken from the "Wall Street Journal" June 6:
Pennsylvania RR. has no intention of disposing of its stock holdings in
the Wabash Ry. and the Lehigh Valley RR., despite the citation of the
L-S. C. Commission ordering it to show cause why it should not divest
these holdings, which Commission's anti-trust complaint charges are in
violation of the Clayton Act.
Position of the Pennsylvania was stated in correspondence with the
Commission incident to the potsponement of the hearing upon the complaint from June 24 to early next fall. At the request of C. B. Heiseman.
•V.-Pres. & Gen. Counsel of the road, Commissioner Clyde B. Atchison
and Director Thomas P. Healy of the Bureau of Inquiry agreed to defer
the hearing upon the Commission's complaint until the fall. The parties
will confer again early in September with a view to fixing a date for the
hearing soon thereafter.
The stock involved in the anti-trust proceedings is in the possession of
the Pennsylvania Co.a non-operating subsidiary of the Pennsylvania
RR.,which also was nained as a respondent in the Commission's complaint.
The stock also is unpledged and its status will be maintained pending
determination of the case, which precludes transfer to Pennroad Corp.
In a letter to Commissioner Atchison, Mr. Heiseman declared:
"As I told you and Mr. Healy, we have had and have no intention of
disposing of the stock in question to any other company or person. The
stock is in possession of Pennsylvania Co. and is unpleciged. The status
quo will be maintained pending the determination of our rights in the
premises."
The statement of Mr. Heiseman is the first definite pronouncement of the
Pennsylvania's attitude on the anti-trust prosecution against it because
of its stock control of Wabash and Lehigh Valley, which were obtained
without the sanction of the Commission. It is taken as an indication that
the Pennsylvania will vigorously contest the order to divert its holdings
of these stocks which is likely to be the ultimate outcome of the case.
Responsible officials of the Pennsylvania have informally told members
of the Commission of their intention to contest such a verdict to the extent
of carrying an appeal to the U. S. Supreme Court if necessary. The
Commission, on the other hand, is known to be firm in its insistence that
the holdings are in violation of the Clayton Anti-trust Act since both the
Wabash and Lehigh Valley are substantial competitors of the Pennsylvania
A finding that such is the case can enly result in an order to divest the
-V. 128, p. 3348.
stock.
-Earnings.
Peoria & Pekin Union Ry. Co.
1925.
1926.
1927.
1928.
Calendar Years$1,859,304 $1,773,839 $1,869,476
Railway oper.revenue -- $1,907,171
1,411,642
1,323,244
1,369,442
Railway oper.expenses _ 1,391,348
Net rev.from oper.___
Tax accruals & uncollectibia railway revenue._
Non-operating income....
$515,823
$489,862
$450,595
$457,833
233,984
306,871
254,974
312,003
236.115
334,896
240,000
340,674
come
Deductlons
$588,709
210,730
$546.892
227,103
$549,375
212,140
$558,507
242,494'
Net income
Dividends paid
$377,979
51,000
$819,788
51.000
$337,236
57,667
$316,013
Balance, surplus
-V. 126. p. 3293.
$326,979
$268,788
$279,569
4316.013
Grande Valley Ry.-Operation of
Port Isabel & Rio
The I.
-S. C. Commission on May 9 issued a certificate authorizing the
company to construct a line of railroad extending from a connection with Line.
its existing line at San Angelo in a gneral southerly direction to Sonora,
C. Commission on May 8 issued certificate authorizing the
The I.
approximately 65 miles, in Tom Green, Schleicher, and Sutton Counties, company-S. operate, in Inter-State and foreigna
commerce, a line of railroad
to
'ax. See also V. 128, p. 3678.
extending from Brownsville in a general northeasterly direction to Point
Isabel,a distance of 26.35 miles, all in Cameron County,Tex.
New York Chicago & St. Louis RR. Co.
-Acquisition.
The I.
-S. C. Commission on May 6 issued a certificate authorizing the
-Operation of Port
San Antonio Uvalde & Gulf RR.
company to acquire about 0.75 mile of tracks of the Elwood, Anderson &
Lapelle RR.,including a line from a point north of the plant of the American Railroad Facilities at Corpus Christi, Tex.
Sheet & Tin Plate Co. to a connection with the applicant's Lake Erie &
The 1.-S. C. Commission on May 7 issued a certificate authorizing the
Western division, about 0.4 mile in thecity of Elwood, Madison County, San Antonio, Uvalde & Gulf RR.,the St. Louis, Brownsville & Mexico RR..
Ind., and the operation by it of all the tracks formerly operated by the the Texas Mexican Ry., and
New Orleans RR. to operate the
Elwood. consisting of 1.412 miles of main track and 3.434 miles of side railroad properties under thethe Texas & of the Corpus Christi Terminal
jurisdiction
track, all in Madison County, Inel.-V. 128, p. 3678.
Tex.
-V. 126, p. 3113.
Association at Corpus Christi,
Owensboro-Rockport Bridge Co.
-Construction of Line.
-Extension of Line.
Sewell Valley RR.
The I.
-S. C. Commission on May 6 issued a certificate authorizing the
May 6 issued a certificate authorizing the
The L-S.
company to construct a line ofrailroad between Owensboro.Daviess County, company to C. Commission on
construct an extension of its Glencoe and Duo branch from a
KY.. and Rockport, Spencer County, Ind.. 12 miles.
point at or near Duo in a general northerly direction along Big Clear Creek.
for a
-Subscriptions to Stock from over 11,000 -V.distance of approximately 1.4 miles, all in Greenbrier County, W. Va.
Pennroad Corp.
124, p. 2117.
-The following
Stockholders of Pennsylvania RR. Received.
was issued June 2:
Although the time limit for subscribing to stock of the new Pennroad
Corp. is almost two weeks distant, subscriptions in substantial amount
already have been received by the corporation from over 11,000 stockholders
and employes of the Pennsylvania RR., to whom the purchase privilege
was given. Many larger holders of Pennsylvania RR.stock no doubt will
wait until nearer the final date before paying .their subscriptions. In the
light of past offerings of privileges to Pennsylvania RR. stockholders it is
expected that by closing day on June 14 the 5,800,000 shares which are
being offered at $15 per share, will have been subscribed for, placing $57,
000,000 cash In treasury of the corporation with which to begin operations.
It is interesting to note that the first subscription entered on its lists
by the corporation was from an employee of the Pennsylvania RR. who is
also a stockholder, living in Wilmington, Del. To that stockholder therefore, voting trust certificate No. 1 was mailed on May 31. The entire number of certificates sent out on that day was 1,700, representing approximately 23.000 shares of stock.
Pennroad Corp. has performed quite a clerical feat in that the delivery
of temporary negotiable voting trust certificates was started 10 days after
the mailing of full share and fractional warrants to the numer of no less than
222,000. This was done that subscribers might have possession of their certificates at the earliest possible date, and transfer offices were opened June
3 at 922 Commercial Trust Building, Philadelphia, Pa., and at 380 Seventh
Ave., New York City. The prompt issuance of voting trust certificates
and establishment of transfer facilities is all the.more impressive when it is
recalled that preparation of warrants evidencing the purchase privilege was
not started until May 10 and warrants mailed on May 21, letters being
addressed to allstockholders as well as employees of the Pennsylvania RR.
-New Rail Equipment.
Southern Pacific Co.
Orders for nearly $2,000,000 worth of new railway equipment, including
21 of the new type gas-electric cars and 15 main line chair cars, have just
been placed by this company with Eastern car builders, according to F. W.
Mall, general purchasing agent. The order for gas-electric cars includes
nine for the company's Pacific lines, eight for the Texas & Louisiana lines
and four for the Northwestern Pacific. The new equipment is expected to
be placed in service during the fall,said Mahl.-V. 128, p. 3680.
Tennessee Alabama & Georgia Ry.-New Owners.
The road, which runs from Gadsden, Ala., to Chattanooga, Tenn..
about 92 miles, is reported to have been purchased by a syndicate of capitalists under the direction of William H. Coverdale of the engineering firm
of Coverdale and Colpitts.-V. 123, p. 80.
-An
Texas & Pacific Ry.-Equipment Trusts Offered.
iswe of $2,685,000 43.% equip. trust certificates, series C is
being offered at prices to yield from 5.15% to 5.75% according to maturity by Harris Trust & Savings Bank, Chicago.
Issued under the Philadelphia plan.
Guaranteed unconditionally as to principal and dividends by endorsement thereon by the company. Dated June 1 1929; maturing in equal
anual installments of $179,000 each June 1 1930 to 1944, incl. Denom.
$1,000 c*. Principal and div. warrants (J. & D. 1) Payable in New York.
Bank of North America & Trust Co., New York, trustee.
The company is a part of the Missouri Pacific System and is controlled
a majority of its capital
by the
Corporation To Function Soon-With Receipt of $87,- stock. Missouri Pacific RR. through ownership ofSouthwest including the
Its lines serve an important section of the
000,000 Cash by June 14 Will Be Able To Enter Investment cities of New Orleans, Shreveport, Texarkana, Dallas, Forth Worth and
Paso.
-The following is from the Philadelphia "Financial ElThese certificates are to be issued against standard railway equipment
Field.
Journal":
costing approximately $3.580.000. This issue of equipment trust certifiSubscriptions by stockholders and employees of the Pennsylvania RR. cates thus represents 75% of the cost of the equipment.
The trust equipment will Consist of 1,000 steel underframe automobile
to the stock of the recently formed Pennroad Corp. are being received daily
-V.128, p. 3178.
and corporation will soon be in a position tofunction loan active way. Sub- box cars and 500 steel underframe stock cars.
scriptions to the new stock expire June 14 and with the $88.000,000 cash
Trinity Valley & Northern Ry.-Abandonment of Part
on subscriptions the directors will be able actively to
which will be received
of Line.enter the investment field.
f
3824
FINANCIAL CHRONICLE
The I.
-S. C. Commission on May 4 issued a certificate authorizing the
company to abandon as to Inter-State and foreign commerce,a part of a line
of railroad known as the Lumm District, which extends from Fullerton in a
northerly direction to Lumm,a distance of 12.2 miles, all In Liberty County,
Tex.
-V. 122. p. 1759.
PUBLIC UTILITIES.
All America Cables, Inc.
-Expansion.
-
Permission to establish wireless telephone and wireless telegraph stations
n Peru for point to point and international communications was granted
this corporation in a concession signed by President Legula and announced
on June 1. The concession renews the company's previous rights.
Under the terms of the concession, the corporation also is granted the
right to establish submarine cables for international telephone transmissions.
as well as to continue to use its submarine cables for transmission and reception of telegraph messages as it does at present. • It is specifically stated
that all or part of the lines that exist to-day, or which may be laid in the
future, may be used for telegraph and telephone communications or simultaneously for both.
The concession stipulates that within two years the corporation must
erect the stations necessary for wireless telegraph communications to the
United States, Spain, Argentina, Chile and Central America, and for wireless telephone communications to Spain with connections to other parts of
Europe and to Argentina, Chile, and the United States.
Wireless telephone and telegraph rights of the International Telephone &
Telegraph Corp. in South America were further extended, when, as announced June 5, a new concession was granted the All America Cables,
Inc.. an affiliated company, by the Government of Colombia. The contract, signed by Minister of Posts and Telegraphs, Jose Jesus Garcia and
W. J. Butterfield, All America Cables' manager at Bogota, authorizes
oonstruction of a radio station at Bogota and two additional coastal stations, one on the Atlantic and the other on the Pacific. The new concession, which is in addition to cable grants already held by the company,
Is for international wireless telephone as well as telegraph, a regular marine
service, both ship-to-shore and shore-to-ship, and communications to and
from airplanes. "Construction of the three stations stipulated In the
concession, will add to a growing network of wireless stations in South
America already built or in prospect, which will be supplemental to the
existing cable system of All America Cables," John L. Merrill, President
of All America Cables, stated. "All America Cables holds similar rights
in Ecuador and Peru. The Peruvian concession was signed by President
Legula June 1. These concessions of the All America Cables, combined
with those of radio companies previously affiliated with the International
System in Chile. Argentina, and Southern Brazil, gives International an
outstanding position in radio in South America.
By the middle of August, the International System expects the station at
Buenos Aires to start operation, linking the Argentine with Spain and the
rest of Europe by wireless telephone and wireless telegraph, and by the
first of next year the same station will be in communication with the United
States. The Buenos Aires station will serve as an international outlet
for all telephones of affiliated operating telephone companies in Uruguay,
the Argentine and Chile, now interconnected by telephone long line development and later the Chilean station will be opened for radio telephone
and telegraph connection with the rest of the world.
This corporation Is associated with the International Telephone & Telegraph Corp., which already has started construction of a chain of wireless
stations. The new concessions thus enlarge International's radio activities
In South America.
All America Cables owns and operates cables and connecting land lines
between North America. the West Indies, Central and South America.
and its system comprises more than 27,000 nautical miles of cables and
connecting land lines. Twenty-three countries and islands, and through
connecting companies, the entire world Is served by this system which is
Interconnected with the Commercial Cable Co. serving Europe, the Commercial Pacific Cable Co.. the Mackay Radio & Telegraph Co. and the
Postal Telegraph Co., which blankets the United States and Canada.
-V.
128, p. 2625.
American Cities Power & Light Corp.
-Larger Div.
The directors have declared a quarterly dividend on the class B stock
of 23 %, payable in class D stock on Aug. 1 to holders of record July 10
1929. On May 1. a dividend of 1% was paid on the class B stock.
President L. E. Kilmar stated that this dividend, which is at the rate
of 10% annually, was made possible by the highly satisfactory operations
of the company.
For the 3 months ended March 311929. the company reported $2,379,974 balance of earnings available for the class B stock. The balance sheet
as of May 31 1929, included investments, the market value of which aggregated $55,808,334. the unrealized market appreciation at that date
amounting to $14,586,920.-V. 128, p. 2268.
American Superpower Cor.-Merger Approved-Stock
Split-Up.
At meetings of4he stockholders of this corporation and of the Utility
Shares Corp. held June 4 the merger of these companies continuing under
the name of the American Superpower Corp. was unanimously approved.
The merger became effective as of June 5 1929.
Under the terms of the agreement of merger each holder of class A or
class B common stock of the American Superpower Corp. will be entitled
to 5 shares of the new common stock of the American Superpower Corp.
with full voting rights, and each holder of the common stock of the Utility
Shares Corp. will be entitled to one share of the new common stock of the
American Superpower Corp. Holders of the existing shares may exchange
the same for new certificates at the office of Central Hanover Bank & Trust
Co., 70 Broadway, New York City.
Rights Offered Amer. Superpower Corp. Corn. Stockholders.
The corporation is offering rights to common stockholders of record
June 18 to subscribe to the common stock of Commonwealth & Southern
Corp. at $15 a share on the basis of one share for each 10 shares of American
Superpower new common stock held. Rights will expire July 2.-V. 128.
p. 318:3.
[Vor.. 128.
Central Maine Power Co.
-Bonds Offered.
-Harris,
Forbes & Co. and Coffin & Burr, Inc., are offering an
additional issue of $1,500,000 1st & gen. mtge. gold bonds,
series D 5%,at 993 and int., yielding about 5.03%. Bonds
are dated July 1 1925 and are due July 1 1955.
Data from Letter of Walter S. Wyman, President of the Company.
Company.
-The company's hydro-electric plants, transmission and distribution lines serve 150 cities and towns and more than 400 industrial
establishments manufacturing over 150 different products in 13 of the 16
counties in Maine. The strength of the company's position, in a section
widely known for its textile, ruiner, shoe and shipbuilding industries, is
established by its ownership of 82,365 h.p. of developed water power and
its control of over 250,000 h.p. of undeveloped hydro-electric sites, located
on the principal power streams of the State. The hydro-electric installations are supplemented by a steam station of 10,000 h.p. capacity, owned
by the company, and the entire system is inter-connected by 853 miles of
transmission lines. The company also owns gas systems serving Rockland.
Waterville, Augusta, Gardiner and Bath.
Purpose.
-Proceeds of this issue will be used to reimburse the company
in part for the cost of additions and extensions made to its property.
apitalizattonAuthorized. Outstand 9.
Common stock
$5,000400 $2.500,000
Preferred stock
-6% cumulative
660,800
660,800
7% cumulative
14,339.200 11,708,700
Series stock ($6 dividend series)
5,000.000 2,608,400
First & gen. mtge. bonds
-Series B 6%.due 1942
811,500
Series C 5%%,due 1949
1,550,000
Series D 5%,due 1955 (including this issue)
9,750,000
Series E 4%.due 1957
2,000,000
First mortgage 5%,due 1939
4.295,000
Other divisional lien bonds
500,000
Earnings Year Ended April 30.
1928.
1929.
Gross earnings
$4,115,023 $4.538,716
Oper.exp.. incl. maint.& taxes, other than inc. tax- 1,509,350
1.615,560
Net earnings
$2.605,673 $2,923,156
Annual interest charges on $18,906,500 funded debt
951,190
Balance for reserves, income taxes, deprec. & dividends-- _ $1,971.966
Depreciation charge for 12 months ended April 30 1929 was $312,325.
Security.-Bonds are secured by a 1st mtge. on the electric, gas and railway properties in Rockland. Thomaston and Camden, together with
certain local distributing systems in other communities and on real estate
controlling valuable undeveloped water power sites, and also by a mortgage
on the entire remaining physical property of the company subject to $4.295,000 1st mtge. and $500,000 other divisional lien bonds.
-V.128. p.2087.
Columbus Electric & Power Co.-Pref. Stock Offered.
Fourth National Co., J. H. Hilsman & Co., Inc., Trust Co.
of Georgia, Citizens & Southern Co., Robinson-Humphrey
Co., Courts & Co. and Bell, Spaas & Co., Atlanta, Ga.,
are offering at 100 and div. $2,000,000 6% cumul. preferred
stock, series D.
Preferred as to assets and cumulative dividends of 607 per annum. Divs.
Payable Q.
-J. Initial div. will cover period from April 22 1929 to July 1.
Divs. free from normal Federal income tax. Red., all or part. at 110 and
dive. on proper notice by directors. Equally and ratably secured with all
other outstanding series of let pref. stocks. Transfer agents: Stone &
Webster and Blodget, Inc., Boston, and Columbus Bank & Trust Co.,
Columbus, Ga, Registrars: Old Colony Trust Co., Boston, and Fourth
National Bank of Columbus, Ga.
Capitalization (Outstanding upon Completion of Present Financing).
Bonds (including subsidiaries)
21Y50060:000
000
$11,760,000
Gold notes, due 1933
Preferred stock (including this issue)
8,500,000
Common stock (no par)
289.733.45 shill.
Company.-Incorp.in Georgia March 9 1886 as the Columbus RR.; name
changed June 1 1922 to the Columbus Electric & Power Co., at which time
substantial property acquisitions were made. Company and predecessors
have been under the executive management of Stone &'Webster for 29 years.
Company owns and operates electric and power, gas and city railway
Properties in the city of Columbus. Ga., and vicinity. Phoenix City, Ala.,
adjoining, is serviced with electric light and power and gas. The Columbus
Transportation Co., a subsidiary, operates the only bus lines in Columbus
and Phoenix City. Power is wholesaled in 16 communities.
Through stock ownership of the South Georgia Power Co., the company
Beryls a large section of southwest Georgia, wholesaling power in Albany
and Sylvester, and directly supplying electric light and power to 53 cities
and towns. Gas is manufactured and distributed in Americus. The estimated population of the communities served by electric lines throughout
the Columbus Electric & Power system is 231,000.
Earnings.
-For the 12 months ending Jan. 31 1929 net earnings available
for pref. dividends, retirements and reserves were $1,491,029. This
amounts to 2.6 times dividend requirements on outstanding pref. stock
(including this issue), and 2.8 times such requirements when effect is given
to the retirement of notes maturing June 1 1929.
-year gold notes.
Purpose.
-Proceeds will be used to retire $2,000,000 3
due June 1 1929.-V. 128. p. 1052.
-Registrar.
Commonwealth & Southern Corp.
The Bankers Trust Co. has been appointed registrar for the common
stock and option warrants.
-V. 128, p. 3682.
-New Interests.
Consolidated Gas Utilities Co.
See United Gas Co. below.
-V. 127. 13• 3539.
-Dividend.
Atlantic Public Utilities, Inc., Boston.
-Bond Issue.
Foreign Power Securities Corp., Ltd.
The directors recently declared a quarterly dividend for June 1, payable
The stockholders will vote June 10 on a proposal of the directors to create
additional common stock class A, previously authorized but not issued, and issue $50,000,000 of bonds, the proceeds of which aro to be used to
in
y l2L th3 c
at the rate of 1-40 of a share per share of stock held of record May 20 1929. lncreasep e9 orporation's holdings in companies in which it is interested..
9
Provision was made, however, to pay, at the election of any stockholaer,
and to stockholders who have hererofore permanently so elected, the June 1
dividend and subsequent dividends, when and as declared, in cash as
-Earnings.
Electric Power & Light Corp.(& Subs.).
-V. 128, v. 2802.
heretofore at the rate of 50c. per share quarterly.
_Company Items Eliminated.]
12 Months Ended Mir er1929.
1928.
tan 31
-Merger Voted.
Brooklyn City RR.
Subsidiar y companiesThe stockholders June 4 voted to authorize the proposed merger between
$55,779,866 $53,154,175
the lines of the company and the surface lines now under the operation of Gross earnings
29,463,815 29,069,068
the B. M. T. The merger, which was agreed on by the directors of both Operating expenses, including taxes
systems same time ago, will combine under a single management all of the
Net
$26,316,051 $24,085,107
surface lines in Brooklyn. Under the merger agreement the new company Other earnings
income
1,404,692
1,607,318
will be known as the Brooklyn & Queens Transit Corp. One share of pro!.
stock and 234 shares of common stock in the new corporation will 43e
Total income
._$27,720,743 $25,692,425
exchanged for every 10 shares of Brooklyn City stock.
Interest to public & other deductions
9,479,405
10,178.713
The Transit Commission approved the proposed merger of the surface Preferred dividends to public
3,172,432
3,712,045
line companies of Brooklyn Manhattan Transit Corp. and Brooklyn City Renewal & replacement (depreciation) approp'ns . 4,383,439
4,194,000
R11.
-V. 128, p. 3184.
Proportion applicable to minority interests
370,412
493,597
-Seeks Grant to Run 16
Brooklyn Rapid Transit Co.
Bus Lines on a 5
-Cent Fare-Wants to Operate in Brooklyn
Alone on Terminable Permit or Fixed-Term Franchise.
Balance
$8,952,949 $8,476,176
Electric Power & Light Corp.Bal. of sub. cos.' earn. applic. to Electric Power &
Light Corp. (as shown above)
$845410,a) $8,476,176
Other income
375,106
The Brooklyn Bus Corp.. a subsidiary of the B. M.T. now being formed
to operate the merging surface car lines of the B. M. T. and the Brooklyn
City RR.,applied May 30 to the Board of Estimate for the right to operate
Total income
$9,463,941 $8,851,282
buses for a 5
-cent fare on 16 routes in Brooklyn. The company seeks to Expenses of Electric Power & Light Corp
637,425
• 588,845
operate either under a terminable permit or a fixed term franchise of not Int. deduct. of Electric Power & Light Corp
439,715
154,319
less than 10 nor more than 25 years.
The petition asks for a hearing on the form of contract desired by the city.
Balance
$8,720,777 $7.774,142
It is signed by William S. Menden. Pres. of the bus corporation, who is Div. on pref. sties, of Electric Power & Light Corp_ 4,212,534
4,060,963
also president of the B. M. T. The petition designates 38 transfer points Div.on com,stk.of Electric Power & Light Corp-- 1,763,858
x439,352
between buses and trolley cars and 11 between bus routes, for an additional
-cent charge. No routes in Queens are embodied in the petition. It was
2
Balance
$2,744,385 $3,273,827
explained that there was no desire by the company to compete with trolley
x Initial dividend of 254. per share declared Mar. 28 1928, and paid
-V.128, P. 1883.
lines in that borough.
May 1 1928.
JUNE 81929.]
FINANCIAL CHRONICLE
3825
-
-Trackage Rights.
Kansas City Public Service Co.
Balance Sheet Mar. 31.
-S. C. Commission on May 6 issued a certificate authorizing the
The I.
1928.
1929.
1928.
1929.
company to operate, under trackage rights, over the line of railroad of the
$
$
Liabilities$
$
AssetsKansas City, Merriam & Shawnee RR.in Wyandotte and Johnson Counties.
stk. (no
Investments __- 99,495,195 94,426,107 :Cap.value)..._105,888,533 103,667,775 Kans.-V. 128, p. 3684.
par
749,397 3,818,332
Cash
Subscrip,to pref.
Notes&loans rec.
-Debentures
1,490,300 3,785,800
Keystone Water Works & Electric Corp.
subsidiaries._ 9,088,769 9,634,220 stock
1,471,269
Div.declared_ _ _ 1,516,421
-H. M. Byllesby & Co., Inc.; Emery, Peck &
Notes&loans rec.
614,263 Offered.
664,294
payable
137,000 Accts.
2,303,903
others
25,852 Rockwood Co.; C. H. Huston & Co.., Inc., and A. E.
33,370
Accrued accts.- _
Accts.receiv,sub. 795,054 1,267,059 Subscrip. to pref.
offering at 97% and int., to yield about
Accts. receivable
1,011,182 Peirce & Co. are
499,517
stks. of sub_
698,368
500,651
-year
others
4,330,874 3,292,686 6.35%, an additional issue of $2,200,000 cony. 6% 10
1,490,340 3,785,850 Surplus
Subs. to pref.stk.
101,892
gold debentures, series B.
Reacq.cap.stk_
Dated April 1 1929; due April 11939. Int. payable A.& 0.at principal
114,423,309 r13,868,828
Total
114,423,309 113,868,828
Total
office of the trustee in New York or in Chicago at Chicago Trust Co., withMar. 31 1928. out deduction for any normal Federal income tax up to 2% which the corMar. 31 1929.
:Capital stock outstanding as follows:
481,886 she. poration may be required or permitted to pay at the source. Red., all or
503,879.376 she.
Tcumulative preferred stock
110,741 shs. part, at any time on 30 days published notice at 105 and int. to and incl.
she.
110.736
7 cumulative 2nd pref. stk., series A
1,776,494.02 she. 1,776,210 she. April 1 1930; the premium decreasing 54 of 1% for each year or fraction
Common stock
she,
762,648 she. thereof thereafter elapsed to and incl. Oct. 1 1938; thereafter at 100. Plus
a Option warrants for coin. stk. equiv.to 761.542
a Holders of option warrants outstanding are entitled to purchase one int. in each case. Denoms. $500 and $1,000 c*. Company agrees to reshare of common stock, without limitation as to time, at $25 per share for imburse certain taxes in Penna. and Conn. not exceeding 4 mills, in Maryeach option-warrant held, and each share of the company's 2nd preferred land not exceeding 4% mills, in Dist. of Col., Calif. Ky., Kan. and Mich,
stock, series A, when accompanied by four option Warrants, will be ac- not exceeding 5 mills, in Iowa not exceeding 6 nails and certain taxes in
cepted at $100 in payment for four shares of such common stock in lieu of Mass. and Ore, not exceeding 6% of the income derived from these deben-V. 128, p.2088.
cash.
tures. Guaranty Trust Co.. New York, trustee.
-Listed on the Chicago Stock Exchange.
Listed.
-Financing.Federal Water Service Corp.
-Series B debentures are convetrible into class A stock as
Convertible.
• Corporation financing to be undertaken shortly will consist of a new issue follows: On or before April 1 1931 into 22 shares of class A stock per $1,660
for
of $6,500,000 convertible 555% gold debentures which will be offeredInc. of debentures; thereafter on or before April 1 1933 into 21 shares of class A
public subscription by a syndicate headed by G. L. Ohrstrom & Co.,
stock per 51.000 of debentures; thereafter on or before April 1 1934 into 20
and Bonbright & Co. Inc., and including Janney & Co., Coffin & Burr Inc., shares of class A stock per $1,000 of debentures; At the time of conversion
will be
Graham, Parsons & Co. and Field, Glore & Co. These debentures funded adjustment will be made for fractional shares and for accured interest and
the direct obligations of the corporation and will constitute its only class accrued dividends.
debt outstanding. They will be convertible into the corporation's
Letter of Buckingham Miller, President of the Company.
11931.
"A" stock on the following basis: To and including M741May into 18 Data from
1 1933.
Company.-Incorp. in 1927 In Delaware as Keystone Water Works
shares for each $1,000 debenture; thereafter to and Mehl
1935. to 14 shares. Corp. Furnishes through operating subsidiary companies electric power
into 16 shares, and thereafter to and including May 1
'
-V. and light or water service to 94 communities on Ohio, West Virginia, PennThe conversion privilege will be void after the last-mentioned date.
sylvania, Kentucky and Arkansas, and ice service in 27 communities in
128, p. 3185.
Georgia, North Caroline and Kentucky. The communities served have a
-Leased.
combined estimated population in excess of 570.000; they include the
Gary & Southern Traction Co.
cities of Hanover, Paducah, Medina, Lodi, Savannah, Goldsboro, Wilson,
-V. 127, p. 2088.
See Gary Rye. above.
Fayetteville, Rocky Mount, Latrobe, Ellwood City, Central City. Girardville, Lemoyne, Waston and Corbin, located variously in the states named.
-Passengers Carried-Leases Line.
Gary Rye. Co.
water customers are served.
Interurban lines in the first four months About 44,000 electric andthe consolidated net earnings of the systems, for
Passengers carried on city and
Approximately 75% of
of this year totaled 6.215,979, or a gain of approximately 3.4% over the the 12 months ended Dec. 31 1928, is derived from the sale of electricity
in the corresponding months of 1928.
number carried
-year lease authorized by the Indiana P. fi. Commission, the water. Capitalize/ion Outstanding (giving effect to present financing).
Under a 10
company recently took over the operations of the Gary & Southern Trac- letlien 554% gold bondsseries A,due Nov.1 1952
$4.000.000
tion Co.. another subsidiary of the Midland Utilities Co. Service on this
x4.655.000
Series B,due Nov.1 1948
interurban line, running from Gary to Crown Point, Is now undergoing Cony.6% 15
1.144.500
-years gold debs.series A,due Dec. 1 1942
improvement and will be co-ordinated with the company's other CI:1. % 10
extensive
-year gold debs. series B,due April 1 1939 (this
er?
-V. 128. p. 2088.
local and inter-city transportation lines in this district.
2,200.000
14.555 abs.
stock (no
maim].
-New Director.
- $6.50 A stockpreferredvalue) par value)
ynone
Greenwich (Conn.) Water & Gas Co.
(no par
Class
Putnam. of F. L. Putnam & Ce.,Inc., has been elected a director. COMM=stock (no par value)
F. L.
15°,00 0 0
000, 0
In addition there are outstanding in the hands of the public $1, 0 8118.
-V. 127, P. 3089.
bonds and $450.000 preferred stock of a subsidiary.
x Exclusive of $1,345,000 bonds issued and in treasury. y Shares suf-Earnings.
Hamilton Gas Co.
ficient for the conversion of the series B debentures have been reserved.
Earnings for Year Ended Dec. 31 1928.
-year gold debentures, series A, are conNote.
-The convertible 6% 15
1701,832 vertible into the $6.50 cumulative preferred stock.
Total income
4.438
Miscellaneous income, net
-Consolidated earnings of corporation and subsidiaries for the
Earnings.
Dec. 31 1928, adjusted to give effect to the present fi$706,270 12 months ended
Gross income
elimination of non-recurring charges of $79,814 and to the
nancing, to
205,604 segregation the certain properties not now owned but formerly jointly
Operating expenses
228,305 operated, as of
Interest expense
certified are as follows:
64,051 Gross earnings,including otherincome
$3.122.739
Lease rentals on reserve acreage
182,900
Operating exp., maint., taxes & prior int. & div. chgs. of
Federal taxes
$208,309
Net profit before deprec., deplet. &
of subsidiaries (before depreciation & Federal income taxes) -- 1.942,262
-Ir. 126, p. 106.
11.180.477
Balance
476,025
-Initial Dividend.
- Annualinterest requirements on first lien gold bonds
Hydro-Electric Securities Corp.
The directors have declared an initial quarterly dividend of 25 cents per
$704,452
Balance
payable June 14 to holders of record June 5.
share on the common stock,
Annual int.require,on convert.debentures (incl. this issue)- -- $200.670
-V. 126, p. 2963.
The above balance of $704,452 is more than 3.51 timeslhe annual interest requirements on all debentures outstanding, including this issue.
-Sales Increase.
Indiana Service Corp.
-Proceeds will be used, in part, for the acquisition by the comPurpose.
During the four months ended April 30 total electric sales amounted to pany of certain of its 1st lien bonds, to reimburse the company for ink. w. h. compared with a total of 30,863,485 k. w, h. in the debtedness incurred in connection with extensions and additions to the
40,640,401
'
same months of 1928, or an increase of approximately 31.7%.
properties of subsidiaries, and for other corporate purposes.
Parallelling the general advance in local industrial operations, sales to
-Company is under the management of Chase & Gilbert,
Management.
commercial power customers totaled 27.132,824 k. w. h., atin over the Inc.. of Boston. Mass., and is controlled by Atlantic Public Utilities,
h., or 45.62%. Likewise, Inc.
first four monthsof last year of 8.499.767 k. w.
-V. 127, p. 3397.
residential and commercial lighting sales showed substantial gains for the
period, the increase being 10.78% and 22.66%. respectively.
-Offer for Stock
Massachusetts Utilities Associates.
Passengers carried on city divisions of the company's railway system
numbered 8,696,841 in the same months, an increase of 6.38%.
Trustees Seek to Reduce Sale Price.
Purchase of the electric transmission and distribution systems of the
In a letter to the common voting trust holders the trustees of the voting
Preble Light & Power Co. of Preble, Ind., 20 miles southeast of Fort
Wayne, has been announced by the company. The Indiana P. S. Com- trust say in part:
"The trustees have been approached by interests considering the purchase
mission gave its approval to the transaction late in March. The new propAssociates common shares. 100% of which are
erty suppliers the town of Prebie and rural environments with electric light of Massachusetts Utilities trust. By the terms of Section 6 of the Declaraheld in the common voting
-V. 128, p. 1725.
and power.
tion of Trust, trustees are authorized to sell all of the common shares held
by them during the first five years of the life of the trust, at not less than
been organized
-Writs Dismissed.
Interborough Rapid Transit Co.
- $W a share, As the Massachusetts Utilities Associates has interest the
at
value to any
The United States Circuit Court of Appeals reversed, June 3, the in- only about 2 years, it is probable that the reasonable leeway in price, we
order of District Judge William Bondy in the I. R. T's ancillary present time will not exceed $30 per share. A
junction
ancillary action. The decision, which was believe, is from $20 per share as a minimum, to $30 per share. Under
fare suit and dismissed theclear for the city
and Transit Commission to the terms of the voting trust in accordance with Section 11, the Declaration
unanimous, loaves the way
by
resume prosecution of three State court actions to compel observance of of Trust may be amended and price may be changed thethe action of two-cent fare contract by the I. R. T. It also clears the way for Transit thirds of the trustees. Before doing this, however, thetrustees feel that
the 5
shareholders."
enforcement of orders for longer subway station platforms and they would like to have an expression of opinion from
Commission
432 now subway cars. The Commission now can take steps too, to block V. 128, p. 2628.
It. T. from further charging of fare litigation expenses to operating
the I.
-Notes Offered.
-E. H.
Michigan Fuel & Light Co.
expenses.
Although William G. Fullen, Chairman of the Transit Commission, de- Rollins & Sons are offering at 99 and int. $1,150,000 1-Year
discuss the decision in detail it is understood that as soon as
clined to
the formal order of the Circuit Court is entered, steps will be taken to 6% gold notes.
carry out the program of State court litigation and order enforcement inDated June 11929: due June 11930. Int. payable J. & D. at Contiterrupted when Judge Bondy's injunction was issued more than a year ago. nental Illinois Bank & Trust Co., Chicago, trustee, or at Chase National
The Circuit Court opinion, which was "per curiam," was based upon the Bank, New York, without deduction for any normal Federal income tax
Supreme Court mandate and upheld the contention of counsel for the up to 2% which the corporation may be required or permitted to pay at
Transit Commission that it required not only reversal of Judge 13ondy's the source. Red. all or part at any time on 30 days' notice, at 10054 and
order, but also dismissal of the ancillary suit.
int. to and incl. Dec. 1 1929, and at 100 and int. thereafter to maturity.
"In view of the reversal of the Interborough injunction, granted by Denom. $500 and $1,000 c*. Company agrees to refund, if paid by the
Court of the United States and the
the District Court, by the Supreme read, "it is clear
tax not
that the three State holders, the following taxes: Penna.and Conn, personal property mills,
decision of that Court, the opinion
exceeding 4 mills, Maryland personal property tax not exceeding 434
court suits should no longer be stayed and the order must be reversed, Dist. of Col. california and Michigan personal property tax not exceeding
leaving the parties free to proceed with the prosecution of those suits in 5 mills, Missouri income tax not exceeding 154%, and the Mass, income
the State courts.
tax not exceeding 6%.
"Moreover, since it appears that this ancillary bill, filed in the District
of the Company.
Court, was intended to protect the jurisdiction of the District Court in so Data from Letter of R. C. Douglas, Vice President
were concerned, the application of the appellants to
Company.-Incorp. in Michigan. Together with its subsidiaries, owns
far only as these suits granted. Such dismissal is without
prejudice to the and operates eight gas manufacturing plants and supplies gas for domestic
dismiss the bill will beaction as may be warranted in
protecting the juris- and industrial use in Benton Harbor, South Haven, Otsego, Sturgis. Cadilappellee to take such
be retained by the
diction of the original suit should that ancillary suit." District Court and lac, St. Joseph, Allegan, Plainwell and Traverse City, Mich.; Auburn.
Kendallville, Garrett and AVMs. Ind., and Manitowoc. Wis. Company's
rise requiring protection by
occasion a
I.
James L. Quaciconbush, general counsel for the to R. T. Indicated that system has a daily gas manufacturing capacity of 4,400,000 cu. ft., and
satisfactory
the company and re- distribution system of 307 miles of gas mains. Sales of gas for the year
Circuit Court's reservation wasits
the
rights. Ho again declared that the ended Dec.31 1928 were 553,342,400 cu.ft. and at that date the system had
garded as an adequate protection of
company would use every effort to expedite a decision on the fare contract 21,382 meters in service.
the State courts.
question in
Capitalization (After Giving Effect to Present Financing).
First mtge. 6% gold bonds, due June 1 1950
12,402,500
Fights Razing Sixth Ave. Elevated.
1,150.000
Ono-year 69 gold notes (this Issue)
Condemnation and removal of the Sixth Avenue elevated line from 7% cumulative preferred stock (par
850,000
•
$100)
Morris Street to 53rd Street and Ninth Avenue, will be
Trinity Place and
4.800 she.
Estimate and the Transit Commis- Common stock •(no par)
Board of
fought by the I. R. T. in the by James L. Quackenbush, General Counsel
In addition, the subsidiary companies will have outstanding in the hands
indicated June 4
sion, it was
President Miller has proposed to remove the of the public 11.171.120 par value offunded debt,$130,486 of preferred stock
for the company. Borough P. 3675.
and 15 shares of common stock.
- -V. 128,
elevated structure. 3
3826
FINANCIAL CHRONICLE
Consolidated Earnings of_Companu,and Subsidiaries Year Ended Dec. 31 1928:
Gross earnings, including other income
- $1,222,392
Operating expenses, maint.& taxes (before Federal income taxes,
deprec. & amort), int. and pref. diva. charge of $83,385 of
subsidiaries, and earnings applicable to int. of minority stockholders
935,401
[VOL. 128.
United Corp. (Del.).
-Rights to Common Stockholders
To Increase Authorized Capital from 13,000,000 to 30,000,000
Shares.
-
The directors at a meeting this week voted, subject to the stockholders'
approval of the necessary increase in stock, to give to the common stockholders of record July 10 1929, the right to purchase, at $37.50 a share,
$286,991 additional common stock on the basis of one new share for each five
shares
held on'the record date. Rights expire Aug. 15 1929.
144,150
A stockholders' meeting has been called for July 10 1929 to authorize
an increase in the capital of the company from 13,000,000 to 30,000,000
Balance
$142,841 shares, of which 1,000,000 will
be 1st preferred, 5,000000 will be preferAnnual int.requirement on $1,150,000 1-yr.69' notes (this issue)
69,000
The above balance for the year ended Dec. 31 1928 is equal to more than ence and 24,000,000 will be common stock. Application will be made in
due course to list the stock needed for the exercise of the above rights.
twice the annual interest requirement of these 1-year 6% notes.
Purpose.
-Proceeds from the sale of these notes are being used to retire (See also V. 128. p. 249.)-V. 128, p. 3187.
$800,0()0 of funded indebtedness of the company maturing June 1 1929,
United Gas Co.
-Rights
-Acquisitions.
to reimburse the company for extensions and additions, and for other corThe common stockholders of record June 10 will be given
porate purposes.
-V. 128, P. 1727.
subscribe on or before June 24 to additional common stock atthe right to
$20
on the basis of one new share for each five shares held. On Marcha share31
Ocean Electric Ry.-Dissolved.--there were 1,083,616 common shares outstanding, on which the rights last
call
This company,a subsidiary of the Long Island RR.,was dissolved Dec.24 for the issuance of 216,723 additional shares.
The proceeds of the issue, the company announced in a letter to the,
1928.-V. 127, p. 1390.
stockholders will defray part of the cost of the 430
-mile pipe line to St.
Louis from the Monroe, La., gas
Penn Central Light & Power Co.
-Bonds Offered.
- Mississippi River Fuel Corp., in fields, now under construction by the
which the United Gas
A. C. Allyn & Co., Inc.; Old Colony Corp.; E. H. Rollins & 011 Co. of New Jersey hold the two largest interests. Co. and Standard
Purchase of a 27% interest in Consolidated Gas Utilities and a 13% inSons; Halsey, Stuart & Co., Inc.; Hill, Joiner & Co., Inc.;
Corp. are also announced in the letter.
and A. B. Leach & Co., Inc., have sold privately at 99 and terest in Natural Gas Securities the company reports
For the first quarter of 1929
consolidated earnings
interest $2,000,000 1st mtge. gold bonds,5% series due 1979. of $924,139 before depreciation, depletion and Federal taxes. No earnings
from its subsidiary Duval Texas Sulphur Co. are included nor from large
Dated May 1 1929; due May 1 1979. Interest payable M.& N. Denom.
construction
$1,000 and $500 c*. Red. all or part on any int. date on not less than 30* subsidiary. contracts held by United Gas Engineering Co., wholly owned
Grass revenues for the quarter were $3,476,256. During 1928
days' notice to and incl. May 1 1939 at 105 and int.; thereafter to and incl.
May 1 1949 at 104 and int.; thereafter to and incl. May 1 1959 at 103 and the company and subsidiaries delivered 42,676,000,000 cubicfeet of natural
gas.
-V. 128. p. 3512.
int.; thereafter to and incl. May 1 1969 at 102 and int.; thereafter to and
Incl. May 1 1978 at 101 and int., and thereafter at par and hit. Principal
United Light & Power Co.
-Larger Common Dividends-and int. payable at Seaboard National Bank of the City of New York,
trustee. Interest also payable at the option of the holder in Chicago and Initial Distribution on New Pref. Stock.
Philadelphia. Conn. 4 mill tax. Maryland 434 mill tax, Calif. personal
The
property tax not to exceed 4 mills per dollar of the taxable value and Mass. class Adirectors have declared quarterly dividends of I5c. a share on theand B common stocks, payable Aug. 1 to holders of record July 15.
6% income tax refundable on timely and proper application, to holders From May
resident in those States, as provided in the supplemental indenture with were paid, 1926 to May 1929, incl., quarterly dividends of 12c. a share
and, in addition, a stock distribution of 1-40th of a share ot
respect to this series of bonds. Interest payable without deduction for common
normal Federal income tax not to exceed 2%. Free of Pennsylvania 4 mill May 1 stock was made on the class A and class B common stocks on
1926.
tax.
The directors also declared an initial quarterly dividend of $1.50 a share
Data from Letter of J H Sh
on the new $6 cumul. pref. stock, no par value, payable July 1 to holders
, President of the Company.
Company.
-Owns and operates public utility properties furnishing, with- of record June 20, and the regular quarterly dividends of $1.62 a share on
out competition in its chartered territory,electric light and power in Juniata. the class A preferred and $1 a share on the class B preferred stocks, payable
Mifflin, Franklin, Huntingdon, Blair, Bedford, Cambria, Indiana and July 1 to holders of record June 15. The class A and B pref. stocks tave
Cumberland Counties, all located in central Pennsylvania along the main been called for redemption as of July 24 1929. See V. 128, p. 3512, 3188
line of the Pennsylvania RR.,and in Crawford and Erie Counties in northUtility Shares Corp. (Del.).
western Pennsylvania. Over 162 communities are served with electric light
-Merger Approved.
See American Superpower Corp. above.
and power, the largest being Altoona. Company also manufactures and
-V. 128. p. 3188.
distributes gas in Huntingdon, Lewistown and Shippensburg. The terriWashington Water Power Co.
tories served have a combined area of 5,500 sq. miles and a total popula-Recapitalization.
The stockholders on April 25 last approved plans for substantially
tion estimated to exceed 350,000. More than 56,000 customers are served
with electric light and power.
broadening the financial set-up of the comjuany. 'the proposals approved
Security.
-Bonds are secured by a direct first mortgage on all of the included an increase of the common stock, of which more than 99% is
fixed property of the company. Based on appraisals by independent public held by the Americna Power & Light Co. of New York, and an exchange of'
utility engineers, the value of the fixed property of the company is largely in 10 shares of new common for one of the old, a plan for the exchange of new
$6 preferred stock for the old $6.50 preferred on a share-for-share basia
excess of the total funded debt to be presently outstanding.
Earnings.
-Earnings of the company, including those of properties pres- plus a cash allowance of $8.33 per share, and the issuance of a new $6
no-par value non-voting preferred stock. Previously tho company had
ently acquired, were as follows:
authorized 350.000 shares of $100 par common stock and 50,000 shares
12 Months EndedDec. 31 '26. Dec. 31 '27. Dec. 31 '28. Feb. 28 '29. of
% preferred stock, of which there were outstanding 254,180 shares
Gross earns. (incl. other
common and 48,903 shares of preferred stock.
income)
$5.307.172 $5.425,269 $5,432,087 $5,452,189 ofUnder
the amended articles of incorporation the capitalization of the comOper. exp., incl. maint.
panywill be 5,000.000 shares of no-par common stock, 50,000 shares of
•
& taxes other than Fed.
c, preferred
taxes
2,597.135 2,469.381
2.369,473
2,361,089 preferred stock stock of a par value of $100. and 200,000 shares of $6.
with no par value. Among the changes authorized at the
meeting was that of changing the date for the annual meeting from March
Net before deprecia-V. 128, 1:• 3 .
tion, amort., &c__ - $2,710,037 $2,955,888 $3.062,614 $3,091,100 to the first Monday in June.
1 513
Annual int. requirements on 1st mtge. gold bonds presently to
-Personnel.
Western Continental Utilities, Inc.
be outstanding, incl. this issue
1,180.000
The
Net earnings for the 12 months ended Feb. 28 1929 were thus more than Pres.; officers of this corporation, it is announced,are Chester H.Loveland,
John L. Lilienthal and II. L. Miller, Vice-Pres.; Charles deY. Elkus.
2.61 times annual interest requirements on the total funded debt to be Sec.; Guy
D.Lamp,Treas. and Asst. Sec.
-V.128, p. 3513,2463.
presently outstanding.
Purpose.
-These bonds are being issued to reimburse the company's
-Constructs New Building.
West Ohio Gas Co.
treasury in part for moneys expended for the acquisition of new properties,
Construction of a new two-story office building at Lima,Ohio, was begun
and for additions and extensions.
In May by this coinpany. The building is expected to be ready for occuCapitalization Outstanding as of March 31 1929 (After Giving Effect to this pancy about Oct. 1.-V. 128, P. 1906.
Financing).
1st mortgage gold bonds 4 %series, due 1977
$24,000,000
INDUSTRIAL AND MISCELLANEOUS.
mortgage gold bonds 5 series, due 1979 (this issue)
let
2,000.000
Cumul. pref. stock ($5 series) (no par value)
-3,400 structural and architec$237,000,000 Works Tied Up in Chicago.
126,583 she.
Cumul. pref. stock ($2.80 series) (no par value)
-N.Y."Times," June 2,Sec. 1,P.20.
tural iron men strike in wage dispute.
67,328 shs.
Common stock (no par value)
Anaconda Reduces Mine Wages Again -The Anaconda Copper Mining
166,600 shs.
Management.
-This corporation is a part of the Middle West Utilities Co. reduced wages of miners 25c. a day June I to $5.50 a day. This is
the second reduction of 25c. a day in wages since the price of copper desystem.
-V. 128. p. 3685.
clined.
-N. Y. "Sun," June 3, p. 41.
Matters Covered in "Chronicle" of June 1.-(a) Corporation balance sheets.
Penn-Ohio Edison Co.
-Electric Output.
end of 1928, show improvement; p. 3591;(b) Settlement of strike at Tenn.
All previous monthly production records of this company were broken textile mills, p. 3599;(c) Textile mill strike in Tennessee cost put at $500.in May when the electric output of the system totaled 90.416,300 k.w.h. 000
-President of Rayon companies says strikers lost $210,000 in wages.
as compared with the previous high of 89,368,223 k..w.h. in October 1928, p.3599;(d) Brandon mill strike at Greenville, S. C., ends as 1,250 return.
an increase of 1.17% and an increase of 16.12% over May 1928.
p. 3600;(e) Market value of listed shares on N. Y. Stock Exchange, May 1,
For the first five months of 191.9 electric output was 432,517,437 k.w.h. $ 3,718,875,840
7
-Increase of. nearly four million since April 1, p.
as compared with 395,200,379 k.w.h. for the same period last year, an (f) Illinois Senate passes bill permitting Chicago Board of Trade to3611:
deal
increase of 9.44%. For the year ended May 31 1929 electric output totaled In stocks without qualifying them under"Blue Sky" Law,p.3613;(g) Bank1,022,575,429 k.w.h. as compared with 977,351,029 for the previous 12 rupt firm of Chandler Bros. & Co., Philadelphia, to pay final dividend, p.
months, an increase of 10.27%.
3613;(h) The G. L. Miller Bond & Mortgage Guarantee Corp., New Yorg.
1928.
K. W. II. Output1929.
Increase.
to pay 1009' on the dollar to creditors and policyholders and 62% to stock90,416,300 77,866,96912,549,331 holders, p. 3613: (I) U. 8. Supreme Court upholds Secretary of Agriculture
Month of May
432,517,437 395.200,379 37,317,058 In so-called Oklahoma Boycott case against dealers operating as Oklahoma
5 months ended May 31
1,022.575,429 927,351,029 95,224,400 National Stockyards, p. 3615; (j) Gasoline taxes collected by States in
12 months ended May 31
-V.128, p. 3187.
1928 totaled $305,233,8'42, p. 3625;(k) Output of printing and publishing
establishments in 1927 valued at 32,507,425,913, according to Biennial
Peoples Light & Power Corp.
-Div.on Class A Corn, Stk. Census of Department of Commerce, p. 3627. •
The directors have declared the regular quarterly dividend of 60c. per
share on the class A common stock, payable July 1 to stockholders of
Acetol Products, Inc.
-Defers Class A Dividend.
record June 8. A similar dividend was made in Jan. and April last.
The directors have voted to defer the quarterly dividend which is due
Holders of class A common stock may apply this fiv, to the purchase June 15 on the cumul. cony. class"A"stock, no par value. From March 15
of additional shares of class A common stock at the rate of 1-50 of a share 1928 to March 15 1929 incl., quarterly dividends of 60 cents per share were
for each share held.
paid on this issue -V. 126, 1?•
871
.
Ellery James of Brown Brothers & Co. and II. B. Pennell, Jr. of Coffin
Adams-Millis Corp.
& Burr, Inc., have been elected directors.
-V.128, p. 3187.
-Sales.
Period End. May 31- 1929
1929-4 Mos.-1928.
-Month-1928.
Sales
$304,708 $2,293,137 $1,887.965
-Earnings.
Postal Telegraph & Cable Corp.
$571,712
-V. 128. P. 2995, 2464.
Earnings for 3 Months Ended March 31 1929.
Air Investors, Inc.
Earnings
$10,065,451
-To Acquire Control of Middle
Operating, general exp., taxes Isc depreciation
8,693,946 Western Investment Co.
-Will Also Assume Executive ManCharges of associated companies
53,560
Interest on collateral trust 5% gold bonds
626,051 agement of New Concern, Which Will Take Over Part or
Net earnings
Annual int.requirement on $2,402,500 1st mtge.6% gold bonds,
series A
Net income
Earned surplus, Jan. 1.1929
$691,894
248,188
of Assets of United Aviation Corp.
-
Ad
Negotiations whereby Air Investors,Inc., will acquire control and assume
executive management of a new investment corporation, which will probably
kbown as United Aviation Co., are nearing completion, Harvey
$940.082 L. Williams,W
r
Pres. of Air Investors. Inc., has announced. The new com531,841
24,705 pany plans to purchase part or all of the assets of United Aviation Corp.
whose stockholders at a special meeting in Chicago on June 6 approved
sale.
Earned surplus
-March 31 1929
$383,536 the
Present plans call for the transfer of control of most of the operating
-V.128, p. 3352.
subsidiaries of United Aviation Corp. to other interests. The corporation thereupon will hold minority stock interests in various aviation and
Southeastern Power & Light Co.
-Dividend in Stock.
- allied companies and will have additional assets in the form of notes and
The directors have declared a quarterly dividend of 1% on the common cash. Directors of United Aviation Corp. have recomemended to stocktock, payable in common stock on July 20 1929 to holders of record June 1 holders the sale of these assets for shares of stock in the new corporation.
8929. A similar distribution was made on April 20 last. From April 20 which would subsequently be distributed to the stockholders. Air In1927 to Jan. 20 1929 incl. the company paid regulat quarterly cash (11'cl-- vestors, Inc., will acquire a large interest in the new company and will
tends of 25c. per share on the common stock.
-V. 128, p. 3352.
actively assist its board of directors in the executive management.
Total surplus
Dividend on 7% non-cumulative pref. stock
Sundry surplus charges, net
JUNE
8 1929.]
Organized in 1928 as a holding coinpany for air transport properties
United& Aviation Corp. at present contr( Is the following companies: Scenic
Airways, Inc., Interstate Airlines, Inc., Wyoming Airways, Inc., Gray
Goose Air Lines, Inc. and North Shore Airport Corp.
With the recent organization of large financial operating groups in the
aviation industry, negotiations recently have been conducted to transfer
control of these properties to some of the larger interests. Officers of Air
Investors, Inc., recently succeeded in closing a deal whereby the Aviation
the
Corp. is acquiring Interstate Airlines. Inc., thereby connecting Theroutes
Interwhich it already had operating from Chicago and from Atlanta.
state company holds the air mail contract on the arterial route from Chicago
to Atlanta.
It is understood that a contract haw been signed whereby new interests
will provide a substantial amount of additional capital for Scenic Airways,
Inc., which will make it possible for this company materially to expand
its operations under the executive management of the new group. This
company operates a sight-seeing and taxi service and maintains aviation
training schools at various points in the Southwest, including El Paso,
Douglas. Tucson, Phoenix and Grand Canyon. A study of the best
methods of expanding the company's operations and arrangements for
handling new financing are understood to be in progress. Under this
program, it is probable that Wyoming Airways, Inc., which operates a
sight-seeing and taxi service in that state, will become a part of Scenic
Airways.
Various banking and operating groups are also understood to have expressed an interest in the purchase of Gray Goose Air Lines, Inc.. operating
at the municipal airport in Chicago, and North Shore Airport Corp..
which has under construction a 130 acre airport near Glencoe, in the heart
of Chicago's North Shore suburban district.
As a result of these developments United Aviation Corp. has already
received cash and securities for certain of its properties, thereby being
relieved of further management obligations. It is contemplated that upon
completion of the present negotiations the company will have been relieved of any further responsibility for the management of its various subsidiaries or for their further financing.
Mr Williams said that details of the organization of the new corporation have not yet been completed. It is expected that it will have total
.
assets of not less than $3,000.000 and possibly substantially more. Its
board of directors, which will include prominent middle Western men,
will be selected not only for their experience in aeronatutics but also for
experience in financing and developing other enterprises. This principle
of selection, Mr.:Williams said, would give the new company the benefit
of the broadest possible judgment in the investing of funds in existing or
-V.128, p. 3514.
new aviation enterprises.
-Plan Approved.
Allied Packers, Inc.
for
Following the approval by the District Court of the United States
the Eastern District of Michigan, Southern Division, of the reorganization
announced
plan, the committee of which George W. Davison is Chairman, until June
to holders of undeposited bonds and debentures an extension
penalty.
29 of the time during which deposits may be made withoutand debentures
The committee reported more than 80% of the bonds the prior pref.
on deposit: more than 80% of
affected by the plan already
hands of the
stock and more than 60% of the senior pref. stock in thepurchase wardepositaries. The committee also announced to holders of
called for payment the two installrants issued under the plan that it has
installment on
ments payable, one on June 29 and the other and final
Hanover Bank &
July 31 1929. Payments should be made to the Central
class should deposit their
Trust Co. Holders of undeposited stock of any
,
on June 29. maWng
certificates with the bank before the close of business share, together with
payment of the required initial installment of $2 per as the installment
interest at the rate of 6% from Dec. 8 1928. as well
payable June 29 1929.-V. 128. p. 2272.
-A bank-Bonds Offered.
Alabama State Bridge Corp.
ing syndicate headed by E. H. Rollins & Sons and Lehman
Bros., and including William R. Compton Co.; Ames,
Emench & Co., Inc.; Paine, Webber & Co.; Rogers Caldwell
& Co.; Firts National Bank of Montgomery, Ala.; Ward,
Stern & Co.; Marx & Co.; Steiner Bros., Mississippi Valley
Co., Inc., and C. W. MoNear & Co., are ) fering $5,000,000
6% bonds, due serially in semi-annual installments from
June 1 1931 to Dec. 1 1940 incl. The bonds are priced to
yield 5.50% to 5%, according to maturity.
The corporation is an arm and agency of the State of Alabama according
to an opinion of the State Supreme Court which upheld an act of the
Alabama State Lezislature passed in 1927, creating this corporation formed
for the sole purpose of constructing and operating 15 highway bridges within
the State. These bridges are part of the State's general plan for the construction of a comprehensive system of through highways and will replace
antiquated and inadequate ferries now in use on main highways. The
State, it is estimated, has spent over $25.000,000 in the last few years on
this highway system of which these bridges form an integral part.
The bonds are exempt from all Federal income taxes and from taxation
in the State of Alabama.
-Initial Dividend.
Industries, Inc.
Aluminum
of 373i cents
The directors have declared an initial quarterly dividend 15 to holders
payable June
per share on the common stock, no par value,2808.
in. V. 128, p.
of record June 1, See offering
American Beet Sugar Co.-Earnings.1927.
1928.
Yrs. Ended Mar. 31- 1929.
Netinc.from sugar oper. $1,080,317 $1,207,965
514,851
592,472
Other income
1929-5 1tfos.-1928.
-Month-1928.
1929
Period End. May$307.000 $1,369,500 $1,465.500
$285,500
Gross earnings
Net profit after interest
& Ebner Mine develop.
117,100
390,850
534,050
104,050
charges, &c
-V. 128, p. 3189.
-Extra Dividend.
Allegheny Steel Co.
The directors have declared four regular monthly dividends of 15 cents
per share on the common stock, no par value, payable June 18, July 18.
Aug. 17 and Sept 18. to holders of record May 31, June 30, July 31 and
Aug. 31. respectively.
The directors also declared an extra dividend of 25 cents per share on
the common stock, payable July 18 to holders of record June 30. An
-V. 128, p. 2807.
extra of like amount was paid on April 18 last.
-Stock Offered.
-S. W. Straus
Allied Laboratories, Inc.
& Co., Inc. are offering 20,000 shares convertible preferred
stock at $51 per share to yield over 6.86%.
Preferred over the common stock as to dividends to the extent of $3.50
per share per annum and as to assets (in the event of dissolution or liquidation) to the extent of $50 per share and diva. Dividends payable Q-J. Cumulative from April 1 1929.) Preferred stock will have no voting rights
unless default exists in payment of six quarterly dividends thereon, in which
event as long as any default continues, full voting rights including the
right to elect a majority of the Board of directors will be vested in this stock.
Red. upon 60 days prior notice at $52 per share and divs. Dividends
exempt from present normal Federal income tax. Transfer agent, Straus
National Bank & Trust Co. of Chicago. Registrar, Continental Illinois
Bank & Trust Co., Chicago.
Convertible at the option of the holders thereof on the basis of 2.22 shares
of common stock for one share of preferred stock at any time prior to the
closing of business on the business day preceding date of redemption.
Authorized. Outstanding.
Capitalization20.000 shs. 20,000 sits.
Convertible preferred stock (no par)
*264.445 skis. 220,000 shs.
Common stock (no par)
*Of the 44,445 shares authorized but not issued, 44,400 shares are reserved
for conversion of the convertible preferred stock.
Data from Letter of Dr. E. A. Cahill, President of the Company.
-Incorporated in Delaware will, upon completion of this financCompany.
ing, include the retirement of the pref. stock of Pitman-Moore Co. and
Sioux City Serum Co., own and control all of the assets or 100% of the
capital stock of Pitman-Moore Co.. Indianapolis. Ind., United Serum Co.,
Wichita, Kan.. Sioux City Serum Co., Sioux City, Iowa., Sioux Falls
Serum Co., Sioux Falls, S. D., Royal Serum Co., I.nsas City, Mo.
Pitman-Moore Co. is an important manufacturer of pharmaceutical and
biological products used in the prevention and cure of livestock diseases
and also a complete line of human pharmaceutical products. It distributes
both in the United States and in foreign countries. The other four companies mentioned are engaged in the production of serum which they distribute along with other biological and pharmaceutical products used for livestock. The largest individual product handled by these companies is
anti-hog-cholera serum.
Earnings -The net earnings of the predecessor companies for the 3 years
ending Dec. 31 1928. after all charges incl. depreciation based on cost
and Federal income taxes, available for dividends as certified to by Arthur
Anderson & Co., and as adjusted by the management to reflect certain nonrecurring expenses amounting to $22,704 in 1926, $23,960 in 1927. $31,991
in 1928 were as follows:
1926.
1927.
1928.
Calendar Years$579.144
$605,084
$151.331
Net earnings
28.95
30.25
7.56
Earns, per sit. cony. pref. stock pref.
Earns, per eh. corn, stock (after
2.31
2.43
0.37
dividends)
Earns. per sit. corn, stock(100% cony.
2.19
2.28
0.57
of pref. stock assumed)
-Proceeds will be used to acquire the outstanding capital stock
Purpose.
Serum Co.,to retire certain outstanding pref.stock,to retire certain
of Royal
other liabilities of the constituent companies; and to provide additional
working capital.
;4
1926.
$454,485 def$21,014
456,949.
252,502
$435,935
$706,987
$1,672,789 $1.722,816
Gross income
23,211
12,994
Fed.& corporate taxes_
108.263
191,332
224,263
Interest on notes payable
271.852
258.089
243.924
473,585
Int.& disc. on debent__ _
Rent.(East Grand Forks
54,506
124,212
Plant)
35,652
27.284
Carry.chgs.on idle pl'ts.
4,503
11,209
81,870
Sundry expenses
631,833
607.081
584,691
670,975
Depreciation
$463,857 def$455.509 def$639,379
$528,228
Netincome
350.000
87,500
Preferred dividends-- -prof$528,228prof$463.857 loss$543,009 loss$989,379
Balance
Shs. com. stk. outstand150 000
'150 000
150,000
303,000
ig (no par)
rin
14u
$0.76
$0.59
Earns.per share
Balance Sheet March 31.
1928.
1929.
1928.
1929.
i
$
Liabilities8
$
AssetsCommon stook _ _x15,674,849 10,000,000
Factories, lands,
5,000,000
&c _19.259,757 17,032,712 Preferred stock _ - _ 5,000,000 2,995,925
equipment,
1,169,440 Notes payable.__ 1,175.000
Secur. of 0th. cos
402,907
617,219 Accounts payable_ 195,608
802.914
Cash
Accr. local taxes,
88.523
Treasury debent _ 266.030
345,617
interest, &c _ _ _ Stks. bonds, land
129,200
Due sub. cos
34,524
sale coating., &()
1,700,000
Unsold sugar(cost) 4,739,394 '3,085,836 Res. for wkg. cap_
480,669
Accts.receivable__ 710,720 1,231.983 Unapprop. surplus 3,121,000 3,216,000
55,227 6% debentures _ _ _
74,195
.
'
Comm live stock _
670,255 15 yr.6% gold bds. 1,150,000
Material & suppl__ 539,589
400,000
Res.for sink.fund.
&
Advanced farm
14,967
168,134 Res. for conting's- 105,322
land expense_ _ _ 111,130
574,891
Deferred expenses_ 406,649
Total(each sIde)26,767,397 24,605,698
303,000 shares.
Authorized 360,000 shares of no par value: outstanding
-V. 127, p. 2230.
--Earnings.
Alaska-Juneau Gold Mining Co.
3827
FINANCIAL CHRONICLE
-Resumes Pref.
American Brown Boveri Electric Corp.
in Accumulations To Be Paid.
Dividend-14%
and
dividend of 1%%
The directors have declared a regular quarterly
stock (covering the
a dividend of 14% on the 7% cumulative preferred
the issue), payable July 1
two years' dividend accumulation that existed on
20. The last preferred distribution was made
to holders of record, June
-V. 128, p. 2808.
on April 11927, when 1(% was paid.
-New Officer.
Cirrus Engines, Inc.
American
Maxwell. Jr.,as ViceThe company announces the appointment of F. R.
2808.
President and General Manager -V.128, p.3353,
-Stock Offered.-A n
American Common Stocks Corp.
Corp.,
is being offered by the Allied Capital
issue of stock
(price at the market).
New York
and management
-Is an investment trust of the holding
Company.
stocks, viz.: bank and
type,investing its funds primarily in three of common
securities. The principa1
insurance, motors, and the more seasoned aviation
investments are National
bank stocks in which the company has made and Bank of the United
City Bank, Irving Trust Co., Bankers Trust Co.
States. •
block of Ford
Suostantial Investments in motor stocks, include a largeinvestments in
Motor Co., Ltd., of England. Company has also made Ltd. Among
Co. of Canada, investments.
both A and B stocks of the Ford Motor
made
other motor companies and in which the corporation has
are: General Motors, Packard and Studebaker.
Heywood Starter and Warner
In addition to investments at lower prices in
amount of stock in the
Aircraft, the company has purchased a substantial
Aviation Corp.
this year are 32c.
-Reported earnings for the first 4 months of
Earnings.
securities actually sold
per share. These figures represent profits from or depreciation of the
during the period, but does not reflect appreciation
company's holdings.
-Authorized 120.000 shares (no par). rights to purchase
Capitalization.
given
Stockholders of record May 20 have been
common stock and the
additional stock at $10 per share, and both the
rights are actively traded in local markets.
-Common Stock Placed on a
American Cyanamid Co.
Regular $1.60 Annual Dividend Basis.- - 40c. a share on the
of
The directors have declared quarterly dividends
quarter dividend of $1.50 a
class A and B common stocks and the regular 1 to holders of record Jun
stock, all payable July
share on the preferred
dividends of 30c. regular
15. Previously the company paid quarterly
-V.128, p.2272.
stock.
and 10c. extra on the class A and B common
Extra Dividend.
-1%
American Fork & Hoe Co.
in addition,to the
The directors have declared an extra dividend of 1%
stock, both payable
regular quarterly dividend of 15i% on the common was also paid at the
record June 10. An extra of 1%
June 15 to holders
-V. 126, p. 3593.
same time a year ago.
-Earnings.
American Ice Co.
-1929-Mo.-1928- -1929-4 Mos.-1928-Period End. AprilNet earns, after int, but
e deprec. & Fed.
befos
taxer
$502,067
$679,771
$217,664
$341.764
-V. 128. p. 2809.
-Transfer Agent.
Corp.
American I. G. Chemical
appointed agent for the
The National City Bank of New York has been
The bank also
conversion of the corporation's debentures into stock.
V. 128. P.
acts 88 transfer agent for the corporation.. See offering in
2809. 2995.
-Merges ComAmerican-La France & Foamite Corp.
Truck Co.,
mercial Truck Division with Republic Motor128. p. 3189. Inc.
-V.
See Republic Motor Truck Co., Inc., below.
-75c. 2d Pref. Div.
American Pneumatic Service Co.
75c. per share on the 2d pref.
The directors have declared a dividend ofdividend of 1 % on the 1st
stock, par $50, and the regular quarterlyofrecord June 20. Like amount
pref.stock, both payable June 29 to holders two dividends of 50c. Der share
were paid on March 31 last. During 1928
3828
FINANCIAL CHRONICLE
[Vol.. 128
;
were paid on the 2d pref. issue, one on March 31, and the other on Dec. 30, able scale for more
making a total of $1 per share for the year as against a total of $2 per share catchers, supplying than 20 years. Operations are conducted by. wlulle
floating factories and shore factories situated on various
paid in 1927.-V. 128, p. 2995.
islands in the Antarctic ocean. The islands are all British possessions and
the British Government grants a limited number of licenses-which may,or
American Railway Express Co.
-Split-up Approved.
- may not, grant exclusive rights for specified areas to certain companies to
Name Changed.
operate from particular islands. The islands are under the administration
the
The stockholders on June 3 approved a proposal, without reduction of ofThe Government of the Falkland Islands.
principal product of the industry is whale oil, for which there
the capital of the corporation, to change its authorized capital stock from
a
constant demand and a ready market at all times for edible purposesIsas
400,000 shares, par $100 to 1.500,000 shares of common stock, without par It is an
value. The corporation will issue to its stockholders 3 of the new shares in The ingredient used in large quantities for the manufacture of margarine.
present market price of best quality whale oil is approximately £30 per
exchange for each of the old shares held by them. This will leave available
ton. During the last 6 years the price has varied between £27 10s. and
for future corporate purposes 460,740 shares of the new stock.
The stockholders also approved the proposal to change the name of the £35 3s. per ton, The whale offals,. &c., are also converted into a valuable
corporation to Railway & Express Co. and to broaden its purposes and fertilizer.
Anglo-Norwegian Holding's. Ltd. will at the outset, be interested in three
powers as summarized in the "Chronicle" of May 4, page 2995.
whaling companies: (1) A-S Tonsbergs livalfangeri, one of the oldest and
See also Railway & Express Co. below.
-V,128. P. 3178.
most successful of the Norwegian Whaling companies, which has paid in
dividends for the last 5 years an average of 41%
annum on its
American Seeding Machine Co.
capital; (2) Anglo-Norse Co. Ltd., successor to per Anglo-Norse,paid-up
-Sale.
A-S
See Oliver Farm Equipment Co. below.
in 1927, which during its first year of operation earned over 70%formed
-V. 128, p. 2466.
on
paid-up capital after allowing for depreciation; (3) Falkland Whaling its
Co.,
American Surety Co. of New York.
-Stock Increased Ltd., to be conducted under the same management as the Tonsbergs
Hvalfangeri and Anglo-Norse Co., Ltd.
-Rights-To Acquire New York Casualty Co.
Equities.-Anglo-Norwegian Holdings, Ltd., has purchased the following:
The stockholders on June 5 approved (1) a proposal to increase the
capital stock from $5,000,000 to $6,250,000, such increase to be repre- (1) 1,500 shares of Kr. 1,000 each out of an Issued capital of 3,840
shares, in Alctieselskabet Tonsbergs Hvalfangeri (registered in
sented by 50,000 additional shares of $25 par value each, to be offered for
Norway) at the price of approximately Kr. 3.000 per share
subscription pro rata to the stockholders on the basis of one new share for
£247,200
each four old shares held of record on June 10 1929, at $75 per share, of (2) 86,050 shares of £1 each in Anglo-Norse Co., Ltd.(registered in
the Falkland Islands) being Just over 50% of the company's
which $25 is to be allocated to capital and $50 to suplus, and (2) a proissued capital, at the price of 42s- per share
posal further to increase the capital stock by an additional
£180,705
such increase to be represented by 50,000 additional shares $1,250.000, (3) 150,000 shares of El each In Falkland Whaling Co., Ltd. (regof $25 par
istered or about to be registered In St. Helier in the Island of
value each, to be utilized in connection with the acquisition of shares of
•
Jersey) being the whole of the company's capital, at the Price
New York Casualty Co. under the plan hereafter mentioned. Rights
of £1 per share
expire on July 1 1929.
£150,000
The price payable for the Tensbergs and Anglo-Norse shares includes all
The New York Casualty Co. was incorporated in 1891 In New
the New York Plate Glass Insurance Co. and in 1925 it assumed itsYork as dividends declared after Dec. 31 1928. None of the above companies has
present
name. It has a capital of $1,500,000 and its surplus and undivided profits outstanding debenture issues, preferred shares or any security ranking in
at Dec. 31 1928 were $2,862,000. It now transacts all kinds of casualty priority to the shares above enumerated, other than seasonal advances from
insurance (except workmen's compensation)and a limited amount ofsurety- bankers. Earnings.
-Reported net earnings ofthe above mentioned companies have
ship. It Is licensed to transact business in 44 states of the United States
and in the Dominion of Canada and is represented in the field by approxi- been as follows: •
•
mately 2,000 agents. The American Surety Co. is proposing to extend
Tonsbergs Boallangeri A-S Years Ended June 30.
its lines of business to include all casualty insurance, in connection with 1924
£144,08711926
E908,13511928
£133,333
which an affiliation with New York Casualty Co., with its trained staff of 1925
247,44311927
142,6831
casualty underwriters, would be advantageous. Such afflliat on, it is
The above earnings are arrived at after making provision for all expenses
believed, would operate to the benefit of each institution, as it would facilitate an exchange of reinsuranse on excess lines and increase premium including interest and management commission, but before providing for
writings at a minimum expense. While the separate Wendy of each insti- depreciation or Norwegian income tax, or taking into account profits or
tution will be maintained, such an affiliation would permit close coopera- lasses on exchange, or the payments made under the company's guarantee
in connection with the Cia Ballenera del Peru Lda. In addition the capital
tion between the two.
For these reasons the American Surety Co. promulgated a plan, in con- expenditure charged'to revenue in the accounts of the company has been
junction with a committee formed at the suggestion of the board of direc- written back to the extent of 90% rind included in'the above profits.
Anglo-Norse A-S.-Anglo-Norse from the date of incorporation, Nov. 14
tors of New York Casualty Co. under which each stockholder of the New
York Casualty Co. is given an opportunity to receive one share of Surety 1927 to June 30 1928, which embraces the results of the first season's whaling, reported profits after making provision for all expenses, including mancompany stock for each 1 ji shares which he owns in the New York company. As there are 60.000 shares of New York Casualty Co. outstanding, agement commission but before providing for depreciation or Norwegian
this phase of the plan requires 40,000 of the 50.000 additional shares income tax, or taking into account gain or exchange, amounted .to
authorized for the purposes of the plan. The balance of such additional £88.975.
Falkland Whaling Co., Ltd. will be ready to start In full oparation at the
shares, namely, 10,000 shares are to be offered under the terms of the
plan for subscription to the stockholders of New York Casualty Co. accept- beginning of the forthcoming fishing season, which commences early in
ing the plan on the basis of one such share for each 6 shares of the New Oct. 1929. This company of approximately the same capacity, and under
York company deposited under the plan, at $75 per share of which $25 is the same management as the original A-S An-lo-NorFe may be expected to
-to be allocated to capital and $50 to surplus. The plan also contemplates produce comparable profits, the whole of which will accrue to the benefit
that a special dividend of $6 per share may be declared and paid on the of Anglo-Norwegian Holdings. Ltd.'
Management.
-The Tonsbergs and An Ho-Norse companies have been
outstanding shares of the New York company prior to the acquisition
remarkably successful under the direction of Messrs. Gmelner and 13orge.
thereof by the Surety company under the plan.
-V. 128. p. 2996.
The technical management of these companies will red in the hands of
Ammex Petroleum Corp.
-Stock Offered.
-Chas. J. Mr. Berge and he will also assume the active management of Falkland
Whaling Co., Ltd. under a ten year
and Mr.
Swan & Co., New York are offering at $4.50 per share Berge will be directors the holdingcontract. Both Mr. Gmeinerorganizacompany upon completion of
of
75,000 share capital stock (par $5).
tion.
CapitalizationAuthorized.
Outstanding.
Arkansas Natural Gas Corp.
-Class A Stock Offered.Common stock (par $5)
400.000 sbs. 320,000 shs.
Transfer agent, Brooklyn National Bank of New York.
Public offering is being made by Pearsons-Taft Co. and
Organization.-Incorp. in Delaware, to hold the interests which have
been acquired and those which may be acquired in various subsidiary Henry L. Doherty & Co. of a block of class A common
companies chartered under United States and Mexican laws, The proper- stock, price on application.
ties in which the corporation has interests and rights consist of the Hacienda
The class A common stock is similar in all respects to the common stock,
Tanhuijo in the State of Vera Cruz, and the Metlaltoyuca property in the except that the class A common stock has no voting rights other.than as
State of Puebla.
provided by law. Transfer agents: Henry L. Doherty Se Co., New York,
Directors include John F. Quayle, President, Brooklyn, N. Y.; Harold P. N. Y.; Colonial Trust Co., Pittsburgh, 'Pe.•, Atlantic National Bank of
Hue_, Vice-Pres., Warren, Pa.; Jose C. Camou, Vice-Pres., Mexico
Boston and Bank of Italy National Trust & Savings Association. San FranC. E. Dill, Vice-Pros., Brooklyn, N. Y.• Henry M. Wise, Secy. & City.; cisco, Cal, Registrars: National Park Bank of New York; Bank of PittsTreas.,
New York City; Charles M. Bayliss, James S. Alcorn. Philadelphia,
Pa., burgh, Pa.; First National Bank of Boston and Wells Fargo Bank & Union
Ellsworth Bunker, N. Y. City. James J. Crawford, Harry A. Banbury, Trust Co., San Francisco, Calif.
Brooklyn, N. Y., Winthrop Sargent, Jr.. Philadelphia, Pa., Granville M. .
Data from Letter of Pres. Henry L. Doherty, May 28 1929.
Smith, Jr., Tampico, Mexico.
Company.
-A Delaware corporation, formed by merger of Arkansas
Gas Co.,Naturl
Anglo American Oil Co.
Natural Gas & Fuel Corp. and Industrial Gas Co. and
-Earnings.
-acquired through stock ownership the natural gas property of Southwestern
Calendar Years1928.
1927.
1926.
_1925.
Gas & Electric Co. and certain other properties in 1928.
Profit
£1,622,711 £1,193,800 £3,041,625 .L2,668,232
The properties are located in eastern Texas. northwestern Louisiana and
Depreciation
693,307
664.762
799,195
811,485 central Arkansas, and include 1,800 miles (of which 82 miles are held under
Interest, tax, &c
496,711
320,825
607,195
463,322 lease) of natural gas pipeline and distribution mains and are in a territory
extending
Net income
/432,693
£208,213 £1,635,235 /1.393,425 distance from Shreveport, La., to Little Rock and Clarksville. Ark., a
of approximately 300 miles. The pipeline system transported
Dividends
x208,445
828,672
1,317,529
675,000 during the 12 months ended March 31 1929 a daily average of 109,0130,000
cubic feet of gas and the company supplies gas at retail to over 44,000 cusSurplus
/224,248 def£620.459
£317,706
£718,425 tomers in 52 communities. The population of the territory served is esx Represents final dividend declared in 1927 and paid in 1928.-V. 128,
timated at 442,000. Company has a present daily production of about
p.3687.
4,300 barrels of crude oil and owns 6 natural gasoline plants having an
Anglo-Norwegian Holdings, Ltd.
-Stock Offered.
- average daily output of 22,000 gallons of high grade gasoline. Rock, Ark.,
The
Charles D. Barney & Co., New York, and Dawnay, Day havingcompany owning the gas distributing system at Little
a population
1929
123.000. has been acquired
& Co., Ltd., London, have placed privately the preferred as well as other gas of about and distribution properties since Jan. 1 and
pipeline
in Arkansas
Louisiana. These acquisitions will add over 21.000 retail customers and
and common stocks.
over 400 mites of distribution lines and trunk pipelines
the system of the
Transfer Agents, Guaranty Trust Co. of New York, and Montreal Trust company. Company plans the construction during to
-inch
1929 of a 20
Co. Registrars, Commercial National Bank & Trust Co. of New York, lopelm ees.
pl o inll from Shreveport to the Monroe gas fields, a distance of about
and the Canadian Trust Co.
The preferred shares are preferred over the common shares as to dividends
capitalization.
-The
capitalization of the company and
and in the event of voluntary liquidation to $110 and dive. Pref. diva. subsidiaries outstandingconsolidated31 1928, after giving effect as at that
as of Dec.
payable June 30 and Dec. 31 (first dividend being payable on Dec. 311929. date to the recent issuance of class A common stock is as follows:
for the period from April 1 1929 to that date). Redeemable all or part on 6% cumulative
2,191,510 she.
60 days notice at $110 and diva.; if less than the whole amount is redeemed, Minority int. in preferred stock ($10 par)
subsidiary pref. and corn. stks. ($25 Par)-the shares to be redeemed will be drawn by lot. Company's by-laws Common stock (no
:
8
2 sha
4 084 275 shs
par)
provide that out of the net profits a sum shall be appropriated sufficient to Class A common stock
9:;.)
x1,021,056
(no par)(auth.4,000,000 shs.)
redeem at least 1.000 preferred shares, before any div, may be paid in any First mortgage6%
a$13,000,000
gold
year on the common shares. Company reserves the right to buy in the Underlying gold bonds,bonds,due 1943
due serially to 1931
market any of its preferred shares at a price not exceeding the redemption 2
-year 6% notes, due 1930
2.934.773
price. Any preferred shares so purchased shall not be reissued.
a Issuance of additional bonds restricted by provisions of trust Indenture.
Listing.
-Application will be made to the London Stock Exchange for x The above
stated 1,021,050 shares of calss A common stock have become
permission to deal in Guaranty Trust Co. of New York bearer certificates
outstanding through the exercise of rights offered holders of the common
representing preferred and common shares. Application will also be made stock
of record April 16 1929 and sale of the shares not so subscribed for.
to list the preferred and common shares on the New York Curb Market and
Additional shares of class A common stock will become outstanding. The
the Montreal Curb Market.
A free arbitrage between the New York and London markets will be avail- proceeds of all such shares of stack have been or are to be used In connection
able through the facilities of the main offices in these two cities of the with the acquisition of properties, permanent improvements or betterments
to properties, or for other corporate purposes. The acquisition of properties
Guaranty Trust Co. of New York.
and permanent improvements to properties since Dec. 31 1928. together
CapitalizationAuthorized. Outstanding. with those then and since completed and under way, and contemplated.
Preferred stock 7% cumulative (par $100)
82,000,000 $2,000,000 involve an expenditure of more than $10.000,000. Certain of the recent
Common stock (no par value)
*500,000 shs. 420,000 shs. emulations have outstanding liens aggregating $2,204,000•
* The company has reserved 80.000 common shares to satisfy option
Earnings.
-The consolidated earnings
company and subsidiaries.
Including predecessor companies, for theof the
warrants at $7.50 per share.
12 months ended Dec. 31 1928.
Warrants.
-Each share of preferred stock carries a warrant entitling the Irrespective of the dates of acquisition, were:
holder to purchase between Dec. 31 1929 and June 30 1931 2 common shares Gross earnings
______________________ S8,591,708
at $7.50 per share.
Operating expenses,lialicteiCance an4.448.533
______
--- cf
Data from Latter of Pres. C. S. Richardson, Montreal, May 10 1929.
Net earnings
Company.-Ineorp, March 22 1929 with limited liability under the laws Fixed charges, _
Including annual Interest on outstanding bonds:.. 1,058,821
of the Province of Quebec, Canada, for the purpose unmanly of acquiring
an interest In the Antarctic whaling industry
holding shares in existing
Balance for dividends,reserves &c
354
$3 084,
.
companies, and in companies to be controlledby to be formed and owned Annual
or
dividend requirements on $21.915,1006% preferred stock 1 314 906
.
by the holdings company.
The Antarctic whaling industry's season is from October to May and has
Balance available for depreciation and other reserves, and
been conducted mainly by Norwegians on a considerable and highly profitdividends on common stock
$1,769,448
FINANCIAL CHRONICLE
JUNE 8 1929.]
of properties
The above statement does not give effect to the acquisitionoperations of
the
which the company has purchased since Jan. 1 1929, expected substanwhich together with other important developments are
tially to increase the earnings.
--Corporation is a sibsidiary of Cities Service Co. and its
Management.
8 p
( er e s 0
are supertsi ooilin yr h83 dirrill and control of the boar of
ect o
erat r zsb y nenry
z
-Initial Preferred Dividend.
Print Works.
Arnold
1
An initial quarterly dividend of 8754 cents per share was paid on June
on the 7% cumulative partic. preferred stock, par $50. For offering, see
V. 128, p. 1559.
-Investments Owned.
Associated Rayon Corp.
Secretary H. W. Springorum, in a letter to the stockholders, says in
substance:
A statement of the assets of this corporation,shows a total value of about
$45,310,000, equal to about $226 per share of the outstanding $20,000,000
6% cumul. cony. pref. stock, and, after deduction of the total par value of
the preferred stock, to about $21 per share of the outstanding 1,200,000
shares of common stock. The present approximate market value of the
dividend-paying securities, together with cash and $11,000,000 loans made
to affiliated companies, amounts to $32,085,798, equal to $160 per share of
the outstanding preferred stock.
The total annual income from dividend-paying securities (computed at
the last dividend rates) and from interest on the above $11,000,000 loans,
after deducting the estimated operating expenses and Federal income tax,
amounts to about $1,486,000 as against the annual dividend requirement of
$1,200,000 on the outstanding pref. stock. The payment of dividends
on the outstanding pref. stock is unconditionally guaranteed until Dec. 1
1932, by Vereinigte Glanzstoff-Fabriken, Aktiengesellschaft (the parent
company), the net earnings of which were, for the year 1928, as officially
reported, about $4,909,000, after deducting all charges, except depreciation, other reserves and the management's share in profits.
In addition to the above income-producing securities and cash, the corporation owns a substantial amount of common stocks of companies which
still are largely in a development stage, but which are expected to pay dividends on these stocks before the expiration of the dividend guaranty period
of Associated 6% preferred stock.
Authorized. Outstanding.
Capitalization$40.000,000 $20,000.000
6% cumul cony. pref. stock (par $100)
x2,000,000 shs. 1,200,000 she.
Common stock (no par value)
x Includes 400.000 shares reserved for conversion of the outstanding 6%
convertible preferred stock.
ISince this statement was prepared, there has been an appreciation in
the market value of some of the deposited shares, amounting altogether to
about $1,500,000, which brings the value of assets, as of May 31 1929, to
over $46,800,000, equal to $234 per share of the preferred and over $22 per
share of the outstanding common stock. The rise in the market prices of
some of the owned shares is due to the fact that private advices from
abroad announce that negotiations are progressing favorably between the
Vereinigte Glanzstoff-Fabriken and the Enka, a large Dutch company,
looking towards a merger, as far as possible, of these two companies. This
is generally considered to be the first step towards a close arrangement
between all the different European rayon companies.]
3829
-The managementfee,taxes, the selling commission
Cost of Operation, &c.
and incidental expenses are the only operating charges.
than
Company may not borrow money to an aggregate amount greater
50% of its net liquidating value, nor for a period exceeding one year.
-On requisition from The Atlantic Corp. of Boston,
Cost of Distribution.
of shares
Atlantic Investments, Inc., will issue to the former the number shares.
requested at one dollar less than the net liquidating value of the
to
Marketabtlity.-On request Atlantic Investments, Inc., is obligatedthe
value at
purchase the shares of any stockholder at their net liquidatingthe payment
close of business as of the date of tender, less $1 per share,
company. The
to be made 10 days later, or earlier in the discretion of the market for this
Atlantic Corp. of Boston, the fiscal agent, will maintain a
stock.
Directors, Herbert K. Hallett, George S. Mumford. John E. Oldham.
Ruseell B. Spear, Henry P. Briggs, Alva Morrison, Orrin T. Hart.
-Organized.
Atlantic Marine Airways, Inc.
between
This company has been organized in Boston to operate seaplanes
Woods Hole and
that city and Cape Cod resort towns, including Hyannis,
Nantasket, New BedNantucket. It will also operate between Boston and sections around thew
ford and Martha's Vineyard. These towns and the
form one of the outstanding vacation areas of the country. an authorized
with
The company has been incorporated in Massachusetts stock all of which
capitalization of 20,000 shares of no par voting common present eight new
will be outstanding. It has no funded debt. It owns at the Consolidated
seaplanes,five six-passenger biplane flying boats made by
Other ships
Aircraft Co. and throe Fokker six-passenger mono-seaplanes.
will be purchased as business necessitates them. President (formerly with
M. Ewan,
The management includes: Charles
Inc.), Clarence
the Ohio Valley Transport Co. and Pacific Marine Airways,Army,retired).
U. S.
R. Edwards, Chairman of the board (Major General and General Manager
and Henry B. Nichols. Treasurer (formerly TreasurerCol. Thomas Murphy
of National Mattress Co). The other directors are
(Treasurer of Diesel
(of the Massachusetts National Guard). George Murray of Diesel Marine
Marine Equipment Co.), Theron R. Kelly (President
Edwin J. Ryan (President of E. J. Ryan Construction
Equipment Co.),
Investment Research
Co.), and Frederick A. Stevens (of the Aviation
Bureau).
-An
-Stock Offered.
Atlantic Seaboard Airways, Inc.
issue of 50,000 shares of common stock (no par value), is
being offered by Charles S. Rodd & Co. at $15 per share.
Outstanding.
Authorized.
Capitalization150,000 shs. 122.735 slur.
Capital stock (no par value)
Trust Co., New York, N. Y. Registrar,
Transfer agent, Corporation
Empire Trust Co., New York, N. Y.
the Corp.
Data from the Letter of C. L. Ofenstein, President of
com-Chartered March 23 1929 as a holding and operating
Company.
have for their purpose
which
pany to acquire and (or) operate properties aviation industry. Company
in various branches of the
active participation
and more than 98% of the
has acquired all of the common voting stock which company owns 100%
preferred stock of International Airways, Inc.,
Potomac Flying Service, Inc. Both of the latter
of the capital stock of
has acquired
companies are located in Washington, D. C. Corporation Service. Inc..
more than 95% of all the capital stock of Gettysburg Flying in operation
Statement of Assets and Income.
acquired companies have been
Gettysburg, Pa. All of the
Number. of Shares
Par Value Market Price of
acquiring additional
Per Share. May 15 1929. for some time.
and Class.
-Proceedsfrom this financing will be used in
Purpose.
additional funds for the enlarge4.
American Bombers Corp
properties; to provide the Corporation withand for other corporate purposes
No par
$75
45,000 Common
do
do
do
of operations of present subsidiaries,
ment
Carleton E. Moran,
No par
$75
15,600 B Corn.
do
do
do
-Fred R. Huettig, James Elwood Jones,Thomas A. Wadden,
Directors.
Reiffin,
$100
5,000 Preferred
$95
American Glantstoff Corp
C. L. Ofenstein, Edward W.Pon, Reuben H.
No par
$55
67,500 A Corn.
do
do
do
128, p. 2467.
-V.
John G. Walling.
No par
$55
833,750 B Corn.
do
do
do
No par
$42
40,000 Common
-Sales Increase.
American Enka Corp
Atlas Stores Corp.
Increase.
1928.
1929.
Vereinigte Glanzstoff-Fabriken,
Four Months Ended April 30$344,178
AM 300
415%
23,350 Common
$2.170,200 $1,826,022
Aktiengesellschaft
Net sales
EM 200
332% -V.
28,000 Common
J. P. Bemberg, Aktiengesellschaft_
128. p. 1559, 1058.
EM 200
332%
do
c12,000 New Corn.
do
do
-Earnings.
N. V. Nederlandsche KunstzlideBackstay Welt Co.
Fl. 1,000
ended April 30, were
360%
2,000 Common
fabriek (Enka)
The net earnings of company for the 4 monthssales and profits for the
Schmer,
N. V. "Maekubee" Maatschappij
$155,115 and,according to President A. C.corresponding 4 months of 1928.
tot F.xploitatie van Kunstzikle
excess of those for the
in
period,
Fl. 1,000
108% -V. were 35%
700 Common
favrieken in het Buitenland____
128, p. 1733.
Erste Oesterreichische GlanzstoftSch. 100 Sch, 180
-George H. Burr & Co.
81,000 Common
-Stock Offered.
A.G
Fabrik
Bickford's, Inc.
"Bina Viscose" Societe Nationale
are offering 34,000 shares $2.50 cumul. cony, preference
Lire 120
Lire 95
125,000 Common
Industria Applicationi Vecosa
50
Yen
200% stock and 34,000 shares common stock in units of one share
20.000 Common
Mehl Kenshoku Kabushild Kaisha
American Bemberg Corp
do
do
do
do
do
do
American Glantstoff Corp
do
do
do
do
do
do
American Enka Corp
Vereinigte Glanzstoff-Fabriken,
Aktiengesellschaft
J. P. Bombers, Aktiengesellschaftdo
do
do
N. V. Nederiandsche Kunstzlidefabriek (Enka)
N. V. "Maekubee" Maatschappij
tot Exploitatie van Kunstzlidefabrieken in het Buitenland
Erste Oeeterreichische GlantstoffFabrik A.G
"Snits Viscose Societe, Nationale
Industrie Applicationi Viscose__
Asahl Kenshoku Kabushiki Keehn
Total stocks
-year 7% loans made to affiliated
10
1-year 7% loan jcompanies
Other marketable secur. (at cost)fCash
Market Value
in Dollars.
$397,575
3,375,000
1,170,000
475,000
3,712,500
1,856,250
1,680,000
Dto. Rate
(Last Decl.)
7%
7%
Ansual Inc.
in Dollars.
$29,295
35,000
6,921,607
4,426,667
1,897,143
b16.2%
b12.6%
b12.6%
270,193
168,000
72,000
2,894,400
18%
144,720
303,912
2,051,406
8%
624,625
997,000
15%
e$32,783,085
J310,000,000
1 1,000,000
503,464
1,025,000
(Interest)
(Interest)
91,173
74,775
$885,156
$700,000
70,000
$45,311,549
d$1,655,156
Total
13 After
a Final payment of $20 per share due July 11929. due on deduction of German
of 75%
tax of 10% on dividends. c Final payment the fiscal year July 1 1929. These
ending Sept. 30 1929,
shares call for half of any dividend declared for of the
corporation are estimated as
payable during Feb. 1930. d Annual expenses
follows: Operating expenses, $30,000: Federal income tax, $138,200; balance of
organisation and initial expenses to be charged off in 1929, $25,000; total, $193,200.
e At market prices on May 31 1929, over $34,300,000. f After deduction of full
payments during 1929 on account of subscriptions to the above 33,750 shares of
American Glantstoff Corp. B common stock and 12,000 shares J. P. Bemberg.
Aktiengesellschaft. common stock.
-Conversions from foreign currencies into dollars have been made at par of
Note.
-V. 128, p. 1230.
exchange.
-Stock Offered.
-The AtAtlantic Investments, Inc.
lantic Corp., New York recently offered a block of capital
shares at $50 per share.
The Atlantic National Bank of Boston, transfer agent. Free from
are free from
Massachusetts income tax. Dividends laws, from the the normal Federal
present
Mass. State income
income tax; and are free, under
duplication of State inheritance taxes is also avoided as these shares
tax. A
by the Federal Government, the State of
are subject to taxation only the owner is resident. If.
however, there is a
Mass.,and the State in which
of residence and the State of
reciprocal arrangement between the State by the
State of Massachusetts.
Massachusetts, no inheritance tax is levied
-Is a Massachusetts corporation organized to invest in seCompany.
curities and to provide a medium of diversified. investment for those
desire conservative stocks as well as bonds in their portfolios.
who
committee with full power to inThe directors will serve as an investment
of the company. Company utilizes the
vest and reinvest the property
the investment subsidiary of The Atlantic National Bank, The
facilities of
Atlantic Corp. of Boston, which receives as compensation on the last
of the net liquidating
days of March, June, September, and Dec., 54 of 1%
value of Atlantic Investments, Inc.
of each at $56 per unit.
is preferred as to
The $2.50 cumulative convertible preference stock payable quarterly
dividends,and as to assets up to $38 per share. Dividends
commencing July 1 1934.
beginning Oct. 1 1929. Cumulative sinking fund number of shares of prefis provided to retire annualy 3% of the greatest 30 1931, at the option of
erence stock ever outstanding. Red. after June
Per share
directors in whole, or in part, upon 30 days' notice, at $41.80
normal Federal ille01103
and dividends. Dividends exempt from present
Trust Co.
Trnasfer agent, New York Trust Co. Registrar, Brooklyn holders'
tax.
1934, at the
Conrersion Prerilege.-Convertible up to July 1of one share ofcommon
option upon 5 days' prior written notice on the basis preference stock. In
$2.50 cumulative convertible
stock for each share of
5 dyes' notice) up to
case of call the holder may convert (after giving the redemption.
fixed for
and including the fifth day prior to the date Authorized.
Issued.
Capitalization52,804 shs.
e75,000 sirs.
Preference stock (no par)
248,744 shs.
b500.000 shs.
par)
Common stock (no
shares of $2.50 cumulative
a Including the presently to be issued 52,804 feature on the unissued
convertible preference stock. The conversion(which may be issued in
preference stock
22,196 shares of authorized
directors, but shall not
subsequent series) Is optional with the board of of this series of $2.50
be more favorable than is the conversion feature shares reserved against
Is 52.804
cumulative convertible preference stock.
preference stock.
conversion of $2.50 cumulative convertible
President of the Corporation.
Data from Letter of S. L. Bickford,
to be incorp. in New York, Is
History and Business.-Bickford's Inc.,all previously controlled by the
acquiring the business of 5 corporations, lunch rooms. Twenty-four of
interests and operating a total of 34
same
while the balance are located
the lunch rooms operate in Greater New York,
New York the corporaIn and around Boston, Mass. In both Boston and lunch rooms operated
bakery and commissary. The
tion operates its own
a "limited bill of fare,' which makes
are of the self-service type and serve
turnover. Emphasis
ec
possible the maximum use of equipment and a rapid
moderate
mate cost.
18 placed on serving meals of high quality at and has encouraged stock
The business has operated a onus system, employee relations have
ownership by employees with the result that
always been satisfactory.
5 years
-The sale earnings of the business for the the preSales and Earnings.
of inception of
ended Dec. 31 1928 (or from the respective dates
items (exclusive of
decessor companies), after eliminating non-recurring
properties) averaging
profits from the sale of leaseholds and leasehold taxes at the rates pre$8881 per annum, after deducting Federal income 6% per annum on the
veiling for the respective years, and after including
proceeds of this financing, have been as follows:
1924.
1925.
1926.
1927.
1928.
Cal. Year$2,169,285
$4,603,876 $4,165,403 $3,824,799 $3,381,140
Sales
y225.149
312,164
y440,121
448,828
Earns. after taxes 531,110
:No. times pref.
stk. div. reqts.
1.71
2.36
3.33
3.40
4.02
earned
Earned per sh. on
248,744 shs. of
$0.37
$0.72
$1.24
$1.27
$1.60
com .stk
from the sale of
x Based on 52,804 shares. y After eliminating profit
leaseholds and leasehold properties.
the sale of
For the first quarter of 1929, after eliminating profit from reported.
8158.353 are
leaseholds and leasehold properties, earnings of of 1928.
against earnings of $143,927 for the first quarter
1929, after giving
-The balance sheet, as at March 31 shows the corporaBalance Sheet.
Co.,
effect to this financing, as audited by James Barr ¤t assets as shown
tion to be in excellent financial condition. Total
liabilities of $328,309. This
therein are $2,075.480, against total current
capital of $1,747,171.
is a ratio of over 6 to 1, and leaves a net working
3830
FINANCIAL CHRONICLE
[VOL. 128.
Cash alone is equal to 5 times total liabilities.
Organizatiem.-Cornpany. iiiiranized under the Insuraiibe,Law of the
of this cash will be used for expansion purposes. It is intended thamost
State of
Common Stock Dividends.
-The management has announced its intention actively New York by leading business men, bankers and laWyers who are
identified with the development of the Borough of the Bronx,is the
of placing the no par value common stock on an annual dividend
basis! of first institution of It. kind in that section
$1 per share, payable quarterly.
of Greater New York.
Company is authorized to conduct the business of a title and mortgage
Purpose.
-Entire proceeds derived from the present financing will remain
guaranty company pursuant to
in the business, and the greater portion of the proceeds
is to be used for State of New York, including the provisions of the insurance law of the
expansion purposes.
the business of investing in, purchasing and
Listing.
-Application will be made to list the $2.50 cumulative con- selling, with or without guaranty,first mortgages on improved real property
situated in the State of New York and guaranteeing the payment
vertible preference and common stocks on the New York
of first
Curb Market. mortgages without the purchase
thereof.
Capitalization.
-The authorized capital consists
Blake Mortgage Co., Brooklyn, N. Y.
of stock,
-Stock Offered.
- viz.: 60,000 shares of capital stock (par $50) each, toof one classat the rate
The company announces the offering of 20,000 shares
be paid for
of
• preferred stock (par $25), and 15,000 shares common stock 7% cumulative of $75 per share, producing 54.500,000, of which two-thirds, or $3,000,000,
(no par) in the will be apportioned to capital and one-third, or $1,500,000, to surplus
form of units, each consisting of two shares
and
of preferred and one share of reserve funds.
no par value common at $65 per unit.
State Supervision.
-Company will be under
Preferred stock is preferred as to assets and cumulative dividends
of
of ance department of the State of New York,the supervision it the insur7% per annum. This stock is redeemable
which renders
subject to
as a
and accrued dividends. Common stock is fully whole or in part at $27, examination and control by said department at all times.
Directors.
-John G. Borgstede, Hon. Henry
each share carries full voting power. The stock paid, non-assessable and
Catharine, Thomas J. Connellan, J. Clarence Bruckner, Robert M.
is priced at $65 per unit.
Davies, John J. Duffy.
Harry M. Duming, Leo J. Ehrhart, George
Blaw-Knox Co.
-Listing.
Horace C. Flanigan, Charles H. Friedrich, W. Fennell, T. Tasso Fischer,
The Pittsburgh Stock Exchange has approved for listing
Hon. Albert Goldman, Henry'
Goldwater, Monroe Goldwater, John M. Haffen,
1,000 shares
additional (no par) common stook. Upon
John Kadel, Louis E.
Kleban,
stock, the capitalization of the company the issuance of this additional Albert George L. Kumpf,Jacob Leitner, Emil Lehner, Howell T. Manson,
will be:
P 31ps,.Albert W. Prints, Harry Schrader,
p
.
shares (no par) common stock, outstanding 939,585 Authorized 1,500,000 Jacob Selig,he355
Albert J.
Alexander Selkin, Benjamin Sobel,and William H.Bchwarzler,
ofthis increase in capitalization is for the acquisition ofshares. The purpose -V.
Steinkamp.
additional properties.
--V. 128, p. 562.
Buffalo & Susquehanna Coal & Coke Co.
-Balance
Blums, Inc.
-Earnings.
-
Sheet Dec. 31 1928.
The company announces net earnings, after expenses. depreciatio
n.
Interest and Federal tax reserves, for 3 months ended
Assets
April 30 1929 of
$148.038, compared with $139,389 for the similar period in 1928. Earnings Property investment:$3,594,059 Capital stock
$1,150,000
for the above quarter amount to over 651 times the dividend
requirements Current assets
1,909,997 Long-term debt
1,000,090
on the 25,000 shares of $3.50 convertible preferred stock
now outstanding. Deferred assets
21,012 Current liabilities
99,107
The balance available for common stock amounts to
Unadjusted debits
$126.183. or $1.28
20,481 Deterred liabilities
19,901
per share. Gross sales show increase of 9.2% over the 1928 first quarter of
Unadjusted credits
the company's fiscal year and over 12% over the 1927 quarter.
Total (each side)
55,545,551 Corporate surplus
3,144 775
31, 6
8
Net earnings of Blum Building are included in the above
x After reserves for depreciation and depletion amounting to $1,994.293amount to $28,166 after interest and depreciation, or over statement and
131 times the -V.109, p. 2174.
dividend requirement of the entire issue of preferred stock.
-V.128. p.3516
.
(H. C.) Bohack Co., Brooklyn N. Y.
-Sales.
Period End. June 11929-4 Week..1928, 1929-l7 Weeks--1928.
Sales
$2,197,615 $1,839,089 $9,144,423 $7,990,617
-V. 128. p. 3518, 3355.
•
Boston Woven Hose & Rubber Co.
-Stock Offered.
A syndicate headed by Stone & Webster & Blodgett, Inc.,
and including Jackson & Curtis, Collins, Breed & Sharp,
the Jordan-Lyman Co., Inc., and Wise, Hobbs & Arnold
recently offered a block of common stock at $96 per share.
The offering does not represent new financing.
Capitalization-Auth. & Outst'g.
6% cumulative preferred stock (par $100)
$750.000
Burlington Elevator Co.
-Bonds Offered.
-The Minnesota Co., Minneapolis recently offered $160,000 1st mtge.
6% serial gold bonds at prices ranging from 98M and int. to
993i and int. according to maturity.
Dated May 1 1929: due serially, May I 1931 to 1939.
Compang.-A Nebraska corporation. Has
forced steel and concrete grain elevator, whichunder construction a re-inupon completion will have
a capacity of 633.000 bushels. The construction of
the property
conform to thoroughly modern standards and it will be designed for will
additional storage of approximately 400,000 bushels at minimum cost. The
property immediately adjoins the flour mill
and upon completion of the elevator it is of the Omaha Fleur Mills Co.
anticipated the Omaha
will effect a substantial savings in the storage and handling of its Flour
grain
through co-ordinallon of these units.
Security -Secured by a direct first mortgage upon all fixed assets owned
together with and subject to a lesase for such property to the Omaha Flour
Mills Co. Company's interest in this lease will be assigned to
and Pledged
with the trustee as additional security. When completed the property
will represent an actual cost of not less than $251,456 of which $11,400
represents the cost of the land. The Omaha Flour Mills Co. guarantees
completion of the elevator and will purchase for cash the
common
stock of the company, which will represent an investment ofentire
approximately
8100,000.
Lease.-Omalta Flour Mills Co. has leased from the
Elevator
Co. its property for a term of 15 years from May 1 Burlington rental of
1929, at a
$30,000 per annum. In addition to the fixed rental the lease provides
that the Omaha Flour Mills Co.shall maintain the property in goad °parseing condition and shall pay the cost of insurance, taxes and any assessments
which may be levied against the property.
Purpose.
-Proceeds will be deposited with the trustee and will be used to
Pay part of the cost of the elevator now under construction.
Common stock (no par value)
86.000 ohs.
Dioidends.-The present dividend rate on the common stock
is $6 Per
share per annum, payable $1.50 Q.
-M., and extras.
Company.-Incorp. in Massachusetts, March 22 1906,succeeding a Maine
corporation of the same name,incorporated in 1899. Is carrying on busia
ness originally established in 1880, and operates one
largest, factories in the world devoted exclusively of the largest, if not the
to the manufacture of
mechanical rubber goods. The principal products are hose,
stair treads, matting, tape, tubing, jar rings, and heels. It belting, mats,
also manufactures packing, small solid rubber tires, automobile top
fabrics, and brass
fittings such as hose nozzles, couplings, &c.
Sales and Earnings.
-Beginning in 1900 the company and its predecessor
have shown a net profit in every fiscal year except 1921. a time
deflation. Operations in recent fiscal years ended Sept. 1 show: of general
Net per Sh.
Poundage. Gross Sales. Net Earnings,of Corn Stk.
1924
36,561,493 $8.892,780
$506,983
$5.37
1925
46,188,468 10,343.050
1,031,500
11.47
1926
44,160,90.3 10,923,226
Burns & Co., Ltd.
641.527
-Earnings.
6.94
1927
44,906,261
9,939,426
973,501
10.80
1928
Income Account Year Ended Dec. 311928.
43,229.580
9,441,994
749,212
8.19 Operating profits
-V. 128 p. 2996.
before depreciation
Other income & dividends
Briggs & Stratton Co.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of
50c. a share
on the new no par capital stock, payable July 1 to holders
of record June 20.
(See V. 128, p. 1910).
Earns.for 4 Months Ended April 30.1929.
1028.
Net earnings after charges
$495,542
$187.812
-V. 128. p. 2996.
Brillo Mfg. Co.
-Earnings.
-
Quarter Ended March 31Gross sales
Net income after charges and deprec. but before
Federal taxes
-V. 128, P. 3517.
Total Income
Depreciation
Income war tax (estimated)
Approp. for development (subs. companies)
Int, on funded dr other indebtedness (net)
Net income
Dividends on preferred shares
51,263,134
146,478
$1.409,612
$274,359
30,000
60,000
449,525
$595,728
343,295
1929.
$565,184
1928.
Balance,surplus
$252,433
$484,817 -V.127, p. 2093.
77.947
50,802
Butterick Co.
-Earnings.
Quarter Ended March 31- •
1929.
1928.
Sales, &c
British Columbia Packers, Ltd.(& Subs.).
$2,660,577 $3,131,656
-Earns.
--- Costa and expenses
2,818.263
2.423,412
Income Account for the Period Jan. 1 1928 to Feb. 28 1929.
Interest, depreciation, &c
88,248
100,591
Net profit
$1,285,999
Maintenance,renewals& depreciation
Net profit
329.953
$225,145
$136,574
Interest on funded debt
38,902 Profit and loss, surplus
1,528,093
2,053,153
Provision for Dominion & pro'incial income & pack taxes
Shares COM, stock
v
1;1.7t
812
21i161
Additional 2 months exp. incurred through change of fiscal year 110,000 Earnings per shareoutstanding (no par)
from Dec.31 to Feb.28
116,962 -V. 128. p. 1734.
Netincome
Buzza Clark, Inc.(& Subs.).
5690.182
-Earnings.
--V. 128, p. 3688.
a Income Account for the Period Ended Jan. 31 1929.
Not sales _
British Type Investors Inc. -for-1 Splitup.-4
At the stockholders' meeting held June 3, it was voted to increase the Cost of safee-------------------------------------------authorized capital to 500,000 class A shares and split each
Gross
$1,313,401
into four new class A shares. The Guaranty Trust Co. of present share Selling, profit
New York is
general & administrative expenses
1,030,719
transfer agent for tho new stock.
In his remarks to stockholders President Edward V. Otis stated that
Net profit
$282,682
earnings so far in 1929 had been satisfactory and he expected them to con- Miscellaneo
us charges
105,506
tinue at a high level. See also V. 128. p. 3517.
Provision for Federal & N. Y. State income taxes
23,539
Bronx Title & Mortgage Guarantee Co.
Net income
-Stock
$153,636
Offered.
-This company, organized under the insurance law Divs. on first & second preferred stock
91,386
of the State of New York and authorized to conduct the busiEarned surplus, Jan. 31 1929
$62,250
ness of a title and mortgage guaranty company,is offering at Earns, per sh. on 100,000 shs. corn.- stk. outstd. (no par)
x This
results of
$75 per share, 60,000 shares of capital stock. The first period of report includesand of the operators of the Buzza Division for a
twelve months
Clark Division for a period of thirteen
-V. 126, p. 4085.
institution of its kind to come into being in the Bronx, the months.
Tigg;g1S
new company numbers on its board of directors men proCalifornia Petroleum Corp.
-Earnings.
minent in banking and law as well as general business.
Calendar Years1928.
1927.
1926.
x Net profit
While the offering is made by the Bronx Title & Mortgage Common dividends
$1,648,919 $1,315,451 $6,608,567
3,055,414
3,806.434
2,060,986
Guarantee Co. for its own account, arrangements have been
Deficit
made with the Bronx branches of the National City Bank of
$412.047 $1,739.963sur$2,802133
New York, Bank of the Manhattan Co. and Bronx County Shares com.stock outstand g (par $25) 2,060 986 2,060.966 1,979,940
Earnings per share
$0.64
vise
$3.34
x After taxes, intangible development costs, interest, depreciation, deTrust Co. to accept subscriptions. Of the offering price,
-V. 128, P. 1911.
$7.50 a share is payable with the subscription and the lbalance pletion, &c.
before the close of business on July 2 1929. Subscription
CanadianMining & Securities Corp.
-New Investment
books close June 18.
Company Formed To Deal in Securities of Canadian Oil
Proceeds will be apportioned $3,000,000
Producing and Mining Cornpanies.to capital and $1,500,000 to
surplus and reserve funds.
Company's treasury will receive entire proceeds
of this issue. No underwriting or
promotion fees will be paid by the company in connection with subscriptions.
Bronx County Trust Co., transfer
agent and registrar.
The formation of this corporation, organized under the laws of the
Province of Ontario as an investment trust, with broad powers to buy,
sell, hold and deal in securities of every kind, and to participate in syndicates
and underwritings, is announced by A. D. Watts & Co., members of the
JUNE 8 1929.]
FINANCIAL CHRONICLE
Montreal iStock Exchange, who are offering 175,000 shares common stock
(par $10) at $11 per share.
The corporation ,will deal primarily in the securities of Canadian companies producing oil and mineral products, thus presenting to the investment public a medium whereby they can participate in the development
of Canada's natural resources. A portion of the holdings of the corporation
will include the securities of financial, public utility•and industrial companies. The investment policy of the corporation will be to construct and
maintain a foundation of sound dividend-paying stocks but at the same
time take advantage of the great speculative possibilities in mining stocks.
The corporation's funds will be invested under certain restrictions which
provide among other things that at least 60% of the subscribed and paid-up
capital of the corporation must be invested in the securities of dividendpaying companies; that an amount not exceeding 25% may be invested in
companies not paying dividends; and that not over 20% is to be invested
In companies producing any one commodity.
Under the terms of the management contract, A. D. Watts & Co. will
receive no compensation until the corporation earns annually 8% on its
capital and surplus. In any year in which the realized profits exceed 8%.
the managers will be entitled to receive 20% of the net profits but only to
the extent that the payment thereof will not reduce the net profits below
8%. The requirements for the annual earning of net profits of 8% shall
be cumulative so that in any year, if the corporation shall fail to have earnings of that amount, the deficiency will be made good in subsequent years
before the firm will be entitled to compensation.
The board of directors which is composed only of partners and associates
of the firm of A. D. Watts & Co. is as follows: A. D. Watts, Pres.; Harry
E. Gee, Managing-Dir.; I. H. Hertzberg, Vice-Pres.: Ruskin Watts, Dir.:
and Charles B. Watts, Sec.-Treas,
Capital Administration Co., Ltd.
-Listed.
-
3831
Chain Store Investment Corp.
-Split-up Approved.
The stockholders, on May 22, voted to change the par value of the common shares from $25 to $5, and the authorized common stock from 35.000
to 175,000 shares. The common stockholders will be entitled to receive
certificates for 5 new shares of common stock of $5 par for each share of
common stock of $25 par upon surrender of the certificates of common
stock now outstanding. Ofthe balance of 75,000 of the authorized common
stock 50,000 shares will be held against the conversion privilege of the outstanding preferred stock. Preferred stockholders are now entitled to convert into 10 shares of common stock of $5 par or if the preferred stock is
redemmed to an option to purchase 10 shares of common stock for $10.50 a
share. The remaining 25,000 shares will be held subject to the option
that was granted to Childs. Jeffries ar Co. on Aug. 29 1927, to subscribe
to 5,000 shares of common stock of $25 par value at $25 a share. Upon the
new capitalization Childs, Jeffries dr Co. will become entitled to subscribe
to 25,000 shares of $5 par at $5 a share.
During the year ending Dec. 31 1928, the corporation earned through
dividends and interest income as well as from securities sold, after all
charges including dividends and taxes, the sum of $163,779, equivalent to
$1.64 per share on the increased new stock. In addition, the market value
of the securities owned exceeded.whichever was the lower of the cost or
market price of such securities by the sum of $563,966, equivalent on the
new stock to $5.62 per share. Actual earnings plus appreciation therefore
aggregated for the year 1928, $7.26 per share on the new stock. Total
1
assets increased 62.69 during the year, solely through earnings and appreciation of securities held. For the quarter ending March 31 1929,the company earned through dividend and interest income and sale of securities,
$85,693, equivalent to 86 cents per share on the new stock. This compares
with $9,100 or 9 cents per share earnings during the corresponding quarter
-V. 128, p. 3192.
a year ago.
There have been placed on the Boston Stock Exchange list 60,000 shares,
r -Earnings.Chandler-Cleveland Motors Cor .
(no par value) class A common stock (authorized 280,000 shares) as the.
Calendar Years
same are released from deposit with the New York Trust Co.for the benefit
y$2,826,43 $3,483,0b3 $4,533,477
Grow; profit from sales
of the holders of allotment certificates of the company.
-V. 128, p. 3192. Expenses, &c
3,226,727
3,456,112 x4.097,148
35,000
Federal taxes (estimated)
Case, Pomeroy 8z Co., Inc.
-Transfer Agent.
500.000
Prov. tor contingencies
The National City Bank of New York has been appointed transfer agent
for voting trust certificates covering 445,000 shares of common stock.
$401,329
def$400,305 def$473,109
Net profit
-V. 128. p. 2468.
231,286,666
Divs. paid and provided for
Earns, per sh. on 350.000 pref. shares
(J. I.) Case Threshing Machine Co.
-Name Changed.
- (no par)
Nil
Nil
$1.14
On June 1 the name of this company was changed to "J. I. Case Co."
x Includes depreciation. y Includes other income amounting to $270,500
The change in name does not in any way affect the corporate identity.
Z As follows: Chandler-Cleveland Motors Corp., pref., $1,249,080; minority
The company's announcement says:
interest in constituent companies, $37,586.
Over a period of years the company has been adding to its line of product.
Consolidated Balance Sheet Dec. 31.
In 1928 it purchased the implement plant and business of the Emerson1927.
1927.
1928.
1928.
Brantingham Corp. at Rockford, Ill, and it is now a full-line company;
$
$
Assetstherefore the words "Threshing Machine" in its corporate name no longer
indicate the class of product it manufacturers and sells as it did many years Fixed assets
y 6.734,573 7,183,649 xCap. stk. ,k sur_14,211,402 14,466,944
28,633
ago when the company's principal product was threshing machinery. It Good-will
5,000,000 5,000,000 Notes payable__
189,158 Accts. payable_ _ _ 321,260
747,122
is therefore appropriate that the words "Threshing Machine" should be Cash
425,986
273,337 Customers balance
23,533
63,995
198,255
eliminated.
Notes gr accts. rec_
187,655
4,795,055 3,231,786 Accrued taxes_ _ _ _ 160,343
The company also purchased last year all the outstanding right to the Inventories
.
323,515 Other notes pay.. 2,300,000
use of the "Case" and "J. I. Case' on plows, harrows and certain other Invest.in attn. cos. 156,817
5,58915,438 Wages,int.pay.Arc.
59,746
farm tools so it now has exclusive right to the use of that name.
-V. 128, Other assets
79,472
162,166 • 156,937 Dealers'deposits__ 102,157
Deterred charges
p. 3517.
800,000
Contingent reserve 300,000
Celotex Co.
-Retires 3
-Year 6% Notes.
The unconverted balance of the company's issue of 3
-year 6% gold notes,
due June 1 1929, was paid when due, according to an announcement by
President B. G. Dahlberg. Of the original issue of $1,000.000, $622,000
was converted into the preferred and common stock, leaving a balance
of $378,000 to be paid in cash by the company. Out of the $4,250.000
bonded debt existing three years ago, there is now outstanding less than
$3,000,000 of 1st mortgage bonds and 10
-year convertible debentures.
Earns.for 6 Months Ended April 301929.
1928.
Net sales after deduct, of freight, allow. & discts_$4,534,085 $3.886,987
Cost of sales, incl. maint. of plant & equipment:
shipping, publicity, sell. & adminis. exps. but
exclusive of depreciation of plant & equipment-- 3.571.980 3.116.121
Operating profit
$982,124
8770,888
Other earnings, int., discts. & sundry receipts-- - 28,387
24,650
Total income
$990,491
$795,516
Depreciation of plant and equipment
196,372
198,398
Interest charges, incl. amortiz. of discount & exPe•
on funded debt
169,275
182,681
Provision for Federal income tax
40,000
56,037
Non-recurring charges, price adjust,ofdealer inventories of Celotex acct, of price reduct. Dec. 10'28
214,507
17,478,441 16,373,823
Total
17,478,441 16,373,823 Total
x Represented by 350.000 shares of no par preferred and 280,000 no par
-V.128.
shares of common. y After deducting allowance for depreciation.
P• 406.
-Earnings.
-Cherry-Burrell Corp.
The company reports for the 6 months ended April 30 1929, net income
of $381.827 after all charges, including depreciation, interest and taxes,
equivalent after providing for the preferred dividends to $2.22 a share on
-V. 127, p. 2825.
the 136,414 shares of common stock outstanding.
-Sales.
Childs Co., New York.
1929-5 Mos.-1928.
-Month-1928.
Period End. May 31- 1929
$2,261,558 $2,132,363 $11,144,201 $11,123,600
Sales
-V.128, p. 3356, 2814.
-New Directors, &c.
Chrysler Corp.
B. F. Hutton and Waddill Catchings have been elected directors to fill
vacancies caused by the resignations of G. W. Mead and D. It. McLain.
J. S. Bathe has been elected an additional vice-president.
Walter P. Chrysler, President and Chairman of the board, commenting
on the corporation's operations. stated that May shipments showed an
increase of 38'7 over shipments for the same month last year and that ship0
ments for the first 5 months of 1929 showed an increase of 19% over the
Net income available for dividends
$370,338
$358,400 corresponding period a year ago. This showing is particularly satisfactory
-V. 128, p. 3356.
considering that in the first 5 months last year 33,000 Dodge standards were
shipped and this low priced Dodge line of cars has now been discontinued.
Central Aguirre Associates.
The greatest individual gain in sales took place in the Plymouth line, where
-Smaller Dividend.
The directors have declared a quarterly dividend of 373-ie. per share, May shipments totaled over 17,464 cars or more than double May 1928
-V. 128. D. 3518. 3889.
placing the no par capital stock on a $1.50 annual basis. This dividend shipments which were only a little over 8,300 cars.
is payable July 1 to holders of record June 20. Quarterly dividends of
50c. per share were paid on Jan. 2 and April 1 last. This stock was Issued
-Earnings.
City Machine & Tool Co.
in the latter part of 1928 in exchange for the stock of the Central Aguirre
1928.
1929.
4 Months Ended April 30Sugar Co. in the ratio of four Associates shares for each Sugar Company Net profits after charges & Federal taxes
$169.585
$213,833
$20 per share. The latter was distributing quarterly dividends of $1.50 Earns, per share on 150,000 shs. corn. stk.(no par)
$1.13
$1.42
per share on its stock with various extras.
-V. 127, p. 3402, 3709,
-V. 128. P. 1912.
-Liquidating
Central Finance Co., Inc. New Orleans, La.
City Manufacturing Co., New Bedford.
-Notes
-Whitney-Central Bank, New Orleans, recently Dividend of $25 a Share.
Offered.
following recommendation
15 approved
offered $250,000 coll. trust notes series A 6% at par and int. ofThe stockholders on May capital stock the reduced from $375,000 to
be
the
the
directors:
Dated March 11929; due March 1 1934. Principal and int. (Si. & S.) $187,500 and par "Thatof the shares of the stock be changed from $50 a
value
payable at Whitney-Central Trust & Savings Bank, New Orleans, trustee, share to $25 a share and there be paid from the capital assets of the corporawithout deduction for normal Federal income tax up to 2%.
tion to each shareholder the sum of $25 a share for each share of stock
-Notes are the direct obligations of the company. Secured by
Security.
him. Such payment to be made to stockholders of record June
deposit in pledge with the trustee of notes of an amount equal to 125% of owned by presentation of their certificates to be duly stamped" and on all
the outstanding collateral trust notes, including this issue. The collateral 1 1929 on
matters relative or pertinent thereto."
pledged consists of notes which are the direct obligations of individuals,
Explaining their rejection of J. Murray Howe's offer of $75 Per share
firms and corporations who are purchasers of passenger automobiles, trucks, for the company's stock, the directors state: "An offer has been made of
tractors and other motor vehicles, secured by a first chattel mortgage
the equivalent of $50 per share after the payment of $25 per share on
on the vehicle purchased, representing an average of less than 66 2-3%
of the capital stock. The directors have declined it
lien
of the purchase price, payable in monthly installments ofver a period of June 1 in reduction the value of the net quick assets without including
because it is
not exceeding 18 months and are of small amounts, the average being anything for less than
land, buildings and machinery. Another objection to this
approximately $500.
allowing only up to 50% ef the shares to
Company -Established in 1924. Is one of the leading finance companies offier is that it contemplates
participate in the expected profit from the transaction. The directors
in New Orleans.
have no interest in any proposition that does not include all stockholders
this
the directors recommend that
an equal basis.
-Bonds Offered. Wolff-Schield on operated so long At theytime be without materially affectingthe plants
Chain Properties, Inc.
the comcan
as
be
& Co., St. Louis, recently offered $115,000 1st mtge. 6% pany's net quick assets. To help in doing this, all overhead expenses hays
been reduced to a minimum. If it becomes ad.visable to liquidate the
serial gold bonds at 100 and int.
affairs of the corporation, the directors are confident that they can hanlde
Dated May 11929; due serially 1929-1938. Principal and int.(M.&
the matter in the interest of all the stockholders and realize a higher figure
payable without deduction for normal Federal income tax not exceeding than has been offered."
-V. 128, p. 3193.
-Schield & Co. or Franklin-American Trust Co St
2% at office of Wolff
.
Louis, Mo., trustee.
-Common Stock Offered.
Claremont Investing Corp.
-Eight corner properties in the city of Springfield, Mo., each
Security.
of which is improved with new supertype or Denver type glisoline and service Offering of an additional issue of 35,000 shares (no par)
with the Texas Co.'s specifications. The present value common stock is being made by Furlaud & Co., Inc., at
stations. in accord
of the real estate, exclusive of all improvements, is considerably in excess $20.50 per share.
•
of the amount of this loan at maturity.
Transfer agent: Equitable Trust Co. of New York. Registrar: Fidelity
-The Texas Co. has leased the properties securing this issue.
Leases.
Leases, assigned to and held by the trustee, run for a period of 10 years, Trust Co. of New York.
Authorized. Outstanding.
Capitalizationand require that lessee shall pay all maintenance, repair and other charges
40,000 shs. 40,000 shs.
exclusive of taxes, insurance and such major repairs or replacements as are Participating preferred stock (no par)
120,000 shs. 120,000 shs.
Common stock (no par)
covered by fire and windstorm insurance.
fully
-Gross rentals amount to $20,580 annually. Taxes and insurRentals.
Data from Letter of Ira A. Schiller, Pres. of the Corporation.
ance are estimated at $2,100, leaving $18,480 for the service of this loan,
-A New York Corporation,organized in Dec. 1927, by interests
Company.
more than 2.7 times greatest annual interest charge or more than 5 times affiliated with the Claremont National Bank to acquire, hold sell, underInterest charge at maturity.
write, offer and generally deal in bonds, stocks and other securities of
-The Texas Co. has options topurchase any or all of financial, industrial and public utility companies. The corporation also
Purchase Options.
the properties during the terms of their leases at prima totalling $180.250 participates in syndizat3s and underwritings of security issues.
during the first five years of the leases, or totalling $187.750 during the last
Earnings.
-For the 14 months from the inception of its business to Feb.
five years of the leases. In the event of exercise of purchase options, bonds 28 1929, the corporation's earnings (exclusive of appreciation in market
of the last maturity of principal amount equal to the purchase price must value of securities on hand), based upon the average capital employed,
be retired at 10234% and accrued interest.
have been at the annual rate of 17.69%.
3832
FINANCIAL CHRONICLE
Net earning for the 4 months ended April 30 1929, amounted to $173,458
after providing for fixed and participating dividends on the preferred stock,
which is at the annual rate of $4.33 per share on 120,000 shares of common
stock to be presently outstanding. These earnings do not reflect any
income resulting from additional capital to be provided through the sale
of this issue.
Dividends on the participating preferred stock have been paid regularly
since inception of the corporation. The common stock is at present on
an annual dividend rate of 75 cents per share.
-Charles G. Bond, Thomas J. Delon, Maxwell E. Erdofy,
Directors.
Edward B. Hixson, Jr., William J. Large, Ira A. Schiller, Carl Sherman.
Dominick A. Trotta.
Balance Sheet April 30 1929 (After this financing.)
Liabilities
8225.000
Cash in banks de on call
$613.880 Notes Payable
2,069,883
Marketable securities at cost
737,480 Capital & surplus
Notes receivable
458,731
Subscriptions receivable (sec.) 152,092
Real estate mortgages
318,906
$2,294,883
Other assets
13,793 Total (ea. side)
-V. 128, p. 2096
(D. L.) Clark Co.
-Earnings.
1925.
1926.
Calendar Years1927.
1928.
x Net carbings avail, for int.,
depreciation & Fed'!taxes_ $833,815 $924.795 $559,683 $282,458
-V. 128. p. 3689.
x After giving effect to non-recurring Income.
-Bonds Offered.
Clay Products Co., Inc. of Indiana.
Peabody,Hennings & Co.,Chicago,recently offered $500,000
1st mtge. 63/Z% serial gold bonds, series A (with corn. stock
purchase privileges) at 100 and int.
Dated April 1 1929; to mature in annual series 1930-1939. Interest
payable A. & 0.at First Trust & Savings Bank. Chicago, Ill., or Peabody,
Hennings & Co., Chicago, Red. in whole or in part on 60 days' notice
on any int. date at 105 & int. to & incl. April 11930,the premium decreasing
% of 1% each year thereafter. Company agrees to refund to resident holders
upon proper application, certain State taxes as defined in the indenture.
Interest payable without deduction for normal Federal income tax, not in
excess of 2%.
-The bonds will carry common stock purchase
Stock Purchase Privileges.
privileges entitling the holders to purchase, prior to maturity or redemption,
a unit of 10 shares of common stock for each $1,000 bond ($500 bonds in
proportion) on the following basis: On or before April 1 1931 at $10 per
share; after April 1 1931 and on or before April 1 1933 at $12.50 per share:
after April 1 1933 and on or before April 1 1935 at $15 per share; after April
1 1935 and on or before April 1 1937 at $17.50 per share; after April 1 1937
and on or before April 1 1939 at $20 per share.
Data from Letter of Bert McBride, President of the Company,
-A Delaware corporation. Owns and operates two plants
Company.
located at Brazil, Ind. One plant is the largest single unit in America,
manufzcturing clay conduit for underground cables. The other plant
produces a well known line of building tile. /thich, since its introduction in
1924, has achieved a remarkable success among architects and contractors
as providing an artistic and serviceable form of wall construction at lower
cost than any comparable alternative material. The principal user of multiple way conduit is the American Telephone & Telegraph Co.and its subsidWies, and the company, has for many years been its main source of
supply. The contract for the current year calls for delivery of twice the
quantity delivered in any previous year.
Security and Assets.
-These bonds will be secured by a first mortgage on
all of the land, buildings and fixed equipment of the company. These properties have been appraised by The Lloyd-Thomas Co. of Chicago, at a total
net sound value of $1,369,761 and in addition $100.000 cash is reserved for
plant extensions and improvements, giving a total value of $1,469,761.
Company's pro forma balance sheet, after giving effect to present financing,
shows net quick assets of $640,020. with a ratio of current assets to current
liabilities of over 5 to 1, and net tangible assets (taking book value of
property plant and equipment,and incl. the $100,000 appropriated for plant
extensions and improvements) of $1,511,948, or 83.024 for each $1,000
bond. Based on the appraisal value of property, plant and equipment,such
net tangible assets are equivalent to $4,249 for each $1.000 bond.
Earnings.
-For the 5 years, ended Dec. 31 1928, the average annual net
earnings of the predecessor company, available for interest charges on these
bonds and Federal income taxes, were $181,524, or over 5.6 times the maximum annual interest requirements of $32,500 on this issue of bonds, and the
earnings for 1928 alone, were 5 times said requirements. Sales for the first
3 months of 1929 were 50% in excess of sales for the same period last year.
-The mortgage will provide for an annual sinking fund
Sinking Fund.
in addition to the fixed annual maturities, of 20% of the net income of the
company, beginning with fiscal year 1929, after provision has been made
for the next fixed maturity of bonds, but such sinking fund,at the discretion
of the directors of the company, may be limited to $25,000.
-Net earnings after depreciation and Federil income taxes
Earnings.
paid are as follows:
1926.
• 1927.
Calendar Years1929 (3 mos.) 1928.
$129,650
$99,856
$158,061
Net earnings
$53,649
Per share on 25,000 shs.
$5.18
$3.99
$6.32
class A
$2.14
Per sh. avail. for 30,000
2.65
1.66
3.60
ohs. class B
1.37
Putpose.-Proceeds from the sale of 10,895 shares of class A stock acquired from the company will be used to retire the company's 7% preferred
stock now outstanding.
-It is the intention of the directors to place the class A stock
Dividends.
on a $2 annual dividend basis and the class B stock on a $1.40 annual
dividend basis with the first quarterly dividend of $0.50 per share on the
class A stock and $0.35 per share on the class B stock payable on,Aug.15
1929, to holders of record Aug. 5.
Listing.
-Application will be made to list both the class A and class B
stocks on the Cleveland Stock Exchange.
Coleman Lamp & Stove Co.
-Earnings.
Earnings for Year Ended Dec. 311928.
Gross operating profit
Selling, administration & general expenses
82,542,185
1,526,140
Operating profit
Other income
$1,016,046
32,470
Total income
Interest
Depreciation
Other deductions
Federal taxes
Minority interests
$1,048,516
43,891
118,247
29,365
103,150
13,114
8740.749
Net income
$7.40
Earns, per sh. on 100,000 shs. corn. stk.(no par)
Comparative Balance Sheet.
Dec.31 '28. Mar.29'28
Dec.31 '28.Mar.29'28
Assets$3,044,914 $2,991,612
Land, bldgs. & eq.$1,490,054 $1,496,441 Capital stock
81,151 Fur. contr. pay.
Unimproved land_
82,401
279,965
not current.. _ _ _ 261,584
notes & acSecur.,
9,233
9,182
Res. for conting
counts rec., not
39,941
49,376
35,037 Minority interest.
31,196
current
574,537
669,205
27,444 Surplus
32,410
Cash sur. val. ins.
136.274
101.200
Notes payable _ _
570
Treasury stock _342,883
132,181 Accounts payable_ 165,146
Supp. & def. digs. 111,847
76,963
2,563 Employ.' div. ctfs.
Patents
24,525
25.651
Cash
128,837 Fur. contr., curr
365,118
172,906
Notes & accts. rec. 416,278 1,150,733 Fed. taxes & accr. 157,287
Due from officers
& employees_
57,513
Marketable secur. 200,000
1 829,634 1,459,976
Inventories
$4,559,507 $4.571,876
Total
$4,559,507 $4,571,876 Total
-V. 126, a. 3761.
-The
Collingwood Terminals Ltd.-Pref. Stock Offered.
Willison Neely Corp., Ltd., Toronto, recently offered $200,000 7% cumul. pref. stock at par ($100) with bonus of one
share of corn. stock with each share of preferred stock.
Preferred as to to dividends and assets. Entitled to cumulative preferential cash dividends at the rate of 7% per annum. Red. by call in whole
or in part on any div. date at $110 per share and div. on 20 days' prior
noccpi Regtinrar and transfer agent: Sterling Trusts Corp., Toronto.
a
ti e.talizat t
Issued.
Authorized.
$200,000
$500,000
7% cumul. preferred stock (par $100)
25,000 slur. 25,000 gm.
Common stock (no par)
-After a thorough investigation it has been decided to build
Company.
a 2,000,000 bushel elevator at Collingwdod and the company has been organized to look after the building and to operate the elevator when completed. C. D. Howe & Co. of Port Arthur have been retained to design
the elevator and to supervise its construction which is now well under way
and will be in complete operation in time for the 1929 movement of grain.
-Estimated earnings show over 5.5 times the preferred stock
Earnings.
dividends, and show a substantial balance amounting to nearly $2 per
share on the common stock.
As it is anticipated that the grain handled will very soon rise to a normal
volume of more than 6% bushels, per bushel of elevator capacity, the &Innings are expected to show a marked increase over the above figures. A
7.2
recent report on a Lake Huron elevator shows an average net profit of the
cents per bushel of capacity for the past six years, and on this basis
t ve a bove proflt.
ah erage netnguree of the Collingwood elevator would be 20% higher than
-An issue
-Bonds Offered.
Colonial Chair Co., Chicago.
-Granted Preliminary In' Claude Neon Lights, Inc.
of $225,000 1st mtge. 06% sinking fund gold bonds was
junction.
by Forgan, Gray & Co., Inc.,
Judge Thomas D. Thacher of the U. S. District Court, for the Southern recently offered at 99 and int.
District of New York, has granted a motion in favor of the company,
definitely holding that Photion Instrument Corp. had infringed Claude
Dated March 11929; due Match 1 1939. Red., all or part, on 60 dare
patent 1.125,476 for the manufacture of Neon electric signs, and granted a notice on any int. date up to and incl. March 1 1935 at 105 less % for
motion of Claude Neon Lights, Inc. for a preliminary injunction against each full year after March 2 1929 and at 102 after March 2 1985. Denom.
Photion Instrument Corp., Photion Electric Corp., Milton Bergstein, Benj- *1,000,8500 and $100 c*. Principal and int.(M.& S.) payable in Chicago.
amin Diamond and Eugene Quarrie.-V. 128, p. 3356.
Central Trust Co. of Illinois. Chicago, trustee. Interest payable without
deduction for normal Federal income tax not to exceed 2%•
Security.
-Plan Approved.
-A closed first mortgage 13n all permanent assets now and
Iron Co.
Cleveland-Cliffs
w
At a special stockholders' meeting the plan proposed by the directors hereafter owned, including value le real estate improved to 1758 NortK
class of preferred stock and to form the Cliffs Corp. was fully-sprinkled brick manufacturing plant located at 1730 of floor space,
to create a new
125,000 square feet
approved. The directors were authorized to distribute the new issue of Maplewood Ave., Chicago, containing
Replacement value of real
500,000 shares of $5 preferred stock, without par value, to the holders together with dry Wins and seasoning rooms. determined by independent
buildings, machinery and equipment as
of the 400,000 shares of outstanding common stock of the company on the estate,u
is a7 rs is
apF6i m6 $558,157. The net sound depreciated value of these properties
basis of 1 WI shares for each share of common stock held.
The directors have declared a dividend of 1% shares of $5 preferred
unconditionally guaranteed by
com n an..
stock and a cash dividend of $5 per share on the common stock, payable the uarapteey Principal and interest Jager, President and Treasurer of
July 15 to holders of record July 6. Ninety per cent of the outstanding Charles W. Macy and B. Raymond
and the plan whereby the
common stockholders turned in their stock
Sinking Fund.-Corctpany covenants to deposit with the trustee every
-V. 128. p. 2998.
Cliffs Corp. is formed has been declared operative.
3 months beginning May 25 1929, one-fourth of the annual interest requirements, and in addition an annual sum equvalent to one-fourth of various
-The
-Stock Offered.
=eland Wrought Products Co.
ranging from $7,500 in 1929 to $70,000 in 1938.
25 1930.
• Maynard H. Murch & Co., Cleveland, recently offered "Milts will also pay into the sinking fund beginning Fob.$100,0001
Company
25% of the annual net earnings in excess of $75,000 and under
25,000 shares class A stock (no par value) at $30 per share. 33 1-3% of such net earnings In excess of $100,000 and up to $125,000,
Of this offering 10,895 shares have been acquired from the and 50% of such net earnings in excess of $125,000-in any fiscal year.
the sinking fund must
payments
company and 14,105 shares have been acquired from in- Allpurchase ininto open market or by call.be used to retire bonds secured
by
the
divi uals. A small block of class B. stock was offered at
S22.25 per share.
The Guardian Trust Co., Cleveland, transfer agent. The Union Treat
Co. Cleveland, registrar. Stock is now exempt from the present Ohio
• rrional property tax and dividends are exempt from the present normal
ederal income tax.
Authorized. Outstanding.
Capitalization25,000 she. 25,000 shs.
Class A stock (no par value)
*60.000 shs. 30.000 shs.
Class B stock (no par value)
the treasury for the conversion of class A
* 25,000 shares reserved in
stock and 5,000 shares reserved for sale to the management and chief employees of the company.
Data from Letter of Charles L. Wasmer, Pres, of the company.
Company -Established in 1907 as Cleveland Wrought Washer Co.,
which name was changed to Cleveland Wrought Products Co. in 1917. It
manufactures a complete line of cap screws, set screws, washers, stampings
and other similar products. Products are sold to approximately 1,800
customers, including practically every line of industry in the country and
it has a steadily increasing export business.
Financial Condition.
-Balance sheet as of March 31 1929, adjusted to
give effect to the payment of a cash dividend to present common stockholders and to this financing, shows current assets of $489,227 of which
$135.101 is represented by cash and marketable securities, and current
liabilities of $64,092, or a ratio of over 7.6 to one. Buildings, machinery
and equipment are carried on the books for $345,692.
-The same bankers also offered 7,600
Stock Units Offered.
units, each unit consisting of one share of 7% cumul. pref.
stock and one share of common stock (with detached corn.
er k purchase warrants deliverable Oct. 1 1929) at $33
stocunit.
,.,
r
Registrar, Chicago Trust Co., Chicago. Preferred stock ($25) is profeared as to dividends at rate of $1.75 a share per annum, and as to assets
up to $25 a share plus dive, in involuntary liquidation and $27.50 a share
-J., cumulative from
Plus diva. in voluntary liquidation. Divs. payable Q.
April 1 1929. Red. all or part on any div. date upon 60 days' notice at
$27.50 a share plus diva. Equal voting rights, share for share, with cornneon stock. Exempt from normal Federal income taxes and Illinois personal
property taxes.
-Quarterly sinking fund beginning March 31 1932, of
Sinking Fund.
5% per annum of maximum amount of cumulative preferred stock issued
to retire stock by purchase at market or by call at $27.50 a share.
-Directors have declared Intention to place the common
Dividends.
I
stock upon a 60c. per share per annum dividend basis, the first quarterly
dividend to be payable July 1 1929.
-The holder of each share of cumulative preStock Purchase Warrants.
ferred stock of record at the close of business on Oct. 1 1929 will receive
transferable warrant entitling such holder to purchase
from the company a
on or before March 31 1932, Si share of common stock at $15 a share.
JUNE 8 1929.]
FINANCIAL CHRONICLE
Authorized.
Outstanding.
Capitalization(Closed)
$225,000
10-yr. ist mtge.8Sis
10.000 shs.
7,600 shs.
Preferred stock (par $25)
*36.200 ohs.
40,000 shs.
Common stock (no par value)
* Balance of 3.800 shares is reserved against exercise of common stock
. purchase warrants.
-Company has agreed to make application to list both the
Listing.
cumulative preferred stock and common stock on the Chicago Curb Exchange.
.Data from Letter of Olaus Krabol, Chairman of the Board.
-Organized in 1929 to take over the properties and business
Company.
• of the predecessor company of the same name, establisehd In 1906. Company has long enjoyed an enviable reputation for its line of office chairs.
Purpose -The purpose of this financing is to provide funds to pay in
u
e business and properties of the Colonial Chair
part he
it4r com
prec
. irces3 cg e
( c :c
'
TagyT
net earnings of the predecessor company for the
Earnings.-Certlfl
5 years ending Dec.31 1928. after adjustment of managementcompensation,
provision for depreciation on basis of appraised value, deduction of interest
on $225,000 first mortgage bonds, provision for Federal income taxes at the
current rate of 12%, and elimination of interest received from investment
securities to be withdrawn, available for cumulative preferred dividends,
were $57,022 a year, or over 44 times annual preferred dividend requirements, and for 2 years ending Dec. 31 1928, such net earnings averaged
$49,629 or about 3% times annual preferred dividend requirements. For
-year period as above, such net average earnings after cumulative
. the 2
preferred dividends, available for dividends on the presently issued common capital stock, were $36,329 or more than $1 a share. During the
past 6 years, cash dividends paid were over $355,000, an avergae of about
$60,000 a year. In 1922 and. 1923 additional dividends were paid in pref[erred and common stocks.
Columbia Pictures Corp.
-Negotiates for British Subsid.
3833
Dated June 1 1929; due June 11949. Interest payable J. & D. Principal
and int. payable at Canadian Bank of Commerce in Toronto, Montreal.
Winnipeg, Calgal7 and Vancouver. Denom. $1,000. $500 and $100 c*.
Red. all or part on any int. date prior to maturity on 60 days' notice at
the following prices and int.: 105 up to and incl. June 1 1934; thereafter
at 104 up to and incl. June 1 1939; thereafter at 103 up to and incl. June
11944; and thereafter at 102. Trustee: National Trust Co., Ltd.
Convertible at the holder's option into class B non-voting common shares
on the basis of 2 of such shares for each $100 of debentures.
Security -These•debentures will be issued under a trust deed, to be
registered in Ontario, made by the company to National Trust Co., Ltd.,
trustee, constituting a floating charge on the assets and undertaking of
the company.
Sinking Fund. -Trust deed will provide for an annual• cumulative
sinking fund of $20,500, the first payment to be made June 1 1930.
subject to reduction in the proportion that the amount of debentures converted into class B shares bears to the total issue of $800,000. Such sinking
fund shall be used each year for the redemption of debentures by call or
purchase at not more than the redemption price.
-The same bankers are offering
Class A Stock Offered.
50,000 shares class A common shares at $30 per share.
Transfer agent: National Trust Co.. Ltd. Registrar: The Toronto General Trusts Corp.
Authorized. Outstanding.
•
Capitalization$800.000
-year sinking fund convertible gold debs. $800,000
6%% 20
50,000 shs. 50.000 slug.
Class A common shares (no par)
Class B common shares non-voting no par value)_ *16,000 shs.
* Held in treasury to provide for the conversion of debentures.
Data from Letter of M. R. Sutton, Pres. of the Company.
-Is being incorp. in Canada to acquire the business, assets,
Company.
undertaking and good-will a the existing company known as Consolidated
Press, Ltd. and the circulation structure of its publications. The business
was eetablished over 30 years ago and has been in continuous and successful
operation since its inception.
The company owns and publishes Saturday Night, Canadian Home
Journal, Ontario Farmer, Canadian Baker and Confectioner, Canadian
Cigar and Tobacco Journal, Canadian Optometrist and Optician, Construction, Clothier and Haberdasher, Motor Trade, Trader and Canadian
Jeweller, Women's Wear, Dominion Dental Journal. Company prints all
of its publications in its own modern and adequately equipped printing
plant, employing a staff in all departments of about 325 persons. In
addition, a separate division of the business will continue to conduct a
commercial printing establishment more generally known as "Saturday
Associated with the company is an advertising agency,
Night Press.
"The Consolidated Advertising Service."
-The annual net earnings after depreciation, debenture inEarnings.
terest, and income taxes for the past three years have been as follows:
1926, $64,916; 1927. $7'.,783; 1928. $177,325.
On the same basis as above, the net earnings, as estimated by the management,for the 4 months ended April 30 1929, are in excess of $72,667.
Thus net earnings of the company for the year ended Dec. 31 1928.'sere
equivalent to $3.54 on each share of class A common stock to be presently
outstanding, while the estmiated net earnings of the company for the first
4 months of the current yew were equivalent to $1.45 on each share of
class A common stock to be presently outstanding, which is at the rate of
$4.35 per share per annum.
Negotiations with certain British interests for the formation of Columbia
Talking Pictures Corp. of Great Britain, Ltd., which will be a subsidiary
of the Columbia Pictures Corp. are expected to be brought to a close
shortly by Joe Brandt, President of Columbia Pictures Corp., who is
sailing this week for Europe.
The British company, which will be financed by London bankers, will
be controlled by Columbia Pictures Corp. through the ownership of
4,000,000 ordinary shares out of the total to be authorized and issued of
6,000,000 ordinary shares, par Is. each. The British company will also
have 2,000,000 shares of 7% partic. cum. preference stock. par 5s. each.
It is anticipated, after the flotation of those securities in London, that
they AVII be listed on the London Stock Exchange.
If present negotiations reach a successful conclusion, the British company
will produce pictures under the direction of Columbia Pictures directors,
mainly using American artists in studios to be acquired in the British
moving picture colony located near Londno. In addition to the production
of its own pictures, the British company will, under contract with Columbia
Pictures Corp., distribute productions of the latter throughout Great
Britain and the Irish Free State. The formation of this British company
and its control by the Columbia Pictures Corp. will not only give the
latter corporation the benefit of the earnings to be derived through its
ownership of two thirds of the ordinary shares of the British corporation,
but will materially increase distribution of Columbia's American pictures
throughout Great Britain and the Irish Free State, and in addition to the
Increased distribution will result in a large percentage of the revenues
therefrom being received by the parent corporation. On the other hand,
-Initial Dividend.
Consolidated Service Co.
the Columbia Pictures Corp. will distribute in addition to its regular
The company on June I paid an initial quarterly dividend of 62% cents
American productions the products of the British company in the United
holders of record May
States and other portions of the world exclusive of Great Britain and the per share on the cony. $2.50 cumul .pref. stock to
Irish Free State.
25. See offering in V. 128, p. 1404, 1912.
•
Announcement of the plans for the formation of this British subsidiary
-Omits Dividends.Container Corp. of America.
Is the first announcement of several proposed expansion policies of the
last week voted to omit the quarterly dividends ordinarily
The•directors
Columbia Pictures Corp. It is expected that shortly after Mr. Brandt's
arrival in London,announcement of the definite conclusion of these negotia- payable July 1 on the class A and class B common stock. Quarterly divitions will be received. It is understood that a meeting of the Columbia dends of 30c. per share were paid in the class A stock from Oct. 1 1927 to
Pictures Corp. stockholders will be called in the near future to ratify April q 1928 incl. On the class B stock, quarterly dividends of 15c. Per
the plans for the formation of the British company as recommended by share were paid from Jan. 1 1928 to April 1 1929 incl.
The directors declared the regular quarterly dividend of 1%% on the
the board of directors.
-V. 128, p. 3356.
pref. stock, payable July 1.-V. 128, p. 2815.
Columbia River Packers Assn., Inc.
-Earnings.
The company reports for 1928 net earnings after taxes, depreciation and
nt crest on funded debt amounting to $195,179.
Comparative Balance Sheet.
Dec.31 '28. Oct. 31 '27.
Dec.31 '28. Oct. 3,'27.
Assets' Liabilities
Prop., plant & wee
Capitalstock_ _y$2,475,622 $2,475,161
equipment
x$2,835,454 $2,889,165 Payroll
3,061
Cash
154,442
40,238 Accts. pay-trade
Accounts receiv'ble
creditors dc fish. 129,201
228,087
80,544
180.883
Fisherman's adv's_ 276,089
Accr.taxes-State,
Notes receivable__
67.620
1,500
county dc Fed__
2,000
70,608
Accrued interest
80 Accr. Int. on bond.
Inventories
22,443
428,080
11,671
782,720 indebtedness_ __
Dep. with trustee35.437
2,253
4,615 Bond.mun. assess.
41,845
Sinking fund
2,662 1st mtge. 7% gold
Deferred charges__ 111,540
1,162,500 1,210,000
41,743
bonds
' Treasury bonds- _
2,920
1,920
Total.,
$3,892,825 $3,993,209
Total
x After deducting $357,042 for depreciation.
shares of no par value.
-V. 127. p. 2826.
$3.892.825 $3.993,209
y Represented by 70,160
Commercial Bookbinding Co.
-Stock Offered.
-An issue
of 15,000 shares of common stock was offered in April last
at $26 per share by Middleton, Worthington & Co., Inc.,
Cleveland. The stock has been purchased from individuals
and does not represent new financing.
'
-Stock Offered.-Beilby,
Copland Brewing Co. Ltd.
Evans & Co., Toronto are offering 20,000 shares capital
stock at $12 per share.
Transfer agent and registrar* Sterling Trust Corp.,
Issued.
Authorized.
Capitalization
2,500 shs. *2,500 shs.
Tornt.7%
preferred stock (par $100)
100.000 shs. 55,000 abs.
Common stock (no par)
on
*The preferred stock is convertible into no par value common stock
the basis of 4 shares common for each share preferred. the Government of
-Organized under a charter granted by
Company.
business of
the Dominion of Canada for the propose of carrying on the the plant
brewers, malsters and kindred industries, and has purchased
and assets of the Copland Brewery.
Earnings -Computed on the plant's production over the period of the
brewery
first three months of the current year, the estimated output a the
approximately
for its fiscal year of June 1 1929. to May 31 1930, will beand sales prices
costs
20.000 imperial ba rels. Based on present production
excess of
It is estimated that earnings for 1929-1930 will show a profit in
$5 per imperial barrel.
-Proceeds will be used in the liquidation of the company's
Purpose.
company's
funded indebtedness and In provision for an expansion of the
business and undertakings.
-Earnings.Cosclen & Co., Inc.
enrom e
I venue Accountfor the Period Feb.4 1928 to Dec.31 1928.
11.324889:055870
Operating r
Operating, general & administrative expenses
1939,512
Operating income
379,016
ther income (including $349,849 profit from sale of leaseholds)-
Company.-Incorp. in Ohio in April 1908. Starting with a nominal
capitaf, it has grown steadily until to-day it is one of the largest and best
equipped plants in its field in the country. The principal business of the
$1,318,529
company is the publication of Bibles, dictionaries, standard fiction, juvenile
Gross Income
190,511
books, kodak albums and a large line of roopular priced books. Through Income charges
358,027
Its wholly owned subsidiary, the World Syndicate Publishing Co. which Depletion & depreciation
was acquired during 1928. the output Is sold to virtually all of the mall order
$769,991
houses and chain stores which handle books.
Net income
60,588
CapitalizationAuthorized. Outstanding. Dividend on preferred stock
Common stock (no par value)
50,000 shs. 40,000 shs.
$709,403
Registrar and transfer agent, Central National Bank, Cleveland.
Profit & loss surplus. December 31 1928
$1.02
Earnings.
-Net earnings after all charges, depreciation and Federal Earns, per sh. on 69,500 shs. corn, stock outstanding (no par).....taxes at the present rate, readjusted for certain non-recurring charges, as -V. 128, p,3357.
certified to by Scovell, Wellington & Co., have averaged $103,122, or at
-Formal
-Stock Offered.
the rate of $2.58 per share for the three years ended Dec. 31 1928. For
Credit Utility Banking Corp.
the calendar year 1928 such earnings were $112,532, or at the rate of $2.81 offering is being made of 30,000 shares common stock, class B
per share.
Dividends.
-Directors expect to place the stock on a $1.75 annual divi- voting (no par value) at $25 per share by the Credit Utility
dend basis, payable quarterly, to yield about 6j •
%
Corp.,with offices at 270 Madison Ave.,N.Y.City.
Listing.-Application will be made to list the common shares on the Banking
Company.-Incorp. in Delaware May 11929 and has acquired the entire
Cleveland Stock Exchange.
outstanding capital stock of Credit Utility Co., Inc., operating under the
Commercial Credit Co., Balt.-To Increase Stock.
supervision of the New York State Banking Department.
stockholders will shortly vote on increasing the authorized common
Credit Utility Co., Inc., is a banking organization which specializes in
The
,
financing manufacturers and distributors who sell on deferred 1:m.3 1:Email
stock (no par value) from 1,200,000 shares to 2,000,000 shares.
used in essential industries.
Chairman A. E. Duncan reported that the consolidated volume and net income producing machinery and equipment successfully in 45 diversified
was the largest of any month in the history of the company, The C. U. C.'s financial service is being used
Income for April
although April is not usually one of the larger months as to net income. fields of industry.
Authorized. Outstanding.
CapitalizationNet income for April applicable to outstanding common stock was at the
None
200,000 shs.
annual rate of $5.29 per share, and for the 12 months ended April 30 1929, Common stock, class A, non-voting (no par)
60,000 shs. 55,000 shs.
was at the annual rate of$4.42 per share on the average outstanding common Common stock,class B, voting (no par)
stock.
are equal in all respects except that class B
The class A and class
Mr. Duncan also stated that finance company rates were based upon stock will carry the sole B stockpower. 50,000 shares of class A stock have
voting
6% money cost, and while earnings would of course have been larger had been reserved under option to the management at the same price as this
difference Is more than offset by a substantial
money rates been lower, the
offering, viz., $25 per share.
-V. 128. P.
increase in volume and by improved efficiency in operations.
The corporation has issued 25,000 shares of the class B stock in exchange
3356.
for the entire outstanding capital stock (5.000 shares) of the Credit Utility
Co., Inc., heretofore owned by the Messrs. Gottesman. The net assets
-Debentures Offered.
Consolidated Press, Ltd.
-R. A. represented by said capital stock are $625,000, or the equivalent of $25 per
so issued. This stock has been exchanged at the
Daly & Co. Ltd. Toronto are offering at 100 and int. share of the class B stockprofit.
$800,000 Oi% 20 -year sinking fund convertible gold de- book value and without this current offering of 30,000 shares at $25 per
Purpose.-Procoods of
share amounting to $750,000 are to be used to purchase 6,000 additional
bentures.
3834
shares of the Credit Utility Co., Inc., on the same basis indicated in the
preceding paragraph.
Earnings.
-From Oct. 3 1928 to April 30 1929 (the period during which
the company has been operating under the supervision of the New York
State Banking Department) the C. U. C. has earned on the shares outstanding,computed on the basis ofthe class B stock issued in respect thereto,
after deducting all expenses, interest charges and Federal taxes at the rate
of $2.21 per share annually. These earnings do not n'elude the item appearing in the balance sheet of deferred income (discount charges collected
In advance on notes and acceptances already purchased) amounting to
$79,414, which represents profits to be credited monthly to earnings as they
accrue. The policy of deferring earnings on this conservative basis assures
a steady and continuous source of income to stockholders and with the employment of the new capital and C. U.(l's increased borrowing capacity,
earnings should increase materially.
Dividends.
-It is anticipated that dividends will be inaugurated during
the current year at the rate of $1.50 per annum payable semi-annually.
Crown Willamette Paper Co.
-Earnings.
-
1928.
Quarter Ended March 311929.
$534,802
Net income after int. deprec., deplet. & Fed. taxes $709,310
$0.12
Earns, per share on 1.000,000 shs.com.stk.(no par)
$0.30
-V. 128, P. 1561.
The above figures exclude those of Pacific Mills, Ltd.
-W. E. Hutton &
-Stock Sold.
Crystal Tissue Co.
Co. and First Investment & Securities Corp. have sold
18,600 shares common stock no par value) at $23 per
share. This issue has been bought from individual owners
and involves no new financing on behalf of the company.
Transfer agent, First National Bank of Cincinnati, Ohio. Registrar,
Fifth Third Union Trust Co., Cincinnati, Ohio.
Authorized.
Outstanding.
Capitalization2,050 shs.
2,500 shs. •
8% preferred stock ($100 Par)
93,000 shs.
Common stock (no par)
*125.000 shs.
* 7.000 shares may be sold to employees; 25,000 to be held for corporate
purposes.
Data from Letter of Z. W. Ranck, Pres. of the Company.
Company -Business established in 1894. and acquired in 1920 by The
Crystal Tissue Co., which has successfully operated the business since
that under the management and control of the same persons now
controlling the company. Is the largest manufacturer of high grade tissue
specialties in the country. Its products, sold throughout the United States
under the trade name "crystal tissues," are exported to England, South
Africa, Australia, Central and South America, the Phillippines and other
countries. They include white and colored sheet tissues used by department stores and other retailers, dress pattern tissue, transparent manifolds
for sales and copy books, manifold bond paper widely used for second
sheets, holiday tissues sold in packages to chain stores and gift shops,
shredded tissues for packing, plain and printed colored tissues for envelope linings, and many other specialties. In addition, company owns
directly about 60% of the voting stock of The Crystal Waxing Co., manufacturer of a complete line 9f light weight waxed papers used by confectioners, florists and bakers.
Growth and Eearnings.-Plant expansion and increase in tonnage, net
sales; and net earnings after all charges including depreciation and Federal
income tax, as reported by Gano & Cherrington. Certified public accountants, are shown in the following comparison:
Plant &
Property Items
Net
Net
Bal. Sheets
Earnings.
Sales.
Tonnage.
Year.
as of Dec. 31.
889,133
$1,137,977
5,900
3218,191
1924
114,532
1,673,801
6,899
238,502
1925
142,243
1,921,012
7,512
375,654
1926
167,367
2,076,817
8.588
696,720
1927
225,012
2,291,357
699,864
1928
9,657
The above net earnings, after providing for dividends on the 2,050 shares
of outstanding preferred stock, are equivalent ton 93,000 common shares to
an average for the five years of $1.41 per share; an average for the three
years ended Dec. 31 1928 of $1.74 per share; and for the year 1928, $2.24
per share.
For the three months ended March 31 1929 net earnings after estimated
Federal income tax were $48,055, as compared with $39,888 for the corresponding period of 1928.
Dividends -Directors will inaugurate dividends on this common stock
of no par value at the rate of $1.50 per share per annum payable from the
date of issue, quarterly beginning July 1.
Listing.
-Company has agreed to make application to ilst the stock on
the Cincinnati Stock Exchange.
Cuban Tobacco Co. Inc.
-Smaller Common Dividend.The directors have declared a dividend of $1 per share on the no par
common stock and the regular semi-annual dividend of 2Si% on the pref.
stock, both payable June 29 to holders of record June 15. In June and
Dec. 1927 and 1928, semi-annual dividends of $1.50 per share were paid
on the common stock, and, in addition, an extra of 50 cents per share was
paid on Dec. 31 1927.-V. 127, p. 2962.
Curtiss Airports Corp.-New$3,000,000Airport Planned.
approximately 100 feet high with tiers of motor-driven fans to provide
fresh air and exhaust fans to suck out used air. The tunnel traffic will
require approximately 1,000,000 cubic feet of air a minute which will
-V.128, p. 1562.
give a complete change of air every 90 seconds.
-E.W.
-Stock Offered.
Detroit Gray Iron Foundry Co.
Clucas & Co. and Wm. C. Roney & Co. are offering 40,000
shares capital stock at $16 per share. This offering does
not represent new financing on the part of the company.
Transfer agent: Unidn Trust Co., Detroit. Registrar: Detroit & Security
Trust Co., Detroit.
Authorized. Outstanding.
Capitalization
Common stock (no par)
100,000 shs. 100,000 Atha.
Listing.
-Company has agreed to amke application to list the common
stock on the Detroit Stock Exchange.
Data from Letter of Hugh Martin, President of the Company.
Company.
-Organized in Michigan in 1916. Business has since been
developed through the reinvestment of earnings. Company manufactures
machinery,tool, jig, and fixture castings. Its principal business, however,
is the manufacture of gray iron, semi-steel and alloyed iron castings for
sheet metal drawing dies. Company has developed a method of molding,
which enables it to accurately cast dies weighing as much as 20 tons.
Company serves all important automobile and automobile body:manufacturers in Detroit, Pontiac and Flint, Mich., Toledo,0.,and South Bend.
Ind., as well as many other users of gray iron and alloy iron castings.
Company owns and operates a foundry of modern construction and design
well located in the industrial section of Detroit within two miles of the
center of the City. The foundry buildings contain completely equipped
pattern making, woodworking and repair shops. On March 16 1929 the
company completed an addition at a cost in excess of $200,000 which
more than doubled its production capacity.
Earnings.
-The net profits for the four years ended Dec. 31 1928, after
deducting all expenses, including depreciation, and allowing for Federal
Income taxes at the current rate of 12%, and after giving effect to adjustments of officers' compensation to conform with existing employment
contracts which adjustments amount to $16.500 for the year 1925 and
927,500 for each of the years 1926, 1927 and 1928 all as certified by George
It. Gibbs & Co., public accountants, were as follows:
1927.1925.
Calendar Years1928.
$115,318
Net profit (as above)$9 2
1146
2 ;424
$194,679
$197,233
Equiv.each sh. com.stk$1.94
$1.97
1941. d
in
The above earnings do not
the additional salesa 2 net profits
expected to be realized from the increase in the company's priduction
capacity.
Assets.
-Condensed balance sheet as of Dec. 31 1928 shows the ratio of
current assets to current liabilities greater than 3 to 1. The property and
Plant owned by the company was recently appraised by the Manufacturers'
Appraisal Co. at a value substantially in excess of the amount at which the
property is carried on the books of the company.
-Directors have declared intention of placing the common
Dividends.
stock on a regular dividend basis at the rate of $1 a share a year, payable
quarterly, and have declared a regular quarterly dividend of 25c. a share
Payable Jul_v 1 1920
Devoe & Reynolds, Inc.
-Rights.
-
The holders of class A and B common stock of record May 24 have been
given the right to subscribe on or before June 14 for 50,000 additional
shares of class "A" common stock (no par value) at $4 per share on the
helia- onj2 har 3f9 he latter issue for each three shares of class "B" stock
baad of e s ria o t
v
8
60
-Sells $12,250,000 Trust Shares
Distributors Group,Inc.
Sales of North American Trust Shares e ccexl $12,250,000 according to
Lee, Stewart & Co., members of Distributors Group, Inc. Since offering
in the latter part of February reserves exceeding V00,000 have been accumulated in the hands of the Guaranty Trust Co. for account of North
American Trust shareholders.
-V. 128, p. 3357.
-Earnings.
Domestic & Overseas Investing Co., Ltd.
in its initial report to stockholders the company shows gross earnings of
$73,748 or 10.66% on average net assets for the first 6 months of the company's operations ending April 30 1929. After writing off all organization
expenses and providing for operating charges and taxes net earnings were
$51,542 or 7.45%; net per average preference share outstanding was 88c.
Projecting these figures on a yearly basis indicates gross earnings at the
annual rate of 21.32%, net earnings at 14.90% and net per share $1.76.
Eardings reg uirementsonth period were in excess of 2;•6 times preference
dtvin end for the 6-m
Company's present authorized capital is 600,000 7% cumulative preference shares,(par $10) and 400,000 non-cumulative deferred shares (par 81).
As of April 30 1929 total net assets were 81,005,850. preference shares outf6
deferred 145,591, representing the combined interests
sotan2d6
stockholders.
Company is one of a group of general investment trusts under management of United States Fiscal Corp.
In commenting on the company's outlook, J. W. Rockwell,Jr. Chairman
of the board, called attention to the fact that the policy of writing off all
organization expenses out of the first 6 months'earnings, instead of amortizing such expenses over a period of years. resulted in considerably higher
Initial expense ratio than should prevail during the balance of this year, or
in future years.
-V. 127, p. 3253.
Plans for the development in the Bronx, N. Y. City, of one of the finest
airports in the country as a unit in the nationwide chain of the Curtiss
Airports system have been announced by President Walter S. Marvin.
CalendarD
a t ars tors of
yeMd
The company has purchased a site of 250 acres adjoining Pelham Bay Park
and will invest $3,000.000 in the flying field and its equipment. Construc- Net profit for yea
tion work will be started immediately. It is expected that the field will be Reserved for Federal taxes
in full operation by neat Spring.
With the new acquisition, the corporation will have an interest in about
Net income
a half dozen fields in the Metropolutan district as part of its trans-con- Dividends paid
tinental chain which includes airports in Philadelphia, Baltimore, Pittsburgh, Louisville, Cleveland, Chicago, St. Louis, San Francisco and Los
Balance,surplus
Angeles.
-V. 128, p. 3519.
-V. 126, p. 3304.
-Orders on Hand.
Dayton Airplane Engine Co.
This company, with plant operating at capacity, reports orders on hand
and in view totaling 1,600 planes, which will necessitate an extra shift at
the factory.
-V. 128, p. 2637.
-Earnings.
Dayton Rubber Manufacturing Co.
Calendar YearsNet sales
Cost of sales
Operating expenses
Operating income
Other income
[Vm.. 128.
FINANCIAL CHRONICLE
1928.
1927.
96,923,782 $7,370,250
4,767.765 4,788,281
1,217,488
1,190,597
$938,529 $1,391,372
28,570
Canada, Ltd.
-Earnings.1928.
$577,814
51,860
8396
1 9 7691
2
39.165
$525,954
113,889
6357,536
113.889
$412,065
$243,647
-Common Stock Placed on $6
Electric Auto-Lite Co.
Annual Basis.
The directors have placed the common stock (no par value) on an annual
dividend basis of $6 a share by the declaration of a regular quarterly div.
of $1.50 a share. The new dividend is payable July 1 to holders of record
June 15. An extra dividend of 50 cents a share and a regular of $1 a share
were paid on Jan. 1 and April 1 last.
-V. 128, p. 3691.
-Bonds Offered.
Electric Elevator & Grain Co., Ltd.
Harley, Milner & Co., Toronto are offering $450,000 1st
mtge. 6% sinking fund gold bonds series A at 98 and int.
Dated Jan. 11929: due Jan. 11944. Prin. and int. (J. & J.) payable in
Canadian funds at principal office of the Bank of Montreal in Halifax, St.
John, Montreal, Toronto, Hamilton, London, Winnipeg, or Vancouver,
or in United States funds at the principal office of the Bank of Montreal
In New York. Denom.81.000,8500, and $100 c*. Red.at 105 up to Jan.1
1932,thereafter at 104 up to Jan. 11935,thereafter at 103 up to Jan. 1 1938,
thereafter at 102 up to Jan. 1 1941, thereafter at 101 up to Jan. 1 1943,
$634,427, $1,065,507 and thereafter without premium but with accrued int. in each case. Trustee
Net income
The Royal Trust Co.
-V.127, p. 1812.
tl
Sinking Fund.
-Annual cumulative sinking fund for purchase or r i
-Speeds Work.
Detroit & Canada Tunnel Co.
demotion of series A bonds commencing Jan. 2 1930, equal to 234% of t
The shield-driven approach on the Detroit side to the new vehicular amount of all series A bonds therefore certified by the trustee, together wit
tunnel under the Detroit River to Windsor, Ont., is 26% completed, an amount equal to the annual interest on all series A bonds previously
according to advicea received by Bertles, Rawks & Donaldson, Inc., bankers redeemed by the company through the sinking fund or otherwise.
Legal investment for life insurance companies in Canada.
for the project. Work is now progressing at the rate of 63i feet daily
but will shortly be speeded to 10 feet daily. When the Dertoit approach
Company.-Incorp. under the laws of the Province of Ontario to acquire
is finished, the shield will be transferred to the Windsor side to finish from the Bole Grain Co.. Ltd., the electric elevator at Fort William, Ont.,
the approach on the Canadian side, now 37% completed. The shield as a going concern.
method of tunnel construction is only being used in the apporaches to the
Earnings.
-Earnings for years ending July 31 are as follows:
1928.
1925.
tunnel, as the underwater sections are of concrete-lined steel segments
927.1
1926.
8182,129
8136.281
8167,592
laid in a trench dug in the hard blue clay bed of the river.
8164,615
Other figures on the progress of the tunnel construction received by this
These earnings have been adjusted to give effect to savings by reason
house show that 43% of all dredging work is finished and that this part of additional facilities acquired by the new company amounting to $12,000
of the work is well in advance ofrequirements; that three of the ten segments Psr Year and allowance has been made for non-recurring expenditures and
have been launched from the ways at 011bway, Ont.; that the fourth is payments but provision has been made for full and proper operating charges,
,
60% corapleted and that five segments are expected to be launched by depreciation a plant and equipment, maintenance and repairs, interest on
July 5. Bids are now being accepted for plans and designs for the ventila- loans applicable to the business, but before allowance for Federal income tax.
tion buildings in Detroit and Windsor. Each of these buildings will be Compare also V. 128, p. 894, 3000.
Total income
Other charges
Extraordinary deductions
Federal tax
Miscellaneous deductions
$938,529 81,419.942
198,454
24,770
22,068
83,580
40,868
288,797
11- NANC414,crpoNiq;E
JUNE 8 1929.]
3835
on the preceding dividend record date equal to 80% of the total net earnFederal Bake Shops, Inc.
-May Sales.
ings •for the 3 months' period ending on the preceding dividend record
1929
-May
-1928.
Increase. 1929-5 Mos.-1928.
Increase.
date, whichever shall be the greater, payable Q.
-F.; or (b) to have set aside
$362,804
$317,664
$45,140i$1,856,954
$1,649,584
$207.370 on the books of the corporation as a class A surplus fund all of the net earnThe company closed two stores during the month, so that at the end of
the month it WSW operating 99 stores. The Duluth store was also tem- ings for each such 3 months' period to which, as dividends, they would
porarily closed during the month of May,for remodeling. This store will be entitled, or such part of said amount as shall not have been declared to
be ready for reopening about June 15, and like several other stores opened them as dividends,in each instance as the board of directors shall determine.
CapitalizationAuthorized.
Outstanding.
recently, which have proved unusually successful, will be equipped with a
Class A stock (no par)
200,000 shs.
30,000 shs.
soda fountain and lunch counter.
100,000 shs.
100.000 shs.
The company reports for the 4 months ended April 30 1929 earnings Class B stock no par)
Company.- ncorp. in Maryland to act as financial and fiscal agent for
after all charges including Federal income taxes of $74,451, an increase of
approximately 72% over the same period of last year. Sales during the investment trusts which are or may be under management or United
same period show an increase of 12.18%. The company was operating 101 States Fiscal Corp.; to organize and finance investment trusts; to acquire
and (or) merge existing investment trusts: to purchase and sell general
shops on April 30.
The balance sheet as of April 30 shows a marked improvement over that market securities, particularly equity stocks of investment trusts: to take
for Dec. 31 1928, the ratio of current assets to current liabilities being 3.45 syndicate participations; to extend intermediate credits to sound enterto 1, as against 1.55. Bank debt, which on Dec. 31 amounted to $229,000. prises, and to acquire their equity stocks: and to conduct the business of
was reduced during the period to $22,500. while net working capital showed a general bond and share trading corporation, without restrictions except
as imposed by its board of directors.
an increase of approximately 53%.-V. 128. p. 3358. 3195.
The corporation is under management of United States Fiscal Corp.
Federal Mogul Corp.
Other companies in this group are: Financial Investing Co. of New York,
-Extra Dividend.
The company on June 1 paid an extra dividend of 15 cents per share on Ltd., Domestic & Overseas Investing Co., Ltd., and Alexander Hamilton
the common stock, no par value to holders of record May 20.-V. 127. P. Investment Corp.
-V. 128, P. 3001.
3253.
Federal
Sugar Refining Co.
-Sale.
--See Spreckels
-Earnings.
Fokker Aircraft Corp.
First National Bancorporation.-Firiancial Holding Co.
The company reports a profit of $139,984 for the quarter ended March
31 1929, after charges, but before Federal taxes. After allowing for
Federal taxes and dividend requirements on 7% preferred stock, the
balance was equal to 23 cents a share on 476,467 average number of nopar common shares outstanding during the period.
Unfilled orders on the books, it is reported, total $2,983,374. In addition, negotiations are said to be practically closed for orders amounting'
to approxmately $3.000,000.-V. 128. p. 3358.
First National
In connection with the contract signed on May 31 at Dearborn. Mich.,
between this company and the Supreme Economic Council of the Soviet
Union and the Amtorg Trading Corp. of New York, Valery I. Meshlauk,
Vice-Chairman of the Supreme Economic Council, and Saul G. Bron,
Chairman of the board of directors of the Amtorg corporation, on June 11
stated in part:
"This contract is a result of the recent decision of the Soviet Government
to build an automobile factory in the U. S. S. R. to produce 100,000 cars
per annum. The type of car to be turned out i this plant will be the Ford
passenger car Model A and the truck Model AA. The Ford Motor Co.
will supply us with all the plans and other technical data required in order
to organize the factory and to carry on production in the most efficient
manner. Any improvements which may be introduced into the Ford
cars during the life of the contract will be incorporated in the automobile
and truck to be produced in the U. S. S. R. On the other hand, all innovations and improvements, either in the design or production processes,
which may be evolved ny Soviet engineers will be put at the disposal of
the Ford company.
"The contract is for a term of nine years and therefore provides for
technical co-operation between the Ford Motor Co. and the Soviet Automobile Trust for five years after the completion of the factory, which is
expected to be put in operation within four years. Ford engineers will
visit the Soviet Union from time to time as the need for their assistance
may arise. The Soviet automobile works will be located at Nizhni-Novgorod on the Volga River and will produce more trucks than passengers
cant.
"Until this plant is completed the demand for cars in the Soviet Union
will be supplied by the domestic production and chiefly by imports from
abroad. In particular, we shall purchase from the Ford Motor co. during
the next four years about $30,000,000 worth of cars and parts. -V. 128.
p.2471.
Sugar Corp. below.
-V. 128, p. 566.
Formation of a new financial holding company to take advantage of the
ever-increasing attractiveness of bank securities through mergers, expansion
and business improvement is announced by the group of bankers who have
organized the above corporation. The company has been incorporated in
Delaware to invest and reinvest in securities of financial institutions. Its
authorized capitalization consists of 300,000 shares of no par class A
preference and participating stock, and 200.000 shares of no par class B
common voting stock.
The officers are: Pres., George W. Steele (Pres., Brunswick Terminal &
Railway Securities Co.); Vice-President, George Beavers (Pres., National
Industrial Bankers. Inc.); Treas., C. Wesley Vreeland (V.-Pres., Seward
National Bank & Trust Co.), and Secretary, Edwin P. Wardle.
The other directors are Arthur P. Smith, Vice-Pres., the Interstate Trust
Co.; W. H. Siebrecht. Jr., Pres., the Long Island National Bank, Long
Island City; Herbert L. Rackliff, Tres., American Financial Corp. of New
York; J. K. Javits, of the law firm of Javits & Javits; and George H.
Muehling,of the New York Stock Exchange firm of Harvey Fisk & Sons.
The new corporation and American Financial Corp. have an interlocking
directorate and relations between the two will be close, according to the
management of First National Bancorp.
Inc.(& Subs.).
-Earnings.
-
Resultsfor Yrs. End.- Dec.29'28. Dec.31 '27. Jan. 1 '27. Jan. 2 '26.
Pictures,
Profit for year
$1,367.459 $1,333,665 $1,188,656 $2,223,353
Pro-v. for Fed. taxes_ _
200.000
177,000
156.000
271,868
Net income
a$1,167.459 $1,156,665 $1,032,656 $1,951,485
Previous surplus
6.433,897
5,687,401
4,767,881
3,337,274
Adjustments
Cr.280,735
Cr.4,240 Cr.232,300 Dr.121,100
Total, surplus
$7,882,091 $6,848,306 $6,032,836 $5,167,659
Divs, on pantie. 1st pref.
stock
183,460
191,000
197,000
166,667
pref. A stock
Divs. on 2d
58,886
65,881
73,436
79,299
Surplus approp. for red.
of 2d pref
100,000
80,200
Sur. appr. for part. div.
on 1st pref.stock
36,111
Surplus approp. for red.
•
of 1st pref
75,000 37,500
Reserve for Fed, taxes
prior years
25,000
Def. of cos. taken over _
32,528
Settlement of Goldwyn
suit
89,995
Prey. for Chaplin suit
100,000
Profit and loss surplus- $7,449,750 $6,433,897 $5,687,401 $4.767.881
a Arrived at as follows: Income film rental, $23,234,520; sale of advertising accessories, $1,000.298; other income, $249,382; gross income, $24,484,201;expenses,royalties,&c.,$23.092,287; Federal taxes,$200,000; net profit
domestic companies, $1,191.914; net loss of foreign subsidiaries, $24,455;
consolidated net profit. $1,167,459.-V. 128, p. 2638.
First National Stores, Inc.-E4rnings.PeriodOperating profit
Other income (net)
12 Mos.End. 12 Mos.End. 15 Mos.End.12 Mos.End
Mar. 31 '29. Mar. 31 '28. Apr. 2 '27. Dec. 31 '25
$3,913,056 $2,118,233 $2,671.078 $2,276.133
61,016
Total income
Depreciation
Federal taxes
$3,913.056 $2,118,233 $2,671,078 $2,337.149
456,197
353,000
399,361
320.210
408.821
213,313
298,449
256.289
Balance
$3.048,038 $1,551,919 $1,973,268 $1,760,650
Profit sale capital assets_ Dr.43,153
a41,439
475,836
Inventory reserve
100.000
Ford Motor Co., Detroit.
-New Contract.
-
Forhan Co.
-New Directors.
A. W. Miles, treasurer of Best & Co., Inc., and Louis Stewart. VicePresident of the New York Trust Co., have been elected directors.
V. 128, P. 895.
-Stock Offered.
-Bristol & Willett,
Foster Wheeler Corp.
New York, are offering at $45 per share 9,000 shares capital
stock. The offering does not represent new financing in
behalf of the company. Full details regarding history,
business, earnings, &c. are given in V. 128, p. 3359, 3692.
-Balance Sheet Dec. 31 1928.Galveston Wharf Co.
Assets
$11,293,521
'
Invest in road & equip
684,773
Sink. fund & other invest
74,000
Insurance fund
381,274
Construction fund
15,771
ederal tax fund
211,840
Accounts receivable
123,348
Material & supplies
Unad1. deb.-insur. prems.
paid in adv.& dis. on bond.
95,463
debt
32,552
Cash
Total
$12,912,543
Liabilities
$2,626,600
Capital stock
Outstanding bonds
2,710,000
82,264
Accounts payable
Unmatured int. accrued
18,679
148,767
Tax liability
1.338,409
Accrued depreciation
Gnat). credits-insur. & cas.
194,032
& unadj. claims
5,793,792
Corporate surplus
$12.912,543
Total
-Earnings.
Gardner-Denver Co.
Net income
Dividends paid
$2.904,884 $1,593,358 $2,449,104 $1,760.650
Income Account Year Ended Dec. 31 1928.
1.251,951
1.239,190
$1,148,417
1,545,495
1,003.110 Net profit
94,026
Federal income taxes
$1,652,933
Balance, surplus
$354.168
$903,609
$757,540
1,717.200
Previous surplus
1,387,091
$1.054,391
1,253.751
Net income
1,16l443
Reduce res. 8% Pt. ret'd
174.337
186,903
Preferred dividends (7%)
Prov.7% pf.sink.fund_ Dr.133,000 Dr.21,500
647,010
Common dividends ($3.50)
Prof. sale treas. stk., &c.
372
72,447
$233,044
Balance surplus
$3,237,133 $1,719.759 $2,344.635 $1,991.430 Previous surplus
Total
2,759,630
Contingencies
500,000
200,000
Goodwill charged off_
$2,992,674
452,590
Total surplus
168,149
Prior years taxes, &c_
2,559
4.954
61.957 Liquidating div. paid to stockholders of Denver Drill Mfg. Co.
Prem. & res. 8% Prof39,945
(50c. Jan. 1928)
307.572
Profit & loss surplus_ - $3,237.133 $1,717,200 $1,387,091 $1,253.751
$2,952.729
Profit & loss surplus
coin. outst.(no par)
Shs.
628,616
595.000
595,000
565,000 -V. 125. p. 1980.
Earns, per share
$2.15
$2.02
$2.56
a After deducting Federal taxes thereon of $6,467 in $3.38
1928 and $74,263 in
-Balance Sheet Dec. 31,
Gardner Motor Co. Inc.
1927.
Li0.bilities-1928.
1927.
1927.
Assets1928.
Consolidated Balance Sheet March 31.
$347,156 $368,592 :Capitalstock and
Fixed assets
1929.
1928.
1929.
1928.
$2,141,171 $1,469,664
surplus
1
1
Good will
Assets$
$
Liabilities-$
$
54,211
269,642
Accounts payable_
107,500
Fixed assets, less
7% Pref.stock- 5,000,000 5.000,000 Investments
3,700
16,709
32,179 Accruals
19,975
Deferred charges
depreciation____ 6,533,972 5,604,718 Common stock__: 1 736:8
:
88 1:7 27:4 07 Development exp_
22,086
1 Dealers'deposits
17,660
1
Cash
1,346,829
772,734 Funded debt
000 Other assets
3,016
5,000
Report card fees...
54,600
U.S. securities.- 302.178
301,234 Note payable
732,575
675.000 Cash
1,043,521
619,405
380,121 Accept. payable-.
Accts. received-- - 397,790
430.404 Notes receivable
11,071
8,060.499 6,453,576 Purch. mon. obllg. 214,386
Inventories
120,000 Accts.receivable
221,728
244,088
269,690
116.566 Accts. payable__ _ 2,268,666
Investments
396,271
5313,769 Total(each side)..$2,224,184 $1,778,675
378,670 Empl. inc. Ws_ _ - 446,320 1,688,423 Inventories
Deterred charges._ 403,536
335,765
1
1 Prov.for Ted.taxes 428.138
x Represented by 300,000 common shares in 1928 and 200,000 In 1927.
Good-will
-V. 128. p. 2639.
Reserve
750,649
Total (ea. side)_17,314,495 13,957.619 Surplus
3.237,133 1,717.200
-Earnings.
General American Tank Car Corp.
Represented by 628,616 no par shares.
-V.128, p. Him.
x
Quarter Ended March 311929.
1928.
Fiscal Bond & Share Corp.
-Stock Sold.
$1,157,200
$654,900
-Smith, Reed Net profit before Federal taxes
& Jones, Inc. and E. Paul Young & Co.
ew York -V.128, p. 2276.
t11:183
announce the sale at $60 per share of 30,00 Inc.,'
shares class A
stock.
Transfer agent, United States Corporation Co. (New Jersey). Registrar, Commercial Trust Co. of New Jersey.
Holders of class A shares shall be entitled either (a) to receive, out of the
net earnings, dividends, each in the sum of $1 for each share of such class A
stock outstanding on the preceding dividend record date, or dividends in
an aggregate amount on all of the shares of such class A stock outstanding
Gemmer Mfg. Co.
-Earnings.
-
Calendar YearsOperating profit
Interest charges
Other income
Provision for Federal taxes
1928.
$665.198
41,128
50,478
80,913
1927. •
$339,505
47,388
32,984
43,800
Net income
Earnings per share on class B stock
$593.635
$4.73
$281,301
$1.61
3836-
FINANCIAL CHRONICLE
[Vor.. 128.
Balance Sheet December 31.
Wis. is offering 5,000 shares 6% cumulative convertible
1927.
1928.
LicOtlides1928.
1927.
Assetspreferred at $50 per share and 7,000 shares non-par common
Capital stock____x$2,631,668 $2,218,032
Land, plant and
151,535 stock at $50 per share. The offering does not represent
$2,110,931 $2,196,249 Accts. payable_ _ _ 203,507
equipment
78,506 new financing in behalf of the company.
205,047 Res've for taxes.-- 174,418
165,568
Cash
18,259
20,602
237,108 Accrued
191,583
Accts.receivable
-A Wisconsin corporation, successor to a Wisconsin corporCompany.
1,122 Other current lia9,750
Notes receivable
7,425 ation formerly known as the Giddings & Lewis Mfg. Co. Company's plant
416
637,071
500,496
bilities
Inventories
628,000 is located at Fond du Lac, Wis. Is engaged in the manufacture of high
21,331
18,393 Debenture bonds_ 503,000
Other curr. assets_
140,000 p?oductive machine tools and is building to-day exclusively a line of high
100,000
1
1 Land contract
Goodwill, pats.,dtc.
power precision horizontal boring, drilling and milling machines of a table,
443,431
22,635
Investments
floor. and planer type. The principal users of this equipment include
35,194
Prepaid items_ _ _ _
35,628
_$3,633,611 $3,241,751 the general machinery and iron and steel industries of this country and
18,750
25,078 Total(each side)
Deferred charges._
abroad.
x Represented by 40,000 shares of class A stock and 100,000 shares of
CapitalizationAuthorized. Outstanding.
class B stock.
-V. 127, p. 1813.
6% cumul. cony. pref.stock ($50 par)
6,000 shs. 5,000 shs.
Common stock (no par)
*14,000 shs. 7,000 shs.
General Candy Corp., Chicago.-Acguisition.* 6,000 shares reserved for conversion of preferred stock.
Tho corporation is acquiring, through an exchange of stock,substantially
Earnings.
-Net earnings for the two years ending Dec. 31 1928, after all
all of the capital stock of the Williamson Candy Co., Manufacturers of charges, including depreciation and Federal and state income taxes are
"0 Henry" bars, a dispatch from Chicago states. Upon completion of the as follows:
.
consolidation, the General Candy Corp. will have outstanding 145,000
YearAverage.
1928.
1927.
shares of class A stock and 5,000 shares of class B stock.
Gross sales
$804,254
$883,430
$725.077
preferred stock
83.493
98,981
68,005
-Extra Cash Distribution of $1 per Available forpreferred stock
General Electric Co.
Dividend on
15,000
15,000
15,000
68.493
83.981
53,005
-The directors on June 7 declared the regular quar- Balance for common stock
Share.
terly dividend of $1 per share and an extra cash dividend of
$I per share on the common stock, no par value, both
payable July 26 to holders of record June 21. An extra
distribution of $1 per share was also made on this issue on
July 28 1927, July 27 1928 and Jan. 25 1929.-V. 128,
p. 3520.
-New Name.
General Foods Corp.
See Postum Co., Inc. below.
(Forrest E.) Gilmore Co.(& Subs.).
--Earnings.
Earnings for Year Ended December 311928.
Sales-gasoline and residue gas
Cost of sales
General & adminis. exps., less amount allocated to plant constr.
$636.815
391,045
29,709
Operating income
Other income
$216,060
13,448
Gross income
Income charges
$229,509
29,826
-The Millionth Frigidaire.General Motors Corp.
millionth
$199,683
Balance of income avail, for deprec. & dive
Transported in a Fokker tri-motored monoplane, the one
59,949
Miscellaneous income
electric refrigeration unit produced by Frigidaire Corp., a General Motors'
subsidiary, has been brought to Atlantic City, N. J., for display at the
$259,632
Total income
National Electric Light Association convention, which opened June 3.- Provision for depreciation
144.066
V. 128, p. 3692.
$115,566
Net income
-Earnings.
General Paint Corp.
20,724
Surplus at beginning of period
Earnings for Year Ended Dec. 311928.
$6,396,563
Gross surplus
$136,290
Sales, less returns and allowances
624,079 Adjustments applicable to prior periods
1,138
Profit from operations
92,488 Preferred dividends
55,387
Income credits
Common dividends
20,777
$716.567
Gross income
177,134
$58,988
Surplus at end of period
Income charges,including Federal taxes & non-recurring charges
Earnings per share on 1,040,050 shares com. stock (par $1)---$0.06
$539,432 -V. 128. p. 3360.
Net income available for dividends
$2.37
Earnings per share on 160,000 shares class B stock
Glidden Co.
-Extra Dividend.
The company reports for the 4 months ended April 30 1929 net profits
The directors have declared an extra dividend of 121.5 cents per share on
available for dividends of $322,515.-V. 127. p. 3711.
the common stock (no par value) and the regular quarterly dividend of
3734 cents and the regular quarterly dividend of $1.75 on the preferred
--Earnings.
General Steel Wares Ltd. (& Subs.).
stock, all payable July 1 to holders of record June 18. Like amounts were
paid on Jan. 2 and April 1 last.
-V. 128, p. 3692.
Income Account Year Ended Dec. 31 1928.
$1,483,009
Net profit for the year
555,000
Interest on bonds
-Earnings.
(H. C.) Godman Co.
372.218
Depreciation & Federal income taxes
Earnings for Period Aug. 31 1927 to Dec. 311928.
$945,919
$555,791 Profit for 14 mos. ending Dec. 31 1928
Net income
1,649,225
315,000 Balance surplus Oct. 31 1927
Dividends paid on preferred stock
233,454
Surplus arising from acquisition of subs
$240,791
Balance surplus
$2,828,598
Total surplus
47,466
Previous surplus
881,571
Dividends paid
250,000
$288,257 Transferred to stated capital
Profit & loss surplus
-V. 125, p. 2817.
$1,697,027
Profit & loss surplus
(The) George Washington Hotel (Club Hotel Corp.)., -V. 127, p. 960.
-Empire Bond & Mortgage
-Bonds Offered.
New York.
Corp. recently offered $1,650,000 1st (closed) mtge. 6%
sinking fund gold loan at 100 and int.
-Dividend No. 2.
Goldblatt Bros, Inc.
The company has declared quarterly cash dividend of 37;ic. a share
on the common stock, no par value, payable July 1 to holders of record
June 15. The stockholders have the privilege of accepting additional common stock at the rate of 6% per annum (1;5% quarterly) in lieu of cash.
-V. 128, p.
6n
15A4. initial dividend of like amount was paid on April 1 last.
These certificates will be legal for investment of trust funds under the
laws of the Stae of New York, upon completion of building, Interest
payable M. & S. Denom. $1,000, $500 and $100c*. Red. all or part for
sinking fund purporses on any int. date, upon three months' notice, at 102
-1 M% Stock Dividend.
Goldman Sachs Trading Corp.
and int. after March 11931. Interest payable without deduction for normal
payable
The directors have declared a quarterly stock dividend of 1
Federal income tax not in excess of 2%. Corporation agrees to refund upon
application within 60 days of payment, the present personal property July 1 to holders of record June 14. Tho dividend is payable in shares of
tax of any State or District of Columbia up to five milLs, and the income capital stock of the corporation to the extent that full shares are issuable
tax of any State or District of Columbia not exceeding 6% per anuum, and in cash in lieu of fractional shares calculated at the closing bid price
insofar as may be permitted by law, on income derived from these cer- of the stock on June 14. An initial quarterly stock dividend of the same
tificates. Chatham Phenix National Bank & Trust Co., New York, trustee. amount was paid on April 1 last. (see V. 128. p. 1740).-V. 128. p. 3197.
Data from Letter of Harry Barth, Pres. of the Club Hotel Corp. of N.Y
8.Earnings.esold Seal Electrical Co., Inc. (8c Subs.).G
l27.
Securily.-This loan is secured by a first (closed) mortgage on land
Calendar Years$803,720
$1,319,110
comprising the entire east side block front of Lexington Ave. from 23d St. Sales
381,780
772,716
to 24th St., New York, with a frontage of 197 feet 6 inches on Lexington Cost of sales
239,169
349,626
Ave.. and 50 ft. on both side streets: together with a 16 story and pent Selling and administrative expenses
house building, now nearing completion thereon, to be known as The
$182,771
$196,768
George Washington Hotel, a residential hotel for men and women. The
Operating profit
17,672
Dr.43,212
loan is further secured by all furniture, fixture: and equipment of the Other income
building.
$200,442
$153,556
Total income
The title to the property, mortgaged under this loan, is held in fee
40,525
simple by the Roman Catholic Church of the Sacred Hearts of Jesus and Other deductions
15,659
Mary which has leased the property for a period of 21 years with option of Other adjustments-Cr
three renewals of 21 years each, to the Club Hotel Corp. of New York,
8175,577
$153,556
building. Both the Roman Catholic
Net profit
who are erecting and will operate the
•
1928.
Church of the Sacred Hearts of Jesus and Mary and Club Hotel Corp.
1929.
'
Quarter Ended March 31have executed the trust mortgage securing the certificates of this issue, Net profit after depreciation but beforo Federal
$203.551 def$40.000
making the loan a closed first mortgage on both land and building.
income taxes
The Club Hotel Corp. is controlled by Harry Barth, President of the Earns, per share on 145,000 slis. corn, stock outNil
$1.40
Barth Hotels Corp.
standing (no par)
-The George Washington Hotel will be 16 stories in height
Building.
Consolidated Balance Sheet Dec. 31.
with pent house, strictly fireproof throughout and of the highest type of
1927.
1928.
Liabilities1927.
Assets1928.
622
steel and brick construction with terra cotta trim. It will contain
$1,004,062 $1,004,062
$40,719 Capital stock
Cash
rentable rooms, each with private bath or shower.There will be eight stores Notes dr accts. ree _ $120,828
49,897
212,602 Accounts payable. 144,310
on the main floor in addition to the entrance and lobby. Among the public Spec,cash deposits 342.639
6,867
6,280 Accrued liabilities.
6,280
spaces provided for use of the tenants will be a restaurant, lounge, gallery, Inventories
13,474
99.962 Trade acceptances
card rooms and writing rooms: a solarium and roof garden will be, Mere. with dealers 165,970
library,
3,324
270,322 Commissions
provided on the roof of the building. The rooms, which are larger than Machinery, equip.,
14,201
Dividends payable
those of similar buildings in the city, will be completely furnished with
50,208
69,750
85,789 Borrow'd cap.stk.
..
furniture, Am _ x162,769
furnishings of substantial
beds, dressers, chairs, desks and other required
10,670
17,567
Res. for bad debts
4,301
type. The lobby and all public spaces of the building will be artistically Investment
4,039
22,000
990,000 Reserve for taxes_
Good-will, tr.-mks. 990,000
furnished.
621,069
615,474
65,270 Surplus
87,242
Deferred charges._
--In addition to the security of the mortgaged property, there
Guaranty.
has been deposited with the trustee, a bond executed jointly and severally
$1,880,030 $1,770,945
Total
$1,880,030 $1,770,945
Total
by Club Hotel Corp. of Now York and Empire Bond & Mortgage Corp..
x After depreciation of $108,174.-V. 128, p. 3521.
agreeing in the event of default, to pay interest on the certificates of this
issue and to pay all sinking fund installments as the same become due,
-Stock Offered.
Grand Central Surety Co.
and to pay the principal of said certificates within 12 months after receiving
the
State Capital Corp. Is offering 25,000 shares of capital stock ofonly
notice from the trustee of default, but with interest in the meantime semiSurety Co. This represents the
Grand Central
newly
annually at 6% per annum. Each certificate will bear the endorsement of capital organized of the company which has total capital and surplus of
obligation
the trustee that it holds said bond.
$400,000. The stock is being offered at 816 per share.
Accepting the lowest appraisal as a basis, the loan represents less than
The Grand Central Surety Co. was organized under the insurance laws
61% of the value of the property.
York to do a general surety and reinsurance business, specializing
-Based on an average rental of $14 per room, which is lower of New indemnification of banks and various financial associations and
Earnings.
than prevails in other buildings offering the same type of accommodations, in the
corporations against losses, the bonding of persons in positions of public
the not earnings after deducting all operating expenses, upkeep, insurance, and private trust, and guaranteeing of bonds and contracts. The company
taxes, vacancies. Sze., have been estimated at $263,475. This net income also has authority to purchase, sell, mortagge, receive as collateral or
is equivalent to 2.7 times the maximum interest requirements and ap- invest in real and personal property.
-V. 128, p. 3003.
proximately twice the combined averaged interest and sinking fund charges
-Sales.
-V.128. p. 1916.
F. & W.) Grand 5-10-25 Cent Stores, Inc.
of the loan.
Increase.
Increase.
1029-5 Mos.-1928.
1929-May-1928.
Giddings & Lewis Machine Tool Co., Fond du Lac., 31,687.577 $1,153,153 $534,424187,259,411 $5,154,479 $2,104,932
-The Commercial Co., Fond du Lac, -V. 128. p. 3197, 2818.
Wis.-Stock Offered.
JUNE 8 1929.]
FINANCIAL CHRONICLE
-Earnings.
Grand Rapids Metalcraft Corp.
3837
Haiku Pineapple Co., Ltd.
-Earnings.
-
Earnings for Year Ended Dec. 31 1928.
Net operating earnings
Other income (net)
$209,266
31,041
Total income
Provision for Federal taxes
$240.308
29,000
Net earnings
Earnings per share on165,000 shares corn, stock (no par)
-V. 128, p. 2277.
5211,308
$1.21
-Store Sales Increase.
Grand Union Co.
Store sales for the four weeks ended May 25 1929, were 32.599,077, compared with $2,061,442 in the corresponding period of 1928, an increase of
$537,635, or 26%. Total sales, including jobbing sales in the 1929 Period,
amounted to $3,04,861, against $2,336,116. an increase of $668,745, or
over 28%-V. 128, p. 3360, 3003.
Granite City Steel Co.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 75c. a share
on the common stock, no par value, payable July 1 to holders of record
June 17.-V. 128. p. 3693.
(W. T.) Grant Co. (of Del.).
-Sales Higher.
1929
-May-1928.
Increase.
Increase.
1929-5 Mos.-1928.
$5,088,969
$4,096,002
$992,967 1$21.496,938 $16,925,068 $4.571,870
Sales in the same number of stores in operation during both periods
showed an increase of 6.05% for the month of May and 6.61% for the five
months -V.128, p. 3693, 3197.
Calendar YearsProfit before depreciation
Depreciation
Expenses, including Hana losses
1928.
$130,336
1927.
$313,829
1926.'
$491.302
120,394.
145,019
50,867
111,859
$79,469
330,924
$201,969
228,233
$225,888
265,709
Total
Amortization of deferred charges......_
Written off growers, accounts
Reserve for further possible losses
on growers'accounts
Other charges
Loss on Hana assets sold
Dividends on preferred stock
$410.393
5,000
75,361
$430,202
5,000..
100,000
$491,597
10.000
100,864
32,050
43,245
52,500
58.222
52,500
52,500
Surplus Dec. 31
Earnings per share on 75,000 shares
stock (par $20)
-V. 126, p. 4090.
$202,236
$330,924
$228,233
$0.36
$1.99
$2.31
Net profit
Balance Jan. 1
100.000 •
_
-Extra Dividend.(C. M.) Hall Lamp Co.
The directors have declared an extra dividend of 123.c. a share in addition to the regular quarterly dividend of 373c. a share, both payable June
15 to holders of record June 1. A regular quarterly dividend of 3731c. a
share was paid on March 15 last.
The company on Dec. 15 1928 paid an extra dividend of 25c. a share
-V.128, p. 3360.
in addition to a regular quarterly dividend of 25c. a share.
-Annual Report.
(W. F.) Hall Printing Co.
Great Northern Investing Co., Inc.
-Registrar.
-
The Equitable Trust Co. of New York has been appointed registrar for
the stock of the company.
-V. 128, p. 3521.
Greif Bros. Cooperage Corp.(& Subs.).
-Earnings.
Earnings for 3 Months Ended Jan. 311929.
Manufacturing profit after deduct, materials used, labor, manufacturing exp. & depletion
$307,790
Depreciation
43,898
Selling, general & administrative expense
122,999
Other deductions (net)
28,042
Provision for estimated Federal taxes
12,000
Net profit
Previous surplus
$100.851
585.597
Total surplus
Dividend paid on class A common stock
$686,447
51.200
Balance Jan. 31 1929
Comparative Consolidated Balance Sheet.
Jan.31 '29. Oct. 31'28
AssetsLiabilitiesJan.31'29.
Com.stk.& surp.x$4,058,074
Land, bldgs.,mach.
10-yr. 6% skg. fd.
& eq., &c.. less
gold notes
depreciation -31,909,112 $1.909,112
1,500,000
317,345
188,291 Capital stk. of subs
Cash
27,000
33,050
60,395 Notes payable for
6% gold notes_ _ _ Customers'notes &
money borrowed,
734,694
porch. of prop.,
accts. receiv_ _ _ _
791,307
1,964,873 1,972,874 &c
Inventories
358,641
Officers, employ.
Mortgage payable.
3,050
& misc. notes &
Accts. pay.for pur.
accts. reedy__ __ 136,309
173,004 expenses. &c_ -88,896
Inv. in oth.cos.,dtc
59,353
59,210 Accr. Fed.,State &
Invest's(attn. cos.) 285,747
285,747 county taxes_ 66,825
Accr. int., rent, &c
Notes & accts. rec.
10,579
326,421 Other liabilities _ y59,900
(affiliated cos.) _ 278,082
Timber properties.. 526,007
545,210 Accts. payable (to
1
1
Good-will
Mill. cost. Partly
Deferred charges
10,341
64,664
63,057
owned)
Res, for conting.,
125,933
&c
$635,248
Oa.31'28.
4,031,634
1,550,000
27,000
311,897
5,050
157.764
77,368
38.665
60,777
1929.
1928.
1927.
Years Ended Jan.31$2,310,206 $1,769,773 $1,761.241
Gross profit from operations
669,212
409.691
451,554
Gen., adm., sell. & shipping exp___ 602,948
486.600
359,472
Depreciation
Net profit from operations
Miscellaneous earnings (net)
$1,038,046
625,274
$873,482
456,960
$950,214
319,318
$1,663,320 $1,330,442 $1,269,532
Gross earnings
22,674
Extraordinary & non-recurring chgs_
335,429
294,172
219,902
Int. charges Sr bond discount
111,463
5,754
132,843
Federal income tax
$1,216,427
$560,660
Net profit
Net income of Central Typesetting &
66,062
Electrotyping Co
Net inc. of E. Langer Ptg. Co., Inc.. def277.179 def447.180
Net income
Shares capital stock outstanding
Earned per share
-V. 128, p. 411.
$1,005,310
375,000
$2.68
$916.788
$560,660
300,000
$3.36
$916,788
200.000
$4.58
-Earnings.
Halle Bros. Co. (& Subs.).
Earnings for Year Ended Jan. 31 1929.
Gross profit
Provisions for depreciation
Interest bond discount,&c
Provision for Federal taxes
$1.609,393
197,250
283,024
137,700
Net profit
Preferred dividends(6 %)
Common dividends($1)
$991.418
162,342
206,250
Balance,surplus
Earns, per share on 225.000 shares common stock
-V.128. p. 1741.
$622,826
$3.63
-Initial Common Dividend.
Hamilton Dairies, Ltd.
14,399
100,076
$6,309,241 $6,374,632
Total
Total
6,309,241 6,374,632
x Represented by 64,000 shares of class A cumulative common stock and
54,000 shares of class B common stock, both of no par value of which
$635,248 surplus since Oct. 31 1925, $931,713 unearned surplus and $2 .-V,
491,113 capital surplus. y Not maturing witihn one year from date.
128. 13• 568
.
Ground Gripper Shoe Co., Inc.
-Stock Increase, &c.
-
An initial quarterly dividend of 25 cents per share was paid June 1 on the
no par value common stock to holders of record May 20.-V. 128, p. 3694.
-Rights.
Hamilton (Ont.) Bridge Co., Ltd.
An additional offering of 11.400 shares of no par value to shareholders of
record June 1 on the basis of one share for 5, at $50 a share, has been
approved by the directors. The proceeds of this issue, which will net the
company over $550,000, will be used to finance the recent acquisition of the
structural steel works of the James Coughlan Co. of British Columbia and
other corporate purposes.
Income Account Year Ended Dec. 31 1928.
$408,699
Net profit after deprec.& income tax
201,375
Dividends on first & second preferred stock
The stockholders on May 18 last ratified an increase in the authorized
common stock to 1,000,000 no par shares from 100.000 shares.
$207,324
Balance, surplus
The directors voted a proposed issue of debentures limited to $5,000,000,
of which $2,500,000 will be offered to the public and which will be conver- -V. 126. p. 1208.
tible into common stock. The present preferred stock will be convertible
-Earnings.
Hammermill Paper Co.
into common stock and an issue of new preferred stock will decided upon.
1926.
1925.
1928.
1927.
Calendar YearsThe purpose of the stock increase is to acquire further shoe manufacturing
Net prof. after depletion,
corporations and to expand the present business
.-V. 128, p. 3003.
$999,588
$913,097 $1,122.486
depr.,int.& Fed. taxes $973,500
144,607
159,453
175.000
243,623
dividends.
Guardian Fire Assurance Corp. of N. Y.
-Earnings.
- Preferred dividends ___
179,950(10%)179.925
Common
Earnings for Year Ended Dec. 311928.
$947,486
$753,644
$675,055
Net premiums written
Surplus for the year_ - $549.927
$2,952,699
Interest & dividends on securities & bank balances
5,150,642
247,841 Adj.of plant prop
4,599,077 3.651,591
5,352,721
Profit on sale of securities
5,972,720
328,685 Previous surplus
Capital & surplus paid in by stockholders
1,000.000
$11,673,289 $6,027,776 35,352,721 $4,599,077
Totalsurplus
Total income
$4,529.224 Elim. of goodwill trade
1,500,000
Losses paid
name stock
1,148,707
Loss adjustment expenses
' 28,468 Prem. on 7% pref. stk.
303,706
Commissions
& common
1,125,877
156,940
Legal expenses
6,000 Inc. in res. for cont'g. &c
x4,500,000
Investment expenses
Stock div. on corn
40,897
Dr.55,057
Sundry expenses--------------------------------21,610 Prior year's adjustment_
Dividends paid stockholders
240,000
surplus.. $5,212,642 $5,972,720 $5,352,722 $4,599,077
Profit & loss,
Balance, surplus
$1,917.666 Earns, per sh.on 180,000
$4.20
$4.75
$5.26
$4.05
shs.com.stk.
(par 310)
Balance Sheet December 31 1928.
x Paid by issuance of 45,000 shares of 6% cumulative preferred stock.
Liabfldies
-V. 127, p. 417.
$7,124,664 Res. for unearned premiums_ 82,513,856
Total bonds & stocks
425,569 Res.for losses in proc. of ad.'
-$4 Special Dividend.
Cash in banks dr in of[ice _ _ _ _
Hartford Fire Insurance Co.
372 303
Has, for other liabilities
Premiums in course of col91,707
The directors have declared a special dividend of $4 per share and the
353,388 Res. for contingencies
lection
1,250,000 regular quarterly dividend of $5 per share, payable July 1 to holders of
9,458 Capital stock
Interest accrued
1,500,000 record June 17. The special dividend represents a distribution from the
Net surplus
-V.128, p. 739.
2,185,213 Hartford Accident & Indemnity Co., a subsidiary.
Total (each side)
$7,913,079
-Ir. 128, p. 410.
Harpen Mining Corp. (Harpener Berglau-Aktien-
-Increases Capital.
Gesellschaft), Germany.
Hachmeister-Lind
A recent dispatch from Berlin states that the company is increasing its
The Pittsburgh Stock Exchange has approved for listing 25,600 shares of
rights of the Ameri$3 cumul. convertible preference stock and 38,400 shares of common stock, capital to 110,000,000 marks to meet the option on the
-V. 128, p. 1064.
can bond holders.
each of no par value.
-Company was originally incorporated July 1903,
History and Business.
-Earnings.
Hawaiian Commercial & Sugar Co., Ltd.
in Pennsylvania as the Finkel-Hachmeister Chemical Co. April 1913 name
1926.
1927.
1928.
Calendar Yearschanged to liachmeister-Lind Chemical Co. and in Feb. 1928 to Hach$5,436,611 $5,009,485
$5,949,092
meister-Lind Co.
Gross receipts from sales
3.594,093 3,544,056
3,754,281
The company was incorporated to import and deal in commercial chemi- Cost of production
cals for the industrial field, particularly for the glass, enamel, pottery and
$2.194.811 31,842.518 $1,465,426
electroplating trades.
Operating profit
Earnings Years Ended Dec. 31.
149,263
160,459
149.754
Other income
1928.
1927.
1926.
1925.
$740,217
$1,212,570
$2,344,565 $2,002,977 $1,614.689
$810,748
Total income
Net sales_
$797,545
236.753
260,000
250.000
Federal income tax (est.)
General soiling arid Xdm.
655,989
1,028,908
703,759
83,247
95,518
48,229
expense
690,568 Accrued territorial income tax
Profits from operations
Other expenses
Prov. for Fed. tax
$183,662
12,828
23,578
$84,228
11,888
11,533
$106,989
13,101
14,617
$106,976
11.580
14,226
l'rof. avail, for div__ -
$172,911
$84,582
$105,472
Balance,surplus
8104.329 -V. 127, p. 831.
Net profit
Dividends
81.989,046 $1,669,730 $1,329,706
1.500,000
1,500,000
1,200,000 •
$489.046
$169,730
3129,706.
[VOL. 128.
FINANCIAL CHRONICLE
3838
Hudson River Day Line.
-New Co. Formed.- -Resumes Div.
Hathaway Mfg. Co., New Bedford.
-V. 128, p. 3694.
See Hudson River Steamboat Co. below.
The directors recently declared a dividend of $1 per share on the outstanding 31.600,000 capital stock, par $100, payable June 1 to holders of
-New Co. Formed.
Hudson River Navigation Corp.
record May 16. From 1924 to March 1928. incl., quarterly dividends of
See Iludson River Steamboat Co. below.
-V. 128. P. 3198.
$1.50 per share were paid: none since.
stockholders says:
President Horatio Hathaway, in a notice to the
-Acquisition, &c.
Hudson River Steamboat Co.
"The corporation having earned in the quarter ended March 31 1929, a
sufficient sum after depreciation to pay the dividend of $1 per share, the
This company received physical possession last week from the Court of the
directors declared that amount. The policy will be to continue the dividend properties of the Central Hudson Steamboat Co. The new company is
-V. 126, p. 3457.
as long as earnings warrant such action."
capitalized at 5,000 shares of preferred and 5,000 shares of common stock
which will be held jointly by the Hight Line and the Day Line. A. S. V.
-Earnings.
Heyden-Chemical Corp.
Olcott, president of the Day Line, is also president of the Hudson River
1927.
1928.
Calendar YearsSteamboat Co. Col. E. C. Carrington has been elected chairman of the
$222,874 board of directors.
$371,345
Operating profit
10,396
26,765
Other income
In addition to A. S. V. Olcott, the Day Line is represented on the board
of the new corny by
T. Olcott, Wm. M. H. Olcott and John
$233,270 Englis and the N ht Line Chas. Crosby, George Coffins Warner and J.
$398,110
Total income
by Carl
59,118 Monroe Holland. Donald Bayliss. Treasurer of the Night Line, is Treasurer
73,003
Interest, Federal taxes, &c
and Assistant-Secretary of the new company and Arthur N. Ferris of the
$174,152 Day Line 113 Secretary and Assistant-Treasurer.
$325,107
Net income
21,700
Actual operation of the Central Hudson steamers, which include the
Preferred dividends
Benjamin B. Odell, Poughkeepsie, Newburgh, Homer Ramsdell and Jacob
$174,152 H. Tremper will begin immediately from the Night Line pier at Canal St.
$303,407
Balance,surplus
They will be used to carry both freight and passengers, and extensive
-V. 128, P. 1239.
improvements in the service are planned.
-Earnings.
Hill Manufacturing Co.
'25.
Dec.29'28. Dec.31 '27. Dec.24 '26. Dec.26
12 Months EndedHumble Oil & Refining Co.
-20c. Extra Dividend.
$2,875,295 $2,607,506 $2,455,678 $2,713,667
Net sales
The directors have declared an extra dividend of 20c. per share, in ad2,554,279
2,419,586
2,408,362
2,865,763
Cost of goods sold
dition to the usual quarterly dividend of 30c. per share, both payable
$159,388 July 1 to holders of record Juno 11. Like amounts have been paid quar$36,091
$199,144
$9,532
Operating profit
x16,303 terly since and including July 1 1926.
7,381
7.076
7,827
Dividends received
Transfer of CertainProperties in Louisiana and Arkansas.
3,831
Tenement income
-V. 128, p. 1917.
See Standard Oil Co. of Louisiana below.
$175,691
$43,473
5206,220
$21,190
Total income
85.080
110,368
90,017
88.926
Plant depreciation
-Earnings.
Hutchinson Sugar Plantation Co.
77,185
12,942
14,249
24.100
Interest on loans
1925.
1926.
1927.
1928.
Calendar Years47,886
81,927
84,775
Interest on bonds,&c
83,207
$938,062
$825,745
$891,432
$958,740
52,971 Gross profits
Inventory markdown_
•66,574
25,946
54,797
63,879
Sundry other profits
$87,431
$161,765
Net loss for year
$175,043surp 317,178
3851,691 $1,004,636
3946.229
$1,022,619
Total profits
-V. 126. p. 2976.
a Includes $9,375 profit on sale of bleachery stock.
873,531
796,485
845,250
867,026
Cost of prod.,dep. & del.
Prior yrs.' rentals, taxes
-Earnings.
Hobart Mfg. Co (& Subs.).
6,019
10,325
30.846
46,554
& miscell. debits
1927.
1926.
1928.
Calendar Years$7,035,895 $4,533,248 $5,370,978
Net sales
$125,086
$44,901
370.133
Net income
3109,039
2,737.646
2,261,361
3,087,618
Cost of goods sold
120.000
40.000
1,603,824 Dividends paid
1.369,753
2,333,587
Selling & general expenses
Balance, surplus
$902,134 $1.,029.509
173,312 -V. 126, p. 2657.
126,507
Profit from operations
Other income credits
$1,614,691
115,249
Gross income
Federal income tax (estimated)
Income charges
$1,729,940 $1,028,640 $1,202,821
128,500
110,633
197,580
108.237
79,588
105,443
Net income
Surplus at beginning of year
Profit and loss credits
$1,426,917
3,457,495
11.136
$838.419
2,325,945
5,000
1066,084
2,795,459
125.683
$109,039
35,088
$4,901
$70,133
-Earnings.
Hygrade Lamp Co.(& Subs.).
Earnings for Year Ended December 311928.
Gross profit from sales
Gross income
Depreciation
Amortization of lamp licenses, good will, &c
State and Federal taxes
$1,039,549
770,684
92,673
71,173
105,948
$500,892
Gross surplus
$4,895,548 $3,169,365 $3,887,229
Net income available for dividends
35,867 Earnings per share on 117,684 shares corn, stock (no par)
39,246
$3.25
1st pref. dividends
22,883 -V. 128, p.
25,351
25,574
2nd pref. dividends
3361.
312,123
278,830
408,551
Common dividends
3,442
33,320
26,480
Prof. stock redemption premiums.._ _ _
-Earnings.
Imperial Chemical Industries Ltd.
3,968
27,037
Reorganization expenses
Earnings for Year Ended Dec. 311928.
21,572
32,274
Other profit and loss charges
£5,488,243
Gross profit
1,000,000
44,402,670 52,795,459 $3,457,496 General reserves
Surplus at end of year
275,540
a Of which $194.718 applicable to minority stocks of subsidiary com- Income taxes
109,633
-V.128, p. 1239.
Expenses carried to 1929
panies.
£4,103,089
-Earnings.
Honolulu Plantation Co.
Not profit
1,194,549
1926.
1925.
1928.
1927.
Calendar YearsPreferred dividends
2,461,041
33.739,075 $3,753,026 33,053,949 32,740.608 Ordinary dividends
Gross proceeds
2,944.489
2,134.061
3,178,128
Cost, depreciation, &c
2,780.408
1447,479
Balance, surplus
$606,547 -V. 128, p.
$109.460
3574.898
3958,667
Net profit
3108.
7.131
51,809
63,439
72,232
Other income
$1,030,899
Total income
312.358
Other deduct.(incl. tax.)
Govt.ref. 1925 taxes,&c.
$638,337
118,454
Cr.4,301
$161,269
46.143
$613,678
558.558
Net profit to surp. acct
Dividends paid
$718.541
500,000
$524,184
300,000
$115,126
80,000
$55,119
480,000
Balance, surplus
-V. 127, p. 3550.
$218,541
$224,184
1928.
$906.743
728,534
1927.
$868,769
765,369
1926.
3950,026
765,036
1925.
$791,310
742,441
Gross income
Other income
$178,210
30,812
$103,400
28,785
$184,990
34,777
Total income
Taxes
Other income charges
$209,022
33,389
69
$132,185
21,980
1.227
3219.767
37,359
3,242
$76.214
867
$179,166
$75,347
3108.978
$175,561
(9
(9%)112,500 %)112,500 (13)162,500 (9)112,500
Balance, surplus
-V. 126, p. 2799.
363,061
def.$3,522
$16,666 def.$37,153
-Earnings.
Household Finance Corp.
Earnings for Year Ended December 31 1928.
Gross income from operations
Operating expenses
$4,814,462
2.137,012
Net income from operations
Other income credits
$2,677,451
52,177
Gross income
Income charges
Federal income tax
$2.729,628
97,191
323,031
Net income
$2,309,406
Balance Jan. 1 1928
$1,427,911
Gross luaus
premium & expense (net)
Capital st
Provision for possible losses in collection of receivables
Miscellaneous charges
Capital stock dividends
Participating preference stock dividends
Class B common stock dividends
$3,737,316
490,340
150.000
11,927
1.466,746
94,917
293.153
Balance. Dec. 31 1928
-V. 128. p. 3694.
81.230,233
-Record May Shipments.
Hudson Motor Car Co.
The company shipped 42,086 Hudson and Essex cars in May.completing
the largest May it ever has known,an announcement says: This compares
with 32,450 cars a year ago, an increase of nearly 34%. For the 5 months
to June 1 the company has shipped 194,570 cars as compared to 151.887
a year ago, which was the largest year up to that time.
Orders from the field already have been received in excess of June production, which will be carried forward to meet the second quarter's schedule
of around 120,000 cars which was announced early in the year. This
will make the largest quarter's shippings Hudson ever has known, the
announcement added.
-V. 128. p. 3522.
$20,136,375
4.600,097
Total income
Dominion income taxes (est.)
$24,736,472
1,773,208
Net income
-V. 128, p. 3198.
$48,868
27.346
Net income
Dividends paid
Earnings for Year Ended Dec. 31 1928.
Total operating profits
Other income
$22,963,264
$35,126 def$424,881
-Earnings.
Honomu Sugar Co.
Calendar YearsOperating income
Oper. & marking exp
-Earnings.
Imperial Oil Ltd.(& Affil. Cos.).
-Earnings.
Incorporated Investors.
Summon/ of Earnings 3 Months Ended March 311929.
3185,825
Dividends
9,621
Interest
Part of proceeds of sales of capital stock constituting payment
61,172
for participation in undivided earnings
$256.419
Total
9,024
Interest paid
47,239
Managementfee
938
Federal income and Mass, excise taxes
1,028
Legal services
642
Other
$197,545
Net credits
97,854
Undivided profits, Jan. 1 1929
8295.309
161.419
Amount available for dividends
Dividends payable April 15 1929
$133,980
Undivided profits. March 31 1929
Balance Sheet as of April 10 1929.
Liabilities
Assets
$28,498,198
$903,993 Capital stock
Cash
264,213
28,139,265 Surplus
xInvestments at cost
133,980
earnings
83.450 y Undivided
Dividends receivable
230,315
Accrued divids.. taxes, &e...
$29,126,708
Total
Total
$29,126,708
a This item comprises stocks of all companies on the approved list
y After providing for management fee payable April 1 1929. dividend
-V.128, p. 2278.
payable April 15 1929. and Federal and State taxes.
-Earnings.
Inland Wire & Cable Co.
Calendar Years
Net sales
Cost of sales & expenses
1027.
1928.
$10,710,605 $9.127,527
8.464,683
9.886.565
Operating profit
Other income (net)
$824,040
44,461
$662,844
42,325
Total income
Depreciation
Interest. &c
Federal taxes
$868,501
90,136
92.804
$705,169
76.900
17,557
85,830
Net income
Earns, per sh. on cap. stk
-V. 128. p. 1741.
$685,561
6.66
$524,882
5.12
-Booklet.
International Paper & Power Co.
The company has issued a beautifully illustrated booklet on its Gatineau
River properties.
-V. 128, p. 3362.
.
JUNE 8 1929.]
3839
FINANCIAL CHRONICLE
-Earnings.
Inter City Baking Co. Ltd.
Earnings for Year Ended Jan. 31 1928.
, Profits
Depreciation
Int. on bonds & bank loans
Netincome
Common dividends
Balance,surplus
Earns, per share on 17,500 shares common stock (par $100)
-V. 128, p. 1408.
$317,495
100,000
82,535
$134,960
70,000
$64,960
$7.71
International Button-Hole Sewing Mach. Co.
-Balance Sheet Jan. 1.-
Purpose.
-The business has been recapitalized and this issue of bonds
together with 2,000 shares of stock have been sold for cash in order to
accomplish the distribution of the interest of a large stockholder, who is
now retiring, to other members of the organization. All of the 14,000
shares of stock to be presently outstanding, with the exception of 100 shares.
will be held by men actively connected with the company and who have
been identified with it for many years.
Jersey Mortgage & Title Guaranty Co.
-Bonds Offered.
-Stone & Webster and Blodget, Inc. and First National Corp. of Boston recently offered $500,000 ooll. trust
6% gold bonds, series of 1930 (non-callable) at 99X and int.
Dated Feb.1 1929; due Feb. 11930. Principal and int.(F.& A.) payable
In New York at the office of the Interstate Trust Co., or Elizabeth, N. J.
at the office of the trustee, Central Home Trust Co. of Elizabeth, New
Assets1929.
Liabilities1928.
1929.
1928.
Jersey, trustee, without deduction for normal Federal income tax up to
Cash securities di
Capital stock
$500,000 $500,000 2%.
accts. recen____ $517,635 $476,328 Res. for deprec _ _ 446,602
These bonds will be legal investments for trust funds in the State of New
Machines on lease_ 957.428
313,320 Surplus
1,024,226
319,068 Jersey, and will not be taxable under the existing laws of said State.
29,429
Patents
495,765
Company was incorp. under the insurance laws of New Jersey in Dec.
1925, for the purpose of doing a mortgage and title guaranty business in
Total
$1,970,828 $819,069
Total
$1,970,828 $819,069 various municipalities in the State of New Jersey. Approximately 457e
-V. 126. p. 3604.
of the principal amount of mortgage loans made by the company are secured
by improved real estate located in Union County. N. J., which is one of the
International Petroleum Co., Ltd.
-12%c Dividend.
.
- rapidly growing and leading residential and industrial counties of Northern
The directors have declared a dividend of 123 cents per share on the New Jersey within easy commuting distance of New York City. The
new no par value capital stock, payable June 25 to holders of record June 22. principal amount of mortgage loans made to Dec. 31 1928, totaled
This compares with a dividend of 25 cents per share paid on March 15 $9,944,480.-V. 126, p. 587.
last on the old capital stock which was outstanding prior to the recent
-Sales Increase.
Jewel Tea Co., Inc.
-for-1 split up. On the old stock, the company in 1928 paid 3 dividends
2
-1928. 1929-20 Wks.
of 25 cents each, making a total a 75 cents per share for that year, the
Period End. May 18- 1929-4 Wks.
-1928.
same as paid in 1927 and 1926.-V. 128, p. 3198.
$1,312,256 $1,262,556 $6,368,431 $5,917,680
Sales
1,182
1,103
Avge. no.ofsales routes_
1.160
1,100
International Products Corp.
-Earnings.
-V. 128, p. 3695, 3363.
Quarter Ended March 311928.
1929.
-Earnings.
-(Mead) Johnson & Co.(& Subs.).
Net income after charges and taxes
$288,827
$267,760
Shares com. stock outstanding (no par)
1928.
1927.
532,116
Calendar Years376.114
Earnings per share
$1,227,449
$0.40
$0.42 Previous consolidated surplus
$789,910
-V. 127. p, 3256.'
Net profit for year
1.082,306
1,068,542
Intertype Corp.
-25c. Extra Dividend.
The directors have declared an extra cash dividend of 25c. per share
In addition to the regular quarterly dividend of 25c. per share on the no
par value common stock, both payable Aug. 15 to holders of record Aug. 1.
The directors recently declared a special dividend of 10% in common stock
on the common stock, payable June 15 to holders of record June 1.
Extra dividends of 25c. per share in cash have been paid in Feb. and
Aug.since and including 1924,and in addition stock dividends of 10% each
were paid on Nev.17 1924 and Nov. 151923 on the common stock.
-V.128.
P. 3198.
Investment Certificates Corp.
-Organized.
Development of a novel idea making it possible for investors to obtain
fractional participation in the values of bank and insurance company stocks,
Is presented in the recent announcement of formation of thli corporation,
of Hartford. This company, differing from the investment trust, provides
through investment certificates for investor pro-rata participation in highpriced stocks. In other words, an investor may purchase certificates
representing part ownership in the securities of a specific bank or insurance
company.
The corporation has an authorized capital of $1,000.000 of which $100,000
(par $100) outstanding. It will issue certificates of fractional ownership
in such high-priced securities as Connecticut insurance companies and
New York bank stocks. The original stocks against which these certificates, representing twentieths or multiples thereof, will be issued, are to
be held in trust by the Riverside Trust Co.of Hartford. Certificate holders
will receive pro-rata distributions of all cash stock dividends, rights, &c.,
accruing to stockholders of the various corporations, represented by the
original stocks. The company was incorporated in Connecticut Feb. 28
1929.
Public offering of the certificates is being made by the Investment Certificates Corp. and Fuller, Richter, Aldrich & Co.
Irving Air Chute Co., Inc.
-Files Suit.
A patent suit was started on June 1 against the Russell Parachute Co. by
the filing of a bill of complaint in the U. S. District Court in Wilmington,
Del., lay the Irving Air Chute Co. Inc., and Floyd Smith Aerial Equipment Co. The suit is brought for infringement of 5 patents relating to
parachutes and parachute equipment. The bill of complaint filed in the
District Court asks for profits and damages and for a preliminary and
permanent injunction against the Russell Parachute Co. to restrain it from
further infringement.
It is alleged that the Irving Air Chute Co. has spent large sums of money
in making and developing the inventions covered by the patents, that the
inventions have been of great benefit and advantage to the public, and that
the defendant has realized profits from its alleged infringement.
-V. 128.
p.3005.
Jackson Motor Shaft Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 30c. per share and the
regular quarterly dividend of 30c. per share, both payable July 15 to holders
of record June 15. Six months ago, an extra dividend of 30c. per share
-V. 128, p. 3695.
was also declared.
Total surplus
Pref. dividends
Common dividends (cash)
Do stock (15,000 shares of no par value)
Additional Federal taxes of prior years
$2.399,754 $1,858,481
119.000
119.000
495,000
450.000
50,000
12,012
•
-Dec.31
Consolidated surplus
$1,695,755 $1,227,449
Comparative Statement.
Net Earns. Earns.Per Sh.
Number
After Fed. of Common
Packages
Taxes at
CaPilalix.
Sold, Present Rate. Outstanding.
Year Ended Dec. 312,705,616
8433,927
1922
$2.09
3,495,096
527,198
1923
2.72
4,450,376
669,752
1924
3.80
5,571,275
799.398
1925
4.53
6,599,284
1.030,808
1926
6.08
7,020.727
1,068,541
1927
6.33
7,774,852
1,082,305
5.84x
'9x Based on 165,000 shares (1922-27 earnings based on 150,000 shares).
x
-V. 126, p. 1822.
Johnston Paint & Varnish Co., Detroit, Mich.
-Stock
Offered.
-W. A. Hamlin & Co., Detroit recently offered
15,000 units, each unit consisting of 1 share of class A and
1 share of class B stock at $11 per unit.
Class A stock is entitled to preferential dividends at the rate of 80 cents
per share per year, payable Q. & M. Red. at $11 per share plus divs, on
any div. date on 30 days' notice. Class B stock has full and exclusive voting
power except as noted. Dividends exempt from present normal Federal
Income tax. Exempt from present Mich. personal property tax. Transfer
agents. Guaranty Trust Co., Detroit. Registrar, Detroit & Security Trust
Co., Detroit.
Authorized. Outstanding.
Capitalization30,000 shs. 15,415 shs
Class A (no par) stock
Class B (no par) stock
60,000 shs. 40,625 sin
.
of President, W. C. Shepard.
Data from Letter
Purpose.
-The company proposes to open 25 stores in Detroit, selling the
nationally advertised products of the R. F. Johnston Paint Co. of Cincinnati. Ohio, one of the largest paint manufacturers in the United States,
with whom they will be closely allied.
-Company has been most conservative in its estimate of earnEarnings.
ings. Notwithstanding the fact that the branch store of the Johnston
Paint & Glass Co., which will be taken over by this company, has shown an
average volume of $35,000 annually, a volume of but approximately 314.000
per store is estimated for these stores, which will enjoy equally favorable
locations. Even with these conservative estimates the earnings are approximately 4 times the dividend requirements on the class A stock, or after
paying the dividend on the class A 88 cents per share is shown earned on the
class B stock.
Listipg.-Application will be made to list these securities on the Detroit
Stock Exchange.
Jensen-Salsbery Laboratories Inc.
Laboratories,
-Bonds Offered.Stern Brothers & Co., Kansas City,
are offering $300,000
Journal Square Securities Co.
-The company, with
-year 6% sinking fund gold bonds (with stock purchase offices in Jersey City, is offering 25,000 shares of common
10
warrants attached) at 100 and int.
stock at $10 per share.
Dated May 15 1929; due May 15 1939. Interest payable (M. & N.) at
the office of Stern Brothers & Co., Kansas City. Red. on any int. date on
60 days' notice at a premium of M % for each year of unexpired life or
fraction thereof. Red.for account ofsinking fund at 102 and int. up to and
incl. May 15 1934; at 10134 and int. thereafter and up to and incl. May 15
1936: at 101 and int. thereafter and up to and incl. May 15 1938;and at 100
and int. thereafter. Denom. $1,000, $500 and $100.
-Attached to each bond of $1,000 denom. Is a
Stock Purchase Warrants.
non-detachable warrant giving the holder the right to buy 10 shares (proportionate number of shares with bonds of smaller denorns.) of stock of
company, at the following prices; If purchased from May 15 1929 up to
and incl. May 15 1932,_ at $50 per share; if purchased from May 16 1932 up
to and incl. May 15 1935, at $57.50 per share; if purchased from May 16
1935 up to and incl. May 15 1939, at $65 per share.
Sinking Fund.
-A sinking fund is provided which will be payable semiannually and which will be available for the retirement of bonds beginning
, in the second year, either by purchase in the open market or by call. It
Is calculated that the operation of the sinking fund will retire approximately
two-thirds of the issue by maturity.
Data from Letter of G. G. Graham, Pres., Kansas City, Mo., May 24.
Company.
-Business was started in 1915 with a nominal capital and during
the 14 years of its life has never had an unprofitable year. Company is
engaged in the manufacture and sale of biological and pharmaceutical
products used in the prevention and cure of livestock diseases. These products are distributed all over the United States and to some extent in foreign
countries. Distributing deposits are maintained in 24 cities in the United
States and 2 in Canada. Company is one of the outstanding factors in this
line of business in the country.
CapttalitaticmAuthorized.
Issued.
-year 6% sinking fund gold bonds
$300,000
10
$300,000
*25,000 shs. 14,000 shs.
Common stock (no par)
*3,000 shares reserved for stock purchase warrants.
Earnings.
-In the 14 years of its life, the company has shown a steady
growth in its volume of business, and in that period it has never had an
unprofitable year. Sales and earnings for the last 5 years have been as
follows
Earnings
Earnings
Before Deprec. Aft. Deprec.
Net Sales. & Inc. Tax. & Inc. Tax.
Year$549,396
$94,359
1924
$71,641
602,724
109,356
1925
82,121
937,373
198,904
1926
181,470
913,452
138,491
1927
111,475
823,444
1928
79,686
61,467
Capitalization.
-200,000 shares common stock of no par value (full
voting.) Transfer agent, Journal Sq. National Bank.
Nature of Business.
-In keeping with the constant growth of the Journal
Square National Bank a securities company has been organized for the
purpose of conducting a general securities business to co-operate with the
bank its stockholders, depositors and the general public in providing
necessary facilities flu the purchase and sale of all listed and unlisted
'
securities and to invest and reinvest the company's funds in securities of
banks, trust companies, insurance companies and other financial and inindustrial institutions, and to participate in underwritings.
Organization Facilities.
-The company will conduct its business in the
Journal Square National Bank building, Journal Square, Jersey City,
N. J. It will have at its disposal a well organized trading department
which will be constantly in touch with market conditions in both listed and
unlisted securities, enabling the company to render a 100% service to its
clientele and (or) to acquire for the company and dispose of securities in
sound financial and industrial institutions during favorable market conditions.
Directors.
-Aaron Sapiro, Chairman; E. C. Altshul, Samuel Colacurclo
Thomas S. Doughty, Hon. Charles M. Egan, Martin K. Fowler, Joseph
F. Gillick, Isaac Gross, John W. Hetherington, Edward M.Johnson, Leon
Lazarus,Philip Lindeman, Abner Lubel, Herbert S. North,I. M.Shackter,
Col. George T. Vickers.
(Rudolph) Karstadt, Inc.
-Earnings, &c.
-
Gross retail sales of Karstadt for tho year ended Jan. 31 1929 amounted
to about $60,543,000 as compared with about $55,121,000 in the previous
fiscal year. Gross wholesale sales of Karstadt for the year ended Jan. 31
1929 amounted to about $10,959,000 as compared with $10.795,000 in
the previous fiscal year. Gross retail sales of "Epa", a wholly owned
subsidiary of' Karstadt, for the year ended Jan. 31 1929 amounted to about
$9,468,000 as compared with about $3,210,000 in the previous fiscal year.
Total gross sales of Karstadt and "Epa' for the year ended Jan. 31 1929
amounted to about $80,970,000 as compared with about $69,186.000 in
the previous year, an increase of about 17%.
A large department store in Berlin is now under construction, which is
expected to open on June 20. In addition department stores are now under
construction at Buer. Goettingen and Celle. Now department stores or
enlargements to existing department stores are planned at Bremen, Luebeck,
Muenster, Hanover, Ludulglust and Essen. Company plans to remove
its main office from Hamburg to Berlin and a new administration building
is expected to be completed in Berlin by the end of 1930.
The company had 24 "Epa" stores in operation in March, as compared
with 12 in March 1928 and only 3 in March 1927. It is planned to open
11 additional "Epa" stores this year.
3840
FINANCIAL CHRONICLE
[VOL. 128.
Listing.
-Application will be made in due course to list the class A
The company has a funded debt of about $24,000,000 and a capital stock
equivalent to 1,735.400 American shares (par R. M. 40). The American stock on the San Francisco Curb Exchange and-or the Los Angeles Curb
.hares are selling at about $21 per share. The total market capitalization Exchange.
Earnings.
-The average combined net profits of Kimball Pump Co.,
of the company, taking the funded debt at par, amounts to about $60,, Inc., and Krogh Pump & Machinery Co. for the five years ended Dec. 31
440,000.
Practically all retail chain store companies sell for more than the value 1 1928, were $73.613 per annum, after (a) excluding net profits on sale of
of their annual sales. Karstadt, however, is selling for 27% less than its capital assets, (b) eliminating interest paid, special discount allowed and
annual sales. If Karstadt's market capitalization were to equal its annual special salaries of Kimball Pump Co., Inc., (c) eliminating taxes and insales the American shares would sell at about $40 per share or about twice surance on land and buildings and 'income on other assets not Acquired
from Krogh Pump & Machinery Co., (d) adjusting depreciation of latter
their present market value.
It is expected that a 12% dividend will be declared at the annual meeting company to basis of assets acquired, (e) eliminating executive salaries of
in June for the fiscal year ended Jan. 31 1929, equal, after German income that company to be discontinued, (f) excluding certain other non-recurring
tax,to $1.02 per American share. At present prices, therefore,the American charges averaging for the five years $1,331 per year, and (g) adjusting the
provision for Federal taxes to a basis of 12%.
shares yield almost 5%.
Net earnings for the fiscal year ended Jan. 31 1929 are not yet available
(G. R.) Kinney Co., Inc.
-President E. H.
-May Sales.
but will show an increase over the previous year. Net earnings should
exceed $1.76 per American share earned in the fiscal year ended Jan. 31 1928. Krom authorizes the following:
An appraisal of the assets of the company shows that the asset value of
Sales for the first 5 months of this year has shown an increase of 11.7%
the capital stock amounted to $36.70 per American share as of July 311928.
On April 22 1929 the stockholders of the company approved a merger over last year, as compared to an increase of only 5% in the number of
with Lindemann & Co., A. G., Berlin. which has heretofore been operating stores operated. Eighteen new stores were opened by the company during
year
with a share ca Hal of R. M. 6.800,000, stores similar to those of the thethat preceding June 1 1929 making a total of 329 stores in operation
date. Inasmuch as efforts of the management of the company have
company. The Lindemann chain is reported to have a sales volume of on
been directed particularly towards strengthening the position of the stores
between R. M. 50,000,000 and R. M. 60.000,000. The entire capital', already in
stock was acquired in exchange for R. M. 9,066,000 par value of Karstadt of the old existence, this increase in sales through growth and development
stores, as well as new stores opened, is very satisfactory.
stock. The authorized capital stock of Karstadt was increasedfrom R. M.
For the month of May this year sales amounted to $1,779,369 an in70,000,000 to R. M. 80,000,000.-V. 128, p. 3523.
crease of $107,552 ot 6.43% over last year. For the first 5 months of the
-Stock Placed on $5 Annual year sales amounted to $7,520,578.
Kennecott Copper Corp.
shares of common stock
Dividend Basis.
-The directors recently declared a quarterly ofSatisfactory completion of the sale of 40,000 has greatly improved the
the company to stockholders at $26 per share
capital position of
dividend of $1.25 per share on the capital stock, no par current liabilities the company, increasing the ratio of current assets to
from about three to one to more than five to one.
value, payable July 1 to holders of record May 31. A
Detailed sales figures for the month of May and for the first 5 months
quarterly distribution of $1 per share was made on April of this year are as follows:
19ea---A fay-1928.
Increased 1929-5 Mos.-1928.
Increase.
1 last (see V. 128, p. 1240).-V. 128, p. 3176.
5107,522157.520,578 $6,732,526
$788,052
$1,779.369 51.671.847
-Trum- -V. 128. p. 3695. 3199.
Corp.
-Stock Offered.
Ken-Rad Tube & Lamp
bull, Wardell & Co., Chicago, recently offered 75,000
shares capital stock (no par value) at $28.50 per share.
Transfer agent, First Trust & Savings Bank Chicago. Registrar, The
National Bank of the Republic of Chicago. Both class A and class B stock
have the right to vote, and both classes of stock share equally in assets
on liquidation but no dividends of any kind may be paid on class B stock.
Class B stock is convertible share for share into class A stock whenever
the net earnings of the company,for any fiscal year. available for dividends,
shall amount to $450,000 or more and 25,000 shares of class A stock is required to be reserved for such conversion.
Outstanding.
Authori;ed.
Capitalization175,000 shs. 150,000 shs.
Capital stock (no par) class A
25,000 shs.
25,000 shs.
Capital stock (no par) class B
Data from Letter of Roy Burlew, President of the Corporation.
Company.
-W111 take over and acquire all of the capital stock, except
directors' qualifying shares, of the Ken-Rad Corp.,a Kentucky corporation.
and all of the capital stock of the Kentucky Electric Lamp Co.,a Kentucky
corporation. except irectors' qualifying shares.
The Ken-Bad Corp.has been engaged in the manufacture of radio tubes
in Owesnboro, Ky.. the Ken-Rad Co. being the first and oldest independent
manufacturer of radio tubes on a commercial basis In the United States.
Company is expanding Its manufacturing facilities in order to take care of
the demand for its products.
The Kentucky Electric Lamp Co. was incorp. in Kentucky in 1918 with
a capitalization of $100,000. Company has since its organization been
engaged in the manufacture and sale of incandescent electric lamps, having
succeeded the lamp department of the Kentucky Electrical Co. In the year
1920 the Kentucky Electric Lamp Co. purchased the license, machinery,
and good will of the Davis Tungsten Lamp Co. of Hoboken, N. J., and in
1923 it purchased the license, machinery,and good will of the Acton Electric
Co. of Newark. N. J., the Apex Electric Specialties Co. of Newark, N. J.
and the Howland Manufacturing Co. of Malden. Mass. Company is one of
but five manufacturers holding licenses to produce under General Electric
patents large tungsten lamps such as are used for general lighting purposes.
The company owns its own factory building containing more than 65.000
square feet of floor space in Owensboro, Ky. Company is still under the
same personnel as when organized.
The products of these two corporations,the Ken-Bad Corp.and Kentucky
Electric Lamp Co.,are marketed principally through jobbers.
Earnings -The net earnings available for dividends of the Ken-Bad
Corp. and the Kentucky Electric Lamp Co.. as reported by Haskins &
Sells, ending Dec. 31 of each year after adjusting Federal income taxes
to the current rate, were as follows: 1926, $392,380; 1927. $315,213; and
1928. $347,010.
Listing.
-Stock listed on the Chicago Stock Exchange.
-Earnings.
-Kermath Manufacturing Co.
Net profits for the first 6 months of 1929 of approximately $190,000. or
greater than any full year in the company's history, will be earned by the
company, according to recent reports from the plant. These earnings are
equivalent to $2.11 per share on the 90,000 no par common shares outstanding. This forecast is based upon actual earnings of $85,000 for the
first four months, and earnings of $105,000 for May and June estimated
on the basis of May sales and orders on hand for June.
Company has been engaged in the manufacture of marine motors in
Detroit since 1909. Net profits for 1926, 1927 and 1928 were $133,824,
5178.704 and $180,823 respectively. Stock is listed on the Detroit Stock
Exchange and New York Curb.
The total capitalization is 120.000 no par common shares authorized
and 90,000 outstanding. Present dividends are at the rate of $1 per
-V. 128, p. 2279.
share annually, payable quarterly.
-Earnings.
Kilauea Sugar Plantation Co.
Earnings for Year Ended Dec. 31 1928.
Revenuefrom operations
Other revenue
Total income
Cost of operations
Other expenses
Taxes
Net profit
-V. 126, p. 2800.
$600.245
31,127
(I. B.) Kleinert Rubber Co.
-Listing.
There have been placed on the Boston Stock Exchange list temporary
certificates for 190,000 shares common stock without par value.
-V. 128.
P. 3523.
-Formed as Investment
Knickerbocker National Corp.
Trust.
Announcement is made of the formation of this corporation, organized
under the laws of New York, for the purpose of buying, selling, holding
and underwriting securities a all kinds and participating in underwriting
syndicates. The corporation Is equipped to render financial counsel,
managerial assistance and distribution facilities in the operation of investment trusts, and has already established contracts with a number of trusts
which are prospective users of its services. Supervision for a fee, of portfolios of investment trusts in which it participates will contribute an additional source of revenue for the corporation.
With its head offices in New York City and a branch in Buffalo, the
corporation is opening offices in a number of important financial centers
in charge of men well known in security circles in their local communities.
Offices have already been arranged for in Boston, St. Louis, Dallas and
Baltimore, which will provide local centers for retail distribution. In
addition, wholesale activities will be carried on to cover dealers in territories where the corporation does not contemplate opening its own offices.
Officers are: Frank C. Thomas, Pres.; Arthur Fox, Exec. V.-Pres, in
charge of operations: W. A. Forant. Buffalo, V.-Pres.; N. F. Johnson, St.
Louis, V.-Pres.; W.H.Steiner. Exec. V.-Pres. in charge of portfolio; H. M.
Cameron, Assoc. Dir, of portfolio; R. A. Croasdale, Treas., and L. W.
Kurtzman, Sec.
Directors are as follows: H. M. Cameron, R. A. Croasdale, Arthur Fox,
L. W.Kurtzman, R. J. Leibenderfer, W.H. Steiner and Frank 0. Thomas.
Initial financing for the new corporation, which will be offered shortly
by Bankshares National Corp., will take the form of a new issue of 20j000
units of one share each of class A participating preference stock (Par $20)
and one share of common stock (par $1).
-Earnings.
Knox Hat Co., Inc.
[Not including subsidiary companies.;
-1927.
Calendar Years
$8,332.017 $7,925,636
Gross sales
a
646,015
1 646.014
xNet profit
95,047
103.655
Prior pref. div. ($7)
12,037
Part. pfd. div. ($1.50)
27,855
y94.203
Class A part diva. ($8)
793
767
2nd pfd. div. ($7)
$501,645
$455,998
Bal.for common
34,309
30,979
Shares common stock out.(no par)
$14.62
$14.72
Earns, per share
x After depreciation, interest charges and Federal taxes. y $5 In prior
Preference stock taken at $100 per share and $3 in cash.
Note.
-In 1928 company paid $7 per share on the common stock and in
1927 $7 per share ($5 in class A participating stock of the Long Hat Stores
-V. 128, p. 3695.
Corp., taken at $100 per share and $2 in cash.)
-Earnings:
Koloa Sugar Co.
Earnings for Year Ended Dec. 31 1928.
5140,58.11
65,881
44,832
Total income
Operating expenses
Depreciation
529,870
$2.99
Net profit
Earnings per share on capital stock
-V. 125, p. 398.
-May Sales.
(S. S.) Kresge Co.
Increased 1929-5 Mos.-1928.
-1928.
1929
-May
$12.344.743 211.339.766 $1,004.9771555,072.693 550,956,030
3631.372 -V. 128, p. 3199, 2821.
.
585,334
-Sales.
(S. H.) Kress & Co.
6,863
1928.
1929.
5.363
$5.015.848 $4,923,478
Month of May
23,888,127 22,481,391
534.813 First 5 months
-V. 128, D. 3199. 2474.
-An issue
-Stock Offered.
-Krogh Pump Co.
Kimball
of 27,500 shares class A no par value stock is being offered
at $21.50 per share by Goldman,Jacobs& Co.,San Francisco.
-Earnings.
Kreugee & Toll Co.
1928.
Calendar YearsKr.9.719,962
Income from various sources
13,146,877
Interest & dividend received
Increase.
54,116.662
1927.
$4,162,577
19.248,195
1927.
Kr.9.431,957
10,230,988
An issue of 27.500 shares class "A" no par value stock is being offered at
Br.22.866.839 Kr.19.682,945
Total income
925,150
3,012,970
$21.50 per share by Goldman, Jacobs & Co., San Francisco.
General expenses
Class A stock is entitled to preferential cumulative dividends of $1.50
per share per annum, payable quarterly, before any dividends shall be paid
ra.19,853,869 Kr.18,737,795
Net profit
stock. Then, after 37 c. per share per quarter has been paid
on class
Balance Sheet Dec. 31 1928.
on the class B. each share of class A stock and each share of class B stock
Kr.
LiabUtiles
AssetsKr.
participate equally. Initial dividend on class A stock will be payable
10.000.000
to holders of record Aug. 1. Dividends free from normal Federal Cash & banking account__ 35,109,343 Series A shares
Aug. 15
55.000,000
93,265,592 Series Bshares
income tax. Exempt from California personal property tax. Transfer Bonds
1 Participating debentures-- 65.000,000
agent. Cole-French Co., San Francisco. Registrar, Bank of Italy. National Furniture. &c
133.700,900
Investments
233,254,990 Reserve funds
Trust & Savings Assn.
58,192,349
Authorized.
Issued.
Accounts receivable
1,654,107 Sundry creditors
Capitalization41,391,684
Profit & loss surplus
27,500 she.
50.000 Ms.
Class A stock (no par)
50.000 shs.
13,750 shs
Class B stock (no par)
363,284,033
Total
363,284,033 Total
Business.
-Corporation is a consolidation of the Kimball Pump Co., Inc.,
which was established in 1906. and the Krogh Pump & Machinery Co., -V. 128. p. 1567.
which was established in 1880. The Kimball Company manufactures
water pumps for Irrigation purposes, city water works, and industrial plants.
-Organized.
La France Republic Corp.
The Krogh products include water pumps for mining, dredging and inSee Republic Motor Truck Co., Inc., below.
dustrial purposes. This gives the consolidated company a complete line
pumps for every use.
-Bonds Offered.
of water
La Salle-Wacker Building Corp.
Foreign distributors are located throughout the countries of Central
Savings
and South America, and in Canada. Canary Islands. Cuba. Haiti, Japan, Halsey, Stuart & Co., Inc., and Harris Trust &
Korea Philli pine islands. Spain and the British Isles.
Bank, Chicago, are offering at 100 and mt. $6,500,000 lit
; Purpose -To provide additional working capital and to make possible
mortgage fee 6% sinking fund gold bonds, series A.
public participation In the enterprise.
JUNE 8 1929.]
3841
FINANCIAL CHRONICLE
Series A bonds will be dated June 1 1929; will be due June 1 1954. Principal and int, payable at office of Halsey, Stuart & Co., Inc., paying agent.
in Chicago and New York. Int. payable J. & D. without deduction for
Federal income taxes now or hereafter deductible at the source, not in excess
of 2%. Denom. $1,000, $500 and $100 c*. Red., all or part, at any time
upon 30 days' notice at the following prices and int.: to and incl. June 1
1934. at 104; thereafter to and incl. June 1 1949 at a reduction of 1% for
each 5
-year period; and after June 1 1949 at 100. Corporation agrees to
reimburse the individual and partnership holders of these bonds, if re-mills tax, the Conn.
quested within 60 days after payment, for the Penn. 4
personal property tax not in excess of 4 mills per annum; the California
personal property tax not in excess of 5 mills per annum, and for the Mass.
income tax on the int. not exceeding 6% of such interest per annum.
-Series A bonds are listed on the Chicago Stock Exchange.
Listed.
Company.-Incorp. in Illinois. Will acquire from three of its principal
stockholders, Joseph MedM Patterson, Mark S. Willing and Philip F. W.
Peck, the fee ownership of the southeast corner of West Wacker Drive and
North La Salle Street, having a frontage of 140 feet on the former and 150
feet on the latter street. This site is one of the most outstanding in Chicago,
being at the northern gateway to downtown La Salle Street, the city's
financial centre, and at the intersection of two important arteries. The
property comprises three separate interests: (1) the corner plot fronting 60
ft. on Wacker Drive and 100 ft. on La Salle Street was owned by Philip
F. W. Peck, whose family has been interested in Chicago real estate since
1830, and was acquired in 1837 by his grandfather. Philip F. W. Peck;
(2) an L-shaped piece of property enclosing the corner piece and having a
frontage of 50 ft. on La Salle St. and 80 ft. on Wacker Drive, a large portion of which was acquired in 1875 by Judge Mark Skinner, one of the early
prominent citizens of Chicago, and grandfather of Mark S. Willing, capitalist and real estate owner; and (3) the leasehold interest of Joseph Madill
Patterson. part owner of the Chicago "Tribune" and "Liberty Magazine,"
In the above mentioned corner property. The proper and economical
development of the two parcels ofland was not practical separately, and,
with the cancellation of the lease, the interests ofall will now be combined
for the construction of a monumental office building.
Building.
-The 40
-story fireproof building to be erected upon this site
by the corporation will be of modern American building design, with a setback at the 23rd floor, from which point a dominating tower will rise. The
foundations of the building will rest upon bedrock, and the exterior will be
of polished granite, Bedford stone and brick. The architects are drawing
fully upon the information of specialists in order to make this building one
of the outstanding structures in Chicago. All materials used in the construction of the building will be tested by experts and specialists of national
repute will carefully check the building plans in order to assure the highest
degree of efficiency in operation. Served by 16 high-speed elevators, a
net rentable area of 383,807 square feet will be devoted on the first floor to
banking sioace and shops fronting upon both West Wacker Drive and North
La Salle St., and on the floors above to offices, while a garage with a capacity of 120 cars will be available on the two lower levels for the use of
occupants of the building. Towering 467 feet in height, this building will
dominate the central skyline of Wacker Drive and will be clearly visible
from the Michigan Avenue Bridge on the east, from far northwards along
La Salle Street, and from trains entering the city from the north and west.
-Proceeds from the sale of the series A and series B bonds and
Purpose.
the moneys derived from the sale of the capital stock will be used for the
the
rty infe ditg 141 , preliminary ce rreon p
7 si3
g ag rt
e a cAts,
e ) e
r
acquisitionba
balance v!:ilF13e deposited with
ed
towards the cost of construction. The funds deposited for construction
costs will be paid out by the disbursing agent only upon presentation of
certificates of the architects bearing the written approval of an independent
engineer.
-The (closed) mortgage under which the $6,500,000 principal
Security.
amount of first mortgage fee 6% sinking fund gold bonds, series A. and
$1.500,000 principal amount of 6% fee mortgage sinking fund gold bonds,
series B (subordinated to the lien of the series A bonds), will be issued, will
be secured, upon completidb of this financing. in the opinion of counsel,
by a mortgage on the land to be owned in fee and the building to be erected
thereon. Independent appraisers have recently valued the land and completed building at an aggregate of $11,136.206, consisting of 64.536,983
as the value of the land and $6,599.223 as the value of the completed building, the series A bonds therefore constituting less than a 59% loan. Furthermore, the stockholders will contract to furnish, through the purchase
of additional common tock, all funds in excess of the funded debt, to be
outstanding on completion of the present financing, necessary to complete
the building free and clear of all liens. It is anticipated that the structure
will be completed on or about May 1 1930.
The corporation will provide a title guaranty policy in the amount of
$8,000.000 and the mortgage will provide that,during the period of construction and thereafter, fire insurance will be carried in an amount not less than
80% of the full insurable value of the building above the foundations. The
corporation will also take out elevator, public liability and such other
casualties as are customary in similar instances.
In order to provide systematically for the payment of both interest and
sinking fund, monthly deposits of these charges will be made with Halsey,
Stuart & Co., Inc., paying agent.
Earnings (Based upon the Estimate of Independent Appraisers).
Total gross earnings (less allowances for vacancies)
$1,290,906
Operating expenses, maintenance,insurance and general taxes..
449.531
Net earnings before depreciation and Federal taxes
$841.675
Maximum annual int. on series A bonds to be presently outst'g
390.000
Sinking Fund.
-Commencing on June 1 1934 sinking fund payments.
Increasing from $96.000 in the first year to $324.000 in the last, are to be
p: ng age . 3revrtga r
o
s or r ei pi o Ho T Stu a /r
tplied as p yivided inttht ie pig:e hTTi annatllI tiy n lis ies irtn i
ln
a
s
e
seriCs fiends at not to exceed the applicable call price. The sinking fund
Is calculated to retire at par prior to maturity 1010% of the series B bonds
and 38% of the series A bonds originally Issued, so that at maturity the
then outstanding principal amount of bonds issued under the mortgage
will be less than the present value of the land alone. In the event of conversion of series B bonds into series A bonds, the sinking fund applicable to
the former will apply equally to all series A bonds outstanding after such
conversion.
-The series B bonds will be
Cintrersion of Series B into Series A Bonds.
convertible by lot into series A bonds in such principal amounts so that
aggregate of series A bonds theretofore issued and those proposed to be
converted shall not exceed 60% of the then value of the property, to be determined at intervals of not more than five years by independent appraisers
satisfactory to the trustee, and provided further that the independently
certified net earnings, as to be defined in the mortgage,shall not be less than
twice the annual interest charges on the series A bonds then to be outstanding.
These bonds are secured by a direct closed first mortgage on the land
owned in fee and the three-story and full basement brick structure to be
located at the southeast corner of 26th St. and Turner Ave., Chicago.
The lot fronts 217 feet on 26th St. and 125 feet on Turner Ave.
The burrowers, Edward Oplatka and Emil Reinish, own the majority
of the stock in the Leader Stores and have spent their entire lives in the
department store business. The entire business of to-day has been built
up exclusively out of earnings.
The land and completed building have been appraised by the LloydThomas Co., nationally known appraisers, as follows: The sound value of
the building when completed, $807,697: market value of the land, $509,950:
total value, $1,317,647. On the basis of the above valuation this bond
issue is approximately a 57% loan.
The Leader Stores have agreed to lease the building as soon as it is completed for a period of 25 years at a net rental of $125,000 a year, payabel
monthly in advance. This net rental is three times the greatest annual
interest charge. This lease is to be assigned to the trustee.
-Earnings.
-(F. & R.) Lazarus & Co.
Earnings for Fiscal Year Ended Jan. 31 19.29.
Net sales
Cost of sales. oper., selling & admin. exp. (net)
Provision for depreciation
Provision for Federal income taxes
$12,673,103
11,462,043
123.055
131,119
$956.886
513.734
Net profit
Balance Jan. 31 1928
$1,470.621
Total surplus
Dividends Paid
Preferred-dividends
Common-dividends
80,008
195.001
61.195,621
Surplus, Jan. 31 1929
12.08
Earns, per share on 350,000 shares cora, stock outstanding_ - -..
-V. 128, p.3006.
-Earnings.
Leath & Co.
Calendar YearsGross operating profit
Other income
1928.
6654.893
24,069
1927.
$429.474
22,189
Totalincome
Depreciation
Federal taxes
Interest bad debts,&c
$678.961
30,755
63,000
93.554
$461,663
22,598
53,600
61.616
Net income
Preferred dividends
$491,653
139.140
$323.849
Balance
Earns, per sh. on 99,833 shs. corn.stk.(no par)-V. 127, p. 1686.
6352,513
3.63
$323.849
2.08
-Semi
-Annual Earning8.Lee Rubber & Tire Corp.
6 Months EndedNet sales
Expenses, deprec. &c
.30'29. Apr. 30 '28. June 30 '27. June 30 '26.
Apr.
$4,868.479 $5,244.722 56.010.385 $6,098,735
4.630,934 x5,158.512
5.658.055 6.257,227
Operating profit
Other income
5237,545
50,075
686,210
y68,429
$252.330def.$158,492
y200.038
34.516
Total Income
Interest
$287,620
60,350
$154.639
63,491
6552,368 def$123,976
57,309
66.877
$485.491 def.$181,265
$91,148
Net profit
$227.270
Shares com, stock out293,261
293.261
293,261
300,000
standing (no par)
Nil
$1.67
$0.76
$0.31
Earnings per share
x Includes reserves for rebates. y includes profit from sale of securities.
-V. 128. p. 243.
-Earnings.
(P. T.) Legare Co., Ltd.
Earnings for Year Ended Dec. 31 1928.
Profits for year
Interest on bonds
Interest on debentures
Reserves for depreciation
$457,633
59,400
42.000
112,389
Net income
Preferred dividends
8243,844
42,000
Balance, surplus
Previous surplus
$201,844
685.863
Total surplus
V 127. p. 3257.
$887.706
-Earnings.
(C. W.) Lindsay & Co. Ltd.
Earnings for 14 Months Ended Feb. 28 1929.
Net operating profit
Interest & discount
Net profit on sale of assets
1302.750
101,261
5.951
Total profit
Bond interest_
Expenses of financing
Reserve for depreciation
Reserve for cancellations
Reserve for Federal income tax
$409,962
71.119
6,258
18.276
17.477
23,626
J
Net profit
Preferred dividends
Common dividends
$273.206
71.387
13,042
Balance transferred to surplus
Earns, per sh. on 32.808 shs. corn. stk. outstd.(no Par)
-V. 126. p. 3131.
5188.777
$6.15
-Notes Offered.
-The Milwaukee
Line Material Co.
La Salle Extension University, Chicago.
-Earnings.
- Co.is offering $1,000,000 6% serial gold notes at 100 and int.
1928.
1927.
Calendar Years1926.
1925.
Total enrollment fees,less
14,046,298 $5,252,249 $6,816,449 $8.280,621
refunds
Reserve for cancellations
1,416,653
1,843.350
and losses
2,400,665
2.914.104
Net income
$2,629,645 $3,408,899 $4,415.784 19,366,517
Enrollment sales to corp.
44,767
56,133
20.005
46.294
42,018
Sales of books, &c
45,493
67,474
$2.720,707 $3,507.051 $4,4111.283 55,433.992
Total
2,560.981
3,391.005
Expenses
4.207,931
5,026,721
30,497
21,000
Int. and exchange, &c
28.366
11.890
$129.228
$95.046
Net income
6244.986
$395,381
70.000
70,000
Preferred dividends
70.000
47.691
66,000
Common dividends
132.000
104.250
$ 59.228 def$40,954
Net profit
$42,986
$243.440
$684,621
$595.116 $2.859.322 63.800.082
Total surplus
-v. 126. p. 2978.
Marshall & Raley Bank, Milwaukee, trustee. Prin, and int. (A. & 0.)
.
payable at the trustee's office. Denom. $1,000 and $500 and 1100 c5
Red. all or part at any time on 30 days' notice at'par and int. plus a nremitua
of Si% for each year or fraction thereof of the unexpired life of the note
redeemed.
-Each note shall bear detachable warrants
Stock Purchase Warrants.
entitling the bearer to purchase capital stock of company for five years as
the following prices: During period ending Apr. 15 1931, $22 a share:
during period ending Apr. 15 1932, 923 a share: during period ending Apr. 16
1933. $24 a share: during period ending Apr. 15 1934. 625 a share.
Data from Letter of W. D. Kyle, President of the Company.
History and Business.
-Company is a Delaware corporatiun which has
purchased the assets and business of a Wisconsin corporation organized in
1911. It manufactures and sells a broad line of electric transmission and
distribution equipment, including pole line hardware (Insulator pins,
brackets, braces), switches, fuses. potheads, street lighting fixtures, conduits. transformers. &c. Company was organized with an original investment of approximately 35.0010. Its growth subsequently being entirely
from reinvestment of earnings. Its history shows an increase in sales every
year. Company distributes it. products through 15 factory branches
Lawyers Mortgage Co., New York.
-Stock Split-Up.
- and warehouses, selling practically every large electric light and power
The stockholders this week approved the proposal to split-up the capital company in the United States.
Company owns a plant at South Milwaukee, Wis., and a conduit manustock on a 5-for-1 basis, reducing the par value to $20 from $100 a share,
and exchanging five new shares for each 1100 share outstanding.
-V. 128: facturing plant at Barton. Wit. It owns also 80% of the capital stock of
Galvanized Products Co. with a plant at East Stroudsburg, Pa.. and 90%
v. 3695.
Materials, Ltd.. of Toronto. Ont.
the capital stock
-Bonds Offered.
(The) Leader Store Building.
-An ofCapitalization- of Canadian Line
Authorized. Outstanding.
51.000m00 sLow000
Issue of $750,000 1st mtge.6% serial gold bonds was recently Serial 6% gold notes
*250.000 shs. 200.000 shs.
Capital stock (no par)
offered by the National Republic Mortgage Co., Chicago, •50.000 shares of stock unissued are reserved for five years for issuance
upon exercise of warrants, at prices ranging from $22 to $25 per share.
at 100 and interest.
3842
FINANCIAL CHRONICLE
Sales and Earnings.
-Consolidated net sales and consolidated earnings
(adjusted) of company and subsidiaries, available for interest and income
taxes, for the last four years have been as follows:
1928.
1925.
1927.
1926.
[Var.. 128.
to the distinction of having the most extensive air passenger business in the
United States, as well as the most complete equipment of all
-metal trimotored planes, branch service offices and trained operating personnel.
Stockholders of Maddux Air Lines Co. whose holdings are in the form
Net sales
$3.858.058 $3,218,957 $2,921,097 $2,268,751 of voting trust certificates will be offered in exchange similar voting trust
Net profits after depreciation,
certificates representing stock of Transcontinental Air Transport, Inc. on
avail, for int. & inc. taxes_
618,384
356,616 the basis of one share of the latter for two of the former.
511.901
319.671
The average of such net earnings for the four years was $451,643, or 7.5 important operating advantages and economies to both Because of the
to be
times the maximum annual interest of $60,000 on these notes. In 1928 effected through this merger, the deal is considered highlyCompanies to the
beneficial
such earnings were 10.3 times this interest. Company's volume of business stockholders of both organizations.
in 1929 has increased over the same period of 1928. It is noticeable that
The bankers for Transcontinental Air Transport are Bancamericawith the increase in sales volume the ratio of net profits to sales has increased. Blair Corp. and James C. Willson & Co., and for Maddux Air Lines Co. are
Bond ,it Goodwin & Tucker, Inc., who have been instrumental in negotiating this consolidation.
Lit Brothers.
-Comparative Balance Sheet.-V. 128. p. 3007. 1067.
Jaa.30'29. June 3028.
Assets
Cash
3,000,235
Inventories
4,051,061
Accounts recelv_ _ _ 6.807.745
Investments
492,200
Advance payments 188,390
Real estate & planta8,493,962
Good-will
Total
2,427,593
3,626,561
7,274,991
400,156
244,479
15,242,294
1,046,783
23,033,595 30,262,860
Jan.31'29. June 3028.
Liabilities$
Accounts payable_ 3,169,184 2,503,079
468.631
Reserves,taxes,&c 640,511
7,863,500
Mortgages payable
Capital stock
10,000,000 10,000,000
Surplus
9,223.899 9,427,649
Total
23,033,594 30,262,860
a After depreciation and after deducting mortgages amounting to $7.638,000.-V. 128, p. 569.
(Marcus) Loew's Theatres, Ltd., Toronto.
-Earnings.
Years Ended Jan. 1Total income
Expenses
Bond interest
Depreciation
Taxes
1929.
$208,086
79.146
19,536
32,097
6,300
1928.
$220,516
83,729
22,552
27,708
7,130
1927.
$264,400
76.672
35,916
36,987
9,438
Net income
Preferred dividends_ -- -
$71,007
45,773
$79,396
45,773
$105,386
40,773
Balance
Previous surplus
Other credits
$25,234
2.0.040
60,409
$33,623
176,417
859,614
116,805
$24,280
92,525
$295,684
$210,040
$176,419
$116,805
7,500
$7.95
7,500
$3.24
Profit & loss, surplus.. _ _
Shs. of corn. stk. outatd.
(par $100)
Earns. per sh. on corn.. _
-V.126. P. 3768.
7,500
$3.36
7.500
$4.48
1926.
$264,761
83.585
43,299
58,141
9,683
McIntyre Porcupine Mines, Ltd.
-Earnings.
Period-
Bullion recovery
Operating costs
Years Ended-*July 1 '26 to Year Ended
Mar.31 '29. Mar.31 '28. Mar.31 '27. June 30'26.
84,212,625 $3,987.635 82,957,061 $3,804,775.
2,324.912 2.200,022 1,598,685 2,121,322
Operating profit
Other income
$1,887,712 $1,787,612 81,358,376 $1,683,453.
130,755
91,786
77,470
104.443.
Total income
Taxes
$2.018.468 81,879,398 $1.435,846 $1,787,896.
115,154
79,035
58,673
66,514
$1,903,314 $1,800,363 $1,377,173 $1,721,382
3.563,555 3,200.908 3,176.806 3,311,543
3;688
Cr.4,4113
$5,470,557 $5,001,271 84,558,395 15,032,925
798,000
798.000
598.500
798,000
5,931
44,478
29,109
230,960
283.873
332,924
460,759'
355.098
349,911
381,585
568,251
Netincome
Previoussurplus
Sundry adjustments_
Totalsurplus
Dividends
Sundry deductions
Devel. written off
Depreciation
Work. compens. spec.
$70,053
assessm't for 1927 re45,773
silicosis
Loft, Inc.
-Rights.- ,
The corporation has notified the New York Stock Exchange that holders
of capital stock of record June 14 will be given the right to purchase on or
before July 5 additional capital stock, no par value, at $9.50 a share in the
ratio of one share for each share held.
The Committee on Securities has ruled that the capital stock shall be
quoted ex-rights on June 14.-V. 128, p.3524.
Loring Park Hotel (Minneapolis Properties Corp.).
Bonds Offered.
-An issue of $500,000 1st mtge. serial 63/3%
gold bonds is being offered by John G. Kuck & Co., Minneapolis, Minn.
The bonds are a direct obligation of the Minneapolis Properties Corp.
and are secured by a closed first mortgage on an eight-story fireproof
hotel building, containing a 50
-car garage and four shops, to be constructed
and on the fee title to the land in which the same is located on the northest
corner of Willow St. and Yale Place, Minneapolis, Minn.
Estimated Income.
-Estimated gross annual income from stores, hotel
rooms and garage, $201,555; less 20% for vacancies, $40,311; estimated
expenses, $78,840; estimated net annual income, $82,404; largest yearly
interest charge on this issue, $32,500. After deducting operating expenses
and allowing 20% for vacancies, the net annual 111C011143 from hotel rooms,
shops and garage is estimated at $82,404, or over 2% times the largest
yearly interest requirement.
Am't trans. to gen.res- -
25,949
251,012
Profit & loss surplus- - $3,809.536 83,563,555 $3,200,908 13.176,806
Shares of capital stock
outstanding (par $5)-798,000
798,000
798,000
798,000
Earns.per sh.on cap.stk.
$1.94
$1.82
$1.25
$1.44
* Fiscal year changed from June 30 to March 31.
Balance Sheet March 31.
1929.
1928,
1929.
Assets
$
Liabilities$
$
Mining property.
Capital stock
3,990,000
Plant & eq., &c.. 7,745.326 7,693,447 Accounts
102,602
Dev.undistributed
79,900
65,556 Payrolls
59,963
Oper. & adm. exp.
Prov, for taxes_
158,733
prepaid
24.287
22,757 Sundry liabilities_
15.929
Cash
2.773
260,941 General reserve _ _
. 400,000
Bullion
191,125
188,138 Depreciation
3.323,356
Spec.bank deposits 1,300,000
350,000 Surplus
3,809,536
Can. Nat. Ry.bds. 244,375
244,375
Dominion bonds
996,500
996,500
Investments
979,993
894,993
Accts. & int. rec
38,643
44,973
Supplies at cost_
257,198
235.977
Total(each side)11,860,121
1928.
$
3,990,000
94,355
60,111
106,370
12,008
148.987
3,022,269.
3,563,555
10,997,655
-V. 128, p. 742.
McLellan Stores Co.
-Mar Sales.,--;1929
-May
-1928,
$1,664,820 11,194.944
- 128, p. 3200, 2280.
V.
Increase.
1929-rMos.-1928.
$472,876 $7,218,551 15,012.678
Increase.
$2.205,873.
McCrory Stores Corp.
-May Sales.
1929
-May-1928.
13,260.588 $2,972,126
- 128, P. 3200, 2280.
V.
Increase.
1929-5 Mos.-1928.
Increase.
$288.462 I $15,688,789 $14,449,479 11.239.310-
Mengel Stores Corp.
-May Sales.
-
1929
Increase.' 1929-5 Mos.-1928.
Increase.
-May-1928.
8226,838 I $4,271.981 $2,959,553 $1;312,428.
$1,010,917
$784,079
1926-27.
1925-26.
-V. 128, p. 3200. 2821.
$234,428
$262,291
29,410
34,074
Manhattan Financial Corp.-Bal. Sheet Dec. 31 1928.80.000
73,500
Liabilities
Assets
Cash
$294,340 Bank loans
$250,000
(P.) Lyall & Sons Construction Co., Ltd.
-Earnings.
-
\
Years End. Mat.31- 1928-29.
$293,631
xEarnings
Bond interest
7,517
Sinking fund
Bad debts written off
Depreciation
82,452
Exp. in conn. with all
°unit. funds & changes
62,685
in capital stock
1927-28.
$318,296
24,416
84,700
84,907
$140,977
59.229
134,655
$124,269
91,000
$125,018
91.000
8154,717
91,000
def$52.907
546,920
$33,269
513,652
$34,018
479,634
$63,717
415,916
x After deducting dividend payable Jan. 2 1929. y Represented by
132,725 no par shares. z Represented by 39,068 no par shares.
-V. 127
P. 2833.
8546,921
$513,652
$479,634
Prof.& loss bal..surP- $494,013
68,998
y17,500
y17.500
y17.500
Shs. corn. out..(no par)
$1.80
$2.09
$1.94
$3.64
Earns, per sh. on corn. x After deducting rent,insurance, taxes, general expense. &c. y Par $100
Comparative Balance Sheet Mar,31.
The directors have declared an extra dividend of 50c. a share in addition
to the regular quarterly dividend of 50c. a share, both payable July 1 to
holders of record June 14. On Jan. 1 and April 1 last, quarterly dividends
of 50c. each were paid.
-V. 125, p. 1568.
Net income
Preferred dividends__ -Common dividends
Balance
Previous surplus
Liabilities1929.
1928.
-1929.
1928.
Assets
7% cum. pref. stk. $475.100 $1,300,000
.
Plant, bldg, & real
$2,024,576 $1,587,394 Common stock ___x2.362,700 1,750,000
estate
6% lot mtge. bds
378,700
Patents, rights &
912,210 Accts. payable__ 646,892
233,431
good-will, &c_
Accrued wages- -63,176
2,864
Dom. Gov. bds. &
315,829 Sub-contra. be's._ _ 295,113
26,929
other securities_
33,648 Accrued Interest_
3,787
26,188
Stock on hand_ _
62,247
1,484
801,638 Bills payable
1,009,877
Work in progress
5.543
15,166
600,000 Accrued dividends
Depos.on contra_ _ 450,000
892,148
765,968
642,822 Bank loans
Accts.receivable_ _ 1,263,464
494,012
546.920
131.716 Surplus
207,077
MIscell. assets__
315,750
Securities
Total
$5,296,932 $5,025,251
Total
z Represented by 68,998 no par shares.
-1
2% Stock Dividend. -
$5,296,932 $5,025,251
The directors have declared a 2% stock dividend for the quarter ending
May 31 1929, on the common shares, without par value, payable June
5 1929, to holders of record May 23. No fractional shares shall be issued,
but in lieu thereof bearer warrants entitling the holder at any time within
5 years from the date of the issue thereof upon surrender of such bearer
warrants in amounts calling in the aggregate for one fully paid share of the
common stock to receive a certificate for one fully paid and non-assessable
whole share of such common stock.
In Sept. and Dec. 1928 and in March last, quarterly cash dividends of
-V. 127, p. 832.
75 cents per share were paid on this issue.
Accrued interest receviable__ _
16,232 Other liabilities
3,193 Deferred Income
Dividends receivable
1,815,578 z Class A stock
Investments
Other assets
9,318 9 Class B stock
x Surplus
Total
$2,138,660
Total
22,622
125,683
976,700
663,625
100,030'
$2.138,660.
Mapes Consolidated Manufacturing Co.
-Extra Div.
-
Marine Hotel Co., Port Arthur, Tex.
-Bonds Offered.
The Wheeler Kelly Hagny Trust Co., Wichita, Kan.,
recently offered $310,0006% 1st mtge. bonds at 100 and int.
Dated March 1 1929; due March 1 1930-41. Authorized, $310,000Denom. $1,000, $500 and $100. Interest and principal payable semi.
annually(M.& S.) at the offices of Wheeler Kelly Hagny Trust Co.,trustee.
Callable as a whole or in part at any int. date after 90 days' notice at par plus int. and a premium of 1%. Borrower will pay normal Federal income
tax up to 2%.
These bonds are the direct obligation of the company and are secured by
a closed 1st mtge. upon a site 88x140 feet, at the corner of Fifth St. and
Waco Ave., in the city of Port Arthur, and the new 10
-story building recently completed thereon. This loan also covers upon all furnishings
with which the hotel is being equipped.
The following financing has been provided: A 1st mtge. of $310,000,
which constitutes a prior lien upon the entire property and furnishings.
Additional funds to the amount of approximately 8300,000 have been subscribed by business men of Port Arthur who make up the company.
Marmon Motor Car Co.
-Shipments at Record.
-
With shipments of 14,847 Marmon and Roosevelt cars in March, April,
and May the company established by far the best quarterly record in its
history, President G. M. Williams announced upon the closing of the first
quarter in the company's fiscal year. This total compares with 6,893 units
shipped in the same period last year, an increase of 115% shipments in May
of this year were 5,221 cars, compared with 1,904 cars in May 1928 or an
increase of 174%, which is considerably greater than the percentage of gain
for the entire quarter, thus showing that the company's operations this year
-Directors Plan to Merge with are being maintained in far better proportion as the season advances,
Lines Co.
Maddux Air
Mr. Williams reported in a statement to the stockholders concerning the
Transcontinental Air Transport, Inc.
company's first quarter operations. Attention was called to the fact that
A proposal to merge the Maddux Air Line Co. with the Transcontinental the 3 months output this year closely approaches the previous record
announcement was made by preformance for an entire year. Total sales of 16,551 Marmon Cars were
Air Transport, Inc., was revealed June 1, when
J. L. Maddux, Pres. of the Maddux company, that the directors of his reported for the fiscal year ended Feb. 29 1929 the best year in the comcompany had approved such a proposal. A special meeting of Maddux pany's history. "The quarterly earnings statement will not be complied
Company stockholders will be called shortly to vote on the proposal which and available for publication until about June 20 but in the meantime it
will create the largest air transport system in America and will mark one can be said that our net earnings for this first quarter will be considerably
in excess of our total dividend requirements for the entire year," Mr.
of the most important steps in the aviation history of this country.
Under the proposal, it is understood that the Maddux Air Lines Co. will Williams stated.
-V. 128, p. 3525.
continue as an operating company, in no way losing its present identity,
Melville Shoe Corp.
-May Sales.
with J. L. Maddux as President, who will be also Vice-President of TransIncrecrse.
1929
-May-1928.
Increase.' 1929-5 Mos.-1928.
continental Air Transport, in charge of that company's Western activities.
$415,3661$10.093,801 58,200,784 $1,893,917
The consolidation of these two major units in the field of commercial 12,318,275 81,902,909
The company is operating a chain of 424 shoe stores.
-V. 128. D. 3364,
aviation brings into operation by far the largest air transportation system
in the United States. In fact, Maddux Air Lines Co. alone can lay claim 2475.
JUNE
8 1929.]
FINANCIAL CHRONICLE
Meadows Manufacturing Co.
-Earnings.
Earnings for Year Ended Dec. 31 1928.
Gross profit on sales after providing depreciation of $44,918
Royalties received
$590,560
28,584
Gross income
Bell., general & adminis. expenses,incl. deprec.of$3,316
$619,144
487,516
Net operating profit
Other income
3131.628
13,959
Totalincome
Special legal expenses
Expense ofreconditioning machines
Life insurance premiums
Interest paid
$145,587
24,934
102,234
28,795
9,412
Net loss carried to surplus account
-V. 127, p. 1817.
Merchants & Mfgs. Securities
Years Ended March 31Gross revenue
Allow for doubt. accounts
Discount current loans
Depreciation
Operating expenses
Other income
Federal taxes
Net income
Dividends paid
Balance,surplus
-V. 128. p. 3696.
$19,780
Co.
-Earnings.
1929.
1928.
$1,691,886 $1,401,352
267,898
232,361
509.003
437.574
3,340
3,020
571.401
432,929
Cr.5,253
53,375
43,300
including preferred stock dividends, were 32 per share upon the shares of
stack outstanding in each year. (figures having been adjusted to consider
revised capital structure on the basis of 8 no par value shares for each $100
share of stock previously outstanding).
For the year 1928 company's net earnings after Federal taxes and depreciation were $143,734, but before depreciation upon improved real estate held
for sale which has been previously depreciated to a point below that which is
considered to be forced liquidation value. After deducting preferred stock
dividends the net amount available for 60.000 common shares now outstanding was $2.15 per share. Net earnings for the quarter ending March
31 1929, upon this same basis were $38,555, or at the annual rate of $2.57
per share upon 60,000 shares. Company now has the benefit of the proceeds
of the sale of 12,000 shares of stock since Jan. 1 1929, and the additional
capital can be expected to increase earnings.
Dtvidends.-Are being paid at the rate of $1.20 per annum. payable
$0.30 per share quarterly, January, &c.
-Application will be made to list the company's stock on the
Listing.
Chicago Curb Exchange.
-Earnings.
(J. S.) Mitchell & Co., Ltd.
1929.
Calendar YearsGross profit
Expenses
$357.093
x237,402
1927.
$313,652
210.304
Balance
Other income
8119.691
10,297
$103,348
17,505
Total income
Preferred dividends
$129.988
39.308
$120,853
41,314
$90.680
78.337
$79.539
56,303
$169.017
$135,842
47.396
$292.122
220.776
$252,168
Surplus
yPrevious surplus
571,346
$252,168
Total surplus
General reserve
Meridian & Maryland Realty Co., Indianapolis.
Preferred Stock Offered.
-The Meyer-Kiser Bank, Indianapolis, is offering $500,0006% preferred stock and 5,000 shares
common stock in units of one share of preferred stock
(par $100) and one share of common stock at $100 plus
dividend on the preferred stock.
Cornpan.
-Owns through a valuable 99
-year lease, renewable forever.
the lot 65x202M at the southeast corner of Meridian and Maryland Sm.
In Indianapolis. Upon this property the company is about to erect a
-story and basement office building covering the entire area.
9
ing win be entirely fireproof and has been designed so that theThe buildfirst floor
and basement can be used for stores and the upper floors for offices.
Financial Structure.
-A $400,000 5 % 26
-year 1st mtge. has been obtained upon this property from the Western & Southern Life Insurance Co.
This mortgage requires a total payment of approximately $30.000 per year
for interest and principal, which payment applied to the principal and
interest will pay off the entire loan in 26 years.
The mortgage will be followed by the $500,000 of 6% pref. stock and
20,000 shares of no par value common stock, 5,000 of which are offered
with the pref. stock. The company has agreed that it will be their policy
to place the common stock on a dividend basis of at least 50c. per year
following the completion and occupancy of the building.
Income.
-The Cleveland Cincinnati Chicago & St. Louis Ry.(Big Four)
has contracted to lease 7 floors of space in this building for 20 years, with
two options for two additional periods of 10 years each, at a rental of $1.30
per square foot, which will approximate $93,000 per year.
Income from the building, as well as expenses, has been conservatively
estimated by Klein & Kuhn, Inc., as follows:
Total income
$16421:210000
Operating expenses
3843
Net surplus
8169,017
388.446 •
Earns, per sh. on 15.000 shs. com. stk.(no par)
---$6.04
$4.63
x Including provision for income tax.
y After deducting income tax for preceding year.
-V. 123, p. 3046.
(Robert) Mitchell Co., Ltd.
-Earnings.
Calendar YearsSales
Expenses
1928.
1927.
52.982.586 $1.720.845
2,765,788 1,581.108
Net earnings
Other income
5216,798
6,089
5139,736
Total income
Reserves
Depreciation
Tax reserve
$222,887
7,530
42.059
8,356
$139,736
Net income
Preferred dividends
6164.941
27.828
$107,868
Net profit
Previous surplus
$137.113
85,454
$107,868
Profit & loss, surplus
-V. 128. p. 415.
$222.567
3107,868
-31.84§
Mock, Judson, Voehringer Co., Inc.
-Earnings.
-
The earnings of the business for 1928. after allowance for Federal taxes:
were $412,086, equivalent, after the preferred dividends paid, to $4.02 per
share on the no par value common stock.
Consolidated Balance Sheet as of Dec. 31 1928.
Operating profit
Assets
Liabilities
$79,100
Less payment of principal and interest on 1st mtge
Land, buildings, mach., &e. x$753,590 Preferred stock
$1,000,000
30,000
140,705 °Common stock
Cash on hand & in banks
:500.000
301,790 Accounts payable
Net income available for dividends and Federal taxes
35,128
$49,100 Call loans & other invest
This is equivalent to 1.63 times the dividend charge of $30,000 per year Accts. receivable
463,058 Res.for taxes & accrd.exp..
95,324
on the pref. stock and after deducting the pref. stock dividends leaves Inventories
280,533 Surplus
342.802
4,699
$19,100 available for common stock dividends, or 1.91 times the 510.000 Adv. on mach. contracts_ _
per year necessary to pay the proposed 50c. per share per year dividend Deferred charges
28,878
on the common stock above referred to.
"The above schedule of income and expense has been compiled specifically
Total
$1,973,254 Total
$1,973,254
for the Big Four Building as a result of the terms of the Big Four lease.
a After deducting 5121,399 depreciation. y Represented by 100,000
The income for the balance of the space available for lease is very conserva- shares of no par common stock and 7,500 shares of deferred common stoc,k
tively estimated in comparison to similar space and leases in force. The the latter being non-participating as to dividends.
-V. 128, p. 2821.
operating expense has been estimated from experience we have gained in
the operation of nine large office buildings in the city of Indianapolis and
Modine Manufacturing Co.
-Earnings.
from the consideration of the special character of the occupancy of this
Earnings for Year Ended Dec. 31 1928.
building."
Gross sales
$4,189,845
Ownership.
-15.000 shares of the common stock will be owned by a
Cost od sales, discounts,returns,allowances,&c
3,042,759
group of leading business men of Indianapolis.
Selling, administrative & general expenses
485.210
Miscellaneous charges, less other incomes
593
Metropolitan Chain Stores, Inc.
-May Sales.Provision for Federal & Wisconsin income taxes
125.000
1920-2t'.tay-1928.
Increase.) 1929-5 Mos.-1028.
Increase.
$1 359,665
$971,444
$388,2211$5.320,703 $4,245,528 51,075,175
Net profit
$536,282
-V. 128, p. 3201, 2281.
Common dividends
217.900
Mexican Seaboard Oil Co.
-Earnings.
Balance. surplus
8318.382
(Including International Petroleum Co.)
Earns, per sh. on 100.000 shs. corn. stk. (no par)
85.36
3 Mos. End. Mar. 31- 1929.
1928.
1927.
-V. 127. p. 2475.
1926.
Gross operating revenue $669,247
$416.112 $1,044.556 $1,601,897
265,723
Operating expenses
486,645
658,333
767.160
Monighan Manufacturing Corp.
-Earnings.
Income Account Year Ended December 31 1928.
$403,524 loss$70.533
Balance
$386,223
$834,737 Net sales
10.097
$691,563
Other income
22,895
15,746
24,186 Cost of sake and operating expenses
569.331
$413,621 106447,638
Total Income
$401.969
$858.923 Operating profit
96,827
Debenture interest
$122,232
103,658
77,042
61,250 Depreciation
290,849
Drilling expenses
19.001
275,958
842,835
691,007 Federal income tax
12,652
$25,9451os:4427,254 loss$517.908
xNet profit
$106,666
Net profit
x Before providing for depreciation.
$90,579
The income account of the CM. Internacionale de Petroleo y Oleoductos Dividends, paid or accrued
66.000
O. A., compares:
Balance, surplus
3 Mos. End. Mar. 311929.
$24,579
1928.
1927.
Gross revenue
$60,996
$153,371
$221.153 -V. 126. p. 2323.
Operating expenses
22,993
62,809
113,920
Montreal Cottons Ltd.
-Annual Report.
Net revenue
$38.003
$90,562
Calendar Years1928.
1927.
1926.
$107,233
1926.
Other income
93
651
Manufacturing profit _ _
$339,223
$383,763
3446.329
991
$396.460
Other income
87.275
95.537
63,627
96,688
Total income
$38,096
$91,213
$108,224
Amortization
53.071
101,519
Totalincome
$426,498
$479.300
112.146
8509.956
$403,157
Bond interest
29,151
29,151
29.954
28.909
Net loss
$14,074
$10,305
2,039
23,276
$3,921 Other charges
3,370
987
--y. 128, p. 3525.
Netincome
3395,308
-Stock Offered.
Mid-City Co. of America, Inc.
-An issue Preferred dividends__ -- 210.000 3426,873 $ 18: 70
14 0
210,000
80
180,000
180,000
180.000
180,000
of 10,000 shares common voting stock (no par) was recently Common dividends
offered at $20 per share by Pfaff & Hughel and Jewett &
Surplus
$5,308
870.878
$36,873
589.015
Mts. of corn. outstanding
30.000
Co., Indianapolis.
30,000
30.000
30.000
$6.18
$8.36
88.97
$7.23
This stock is exempt from Indiana personal property tax dividends Earns. per share
Balance Sheet Dec. 31.
exempt from normal Federal income tax.
CapitalizationAssetsAuthorized. Outstanding.
1928.
1927.
1928.
Liabilities1927.
$400,000
7% cumulative preferred stock
33,000,000 $3,000,000
Prei stock
.
$177.700 Land, buildings &
Common stock (no par value)
$4,804,247 $4.647,853 Com.stock
100.000 shs. 60,000 shs,
machinery
3,000,000 x3,000,000
Company.-Incorp. May 6 1914 and has continuously engaged in the buy- Sinking fund assets
23,351
22,330 Bonds
583,026
583,026
ing, holding, owning, mortgaging, leasing, selling and financing of real Cash
3,353
61,814 Accts. pay
1.242,671 1,002,824
653,531
estate together with allied and interdependent lines of business such as Accts.reedy
806,612 Sinking fund res_ _ 439,303
439,303
1,491,334 1.471,644 Pension fund
insurance and the construction of public and private improvements. It is Inventories
60,825
63,574
976,600
779.196 Surplus
also engaged in the distribution of Government, city, county, public Raw cotton
857,068
874,065
mprovement, first mortgage real estate and corporation bonds as well as Supplies
336.866
343,150
807,899
promissory notes, bills of exchange, accounts and other evidences of in- Loans
884,412
Investment
debtedness.
11,951
-Company has been continuously successful. Earnings of the Unexp.ftomr
19,546
Total (each sidei$0,183.644 $8,960,046
Earnings.
company for the calendar years 1925, 1926 and 1927 after all charges -V. 126. p. 3310.
8t7(1:818
1
;I
[VOL. 128.
FINANCIAL CHRONICLE
3844
Municipal Service Corp.
-Earnings.
-
-Sales.Montgomery Ward & Co., Chicago.
1926
1927
Month of May
$19,879,£104 $15,871,390 $13,747,540 $14,384,858
.
First 5 months
100,853,901 77,388,669 75,538,681 78,605,157
-V. 128,P. 3007, 2282.
(Philip) Morris & Co., Ltd.
-Earnings.
Years End. Mar. 31xNet income
Dividends
Surplus '
Previous surplus
Surplus adjustment_ _
$373,680
1.416,607
y9,410
1928.
$439,421
413,583
1927.
$274.308
1926.
$193,518
$25,838
702,853
y687.915
1928.
$477,547
103,866
$274,308
428,545
$193,518
235,027
1928.
1929.
$3,420,923 $3,031,177
953,833
1:358,598
226,516
526,657
4 Months Ended April 30Sales
Gross income
Net to surplus after all charges
-V. 128. p. 1920.
(C. G.) Murphy Co.
-May Sales.
1929
-May-1928.
$1,192,137
$896.122
V. 128, p. 3365. 2476.
Increase. 1929-5 Mos.-1928.
$296,015135,227,550 $3,884,745
Increase.
$1,342,805
-An issue of
National Assets Corp.
-Stock Offered.
25,000 units of stock was recently placed on the market at
$125 a unit by National Assets Sales Co., with offices in the
Harriman National Bank Bldg., N. Y. City. Each unit
consists of four shares of 7% cumulative preferred stock
(par $25) and four shares of no par value common stock.
Profit & loss surplus__ $1,799,697 $1.416,607
$702,853 $428,545
&is. cap. stk. outstand.
276,000
276,000
(par $10)
413,583
415,465
$0.70
Earns. per sh
$1.06
$0.99
$1.15
x After making provisions for Federal taxes. y On issue of additional
capital stock.
The preferred stock is redeemable in whole or in part at $30 a share
In June 1926 Philip Morris International Corp. tall the stock of which prior to Feb. 1
and thereafter to $27.50 a share, the amount to which
was owned) was dissolved and its business merged with Philip Morris & it is entitled in 1933
the event of liquidation of the company.
Co., Ltd.
National Assets Corp., Incorporated in Delaware, is an investment
Balance Sheet March 31.
trust of the general management type which will devote special attention
1928.
1929.
to the stocks of banks, trust companies, insurance, title and surety comAssets1929.
1928.
Mach'y & equip__ $31,236
$31,324 Capital stock _ _y$2,498,650 $2,479,830 panies. Frank White, formerly Treasurer of the United States, is
18,767 President.
17,967
-V. 128. P. 2822.
Acc'ts payable__ _
Leaf tobacco,over.
401,656
264,147
supplies, &c_ _ _ _ 2,424,683 2,644,416 Due affil. cos
413.583
103,866
Cash
760,827 1,216,939 Divs. payable_ _
National Bellas Hess Co., Inc.
-May Sales.
1,293,797
761,163 Res. for allow.,
Investments
Increase.
Increase.' 1929-5 Mos.-1928.
1929
-May-1928.
273,814 doubtful accts.,
Acc'ts receivable_ 386,563
S610,1991318,952,581 $16,943,534 $2,009,047
33,764,423 $3,154,224
decree. adver.,
Bills receivable_ _ _
56,050
77,604
284,855 -V. 128, p. 3201, 2644.
288,217
&c
Prepaid insurance,
1,799,697 1,416,607
10,038 Surplus
-Annual Report)
19,389
expenses, &c_ _ _
National Brick Co. of Laprairie, Ltd.
1926.
1928.
1927.
1929.
Years Ended Feb.$4,972,544 $5,015,298 Operating earnings
Total
$4,072,544 $5,015,298
Total
$259,508
3265,112
$290.815
$310.009
50,001)
50.000
50,000
-V. 127, p. 3259.
Reserve for renewals_ __ _
50,000
y Represented by 415,465 shares.
21,788
9,267
Prov.for income tax_
-Sales.
Morison Electrical Supply Co., Inc.
-May-1928.
1929
$192,598
$129,167
-V. 128, p. 3201. 2644.
Increased 1929-5 Mos.-1298.
$523.826
$63,4311$892,650
-Earnings.
---Moto Meter Co., Inc.(& Subs.).
Quarter Ended March 31x Profit from all sources
Depreciation
Prov. for U.S. & Foreign inc. taxes
1928.
$353.212
40,928
42,542
1927.
$434,575
32,145
54,281
$132,030
$269,742
$348,148
28.000
28,000
28,000
1929.
Y31,625,285
z1,464,133
29,122
Net income
Less: Divs. on pref.stock, Nat. Gauge
& Equip. Co. applicable to period_
Increase.
$368,824
$320,148
$241,742
$104,030
Net profit
x Includes earnings of National Gauge & Equipment Co., which, after
dividends on preferred stock of that company, are available as dividends
on the common stock to Moto Meter Co., Inc. y Gross profits. z Incl.
costs, &c.
Condensed Consolidated Balance Sheet March 31.
1928.
1929.
Liabilities--1928.
Assets
Cash
$823,368 $322,674 Acc'ts payable, &c $63,519 $159,454
U. S. St Foreign
Notes recely.,trade
56,212
10,622
income taxes....
195,087
503,459
accep. &c
249,750
249,750
Notes payable_ _ _ _
Material, supplies.
10,021
473,149
887,423 Reserve for taxes_
&c
Plant equip., &c.._ y462,819
472.687 6% ser. gold notes 243,781 b500,500
750,000
a750,000
Capital stock
Patent rights &
2,305,517 2,125,978
1
1 Surplus
trade marks__ _
xNational Gauge-&
Equipment Co.. 1,518,069 1,512,604
50,236
49,352
Other companies__
Deferred charges to
Total(each side)S3,623,189 $3,851,915
103,714
future operations 100,260
a Represented by 200,000 shares class A common stock, and 200,000
shares class B common stock. b $250.000 payable annually beginning
Sept. 11 1929. x The assets and liabilities of the National Gauge & Equipment Co. are not spread on this balance sheet but the entire common stock,
consisting of 80,000 shares of no par value, acquired Sept. 11 1926.is carried
as an investment at cost, less depreciation.
Netincome
Prof. dividends paid_ -
$260,009
200,376
Balance,surplus
Profit and loss surplus
-V. 128, p. 1412.
$59,633
339,774
$205,845
233,772
$240.815
200,376
$187,720
233,772
$40,439 def$27,927 def$46,052
267,629
239,703
280,141
National Cash Register Co. (Md.).-Record Sales.
Sales for May exceeded $4,500,000, the largest volume of any one month
in the company's history. President Frederick B. Patterson announced.
Another record was broken on the last day of the month when sales aggregated 31.000,000, the largest one day's volume ever reported by the company. Each month so far this year has exceeded the corresponding month's
business in 1928.
"On the basis of business volume for the first five months of 1929,"
Mr. Patterson said, "the first half of the year for this company will greatly
exceed in total sales and profits that of last year. We confidently expect
that the second half of the year will also increase sales averages. This
Indicates a wholesome business condition in the country. The company is
constantly making new sales records in keeping with the general progress
being made by business."
-V. 128. p. 3201.
-Earnings.
National Distilleries, Ltd.
The company reports for the year ended Nov. 30 1928 net profit after
all charges but before providing for depreciation of $62,494.-V. 125, P.
2539.
-Common
'National Enameling & Stamping Co., Inc.
Stock Placed on a $2 Annual Dividend Basis.
The directors have declared a semi-annual dividend of $1 per share on
the common stock, no par value, payable Aug. 1 to holders of record July 1.
On Dec. 15 1928, the company paid a dividend of $1 per share on the
common stock and prior to that no 'payment had been made to common
-V. 128, p. 2282; V. 127, p. 3411.
stockholders in over five years.
-Rights.
National Fire Insurance Co. of Hartford.
The directors last month declared a special dividend of $5 a share and
voted to increase the capital stock from $.3,000,000 to $5,000,000. It Was
explained that the usual November special dividend of $5 was not to be
expected this year and that the present dividend was to give stockholders
Plan Declared Operative.
See Moto Meter Gauge & Equipment Corp. below -V. 128, p. 3365. its benefits in advance of the increase of capital. A special dividend of $5
a share was paid on Nov. 28 1928.
stockholders
The
-Plan Declared a share$2,000,000 additional stock is to be offered to shares held. at $200
Moto Meter Gauge & Equipment Corp.
-V. 128
on the basis of two new shares for every three
Operative-Time Limit for Deposit of Stocks Extended.
P. 3697.
The committee announces that to date over 92% of the common stock
-Earnings.
National Food Products Corp.
of the Safe-T-Stat Co. and over 83% of the class A stock of the Moto
Meter Co. have been deposited under the plan for combining the two
Earnings for Year Ended Dec. 311928.
Announcement is also made that the plan has been declared Profit on sale ofinvestment securities
companies.
$189,181
operative and the committee will proceed as rapidly as possible to con- Dividends received
198,934
21,267
summate the same in accordance with its provisions. In order to provide Syndicate profit
have not as yet deposited their stock, to Interest received
19,327
an opportunity for those who
participate in the plan, the committee has further extended the time for
$428,709
deposits to the close of business on June 17 1929. After that date deposits
Total income
62,630
will be received only in the discretion of the committee and upon such Interest paid
-V. 128, p. 3201. 3007.
32,082
conditions as it may impose.
Operating expense & taxes
1,669
Federal income tax (estimated)
-Stock Offered.
Motor Casualty Corp. of America.
Morley, Wood & Co., Philadelphia, recently offered 10,000
shares capital stock at $18 per share.
Tax-free in Pennsylvania and free of Federal normal income tax. Transfer agent and registrar, Fidelity-Philadelphia Trust Co.
-Organized under the laws of the State of Pennsylvania
Organization.
with offices in the Fidelity-Philadelphia Bldg. Philadelphia. Corporation
will write allforms of automobile insurance, with the exception that personal
liability policies will be carried, in tote, through other companies. Corporation also proposes to enter an entirely new field by writing a nondeductible collision policy on selected risks.
Capital.
-The paid-in capital and surplus is as follows: 10,000 shares
capital stock ($10 par value), $100,000; surplus, $50,000.
Management.
-Corporation will operate under the management of the
following board of directors: Robert G. Erskine, Pres.,' Edwin P. Weber,
V.-Pres.; Rudolph Bell: Morris F. Miller; Nathan Fleisher: Morris E.
let
Bell; Frank E. Campbell; Franklin F. Dickerman.
-Earnings.
Mountain Producers Corporation.
Calendar YearsNetincome
Dividends
1926.
1925.
1927.
1928.
b$2,399,025 a$3,391.987 45,393,516 a$4,843,543
4,037,263
3,448,473
4,143,380 4.373,673
Netincome
Dividends on class A stock
$332,327
187,504
Balance,surplus
-V. 128, p. 3526.
$144,823
-Earnings.
National Standard Co.
Period Ended AprilNet earns. after charges_
Earns, per share on 150,000 she, coin. stock_ _ _
-V. 128. P. 3008.
-Month-1928.
1929
$42,189
$77,711
$0.51
$0.28
-May Sales.
Neisner Bros., Inc.
1929
-May-1928.
$1,145,723 3714,714
-V. 128, p. 3009, 2644.
1929-7 Mos.-1928.
$410,211
$274,179
$2.73
Increase.' 1929-5 Mos.-1928.
6431,009164,493,678 $2,895,508
$1.82
Increase.
51,598.170
(J. J.) Newberry Co.
-Increased Common Stock Placed on
a $1.10 Annual Dividend Basis-Capitalization Increased.
The directors have declared a quarterly dividend of 27).4 cents per share
on the common stock, no par value, payable July 1 to holders of record
def$1,244,355 def$981,686 $1,356,253 $1,395,070 June 14. This is equivalent to 41 Y.1 cents per share on the common stock
Surplus
a Earnings before depletion and Federal taxes, but after payment of outstanding prior to the distribution of the 50% stock dividend to common
royalties, administrative and other expenses. b Before depletion but after stockholders of record May 1 1929. A quarterly distribution of 40 cents
per share was paid on April I last,
Federal taxes and expenses.
•
The stockholders on May 10 increased the authorized common stock
Balance Sheet Dec. 31 (Incl. Wyoming Assoicated Oil Corp.).
from 400,000 shares to 800,000 shares, no par value.
1928.
1927.
1928.
1927.
$
Liabilities$
AssetsSales for Month and Five Months Ended May 31.
$
$
Increase.
16,821,820 16,821,820
1929
-May-1928.
Increase.' 1929-5 Mos.-1928.
011 lands & leasesx20,907,447 23,374,915 Capitalstock
84,043 $2,151,351 51.497,465
56,449 Accts. payable__ _ _ 245,513
3653,886158,487,706 55,822.998 $2,664,708
Field inv.& equip_ y66,001
207,500 Dividends payable 1,102,631 1,097.648 -V. 128. p. 3202, 3009.
Stock In other cos_ 232,200
52,967
87,766
2,390,949 4,276,227 Deferred liabilities
Cash
-Initial Div.
12,286,744 16,626,721
15.8. bds. dr notes. 1,182,825 1,182,825 Surplus
New Jersey Bond & Shareholding Corp.
99,000
50,400 Res. for taxes and
County & mun.bds
The directors recently declared an initial dividend of 25c. a share on the
252,514 investor's no par value common stock, savable June 1 to holders of record
243,416
592,781
contingencies
Accts. dr notes rec _ 549,210
Ins.in crude storge 5,244,423 5,137,527
May 15. (For offering, see V. 126, p. 1 24).-V..26, p. 3769.
69,257
58.404
Deferred assets_ _ _
22,632
22.632
Total(each :MO30,753,093 34,970,513
Deferred charges_ _
-Exchange Offer 'Made to
New York Casualty Co.
x Oil lands and leases $47,557,529;less reserve for depletion,$26,650,082. Stockholders-Rights.
y Field investment and equipment. $374.128 less reserve for deprecia-V. 123, p. 1258.
See American Surety Co. above.
tion. 5308,126.-V. 126, p. 3608.
JUNE
8 1929.]
FINANCIAL CHRONICLE
-60c. Dividend.
Nickel Holdings Corp.
The directors have declared a dividend of 60 cents per share on the
common stock, par $1 payable July 2 to holders of record June 1. An initial
-V.128,
dividend of $1.20 per share was paid on this stock on April 2 last.
.p. 1570.
-Bonds Offered.-Leight
(The) 900 Argyle, Chicago.
& Co., Chicago, are offering $210,000 1st mtge.6M% serial
gold bonds at 100 and interest.
Dated April 1 1929; due serial 1932 to 1939. Interest payable A. & 0. 1.
Chicago Title & Trust Co., Chicago, trustee. Callable in whole or in part
on any int. date upon 60 days' notice in reverse of numerical order at 103
and int. to and incl. April 1 1932; thereafter, to and incl. April 1 1934, at
102A and Mt.;thereafter, to and incl. Oct. 1 1938, at 102 and int. Principal
and int, payable at the office of Leight & Co., Chicago.
The bonds will be the direct obligation of The 900 Argyle Building Corp.
and will be secured by a direct closed first mortgage upon the land owned in
fee (50x143 feet) and a 7
-story and basement fireproof apartment hotel
building now under construction. The building will contain 66 apartments
of one to three rooms each.
The gross annual earnings of the property are conservatively estimated at
$61,920. After making liberal allowances for operating expenses, &c., the
net income is estimated at over 2A times the maximum annual interest
charges on this loan. These figures are based upon rentals of $60 to $120
per month, which are actually less than the rentals new being received in
this district for a similar type of accommodations.
• Noblitt-Sparks Industries, Inc.
-Earnings.
Income Account Year Ended December 31 1928.
Gross sales
Returned sales, discounts,&c
$2,901,371
214,709
Net sales
Cost of goods sold
Expenses chargeable to selling
Provision for depreciation
Provision for Federal & State taxes
52686,662
2,156,886
153,986
30,048
51,138
Netincome
Cash dividends paid on accrued
$294,604
165,000
Balance,surplus
Previous surplus
Adjustment of Federal taxes prior years
$129,604
732,659
1,150
Total surplus •
Earns, per sh. on 60,000 shs. corn.stk. outstanding (no par)
-V. 126. P. 3134.
$863,413
$4.91
North American Investment Corp.
-Earnings.
-12 Months Ended April30--1928.
Gross earnings
$924,521
$338,119
Expenses
64,845
24,038
Federal taxes
68,480
20,609
Bond interest and amortization of discount
89,918
41,921
Amortization of discount on capital stock
3,312
3,499
Net profit
Dividends preferred stock
Dividends on common stock
$697,265
125,358
102,851
$248,052
85,850
Net additions to surplus
Surplus at beginning of period
$469,756
230,508
$162.201
68,306
Surplus at end of period
$700,264
$230.508
Comparative Balance Sheet April 30.
As1929.sets1928.
1928.
Invest. at cost_._$7,403,984 $4,949,723 6% pref.stock____52,000,000 $1,950,000
Cash &secured call
5 % pref.stock_ _ 615,700
loans
1,697,089
318,939 Common stock__ 4,085,100 1,840,000
Accrued interest
14,362
18,809 Coll. tr. 5% bonds 1,800,000 1,500,000
Subs.to 5;i% pref.
Subs.
% prof.
stock
23,400
stock
19,548
Disc, on cap. stock
40,851
84,930
147,631 Dividends payable
Unam. bond disc.
Accrued bond int.
15,000
and expenses... 137,789
119,989 payable
12,500
11,868
Miscell. assets....
1,392
1,426 Accounts payable_
2,627
66,913
Reserve for taxes_
20,681
700,264
Total(each M0)39,359,095 $5,556,315 Surplus
230,508
-V. 128, p. 3202.
North Town Post Office Station (North Town Postal
Building Corp.), Chicago Ill -Bonds Ofered.-Love,
.
Bryan & Co. St. Louis, are offering at 100 an int. $210,000
1st mtge.6% sinking fund gold bonds.
Dated March 1 1929; due June 1 1949. Principal and hit. (J. &
payable at the office of Franklin American Trust Co., St. Louis, Mo.,
corporate trustee. Redeemable as a whole at 102 and int. up to and incl.
June 1 1939 and 101 and int. thereafter. Red. in part through sinking fund
at followingg prices: 102A and int. from June 1 1929, through June 1
1934; 102 and int. from Dec. 1 1934, through June 11939; 10134 and int.
from Dec. 11939, through June 1 1944, and 101 and int, thereafter up to
maturity. Interest payable without deduction for normal Federal income
tax not in excess of
Building -The North Town Post Office Station will be situated on the
Northeast corner of Devon and Tallman Ayes., Chicago, Ill. The building
now under construction will be a three-story and basement brick structure
trimmed with cut stone. The entire first floor containing 9,000 square feet
together with 1,600 square feet on the second floor, is under contract for
lease for 20 years to the Post Office Department of the United States for
-room
post office purposes. The remainder of the building will contain 12 4
apartments equipped with electric refrigeration and other modern conveniences.
-These bonds will be secured by a direct first mortgage upon
Security.
the land and building owned in fee simple, together with all equipment,
fixtures and furnishings. The property has been independently appraised
by F. J. Bachelder & Co.,Inc.,at $281,800 upon completion.
Earnings.
-That part of the building to be occupied by the post office is
under contract for lease to the Post Office Department of the United States
for a period extending beyond the maturity of these bonds at a rental of
$12,540 per annum. The lease will be in the form designated as non-cancellable by the Post Office Department. The total net rent Is after making
a 10% allowance for vacancies in the apartments will be $16,810, an amount
more than sufficient to take care of the sinking fund requirements.
Sinking Fund.
-The mortgage provides for semi-annual interest and
sinking fund payments beginning Dec. 11929. The operation of the sinking
fund through purchase of bonds in the open market, or by redemption as
provided for, is calculated to reduce this issue to less than $85,000 at
maturity. The present appraised value of the ground alone is $91,300.
-Stock Is Offered to Em(Charles F.) Noyes Co., Inc.
ployees-Shares May Be Listed on Real Estate Board Exchange.
3845
of the proposed offering although every effort was made to keep it confidential.
Every employee of "Noyes National," Chicago branch,subscribed and
203 employees out of 225 in the New York City offices subscribed for the
stock. This irrespective of the fact that some could not be reached on
account of illness or absence from the City. The record shows that practically every direct employee and executive of the corporation is a stockholder. The average holding of stock subscribed to would be 115 shares per
employee. 101 employees subscribed for 10 shares or less; 81 wanted from
10 to 100 shares; 14 asked for 100 to 200 shares; 14 for 200 to 500 shares;
12 for 500 to 1,000 shares and 6 asked for over 1,000 shares each. While
allotments will necessarily be cut, yet all asking for 100 shares or less will
probably be filled and the others reduced.
William B. Falconer, Senior Vice-Pres. of the Noyes organization and
associated with Mr. Noyes for 28 years, states: "On May 1 1926 when the
Noyes company was organized, the capital structure consisted of $2,400,000
of preferred stock of which $1,200,000 was class A preferred stock. During
the first three years of the company's corporate existence we will have
retired out of earnings the entire class A preferred stock amounting to
$1,200,000. Subject to our plans of mutualization the company's capital
will be adjusted to $1,000,000 of outstanding preferred stock and 120,000
shares of common stock. The average earnings of the company for the 4
years ending April 30 1929. before State and Federal taxes, depreciation,
employees'group insurance and employees'co-operative fund, were approximately $780,000 and during the year ending April 30 1929. these profits
were over $1,100,000. For the year just ended the net profits after State
and Federal taxes, depreciation, employees' group insurance and employees'
co-operative fund, were over $820,000 indicating an earning value of $5.50
a share after allowing dividends on the $1,000,000 of preferred stock to be
outstanding and $100,000 per annum for the redemption of preferred stock.
Col. M. S. Keene, Treasurer, believed the stock will sell, when listed,
at much higher figures than paid by the employees and the estimated
earnings of the common stock, without expansion, are expected to be anywhere between $3 and $6 a share. The average for the past 4 years period
after State and Federal taxes, depreciation, employees' group insurance
and employees' co-operative fund, was $3.57 a share and.this after setting
aside $160,000 for the retirement of the outstanding preferred stock and
paying preferred stock dividends, and for the past year $5.50 per share.
Paul B. Warner & Co., auditors and accountants, certified the following
figures for the 4 years ending April 30 1929. The 1926 year was reflected
under present working conditions of the present company.
Before State and Federal Taxes, De- After State and Federal Taxes. Depreciation, Employees' Group Insur- preciation, Employees' Group Insurance & Employees' Co-operattve Fund. ance & Employees Co-operative Fund.
$679.635
$812,113 1926
1926
361,887
515.754 1927
1927
492,089
691,028 1928
1928
*821,791
1,104.496 1929
1929
-year average
$588,850
I-years average
780.84814
* Subject to adjustment upon final audit.
$1,200,000 of class A preferre d stock (the entire issue) was retired out
of company profits during the first three years ending April 30 1929.
After deducting $100,000 per annum for retirement of preferred stock to
be presently outstanding (no retirement required until after August 1.
1932) the anticipated amount available for common stock dividends would
be $428.851 computed as follows.
$588.850
On the basis of average earns,for the last four years of
60,000
For dividends on preferred stock
100,000
For redemption of preferred stock
There would be available for divs, on common stock
or $3.57 per share on 120,000 shares of common stock.
On the basis of earns,for the year end. April 30 1929
For dividends on preferred stock
For redemption of preferred stock
$428,851
$821.791
60,000
100.000
*$661,791
There would be available for dividends on common stock
or $5.50 per share on 120,000 shares of common stock.
* Not reflecting any benefits from $400,000 additional cash in the treasury.
As preferred stock is redeemed there will be increased earnings for common stock to the extent of any cumulative annual dividend saving of $6,000.
The following statement in connection with the activities of the company was sent to the employees by Mr. Noyes with a letter setting forth
the plans of the mutualization of the company:
"The business of the Charles F. Noyes Co., Inc., was established in 1898
and I have been actively interested in its development from the inception.
"With practically no initial business it has gradually grown until its gross
volume now amounts to approximately 5300,000,000 annually.
"Offices are maintained at 225 Broadway and 560 Fifth Avenue, New
York. Its wholly owned subsidiaries are C. F. Noyes National Realty
Corp. (known as "Noyes National") and C. F. Noyes National Realty
Corp. of Illinois. The Illinois corporation occupies well appointed offices
at 134 North La Salle St., Chicago. "Noyes National," has branch offices
in other cities from coast to coast under very favorable arrangements with
the United Cigar Stores Co. of America and over 600 representatives in the
Country's leading cities. The business outside of New York City is under
the direction of Stanley K. Green, President of "Noyes National" and the
Chicago office is under the direction of Leo Raemer, Vice-Pres, of the
Illinois corporation.
"On the 'Noyes' companies' Boards are William Baader, George J. Wise
and George AVattley, all officers and directors of the United Cigar Stores
Co. of America, and holding important executive positions in the 'United.'
"Your president's services are assured with the corporation under a contract for a term of years and his life is insured in favor of the corporation.
Associated in the active management of the business is William B. Falconer, Vice-Pros,, who has been with the organization continuously for 28
Fears. Other 'Noyes' executives, all trained real estate men, include
Edwin C. Benedict, Harold S. Ford, Edward J. Crawford, Herman Arms,
Alwyn Ball, 3rd, Col. M. S. Keene, Walter J. Cashel, Walter A. Davis
and Edward E. McNally. These men have been with the Noyes organization on an average of 9 years.
"The personnel of the business consists of over 250 executive, office and
sales employees, over 2,000 employees in the management division in New
York City alone and an increasing personnel outside of New York City and
In the branch offices.
"Generally speaking, in a brokerage business expenses can be reduced or
increased so as to meet trading or brokerage conditions. The business has
shown a profit each year. Its management division (a certain guaranteed
source of income and the most important in any real estate brokerage enterprise) was twice as large in 1925 as in 1920 and three times greater in 1929
than 1925. The gross income to the company from this department alone is
approximately $500,000 annually.
"An important arrangement has been made by the corporation whAch it
Is expected will greatly increase its earning ability after July 1 1929.
An interesting feature of the Noyes business Is the fact that many of its
2,000 employees in New York City, exclusive of office and selling organiza,
tion, applied for stock. The growth of the company's business has beep
very great during the past few years and it is stated that "Noyes National"
under the management of Stanley K. Green increased its profits 50% In
1928 over 1927 and 150% in 1929 over 1928. Every office of the Noyes
company is profitable and every year has shown a profit.
-V. 126, p. 2159.
Oahu Sugar Co. Ltd.
-Earnings.Earnings Year d ed December 31 1928.
pn
Total income
Operating expenses
Depreciation
Income taxes
$1,989,637
40,373
Charles F. Noyes Co.. Inc., is probably the first real estate brokerage
349,239
house in New York and possibly in the country to announce that its entire
255,108
business has been mutualized and the shares of the corporation will be listed
In the near future and publicly dealt in. Application to list Noyes company
Net income
$1,344,915
securities will probably be made to the listing committee of the Real Estate Dividends paid
900,000
Board Exchange. The Noyes organization is about to have an outstanding
capitalization of 10,000 shares of preferred stock and 120,000 shares of
$444.915
Balance.surplus
common stock with 50,000 shares ofadditional common stock in the treasury -V. 125. p. 3358.
of the company for future expansion. The business was established in 1898
by Mr. Noyes with practically no clients and has steadily grown until the
-Financial Statement.
Oilstocks, Ltd.
gross volume to-day exceeds $300.000,000 In the aggregate and it is believed
that within two years this annual business will increase to half a billion Earnings for First Year of Operations
-12 Months Ended April 30 1929.
dollars.
Income and profits
$1,011,918
For the purpose of mutualization the corporation offered 20,000 shares of Less Interest, expenses and 1928 taxes
104,723
treasury stock to the employees at $30 a share, a price believed by the Noyes
executives, to be considerably less than actual value. The offering was
Net profit
$907,195
largely over-subscribed with subscriptions aggregating 35,719 shares and Cash dividends Nos. 1 2 and 3
128,321
orders for approximately 15,000 additional shares came from associates and
business friends of the company or friends of the employees who had heard
Surplus
$778.874
3846
[Vol,. 128.
FINANCIAL CHRONICLE
Balance Sheet April 30 1929.
Liamtitles$800,000
$147,482 Loans payable
37,520
2,975 Reserve for taxes (1928)____
5,228,824 Dividend No.3(payable May
42,942
15 1929)
Capital stock (no par value)_ x3,917,924
778,875
side)
Surplus
$5,377,281
Total(each
x Represented by 24,1,327 shares of class A stock and 102,200 shares of
class B stock. y Market value, $5,654.150.
Note.
-98,673 shares of additional class A stock and 197,800 shares of
additional class B stock have been reserved against outstanding stock
subscription warrants expiring July 1 1933.-V. 128, P. 3367.
AssetsCash in banks
Accounts receivable
yStocks owned at cost
-Initial Dividends.
Oliver Farm Equipment Co.
reported. Present operating schedules call for 187,000 miles of flying
monthly over routes established by United States Foreign Air Mail contracts.
First air mail service between North and South America over the combined lines ofPan American Airways to the Canal Zone and of Pan American
Grace Airways,an affiliated company,down the west cost of South America..
-Canal
as far as Mollendo. Peru, was inugurated last week. The Miami
Zone line has been in regular operation, on tri weekly sechules, for several
months. The Pan American-Grace Airways line is at present operated
on weekly schedules.
Passenger service over the first section of the 2,000 mile Miami Panama
Canal Zone air line, which has been operated on perfect air mail schedules
for nearly four months, was inaugurated this week between Cristobal, the
Canal Zone, terminal and David, Republic of Panama, it is announced.
The air passenger route from Cirstobal to David will cover a distance in
two hours that requires at best a week by infrequent steamers, and where
there is no regular surface transportation of any kind.
At the present time the company is operating a fleet of 22 multi-motored
airliners over these routes. Present orders will increase the Pan American
Airways fleet to 58 by Nov. 1. On the new passenger section between
Cristobal and David, tri-motored airliners which have been operating mail
service as far as Tele, Honduras, will be employed. These planes provide
luxurious accommodations for 12 passengers, are fully radio equipped, and
carry an operating crew of three. See also V. 128, p. 3527.
The directors have declared an initial quarterly dividend of 75 cents per
share on the no par value cony. partic. stock and an initial quarterly dividend of 31.50 per share on the no par value prior pref. stock,series A. both
payable July I to holders of record June 10. (For offering, see V. 128, P.
1414).
The directors have ratified the acquisition of the American Seeding
Machine Co., and authorized the isuance of 1,300 additional cony. particshares in connection with the acquisition of a minority interest in the Hart
Parr Alberta. Ltd.
Parke, Austin & Lipscomb, Inc.
---Earnings.
Sales of Oliver Farm Equipment Co. for the first 4 months this year are
Calendar Years1928.
reported as showing a satisfactory increase over the sales of constituent Gross profit
$1,060,460
companies for tbe same period last year, tractor sales having increased 56%. Administrative, general & selling expenses
820,642
Net profits for the first 4 months of this year exceed profits of the constituent Prov. for Federal income taxes
21,623
companies for the like period last year by more than 50%.-V.128, p.2822.
3218.195
- Net profit
St.(35th St. Building Corp.), Chicago.
1061 W.35th
58,714
Preferred dividends
Bonds Offered.-Greenebaum Sons Securities Corp. are Common dividends
100,000
offering $550,000 1st mtge.65i% serial gold bonds, maturing
Balance, surplus
one to 20 years to net 63i%.
(no par)
Earns, per sh. on 50,000 shs.com.stk.
The bonds are secured by a closed first mortgage on land owned in
fee and completed building located at 1061 W.35th St. Chicago. Spiegel,
May, Stern Co., Inc., one of the largest mail order furniture houses in the
country, has contracted to purchase the property and has already taken
possession. Under the terms of the purchase contract, the payments by
Spiegel, May. Stern Co., Inc., are more than sufficient to meet annual
interest charges and principal payment requirements of the bond issues.
retiring all of the bonds at maturity.
The property is situated adjacent to the present administrative building
of the company in the heart of Chicago's industrial section. The building
is of fireproof construction and will be used entirely for merchandise
warehousing. The land owned in fee, completed building and equipment
have been appraised by the American Appraisal Co. at $867,841.
Sales of Spiegel, May, Stern Co., Inc., for 1928 aggregated $20,571,845.
the largest in its history, and compare with $19,431,697 in 1927 and $16,860,919 in 1926. Sales for the first four months of 1929 totaled $8,061.175.
as Compared with $5,883956 for the corresponding period a year ago.
The stock of the corporation is listed on the New York Stock Exchange
and the New York Curb Market. The present market value of the outstanding stock is approximately $21,500,000.
$59.481
$3.19
1927.
$956.747
744,982
28,429
$183.336
59,845
100,000
323.491
$2.47
-V. 125, p. 2823.
-Initial Pref. Dividend.
Parmelee Transportation Co.
The directors have declared an initial quarterly dividend of31.50 per share
on the 6% cumul. cony. pref. stock, payable July 1 to holders of record
June 20.-V. 128, p. 2647, 2478.
-Earnings.
Faerfection Glass Co.
Net income
Previous surplus
1925.
1926.
1927.
1928.
Calendar YearsTotal surplus
32,179.893 32,168,519 $2,232,370 32,178.056
Profits from sales
1,848.096 Dividend
1,686,597
1,713,874
Oper. & market exps_ _ _ 1,701,749
3329,960
Balance, surplus
$545,773
5454,645
$478,143
Balance
76,803 -V. 128. p. 3367.
8,4,956
65,123
82,506
Other income
1926.
$182,274
135.389
346.466 def$121.446
25,539
12,476
9,000
5,951
3,550
3,825
3.177
$48,885
5,663
$24,214 def$162,712,
19,730
def142,982
4.407
$41,222
def$123.176 def$142,982
$41,222
21,492
det5123,176 def$142,982
Operating profit
Depreciation
Loss on uncompleted contracts
Interest on mortgages
Bad & doubtful debts
Taxes prior years
- Adjustments (prior years)
-Earnings.
Onomea Sugar Co., Honolulu, Hawaii.
1927.
$16,798
138,244
$19,730
1928.
$195,130
148,664
Calendar YearsGross profits
Expenses
-Hunter,
-Stock Offered.
Petroleum Rectifying Corp.
Dulin & Co.,Los Angeles,recently offered at $21.50 per share
$382,451 a block of capital stock (no par value).
$520.818
3427.013
$472,277
Transfer agent: Union Bank & Trust Co. of Los Angeles. Registrar:
(16%)400,000 (18)450,000 (16)400,000 (12)300.000
$630.729
109,911
3406.763
24,312
$120,818
$72,277 def$22,987
Balance, surplus
-V. 126, P. 2661.
x Includes Federal and all other taxes.
$82,451
Total income
Miscellaneous losses_ -Net income
Dividends paid
$560,649
x88,372
$519,768
x92,755
-May Sales.
Ontario Manufacturing Co.
Month of MaySales
-V.127, p. 964.
1929.
$213,277
1928.
$122,644
Increase.
$90.633
-Quarterly Earnings.
Oshkosh Overall Co.
Adjusted Statement of Income and Expense for Quarter Ended Mar. 31 1929.
$504,361
Gross sales
16,797
Returns, discounts and allowances
369,730
Cost of sales
68.336
Selling and general expenses
Net profit on sales
Other income (net)
$49,498
4,694
Net earnings before income taxes
State and Federal income taxes
Surplus net income (before management bonus)
Preferred dividends
Management bonus
$54,192
2,953
$51,240
15,000
1,812
$34,428
Net available for common stock
The above earnings are adjusted in accordanCe with the terms of the
recent financkg.-V. 128, p. 3367, 1747.
--Earnings.
Pacific Coast Glass Co.
Earnings for Year Ended Dec. 311928.
Gross income
Depreciation
Interest
Federal income tax
Amortization of serial, gold note discount
3287.075
55,134
26,482
26,011
2,805
176,643
71,364
Net income
Surplus. Jan. 1 1928
$248,007
44,000
19,823
5.524
208
Gross surplus
Common dividends
Preferred dividends
Additional Federal income taxes for prior years
Other charges
-Initial Preferred Div.
Inquirer Co.
-32 Capital Distribution.
PacificTin Corp.
The directors have declared a capital distribution of $2 per share on the
coupons 4
special stock, payable June 21 or thereafter, upon surrender of of the disand 5. This distribution of $2 a share is a payment of 2-23ds was made
tribution value of each special share. A distribution of$3 per share
-V. 128, 13• 1068.
an March 1 last.
-Earnings.
Pacific Clay Products.
1928.
Calendar Years-
$374,330
$3.78
-Operations.
Pan American Airways, Inc.
1927.
$336,828
$3.41
Maintaining an average of more than 1,100 passengers monthly, the
international air lines
corporation transported 4,516 persons over the Nassau and Mexico in
between the United States and the West Indies.
this year, it was announced on June 3 by James M.
the first four months of
air
Eaton, General Traffic Manager. Regularly scheduled 3.300passenger
miles
over
service in multi-motor equipment is now available Airways system. of
airways through nine countries on the Pan American nearly 70 tons, were
During this same period 139.749 pounds of mail,
carried on perfect operating schedules over 7,500 miles of airways serving
15 countries in the West Indies and Central and South America, Mr. Eaton
-Earnings.
Pettibone Mulliken Co.
1928.
1929.
6 Months Ended April 30$2,043,622 $1.758,558
Sales
49,361 Not avail.
Net prof. aft, int., deprec. &c., but bef. Fed. taxes
3178.453 -V. 128, p. 1571.
$7.84
Surplus, Dec. 31 1928
Earns, per sh. on 20,000 shs. corn. stk. (no par)
-V. 123, IL 1642.
Net inc. after an chgs.& taxes incl. Fed.Inc. taxesEarns, per sh. on 98.860 shs. cap.stk.(no par) ----V. 128, p. 416.
Security-First National Bank of Los Angeles.
is expected that application will be made in due course to
Listing
list this stock on the Los Angeles Stock Exchange.
Data from Letter of D. C. Norcross, President of the Company.
Company.-Incorp. in Delaware March 29 1929 and has acquired all of
the assets of Petroleum Rectifying Co. of Calif. through the acquisition
business carried on by Petroleum Rectiof 100% of its capital stock.
fying Co. of Calif. was organized in 1911 and consists oNicensing processes
for the electrical extraction of water from crude oil emulsion.
As of April 30 1929, the company had in operation a total of 1.033 electrical dehydrating units. During the calendar year 1928 royalties were
Paid to it on over 27% of all crude oil produced in the State of California
(being approximately 98% of all California oil requiring dehydration),
and in addition thereto, on 32,108,180 barrels of oil treated by its processes
in the Mid-Continent fields.
Outstanding.
Authoriied.
Capitaliiation120,000 shs.
150.000 shs.
Capital stock (no par)
-Average annual net profits for the five years ended Dec. 31
Earnings.
1924 to 1928, both inclusive, amounted to $396,331. This is equivalent
to $3.30 per share upon 120,000 shares of capital stock outstanding.
In Oct., 1927, the company made a substantial reduction in its royalty
schedule, which affected small producers principally and in addition, in
lieu of selling, it inaugurated a policy of loaning dehydrating units in a
great many instances. These moves materially increased the royalty
revenue. They also increased the number of dehydrating units in use by
approximately 30%, and increased the number of licensees using the company's processes. As was anticipated, there was a temporary reduction in
net profits. However, the Same are already materially increasing and at
the same time the scope of operations is very much enlarged.
Net profits for the year 1928 were $307.806, which is equivalent to $2.56
of 1929,
per share. Based upon operating results for the first three monthsapproxiit is conservatively estimated that net profits for this year will be
mately 3350,000, which is equivalent to $2.91 Per share.dividends will be
Dividend Policy.
-It is contemplated that quarterly
1929,
inaugurated by the declaration and payment of a dividend on Aug. 1
upon the basis of an annual rate of $1.40 per share.
for the purpose of
Purpose.
-The present financing has been effected
business,
admitting new interests which will tend to broaden the scope of the
and strengthen the organization. It will also permit the acquisition of
is not
stock by officers and certain employees. The financingpresent required
working
for the purpose of augmenting working capital. The
capital is deemed adequate for current and prospective needs.
(The) Philadelphia
The directors have declared an initial quarterly dividend of 75 cents
per share $3 cumul. div. cony, preference stock, no par value, payable
July 1 to holders of record June 20. For offering, see V. 128. p. 1922.
-Earnings.
(Louis) Philippe, Inc.
Income Account Year Ended December 31 1928.
Gross profit from operations
Selling expenses
Administrative & general expenses
$357,495
50,349
x85.792
Net profit from operations
Other income
$221.353
4,831
Net profit
Federal income taxes
$226,184
x26.786
Net income
Dividends on class A common stock (80c)
x$199,398
32,000
5167.398
Balance, surplus
$1.60
Earns, per share on 85.000 shares class B common stock
In the predecessor corporations
x After giving effect to a reduction
executive salaries of $19.148 and adjusting Federal income taxes in accord-V. 128, p. 2479.
ance therewith.
JUNE 81929.]
-Earnings.
Pressed Metals of America Inc.
-Earnings.
Phillips-Jones Corp.(& Subs.).
Calendar YearsNet sales
Cost of sales, exp., &c
3847
FINANCIAL CHRONICLE
1925.
1927.
1926.
1928.
$9.214,170 $9,873,001 $10,110.350 89,862,787
9,858,423 a9,382,710
8,755,667
9,535,207
Gross profit
Other income
$458,503
137,244
$337,794
235,279
$251,928
329,902
$480,076
297,865
Total income
Interest
Federal taxes
$595,747
65,933
62,022
$573,073
25,176
49,173
$581,830
24,220
66,760
$777,942
17,586
See a
Income Account Year Ended Dec. 31 1928.
Operating profit
Depreciation
Income tax (estimated)
$202,616
8,024
15,000
Netincome
Preferred dividend
Common dividend
$179,592
22,365
77,458
$79.769
Balance,surplus
$1.78
Earns. poer sh.on 88,524 shs.no par com.stock
$467,792
$498,721
$490,850
$760.356 -V. 128, p. 3699.
Net profits
Pref. dividends(7%)
123,891
126,938
137,595
147,378
-Earnings.
Common dividends--($3.25)276.250 ($4)340,000 (34)340.000 ($2)170,000
Process Corporation.
Earningsfor Year Ended Dec. 31 1928.
Balance,surplus
5442,978 Net sales
$67,651
$31,783
$13,255
82,142,200
Shares of common out346,018
standing (no par)___ 85,000
85,000
85.000 Cost ofsales
85,000
1,518,940
Operating expenses
Earn, per share on com_
33.94
$7.21 Net miscellaneous deductions
$4.37
$4.16
7,952
a Including provision for Federal income tax.
34,649
Federaltaxes
Consolidated Balance Sheet December 31.
$234,639
Assets1928.
1927.
Liabilities1927.
Netincome
1928.
Fixed assets
x$2,258,626 $2,296,738 7% pref.stock ___ _$1,805,900 $1,805,900 Add back-non recurring exp.(rent,officers'salaries & re-organiz.
Trade name, goodexp. which owing to re-organiz. of co in 1928 will not occur in
Common stock _ _12,000,000 2,000,000
37,985
will,&c
1
1 Notes payable_ _ _ _ 1,894,598I 1,369,140
1929 or subsequent years)
Cash
363,459
628,779 Accounts payable
.
1 666,862
$272,625
Accts.& notes res. 2.652,002 2,234,400 Dep.on leases, &c.
Surplus net income as adjusted
16,566
20,255
$4.54
Investments
382,686
109.720 Earns. per sh.on 60,000 shs. corn,stock (no par)
Royalties pay.,&c_ 105,537
Inventories
3,201,692 3,729,264 Taxes payable_....
86,274
16.675 -V. 127, p. 2972.
Secured notes rec
95,401
214,214 Reserve for taxes_
Professional Casualty Insurance Co. of America.
Advs.to salesmen_
52,214
51,056 Res.for pref. cliv__
22,167
23,041
Deferred charges.. 373,058
241,120 Surplus
3,332,696 3.288,576 Stock Offered.
-The Bank of America, New York, is offering
Total
$9,283,738 39,395,571
Total
$9,263,738 9.395,571
x After deducting depreciation. y Represented by 85,000 shares of no
par value.
-V. 127, P. 965.
Photomaton Incorporated.
-Earnings.
-Calendar YearsNet profit after operat. exp., deprec., administ. &
gen. exp., &c
Res. for accounts in litigation
Res. for Federal taxes
1927.
8107,088
$497,447
Net profit
-.V. 128, p. 744.
1928.
$578,311
13,000
67,863
$99,590
7,498
Pierce-Arrow Motor Car Co.
-Offer Received by Class A
Stockholders-Sales Increase.
-
the unsold portion of 60,000 shares capital stock at $11 per
share.
The company is incorporated under the insurance laws of the State of
New York and will operate under the supervision of the New York State
Insurance Department.
Directors are: Irving A. Nemerov. Chairman: Hervey J. Drake, Hon.
Emanuel Caller, Robert J. Naylor, Irving Lee Bloch, Bernard Blankman,
S. Sargent Volck, Arthur Arnow, Theodore Diamond, Dr. Herman W•
Rubin, William T. Nemerov, Rev. Dr. Morris Feinthal, Gaillard B. Smith,
Harvey Lee, Dr. Louis Posner, Harold E. Wittemann, Dr. Joseph White,
Anthony J. Natalie, Herman I. Kaplan, John L. Leslie.
---Dividends.
Prosperity Co., Inc.
A quarterly dividend of 25c. per share in cash 1-50 of a share in class "B"
stock has been declared on the class "A" and class "B" stock, payable
July 1 1929 to stockholdrs of record June 15. This is at the rate of $1 per
See Studebaker Corp. of America below.
share cash and 4-50 of a share in class "B" stock annually.
Sales for May totaled 1,563 cars as compared with 755 for May 1928. an
Income Account for Stated Periods.
increase of 107%, it Is announced. Unfilled orders carried forward into
6 Months
6 Months
4 Months
June were for 2.103 cars. The demand for the new Pierce-Arrow straight
Jan. 1 to
Jan. 1 to
July 1 to
eight continues to exceed the capacity of the factory, officials declared.
June 30'28. Dec. 31 '28. Apr.30'29.
=V. 128. P. 3699
$657,043
$829.813
3456,853
.
Gross profit
400.458
322,524
576,846
Selling and administration expensePierce Butler & Pierce Mfg. Corp.
-$1,200,000 6%
Notes Offered to Common Stockholders-Par Value of Common
Shares Changed to $1, Thereby Reducing Capitalization.
-
To raise additional funds for working capital, the corporation last month
arranged to raise $1,200,000 through the sale to stockholders of 6% notes
accompanied by purchase warrants, in units comprising a note for $4 and
one warrant to buy one share of common stock at $1. The warrants will
be effective for 5 years, beginning June, 1929, while the notes will mature
Jan. 311930. subject to one year renewal. Units issued will total 300,000.
Stockholders holding more than 10 shares will be entitled to subscribe to
a number of units determined by multiplying the number of shares held by
6.33 and dividing by 4, fractional rights being cancelled. To adjust the
fractions on holdings of 10 shares or less, the ratio was set at 2 units for one
share, 3 for 2. 5 for 3,6 for 4,8 for 5, 10 for 6. 11 for 7, 13 for 8, 14 for 9,
and 16 for 10. Subscriptions were payable on or before June 1.
To provide for additional stock to be purchased by the exercise of the
stock purchase warrants, the authorized issue of common stock has been
increased to 600,000 shares from 400,000 shares. The par value of the
common stock has been reduced to $1 from $25 per share.
The board of directors has been increased from 9 to 12 members.
The general offices of the company have been moved from Millbrook,
-V. 128, p. 2285.
N.Y.. to 41 East 42nd St., N. Y. City.
Pilot Radio & Tube Corp.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 30c. a share
on the class A stock, no par value. payable July 1 to holders of record
June 20. Joseph Black, President of the Noma Electric Corp., and Moritz
Rothenberger of Jerome B. Sullivan & Co. have been added to the board,
the membership of which was increased from 5 to 7. See also V.128,p.3528.
Pioneer Mill Co. Ltd.
-Earnings.
Total income
Operating expenses
Depreciation
Taxes
Earnings Year Ended Dec. 31 1928.
$134,329
29,914
$252,968
28,219
$256,585
17.267
Total income
Deductions
$164,243
53,068
$281,187
59,870
$273,852
44.902
$228,950
$221,317
Net income (after depreciation)_- $111,175
Balance Sheet April 30 1929.
Liabilities
Assets
$150,158
$202.750 Accounts payable--trade
Cash on hand & in banks
1.521
Accrued wages & commissions_
Contract notes rec. (secured)
11,363
570,552 Other accrued expenses
less reserve
62
Unclaimed wages
Unsec. notes & accts. rec., less
19,086
574,421 Res. for Federal & state taxes _
reserve
4,423 Reserve for insurance on condiAccrued interest receivable_ _ _
10,000
tional sales contracts
34,180
Adv.to empl.(secured)
8,905
654,066 Special res. for allow.. &e, vend
Inventories
Cap. stk. (issued & outstand) _ 2,659,620
Inv. in & adv. to prosperity of
39,437 Surplus created by revaluation
Calif
1,000,000
of patents
1,802
Securities owned, less reserve_
131,877
Land, bldg. & equip. less res _. 863,252 Earned surplus
1 025,703
Patents,good-will,&c
22.003
Deferred charges
$3,992,591
Total
$3,992,591
Total
Class "A" and class "B" stock are similar in every respect with the exthe class "A"stock. Transfer agent,
ception that voting power is vested in
Irving Trust Co., N. Y.; registrar. Equitable Trust Co.. N. Y.
Authorized. Outstanding.
Capitalization70,000 shs. 70,000 shs.
Class"A"stock (no par)
130.000 shs. 70.000 shs.
Class"B"stock (no par)
$1.126,037 -V. 128. P. 3367.
79,493
216,248
Provident Mortgage Corp., Jamaica, N. Y. City.131,240
Merger.
-
Net income
Dividends paid
$699,056
600,000
Balance, surplus
-v. 124, p. 3224.
$99,056
Pitney-Bowes Postage Meter Co.(& Subs.).
-Earns.
Earnings for Year Ended Dec. 311928.
- --- _ --------------------------------_
Net
profit_- --Prov. for 1028eualiz. of meter valuation reserve
Federal taxes
-----------------------------------------Balance- _
Dividends Paid -----------------------------------------Balance, surplus----------------------Earns. per share on iffiitcsintres cont. stock (no iCar)
-v. 128, P. 2648.
$150,366
13,313
16,800
$120,253
26,165
394.088
$0.67
-Crude Oil Shipments.Prairie Pipe Line Co.
1928.
5,394,759
5,006,573
5,253,096
4,901,433
5,480.557
1927.
4,850,792
4.736,228
5,494,688
5,484,826
5,641.514
1926. '
4,187,390
4,071,405
4,588,038
4,332,971
4,342.269
Beginning June 1, this corporation was merged with the State Title &
Mortgage Co. of New York. The present management of the Provident
Mortgage Corp. will be in control of all business on Long Island. See also
V. 128, p. 2648.
-New Director.
Pure Oil Co.
-V.
.1. E. Otis has been elected a director succeeding N. H. Weber.
128. p. 3504, 3012.
-Initial Dividend-New Name.
Railway & Express Co.
An initial quarterly dividend of 50 cents a share has been declared on th
no par value capital stock, payable Juno 29 to holders of record June 15
This is equivalent to 81.50 per share on the $100 per value capital stock
-for-1
of the American Railway Express Co., which is being split-up on a 3
basis. On the latter issue, quarterly dividends of $1.50 per share were paid
from July 1921 to March 1929 incl.
See also American Railway Express Co.above.
-5% Stock Div. &c.Raytheon Manufacturing Co.
-Change in Name Proposed.
Postum Co., Inc.
The stockholders will vote June 27, on approving a proposal to change
the name of the corporation to General Foods Corp. President Colby M.
Chester, Jr., in a letter to the stockholders, says:
During the past few years Postum Co., Inc.. has brought together under
Its ownership and management 11 other food manufacturing companies.
As a result, numerous products representing many phases of the food
industry, are to-day manufactured and sold by the Postum Co. During
this period the name of the company has remained the name of its original
product-Postum.
For some months past the directors have considered the advisability
of a change of name. The products of the company are so varied, and
the organization has achieved such an important place in the food industry,
it has become increasingly apparent that the company should have a
name
more in keeping with the wide scope of its activities and with the plans
for future development. The directors are unamimous in believing the
change has arrived and they have recommended the
time to make this
change of name to General Foods Corp.
Postum and other Post Products would be manufactured under the
name Postum Co., Inc., a subsidiary of General Foods Corp., and the
good will in the name Postum maintained and, if possible, increased.
128. p. 3529.
1929.
Barrels5.914,554
Jan
5,203,883
Feb
5,880,545
Mar
5,952,637
ii
6,098,692
IJ'
-Y 128, p. 3367. 3012.
v
.
Net profit
Other income
1925.
4.441,289
4,322.446
4,923,928
4.415,855
4,719,835
The stockholders on May 20 voted to increase the authorized capital
stock from 100,000 to 200,000 shares, of which 5,000 shares will be issued
June 14 to stockholders ofrecord May 31 in payment ofa 5% stock dividend.
The stockholders also approved the agreement with the National Carbon
Co., Inc. Sec V. 128. p. 3368.
-Sales Higher.
(Daniel) Reeves, Inc.
1929-5 Mos.-1928.
-1928.
Period End. June 1- 1929-4 Weeks
Sales
$2,556,773 $2,379,432 $14,995,131 $13,985 550
The company is operating a chain of 676 grocery stores in New York
City and vicinity.
-V. 128, p. 3368, 2480.
-Stocks Offered.
Republic Finance & Investment Co.
Jennings Ayers Co., Detroit are offering 20,000 units, each
A and
unit consisting of 1 share 7% preferred stock-series
1 share class A convertible stock-series A at $23.50 per unit.
Preferred stock, callable at 102 and div. on 30 days' notice. Class A
convertible stock is preferred as to dive, at rate of $1 per annum; preferred
on involuntary liquidation up to $12:50 per share and dive, and red. at
$15 per share and dive. Each share of class A stock is convertible into
3
4
one share of class B common stock on or before Dec. 31 1930: into , share
of class B stock on or before Dec. 31 1932: into 3.i share of class B stock
share of class B stock on or before
on or before Dec. 31 1934: and into
Dec. 31 1936, after which date it is not convertible. Dividends an both
-M. Class B stock has full and
preferred and A shares are payable Q.
exclusive voting power, except upon certain defaults and in certain matters.
Co., Detroit. Registrar, Fidelity Trust Co.,
Transfer agent, Union Trust
Detroit.
3848
FINANCIAL CHRONICLE
CapitalizationAuthorized.
Outstanding.
7% cumul. preferred stock ($10 par)
$1,000,000
14304,350
Class A convertible stock
100,000 shs.
b30,435 she.
Class B common stock
a200,000 sits,
60,000 she.
a Required number of shares reserved for conversion of class A stock.
b An additional 5,000 units have been reserved for sale by the company.
Company.
-Is one of the oldest finance companies in the 'United States
and was organized in 1913 to supplement and function in the place of
the commercial bank, due to the fact that certain credits required a longer
period than the commercial bank was able, under the law, to grant. It
operates in the Central States. No automobile paper Is handled by this
company.
Earnings.
-Company states that It has operated at a profit in each
of the 16 years since its incorporation. For the past three years, after
giving effect to present financing and non-recurring charges and adjustment of salaries, earnings after all charges, taxes, reserves, drc., have been
as follows:
1929.
1926.
1927.
1928.
Net earnings
$91.541 $110,116 $107,168*8200,000
Divs.on 7%,
pref.stock,times earned
9.5
5.1
5.2
4.3
Divs. on A'
' stock, times earned.,-..
2.9
5.9
2.3
2.8
Earned on "B" shares
$2.47
$0.92
$0.97
20.66
* Estimated on new capital at same rate as previous average earnings
on former capital.
Purpose.
-All the proceeds from this financing will be used for added
working capital and none will be taken out of the business.
Listing.
-Application will be made to list these units on the Detroit
Stock Exchange.
-V. 124, p. 2763.
[VOL. 128.
The stockholders of all classes shall have the preemptive right without
discrimination to subscribe for new issues ofstock of any class.
CapitalizationAuthorized.
Outstanding.
63% gold debentures
$1,150,900
7% pref. stock (par $100)
82,423,900
2,423,900
Class A common stock (no par)
313,000 ells.
220,808 sits.
Class B common stock (no par)
907,000 she.
484,708 she.
Pro Forma Consolidated Balance Sheet as Cl March 31 1929 (LaFrance
Republic Corp. and Wholly Owned Subsidiaries).
[After giving effect to the incorporation of the new company and the
acquisition by it of the assets at the values as fixed or determined in accordance with the terms of the plan.]
AssetsLiabilities
Cash
$146,104 Notes payable
$122,719
Accounts receivable
660,359 Accounts payable, accruals &
Notes rec. & accr. int
1,190,905
dealers' deposits
509,892
Inventories
2,886,161 6)4% gold debentures
1,150,00C
Prepaid exp.& def. charges__
52,512 Reserve for contingencies_ _ _ _
52,000
Mtges. & land contracts reCont.liab,on notes rec. diact.
882,259
ceivable, &e
50,392 7% stook
2,423,900
Land, bldge., mach.& equipClass A stock (no
1,380,050
ment,less depree.reserve__ 2,287,605 Class B stock (no par)
1,120,477
par)
Good will(Linn 511g. Corp.)_
475,000 Capital surplus
1,000,000
Total
$7,759,039 Total
$7,759,039
The stockholders are notified that LaFrance-Republic Corp. has been
organized and has become vested with all o the assets of Republic Motor
Truck
Republic Motor Truck Co., Inc.
-Plan of Reorganization France Co., Inc., and of the commercial truck division of American-La& Foamite Corp.
and Consolidation.
-A plan of reorganization and consolidaThe shares of stock of the consolidated corporation deliverable in extion of Republic Motor Truck Co., Inc., and commercial change for preferred stock, non-par value stock and voting trust certifiof
truck division of American-La France & Foamite Corp., cates 6. Republic Motor Truck Co., Inc., will be ready on or soon after
June
Accordingly, shareholders are requested to surrender their shares to
dated April 81929,has become effective and the consolidated
New
Trust Co., 100 Broadway, N. Y. City, with
corporation, under the name of La France-Republic Corp., have York made for the delivery as soon as ready of the whom arrangements
been
shares of LaFrancehas been organized.
Republic Corp. to which they are entitled in exchange for the certificates
The preferred and common stockholders of Republic Motor Truck Co. so surrendered.
The notice Is signed by Joseph A. Bower, voting trustee, and Mortimer
Inc., will receive in exchange therefor one share of preferred stock of the
new corporation for each share of preferred stock of Republic surrendered N. Buckner, Charles H. Jones and Joseph A. Bower, as members of the
and
share of class "A" and one share of class "B" com, stock of the consolidation and reorganization committee.
-V. 126, p. 1054.
new corporation for each share of the non par value stock of Republic surrendered.
Richman Bros.
• Cleveland.-Bal. Sheet Dec. 31 '28.
A digest of the plan of reorganization and consolidation
I Liabilities
AssetsCash and U. S. secure-99,693 Current liabilities
$1.331,029
follows:
40,510 Capital stock
*989,831
-A new company. La France Republic Corp. has been Accounts, &c
New Company.
2.810,094 Surplus
9,551,597
organized to which shall be transferred all of the assets of Republic Motor Inventory
2.881,417
Truck Co., Inc., and also all of the assets of American-LaFrance & Foamite Permanent assets
al (each side)
840,743
$11,872,457
Corp. so far as the same belong to its commercial truck department, Other assets
* Represented by 198,741 shares.
including as a Republic the capital stock in its respective subsidiaries,
-V. 128, p. 3368.
Linn Mfg. Corp. (New York), Detroit Patents Holding Co. (Mich.), and
Rogers Paper Manufacturing Co.
Republic Truck Sales Corp. (Del.) corporation, and as to American-La-Status, &c.-'
Faxon, Gade & Co., Boston, have issued a revised circular on the comFrance, its plant located at Bloomfield, N. J., its fixed assets, inventories
and other assets pertaining to its truck division, including approximately pany which outlines the present rights and provisions of the class A stock
in accordance with the changes approved at a recent stockholders' meeting
81,000,000 net of notes receivable.
Assumption of Liabilities.
-The new corporation shall assume all of the and which also gives the latest available earnings figures of the company.
labllities of Republic as a going concern and such of the liabilities of The circular affords the following:
Class A stock entitled to cumulative preferential dividends of $3.60 Per
American-LaFranee as pertain to the commercial truck division of that
share before any dividends on the class B stock hre paid or set apart in
corporation.
Republic Debentures.
-The Republic has issued and outstanding $1,150,- such year. Convertible at any time at option of holder into class B stock,
000 10
-year 6 % collateral trust sinking fund gold debentures dated share for share. Dividends payable Q.
-F. In case of dissolution or liquidsJuly 1 1927, due July 1 1937. The consolidated corporation shall assume ticz, holders of the class A shares are entitled to receive $55 per share and
and agree to pay such outstanding debentures in accordance with their diva. Lefore any payment on the class B shares. Callable in whole or any
terms and such debentures will be the only funded indebtedness of the dividend date at $55 per share and accrued dividends. First National
consolidated corporation.
Bank of Boston. Transfer agent.
Fixed. &c. Assets.
-The fixed assets of the respective companies have
Authoriied. Outstanding.
Capitalliationbeen arrived at by agreement between the officers and directors of the Class A stock (no Par)
10,000 shs. 10,000 abs.
respective companies. The receivables and inventories are to be appraised. Class B stock (no par)
*20.000 shs. 10,000 shs.
As to miscellaneous investments, patents and good-will, it is provided
•10,000 shares reserved for conversion of class A stock.
that the value thereof will be arrived at by agreement between the officers
History & Business.-Incorp. In Massachusetts, was founded in 1832and
of the respective companies and in default of their agreement by appraisal. has been continuously engaged in business since that time. Company
Issuance of Stock.
-For the net receivables of Republic, plus an agreed manufactures high-grade "press board specialties" and "transformer board"
amount of $475,000, for the equity in the stock of the Linn Mfg. Corp. largely used by the electrical industry for insulation of transfeormrs and
and a portion of the fixed assets of Republic, preferred stock shall be motors. Other important users are the photograph industry for plate
issued in the aggregate amount of $909,500, being the amount of the spacers and spool heads; the textile industry for finishing woolens ant'
presently issued and outstanding preferred capital stock of Republic. For hosiery; paper companies for finishing high-grade papers, &c.
similar assets there shall be issued to American-LaFrance $1,514,400, of
Earnings Years Ended Dec. 31.
preferred capital stock. The remainder of the fixed assets and miscellaneous
1926.
1927.
1928.
1925.
Calendar YearsInvestments shall be represented as to each corporation by class "A" stock Net sales
8601,379
$648,342
$671,307
$550,632
(no par value), and the respective inventories and other assets at the val- Gross mfg. profit
188,416
130,363
199,533
124,748
uations arrived at by the auditors shall be represented by class "B" stock Total adm.& selling exp.
42,491
58,510
40,693
37,191
(no par value).
Reserves for Contingencies.
$145,925
$141,023
Net mfg. profit
$89.670
-Provision has been made, in the discretion
$87,557
of the officers in co-operation with the auditors,for setting up in the balance Other income (net) _
Dr5,846
Dr10,301
7,799
5.962
sheet of the consolidated corporation, sufficient reserves for contingencies
and such sum as may in their judgment be desirable as capital surplus and Net profit available for
$135.177
this amount will be deducted from the valuation of the assets against
taxes & dive
2135,624
$97,469
$93,519
which the class "A" and class "B" stock is to be issued in arriving at the
Balance Sheet as of Dec. 31 1928.
ascribed value of the class "A" and class "B" common stock. In so far as
Liabilities
Assets
it is possible attempt will be made to ascribe such value against the res- Cash
$61,238 Accounts payable-trade....
$26.920
pective shares of class"A"and class"B"stock so as to prevent the necessity
57,791 Accounts payable-other _ _
Accounts receivable
2,500
of the issuing offractionalshares ofstock.
30,000 Accrued payroll & exp
Collateral note
6,843
In addition to the foregoing classes of stock, provision shall be made for
81,291 Federal de state taxes
21,930
Inventory
industrial stock or management stock so-called, and each of the parties to Fixed
410,989 Mortgage payable in 1929._ _
20,000
assets
the consolidation shall contribute 10% of the class "B" stock that would Deferred
12,937 Reserves
2,208
charges
otherwise be distributable to them for the purpose of properly compensating
Net worth
x573,84$
or promoting efficient management to the consolidated corporation. The
distribution of such stock shall be in the discretion of the board of directors
Total$6.54,245
$654,247
Total
of the consolidated corporation.
Represented p y9 .
127. b 424 36 shares class A stock and 10,000 shares class B
. ,4
Warrants.
-Attached to the Republic debentures are warrants authorizing the holders thereof within the time therein fixed to purchaseshares stock.-V. 127,
of stock of Republic Motor Truck Co. Inc., at the price and under the
-Larger Dividend.
Ross Gear & Tool Co.
conditions named in such warrant. The consolidated corporation will
The directors have declared a quarterly dividend of 75c. per share on
assume the obligations of such warrants and provision shall be made for the
the common stock, no par value, payable July 3 to holders of record June
authorization of sufficient-shares of stock to permit of the exercise of such
stock purchase warrants. Similarly, for the purpose of maintaining the 20. From July 1 1928 to April 11929. incl., quarterly dividends of 45c,
-V. 128, p. 3530.
ratable interest of American-LaFrance in the consolidated corporation, per share were paid on this Issue.
Amoriain-LaFrance shall have the right to purchase the same number of
-New Stock Placed on
Rossia Insurance Co. of America.
shares of stock at the same price as that at which stock purchase warrant
holders acquire stock of the consolidated corporation. By the terms of a $2.20 Annual Dividend Basis.
The directors have declared an initial quarterly dividend of 55c, a share
such warrants, the purchase rights expire on June 30 1930. For the purpose
of inducing the warrant holders to exercise the rights therein contained, to on the new $10 par stock, placing the issue on a $2.20 annual basis. The
the end that the deb. may be retired and discharged, it has been deemed dividend is payable July 1 to holders of record Juno 14.
This is equivalent to an annual $5.50 rate on the old $25 par stock which
advisable and provision will be made to extend the time for the exercise of
such warrants to and including June 30 1932, but at the ratio and price was split up 2)4 for 1 and which was on a 26 annual basis. The company
prevailing during the period between July 1 1929. and June 30 1930. So also paid a 20% stock dividend with the split up and gave holders the right
that American-Larrance may have a similar privilege, the right shall be to purchase one new share at $30 for each four shares held. See V. 128,
granted to American-LaFrance to purchase an equal number of shares at P. 3204, 2824.
any time up to and including a period 30 days beyond the expiration
Calendar l Mstor Car Co., Ltd.
R usee y ro -Earnings..
date of such purchase warrants as extended.
1927.
1928.
Preferred Stock.
-Preferred stock (par $100) entitled to 7% dividends Net profit
23 274
:
$184000
8139,054
payable quarterly Jan. &c. Preferred dive, shall accumulate on and after Preferred for year
84,000
dividends (7%)
Jan. 1931. Red. at the end of 30 years at par and diva., and may be red,
32,000
40,000
ad interim in whole or in part on 60 days' notice at 105 and dive. Redemp- Common dividends (4%)
tion may be effected by purchase in the open market, by tender, or by the
Balance, surplus
sale of other stock to furnish funds for that purpose.
Prior surplus
Class"A" Stsck.-Class"A" common stock (no par) shall have the entire
voting privileges. Shall be entitled to a preferential div. over class "B"
3549,463
$564517
Total
,
com, stock in an amount equal to 4% per year upon the original ascribed -V. surplus Dec. 31 1927
127. P. 3556.
value thereof before any dividends shall be paid to the holders of the
class"B"corn. stock. Thereafter a like div. at the rate of4% per year upon
-New President, dec.(Joseph T.) Ryerson & Son, Inc.
the original ascribed value per share of the class "B" com, stock shall be
The election of Edward L. Ryerson Jr. as President, to succeed Joseph T.
paid to the holders of such class "B" corn, stock and thereafter the class Ryerson, to be effective June 1. Is announced. Edward L. Ryerson Jr.
"A" and class "B" com, stock shall share equally in all further dive, that at the same time relinquishes the position of Vice-President and General
may be declared by directors during any current calendar year. The Manager in accordance with the policy of more fully concentrating executive
dive, upon the class 'A.' corn, stock and class "B" com, stock shall not be control in the office of
President. Joseph T. Ryerson will remain
cumul. Upon any distribution of the assets of the company, after provision as a member of the board the continue to hold the office of Treasurer.
and
shall have been made for the requirements of the pref. stock, the holders of
The company's consolidated gross sales for the first four months of 1929
class "A" and class "B" corn, stock shall share ratably share for share in have shown an increase of 18% and net earnings a larger increase than
the distribution of such assets.
this, as compared with the same period of 1928. Results for five months
Class "B" Stork.
-The class "B" cora, stock shall be of no
value and indicate that earnings for the first hall of the year will more than cover
shall be entitled to participate in dive, and in assets upon distribution as the dividend requirement for the full year, it was announced.
--V. 127.
hereinbefore provided. It shall have no voting power.
p. 3718.
WIN
.$27:218749
3849
FINANCIAL CHRONICLE
JUNE 8 1929.]
-Corporation owns amounts of the following shares. It will
Portfolio.
-Proposed Split-Up.
Royal Typewriter Co., Inc.
amounts of the shares named in this list as favorable
no acquire additional
a proposal to
The stockholders on July 1 will vote on 269,704 shares increase the up opportunities ocur.
and to split
common stock from 134.852 shams to
par
Long Island I.ighting Co. corn.
-for-1 basis. It is further proposed under the plan Allied Power & Light Corp. corn.
the common stock on a 2
Louisville Gas & Electric Co. corn.
Gas & Elec. Co. corn.
to give the outstanding $100 par pref. stockholders two votes per share. American Power & Light Co. corn.
Mass. Utilities Associates corn. (v. t. c.).
equal voting power of the respective Issues -V. 128. American
thus maintaining the
American Super Power Corp. clam A. Middle West Utilities Co. torn.
D. 3700.
American Water Works& Elec. Co., Inc., Mohawk Hudson Power Corp. corn.
National Power & Light Co. corn.
coma.
-Plan Declared Operative.
Safe-T-Stat Co.
Associated Gas & Elec. Co. class A corn. New Bedford Gas & Edison Lt. Co.corn.
See Moto Meter Gauge & Equipment Corp. above.
New England Power Association corn.
corn.
company reports for the year ended Dec. 31 1928, a net profit of Bangor Hydro-Electric Co. Corp. corn. New England Public Service Co. corn.
The
Niagara &
$87,939 after all charges. This is equivalent to 35c. a share on the 250,000 Buffalo Hudson GasEastern Corp. cons. North Boston Lighting Properties cons.
& Elec.
Central
-V.128. p. 3204.
shares of no par common stock outstanding.
Northeastern Power Corp. corn.
Charlestown Gas & Elec. Co. corn.
Penn-Ohio Edison Co. corn.
Columbia Gas & Electric Co.corn.
-Balance Sheet Dec. 29.Sagamore Mfg. Co.
Providence Gas Co. corn.
Commonwealth Power Corp. corn.
1928.
1927.
LiatiWks1927.
1928.
AssetsPublic Service Corp. of N...J. corn.
$3,000,000 33,000,000 Consolidated Gas Co. of New York corn. Rockland Light & Power Co. corn.
Real est. & mach_33.422,885 $3 382,702 Capital stock
Consolidated Gas, Elec. Light d: Power
200.000
f281,088 Bills payable
Merchandise
Southeastern Power & Light Co. corn.
Co. of Baltimore corn.
50,000 Reserte for depreNotes receivable__ I
Standard Gas ,S: Electric Co. corn.
corn.
' 11,896,046 11,660.375 Duke Power Co. Associates cony. corn. Edison Elec. Ilium. Co. of Boston tom.
705.721
elation
Acc'ts receivable._ t 940.612
t 211,393 Eastern Utilities
807 Surplus
Prepaid insurance
Hartford Electric Co. corn.
Electric Bond & Shard Co. corn.
30,928
Cash
)
North American Co.corn.
Electric Power & Light corn.
420,522
IL S. Govt. seem. 732,550
United Gas Improvement Co. corn.
Empire Power Corp. corn.
United Corp. core.
Engineers Public Service Co. corn.
55.096,046 34,871,768
Total
$5,096.046 34,871.768
Total
United Light & Power Co. class A cam.
General Public Service Corp. corn.
Utilities Power & Light Corp.class A corn.
-V. 126, p. 4098.
International Utilities Corp. B shares.
Western Massachusetts Co. corn.
Navigation Co. cons.
Lehigh Coal d:
-32 Dividend.
St. Mary's Mineral Land Co.
-May Sales.
Sears, Roebuck & Co., Chicago.
The directors have declared a dividend of $2 per share, payable June 25
1926.
1927.
1928.
1929.
to holders of record June 12. The same amount was paid on March 12
last, making a total of $4 per share, thus far this year, as compared with a Month of May
$35,125,915 $24,202,920 519,994.000 519,339.227
156,980,732 120,429.946 110.385,916 108,346.923
total of $3 In 1928 and $2 per share in 1927.-V. 128, p. 1245, 3530.
five months
First
-V. 128, p. 2286. 3204.
-Earnings.
St. Paul Union Stock Yards Co.,
1927.
-Earnings.
I
1928.
Shawmut Association.
YearsCalendar
$2.305,362 52,324,885
Gross earnings
Earnings for Period from June 1 1928 to Dec. 311928.
1,503,335
1,629,120
$218.541
Total expenses
Income from interest, dividends &c
61,311
$821,549 Net gain from sale of securities
$676,241
Net earnings
650.000
x630.000
$279,852
Cash dividends
Total income
46,300
__
expenses
$26,241
$191,549 Interest, taxes, and legal Shawnrut Bank of Boston
Balance,surplus
29.194
$16.43 Participations by National
Earnings per share on 50,000 shs. cap.stk.(par $100) $13.52
x In addition, a stock dividend amounting to 51,000,000 was paid.
$204.358
Net earnings
V. 127. p. 1117.
80.000
Dividends paid
-New Director.
Savage Arms Corp.
$124.358
Balance surplus
J. Fletcher Farrell, Vice-President and Treasurer of the Sinclair Consolidated Oil Corp. and director of the Continental Illinois Bank & Trust -V. 128, p. 904.
Co.. and a number of other corporations has been elected a director.
Sherwin-Williams
V. 128, p. 3204.
-New Common
Co. of Canada, Ltd.
Stock Placed on a $1.60 Annual Dividend Basis-Extra of Sc.
-Stock Offered.
-J. L. Also Declared.
Schickerling Radio Tube Corp.
Mellon, Inc., New York, are offering 100,000 shares (no par)
The directors have delared an extra dividend of 5c. per share in addition
per share on tine common
$11 per share. The stock is offered as a to a regular quarterly dividend of 40c.holders of record June 15. stock of
capital stock at
no par value, both payable June 30 to
speculation.
The stockholders on March 21 last voted to change the authorized
Transfer agent. Bank of America, N. A.
poration Co.
Registrar, United States Cor-
To Be Presently
Authorized. Outstanding.
Capitalization400,000 shs. 300,000 shs.
Capital stock (no par value)
The company has filed a certificate at Dover, Del., increasing the authorized capital stock, no par value, from 125,000 shares to 400.000 shares.
Data from Letter of Conrad Schickeiling, President of Corporation.
Company.-lncorp. in Delaware to acquire the business and assets of
Conrad Schickerling, Inc. An agreement has been entered into between
Schickerllng Radio Tube Corp. and Mr. Schickerling whereby all present
and future patents on radio tubes or accessories. secured or procured by
him, shall become the property of this corporation, including the Schickerling non-blowable radio tubes. Corporation's factory is located at Newark,
J., and is equipped with the latest type of Eisler automatic machinery
to produce a total of 1,000.000 radio tubes per year.
-Increasing demand for Schick&ling radio tubes by
Sales and Earnings.
both distributors and consumers has convinced the management of the wisdom of increasing the productive capacity of the corporation's plant. On
the basis of orders on hand and in negotiation, it is estimated that the enlarged plant capacity, together with the additional working capital to be
provided by this financing, will result in net earnings of more than 6450,000
during the next 12 months. These earnings would approximate $1.50 per
share on the 300.000 shares of no par value capital stock outstanding.
-The pro forma balance sheet as of March 1 1929, after
Balance Sheet.
giving effect to the sale of 100,000 shares of no par capital stock, shows net
assets of $656,192, with current assets of $511,240, as compared
tangible
with current liabilities of $5,143,or a current ratio of approximately 100 to 1.
-Net proceeds will be devoted to increasing the capacity of
Purpose.
the corporation's plant, purchasing raw materials, general advertising,
---V. 128
including broadcasting, &c., and for other corporate purposes.
p. 2649, 2286.
N.
common stock from 40,000 shares, par $100 (all outstanding) to 225,000
shares of no par value, 5 new no par shares being issued in exchange for
each common share of $100 par value.
On the old common stock, the company paid quarterly dividends of
$1.50 per share from Dec. 31 1920 to March 511929.lac1.-V. 128. p. 1750.
--Earnings.
(Isaac) Silver & Bros. Co., Inc.
7 Mos. End.
-Calendar Years
Jan. 1 1926.
1926.
1927.
1928.
Period$6,657,219 15,609,947 54.766.594 $2,579,926
Sales
Net profit after deprec.
180,371
271,682
379,193
479,849
& taxes
17,506
35,000
35,000
72,500
_
Preferred dividends_
Balance,surplus
Sins. of corn. outstanding
(no par)
Earns. per sh.on corn._ _
-V. 128, p. 3204.
$407,349
$344,193
$236,082
$162,871
100,000
$4.07
100 000
$3.44
100,000
$2.36
100,000
$1.62
-Omits Dividend.
Southern Grocery Stores, Inc.
The directors recently voted to omit the dividend ordinarily paid about
distribution of 123 cents per share was made on
June 1. A quarterly
-V. 128. P. 3013.
March 1 last.
-Stock Dividend Ruling.
Sparks Withington Co.
The committee on Securities of the New York Stock Exchange, has ruled
that the common stock shall not be quoted ex-the 300% stock dividend on
June 17 and not until July 2. See also V. 128, P. 3369.
-Initial and Extra Dividends.
Sparta Foundry Co.
The directors have declared an initial quarterly dividend of 75 cents a
share and an extra dividend of 25 cents a share oa the common stock.
both payable June 30 to holders of record June 15.
Production Increased.
-Earnings.
Schlage Lock Co.
Production is now at the rate of 540,000 piston rings per day, according
to an announcement by President A. A. Johnson. With the completion of
installation of additional casting machines now in progress, production will
be further increased to 600,000 rings per day, Mr. Johnson said. Annual
production is now at the rate of more than 156,000,000rings, which compares
-Gross Sales.Scott Paper Co., Chester, Pa.
with 57,000,000 in 1928, 34,402,000 in 1927 and 22,000,000 in 1926. The
To
Year Month of May
machines being installed provide for the casthag of 8 rings at a time.
Increase.1May 25'29. May 26 '28.
1928.
Increase. new the old machines now being replaced only cast 4.
1929.
while
589.861 $3,209.654
the
5447,041
52.837,565
$372.089
5536.902
Application to list the common stock of Sparta Foundry Co. on this
-V. 128. p. 3700.
Chicago Curb Exchange will be made. Mr. Johnson said. A block of
stock will shortly be offered publicly by A. W. Clutter & Co. of Chicago.
-Earnings.
Shawmut Bank Investment Trust.
New York and Grand Rapids and L. A. Geistert & Co. of Grand Rapids
1929.
1928.
Years Ended Feb. 28-V. 128. p. 3701, 3531.
and Detroit.
Interest rec. and accrued plus diva. received
$306,226
3365.584
-Acquires Federal Sugar Refining
972.483
Spreckels Sugar Corp.
Net profit on securities sold
176,962
Calendar YearsNet earns. before income tax deduct_
•
-V. 128. p. 2286.
1928.•
$108,331
Total
Current operating expenses including taxes
Interest paid and accrued
Not earnings from operations of year
Net ch'gs in con, with form'n of trust (non-recureg)
Amount transferred to surplus
1927.
1926.
$84,157 loss $85,585
$1,338,067
148,201
302.254
5483.189
33,042
284.493
$887,611
$165,654
38.122
372,468
Balance of net earnings
$515.143
Per share
6.86
Unrealized appreciation in securities held Feb. 28- $1.268,960
Per share
16.92
Net liquidating value based on market Feb. 28.-- 2,284,103
Per share
30.45
-V. 127, p. 1960.
$127.532
1.70
$396.637
5.29
524,169
6.99
Seaboard Utilities Shares Corp.
-Stock Offered.
-C.D.
Parker & Co., Inc., Boston are offering 500,000 shares
eommon stock (no par value) at $11 per share. A bankers'
circular states in substance:
-Authorized 1,500,000 shares: to be presently Issued,
Capitalization.
500.000 shares.
Transfer agent, Old Colony Trust Co. of Boston, Depositary, First
National Bank of Boston, Registrar, National Shawmut Bank of Boston.
-The directors, officers and bankers are receiving no bonus or
Option.
-year option on 500,000 commanagement shares from the company. A 3
mon shares at $15 per share has been given to the bankers in consideration
of their payment of all organization, taxes and other expenses having to do
With the formation of the company and the issuance of the original shares.
-All proceeds received from the sale of these common shares
Purpose.
will be devoted to the purchase of securities of utilities in the section of this
principally east of the Mississippi River.
country
-Company now owns and will acquire additional securities of
Company.
electric, power and gas companies and of holding companies owning shares
Of utility companies serving the territory east of the Mississippi River.
-An announcement, dated May 14, and signed by
Co.
President Rudolph Spreckels, says in part:
and business
The Spreckels Sugar Corp. has purchased the properties
of the Federal Sugar Refining Co. More than 75% of the stock of the new
-V. 128, p. 576.
company is owned by me.
-$1 Bonus.
Standard Chemical Co., Ltd.
The directors have declared a bonus of El per share in addition to a
dividend of $1 per share on the no par value capital stock for the quarter
ended March 31 1929, both payable June 25 to holders of record May 25.
A dividend of $1 per share was paid on the stock on March 15 last.
1926.
1927.
1928.
Years End. Mar. 31- 1929.
$34.835
$194,980
$212,422
$275,769
Profits
75,000
160.000
35,000
35,000
Depreciation
33,416
30,304
25,783
13,696
Debenture interest
11,971
18,006
Prov.for inc. taxes
$4.676 los473.581
$139,667
6209,067
Net profit
74,554
Dividends paid
54.676 lossE73,581
$139.667
$134,513
Balance Sheet March 31.
1928.
1929,
LiabilitiesAssets1929.
1928.
. x$489,657 $532,701 Common stock.- _71,336,582 1,336,582
Properties
232,967
203,986
1 Debentures
1
Investments
79.000
13,000
13.431 Bonds
45.594
Sinking tund cash:
150,048
1,037,004 Accounts payable_ 105,196
950,696
Inventories
17.012
16,352
222,940 Accrued Interest._
Accts. receivable.. 262,073
88,349
110.904
Reserves
Invest. in Dorn. of
12.210
30,001
72,075 Res. for inc. tax.Can. 454% bds. 101,000
37,277
13,160 Divs. payable9.776
Working funds__ _
102,390
266.904
88,657 Surplus
97,313
Cash
75,867
87.816
Prepaid charges __
Total(each side)S2,052.925 $2.055.836
After deducting 170.000 reserve for depreciation. y Represented by
37.277 shares of no par valne.-V. 126, p. 3775.
Balance,surplus
3850
FINANCIAL CHRONICLE
Standard Investing Corp.
-Notice to Warrant Holders.
-
This corporation, which recently inaugurated stock dividends at the
rate of 1%% quarterly on its common stock, has issued a notice to holders
of warrants attached to the 5% gold debentures advising them that, in
order to participate in the dividend, they should present their debentures
with warrants attached to the New York Trust Co. Each warrant is
entitled to receive, upon surrender, ten shares of common stock. These
shares must be issued before June 20 to receive the quarterly dividend
See also V. 128. p. 3205.
• Years Ended Feb. 281929.
1928.
Income from dive. & int. (int. received & accr.)-5373,231
$580,607
Net profitfrom sales ofsecurities
•
956,956
270.347
Total
21,537,563
Salaries,directors'fees
14,415
Operating expenses,interest paid
248,449
Provision for taxes
196,797
Amort.of deben. discount,organiza'n & finan.exp.
18.000
Net income
$1,059,902
Dividends paid and payable
241,135
Balance, surplus
5818,767
-V.128. p. 3205.
$643,578
7,462
253,080
63,273
21,546
$298,224
45,000
$253,224
Standard Oil Co. of Louisiana.
-Acquisition.
-
As of June 1 it is stated that this company will take over Humble Oil &
Refining Co.'s producing properties in north Louisiana and south Atkansas.
-V. 125, p. 1852.
Standard Oil Co. of New York.
-New Directors.
-
Earnings.
-The consolidated net earnings of the corporation,
and all other charges, for the past 6 years, as certified by J. Leeafter taxes
Nicholson
& Co., certified public accountants, are shown below. These figures do
not reflect any earnings from the corporation's investment in the two banks
mentioned above..nor from the S. W.Straus Investing Corp. It is believed
that substantial earnings will be received from these sources in the future.
Calendar
Net After Taxes, &c..
Per Share on 1,000,000
YearsDeductions.
Shares of Capital Stock.
1923
$3,319,382
3.31
1924
2,137,509
2.13
1925
4,397,359
4.39
1926
2,318,100
2.31
t
1927
2,681.020
2.68
1928
3,949.786
3.94
Average
$3,133,859
3.13
Dividends.
-Dividends are being paid on the capital stock at the annual
rate of $2 per share.
Condensed Consolidated Balance Sheet Dec. 31 1928.
Resources.
Liabilities.
Cash and call loans
$16,796,614 Deposits for bonds & coupons $14,419,581
Called bonds
789,016 Balances on Issues underwrit_ 11,478,306
Short term real estate bonds_
476,700 Customers' and other acGovt., utility, Sm.. securities 5,648,939
counts
Straus underwritings at cost_ 18,411,521 Accrued payable taxes and 4,672,253
Interest,
Customers' loans secured_ _
1,603,252 dividends payable
Accts. & accrued int. recelv_ 1,851,346 Interim receipts outstanding_ 1,644,280
827.839
Sundry stIcs., bonds,loans,&c. 7,500,039 Liabilities to be liquidated by
Bonds held for delivery
812,500 escrow deposits
16,096.994
Deposits in escrow for specific
Capital stock, surplus and
liabilities
16.096,995
reserves
28,904,382
Dank bldgs. (less mtge., dm.) 8.056,817
Frederic Ewing and Richard P. Tinsley have been elected directors.
Mr. Ewing joined the Socony organization last October after 14 years'
service with the Pan American Petroleum & Transport Co. of New York.
Total
Mr. Tinsley has been Vice-President of Waters Pierce Oil Co. (St. Louis),
Assistant Comptroller of Standard Oil Co. of New Jersey; Treasurer of -V. 128. p. 267.
Standard Oil Co. of New York, and Vice-President of the American International Corp.
Studebaker
-V. 128. P. 2824.
Standard Textile Products Co.
-Recapitalization.
The stockholders
have approved the change in capital structure suggested
by the directors (see V. 128. p. 2850). Under the new plan there will be
authorized and Issued 50.000 shares of 7% preferred A stock: authorized
50,000 shares of 5% preferred B stock, of which 40.000 shares will be
Issued; and 300.000 shares of common, with 200.000 shares outstanding.
James D. Buchanan and Robert J. Sachs were elected directors to
succeed Henry M. Garlick, deceased, and Frank Hitchcock.
President James T. Broadbent announced to the stockholders that the
company shipped 3,812.000 pieces of goods last year, compared with
4.2001,00 in 1916. its best year. In 1928 net profits were less than in
1927 because raw materials cost more, whereas prices of finished goods
did not advance proportionately.
-V.128. p. 3014.
Stein Cosmetic Co., Inc.
-Acquires La France Toil
Goods Co.
The corporation announced on June 6 that it has arranged to purchase
all the common stock and assets of the Societe La France Toilet Goods
Co., Inc. Through this acquisition, the Stein company now controls
five units, the others being M. Stein Cosmetic Co., Alexander Laboratory,
Inc., Synthesa Laboratories and Kayo, Inc.
The La France company was incorporated in 1921 and since that time
has been successfully engaged in the manufacture and sale of creams,
lotions, compacts, powders, perfumeries, toilet preparations and bath
salts retailed under the,
trade names of "Springtime," "Fond Memories,
and "Narcissus-Ambre.
' In addition to a large volume of trade with
chain stores, department stores and jobbers, the company does a large
export business.
-V. 128, p. 3532.
[Vol,. 128.
$78,043,639
Total
$78,043,629
Corp. of America.
-Offers To Exchange
Common Stock for Pierce-Arrow Class A Shares.
-
The corporation has announced plans to offer stockholders of Pierce
Arrow class A stock the right to exchange their shares for Studebaker
common on the basis of 23ej shares of Pierce-Arrow class A for one share
of Studebaker. Both Studebaker and Pierce-Arrow directors have approved the proposal and a letter containing the offer will be mailed to
Pierce-Arrow stockholders within the next two weeks.
With 197,250 shares of Pierce-Arrow class A stock outstanding, the proPosed exchange would require the issuance of 78,900 shares of Studebaker
common stock.
Enters Low-Priced Eight Field with New Dictator.
-
The corporation is entering the low priced eight field to
-day with the
Introduction of a new model Dictator eight priced from $1,185 to $1,435.
The company will continue to manufacture the Dictator six and Commander
six' Production of the new Dictators will go ahead at a rapid rate because
stocks of this line in dealers' hands are practically depleted. Two new
eight models are priced below corresponding models of the former Dictator
six. The Eight Business coupe at $1.185 is $80 below the six and the new
eight four-door sedan at $1,335 is $10 below the former corresponding six
model. Three other new eights range in price from $20 to $50 above the
comparable old sixes.
Following is the price list on models to be offered: Two passenger coupe,
21,185: four passenger coupe, $1,235; club sedan for five, $1,235; Tourer
for five $1,285; four-door sedan, five passenger, $1,335; five passenger
Regal sedan. $1.435.
• New Secretary, &c.
-
A. G. Rumpf, former President of the Motor Dealers Credit Corp.,
has been appointed secretary and treasurer of the Studebaker Corp. H.
Stromber Carburetor Co.of America, Inc.
-Merger, &c. E. Dalton, former General .Auditor and Secretary of the company has
President William L. O'Neill announced after the annual stockholders' been appointed comptroller.
meeting that the stockholders had authorized the dissolution of the corpoInventories of
ration and had re-elected the present board for the purpose of liquidation. were at the lowestStudebaker and Erskine cars at the beginning of May
level for this season in five years, it Is announced. Dealers
He stated also that at a meeting of the board the former officers had been on April
18.814 cars
22,395
re-elected and that pursuant to the plan of reorganization the directors had ing date 30 showed stocks ofcompany atagainst1 held on the corresponda year ago. The
May
8,000 cars against
authorized the immediate distribution in liquidation to its stockholders 10.837 last year.
of 180,000 shares of the stock of the Bendix Aviation Corp. on the basis
The persistent rumor in financial circles that the corporation is planning
of 1 1-5 shares of Bendix for each Stromberg share. On and after June 7 to discontinue the Erskine line was emphatically denied on May 28 by
Stromberg holders may surrender to the Guaranty Trust Co. their certifi- Vice-President Paul G. Hoffman. "The small car is not being pushed as
cates for cancellation and receive in exchange certificates of stock of Bendix It was in
1927 and 1928 because of the great increase in the more profitable
Aviation Corp.
-See also V. 128, p. 3205.
eight cylinder business,' he sai. 'we are selling at the rate of 30,000
Erskines per year, nevertheless."
-V. 128, p. 3014.
(S. W.) Straus & Co., Inc. (of Del.).
-Stock Offered.
Offering is being made by Colvin & Co. of a block of 40,000
shares (no par) capital stock at $56.75 per share. This stock
carries a quarterly dividend of 50c. a share payable June 1
1929. This is the first time that stock of this corporation,
which for many years has been the acknowledged leader in
the field of real estate financing, has been made available
to the public. The offering does not constitute new financing
for the account of the company, the block of stock having
been purchased from the holdings of a member of the Straus
family. A. W. Straus.
Data from Letter of President Nicholas Roberts, May 29 1929.
History and Business.-Incorp. in Delaware in 1922 as the parent company of the various Straus organizations. The business was originally
established in Chicago in 1882 for the purpose of placing small mortgages
on homes and reselling the same to individual investors. For many years
it has been the acknowledged leader in the field of real estate financing,
having originated methods in the safeguarding and distribution of real
estate securities which are standard practice at the present time. These
methods, in the use of which the corporation is the pioneer, include the
split-up of individual mortgages into fractional mortgages or bonds of
convenient denominations, and the adaptation of the European system of
amortization to lending on mortgage in the United States. In order to
handle its business along the most advantageous lines, the corporation has
built up an extensive organization of experienced real estate, architectural
and engineering experts.
While the corporation still specializes in 1st mtge. bonds of its own
origination on the highest type of urban real estate, it also rounds out the
investment service which It offers its clientele by the purchase and distribution of a general line of investment securities, Including funded debt
obligations and preferred and common stocks.
- The corporation's retail sales organization operates from 41 offices located
at strategic points throughout the United States and serves practically
every State in the Union. Through a Canadian corporation it also serves
the Dominion of Canada. The corporation has built up an established
clientele which is now well in excess of 100,000 retail customers, and it is
considered noteworthy at the present time that the average individual
retail sale of securities if approximately 51,300.
As an indication of the volume of business done by the corporation in
real estate mortgage bonds, it is of interest to note that during the 10 years
ended Dec. 31 1928 the corporation purchased an aggregate of $853,369.000
principal amount of such bonds. At the present time approximately
$252,400,000 of such bonds have been repaid.
-story
The corporation owns in fee, through subsidiary companies. the 34
Straus building in Chicago and the Straus buildings in San Francisco and
Pittsburgh. It also owns the Straus building (leasehold) at 565 Fifth Ave.,
N. Y. City. In addition, the corporation owns over 67% of the common
stock of the S. W. Straus Investing Corp. of Del. with a net worth of
'
55.800.000. This company was organized in February 1929 for the purpose of making short-term loans to finance building construction, pending
the placing of permanent klaDP. It also possesses broad investment trust
powers.
Through subsidiary companies the corporation also owns 33% of the capital stock of the Straus National Bank & Trust Co. of New York and 30%
of the capital stock of the Straus National Bank & Trust Co. of Chicago.
both of which banks were organized in 1928. The aggregate resources of
these two banks at the present time are over 530,000.000.
Capitalization.
-The entire capitalization Consists of 1,000.000 shares
of capital stock of no par value.
ashing Machine Corp.
-Earnings.-
Calendar Yearse W
1928.
1927.
Net profits after charges St Federal taxes
5834,047 *2398,494
Earns. per share on 502,915 shs. cont.stock (no par)
$1.65
$0.79
*Includes charge for extraordinary expense.
-V. 127, p. 2839.
-Extra Dividend.
Thomson Electric Welding Co.
-
The company on June 1 paid an extra dividend of $1 per share in addition to the regular quarterly dividend of 50c. per share.
-V. 123, P. 2667.
Tidal Osage Oil Co.
-Merger Approved.
-
The merger of this company and the Darby Petroleum Corp. was approved May 14 by the stockholders of the two companies. The transaction
was effected by the exchange of 631,319 voting and non-voting shares of
Tidal Osage stock for a like number of Darby capital shares.
The Darby company has no bank loans, bonds or preferred stock.
Capital shares outstanding of the Darby company total 1,019,392. with
230,608 additional shares authorized for future issue.
-V. 128. p. 2482.
Timken Detroit Axle Co.
-Extra Dividend.-
• The directors have declared an extra dividend of 34 of 1% in addition to
the regular quarterly dividend of 1 H %,both payable July 1 to holders of
record June 29. Like amounts were paid in the preceding 10 quarters.
-V. 128, P. 2825.
Transcontinental Air Transport, Inc.
-Confirms Merger with Maddux Air Lines.
Cheater W. Cuthell, general counsel of Transcontinental Air Transport:
Inc., has confirmed the announcement made in Los Angeles that the Maddux Air Linea Co. would be acquired by Transcontinental. Subject to
approval of Maddux stockholders, this company's stock will be held bY
'I'. A. T. but it will continue as an operating company. The consolidation
will create the largest air transport system in the United States.
-V. 128,
P. 1575.
Truscon Steel Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 20,000
additional shares of common stock (par 510), 2,573 shares on official notice
of issuance on subscription by stockholders or in exchange for common
stock of Trussed Concrete Steel Co., and 17,427 shares on official notice of
Issuance on subscription by stockholders or upon sale to employees and
release from restrictions, making the total amount applied for 625,389 AIM
The subscription price as fixed by the directors is 240 per share. Such
subscription rights are tendered only because of the requirements of the
lawn of Michigan.
The intention of the company in providing for the issuance of the 20,000
shares of its common stock is to have available 2,573 shares for application
to the purchase price of 669 shares of the common stock of the company's
subsidiary, Trussed Concrete Steel Co. of Canada, Ltd., and to have the
remainder of the 20.000 shares available for sale and Issuance to the company's employees under plan similar to that heretofore followed by the company in the sale and issuance of stock to its employees.
-V.128, P• 3533.
Tuckett Tobacco Co., Ltd., Hamilton, Ont.-Earns.-
Years End. Mar. 31Net prof. after taxes, &c.
Pref. dividends (7%)_ - Corn. dividends(4%)_
1929.
3458,791
140,000
100,000
1928.
$408,569
140,000
100,000
1927.
$345,015
140,000
100,000
1926.
$308,665
140.000
100,000
Balance,surplus
Earned on conunon
-V. 126, p. 3467.
8216.791
$12.67
8188.569
$10.74
$105,015
$8.20
$68,665
S6.74
JUNE 8 1929.1
FINANCIAL CHRONICLE
Ungerleider Financial Corp.
-Stock
Exchange.
-
3851
N. Y.,thereby bringing under one head
well-known
Taken Off Produce as Minpro, Oxford Crystal. Cranberry suchKennyetto. brands of Feldspar
Biospar
and
Samuel Unger'eider & Co. has issued the following statement: "Ungerleider Financial Corp.stock was originally placed on the New York Produce
Exchange without the knowledge or approval of the corporation or Samuel
Ungerleider & Co. It has now been removed as a result of the specific
request of the company. In due dourse, the company plans to make
-V. 128, p. 3370.
ggication for listing on the New York Curb Market."
Union Carbide & Carbon Corp.
-New Stock Placed on
a $2.60 Annual Dividend Basis.- •
The directors have declared a quarterly dividend of 65 cents per share
on the new common stock of no par value, payable July 1 to holders of
record May 31. This is equivalent to $1.95 per share on the old common
stock outstanding prior to the stock split-up on a 3
-for-1 basis. Dividends
at the rate of $1.50 quarterly had been paid on the old shares.
-V. 128.
p. 3533.
Union Oil Co. of California.
-Bonds Called.
-
The Equitable Trust Co. of New York, as trustee, has issued a notice to
holders of 1st lien 5% 20
-year sinking fund bonds, due 1931, series A, to
the effect that $849,000 of these bonds have been drawn by operation of
the sinking fund, for redemption on July 2, at 102M and int. Drawn
bonds are required to be surrendered at the Equitable Trust Co., 11 Broad
St., N. Y. City, on July 2, next, after which date, interest on drawn bonds
will cease.
R. J. Keown, Treasurer, has been elected a Vice-President.
-V. 128.
p. 2482.
Crystals,
a product used in concrete facing and for the manufacture of shingles, is
also produced by this corporation. The Roessler & Hasslacher Chemical
Co., of 10 East 40th St., N. Y. City, are sole sales agents for the products
of the merger corporation.
The corporation has begun the enlargement of one of its plants and has
plans under way to double the capacity of the Maine plant and install an
aerial tramway from the quarry to the mill. The New York office of the
United Feldspar Corp. will be at 10 East 40th St. after June 10 1929.
United Founders Corp.
-Acquisition-Broadens Field:
-
This corporation has purchased approximately a one-third interest in
both the participating preference and common stocks of the United National Corp., Seattle, Wash., which controls a group of diversified companies
in the Pacific Northwest.
The United Founders Corp.,a holding company of the American Founders
group, has resources of approximately $35,000,000 and the new affiliation
will greatly augment its influence, as the United National group has combined resources of approximately $25,000,000.
The directorate of the United National Corp. will be increased from 5 to
members, 3 of the new members being named by United Founders Corp.,
viz., Louis H. Soagrave, E. Carleton Granbery and Royal E. T. Riggs.
Joshua Green will also be added to the board.
The United National Corp. will have available the statistical, analytical
and economics service of the American Founders Corp.
United Investment Assurance Trust.
-Stock Offered.
Offering of 50,000 series "B," units of United Investment Assurance
Trust, each unit consisting of two 6% preferred shares ($25 par) and one
no par common share with rights, is made by Founders Securities rust at
$77.50 a unit and accrued dividend.
Capital structure authorized consists of$50,000,000 debentures. 1.000.000
United Aircraft & Transport Corp.
-Listing.
--The New York Stock Exchange has authorized the listing of additional cumulative preferred shares (par $25), 500,000 no par common shares and
500.000 no par founders shares.
shares of common stock (no par value), as follows: (a) 40,000 shares on
Rights attached to the units entitle the holder to purchase ;If of 1 comofficial notice of issue from time to time (on or before Dec. 31 1929) to.
and payment in full by, certain directors and certain employees of the mon share from Jan. 1 1930 to July 1 1930, at $27.50 a share and at adcorporation and its subsidiary companies: (b) 10,000 shares on official vancing prices thereafter to $32.50 a share for the period from July 1 1932.
notice of issue from time to time in exchange for shares of the class A stock to Jan. 1 1933.-V. 127, P. 123,
_ and shares of the class B stock of Stout Air Services, Inc.. (c) 4,683 shares
United National Corp., Seattle, Wash. 77'n-Neu
on official notice of issue from time to time in exchange for the shares of
the class A stock and the shares of the class B stock of Pacific Air Trans• terests, &c.
port which shares constitute minority interests not owned by the corporation.
See both the United Founders Corp. and United Corp. above.
-V. 128.
The total amount of common stock the listing of which has been applied for Is 1,778.677 shares (of a total authorized issue of 2.500,000 shares). p. 3534.
Sale to Directors and Employees.
-The sale of 40,000 shares of common
Asbestos Co.
United States
-Registrar.
stock to certain directors and certain employees of the corporation and its
The Equitable Trust Co. of New York has been appointed registrar for
subsidiary companies at $30 per share was authorized by the directors
-V. 128, p. 3702.
May 2 1929. The holders of previously issued common stock do not certificates of deposit.
have any preemptive right in or preemptive right to subscribe to the
United States Electric Light & Power Shares, Inc.
40,000 shares.
Issue in Exchange for Shares of Stout Air Services, Inc.
-Corporation has -Dividend of 64 Cents.
offered to acquire from the stockholders of Stout Air Services, Inc., all or
The corporation announces that the quarterly dividend due June
any part but not loss than 757 of the class A stock of said Stout company trust certificates, series A, Is payable at the rate of 64c. per share, 1 on
0,
owned by them, respectively, by the issue, in exchange therefor, of shares $47.03 per unit accruing to the reserve fund. This compares with with
67c.
of the common stock of the corporation at the rate of 1 share thereof for
share paid in the last quarter. See V. 128, p. 1417.
every 15 shares of said class A stock so acquired, or, at the option of the per
respective holders of said class A stock by the payment of $5 in cash, for
-Annual Report.
Utah-Idaho Sugar Co.
each share of said class A stock so acquired. The number of shares of
Feb. 28 '29. Feb. 29 '28. Feb. 28 '27,
Years Endedclass A stock issued (or for which subscriptions have been received) is Profit realized on sale of prior year's
120,000 shares. Complete exchange of such 120,000 shares of said class
sugar
$629,948
$625,609 $1,500.17
A stock will require 8,000 shares of common stock of the corporation.
773,411
777,646
803,011
The holders of the total authorized and outstanding shares of the class Depreciation, &c
B stock of Stout Air Services, Inc., to wit, 79,000 shares, have agreed to
def$143,463 def$177,402
Balance, surplus
$722,525
exchange said 79,000 shares for 2,000 shares of the common stock of the Profit on current year's sugar
Cr.209,174 def491,361
corporation, such agreement, however, having been made upon and sub- Depreciation, &c
146.306
870,144
ject to the following condition, among others: that, prior to said exchange,
the holders of at least 75% of the outstanding shares of the class A stock
Lossfor year
$143,463
8114,533
$638,979
of Stout company shall have become parties to the deposit and exchange
742,896
1,366,756 2,586,637
.agreement and that, simultaneously with said exchange, the corporation Previous surplus
shall acquire legal title to all shares of said class A stock so deposited.
Balance
$599.433 $1,252,223 $1.947.657
The directors by resolutions adopted at a meeting held on May 2 1929. Adjust. due to plant rev
xCr.975,320
revision
authorized the issue of an aggregate of 10,000 shares of common stock in Miscellaneous adjustments
Dr.117.772
Cr.7,684 Dr. --",14-6 2
8
exchange for the 120.000 shares of class A stock and 79,000 shares of class Expense of moving Delta plant
275.010
B stock of Stout company.
Res.for poss. losses on farmers sects
31,999
Issue in Exchange for Shares of Pacific Air Transport.
-Corporation owns Preferred dividends(7%)
210,000
210,000
210,000
directly or indirectly 3.292 shares, out of the 4,500 authorized and out- Common dividends(2%)
284,760
standing shares (par $100). of the class A stock of Pacific Air Transport
and 370 shares, out of the 500 authorized and outstanding shares(par $100).
Surplus
$742,897 $1,366.756
$1,246.982
of the class B stock of Pacific Air Transport. Corporation has offered to
x Adjustment resulting from application of company's revision of plant
exchange at an average rate of not exceeding 334 shares of its common depreciation in excess of the Internal Revenue Department's reduction of
stock for each of such 1,208 shares of class A stock and for each of such book values of the permanent asset accounts as of Feb. 28
1926.
130 shares of said class B stock which are not owned by it. Complete
Comparative Balance Sheet
exchange of such 1,338 shares will require not exceeding 4,683 shares
common stock and the directors on May 9 1929 authorized such issue.of
Feb. 28'29, Feb. 2928.
Feb. 28'29. Feb. 29'28.
AssetsLiabilities
$
Consolidated Balance Sheet, March 31. 1929.
Plants and equip.
Preferred
3,000,000 3,000,000
Assets
less deprecia'n_13,240,725 15,212,009 Common stock
14,238,000 14,238,000
Land bldg., equip., &o
3,304.019 3,340,429 1st mtge.6% bds- 5,500,000 5,950,000
83,707,011 Preferred stock
812,000,000 Real estate
Cash
4,216,841 Common stock
Outstand'a factory
:6,861,169 Irrig. pro'. Prop.&
Call loans
reservoir rights,
500,000 Common
sight drafts pay_
29,905
44.626
30
Accounts & notes receivable 2,454,182 Accounts script
980,164 Notes payable___ 6,015,000 5,775.000
less deprecia'n 3,408,241
payable
760.882
Marketable securities
1,139,738 Accr. exp. int., taxes, &c --- 1,275,210 Cash
482,025 Accounts payable_ 172.411
428,576
182,711
Inventories
4,074,114 Advances on contracts
594,756 Accrued int., prop.
14,759 Notes & accts. rec- 831.601
Other current assets
167,295 Res. for dam, to fly. eq.. &c
7,649,914 7,821,760
169,858
taxes &exp. pay. 179,989
103,744 Inventories
Investments
9,212,100 Min. int. in Pac.Air Transport 155,786 Securities
103,129 Est. addl. nab. to
14,575
Patent rights & royalties
23,037 Paid in surplus
51,565
growers on beets
7,521
1,312,500 Land & water sales
Deferred charges
109,636 Earned surplus
63,946
contr's receivle_
57,164 Sundry payables_
22,393
19,488
3,119,874
82,229 Deferred income__
Farm mtge. loans_
517
80.340
$25,603.954
Total
Total
Ites, for conting's_ 175,000
Store mall & oper.
175,000
825.603,954
958,155 Surplus and undi800,371
x Represented by 1,557,308 no Pat shares.
supplies
-V.128, p. 3523.
Adv. on farming
742.897
vided profits__ 1,246,983
operations
2,364
2,900
-Merger Voted.
United Aviation Corp.
51,466
Stockholders Juno 6 confirmed the plan recommended by the directors Sundry stks.& bds. 40,946
by which the company is to be merged in an investing company which is Sundry notes and
171,881
Beets receivable 217,001
to be under the control of the Air Investors. Inc.. of New York City.
Lawrence Scudder, President of the corporation, announced after to-day's Land & water sales
135,210
166,511
contracts
meeting that it would transfer to a New York company the assets which
359,289
Def.& prep'd exp_ 335,168
Total(each side) 30,584,297 30,352,568
his company holds In Scenic Airways, Inc., and in the Aviation Corp.
-V.126, p. 3468.
-Stock All Subscribed.
United Carbon Co.
-
Of the 25,008 shares of additional common stock recently offered to
-To Split-up Shares.
Vick Chemical Co.
stockholders at $50, more than 98% was subscribed for by stockholders,
The stockholders will vote June 13 on increasing the authorized
according to an announcement by President Oscar Nelson. As the unsub- value capital stock from 400,000 shares (all outstanding) to 1,200,000no par
shares
scribed balance of less than 500 shares was taken by employees of the and approving the issuance of two new shares for each share held.
company, no stock whatever remained for the underwriters.
-V. 128,
See also Vick Financial Corp. below.
-V.128, p.3534.
P. 3533.
Vick Financial Corp. (Del.).
-Organized-Contract, ctc.
United Corp. (Seattle, Wash.).
-Name Changed-Stock
-President H. S. Richardson, June 3, in a circular letter,
Increased.
The stockholders on May 23 approved the following recommendations says in part:
of the trustees:
-Organized In Delaware by Vick Chemical Co.
Corporation.
(1) That the name of tbis corporation be changed to "United National orized by its charter to conduct researches and investigations, It is authbusinesses
Corporation."
and enterprises of every kind and description in the United States and else(2) That the authorized stock be increased from 180,000 shares,consisting where, particularly in the proprietary drug field, and to invest and employ
of (a) 150,000 shares of panic. preference stock and (b) 30,000 shares of its funds in underwriting securities of such enterprises, or otherwise to
common stock, to 1,200.000 shares of stock, consisting of (a) 1,000.000 participate in financing them; to invest its capital in all forms of securities
shares of partic. preference stock and (b) 200,000 shares of common stock.
including stocks, bonds, debentures, notes and other similar instruments
(3) That stockholders waive their preference rights to subscribe for the and rights; to hold, sell, exchange, pledge, mortgage, hypothecate and
:
next 150,000 shares of panic. preference stock to be issued. This corpora- generally deal in securities of every kind and description.
tion will not sell any of such shares (on which rights are waived) at less
Contract with Vick Chemical Co.
-The corporation is to acquire from
than $32 per share net to the corporation, without again offering to stock- Vick Chemical CO. under an agreement with it, high-grade marketable
holders preferential rights thereto. Stockholders waiving their rights securities consisting of bonds
and preferred stocks having a value of $2,000,prior to May 20 1929 will receive a warrant entitling them to their pro 000 in consideration of the issuance to stockholders of Vick Chemical
rata share of $1.50 for each share of such part of the 150.000 shares of newly Co. of 200,000 shares of its capital stock of $10 par value, constituting the
authorized panic. preference stock as to which preferential subscription entire issued capital stock at the time of their issue. Distribution of this
rights shall be so waived, and as shall be sold and issued by this corporation. stock will be made on June 13 1929 to stockholders of Vick Chemical Co.
p. (4) That the board of trustees be increased from 3 trustees to 9 trustees. of record June 10 1929. The securities to be acquired,all of which are listed,
(See also V. 128. p. 3533.
will be valued at current market prices as of the close of business on June 10
1929, as certified by Haskins & Sells, certified public accountants.
-Merger.
United Feldspar Corp. (Del.).
The purposes of this agreement are summarized as follows: (1) To
This corporation has acquired the capital stocks of the Tennessee Mineral provide Vick Chemical Co. with an investment banking connection, assoProducts Corp. of Spruce Pine, N. C., the Oxford Mining & Milling Co. of ciated with it, that will assist in providing public financing for the developMe., the Perham Crystal Feldspar Mines of Oxford County, ment of its business; (2) to have funds available in the amount of the
West Paris.
Me.,the United States Feldspar Corp. of Cranberry Creek, Fulton County, securities transferred and additional amounts as provided in the agreement,
3852
FINANCIAL CHRONICLE
for financing the future espansion of Vick Chemical Co.; (3) to provide
experienced investment management for the securities to be transferred.
and investment advisory service to Vick Chemical Co. without compensation for a period of 10 years: (4) to create good will for Vick Chemical
Co. by enabling it to offer-through its option to purchase at $10 per share
until Nov. 15 1929, additional shares of common stock of Vick Financial
-a portion of such shares to the owners, managers and employees of
Corp.
stores in the wholesale and retail trade engaged in the marketing of Vick
products.
The agreement further provides that Vick Financial Corp. shall offer for
subscription pro rata to its stockholders of record as of June 10 1929.
400,000 additional shares of common stock at $10 per share, in the ratio of
two shares for each share held. This subscription privilege must be exercised
on or before July 15 1929.
-The corporation has no funded debt, and upon subCapitalization.
et t
sefizc ion by its stockholders for the 400,000 additional shares of common
that are to be offered at $10 per share. its capitalization will be as
follows:
Capitalization (Upon Completion of New Financing.)
Authorized. Outstanding.
None
Cumulative preferred stock ($100 par value)- a200,000 shs.
b2,000.000 shs. 600,000 shs.
Common stock ($10 par value)
a Preferred stock has been authorized for future issue in series, on such
terms and at such dividend rates as shall be determined by the board of
directors. b As provided in the agreement with Vick Chemical Co., not to
exceed 150,000 additional shares of common stock are to be offered for
subscription at $10 per share to directors, officers and employees of Vick
Financial Corp. Not to exceed 150.000 additional shares of common stock
are to be reserved for future subscription by such directors, officers,
,
and employees not later than Jan. 1 1940, on 3 early options. in amounts
and upon terms designated by the directors of Vick Chemical Co. at prices
of not less than $10 per share until Jan. 1 1935 and $15 per share thereafter until Jan. 1 1940. All authorized shares of common stock not reserved
for the purpose set forth above, and any unsubscribed portion of stock so
reserved, are reserved for subscription by the Vick Chemical Co. until
Nov. 15 1929.
Transfer agent is Guaranty Trust Co.of New York. Registrar is Bankers
Trust Co.of New York.
Listing.
-Application will be made to list these shares on the New York
Curb Market.
-Through the exercise of their subscription rights, a large
Management.
portion of the initial capital will be furnished by members of the Richardson
family, who have a controlling interest in Vick Chemical Co. and who will
be actively identified with the management of Vick Financial Corp. In the
administration of the business of the corporation, the President will be
assisted by a finance committee.
The board of directors will comprise the following: Aubrey L. Brooks,
Chester F. Chapin, John W. Hanes, Harry B. Lake, A. W. McAlister,
Angus W. McLean, Julian Price, Richard S. Reynolds, H. Smith Richardson and Eugene W. Stetson.
Members of the finance committee are: Messrs. Hanes, Reynolds.
Richardson and Stetson.
-V.128. p. 3534.
-Initial Div.
Viking Pump Co., Cedar Falls, Iowa.
The directors have declared an initial quarterly dividend of 60 cents
per share on the $2.40 cumulative preferred stock, payable June 15 to
holders of record June 1. This places the stock on an annual dividend
basis of$2.40 a share.
Business of the company for the first 4 months of 1929 was 41% ahead
of the same period a year ago.
C. H. Bent, of John R. Thompson Securities Corp. and R. S. Hawes
-V. 128. p.3535.
of Hawes & Co.. have been elected directors.
-Earnings.
Vogt Manufacturing Corp.
Earnings for Year Ended Dec. 311928.
Profits after depreciation & taxes
Res.for Federal& State taxes
Netincome
Earns,per share on 100.000shares common stock (no par)
-V. 128, p. 3535, 1248.
-Capitalists Acquire WalWaldorf-Astoria Realty Corp.
The Waldorf-Astoria Hotel _property with Fifth Ave. frontage, extending
from 33rd to 34th St., N. Y. City, together with Astor Court and the Astor
Court Building at 18-20 West 34th St. and 25 West 34th St., has been
acquired by a syndicate composed of the following: Edgar S. Bloom (President of Western Electric Co.); Ellis P. Earle (President of Nipissing Mines
Co.); Richard H. Higgins (1st Vice-President of Chatham Phenix National
Bank & Trust Co.): Edward F. Hutton (Chairman of Postum Cereal Co.);
William B. Joyce (Chairman of National Surety Co.); Louis G. Kaufman
(President of Chatham Phenix National Bank & Trust Co.); Fred M. Kirby
(Vice-President of F. W. Woolworth Co.), Samuel McRoberts (Chairman
of the Board of Chatham Phenix National Bank & Trust Co.); Frank
Phillips (President of Phillips Petroleum Co.): J. Frederick Talcott (President of James Taleott, Inc.); S. Brinckerhoff Thorne (President of Thorne,
Neale & Co., Inc.); and Max S. Weil (of Samuel Well & Son).
Demolition of the hotel will be undertaken promptly. Thereafter a
model display and office building, with facilities suitable for stores and
banking institutions in its lower stories, will be erected on the entire site,
-V. 127, p. 3560.
comprising an area of two acres.
-May Sales.
Waldorf System, Inc.
Increase. I 1929-5 Mos.-1928. Increase.
-May-1928.
1929
$541,354
$6,070,902
$119,2221$6,612,256
81,240.576
31,359.798
-V. 128. p. 3371, 3016.
-Earnings.
(John Warren) Watson Co.
Income Account Year Ended Dec. 311928.
Gross profit from operations
Selling, admin. & general expense
$403,219
734,203
Net operating loss
Other income & deductions (net)
$330,984
17.946
Net loss for the year
-V. 126, p. 3468.
$3348,930
-Earnings.
Washburn Wire Co.(& Subs.).
,
The companY reports for the year ended Dec. 31 1928, net profits of
31.233,129 after depreciation and taxes, equivalent to $24.66 per share
on the outstanding $5,000,000 capital stock ($100 par), against $10.27 per
share in 1927.
Balance Sheet Jan. 1.
1929.
1928.
1928.
1929.
Assets$25,885 $102,687 Accounts payable_ $643,086 $497,015
Cash
5,000,000 5,000,000
953,497 Capital stock
Accts.receivable 1,097.739
3,002.281 2,269.151
32,217 Surplus
26,213
Notes receivable
2,380,327 1,909,254
Inventories
2,815,202 2,526,664
Real estate
1.863,282 1,136,039
Machinery
Total(each side)88,645.367 $7,766,166
436,719 1.105,808
Investments
-V 123. p. 1517.
-Earnings.
Weber Showcase & Fixture Co., Inc. 1928.
1927.
$239,418
$1.17
$138.479
$0.36
-Bonds Called.
Weirton (W. Va.) Steel Co.
The company has called for redemption July 1 1929, at 103 and int.
all the outstanding 1st mtge. 61' sinMng fund bonds of the authorized
Issue of $5,000,000, dated July 1 1919.-V. 128. P. 1248.
-Ordered to Drop Block
West Coast Theatres, Inc.
Booking Practice.
The West Coast Theatres, Inc., and other companies and individuals,
who controlled more than 100 motion picture theatres in California, are
ordered by the Federal Trade Commission to discontinue combining among
themselves to compel distributors and producers of motion picture films to
refuse to sell or lease films to competitors of West Coast Theatres. Inc.
Two separate orders against West Coast Theatres, Inc.have been entered by the Commission, each directed against West Coast and different
groups of respondents. One order applies to the combination in southern
California, the other to the combination in northern California.
One order names the following: West Coast Theatres, Inc.; West Coast
Theatres, Inc., of Northern California; Venice Investment Co.; Hollywood
Theatres, Inc.', All Star Feature Distributors. Inc.; Educational Film
Exchange: Principal Pictures Corp.: H. M. Turner, Fred Dahneken,
C. L. Langley and F. W. Livingston, partners doing business under the
name of Turner, Dahnken & Langley: and Messrs. A. L. Gore, Michael
Gore, Sol Lesser, Adolph Ramish and Dave Bershon, operating theatres
mostly in southern California.
The order does not apply to Principal Pictures Corp., complaint against
which was dismissed by the Commission at the same time the order was
issued. West Coast Theatres, Inc., owned 60% of the capital stock of
Principal Pictures Corp. until 1923. when it sold its interest to other stockholders of the pictures corporation.
Companies listed as respondents in the second order to cease and desist
are: West Coast Theatres Inc.; West Coast Theatres,
f Northern
Inc...
California; the T. & D. Junior Enterprises, Inc.: Herbert L. Rothchild
Entertainment, Inc.' H. M. Turner, Fred Dahnken, C. L. Langley and
F. W.Livingston, doing business under the trade name and style of Turner.
Dahnken & Langley, operating theatres mostly in northern California.
This order did not apply to Herbert L. Rothchild Entertainment, Inc..
complaint against which company was dismissed by the Commission coincident with the order. In July 1925 Mr. Rothchild sold all his stock in the
company to the then Famous Players Lasky Corp. The name of the corporation was changed to San Francisco Entertainment, Inc.
The Commission in its findings declares that West Coast Theatres, Inc.,
was in control of the market for motion picture films in southern California
and nearby territory because of its ownership and control of more than 100
theatres, its close association with other theatre owners, who were in some
Instances officers or stockholders and sometimes associated with West
Coast through contracts or other common interests.
Another reason given for this control was West Coast's power and Influence in the distribution field through ownership in Associated First National
Pictures, Inc. and by contract arrangements with Loew's, Inc.
The Commission declared that West Coast used this control in lessening
competition between producers and distributors in which it was interested,
as well as producers and distributors in which Loew's, Inc., was interested,
Including Metro-Goldwyn,
West Coast used such control also to cut off exhibitor competitors from a
supply of motion picture films necessary if they would compete successfully
-V.127, p. 124.
with West Coast. according to the Commission's findings.
-May Sales.
Western Auto Supply Co.
1929
-May
-1928
31 363,000
$1,085,000
-V. 128. p. 1928.
1929-5 Mos.-1928. Increase.
Increased
$278,000135,152,154 $3,878,864 11.273.290
-Equipment Trust Offered.Western Fruit Express Co.
The Bankers Co. of New York; Continental Illinois Co., and
Evans, Stillman & Co. are offering $1,350,000 43i% ecpitP.
trust certificates series D, which are unconditionally guaranteed by the Great Northern Ry., as well as Western
Fruit Express Co. The certificates are priced to yield from
6 to 5.15% according to maturities, which range from
1930 to 1944.
from June
Dated June 15 1929: serial maturities of $90,000 per annum
15 1930 to June 15 1944 incl. Dividend warrants payable J. & D. Prin.
and div. payable in N. Y. City at the principal office of Bankers Trust
Co, trustee. Denom. $1,000 c*. Legal investments for savings banks
$425,190 and trust funds in New York, Mass. and Conn., under-present laws.
67,765
These certificates are to be issued under an equipment trust agreement
with the trustee, covering new equipment consisting of 800 steel under$357,425 frame refrigerator cars to cost not leas than $1.920,000, and thus represent
less than 71% of such cost. The balance of the cost, approximately $570.000, equivalent to more than 29% of the cost, is to be provided by the
-V. 123. P• 858.
Western Fruit Express Co. in cash.
dorf Property.
Calendar YearsNet income after charges but before Federal taxesEarns. perch. on 125,000 shs. com.stock (no par).
-V. 127, p. 3109.
[VOL. 128.
-Registrar.Western Tablet & Stationery Corp.
The Chase National Bank has been appointed registrar for voting trust
-V.127. P. 3723•
certificates for common stock.
-Reorganization Plan.
West Virginia Coal & Coke Co.
A plan of reorganization dated June 5 has been prepared and
adopted by the committee named below. A letter to the
holders of 1st mtge. 6% 25-year sinking fund gold bonds
by the bondholders committee says in substance:
-On May 9 1929 the U. S. District Court for the Southern District
Sale.
of West Virginia decreed an absolute sale of the mortgaged properties of
the company in the foreclosure suit brought by the trustees under the
mortgage dated Jan. 1 1925. The committee will be represented at the
sale and prepared to bid for the property, in order to protect the bondwhich
holders who have deposited their lyonds, in case no bid is received of the
will yield a substantial payment to the bondholders. In the event
to the committee upon its bid, it is proposed to reconfirmation of a sale
organize the company.
The plan of reorganization has been prepared and approved by the committee after careful consideration of the general conditions existing in the
bituminous coal industry and a thorough examination of the properties of
the company. The committee believes that a review of what it has found
to be the situation in the industry and in the company will assist the bondholders to understand the plan of reorganization and its approval by the
committee.
The Industry.
-The bituminous coal industry is in a period of readjustment, not only in this country but abroad. The readjustment was caused
by the excess production developed during the World War coupled with the
growing use of substitutes, such as fuel oil and electric power. There have
also been developed many economies in the use of coal, thus further limiting
demand. The readjustment has been prolonged by frequent strikes, which
have tended to keep alive the inefficient mines and the competition they
,
furnish. In this country the situation has been further complicated by
changing freight rates and the unsettlement of markets thereby caused.
-The readjustment has brought two developResults of the Readjustment.
ments. The first has been a constantly declining price for soft coal. Lower
Prices have brought lower earnings, if not deficits, and as earnings are the
support to property values there has been a serious decline In the values
Of bituminous coal properties.
The second development has been the growth in the demand for a better
Product. It is now necessary to produce cleaner and better prepared coal
than ever before.
Both of these developments make necessary the investment of new
capital. The low prices must be met by the introduction of such cost
reducing machinery as has been proved efficient. and the facilities for good
preparation must no provided.
Future of the Industry.
-It seems likely that low prices and the necessity
for the investment of new capital will ultimately force many mines to close.
It is also probable that economies in the use of coal cannot be extended as
rapidly as in the recent past. In time competition should become less
severe and the natural growth of the country be reflected in a growing
demand for coal. How long it will take to complete the readjustment Is
impossible to determine, and it would be dangerous to reorganize any soft
Coal company on the theory that improvement is near at hand.
-The mines of the West Virginia Coal & Coke
Situation in IVest Virginia.
Co. are all in the State of West Virginia. They have been under the same
mined have
influences as the industry generally. But West Virginiaformerly hadalso
an
to face two new problems. As non-union fields, they
fields which were operated by
advantage over several other important
union labor. This advantage has been lost with the gradual change to
non-union conditions elsewhere and the wage reductions made in union
has
fields. The second problem arises from the fact that there favorbeen a
of the
change in freight rates on coal shipped to the Great Lakes in West Virmakes it necessary for
mines of Pennsylvania and Ohio. This
ginia mines to sell at lower prices in order to hold their markets. cable
-The properties of the company are
Properties of the Company.
of producing well prepared coal at reasonable production costa. They
need new capital in order to provide such cost-reducing equipment as is
practical, and more of the facilities for making that quality of product
called for by present-day demands.
JUNE 8 1929.]
FINANCIAL CHRONICLE
The West Virginia Coal & Coke Co. has a 100% ownership of two subsidiaries, the Junior Mercantile Co. and the Ohio River Co. The former
owns and operates the company stores. The latter owns and operates a
barge line on the Ohio River. Both companies depend on the volume of
business of the parent company, but both have been profitable. The
Ohio River Co. is capable of much development, and as the volume of its
business is increased its net earnings should rise even more rapidly. The
receivers have been developing, and it is expected the new company will
continue to develop coal business in the territory which can be served
by: this subsidiary.
Leasehold Lands.
-A large quantity of the coal mined by the company
has been from lands held under lease from the Cole & Crane Real Estate
Trust. This lease was made when prices were higher. Under present
conditions the royalties have become a great burden.
The committee is pleased to report that it has succeeded in negotiating
a new lease under which the present tonnage royalties have been reduced
from 15 cents a ton to 10 cents a ton and the minimum annual royalty has
been reduced from $275,000 to $225.000. The difference in the annual
minimum royalties is equal to one-half the interest charges on the funded
debt of the new company. The arrangement provides that the land owner
shall have, as additional royalties, a 10% interest in the profits of the leased
properties, thus making the additional royalties dependent entirely on
successful operations.
Earnings of the Properties.
-The net earnings of the Wet Virginia Coal &
Coke Co.for the last three years, including since Dec.2 1927 the operations
of the receivers, together with the subsidiaries, have been as follows:
1926.
1927.
18.
92
West Virginia Coal & Coke Co
$489,149 defS169,571 def$318,738
Junior Mercantile Co
179.435
148,303
89,452
Ohio River Co
61,701
145,355
66,586
Total
$730,286
$124,087 def$162,700
Requirements for bond interest
588,295
573,500
570,000
The earnings of the coal company are before interest charges, reserves
for contingencies, depreciation and depletion. The earnings of the subsidiaries are after'all interest charges and depreciation reserves.
During the period covered the decline in prices suffered by the company
Is seen in the fact that in January 1926 the average price received was
$1.54 per net ton and in December 1928 was $1.33 per net ton. At this
time prices are even lower.
While 1928 makes a very poor showing, there were some encouraging
features. The receivers succeeded in effecting economies in operation
which were reflected in a gratifying reduction in the cost of labor and supplies, and this was accomplished in spite of the loss in volume which came
with the decision not to meet the competitive prices which existed during
the year on coal shipped to the Great Lakes. In addition, the receivers
accomplished an improvement in the quality of the product.
The committee believes that with the expenditure of money for cost
reduction and better preparation, together with sound credit and good
management, the company can be restored to its proper place in the industry and put in a position to take advantage of any general improvement
in the soft coal industry.
Plan of Reorganization.
In determining upon a plan of reorganization which would best serve the
interests of the bondholders, the committee found it necessary to consider
the following:
(1) The estimated need for new money is $2,400,000, to be used for additional and improved equipment, increased development of the lower cost
mines and working capital.
(2) The possibility of a prolonged continuation of the readjustment in
the industry against which the reorganized company must be fortified.
(3) Sound credit, which under such circumstances can only be had with
a minimum of fixed charges.
The reorganization plan, as here proposed, recognizes the fact that in
effect the bondholders own the property.
The capitalization of the new company will be substantially as follows:
1st mtge. 20
-year 5% cony, bonds (authorized $5,000,000)_._ $2,000,000
Common stock (no par) (authorized 750,000 shares)
522,007 shs.
The new money will be raised through the sale of the $2,000,000 of bonds
and 48,000 shares of stock in units of $1,000 of bonds of the new company
and 24 shares of stock for $1,204 per unit. These securities will be offered
to the bondholders, and to the extent not taken by them will be offered to
stockholders. The offering has been underwritten without commission.
Depositing bondholders are to receive common stock in the ratio of 40
shares for each $1,000 of principal and common stock on the same pro rata
basis for interest accumulated to July 1 1929.
All of the stock of the Ohio River Co. which is a profitable subsidiary,
is now pledged for a bank loan. The bank has agreed to accept the same
terms as are offered the bondholders, namely, 40 shares of common stock
for each $1,000 of principal and interest and to release this stock. This
valuable subsidiary is thus preserved to the new company.
Unsecured creditors agreeing to the plan are to receive 20 shares of stock
for each $1,000 of debt.
There will be about 147,993 shares of unissued stock in the treasury of
the new company. It is anticipated that, in order to encourage the utmost
efficiency, a large part of this will be put under option to those identified
with the management on whose efforts the success of the new company
will largely depend.
This plan provides the new money and a capital structure requiring fixed
charges of only $100,000 a year. Bondholders will have the right, but not
the obligation, to furnish the new money. Should they do so, they would
at the outset own the whole company except the small amount (approximately 48,407 shares) of common stock given the creditors for their claims.
Should they provide none of the new money,they will still hold at the outset
approximately 80% of the equity of the new company, with a minimum
.
ofb inr gcharges.
ra oa
It is contemplated that the management of the new
company will be in charge of John C. Cosgrove, the operating receiver,
who became associated with the company at the request of holders of a
large amount of bonds shortly before the appointment of receivers.
-The committee approves and recommends the plan
Recommendation.
of reorganization as submitted, and asks the co-operation of the bondholders
in enabling the committee to consummate the plan.
There has been deposited with the committee over 82% of the bonds.
Those who have not deposited their bonds and desire to participate in the
plan should immediately deposit their bonds with the depositary of the committee First National Bank, New York, or one of the sub-depositaries,
Atlantic National Bank, Boston, or First National Bank, Cincinnati.
The depositaries will 1891.113 receipts for the bonds so deposited. Deposit
of bonds will be received up to and including July 5 1929.
Committee.-Evereti B. Sweezy, Chairman; Joseph P. Ripley. John E.
Oldham and John J. Rowe, with Leverett F. Hooper,2 Wall St., New York
-V. 126, p. 4102.
-Initial Common Dividend.
Wheatsworth, Inc.
The directors have placed the common stock on an annual dividend basis
of $1 per share by the declaration of a quarterly dividend of 25c. per share,
payable July 1 to holders of record June 20.
Net earnings for the year 1928, after all charges, amounted to $410,759,
equivalent, after provision for dividends on the preferred stock, to $2.68
per share on the 121,000 shares of common stock outstanding. The com-seven story addition to its plant,
pany has recently completed a new 7
which will immediately triple productive capacity and, on account of the
complete automatic equipment installed, enable the company to effect
-V. 128. p. 1753.
ergo economies in production.
(H. F.) Wilcox Oil & Gas Co.(& Subs.).-Earning8. 7
Earnings for 3 Months Ended Mar. 311929.
011 & gas revenue---------------------------------------Gasoline sales
Refinery & marketing divisions
$477,885
48,601
87,866
Total income
Rents received & miscellaneous
4614.351
2.587
Total income
Production mfg. & marketing costa
General & administrative expense
Other deductions
Depreciation & depletion
$616,938
262,167
84,862
59,085
143,215
Net profit
-V.128. p. 2291.
$67,609
3853
Wilcox & Gibbs Sewing Machine Co.
-Suit Settled.
The suit brought in the U. S. Circuit Court of Philadelphia by the Union
Special Sewing Machine Co., of Chicago, in 1922 against the Willcox &
Gibbs Sewing Machine Co. of New York, has been decided in favor of the
latter. This suit was brought on the Presser Foot used on one of the Willcox
& Gibbs Machines for the manufacturing trade and caused considerable
comment in the sewing machine world.
-V. 126, p. 1059.
Windsor Hotel Limited.
-Earnings.
-Earnings for Year Ended Dec. 31 1928.
Eanrs. for yr. after oper. exp., Fed. & gen. taxes & prov. for bad
& doubtful debts
$620,008
Bond interest
218,519
Provision for depreciation
100,000
Net profit for year
Preferred stock dividend
$301,489
146,250
Balance,surplus
Previous surplus
Premium on bonds redeemed
$155,239
8,287
Dr.2,685
Balance as per balance sheet
Earns, per share on 50,000 shares common stock (no par)
-V. 126, p. 1215.
$160.840
$8.11
Winton Engine Co.
-Earnings.
Calendar YearsGross profit
Depreciation
Operating expenses
1828.
$835,201
77.594
271,266
x1927.
y$585,675
Operating income
Other income
$486,341
$306,572
10,984
Total income
Interest
Other deductions
Federal taxes
$486,341
24,375
6,466
52,369
$317,556
z$403,130
26,251
$265,398
Netincome
Dividend on convertible preferred stock
3'79,103
11,977
40,181
Balance
$376.879
$265,398
Earns. per sh.on 40,000shs.com.stk.(no par)_ __ _
$7.82
$4.38
x Predecessor company. y After depreciation. z Exclusive of certain
non-recurring charges amounting to $19,294.
The company reports for the quarter ended March 31 1929, net income
of $190,889, after charges, equal after allowing for taxes, to $5.56 a share
on the class A stock and after class A dividends to $3.61 a share on the
common stock.
-V. 128, p. 3526.
-Sales Increase.
(F. W.) Woolworth Co.
1929.
1928.
1927.
1926.
V8,578,234 $22,997,525 $20,914,300 $20,263,699
Month of May
First five months
112,198,650 102,880,060 96,360,246 88,179,671
The gain in old stores in May 1929 was $4,241,488. or 18.47% over the
same month last year. The old stores gain for the five months ended
May 31 1929 amounted to $4,286,565, or 4.21% over 1928.-V. 128.
P• 3371, 3207.
-Earnings.
Yukon Gold Co.
Years End. Dec. 31Operating profit
Other income
1928.
$795,856
166,810
1927.
$825,180
118,653
1926.
$364,560
144,361
1925.
$758,995
106,330
Total income
Taxes,interest,&c
Depletion
Depreciation
Miscellaneous
Loss on sale assete
$962,666
283,509
58,962
224,818
6,192
$943,833
324,408
53,460
208,135
22,960
$508.921
345,830
40,025
155,018
22,069
x517,749
$865,325
334,659
100,546
275,582
y615.001
Net profit
$389,185
$334,870 defE571,771 def$460,413
x Loss on sale of Dawson assets. y Loss on sale of Trinity River Dredge
and loss due to abandonment of Trinity River lease.
-V.127. p. 1542.
CURRENT NOTICES.
-"Wall Street and Washington" is the name of a book about to be issued on
the conflict between the Stock Exchange and the Federal Reserve Bank,I.e.•
the arbitrary control of the rediscount rate. The author is Joseph Stagg
Lawrence, out-of-door Princeton Economics instructor, who served in the
World War, returning as a captain of Infantry, to complete his studies at
his University, winning there his varsity football letter together with Phi
Beta Key. He is the author of another recent book. "Stabilization of
Prices." An announcement with regard to the new book says: "We
announce the publication of "Wall Street and Washington," a diagnosis of
the forces and a study of the minds back of the conflict between the Federal
Reserve Board and the Stock Exchange, a book that will step on the toes
of some but will nevertheless come like a cooling breeze to relieve the befogged minds and strained tempers of a nation sweltering under the heat of
"The credit situation." Mr. Lawrence is the antithesis of an alarmist. He
does not believe that the country's credit is going to be exhausted by
speculative excesses, nor that business is going to the dogs because interest
rates are high. But Mr. Lawrence does think that in the heat of recent
controversy a host of false banking and economic yardsticks have been
invented by the credit alarmists. He believes that many of these yardsticks have been so often repeated as to have been accepted and that their
acceptance has led the Federal Reserve system into new departures in central
banking theory and practice. He questions the wisdom of these new theories. Mr.Lawrence conclusively shows the fallacies which must be accepted
before one can believe there is any real credit stringency. While Mr.
Lawrence criticises recent Federal Reserve policy, his underlying thesis is
that the prestige and usefulness of the Reserve system must be preserved."
The book is brought out by the Princeton University Press and contains
over 450 pages.
-Arthur P. Davis, formerly director of the United States Reclamation
Service, former President of the American Society of Civil Engineers,
builder of the Roosevelt, Arrowrock, Mokelumne, and other large dams,
has left with his family for Soviet Turkestan, where he will act in the
capacity of Chief Consulting Engineer of the Sredazvodkhoz, the Central
Asiatic Water Economy, which is in charge of the irrigation projects in the
cotton growing regions of Soviet Central Asia. Accompanying Mr. Davis
was his assistant Lyman D. Wilbur, who will also be employed by the
Soviet organization. Two more American engineers will leave for the
Soviet Union in a few weeks. Mr. Davis, who resigned his post as Chief
Engineer of the East Bay Municipal Utility District of California in order
to participate in irrigation projects in the U. S. S. R.,spoke very optimistically regarding the possibility of expanding the cotton growing areas in
Soviet Central Asia and Transcaucasia. The area of cotton under cultivation in the Soviet Union, which five or six years ago was reduced to onlyia
fraction of the pre-war acreage, has shown substantial expansion in recent
years, reaching a total of 2,300,000 acres last year, an increase of 31% over
the 1913 acreage and of 22% over 1927. The rapid development of the
Soviet textile industry necessitates, however, considerable imports of
American and Egyptian cotton, which together make up two-fifths of the
total cotton consumption in the U. S. S. R. The construction of the 900
mile Turkestan-Siberian Railway, in addition to the irrigation projects,
is expected to have an important effect in stimulating the further development of Soviet cotton cultivation. Messrs. Davis and Wilbur with thek
families will be located at Tashkent, the principal city of Soviet Central
Asia.
3854
FINANCIAL CHRONICLE
—The formation of a new Stock Exchange firm, Emanuel & Co., which
brings together the commission business formerly conducted by Emanuel,
Ziegler & Co., members of the New York Stock Exchange and the New
York Curb Market, with the investment banking business previously conducted by R. M.Schmidt & Co., has been announced. The new firm, with
offices at 32 Broadway, N. Y. will offer a complete investment banking
and brokerage service. The Emanuel family were previously interested in
both firms and E. John Emanuel,as general partner, will actively represent
the family's interest in the new business, while Albert Emanuel and Victor
Emanuel will be special partners. The Emanuels were formerly active in
the public utility business, having been instrumental in the building up of
the'National Electric Power Co., with properties both in the East and
throughout the Middle West. The National Electric Power Co. is now
one of the most important subsidiaries of the Middle West Utilities Co.
Reginald M. Schmidt, who will be a general partner in the new firm, has
been engaged in the banking business since 1905. Previous to establishing
his own firm In 1926, he was long associated with Estabrook & Co. Frederick
E.Ziegler, member of the New York Stock Exchange, Sheward H. Hagerty,
member of the New York Curb Market, Douglas Delaney and Carl F.
Boker,Jr. will also be general partners in the firm of Emanuel & Co.
—Merrill, Lynch & Co., investment bankers and members of the New
York Stock Exchange, 120 Broadway, New York, have Issued the 1929
edition of their copyrighted "Chain Store Statistics," containing detailed
Information regarding 51 standard chain store companies. The data embraces companies operating in the variety, grocery, department,shoe, drug,
tobacco and restaurant fields, as well as several miscellaneous chains. The
publication brings out the fact that in 1928 the chain store business continued its record of uninterrupted progress, registered new high records
In sales and profits, and effected a broader geographical development. The
51 companies mentioned in this analysis showed an increase In stores from
49.905 at the end of 1927 to 55,222 at the end of 1928, a gain of 10.65%.
Total sales amounted to $2,903,988,500 in 1928, compared with $2,576.465,900 in 1927, again of 12.71% while net profits after taxes totaled $172,864,000 in 1928, a gain of 11.10% over the $155,587,600 earned in 1927.
—To provide for the expansion of personnel and facilities necessitated
by recent growth in business, Albert Frank & Co., established in 1872
and one of the oldest advertising agencies in the country, have opened their
new offices at 165 Broadway, New York, where the firm has taken considerably larger space than that previously occupied. Since 1920, the company
has been located in its own building at 14 Stone Street which, at the time
of its construction, was designed to accommodate future growth far an
indefinite period but which, within less than ten years, has proved inadequate for the needs of the business. The new offices will serve as headquarters of the international advertising organization which Albert Frank
& Co. have developed with offices in Boston, Chicago, San Francisco,
Los Angeles, Portland and Seattle and representation in other American
centers and in London and throughout Europe.
—The Stock Exchange firm of Stokes, Hodges & Co. which, with its
predecessor firms, dates back to 1874, has dissolved and is succeeded by a
firm of the same name with three new general partners. Walter Watson
Stokes, who becomes a limited partner of the new firm, has transferred
his Stock Exchange seat to his son, Walter W.Stokes, Jr. Graham Youngs,
one of the new general partners, was with the old Mercantile Trust Co.
from 189$ to 1901 when he went with Blair & Co. When the Blair firm
incorporated in 1920, he became Treasurer and a director, resigning two
weeks ago. The other new partners are Colgate Hoyt and Albert G.
Sherer, Jr. The original firm was known as Tappin & Stokes. In 1884
the name was changed to Walter C. Stokes Sr Co. on the formation of a new
firm. In 1921 Stokes, Hodges & Co. was formed.
—George G. Thomson, Henry B. Bruyn, William H. Radigan, Richard
P. Loasby, and Morgan Davis, limited partner, announce that the limited
partnership of Morgan Davis & Co., members New York Stock Exchange,
has been dissolved as of May 31 1929. A new limited partnership, to be
known by the same firm name, has been formed by George G. Thomson,
Henry W. Sage, Jr., members New York Stock Exchange, William H.
Radigan, Oakes E. Bishop, Henry B. Bruyn and Morgan Davis, limited
partner. The main office of the firm will be located at 15 Broad Street,
New York City, and branch offices will be maintained at 963 Southern
Boulevard, New York City and 48 Main Street, Kingston, New York.
—To facilitate its participation in the growing business of the industrial
South. Schluter & Co., Inc., investment bankers of New York and Chicago
announce the opening of a branch office in Charlotte, N. C., to be know];
will be under the management of
as Schluter, Green & Co. The office
Frank B. Green, formerly President, Frank B. Green Co. of Charlotte,
in North Carolina. Mr. Green
one of the best known security houses
department of the American
was for eight years manager of the bond
Charlotte. Previously he was for several years associated
Trust Co. of
& Co., the National City
with the New York firms of John Nickerson
Co. and George H. Burr & Co.
firm of Nash, Cloud
—The recently organized New York Stock Exchange
at 5 Nassau Street. Edmund
& Isaacs began business on June 3 with offices
firm, was formerly with Pyne,
the
W. Nash, who will be floor member of
are John K. Cloud,
Kendall & Hollister. Other members of the firm
sales manager of Brown Brothers & Co. and recently
formerly assistant
Inc.; Henry G.
assistant sales manager of Stone & Webster and Blodget,
Brown Brothers & Co. and reIsaacs, formerly St. Louis representative of
and W. Arnold Layman, special
-P. Murphy & Co.;
cently with G. M.
of Wagner Electric Co., St.
Partner, formerly for fifteen years President
Louis.
Building,
—Glover, MacGregor & Cunningham, Inc., Commonwealth
business and goodwill
Pittsburgh, announce the acquisition of the assets,
established in 1914. The
of the partnership of Glover & MacGregor,
Glover, Chairman of the
officers of the new corporation are: Francis D.
IC. Cunningham, Viceboard; John W. MacGregor, President; Samuel
Elmer McPherson, Secretary
President, Treasurer and Gen. Mgr., and C.
formerly Vice-President and
and Asst. Treasurer. Mr. Cunningham was
that he was associated
Treasurer of IC. W Todd & Co.. Inc., and before
with the Pittsburgh office of Harris. Forbes & Co.
enlarged their offices
—Edward D. Jones & Co., St. Louis, Mo., have
Frank Keough, Fred
In the Boatmen's Bank Building and have added
Floret]] to the sales department
Shumaker, William Griesdieck and William
trading department.
Emmett Byrne has become associated with them in the
One of the features of the enlarged offices is a specially designed switchboard whereby direct phone connections with 30 banks and dealers are
outgoing
obtained simply by moving a small lever. Both incoming and
calls may be handled through this switchboard without dialing or calling a
number.
—W.T. Bonn & Co.,60 Broad St., New York, have prepared a circular
on National Container Corp.
—Ovid L. Meyer & Co., Inc., announce the removal of their offices to
84 William Street.
[VoL. 128.
—As a further step in building up a fully rounded investment securities
organization in New York, Continental Illinois Co. has established two
new departments in Its office here. The company, which has always been
active in municipal bond offerings, has opened a municipal division under
the direction of P. V. Burgess, pointing to a still further extension of its
efforts in this field, and a general trading department operating under the
managementofCleveland S. White,for several years associated with Tucker.
Anthony & Co.
—William T. Hocart, Manager, and Thomas H. Bradford, in charge
of the buying department of Rogers Caldwell & Co., Inc., for several
years, have been elected Vice-Presidents of that company and will have the
active direction of its offices in New York, Philadelphia, Buffalo and
Syracuse. Rogers Caldwell & Co. is affiliated with the southern banking
firm of Caldwell & Co., which has headquarters in Nashville, Tenn., and
which maintains branches throughout the South.
—Announcement has been made of the formation of the New York Stock
Exchange firm of Diffenderffer & Co. to continue the stock brokerage
business of the Philadelphia office of Ware & Co. which has been discontinued. The new firm will occupy the same offices, which are located at
1518 Walnut St., Philadelphia. The partners of the new firm are Charles
H. Diffenderffer, Edward Brylawski, James F. Nick and Clarence N.
Williams.
—Parsley Bros. & Co., members Philadelphia Stock Exchange. announce
the removal of their offices from 1421 Chestnut Street, to 1500 Walnut
Street, Philadelphia where they will occupy the entire twentieth floor.
Their Bell Telephone number has ben changed to Pennypacker 5300 and
the Keystone Telephone number remains unchanged.
—Joseph R. Kelly, who formerly conducted an investment business
under his own name, and Arthur R. Titus, formerly manager of the unlisted department of F. J. Lisman & Co., have formed the firm of Kelly,
Titus & Co., with offices at 31 Nassau St., New York, to transact a general investment business.
—Block, Maloney & Co. announce the opening of a branch office in the
General Motors Building, 1775 Broadway, under the management of
William Ullman. The firm maintains other branches at 2 Park Ave.. 550
Seventh Ave.. 384 Sixth Ave., New York,and Ritz Carlton Hotel, Atlantic
City.
—David G. Wakeman of Crum & Foster, 110 William St., has been
elected a member of the board of directors of the Fitrust Corp. and also a
member of its executive committee. The Fitrust Corp. is the securities
corporation affiliated with the Fidelity Trust Co. of New York.
—Francis Murphy, formerly with Emanuel, Ziegler & Co., and Schuyler
Day,formerly partner of Emanuel, Zeigler & Co., announce the formation
of Murphy, Day & Co., with offices at 32 Broadway, New York, to transact a general brokerage and investment business.
—C. C. Streeter & Co., members of the Los Angeles Stock and Curb
Exchanges, Los Angeles, Calif., have prepared for distribution an analysis
of the Joseph Kreutzer Corp., stock in which company has just been listed
for trading on the Los Angeles Curb Exchange.
—Parker, McElro & Co.. members of the New York Stock Exchange,
announce that John L. O'Brien has been admitted to the firm as a general
partner. The firm has its main office at 120 Broadway and maintains
branch offices in Albany and Kingston.
—Doremus & Co. announces the appointment of C. E. Hooper to its
New York staff. Hooper has been advertising manager of Scribner's
magazine for the past 3A years, and was previously connected with A. W.
Shaw Co. of Chicago.
—Gude, Winmill dr Co., members New York Stock Exchange, announce
that John A. Morris has been admitted to their firm as a general partner
effective June 1. They also announce that Jerrold S. Cochran has become
associated with them.
—Emanuel & Co., members Nes York Stock Exchange, announce that
Harry R. Beaty and Alexander Joffe have been appointed associate managers of the company's branch office at 1457 Broadway.
—Harris, Ayers & Co. announce that William H. Anderson has been
made manager of their wholesale department and that Hugh C. Brewer
is now connected with their sales department.
—Murfey, Blossom, Morris Co., members New York and Cleveland
Stock Exchanges, announce the opening of a New York office at 120
Broadway, in charge of David V. Morris.
—Curtis & Sanger, 49 Wall St., N. Y., announce that George W. Lewis.
formerly of Hambleton & Co., has become associated with them In their
bank and insurance stock department.
—Durno Chambers, formerly associated with the Bankers Co. of New
York, has been admitted to general partnership in the firm of Bull &
Eldredge, 20 Broad St.. N. Y.
—F. B. Keech & Co., members of the New York Stock Exchange, announce the removal of their Brooklyn office to the Williamsburgh Savings
Bank Tower, 1 Hanson Place.
—Roy C. Cool has resigned from McClure, Jones & Co., to accept the
Presidency of Capital Associates of America. Inc., now being organized,
with offices at 111 Broadway,
Winmill & Co., members of New York Stock Exchange, 11 Wall
St., New York, announce that John A. Morris became a member of their
firm as of June 11929.
—Continental Illinois Co. announces the opening of an office in Detroit
under the management of William M. Rex, formerly of the company's
Minneapolis office.
—E. H. Whiting & Co., 32 Broadway, New York, are distributing a
review of the past month of the New York Curb Market,including analyses
of 32 Curb stocks.
—Mansfield & Co., 50 Broadway, New York, announce that Gene
Bartholomew and John R. Brady have become associated with them.
—Stevens & Legg, members of New York Stock Exchange. announced
that Harry Price became a member of their firm as of June 1st.
—H. D. Knox & Co., 11 Broadway, New York, have Issued a brief discussion of the prospects of National Theatre Supply Corp.
—Chase Securities Corp. announces the opening of an office at Springlaid, Mass.,•ocated In the Third National Bank Building.
—Peter F. X. de Vos has become a general partner in Walter J. Pithy &
Co., members of New York Stock Exchange.
—Reinhart & Bennet, 52 Broadway, New York, have Issued an analysis
of Merritt
-Chapman & Scott Corporation.
—Ralph N. Scheffey has been admitted to partnership In the firm of
Neely & Co., 39 Broadway, N. Y.
—Hambleton St Co. announce that Robert L. Randolph has been elected
a vice-president of the company.
FINANCIAL CHRONICLE
Nia 8 1929.]
gel:torts and
3855
pi:I:m=1a5.
AUBLAIN1111 As ADVERT1411111T1
MISSOURI-KANSAS-TEXAS RAILROAD COMPANY
.
- -Anct-Controlled Companies
ANNUAL REPORT-40R THE YEAR ENDED I DECEMBER 31, 1928.
St. Louis, Mo., April 17, 1929.
To the Stockholders:
The Board of Directors submits herewith a report of the operations and affairs for the year ended December 31, 1928.
A summary of results of operation compared with the year 1927 is as follows:
Increase.
•er Cent.
1928.
1927.
Operating Revenues
Operating Expenses
956,549,118.42
38.933,815.89
956,181,527.97
39.339,173.70
9367.590.45
Net Operating Revenue
Taxes
$17,815,302.53 •
3.074,029.43
916.842,354.27
3.131,77910
$772.94826
4.8'
Operating Income;Taxee•Deducted
Miscellaneous Income
$14,541.273:10
644.956.21
$13,710,575.17
657,193.99
9830,697.93
6.1
Rentals and Other Payments
215,186,229.31
2,108,813.82
$14,367.769.16
1,865,866.13
9818,460.15
242,947.69
5.7
13.0
Income for Year Available for Interest
Fixed Interest Charges for Year '
913.077,415.49
4,255.600.62
912,501.903.03
4.374.464.08
9575,532.46 -
Pa Cent.
Decrease,
.7
4.8
Balance Available for Interest on Adjustment Bonds
Interest on Adjustment Bonds
Net Income
$807,077.60
85.994.809.67
91.501,453.52
2.7
37.8
8.5
87.496.263.19
1.8
9118,863.46
969 . 7 .
4 3 5 92
1.8
212,237.78
98,127,438.95
2,132,629.28
10
957.749.67
98,821,814.87 •
1,325,551.68
25.0
FINANCIAL.
Preferred Stock, Series "A," increased during the year by
$13,756,400.00 for conversion of a similar amount of Adjustment Mortgage 5%, Series "A,' Bonds. Bonds and Certificates of Deposit on foreclosed Mortgage Bonds were converted during the year into Preferred Stock, Series "A,"
amounting to $21,429.88, and Common Stock (no par value)
amounting to $2,975.53, represented by 36.1021 shares,
which had been reserved for this purpose under the plan of
reorganization leaving Preferred Stock amounting to
$71,292.67 and Common Stock (no par value) amounting
to $51,483.41, represented by 624.647 shares reserved for
similar future conversions. This "stock liability for conversion" is now carried separately in the balance sheet to
comply with the regulations of the Inter-State Commerce
Commission.
Long Term Debt decreased $13,146,077.50, of which
$13,756,400.00 is represented by Adjustment Mortgage 5%,
" Series "A," Bonds converted into Preferred Stock Series
'
"A," $95 100.00 represented by underlying Bonds and
Equipment Notes left undisturbed in the reorganization,
paid and retired during the year and $12,894,577.50 Prior
Lien Mortgage 6%, Gold Bonds Series "C,' called for redemption on February 1, 1928. New., Prior Lien. Mortgage
% Gold Bonds,Series"D amounting to $13,600,000.00,
were issued and sold during the year.
Dividends were declared during the year at the rate of
7% per annum on Preferred Stock Series "A," outstanding
in the hands of the public.
The Company withdrew its application to the Interstate
Commerce Commission to acquire control through stock
ownership of St. Louis Southwestern • Railway Company
- and/or The Kansas City Southern Railway Company,
and thereupon the latter company repaid with interest the
$7,000,000.00 which your Company had advanced to it in
part payment for_khe stock of St. Louis Southwestern Railway Company uMer the terms of the agreement referred
to in the report of the year 1926. All rights of your Company to acquire stook of St. Louis Southwestern Railway
Company from The Kansas City Southern Railway Company have ceased and terminated.
- OPERATION.
There was no change in the operated mileage, December 31,
1928, as compared with December 31, 1927, it being 3,188.54
miles on both dates.
Freight Revenues in 1928 were $1,300,892.82 more than
in 1927, or 2.96%, due principally to heavier movement of
wheat, corn, crude and refined petroleum, automobiles and
other manufactures and miscellaneous freight. Passenger
revenues decreased $1;044,674.46, or 13.37%, due to continued diversion of short haul business to buses and automobiles.• Except for interruptions caused by high water in Missouri
and Kansas during November, train operation, both freight
and passenger, was generally satisfactory throughout the
year.
The property, including roadway, structures and rolling
stock, has been maintained in good condition.
ADDITIONS TO PROPERTY.
Additions and improvements to road during the year involved capital account charges amounting to $2,327,729.47.
-pound rail were replaced
During the year 83.62 miles of 85
-pound rail, of which 23.22 miles were laid on
with new 90
the St. Louis District, 26.54 miles on the North Texas District, and 33.86 miles on the South Texas District. 3.39
miles of second-hand 85-pound rail were laid on the Tulsa
-pound rail. 26.68 miles of
Division, replacing 60 and 66
second-hand 85-pound rail were laid on the Texas Central
9405.357.81
-pound rail. Total rail
Division, replacing 56, 60 and 66
replacements during the year were 113.69 miles.
Other important road improvement work consisted of:
Construction of a brick combination passenger and freight
station at Dublin, Texas.
Reduction of grade at Wilsonton, Kansas, Osage Division,
from 1.0% to 0.5%,including separation of county highway
grade.
Revision of line on St. Louis Division near Rocheport,
Missouri,for reduction of curvature to maximum of3degrees.
19 new steel bridge spans, total length 851 feet, were installed in main tracks. Three, second-hand bridges, total
length 159 feet, were renewed on the Texas Central.
78 open deck trestles, total length 5,254 feet, were replaced
with concrete trestles and culverts.
2 highway grade separations were completed.
.4cquisition of additional right of way and construction of
6 additional yard tracks at Eureka Yard (Houston), Texas.
New water treating plants were constructed at Ray Terminal (Denison), Texas, and Smithville, Texas.
Work of improving locomotive facilities at Smithville,
Texas, including construction of an 8-stall brick roundhouse and machine shop and reinforced concrete and brick
store and oil house was commenced late in 1928 and completed in February, 1929.
Expenditures for new equipment amounted to $254,869.35;
expenditures for improvements to existing equipment
amounted to $165,959.52. The amount of retirements for
the year, less replacements, was $672,524.31. The net decrease in the value of equipment owned is $251,695.44.
INDUSTRIAL DEVELOPMENT.
Industrial development during the year has been marked
by an unusual number of new plants located on the rails of
your company. 248 new industries were established, representing an investment of approximately $17,000,000, and
producing a traffic movement estimated at 17,000 cars of
freight per annum.
FEDERAL VALUATION.
Itis expected that a final value upon the property of your
Company will be served by the Interstate Commerce Commission during the year 1929. The cost of your Company's
i valuation work to the end of 1928 aggregated $1,544,967.66.
C. HAILE, President.
DELOITTE, PENDER, GRIFFITHS & CO.
49 WALL STREET. NEW YORK.
February 23, 1929.
,To the Directors of the
1Missouri-Kansas-Texas Railroad Company,
25 Broad Street, New York, N. Y.
We have made an examination of the books and accounts
of the Missouri-Kansas-Texas Railroad Company and its
conlwolled companies for the year ended December 31, 1928.
t The securities owned have been substantiated by certificates
received from the several Trustees or have been verified by actual inspection. Cash balances have been reconciled with the
pass books or statements produced to us, and we have received directly from the banks, bankers and trust companies
certificates in support of the sums on deposit with them.
We have satisfied ourselves generally that the charges to
property and equipment accounts for the period were proper
capital additions.
We certify that the accompanying Consolidated Generul
Balance Sheet, Income and Profit and Loss Accounts, in
our opinion, fairly set forth the combined position of the
companies at December 31, 1928, and the result of their
operations for the year ended that date.
DELOITTE, PENDER, GRIFFITHS & CO.,
Auditors.
.3856
FINANCIAL CHRONICLE
Vm„.128.
MISSOURI-KANSAS-TEXAS LINES.
CONSOLIDATED GENERAL BALANCE SHEET.
ASSETS.
Dec. 311928.
Dec. 311927.
Increase.
$235,401.257.04
52,906.033.90
1233,073.527.57
53.157,729.34
• $2,327.729.47
,
$288,307.290.94
, Improliements on Leised Railway•Property
$9.146.61
.' Deposits in Lieu of Mortgaged Property Sold
212.50
Miscellaneous Physical Property
1,119,754.73
Investments in Affiliated Companies—Pledged
527,000.00
Investments in Affiliated Companies—Unpledged
816,559.83
Investment in Securities Issued, Assumed or Otherwise carried as a Lie'
_ bility by the Accounting Company
1286,231,256.91
$9,746.24
202.48
1.059,999.58
527.000.00
867,905.79
Investments:
Investment in Road and Equipment:
Road
Equipment
Other Investments:
United States Government Securities
Other Securities
8251,695.44
$2,076,034.03
'
$10.02
59,755.15
_
1,141,988.14
647,035.60
$290,523,550.74
$2,917,349.64
98,614.52
7,000.000.00
7,252.02
1,100,000.00
33,787.85
1,000.821.42
874,536.33
1,211.595.65
5,518,809.76
56,530.07
53.926.73
21,237.02
753,568.89
846,082.05
1,206.186.90
6,350,302.38
538,215.66
46.578.30
$19,911,889.48
$19,686,772.86
$225.116.62
$87,326.59
3.00
$25.637.86
2.002.00
$61,688.73
$87,329.59
$27,639.86
$59.689.73
$93.237.22
371.021.71
$97.583.57
255,577.71
$115.444.00
Deferred Assets
Working Fund Advances
Other Deferred Assets
Total Deferred Assets
Unadjusted Debits:
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits
Total Unadjusted Debits
•
$245,000.33
$7.290,917.84
91,362.50
831,492.62
481.685.59
7,348.43
$1,999.00
$4,346.35
$464,258.93
The following Assets not included in Balance Sheet Accounts:
Securities in Course of Acquisition
Securities held for Exchange of Underlying Securities:
Long Term Debt
Secured Issued or Assumed—Unpledged:
Preferred Stock
Common Stock
Long Term Debt
7.000,000.00
1,100.000.00
12,550.84
247,252.53
28.454.28
5,408.75
$353,161.28
$111,097.65
$315,932.328.92
Total
38,416.00
$4,945,300.18
$2,672.349.31
7,290,917.84
.
-2,881.676.43
18,186.14
$295,468,850.92
'
$599.63
51,345.96
38,416.00
4,023,664.57
665,221.74
Total Investments
.
Current Assets:
Cash
Time Drafts and Deposits
Special Deposits:
Against Purchase of Securities
Other Special Deposits
Loans and Bills Receivable:
•
Time Loans
Other Bills Receivable
Traffic and Car Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Other Current Assets
•
• Total Current Assets
Decrease.
$310,591,124.74
$5.341,204.18
$6,613,301.00
$6,613,301.00
131.989.800.00
32,038,800.00
49,000.00
5.529,477.45
15.732,350.28
11,389.905.46
5,529.477.45
15,732.350.28
17,785,874.96
6,395.969.50
,
Note.—Intereorporate Assets and Liabilities are excluded.
LIABILITIES.
Dec. 311928.
Stock:
Capital Stock:
Preferred (Par Value, $100.00 per share)
Common ('No par value. See note.)...
Stock Liability for @onversion:
Preferred (Par value $100.00 per share)
Common (No par value. See note)
Total Stock
LoniTerm Debt:
Mortgage Bonds
Equipment Trust Obligations
Income Mortgage Bonds
Total Long Term Debt
Current Liabilities:
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Interest Accrued
Unmatured Rents Accrued
Other Current Liabilities
Total Current Liabilities
Deferred Liabilities:
Other Deferred Liabilities
Dec 311927.
Increase.
$59,569.729.88
66,636.166.31
$45,884,622.55
66,687,649.72
113.685,107.33
Decrease.
$51,483.41
71.292.67
51,483.41
71.292.67
51,483.41
1126,328.672.27
$112.572.272.27
$13,756,400.00
893.226,179.30
588,700.00
20,639.167.24
$92,531,756.80
672.800.00
34.395,567.24
$694,422.50
$114,454,046.64
$127,600,124.04
$1,142,273.52
3,988.819.40
140.893.10
1,673.898.87
18,113.13
88.375 00
639,674.27
211,586.84
172,266.98
$1.076,636.36
4,126,281.50
154.023.60
1,818.259.19
17,073.75
88,075,901.11
$8.511,568.05
986.429.51
170,993.18
161.870.96
184.100.00
13,756.400.00
Illb
813.146.077.50
$65,637.16
8137,462.10
13,130.50
144,360.32
1,039.38
88,375.00
346,755.24
40.593.66
10,396.02
$435,666.94
871,213.82
$125,050.63
Unadjusted Credits:
Tax Liability
Accrued Depreciation—Equipment
Other Unadjusted Credits
Reorganization Suspense
$2,155.060.14
9.960,834.71
1.716.219.24
29.765,949.01
$2,291,833.96
8.003.149.19
1.361,024.49
29,537,344.46
$1,957,685.52
355,194.75
228,604.55
Total Unadjusted Credits
$43.598,063.10
$41.193,352.10
12.404.711.00
$57,604.15
23,346,827.93
$45,472.67
20,543,284.98
$12,131.48
2.803,542.95
123,401,432 08
120.588.757.65
$2,815,674.43
1315,932.328.92
1310,591,124.74
$5,341,204.18
3orporate Surplus:
Additions to Property through Income and Surplus
Profit and Loss—Balance
Total Corporate Surplus
Total
The following Liabilities not included in Balance Sheet Accounts:
Liability for Securities in Course of Acquisition
Securities held for Exchange of Underlying Securities:
Long Term Debt
Securities held by or for the Company:
Preferred Stock
Common Stock
Long Term Debt
•$53,836.81
$136.773.82
86.613,301.00
$6,613,301.00
$31,989,800.00
32,038,800.00
49,000.00
5,529,477.45
15.732.350.28
11,389,905.46
5,529.477.45
15,732,350.28
17,785,874.96
6,395.969.M
il
The Company is guarantor, jointly with other Companies. of the securities of certain terminal companies, none of which is in default.
Note —There were 808,495.1021 shares Common Stock outstanding in hands of the public on December 31 1928, a decrease of 624,647 shares which
are now represented by Stock Liability for Conversion.
3857
FINANCIAL CHRONICLE
JUNE 8 1929.]
-KANSAS-TEXAS LINES.
MISSOURI
INCOME ACCOUNT YEAR ENDED DECEMBER 31, 1928. COMPARED WITH YEAR ENDED DECEMBER 31, 1927.
1927.
1928.
Full face denotes Debit.
Per Cent
of Gross
Revenue.
Amount.
$45,262,652.73
6,767,528.93
1.201,406.65
1,824,972.93
842,687.88
614,349.58
35,519.97
80.04
11.97
2.12
3.23
1.49
1.09
.06
$43,961,759.91
7,812.203.39
1,116.558.05
1,790.566.06
822.602.96
636,563.06
4L274.54
78.25
13.91
1.99
3.19
1.46
1.13
.07
$1,300,892.82
$56.549,118.42
100.00
$56,181.527.97
100.00
$367,590.45
13.90
$7,861.519.94
17.94
10,143,557.86
2.44
1,379,157.80
16,920,528.89 . 29.92
.66
371.748.18
4.33
2,447.446.70
.34
190,143.48
Total Operating Revenues
Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
• Traffic Expenses
Transportation Expenses
Miscellaneous Operations
General Expenses
Transportation for Investment-Cr
$8,240,609.29
10.398.911.11
1.390.797.22
17,271.332.46
385,262.35
1.940.698.83
288.435.56
14.67
18.51
2.47
30.74
.69
3.45
.51
Total Operating Expenses
$38,933,815.89
68.85
$39,339.173.70
$17,615.302.53
31.15
$16,842,354.27
29.98
$1,044,674.46
84,848.60
34,406.87
20,084.92
-
53.074,029.43
17,357.75
Railway Tax Accruals
Uncollectible Railway Revenues
53,131,779.10
16,572.54
$506,749.87
98.292.08
5405.357.81
$772.948.26
$57.749.67
$785.21
$56,964.46
53.091,387.18
Other Operating Income:
Rent from Locomotives
Rent from Passenger Train Cars
Rent from Work Equipment
Joint Facility Rent Income
$13,694,002.63
$829,912.72
$171,703.86
160,884.73
17,818.52
183,588.73
Operating Income
53,148.351.64
-
$14.523,915.35
Total
$50.366.62
134.937.07
24.917.82
169.119.86
$121,337.24
25,947.66
$,7099.30
14.468.87
$533.995.84
$486,761.84
4,441.98
32.707.93
640.96
52.373,370.86
$480.068.97
511.699,973.14
$504,498.22
5139,862.86
153,946.00
15,412.04
360.00
83.76845
542,143.49
3,272.23
Non-Operating Income:
Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous Non-Operating Physical Property
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts
Miscellaneous Income
51,349,990.18
35,889.85
78,765.87
49,490.27
859.234.69
$2,853,439.83
Net Railway Operating Income
5984.567.19
$12,204,471.36
Total Deductions from Operating Income
5154.654.47
$14,073,344.00
51,836.752.02
40,331.83
111,473.80
55,881.23
809.000.95
Deductions from Operating Income:
Hire of Freight Cars-Debit Balance
Rent for Locomotives
Rent for Passenier Train Cars
Rent for Work hquipment
Joint Facility Rents
$379,341.37
515,057.911.19
Total Other Operating Income
Total Operating Income
5113.991.72
147,542.62
4,921.33
525,871.14
6.403.38
20,333.37
360.00
89.729.57
564,395.55
3,068.87
$50,233.74
$5,961.12
22,252.09
203.36
5938,765.07
Deductions from Gross Income:
Rent for Leased Roads
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Unfunded Debt
Miscellaneous Income Charges
$24,958.07
$12,613,780.14
5529,456.29
$7,698.53
1,854.40
12,768.34
42,638.87
860.80
Gross Income
$913,807.00
$13.143,236.43
Total Non-Operating Income
$7,680.85
1,617.94
14,196.86
87,874.38
507.08
$17.68
236.46
$1,428.52
45,235.61
353.72
$46,058.17
$65,820.94
Net Income
512.501.903.03
4,374,464.08
5575.512.46
58.821,814.87
1.325,551.68
58.127.438.95
2.132,629.28
5694.375.92
$7,496 263.19
Balance Available for Interest on Adjustment Bonds- Interest on Adjustment Bonds
$111,877.11
513.077,415.49
4,255.600.62
Total Deductions from Gress Income
Balance Available for Interest
Fixed Interest Charges
22,213.73
5,754.57
$379.089.35
255,353.25
11,639.42
35,0.803.57
13,514.17
70.02
Net Operating Revenue
•
Decrease.
Increase.
3,188.54
3,188.54
Average Mileage Operated
Dperating Revenues:
Freight
Passenger
Mall
.'Express
Miscellaneous
Incidental
Joint Facility
Per Cent
of Gross
Revenue.
Amount.
55 994 809.67
51.501,453.52
5118,863.46
5807.077.60
PROFIT AND LOSS DECEMBER 31, 1928.
Balance to Credit of Profit and Loss December 31, 1927-$20.543.284.98
Credits
7,496,263.19
Credit Balance Transferred from Income
2,024.21
Profit on Road and Equipment Sold
12,131.48
Donations
6,262.30
Miscellaneous Credits
Debits
Dividend Appropriations of Surplus
Surplus Appropriated for Investment in Physical Property
Debt Discount Extinguished through Surplus
Loss on Retired Road and Equipment
Miscellaneous Debits
$28,059,966.16
Total
$3,763.870.89
12.131 48
416,065.01
150,266.65
370.804.20*
$4.713,138.23
Total
523,346,827 93
Balance to Credit of Profit and Loss December 31, 1928
*Includes premium in the amount of $325,840.48 on Prior Lien Mortgage 6% Gold Bonds, Series "C." called for redemption February 1, 1928.
OPERATING REVENUES AND EXPENSES FOR TEN YEARS ENDED DECEMBER 31 1928.
REVENUES.
Average
Mileage
Operated.
Passenger.
3,838.68
3.793.42
3.783.69
3.737.46
3.359.76
3,193.14
3,188.54
3.188.54
3.188.54
3,188.54
$41,283,105 84
47,363.850 89
43.782,692 09
39.198.400 88
39,791.214 67
42,331,704 74
43,777.643 01
45.050.764 19
43,961.759.91
45,262,652.73
518.709,71051
19.378.120 16
13.904.679 97
10.958.411 71
11.295.45027
10.457.070 86
9,325.059 52
8.669.898 05
7.812.203.39
6,767.528.93
Maintenance
of Way and
Structures.
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
Freight.
Maintenance
of
Equipment.
Traffic.
Transportation
Expenses.
$12.124.064 16
16.422.652 00
9,835,638 33
7.237,276 60
7,393.307 28
7,563.137 47
7,404.573 56
7,818,706 89
8.240,609.29
7.861.519.94
514.814.834 52
17.378.345 36
13.803.427 26
10.545.094 49
14.636.724 26
11.517,47498
11.422.782 90
11.203.00457
in:39S.911AI
10.143.557.86
5657.119 63
978.598 39
1,064.545 36
1.041.435 68
1.151,353 02
1.138.96206
1.177,621 43
1.319,91796
1.390.797.22
1,379.157.80
526.876.430 00
32.014.151 75
22,866.804 76
18.780,007 03
18,380.268 53
17,363,774 08
17,592,364 34
17.625.954 47
17.271.332.46
16.920.528.89
Mail.
5715.238 82
2.286,746 68
1,356,041 38
1.241.950 01
1.221,10146
1.189.965 90
1.143,05249
1.107,607 25
1,116.558.05
1,201,406.65
Express.
51,809,69009
1.899,96898
2.102.426 33
2.130,755 79
2.181.233 24
1,827,782 55
1.758.952 12
1.788,78098
1.790.566.06
1,824.972.93
Miscellaneous.
Other.
Total.
$1.091.323 00
1.191,49482
1,095.479 65
885.802 71
861.765 68
837.515 65
782,554 03
744,890 69
677.437.60
649,869.30
561.825.376 29
72.914.737 06
63,020.975 45
55.035.701 89
55.987.918 08
57.309.343 03
57.492.913 54
58.100.765 67
56,181,527.97
56.549.118.42
General
and
Other.
Total.
NET
REVENUE.
52.514.447 24
3.087.133 40
2.485.368 60
2.076,887 24
2.066,665 83
2,148.686 10
2.020,786 13
2,011.485 76
2.037.523.62
2.629.051.40
$56.986.895 55
69.880.878 90
50.055.784 31
39.683.701 04
43.628.318 95
39.732.034 69
39.618,128 36
39.979.069 65
39.319.173.70
38.933,815.89
$416.308 03
794.557 53
779.656 03
620,380 79
637.146 76
665.305 33
795,652 37
758,824 51
822,602.96
842,687.88
EXPENSES.
1919
1920
1921
1922
1923
1924
1925
1926
1927
1.928
54.838.480 74
3,033.858 16
12.965.191 14
15.352.000 85
12,359.599 13
17,577.310 34
17.874.785 18
18.121.696 02
16.842.354.27
17.615.302.53
3858
FINANCIAL CHRONICLE
[VOL. 128.
ST. LOUIS-SAN FRANCISCO RAILWAY COMPANY
-FOR THE YEAR ENDED DECEMBER 31 1928.
ANNUAL REPORT
To the Stockholders:
Your directors submit herewith the annual report for the
year ended December 31 1928. - MILES OF-ROADOPERATED:
The mileage in operation at the end of the year, compared
with the previous year, was as follows:
928
Main line and branches owned by parent
and controlled companies
5.725.40
Leased lines
11.20
Lines operated under trackage rights_ _ _ 83 17
.
Total miles of road operated
5.81977
1927.
increase.
5.581.49
11.20
83.17
5,675.86
143.91
--'
_ 143.91
Those loans were all paid during the year and the collateral was returned to the treasury.
Discount and expense in connection with the new financing amounted to $6,323,969, consisting of $5,500,000 diseount
on the Consolidated Mortgage Bonds, 4537,202 underwriting
commission on the preferred stock and $286,767 miscellaneous expenses. The entire amount was charged off to
Surplus.
•
The new financing materially increased the stoek capitalization and decreased funded debt. Funded debt was
reduced from about 4.2 times the capital stock, to about 2.4
times. Annual charges for fixed and contingent interest
were reduced by more than $2,900,000,.. while preferred
dividend requirements were inereased by about $2,500,000
only. The net reduction in the requirements for interest
and preferred dividends is, therefore, over $400,000 per year.
The Consolidated Mortgage is a lien on the entire property
of the Company, subject to the lien of Prior Lien Mortgage
bonds and of other underlying bonds, the refunding of all of
which is provided for therein. This mortgage is further
secured by the pledge of the following securities:
The increase of 143.91 miles represents an addition of
153.13 miles of newly constructed lines placed in operation
during 1928, viz.: Columbus, Miss., to Kimbrough, Ala.,
125.35 miles, and McBain to Floydada, Tex., 27.78.miles;
less 9.22 miles, consisting of the line from Stanley, Kans.,
to Belton, Mo., 8.52 miles, on which operations were ,discontinued, and the reclassification of .70 of a mile of road
mileage to. yard and industry tracks.
RESULTS FOR THE YEAR.
$85,782,817.68
Operating revenues
(Decrease $3,476,766.57 or 3.9%)
A.
$1,079,500
59,783,800.84 46,551,300 Prior Lien Mortgage 4% Gold Bonds, Series B,
Operating expenses
Prior Lien Mortgage 5% Gold Bonds. Series
(Decrease $2,479,476.22 or 4.0%)
$25,999,016.84
Net operating revenue
(Decrease $997,290.35 or 3.7%)
Railway tax accruals
$5.212,202.47
(Increase $219,671.19 or 4.4%)
Cr.1$2,630.63
Other operating charges
(Decrease $162,947.91)
5,029,571.84
Total operating charges
(Increase
$56,723.28 or 1.1%)
$20,969,445.00
Net railway operating income
(Decrease $1,054,013.63 or 4.8%)
3.778,628.59
Non-operating Income
(Increase $2,248,334.21 or 146.9%)
324,748,073159
Gross income
(Increase $1,194,320.58 or 5.1%)
111,644.70
Deductions from income
(Decrease $466109.26 or 80.7%)
$24.636,428.89
Balance available AP interest, &c
(Increase $1,660,429.84 or 7.2%)
13,620.862.80
Interest on fixed charge obligations
(Increase $2,651.710.18 or 24.2%)
BalanceS11.015,586.09
(Decrease $991,280.34 or 8.3%)
1,216,318.67
Interest on cumulative adjustment mortgage bonds
Decrease $1,215,972.16 or 50.0%)
$9,799,247.42
Bluace
(Increase $224.691.82 or
1,582,740.00
Interest on income mortgage bonds
(Decrease $527,580.00 or 25.0%)
$8,216,507.42
Balance
(Increase $752,271.82 or 10.1%)
1,012.164.20
Dividends on preferred stock
$7.204.343.22
Balance
5.234,09200
Dividends on common stock
$1,970,251.22
Balance
_
FINANCIAL.
An outstanding achievement of the year was the material
improvement in the capital structure of the Company. A
new Consolidated Mortgage, dated March 1 1928, was exeCated, and $100,000,000 of Consolidated Mortgage 4%% Gold-Bonds, series A; maturing March 1 1978, were sold at 94%
and accrued interest; also there was offered to the stockholders, at par, $49,157,400 of new 6% preferred stock,
callable on sixty days notice, in whole but not in part, at 115,
which offering was underwritten.
The sale of these bonds and preferred stock provided
funds for retirement of the securities enumerated below, or
- of temporary loans for that purpose, and furnished about
$9,000,000 of additional funds:
$5.000,000 Two Year 5% Secured Gold Notes (matured Feb. 11928).
3,000,000 Ten Year 6% Collateral Gold Notes (called for redemption
March 1 1928 at par).
13,736,000 K. C. F..5. & M.RR. Co. Consolidated Mortgage 6% Bonds
(matured May 1 1928).
7,500,000 Preferred Stock, Series A (called for redemption_ June 1 1928
rioa ilen Mortgage 6% Gold Bonds, Series C (matured July 1
10.598,000 P Prr
1928)
.
17,173,000 Prior Lien Mortgage 51i% Gold Bonds. Series D (called for
redemption July 1 1928 at 1021i).
40,547,818 Adjustment Mortgage 6% Gold bonds, Series A (called for redemption July 1 1928 at par),
1,046,000 Ft. W. & R. G. By. Co. First Mortgage 4% Gold Bonds (matured July 1 1928).
35,192,000 Income Mortgage 6% Gold Bonds, Series A (called fQr redemption Oct. 1 1928 at par).
Note.
-At the close of the year all but the following balances of matured
and called securities had been presented and paid:
$3,000 K. C. F. S. & M. RR,Co. Consolidated Mortgage 6% Bonds.
60,000 Preferred Stock. Series A.
31,400 Prior Lien Mortgage 6% Gold bonds, Series 0,
1,244,000 Prior Lien Mortgage 514% Gold Bonds, Series D,
454.250 Adjustment Mortgage 6% Gold Bonds, Series A,
2,000 Ft. W.& R. G. By. Co. First Mortgage 4% Gold Bonds,
1.048,100 Income Mortgage 6% Gold Bonds, Series A.
Funds are on deposit for the payment of these securities.
20,512.500 K.C.F.S.& M.By.Co. Refunding Mortgage 4% Gold Bonds.
The issue of Consolidated Mortgage Bonds is limited so
that (a) total bonded indebtedness of the Company shall
not exceed the authorized capital, and (b) Consolidated
Bonds issued, together with those reserved for refunding
purposes, shall not exceed three times the par value of
capital stock of tile Company issued and outstanding.
In addition to the Bonds sold, $10,000,000 Consolidated
Mortgage 4%% Gold Bonds, Series A, have been authenticated by the Trustee, and are now held in the Company's
treasury.
The Consolidated Mortgage provides that bonds may not
hereafter be issued under any mortgage superior in lien to it
(including the Prior Lien Mortgage) except for pledge under
the Consolidated Mortgage.
At the beginning of the year Prior Lien Mortgage Bonds
were outstanding as follows:
Series A,4%
Series B,5%
0.
6%%
5M
Ssererlieses
Total
$92,116,475
25,591,500
10,598,000
17,173,000
$145,478,975
In addition, there were in the treasury of the Company or
pledged or in the hands of the Reorganization Managers:
Series A,4%
Series B.5%
Series 0,6%
,
Series D,515%
Total
$1,282,025
11,624.600
4,000,000
3,208,700
$20,115,325
The series C and series D bonds outstanding in the hands
of the public were redeemed or paid, as above stated, and
in lieu thereof, and of the bonds of said series in the
treasury, or pledged, there were authenticated a like principal amount ($34,979,700) of Prior Lien Mortgage Bonds,
series B, which, together with the series A and series B
bonds in the treasury, or in the hands of the Reorganization
Managers, were pledged under the Consolidated Mortgage.
At the close of the year, $92,105,097 series A bonds; and
$25,589,500 series B bonds remained outstanding.
The Adjustment.and Income Mortgages, both dated July 1
1916, were- discharged and released of record during the
year.
During April and May 1928 the Kansas City, Port Scott &
Memphis Ry. Co. issued $20,496,500 of its Refunding Mortgage 4% Bonds in settlement of advances made to it by the
Company, to enable it to pay at maturity or to purchase the
following bonds:
$390,000 Kansas Sr Missouri RR. Co. 1st Mortgage 5% Bonds,
1,645,500 IC. C. M.& B. RR.Co. Income 6% Bonds,
1,606,000 Current, River RR. Co. 1st Mortgage 5% Bonds.
3,274,000 IC.0.0.& S. By.Co. 1st Mortgage 5% Bonds (cost $3,119,000).
13,736,000 K.0.F. S.& M.RR.Co. Consolidated Mortgage 6% Bonds.
The $20,496,500 K. C. F. S. & M. Ry. Co. Refunding Mortgage Bonds so issued (as well as $16,000 additional Refunding Bonds) were pledged under the Consolidated Mortgage.
On May 15 1928. the Company entered into an agreement
constituting St. Louis-San Francisco Equipment Trust,
Short term bank loans, aggregating $23,000,000, were series CC, providing for the issue of $6,000,000 Equipment
made to provide, temporarily, for a part of the mafured Trust Certificates,' bearing interest at the rate of 4% per
serially from
funded debt, pending realization on sale of the above men, annum, payable genii-annually, and maturing
May 15 1929 to May 15 1943. The certificates were sold at
tioned bonds and stock, as follows':
Feb..1 1928 $5,000,000 secured by $6,000,000 Prior Lien Mortgage 5% 98.011% of their face amount, plus accrued interest, and
. the proceeds applied toward payment for the undernoted
Gold Bonds, Series B,
Mar. 1 1928 $2,000,000 secured by $2.400,000 Prior Lien Mortgage 51i%
equipment, costing over $8,000,000. The balance of the
Gold Bonds. Series D,
Apr. 2 1928 $1,000,000 secured by $1.200,000 Prior Lien Mortgage 5% purchase price was provided by the Company out of current
Bonds, Series B.
Gold
May 1 1928 $9,000,000 secured by $13,665,000 K. C. Ft. S. & M.By. Co: funds:
Refunding Mortgage 4% Gold Bonds.
1,500 50
-ton capacity box cars,
May 2 1928 $4,500,000 secured by $6,831,500 K. C. F. S. & M. By. Co. 1.500 55
-ton capacity coal cars,
Refunding Mortgage 4% Gold Bonds,
500 50
-ton cap, automobile cars,
July 2 1928 $1,500,000 secured by $2.000,000 Consolidated Mortgage
500 55
-ton capacity flat cars,
10 50
4% Gold Bonds, Series A.
-ton capacity dump cars,
-car ditchers, I 1
3 American top-of
1 American self-propelling ditcher,
15 70
-ft. baggage and mail cars,
5 70-ft. baggage cars
5 400 h. p. gas-electric motor cars.
3859
FINANCIAL CHRONICLE
JUNE 8 1929.]
of
Equipment trust obligations in the principal amount
matured in the course of the year, all of which
$1,874,000
were presented and paid.
DIVIDENDS;
pre/
Regular quarterly dividends of 112% on the old 6%
1st
ferred stock (retired June 1st) were paid on February
1st
and May 1st, as well as one month's accrual paid June
when the stock was redeemed.
h% on the new preferred stock
The initial payment of 1.1
'said stock rating for dividends
was made November 1 1928,
from August 1 1928.
On the common stock, dividends at the rate of 7% per
annum, plus 1% extra, were paid in quarterly instalments
during the year.
• Dividends were declared in advance for the year 1929 on
the preferred stock; as follows:
1
payable Feb. 1 1929 to stockholders of record Jan. 2 1929,
13 1929.
EQUIPMENT.
&c.) 98 A53.665.31
Purchase of new equipment (locomotives, passenger cars,
equipImprovements to existing equipment (including new
Cr.970,967.38
ts
ment built in company shops), less retiremen
87,882.697.93
Total equipment
816,050,510.78
Total road and equiPment
Comtotal of 260 new freight cars were built in the
cars
pany's shops during the year; in addition, 3,852 freight
and'.150 Passenger cars were given heavy repairs.
freight
Equipment retired during the year comprised 960
cars,
cars, 33 locomotives, 7 passenger cars and 93 work
6.
entailing a charge to operating expenses,of $569,27
4.89 miles of
On December 31st the Company purchased
Pensacola, Fla., from Gulf Power Co.
track jn
leAnother notable., achievement Of the Company—comp on
—was eelebrated
tion 'of its line to the Gulf of Mexico
entered Pensacola,
,
June 27th, when its first passenger train
cted line
Fitt' ..The route traversed, is by a newly constru
the -Mem(coinpleted June 18 1928), from a connection with to:KIMAberdeen, Miss.,
Payable May 1 1929 to stockholders of record Apr.
1
:
" PHIS Birmingham Line at East
payable Aug. 1 1929 to stockholders of record July 1 1929;
1
formerly of The
0 payable Nov. 1 1929 to stockholders of record Oct. 1 1929.
1
bidugh; Ala., 151 miles, thence by the line
/
d of 1%-%, plus 14Vo extra, on the MtlacletiShoals,'Birmingham & Pensacola RR. Co: to PensaA quarterly dividen
common stock was declared payable January 2 1929, to cola, Fla., 145 mile's.
miles,
-The•new line from McBain to Floydada, Tex., 28
stockholders of record December 3 1928.
was Wiled for service October 1 1928. '
ACQUISITION OF SUBSIDIARY -LINES.
MAINTENANGE.
The corporate structure of the Company has been simplined.
the year the property was adequately maintai
through acquisition of the properties of five of its subfied
During
nt maintenance projects were as follows:
companies, to-wit:
sidiary
.The most importa
:
Company,
The Kansas City Fort Scott & Memphis Railway
,
Kansas City Memphis & Birmingham Railroad Compaty
,
Railway
Kansas City Clinton & Springfield& Bridge Company,
Company
& Memphis Railway
Kansas City
Company,
The Muscle Shoals Birmingham & Pensacola Railroad
the first three of which have heretofore been operated under
long term leases. In accordance with contracts of sale, the
Company has assumed all of the outstanding funded debt
of those companies.
•The property of Paris & Great Northern RR. Co. was
conveyed to St. Louis, San Francisco & Texas fly. Co., the
latter assuming all of the obligations of the former.
The property of Motley County RR. was acquired by the
Quanah, Acme & Pacific fly. Co.
ADDITIONS AND BETTERMENTS.
The following table reflects net charges to capital account
during the year for additional main track, changes in line,
grade reduction and other additions to and betterments of
roadway and structures, etc., and for the purchase and construction of new equipment, reconstruction of and improvements to existing equipment:
•
ROAD.
$116.226.10
425,912.70
666.527.45
1,303.412.72
254,11)3.41
22.1)31.45
3.883,437.89
365.521.88
20,971.71
' 313,443.45
10,393.10
27,950.13
7,682.02
189,422.18
11,327.64
11Cr.3,1157.47
Cr.122,820.71
Cr.14,262.95
92,654.86
597,135.29
Widening cuts and fills
Ballasting
Bail and other track material
Bridges, trestles and culverts
Elimination of grade crossings
Grade crossings and signals
Mainlltracks
Additional yard and industry tracks
Ohanges of grade and alignment
Signals and interlocking plants
Telegraph and telephone lines
Section houses and other roadway buildings
Fences
Freight and passenger stations
Fuel stations and appurtenances
Water stations and appurtenances
Shop buildings, engine houses, &c
Power plants, shop machinery and tools
Assessments for public improvements
All other improvements
lks.
-road
Total.
98,167.812.85
•
-lb. rail laid, releasing lighter rail,
21 miles of new 100
-lb. rail laid, releasing lighter rail,
138 miles of new 110
9 miles of open deck trestle bridges renewed.
yards of ballast applied,
358,000 cubic
1.147,149 cross ties renewed, - ns.
12 highway grade separatio
out of service
At the close of the year 100 engines.were
91, or
repairs, or 11% of the total owned, compared with
for
of
the close of the previous year. The number
10%, at
out of service for repairs was 1,535, or 4% of
freight cars
the total owned.
RESULTS OF OPERATION.
rable difficulty was
For the second successive year conside
ve rainfall. High
experienced in operation due to excessi
line in May and
water ,prevailed over practically the entire
Kansas and porand in Western Missouri, Eastern
June,
er. The Comtions of Arkansas and Oklahoma in Novemb
considerable expense repairing the damage
pany was put to
d loss of revwrought by resulting floods, and also suffere
enue account interruption of train service.
s for the year of
There was a decrease in gross earning
passenger earnings.
$3,476,767, of which $2,571,920 was in
y had disPrior to the beginning of the year, the Compan
as many of the passenger trains, operated at a
continued
ies. The passenger
loss, as it was permitted by the authorit
approximately the same as the pretrain, expenses were
vious,year.
d from connecRevenue freight loaded on line and receive
previous year.
tions decreased .1,099 cars, compared with approximately
Average earnings per car during 1928 were
$72.00.
stateThe surplus for the year, as per income account divideducting
ment, was $8,216,507. This amount, after
allowing for
dends paid on the old 6% preferred stock,.and
stock for the
dividend requirements on the new preferred
per share on
period beginning August 1st, is equal to $11.01
for last year.
the common stock, as compared with $10.75
•
WHERE IT WENT.
THE 1928 FRISCO DOLLAR—WHERE IF CAME FROM AND
MANUFACTURES
AND
MiSCELL ANEOUS
3? 15
3860
FINANCIAL CHRONICLE
The two charts above show graphically the source of
every dollar of Frisco income and its disposition.
The first chart shows that 73.48c. of every dollar is
derived from transportation of freight. Transportation of
persons, mail and express matter produces 17.07c., switching
1.75c., rent of facilities and rolling stock 1.83c. The remaining 5.87c. designated on the chart as miscellaneous, includes
an allowance for transportation of men engaged in and on
material used for construction work; dividends from corporate investments, interest on bank 'balances, etc.
The chart showing the outgo indicates that out of every
dollar earned 42.22 cents is paid for labor; 6.24c. is required
for fuel and 12.42c. represents cost of replacement material
and miscellaneous supplies. Depreciation of rolling stock
takes 8.89c. and payments for personal injuries, loss and
damage to property amounts to 1.38c. These items, revesenting operating expenses, total 66.15c, or approximately
two-thirds of every dollar. Tax gatherers take 5.71c.; rent
of facilities and rolling equipment requires 1.42c., and interest on funded debt amounts to 17.43c., leaving a balance
of 9.29c. available for dividends to stockholders, for additions and improvements and other corporate purposes.
INDUSTRIAL AND AGRICULTURAL DEVELOPMENT.
A total of 365 new industries were located on the line
during 1928, consisting of 13 compresses and gins, 7 canneries, 55 material and coal yards,40 warehouses, 13 oil well
supply houses, 2 oil refineries and loading racks, 85 oil
distributing plants, 6 wholesale produce houses, 10 rock
crushers, 8 creameries, 54 miscellaneous manufacturing
plants, and 72 miscellaneous industries.
Erxcessive rains and a backward Spring retarded early
crops; after July 1st, however, favorable weather permitted
rapid development. While not extraordinary, agricultural
production was quite satisfactory, movement of apples,
grapes and strawberries showing an increase over previous
year of approximately 3,000 carloads. There was also a
substantial increase in movement of flour and other mill
products, automobiles and oil.
[VOL. 128.
CONSOLIDATED INCOME ACCOUNT-YEAR ENDED
DEC. 31
1928 COMPARED WITH PREVIOUS YEAR.
Inc.(+)or Dec.(-.)
1928.
1927.
Amount.
Per
Cent.
Average mileage oper___
5,673.11
5,605.24
+67.87
1.2
Operating Recenues-$
$
$
Freight
67.281,964.20 68,213,590.46 -931,626.26
1.4
Passenger
11.781.414.85 14,353,334.67 -2,571,919.82 17.9
Excess baggage
91,483.32
116,061.29
-24,577.97 21.2
Parlor and chair car
12,488.52
11,443.45
+1,045.07 9.1
Mall
1,730,958.76 1,654,637.75
+76,321.01
4.6
Express
2.215,356.05 2,101,958.49 +113,397.56 5.4
Other passenger train_
57,462.78
198,911.05 -141,448.27 71.1
Milk
346,868.99
363,841.87
-16,972.88 4.7
Switching
1.594,562.68 1,506.004.39
+88,558.29 5.9
Special service train_ --15,814.79
25.617.00
-9,802.21 38.3
Station, train and boat
privileges
9,534.00
10,416.12
-882.12 8.5
Storage-Freight
43,764.95
49,130.39
-5,365.44 10.9
Demurrage
169,715.60
201,122.32
-31,406.72 15.6
Other
431,428.19
453,615.00
-22,086.81 4.9
Total oper. revenues_85,782.817.68 89.259,584.
25 -3,476,766.57 3.9
Operating Expenses
Maintenance of way and
structures
10,604,109.49 11,910,297.37 -1,306,187.88 11.0'
Maintenance of equip't-12,922,658.71 13,697,914.60
-775.255.89 5.7
Maintenance of equipment
-depreciation
3,528,789.41 3,485,436.97
+43.352.54
1.2
Traffic
1.607,237.97 1,501.295.70 +105.942.27 7.1
Transportation
28,942,184.02 29,628,233.91 -686,049.89 2.3
Miscellaneous operations
35,449.73
19.610.32
+15,839.41 80.8
General
2,966,828.09 3,128,477.43 -161,649.34 5.2
Transportation for investment--C...
823,456.58 1,107,989.14 -284,532.56 25.7
Total oper. expenses-59.783.800.84 62.263,277.06 -2,479,476.22 4.0
Net oper. revenue_ _25,999.016.84 26,996,307.19 -997,290.35 3.7
Operating Charges'
Railway tax accruals
5,212,202.47 4,992,531.28 +219,671.19 4.4
TJncollectible railway
revenues
11,288.21
21,985.43
--10,897.22 48.7
Hire of equipment
-net. 342.135,64
171.630.42 --170.505.22 99.4
Joint facility rents
-net 148,216.80
A-18,254.53 14.0
129,962.27
Total oper. charges 5,029,571.84 4,972,848.56
+56.723.28
1.1
Net railway operating
income
20,969,445.00 22,023,458.63 -1,054.013.63 4.8
TAXES.
Taxes paid by the Company for the year 1928 amounted
Non-operating Income
to $5,212,202 (6.08% of gross revenue), an increase of Rentals'
157,173.94
189,059.35
-11,885.41
7.0
Interest and dividends
$219,671 over the previous year.
3,590,677.45 1,325.294.42 +2,265.383.03 170.9
Miscellaneous
EMPLOYEES CLUBS
Having in mind the thought that "in union there
is
strength," the employees, some thirty thousand strong, have
organized clubs with the idea of using their influence in
attracting freight and passenger business to the company.
These clubs are of a social nature, are self-sustaining, and
were created to perpetuate the idea of increasing the earnings by recommending their company's freight and passenger service to the public; also by actual solicitation. Considerable business has been secured in this manner during
the year, but the activities of the clubs did not stop
at
that, but also lent their support toward preventing repeal
of the Pullman surcharge, and assisted in securing signatures to a petition addressed to Senators and Representatives in Congress urging Federal regulation of inter-State
bus and truck traffic.
NUMBER OF EMPLOYEES.
During the year 1928 the average number of employees
was 23,993, as compared with 25,229 in 1927.
The acknowledgments of the Board are renewed to the
officers and employees for faithful and efficient service.
By order of the Board of Directors,
E. N. BROWN, Chairman,
J. M. KURN, President.
May 18 1929.
DELOITTE, PLENDER, GRIFFITHS & CO.
Accountants and Auditors
49 Wall Street, New York.
April 19 1929.
To the Directors of
Bt. Louis
-San Francisco Railway Company,
120 Broadway, New York City.
We have made an examination of the books and accounts of the St.
Louis-San Francisco Railway Company and its Auxiliary Companies for
the year ended December 311928.
The Securities owned have been substantiated by certificates received
from the various Trustees, or verified by actual inspection. Cash Bal.
,
ances have been reconciled with the pass books or statements produced to
1113. and we have received direct from the Banks, Bankers
and Trust Companies certificates in support of the sums on deposit with them.
We have satisfied ourselves generally that the charges to Property
and
Equipment Accounts for the period were proper charges to Capital Account.
We certify that the accompanying Consolidated General Balance
Sheet,
Income and Profit and Loss Accounts, in our opinion, fairly set
forth the
combined position of the Companies at December 31 1928, and the
result
of the operations for the year ended that date.
DELOITTE, PLENDER, GRIFFITHS & CO.,
Auditors.
30,777.20
35,940.61
-5,163.41 14.4
Total non-operating
income
3,778,628.59 1,530,294.38 +2.248,334.21 146.9
Gross income
24.748,073.59 23,553,753.01 +1,194,320.58 5.1
Deductionsfrom Income
Rentals
59,240.16
Miscellaneous tax accruals 10,809.50
Miscellaneous income
charges
129,684.26
Sinking and other reserve
funds
88.089,22
Total deductions from
Income
111,644.70
Balance available for
interest, &c
24,636,428.89
Interest on fixed charge
obligations
13,620,862.80
Balance
11,015,566.09
Interest on cumulative
adjust. mtge. bonds
1,216,318.67
Balance
9,799,247.42
Interest on income mtge.
bonds
1,582,740.00
Balance
8.216,507.42
Dividends on preferred
stock
1,012,164.20
Balance
7,204,343.22
Dividends on common
stock
5,234,092.00
Balance•
1,970,251.22
Figures in boldface denote credit.
58,253.69
12.657.51
157,157.73
+986.47
-1.848.01
1.7
14.6
---27,473.47
17.5
349,685.03
--437.774.25 125.2
577,753.96
-466,109.26 80.7
22,975,999.05 +1,660,429.84
7.2
10,969,152.62 +2.651.710.18 24.2
12,006,846.43
-991,280.34
8.3
2,432,290.83 -1,215,972.16 50.0
9.574,555.60
2.110,320.00
+224,691.82
2.3
-527,580.00 25.0
7,464,235.60
+752,271.82 10.1
428.022.00
+584,142.20 138.5
7.036,213.60
+168,129.62
4,352,229.06
+881.862.94 20.3
2,683,984.54
-713,733.32 26.6
2.4
CONSOLIDATED PROFIT AND LOSS ACCOUNT-YEAR ENDED
DECEMBER 31 1928.
Credit.
Credit balance December 31 1927
122,354.362.15
Balauce transferred from income
(Year 1928)
$1,970,251.22
Profit on road and equipment sold
924.81
Unrefundable overcharvs
129,934.98
Donations, account industrial
tracks
93,315.82
Miscellaneous credits
172,535.75
Total credits
22.366.962.58
Debit.
Debt discount extinguished
through surplus
35,874,886.03
Loss on retired road and equipment
439,717.41
Miscellaneous debits
1,219,038.27
Total debits
7,533,641.71
Net debit for the year
$5,166,679.13
Less: Transfer to free surplus all accumulated
surplus previously appropriated
*4,702,958.90
463,720.23
Credit balance carried to consolidated general balance sheet_ _$21,890,641.92
* Does not affect total corporate surplus.
JUNE 8 1929.]
3861
FINANCIAL CHRONICLE
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31 1928, COMPARED WITH PREVIOUS YEAR.
LIABILITIES.
ASSETS.
Increase(+)or
Decrease (—).
1927.
1928.
Stock—
Stock:
*Capital
65,543,226.00 65,543,226.00
Common
60,000.00 7,529.700.00 —7.469.700.00'
Preferred Series
+8,085,119.81
Preferred:
+7,880,047.54
Book liability- -$49,157,400.00
Held by
or for the
company 288,100.00
+48.869,300.00
48,869.300.00
Receipts outstanding for
+286.225.00
286,225.00
installments paid
Cash
27,637.30
—27,637.30
Deposits in lieu of mortstock..__114,758,751.00 .73,072,926.00 +41,685,825.00'
Total capital
gaged property sold
11,000.01
3,884.26
+7.115.75
Miscellaneous physical
Long Term Debt—
property
600,015.15
670.704.26
—70,689.11
Funded debt unmatured:
Investments in affiliated
Equipment trust obligacompanies:
tions:
Stocks
202,336.33
202,336.33
23,038,000.00 18,912,000.00
Book liability
Notes
89,256.25
100,079 38
—10.823.13
Held by or for the comAdvances
230.484.86
+5.904.52
224,580.34
9,000.00
pany
Other Investments:
Stocks
10,510,948.40 10,510,944.40
+4.00
Actually outstanding 23,029,000.00 18,912,000.00 +4,117,000.00
Bonds
1.00
1.00
Notes
80,858.68
80,858.68
Mortgage bonds:
341.068,970.00 221,055,665.00
Book liability
Total investments____450,730,746.13 434,861.704.05 +15,869,042.08
Held by or for the com78,886.203.43 20,230,300.00
pany
Current Assets—
Clash
2,723,142.08 10.731,037.75 —8,007.895.67
Actually outstanding 262,182,766.57 200,825,365.00 +61.357,401.57
Demand loans and deposits 5,000.000.00
+5.000,000.00
22,000.00 8,022,000.00 —8,000,000.00'
Collateral trust bonds_ _Time drafts and deposits
3,500.125.00
1,000,000.00 +2.500.125.00
Income mortgage bonds:
Special Deposits
94,568.63 +2.933.181.18
3,027,749.81
1927.
Loans and bills receivable
+743.00
743.00
Book liaTraffic and ear service balbility- 480,010,173.00
ances receivable
1,752,449.66
2,079,486.39
+327,036.73
Held by
Net balance receivable from
or for the
588,425.96
677,645.93
agents and conductors
+89,219.97
20,000.00
company
Miscellaneous accounts re1,872,026.76
1,847.865.56
ceivable
+24,161.20
79.990.173.00 —79,990,173.00
Actually outstanding_
5,410,178.52 5,062,914.36
Material and supplies
+347.264.16
100,000.00
100,000.00
Miscellaneous
Interest and dividends re51,176.72
ceivable
4.887.66
+46.289.06
Total long term debt_ _285.333,766.57 307,849,538.00 —22.515,771.43
Other current assets
82,265.54
110,123.10
—27.857.56
Current Liabilities—
Total current assets
24,424.539.75 21.192.272.68 +3,232.267.07
Traffic and car service bal+21,252.25
1,087,288.42
1,108,540.67
Deferred Assets—
ances payable
Working fund advances—
27,504.29
29,307.75
—1,803.46 Audited accounts and wages
5,448,724.67
+833,917.44
6,282,642.11
payable
Insurance and other funds:
Miscellaneous accounts pay+203.643.54
289,506.12
493,149.66
759,408.41
Total book assets
724,085.24
—982.705.21
Issues of the company at
Interest matured unpaid_ _ _ 2,983,952.32 3.966,657.53
—11,128.23
27,491.00
16,362.77
443,250.00
par
Dividends matured unpaid_
448,000.00
Funded debt matured un00
11,0.00 +2,774,750.00
paid2,785,750.00
316,158.41
Cash and securities
276,085.24
+40,073.17
Other deferred assets
112,204.53
110,093.11
+2,111.42 Unmatured dividends de+491,574.00
491,574.00
clared
Total deferred assets_ _ _
455,867.23
415.486.10
+40.381.13 Unmatured interest accrued 2,316.773.57 3,408,143.24 —1,091.369.67
583.33
583.33
Unmatured rents accrued
—11,042.99
346,621.71
335,578.72
Unadjusted Debits—
Other current liabilities
Rents and insurance premiums paid in advance
273,720.26
140,373.32
Total current liabilities__ 16,814.907.15 14,586,016.02 +2,228,891.13
+133,346.94
Other unadjusted debits
2,518,931.42 2,314,280.91
+204,650.51
Securities issued or assumed:
Deferred Liabilities—
—49,114.90
261,568.03
212,453.13
Unpledged
10,000,153.43 14,780,300.00
Other deferred liabilities_ _ Pledged
68,739,900.00 4.000.000.00
—49,114.90
261,568.03
Total deferred liabilities-212,453.13
Total unadjusted debits 2,792,651.68 2,454,654.23
+337.997.45
Unadjusted Credits—
+6,227.56
3,071,784.59 3,065,557.03
Tax liability
Insurance and casualty re+55.575.25
704,622.74
760,197.99
serves
+48.716.89
737,596.94
786,313.83
Accrued depreciation—road
Accrued depreciation—
32,253.869.34 29,428,615.31 +2.825.254.03
equipment
,
+506,637.81
2.521,119.27 2,014,481.46
Other unadjusted credits
1928.
1927.
Increase (+) or
Decrease (—).
-Investments
Investment in road and
equipment:
335,928,046.11 327,842,926.30
Road
103,077,799.34 95,197,751.80
Equipment
Sinking funds: 1927.
Total book
assets__ _$1,049,637.30
Issues of the
company
at par___ 1,022,000.00
Total unadjusted credits 39,393.285.02 35,950.873.48
+3,442,411.54
Corporate Surplus—
Additions to property
through income and sur1,509,249.52 —1,509,349.52
plus
Funded debt retired through
—486.000.00
486,000.00
income and surplus
2,833,483.86 —2,833.483.86
Sinking fund reserves
20,000.00
—20,000.00
Miscellaneous fund reserves
Profit and loss balance (before deduction of common
stock dividends payable
—463,720.23
21,890.641.92 22.354.362.15
in January)
corporate surplus 21,890,641.92 27,203,195.53 —5,312,553.61
Total
478,403,804.79 458,924,117.06 +19.479,687.73
478.403.804.79 458.924,117.06 +19,479,687.73
* Note A.—Capital Stock outstanding at December 31 1928 includes $115,894.94 common stock held by Reorganization Managers.
Note 5.—The company is guarantor, jointly with other companies, of the securities of certain Terminal Companies, none of which is in default.
CURRENT NOTICES.
—Russell E. Prentiss, member New York Stock Exchange, Emil H.
Wolff and Caroline E. Prentiss, as special Partner, have formed a 00_
partnership under the firm name of Geo. H. Prentiss & Co. with offices at
44 Wall St., New York, to continue the business of the dissolved firm of the
same name.
—Nelson Perry Ford, formerly with Central Hanover Bank & Trust
Co., and Stuart J. Marvin„ also formerly with Central Hanover Bank &
Trust Co., have become associated with Woodward, Butler & Co., 37
Wall St., New York.
—Tracy, Willis & Richardson, members New York Curb Market, 25
Broad St., New York. announce that Chester Arnold is now associated
with their trading department and will continue to specialize in Bank and
Insurance stocks.
—F. A. Brewer & Co., 42 Broadway, New York, have issued a special
circular on the leading chain store securities showing the comparative
position of National Family Stores common stock in relation to.other
chains.
—Goodbody & Co., members of the New York and Philadelphia Stock
Exchanges, announce the admission to partnership of Francis W. Kemble
who will be resident member and Manager of the firm's Philadelphia office.
—Rudolph Guenther-Russell Law, Inc., announce the recent addition to
their Copy and Service Department of Charles C. Baldwin, formerly of
Albert Frank & Co. and Paull Hayden,formerly of the H. K. McCann Co.
—Walter Taylor and Charles C. Pape announce the formation of the
firm of Taylor, Pape & Co., to specialize in corporation financing, reorganizations and consolidations, with offices at 111 Broadway, N. Y.
—Chas. 0. Conover & Co. have removed their offices to 68 William
Street, New York.
—James C. Willson & Co., Louisville and New York,have issued a supplemental pamphlet covering the recent activities of the Keys aviation group.
Curtiss and Associated Companies.
—Jackson & Curtis have prepared a special analysis of Holophane Co
showing that net profits for the first quarter of 1929 increased 45% OM'
the corresponding period of 1928.
—Ames, Emerich & Co., have prepared a brochure containing reprints
of a series of advertisements discussing the investment features of general
management investment trusts.
—Estabrook & Co. have issued a list of railroad, public utility, industrial
municipal, and real estate bonds which they suggest as investment possibilities.
—Morrison & Townsend announce the opening of a branch office in the
Irving House, Southampton, L. I., of which Carter B. Carnegie wlll be
Manager.
—An analysis on the Apex Electrical Manufacturing Co. has been issued
for distribution to investors by Middleton, Worthington & Co.of Cleveland.
Ohio.
—The Bank of New York and Trust Co. has been appointed transfer
agent for 7,500 shares $100 par value corn.stk. of Shares Corp. of Wall St.
—B. J. Van Ingen & Co.. 57 William St.. New York. have issued their
June list of municipal securities to yield from 4.30 to 5.25%•
—Wellington & Co. have prepared a list of securities, which they recommend for the investment of institutional and private funds.
—Prince& Whitley,25 Broad St., New York, are distributing an analysis
of American Smelting and Refining Co.
—A.0. Allyn & Co. have opened a municipal bond department in charge
of John B. Thayer.
3802
FINANCIAL CHRONICLE
[VOL. 128.
The Commercial Markets and the Crops
COTTON-SUGAR-C- FFEE-GRAIN-PROVISIONS
O
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC. •
COMMERCIAL EPITOME
The stocks of raw sugar in warehouse at New York on
the 5th inst. totalled 244,543 bags against 2,020,029 bags'
New York, Friday Night, June 7 1929.
COFFEE was dull on flit spot at 23% to 23%c. for Santos the same date a month ago and 2,366,583 at the same
4s, 1634 for Rio 7s and 16% for Victoria 7-8s with Robustas time last year. London on the 5th inst. reported an
034c. On the 5th inst. cost and freight offers from Brazil easier market for raw sugars with sales of parcels of
2
were irregular, some being lower, but most of them un- centrifugals afloat at 7s 9d c.i.f. equal to 1.48c. f.o.b. Cuba.
changed. They included for prompt shipment Santos Bour- There were sellers of July-August shipment Cubas at
bon 3s at 23 to 23%c.; 3-4s at 21% to 22.35c.., 3-5.s. at 21% 8s which is equal to 1.53c. f.o.b. Refiners were said to
to 22.10c.; 4-5s at 21 to 21.80c.; 5s at 20% to 21.55c:; 5-6s at be looking on. Terminal declined 34 to 1r/2d; beet off
was 5c with larger consumption during
2034c.; 6s at 19.94k.; 6-7s at 18.65 to 1954c.; 7-8s at 1434 to 34-to 1%. Refined
the recent hot spell and withdrawals made a good show185/c.; Bourbon separations 6s at 18.90c,; 6-7s at 18%c.;
4
at 17.74k.; 7-8s at 14.60 to 17.55c.; part Bourbon or flat bean ing. All but four Cuban centrals have finished grinding.
17.70c.•
3-4s at 22.60c.; 3-5s at 2154 to 2134c.; 4-5s at 20% to 21.55c.; Three of these mills are large ones. On the 5th inst.
'
5s at 2034c.; 6s at 19c.; Rain-damaged but dry Santos 4-6s 2,000 tons Philippine raw sugar due about the 20th sold
at 18%c.; 5-6s at 18.40c.; 6s at 18.20c.• 6-7s at 17.80c.; 7s at at 3.46 delivered equal to 1 11/16c. c. & f. Futures in a
15.10 to 16.65c.; 7-8s at 14% to 16.40C; Santos peaberry 4s sense were in the rapids. On the 3rd inst. prices fell 2
at 21.60c.; 4-5s at 2154 to 21%c.; 6s at 20%c.; Rio 7s at 15.64k.; to 4 points. There is talk of an increase in the beet
7-86 at 15.34k.; Victoria 7s at 15.14k.; 7-8s at 15c. • July-Sept. root acreage of Europe. That told. The sever-ending
7s for July-Sept. shipment were offered at 14.60c.; 7-8s at delay in acting on the tariff was also a depressing factor.
14.35c. On the 6th inst. early cost and freight offers were un- Licht estimated the beet root acreage as follows: Hunchanged to lower. Santos Bourbon 3s for prompt shipment were gary, 73,000 against 68,000 last year; Belgium 60,000 against
quoted at 23 to 23%c.; 3-4s at 22.35c.; 3-5s at 20% to 21.80c.;4-5s 63,000 last year; Holland 54,000 against 52,000; Poland
at 21.44 to 21.80c.; 5s at 2054 tol 21.55c.; 5-6s at 20 to 20%c.;
6s at 19c.; 6-7s at 18% to 19c.; 7-8s at 1434 to 16c.; part 252,000 against 225,000; Rumania 36,000 against 42,000;
Bourbon 3-4s at 21% to 22.60c.• 3-5s at 20 to 21%c.; 4-5s Bulgaria 20,000 against 17,000; Finland 2,000 against 3,000
at 20% to 21.15c.; 5s at 20%c.; Peaberry 4-5s at 21%c.; 6s and Czechoslovakia 228,000 against 240,000 last year. It
'
at 20%c.; Rain-damaged 4-6s at 1954c.; 7s at 15.14k.; Vic- is stated that F. 0. Licht on May 31st estimated the
toria 7s for July-August-Sept. shipment, equal were offered European beet sugar acreage, exclusive of Russia at 1,at 14%c. They sold to New Orleans yesterday at 145.4e. 866,000 hectares, which compares with 1,838,000 hectares
under cultivation at the end of August last year. This
Victoria 7-8s offered at 14.90c.
On the 6th inst. spot prices were firm for Santos but estimate is 15,000 hectares above his previous estimate.
weaker for Rio, Victoria and mild. Trade was dull. Later San- Stands and development were said to be generally good
tos 4s, 23% to 23%c.; Rio 7s 1634c.; Victoria 7-8s 1654c. To- but crop is about two weeks late.
Receipts at Cuban ports for the week were 54,842 tons
day the supply of early cost and freight offers was rather
small. For prompt shipment, Santos Bourbon 3s were quoted against 39,512 in the same week last year; exports 103,/
at 3314 to 23.35c.; 3-5s at 21%c.; 4-5s at 21.55c.; 5s at 21.34k.; 179 against 60,948 in the same week last year; stock (con6-7s at 18%e.; 7-8s at 14.80 to 16c.• part Bourbon 2-3s at sumption deducted) 1,439,050 against 1,257,908 last year;
231c.•, 4-5s at 21 to 21%.c.• 5s at 20.35c.; 5-6s at 24k.; pea- centrals grinding 3 against 2 last year. Of the exports
/
2
'
berry 2-3s at 23%c.; 4s at 22c.; 5-6s at 20%c.; Rain-damaged 52,087 were for Atlantic ports, 20,979 for New Orleans,
5s at 18.95c.; 7s at 16c.; 7-8s at 15 to 1534c. and Victoria 3,008 for Interior United States; 3,258 to Galveston; 2,428
7-9s at 14%c.
for Savannah, 2,627 for New Zealand and 18,792 for
Futures on the 3rd inst. were 1 point lower to 7 higher ,Europe. Deliveries of refined sugar in this country since
for Santos with sales of 40,000 bags, more than one-half the first of the year are said to be running about 9%
December and 3 to 6 points lower on Rio with sales of ahead of last year while meltings are approximately 15
19,000 bags. Firm offers were unchanged or lower. For- per cent ahead. If final results show that the 9 per cent
eign interests, either European or Brazilian are supposed to rate is maintained for the year, it means that we will
have taken much of the selling. E. Laneuville's monthly fig- use 500,000 tons more Cuban sugar than last year or
ures: World's visible supply June 1st, 5,342,000 bags against about 3,100,000 tons.
5,217,000 on May 1st and 5,141,000 on June 1, 1928; arrivals • According
London advices, Europe is buying on a scale
in Europe during May of Brazil were 462,000 bags against down. One to
cable reported rumors of sales of 19,000 tons
465,000 in the previous 'month and 395,000 last year; of Cuba for July or July-August shipment by two operators
milds 563,000 against 463,000 in the previous month and 474,- to Tate Lyle at 7s 10%d c.i.f., equal to 1.50 f.o.b. Cuba.
000 same month last year. Arrivals of milds for 11 months Another cable credits Europe with the buying of this sugar.
in the United States 3,158,000 in Europe 4,815,000; deliveries A third
cable stated that Tate Lyle have bought 25,000 tons
during May of all kinds United States 842,000 bags against
shipment at 8s c.i.f. The foreign Sales
971,000- in the previous month and 818,000 same month last of Cuba for August have denied connection with such busiyear; Europe 896,000 against 869,000 in previous month and Syndicate is said to some 2,000 tons of Philippines due the
868,000 last year; total world's deliveries for 11 months in ness. On the 5th inst.
1-11/16c. c. & f. and 1,000
the United States 9,876,000; Europe 9,729,000; Southern parts 20th sold at 3.46c. delivered or
shipment at 3.52c. de937,000. Futures on thel 4th inst. were 6 to 14 points lower tons Philippines for July-August
with 27,000 bags all told of Rio and Santos. Brazil seemed, livered or 134c. c. & f.
Willett & Gray said: "It has always been difficult to obinclined to sag. Europe was dull. Local and European
support appeared. Futures tain accurate sugar statistics regarding consumption of sugar
liquidation told. No Brazilian
on the 6th inst. declined 3 to 11 points with sales of Rio and in different parts of the world with the "-exception of the
Santos 53,000 bags. The trade and Europe sold. Brazil ap- United States where we have been -keeping these records for
parently gave no support and cost and freights were irreg- many years, and a few countries in Europe. It appears, howular; some off and some steadier. To-day Santos ended 5 ever, that more attention is now being given to this subj ct,
to 9 points off with sales of 22,000 bags; Rio was 6 to 12 and not only in Europe but in Asia, Africa and Australia as
points lower with sales of 27,000 bags. Final prices for the well. We are now able to make a calculation of world conweek show a decline on Santos of 19 to 37 points lower, and sumptioti for the calendar year 1926, 1927 and 1928 based
largely on actual figur is, the rest being estimated, and based
Rio 37 to 46 points.
on this calculation the total world consumption of sugar for
Rio coffee prices closed as follows:
Spot unofficial 16X
14.1314214.14[Mar
13.18 ® - - the three calendar years is as follows in tons of 2,240 pounds:
Sept;
July
I May
12.93 12.94
14.91@14.92 I Dec
13.5514
1926-25,004,712 tons; 1927-22,967,701 tons; 1928-24,313,773
Santos coffee prices closed as follows:
tons. The Chamber of Commerce of the State of New York
Spat unofficial _- SePt20.55:20.571Mar
i8.683 nom passed a resolution opposing any increase in the duties on
July
21.440
I Dec
COCOA closed today at 10.72c. for July,..LO. 83 for sugar, asserting that the incteased levy 'proposed by the TarSeptember and 10.60c. for December. Final prices show iff Bill now before Congress would be of no benefit to the
Amerian farmer and would seriously impair export trade
and advance for the week of 26 to 32 points.
'SUGAR-Oa the 3rd inst. it is stated about 150,000 bags and injure national prosperity.
Havana cabled June 6th: "Havana newspapers join in obCuban sugar sold at 134c. and 5,0001 bags of Porto Rican at
1 /32c. less or 3.49c. delivered, to outport refiners. On the 4th jecting to proposed United States tariff increases on Cuban
inst. 45,000 bags Cuba for second half June shipment sold at sugar. They stress the importance of North Americans re1 23/32c. c. & f. London reported the sale of a cargo taining the 'bond of friendship' existing between the two
of Cuba for August shipment to Europe at 8s 034d c.i.f. republics and warned against `Congress' obsession for high
equal to about 1.52c. f.o.b. An official report from Java tariffs which will soon destroy American prestilm and trade
by mail stated that of the total sowings this year 93 per throughout the Latin Americas." Havana cabled: "The Sugar
cent was of P.O.J., 2,728 as against 67 per cent last year. , Club of Havana plr.ced the production of sugar in Cuba up 'o
JUNE 8 1929.]
FINANCIAL CHRONICLE
3863
but quiet.
'contracts or 632 tons.4 Actual rubber was firmer made the
4
1c.
d 1/ to / October-December
Standards advance
4
1
was firm at 22 c., a prelargest advance. Thin pale latex standard ribs. /
Clean thin
than lc. above
mium of more
all descriptions of amber were up %c. Lonbrown crepe and
of June 1st, an
d'on's stock on June 3rd was '31,539 tons as when the stock
tons over the previous week,
increase of 646
and June 213-i
totalled 30,893 tons. Ribbed smoked spot
latex crepe 22 to
4
1
/
to 21%c; July 221% to -22 c.; spot first
4
1
/
coarse 12
22%c.; Paras, Upriver, fine spot 23 to 23%c.; Ball-Upper
to 12%c.; Acre, fine spot 23% to 24c.; Caucho, closed with
New York
1
/
4
1
/
12 to 124c. Here on the 3rd inst.Sept. 22.10c.; December
June 21.10 to 21.30c.; July 21.70c.• London spot and June
In
22.60c.; January 22.70 to 22.80c. ' the 4th inst. prices de1d. On
/
/
1078d. Singapore June 102 at a net decline of 10 to 30
clined 30 to 50 points closing
total well above
points. Dutch imports in May increased to a last year. The
that of April and also above thatisof May ng expectations.
exceedi
output of the Dutch East Indies
tons. Here on the 4th
The sales were 327 lots or 817 long er at 21.90c.; December
inst. July ended at 21.40c.; Septemb prices: Ribbed smoked
at 22.40c.• January at 22.50c. Outside to 211%c.; July-Sept.
1.7244 ..-_
Sept
/
June 2114 to 21%c.; July 211%
spot and'
first latex crepe
4
1
/
/
LARD on the spot was higher; prime western 12.20 to 211% to 2178c.; Oct.-Dec. 21% to 22 c. Spot
thin brown
4c.; South America 13c.; 21% to 22c.; thin pale latex 221% to 221%c.; clean
1
/
to Continent 12
12.30c.; Refined
2
1
/
19 to 19 c.; rolled brown
4
1
/
Western later was firm at 12.25 to 12.35c. crepe 19 to 19%c.• specky,crepe19% to 19 c.; No. 3, 19'4
Brazil 14c. Prime
4
1
/
4
/ No.
Futures on the 3rd inst. advanced 6 to 10 points owing to the crepe 15 to 151c.;' 2 amber London spot and June 104
1
/
were very steady. Liverpool to 19%c.; No. 4, 19 to 19 c. . •
rise in grain. Besides hogs
June 10-9/16d
lard was about unchanged. There was a decrease of 4,021,982 11/16d. Singaporeprices fell 50 points with liquidation heavy
On the 5th inst.
lbs. in stocks of contract lard at Chicago during- June, which
shipments. Actual rubber de7
was about one-half what the trade expected. The total was owing to the large Malayan and clean thin brown crepe.
4
1c.
1st stocks to- dined % to / on standard
93,943,704 lbs. on May 1st; last year on 'June
with July 20.90 to 21c.• September 21.50c.;
taled 95,086,956 lbs. On the 4th inst. futures advanced only New York closed 21.70c.; December 21.40 to 22c. Outside
21.60 to
3 to'Sc. the' rise in grain being in some measute neutralized October
4
/
4
1
/
smoked spot and June 20 to 211c.; July
by a decline in hogs of 25c. The exports from New York prices: Ribbed July-Sept. 211 to 21%c., Oct.
-Dec. 2154 to
4
/
c.;
4
/
were 2,900,000 lbs. mostly to England and Germany. Fu- 21 to 211
latex crepe 211% to 211%c.; thin pale latex
tures on the 6th inst. ended unchanged to 2 points higher. 21%c. 2Spot, first thin brown crepe 1834 to 19c.; specky
c.; clean
/
2
4
1
/
Packers sold and this restricted the advance despite higher 22 to 18%4to 18 c.; rolled brown crepe 141% to 14 c.; No. 2
4
1
/
4
1
/
corn and firm prices for hogs. Today futures advanced 12 crepe 19 to 19 4c.; No. 3 1834 to 19c.; No. 4. 18% to 18 c.;
/
/
points with grain and hogs higher. Profit taking checked amber upriver fine spot 23 to 23%c.; coarse 1214 to 12%c.;
4
1
/
upper 12 to 12%c.
the advance. Final prices show an advance for the week of Paras,
1
/
Acre, fine spot 232 to 24c.; Caucho Ball-d; July-Sept. 10 d.
4
1
/
33 to 35 points.
Spot and June 10-11/16
London steady;
Shipments of
4
1
/
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO: Singapore, June 10-5/16d; July-Sept. 10 d.
Wed. Thurs.
Fri.
Sat.
Mon. Tues.
country of the world,
11.95
11.65
11.77 11.80 11.80 11.82
July
crude rubber from the chief/ producing May showed a sharp
12.17
12.15
12.011 12.10
12.15
12.30
September
during the month of
British malaya
Rubber
12.27 12.30 12.42
12.25
12.22
12.15
December
decline, according to a cablegram received by the
steady; Mess $30.50; family $35; fat back $27 Exchange of New York. Gross shipments from Malaya
PORK
to $30. Ribs 13.25c. for 50 to 60 lbs. average. Beef amounted to 43,960 long tons as compared with 49,816 long
tons
quiet; Mess $26; packet $25 to $27; family $28 to $29.50; tons for the month of April. Of this amount 30,966 long
extra India mess $42 to $45; No. 1 canned corned beef were exported to the United States as against 34,634 of
feature
$3.10; No. 2, six pounds, South America $16.75;.pickled tons exported during the previous month. One ians in the
by
tongues $75 to $80. Cut meats firm; pickled hams 10 to the report unfavorably interpreted total statistic long tons
of 15,593
4
/
2
/
20 lbs. 21.4 to 211c.; pickled bellies, 6. to 12 lbs. 181 trade is the increase in the "import"
month. The iniports into
1
/
to 204c.•, bellies, clear, dry salted, boxed 10 to 20 lbs. against 11,414 tons for the previousthe Dutch East Indies ter4
/
4
/
141c.; 14 to 16 lbs. 151c. Butter, lower grades to high Malaya represent rubber grown on for transhipment to the
1
/
A
scoring 39 to 44c. Cheese, flats 231 to 294c.; daisies ritories which are sent to Malaya inst. prices fell 20 points
23 to 28c. Eggs, medium to extras 28 to 33c.; closely consuming countries. On the 6th or less liuidation here.
with London off 3 /16d and more
4
1
/
selected 33 to 34.
20 points
ed
Later came a rally and prices ended unchangwasto
Ihc below
OILS-Linseed was steady at 10.4 c. for raw oil in higher. New York at one time this week
'carlots, cooperage basis. The,jobbing demand was bet- the London parity. The "sal6s here were 532 'contracts or
ter and the deliveries against old contracts were large. 1,330 tons. New York closed on the 6th inst. with June
Stocks of oil on hand are not large. Large quantities 20.60 to 20.70C.; July 21c.; September 21.50 to 21.60c.; Dec.
of paint are being consumed and this has caused a better 22 to 22.10c.; Jan. 22.10 to 22.30e. Outside prices: Ribbed
4c.; smoked spot and June 20% to 21/ July 21 to 2134c.;
1
/
4
1c.;
feeling in the trade. Cocoanut, Manila coast tanks 6
4
/ First
spot N. r tanks 674c.; Corn, crude bbls., tanks f.o.b. July-.Sept.. 21/ to 21%c.•, Qct.-Dec. 2134 to 211c. 22%c.;
4
1
22 to
mill 8c. Olive, Den. $1.35 to $1.40. China wood, N. Y. latex crepe spot 2134 to 2134c.; thin pale latexcrepe 18% to
drums, carlots, spot 14c.; Pacific _ Coast tanks,' futures clean thin brown crepe 1814 to 19c.; specky 2 amber 19
No.
13c. Soya Bean, bbls. N. Y. nominal. Edible,. corn 100 1834c.; rolled brown crepe 1434 to 14%c.; to 18%c.; Paras,
2.25 to 2.306. Lard, prime 15c.•, to 191 c.; No. 3. 183A to 19c.; No. 4 1.8%
/
lots 12c.• Olive '
bbl.
4
1
/
1
/
124 to 12 c. Lon,
'
extra strained winter N. Y. 13c. Cod, Newfoundland upriver fine spot 23 to 24%c.; coarseiiff 5/16d; June 10d;
ine 52 to 58c. Rosin $7.55 to $9.90. Cotton- 'Cron -spot and urte'10%d.; Singre
62c. Turpent
.
seed oil sales today including switches 23,300 bbls. Prices July-Sept. 10-5/16d..
turing
Consumption of crude rubber in American manufac 50,000
closed as follows:
mately
I
9.95 10.10Nov
10.15110.22 plants during the month of May rose to approxi
9.70110.251Aug
Spot
Akron and
10.13(10.15 Dec
10.24 10.26
9.75 10.10 Sept
June
tons for the industry, according to reports fromof the Rub10.18 10.19 Jan
10.28
9.86Oct
July
rubber manufacturing centers -to members month just
other
PETROLEUM-Kentucky crude oil was raised 15c. to ber Exchange. This consumption figure for the
'$180 by the Stoll Oil Refining Co: of Oil City, Pa: and ended is several thousand tons higher the trade had figured
Michigan crude was marked up 20c. to 1.70 by the Pure earlier in the month, and would bring the total crude conOil Co. Bulk gasoline was firmer with most refiners ask- sumed for the five months of the year to 226,800 tons, or
ing 10c. for U.S. Motor in tank cars at refineries. The Gulf nearly 53,000 tons ahead of the consumption for the same
market was steady with a better demand for U.S. Motor and period of 1928 and also establish a new monthly record. Re64.66 gravity. Bunker oil was in good demand and steady quirements of crude rubber for the year to date, compared
been
at $1.0a for Grade C at refineries and $1.10 f.a.s. New York with the monthly results of the two preceding years havetons;
harbor. Diesel oil was steady at $2 to $2.10 local refineries. as follows: January, 1927, 31,518 tons; 1928, 34,403
1928,
Heating oils were a little more active especially for delivery 1929, 43,0- tons; February, 1927, 30,137 tons; February,tons;
over the next few months. Pennsylvania lubricating oils 33,702 tons, and 1929, 41,544 tons; March, 1927, 36,141 1927,
were in better demand and firmer. Kerosene was rather March, 1928, 35,688 tons, and 1929, 44,730 tons; April, 1927,
cars at re- 35,871 tons; 1928, 32,772 tons; 1929, 47,521 tons; May,
easier with refiners asking 8c. for 41-43 in tank be
4
1
/
accepted 34,592 tons; 1928, 37,333 tons; 1929, 50,000 tons. The larger
fineries but it was intimated that 7 e. would
new cars
gasoline
on a firm bid. Later in the week of New in bulk was in demand for tires for both original equipment on
York advanced and for replacement business with tire dealers accounts, of
better demand. The Standard Co.
but the
gasoline at service stations lc. up-State, making the new price course, for this year's record use of the commodity,
larger rubber content is
19c.
trend toward heavier tires and a figured that an additional
be found on an earlier page in
Tables of prices usually appearing hereJrillan article entitled' Petroleum another large factor. It has been
s, in
country would mean
our department of "Business Indication
pound of crude rubber in a tire in thistons annually.
Products."
and Its
of over 30,000
3rd inst. prices here advanced 30 to 50 an additional absorptionbarely steady at a rise of / to 3/16d
RUBBER-On the
4
1
London today closed
prices in Lon4
1d
-March
points, the latter for December on /s.higher sales were 253 'with spot-June 1034d; July-Sept. 10%cl and Jan.
The
tion estimate
don and bullish consump
8 up to the same time
31st at 5,134,205 tons against 4,038,21309,000 tons of Java to
in 1928." As to the rumored sale of that Confirmation could
the Far East London cabled today price was 12. guilders
4
1
/
not be obtained. It was rumored the this is not confirmed
Java White Crystals but
for Superior
'London today
by cables from Java. Raws were offered in with probable
equal to 1.54c: f.o.b. Cuba
at 8s ogd c.i.f.
4
/
buyers at 7s 111d or 1.51c. f.o.b.
sales
Futures on the 4th inst. declined 3 to 5 points withcabled
of 66,150 tons. More tired holders let go. Havana
1st
that the Cuban sugar production for the season to June Co.
totaled 5,135,000 tons according to the Sugar Export of
Futures on the 6th inst. ended 2 points higher with sales
46,350 tons with shorts covering after the recent decline.
Prompt raws were steadied by futures. Today for prompt
Cuba 1-11/16c. bid and 1-23/32c. asked. Today futures
ended 2 to 3 points lower with sales of 47,450 tons. Final
prices for the week are 7 to 9 points lower.
Sugar prices were as follows:
1.88 © -Mar
1.80 ©
Spot unofficialIWN11-16 I Dec
1.95© -May
1.82@
Jan
1.630:
July
3864
FINANCIAL CHRONICLE
[Vol,. 128.
11%d. The trade expects an increase of about 250 tons
in Illinois and standard district sizes from
the London stocks on Monday. The stock abroad at
Bellville terriginning of the present week was 31,539 tons. To-daythe be- tory were put up 10c, a ton for lump and egg, furnace
prices and lump 15c. and small egg 10c.
here ended 10 to 20 points higher with sales of 324
from the southern
tons.
July closed at 21.20c.;"September 21.70c. and December 22.10 Illinois territory.
to 22.20c. Final prices show a decline for the week of
TOBACCO has been in only moderate demand. Two
10
points except December which is unchanged.
things more or less agitated in the trade, first the tariff
HIDES have been quiet and prices have been more question and second the recent announcement of a
or less unsettled. Bids and asking prices are reported in cigars and cigarettes by the United Cigar Stores cut
and
rather far apart. Recent offerings were reported at
Schulte. Amsterdam, Holland cabled the
or 161c. There is a stock of 49,000 Argentin $34.50 Journal last Friday: "About 3,500 bales of U. S. Tobacco
/
2
Sumatra
hides. City packer was quiet. Native bulls are e steer bought today for America. American manufact were
supposed
urers
to be had at 10c. on a firm bid. Country hides
bought the bulk of the offering. Prices were firm with
in rather more demand. Common dry hides were were cheaper tobaccos somewhat easier." Chicago
retailers
Central America and Savanillas 20c.; Santa Marta slow. maintain a 15 cent price on cigarettes and Trolle keeps
21c.;
Packer, native steers 15c.; butt brands 14c.; Colorado up. A good manila trade is reported in Boston. Warm
13 c.; bulls, native 10c. New York City Calfskins
/
1
2
weather helped trade at Portland, Oregon. Oxford,
1.65 to 1.75; 7-9s 2.15 to 2.20; 9-12s 2.80. The Hide 5-7s, adyices said that weather conditions this week have N. C.
been
Exchange opened here on June 4th. The unit of trading quite favorable for farmers and have enabled them to
will be 40,000 pounds, with an approximate value of finish planting the crop and many have gone over and
$6,000 at current price levels. Frigorifico packer hides replanted the missing hills. Seasonable weather and
and packer type hides will be traded, New York
warm nights are what the crop will need now to get off
Chicago being delivery points. Price changes will and to one of the earliest and best starts the tobacco crop
be
registered in multiples of one-hundredths of lc. per pound, has had in several years past.. There is a smaller acreage
a fluctuation of lc. a pound being equivalent to
$400 than last year. It will enable the majority of planters
on a contract. The membership of the Hide Exchang
e to save their crops at the proper time. The House of
is 250. A total of 2,000,000 lbs. of raw hide futures
were Representatives to the surprise of everybody passed the
transacted in at the opening session of the New
York Hawley bill which raises the duty on imported wrappers
Hide Exchange on the 4th inst. The activity and
interest 40 cents per pound. The trade will fight the raise in
displayed by the trade exceeded expectations of the
offi- the Senate.
cials of the Exchange who forecast a growing
The estimated Philippine crop is about 90,000,000 lbs.
market
that will have a stabilizing influence on the
industry. Sales Good rains were reported in tobacco growing districts
were made for August, September, Decembe
of Cuba. Washington, wired: "According to a radiogram
and May. The opening range of prices was r, January received in the Tobacco Section of the Department of
as follows:
August 16.80 T; September 16.98; October
Commerce on Friday from the American trade commisNovember 16.92 to 16.95c.; December 17.08;16.92 to 16.95c.; sioner in Batavia a severe wind storm in northern
January 17.05;
February 16.98 to 17.08; April 17 to 17.06; May
On the Sumatra caused considerable damage to the Deli tobacco
4th inst. closing prices at the Exchange here 17.03. as fol- crop. The damage is said to run into several million
were
lows: August 16.82; September 17.02 to 17.07; Decembe
r guilders, one estate alone suffering a loss of 14,000,000
17.10; January 17.10c. and May 17.12c. On the 6th
inst. leaves." The Porto Rican crop is smaller than was at
prices ended at an advance of 30 to 50 points after being first expected. It is estimated at 22,500,000 to 25,000,000
60 to 70 points higher at one time. The trade bought. pounds.
Chicago and River Plate markets were firmer; 3,000 light
COPPER was quiet for domestic delivery. Export
cows sold at Chicago it was stated at 16c. an advance business was better. Prices were steady
of / over the last previous sale. Here August closed domestic delivery and 18.30c. for export. at 18c. for
1
2c.
Many look
on the 6th inst. at 17.62 to 17.74c., September 17.60
for a good buying movement in the
few weeks
17.85c. To-day futures on the exchange closed 8 to to and with it higher prices. In London next
70
points higher with August ending at 17.70 to 17.85c. and spot standard advanced Is 3d to £73 on the 5th inst.
18s 9d; futures
September at 17.85 to 18.30c.
#73 12s 6d; sales 50 tons spot and 550 futures. ElectroOCEAN FREIGHTS-Oil rates advanced. Grain bus- lytic is unchanged at £84 5s for spot and £84 15s for
iness increased. The tone was firmer.
futures. At the second session spot standard ended at
CHARTERS included grain 28,000 qrs. Montreal,
prompt, Mar- #74; futures £73 15s; sales 600 tons. The Anaconda Copseilles, Genoa etc. 15 2c., ,
/
/ze. for each additional discharge; New
York June 5-15, to Rotterdam
9%c.; 38,000 qrs. Montreal. June 3-10, per Mining Co. announced a reduction of 25c. a day in
'Bordeaux-Dunkirk, Havre, St. Nazaire 12c., 13c.;
35,000 qrs. Mon- the wages of its miners to $5.50 per clay, effective June
treal. June 25-July 15, fixed in London 1554c.
basis; 37,000 qrs. 1st. This is the second reduction of 25c. a day in the
fixed in New York, June 25, July 8, Montreal
dam 11%c., Hamburg or Bremen 12%c. optionto Antwerp or Rotter- wages of Anaconda's miners since the decline in the
full barley lc. more;
35,000 qrs. Montreal first half August. to Antwerp
or Rotterdam price of copper. Leading copper mining companies in
11 5c.; 35,000 qrs. Gulf, July •5-25, Antwerp
or Rotterdam 15c., Arizona are said to have reduced miners' wages 5 per
Hamburg-Bremen 16c., United Kingdom 3s 6d
French Atlantic 17c.
cent effective June 1st. Owing to a shortage of labor
London, May 22nd.; 26.000 qrs. Montreal, May 28-Ju
ne 5, Antwerp
or Rotterdam 12'/c.; Montreal, June 15-28,
2
and also because repair work was necessary the Anato
options; Montreal to Antwerp or Rotterdam Antwerp 11c. with
11c., Hamburg or conda Copper Mining Co. has temporarily suspended
Bremen 12c., option light, lc. more. Sugar:
-Cuba, June to U. K.
- operation of two mines-the Mountain View and the
Continent, 17s 6d. Tankers:-Clean, two voyages,
16s 65 and 19s 6d with one California option atcommencing Sept. Anaconda.
June to United Kingdom-Continent, North Atlantic 32s; clean, late
Later prices were steady with London rising. Trade
June, north of Hatteras to South Africa 30s; August 17s. 6d; clean,
Singapore to here was quiet. Futures advanced on the 6th inst. 10 to
Australia 293 6d; Constanza, U.K.-Continent 14s, clean,
June-July; 18 points
Black Sea, U.K.-Continent 155; United States north
with sales of 450,000 lbs. closing on that day
U.K.-Continent 15s; Gulf to U.K.-Continent 178 6d: Hatteras to with August
17.24 to 17.30c.; September 17.15 to 17.25c.;
U.K.-Continent 29s, three consecutive voyages, clean, California to
July-August; December 17 to 17.05c.; spot 18 to 18.30c. on home and
Black Sea, Hamburg 165 3d, lubricating oil, June; Novorossis
k Ham- foreign business.
burg 15s, crude oil, 15-30 June; clean 12 months' time
In London on the 6th inst. standard
,charter 6s
Pd; Black ,Sea South Spain 108 Pd; Black Sea North
Spain 13s 9d, was up 7s 6d to 174 6s 3d spot and 174 futures; sales
two consecutive voyages, clean June; Constanza
U.K.-Conti
3d, clean July; prompt West Italy 105; prompt Shanghai nent 145 100 tons spot and 600 futures; electrolytic 184 5s for
Hai-Wei 22s 6d f.d. • prompt Rio Santos 13s; Up River, and Wei- spot and £84 15s for futures. At the second session
second half
June to three Canada ports 23s Id, ls extra for
standard spot 64 8s 9d; futures £74 2s 6d with total
'
July, Costanza clean to U.K.-Continent 16s Pd; two each additional. sales
for the day 850 tons.
trips, beginning
June, United States Gulf, basis of 23c. to north of Hatteras;
clean
two voyages first loading August, United Kingdom
TIN was rather quiet. On the 5th inst. sales of named
-Continent, North
Atlantic 17s, Gulf 205. Petroleum :-July 20 lay days.
California brands and Straits were 100 to 200 tons with prices down
clean to north of Hatteras $1.03. Scrap iron, Gulf,
July, to Spain 1c.; Straits sold for nearby delivery at 43%. On the
2
$5.25. Time:
-Prompt East Coast South America round $i.; gen- /
eral trades 11,235 per month, nine months.
Exchange futures declined 5 to 15 points, with June
COAL-Anthracite was advanced on June 1st by re- ending at 43.15c; August 43.55c. and September 43.65
tailers 25c. on stove and chestnut sizes mined in Pennsyl- to 43.75c. In London on the 5th inst. spot standard
vania. At the same time they will pay Sc. a long ton fell
5s to 1197 10s; futures off
2s 6d to £200 7s 6d;
more for these sizes in the wholesale circular market. sales 80 tons spot and 430 futures; spot Straits dropped
The wholesale prices during June will be as follows at
5s to #200 10s. Eastern c.i.f. London advanced
2s
mine per long ton. Grate $8 to $8.10; egg $8.30; stove 6d to £202 12s 6d on sales of 450 tons. At the second
$8.80; Chestnut $8.30; pea 4.50; buckwheat 2.75; buck- London session standard fell 2s 6d; total sales for the
wheat domestic $3.25; buckwheat No. 2 $2; buckwheat day 670 tons. Latterly business has been more active;
No. 3 $1.50; buckwheat, Birdseye $1.75. Soft coal was on the 6th inst. sales 300 tons spot and 410 futures at
quoted at $7.25 as before. Domestic coke is from $11.72 the Exchange. Spot Straits sold at 4334c.; June nomito $12 unchanged. Except where special labor or extra nally 44c.; July nominally 442 August 441 and Sep/
1c.;
/
2c.
long haul is required, the retail prices cover cellar de- tember and October at 442c. Futures up 25 to 55 points
/
1
livery. Brooklyn prices are 50c. higher. After some for the day; August 43.80c.; September 44.15c. To-day
days of quiet Hampton Roads steamers took 67,938 tons futures on the exchange closed steady with sales of 100
on May 30, and 105,535 tons on May 31st, some of it tons. July ended at 43.75c.; September at 44.20c. and
for Shipping Board tonnage employed in transatlantic November at 44.30c. For the week final prices show
trade. The loadings for May were therefore increased. an advance of 50 to 75 points.
In ,the Chicago district egg, stove and No. 1 nut coke
LEAD-Only a
has been advanced 25c. a ton by the producers. Central week. Prices were moderate business was done early in the
firm however at 6.80c. East St. Louis and
3865
FINANCIAL CHRONICLE
JUNE 8 1929.]
Fri.
Total.
Wed. Thurs.
Mon. Tues.
Sat.
Receipts athowever.
7c. New York. Producers are not pressing sales
823 3,643
633
84
342 1,604
15'7
considerable lead for June delivery is still Galveston
463
It is believed that
__-_
463
224 2,173 7,198
very few have contracted for July needs. Texas City
401
271 1,857
2,272
to be bought, while
Houston
351 4.816
261
586 2,609
934
75
spot rose 2s 6d to 123 15s; futures New Orleans_ __ _
In London on the 5th inst.
700 3.923
66 1,579
30
25 1.523
Mobile
130 1,336
78
13s 9d; sales 450 tons spot and 800 futures. Savannah
549
490
up is 3d to
555
170
61
135
10
121
58
for East St. Louts and 7c. Charleston
189
Later trade was quiet at 6.80c.
74
43
4
66
Wilmington
233 1.017
54
120
243
105
262
New York. Some business was reported in the Central West Norfolk
90
50
States and Mexico New York
at 6.75c. On May 1st stocks in the United
1.138 1,138
- - - - - - were 156,484 short tons against b8,149 tons on April 1st and Baltimore
5,792 24,368
161,207 tons May 1, 1928. Lead ore receipts by United Totals this week_ 3,405 3.899 4,461 3,415 3,396
States and Mexican smelters were 76,692 short tons in April
table shows the week's total receipts, the
The following
against 76,620 in March and 66,875 in April, 1928 according total since Aug. 1 1928 and the stocks to-night, compared
to the American Bureau of Metal Statistics. In London on with last year:
the 6th inst. spot off is 3d to 223 13s 9d; futures £23 13s 9d;
Stock.
1927-28.
1928-29.
sales 200 tons spot and 250 futures.
Receipts to
This Since Aug
6.80c. East St. Louis.
This Since Aug
ZINC was quiet with prices 6.60 to
June 7.
1928.
1929.
Week. 11928. Week. 1 1927.
There were reports that second hand metal was available for
195.336 233,207
3,643 2,763,364 10,158 2,202.614
shipment this month at 6.55c. The range of prices is very Galveston
15.475
7.257
96,641
41
463 177,655
wide and has excited considerable comment. Producers who Texas City
7,198 2,839,864 7,831 2,507.203 310.66.5 369,926
Houston
are quoting the outside figure state that it is n .cessary to Corpus Christi_ _ _ ____ 258,123 ---- 176.344 .
2,944
17,026
__
get that price in order to secure fair profits with ore selling Port Arthur.&c
4,f316 1,555,355 13.299 1,487,452 193,648 290,371
New Orleans
598
In London on the 5th inst. spot fell Is 3d to £26 8s Gulfport
at $44.
7.740
22.967
3,923 285,550 1,181 289.323
Mobile
9d; futures off 2s 6d to #26 5s; sales 50 tons spot and 375 Pensacola
12,641
12,956
613
674
51
3
186
of slab zinc fell off 762 tons during Jacksonville
futures. Surplus stocks
28,213
12,609
1,336 359,806 2,096 651,039
May to 33,826 tons according to the American Zinc Institute. Savannah
Brunswick
18,713
17.038
555 170,027 1,336 264,671
During the preceding month there had been a decrease of Charleston
1,224
--- 5,505
____
23,696
15,996
3,374 tons. Production was 56,958 tons, an increase of 2,305 Lake Charles_ _
199 130,626
125,712
189
Wilmington
46.856
56,161
1,017 229,655 1,099 221,737
tons; shipments 57,720 tons, a loss of 307 tons. Shipped Norfolk
22
404
---127
91,319
from plants for export were 1,106 tons. Later sales were N'port News, &c_ ____ 51,168 - --7,804 171,898
90
New York
3.677
1.376
7.836
124
3,336
small even at 6.55c. Some quoted 6.80c. In London on the Boston
1.338
1,103
69,931
442
57.454
1,138
Baltimore
4,536
4.347
6th inst. spot advanced Is 3d to £26 10s, futures up 2s 6d to Philadelphia
155
126 7s 6d; sales 25 tons spot and 475 futures.
94 -MR 8.013.478 37.809 8.130.640 1.011.075 1.135.70'2
r.,t.1
STEEL-There is no activity for the third quarter. Pro- ,
that comparison may be made with other years,
shipments are said to be liberal on old
In order
duction is high and
seasons:
orders. New business is another matter. It seems to be we give below the totals at leading ports for six
it is
on only a moderate scale. Mills of the Central West,
1925-26. 1924-25. 1923-24.
1928-29. 1927-28. 1926-27.
stated, are further behind on deliveries than those of the Receipts at5,502
2,510
13,180
3,947
10,158
3,643
East. Eastern mills get some business in bars and plates Galveston-_
1,471
7,800
223
7,811
7,831
7,198
11.260
4.865
17,765
13.133
13,299
on that score. They can deliver more promptly. The de- Houston*.._
4,816
New Orleans_
3.710
349
1.161
4,070
1,181
3,923
mand from manufacturers of automobiles and parts of au• Mobile
8,844
300
8,671
11.176
2,096
1,336
totnobiles has fallen off. In the Pittsburgh district specifi- Savannah___ _
Brunswick
877
2.009
2,043
6,836
1,336
555
cations in May were somewhat larger than in April. Bal- Charleston
as
610
1,315
1,689
199
189
2.642
1,999
2,574
1,988
timore has done a pretty good business in plates. There is Wilmington _
1.099
1,017
Norfolk
real stir in new business anywhere. Steel ingot output N'port N.,&c
no
1,360
1.297
903
5,387
610
1.691
All others_ _ _
decreased in May.
35.702
21,739
47.642
56.037
37,809
PIG IRON has been in the main quiet and without new Tot.this week 24,368
features. The May output was at a new high record both at.....,, ..... 1 4 (11R A•74 a ign fun 19417 1 RA 9 97n 3060 fum 531 6.502.221
figures include movement o
as to monthly total and daily average. The total of 3,898,082
* Beginning with the season of 1926. Houston
as an interior town. The distinction
tons meant a daily output of 125,745 tons against 3,867,694 cotton previously reported by Houston
between port and town has been abandoned.
tons for April, or 124,764 tons daily. Production during the
for the week ending this evening reach a
The
17,924,000 tons, the largest for that total ofexports bales, of which 8,336 were to Groat Britain,
first five months was
71,809
period in six years. There is plenty of iron in other words, 7,187 to France, 22,130 to Germany, 4,486 to Italy, 24 to
without there being plenty of buyers. An increase in prices Russia, 22,097 to Japan and China, and 71,809 to other
for iron ore it is estimated will increase the pig iron produc- destinations. In the corresponding week last year total
ing costs by 50c. per ton. It remains to be seen what effect exports were 115,525 bales. For the season to date aggrethis will have.
gate exports have been 7,509,822 bales, against 6,929,873
WOOL-Boston reports a smaller demand. Philadelphia bales in the same period of the previous season. Below
reports say that trade is slightly more active. A government are the exports for the week.
report from Boston on June 6th said: "Several grades of
Exported to
strictly combing Ohio fleece wools are selling at slightly
Week Ended
Japan&
Gereasier prices. Delaine 64s and finer wools are being offered
Great
June 7 1929.
Russia. China. Other. Total.
at 40c. in the grease for very good lots. Demand is very Exports from Britain. France. many. Italy.
356 6,550 20.888
5,569 8,413
slow on these lines and only small sales have been closed. Galveston
19.377
24 9,841
9,512
25 11,224
The current prices on 58-60s, are ii the range of 43-to 44c. Houston
1,199
Texas City
497 8,598
_
1,418 2,397 4,286
for the bulk. Sales of 56s and 48-50s, to be graded out of New Orleans...
5,916
5;666
916
Mobile
86 2,855
reeent purchases in the country are being closed for delivery Savannah
410
2,359
-2,200
at a future date.. Prices on the 56s are firm at 44 to 45c. Wilmington
2,200
141 2,116
"ioo
1,775
649
250
in the grease while 9n 48-50s they are slightly easier at the Norfolk
200
New York
7,986
6;666
.
range of 42 to 43c. in the grease." Boston quotations: Ohio Los Angeles
1,088
2
1
& Pennsylvania fine delame 39 to 40c.; / blood 43c.; 3.i
24 22,097 7.549 71,809
8,338 7,187 22,130 4,486
Total
2
1
blood 44 to 45c.; / blood 4? to 43c. Territory clean basis,
13,800 115.525
15.551 10,755 38,866 12,571 12,200 11,773
fine staple 98 to 1.; fine medium, French combing 95 to 98c.; Total 1928
24,480 9.470 7,155 19,319 13.300 12,642 5,940 92,315
2
1
90 to 92c.; / blood staple 95 to 97c.; Total 1927
fine medium clothing
Exported to
blood staple 87 to 90c. Texas clean basis, fine 12 months
From
klapan&
95 to 97c.; fine 8 months 93 to 95c.; fall 93 to 95c.; Pulled, Aug. 171928 to Great
Ger- 1
June 1929.
scoured basis, A super 93 to 100; B super 83 to 88c.; C Exportsfrom Britain. I France. many. I Italy. IRussia.IChina.1 Other. I Total'
57 to 58c. Aus'
32 2,444,839
75 to 78c.; Domestic mohair, original Texas
386,190312,406 579,237 196,5271 25.522564,225381,7 2,174,223
Galveston. __
tralian, clean basis, in bond, 64-70s, combing super 78 to Houston
403,130289.704 544,445 210,062, 96,727 464,153 166,002 112,083
41,633 1,616! _ _ _ _1 10.335! 11.281
12,068
80c.; 64-70s, clothing 65 to 66c.; 64s, combing 77 to 78c.• Texas City_ _ 35,150 41,940 90,833 21,6241 4,904 55,036' 27,781 288,523
46,405
Corpus Christ
17,026
I 3,912
7641 --- 8,977,
60s, 73 to 74c.; 58-60s, 70 tip 72c. New Zealand clean basis Port Arthur_
943 2,430
6,027
330
____
____
1,151 3,2501
_-_
1,296
Lake Charles.
in bond 58-60s, 70 to 71c.
107,169 1,224.337
New Orleans. 401,075 95,648 224,354 132,105 105,387 158,599 4,670 193,455
.... 17,300
76,959 4.368
to-day closed unchanged to 2 points higher with Mobile
SILK
88215 1,943
12,956
,
5,
4.776
sales of 120 bales on new, ending at 4.74 to 4.75 for Sep- Pensacola __ _ __ 161.503, - -7- 115.222 2,622 :::: 12,1001 4,097 295,619
-5
598
. Old closed unchanged to 4 points Savannah
I
598'
Gulfport
tember and December
1.150 Ig,847 138,704
777 60,611 1,281
59,038
94,842
higher with sales of 285 bales; July closed at 4.81 to 4.84c.; Charleston _ _
9,842 42,800
38,800
Wilmington
6,665 2:502 115,378
26,606 2,374
,
76,058 1- i3i
September 4.75 to 4.76c. •
Norfolk
127
i23
_--
COTTON
Friday Night, June 7 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
24,368 bales, against 30,429 bales last week and 31,129
bales the previous week, making the total receipts since
Aug. 1 1928, 8,913,478 bales, against 8,130,640 bales for
the same period of 1927-28, showing an increase since Aug. 1
1928 of 782,838 bales.
Newport News
New York_.
Boston
Baltimore.
Philadelphia
Los Angeles_
San Diego_
San Francisco
Seattle
127
23,474
1,623
4.043
82
:I
2 ,. i
67.841 14- i9
6,652 1,948
250
10,524
I
29,295 14,130
_
1,442
11
36,456
4,296
7,363
1
1.8;ti
,...
6
___
200
94812
6,610 17,260
7,216
4,151
------------4,387
283
91,066
..70
:::: 17 i
18,248
216,658
13,496
36.035
328
__-_ " 18,248
1,076
1 812,500,781,308 1,864,498 642,396 232,540 i424192152.4387.509.872
Total
90 818,04116.929,873
Total 1927-28 1,351.007 848,215 2,052,416 625,116 287,488947.5
5010271.847
Total 1926-2712,501,219 980,720 2,803,832 737,817 366,338 170617111757
-It has never been our practice to include In the above
Note.-Erports to Canada.
Canada, the reason being that virtually all the
table reports of cotton shipments to
3866
FINANCIAL CHRONICLE
cotton destined to the Dominion comes overland and It Is impossible to get returns
concerning the same from week to week. while reports from the customs districts on
the Canadian border are always very slow In coming to band. In view, however, of
the numerous inquiries we are receiving regarding the matter, we will say that for the
month of April the exports to the Dominion the present season have been 28,681
bales. In the corresponding month of the preceding season the exports were 15.027
bales.. For the nine months ended April 30 1929 there were 227.119 bales exported,
OA against 188,190 bales for the corresponding nine months of 1927-28.
[VoL. 128.
badly in the wetter areas where lowlands were submerged
and uplands washed. Progress was good where the rains
were lighter, Wit the general condition of the crop averages
only fair. Cultivation is generally needed in the western
half of the belt and wane dry weather would be beneficial
In addition to above exports, our telegrams to-night also everywhere, being especially desirable in Texas and Oklagive us the following amounts of cOtton on shipboard, not homa.
In the end on the 5th inst. prices declined 10 to 22 points
cleared, at the ports named:
net, with the weather better, favorable features in tip
On Shipboard Not Cleared for
weekly report, Liverpool weaker, wheat off 3c., and stocks
more or less weak and irregular. Wall Street and the West
Great
Leaving
GerOther CoastJune 7-al
- Britain. France. many. Foreign wise. Total. Stock.
sold. Spot houses sold distant months if they bought July.
Galveston _
5,500 3.000
36,200 159.136 Spot cotton declined. Less talk was heard of the Govern19,000
New Orleans- 4,624 1,085 4,200 17,521 4,500 23,394 170.254 ment appropriating $200,000,000 to buy surplus wheat.
33
231
Savannah
900
700
200
Washington hinted, on the contrary, that the Government
Charleston_ _ - _
Mobile
1A:1
5,§24 17,743 would not buy and store grain lest it be forced to sell later
- .
3:866
Norfolk
56,161
Other ports *_ _ 1,500 1,000 3,500 25,000 _--_ 31,000 482,316 and depress prices. Of course economists recognize that
the only cure for low and unprofitable- prices is to reduce
Total 1929.- 13.108 5,225 8.433 65.021 4.931 96,718 914.357 production,
and that. anything else is merely a futile palliaTotal 1928- 20,887 9,570 13,696 ,
2,600 99,299 1,036.403
Total 1927
7.062
77,204 3.925 113.400 1.388,262 tive. On the 6th inst. prices ended slightly higher owing
*Estimated.
to rains in the Southwest, especially in Texas and Oklahoma,
• Speculation on the 3rd inst. was more active at a rise of reports of weevil damage and a rise in grain. Some spin31 to 38 points, owing partly to higher cables and rains, but ners raised their bids. Spot prices rose slightly. Wall
largely because of a sudden rise in wheat of 5 to 8 c., and Street and the West bought. Selling pressure relaxed. The
/
1
2
weather was generally favorable east of the Mississippi
also higher prices for stocks. Chicago bought 20,000 bales
River, but everywhere warmer weather is needed. Some
or more. Wall Street bought, and also the trade. Contracts lands in Texas are still under water. On the other hand,
became scarce. Liverpool was higher than due, and its spot the crop in the Mississippi Valley is on the whole said to be
sales were 15,000 bales. July was wanted here and led doing well. Worth Street, though firmer, with some asking
the advance after being a straggler for some little time. an advance of M3c. for print cloths, trade was not brisk.
Spot markets advanced 35 points. Reports said that con- Manchester's trade with the Far East is hampered by a
decline in silver. Exports were still small from this counditions in Texas and Oklahoma were bad. There was an try.
Liverpool, the Continent and the South sold.
erroneous report that the levee had broken a little south of
To-day prices were irregular, first declining on favorable
Greenville, Miss. Another said that the levee there was not weather and unsatisfactory cables, then rising on reports
in a dangerous condition. Rains in Arkansas, Alabama, of rains in Texas and Oklahoma as well as some advance
Oklahoma, Georgia, the Memphis district and the Carolinas in stocks and grain, trade buying, covering and some demand from Liverpool. Later came a reaction which left
of 1 to 3 inches had an effect. The belt wants dry warm
prices about 5 to 10 points net lower. This was due to
weather. A Mississippi State report said that its investiga- week-end liquidation
and some reaction in grain and stocks.
tions indicate heavy weevil infestation in that State. Of Also the weather outside of Texas and Oklahoma was still
47 farms 50%, it states, are infested, against 30% a year for the most part good. Showers or cloudy weather was
ago. Egyptian was higher in Liverpool, as the Egyptian predicted for much of the belt, though mostly fair for
government .is to sell its holdings of old crop and replace Georgia and .South Carolina. The weather is largely the
determining factor in the making of prices. Ultimately it
it with new.
is felt that the weevil question will bulk large in that
On the 4th inst. prices here advanced 33 to 37 points, or respect.
53 to 57 points from the low of the morning, partly on
The Dallas "News" weekly crop review said to-day that
better Liverpool cables than due, but largely because of a the fourth consecutive week finds the eastern half of Texas
great rise in grain. Also stocks rose. Wheat advanced 5 to too wet, cotton fields are becoming too grassy, considerable
5%c., corn 4 to Sc., and stocks 2 to 9 points. Moreover, replanting and wide distribution of weevil and other pests,
with temperatures below seasonal normal. It shows really
there was complaint of recent cold wet weather, especially good
progress only in central west Texas. As to Oklahoma
at the Southwest. Reports from Texas and Oklahoma were It notes delayed field work, grassiness, poor plant growth
bad. The weevil was taking the squares, it was said, as far and generally unfavorable conditions except in southwestNorth as there were any. Spot markets rose 30 points. A ern counties. It quotes entomologists at College Station as
good spot demand was reported in Texas and the spot sales showing the highest weevil emergence to May 31st since
in Liverpool were again 15,000 bales. Back of it all, how- observation was started in 1925 at 7.45% against .45 last
season, 5.15 in 1927, 2.45 in 1926 and 0.02 in 1925. spot
ever; was a report that of the $500,000,000 Government re- cotton
ended at 18.95c. for middling, an advance for the
Volving fund, it was proposed to devote $200,000,000 to the week
of 45 points. Final prices
burchase ef surplus wheat supplies. Some jumped to the for the week of 41 to 45 points. show an advance on futures
conclusion that if the cotton farmer found himself in a
corner he would be helped too. Chiefly, however it was the Staple Premiums
60% of average of
Differences between grades established
effect of big Chicago and Wall Street covering that counted. SIX markets quoting
'
for delivery on contract June 13 1929.
Forced to cover huge lines of wheat, Chicago and Wall Street for deliveries on
June 13 1929.
Figured from the June 6 average quoturned to cotton and covered heavily in that also. They
tations of the ten markets designated by
15-18 1-inch &
also bought, it is understood, for long account. It was
Inch.
the Secretary of Agriculture.
longer.
feared, too, that the weekly report would be bad so far as
.21
White
Middling Fair
.83 on Mid.
.68
Texas and Oklahoma were concerned. Dry warm weather
.21
.68
Strict Good Middling- do
.64
do
was badly needed. The minima were in the 40s and 50s.
.21
do
Good Middling
.72
.48
do
.21
.71
do
Strict Middling
34
do
That is not growing weather. Manchester reported a better
.23
do
.71
Middling
Basis
.22
home and East Indian trade, if that, with politically agido
.69
Strict Low middling_
75 off Mid,
.22
.65
do
Low Middling
1.60
do
tated China, was still poor. Worth Street was firmer, with
Extra White
Good Middling
48 on do
rather more inquiry. Egyptian cotton was 25 to 55 points
Strict Middling
do do
.34
do
do do
Middling
do
even
higher at Alexandria. Spot sales in Liverpool were again
Strict Low Middling- do do
.75 off do
15,000 bales at 20 points rise. Here the futures market
do do
Low Middling
1.60
do
.21
.85
Spotted
Good Middling
.27 on do
seemed oversold.
.21
.85
do
Strict Middling
01 off do
.21
.68
do
Middling
On the 5th inst. prices were irregular, now lower, then
75
do
.20
.57
Strict Good MIddling___Yellow Tinged
04 off do
rallying, then sagging again, with grain lower, cables poor
.20
.87
Good Middlingdo do
.45
do
.20
.57
Strict Middling .
do do
and considerable selling. There was a net decline. The
do
92
.20
.57
Good Middling
Light Yellow Stained..1.08 off do
weekly report said that temperatures were mostly moderate
.20
.57
Good Middling
Yellow Stained
1 42 off do
.19
.85
Good Middling
Gray
in the cotton belt, with considerable fair weather in the
.69 off do
.19
.55
Strict Middling
do
1.08
do
eastern half, but with again too much rain in most of the
The official quotations for middling upland cotton in the
West. East of the Mississippi River progress of the crop
during the week was mostly fair to good, with report of New York market each day for the past week has been:
June 1 to June 7some improvement in general condition and stands in many
Sat. Mon. Tues. Wed. Thurs. Fri.
1840 18.75 19.05 18.95 19.00 18.91
places. The weather was rather favorable also in most of Middling upland
Arkansas and Louisiana, where the crop made fairly good
NEW YORK QUOTATIONS FOR 32 YEARS.
to good advance, though it was too wet in the West-Central
The quotations for middling upland at New York on
portion of the former State. In Oklahoma unfavorable con- June 7for each of the past 32 years have been as follows:
18.95c. 1921
ditions continued in the East with further heavy to ex- 1929
12.75c. 1913
8.40c.
12.10c. 1905
1928
21.00c 1920
40.00c. 1912
11.65c 1904
..
cessive rains and progress of cotton was generally poor, 1927
16.40c. 1919
30.85c. 1911
11.500.
15.95c 1904
18.75c. 1918
but was fair in the West. Stands generally ranged from 1926
29.75c. 1910
9.380.
15.20c. 1902
1925
24.454. 1917
23.40c. 1909
11.45c. 1901
8.38c.
poor to only fair. Excessive rains in the eastern half of 1924
29.45c, 1916
12.90c. 1908
11.400. 1900
8.81c.
28.854. 1915
9.80c. 1907
Texas were also very unfavorable, and cotton deteriorated 1923
13.25c. 1899
6.31c.
1922
21.700. 1914
13.6F.c. 1906
11.200. 1898
6.500
1, 08
1
3867
FINANCIAL CHRONICLE
JUNE 8 1929.]
1928, a
of 231,963 bales, a loss of 485,338 from
-The highest, lowest and closing prices at week e of 1,337,343 bales from 1927, and a gain of
FUTURES.
decreas
:
New York for the past week have been as follows
258,161 bales over 1926.
-that is,
Friday,
Tuesday, Wednesday, Thursday,
AT THE INTERIOR TOWNS the movement nts for
Monday,
Saturday,
June 7.
June 6.
June 5.
June 4.
June 3.
June 1.
receipts for the week and since Aug. 1, the shipmefor the
the
the same items
the week and the stocks to-night, andus year, is set out in
June
ponding periods of the previo
Range .._
18.44- corres
18.5018.43Cloning. 17.01 -18.25.- 18.54detail below:
July
75 18.50-18.79 18.57-18.79
18.20-18.75 18.47-18.
Range __ 18.06-18.19 18.04-18.43 18.69-18.72 18.58-18.62 18.65-18.69 18.59-18.60
Closing_ 18.06-18.08 18.40-18.41
August
18.74 Range - 18.7418.71 18.6418.79 18.50Closing_ 18.13Sept.
18.52-18.56
flange. 18.7418.78 18.71
18.60 -18.89- Closing. 18.20October
60 18.45-18.85 18.70-18.86 18.72-18.97 18.80-18.90
Range... 18.26-18.36 18.29-18.
18.77 18.8218.7918.9018.60Closing- 18.26Oct. (new)
92 18.65-18.93 18.67-18.99 18.73-18.95
Range__ 18.22-18.36 18.27-18.58 18.35-18.
78 18.82-18.85 18.76-18.78
Closing. 18.22-18.23 18.55-18.57 18.86-18.89 18.77-18.
Won.
Range.. 18.42
18.85 18.8918.8618.97 18.66 Closing_ 18.43Nov. (new)
18.94
Range__ 18.40
18.85 18.8818.8518.9918.68 Closing_ 18.43Dec.
18.90-19.11
18.40-18.53 18.46-18.74 18.55-19.10 18.81-19.08 18.8249.11 18.93-18.99
Range..
19.02-19.05 18.93-18.94 18.98-19.00
Closing_ 18.40-18.42 18.74January
12 18.84-19.10 18.95-19.1(
Range... 18.44-18.04 18.50-18.79 18.59-19.12 18.85-19.96 19.0218.96 18.95-18.
19.08Closing_ 18.44-18.46 18.79 FebruaryRange.. 19.03 19.08 19.0019.1618.84Closing. 18.51 Starch
26 18.97-19.22 19.07-19.21
19.01-19.
Range. 18.57-18.70 18.61-18.91 18.70-19.25 19.00-19.10 19.14-19.10-19.11
18,90-18.9119.24 Closing_ 18.59 April.
Range- 19.15 19.1919.31 18.96- - 19.11
Closing_ 18.62Ala
19.07-19.30 19.18-19.31
18.65-18.72 18.67-19.03 18.81-19.39 19.17-19.39 19.25Range-.
19.21 19.1719.39 19.03Closing_ 18.65-
Range of future prices at New York for week ending
June 7 1920 and since trading began on each option:
May 1929
June 1929
July 1929
Aug. 1029
Sept. 1929._
Oct. 1929_
Nov. 1929._
Dee. 1929_
Jan. 1930
Feb. 1030_
Mar. 1930
Apr, 1930_
May 1930
Range- Since Beginning of Option.
Range for Week.
Option for
18.04
18.74
18.52
18.22
18.40
18.40
18.44
Juno
June
Juno
June
June
June
Juno
18.57 Juno
18 65 June
3 18.79 June
7 18.74 June
3 18.56 Juno
1 18.99 Juno
1 18.94 June
1 19.12 June
1 19.12 June
18.00 Aug. 13-1928 21.47
17.12 Sept. 18 1928 21.28
6 18.04 June 3 1929 20.95
7 18.53 Apr. 30 1929 20.53
3 18.08 Nov. 5 1928 20.63
18.22 June 1 1929 20.72
4 18.40 June 1 1929 20.38
7 18.40 Juno 1 1929 20.70
4 18.44 June 1 1929 20.66
Mar. 9 1929
Mar. 9 1929
Mar. 9 1929
Mar. 6 1929
Mar. 8 1929
Mar. 15 1929
Mar, 13 1929
Mar. 15 1929
Mar. 15 1929
Towns.
11029 19.39 June 4 1929
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
g.
ay
all foreign figures are brought down to Thursdfor evenin
to-night
to make the total the complete figures
But
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
June 7Stock at Liverpool
Stock at London
Stock at Manchester
bales_
Total Great Britain
Stock at Hamburg
Stock at Bremen_ fp
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1929.
911.000
109.000
1.020.000
376.000
198,000
12.000
62.000
40.000
1927.
1928.
813,000 1,340,000
1926.
848.000
159,000
87.000
907,000 1,499,000
935,000
673.000
272.000
20.000
120,000
35.000
437,000
231.000
14.000
112,000
34,000
Receipts.
Week.
Season.
I Ship- Stocks
' meats. June
8.
Week.
1
interior stocks have
The above total shows that the
are to-night
ed during the week 37,390 bales and year. The
decreas
last
2 bales less than at the same time bales more than
141,85
receipts at all the towns have been 4,107
the same week last year.
.
MARKET AND SALES AT NEW YORK
Spot Market
Closed.
Futures
Market
Closed.
Barely steady__
Saturday___ Quiet, 10 pts. dec.. Very steady___
Steady, 35 pts. adv.
Monday
adv. Very steady___
Tuesday... Steady, 30 pts. dec. Steady
Wednesday_ Steady, 10 pts.
Barely steady
Thursday __ Quiet. 5 pts. adv... Steady
Quiet, 5 pts. doc
Friday
178.000
177.000
3.000
78.000
34,000
91,000
Ship- Stocks
Receipts.
ments. June
7.
Season. Week.
Week.
900 5,654
92.090
61
132 1,550
54.737
104
Ala.,)Jirming'm
100 5.228
20,424
100
189 2.869
15,177
122
Eufaula _ - __
78,056 1,652 10,070
364
57,334 1,738 7,688
51
Montgomery.
487 6,875
58,736
1
57,650 1,182 7,379
42
Selma
242 5,378
78,658
4
335 6,602
12 88,004
Ark.,Blytheville
641 4,792
37.109
11
174 2,468
28,686
75
Forest City
395 7,133
52.127
19
216 3,858
2 57.040
Helena
184 1,732
49,383
18
393 46
57,655
28
Hope
198 1.449
32,318
11
992
19
33,271
____
Jonesboro_
968 7,709
377 108.836
5,994
162 118,621 1,417
Little Rock431 1,000
48.701
____
349
572
47,798
____
_
Newport_
8 125,314 1,274 12,266
435 5,325
48 142,705
Pine Bluff
730
237
231
35.506
6
39.114
546
38
Walnut Ridge
___ 1,586
4,980
____
____ 1,563
3,71
__
Ga., Albany
350 2.162
50,834
20
200 5.442
29,417
25
Athens
468 127,236 2,734 20,846
1,730 132.460 2,816 16.866
Atlanta
5,161 48,110 1,526 278,103 4,846 45,287
Augusta.... 2.013 246,181
462
____
51,160
50
51.871 1.025 8,220
211
Columbus
67,434 1,067 1.964
330
682 2,918
53,442
764
Macon
400 9.134
38,506
500
1,500 17.055
35,946
25
Rome
63 18,225
98.239
27
53 - 146.140 1,592 13,300
La., Shreveport
134 153.682 1,356 21,374
980 8.000
15 146.583
allss..Clarledale
592 1,508
36.043
9
539
21
43 -31,261
Columbu3
202 160.374 2,075 37,983
451 189,853 2,101 13.066
Greenwood
566 2,586
41.276
15
202 1,024
75 49,705
Meridian
30 12,486
37,100
18
143 4.536
32,297
36
Natchez _ .....
120 2.139
18,071
6
430
41
urg.......24,916
Vlckab
72 5,878
129
27,881
101 1,970
3 39.336
Yazoo City
360,347 5,000 3,217
4,077 464,288 4,561 14,730 4,971
42 11,518
Mo., St. Louis_
28,830
244
394 11,492
133 26.673
N.C.,Greensb'o
Oklahoma
586 742.315 3,01120,055
849 7,035
136 772,423
15 towns._ _ _
4,964 34,191 3.494 313.490 6,149 40,164
8.C.,GreenvIlle -3,739 216,871 27,947 110.693 8,832 1.461.132 18,210 136,366
Tenn.,Memphis 12,958 1,783,046
942 1,047
57,142
705
924
____
54.547
49
925
Texas, Abilene_
234
26,393
14
335
__-_
48.549
Austin
119 11.159
29,759
132
50 2,572
35.533
26
Brenham
654 21,904
90,368
568
982 3,761
651 143,651
Dallas
65 1,38C
75,347
21
255
162
91,093
95
430
Paris
2
29,779
-___
143
33
14.94
____
Robstown
618 4.894
37,180
113
1.932
____
43.113
____
San Antonio_
200 2,081
58,599
____
255 1.036
65,752;
118
Texarkana
700 5,27C
89.937
50
413 3,057
101 146,070
Waco
,
58,577 23.06(
28,2515,915,450. 63,867 381,208 24.144 5,417,795
Total, 56 towns
of fifteen towns n Oklahoma.
• Includes the combined totals
19.26 June 5 18.53 May 23 1929 20.25 Apr. 1 1929
I 19.39 June 4 18.65 June
Movement to June 8 1928.
Movement to June 7 1929.
Total....
Since Aug. 1
SALES.
Spot.
Confect Total.
"oti
200
200
200
169.307 488.10(1657.407
WEEK AND
OVERLAND MOVEMENT FOR THE showing the
-We give below a statement
AUG. I.
SINCE
1, as made
overland movement for the week and since Aug. results for
phic reports Friday night. The
up from telegra
two years are as follows:
the week and since Aug. 1 in the last
-1927-28-8-29-
688.000
828,000 1,120.000 470.000
1708000
14(1:000 1,735.000 2,619.000 1,405.000
-192
'
Total European storks
Since
72.000
78.000
142.000
Since
India cotton afloat for Europe.-- 17'3.000
June 7Week. Aug. 1.
222.000
Week. Aug. 1.
American cotton afloat for Europe 106.000 345,000 393,000
Shipped131,000
152.000
96.000
5,000 358,58A.
Egypt Brazil,Scc.,afloatfor Europe 333.000
4,561 449.214
6
Via St. Louis
241.60
370
83.079
Stock in Alexandria, Egypt
710
13.974
Via Mounds, &c
170
a1,011.075 1.221.000 659.000 717.000
5.573
Stock in Bombay. India
793,818
30.346
Via Rock Island
176
0381,208a1.135.702a1.501.672
S. ports
43.452
661
Stock In U.
237.509
Via Louisville
4.442
141 0523,060 0575.095 1.186.780
1.138 208.878
Stock in U. S. Interior towns_ ___
3,665
380.930
Via Virginia points
6.473
13,189 601.299
U. S. exports to-day
Via other routes. &c
16.631 1,262.949
5,036,424 5,521,762 6,373.767 4.778.263
Total visible supply
20.259 1,391,495
Total gross overland
Of the above, totals of American and other descriptions arc as follows:
85,726
Deduct Shipments
566
114,297
American
1.228
527.000
Overland to N. Y., Boston, &c
587.000 1,008,000
21.784
367
bales_ 555.000
20.157
439
Liverpool stock
71.000
140.000
Between interior towns
600.875
66.000
10.815
72.000
Manchester stock
16,602 653.269
734,000 1,065.000 401.000
Inland, &c., from South
607.000
Continental stock
222.000
345.000 393,000
708.385
173,000
11.748
787,723
American afloat for Europe
18.269
793.818
Total to be deducted
al.011.07501.135,70201,501.672
U. S. port stocks
554.564
0381,208 0523.060 0575.095 1,186.780
4,883
U. S. interior stocks
1,990 603.772
3,665
•Leaving total net overland
141
U. S. exports to-day
nt by rail to Canada.
•Including moveme
2,799,424 3,390.762 4,682,767 3,205.263
Total American
nd movement
East Indian, Brazil. &c.
The foregoing shows the week's net overla
321,000
226.000
332.000
356,000
Liverpool stock
4,883 bales for
this year has been 1,990 bales, against
London stock
16.000
28.000
19,000
37.000
year, and that for the season to date the
Manchester stock
55.000
69.000 the week last
94.000
81.000
Continental stock
over a year ago
78.000
72.000 aggregate net overland exhibits an increase
142.000
146.000
for Europe
Indian afloat
131.000
152.000
96.000
106.000
Egypt, Brazil. &c., afloat
of 49,208 bales.
247.000
324.000 396.000
333.000
-1928-29---- -1927-28Stock in Alexandria. Egypt
Since
1 178.000 1.221,000 659.000 717.000
Since
Stock in Bombay. India
/n Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
2,237.000 2.131.000 1.691.000 1.573.000
India, &C
8,130.640
37.809
Total East
24,368 8.913.478
2.799.424 3,390.762 4.682.767 3.205.263 Receipts at ports to June 7
554.564
4.883
603,772
Total American
1.990
Not overland to June 7- - 90.000 4.741.000
0
5,036,424 5,521.762 6,373.767 4.778,263 Southern consumption to June 7_ _125.000 5.021.00
Total visible supply
9.03(1.
11.45d.
9.92d.
10 27d.
04
Middling uplands. Liverpool151,358 14,538.250 132.692 13,426.2
21.05c.
17.05c.
18.15c.
Total marketed
18.95c.
153.311
126.857 *35.726
Middling uplands. New York
'
4 37,390
22.700.
18.05d.
18.00(1. Interior stocks In excess
8.20d.
Egypt, good Sakel, Liverpool....1
n mill takings
11.000.
17.000. Excess of Souther
14.00d.
l_ 14.50d.
145,433
8.373
Peruvian, rough good. Liverpoo
8.200.
10.05d.
8.55d.
8.65d
over consumption to May 1.......57
Broach, fine, Liverpool
8.65d.
10.95d
9.100.
9.800.
96,966
Tinnevolly, good. Liverpool
week___113,968
Came into sight during
13,725.948
15.243,480
Total in sight
included in the port stocks; in previous years
a Houston stocks are now
stocks.
11,341 1.336,860
formed part of the Interior
7_ 26,263 1,325,694
they
North. spinn's's takingS to June
Total Continental stocks
Continental imports for past week have been 118,000 bales.
e
The above figures for 1929 show a decreas from last
• Decrease.
3868
FINANCIAL CHRONICLE
[VOL. 128.
Movement into sight in previous years:
Mobile, Ala.
-The weather has been generally favorable
with light showers in the interior. The cotton crop is
growing nicely. Only a few fields are grassy. There has
been some complaint of weevils and lice.
QUOTATIONS FOR MIDDLING COTTON AT
Memphis, Tenn.
-Cotton is up to good stands and cultiOTHER MARKETS.
-Below are the closing quotations vation is making fair progress.
for middling cotton at Southern and other principal cotton
Rain. Rainfall.
Thermometer
markets for each day of the week:
Galveston, Texas
dry
hIgh 88 low 73 mean 80
Abilene
Week1927
-June 11
1926
-June 12
1925
--June 13
Week Ended
June 7.
Bale .
Since Aug. 1126,700 1927
109,150 1926
112,030 1925
Bales.
18,716,341
15,899.012
14,661,362
Closing Quotations for Middling CoUon on
Saturday. Monday. Tuesday. Wed'clay. Thursd'y. Friday.
Galveston
18.25
New Orleans__ - 18.35
Mobile
18.15
Savannah
18.08
Norfolk
18.25
Baltimore
18.50
Augusta
18.50
Memphis
17.80
Houston
18.25
Little Rock-- - 17.32
Dallas
17.65
Fort Worth__ --
18.60
Wday
18.40
H'day
18.56
18.55
18.81
17.90
18.60
17.65
18.00
18.00
18.90
19.04
18.70
18.72
18.94
18.65
19.13
18.20
18.90
18.20
18.30
18.30
18.80
19.04
18.60
18.60
18.88
18.75
19.13
18.10
18.80
18.10
18.25
18.25
18.85
19.09
18.60
18.65
18.88
18.90
19.19
18.15
18.85
18.10
18.35
18.35
18.80
19.00
18.60
18.60
18.88
19.00
19.25
18.10
18.80
18,10
18.35
18.35
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
June 1.
July
August- - - 18.11 ---September ---- ---October__ - ---November 18.13,18.14
December_
Jan.(1930) 18.27-18.28
February. 8.33 ---March.... ---April
8.40
May
June
ThneSpot
Options.
Options___ Steady
Monday,
June 3,
Tuesday,
June 4.
Wednesday, Thursday,
June 5.
June 6.
Friday,
June 7.
18.79-18.82 18.74-18.75 18.84 -J18.74-l8,75
18.79-18.81 18.67-18.68 18.79-18.80 18.79-1L72
HOLIDAY
8.92-18.94 18.79-18.86 18.90-18.91 18.83-18.84
8.98-19.00 8.8318.93-18.9 18.87 bid
9.09
Bid 8.96-18.97 9.06
Steady
Steady
Steady
Steady
Bid 18.97
Steady
Steady
bid
Steady
teady
Steady
1 day
0.02 in. high 92 low 66 mean 79
3 days 0.84 in. high 94 low 60 mean 77
dry
high 90 low 72 mean 81
dry
high 88 low 74 mean 81
3 days 0.26 in. high 90 low 64 mean 77
2 days 0.541n. high 90 low 62 mean 76
dry
high 90 low 64 mean 77
2 days 0.50 in. high 92 low 62 mean 77
1 day
1.30 in. high 94 low 74 mean 79
1 day
0.36 in. high 94 low 70 mean 82
2 days 1.48 in. high 86 low 62 mean 74
1 day
1.30 in. high 90 low 62 mean 76
4 days 1.80 in. high 90 low 60 mean 75
2 days 0.06 in. high 90 low 70 mean 80
2 days 0.22 in. high 92 low 68 mean 80.
1 day
0.12 in. high 88 low 62 mean 75
4 days 2.24 in. high 88 low 63 mean 76
3 days 1.85 in. high 96 low 59 mean 78
5 days 1.84 in. high 90 low 60 mean 75.
4 days 0 57 in. high 90 low 62 mean 76.
2 days 0.66 in. high 94 low 48 mean 71
dry
high 93 low 54
74
3 days 0.66 in. high 91 low 54 mean 73
mean
2 days 0.50 in. high 97 low 53 mean 75
dry
high 97 low 66 mean 82
dry
high 93 low 60 mean 77
1 day
0.28 in. high __ low _ _ mean 82
3 days 0.65 in. high 93 low 59 mean 76
dry
high 99 low 53 mean 76
1 day
0.58 in. high 98 low 53 mean 76
dry
high 93 low 60 mean 77
5 days 3.38 in. high 94 low 64 mean 78.
1 day
0.10 in. high 93 low 52 mean 73
1 day 0.42 in. high 93 low 61 mean 77
2 days 0.66 in. high 96 low 60 mean 78
4 days 1.96 in. high 92 low 64 mean 78
3 days 0.95 in. high 95 low 60 mean 78
2 days 2.58 in. high 89 low 58 mean 74
2 days 0.40 in. high 91 low 52 mean 72
2 days 1.21 in. high 89 low 53 mean 71
2 days 0.18 in. high 96 low 57 moan 77
2 days 0.10 in. high 85 low 58 moan 72
2 days 0.34 in. high 90 low 48 mean 69
2 days 0 16 in. high 86 low 52 mean 69
3 days 1.73 in. high 89 low 50 mean 70
2 days 0.09 in. high 89 low 51 mean 70
1 day
0.25 in. high 89 low 51 mean 70
1 day
0.26 in. high 89 low 45 mean 67
1 day
0.24 in. high 90 low 55 mean 74
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbia;
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston,S.C
Greenwood
Columbia
Conway
Charlotte, N.0
Newborn
Weldon
Memphis, Tenn
NEW YORK COTTON EXCHANGE ELECTION.
At the annual election of the New York Cotton Exchange
June 3, Gardiner H. Miller of Hopkins, Dwight & Co., was
re-elected President; Philip B. Weld of Post & Flagg, was
elected Vice-President, and T. Laurelle Guild was elected
The following statement we have also received by teleTreasurer. Mr. Weld succeeds John H. McFadden, Jr., graph, showing the height of rivers at the points named at
who is devoting his entire time to the Chairmanship of the 8 a. m. of the dates given:
Securities Committee of the Exchange. Mr. Guild, who
June 7 1929. June 8 1928.
Feet.
Feet.
has been a member of the exchange since 1904, was ap- New Orleans
Above zero of gauge.
19.8
10.6
pointed Treasurer recently to fill the vacancy caused by the Memphis
Abovezero of gauge.
35.4.
21 5
Nashville
Abovezero of gauge.
9.1
32.2
death of James F. Maury, who had served for 23 years.
Shreveport
Abovezero of gauge.
23.8
16.5
Eight new members were elected to the Board of Managers and seven
of the old members re-elected. The members re-elected were: Dr. Herman B. Baruch, John 0. Botts, William S. Dowdell, Elwood P. McEnany,
John H. McFadden, Jr., Simon J. Shlenker, George M. Shutt and J.
Hunted Wood. The new members of the board were Eric Alliot, Harold
L. Bache, Lamar L. Fleming, Harry L. Goss, Charles B. Montgomery,
George R. Siedenberg and Bulkeley L. Wells.
Henry II. Royce was elected trustee of the Gratuity Fund, to serve for
three years. William C. Bailey WilHam A. Boger and J. Victor de Zerega
were elected Inspectors of Election. The new Board of Managers was installed at noon on Thursday, June 6.
CLEMENT, CURTIS & CO. COTTON ACREAGE
REPORT.
-On June 3 Clement, Curtis & Co. issued their
cotton acreage report as of May 25. The report places the
estimated acreage at 49,002,000 acres and the condition of
the crop as 70.0% of normal. This compares with the Department of Agriculture's final estimate for last year of
46,946,000 acres and a condition figure according to Clement,
Curtis & Co. of 68.8% at the corresponding date a year ago.
The report is as follows:
Vicksburg
Abovezero of gauge_
55.2
31.0
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
1928-29
Cotton Takings,
Week and Season.
Week.
Season.
1927-28
Week.
Season. '
Visible supply May 31
5,268,387
6629.762
Visible supply Aug. 1
4,175,480
4.961,754
American in sight to June 7113,968 15,243,480
96,966 13,725.448
61,000 3,036,000
Bombay receipts to June 6
70.000 3,187,000'
Other India ship'ts to June 6...
27,000
614,000
9,000
569,500
Alexandria receipts to June 5--2,800 1.595,400
3,000 1.279,660.
Other supply to June 5 *b
7,000
568.000
15,000
543,000
.
Total supply
5,480,155 25,232,360 5,823,728 24,266,362
Cotton Slightly Increased.
Deduct
The acreage planted to cotton is estimated to be about 4% larger than Visible supply June 7
5,036.424 5,036.424 5,521,762 5,521.762
last year, indicating a total of nearly 49,000.000 acres, last year's acreage
being 46,946,000 acres. Present estimate of acreage is slightly less than Total takings to June 7 a
443.731 20.195,936 301.966 18.744,600.
estimates a month ago, due mostly to adverse conditions in Arkansas,
Of which American
314,931 14,585,536 238.96613,714,440'
Missouri and Tennessee, preventing the planting of intended acreage.
Of which other
128.800 5,610,400
63.000 5.030.160Condition in the last week of May was slightly better than a year ago
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, arc.
but hardly up to the ten-year average. It is too early to make a definite
a This total embraces since Aug. 1 the total estimated consumption by
forecast, but this acreage and condition suggests a crop of about 15,400,000
-28
bales,, that is, larger or smaller than this amount as future conditions are Southern mills, 5.021.000 bales in 1928-29 and 4,741.000 bales in 1927 -and the aggregate amounts taken by Northern.
more or less favorable than average. In our circular of June 2 last year we takings not being available
stated in a similar way that the estimated acreage and condition then sug- and foreign spinners. 15,174.936 bales in 1928-29 and 14,003,600 bales in
gested a crop of about 14.500,000 bales. The crop as finally reported by 1927-28, of which 9.564.536 bales and 8.973,440 bales American.
b Estimated.
the Census was 14,478,000.
Estimates of acreage and condition by States are:
Acre
1929
1928
1927
1926
Total
% of
1928
North Carolina
South Carolina
Georgia
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
Tennessee
Missouri
Others
80
57
69
73
75
72
72
68
60
56
56
-
70
58
61
62
60
67
72
81
68
75
75
85
81
68
75
74
72
72
78
75
60
65
50
85
66
55
70
76
70
58
67
72
70
70
62
85
1,949,000
2.485,000
4,000,000
3,716,000
4,362,000
2.237,000
3,872,000
4,818,000
19,246,000
1,145,000
337,000
835.000
103
100
103
102
105
109
101
109
105
100
95
111
United States
70.0
68.8
74.0
68.0
49,002.000
104
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that quite generally
the week as a whole has been mostly favorable in all sections
of the Cotton Belt. Rainfall has been as a rule„ light.
Condition of cotton and of stands has improved in many
localities.
Texas.
-The general condition of the cotton crop in this
State averages only fair. Warm, dry weather would be
beneficial everywhere.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
WeekI
Ended
Receipts at Ports.
1929.
...
0.
...4 —5 v"--rV"ba ce.f
0.V= , 4 FT:.). 0"N
71
... .,..•:::1:'
Condition May 25
stocks at Interior Towns.
1929,
1928.
908.387
849,195
814.522
781,667
752,959
Receiptsfrorn Plantation*
1927.
1929.
1928.
987,384 1.224,580
941,0431,168.286
916.2461,097.681
887.1701.036.360
863.788 984,188
61.798
39,749
71,677
64,220
49,333
26.545141,545
24,434161,681
48.437156.806
47.561 124.717
65.091 116,594
59,884 80,232 140,928 711,349
48.659 73,019131,290 1379.205
man 72,882102,307 646,881
56,91 92,378 86,136 615.322
835,361 922,735
803.203 889,925
773,381 1,541,773
737,026 824,696
18.274
16,515
25.027
25,358
51,805
40,861
43,060
59,006
79.475
98,792
38,190
30.162
51,241 109.891108.689
40,133 110,912 89,089
27,0' 84.323 73.651
31.12. 59,759 67,488
30,429 54,183 68,264
691,224
849,289
620,370
587,760
558.886
765 64,089
68,977
55,354
27,199
2,319 25.309
68,471
47,278
41,028
13.893
25.730
91,4
85.941
106.350
97.08.
78.041
1928.
1927,
62.281 106.159
70.7 217,97.
73,234227,560
76.637185,888
58.473168.768
564,846
512,890
481,152
446,703
418,598
1927,
784,478
742,667
710.044
656.451
613,917
24.388 37.809 68.037 381.208 523.080 575,095
Nil
2.083 17,215
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1928 are 8,973,199 bales;
in 1927-28 were 8,256,400 bales, and in 1926-27 were 12,180,523 bales. (2) That, although the receipts at the outports the
past week were 24,368 bales, the actual movement from
the plantations was nil bales, stocks at interior towns
having decreased 37,390 bales during the week. Last year
receipts from the plantations for the week were 2,083
bales and for 1927 they were 17,215 bales.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled,for three years, have been as follows:
Week.
1926-27.
1927-28.
1928-29.
June 6.
Receipts at
Since
Aug. 1.
Week.
Since
Aug. 1.
Week.
,
Since
Aug. 1.
61,000 3,036,000 41,000 2,851,000 41,000 3,116,000
Bombay
Since August 1.
For the Week.
ports
Porn
Great Oonti- Japan&
Great
Britain. neat. China. Total. BrUain.
Contt- Japan &
China. Total.
tient.
Bombay
1928-29._ 1,000 36,000 96,000 133,000 57.000! 733,000 1,585,0002,355,000
1927-28-- 3,000 27,000 63,000 93.900 81 0001 597.000 1,159,0001,837,000
.
1926-27._ 4,000 7,000 43,000 54.000 17,000 327.000 1,463,000 1,807.000
OtherIndia614,000
1928-29.- 3,000 24,000 ---- 27.000 106,000 508,000
569,500
1927-28._ 3.000 6.000 ____ 9,000 100,500 469,000
428,000
388,000
28,000 40,000
1928-27-- 1.000 27,000
Total all-1928-29.1927-28._
1926-27._
3869
FINANCIAL CHRONICLE
JUNE 81929.]
'
4,000 60,000 96,000160,000 163,0001,241,0001,565,0002,969.000
8.000 33.000 63,000102,000 181,500 1.066,0001,159,0002,406,500
43,000 82.000 57,0001 715,000 1,463,0002,235,000
5,000 34,000
Bales.
GALVESTON-To Bremen-June 1-Deer Lodge, 3,260___May
30-Hohenfels, 2,878. June 1-Nord Schleswig, 2,266--- 8,413
To Rotterdam-June 1-Deer Lodge, 961__ _May 31-Cliff
1,651
wood, 690
To Havre-June 1-Michigan. 1,683-- _May 31-01iffwood,
4,108
1,639- _May 31-Middleharn Castle. 786
To Dunkirk-June 1-Michigan, 1,311_ _ _May 31-Cliffwood,
1.461
150
-May 31-Cliffwood, 353; Middleham Castle, 3.070 3,428
To Ghent
1,290,
-May 31-Sapinero, 1.290
To Oporto
186
-May 31-Sal:liner°. 186
To Passages
356
To Japan-May 31-Anniston City, 356
-May 30
-Erfurt,210_ _..May 31
-To Bremen
ORLEANS
NEW
2.049
-West Chatala, 1,753
Davenport, 86_ __June 4
151
-Erfurt, 151
-May 30
To Hamburg
-West
To Rotterdam-May 31-Davenport, 51E_ _June 4
150
Chatala, 100
543
To Havre-June 1-Bruges,543
875
To Dunkirk-June 1-Bruges, 875
228.
To Antwerp-June 1-Bruges, 229
700
-Alberta,700
To Venice-June 2
400
-Alberta, 400
-June 2
To Naples
50
To Buena Ventura-June 1-Parismina, 50
88
To Arico-June 1-Parismina. 68
197
-West Chatala, 197
To Hamburg-June 4
3,186.
To Genoa-June 5-West Elcasco, 3.186
HOUSTON-To Bremen-May 31-Nord Schleswig, 2,981_ _ _ ...
May 30-Beckenhelm,3.013_ _ _June 3-Hohenfels,2,039-- 8,033.
24
To Murmansk-May 15-Farmsum, 24 (additional)
-May 30-Bockenheim, 500_ _ _June 3-HohenTo Hamburg
1.479
fels, 979
7,748
-Volunteer, 1,773: Fernhill, 5,975
To Japan-June 4
2,093.
-Volunteer.365; Fernhill, 1,728
To China-June 4
,
-West Madaket, 57_..May 31
27
-May
-To Liverpool
MOBILE
627
-Belgian. 570
-West Madaket, 25.... May 31
-May 27
Manchester
To
Belgian, 264
US
5,
To Japan-May 31-Sally Maersk,_5,000
300
-June 4-Dakarian, 300
NORFOLK-To'Liverpool
To Manchester-June 4-Dakarian, 950_ __June 5-WinonS
1.475.
Cbunty, 525
141
-Wytheville, 141
To Rotterdam-June 7
200
-Ontario,200
To Havre-June 4
1,199
-Deer Lodge,1,199
y 27
-To Bremen-Ma
TEXAS CITY
25
-Deer Lodge, 25
To Rotterdam-May 27
71,809
Total
According to the foregoing, Bombay appears to show an
-Current rates for cotton from
COTTON FREIGHTS.
increase compared with last year in the week's receipts of New York, as furnished by Lambert & Burrowes, Inc., are
from all India ports record an increase
20,000 bales. Exports
follows, quotations being in'cents per pound:
of 58,000 bales during the week, and since Aug. 1 show as
High Stand,
High StandHigh StandDensity. ord.
Density. ard.
an increase of 562,500 bales.
Density. ard.
.50c. Mo. Shanghai .13834e. .8334o.
Oslo
Liverpool .45c.
.76c.
-We Manchester .45c. .60c. Stockholm .800. .75e. Bombay .600. .800.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
.45e.
.500. .850. Bremen
.600. Trieste
Antwerp .45c.
now receive weekly a cable of the movements of cotton at Havre
.500. .65c. Hamburg .45e. .60e.
.31c. .46c. Flume
,
.757„ .90e.
.60c. Piraeus
.450.
Alexandria, Egypt. The following are the receipts and Rotterdam .45c. .60c. Lisbon
.750. .90c.
.750. Salonica
.60c.
.500. .85c. Oporto
shipments for the past week and for the corresponding week Genoa
.500. .650.
Barcelona .30c. .45c. Venice
.63346. .78340.
Japan
of the previous two years:
LIVERPOOL-By cable from Liverpool we have the fol1927-28.
1928-29.
1926-27.
Alexandria, Egypt,
lowing statement of the week's sales, stocks, &c.,at that port:
June 5.
Receipts (cantors)
This week
Mom Amt. 1
14,000
R.08..1541
15,000
(1.052.240
75.000
2.400 RAR
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bales)-
_ 216,906
141,961
171,035
To Liverpool
- 175,609
149,643
•
161,150
To Manchester,&c
To Continent & India__ _ _ 8,000 443,185 9,250 374,089 12.750 372,950
171,247 ---- 108.032 ---- 136,042
To America
8.000948.617 0.250 773.725 12.750901.0117
Total °snorts
-A e,antar is 90 lbs. Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending June 5 were
14,000 canters and the foreign shipments 8,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is active and in cloths quiet. Manufacturers are
generally complaining. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison:
1928.
1929.
82 Cop
Twist.
Mar.-
April
12.
May
17.
24.
June
814 Lbs. Shill- Cotton
ings. Common Middl'a 32s Cop
Uprde. Twist.
to Finest.
814( Lb.. Shirt Cotton
lags, Common
to Finest.
Upi'ds.
•.d.
013 1
013 7
013 7
013 7
013 7
4.
10.75
11.12
11.14
11.10
10.96
d. d. I.e.
15 0116% 13 5
16 01054 13 5
15 01814 13 5
1534 017 13 6
15 017 13 6
e. d.
@III 7
013 7
013 7
014 0
014 1
013 6
013 4
013 4
013 0
10.73
10.89
10.69
10.23
1514 017 13 7
1534 @1714 14 0
15%017M 14 0
16 0175i 14 1
014
014
0)14
014
15‘015X 12.7
1,
143401534 12 7
143401534 12 7
1.0(015% 12 7
143401534 12 7
10.02
10.08
10.26
10.11
10.20
16R0174
163401731
16 551751
RI 017M
18 01751
14%0151i 12 7 013 1
d. d. e. d.
15,1016 4 13 4
,
15,4016% 13 4
15,"8l6 13 4
154@164 13 4
15A0164 13 4
131401514
15%016%
1534(4)16M
15 016
13 3
13 2
13 2
13 0
a.
10.63
10.154
10.77
10.96
10.86
1
2
2
3
10.91
014 4
0)14 5
014 5
014 5
014 5
11.60
10.08
11.71
11.48
11.47
10.27 16 017M 14 3 0,14 5
11.45
14
14
14
14
14
2
3
3
3
3
11.1a
11.25
11.61
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 71,809 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
-May 31-Daytonlan, 506
SAVANNAH-To Liverpool
To Bremen-June 6-Wildwood, 256 1,853
Manchester-Mav 31-Daytonian,
To
To Hamburg-June 6-Wi1dwood, 154
To Rotterdam-June 6-Wildwood, 16
To Antwerp-June 6-Wlldwood,7029
--May -Pacific Trader,452.. _
-To Manchester
LOS ANGELES
To Liverpool-June 1-Moerdillc, 634 3.300; President
JackTo Japan-June 1-Montevideo Meru,
son, 600; Shinye Maru, 1,200
Meru,
To China-June 1-Shinye-May 1,800
31-Shickshinny,2,20(L
WILMINGTON-To Liverpool
-May 31-Belgenland, 50
NEW YORK-To Antwerp
To Bergen-May 31-Stavangerfjord, 100
To Lisbon-May 31-Estrella, 100
-Berlin, 199
To Bremen-June 3
To Genoa-June 5-Savoia, 200
Bales.
506
256
1,853
154
16
70
452
634
5,100
1,800
2.200
50
100
100
199
200
May 17. May 24. May 31.
29.000
14,000
35,000
21,000
9,000
23,000
4,000
1,000
58,000
35,000
62,000
944,000 932,000 926,000
621,000 603,000 583,000
52,000
26,000
51,000
16,000
9,000
23,000
164,000 163,000 156,000
41,000
44,000
45.000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
June 7.
68,000
44,000
16,000
65.000
911,000
955,000
55.000
20,000
127,000
31,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
,
Wednesday, Thursday,
Spot.
Saturday,
Monday,
Tueday,
Market
12:15 {
P. M.
Quiet
Good
demand,
Good
demand,
Hardening
Good
demand.
Mld.Upfds 10.024.
10.03d.
10.236.
10.284.
10.214.
4,000
15,000
15,000
10,000
8,000
Sales
Friday.
Good
demand.
10.274.
7,000
Quiet,
Steady
Steady,
Steady,
Quiet,
Futures.( Quiet,
11 to 13 pts 4 to 6 pta. Ste 9 pts. 14 to 17 pta unch'd to to 8 PM.
Market
decline, advance. advance. 2 pta. adv. advance.
decline,
opened
Steady
Quiet,
Market, 1 Q't but st'y Very sty Barely sty Quiet, 1 to 3 pta. 10 to 12pta.
7 to 10 pts. 4 to 9 pta. 1 to 4 pta. 13 to 15 pts
4:00
advance, decline, advance, decline. advance.
decline
P. M
•
Prices of futures at Liverpool for each day are given below:
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
4.08
12.1512.3012.15 4.0012.15 4.0012.11 4. 12.15 4.. 02.1 '.50.
p. ni. p. m.p. m.p. m.p. m.p. m...m.p. m p. m.'.50 '.50
d. d.
d. Id. d. d. d. d. d. I d. d. d. 9.9710.03
9.75 9.73 9.84 9.93 9.81 9.96 9.9 9.91 9.93 9.9710.03
June
9.76 9.74 9.84 9.93 9.81 9.97 9.9 9.91 9.93 9.9810.04
July
August....... ____ 9.78 9.75 9.85 9.93 9.81 9.97 9.9 9.91 9.93 9.9810.14
____ 9.76 9.74 9.84 9.92 9.81 9.97 9.95 9.91 9.93
SeptemberOctober...... ____ 9.74 9.72 9.81 9.89 9.78 9.93 9.91 9.87 9.89 9.9510.01'
9.9310.00.
November_ _ _ _ ____ 9.73 9.70 9.78 9.87 9.78 9.911 9.89 9.85 9.88 9.9 10.00
____ 9.73 9.70 9.78 9.87 9.76 9.911 9.89 9.85 9.88
December
January (1930) ____ 9.74 9.71 9.7.9 9.87 9.77 9.92 9.9 9.86 9.89 9.9510.01
February..... ____ 9.75 9.72 9.80 9.88 9.78 9.93; 9.91 9.87 9.9. 9.9810.02
9.78 9.74 9.82 9.89 9.80 9.98, 9.95 9.91 9.93 9.9910.05
March
9.79 9.75 9.83 9.90 9.81 9.971 9.98 9.92 9.9410.00 10.06
April
9.80 9.77 9.84 9.91 9.83 9.99, 9.97 9.93 9.9 10.0110.07
May
9.79 9.78 9.83 9.90 9.82 9.99 9.97 9.92 9.9410.1. 10.08
June
June 1
to
June 7.
BREADSTUFFS
Friday Night, June 7 1929.
Flour advanced 25c. early in the week as wheat rose.
Sharply. It had no effect on trade. It was lethargic as
ever. Just a routine demand. Export clearances from
New York last week were 95,893 sacks against 118,369 sacks
In the previous week. Later prices were advanced 10c. on
the rise in wheat and a better demand was reported.
Wheat advanced sharply in an excited speculation as it
became apparent that the Government is determined to
3870
FINANCIAL CHRONICLE
[vol.. 128.
devote enormous sums to the stabilization of prices. On
Indian corn has risen hardly, less than wheat, and fo
the 3rd inst. reports from Washington that the Administra- much the sanle reasons, i.e, Feral Relief measures ahead
tion would ask for an appropriation of $100,000,000 to take On the 3rd inst. prices advanced 414c., partly in respona
/
care of the surplus crop and make an effort to advance ' the rise in wheat. Shorts covered on a big scale. Corn
to
prices—one report said 25c.—threw the Chicago market into mission houses were large buyers. There was a good shi
great excitement and prices shot upward 5 to 8%c., or 9 to ping demand. The country movement was small and i
9y above the "low" of the season touched on May 31st. expected to be for some time to come. Of course if th
4c.
The winter wheat crop was estimated in private reports at Government extends relief to wheat it will in case of n
632,000,000 or 13,000,000 larger than a month ago, when do •Soinethitig for corn farmers, also. The United State
the Government made the prospective yield 595,000,000 visible supply dedreased last 'week 2,337,000 bushels agains
bushels. Last year's harvest was 579,000,000 bushels. The
65,000 a year ago. The total is now 14,259,000 bushel
total wheat crop of North America was estimated by some against 25,496,000 year ago. On the 4th inst. prices ende
at 1,298,000,000 bushels, or 138,000,000 less than the harvest 3% to 4%c: higher on the Washington news and the ri
of 1928. Export business was checked by the bulge, although in Wheat. The weather moreover was unfavorable in th
it was said that some No. 2 hard Winter sold at the Gulf belt. The acreage was estimated as 2% smaller than th
at 2%c. over Chicago July. The visible supply decreased last.one. _There is_no large.surplus overhanging the market
1,966,000 bushels for the week, and is 96,427,000 bushels Visible stocks are not large. The country movement wa
against 48,627,000 last year. Spring wheat estimates were small.. Demand from consumers was good. On the 5th,inst.
cansidered bullish; they ranged from 230,000,000 to 263,- prices fell' 1% to 21
/0., with crop reports good and countr
000,000 bushels; Winter wheat 615,000,000 to 649,000,000 offerings larger. The forecast was for unfavorable weather,
bushels. On the 4th inst. prices advanced 4% to 5%c., with -but-this-had little effect. .
Winnipeg up 6% to 7%c. since the previous Saturday, June
On the 6th inst. prices advanced 1%c. net, partly
1st. It was all due to reports that a fund of $200,000,000, response to -the rise in wheat. The Farm Relief news also
supposedly for the purchase of the wheat surplus, would counted. No pressure to sell appeared. Country offerings
soon be available. This was double the amount mentioned were small. Crop news it is true was generally favorable
on the 3rd inst. Just how the stabilization details will be although' at times the Southwest has had too much rep.
worked out was not clear. Nobody stopped to think. Crop Cash demand has not been so brisk on the big rise in prices.
news from various parts of the belt was in the main favor- Still it MS been fair. To-day prices ended % to %c. higher,
able, though the Southwest had too much rain. Argentina with the -weather -rain, -country offerings small, and cash
moreover remained dry. Export business was naturally ma'rkets steady. Early prices were stronger, but a decline
checked by the suddenness and sharpness of the rise in in wheat and liquidation caused a setback. Final prices
prices.
show an advance for the- week of-8%-to 9%c. _
A report on the 4th inst. said that the Administration at
DAILY CLOSING PRICES OF 'CORN' IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Washington proposed to use $200,000,000 of the proposed
9434 1004 10531 10431 10534 1064
$500,000,000 revolving fund immediately for the absorption No.2 yellow
of the wheat surplus. On the 3rd inst. the proposed initial DAILY. CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Man: Tues. Wed. Thurs. Fri.
fund was $100,000,000. The markets jumped 5 to 6c. on July
9011
89
81
85
89
88
91
September
834
this. On the 5th inst. prices declined 1% to 2%c. Early
8,3
December
115
4
prices were higher. There was some buying on the report
Oats have advanced in company with other grain,
that the Senate and House Committees had agreed on a plan
to eliminate the debenture proposition in the Farm Relief though not so sharply. On the 3rd inst. prices ended
Bill, but early reports indicated that the Administration 1%c. following at some distance, it is true, the rise
has no intention to buy wheat and put it in store for future in other grain. An excellent demand prevailed from
marketings, and this caused considerable selling. Crop news consumers. The country movement continued small. The
was generally favorable. The Northwest reported favorable average of private crop estimates was 1,292,000,000
conditions although Canada was still dry. Export sales bushels. The United States visible supply decreased last
were estimated at 1,000,000 bushels, mostly Manitobas. week 147,000 bushels against an increase last year of 268,000
Bradstreet's world's visible supply decreased 7,390,000 bushels. The total now is 9,280,000 bushels against 7,085,000
bushels.
a year ago. On the 4th inst. prices advanced 1% to 1%c.
On the 6th inst. prices ended 1% to 1%c. higher on favor- In mild response to the rise in other grain. Also there was
able Washington reports on Farm Relief. It is said that a good consumptive demand. Good sized shipments are to
Chicago's stock, largely, it seems, of oats
what are designed to be remedial measures will soon
become be made from
operative. At one time it was announced that President taken on May contracts. The country movement was small.
Hoover would send a special message to Congress on the At one time during the day prices were up 1% to 2c.
/
question of Farm Relief. Thereupon prices ran up 5c. above
On the 5th inst. prices ended % to 114c. lower in sympathy
the early low. But the message dealt with prohibition. With other grain. Country marketings have. increased.
That caused a sharp reaction. But despite the wide fluctu- Buying power was absent. On the 6th inst. prices advanced
ations the tone was firm after an early decline of about 2e. % to 1%c. net, in answer to higher prices for other grain.
was no pressure to sell. That helped
on a decline in Liverpool and reports of beneficial rains
in Moreover there
Argentina. Export sales were reported of 2,500,000 bushels noticeably. The c sh demand was good. The crop moveof which 2,000,000 were Manitoba for June shipment.
To-day prices ended unchanged to %c.
Yet ment was small.
It was also said that no American hard Winter had
higher. Oats followed other grain. Final prices show an
been
sold to Europe. Argentina, if it had rains, needs more. advance for the week of 314 to 414c.
The acreage there, it is said, will be reduced 15%. Canada • DAILY CLOSING PRICES OP OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri
•
was hot and dry. It needs rain. Crop reports from the No. 2
573i 5654 5651 G
white
544 56
Southwest were less favorable, as many sections had rains Li
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
where dry warm weather is needed. It was stated that more
Sat. Mon. Tues. Wed. Thurs. Fri.
441 41
Ju1y
4fl4 42/ 44% 44
-or less confusion prevailed everywhere as to what the effect September
43
434 43
44
42
40
45
45
.of the proposed legislation will be or Just how it will really December
463( 45
44
43
become effective.
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
To-day_prices advanced early on better cables, good buy- July
4954 4834 494 49
46%
4831 4831 4834
49
ing, unfavorable weather in the Southwest, and lack of October
464
__ 483-4 474 4734 4734
moisture in Argentina and Canada. But the advance was December
soon lost when profit taking set in and prices wound up %e.
Rye has advanced about as much as wheat, by which it
lower for the day. Indications pointed to rains in Canada, was greatly influenced. On the 3rd inst. prices advanced
and there was a good deal of evening up before the Govern- 3% to 414c. In response to .the great advance in wheat.
/
ment report to-morrow. The Winnipeg "Free Press" second There was no talk of export demand; The United States
report will be issued overnight. Houses which bought yes- visible supply decreased last week 131,000 bushels against
terday were selling to-day. Argentine exports for the week 62,000 last year. The total was 5,994,000 bushels against
were larger than expected, and world's shipments promised 1,413,000 a year ago. On the 4th inst. prices advanced 33
to be rather large, i.e., about 19,000,000 bushels. Crop to Sc. In response to wheat's big rise, and also because ry
reports were generally good despite complaints of too much may perhaps come in for consideration in Farm Relief
- rain in the Southwest. The rainfall in Canada from April 1 plans. But there was no export business reported. On the
to June 4th was nearly double that of a year ago. Final 5th inst. prices declined % to lc. In response to lower prices
prices here show an advance for the week of 10%c to
for other grain. Export business was small. On the 6th
with higher
DAILY CLOSING PRIORS OF WHEAT IN NEW YORK. ." Inst. prices advanced 1%c. net, in sympathy
Sat. Mon. Tues. Wed. Thurs. Fri. prices for other grain. Also some export business is said
No. 2 red
1224 1274 1323-1 131 13231 13231 to have been done, although particulars were not reported.
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. To-day prices ended at an advance of % to 1%c. A little
Sat. Mon. Tues. Wed. Thurs. Fri.
export business was reported. Early prices were stronger,
July
984 10334 10834 10631 10811 108$ with
those of other grain, but liquidation caused a setback.
September
102% 107 113 111 112 112
December
107 112 118 1154 117 117
Final prices show an advance for the week of 10% to 11%c.
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Sat. Mon. Tues. Wed. Thurs. Fri.
84$ 864
I_Tar
1101 115 1165 117q July
834 83
109
764 80
-october
89X
1134 113% 115 116
83% 874 864 88
10834
79
September
_December
93
91
93
92
1134 113% 114 1153-4 December
87
106
83
ti% 114 S2
JUNE 8 1929.]
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat, New YorkNo. 2 white
No. 2 red. f.o.b
1.32%
No. 3 white
No.2 hard winter.f.o.b____1.19A
Rye, New York
Corn, New YorkNo. 2 f.o.b
No. 2 yellow
No. 3 yellow
104% Barley, New York
Malting
FLOUR..
Spring pat.high protein.86.151486.55 Rye flour, patents
36.15(436.55
6.05 Semolina No. 2. poundflour5,701
spring pasents
3ii
Clears, first spring
5 35
5.60 Oats goods
2.70
2.75
Soft winter straights_
5.50
5.85 Corn
2.55
2.60
Hard winter straights ... 5 50' 5.75 Barley goods
Hard winter patents_ - 5.804 6.25
Coarse
3.60
Hard winter clears
5.00 ® 5.40
Fancy pearl Nos. 1.2.
Fancy Minn. patents
3 and 4
7.50@ 8.05
6.5014 7.00
7.60® 8.30
City IOWA
57
56
963(
80%
1063.
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by
us from figures collected by the New York Produce Exchange. First we give the receipts at Western Lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years:
Receipts at-
Flour.
Wheat.
Corn.
I
Oats.
Barley.
Rye.
.1
bbls.195Ibs.bush.6015s bush.56 lbs bush. 32 lbs.bush.48Ibs.bush.56lbs.
Chicago
227,000
54,000
331,0001
812,000,
105,000
Minneapolis_
331,000 232,000
1,287,000
250.000
73,000
Duluth
1,000
6,000
886,000
175,000
86,000
Milwaukee_ _ _40,000
.
125,000
122,000
33,000
172.000
9,000
Toledo
53,000
12,000
1,000
390,000
3,000
Detroit
14,000
31,000
21,000
Indianapolis_
118,000
41,000
158,000
St. Louis- --126,000
433,000
439,000
579,000
.5,000
Peoria
414,000
118,000
31,000
52,000
67.000
Kansas City690,000
380,000
66,000
Omaha
261,000
343,000
76,000
St. Joseph61,000
122,000
22,000
Wichita
274,000
75,000
6.000
Sioux City_
56,000
144,000
46,000
Total wk. '29
Same wk. '28
Same wk. '27
445,000
419,000
414,000
4,564,000
4,322,000
4,934,000
2,862,000
6,500,000
5,422,000
2,372,000
3,142,000
2,078,000
631,000
622.000
353,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 1, follow:
Flour.
Wheat. I
Corn.
Oats.
I Barley.
Rye.
bbls.196Ibs bush.6016s. bush.56 lbs.bush. 32 lbs. bush.48l5s. bush.56Ibs.
New York _. 320,000 1,765,000
14,000
32,000 257,000
68,000
Philadelphia:.
26,000
142,000
5.000
1,000
Baltimore_ _ _
13,000
392,000
13,000
10,000
14,000
Norfolk
1,000
New Orleans.
42,000
24,000
47,000
12,000
Galveston_
37,000
4,000
Boston
28,000
12,000
Total wk. '29 430,000 2,360,000
83,000
Since Jan.1'29 11,511,000 70,155,000 14,362,001
67,000 271,000
68,000
8,700,000 12,624,000 2,338,000
Week 1928_ - _
363,000 1,701,000
168,000 400,000 276,000
87,000
Since Jan.1'28 10,194,000 58,283.000 7.952.''' 8.029.000 10.290.000 6.163.000
•Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, June 1 1929, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels, Bushels. Bushels. Bushels. Bushels. Bushels,
New York
1,332,000
69,322
20,000
17,200 166,400
Boston
165,000
Philadelphia
160,000
1,000
Baltimore
160,000
2.000
200,000
Norfolk
1,000
New Orleans
96,000
65,000
29,000
21,000
208,000
Galveston
13,000
2,000
4,213,000
Montreal
64,000 667,000
39,000 319,000
Total week 1929... 6,169,000
78.000 168,322 708,000
56,200 850,400
Same week 1928- 6,046,727
65,000 184,054 378.000 1,151,418 674,190
The destination of these exports for the week and since
June 1 1928 is as below:
Flour.
Exportsfor Week
Since
and Since
Week
June 1. July 1
July lie1929.
1928.
United KingdomContinent
So. de Cent. Amer_
West Indies
Brit.No.Am.Cols _
Other countriesTotal 1929
Total 1928
Barrels.
65,670
69,087
11,000
12,000
---10,565
Wheat.
Week
June 1.
1929.
Corn.
Since ' Week
July 1
June 1.
1928.
1929.
Since
July 1
1928.
Barrels.
Bushels.
Bushels. Bushels. Bushels.
3,255,852 1,346,000 70,446,726
9,828,110
4,915,727 4,777,000 189,282,959
13.000 17,732,962
316,000
36,000
430,000
8.000
255,000
1,000
452,000
82,000
57,000
926,000
1,000
20,000
9,000 3,485,733
1,325,484
2,250
168,322 10,266,063 6,169,000 263,747,418
184.054 10.623,361 6,046,727 225,041,311
78.000 28,744,322
65,000 10.247,285
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 1, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Mllwaukee
GRAIN STOCKS.
Wheat.
Corn.
Oafs.
Rye,
bush,
bush,
bush.
bush.
6,000
72,000
103,000
37,000
7,000
4,000
199,000
38,000
85,000
6,000
94,000
405,000
120,000
3,000
3,000
78,000
251,000
90,000
33,000
529,000
126,000
307,000
120,000
1,177,000
4,000
4,055,000 2,564,000 1,256,000
175,000
142,000
1.818,000
22,000
153,000
1,000
145,000
22,000
48,000
15,000
12,634,000 5,273,000 3,386,000 2,831,000
571,000
946,000
272,000
528,000
Rye.
Barley.
Corn.
Oats.
Wheal.
bush.
bush.
bush,
bush,
bush,
148,000
73,000 1,791,000 1,233,000
18.354,000
131,000 1,825,000 1,030,000 2,708,000
27,331,000
232,000
3,000
352,000
263,000
9.000
64,000
2,716,000
206,000
361,000
29,000
15,813,000 2,247,000
8,000
29,000
44,000
2,000
2,373,000
3,000
408,000
1,071,000
24,000
115,000
9,000
7,000
450,000
419,000
314,000
86,000
5,520,000
862,000
636,000
29,000
246,000
178,000
296,000
United StatesDuluth
hilnneapolis
Sioux Cfty,.
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Total June 1 1929._ _96.425,000 14,259,000 9,280,000 6,537,000 5,994,000
Total May 25 1929_ _ _98,291,003 16,596,000 9,427,000 6,492,000 6,125,000
Total June 2 1928.---48,627,000 25,496,000 7,085,000 2,752,000 1,413.000
-Bonded grain not included above: Oats, New York, 213,000 bushels:
Note.
Philadelphia, 4,000; Buffalo, 341,000; Duluth, 14,000; total,.572,000 bushels, against
199,000 bushels in 1928. Barley, New York, 247,000 bushels; Boston. 14.000:
Philadelphia,57,000; Baltimore,495,000; Buffalo, 1,911,000; Buffalo afloat, 377,000;
Duluth. 167,000: on Lakes. 521,000: total. 3,789,000 bushels, against 968,000 bushels in 1928. Wheat, New York, 3,629,000 bushels; Boston, 1,374,000; Philadelphia,
3,249,000; Baltimore, 3,843,000: Buffalo, 11,397,000: Buffalo afloat, 263,000; Duluth, 179.000; on Lakes, 524,000; Canal. 1,022,000; total, 25.480,000 bhshels,
against 13,859,000 bushels in 1928.
Canadian
1,012,000
332,000
780,000
7,018,000
Montreal
5,464,000 1,927,000 5.292,000
Ft. William & Pt. Arthur_46,096,000
313,000
883.000
17,930,000
3,216,000
Other Canadian
9,692,000
Total June 1 1929_ __ _71,044,000
10,163,000
Total May 25 1929_ _ _72,431,000
4,888,000
Total June 2 1928- -64,546,000
Summary
96.425,000 14,259,000 9,280,000
American
71,044,000
9,692,000
Canadian
Barley.
bush.
142,000
6,000
24,000
202,000
32.000
35.000
350,000
7,000
43,000
572,000
277,000
2,572,000 6,955,000
2,837,000 8,065,000
2,223,000 2,045,000
6,537,000 5,994,000
2,572,000 6,955,000
Total June 1 1929_167,469,000 14,259,000 18,972,000 9,109,000 12.949,000
Total May 25 1929_ --170,722,000 16,596,000 19,590,000 9.329,000 14,190,000
Total June 2 1928-113,173,000 25,496,000 11,973,000 4,975,000 3,458,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, May 31, and since July 1 1928 and 1927,
are shown in the following:
276,000
421,000
502,000
Since Aug.120,964,000440.115.000 237,038,000 128,417.00087,848,000 24,761,000
1928
20.875,000420,051,000277.252,000 141,145,00067,006,00034,623,000
1927
20.566.000306.930.000 193.673.000 129.101.000 19.192 OW 2o fun non
1926
Receipts at-
3871
FINANCIAL CHRONICLE
Corn.
Wheat.
1928-29.
Exports.
Week I
May 31.
1927-28.
Since
July 1.
1928-29.
Since
July 1.
Week
May 31.
Since
July 1.
j1927-28.
Since
July 1.
Bushels,
Bushels.
Bushels. j Bushels.
Bushels. I Bushels.
57,000 33.240.00015,036.000
North Amer_ 9,627,000 504,740,000447,701,000
1,827,000 20,450,000
2,600,000 9,512.000
Sea_ _ _
Black
I
Argentina. _ _ 3,624,000 191,299,000 158,639,000 4,011.000223,731,000245,349,000
Australia _ _
496,000 104,353,000 69,407,000
1,112.000 8.936,000
India
Oth. countr's 736,000, 41,900,000 30,120,000 561,000 28,115,000, 25,772,000
Total
[14,483,000848,004,000724,315,000 5,629,000286.912,000306,607.000
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin,
JUNE 4.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended June 4, follows:
The first half of the week had abnormally warm weather over the eastern half of the country, with showers in most districts between the Mississippi River and Rocky Mountains. By June 2, however, an extensive
-Northern States, accomarea of high pressure had covered the Central
panied by a sharp drop in temperature, and the latter part of the week
had abnormally cool weather quite generally, except in more southern
sections. Excessive rains occurred in the west Gulf area during the first
part of the week.
In Central and Northern States high temperatures the first part of the
week and cool weather the latter part made the average for the period near
normal, as shown in the table On page 3. In most of the South, however.
the weekly mean temperatures were somewhat above normal, and they
were considerably above in much of the north Atlantic area. In the northern Great Plains the period was deg. to deg, cooler than normal, while
the minus departures were large in most sections west of the Rocky Mountains. Freezing occurred locally in the Appalachian Mountain area and in
some central-northern districts, while minimum temperatures as low as
deg, occurred in parts of the northern Rocky Mountains
deg. to
and the Great Basin of the West.
Chart II shows that precipitation was rather light in most sections east
of the Mississippi River, but was heavy in many trans-Mississippi States
and in the west Gulf area. Moderate to fairly heavy showers occurred in
the far Northwest, but in most other sections of the more western States
rainfall was very light.
Frequent rains have prolonged- the excessively wet weather in considerable sections of the central valley States, especially in central and southern Illinois, Missouri, and the eastern half of Kansas. Excessive rains
were also again unfavorable in the eastern portions of Oklahoma and
Texas. In these areas field work during the week was nearly at a standstill, and spring planting was further delayed. Elsewhere east of the Rocky
Mountains rainfall was mostly light to moderate and farm work progressed
satisfactorily in most sections.
Growth, in general, was fairly good over the eastern two-thirds of the
country, though checked by the excessively cool weather the latter part
of the week in Central and Northern States. Local frost damage was reported in the Lake region and light deposits occurred as far south as some
central Appalachian Mountain districts.
Generous rains in the northern Plains area were timely and beneficial
as far south as Nebraska, while sh wers were helpful in the Pacific Northwest, though in the latter moisture is still needed in some sections. The
abnormally cool and dry weather was unfavorable in the Great Basin where
tender truck and garden crops were frosted in a good many places,and grain
and pasture lands need rain badly, especially on dry farms.
.-Winter wheat showed some improvement in the Ohio
SMALL G RAINS
Valley, with heading reported to the northern parts of Indiana; there
was some local deterioration on flooded bottom lands. Fair to good advance was made in the trans-Mississippi States, but there was too much
rain in Missouri and the crop was still yellow on some lowlands of Iowa;
heading was noted in the former State. In the Great Plains winter wheat
made satisfactory progress, and is beginning to ripen in extreme southcentral Kansas; warmth and sunshine are needed for maturity in Oklahoma. Harvest was delayed by rain in Texas, with considerable damage
to mature grain in the wetter sections. Ripening was reported in the
East as far north as Maryland. and harvest progressed in the Carolinas;
this work is nearing completion in the Southeast. Rain is needed in parts
of the far West,and although there was some improvement.due to showers,
In the Pacific Northwest, rather widespread areas are still dry.
The abundant rainfall in South Dakota was very beneficial for spring
wheat, and excellent advance was made in North Dakota. Progress was
fair in Minnesota, with the crop rooting and stooling well, while satisfactory growth was reported from more western sections of the belt. Oats
were largely satisfactory in more northern portions, with improvement
noted in the Ohio Valley and western Lake region. Harvest was delayed
by rain in Texas and considerable damage was done to mature grain in the
wetter sections; elsewhere oats did well. Rice was unfavorably affected
by the excessive rains in Texas, but elsewhere made mostly satisfactory
Flax seeding continues in the northern Great Plains and rye
advance.
was showing beads.
-Delayed corn planting made fairly good progress east of the
CORN.
Mississippi River, except in central and southern Illinois and a few more
local areas where seeding was still delayed by wet soil. In Iowa planting
3
26
28
7
FINANCIAL CHRONICLE
3872
and replanting made very good progress, despite the rather frequent
rains, and is now largely completed, except locally in the south. In Missouri, eastern Kansas, and eastern Oklahoma field work remained largely
at a standstill and very little planting could be accomplished, but elsewhere in the Great Plains States conditions were generally favorable,
with seeding largely finished and some early fields being cultivated as far
north as South Dakota. Growth of early-planted corn has been very
good recently. due to the warm weather last week and the first part of
the current week, but the last few days have been too cool quite generally.
COTTON.—Temperatures were mostly moderate in the Cotton Belt, with
considerable fair weather in the eastern half, but with again too much
rain in much of the west. East of the Mississippi River progress of the
crop during the week was mostly fair to good, with report of some improvement in general condition and stands in many places. The weather
was rather favorable also in most of Arkansas and Louisiana where the
crop made fairly good to good advance, though it was too wet In the west
central portion of the former State. In Oklahoma unfavorable conditions
continued in the east, with further heavy, to excessive rains, and progress
o. cotton was generally poor, but was fair in the west; stands generally
ranged from poor to only fair. Excessive rains in the eastern half of Texas
were also very unfavorable,and cotton deteriorated badly in the wetter areas
where lowlands were submerged and uplands washed;.progress was good
where the rains were lighter, but the general condition of the crop averages
only fair. Cultivation is generally needed in the western half of the belt,
and warm, dry weather would be beneficial everywhere, being especially
desirable in Texas and'Oklahoma.
The Weather Bureau furnishes the following resume
of the conditions in the different States:
Virginia.—Richmond: Moderate temperatures until close when unseasonably cool; rainfall moderate to heavy. Good progress of all crops
under favorable conditions. Setting tobacco continued; condition good.
Cultivation of corn under way, but soil too wet locally. Wheat heading
well in most sections.
North Carolina.—Raleigh: Considerable farm work done, except where
too wet. Progress of cotton fair; planting about finished; considerable
portion chopped; some complaints of crop becoming grassy; needs warmth
and dryness. Tobacco, corn, and peanuts improved, though some local
storm damage.
South Carolina.—Columbla: Seasonable weather and intermittent showers generally favorable, except too much rain in northwest checked plowing
winter cereal harvest proceeding in north. Cotton planting practically
completed, with stands fair and chopping general. Stubble lands being
turned to intermediate and late corn; early corn fair. Tobacco, truck,
and minor crops improved.
Georgia.—Atlanta: Warm, sunny weather, with only scattered showers, generally favorable. Much work accomplished. Cotton mostly
chopped, except in parts of northwest; progress good and general condition and stands improved, but weather not warm enough to check weevil.
Corn, peanuts, cane, rice, and truck all considerably improved.
Florida.—Jacksonville: Progress and condition of cotton good; light
rain needed locally in northwest. Corn generally good; some complaints
of worms; much laid by. Peanuts and cane doing well. Citrus improved
generally; more rain needed locally on uplands of central.
Alabama.—Montgomery: Much farm work accomplished. Progress
and condition of oats, potatoes, sweets, truck, minor crops, and earlsplanted corn mostly fair to good; pastures mostly good to excellent. Much
corn remains unplanted in north, especially on lowlands. Warmtirfavored
growth of cotton and condition mostly fair to good; chopping finished in
many localities of south and good progress in north.
Mississippi.—VIcksburg: Weather generally caused fair advance of cotton
and corn, with progress in chopping and cultivation mostly fairly good to
good; cotton plants only fair size.
Louisiana.—New Orleans: Further rains at beginning, but subsequent
dryness and warmth favored growth of all crops and needed cultivation
made good progress latter part. Progress of cotton good: condition fair
to good. Corn, cane, rice, truck, and pastures growing very well.
Texas.—Houston: Temperatures normal, with good rains in west, but
again excessive in much of east; Progress and condition of pastures and
corn generally fair to very good. although corn needing cultivation and
damaged on lowlands by floods. Winter wheat and oat harvests delayed
by rain and considerable damage to matured grain in wet sections. Progress
of cotton ranged from badly deteriorated in areas of excessive moisture,
where lowlands submergtd and uplands washed, to good where rain moderate; field work at standstill in much of east where fields grassy and general condition spotted, and averages only fair; dry, sunshiny weathes badly
needed.
Oklahoma—Oklahoma City: Heavy to excessive rains unfavorable and
Held work mostly suspended, except in extreme west. Progress of winter
Wheat and °ate generally good, but need sunshine and warmth for maturing
-condition fair to very good, except poor to fair in southwest. Progress
and condition of corn generally poor in east as too wet, but generally fair
in west; fields grassy and crop needs cultivation, especially in east; some
to be replanted. Progress and condtion of cotton generally poor in east
as too wet, but generally fair in west; crop late and still planting and replanting; chopping early-planted; stands poor to fair and cultivation needed,
especially in east
Arkansas.—LIttle Rock: Progress of early cotton fairly good to good,
except in west-central where too wet; crop improving and stand fair; chopping advancing rapidly; crop foul and needs cultivation; progress and
stands of late excellent: nearly all planted, but needs cultivation. Progress
of corn very good; some laid by in south; still planting and crop needs
cultivation in most portions.
Tennrssee.—NashvIlle: Progress of early corn very good; general cultivation; much late planted on button lands. Planting cotton completed
on uplands; condition fair, but late; little planted on bottom lands. Condition of winter wheat poor In parts of central and east, but progress and
condition generally v^ry good, while oats excellent.
Kraturkg.—Loulaville: Precipitation light: temperature favorable. General Improvement in crepe. Good progress in plowing and planting late
corn and cultivation of early, but some delay caused by crowding of farm
activities. Tobacco setting advanced rapidly. Progress and condition of
winter wheat excellent.
THE DRY GOODS TRADE
New York, Friday Night, June 7 1929.
Improvement in the stock markets, easing money conditions, constructive efforts to relieve the farm situation,
and a further expansion of activity in retail channels concurrent with the warm weather, were sources of encouragement to factors throughout the textile trade. Sales are
reported as improving, even if somewhat slowly, in the
cotton, woolen and silk divisions while others such as the
floor covering are preparing for the new season. The
opening of the coming Fall lines of rugs and carpetings is
predicted to be one of the most interesting in more than a
decade. According to current reports, there will be a
profusion of new ideas in weaves and stylings in the new
lines when the latter are opened by manufacturers on
June 24th. Producers are looking forward to the opening
with a good deal of interest and except a successful sales
period similar to that of last November. It is expected
that buyers will be in the market in large numbers for the
opening week to view the new lines which will represent
the largest number of new constructions ever offered to the
trade at one opening. Regarding silks, the month has
[VOL. 128.
started satisfactorily with a good volume of sales, and
although prices are not all that could be wished for, they
are steady. Prints have been leading in the point of sales
volume, and with new patterns expected daily, prospects
are considered favorable. Statistics issued by the Silk
Association of America covering the month of May showed
that while consumption was somewhat below April it
showed a substantial increase over the same month last
year. Deliveries to mills during May totaled 49,121 bales
compared with 53,588 in April and 46,367 in May 1928.
Storage stocks showed an increase to 39,898 June 1st, against
39,125 of May 1st.
DOMESTIC COTTON GOODS.—Although sentiment in
the markets for domestic cotton goods is improving, buying
activities, apparently dependent upon weather conditions,
were decidedly irregular. As the week opened, the high
temperatures of the previous few days stimulated active
sales with some inquiries as far ahead as September. This
was construed encouragingly and was taken to presage a
satisfactory season. However, the improvement was not
maintained and, as the temperatures again became subnormal, bids were withdrawn,, it being quite evident that
there were sufficient supplies on the market to meet all
demands. Thus, the usual talk of a badly needed cut in
mill operating schedules was revived. Although previous
efforts on the part of mill men to get co-operative curtailment of production have not met with much success, it Is
now pretty well agreed that there will be a substantial shutdown of mills over the Fourth of July holiday. It is estimated that fully 85% of the cotton mills engaged in the
manufacture of print cloths, sheetings and most of the
medium weight convertibles will close during the whole of
the Independence Day week. Further curtailment is held
possible and it is expected that it will result in a cut in
operations equal to approximately four weeks before October 1st. For instance, cotton duck manufacturers, after
closing the entire first week in July, will thereafter begin
-hour week schedule until further notice.
operating on a 40
Evidently mill men are coming to the conclusion that the
only way to improve the market situation is to relieve the
pressure of supplies by reducing output. In the meantime,
during the past few days, business has again begun to
broaden with the return of warmer weather, and sentiment
has been much better. At present, interest among consumers
centers in cloths suitable for out-of-doors wear, particularly
wash goods and prints. Good sales were also reported in
sheetings, voiles and twills. Print cloths 28-inch 64x60's
/
construction are quoted at 514c., and 27-Inch 64x60's at 5c.
-inch 68x72's construction are quoted at Sc.,
Grey goods 39
and 39
-inch 80x80's at 10c.
WOOLEN GOODS.—Interest in the markets for woolens
and worsteds centered in the Woo' l Institute's first'statistical style survey and its monthly figures on weaving activity.
Concerning the former, which is tile first of its kind ever
attempted by such an organization, it Is hoped that the
inauguration of these surveys will put style on a sound
basis instead of mill stylists merely receiving suggestions
and theories; that it will end the hit-or-miss method of
styling and allow the inclusion of certain known profitable
lines with others of newer styles, which some claim is the
greatest need of the industry just now. The Institute's
analysis of 95,000 pieces of men's Fall suitings sold during
April showed that greys, browns and tans in medium to
dark shades led other colors in demand and that stripes
were the most popular. Production figures for the month
of April, also compiled by the Institute, reveal a continued
co-ordination between production and demand. Output for
the month showed a slight increase, but stocks on hand
decreased. A tapering off in the output of women's wear
fabrics was offset by a gain in the production of men's
wear tabbies.
FOREIGN DRY GOODS.—Little change is noted in the
local primary linen markets, although reports from retail
channels indicate That the arrival of warm weather has
as
stimulated a better demand for summer necessities such
linen knickers, dress goods, etc. This movement is expected
to expand as the Summer outdoor season progresses and
eventually be reflected in an hnproved buying movement
throughout the Importing trade. In the meantime, prices
are generally steady. European advices indicate a good
prices
demand for practically all classes of goods with
virtually unchanged and stocks low. The easing tendency
in burlaps has been further accentuated this week in the
buyers
absence of any substantial amounts of new business,
preferring to withhold new commitments in the hope of even
lower prices. Light weights are quoted at 8.05c., and
heavies at 8.25c.
JUNE 8 19291
FINANCIAL CHRONICLE
tate ma Tug glepartuxent
MUNICIPAL BOND SALES IN MAY.
The aggregate sales of long-term State and municipal
bonds during May reached $182,388,478. This figure compares with $91,278,457 for the previous month and with
$154,707,953 for May 1928. The large total for this month
-which, with the exception of May 1927, when the aggregate was $216,463,588, and with May 1925, when the
figure was $190,585 636, was the largest recorded-is due in
the main to the appearance in the market of New York City
and other municipalities with offerings of unusual size.
Only once before during this present year have the awards
exceeded $100,000,000. The exception was in March, when
the figure was $102,693,507.
However, not all of the municipal offerings during the
month were sold. Further on in this article we enumerate
some of the municipalities which, either due to the rejection
of the bids received or to the failure to receive any proposals,
were compelled to withdraw their offerings from the market
for the present.
In our total for the month we do not include the sale of
$9,135,000 6% tax anticipation warrants, due in the early
part of 1930, by the Chicago Sanitary District, Ill., or the
sale of $6,000,000 6% tax notes by Cook County, Ill., payable on June 1 and Dec.1 1930, optional on and after May 1
1930. The Sanitary District issue was awarded at par to
nine Chicago banking houses and Lehman Bros.of New York.
A syndicate headed by the Continental Illinois Co. of Chicago, according to report, paid 99.15 for the Cook County
notes.
The City of New York, N. Y., was the principal borrower
during May, selling $52,000,000 54% corporate stock
issued for rapid transit construction purposes, dated Dec. 15
1928 and payable on Dec. 15 1932, on an interest cost basis
of 4.8065%. This issue was originally intended to be included in the last public sale by the city, which took place
on Nov. 20 1928. At that time the city sold $55,000,000
414% serial bonds on an interest cost basis of 4.2002%.
The tender accepted for the current issue was submitted by
Kuhn, Loeb & Co. of New York, acting for their own account, the firm bidding 101.412 for "all or any Part" of the
bonds, representing a premium to the city of $734,112.92.
This investment house was awarded $51,991,000 bonds; the
remaining $9,000 were sold to the Evander Childs Association
at various rices , netting a premium of $169 on the total bid.
The award cameas a distinct surprise to municipal dealers,as
Kuhn, Loeb & Co. have not been identified with any financing undertaken by the city in many years. No public offering of the award was made,full details of which will be found
in V. 128, p. 3227. In V. 128, p. 2868, we give a resume of
previous sales made by the city.
A compilation of other municipal awards of $1,000,000 or
over during May is given herewith:
3873
1,750,000 Camden, N. J., 5% bonds, due on June 1 1934. sold at private
sale to a syndicate headed by the Chase Securities Corp. of
New York.
1,500.000 Hillside Township, N. J. temporary improvement bonds, sold
at par to a group headed by B. J. Van Ingen & Co. of New
York, taking $500,000 bonds as 54s. due $250000 Oct. 1
1931 and 1932, and $1,000,1300 as 6s, due $500,000 Oct. 1 1933
and 1934.
1,765,000 Albany County, N. Y., almshouse and highway improvement
bonds, due annually on May 15 from 1930 to 1959 inclusive.
sold to Barr Bros. & Co. of New York at 100.76, a basis of
about 4.18%.
1,250,000 Dallas County Road Dist. No. 1, Texas. 44% road bonds,
sold to a syndicate heeded by the Guaranty Co. of New York
at 100.599. a basis of about 4.69%. The bonds are due serially from 1930 to 1959, inclusive.
1,156,000 Morris County. N. J. 4'4% road and bridge bonds, due
to 1946,inclusive, sold at 10084,
'
annually on June 1 from
a basis of about 4.39%, to a group headed by White, Weld
& Co. of New York.
1,085,000 Durham, N. C.. 4Ig % improvement bonds, consisting of six
issues, due serially from 1931 to 1979, inclusive, sold to a syndicate headed by Harris, Forbes & Co.of New York at 102.359.
a basis of about 4.54%.
1,035,000 Schenectady. N. Y., bonds, consisting of five issues due annually on June 1 from 1930 to 1949, inclusive, awarded as
4.354 at 100.19, a basis of about 4.33%, to a syndicate headed
by George B. Gibbons & Co. of New York.
1,000,000 Austin, Tex. bonds, consisting of four issues due on July 1
from 1930 to 1959, inclusive, sold to a group headed by Ames,
'
Rmerich & Co. of Chicago as 4%s at 101.41, a basis of about
4.63.
Tenn., 5% road bonds awarded to I. B. Tirrett
1,000,000
1.000,000
& co, of Memphis and Caldwell & Co. of Nashville, jointly,
at a price of 100.75.
Mention is made herewith of some of the municipalities
which were unsuccessful in disposing of their offerings: The
sale of $145,000 Johnstown, N. Y. bonds at not to exceed
6%scheduled to have taken place on May 3,Nvas indefinitely
postponed, reports Webster J. Eldridge, City Chamberlain.
-V. 128, p. 3866. A $170,000 issue of 44% Sunbury
School District, Pa. bonds was offered without success on
May 6 and also on May 29. On both occasions no reason
was advanced for the failure to award the issue.
-V. 128,
p. 3389, 3882. R. W.Shafer, Clerk of the Board of Educa-V. 128, p. 3382
tion, of the Cincinnati S. D., Ohio,
reported that no bids had been received on May 13 for a
$325,000 issue of notes offered for sale. In our issue of May
25-V. 126, p. 3562, we publish a list of the bids which were
rejected on May 16 for a $150,000 issue of 5% Newport,
R. I. "Treasury Deficit Bonds" offered for sale. The bid
of the First-Citizens Corp. of Columbus, which was the
only one received, was rejected on May 20, for a $142,000
6% road impt. bond issue offered for sale by the City of
South Euclid, Ohio. The bonds are to be re-offered.
-V.
128, p. 3724. City officials of North Adams, Mass., on
May 24, rejected all bids submitted for a $100,000 tempo-V. 128, p. 3722. No bids were
rary loan offered for sale.
received on May 29, for a $24,000 issue of OA% coupon or
registered water main bonds offered for sale by the City of
Woburn, Mass.
-V.128, p.3883. All bids received on May
11,for $400,000 5% Yuma Co..Ariz. bonds offered at public
sale were rejected. The highest bid wai a tender of 95.07
submitted by the Elmer J. Kennedy Co., of Los Angeles.
The bonds are being re-offered on June 18; bids for which
will be received until that date by Clara A. Smith, Clerk of
the Board of County Supervisors.
-V.128, p. 3565. Frederick K. Howell, County Treasurer of Bernalillo Co., N.
Mex., roported that no bids had been received on May 18,
for an $8,700,000 Middle Rio Grande Conservancy District
$10,767,000 State of Kentucky bridge bonds, awarded on May 7 to Stleol. bonds issue for which sealed tenders had been invited. The
Nicolaus & Co. of St. Louis and C. W. McNear & Co. of Chibonds were to bear a coupon rate not exceeding 6% and,
cago. Details of the award will be found in V. 128 p 3225
8,933,000 Chicago. III., 4% gold bonds, maturing serially from 1931 to according to a report, may now be disposed of at private
1947. inclusive, sold to a syndicate headed by the Continental
Illinois Co. of Chicago at 96.574, a basis of about 4.48%.
sale.
-V. 128, p. 3722. The Treasurer of the State of
7.909,000 Erie County. N. Y., 4'4% bonds due on June 1 from 1930 to Montana issued a call for sealed tenders to be opened on
1959, inclusive, sold to the Marine Trust Co. of Buffalo, the
only bidder, at par plus a premium of $85, equal to 100.001.
May 20, for $785,000 State Historical Library and Capital
5,100,000 Allegheny County. Pa., 4 Y% bonds due annually from 1930
to 1959, inclusive, awarded to a group headed by the Union Building refunding bonds. No bids were received for the
Trust Co. of Pittsburgh at 100.619, a basis of about 4.195%.
obligations which were to bear coupon rates not exceeding
5,000,000 State of Alabama coupon or registered public road, highway
and bridge bonds, due annually from 1933 to 1955, inclusive, 44 and 5%.-V. 128, p. 3562. Fred A. Ruch, Clerk of
sold to a syndicate headed by the First National Bank of New
York as follows: $3.600 000 bonds as 44s and $1,400,000 as the Board of Education, of the Pine River S: D., Minn.,
4'4s for a premium of $341, equal to 100.0068, a net interest reported that no bid was received on May 2, for the purCost basis of about 4.69%.
4,500,000 State of West Virginia 4'4% road bonds, due serially on Jan. 1 chase of a $218,000 issue of 534% semi-annual school bonds.
from 1932 to 1945. inclusive, sold to a group headed by the
Guaranty Company of New York at 100.079, a basis of about -V. 128, p. 3722. Only $350,000 of $1,055,000 Marathon
4.49%.
2% highway bonds which were offered on May
2,800,000 State of Vermont 3%% flood restoration bonds due annually Co., Wis., 4%
from 1929 to 1948, inclusive, portions of which were sold to 16, were sold.
-V.128, p. 3561. All bids submitted on May
various, banking institutions throughout the State.
2,184,000 l'aterson. N..1., bonds, consisting of three issues due annually 24, for the purchase of $95,000 Thomasville, No. Caro.
from 1930 to 1969, inclusive, sold as follows: To a syndicate
headed by Lehman Brothers of New York, $1.165.000 water public improvement bonds at not to exceed 6% were rebonds as 44s at 100.723, a basis of about 4.43%; and
list of the rejected bids was given in V. 128,
$1.019,000 improvement bonds as 4 Ss, at 100.099, a basis of about jected. A
4.49%. A group headed by Estabrook & Co. of New York took p. 3725.
$100.000 school bonds as 434s at 102.00, a basis of about 4.32%.
Temporary loans negotiated during the month aggregated
2,055.000 Boston. Maas., bonds. consisting of $1,715.000 41.(s and
$340.000 4s, sold at private sale (after open bids were rejected)
to a group headed by R. L. Day & Co. of Boston. The bonds, $66.222,000, of which $24,636,500 was borrowed by the
which are issued for various improvement purposes, mature City of New York. The city sold $14,536,500 corporate
serially from 1930 to 1949,inclusive, and are part of the oririnal
offering amounting to $3,080,000. Price paid has not been stock notes and $10,100,000 3% general fund bonds.
disclosed.
Canadian bond disposals during May reached $59,305,246.
2000,000 Philadelphia School District, Pa.. 4% bonds due $100.000
Dec. 1 from 1939 to 1958, inclusive, sold at par to the Loan Of this total, $23,000,000 bonds are estimated to have been
Tax Fund of the Board of Education, the only bidder.
1,996.0006% North Bergen Township, N. J., bonds, due on April 24 placed in the United States. The Province of Ontario,
1935, sold at Par to a group headed by B. J. Van Ingen & Co.
Canada, contributed $35,000,000 to the month's total, havof New York.
1,800 000 Winston-Salem, N. C., 44% bonds due from 1930 to 1958, ing sold one issue of $25,000,000 and another of $10,000,000
inclusive, sold to a group headed by Stone & Webster and
131odget. Inc., of New York, at 101.81, a basis of about 4.58%. ' to a syndicate of New York and Canadian investment
3874
FINANCIAL CHRONICLE
houses, managed by the National City Co. of New York, at
99.15, a basis of about 5.06%. Both blocks bore a coupon
rate of 5% and mature on May 1 1959. The City of Montreal, Que., sold a $10,459,000 issue of 434% bonds to the
Bank of Montreal of London, bidding for a syndicate in
London, at a price of 91.374, a cost basis of about 5.00%.
The bonds mature on May 1 1969; none were sold in the
United States. Several issues of 5% bonds, totaling $10,274,000, were awarded on May 28 by the City of Toronto,
Canada. A syndicate headed by the Chase Securities Corp.
of New York submitted the accepted tender of 97.777, representing a cost basis of about 5.21%. The Province of
Nova Scotia, Canada, awarded an issue of $2,560,000 5%
provincial bonds at private sale to the Royal Securities Corp.
of Halifax.
No financing during May was undertaken by any of the
United States Possessions.
In the following table we furnish a comparison of all the
various forms of obligations put out in May for the last
five years:
1929.
$
Perm.loans(U.8.)_182,388,478
*Temp.Ins(U.(3.)_ 56,122.000
Can.lea(perm.)—
Placed in Canada_ 36,305,248
Placed in U. S___ 23,000,000
None
Eds. of U.S.Poss'ns.
Gen.fd.bds.,N.Y.C_ 10.100,000
1925.
1926.
1927.
1928.
$
8
$
$
154,707.953 216,463.588 137,480.159 190,585.636
15,716,000 23,689,600 29,328,000 38,595.019
13,438,490 2,941,356 5.654,369 6,519,557
20,000,000 1,235,000 27,500,000 3,500,000
None
None 1,540,000
3,075,000
None
None 16,000.000
9,400,000
[VOL. 128.
to provide necessary relief for schools and for the support
of the State Government and of the State institutions by
appropriations and revenue measures.
Interbay Drainage District, Fla.—District Held Unconstitutional by Court Ruling.—A special dispatch to the
"Wall Street Journal" of June 6 reports that the State
Supreme Court recently handed down a decision holding
that the above district was unconstitutionally created in that
the Legislature attempted to delegate its powers to another
branch of the State Government. The report goes on to
say that this invalidation of the district will likewise invalidate the issuance of $3,000,000 of drainage bonds and
also the levy of tax assessments therefor.
Texas.—Special Session Convenes.—The eight subjects
that the second extraordinary session of the Legislature will
deal with as announced by Gov. Dan Moody upon convening
the general assembly at noon on June 3 were given by the
Dallas "News" of May 31 as follows:
Regulation of public utilities, taxation and revenue, public education.
revenues for support of Highway Department, appropriations for support
of departments and institutions for the ensuing biennium, priority rights
in public waters, laws dealing with formation of companies for sale of stock,
and shares therein, and amendments to the statutes prescribing judicial
procedure obtaining.
Several measures passed by the first called session will be submitted for
correction after the law makers have assembled. Among those are the
barbers' regulatory bill and the Negley bills exempting female employes
-5(3
of private orphanages from the provisions of the 9 -hour labor law.
West Palm Beach, Fla.—Bond Exchange Plan Offered as
Remedy.—Having been unable to meet the current maturities of special improvement bonds, this city is notifying
holders of the bonds and bankers of its intention of refunding
313,915,724 216,337,443 244,309,544 217,502,528 239,200,212 four issues of outstanding special assessment 5s dated Aug. 1
Total
respectively,
•Including temporary securities issued by N. Y. City, $14,536,500 in May 1929, 1925; May 11926; July 1 1926 and Oct. 1 1926,
$1,076,000 in May 1928, none in May 1927, $16,000,000 in May 1926, $30,100,000 by the issuance of new 5% bonds, maturing in from 7 to 35
in May 1925, and $57,600,000 In May 1924.
years. The New York "Herald-Tribune" of June 5 reThe number of municipalities emitting permanent bonds ported the matter as follows:
of
Subject to approval of property owners and bondholders, the Citythe
and the number of separate issues made during May 1929 West
Palm Beach, Fla., Is planning to put into effect a plan whereby
were 429 and 575, respectively. This contrasts with 550 outstanding special assessment improvement 5% bonds will be exchanged
par for par for a new 5% bond that will mature in from 7 to 35 years. Uncare of
and 776 for May 1928 and with 615 and 671 for May 1927.
successful in two recent attempts to sell refunding bonds to takecity has
For comparative purposes we add the following table, current and impending maturities on the improvement issues, the
notified bankers identified with the financing of the new plan.
There are four issues of the special Improvements,aggregating $6,676.000.
showing the aggregates of long-term issues for May and the
July 1
one of which is dated Aug. 1 1925, another May 1 1926; another default
five months for a series of years:
1926,and the last Oct. 11026. The city already has been forced to
on the payment of principal due,once for 3230,000 on May 1 last, and again
20 days later on $10,000. Interest on the issues has been paid regularly.
1910
Legislature Approves.
1929
1909
1928
The city states that it has already been granted the necessary authority
1908
1927
by the Florida Legislature. Consent of freeholders to the plan is now being
1907
1926
sought and it is expected will be obtained before the end of this month.
that
1906
1925
The opinion among those conversant with the situation yesterday was
1905
1924
in all likelihood little opposition would develop toward the plan.
local bankers
1904
1923
When the City of West Palm Beach communicated with have received
to
1903
1922
about three weeks ago regarding the plan it is understood 6% bond in ex1902
1921
word that some holders of the bonds might hold out for a
1901
1920
change, but itlis as yet too early to judge whether this view will become
1900
1919
so widely held that the city will be forced to alter its plan in compliance
1899
1918
with it.
bond
1898
1917
The point which the city is advancing to freeholders is that the new
from general
1897
1916
would be. a general obligation of West Palm Beach, payable whereas the
liens,
1896
1915
taxation and additionally secured by special assessment
1895
1914
Present issue is payable from taxes only in case of default.
1894
1913
8760,000 Due This Year.
1893
1912
of principal on the bonds the
BY Postponing for several years payment
1892
the maturities in
1911
city feels that it will be in much better position to meet
payments. During the remainder of the year a
This amount is exN. Y. C. bds. addition to the interest
a Includes $52,000,000 N.Y. City bonds. •Includes $60,000,000
total of $760,000 of principal and interest falls due.
of service on the general obligations.
Owing to the crowded condition of our columns, we are clusivespecial improvement issues amount to practically all of the city's
The
approximately 87,500,000.
the total assessment debt oftotals $16,851,000, of which West Palm Beach's
.obliged to omit this week the customary table showing
general obligations
aggregate bonded debt
for 1928 was
amount to $9,384.000. The assessed valuation of all propertyproposed remonth's bond sales in detail. It will be given later.
general obligations do not figure in the
$98,387,525. The
afforded serious difficulties.
funding,for service on them has not
property owners,
One purpose of the plan is to reduce the burden on
values
who have been hard hit, not only by the deflation of Florida realty is proAssessments, it
but by the disastrous hurricanes of recent years.
Ala.—Bond Vote Held Illegal.—A $75,000 bond posed, will be revised downward,interest reduced and the payments allowed
Anniston,
municipal hospital that was authorized at a over a more extended period.
For the
Month of
Five Months.
May.
4182,388,478 8521,093,609
154,707,953 648,612,959
*216,463,588 723,958,401
137,480,159 608,254,147
190,585,636 812,184,802
117,445,017 546,293,435
95,088,046 423,089,026
106,878,872 536,116,865
63,442,294 356,003,428
37.280,635 277.548,512
46.319.625 205,272,378
33.814,730 123,945,201
23,743,493 193,068,268
29,006,488 235,908,881
42,691,129 213,952,380
34,166,614 303,153,440
83,234,579 179,493,040
98,852,064 196,803.486
33,765,245 195,791,550
Month of
For the
Five Months.
May.
$18,767,754 $143,476,335
27,597,869 14.5,000,867
137,476.515
25,280,431
93,957,403
15,722,336
80,651,623
14,895,937
92,706,300
16,569,066
55,110,016 113,443,246
62,649,815
14,846,227
59,211,223
20,956,404
47,754,962
14,562,340
58,273,539
9,623,264
33,996,634
7,897,642
34,373,622
7,038,926
56,890,312
8,258,927
30,384,656
10,712,538
41,084,172
11,587,766
50,067,61.5
14,349,410
30,774,180
4,093,969
36,844,291
7.856,860
NEWS ITEMS
issue for a
special election held on May 20, was illegally voted, according to the Chattanooga "News" of May 21. The
failure of a local newspaper to publish the notice of the
election the required number of times was given as the
reason for the illegality. The issue had been approved by
a count of 724 "for" to 312 "against". The Mayor is reported to have stated that an election will shortly be held
again on this measure.
Chicago Sanitary District,Ill.—$27,000,000 Referendum
Exempt Bond Bill Passed.—A $27,000,000 bond bill which is
exempt from referendum was passed by the House of Representatives on June 5 by a vote of 84 to 42, according to the
Chicago "Journal of Commerce" of June 5. The bill has
already been approved by the Senate and it is stated that
Governor Emmerson's signature of the measure is practically assured. The newspaper states that the bond issue is
intended to provide funds for work expected to be required
by the U. S. Supreme Court in its final decree in the lake
water diversion suit, when Charles E. Hughes, special master for the Court,completes hisfindings and makes his recommendations.
Florida.—Legislative Session Closes.—The 1929 State
Legislature adjourned its 22nd biennial session at 3.17 o'clock
on the morning of June 1.
Special Legislative Session Called.—Governor Carlton
called an extraordinary session of the Legislature beginning at noon on June 1 to pass legislation on appropria.
tions,finance, taxation and educational matters, just a short
time before the constitutional time of adjourning the regular
session, reports the Florida "Times-Union" of June 1. The
paper states that Governor Carlton characterized the special
session as inevitable due to the failure of the regular session
BOND PROPOSALS AND NEGOTIATIONS.
FOR
—BONDS OFFERED
ALABAMA, State of P. 0. Montgomery).
4K and 4 i% coupon or registered
INVESTMENT.—The 85,000,000series J bonds that were awarded to a
bridge,
Public road, highway and
of New York City, on May 29—
syndicate headed by the First at. Bank,
public subscription priced as
V. 128, p. 3716—are now being offered for 1 1933 to 1948 are prices to
from March
follows: The 4j bonds, maturing
maturity and the 435% bonds,
Yield from 4.75 to 4.50%, according to
.50%4
due from March 1 1950 to 1955 are priced to yieldReported).
Officially
Financial Statement (as
purposes of
Value of taxable property as determined for
81,993,509,500
taxation (1928)
1,196.105.699
Assessed by law at 60% of value (1928)
61,456.000
this issue)
Total bonded debt (including
census, 2.348,174.
Population 1910 census, 2,138,093; 1920
N (P. 0. Montgomery,)
ALABAMA STATE BRIDGE CORPORATIO
$5,000,000 issue of
Ala.—BONDS OFFERED FOR INVESTMENT.—The
1 to a syndicate
6% coupon or registered bridge bonds awarded on Dec.
100.08, a basis of
headed by the First National Bank of Montgomery, at
now being offered for public subscription
about 5.98%—V. 127, p. 3276—is
The official
at prices to yield from 5.50 to 5.00%, according to maturity.
offering notice carries the following statement: of a Governmental agency
These bonds, in addition to being obligations
opinion of indeof the State of Alabama,are secured by tolls, which, in theover El.200,000,
pendent engineers, will produce by June 1 1935,a surplus of
principal on all bonds
after providing for the payment of interest and
estimates will at all times
maturing up to that time, and based on theseprincipal and interest of the
provide sufficient funds for the payment of the
the general funds
bonds, rendering improbable the necessity of resorting to
of the State for the payment of interest.
(P. 0. Oakland) Calif.
ALAMEDA COUNTY SCHOOL DISTRICTS $175,000. were awarded
—BOND SALE.—Two issues of bonds aggregating
on May 28 as follows:
District bonds to the National
$160,000 Livermore Union High School
of San Francisco. jointly,
Bankitaly Co.,and Weeden & Co., both 101.90, a basis of about
equal to
88 5s, for a premium of $3,058,
4.78%. Due from 193060 1949.
the American National Co.,
15,000 Centerville School District bonds topremium, equal to 100.12. a
of San Francisco, as 5s, for an $18
to 1944 incl.
basis of about 4.98%. Due from 1930
Other bids were reported as follows: Division National Bankitaly Co.
Centerville School District.—securities H.Moulton & co.for 5% bonds.
offered a 86 premium and 81 was bid by R.
411
JUNE 8 1929.]
FINANCIAL CHRONICLE
3875
Two bids were submitted for the bonds with a 6% coupon rate, the Bank $1,500,000 Convention Hall bonds. Due on June 1, as follows: $500.000
of Alameda County offering a $500 premium and an individual R. W.Cook,
In 1931 and $1.000,000 in 1932.
par.
1,055,000 paving, drainage, incinerator and bridge approach bonds.
Livermore Union II. S. District.
-R.H. Moulton & Co. offered the second
Due on June 1, as follows: $730,000 in 1930 and $325,000 in 1931.
highest bid of $2,328, followed by Anglo London Paris Co., with an offer of
75,000 school bonds due on June 1 1390.
82.304, and National City Co. and Detroit Co. of $2,208.
All of the above bonds are dated June 1 1929.
ALBANY, Albany County, N. Y.
-FINANCIAL STATEMENT.
The following is a statement of the financial condition of the city as of May
311929,issued in connection with the scheduled sale on June 11 of $3,224,500 bonds, notice and description of which was given in
-V. 128, p. 3716.
General city debt (not including $369,500 now offered)---- $14,666,696.66
Water debt (not including $2,500,000 now offered)
4,263,360.00
Local improvement debt (not incl $355,000 now offered)-3,578,610.00
Gross debt
$22,508,666.66
Sinking funds (including $623,605.00, levied for 1929) for
bonds other than water bonds
$2,184,916.90
Water debt
4,263,360.00
Net debt
$16,060,389.76
Real estate, equalized assessed valuations, 1929, including
$6,402,200 special franchises
$217,816,491.98
Personal property valuations, 1929
1.447,000.00
$219,263,491.98
ALHAMBRA CITY SCHOOL DISTRICT (P. 0. Los Angeles), Los
Angeles County, Calif.
-BOND OFFERING.
-Sealed bids will be received by L. E. Lampton, County Clerk, until 2 p. m. on June 17, for the
purchase of a $247,000 issue of 5% school bonds. Denom. $1.000. Dated
June 1 1929. Due on June 1, as follows: $10,000, 1930 to 1939; $12,000 in
1940 and $15,000, 1941 to 1949 all incl. Prin. and semi-annual int. payable
at the County Treasury. No
' will be considered at a lower rate of interest than 5%, and no bids are to be for less than par. A certified check
for 3% of the bonds, payable to the Chairman of the Board of Supervisors.
must accompany the bid. The following statement accompanies the official
notice.
Alhambra City School District has been acting as a school district under
the laws of the State of California continuously since July 1 1900.
The assessed valuation of the taxable property in said school district
for the year 1928 is $31,580,835, and the amount- of bonds previously
Issued and now outstanding is $593,000.
Alhambra City School District includes an area of approximately 9.34
square miles, and the estimated population of said school district is 38.000.
ALLEGANY COUNTY (P.,1). Belmont), N. Y.
-BOND OFFERING.
-D.S. Burdick, County Treasurer, will receive sealed bids until 1 p.m. on
June 21,for the purchase of $250,000 4%% or 4, % highway bonds. Dated
X
March 1 1929. 111111 enema. $1,000. Due $50,000 March 1 1943 to 1947
A certified check for 2% of the bonds bid for, payable to the above incl.
-mentioned official, is required. Legality to be approved by Thomson, Wood &
Hoffman of New York.
Financial Statement.
Assessed valuation-Real property, 1928
$53,027,409.00
Special franchises
982,878.00
Total
$54,010,287.00
Bonded indebtedness
550,000.00
Floating indebtedness
None
ADD to Glen Cove, N. Y.
Financial Statement (as of April 30 1929).
I. Indebtedness.
Gross debt
-Bonds (outstanding)
$1,057,904.83
Certificates of indebtedness
18,320.83
$1,076,225.66
Deductions
-Bonds pay,during the balance of the year 1929..
as provided for in the 1929 budget
38,500.00
Net debt
$1.037.725.66
Bonds to Be Issued.
School bonds of 1929
$300 000
Floating debt to be funded by such bonds
/stone
300,000.00
Net debt, including bonds to be issued
$1,337,725.66
II. Assessed Valuations.
Real property including improvements, 1928
$17,640,572.00
Personal property, 1928
220,150.00
Franchises, 1928
185,888.00
Total
$18,046,610.00
Real property and franchises, 1927
13,812,957.00
Real property and franchises, 1926
11,074,121.00
Real property. and franchises, 1925
11,230,024.00
III. Population.
Census of 1920
10,822 Estimated, 1929
13,500
IV, Tax Rate.
Fiscal year, 1928
-1929
--City tax
$34.90 per thousand
County tax
10.50 per thousand
State tax
1.35 per thousand
Total
$46.75
ANDERSON COUNTY SCHOOL.DISTRICT NO.39(P.O. Mont Ida)
-BOND OFFERING.
Kan.
-Sealed bids will be received until 2 p. m.
on June 12 by Susie B. Hitchcock, District Clerk, for the purchase
$18,000 issue of 4)./% school bonds. Denom. $1,000. Dated July 1 of an
Due on July 1, as follows: $1,000, 1930 to 1941 and $2,000. 1942 to1929.
incl. Int. payable on Jan. & July 1. A certified check for 2% of the1944
bid,
payable to Lafayette Watkins, District Treasurer, is required.
ANN ARBOR, Washtenaw County, Mich.
-BOND SALE.
-The two
Issues of coupon bonds aggregating $184,000, offered on May 28 (V. 128.
i.3382), were awarded to the Detroit & Seclurity Trust Co. of Detroit as
follows:
$100,000 bridge bonds sold as 434s at par, plus a premium of $251, equal to
100.25, a basis of about 4.47%. Due $5,000 April 5 from 1930
to 1949 inclusive.
84,000 pavement district bonds sold as 4.1is at par plus a premium of
$26, equal to 100.01, a basis of about 4.74%. Due $8,400 Aug. 1
" from 1929 to 1948 inclusive.
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 35 (P. G. Sullivan), Colo.
-BOND SALE.
-A $22,000 issue of 5% school building bonds
has been purchased by Benwell & Co. of Denver, subject to an election
to be held on June 14.
ATLANTA, Fulton County, Ga.-BOND OFFERING.
-Sealed
will be received until 10 a. m. (Central standard time) on June bids
B. Graham West, City Comptroller, for the purchase of two issues of29 by
4)4%
coupon or registered bonds aggregating $2,000,000, divided as follows:
$1.278,000 school bonds. Due from July 1 1930 to 1956 incl.
722,000 sewer bonds. Due on July 1 as follows: $31,000, 1934 to
1947,
and $32,000 from 1948 to 1956 incl.
Denom. $1,000. Dated July 1 1926. Prin. and semi-ann.
at the City Treasurer's office or at the National Park Bank in int.jeayable
N. Y. City.
The City will furnish the legal approval of Storey, Thorndike, Palmer &
Dodge of Boston. Bonds will be furnished by the city. A certified check
of the bid, payable to the city, is required.
fog 2%
Financial Statement (As of May 31 1929)1
Actual value of property (estimated)
.00
*Assessed value for taxation
39
2,785,842.00
Bonds outstanding
15,633.000.00
Total amount of sinking fund
2,889,750.00
Net bonded debt
12,743,250.0a
Water works bonds included in above
3.592,000.00
Sinking fund for water works bonds included in above
623,575.79
*The debt of the city of Atlanta is limited by the State Constitution to
7% of the assessed valuation of taxable property.
Population. 1920 Census. 200,616. Present population, estimated by
Atlanta Chamber of Commerce. 283,000. Tax rate per $1,000, $15.
ATLANTIC CITY, Atlantic County, N. J.
-NO BIDS
-BONDS
-There were no bids received on June 3 for the following
SOLD LATER.
issues of 6% coupon or registered temporary improvement bonds aggregat-V.128,P. 3558. The bonds were then sold
ing $2630,000 offered for sale.
to the hankers Trust Co. of Atlantic City, at a price reported as par.
ATLANTIC HIGHLANDS, Monmouth County, N. J.
-BOND OFFERING.
-Sealed bids will be received by R. E. Hartcorn, Borough Clerk,
until 8 p. m. on June 25 for the purchase of $17,000 5% coupon or registered road bonds. Dated June 1 1929. Denom. $1,000. Due $1.000.
June 1 1931 to 19A7 incl. Principal and semi-annual interest payable at
the Atlantic Highlands National Bank. No more bonds to be sold than
will produce a premium of 51,000 over the amount of the issue. A certified check for 2% of the blonds bid for, payable to the Borough Collector
and Treasurer, is required. The U. S. Mortgage & Trust Co., New York,
will supervise the preparation of the bonds.
AUDUBON, Camden County, N. J.
-BOND SALE -The following
coupon or registered bones aggregating $256,000 offered on June 4-V.128,
p. 3558
-were awarded to the Audubon National Bank. Price paid and
interest rate not given.
$182,000 assessment bonds. Due July 1, as follows: $30,000, 1930 to 1934
incl.; and $32,000, 1935
74,000 street and sewer bonds. Due July 1, as follows: $4,000, 1930; and
55,000. 1931 to 1944 incl.
The bonds are dated July 1 1929. No other bid was submitted.
AUSTIN, Travis County, Tex.
-BONDS REGISTERED.
-The State
Comptroller registered on May 29 four issues of 44% bonds aggregating
$775,000 as follows:
$525,000 street improvement bonds.
200,000 parks and playground bonds.
25,000 sanitary sewer bonds.
25.000 fire station bonds.
-BONDS NOT SOLD.
BARTLESVILLE, Washington County, Okla.
-The $169,400 issue of improvement bonds offered on May 27-V. 128,
-was not sold as no bids were received.
3558
P.
-BOND SALE.
-The following
BATAVIA, Genesee County, N. Y.
issues of registered bonds aggregating $123,227.43 offered on June 4-Nr.
-were awarded to Dewey, Bacon & Co. of New York, as
128. p. 3717
43%s,at 100.03,a basis of about 4.74%:
$103,336.90 sewer bonds. Due April 1, as follows: $5,336.90. 1930; and
$7,000. 1931 to 1944 incl.
12,626.37 series B. street improvement bonds. Due April 1, as follows:
81.626.37, 1930 $1,500, 1931 to 1934 incl.; and $1,000, 1935
to 1939 incl.
7,264.16 series A, street improvement bonds. Due April 1, as follows
3964.16, 1930; and $700, 1931 to 1939 Md.
Bonds are dated April 11929.
-WARRANT SALE.
-A $16,500 issue
BEEVILLE, Bee County, Tex.
of 6% park purchase warrants has recently been purchased by the J. E.
Jarratt Co., of San Antonio. Dated May 15 1929. Due on May 15 1929.
Legal approval by J. T. Sluder of San Antonio.
Financial Statement (as officially reported),
$2,465,762
Assessed value
302,500
Total debt
Population, 4,500.
BELLE FOURCHE SCHOOL DISTRICT (P. 0. Belle Fourche)
-The $115,000 issue of school
Butte County, S. Dak.-BOND SALE.
-was awarded to the
bonds offered for sale on June 5-V. 128, p. 3717
Minnesota Co., of Minneapolis, as 534s, for a premium of $475, equal to
100.413, a basis of about 5.20%. Due serially in from 3 to 20 years.
-BOND SALE.
-A. P.
BENTON COUNTY (P. 0. Fowler), Ind.
Flynn of Logansport, recently purchased an issue of 813.700 road bonds,
bearing a coupon rate of4M % payable semi-annually, at par-plus a premium of $1.00. The bonds mature semi-annually in from 1 to 10 Years.
BETHEL SCHOOL DISTRICT NO. 3 (P. 0. York), York County,
-BOND SALE.
-The $22,000 issue of 6% coupon school bonds ofS. C.
-was awarded to the South
fered for sale on June 1-V. 128. p. 3558
Carolina National Bank of Charleston, for a premium of $1,005, equal
to 104.568. a basis of about 5.552%. Due on July 1, as follows: $1,000,
1935 to 1942 and $2,000, 1943 to 1949. all incl.
BETHLEHEM COMMON SCHOOL DISTRICT NO.3(P.O. Albany)
-BOND OFFERING.
-Sealed bids will be received
Albany County, N. Y.
by Ernest J. Wisenburn, Sole Trustee, until 4 p. in. (daylight saving time)
on June 12, for the purchase of $49,500 coupon school bonds. Rate of
or 1-10 of 1%.
interest is not to exceed 6% and is to be in multiples of
The bonds are dated June 1 1929. Denom.$1,000, one bond for $500. Due
June 1, as follows: $1,500, 1930; and $2,000, 1931 to 1954 incl. Prin. and
bit. (June and December) payable in gold at the First Trust Co., Albany.
A certified check for $1,000. payable to the above-mentioned official,
must accompany each proposal. Legality to be approved by Clay Dillon
& Vandewater of New York.
BINGHAMTON,Broome County, N. Y.-$750.000 BONDS OFFERED
FOR INVESMIENT.-George B. Gibbons & Co. and Roosevelt & Son,
both of New York, are offering at prices to yield from 5.00 to 4.20%,
according to maturity. $750,000
% coupon bonds, maturing annually
on April 1, from 1930 to 1967, incl. These are the bonds awarded in.
-V.128, p. 3717. The offering notice says: "They are direct general obligations of Binghamton and are legal for savings banks and turst funds
In New York and Connecticut. Binghamton reports assessed valuation
for the year 1928 of $121,940,619 and net bonded debt of 86.871,062. The
City of Binghamton has no separate district debt."
-BOND OFFERNO.BLAIR COUNTY (P. 0. Hollidaysburg), Pa.
Sealed bids will be received by M. T. Beringer, County Comptroller,until
10 a. m. (eastern standard time) on June 10, for the purchase of $300,000
4% coupon funding bonds. Dated June 15 1929. Denoms. $1.000. Due
Juno 15 as follows: $20,000, 1938 to 1940, incl.; 525.000, 1941 to 1946,
incl.; and $30,000, 1947 to 1949, incl. A certified check for $6,000 payable
-mentioned official is required.
to the above
-ADDITIONAL INFORMATION.
BOAZ, Marshall County, Ala.
The $18,000 issue of street improvement, special assessment bonds purchased by Ward, Sterne & Co. of Birmingham-V. 128, p. 3717-18 due
as follows: $2,000, from 1930 to 1937 incl. and $1,000 in 1938 and 1939.
A $9,000 issue of street improvement, special assessment bonds was also
purchased at the same time by the above named firm, both issues being
awarded at a joint price of 95. Those bonds mature $900 from 1930 to
1939 incl.
BOLIVER, Genesee and Clarksville Central School District No. 1
-BOND OFFERING.
-C. J.
(P. 0. Boliver) Allegany County, N. Y.
Amsden, District Clerk, will receive sealed bids until 7:30 p. m. on June 14
for the purchase of the following coupon or registered bonds, aggregating
$499,200. Rate of interest is not to exceed 5% and is to be in multiples of
of 1%.
$494.000 BMWS A, bonds. Due $19,000 March 1 1930 to 1955, incl.
5,200 series B bonds. Due March 1 as follows: $1,000, 1930 to 1933,
incl., and $1,200, 1934.
The above bonds are dated March 1 1929. Denoms.$1,000, one bond for
$1,200. Principal and semi-annual interest payable at the State Bank of
Bolivar. A certified check for 2% of the bonds bid for, payable to the Board
of Education, is required. Legality to be approved by Reed, Hoyt &
Washburn of New York.
BOSTON,Suffolk County, Mass.
-TEMPORARY LOAN.
-The Shawmut Corp.a Boston, on June 6, purchased a $500,000 temporary loan on a
discount basis of 5.84%. The loan is dated June 7 1929, and is payable
on Oct. 4 1929.
BOURBON COUNTY (P. 0. Fort Scott), Kan.
-BOND SALE.
The $150.000 issue of 4 ti% semi-annual court house bonds offered for sale
-was awarded to the Citizens National Bank
on June 5-V. 128, p. 3717
of Fort Scott, at a price of 97.15, a basis of about 5.54%. Due $30,000
from 1930 to 1934, incl.
BRANTLY COUNTY (P. 0. Nahunta), Ga.-BOND ELECTION.
On June 19 the voters will be called upon to pass on a proposed bond issue
of $35,000 to build a new courthouse.
-BONDS REGISTERED.
BRAZOS COUNTY (P. 0. Bryan), Tex.
Two issues of 5%% bonds aggregating $98,000, were registered on May 27
by the State Comptroller. The issues are as follows: $86,000 road and
bridge and $12,000 bridge bonds.
3876
FINANCIAL CHRONICLE
-The
-BOND SALE.
BRIDGEPORT, Fairfield County, Conn.
$525,000
%
following issues of 4j coupon or registered bonds aggregating Struthers
to Wood,
-were awarded
offered on June 3-V. 128. p. 3717
& Co. of New York, at 100.956, a basis of aJout 4.42%;
$175,000 series C, Yellow Mill Bridge bonds. Due $5,000, July 1 1930 to
1964 inclusive.
150,000 series F, school bonds. Due $5.000, July 1 1930 to 1959 incl.
125,000 series G, pavement bonds. Due on July 1 as follows: $12,000,
1930 to 1934 incl.; and $13,000. 1935 to 1939 incl.
50,000 series A, park bonds. Due $1,000, July 1, 1930 to 1954 incl.
25.000 series B, park bonds. Due $1,000, July 1,1930 to 1954 incl.
The bonds are dated July 1 1929. Other bidders were:
Rate Bid.
Bidder
100.537
Dewey, Bacon & Co. and G. B. Gibbons Ss Co
100.226
Roosevelt & Son
100.199
R. L. Day & Co
100.192
Eldredge & Co
100.10
H. L. Allen & Co
Financial Statement June 30 1929.
$264,289,069
-Taxable property
Grand list of 1928
Tax-exempt property other than Federal, State and county- 42.120.623
Grand list for debt purposes$306.409,692
15,320.000
Debt limit (5% of grand list)
14,781.000
Net debt, June 30 1929
-Sealed bids
-BOND OFFERING.
BRISTOL,Sullivan County,Tenn.
will be received by T. J. Burrow, Commissioner of Finance, until 8.30 p.m.
on June 11, for the purchase of two issues of 5% bonds aggregating $36,000,
as follows:
$20,000 Ninth Street improvement bonds. Due $1,000 from 1930 to 1949.
incl. (These bonds were voted on April 27-V. 128. p. 3558)•
16.000 fire department bonds. Due $1,000 from 1930 to 1945 Incl.
Denom. $1,000. Dated June 1 1929. Prin. and int. (J. & D.) payable
at the National City Bank or at the First National Bank in Bristol. Each
issue may be bid upon separately or both issues as a whole. A $500 certified
check must accompany the bid.
-A
-WARRANT SALE.
BROWNWOOD, Brown County, 'Tex.
525,000 issue of 6% Improvement warrants has recently been purchased
by the Brown-Crummer Co. of Wichita.
BUFFINGTON TOWNSHIP (P. 0. Wehrun), Indiana County, Pa.
-No bids were received on June 1 for the $75.000 454% road
NO BIDS.
-V. 128, p. 3382. The bonds are dated April 1
bonds offered for sale.
1929 and mature on April 1, as follows: $2,000, 1930 and 1931; $3,000.
1932: 82,000, 1933; $3,000, 1934 to 1937, incl.; $4,000. 1938; 53,000, 1930;
54.000, 1940 to 1943, incl.; $5,000, 1944 to 1948, incl.; and $6,000, 1949.
-SYNDICATE MEMBERS
BOSTON, Suffolk County, Mass.
-The Old Colony Corp., Estabrook & Co.. Harris Forbes
MATURITY.
& Co., and the Atlantic Corp. all of Boston, were associated with R. 0.
'
Day & Co. also of Boston, in the purchase of the $2,055,000 bonds as
reported in V.128, p. 3716. The bonds were purchased at a private sale;
the price paid for them has not been disclosed. The award consisted of
$1,715,000 4;is and $340,000 4s, maturing as stated herewith:
$1.715,000 bonds due annually on June 1, as follows: $68,000, 1930 to
1934, incl.; $65,000, 1935 to 1939, incl.; $35,000, 1940 to 1949,
incl.; and $700,000, 1974.
340,000 bonds due annually on June 1, as follows: $17,000. 1930 to
1949, incl.
All of the above bonds are dated June 1 1929. Denom. 51.000. Prin.
and int. (J. & D. 1) payable at the office of the City Treasurer. Legality
to be approved by Storey, Thorndike, Palmer & Dodge of Boston. The
bonds are being reoffered for public investment priced to yield from 5.50
to 4.10% according to maturity.
-The two issues of
-BOND SALE.
BURNS, Harney County, Ore.
.bonds aggregating $100.000, offered for sale on May 29-V. 128. p. 3717
were awarded to Ferris & Hardgrove, of Portland. The issues are divided
as follows:
$75,000 special improvement, paving bonds. Due from 1 to 10 years and
optional after 1 year.
25.000 street intersection bonds.
-The
-LOAN OFFERING.
PI CAMBRIDGE, Middlesex County, Mass.
City Treasurer will receive sealed bids until 12 m. on June 11. for the purchase of a $600,000 temporary loan on a discount basis The loan is dated
June 12 1929 and is payable on Nov. 111929. Legality to be approved by
Ropes, Gray, Boyden & Perkins of Boston.
-BOND
CARMI TOWNSHIP (P. 0. Carmi), White County, III.
-The First National Bank of Carmi. recently purchased an issue
SALE.
of $16,000 road construction bonds, at a price of par. The bonds bear a
coupon rate of 6% and aro dated July 1 1929. Due on July 1, in 1933 and
1934.
-BOND
CARNEGIE SCHOOL DISTRICT .Allegheny County, Pa.
-Sealed bids will be received by C. C. Fulton, Secretary of
OFFERING.
the Board of Directors, until 7 p. m. (eastern standard time) on June 17,
for the purchase of $45,000 434% school bonds. Dated June 1 1929.
Denom. $1.000. Due 55.000, June 1 1934: 1936. 1938, 1940; 1942, 1944,
1946, 1948 and in 1950. A certified check for $1,000 is required. Successful bidder to print the bonds. Legality to be approved by Moorhead &
Knox of Pittsburgh.
-BOND
P CENTRAL SCHOOL TOWNSHIP, Rush County, Ind.
-Dennis Grocer, Township Trustee, will receive sealed bids
OFFERING.
of 565,250 5% bonds. Dated
until 130p. m. on June 19,for the purchase
June 1 1929. Due $2.175, June and Dec. 1, from 1930 to 1944, inclusive.
Prin. and Int.(June and Dec. 1) payable at the First National Bank, Mays.
Bond Offering: Sealed bids will be received at the same time for the purchase of $10,000 5% Center Civil Township bonds. Denom. 8500. Duo
$1,000, Dec. 1 1930 to 1039, incl. Int. payable on June and Dec. 1.
CHASKA SCHOOL DISTRICT (P. 0. Chaska), Carver County,
-A $75,000 issue of school bonds has recently
-BOND SALE.
Minn.
been purchased at par by the State of Minnesota.
CHERAW SPECIAL SCHOOL DISTRICT (P. 0. Chesterfield)
-BOND OFFERINO.-Sealed bids will be
Chesterfield County, S. C.
for
received until noon on June 15, by the Secretary of the School Board Due
the purchase of a 312.000 Issue of school bonds. Dated July 1 1929.
$2,000 in 1930 and $2,500, 1931 to 1934. Prin. and int, is payable in New
York City.
0. Spartanburg),
CHESNEE SCHOOL DISTRICT NO. 99 (P. -The $24,000 issue
-MATURITY BASIS.
Spartanburg County, S. C.
of Gastonia, at a
of 6% school bonds awarded to li. S. Dickson &
1949,
-is due on Jan. 1 Co.. a baste of about
price of 105.07-V. 128, P. 3718
5.55%.
-BOND
Iowa.
P CHICKASAW COUNTY (P. 0. New Hampton), pffered for sale
SALE.
-The 5100.000 issue of coupon court house bonds
awarded to Geo. M. Bechtel & Co., of
-was
on May 27-V. 128. p. 3558
Davenport, as 431s, for a premium of $41, equal to 100.41,a basis of about
The
4.72%. Dated June 1 1929. Duo from June 1 1934 to 1948. Incl.
only other bid was a premium offer of $40 on Ois, by the White-Phillips
1$1
Co. of Davenport.
-The fol-BOND SALE.
CINCINNATI, Hamilton County, Ohio.
0
lowing issues of coupon bonds aggregating $950.00 offered on Juno 5Continental Illinois Co. of Chicago
V. 128, p. 3383
-were awarded to the
and R. H. Moulton & Co. of San Francisco, jointly, as 4345, at par, plus a
:
premium of $5,500,equal to 100.578,a basis of about 4.43%
$500,000 street widening and extension bonds. Due $20,000, Sept. 1 1930
to 1954 inclusive.
200,000 grade crossing eliminations bonds. Due Sept. 1, as follows:$7,000,
1930 to 1949 incl.. and 56,000, 1950 to 1059 incl.
150.000 sewer improvement bonds. Due $6,000. Sept. 1 1930 to 1954 incl.
100,000 airport improvement bonds. Due $10,000, Sept. 1 1930 to 1939
inclusive.
All of the above bonds are dated May 1 1929. The purchasers are reoffering hem for investment at prices to yield from 4.25 to 5.00%.
r
12S.
-SINKING FUND STATECINCINNATI, Hamilton County, Ohio.
MENT.
-The consolidated statement of the Sinking Fund Trustees of the
City as it appeared in the Cincinnati "Enquirer" of June 1, at the close of
business, May 31 1929, shows:
Liabilities.
Assets.
Total cash
$2,676,823.17 Gen. bonds other than
W.W.& Cin'ti So.Ry64.960,749.65
*Less cash in interest
fund
560,278.08 Waterworks bonds---14,922.230.48
Cash, redem'n fund__ 2,116,545.10 Cincinnati So. Ry. bds.
14,932,000.00
Construction
Investments
35,048,969.66
6.900.000.00
Terminal
Total sinking fund- _37.165,514.76
Bal., excess of liabilities over sink.fund_68,675,257.05 Assessm't bonds (paid
by prop. assessm't). 4,125,791.68
Total
$105.840,771.81
5105.840,771.81
Total
*For paym't of int, not yet due.
-Sealed bids will
-BOND OFFERING.
CLARION,Clarion County,Pa.
be received by J. E. Wolfe, Borough Secretary, until 8 P. m.(eastern standard time) on June 14,for the purchase of $19,793.85 43(% borough bonds.
Dated Jan. 11929. A certified check for $1,000, payable to the Borough
Treasurer, must accompany each proposal.
CLARK COUNTY SCHOOL DISTRICT NO. 58 (P. 0. Vancouver),
-Sealed bids will be received by C. A. Ponder,
Wash.
-BOND OFFERING.
County Treasurer, until 10 a. m. on June 8, for the purchase of a 52,100
issue of semi-annual school bonds. Int, rate is not to exceed 6%.
-A $35,000
-BOND SALE.
CLARKSVILLE, Johnson County, Ark.
issue of school bonds has recently been purchased by the Bankers Trust Co.
of Little Rock.
CLENDENNIN ROAD DISTRICT (P. 0. Point Pleasant) Mason
-Sealed bids will be received until
County, W. Va.-BOND OFFERING.
11 a. m. on June 26, by John G. Aten, Clerk of the County Court, for the
purchase of an $80,000 issue of 6% semi-annual road bonds.
-BOND OFFERING.
CLINTON COUNTY (P. 0. Frankfort), Ind.
Earl McDonald, County Treasurer, will receive sealed bids until 10 a.m.
on June 21, for the purchase of $35,600 5% William D. Thomas road in
Center Twp. bonds. Dated May 15 1929. Denom. $890. Due $1,780,
July 15 1930; $1,780, Jan. and July 15 1931 to 1939, incl.; and 51,780.
Jan. 15 1940. Int, payable on Jan. and July 15.
DESCHUTES COUNTY CONSOLIDATED GRADE SCHOOL DIS•
-The
-MATURITY.
-BASIS
TR1CT NO. 2 (P. 0. Redmond), Ore.
$39,700 issue of school bonds awarde4,to Dean, Witter & Co., of San
-Is dated May 15
103.38-V. 128, 13. 3559
,
Francisco, as 55fs, at a price of
1929 and due on May 15, as follows: $2,200 in 1932 and $2,500 from 1933
to 1947. giving a basis of about 4.75%.
-A $7,500 issue of
CLINTON, Rock County, Wis.-BOND SALE.
5% water works bonds has been purchased by local investors at a price of
101.50, a basis of about 4.77%. Denom. $1,000 and $500. Dated Jan. 2
1929. Due from 1934 to 1941.
COMANCHE COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Elgin),
-The $6,500 Wane of coupon school
Okla.
-ADDITIONAL DETAILS.
building bonds that was purchased by E. E. Butler of Lawton as 5s at par
(V. 128, p. 3558) is dated May 16 1929. Denom. $500. Interest payable
on Jan. and July 1.
-Salomon Bros. & Hutzler
-TEMPORARY LOAN.
CONCORD, N. H.
of Boston, recently purchased a $100,000 temporary loan on a discount
basis of 5.95%, plus a premium of $6. The only other bid received was
from S. N. Bond & Co. also of Boston, at 6%.
-The syndicate
--PRICE PAID.
COOK COUNTY (P.0. Chicago), III.
headed by the Continental Illinois Co. of Chicago which purchased the
-according to a report
29-V. 128, p.3718
56.000.0006% tax notes on May
paid 99.15 for the obligations. Halsey, Stuart & Co. are reported to have
submitted the second high tender of 99.11.
-ADDITIONAL INFORMACORTEZ, Montezuma County, Colo.
awarded to
TION.
-The $13,000 issue of coupon sanitary sewer bonds5% and was
-bears interest at
Mr. Al Rust of Dolores-V. 128. p. 3568
At the same time a $14,000 Issue of 5% special
Purchased by him at par.
Both
assessment sewer bonds was also purchased at par by Mr. Rust.
issues are due in 1944 and optional after 1939.
0.
CORTLAND UNION FREE SCHOOL DISTRICT NO. 4 (P.ert
Y.
-BOND OFFERING.-Bob
Peekskill), Westchester County, N.sealed bids until 8 p. m.) daylight
H. Wolters, District Clerk, will receive
coupon or registered
saving time) on June 12, for the purchase of $108,000 is
be in multiples
and
school bonds. Interest rate is not to exceed 5% 1 1929.toDenom. $1,000.
1%. The bonds are dated July
of JI or 1-10 of
incl.; 52,000, 1937 to 1041 incl.
Due July 1, as follows: $1.000. 1932 to 1936
1962 to 1966
$3,000, 1942-1951 incl.• $4,000. 1952 to 1961 incl.; $3,000,Prin. and int.
1970 and 1971.
69
.
incl.; 52.000, 1967 to 19 incl., and $1,000, Westchester County National
(January and July) payable in gold at the
Bank, Peekskill. A certified check for $1,800, payable to Mrs. Emma
to be
Odell, District Treasurer, must accompany each proposal. Legality
approved by Clay, Dillon & Vandewater a New York.
-BOND OFFERCOUNCIL BLUFFS, Pottawattamie County, Iowa.
10 a. m. on June 12, by Eldon
INC.-Sealed bids will be received until of two issues of bonds aggregating
for the purchase
C. Anderson, City Clerk,
$261,000, as follows: $145,000 sewer and $116,000 funding bonds.
-BONDS REGISTERED.
CROSBY COUNTY (P.O. Crosbyton), Tex.
-An $82,000 issue of 5ji% serial refunding bonds was registered on June 1
by the State Comptroller.
Ohio.
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland),$177,312 offered on April
% bonds aggregating
The following ISMER of
to the lierrick Co. of Cleveland, at
128. P. 2151-were awarded
4.84%:
Par plus a premium of 51.136. equal to 100.64, a basis of about
Due Oct. 1, as
$53,000 Assessment Portion road improvement bonds. hid.
1929; and $6.000, 1930 to 1937, Due Oct. 1, as
follows: $5,000.
41,660 Aasessment portion road Improvement bonds. and $5,000, 1933
1932, incl.;
follow!): $4.660, 1929; $4,000, 1930 to
to 1937, incl.
49,064 County's portion road improvement bonds. Due Oct. 1,as follows:
55,064, 1929:and 55,000. 1930 to 1933, incl.
Oct. 1, as
8,434 Assessment portion road improvement bonds. Due
incl.
follows: $934, 1929; and $1,000. 1930 to 1936,
improvement bonds. Due Oct. 1,as follows:
8,434 County's portion road
$934, 1929; and 51,000, 1930 to 1936, incl.
Due Oct. 1, as
f,I,360 Assessment portion road improvement bonds. and $1,500, 136.
follows: $860. 1929; $1,000, 1930 to 1935, Incl.;
follows
8,360 County'e portion road improvement bonds. Due Oct. 1,as
$86'). 1929; $1,000, 1930 to 1935,1nel.; and 51.500. 1936.
Prin. and int.(A. & 0. 1) payable at the office of the County Treasurer.
Other bidders were:
Premium.
$907.00
Guardian Trust Co
307.00
Braun, Bosworth & Co
118.00
First National Co. of Detroit
-Four issues of 53'
DANVILLE Boyle County, Ky.-BOND SALE.
by Taylor Wilson &
bonds aggregating S35,000 have recently been purchased
The
Co., of Cincinnati, for a premium of $375.45, equal to 101.072.drainissues are divided as follows: $15.000 sewerage; $10,000, storm water
age: $5,000 water works and $5,000 city hall bonds.
-The
NOT SOLD.
DANVILLE, Pittsylvania County, Va.-BONDS bonds offered on
$40,000 issue of 435% coupon water works improvement rejected. Dated
were
May 31 (V. 128, p. 3383) was not sold as all the bids
May 11929. Due $2,000 from May 1 1930 to 1949 htclusive.
20
DE BACA COUNTY MUNICIPAL SCHOOL DISTRICT NO. of
-The 540.000 Issue
(P. 0. Fort Sumner), N. Max -BOND SALE.
-was awarded
school bonds offered for sale on May 20-V. 128, p. 2865
equal
to the Citizens National Bank of Clovis, as 5s,for a $40 premium, 1947
to 100.10, a basis of about 5.49%. Due $2,5M from May 1 1932 to
incl.
-BONDS NOT SOLD.
DE FUNIAK SPRINGS, Walton County, Fla.
on
-The 538.000 issue of 6% semi-annual special assessment bonds offered
p. 3558) was not sold as no bids were received for them.
June 3 (V. 128.
*4,000. 1930 to 1938, and
Dated April 1 1929. Due on April 1 as follows'
52.000 in 1939.
JUNE 8 1929.]
FINANCIAL CHRONICLE
DELAWARE, Delaware County, Ohio.
-DEBT FIGURES.
-The following statement showing the present indebtedness of the city has been
prepared in connection with the propos iisue on June 20 of 326.000 improvement bonds, notice and description of which was given in V. 128, p. 3718.
General bonded indebtedness
$285,700
Distributed:
General bonds
92,200
*General bonds, sewage treatment plant
193,500
Total
$285,700
Special improvement bonds (including this issue)
128,500
* Note.
-Extra 2 mills levied by vote of people outside of all limitation
each year for sewage treatment plant bonds "ordered constructed by the
State Board of Health.
Bonds and interest payable on March 1, April 1, Sept. 1 and Oct. 1.
each year. '
Cash on hand in the sinking fund treasury for the redemption of
general and special improvement bonds and interest
32,908
Duplicate "real and personal tax"
13,600,000
Population (1929), 8,756.
DENTON COUNTY (P. 0. Denton), Tex.
-BOND DESCRIPTION.
The $199,593.10 issue of 5%% coupon refunding bonds that was purchased
at par by the Roger H. Evans Co. of Dallas (V. 128, p. 3559), is dated
Apr. 10 1929. Denom. $1,000, one for $593.10. Due serially from 1930
to 1959. Optional after Oct. 10 1944. Interest payable A. & 0. 10.
DUBOIS COUNTY (P. 0. Jasper), Ind.
-BOND SALE.
-The $8,800
% Bainbridge Township road improvement bonds offered on May 29128, p. 3559
-were awarded to the Farmers & Merchants State Bank of
Jasper. the only bidder. The bonds are dated May 15 1929 and mature
as follows: $440, July 15 1930; $440, Jan. and July 15 1931 to 1939 incl.;
and $440, Jan. 15 1940.
DULUTH, St. Louis County, Minn.
-BOND OFFERING.
-Sealed
bids will be received until 2 p. in. on June 24, by C. D. Jeroniznes, City
Clerk, for the purchase of an issue of $100.000 434% coupon or registered
flying field bonds. Denom. 31.000. Dated May 1 1929. Due 310.000
from May 1 1930 to 1939 incl. Prin. and int.(M.& N.) payable in gold
at the Irving Trust Co. in New York City. Chapman & Cutler of Chicago
will furnish the legal approval to purchaser. Bond forms will be provided
by the city. Authority: Sect. 4 of Chap. 62, Sess. Laws of Minnesota,
1927. and Ord. 4298 of City of Duluth. A certified check for 2% par of
the bonds, payable to the City, is required.
Financial Statement.
Actual true value of property: Real, $153,541,259; personal,
$58,128,846; money & credits,$53,571,284
$265,241,389
Assessed value of property: Real $61,139,723; Personal. $19,765,966 money & credits 53,571.284
134,476,973
Tax rate, 1928: State, $5.29: county, $11.36; school, $33.142;
city, $27.808
77.60
Bonded debt: General, $4,539.333.29: special assessment
bonds, $714,000.00; water & light, $3,212,000.00: total outstanding debt
$8,465,333.29
Less deductions allowed: Special assessment, 3714.000: water
& light department debt.$3,212,000:sinking fund,33.798.85;
total,33.929.798M; not indebtedness
$4.535.534.44
Actual investments in water & light plants
7.864,826.00
Incorporated as a city, March 1887: population (1920, U. S. census),
98,917; population (1929, estimated), 123,000. The rate on money
credits is $3 per thousand divided as follows: State, 1-6; county, and
1-6:
city, 1-3; school, 1-3.
DUNMORE SCHOOL DISTRICT, Lackawanna County, Pa.
-NO
BIDS.
-No bids were received on May 14 for the $125,000 5% coupon
school bonds offered for sale
-V. 128, p. 3056. The bonds are dated May 1
1929 and mature on May 1,as follows:$5,000, 1934;and $6,000, 1935 to 1954
Inclusive.
DUNN COUNTY (P. 0. Manning), N. Dak.-BONDS OFFERED.
Sealed bids were received until 2 p. m. on June 7 by J. R.Cuskally, County
Auditor, for the purchase of a 3:35,000 issue of coupon road bonds. Int.
rate not to exceed 5%. Denom. 31,000. Dated Juno 1 1929. Due on June
Its follows: 32,000, 1932 to 1948 and 31.000 in 1949. Prin. and int. J. &
payable at a bank or trust company designated by the purchaser. Junell,
Dorsey, Oakley & Driscoll of Minneapolis, will furnish the legal approval.
A certified check for 2% of the bid, payable to the County Treasurer, was
required.
EASTLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Eastland)
Eastland County, Tex.
-BOND SALE -The 375.000 issue of 5% school
bonds offered for sale on May 20-V. 128, p. 3384
-was
to the Brown-Crummer Co., of Wichita. Due in from 1 to awarded at par
40 years.
EAST STAN WOOD SCHOOL DISTRICT (P.O. Everett) Snohomish
County, Wash.
-BOND SALE.
-A 313.000 issue of 5% school bonds has
been purchased at par by the State of Washington. No other bids were
submitted.
EL CAMPO INDEPENDNET SCHOOL DISTRICT (P. 0. El
Campo)
Wharton County, Tex.
-BOND OFFERING.
-A. J. Isaacson,
of the Board of Trustees, will receive sealed bids until 8 Fo. in. onSecretary
for the purchase of a $45,000 issue of 5% coupon school bonds. June 17,
$1,000. Dated March 20 1929. Due $1,000 from 1934 to 1938:Demme.
32.000,
1939 to 1942; 33.000, 1943 and 1944;
to 1947; 35.000. 1948 and
1949 and $4,000 in 1950: Prin. and$4,000. 1945 N.) payable at the Comint.
&
mercial State Bank in El Campo, or at (M.Seaboard National Bank
the
in
New York City. A $500 certified check, payable to the School
District,
must accompany the bid.
ELKINS SCHOOL DISTRICT (P. 0. Bluff), Tehama
Calif.
-BOND SALE.
-An $8,000 issue of 5% school bonds has County,
chased by the Bank of Tehama County,of Red Bluff, at a price of been pur100.01.
ELLERY UNION FREE SCHOOL DISTRICT NO. 4, Chautauqua
County, N. Y.
-BOND SALE.
-The $75,000 5% school bonds offered on
May 28-V. 128, p. 3559
-were awarded to F. W.Toy & Co.of
.at 101.129, a basis of about 4.89%. The bonds are dated JuneJamestown,
1 1929
mature on Dec. 1, as follows: $3,000, 1934 to 1938 incl.; and 56,000, and
1939
to 1948 inclusive.
EMERSON INDEPENDENT SCHOOL DISTRICT (P. 0. Emerson),
Mills County, lowa.-ADDITIONAL DETAILS.
-The $14,000 issue of
434% coupon school bonds purchased by the First National Bank of Shannon City (V. 128, p. 3384), was awarded for a premium of $5, equal
to
100.035, a basis of about 4.49%. Denom._ $500. Due as follows; $500,
June and Dec. 1 from 1930 to 1934. and $1,000 June and Dec. 1 from
1936
to 1941. Int. payable on June and Dec. 1.
EUGENE, Lane County, Ore.
-BOND SALE.
-The $400.000
of power and light bonds offered for sale on June 3-V. 128, p. 3559 issue
-was
jointly awarded to the Freeman, Smith & Camp (Jo., Ferris & Ilardgrove,
Blyth & Co., Geo. II. Burr, Conrad & Broon, and Peirce. Fair & Co.,
of Portland. as 534s, at a price of 95. a basis of about 6.65%. Due all
in
1934 and optional after 1931. No other bids were submitted.
EVERETT Snohomish County, Wash.
-BOND OFFERING.Scaled bids will be received until 10:30 a. in. on June 24. by J. A. Varley,
City Clerk, to: the purchase of an $800,000 issue of coupon water bonds.
to exceed 6%. Denom. 5500. Dated July 1 1929. Due
Int. rate is not
serially from two years after the date of issue up to the 30th year. The
bidders are required to specify in any bid submitted: (a) The lowest rate
of Interest and premium, if any, above par at which such bidder vrill purchase said bonds, or the lowest rate of interest at which the bidder will
purchase said bonds at par. 1st. Upon delivery as soon as it is conveniently
feasible to have said bonds printed after bid has been accepted; and 2d.
Upon deferred deliveries of the following amounts on the following dates,
to wit: 3200.000.00, as soon as it is conveniently feasible to print said
bonds after said bid has been accepted. $200,000.00 on Sept. 1 1929;
$200,000.00 on Nov. 11929; 3200.000.00 on Jan. 1 1930. Prin. and int.
J. & J.) payable at the office of the City Treasurer. Legal opinion to be
furnished by the bidder. A certified chock for 5% of the bid is required.
(This supplements the report given in V. 128. p.3719.)
FENTRESS COUNTY (P. 0. Jamestown), Tenn.
-BONDS NOT
SOLD-The $75,000 Issue of 5% coupon funding bonds offered on June 1-V.
128, p. 3384-was not sold as all the bids were rejected. Dated Apr. 1
1929. Due in 20 years.
-BONDS NOT SOLD.
FORT LAUDERDALE, Broward County, Fla.
-The two issues of 6% coupon street improvement bonds aggregating
-were not sold as no bids
579,000, offered on May 28-V. 128, p. 3224
3877
were received. The city manager advices us that the bonds are now to
be sold at private sale.
.BONDS NOT SOLD.
-The two issues of 6% coupon bonds aggregating
3149,200, offered on June 4-V. 128, p. 3384
-were not sold as no bids were
received. The bonds will now be offered for private sale. The issues
are divided as follows:
5100.200 refunding bonds. Due from June 15 1932 to 1945.
49,000 refunding bonds. Due from June 15 1932 to 1945.
FORT WORTH, Tarrnat County, Tex.
-A
-BOND ELECTION.
special election will be held on June 25 on three bond issues aggregating
33,000.000, according to the "Manufacturers Record" of June 4. The
issues contemplated are reported to be as follows: 32.000.000 to construct
grade separations, storm sewers and street improvements: $500,000 for
fire station and signal station, while the remaining $500,000 will be used
for airport purposes.
FOSTORIA, Seneca County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received by Myrtle Lindsey, City Auditor, until 12 in. on June
17 for the purchase of $11,560 special assessment street improvement
bonds. Rate of interest is not to exceed 534 %. The bonds are dated
June 15 1929. Due $160, March and 3600. Sept. 1 1930; $600. March and
Sept. 1 1931 to 1939 incl. A certified check for 2% of the bonds bid for,
payable to the City Treasurer, is required.
-TEMPORARY LOAN.
FRAMINGHAM, Middlesex County, Mass.
Salomon Bros. & Hutzler of Boston, were awarded a $100,000 temporary
loan maturing on Dec. 201929.on a discount basis of5.91%,plus a premium
of $1.75. The following bids were also submitted: •
Discount Basis.
5.927
F. S. Moseley & Co
5.94
Old Colony Corp
5.97f.
Bank of Commerce & Trust Co
6.10
S. N. Bond & Co
FRANKLIN COUNTY SPECIAL TAX SCHOOL DISTRICT NO.2
-BOND SALE.
-The $50,000 issue of6% school
(P.O.Apalachicola),Fla.
-was awarded to the
128. p. 2152
bonds offered for sale on Apr.
American Exchange Bank of Apalachicola. at a price of 95, a basis of about
6.75%. Dated Sept. 11928. Due $2,000 from Sept. 1 1931 to 1955, incl.
There were no other bidders.
-BOND
FREMONT SCHOOL TOWNSHIP, Steuben County, Ind.
-Lonnie M.Sailor, Township Trustee, will receive sealed bids
OFFERING.
until 10 a. in. on June 29, for the purchase of $6,000 5% bonds issued to
redeem outstanding notes. The obligations are to be dated Jan. 1 1929.
Denom. $1,000. Due 31,000, July 1 1930 to 1935, incl. Interest payable
on January and July 1.
-BOND OFFERING.
GALLIPOLIS, Gallia County, Ohio.
-W. P.
Kling, City Auditor, will receive sealed bids until 12 in. on June 19. for
the purchase of$46.0006% water works plant improvement bonds. Denom.
$500. Each bid must be accompanied by a certified check for 10% of the
bonds bid for, payable to the order of the City Treasurer.
GARDEN GROVE UNION HIGH SCHOOL DISTRICT (P. 0.
-BO-VD OFFERING.
-Sealed bids
Santa Ana) Orange County, Calif.
vrill be received until 11 a. in. on June 18. by J. M. Backs, County Clerk,
for the purchase of a $35,000 issue of 5% school bonds. Denom. 31.000.
Dated July 1 1929. Due $2,000 from 1930 to 1946 and $1,000 in 1947.
Prin. and semi-ann. int. payable at the County Treasurer's office. A
certified check for 3% of the bands, payable to the Chairman of the Board
of Supervisors is required.
GARFIELD COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-Sealed bids wlll be
-BOND OFFERING.
102 (P. 0. Pomeroy), Wash.
received by Claude L. Buchet, County Treasurer, until 2 p. in. on June 8
for the purchase of an $8,000 issue of semi-annual school bonds, hat.
rate is not to exceed 6%.
-The
-BOND SALE.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
$38,290.34 special assessment road improvement bonds offered on May 20- .
-were awarded to the Detroit & Security Trust Co. of
128. P. 3224
V.
Detroit as 51.1s, at par plus a premium of $406. equal to 100.16, a basis of
about 5.23%. The bonds are dated May 1 1929 and mature on May 1 as
follows: 34,290.34, 1930: 34.000. 1931: 34.000. 1932: 33.000, 1933: 34,000.
1934 to 1936 incl.; 53,000, 1937; and $4,000. 1938 and 1939. The following
%
bids were also received. The bid of Spitzer. Rorick & Co. was on a
interest basis, all others for 534s.
Premium.
BidderProvident Savings Bank & Trust Co
$141.10
68 8
Ryan, Sutherland & Co
95.72
Breed. Elliott & Harrison
0
310. 0
2 . 0
08 6
Seasongood & Mayer
-Citizens Corp
First
• 39.60 •
Spitzer, Rorick & Co
-The
-BOND SALE.
GIBSON COUNTY (P. 0. Princeton) Ind.
following issues of 434% bonds aggregating $31,900 offered on June 1-were awarded to the Peoples American National Bank of
V. 128. p. 3719
Princeton, at par.
$18,400 A. J. Mans et al. road improvement bonds. Due $920, May and
Nov. 15 1930 to 1939 inclusive.
13,500 P. M. Gudgel et al. road improvement bonds. Due $675. May and
Nov. 15 1930 to 1939 inclusive.
The bonds are dated May 15 1929. Bids below par were submitted by the
Cities Securities Corp.and the Fletcher American Co.,both of Indianapolis.
-Sealed
-BOND OFFERING.
GLEN COVE, Nassau County, N. Y.
bids will be received by Edward N. Donaldson, City Clerk, until 4 P. M.
(daylight saving time) on June 10, for the purchase of 3300,000 coupon or
%•
regktered school bonds. Rate of interest is to be either 43g. 434 or
Bonds are dated June 1 1929. Denom. $1,000. Due June 1, as follows:
310,000. 1931 to 1942 incl.; and $15,000. 1943 to 1954 incl. Prin. and int.
(June and December) payable in gold at the Glen Cove Trust Co., Glen
Cove, or at the Chase National Bank, New York. A certified check for
2% of the bonds bid for, payable to the Oity, is required. Legality to be
approved by Hawkins, Delafield & Longfellow of Now York.
-ADDITIONAL INFORMAGOLIAD COUNTY (P.O. Goliad),Tex.
TION.
-The $50,000 534% special road bonds awarded to the B. F. Ditt-are due
• of San Antonio, at a price of 103.84-V. 128. p. 3559
mar Co.
as follows: 39,000. 1935: 511.000. 1939; $12,000. 1941: mom
on June
1942 and $5,000 in 1947, giving a basis df about 5.02%. The above company later purchased the remaining $75.000 block of the 3125.000 5%%
special road bonds for a $3,000 premium, equal to 104, a basis of about
5.21%. Due as follows: $11,000, 1947; 319,000, 1950; $22,000, 1953 and
$23,000 in 1954.
-A $40,000
-BOND SALE.
GRAND JUNCTION, Mesa County, Colo.
issue of 434% general paving bonds has been purchased at par by Sidle,
Simons. Day & Co., of Denver. Denorn. $1,000. Dated Sept. 1 1928.
Due from 1930 to 1944 incl. Other bids were:
Price Rid.
Bidder
99.28
Boettcher Ss Co
Geo. W. Valiery & Co
9 .10
9.
8 08
Bosworth, Chanute, Loughbridge & Co
GRANITE, Greer County, Okla.
-The
-ADDITIONAL DETAILS.
$35,000 6% semi-annual bonds awarded to the First National Bank, of
Granite,eta price of 100.14-Y. 128, p. 3559-aro water bonds and are due
from 1932 to 1956, giving a basis of about 5.98%.
GRANT COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Silver City)
N. M.X.-BOND OFFERING.
--Sealed bids will be received until 10 a. in.
on June 29. by Robert H. Boulvrare, County Treasurer,for the purchase of a
$10,000 issue of school bonds. Int. rate is not to exceed 67.. Denom.
$1.000. Dated Juno 1 1929. Due $1,000 from Juno 1 1932 to 1941 incl.
Prin. and semi-ann. int. payable at the office of the State Treasurer. A
certified chock for 5% of the bid, payable to the County Treasurer. is required.
GRANT TOWNSHIP, Benton County, Ind.
-BOND SALE.
-The
340,000 4%7. school building bonds offered on June 1-V. 128. P. 3385were awarded to A. P. Flynn of Logansport, at par, the only bidder. The
bonds are dated May 1 1929. and maturo as follows: $1,400, July 1 1930;
31,400,January and July 11931 to 1943,incl.; and $2,200, January 15 1944.
GREEN TOWNSHIP, Monroe County, Ohio.
-BOND SALE.
The $2,000 6% coupon road improvement bonds offered on May 25-V.
V. 128, p.3,559 were awarded at par, to the First National Bank of Woods
field, the only bidder. The bonds are dated Oct. 1 1928, and mature 5500
Oct. 1 1930 to 1933, incl.
3878
EINANCIAL CHRONICLE
[VOL. 128.
the present year and also the bond issues
GREENVILLE SCHOOL DISTRICT (P, 0. Greenville) Greenville by the various counties duringcounties, as it appeared in the Des Moines
-BONDS VOTED.
-At a recent election the votes authorized contemplated by the different
-County,S. C.
of $700,000 in bonds for school construction purposes. It is "Register" of June 5:
the issuance
Bond Elections Called.
Bonds Voted Previously.
reported that the bonds will not be offered for sale until a survey of the
1,500,000
$66,435,657 Cass. June 6
Sixty-one counties
district requirements for school-building has been completed.
1,350,000
Hamilton, June 12
Voted This Year.
Bonds
-BOND SALE:A $20,000 issue of Story, April 8
GROVER, Weld County, Colo.
51,300,000 x Pottawattande, Juno 12_ __ 1,600,000
& Co., of Denver.
650,000
5% refunding water bonds has been purchased by Benwell
800,000 x Franklin, June 12
Shelby, April 11
1,300,000
Denorn. $500. Dated June 11929. Due on June 1, as follows: $500, 1932 Audubon, April 17
750,000 a Hardin. June 14
400,000
to 1941; $1,000, 1942 to 1944 and $2,000, 1945 to 1950, all incl. Prin. and Adams, April 24
450,000 x Bremer, June 14
1,195,000
Int.(J. & D.) payable at Kountze Bros. in New York City.
550,000 b Cherokee, June 19
a Page, May 1
1,230,000
1,500,000 Grundy, June 20
GUTHRIE CENTER INDEPENDENT SCHOOL DISTRICT (P. 0. Dallas, May 9
-The $80,000 a Fremont, May 9
415,000
-BOND SALE.
Guthrie Center) Guthrie County, Iowa.
$11,385,000
Total
1,300,000
Issue of 434% school bonds offered for sale on May 29-V. 128, P. 3529 of Boone, May 15
750,000
Taylor, May 16
was awarded to the Carleton D.Bob Co., of Des Moines, for a premium
800,000 Total voted and submitted .__ 97,660,657
Due from 1931 to 1948. a Mahaska, May 22
$1.175, equal to 101.468, a basis of about 4.43%.
1,300,000
Marion, May 22
incl. The other bids were as follows:
Premium. a Clarke, May 22
250,000
Bidder$1,150.00 Guthrie, May 22
1,200,000
Geo. M.Bechtel & Co
Bond Elections Planned.
1,000.00 Crawford, May 24
1,500,000
White-Phillips Co
$300,000
950.00 x Dubuque. May 21
900,000 a Appanoose
Ballard-Hassett Co
1,200,000
1,700,000 Clay
a Linn, May 27
-BOND OFFERING- a Van Buren, May 27
J.
500,000
HACKENSACK, Bergen County, N.
375,000 a Delaware
800,000
William Schaaf, City Clerk, will receive sealed bids until 8 p.in. on June 17, Webster, May 27
1,900.000 a Lee
1,400,000
for the purchase of $454,000 434% coupon or registered public improvement Union, May 28
550,000 Madison
$29,000, x Black Hawk, May 31
750,000
1,000,000 Ringgold
bonds. Dated June 1 1929. Denom.$1,000. Due June 1 as follows: intrest
1,200.000
450,000 a Tama
1931 to 1936 incl., and 140,000, 1937 to 1943 incl. Principal and
a Montgomery, May 31 ____
1,500,000
(June and December) payable in gold at the City National Bank&Trust of Carroll, June 4
$6,150,000
660,000 Total
Hackensack. No more bonds to be awarded than will produce a premium
of the a Fayette, June 4
$1,000 over the amount stated above. A certified check for 2% WashE21,900,000 Total voted, submitted and
bonds bid for is required. Legality to be approved by Reed, Hoyt &
Total
103,810,657
planned
.
burn of New York.
Total voted by 74 counties _ _$88,435,657
-BOND OFFERx Voting a second issue. a Votes same day on $500,000 secondary road
HAMILTON COUNTY (P.O. Lake Pleasant), N. Y.
receive sealed bids until bond issue. b Votes same day on $200,000. secondary road bond issue.
-John Ostrander, County Treasurer, will
ING.
1 p. m. (daylight saving time) on Juno 13, for the purchase of $135,000
-BOND OFFERING.
JACKSONVILLE, Cherokee County, Tex.
coupon or registered highway bonds. Rate of interest is not to exceed 5%
the
received until 8p.in. on June 25, by the City Clerk, for
and is to be in multiples of % or 1-10th of 1%,single rate to apply toDue Sealed bids will be issue of $100,000 paving bonds.
the purchase of an
entire offering. The bonds are dated July 1 1929. Denom. $1,000.
Jacksonville),
$5,000, July 1 1933 to 1959, incl. Prin. and int. (Jan. and July) payable
JACKSONVILLE ROAD DISTRICT NO. 1 (P. 0. bids willbe re-Sealed
in gold at the Hamilton County National Bank, or at the Chase National Cherokee County, Tex.
-BOND OFFERING.
A certified check for $3,000, payable to the County ceived until 10 a.in. on June 25, by J. J. Bolton, County Judge of Cherokee
Bank, New York.
Treasurer, is required. Legality to be approved by Clay, Dillon & Venda- County, for the purchase of an issue of $100,000 5% road improvement
folwater of New York.
bonds. Denom $1,000. Dated June 25 1929. Due on June 25 as
- lows: $2,000 1930 to 1939; $3,000, 1940 to 1949 and $5,000, 1950 to 1959,
-BOND OFFERING.
.
HANCOCK COUNTY (P. 0. Findlay) Ohio.
bids until 12 m. all incl. Prin. and semi-annual int, playable at the Seaboard National
O. R. Morehart, County Auditor, will receive sealed
the bid is required
(Eastern Standard time) on June 24, for the purchase of $7,850 554% Bank in New York. A certified check for 5% of
Financial Statement.
bridge bonds. Dated May 1 1929. Due OS follows: $850. 1930, and $1,000,
$10,000,000
to be Estimated actual value of taxable property
1931 to 1937 incl. A certified check for $250.00 is required. Legality
5,069,694
Assessed valuation taxable property for year 1928
approved by Squire, Sanders & Dempsey of Cleveland.
428,000
debt including this issue
-John A. Total bonded
-BOND OFFERING.
white, 24% colored.
,Passaic County, N. J.
HAWTHORNE
Estimated population of district 17,000, 76%
Shea, Borough Clerk, will receive sealed bids until 8-p. in. (daylight saving
Bonds payable from unlimited tax. Bonds authorized by an election
temtime) on June 12, for the purchase of $300,000 coupon or registeredto be held Oct 13 1927.
porary sewer bonds. Rate of interest is not to exceed 6% and is
-BIDS REJECTED:
JAMESTOWN, Chautauqua County, N. Y.
stated in multiples of 1-10th of 1%. The bonds are dated July 11929. are
and All bids received on May 31 for the purchase of $139,634.13 certficates of
in $LOW denominations, and are payable on July 1 1930. Principal
Bank, Haw- indebtedness were rejected. The offering consisted of $96,664.83 paving
interest (Jan. and July) payable in gold at the First National
paving certlf
thorne. A certified check for 2% of the bonds bid for, payable to the certificates, $29,245.95 sewer certificates, and $13,723.35
Borough, must accompany each proposal. Legality to be approved by cites.
-W. P.
Hawkins, Delafield & Longfellow of N. Y.
-BOND OFFERING.
JAY COUNTY (P. 0. Portland, Ind.
- Strohl, County Treasurer, will receive sealed bids until 10 a. in. on June 10.
-PRICE PAID.
HAYWOOD COUNTY (P.O. Brownsville), Tenn.
and Madison
improvement bonds that was pur- for the purchase of $10,700 and 53.000 of bonds of Wayne
The $50,000 issue of 5% court house
-was Townships. The bonds are dated June 10 1929. The $10,700 issue is in
-V. 128, p. 3559
chased by Joseph, Hutton & Estes, of Nashville
denoms. of $150. Both of the
awarded at a price of 100.334, a basis of about 4.95%. Due $5,000 from denorns. of $535 and the $3,000 issue inJuly 15, the first maturity being
issues mature semi-annually on Jan. and
April 1 1934 to 1943 incl.
a period of 10 years. A certified
July 15 1930. The bonds are to run for
HEMPSTEAD UNION FREE SCHOOL DISTRICT (P.O. Bellmore), check for 3% of the bonds bid for is required.
-The $170,000 coupon or regis-BOND SALE.
Nassau County, N. Y.
-OFFERING
-were awarded as
128, p. 3559
JEFFERSON COUNTY (P. 0. Birmingham), Ala. bonds schedtered school bonds offered on June 4-V.
-The $250.000 issue of court house construction
4.90s, at 100.46, to Batchelder Wack & Co. of New York, a basis of about DETAILS.
-V. 128. p. 3720
public auction
The bonds are dated July 1 1929, and mature on July 1 as follows: uled to be offered for sale on June 11 at and int. is payable at the Guaranty
4.86%.
$8,000, 1931 to 1940, incl.. and $9,000, 1941 to 1950, inclusive. The lain denominations of$1,000. Principal check must accompany the bid.
Trust Co., N. Y. City. A $2,500 certified
followLng bids were also received. Interest rates not given.
Rate Bid.
-BOND SALE.
BidderJEFFERSON COUNTY (P. 0. Madison) Ind.
01
100.33
Dewey, Bacon & Co
The following issues of 434% bonds aggregating $33,900 wore awarded
100.274
George B. Gibbons & Co
100.159 May 29 as stated herewith: to the Madison Safe Deposit & Trust Co. of
Roosevelt & Son
$32,000 road bonds awarded
100.187.
-Bids
-BOND OFFERING.
Madison, at par, plus a premium of $60.00 equal toat par, plus a
HERINGTON, Dickinson County Kan.
1,900 road bonds sold to Miss Anna Hirst of Madison,
will be received until 7.30 pi. in. on June 11, by Ethel Davis, City Clerk
of 5% internal improvement bonds.
premium of $3.50, equal to 100.184.
for the purchase of a- $15.000 issue
The bonds mature semi-annually in from 1 to 10 years.
Dated July 11929. Due in from 1 to 10 years. Proposal for temporary
(P.O. Waurika)
financing to be supported by the issuance of temporary notes of the city
JEFFERSON COUNTY SCHOOL DISTRICT NO.50 E.J. Dawkins.
the bid is required.
should accompany the bid. A certified check for 5% of
-Sealed bids will be received by
Okla.
-BOND OFFERING.
on June 10, for the purchase of an $8,000 issue
-BONDS OFFERED. District Clerk, until 2p.
HILLSDALE COUNTY (P.O. Hillsdale), Mich.
to exceed 6%. Due $1,000
rate
-Sealed bids were received by the Clerk of the Board of County Road of semi-annual school bonds. Int.checkis not is required.
for 2%
Commissioners until 1 p. in. (central standard time) on June 7,' for the from 1932 to 1939 incl. A certified
-BOND OFFERING.purchase of $15,000 Road Assessment District No. 1 bonds. Rate of int.
JERSEY CITY, Hudson County, N. J.
Is not to exceed 6%. The bonds are dated June 1 1929. Due May 1, as Edward .1. Holland, City Clerk, will receive sealed bids until 11 a. in.
Tax
follows: $2,000, 1931: $3,000, 1932; and $5,000, 1933 and 1934.
time) on June 13, for the purchase of $2,200,000
(Daylight Saving
bonds in denoms. of $1,000.
HOLLIS SCHOOL DISTRICT (P. 0. Hollis) Harmon County, Revenue bonds. Dated June 1 1929. Coupon principal and interest. Pay-The $68,000 issue of 5% semi-annual school registerable as to principal only or as to both
-BONDS NOT SOLD.
Okla.
the
-was not sold. Dated May 15 able on June 1 1932. Principal and interest payable at the office of
bonds offered on May 21-V. 128, p. 3385
1929. Due in 25 years. It is reported that the bonds will shortly be re- City Treasurer.
willing to
is required to state the amount of interest he is
Each bidder
offered.
expressed in
take for this loan. The bidder offering the lowest interest rate
more
HOOD RIVER IRRIGATION DISTRICT (P. 0. Hood River) Hood multiples of 1-100th of 1% will be warded the bonds. If, however,offers
-Sealed bids will be received than one
-BOND OFFERING.
Rives County, Ore.
interest rate, then the bidder who of the
bidder offers the same
of the Board of Directors, until 1:30 p. in. on the greatest additional premium will be awarded the bonds. All
by F. Fenwick, Secretary
June 24,for the purchase of a $4,000 issue of6% refunding bonds. Denom. bonds must bear the same rate of Interest.
In
Prin. and int. is payable at
$500. Dated Oct. 11918. Due on Oct. 11940.A
less than par and accrued interest. the
will
None
interest from
certified check for 5% is additionof the bonds bid, be sold for
the fiscal agency of the State in New York.
the purchaser must pay accrued
to the price
required.
of payment of the purchase price. City, must
date of the bonds to the date
to the
A certified check for 2% of the bonds bid for, payablefurnished with the
HOPEWELL, Prince George County, Va.-BOND ELECTION.
successful bidder will be York, as to the
of voting
On June 18, a special bond election will be held for the purposeparks and accompany each proposal. The
Washburn of New
approving opinion of Reed, Ifoyt &
upon the issuance of $750,000 in bonds for street improvements,
the supervision of
from legality of the issue. The bonds will be prepared under genuineness of the
schools. The bonds are reported to be serial, maturing $75,000
the Trust Co. of New Jersey, which will certify as to the
1949 to 1958, incl.
on the bonds.
signatures of the officials and the seal impressed
HOUSTON INDEPENDENT SCHOOL DISTRICT (P. 0. Houston)
-BOND OFFERING.
Tex.
-Sealed bids will be received
KAUFMAN COUNTY (P. 0. Kaufman),
-BOND OFFERING.
J. E. Yates, County
Harris County, Tex.
Manager of the Board Sealed bids will be received until 2 p. m.0I1 June 10, bydistrict No. 1 bonds.
until 2 p. in. on Aug. 1 by -H. L. Mills, Business
1100.000 road
issue of
of Education, for the purchase of a $931,000 issue of 454% school bonds. Auditor, for the purchase of an accompany the bid.
Dated Aug. 1 1929. Due $133,000 from 1952 to 1958 incl. Prin. and A $1,000 certified check must
Princess
MAGISTERIAL ROAD DISTRICT (P. 0. $293,000
and semi-annual int. payable at the Central Union Trust Co. in New York
KEMPSVILLE
-The
City. Each bidder is to state the premium offered for the Issue; it being Anne) Princess Anne County, Va.-BOND SALE. 128, 3385
of any opinions thatare Issue of
27-V.
May
P.
understood that the bidder will stand the expense
59' coupon road bonds offered for sale on
& Mobley of
dashed other than those of Andrews, Streetman. Logue Education will was awarded to David Robison & Co., of Toledo. Dated April 1 1929.
of the State. Board of
inclusive.
Houston, and the Attorney-General
interest Due from April 1 1934 to 1957
stand the printing expense and said Board is to receive the accrueddelivery
SALE -The $90,000
of actual
KENBRIDGE, Lunenberg County, Va.-BOND
offered for
for the time lapsing between Aug. 1 1929 and the dateTrust Co. In Houswater works and sewer system bends of Toledo,
of the bonds. Delivery of bonds to be at the San Jacinto bidding forma. A Issue of 534% coupon
Prudden & Co.,
-was awarded to
saloon June 3-V. 128, p.3560
ton. The Business Manager will furnish the required
1929. Due
at a price of 97.03, a basis of about 5.72%. Dated Mar, 1
is required.
certified check for 2% par of the bid
bids were as follows:
Price Bid.
- from Mar. 1 1939 to 1959. The other
-BOND OFFERING.
HOWARD COUNTY (P. 0. Kokomo), Ind.
Bidder$85,955
sealed bids until
George W. Studebaker, County Auditor, will receive Liberty 'Township Magnus & Co.of Cincinnati
85,545
%
of $6,950
10 a. m. on June 11, for the purchase
Due Davies Bertram Co.of Cincinnati
Denom. $347.50.
Md.-BOND OFFERING.road construction bonds. Dated May 15 1929. 1931 to 1939, incl.; and
KENT COUNTY (P. 0. Chestertown).
of the Board
15 1930; $347.50, Jan. and July 15
President
$347.50, July
Sealed bids will be received by Samuel J. Johnson.
time) on June 18,
$347.50. Jan. 15 1940. Int. payable on Jan. and July 15.
until 12 in. (Eastern standard bonds aggregating
of
coupon
-A $45,000 issue of forCounty Commissioners
-BOND SALE.
HYRUM, Cache County, Utah.
the purchase of the following issues of 434%
dam construction bonds has recently been purchased by the Central 51.000.04)0:
534%
follows: $80,000, 1930 to 1940
That Co. of Salt Lake City.
$900,000 public road bonds. Due July 1 as
incl.; and 520,000, 1941.
), Mo.-BOND OFFERING.
JACKSON COUNTY (P.0. IndependenceSturges, County Treasurer,
bonds. Due $10,000, July 1 1936 to 1944 Incl. int.
100,000 Stone Road
Prin. and
-Sealed bids will be received by Harry A.
are dated July 1 1929. Denom. $1,000.
The
434% hospital
A certified check for
until noon on June 17 for the purchase of a $500.000 Issue of 1 1949. Prin. payablebonds
at the Chestertown Bank. Chestertown. bonds mentioned in
bonds. Denom. $500. Dated June 11929. Duo on June
required. These are the
bid for is
and int. (J. & D. 1) payable at the office of the County Terasurer. A 2% of the bonds
$5.000 certified check, payable to the County Treasurer must accompany V. 128, p. 3720.
St. Louis
Kirkwood),
the bid.
KIRKWOOD SCHOOL DISTRICT (P. 0.
-An issue of $100000 434% coupon school
(This amplifies the report given in V. 128, p. 3720.)
County, Mo.-BOND SALE.
Harris Trust & Savings Bank,
VOTED AND PENDING bonds has recently been purchased by the 11929. Due $5,000 from Feb.
-BONDS
IOWA,State of(P.O. Des Moines).
$1,000. Dated June
-The following Is a detailed tabulation of the bonds that have been voted of Chicago. Denom.
JUNE 8 1929.]
FINANCIAL CHRONICLE
3879
-Bidding
-BOND SALE.
MEDINA COUNTY (P. 0. Medina) Ohio. issues, the First
payable at the Mercantile
-Citizens
$266.00 covering both
1 1930 to 1949, incl. Prin. and int. (F. & A. 1)
bonds are a part of the par, plus a premium of the successful bidder on May 29 for the following
Commerce Bank & Trust Co. in St. Louis. (These
Corp. of Columbus, was
-V. 128, p. 3387.
$98,186.64 offered for sale
issue voted on May 18.-V. 128. p. 3500).
$250,000
Issues of bonds aggregating
as 534s.
Financial Statement.
The larger issue was taken as 554s, the otherOct. 1, as follows: $11,666.64.
(As officially reported).
road improvement bonds. Due
$9.577.000 $59,666.64 1929; and $12.000, 1930 to 1933 incl.
Assessed valuation for taxation
463,000
Due Oct. 1, as follows: $3,520, 1929:
38,520.00 road improvement bonds.1931 to 1938 incl.
*Total debt (this issue included) population (City). 1920 Census, 4,422;
83.000, 1930 and 84,000.
Population, estimated, 10,000;
The bonds are dated June 1 1929.
population (City), 1910 Census, 4,171.
of other municipal
-H. L.
•The above statement does not include obligations within the School
-BOND OFFERING.
MERIDEN, New Haven County, Conn.
1:30 p. m.(daylight
corporations which have taxing power against property
Wheatley, City Treasurer, will receive sealed bids until
District.
of the following issues of 434%
the purchase
- saving time) on June 17, for
aggregating $200,000:
KLAMATH FALLS Klamath County Ore.-BOND OFFERING.
until 8 p. m. coupon bonds bonds. Due $10,0110. July 1 1930 to 1944, incl.
water
Sealed bids will be received by U. S. Batontine, Police Judge,
semi-annual sewer $150,000 "Golf Course" bonds. Due $5,000, July 1 1930 to 1939, incl.
of $150.000
on June 24. for the purchase of an issueDenom. $1,000. Dated July 1
50,000
denom. of 81,000.
bonds. Int. rate is not to exceed 5%.
Both of the issues are dated July 1 1929 and are in
National Bank,
1941
1929. Due on Jan. 1 as follows: $7,000, 1939; $8,000, 1940: $10,000,Teal. Prin. and Int. (Jan. and July 1) payable in gold at the First
preparation of the
and 1942; $12,000, 1943: $13,000, 1944 and $15.000, 1945 to 1950.
Boston. The aforementioned bank will supervise the
& Shuler of Portland will furnish the legal approval. bonds and will certify as to the genuineness of the signatures of the officials
Winfree, McCulloch
for 251 of the bonds bid
A $10,000 certified check must accompany the bid.
and the seal impressed thereon. A certified check
& Perkins
- for is required. Legality to be approved by Ropes, Gray,Boyden
-BOND OFFERING.
KOSCIUSKO COUNTY (P.O. Warsaw),Ind.
Sealed bids will be received by L. H. Huffer, County Treasurer, until of Boston. Statement of the City of Meriden, Conn., June 1 1929.
Debt
of 45 % bonds:
$52,996,650.00
2 p. m. on June 20,for the purchase of the following issues
list
$13,000 George Elder et al, road impt. bonds. Due $650, July 15 1930; Last grand Bonded Debt
8650. Jan. and July 15 1931 to 1939 incl.; and $650, Jan. 15 1940.
$120,000.00
outlay bonds
11,000 Clarenece SwIhart et al, road impt. bonds. Due $550, July 15 Capital
$985,000.00
1930; $550. January and July 15 1931 to 1939 incl.; and $550 School bonds bonds
$170,000.00
Improvement
Jan. 15 1940.
60,000.00
1930;
12,800 George Sierke et al, road impt. bonds. Due $640, July 15 1940. Municipalfunding
80,000.00
Refunding bonds
to 1939 incl.; and $640, Jan. 15
$640, Jan. and July 15 1931
$1,415,000.00
61,800 J. M. Heckman et al, road improvement bonds. Due $3,090.
Total bonded debt
July 15 1930; 83.090, Jan. and July 15 1931 to 1939 incl.: and
Population, 1920, 34,739; population, 1928, 45,000 (estimated).
3,090, Jan. 15 1940.
DISTRICT (P. 0. AlAll of the above bonds are dated June 15 1929. Interest payable on
MIDDLE RIO GRANDE CONSERVANCY of $2.000,000 of the $8,-A block
January and July 15.
buquerque), N. Mex.-BOND SALE.
district bonds offered on May 18, for which no bids
-BOND OFFERING. 700,900 seml-annnal
LA GRANGE COUNTY (P.O. La Grange), Ind.
-has since been purchased at private sale
were received-V. 128. p. 3722
received until 2 D. m. on June 12 by the County by a syndicate composed of Stlfel, Nicolaus & Co.,of St. Louis; the Fidelity
-Sealed bids will be
and
Treasurer, for the purchase of $7,200 Eden Township road construction National Co., of Kansas City, C. W. McNear & Co., of Chicago, Due
% bonds. Dated June 1 1929.
bonds. Rate of interest Is 5%. The bonds are dated May 15 1929. Caldwell & Co., of Nashville, as
$360, January and July 15 1931
Denom. $360. Due $360, July 15 1930;
from June 1 1934 to 1973.
to 1939 incl.; and 8360, Jan. 15 1940.
-The for
-BOND SALE.
MIDDLETOWN, Butler County, Ohio.
on May 23-V. 128, le•
LAS VEGAS, Clark County, Nev.-ADDITIONAL DETAILS.
issues of bonds aggregating $68.000 offered & Trust Co. of Middleitz Bank
of 4%% leaving bonds that was purchased by Snow- lowing
The $43,778.20 IMMO
-were awarded to the Oglesby-Barn
- 3226
Goodhart & Co.. of Salt Lake City at a price of 100.22-V. 128. p. 3386
town as stated herewith:
Is dated Jan. 1 1929. Denoms.$1,000 and $377.88. Due Jan. 1,as follows: $50,000 sewer assessment bonds as 5s, at par plus a premium of $92.50,
$5,000. Sept. 1
incl., giving a basis of about 4.46%.
$4,377.88 from 1930 to 1939
equal to 100.185, a basis of about 4.96%. Due
1930 to 1939 incl.
LAVACA COUNTY ROAD DISTRICT NO. 4 (P. 0. Hallettsville),
bonds sold as 5s at par plus a premium of
-Sealed bids will be received until 10 a. m. on
Tex.
-BOND OFFERING.
18.000 sidewalk, curb and gutter a basis of about 4.94%. Due $2,000,
$47.50, equal to 100.264,
June 15, by A. W. Janszen, County Judge, for the purchase of a $50,000
Sept. 1 1930 to 1938 hid.
issue of road bonds.
The bonds are dated May 1 1929.
LEOLA INDEPENDENT SCHOOL DISTRICT (P.O. Leola) McPher-Sealed
-BOND OFFERING.
-Sealed bids will be received
MIDDLETOWN,Orange County, N. Y. p.m.on June 26,for the purson County, S. Dak.-BOND OFFERING.
Clerk unt112
until 2 p. m. on June 10. by L. E. Balliet, District Clerk, for the purchase bids will be received by the City disposal bonds. Dated May 1 1929.
chase of $210,000 5% sewerage
of a $50,11111 issue of school bonds. Int. rate is not to exceed 534%.
incl. .A certified
$1,000. Due $7,000, May!1930 to 1959
Dated June 1 1929. Due on Juno 1, as follows: $2,000, 1932 to 1935, and Denominations the bonds bid for, payable to the City Treasurer, is required
to 1949 all incl. Prin. and semi-annual int. payable at the check for 5% of
Wood & Hoffman of New York.
$3.000, 1936
Legality to be approved by Thomson,
place designated by the purchaser. Legality of bonds approved by Junell,
J.
-BOND OFFERING.
Dorsey, Oakley & Driscoll, of Minneapolis. A $1,000 certified check must
MILLVILLE, Cumberland County, N. and Finance, will receive
Revenue
accompany the bid.
Wilbert J. Zimmerman, Director of Standard time) on Juno 14, for the
-BONDS REGIS- sealed bids until 2:3() p. m. (Eastern
LIVE OAK COUNTY (P. 0. George West), Tex.
coupon or registered school bonds. Dated June 1
-A 137,000 Issue of 5% road, series A bonds was registered by the purchase of $200,000 5%
TERED.
1930 to 1969 incl. Principal and
1929. Denom.81,000. Due $5,000. June 1 National Bank. No more bonds
May 27.
State Comptroller on
(J. & D.) payable at the Millville
- interest
-BONDS DEFEATED.
produce a permium of $1,000 over the amount
Calif.
LOS ANGELES,Los Angeles County,
to be awarded than will
-the stated above. A certified chock for 2% of the bonds bid for, payable to the
It is reported that at the election held on June 4-V. 128, p. 3386
by Caldwell & Rayvoters rejected the four proposed bond Issues aggregating $42.500.000 City Treasurer, Is required. Legality to be approved
for water, power and city improvement purposes.
mond of New York.
(P. 0. Abbeville) Vermilion
-BOND SALE POSTPONED.
MILTON SCHOOL DISTRICT NO. 2 bids will be received until
LUBBOCK, Lubbock County, Tex.
-Sealed
The three issues of 434% and 5% semi-annual bonds aggregating $225,000, Parish, La.
-BOND OFFERING.
-were offered on that day, Juno 20, by J. H. Williams, Secretary of the Parish School Board, for the
scheduled to be sold on June 4-'V. 128. p. 3226
the sale being postponed because of the depressed market conditions. The purchase of a $15,000 Issue of5% semi-annual school bonds.
-D. G.
Issues are as follows: $90,000 street improvement: $75,000 airport and
-BOND OFFERING.
MINEOLA, Nassau County, N. Y.
5 p. m.(daylight saving
860,000 sower extension bonds.
Hunt, Village Clerk, will receive sealed bids until
-The $241,600 improvement time) on June 11, for the purchase of $100,000 coupon or registered sewer
-BOND SALE.
LYNDHURST, Ohio.
-were awarded to the Guardian bonds. Rate of interest is not to exceed 6% and is to be in multiples of
bonds offered on May 27-V. 128, P. 3226
June 1 1929. Denom. $1,000.
Trust Co. of Cincinnati, as 534s, at par plus a premium of $1,618, equal to g or 1-10th of 1%. The bonds are dated 1941 incl.; and $3,000,1942 to
5.61%. The bonds are dated May 1 1929 and ma- Due June 1 as follows: $2,000, 1934 to
100.66. a basis of about
to 1938 incl.; and 1969 incl. Prin, and hit. (J. & D.) payable in gold at the First National
ture on Oct. 1, as follows: $24,600, 1930; $24,000, 1931
Bank, New York. A certified
$25,000. 1939.
Bank, Mineola, or at the National Park be approved by Clay, Dillon & •
to
-BOND SALE.
-An check for $2,000 Is required. Legality
McNAIRY COUNTY (P. 0. Selmer), Tenn.
has been purchased by Vandewater of New York.
Issue of $121,000
% school building bonds
DISTRICT
Caldwell & Co. of Nashville, for a premium of $2,015, equal to 101.665,
MISSISSIPPI COUNTY RURAL SPECIAL SCHOOL
-A $40.000 Issue of
-BOND OFFERING.
a basis of about 5.37%. Due in 20 years.
NO. 1 (P. 0. Whitton) Ark.
auction by L. P. Nichol-The two issues of 6% school bonds will be offered for sale at public 15. The purchaser Is to
-BOND SALE.
MACON, Noxubee County, Miss.
of the Board of Directors, on June
6% semi-annual bonds, aggregating $55,000, offered for sale on May 21 son, Secretaryto convert the bonds to a lower interest rate.
-were awarded to the Union Planters Bank & Trust Co., have the right
V 128, p. 3386
to 101.81. The issues
NO.1(P.O. Monroe),
of Memphis, as 51(0, for a premium of $1,000, equal
MONROE UNION FREE SCHOOL DISTRICT$35,000 coupon school
-The
are divided as follows: $45,000 school and $10,000 fire equipment bonds. Orange County, N. Y.
-BOND SALE.
as 58. at 100.729.
MADRID, Potsdam and Waddington Central School District No. bonds offered on May 31-V. 128, p. 3561-were awarded
1. The bonds are dated June 15 1929.and mature on
-BOND SALE.
-The a basis of about 4.0915
1 (P. 0. Madrid), St. Lawrence County, N. Y.
1931 to 1947 incl. The
$115,000 coupon or registered school bonds offered on June 4-V. 128, p. June 15. as follows: S1.000. 1930, and $2,000.
-were awarded to George B. Gibbons & Co. of ;slew York, as 58, at following bids were also submitted:
3386
Int. Rate. Rate Bid.
are dated June 1 1929, and
Bidder100.347, a basis of about 4.97% The bonds1940,
100.417
5%
incl.; and $5,000. 1941 George B. Gibbons & Co
mature on Dec. 1 as follows: $4,000, 1931 to
100.389
5.20%
bidders were: Interest rate not given.
Parson, Son & Co
to 1955, hid. Other
100.48
5.25%
Rate Bid. Dewey, Bacon & Co
BidderFinancial Statement.
Traders-Peoples Trust Co
100.189
Manufacturers &
83.096.671
100.31
Total assessed valuation, 1928
Batchelder, Wac.k & Co
3,012.430
Consisting of-Iteal property
5,000
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. 0,
Personal property
-BOND OFFERING.
79,241
-Sealed
), Weschester County, N. Y.
Mamaroneck
Special franchises
bids will be received by the District 011erk until 8:30 p. m (daylight saving Assessed valuation is estimated to be 75% of actual values.
$200,000 coupon or registered. series
233,000
this issue
time) on June 20. for the purchase ofto exceed 6%. The bonds
None
aare dated Total bonded debt,including
A,school bonds. Interest rate Is not
Due July 1 as follows: $5,000„ Sinking funds
None
July 1 1929 and are in denom. of $1,000.1959, incl. Prin.
addition to bonded debt
and semi-annual Floating debt in
incl.: and $10,000, 1946 to
1934 to 1945,
-The $18,000
-BOND SALE.
York. A certified
MONDAMIN, Harrison County, Iowa.
int. payable in gold at the Frist National Bank, New is
required. Legal issue of coupon water works bonds offered for sale on May 6-V. 128, p.
check for $4,000, payable to the District Treasurer,
awarded to Glopell, Veith & Duncan, of Davenport. as 4345. at
& Vandewater of New York.
-was
3059
opinion of Clay. Dillon
payable
Denoms. 52.000. $1.000, and $500. Due in 20 years. Int.
MARICOPA COUNTY SCHOOL DISTRICT NO.5(P. O. Phoenix), Par.
Nov. 1.
-The $25,000 issue of school bonds offered for sale on May &
Ariz.
-BOND SALE.
-Sealed
-BOND OFFERING.
-was awarded to the Valley Bank of Phoenix,
MOUNT OLIVE, Wayne County N. C.
on June 5-V. 128, p. 3387
9 p. m. on
as 510, for a premium of $202.22, equal to 100.808, a basis of about bids will be received by Augusta Williford, Town Clerk, until
refunding bonds.
5.18%. Due on June 1 as follows: $1,000, 1935 to 1939 and $2,000. 1940 June 13, for the purchase of a $30,000 issue of 5%%as follows: $1,000,
Denom. 81.000. Dated June 1 1929. Due on Dec. 1Principal and semito 1949. all Inclusive.
1931 to 1936, and $2,000. 1937 to 1948, all inclusive.
MARICOPA COUNTY SCHOOL DISTRICT NO.83(P.O.Pho nix), annual interest payable at the Hanover National Bank in New York City.
-The sale of the $11.000 is:ue of
-BOND SALE CANCELLED.
Ariz.
prepared by Bray Bros. of Greensboro. The required
Bosworth, Chanute, Loughridge & Co., of Denver. as The bonds will be be furnished on request. Storey, Thorndike, Palmer &
school bonds to
-has since bidding forms will will furnish the legal approval. A certified check for
514s, at 100.123,_ a basis of about 5.23%-V. 128. P. 3387
Dodge of Boston,
been cancelled. Due from April 15 1936 to 1940.
2% of the bonds bid for, payable to the Town Treasurer, is required.
-Sealed
Mount Olive),
MARION, La Moure County, N. Dak.-BOND OFFERING.
MOUNT OLIVE GRADED SCHOOL DISTRICT(P.O.will be received
the City Clerk, for the
m. on June
-Sealed bids
-BOND OFFERING.
bids will be received until 10 a,semi-annual 20, by light and
C.
electric
power bonds. Wayne County, N. 13 by T. R. Thigpen, Secretary of the Board of Truspurchase of a $7.000 Issue of 5% 1937 and 1939.
until 8 p. m.on June
1935,
Due $1.400 in 1931, 19;13.
tees, for the purchase of a 820.000 issue of 5%% school bonds. Denom.
-NO BIDS-N0 bids wero $1,000. Dated June 1 1929. Due $1,000 from June 1 1932 to 1951 incl.
MATAWAN, Monmouth County, N. J.
payable at the Hanover National Bank in New
May 28 for the $100.000 5 or 554% coupon or registered im- Prin. and semi-ann. int. will be prepared by Bray Bros. of Greensboro.
received on
-V. 128. D. 3387. There bonds were York City. The bonds
provement bonds offered for sale bids were rejected; the
highest tender of The required bidding forms will be furnished on request. Storey, Thornpreviously offered on May 7. All C. A. Preim & Co. of
legal approval.
New York
-V. dike, Palmer & Dodge of Boston will furnish the required
100.66 for 534s, was submitted by May 1 1929 and mature
on May 1. as A certified check for 2%,payable to the District Treasurer, is required.
128, p. 3226. The bonds are dated 84,000, 1953 to 1960
incl., and $2,000,
-BOND OFFERING.
Westchester County, N. Y.
$3,000, 1931 to 1952 incl.;
follows:
MOUNT VERNON,
will receive sealed bids
1961.
-L. S. Roberts, Secretary' of Board of Education, purchase of $721.000
17. for the
-NOTE SALE.
- until8 p. m.(daylight saving time) on Juneof interest is not to exceed 5%
MECKLENBURG COUNTY(P.O. Charlotte) N. C.
Rate
registered school bonds.
Two ISSUOS of notes aggregating $120,000, were recently purchased by the coupon orbe In multiples of g of 1%. The bonds are dated July 1 1929
Charlotte National Bank of Charlotte. as 6.9. The issues are divided as and is to
Due July 1, as follows: $36,000, 1930 to 1948 incl.; and
follows: $75,000 revenue and $45,000 debt service notes. Due in 2 months Denom. 81.000.Prin. and Int. payable at the Chemical Bank & Trust Co.,
$37,000, 1949.
and 4 months respectively.
3880
FINANCIAL CHRONICLE
[voL. 128.
New York. A certified check for $14,420, payable to the Board of Education,is required. Legality to be approved by Caldwell & Raymond of N.Y. bonds were offered unsuccessfully on May 16 as 55. A list of the bids which
were rejected appeared in V. 128, p. 3562.
MOUNTOUR FALLS, Schuyler County, N. Y.
-BOND SALE.
The $20,000 coupon or registered water bonds offered on June 3-V. 128, Valuation for year Financial Statement June 4 1929.
1928
$77.913,900.00
p. 3387
-were warded to the Marine Trust Co. of Buffalo, as
Sinking fund bonds
$436,000.00
100.689, a basis of about 5.12%. The bonds are dated Jan. 1929 5)1s, at
and ma272,535.13
ture $2,000, Jan. 1 from 1931 to 1940 incl. The following1bids were also Lesssinking funds
163,464.87
submitted:
Serial bonds(including issue advertised)
1,763,000.00
BidderInt. Rate.
Rate Bid.
George B. Gibbons & Co
Total net debt
100.397
5.50%
$1.926,464.87
Parson, Son & Co
100.166
5.757 Population. 1920
30.255
Miss.& Traders-Peoples Trust Co.,Buffalo_100.529
5.5010
NEW YORK, N. Y.
-SHORT TERM FINANCING DURING MAY L
.. 5
2
NASHVILLE, Davidson County, Tenn.
-BOND OFFERING.
- The City of New York during May issued short-term securities aggregating
Sealed bids will be received until 10 a. In. on June 21, by S. IT. McKay, 824.636,500, consisting
of $14,536,500 corporate stock notes and $10,City Clerk, for the purchase of five issues of coupon bonds aggregating 100,000
general fund bonds, described herewith:
$795,000 as follows:
Corporate Stock Notes.
$175,000 water works extension bonds. Due on Aug. 1 as follows: $1,000.
Rapid Transit Purposes.
1930 to 1939: $3,000, 1940 to 1944: $4,000, 1945 to 1949: $5.000,
Amount.
Maturity.
1950 to 1954; $6,000, 1955 to 1959; $7,000. 1960 to 1964 and
Interest Rate.
Date Issued.
$6,350,000
May 21 1930
4)4 %
May 21
$8,000, 1065 to 1969, all incl.
2,425,000
May 11 1930
250,000 lateral sanitary sewer bonds. Duo on Aug. 1 as follows: 82.000.
as?,
May 11
May 21 1930
1930 to 1934: 83,000, 1935 to 1939; 115,000, 1940 to 1944; 86,000,
May 21
3 5000
81;
May 27 1930
1945 to 1949; $7,000. 1950 to 1954: $8.000. 1955 to 1959; $9,000,
May 27
534
School Construaion Purposes.
1960 to 1964 and 810,000, 1965 to 1969, all incl.
May 21 1930
50,000 light extension bonds. Due on Aug. 1 as follows: $1,000. 1930 $3,250,000
May 21
„ 850,000
May 11 1930
to 1939 and $2,000, 1940 to 1959, all incl.
May 11
t
Various Municipal Purposes,
300,000 fire department improvement and equipment
Due on
$350,000
May 21 1930
Aug. 1 as follows: 85,000, 1930 to 1934; 810,000 1935 to 1939;
May 21
bonds.'
Dock Improvements.434%
$20,000, 1940 to 1944 and $25,000, 1945 to 1949, all incl.
$150,000
May 21 1930
4;4%
20,000 sanitation equipment bonds. Due on Aug. 1 as follows: $1,000.
May 21
Water Supply.
1930 to 1934 and 33,000. 1935 to 1939, all incl.
$650,000
May 21 1930
Int, rate is not to exceed 6% per annum,stated in multiples of
May 21
I of 1%,
125,000
May 11 1930
any int. rate bid to be applied to the entire issue bid for. Bid comparisons
May 11
General FundBonds.
will be made by taking the aggregate Mt, on all issues at the rates named in
Nov. 1 1930
the respective bids and deducting therefrom the premium, bid and the 810.100,000
3%
May 1
award will be made at the lowest net interest cost. Denom. $1.000.
NOBLE COUNTY(P.O. Albion),Ind.
-BOND SALE,-Thefollowing
Dated Aug.11929. Prin.and int.(F.& A.) payable at the City Treasurers issues of 5% bonds aggregating $27,100 offered on May
31-V. 128, P.
office or at the National Park Bank in New York City. Caldwell & Ray- 3388
-were awarded to the American State Bank of Ligonier, at par, plus a
mond of New York City will furnish the legal approval. The City Clerk premium of $340. equal to 102, a basis of about
4.75% •
or the U. S. Mortgage & Trust Co. of New York City will furnish the re10,100 Harley T. Lower etal. Elkhart Twp. highway impt. bonds. Dated
quired bidding forms. A certified check for 2% of the bid is required.
May 15 1939. Due $505. July 15 1930; 3505, Jan. and July 15
The following detailed statement accompanies the official offering notice:
1931 to 1949 incl., and 3505, Jan. 15 1950.
9.800 A. N. Clandon et al, Perry Twp. highway improvement bonds.
Financial Statement as of May 1 1929.
Real and personal property owned by the city_
Dated April 15. 1929. Due $245, July 15 1930: 8245. Jan. and
-$25,000.000.03
True value ofreal & personal prop. in municipality (est.)-_200,000.000.00
July 15 1931 to 1949, incl.. and $45, Jan. 15 1950.
Assessed valuation of property for 1928
7,200 Levi H. Chiddister eta!, Perry Tvrp. highway bnprovement bonds.
169,607,122.00
Total bonded debt-(including these bonds)
Dated April 15 1929. Due $180, July 16 1930: 3180, Jan. and
16,4d5.020.90
Waterworks bonds included above
July 15 1931 to 1949, incl., and $180. Jan. 15 1950.
$3,551,000.00
Electric light bonds included above
NOBLE COUNTY (P. 0. Albion), Ind.
Street improvement & sidewalk bonds included 369,000.00
-The follow-BOND SALE.
ing issues of 5% bonds aggregating $21,720 offered on May 31-V. 128. P.
above for which adequate special assess, have
3562
-were awarded as stated herewith:
been levied
471,000 00
$11,620 Wayne Township bonds sold to Thomas D. Sheerin & Co. of
School building & improvement notes, Chapter
Indianapolis, at par plus a premium of $205.00, equal to 101.76,
224. Private Aces of 1927a basis of about 4.65%. Due $415 July 161930;$415. Jan. and July
Park bonds of 1927 incl. above. Chapter 426. 702,000.00
15 1931 to 1939 incl.; and $415, Jan. 15 1940.
Private Acts of 1927
725,000.00 5,816.000.00
10,620 Elkhart Township bonds sold to the Inland Investment Co. of
Indianapolis, at par plus a premium of $132.50, equal to 101.31, a
Net bonded debt
$10,649,000.00
basis of about.4.737. Due $505, July 1 1930; $505, January and
Sinking fund ordinary cash
0
$434,139.79
July 1193! to 1939 incl.; and $505, January 1 1940.
Sinking fund investments
148,012.11
582,159.90
The bonds are dated May 15 1929.
Special sinking funds created by special assess, or tax levies__
331,747.35
NOGALES, Santa Cruz County, Ariz.
-Sealed
-BOND OFFERING.
Uncollected taxes
626,939.62 bids will be received until 8 p.
m. on June 11 by Phil Herold, City Clerk.
Population government census, 1920_
118,342
for the purchase of three issues of bonds aggregating $100,000 as follows:
Estimated government census, 1928
139.600
$50.000 water works extension and improvement bonds. Duo from 1933
Tax rate, 1928
20 mills
to 1957, incl.
24,000 sewer extension and improvement bonds. Due from 1935 to
NAVASOTA, Grimes County, Tex.
-BOND OFFERING.
-Sealed bids
will be received by It. J. Brule, City Manager, until 8 p. m. on June 14
1958 incl.
26,000 storm sewer bonds. Due from 1933 to 1958 incl.
for the purchase of an issue of $130,000 5% school bonds. Denom. $1.000.
Int. rate is not to exceed 6%. Dated June 1 1929. Prin. and semiDated May 10 1929. Due serially up to 1969. Prin. and int. (A. & 0.)
payable at the National Bank of Commerce In Now York. A certified annual int, is payable at the First National Bank in Nogales. Should
any bid be made subject to the approval by an attorney or attorneys of the
check for 2% is required.
regularityrelatinghgelteogegt(r
r
oucti provisions
sr att
any
NEW BEDFORD, Bristol County, Mass.
name
address
-BOND SALE.
-The $400,000 4)4% coupon highway improvement bonds offered on June 4-V. 128, be statedgired bid. A certified chock for 5 of the bid, payable to the
ity is re in sucb
-were awarded to Curtis & Sanger and Stone & Webster and BledP. 3722
get, Inc., both of Boston, at par and interest. The bonds are dated June
1
1929, in $1,000 denom. Due $40,000, June 1, from 1930 to 1939 incl.
NORTH HEMPSTEAD, Port Washington Water District (P. 0.
Prin. and int. payable at the National Rockland Bank. Boston. Legality Manhasset), Nassau County, N. Y.-86ND OFFERING.
-Sealed bids
to be approved by Storey, Thorndike, Palmer & Dodge of Boston. The will be received by C. E. Schmidt, Town Clerk, until 2:30 p. en. (daylight
purchasers are reoffering the bonds for public investment at prices ranging saving time) on June 17,for the purchase of $200,000 coupon or registered
from 98.80 for the 1930 maturing bonds to 102.02 for the last maturing Water bonds. Coupon rate is not to exceed 6%. The bonds are dated July
1 1929. Due July 1, as follows: $12,000, 1933 to 1948, incl.; and $8,000.
bonds, all bonds priced to yield from 5.75 to 4.25%.
1949. Prin. and semi-annual interest payable at the Port Washington
Financial Statement.
National Bank & Trust Co., Port Washington. A certified check for 2%
Assessed valuation 1928
$201,106.300 of the bonds bid for, payable to the Town, is required. Legality to be apTotal Gross Debt
11.226.000 proved by Clay, Dillon & Vandewater of N. Y.
Less: Water bonds
$1.258.000
Sink. funds
696,757
1,954,757
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-BOND SALE.
Watling, Lerchen & Ilayes of Detroit, were the successful bidders on May 28
Net debt
f
$9,271,243 paidor 3 ad0 500 Special Assessment Road District Bonds. The Purchasers
. 71.
,
Population (IL S. Census 1920)-121,217.
NEW HARTFORD UNION FREE SCHOOL DISTRICT NO.
8,
OHIO COUNTY (P. 0. Rising Sun), Ind.
-The
-BOND SALE.
Oneida County, N. Y.
-BOND SALE.
-The 3100.000 coupon bonds,
registerable as to principal.offered on June4(V.128, p.3722),were awarded 83.700434% road improvement bonds offered on June 3-V.!28,p. 3388
to Batchelder, Wack & Co.of New York as 4.90s at 100.81, a basis of about -wero awarded to a local investor, at par. The bonds are dated June 15
4.82%. The bonds mature annually on June 1 as follows: $3,000, 1930 to 1929, and mature as follows: 3185. July 15 1930: $185 Jan. and July 15
1931 to 1939, incl.; and $185. Jan. 15 1840. No other bid was submitted.
1932, inclusive; $4.000, 1933 to 1937, inclusive: $5,000, 9138 to 1941.
inclusive; 16,000, 1942 to 1946,inclusive, and $7,000. 1947 to 1949,inclusive.
-Sealed
-BOND OFFERING.
ONTARIO, Malheur County, Ore.
bids will be received until June 10, by E. II. Test City Recorder, for the
NEWINGTON, Hartford County, Conn.
-BOND SALE.
-The
000 4Si% coupon school bonds offered on May 31-V. 128, p. 3562 $150.- Purchase of a $62,000 issue of semi-annual refunding bonds. Int. rate is
awarded to Wood, Struthers & Co. of New York, at 101.242, a -were not to exceed 6%. Dated July 1 1929.
about 4.39%. The bonds are dated June 1 1929 and mature on basis of
June 1.
-BOND SALE-The 318.000
ORANGE COUNTY (P. 0. Paoli), Ind.
as follows: $4,000, 1930 to 1966 incl.; and 32,000, 1967. Eldredge & Co.
5% coupon road bonds offered on June 3-V. 128, P. 3562
-were awarded
of New York, bid 99.67 for the issue.
to the Meyer-Kiser Bank of Indianapolis, at par-plus a premium of $265.60
a1 to 101,47, a basis of about 4.695%. The bonds are dated June 3
we
NEW JERSEY, State of (P. 0. Trenton).
-BOND OFFERING.
Other
Sealed bids will be received at the office of the State Comptroller, until 1929,and mature $900,on May and Nov. 15 from 1930 to 1939 incl. Oth
bidders
10 a. m.(standard time) on June"18, for the purchase of $10,000,000
411%
BidderPremium.
road bonds, series A, issue of 1927, dated July 1 1929, and maturing on
$225.00
July 11944. Prin. and int. (Jan. and July 1) payable at the Trenton Trust Orange County Bank, Paoli
216.00
Co., Trenton. The above bonds are issued for the purpose of paying for J. F. Wild Investment Co., Indianapolb;
181.00
the cost of construction, improvement, reconstruction and rebuilding City Securities Corp Indianapolis
of the State H1 hway systems as now provided by laws or portions thereof.
OVERBROOK SCHOOL DISTRICT (P. 0. Pittsburgh) Allegheny
Including bridges therein, which are a part thereof, under the provisions County, Pa.
-Sealed bids will be received by P. C.
-BOND OFFERING.
of Chapter 181, P. L. 1927. which Act was submitted to the people at the Mayfield, Secretary of the Board of Directors, until 8p. m. (daylight
434.
general election held in the State of New Jersey, Nov. 8 1927 and received saving time) on June 24, for the purchase
coupon school
875.000
the sanction of a majority of votes cast for and against it at said election. bonds. Denotns. $1,000. Due May 1, of follows: $10.000, 1939 and
as
Bids must be inclosed in a separate envelope and marked "Bids for Road 1944; 315.000, 1949; and 320.000, 1954 and 1959. A certified chock for
Bonds." Bidders may bid for "all or none." No bids will be considered $1,000, payable to the District Treasurer, Is required.
containing any conditions whatever other than those herein specified. Legal approved by Burgwin, Scully & Burgwin of Pittsburgh. Legality to be
opinion will be furnished by the Attorney General of the State of New Jersey.
OWEN COUNTY (P. 0. Spencer), Ind.
-D. V.
Each bid must be accompanied by a certified check for an amount equal
-BOND OFFERING.
to 37 of the face value of the amount of bonds bid for, payable to the order Lucas, County Treasurer, will receive sealed bids until 10 a. m. on June 15,
°
of Albert C. Middleton, Treasurer of the State of New Jersey, to be for- for the purchase of$24,000 4)4 % J. P. Ooley et al,road improvement bonds.
0
feited as liquidated damages in case the bidder shall withdraw his bid or Dated May 15 1929. Denom. $1,200. Due $1,200, May 15, and Nov. 15.
shall fall and neglect to pay and take said bonds,should the same be awarded from 1930 to 1939 incl. Int. payable on May and Nov. 15.
to him.
PARMA,
-John H.
-BOND OFFERING.
The right to reject any or all of bids is reserved. No bid will be accepted Thompson, Cuyahoga County, Ohio.
Village Clerk, will receive sealed bids until 12 m. on June 24,
for less than par and accrued interest to date of delivery.
for the purchase of $68.000 6% special assessment .street improvement
Bonds will be dellvered to the bidder at Trenton, N. J. on or after bonds.
July 11929. All bonds will be coupon form of the denomination of $1,000. 36,000. Dated July 1 1929. Denorn. $1,000. Due Oct. 1, as follows:
They may be registered as to principal and interest or may be converted into on April1930 and 1931: and 37,000, 1932 to 1939 incl. Interest payable
and
metered bonds at option, in denominations of multiples of $1,000 up to san hersill Oct. 1. A certified check for 2% of the bonds bid for, payable
to tde V ageem : of C reqlaned. Legality to be approved by Squire,
Trea urer
npsy , isleve uir d.
$50.000.
NEWPORT, Newport County R. I.
-BOND OFFERING.
-S. F.
PASCAGOULA, Jackson County, Miss.
-BOND OFFERING.
Downing, City Treasurer, will receive sealed bids until 5
Sealed
saving time) on June 11 for the purchase of $150,000 5)1% p. m. (daylight for the bids we-e received by J. R. Watts, Mayor, until 4 p. m.on Juno 5.
coupon "Treaspurchase of a $60,000 issue of 5% coupon park bonds. Dated Nov. 1
ury Deficit Bonds," dated June 15 1929 and payable $50,000 Dec. 15
to 1931 incl. The bonds are in denomination of $1,000. Principal1929 1928. Due as follows: $1,500, 1929 to 1933: $2,500, 1934 to 1948 and
and
interest (June and Dec. 15) payable in gold at the office of the City Treas- $3,000, 1949 to 1953, all incl. Prin, and semi-annual int. payable at the
urer, or, at holder's option, at the First National Bank. Boston. Legality National Bank of Commerce in New York City. Thomson, Wood & Hoffman of New York will furnish the legal approval.
to be approved by Ropes, Gray, Boyden & Perkins of Boston.
These
(These bonds were unsuccessfully offered on Jan. 19-V. 128, P. 595.)
JUNE 81929.]
FINANCIAL CHRONICLE
3881
- 31.000,000 street paving bonds. Due on July 1 1939. 1 1963.
Venetia), Pa.
PETERS TOWNSHIP SCHOOL DISTRICT (P. 0. on May 27-V.
500,000 general improvement bonds. Due on July
bonds offered
-The $55,000 issue of 4%
BOND SALE.
400,000 school bonds. Due on July 1 1963.
The
& Co.
-was warded to Prescott, Lyon May 1 of Pittsburgh.
128, p. 3562
100.000 water works bonds. Due on July 11963.
as follows: $15,000,
on
bonds are dated May 1 1929 and mature
100.000 water works bonds. Due July 1 1963.
1934; and $4.000, 1935 to 1944 incl.
400,000 sewer bonds. Due on July 11963.
-The following registered and
150.000 gas works bonds. Due on July 1 1963.
-BOND SALE.
PHIA, Pa.
PHILADEL
128,p.3228
on June
Dated July 1 1929.,
coupon loans aggregating $10,000,000 offeredNational3-V. and Harris,
City Co.
-BOND OFFERING.
were awarded to a syndicate composed of the Co., Graham,Parsons & Co.,
RIDLEY TOWNSHIP, Delaware County,Pa. ers, will receive sealed
Commission
Forbes & Co. both of New York, Janney &
& Trust Co., all of L. F. Garling, Secretary of the Board of
W. II. Nowbold's Sons & Co., and the American Bankand R. H. Moulton bids unti1,7 p.m.(Eastern Standard time) on June 10, for the purchase of
1
Philadelphia, L. F. Rothschild & Co.. Emanuel & Co., Bank of Chicago, $35,000 oi% coupon bonds. Denom. $1,000. Bonds mature on Juneis
for $1,000
& Co., all of New York, the First Union Trust & Savings
1958. Interest payable semi-annually. A certified check
and E. B. Smith & Co. of Philadelphia. The successful tender was 100.109 required.
for amoswo bonds as 4%s and $7,000,000 as 4%s, which price representa
-The following
-NOTE SALE.
ROCHESTER, Monroe County, N. Y.
an interest cost basis of about 4.425%. The City Co. syndicate submitted
June 4-V. 128, p. 3723note issues aggregating $1,024,000 offered on Rochester. on its interest
an alternative bid of 100.609 for all or any part of the bonds as 43es.
1979.
the Lincoln-Alliance Bank of
were awarded to
$7,000,000 bonds due on June 1
of5.82%.
3,000.000 bonds due on June 1 1959.
1. The rate bid
Purpose.
Amount.
The bonds are dated June 1 1929. Int. payable on Jan. and July interest
29
iti 7uritY
Sept.at 19 .
par and accrued
Overdue tax, 1928
$550,000
City reserves the option to redeem the bonds at
Feb 7 1930
School construction
400.000
at the expiration of 20 years from the date of the loan, or at any interest
Feb. 7 1930
Bridge design and construction
days' notice by public advertisement. The
25,000
period thereafter upon 60
Feb. 7 1930
Municipal land purchases
25,000
purchasers are reoffering the bonds for public investment as follows: The
Feb. 7 1930
to
Voting machine
$3,000,000 4%a are priced at par, and the $7,000,000 4%s at 102.25,
dated June 7 1930. Payable at the Central Union
Vie notes are to be
yield 4.33% to the callable date.
- Trust Co., New York.
-BOND OFFERING.
PIERCE COUNTY (P. 0. Tacoma), Wash.
The following bids were also received:
Interest Rate.
Sealed bids will be received until 11 a. m. on June 24. by Geo. M. Meath,
Bidder
5.93
ers, for the purchase of an
Chairman,of the Board of County Commission
Salomon Bros. & Hutzler (plus $7.00)
5.95
issue of $150,000 airport, series 13 bonds. Int. rate is not to exceed 5%. S. N. Bond & Co.(plus $12.00)
5.99 o
a multiple thereofnotexceeding 31.000. Prin. and annual F. S. Moseley Sr Co
Denom.3100or in
the
int. payable at the County Treasurer's office or at the fiscal agency ofbid.
-The
ND SALE.
ROCKY RIVER, Cuyahoga County, Ohlo.-BO
State in New York. A certified check for 5% must accompany the
improvement bonds offered on Dlay 21-V. 128, p. 3228
-BOND OFPERING.-George $108.803.40 street 5315, to W. L. Slayton & Co. of Toledo, at par plus a
County, N. J.
PLAINFIELD, Union
-were awarded as
B. Wean, City Clerk, will receive sealed bids until 8:30 p. m. (daylight premium of $138.00, equal to 100.12, a basis of about 5.22%. Bonds are
saving time) on June 17. for the purchase of the following coupon or regis- dated June 1 1929. Due Oct. 1 as follows: $10,000, 1930; $11.000, 1931
Rate of interest is not to exceed 6%
1939.
tered bonds. aggregating $1,497,000.
to 1937 incl.,• $10,000, 1938: and $11,803.40,
and is to be in multiples of % of 1%.
-Frank Mitchell, Village Clerk, states that the
BONDS NOT SOLD.
1 as follows: 320.000.
bonds offered on May 21
$720,000 public improvement bonds. Due June 1962, incl.
814,507.556% special assessment Curb Connection
to
1930 to 1950, incl., and $25,000, 1951
-have not been awarded.
V. 128, P. 3060
545,000 school bonds. Due June 1 as follows: $25,000, 1930 to 1940 incl.,
8 (P. 0. Ballinger),
RUNNELS COUNTY ROAD DISTRICT NO.
and 330.000, 1911 to 1949 incl.
registered road
1
-A $91,000 issue of 5% coupon or Denom.$1,000.
-BOND SALE.
232,000 public improvement assessment bonds. Due June as follows: Tex.
by local citizens.
$42,000,1930;$45,000, 1931;$55,000,1932,and 345.000,1933 and bonds was purchased at par and interest1930 to 1939, incl. without option.
Due from Feb. 1
Dated Oct. 4 1928.
1934.
of a total issue
The bonds are dated June 1 1929 and are in $1,000 &mom. No more Int. payable on Feb. and Aug. 1. (These bonds are part
sold.)
bonds to be awarded than will produce a premium of $1,000 over the amount of 1478,000, of which $387,000 have not as yet been
payable in gold at the office
of each issue. Prin. and int.(June and Dec.)
-BOND OFFERING.
RUSH COUNTY (P. 0. Rushville), Ind.
of the City Treasurer. A certified check for 2% of the bonds bid for, payTreasurer, will receive sealed bids until 10 a. in.
able to the City Treasurer,lsrequired. Legality to be approved by Clay. Howard Ewbank, County
et al, road
17, for the purchase of 310,094 414% Charles Cassady $252.35.
on June
Dillon & Vandewater of N. Y. City.
Denominations
•
Improvement bonds. Dated May 15 1929.
July 15 1930.
- Due semi-annually on January and July 15. first maturity County Treas.
-BOND OFFERING.
PORT ALLEN,West Baton Rouge Parish, La.
January and July 15 at the office of the
Sealed bids will be received by Thomas L. Cronan, Mayor, until 8 p. m. Interest payable on
DISTRICT NO. 4, Westchester
on June 19, for the purchase of two issues of coupon bonds aggregating
RYE UNION FREE SCHOOL-C.II. Wilson, Clerk of the Board of
$83,000. as follows:
-BOND OFFERING.
County, N. Y.
for the pur$60,000 sewerage system bonds. Due from June 1 1930 to 1944 incl.
will receive sealed bids until 7:30 p. m. on June 14, rate either
Education,
23,000 sewerage district No. 1 bond's. Due from June 1 1930 to 1936 incl. chase of the following issues of bonds aggregating $310,000
Int. rate is not to exceed 54%. Prin. and semi-annual int, payable at 434.431, 434, 5, 531. 531 or 5%%,payable semi-annually on January and
the Bank of West Baton Rouge in Port Allen or at the Guaranty Trust Co. July 1.
in New York City. The legal opinion's of Chapman & Cutler of Chicago, 3160,000 Edison School Site bonds. Due $10,000, July 1 1930 to 1945 incl.
315,000, July 1 1930 to
and Francis J. Whitehead, of Port Allen. will be furnished. A certified
150,000 Edison School Building bonds. Due
check for 1% of the bid, payable to the Town, is required.
1939 inclusive.
will be in regietered form
All of the bonds are to be dated July 1 1929, and
-LOAN OFFERING.
PORTLAND, Cumberland County, Me.
Principal and interest payable at the First National
John R. Gilmartin, City Treasurer, wlli receive sealed bids until 11 am. In denom. of $1,000.Port Chester. or at the option of the holder in New
Co.,
Legality
(Eastern Standard time) on June 10, for the purchase of a $300,000 tem- Bank & Trust
certified check for 2% of the bonds bid for is required.
porary loan on a discount basis. The loan is dated June 14 1929. and is York. A
Reed, Hoyt & Washbtwn of New York.
at the First National Bank, Boston. Bidders are to to be approved by
Payable on Oct. 7 1929,
Hudson), Wis.-BONDS OFFERED.
state denominations desired. Legality to be approved by Ropes, Gray,
SAINT CROIX COUNTY (P. 0. p. m. on June 7 by S. N. Swanson,
Boyden & Perkins of Boston.
-Sealed bids were received until 2a $75,000 issue of 4%% semi-annual
of
-The 8125,- County Clerk, for the purchasebonds. Dated May 1 1929.
-BOND SALE.
PORTLAND, Multnomah County, Ore.
improvement, series 0
000 issue of 4% fireboat, fire stations and general fire bureau equipment highway
-BOND OFFERING.-Jamea
-was awarded at par
County, Mich.
3723
bonds offered for sale on June 4-V. 128, p.
ST. JOSEPH, Berrien
until 7 p. m.on June 10.for the
to the sinking fund. Dated June 11929. Due on June 1 1932 to 1938 incl. R.Stone, City Clerk, will receive sealed bidsBridge bonds. Rate of interest
$30,000 refunding State Street
purchase of
(P. 0. Portland) San Patricio Is not to exceed 6%. The bonds are dated July 1 1929 and mature as felPORTLAND SCHOOL DISTRICT
-A $15,000 issue of school bonds has been 13ws: $3,000, Sept. 1 from 1930 to 1939 ineL A certified check for $1,000
-BOND SALE.
County, Tex.
purchased at par by the county permanent school fund.
is required.
Mo.-BOND OFFERING.
-BOND OFFERING.
ST. LOUIS COUNTY (P.' 0. Clayton),County Treasurer, until noon
PORTSMOUTH, Scioto County, Ohio.
City Auditor. will receive sealed bids until 12 m. Sealed bids will be received 1.3y P. G. Dueser,$1,000,000 45,1 or 43.4% road
Talmadge Edwards,
issues of coupon bonds aggre- on June 13, for the purchase of an issue of
on June 27, for the purchase of the following
on June 1. as follows
bonds. Denom. $1,000. Dated June 1 1929. Due 1935; 345,000, 1936
gating $335,143.26:
$42,000,
$35,000, 1932; 337,000, 1933; $40,000, 1934; 354,000, 1940; 355,000. 1941
$140,000.00 grade crossing elimination bonds. sewer bonds.
1939;
Due June 1, 348.000, 1937; $50,000, 1938; $52,000,
80,143.26 special assessment street, alley and
1945: 368,000, 1946
as follows: $8,143.26, 1931; and $8,000, 1932 to 1940 incl.
$57,000,1942; $60,000, 1943; 362.000,1944; $64,000. and int. (J. & D.
Prin.
00,000.00 water works extension bonds.
372.000, 1947: $75,000, 1948 and $84,000 in 1949. Benj. H. Charles of St.
55,000.00 City's portion street, alley and sewer bonds. Due June 1, as payable at the First National Bank in St. Louis. The County Treasurer
follows: $5,000, 1931;$6.000, 1932;$5,000, 1933; 36,000. 1934: Louis will furnish purchaser with legal opinion. certified check, payable
$5,000, 1935; $6,000. 1936; $5,000, 1937; $6,000,1938; $5,000, will furnish the required bidding forms. A $10,000
1939; and $6,000, 1940.
to the County Treasurer, must accompany the bid.
-Sealed
All of the above bonds are dated June 1 1929. The special assessment
-BOND OFFERING,
ST. PAUL, Ramsey County, Minn. Comptroller, until June 25,
bond issue bears a coupon rate of6%,the others 5%. A certified check for
by Wm. F. Scott, City
2% of the bonds bid for, payable to the order of the City Treasurer, is re- bids will be received issue of $1,000,000 semi-annual improvement bonds.
the purchase of an
for
(mired. Purchaser to pay for legal opinion.
Int. rate is not to exceed 43.4 %•
-The
-BOND SALE.
POTTAWATTOMIE COUNTY SCHOOL DISTRICT NO. 24 (P. 0.
SAGINAW COUNTY P. 0. Saginaw), Mich.
-Sealed bids were received until
100.384 for 55,4s, a basis
Tecumseh) Okla.-BONDS OFFERED.
Detroit & Security Trust Co. of Detroit, bidding
Special
2 p. m. on June 5 by G. W. Martin, District Clerk, for the purchase of a of about 5.88%, were the successful bidders on May 28 for $69,000$25,000
a $44,000 issue and a
$15,000 issue of school bonds. Due 61,000 from 1934 to 1948 inclusive.
Assessment Road District bonds, consisting of
The bonds are dated
-BOND SALE.
-The issue due annually on May 1. from 1931 to 1935 incl.1. Legal opinion and
PUTNAM COUNTY (P. 0. Brewster), N. Y.
May and Nov.
payable on
$360,000 coupon or registered, series No. 20, highway bonds offered on June 1 1929. Interest be paid for by purchaser.
-wore awarded as 4s,at 100.369. to the Manu- Printing of the bonds to
May 31-V. 128,9. 3723
-George
facturers & Traders-Peoples Trust Co. of Buffalo. The bonds are dated
-BOND OFFERING.
SAGINAW, Saginaw County, Mich.
June 1 1929 and mature $18,000 on June 1 from 1930 to 1049 incl. Interest
bids until 10 a. m.(Eastern
C. Warren, City Comptroller, will receive sealed$500,000 414% street impt.
cost basis about 4.35%.
20, for the purchase of
standard time) on June
The following is a list of the other bids received:
Due 3100,000, July 1 1930
Int. Rate.
Rate Bid. bonds. Dated July 11929. Denom. $1.000. payable at the office of the
Bidderto 1934 inclusive. Prin. and semi-annual interest 'bonds bid for, payable
4.50%
100.29
Dewey. Bacon & Co
for 2% of the
100.619 City Treasurer. A certified check Legality to be approved by Thomson,
Roosevelt & Son
1:g2 o
100.189 to the Ci.ty Treasurer, is required.
The Detroit Co
Wood & Hoffman of New York.
-BOND OFFERING.
-Sealed bids
-Sealed
OFFERING.
RALEIGH, Wake County, N. C.
SANISH, Mountrail County, N. Dak.-BOND Cavanaugh, Village
will be received until 11 a. m. on June 15, by E. E. Culbreth, Mayor, for
m. on June 20, by J. T.
$500.
the purchase of two issues of coupon or registered bonds aggregating $175,000 bids will be received until 2 p.
for the purchase of an $8,000 issue of village bonds. Denom.
Clerk,
as follows:
check for 2% must accompany the bid.
$100,000 refunding bonds. Due on July 1,as follows: $2,000, 1932 to 1937; Duo on July 1 1949. A certified
-BOND SALE NOT CON$3,000. 1938 to 1948 and $3,000, 1949 to 1959 all incl.
SEDRO WOOLEY, Skagit County, Wash.
75.000 State fair ground bonds. Due on July 1, as follows: $1,000, 1931 SUMMATED.-The sale of the two issues of bonds aggregating $40,000.
-V. 128,
as 4%s, at par
to 1953 and $2,000, 1954 to 1979, all inclusive.
awarded on April 22 to the State of Washington, technicality. The issues
Int. rate is not to exceed 6%. Denom. $1,000. Dated July 1 1929. p. 3060
-was not consummated because of a legal
Prin, and int. (J. & J.) payable in gold in New York. Reed, Hoyt & Wash- are divided as follows: $32,500 city hall and $7,500 fire truck pumper bonds.
burn of New York will furnish the legal approval. Int. rate is to be stated
-BOND OFFERING.
SHARON HILL, Delaware County, Pa.
in a multiple of % of 1% and is to be the same for all of the bonds. A Sealed bids will be
Secretary until 8 p. m.(Daylight
received
certified check for 2% of the bonds bid for, payable to the City, is required. Saving time) on July 1, forby the Borough 365,000
% coupon borough
the purchase of
-BOND SALE bonds. Dated July 11029. Denom. $1,000. Due July 1, as follows: $5,000.
), Ind.
RANDOLPH COUNTY (P. 0. Winch
-J. A. Miller, County Treasurer, states that tho $64,000 1934 and 1039:310,000. 1944 and 1949; $15,000, 1954. and 320.000, 1959.
POSTPONED.
3-V. 128, p.
A certified check for 2% ofthe bonds bid for, payable to the Borough Treasissue of 4%% highway improvement bonds offered on June which necessiurer is required. Legality to be approved by Townsend, Elliott & Munson
-were not sold, owing to an error in the advertisement
3563
of Philadelphia.
the postponement of the award.
tated
,
-BOND SALE.
SHARON SCHOOL DISTRICT, Mercer County, Pa.
FtAVALLI COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Hamilton)
-The $120,000 issue of school bonds offered for -The $425,000 4%% coupon school bonds offered on May 31-V. 128, p.
-BOND SALE.
Mont.
-was awarded to the State of Montana, as 3563
-were awarded to the First National Bank of Sharon, at par-plus a
sale on June 1-V. 128, p. 3388
premium of $8,500 equal to 102, a basis of about 4.37%. The bonds are
50, at par.
are payable on June 15 1959.
RICHLAND COUNTY SCHOOL DISTRICT NO.71(P.O. Brockton) dated June 15 1929 and
-The $1,500 issue of school bonds offered for sale
SMYRNA SPECIAL SCHOOL DISTRICT, Kent County, Del.-BOND SALE.
Mont.
-was awarded at par to the State Board of BOND OFFERING -C. W. Schantz, Secretary of the Board of Education,
p. 3060
on May 25-V. 128,
will receive sealed bids until 6 p. m. (standard time) on June 7, for the
Land Commissioners.
-Sealed purchase of 350,000 5% coupon refunding bonds. Dated June 15 1929.
RICHMOND, Henrico County, Va.-BOND OFFERING. 5 p. m. Denotes, $1,000 and $500. Due June 15 1949, optional June 15 1930 or
, until
bids will be received by Landon B. Edwards, City Comptroller
% on any interest payment date thereafter. Prin. and int. payable at the
six issues of
(Eastern standard time) on July 10, for the purchase of
Farmers Bank, Dover.
32,550.000, as follows:
bonds aggregating
3882
FINANCIAL CHRONICLE
SOUTH BEND, St. Joseph County, Ind.
-BOND OFFERING.
Sealed bids will be received by R. Ackerman, City comptroller, until
12 in. on June 12, for the purchase of $450,000 44% coupon Track Elevation and Removal bonds. Dated June 1 1929. Denom.$1,000. Payable
on June 1 1949. Prin. and int. (J. & D.) payable at the National Park
Bank, N.Y. A certified check for 1% of the bonds bid for is required.
SOUTHERN PINES, Moore County, N. C.
-BOND OFFERING.
Sealed bids will be received until noon on June 11, by H. F. Burns. Town
,
Clerk,for the purchase of a $20,000 issue of54% water system bonds. Denom. $1,000. Dated June 1 1929. Due $1,000 from June 1 1932 to 1951
incl. Prin. and semi-annual int. payable at the National Park Bank In
New York City. Storey,Thorndike,Palmer & Dodge of Boston will furnish
the legal approval. A certified check for 2% of the bid, payable to the
Town Treasurer, required.
[VOL. 128.
1,000,_1930 to 1934 and $2,000, 1935 to 1942, all incl. Prin. and int.
J. & D.) payable in gold at the Hanover National Bank in New York
ity. Storey, Thorndike, Palmer & Dodge of Boston will furnish the
legal approval. A certified check for 2% of the bid, payable to the Town
Treasurer, is required.
TULSA, Tulsa County, Okla.
-BOND OFFERING.
-Sealed bids will
be received by Prank P. Kitchen, Jr., City Auditor, until 9 a. m. on June
11,for the purchase of an issue of$1,250.000semi-annual street improvement
issue of 1927 bonds. Int. rate is not to exceed 431%. Denom. $1,000.
Due $63,000 from June 30 1934 to 1952 and $53,000 in 1953. A certified
chock for 2% of the bid Is required.
Financial Statement.
City incorporated Jan. 18 1898. Town of Red Fork annexed Nov. 22
1927. Town of Carbondale annexed May 15 1929.
$252,704,440.00
SPRINGFIELD TOWNSHIP (P. 0. Springfield) Union County, Estimated valuation of taxable property
Valuation of tax. prop, as cert. by County Assessor for fiscal
N. J.
-BOND SALE.
-The First National Bank of Springfield, is reported
year 1928-29
126,353,220.00
to have purchased at par plus expenses, an issue of $949,000 6% temporary Tax
rate per $1,000 valuation:
-State
$1.50
Improvement bonds. Dated June 1 1929. Denom. $1,000. Due June 1
County
8.30
as follows: $60,000, 1932 and 1933; $65,000, 1934; $244,000, 1935; $75.000.
School District
18.90
1936;$80,000, 1937 and 1938;and $285,000, 1939. Prin. and int. payable in
City
in gold at the National City Bank, New York, or at the First National
20.50
Bank, Springfield. Legality to be approved by Thomson, Wood & HoffTotal
$49,20
man of N. Y.
Recapitulation.
STARBUCK SCHOOL DISTRICT (P. 0. Starbuck), Pope County, Public utility bonds (Sec. 27)
$12,470,000.00
General
Minn.
220,500.00
-MATURITY.
-The $25,000 issue of 4% school bonds that was Fundingpurpose bonds (Sec. 26)
bonds
awarded at par to the State of Minnesota
202,407.99
-V. 128, p. 2693
-Is due as
follows: $1,000. 1935 to 1948 and $11,000 in 1949.
Total bonded indebtedness
$12,892,907.99
Population, Federal census, 1920. 72,075; as est. by U. S. Census Bureau
STOCKBRIDGE TOWNSHIP SCHOOL DISTRICT NO.V.(p. 0.
Stockbridge) Ingham County, Mich.
-BOND SALE.
-The Detroit in 1928, 170.500; as est. now, 172,000.
& Security Trust Co. of Detroit, was the successful bidder on May 23 for
TURKEY INDEPENDENT SCHOOL DISTRICT (P. 0. Turkey),
a $100,000 issue of school bonds. The purchasers paid par for the bonds
-BOND SALE.
-An $85,000 issue of 6% school bonds
which were to bear a coupon rate not exceeding 44%. The bonds are Hall County, Tex.
has been purchased at par by the Brown-Crummer Co. of Wichita.
dated June 15 1929. The bonds mature on March 15, as follows: $2,000,
1931 to 1935 incl.; $2,500. 1936 to 1940 incl.; $3,000, 1941 to 1945 incl.;
UNION CITY, Hudson County, N.J.
-BOND OFFERING.-Arthur J.
$3.500, 1946 to 1950 incl.; $4,500, 1951 to 1958 incl.; and $9,000. 1959. Spitznagle,
City Clerk, will receive sealed bids until 8.30 p. m. (daylight
Successful bidders are to pay for printing of the bonds and legal opinion.
saving time) on June 19, for the purchase of the following issues of coupon
STOCKTON,San Joaquin County, Calif
.-MATURITY-BASIS.- or registered bonds aggregating $930,000:
The $240,000 issue of 5% dam construction bonds awarded to the Anglo- 5890,000431, 431 or 5% improvement bonds. Due June 1, as follows:
545,000, 1930 to 1933 incl.; $50,000, 1934 to 1940 incl.; and
London-Paris Co., of San Francisco, at a price of 103.68-V. 128. p.3724
$60,000, 1941 to 1946 incl.
Is dated Aug. 1 1924 and due on Aug. 1, as follows: $22.000, 1937; $43,000,
40,000 5, 54, or 54% West Hoboken St. improvement bonds. Due
1938; $51,000. 1939: $53,000, 1940 and 1941 and $18,000 in 1942, giving
June 1, as follows: $2,000, 1930 to 1934 incl.; and $3,000, 1935 to
a basis of about 4.60%.
1944 incl.
SUNBURY SCHOOL DISTRICT, Northumberland County, Pa.
All of the above bonds are dated June 1 1929. Denom. $1,000. Prin.
NO BIDS.
-No bids were received on May 29for the $170.00044% coupon and int. payable in gold at the office of the City Treasurer. No more
school bonds offered for sale.
-V. 128, p. 3388. These bonds were pre- bonds to be awarded than will produce a premium of $1,000 over the
viously offered without success on May 6.-V. 128, p. 2693. The bonds amount of each issue. A certified check for
2% of the bonds bid for,
are dated June 1 1929 and mature in from 5 to 30 years.
payable to the City, is required. Legality to be approved by Hawkins,
SUPPLY JOINT CONSOLIDATED SCHOOL DISTRICT NO. 5 Delatield & Longfellow of New York.
(P. 0. Supply)., Woodward County, Okla.
-BOND SALE.
-A $27.000
UPPER MERION TOWNSHIP SCHOOL DISTRICT (P. 0. Port
issue of school bonds has recently been purchased by R. J. Edwards, Inc.,
Kennedy), Montgomery County Pa.-BOND SALE.
-The 5200,000
of Oklahoma City, for a $15 premium, equal to 100.055.
-were
431% coupon school bonds offered on May 27-Y. 128, p. 3230
'
TARRANT COUNTY WATER IMPROVEMENT DISTRICT NO. 1 awarded to the Montgomery Trust Co. of Norristown, and the Bridgeport
(P. 0. Fort Worth), Tex.
-BOND OFFERING.
-Sealed bids will be re- National Bank of Bridgeport, jointly. The bonds are dated May 1 1929
ceived until 10 a. in. on June 18 by Walter R. Bennett, Chairman of the and mature on May 1 as follows: $20,000, 1934; $25,000, 1939; 830,000,
Board of Directors, for the purchase of a $2,000,000 issue of 5% water 1944; 535.000. 1949; $40,000, 1954; and 550.000, 1959.
improvement bonds. Dated May 15 1929. Prin. and int. is payable in
New York City. A $75,000 certified check must accompany the bid.
UPHAM SCHOOL DISTRICT P. 0. Upham), McHenry County,
N. Dak.-BOND SALE.
-The $32,000 issue of 5% school bonds offered
TARRYTOWN, Westchester County, N. Y.
-BOND OFFERING.
- foorth rpakotpr. 2 ueV. 124 . 2513
Nr sale on A a D in 19 , .
-was awarded at par to the State of
289p
J. Wyckoff Cole, Village Clerk, will receive sealed bids until 8 p. in. (daylight saving time) on June 17, for the purchase of $53,000 Fire Alarm and
Police Signal System bonds. The bonds will be awarded to the bidder
UPPER DARBY TOWNSHIP (P. 0. Upper Darby) Delaware
offering the lowest rate of interest,stated in multiples of 1-10th or Si of 1%. County, Pa.
-BOND SALE.
4% coupon township bonds
The bonds are dated June 1 1929, are in $1,000 denominations, and mature offered on June 4-V. 128, -The $300.000 awarded to the Lansdowne
-were
on June 1 as follows: $3,000, 1930 to 1946, inclusive, and $2,000, 1947. Bank & Trust Co. The bondsp. 3725 June 1 1929 and mature on June 1
are dated
A certified check for $1,000, payable to the Village, must accompany each as follows: $30,000, 1931; 1934, 1937, 1940. 1943, 1946. 1952. 1955. and
proposal. Legality to be approved by Caldwell & Raymond of Now York. 1958.
TAUNTON, Bristol County, Mass.
-TEMPORARY LOAN.
-The
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
$200,000 temporary loan offered on June 4-V. 128, p. 3724
-was awarded Sealed bids will
J. 0. Leek, County Treasurer, until 10
to F. S. Moseley & Co. of Boston, on a discount basis of 5.87%, plus a a. in. on June 10,be received by of 515.000 Pierson Township 44% road
for the purchase
premium of $2.50. The loan is dated June 5 1929 and payable $100,000 improvement bonds. Dated June 1 1929. Denom. $750. Due as folon Oct. 23 and Nov. 27, both in 1929. Other bidders were:
lows: $750. July 15 1930; $750, Jan. and July 15 1931 to 1939 incl.; and
• BidderDiscount Basis. $750. Jan. 15 1940. Int. payable on Jan. and July 15.
Shawmut Corp. of Boston
5.937
Q
Old Colony Corp
-BOND SALE.
WACO, MeLennan County, Tex.
-The $1,000.000
5.935%
Curtis & Sanger
issue of coupon water works Improvement bonds offered for sale on June
5.947
S. N. Bond & Co. (Plus $6.00)
4-V. 128, p. 3389
-was awarded to a syndicate composed of the Harris
5.954
Trust & Savings Bank, and the First Union Trust & Savings Bank, both of
TENNESSEE, State of (P. 0. Nashville).
-BOND SALE.
-The issues
of bonds and notes aggregating $21.000,000, offered for sale on June 4 Chicago, and the National City Co. of New York, as 4%s, for a premium
-V. 128, p. 3724-were awarded to a group of Tennessee banks at par and Of $1,133, equal to 100.113, a basis of about 4.74%. Dated July 11929.
interest for the account of a syndicate headed by Lehman Bros.,the National Due from 1930 to 1969 Incl. The second highest bid was that of 100.11
City Co.. the Guaranty Co. of New York, the Bankers Co., of New York, submitted by Halsey, Stuart & Co.
and Harris Forbes & Co.. all of New York, as follows:
WALLIS INDEPENDENT SCHOOL DISTRICT P. 0. Wallis)
$12,500,000 4 S.4% highway notes. Dated Feb. 15 1929. Due on Feb. 15 Austin
-The $50,000 issue of
-BONDS REGISTERED.
County, Tex.
19aB.
5% coupon school bonds recently awarded-V.128, p. 3564
-was registered
7,500.000 bridge bonds. Dated June 1 1929. Due on June 11944.
on May 27 by the State Comptroller. Due from 1942 to 1969 incl. Jailed
500,000 44% highway notes. Dated June 1 1929. Due on April 29
1932.
-BOND OFFERING.
WARREN, Trumbull County, Ohio.
--:Della B.
500,000 431% university building bonds. Dated July 11929. Due on
King, City Auditor, will receive sealed bids until 1 p. in. on June 14 for
July 11944.
aggregating $47,260:
impmq
that others included in the syndicate which acquired the the purchase of the following 44% bonds bonds.
It is reported
obligations, in addition to the five already named, are the Continental $22.530.00 Fire Alarm Telegraph System $2,000, Due as follows: $2,530,
April and $3,000. Oct. 1
Apr. 1 and $2,000. Oct. 1 1930;
Illinois Co., Rogers Caldwell & Co., First Union Trust and Savings Bank,
1931; $2,000, April and Oct. 11932; $3.000 April and $2.000,
E. II. Rollins & Sons, Stone & Webster and Blodg.et, Inc., Kountze Bros.,
Oct. 1 1933; and $2,000. April and Oct. 1 1934.
the Detroit Co. Inc.; Estabrook & Co., the Northern Trust Co., Old
15,000 Fire Dept. Equipment bonds. Due $3,000. April and $1,000,
Colony Corp., Eldredge & Co., William It. Compton & Co.. Ames, Emerich
Oct. 1 1930; $1.000, April and Oct. 1 1931 to 1935 Incl.; and
& Co.; Kean, Taylor & Co.; R. W. Pressprich & Co., National Park Bank,
$1,000, Apr. 1 1936.
Hannahs, & Co., Mississippi Valley Co., Inc.: J. C. Bradford & Co.,
9.73040 West Side Park bonds. Due $730, April and $1,000, Oct. 1
National Co., Nashville; Fourth and First National Co., Nashville; Com1930; $1,000, April and Oct. 1 1931 to 1934 incl.
merce Union Co., Nashville, and Hamilton National Co., Chattanooga.
The
int. (A. & 0. 1) payable
The official offering notice on the above bonds appears on the last page at the bonds are dated April 1 1929. Prin. and certified check for $500,
office of the Sinking Fund Trustees. A
of this section.
Payable to the City Treasurer, must accompany each proposal.
TIFFIN, Seneca County, Ohio.
-BOND OFFERING.
-Sealed bids
-Sealed bids
-BOND OFFERING.
WARSAW, Duplin County, N. C.
will be received by the City Auditor until 12 in. on June 20,for the purchase
of $100,000
% improvement bonds. Dated July 1 1929. Denom. will be received until 1:30 pin,on June 13 by M.IL Thomas, Town Clerk,
51.000. Due 510,000, Sept. 1 1930 to 1939 incl. A certified check for for the purchase of a $10,000 issue of 67, funding bonds. Denom. $1,000.
Dated June 1 1929. Due $1,000 from June 1 1932 to 1941, incl. Prin.
2% of the bonds bid for, payable to the City, is required.
and semi-annual int. payable at the Hanover National Bank in New York
TIPTON COUNTY (P. 0. Tipton), Ind.
-BOND OFFERING.
- City. Bonds will be prepared by Bray Bros. of Greensboro. Required
Sealed bids will be received by C. L. Hobbs,County Treasurer, until 10 a. m. bidding forms will be furnished on request. Storey, Thorndlke, Palmer &
on June 15, for the purchase of $10,000 road construction bonds, to bear a Dodge of Boston, will furnish the legal approval. A certified check for 2%
coupon rate of 431%. The bonds are dated May 1 1929. Denom. $500. of the bonds bid for, payable to the Town Treasurer is required.
Due $500, July 15 1930; 5500. January and July 15 1931 to 1939 incl.;
and $500. Jan. 15 1940. Interest payable on May and Nov. 15.
-TEMPORARY LOAN.WATERTOWN, Middlesex County, Mass.
The Union Market National Bank of Watertown, was the successful bidder
TOLNA, Nelson County, N. Dak.-BOND OFFERING.
-Sealed bids on June 5,for a
$200,000 temporary loan payable $100,000 on Dec. 20 1929
will be received until June 20 by Carl Thompson, Village Clerk, for the and
$100,000 on Jan. 211930. The purchasers agreed to discount the loan
purchase of a $4,000 Issue of 6% light plant bonds.
onBidde63 basis. The following bids were also submitted.
a 5.,
7
TONAWANDA, Erie County, N. Y.
55.Basis.
-The $20,000
Discount
-BOND SALE.
5% coupon improvement bonds offered on June 3-V. 128, p. 3564
-were First National Bank of Boston
awarded to the First Trust Co. of Tonawanda, at 102.92, a lmsis of about Shawmut Corp. of Boston
4.77%. The bonds are dated July 1 1929. Due $1,000, July 1 1940 to 1959 Salomon Bros. & Hutzler (plus $3.50)
. Bank of Commerce & Trust Co
88215.87
The following bids were also submitted:
WAYNE COUNTY (P. 0. Detroit), Mich.
-The
-BOND SALE.
BidderRate Bid. following Issues of
highway Improvement bonds. aggregating $243,000
George B. Gibbons & Co
102.374 offered on Juno 4-V. 128,
-wore awarded to a syndicate composed
p. 3389
Roosevelt & Son
101.57
of Otis & Co. of
First National Co..
Parson, Son & Co
100.344 both of Detroit,Cleveland, the Bank of Detroit and the to 100.196.
at par plus a premium of $476.28, equal
TOWNSEN D, Broadwater County, Mont.
-MATURITY.
-The $135,000 Road Assessment District No. 135 bonds. Due $15,000 May 1
$25,000 issue of refunding bonds awarded to the State Board of Land Com4.1
1931 to 1939, incl.
missioners, as 531s, at par on May 9-V. 128, p. 3889
108,000 Road Assessment District No. 10 bonds. Due $12,000 May 1
-Is due in 1949.
1931 to 1939, incl.
TREZEVANT, Carroll County, Tenn.
-The $60,000
-BOND SALE.
The above bonds are dated June 1 1929.
Issue of 54% high school building bonds that was recently voted-V. 128,
-has since been purchased by Little, Wooten & Co. of Jackson.
P. 3230
WEST MONROE, Ouachita Parish, La.
-An issue of
-BOND SALE.
3100.000 54% general improvement bonds has been purchased by the
TROY, Montgomery. County, N. C.
-BOND OFFERING.
-Sealed Whitney-Central Bank of New Orleans. Denom. $500. Dated Jan. 1
bids will be received until 11 a. m on June 18 by J
McKenzie Town 1929. Due serially from Jan 1 1930 to 1969. Prin, and int. (J. & J. 1)
Clerk, for the purchase of a $21,000 issue of6% coupon street and sidewalk payable at the
City. Legality
bonds. Denom. $1,000. Dated June 11929. Due on June 1 as follows: to be approved U. 8. Mortgage & Trust Co. in New York
by B. H. Charles of St. Louis.
t
JUNE 8 1929.]
3883
FINANCIAL CHRONICLE
Erie Due June 1, as follows: $1,500, 1932; 52.000, 1933 to 1935 incl.; and 53,000.
WEST SENECA FIRE DISTRICT NO. 2 (P. 0. Gardenville), the 1936 to 1944 incl. Prin. and semi-annual int. payable at the Citizens
-G. J. Kauderer, Chairman of
-BOND OFFERING.
County, N. Y.
m.(daylight State Bank, Lydonville. A certified check for 5% of the amount of bonds
Board of Fire Commissioners, will receive sealed bids until 8 p.or registered bid for, payable to the above-mentioned official, is required.
$8,000 coupon
saving time) on June 17, for the purchase of and is to be in multiples of
-In
-OFFERING DETAILS.
YUMA COUNTY (P. 0. Yuma) Ariz.
bonds.** Rate of interest is not to exceed 6% 1 1929. Denoms $1,000.
;,‘ or 1-10th of 1%. The bonds are dated July and semi-annual interest connection with the offering scheduled for 10 a. m. on June 18, of the two
-we are
aggregating $400,000-V. 128, p. 3565
1938, incl. Principal
of semi-annual bonds
Due $1,000 July 1 1931 to
check for Issues
now informed that the issues are described as follows:
payable in gold at the Ebenezer State Bank, Ebenezer. A certified
each proposal. Legality to $375,000 highway bonds. Denom. $1,000. Dated April 11929. Due on
$200, payable to the District, must accompanyNew York.
of
April 1, as follows: $37,000, 1940 to 1948 and 542.000 in 1919.
be approved by Clay, Dillon & Vandewater
25,000 aviation field bonds. Denom. $1,000. Dated April 1 1929. Due
-At an election held on
-BONDS DEFEATED.
WHEELING, Ohio.
April 1 1939. Int. rate is not to exceed 5%. Caldwell & Raymond
the
May19, the voters rejected a proposal to issue $1.600,000 bonds for The on New York will furnish the legal approval. A certified check for 5%
the
erection of a free bridge, connecting the Island and onlycity proper. yes, of the bid Is required.
of
4,371 voting
referendum was defeated by a vote of nearly 4 to 1,
14.215 opposing the project.
COUNTY SCHOOL DISTRICT NO. 59 (P. 0. Colfax),
WHITMAN
-The sale of the $70,000
Wash.-130ND SALE NOT CONSUMMATED.
-The Canadian Bank of Commerce
Issue of coupon school bonds to the State Finance Committee, as 44s, at
CORNWALL, Ont.-BOND SALE.
-was not consummated, because of an irregularity of Toronto, recently purchased an issue of $80,095.03 debentures, bearing
-V. 128, p. 3231
par
•
-instalments, at a price of 97.08.
In the election on the bonds.
coupon rate of 5% and maturing in 20
a
- The following bids were also submitted:
-BOND OFFERING.
WILKINSBURG, Allegheny County, Pa.
Rate Bid.
Bidderwill receive sealed bids until 7 p. m.
William N. Baker, Borough Secretary,
97.03
(eastern standard time) on June 24, for the purchase of $380.000 45 % R. A. Daly & Co
97.03
bonds. Dated July 1 1929. Denoms. $1,000. Due July Dominion Securities Corp
coupon borough
96.27
Bell, Gouinlock & Co
1 as follows:
96.08
Wood, Gundy St Co
510,000, 1934 to 1949, incl.: $15.000, 1950; 55,000, 1951 and 1952.
and $65,000, 1958.
25,000, 1953 to 1956, incl.; $30,000. 1957,
-Sealed bids will be received by
ERIN, Ont.-BOND OFFERING.
Is A certified check for $7,555 is required. Legality to be approved by Burg
W. Y. Gray, Village Clerk, until June 10, for the purchase of $22,840.85
win, Scully & Burgwin of Pittsburgh.
local improvement debentures, to bear a coupon rate of 5%. Due annually
-The First-Citizens on Dec. 15, from 1929 to 1948 incl. The debentures are stated to be
-BOND SALE.
Ohio.
PI WILLARD,Huron County,
Corp. of Columbus. recently purchased three issues of bonds aggregating guaranteed by Wellington County.
$58,000. bearing a coupon rate of 5%%, at par plus a premium of $186.55
-BONDS VOTED AND REJECTED.
GREATER VANCOUVER,B. C.
equal to 100.32. The bonds mature on April and Oct. 1 1930 to 1939 Incl.
held on May 15. by-laws aggregating 510.173,000 were
-The $142,000 -At an election
-BOND SALE.
WINDSOR, Hartford County, Conn.
voted on. Of this total, 35.548,000 were approved and the remaining
-were warded to $4,625.000 rejected. A summary of the bonds approved and rejected as
% school bonds offered on June 3-V. 128, p. 3565
Eldredge & Co. of Boston, at 98.55, a basis a about 4.81%. The bonds it appeared in the British Columbia "Financial Times" of June 1 is given
mature annually on July 1, as follows: $23,000, 1931 and 1932; and $24,000, herewith:
"Those passed include $500.000 for streets,$500,000 for streets and roads,
1933 to 1936 inclusive.
for street paving and sidewalks. $250,000 for street clearing.
DESCRIPTION.
WINSLOW, Dodge County, Neb.-BOND was purchased at -The $750,000 for water works distribution, 51.000.000 for sewers. $200,000
par by $750.000
$12,000 Issue of 454% registered water bonds that June 1 1929. Denom. for Juvenile detention home, 518.000 for city morgue, 5300.000 for airport,
-is dated
Winslow-V. 128, P. 3565
C. JARnise, of
$800.000 for school buildings, 550.000 for school sites. 550.000 for school
3500. Interest payable semi-annually.
grounds. $50.000 for school heating, $250,000 for parks (general), and
-No bids were $300,000 for English Bay Park.
-NO BIDS.
WOBURN, Middlesex County, Mass.
May 29 for the $24,000 issue of 4%% coupon or registered
The by-laws defeated were $3,000,000 for Burrard St. bridge, $1,000,000
received on
-V. 128, p. 3565. The bonds are dated for city hall, $350,000 for fire alarm headquarters, $175,000 for branch
water main bonds offered for sale
June 1 1929 and mature $3,000 on June 1 from 1930 to 1937. both inclusive. libraries, and $100,000 for art school. In all about 18.000 votes were cast.
-BOND SALE.
-The Of the defeated by-laws the liurrard St. bridge, the fire alarm head-quarters
WOODVILLE, Sandusky County, Ohio.
-were and the branch libraries lost by a small amount, while the city hall and the
$64,000 water works bonds offered on June 3-V. 128, p. 3565 Ryan, art school lost by heavy majorities."
to 100.45. to
awarded as 53s, at par, plus a premium of $288,equalabout
5.44%. The
Sutherland & Co. of Toledo; an interest cost basis of Oct. 1, from
-Salomon
-BOND SALE.
MANITOBA (Province of) P.0. Winnipeg.
1930 to
bonds are dated June 1 1929, and mature annually on
Bros. & Hutzler of New York bidding with Flenuning, Denton & Co. of
incl. Other bidders were:
on June 4 for the 52,500,000 5%
1949
Int. Rate.
Prem. Toronto, were the successful bidders purchasers paid 99.21 for the loan
The
Bidderfor
-5c7
$655.20 provincial bonds offered Thesale. are dated June 15 1929, and are payable
Woodville Savings Bank Co.& the State Savings Bank __%
bonds
650.00 a basis of about 5.05%.
5%
Spitzer, Rorick & Co
on June 15 1954. A syndicate composed of A. E. Ames & Co., Dominion
168.80
5%%
First-Citizens Corp
securities Corp., Wood Gundy & Co., the Royal Bank of Canada and the
-NOTE SALE.
-The Canadian Bank of Commerce, bid 99.13 for the issue.
PIWORCESTER, Worcester County, Mass.
-The purchasers are now
National Bank of Boston, was the successful bidder on June 5, for a
First
BONDS REOFFERED FOR INVESTMENT.
entire
5600.000 issue of revenue notes, offering to discount the Due offering reoffering the bonds for public subscription, priced at 99.75 and interest.
$300,000, According to the offering notice, they are a legal investment for savings
on a 5.76% basis. The notes are dated June 6 1929.
Nov. 27 1929 and $300,000 Jan. 21 1930. Legality to be approved by banks and trust funds in Connecticut, New 'Hampshire and Vermont.
Storey, Thorndike, Palmer & Dodge of Boston.
Legal opinion of E. G. Long of Toronto.
-The
IIPIYONKERS, Westchester County, N. Y.-730ND SALE.
-All bids submitted on May 31
-BIDS REJECTED.
QUEBEC, Can.
registered bonds offered on June 5-V. 128, p. 3726
$2.165,000 coupon or
for the purchase of $3,524,000 4%% bonds were rejected. Bids were re& Co.,
were awarded to a syndicate composed of EstabrookLee, allKountze Bros., quested on either one of the following proposals:
of New York,
Bancamerica-Blair Corp., and Hannaha, Bailin &
-year bonds,dated June11929,due June 1 1959,bearing interest
53,524,00030
-yearly on Dec. 1
at 100.04, an interest cost basis of about 4.74%, as stated herewith:
at the rate of 4%% per annum payable half
$1,200,000 assessment bonds were sold as 5%s. Due 5200.000, June 1
and June 1. Prin. and int, payable, at the option of the holder,
incl.
1930 to 1935
at Banque Canadienne Nationale, Quebec or Montreal, or at
were sold as 5%s. Due
450,000 series B, local improvement bonds
the National Park Bank in New York City.
•
$90.000, June 1 1930 to 1934 incl.
-year bonds, dated June 1 1929. due June 1 1959, bearing
3,524,000 30
45. Due June 1 as
515,000 series A, local impt. bonds were sold as
Interest at the rate of oi% per annum payable half-yearly
follows: $40,000, 1930 to 1934 incl.; and $35,000, 1935 to 1943
on Dec. 1 and June 1. Prin. and int. payable, at the option
incl.
of the holder, at Banque Canadienne Nationale, Quebec or
reoffered
All of the above bonds are dated June 1 1929 and are being according by
Montreal, or at the main office of the Bank of Montreal in
to
the purchasers for investment, priced to yield 5.65 to 4.40%.
Toronto.
maturity.
-Sealed bid
-FINANCIAL
ST. ANNE DE BELLEVUE, Que.-BOND OFFERING.
YOUNGSTOWN, Mahoning County, Ohio. prepared the STATEstatement will be received until 4 p. m.on June 17, by L. Crevier,Secretary-Treasurer
-James E. Jones, Director of Finance, has
MENT.
to bear a coupon rate
below in connection with the scheduled sale on June 8 of 5493.951.02 5% for the purchase of $117,000 improvement bonds,
.
of5% payable semi-annually. The bonds are in denom.of $1,000 and $500.
-V. 128 p. 3565.
street improvement bonds
and are payable on July 1 1947 in Montreal.
Firma a rhant.
$369,794,130.00
value of taxation (latest appraisement) 1928
Assessed
Ont.-BIDS.-The following is a Hat of the bids reported
9,535,333.55 toTORONTO,
Total bonded debt. including this issue
2
have been submitted on May 28 for the $10,274,000 57, bonds awarded
1.040,000.00 to a syndicate headed by the Chase Securities Corp. of New York,at 97.777.
Water works bonds included in total debt
1,545,217.55
Cash value of sinking funds held for debt redemption
a basis of about 5.21%-V. 128, p.3726.
2,364.272,55
Special assessment included in total debt
Rate Bid.
BidderPopulation, est. now, 180.000. Tax rate 2.10 Per $100.
A. E. Ames & Co., Chase Securities Corp., Continental Illinois Co..
97.777
-BOND OFFERING.
-Sealed bids
Royal Bank of Canada
YAKIMA, Yakima County, Wash.
& Co.,
will be received by Pearl Benjamin, City Clerk, until June 20, for the pur- National City Co., Dillon, Read & Co.Harris, Forbes Secur.
Guaranty Co. of N. Y., Bankers Co. of N. Y., Dominion
chase of an $80.000 issue of refunding bonds.
97.599
ities Corp. Ltd., Canadian Bank of Commerce
YAMHILL COUNTY SCHOOL DISTRICT NO. 40 (P. 0. McMinn- R. A. Daly & Co., Bancamerica-Blair Corp. N. Y. Halsey Stuart
-The $65,000 issue of school bonds offered for
-BOND SALE.
ville), Ore.
& Co. Inc., N. Y., Equitable Trust Co., N. Y., First Union Trust
-was awarded to the State Land Board,
for sale on May 24-V.128,p.3565
& Savings Bank, Guardian Detroit Co., Matthews & Co. Ltd.,
-Dickey Co., Minn.. W. C. Pitfleld &
as 54, at par. Due $5,000 in 1939 and $10.000 from 1940 to 1915. No
Bank of Nova Scotia, Wells
97.995
other bids were submitted.
Co..
&
-BOND OFFER- Bank of Montreal, Dominion Bank, McLeod, Young Weir N.Co.
YATES (P. 0. Lydonville) Orleans County, N. Y.
Y.,
Ltd., Fry, Mills, Spence & Co. Ltd., First National Bank of WebTown Supervisor, will receive sealed bids until
INO.-Fred D. Bentlet,
liallgarten & Co., White, Weld & Co. Stone, Blodgett &
534,5005% coupon
8 p. in. (standard time) on June 14,for the purchase ofone bond
96.47
ster. Eldredge & Co.,Salomon Brother";& Hutzler
for $500.
road bonds. Dated June 1 1929. Denote. $1,000,
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